Program Kemitraan Dan Bina Lingkungan 148

77

87

Restrukturisasi / Revitalisasi ("R/R") BUMN

127 Komite Audit

Restructuring / Revitalization ("R/R") Of SOEs

129 Komite Pemantau Risiko dan GCG (KPR GCG)

Pengelolaan Aset Bumn

Audit Committee

Risk Monitoring and GCG Committee (RM GCG)

SOEs' Asset Management

89 Investasi

131 Sekretaris Perusahaan

Investment

91

Kinerja Keuangan Finance Performance

92 Laporan Laba Rugi Komperhensif Konsolidasian Consolidated Comprehensive Statements Of Income

93

96 97

Ikatan Material Untuk Investasi Barang Modal Material Commitment On Capital Goods Investment

Revisi Pernyataan Standar Akuntansi Keuangan Statements Of Revised Financial Accounting Standard

Kejadian Penting Setelah Tanggal Laporan Keuangan

Transaksi Yang Mengandung Benturan Kepentingan Dan Transaksi Dengan Pihak Yang Memiliki Hubungan Istimewa (Afiliasi)/Berelasi Significant Transactions And Transactions With Related Party (Affiliated)

99

Risk Management

142 Sistem Pengendalian Intern Internal Control System

Significant Events After Financial Statements Reporting Period

97

Internal Audit (SPI)

137 Manajemen Risiko

Konsolidasi Consolidated

96

Corporate Secretary

133 Satuan Pengawasan Intern (SPI)

Prospek Usaha

143 Auditor Independen/Eksternal Auditor (Badan Pemeriksa Keuangan/”Bpk” Dan Kantor Akuntan Publik/”Kap”) Independent Auditor/External Auditor (Financial Audit Agendy/"Bpk" And Public Accountant Firm/"Kap")

145 Akses Informasi Dan Data Perusahaan Informa Tion Access An D Corpora Te Data

145 Perkara Hukum Yang Sedang Dihadapi Perseroan Dan Entitas Anak Litigation Cases Faced By The Company And Subsidiary

146 Etika Perusahaan (Code Of Conducts)

Profil Komisaris

162

Board of Commissioners’ Profile

Profil Direksi

164

Board of Directors’ Profile

Code Of Conducts

145 Pengungkapan Whistleblowing System Whistleblowing System

Business Prospect

100 Kebijakan Pembagian Dividen Dividend Distribution Policy

101 Perpajakan

Organ Pendukung Dewan Komisaris Board of Commissioners

166

Supporting Organ

Taxtation

Organ Pendukung Direksi

Tata Kelola Perusahaan

102

170

Corporate Governance

Referensi Peraturan Bapepam-LK No. X.K.6

106 Struktur Tata Kelola Perusahaan Corporate Governance Structure

171

107 Rapat Umum Pemegang Saham (RUPS) General Meeting Of Shareholders (GMS)

112 Dewan Komisaris 115 Direksi

181

Board of Directors

118 Pembagian Tugas Dan Wewenang Direksi Duty And Authority Of Board Of Directors

125 Uraian Kebijakan Remunerasi Direksi Dan Dewan Komisaris Board Of Directors And Board Of Commissioners Remuneration Policy

126 Penilaian Terhadap Kinerja Dewan Komisaris Dan Direksi Board Of Commissioners And Directors Performance Assessment

126 Sekretaris Dewan Komisaris Secretary Of Board Of Commissioners

Cross Reference to Bapepam-LK Rule X.K.6

Laporan Keuangan Konsolidasian

Board Of Commissioners

125 Program Pelatihan Direksi Board Of Directors Training Program

Board of Directors’ Supporting Organ

Program Kemitraan Dan Bina Lingkungan

148

Partnership and Environmental Development Programs

150 Program Kemitraan Partnership Program

151 Program Bina Lingkungan Environmental Development Program

Consolidated Financial Statements

Lebih dari sekedar angka Sebagai perusahaan pengelola aset, PT Perusahaan Pengelola Aset (Persero) ("PPA") (Perseroan) berkomitmen untuk mencatat perbaikan angka pada kinerja perusahaan-perusahaan yang membutuhkan restrukturisasi/ revitalisasi dan memastikan keberlanjutan pada peningkatan produktivitas dan nilai ekonomis perusahaan-perusahaan tersebut. Upaya ini tidak hanya dikarenakan tugas Perseroan yang diembankan oleh Pemerintah, namun juga niat baik Perseroan dalam memberi manfaat dan andil untuk perbaikan ekonomi bangsa. As an asset management institution, PT Perusahaan Pengelola Aset (Persero) ("PPA") (the Company) is committed to record excellent numbers on the performance of every companies of which required restructuring/ revitalization and to ensure the sustainability of its productivity and economic values. This effort was not only due to the duty entrusted by the Government, but also as the Company's good endeavour to provide benefits and contribution for the nation's economic recovery.

visi Vision misi Mission nilai Values visi

Sebagai perusahaan pengelola aset terdepan yang memimpin dalam setiap bidang usahanya

Vision

As a leading asset management company that lead in all of its

businesses

misi

Memberikan kontribusi signifikan dan berkelanjutan kepada pemangku kepentingan melalui: • Kegiatan pengelola aset dan investasi yang bertumbuh dan memberikan tingkat pengembalian yang optimal dengan pendanaan yang fleksibel dan kompetitif serta kerja sama dengan partner strategis; • Peran sebagai katalis dalam upaya meningkatkan nilai dan/atau menyehatkan perusahaan/BUMN agar tumbuh secara berkesinambungan; • Dukungan sumber daya manusia yang kompeten, profesional, dan berintegritas tinggi; • Tata kelola perusahaan yang baik (good corporate governance).

Mission

Significant and sustainable contribution to the Stakeholders through:

• the growth asset management and investment activity and provide optimum rate of return with flexible and competitive financing as well as collaborate with strategic partners; • as a catalyst in enhanced Companies/SOEs values and/or restructuring Companies/ SOEs in order to grow sustainability; • the support of competent, professional and high integrity human resource; • Good Corporate Governance.

nilai Values

COURAGE Berani mengambil inisiatif dalam melakukan inovasi Taking initiatives in making innovations courageously

INTEGRITY Selalu menerapkan standar etika yang tinggi dan memenuhi setiap komitmen Applying high standard of ethics and fulfilling every commitment consistently

LEARNING AND PROFESSIONALISM Selalu belajar dan menyelesaikan pekerjaan berdasarkan kompetensi dengan penuh rasa tanggung jawab Constantly learn and competency-based job done with sense of responsibility

PRUDENCE Menerapkan sikap kehati-hatian yang tinggi dengan memperhatikan pengelolaan risiko yang terukur dan menjalin usaha dengan itikad baik Apply a high prudent attitude with measured risk management concern and establish good faith business

TEAMWORK Mengutamakan teamwork dan mendukung kerjasama yang erat di seluruh unit kerja untuk mencapai efisiensi dan efektivitas operasi perusahaan Prioritize teamwork and support the close cooperation throughout all of work units to achieve efficiency and effectiveness business operation

MERITOCRACY Pengakuan kontribusi dan kinerja yang adil dan obyektif. Acknowledging contribution and performance equitably and objectively

TRUST AND RESPECT Menjaga kepercayaan dan memperlakukan orang lain seperti kita ingin orang lain tersebut memperlakukan kita Maintain trust and treating others in the same way we would like others to treat us

*) V isi, Misi dan Nilai Perseroan Ini telah disetujui oleh Direksi dan Dewan Komisaris pada saat penandatanganan Laporan Tahunan Tahun 2010 Board of Directors and Board of Commissioners have approved the Vision, Mission and Values of thePT Company on the signing of Annual R eport(PERSERO) Year 2010 PERUSAHAAN PENGELOLA ASET Laporan Tahunan 2011 Annual Report

1

Strategi & Kinerja 2011 2011 Strategy & Performance STRATEGI PERSEROAN

COMPANY STRATEGY

Dengan bidang tugas baru sesuai Peraturan Pemerintah Nomor 61 Tahun 2008 Perseroan melakukan strategi melalui: • kerjasama dan koordinasi dengan instansi terkait dan BUMN; • redefinisi produk dan solusi yang disesuaikan dengan kebutuhan pasar; • pemasaran yang proaktif dan agresif; dalam rangka mencari peluang bisnis sesuai dengan bidang pengelolaan aset dan investasi secara berkelanjutan.

Under new duty in accordance with Government Regulation 61 Year 2008, the Company conducted the following strategy: • c ooperation and coordination with related institutions and SOEs; • r edefinition of products and solutions based on market needs; • p roactive and agressive marketing, in tapping business opportunity aligned with sustainability asset management and investment field.

Strategi yang diambil untuk mengatasi tantangan dalam menangani restrukturisasi dan revitalisasi ("R/R") BUMN oleh Perusahaan adalah dengan: • proses pengambilan keputusan yang cepat untuk mencegah kondisi BUMN yang semakin memburuk. • dimungkinkannya pemberian dana talangan kepada BUMN sebelum program/skema R/R disetujui oleh Menteri Negara BUMN dan Menteri Keuangan. Hal ini untuk menjaga agar nilai aset BUMN tidak semakin turun dan menghindari kondisi BUMN yang ditangani semakin memburuk.

The Company has also carried out strategy to address challenges in restructuring and revitalization ("R/R") of SOEs, as follows: • Immediate decision-making process to prevent worsen condition of concerned SOEs. • P ossibility to give bridging loan to concerned SOEs prior to the approval of R/R scheme by State Minister of SOEs and Finance Minister. This move should be implemented to prevent worsen condition of SOEs.

Selain itu Perseroan juga memiliki strategi mendirikan entitas anak dalam rangka memperluas bidang usaha Perseroan.

Moreover, the Company's strategy includes the establishment of subsidiary in the effort to expand the Company's business.

Melalui strategi-strategi tersebut pada tahun 2011 telah dicapai kerjasama pengelolaan aset dan/atau investasi dengan beberapa BUMN.

Through the above strategy, the Company has achieved cooperation with several SOEs on asset management and/ or investment in 2011.

Perseroan meyakini pentingnya proses dalam setiap aktivitasnya, namun tetap memprioritaskan hasil terbaik dan berkelanjutan dengan mengutamakan keseimbangan performa dan kepatuhan The Company believes in the importance of processing in all its activities, yet excellent and sustainabile result remains a priority by balancing the performance and compliance

2 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

PENDAPATAN USAHA REVENUES

TOTAL LABA BERSIH TOTAL NET INCOME

123%

Laba Bersih Perseroan tahun 2011 mencapai Rp288.157 juta. Pencapaian ini bertumbuh 18% terhadap laba bersih tahun 2010 sebesar Rp245.188 juta

Pendapatan Usaha Perseroan pada tahun 2011 bertambah signifikan menjadi 123% dari Pendapatan Usaha tahun 2010 sebesar Rp6.150.793 juta menjadi Rp7.540.251 juta

The Company booked a total Net Income of Rp288,157 million in 2011. Grew by 18% compared to the 2010 amount of Rp245,188 million HASIL PENGELOLAAN ASET PROCEEDS FROM ASSET MANAGEMENT

The Company posted significant result in 2011 Revenues by 123% compared to 2010 amount of Rp6,150,793 to Rp7,540,251 million

Pada tahun 2011, Perseroan memperoleh hasil pengelolaan aset sebesar Rp196.131 juta, atau mencapai 121% dari target RKAP 2011 The Company posted the proceeds from asset management of Rp196,131 million in 2011, or recorded a 121% from the RKAP 2011 target

LABA USAHA OPERATING INCOME

PENDAPATAN USAHA

Rp535.660 juta 2010 Rp515.820 juta 2011

REVENUES

million LABA USAHA OPERATING INCOME

million

Sejalan dengan kenaikan Pendapatan Usaha, pada tahun 2011 Perseroan juga mencatat Laba Usaha sebesar 104% dari Laba Usaha tahun 2010

LABA BERSIH NET INCOME

In line with the increase in Revenues, the Company recorded an increase in Operating Income by 104% in 2011 from the 2010 position

TOTAL ASET TOTAL ASSETS


23% 4% 18% 20%

Strategi & Kinerja 2011 2011 Strategy & Performance

120% TOTAL ASET TOTAL ASSETS

Per akhir tahun 2011 total Aset menjadi sebesar Rp8.232.695 juta atau menjadi 120% dari total Aset per akhir tahun 2010 Rp6.874.031 juta As of end 2011 the total Assets was posted at Rp8,232,695 million or rose by 120% from the total Assets as of end 2010 at Rp6,874,031 million

Situasi perekonomian Indonesia yang kondusif sepanjang tahun 2011 menjadi pijakan bagi Perseroan untuk meneruskan pencapaian usahanya yang berkelanjutan. Secara garis besar, kinerja positif Perseroan tergambar dari kenaikan pendapatan usaha dari Rp6.150.793 juta di tahun 2010, menjadi Rp7.540.251 juta di tahun 2011 dan kenaikan laba bersih dari Rp245.188 juta di tahun 2010 menjadi Rp288.157 juta di tahun 2011. Dari jumlah laba tersebut, sejumlah Rp286.437 untuk tahun 2011 dan Rp243.947 di tahun 2010 merupakan Laba Bersih yang dapat diatribusikan kepada pemilik Entitas Induk.

Indonesia's economic situation in 2011 was conducive and served as the Company's foundation to continue to sustain its achievement. Primarily, the Company's positive performance was illustrated by the increase in operating income from Rp6.150,793 million in 2010 to Rp7,540,251 million in 2011. Net income grew from Rp245,188 million in 2010 to Rp288,157 million in 2011. From the total earnings, the amount of Rp286,437 in 2011 and Rp243,947 in 2010 represent a Net Income attributable to the holder of Parent Company.

Dalam menjalankan bidang usahanya, yakni pengelolaan aset negara eks Badan Penyehatan Perbankan Nasional ("BPPN") , restrukturisasi/revitalisasi (R/R) BUMN, kegiatan investasi, dan pengelolaan aset BUMN, Perseroan senantiasa menerapkan strategi untuk dapat memanfaatkan usaha yang tepat antara lain dengan memanfaatkan peluang bisnis yang ada, namun demikian

In managing its business, namely state's asset management of ex Indonesia Bank Restucturing Agency ("IBRA"), restructuring/revitalization (R/R) of SOEs, investment activities, and asset management of SOEs, the Company strives to implement accurate business strategy among others the enforcement of business opportunity,


Kinerja positif Perseroan pada tahun 2011 membuahkan skor 89 untuk evaluasi kinerja, serta penggolongan Perseroan dalam BUMN Sehat dengan tingkat kesehatan ‘AA’ The Company's positive performance in 2011 has delivered a score of 89 on the performance evaluation, and it's grouped as Healthy SOEs with 'AA' rating Perseroan tetap menjalankan kegiatan usahanya dengan berlandaskan prinsip kehati-hatian dan tata kelola perusahaan yang baik. Perseroan juga bekerja sama dengan pihak lain dalam upayanya meningkatkan nilai aset. Hasilnya, pendapatan Perseroan dari pengelolaan aset eks-BPPN mencapai Rp56.789 juta; kegiatan R/R BUMN menghasilkan Rp308.593 juta (termasuk pengakuan pendapatan atas laba entitas anak); kegiatan investasi menyumbang pendapatan Rp69.284 juta; dan pendapatan dari kegiatan pengelolaan aset BUMN adalah sebesar Rp1.147 juta. Disamping itu Perseroan juga memperoleh pendapatan usaha berupa pendapatan jasa konstruksi dari entitas anak sebesar Rp7.272.510 juta. Berdasarkan pencapaian tersebut, dan pencapaian lain yang ditetapkan berdasarkan kontrak manajemen, Perseroan mencapai skor 89 dalam evaluasi kinerja, dan digolongkan sebagai BUMN Sehat dengan tingkat kesehatan ‘AA’.

notwithstanding the Company remain to manage its business based on prudent principle and good corporate governance. The Company also collaborated with other parties to improve the assets value. As a result, the Company achieve revenues from asset management of ex-IBRA at Rp56,789 million; earnings from R/R of SOEs was amounting Rp308,593 million (including revenues recognition of the subsidiary's profit); investment activities reached a revenue of Rp69,284 million; revenues from asset management of SOEs amounting Rp1,147 million. Moreover, the Company has also gained a total revenue from the construction service of its subsidiary at Rp7,272,510 million. Based on this achievement, and others achievements which items were pre determined by management contracts, the Company recorded a score of 89 in the performance evaluation, and grouped as Healthy SOEs with 'AA' rating.

Tahun 2011 Perseroan mengelola aset eks-BPPN berupa aset saham pada 7 perusahaan serta aset saham dan kredit pada 2 perusahaan; penanganan R/R atas 17 BUMN; melaksanakan tujuh jenis kegiatan investasi; serta menjalankan pengelolaan aset milik 1 BUMN dan penandatanganan Nota Kesepahaman Pengelolaan Aset/ Perjanjian Kerjasama Pengelolaan Aset dengan 5 BUMN.

In 2011 managed ex-IBRA's shares assets of 7 companies and shares assets and credit of 2 companies; R/R handling on 17 SOEs; conducted seven investment activities; and asset management of 1 SOE as well as the signing of Memorandum of Understanding of Asset Management/ Asset Management Cooperation Agreement with 5 SOEs.

Di samping menjalankan kegiatan usaha yang mendatangkan keuntungan, Perseroan juga melaksanakan sejumlah program berorientasi lingkungan dan kemasyarakatan. Program-program ini berada di bawah payung Program Kemitraan dan Bina Lingkungan (PKBL), yang merupakan wujud komitmen Perseroan terhadap kesejahteraan masyarakat Indonesia.

Aside from profit oriented business activity, the Company also carried out environmental and community oriented program. These programs were conducted under Partnership and Environmental Development Programs (PKBL), as the Company's endorsement in advancing the welfare of Indonesian community.

Dalam tahun 2011 Perseroan telah merealisasikan penyaluran dana Program Kemitraan sebesar Rp6.554 juta untuk Program Kemitraan, yang terdiri dari Rp6.510 juta untuk dana pinjaman kemitraan serta Rp44 juta untuk dana pembinaan kemitraan. Selain itu, untuk Program Bina Lingkungan, Perseroan merealisasikan Rp2.224 juta, yang antara lain disalurkan untuk bantuan bencana alam, bantuan pendidikan, dan bantuan sarana ibadah.

In 2011, the Company has realized fund allocation of Partnership Programs amounting Rp6,554 million, which consisted of Rp6,510 million on partnership loan, and Rp44 million for partnership development loan. Further, the Company has disbursed fund amounting Rp2,224 million for Environmental Development Programs, among others for donation to natural disasters, education facilities, and religious facilities donation.


Ikhtisar Keuangan & operasional Financial & Operational Highlights (dalam Jutaan Rupiah)

2011

Hasil Pengelolaan Aset

196.131

424.700

73

1.477.957

1.715.612

Proceeds from Asset Management

Setoran ke Pemerintah

141.113

336.613

15.086

1.261.827

1.603.710

Remittance to Government

7.540.251

6.150.793

218.636

220.290

186.074

Revenues

Laba Usaha

535.661

515.820

98.803

68.928

35.528

Operating Income

Laba Bersih

288.157

245.188

136.524

92.573

72.775

Net Income

Laba Bersih per Saham (Rupiah Penuh)

102.249

87.082

48.735

51.391

242.583

Net Income per Shares (In full Rupiah)

Jumlah Aset

8.232.695

6.874.031

3.431.706

2.447.021

851.500

Total Assets

Jumlah Liabilitas

4.884.488

3.752.017

2.793.649

162.824

87.143

Total Liabilities

Modal Kerja Bersih

1.623.666

2.375.380

2.702.582

2.040.084

776.183

Net Working Capital

101.773

107.051

100.000

_

_

Investment on other Entity *)

3.348.208

3.122.014

3.234.309

2.284.197

764.357

Total Equity

Pendapatan Usaha

Jumlah Investasi pada Entitas Lain *) Jumlah Ekuitas

2010

2009

2008

2007

(in million Rupiah)

Rasio Usaha (%)

Operating Ratios (%)

Laba Bersih / Jumlah Aset

3,5%

3,6%

3,9%

3,8%

8,5%

Net Income / Total Assets

Laba Bersih / Jumlah Ekuitas

8,6%

7,9%

4,0%

4,0%

9,5%

Net Income / Total Equity

40,66%

45,41%

94,24%

93.3%

89.7%

Total Equity / Total Assets

Aset Lancar terhadap Utang Lancar

133,93%

167,77%

205,35%

1.540,91%

1.329,8%

Current Ratio

Rasio Utang Terhadap Ekuitas

145,88%

120,17%

86,37%

7,13%

11,40%

Debt to Equity Ratio

Produktivitas Tenaga Kerja (induk)

1,609

1,096

892

6,236

6,918

Human Resource Productivity (parent)

Penugasan Restrukturisasi & Revitalisasi BUMN

100%

100%

100%

_

_

Assignment of SOEs' Restructuring & Revitalization

89 (AA)

90,50 (AA )

86,25 (AA )

87,55 (A)

83,50 (AA )

Key Performance Indicators

Jumlah Ekuitas / Jumlah Aset

Indikator Kinerja Utama

Angka-angka pada seluruh tabel dan grafik menggunakan notasi Indonesia

All numbers on table and graphic are using the notation of Indonesia

Catatan / Notes: Dalam rangka penerapan SAK, beberapa akun dalam Laporan Keuangan tahun 2009 dan 2010 dilakukan reklasifikasi agar dapat diperbandingkan dengan Laporan Keuangan tahun 2011 In the implementation of Financial Accounting Standard, some accounts of financial statements year 2009 and 2010 were reclassified/restated in order to be comparable with financial statement year 2011. *) Tidak termasuk entitas anak yang laporan keuangannya dikonsolidasikan (karena seluruh akun laporan keuangan telah terefleksi dalam laporan keuangan konsolidasian) *) Not Included subsidiaries consolidated financial statements (the whole account of financial statement reflected in consolidated financial statement)

6

PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

Kinerja positif Perseroan tergambar dari kenaikan pendapatan usaha dari Rp6.150.793 juta di tahun 2010 menjadi Rp7.540.251 juta di tahun 2011; dan kenaikan laba bersih dari Rp245.188 juta di tahun 2010 menjadi Rp288.157 juta di tahun 2011 The Company's satisfactory performance was illustrated by an increase in revenues from Rp6,150,793 million in 2010 to Rp7,540,251 million in 2011. Net Income grew from Rp245,188 million in 2010 to Rp288,157 million in 2011 PENDAPATAN USAHA

LABA USAHA

REVENUES

OPERATING INCOME

7.540.251

515.820

535.660

6.150.793

186.074

220.290

218.636

2007

2008

2009

68.928

35.528 2010

2011

2007

LABA BERSIH

2008

98.803

2009

2010

2011

JUMLAH ASET

NET INCOME

TOTAL ASSETS

288.157

8.232.695

245.188

6.874.031

136.524 3.431.706 92.573

2.447.021

72.775 851.500

2007

2008

2009

2010

2011

2007

2008


2009

2010

2011

Peristiwa penting Events Highlights

March

Maret Pada tanggal 23-27 Maret 2011, Perseroan bersama mitra binaan mengikuti pameran bertema "PKBL BUMN sebagai Wujud Kepedulian terhadap Pengembangan Ekonomi Kerakyatan" yang merupakan tindak lanjut dari proses pembinaan dan pemberian bantuan permodalan usaha, sekaligus untuk sosialisasi hasil usaha mitra binaan untuk memperluas jaringan pemasaran. Tidak semata sebagai penjualan hasil karya mitra binaan, Pameran produk PKBL BUMN 2011 lebih sebagai media promosi hasil usaha, guna mendapatkan jaringan kerja sama pemasaran hasil usaha dalam skala besar hingga ekspor.

On 23-27 March 2011, the Company with development partners participated in exhibition of "SOEs' PKBL of Concern for People Economic Development". This program was a follow up of the development and business capital assistance, including socialization of partners business results in order to expand its marketing network. The SOEs' PKBL 2011 exhibition served not only to sell the partners' product, but more as the media promotion for the products, so as to obtain cooperation networks on a large scale to export scales.

Mei

May

Banjir bandang di Kabupaten Garut, Jawa Barat terjadi pada Jumat malam tanggal 6 Mei 2011 pukul 18.00 WIB. Banjir menimpa ribuan kepala keluarga di Kecamatan Cisompet, Pameungpeuk, Cibalong, Cikelet dan Mekarmukti. Merespon bencana tersebut, PKBL Perseroan turun langsung memberikan bantuan berupa perlengkapan sekolah kepada 490 siswa korban bencana banjir bandang. Perlengkapan sekolah yang diberikan terdiri dari tas sekolah beserta dengan peralatan tulis dan sepatu sekolah.

Flash floods in Garut Regency, West Java on Friday night dated 6 May 2011 at 06.00 pm. The floods befall thousand of families in Cisompet sub-district, Pameungpeuk, Cibalong, Cikelet and Mekarmukti. The Company's PKBL, in responding to this disaster, has lent direct assistance by providing school equipments to 490 students. The donation include bags and stationeries as well as shoes.

Pada tanggal 26 Mei 2011 dilaksanakan Penandatanganan Nota Kesepahaman antara Badan Pemeriksa Keuangan RI (BPK RI) dengan beberapa Badan Usaha Milik Negara (BUMN), dalam rangka cara mengakses data.

On 26 May 2011 the Company held a signing ceremony of Memorandum of Understanding between Supreme Audit of RI (BPK RI) and several StateOwned Enterprises (SOEs), in order to implement data access.


Pada tanggal 26 Mei 2011, Grup PT Tuban Petrochemical Industries (Tuban Petro) melakukan penandatangan Term Sheet Restrukturisasi Utang, bersama dengan Kementerian BUMN, PT Pertamina, Badan Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (“BP Migas”), dan Perseroan.

On 26 May 2011, the Group of PT Tuban Petrochemical Industries (Tuban Petro) held a signing ceremony of Restructuring Payables Term Sheet, with Ministry of SOEs, PT Pertamina, Executive Agency for Upstream Oil and Gas ("BP Migas"), and the Company.

Juni

June

Pada tanggal 9 Juni 2011, telah dilaksanakan Rapat Umum Pemegang Saham ("RUPS") tentang Persetujuan Laporan Tahunan dan Pengesahan Perhitungan Tahunan Tahun Buku 2010 Perseroan di Gedung Kementerian BUMN Lantai 7, Jl. Medan Merdeka Selatan No. 13.

On 9 June 2011, the Company held the Annual General Meeting of Shareholders ("GMS") concerning the Approval of Annual Report and Ratification of Annual Financial Statement Fiscal Year 2010 in the building of Ministry of SOEs 7th Floor, Jl. Medan Merdeka Selatan No. 13.

Pada tanggal 13 Juni 2011, dilaksanakan RUPS tentang Persetujuan Laporan Tahunan dan Pengesahan Perhitungan Tahunan Tahun Buku 2010 PT Waskita Karya di Ruang Rapat Lantai 12 Gedung Kementerian BUMN, Jl. Medan Merdeka Selatan No. 13.

On 13 June 2011, the Company held GMS of PT Waskita Karya on the Approval of Annual Report and Annual Financial Statement Fiscal Year 2010. The meeting was held at Meeting Room on 12th Floor, SOEs Ministry Building, Jl. Medan Merdeka Selatan No. 13.

Juli Pada tanggal 6 Juli 2011 dilakukan penandatanganan perjanjian awal antara Perseroan, PT Dirgantara Indonesia, PT Nusantara Turbin Propulsi, dan Airbus Military yang disaksikan oleh Bpk Mustafa Abubakar.

July On 6 July 2011 a signing ceremony of initial agreement was held between the Company, PT Dirgantara Indonesia, PT Nusantara Turbin Propulsi, and Airbus Military of which witnessed by Mr. Mustafa Abubakar.



Agustus

August

Pada tanggal 5 Agustus 2011 berlangsung acara penandatanganan Nota Kesepahaman antara PT KAI dengan Perseroan terkait pengelolaan aset PT KAI untuk meningkatkan nilai dan mengoptimalkan aset tersebut dengan berbasis good corporate governance.

On 5 August 2011, the Company and PT KAI has signed Memorandum of Understanding concerning asset management of PT KAI. The agreement was aimed at improving and optimizing asset values of PT KAI through good corporate governance based.

Pada tanggal 18 Agustus 2011 dilaksanakan penandatanganan perjanjian Pemberian Pinjaman kepada PT Dirgantara Indonesia ("PT DI") sebesar Rp675 miliar dan pada tanggal 19 Agustus 2011 dilakukan penandatanganan Perjanjian Fidusia pengikatan jaminan terkait Perjanjian Pemberian Pinjaman.

On 18 August 2011, the Company has signed Loan Agreement to PT Dirgantara Indonesia ("PT DI") with amounting Rp675 billion, and on 19 August 2011 held a signing ceremony for Fiduciary Agreement on collateral related to the Loan Agreement.

September

September

Pada tanggal 16 September 2011 telah berlangsung acara penandatanganan Perjanjian Kredit antara PT Boma Bisma Indra (Persero) dengan Perseroan.

On 16 September 2011, the Company has signed Loan Agreement with PT Boma Bisma Indra (Persero)

Pada tanggal 19 September 2011 telah berlangsung acara penandatanganan Nota Kesepahaman terkait Pengelolaan Aset antara PT Rajawali Nusantara Indonesia (Persero) (“PT RNI”) dengan Perseroan.

On 19 September 2011, the Company has signed Memorandum of Understanding on Asset Management with PT Rajawali Nusantara Indonesia (Persero) ("PT RNI").

10 0 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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Pada tanggal 23 September 2011 telah berlangsung acara Penandatanganan Nota Kesepahaman dalam rangka Kerjasama Pengembangan Aset Patal Bekasi Industri Sandang Nusantara antara PT Industri Sandang Nusantara (Persero) (“PT ISN”), PT Lingkar Barat Development (“PT LBD”) dan Perseroan.

On 23 September 2011, PT Industri Sandang Nusantara (Persero) ("PT ISN"), PT Lingkar Barat Development ("PT LBD") and the Company have signed Memorandum of Understanding regarding Asset Development Cooperation of Patal Bekasi Industri Sandang Nusantara.

Oktober

October

Pada tanggal 5 Oktober 2011 telah berlangsung acara penandatanganan Teaming Agreement antara PT Dirgantara Indonesia (Persero) (”PT DI”), Airbus Military (”AM”) dan Perseroan, sebagai tindak lanjut dari penandatanganan Strategic Collaboration Agreement (SCA) pada 6 Juli 2011 yang lalu.

On 5 October 2011, the Company, PT Dirgantara Indonesia (Persero) ("PT DI"), and Airbus Military ("AM") has signed Teaming Agreement, as a follow-up of the signing of Strategic Collaboration Agreement (SCA) on 6 July 2011.

Pada tanggal 21 Oktober 2011 telah dilakukan Penandatanganan Perjanjian Pinjaman Dana Talangan Restrukturisasi/Revitalisasi ("R/R") antara Perseroan dengan PT Merpati Nusantara Airlines (Persero) di hadapan Notaris Surjadi, SH.

Witnessed by Notary Surjadi, SH. ,on 21 October 2011, the Company and PT Merpati Nusantara Airlines (Persero) have signed Loan Agreement of Restructuring/Revitalization's ("R/R") Bridging Loan.



November Pada tanggal 8 November 2011, Perseroan mendapat kehormatan dengan kunjungan Menteri Negara BUMN, Bapak Dahlan Iskan.

November On 8 November 2011, the Company was honored with a visit of SOEs' State Minister, Mr. Dahlan Iskan.

Desember Bertempat di Auditorium Gedung Bank BTN Pusat, pada Senin, 5 Desember 2011, telah berlangsung acara Apresiasi Kepada Atlet Judo Indonesia Pada SEA Games XXVI. Acara ini dimaksudkan untuk memberi penghargaan kepada Tim Nasional Judo Indonesia yang telah berjuang di SEA Games XXVI dan berhasil merebut 4 medali emas, 2 medali Perak dan 7 medali Perunggu, yang melebihi target KONI yaitu 3 emas. Apresiasi ini merupakan kelanjutan dukungan dari Perseroan dan BTN yang bersama menjadi “bapak angkat” cabang olah raga Judo sekaligus sponsor utama pembinaan atlet Judo pada Program Indonesia Emas 2011.

December Held in Auditorium of Bank BTN Head Office Building, on Monday, 5 December 2011, the Appreciation event to the Athletes of Judo Indonesia of SEA Games XXVI. The event was held to appreciate the National Team of Judo Indonesia on winning at SEA Games XXVI of 4 Gold medals, 2 Silver medals and 7 Bronze medals, thus exceeding KONI's target of 3 golds. This appreciation represent continuous support of the Company and BTN of which in collaboration to being a "foster father" of Judo sports as well as main sponsors on the development of Judo's athletes in 2011 Gold Indonesian Program.


Direktur Utama Perseroan mendapat tugas dari Menteri Negara BUMN menjadi panelis dalam Rakor Kementerian BUMN pada salah satu sesi yang bertema “Memimpikan Terbentuknya Dream Team” yang berlangsung pada tanggal 12 Desember 2011.

The President Director of the Company was entrusted by the State Minister of SOEs to be a panelist in Coordination Meeting of SOEs Ministry at one theme session of "Dreaming of Dream Team". The event was held on 12 December 2011.

Sebagai bagian dari rangkaian Program Kerjasama PT Pertamina dengan Perseroan dalam Pelaksanaan Lelang Aset Properti Pertamina, pada tanggal 15 Desember 2011 telah dilakukan lelang perdana untuk aset tanah dan bangunan di Cipinang Cempedak II No. 42 B, Jakarta Timur; dan aset tanah dan bangunan yang dikenal sebagai Wisma Brandan di Cimacan, Cianjur, Jawa Barat.

As part of Collaboration Program of PT Pertamina and the Company in the Auction of PT Pertamina Assets, held on 15 December 2011, the initial auction was conducted for the land and building assets at Cipinang Cempedak II No. 42 B, East Jakarta; and land and building assets of which known as Wisma Brandan in Cimacan, Cianjur, West Java.

Pada tanggal 23 Desember 2011, telah ditandatangani dokumen Master Restructuring Agreement (MRA) oleh kreditur pemerintah dan PT Trans Pacific Petrochemical Indotama (TPPI) yang akan menjadi payung bagi pelunasan piutang kreditur pemerintah pada Grup Tuban Petro tersebut.

On 23 December 2011, a signing ceremony on Master Restructuring Agreement (MRA) was held by government creditors and PT Trans Pacific Petrochemical Indotama (TPPI) of which will become the umbrella on the settlement of accounts of government creditors in Tuban Petro Group.

Pada tanggal 30 Desember 2011 dilakukan penandatangan Perjanjian Kerja Sama (PKS) antara PT KAI dengan Perseroan.

On 30 December 2011, the Company and PT KAI has held a signing ceremony of Cooperation Agreement (PKS).


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laporan manajemen Management Reports

Laba Bersih 2011 mencapai

162% dari target RKAP 2011

2011 net income reached 162% of the 2011 RKAP target


Laporan Komisaris Utama Report from The President Commissioner

Perekonomian Indonesia mengalami pertumbuhan dan kinerja yang baik pada tahun 2011. Hal tersebut ditandai dengan pertumbuhan ekonomi 6,5% diikuti dengan penguatan nilai tukar, tingkat inflasi yang terkendali pada tingkat 5,65% serta tingkat suku bunga (BI Rate) yang mendukung stabilitas dan pertumbuhan ekonomi. Terus membaiknya kinerja perkenomian nasional serta menguatnya ketahanan ekonomi dari krisis menyebabkan Indonesia kembali masuk ke dalam zona investment grade oleh 2 (dua) Lembaga Pemeringkat dunia, yaitu Fitch dan Moody’s pada akhir tahun 2011 dan awal tahun 2012. Kiranya, peningkatan grade investasi merupakan modal berharga bagi peningkatan kinerja ekonomi secara keseluruhan, termasuk kinerja Perseroan ke depan. Indonesia delivered a positive economic growth in 2011. It's advanced by economic growth of 6.5% followed by strong exchange rates, inflation rates was managed at a level of 5.65% and interest rates level (BI Rate) of which supporting the stability and economic development. Continuous improvement on national economic performance and strong resilience in addressing the crisis has re-enforced Indonesia into investment grade by 2 (two) world Rating Institutions, namely Fitch and Moody's by the end of 2011 and beginning of 2012. Surely, the improvement in investment grade represent a valuable capital to the enhancement of entire economic performance, including the performance of the Company in future years.


Sahala Lumban Gaol Komisaris Utama

President Commissioner


Laporan Komisaris Utama Report from The President Commissioner Pemegang Saham Yang Terhormat Dengan ucapan syukur kepada Tuhan Yang Maha Esa, perkenankan kami melaporkan bahwa dari hasil kerja keras, dedikasi serta loyalitas segenap jajaran manajemen dan karyawan serta dukungan pemangku kepentingan, Perseroan berhasil mencatat kinerja sebagaimana yang diharapkan selama tahun 2011.

Dear Esteemed Shareholders

Dalam kesempatan ini, Dewan Komisaris juga menyampaikan apresiasi atas pencapaian kinerja yang baik oleh Perseroan pada tahun 2011. Dewan Komisaris menilai bahwa Direksi telah melaksanakan wewenang dan tanggung jawab pengurusan Perseroan dengan baik. Pada tahun 2011, Perseroan berhasil meraih laba bersih sebesar Rp288.157 juta (dengan jumlah yang dapat diatribusi kepada pemilik entitas induk sebesar Rp286.437 juta atau sebesar 162% dari RKAP 2011). Peningkatan laba bersih tahun 2011 diperoleh melalui meningkatnya Pendapatan Restrukturisasi/Revitalisasi ("R/R") BUMN tahun 2011 sebesar Rp308.593 juta atau sebesar 124% dari tahun 2010 yaitu Rp248.41 juta. Sementara itu, Pendapatan Operasional pada tahun 2011 sebesar Rp7.540.251 juta atau 123% dari realisasi tahun 2010 yaitu sebesar Rp6.150.793 juta. Hasil pengelolaan aset mencapai Rp196.131 juta atau sebesar 121% dari RKAP 2011. Ke depan, kami berharap pencapaian kinerja keuangan dapat ditingkatkan secara lebih signifikan.

On this occasion, the Board of Commissioners would like to convey its appreciation on the Company's performance in 2011. The Board of Commissoners were pleased to note the Board of Directors' have done the best in the implementation of its athority and responsibility on the Company's management. In 2011, the Company posted a net income of Rp288,157 million (with a total attributable to the holder of parent company amounting Rp286,437 million or 162% from 2011 RKAP). The increase of net income in 2011 was derived from the increase in revenues of SOEs' Restructuring/Revitalization ("R/R") amounting Rp308,593 million or 124% from the 2010 amount of Rp248,41 million. Meanwhile, the Operating Revenues in 2011 was booked at Rp7,540,251 million or 123% from 2010 figure of Rp6,150,793 million. Proceeds from asset management was posted at Rp196,131 million or 121% from 2011 RKAP. Going forward, we set to expect significant improvement in the financial performance.

Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar dan Saptoto (“KAP AAJ”) telah memberikan opini “Wajar Tanpa Pengecualian” atas penyajian Laporan Keuangan Konsolidasi Perseroan Tahun Buku 2011.

Public Accountant Firm, Amir Jusuf, Mawar and Saptoto ("KAP AAJ") has given an "Unqualified" opinion on the presentation of Consolidated Financial Statements of The Company Fiscal Year 2011.

Perseroan juga dinyatakan telah mematuhi dalam semua hal yang material terkait dengan pasal-pasal tertentu hukum, peraturan dan kontrak serta tidak ada masalah atau kelemahan material berkaitan dengan pengendalian internal dan operasi perusahaan.

The Company is also declared in compliance with all material matters related to certain articles of law, regulations and contracts as well as non-existence in issues or material weaknesses in regard to the internal control and company operations.

Jika dilihat dari aspek kesehatan, pada tahun 2011, Perseroan kembali memperoleh nilai baik dengan skor 89 sehingga dikategorikan sebagai BUMN yang sehat dengan klasifikasi AA. Hal tersebut menunjukkan bahwa Perseroan secara konsisten dapat mempertahankan kinerjanya yang baik dan terus melakukan upaya pengembangan usahanya dengan tetap menjaga kualitas kerjanya yang baik.

On corporate health level, the Company in 2011, regain a good score of 89 thereby its categorized as a healthy SOEs with AA classification. This demonstrate the Company's commitment in delivering consistent and maintaining positive performance and to continuously enhance its business through excellent work quality.

With thanksgiving to God Almighty, we are pleased to present the Company remarkable performance during 2011 of which the result of hard work, dedication and loyalty of all management and employees as well as continuous support from stakeholders.


BUSINESS PROSPECT

PROSPEK USAHA

Perseroan yang dalam visinya berkeinginan untuk menjadi perusahaan pengelola aset terdepan yang memimpin dalam setiap bidang usahanya, berupaya seoptimal mungkin untuk lebih mengedepankan kegiatan pengelolaan aset pada tahun-tahun mendatang. Hal tersebut juga sejalan dengan arahan dari Menteri Negara Badan Usaha Milik Negara yang pada beberapa kesempatan telah mengungkapkan hal tersebut kepada publik, untuk menyampaikan besarnya harapan bahwa Perseroan dapat menjadi BUMN pengelola aset yang terkemuka.

As the Company's vision to be a prominent asset management company that lead in all of its businesses, strives to optimize future asset management activities in years to come. This is also in line with the direction from the State Minister of State-Owned Enterprise of which on several occasion has endorsed the matter to the public, on his highly expectation to develop the Company as a leading asset management company.

Tahun 2011 merupakan tahun di mana Perseroan sedang mencari bentuk pengelolaan aset terbaik sehingga dapat memberikan nilai tambah bagi BUMN yang menyerahkelolakan asetnya kepada Perseroan. Pada tahun 2012 dan tahun-tahun mendatang seiring dengan makin variatifnya pola pengelolaan aset yang ditawarkan oleh Perseroan dalam upaya memenuhi arahan dan harapan dari Menteri Negara BUMN, diharapkan lebih banyak BUMN yang bersedia menyerahkelolakan asetnya untuk dapat dilakukan peningkatan nilai (value enhancement) sehingga dapat memberikan keuntungan yang optimal bagi BUMN tersebut.

2011 is a year for the Company's endeavour to reach excellent asset management, thus to provide added value for the SOEs of which assets are managed by the Company. In 2012 and future years as aligned with the variety of asset management scheme offered by the Company thus in its effort to fulfill the direction and expectation of State Minister of SOEs, more SOEs are expected to entrust its asset management with the objective to improve value enhancement and at the same time will optimize its profit.

Peluang untuk melakukan pengelolaan aset BUMN masih terbuka cukup luas, terutama dengan adanya ketentuan dalam Undang-undang No. 19 tahun 2003 tentang BUMN yang mengharuskan BUMN untuk melakukan kegiatan sesuai dengan maksud dan tujuan pendiriannya (core business). Sehingga Perseroan memiliki kesempatan yang cukup luas untuk dapat mengelola aset-aset non-core BUMN.

There is greater opportunity to conduct SOEs' asset management, in particular through the Law No. 19 year 2003 concerning SOEs of which mandatory for every SOEs to carry out activity based on purposes and objectives of its core business. Thus the Company has greater advantage in the asset management of non-core SOEs.

Sekalipun Perseroan mengedepankan pengelolaan aset BUMN, namun Perseroan tetap melaksanakan tugas-tugas utamanya dengan sebaik mungkin, yaitu pengelolaan aset eks BPPN yang dilaksanakan berdasarkan Perjanjian Pengelolaan Aset antara Perseroan dengan Menteri Keuangan yang hingga akhir tahun 2011 masih terdapat aset yang memerlukan pengelolaan.

Eventhough the asset management of SOEs was placed as important activity of the Company, the Company continues to implement excellent effort in its main business, namely the asset management of ex-IBRA. This was carried out based on Asset Management Agreement between the Company and Finance Minister of which several assets management were required up to the end 2011.

Perseroan masih akan melanjutkan kegiatan R/R terhadap BUMN sebagaimana yang telah ditugaskan oleh Menteri Negara BUMN dan akan melaksanakan kegiatan R/R terhadap BUMN lainnya sesuai dengan penugasan baru yang diterima dari Menteri Negara BUMN.

The Company continues its R/R activity on SOEs as entrusted by State Minister of SOEs and will conduct R/R activitity on other SOEs based on new assignment from the State Minister of SOEs.


Laporan Komisaris Utama Report from The President Commissioner Sedangkan terkait dengan kegiatan investasi, diharapkan dapat memberikan kontribusi yang lebih baik bagi kemajuan usaha Perseroan, mengingat dengan adanya pemeringkatan yang baik dari lembaga-lembaga pemeringkat terkemuka di dunia diharapkan iklim investasi di Indonesia akan menjadi lebih baik, sehingga akan memberikan dampak yang baik pula bagi penghasilan Perseroan dari sisi investasi.

On investment activities, it is expected to provide significant contribution to the Company, considering the improved investment grade by the world rating agencies thus Indonesia's investment climate is expected to reach better result, thereby providing good impact to the Company.

Secara umum, dapat dikatakan prospek usaha Perseroan di kemudian hari masih sangat baik dengan adanya berbagai peluang terkait dengan diversifikasi bidang usaha yang cukup luas, hal ini juga didukung kinerja dari anak-anak perusahaan Perseroan yang juga berkinerja sangat baik di tahun 2011.

Generally, the Company has excellent future prospect through several opportunities related to wider business diversification, of which also supported by satisfactory performance of its subsidiary in 2011.

PENGAWASAN DEWAN KOMISARIS

BOARD OF COMMISSIONERS' SUPERVISORY

Dewan Komisaris adalah organ Perseroan yang bertugas melakukan pengawasan dan memberikan arahan secara intensif kepada Direksi atas jalannya kegiatan Perseroan. Pengawasan dan arahan-arahan tersebut dilakukan baik di dalam rapat-rapat gabungan Dewan Komisaris dan Direksi maupun secara tertulis melalui surat, termasuk yang berkaitan dengan penyusunan Rencana Jangka Panjang Perusahaan (RJPP) dan Rencana Kerja dan Anggaran Perusahaan (RKAP), serta pelaksanaan arahan-arahan dari Pemegang Saham termasuk implementasi Struktur Organisasi yang telah disetujui oleh Pemegang Saham.

Board of Commissioners is the Company's organ that hold intensive supervisory and advisory to Board of Directors in managing the Company. The supervisory and advisory functions are implemented in joint meetings of Board of Commissioners and Directors as well as in writing through correspondents, including matter related to arrangement of Company Long Term Plan (RJPP) and Company Work Plan and Budget (RKAP), as well as the implementation of advisory from Shareholders including the implementation of Organization Structure of which approved by the Shareholders.

Pada tahun 2011, Perseroan kembali menandatangani Perjanjian Pengelolaan Aset dengan Menteri Keuangan, tepatnya pada tanggal 5 April 2011 dengan masa efektif tanggal 1 Januari 2011 sampai dengan 31 Desember 2011. Jumlah total yang diserahkelolakan adalah sebanyak 13 (tiga belas) aset, yang terdiri dari 3 (tiga) aset saham bank, 4 (empat) aset saham non bank, 4 (empat) aset kredit/hak tagih, dan 2 (dua) aset saham dan kredit. Perseroan telah melaksanakan pengelolaan terhadap aset-aset tersebut sesuai dengan yang diperjanjikan. Dari pengelolaan aset eks BPPN selama tahun 2011 tersebut berhasil diperoleh Hasil Pengelolaan Aset (“HPA’) sebesar Rp196.131 juta terutama berasal dari hasil penjualan 3,17% kepemilikan saham pada PT Maybank Syariah sebesar Rp38.000 juta dan dari hasil pelunasan sebagian Multi Years Bond ("MYB") serta pembayaran bunga MYB PT Tuban Petro total senilai Rp156.975 juta.

In 2011, the Company has again signed an Asset Management Agreement with Finance Minister, on 5 April 2011 with effective period of 1 January 2011 up to 31 December 2011. Total assets entrusted was including 13 (thirteen) assets, which consisted of 3 (three) shares assets of banks, 4 (four) shares assets of non-bank, 4 (four) loan assets/receivables rights, and 2 (two) shares assets and loan. The Company has implemented asset management as per the agreement. The Company posted the Proceeds From Asset Management ("HPA") amounting Rp196,131 million that was derived from asset management of exIBRA in 2011. The result was mainly due from the sale of 3.17% shares on PT Maybank Syariah at Rp38,000 million and proceeds from the settlement of part of MYB as well as interest payment of Multi Years Bond ("MYB") of PT Tuban Petro amounting Rp156,975 million.


Perseroan juga kembali melaksanakan kegiatan sehubungan R/R BUMN baik penyampaian hasil kajian atas kelayakan R/R maupun pelaksanaan R/R. Kajian kelayakan R/R BUMN yang telah dituntaskan oleh Perseroan selama tahun 2011 adalah terhadap PT Balai Pustaka (Persero) (“PT BP"), PT Merpati Nusantara Airlines (Persero) (“PT MNA”), PT Industri Kapal Indonesia (Persero) ("PT IKI"), PT Survai Udara Penas (Persero) ("PT Penas"), kajian atas deficit cash flow PT Dirgantara Indonesia (Persero) (“PT DI”), dan tindak lanjut penanganan PT Djakarta Lloyd (Persero) (“PT DL”). Perseroan juga telah melaksanakan R/R atas PT Industri Gelas (Persero) (“ PT IGLAS”), R/R lanjutan terhadap PT MNA, serta pembiayaan atas deficit cash flow PT DI.

The Company also carried out R/R activity for SOEs through assessment on R/R's feasibility study or its implementation. The Company has completed feasibility study of SOEs' R/R in 2011 for PT Balai Pustaka (Persero) (“PT BP’), PT Merpati Nusantara Airlines (Persero) (“PT MNA”), PT Industri Kapal Indonesia (Persero) ("PT IKI"), PT Survai Udara Penas (Persero) ("PT Penas"), study on deficit cash flow of PT Dirgantara Indonesia (Persero) (“PT DI”), and follow-up on handling PT Djakarta Lloyd (Persero) (“PT DL”). The Company has also conducted R/R on PT Industri Gelas (Persero) (“ PT IGLAS”), following-up R/R on PT MNA, and financing on deficit cash flow of PT DI.

Di samping itu, untuk mendukung kelancaran usaha BUMN terutama yang sedang dalam proses R/R di Perseroan, telah dilakukan berbagai upaya yaitu diantaranya dengan melakukan pembiayaan atas proyek-proyek terkontrak yaitu terhadap PT Boma Bisma Indra (Persero) (“ PT BBI”) dan PT DI. Serta membantu Grup Bahana Pembinaan Usaha Indonesia (“BPUI”) melalui pembelian Promisorry Note (“PN”) yang diterbitkan oleh PT BPUI.

Further, as the effort to support business sustainability of SOEs in particular under the R/R process in the Company, several efforts have been carried out including financing on contract based projects namely for PT Boma Bisma Indra (Persero) (“ PT BBI”) and PT DI. The assistance was also held Grup Bahana Pembinaan Usaha Indonesia (“BPUI”) through the purchase of Promisorry Notes (“PN”) issued by PT BPUI.

Sehubungan dengan kegiatan pengelolaan aset BUMN, selain kembali melakukan pengelolaan atas aset milik PT Pertamina, Perseroan telah melakukan pendekatan dengan sejumlah BUMN yang dinilai memiliki aset non-core yang belum terkelola dengan baik seperti PT Sarinah (Persero) (“Sarinah”), PT Kereta Api Indonesia (Persero) (“PT KAI”), PT Rajawali Nusantara Indonesia (Persero) (“RNI”), Perum BULOG, PT Perusahaan Listrik Negara (Persero) (“PLN”). Perseroan juga terus berupaya mencari model bisnis yang sesuai agar dapat mendukung kegiatan pengelolaan aset BUMN tersebut sehingga memberikan penghasilan yang optimal bagi BUMN yang menyerahkelolakan asetnya kepada Perseroan, dan menarik minat BUMN lain untuk bekerjasama dengan Perseroan.

In regard to the asset management of SOEs, aside from re-enacment of asset management of PT Pertamina, the Company also approaching several SOEs who owned non-core assets that require better governance such as PT Sarinah (Persero) (“Sarinah”), PT Kereta Api Indonesia (Persero) (“PT KAI”), PT Rajawali Nusantara Indonesia (Persero) (“RNI”), Perum BULOG, PT Perusahaan Listrik Negara (Persero) (“PLN”). The Company also strives to review business model of which may enhanced the SOEs' asset management activities governed by the Company thereby providing optimum result for the SOEs, and at the same time to also create interest for other SOEs to cooperate with the Company.

Selama tahun 2011 Perseroan juga telah berupaya untuk melakukan kegiatan investasi dengan risiko yang terukur dan dapat dikendalikan sehingga dapat memberikan imbal hasil yang optimal. Selain melakukan investasi pada surat berharga, Perseroan juga berupaya melakukan terobosan dengan melakukan investasi langsung pada proyek-proyek yang dinilai akan memberikan keuntungan optimal seperti

Throughout 2011 the Company also strived to carry out investment activities with measured and manageable risk thus to provide optimum returns. In addition to investment on securities depository, the Company also made a breakthrough by direct investment on valuable and profitable projects such as the establishment of joint venture company with property companies and PT Industri


Laporan Komisaris Utama Report from The President Commissioner melakukan pembentukan perusahaan patungan (joint venture company) dengan perusahaan yang bergerak di bidang properti dan PT Industri Sandang Nusantara (Persero) (“PT ISN”), untuk mengembangkan tanah milik PT ISN agar dapat meningkatkan nilai dari tanah tersebut dan dapat memberikan hasil yang optimal. Demikian pula dengan menindaklanjuti rencana melakukan investasi melalui kerjasama operasi dengan PT Polytama Propindo untuk memproduksi polypropylene.

Sandang Nusantara (Persero) ("PT ISN"), to develop and increase the land value owned by PT ISN, thus to extend optimum result. Further, a follow-up on investment plan through operation cooperation was enacted with PT Polytama Propindo to produce polypropylene.

Perseroan telah mendirikan entitas anak yang diharapkan dapat mendukung kegiatan utamanya terutama dalam rangka mendukung pertumbuhan usaha BUMN, yaitu PT PPA Finance yang didirikan pada bulan Desember 2009 bergerak di bidang pembiayaan, dan PT PPA Kapital yang didirikan pada bulan Desember 2011 bergerak di bidang jasa, terutama pengelolaan investasi dan pengelolaan aset serta jasa konsultasi investasi. Di samping itu Perseroan juga memiliki entitas anak sebagai hasil kegiatan R/R BUMN yaitu PT Waskita Karya (“PT WK”).

The Company established subsidiary of which expected to support its core business in particular to promote SOEs' business growth. The subsidiary include PT PPA Finance, established on December 2009 that engaged in financing business; and PT PPA Kapital, established on December 2011 with main activity in services, especially investment and asset management as well as investment consultancy service. Moreover the Company also established subsidiary as a result of SOEs' R/R, namely PT Waskita Karya ("PT WK").

Dalam rangka melaksanakan amanat dalam UndangUndang No. 19 Tahun 2003 tentang Badan Usaha Milik Negara dan Peraturan Menteri Negara BUMN No. PER-05/ MBU/2007 tentang Program Kemitraan Badan Usaha Milik Negara dengan usaha Kecil dan Program Bina Lingkungan (“PKBL”), Pemegang Saham Perseroan telah menetapkan 3% dari total laba bersih Perseroan Tahun Buku 2010 untuk PKBL tahun 2011, sehingga total dana PKBL yang dapat disalurkan pada tahun 2011 (akumulasi) adalah sebesar Rp9,69 miliar. Total dana Program Kemitraan yang dapat disalurkan pada tahun 2011 adalah sebesar Rp6.554 juta, dengan efektifitas penyalurannya adalah sebesar 94,83%. Sedangkan untuk dana Bina Lingkungan yang dapat disalurkan adalah sebesar Rp2.224 juta.

As the effort to carry out its duty in pursuant to Laws No. 19 Year 2003 concerning State-Owned Enterprise and Regulation of State Minister of SOEs' No. PER-05/ MBU/2007 concerning Partnership Programs of StateOwned Enterprise with Small Business and Environmental Development Programs ("PKBL"), The Company's Shareholders decided to allocate 3% of net income from the Company Fiscal Year 2010 to distribute for PKBL 2011, thereby the accumulative total fund to be allocated for PKBL in 2011 was amounting Rp9.69 billion. Total fund allocated for Partnership Program in 2011 was amounting Rp6,554 million, with effective allocation at 94.83%. Whereas the fund allocated for Environmental Development Program was at Rp2,224 million.

Dalam menjalankan tugas pengawasan dan arahan kepada manajemen, Dewan Komisaris didukung oleh Komite Audit yang menjalankan tugas terkait dengan aspek audit internal dan eksternal serta peningkatan kualitas penyajian laporan keuangan dan kinerja. Dengan pertimbangan bahwa diperlukan peningkatan kualitas penerapan dan pengawasan aspek manajemen risiko dan GCG, maka pada tahun 2011 telah dibentuk Komite Pemantau Risiko dan GCG. Komite Pemantau Risiko dan GCG bertugas

In its supervisory and advisory duty to the management, the Board of Commissioners is supported by Audit Committee, which hold the responsibility to manage internal and external audit as well as to improve the presentation of financial report and performance. By considering the requirement to improve implementation and monitoring of both risk management and GCG, in 2011 thereby was established Risk Management and GCG Committee. This Committe is assigned to support the Board


membantu Dewan Komisaris dalam mengidentifikasi dan memantau enterprise risk management (ERM) Perseroan sesuai dengan best practices serta memantau penerapan Good Corporate Governance Perseroan sesuai dengan Peraturan Menteri BUMN No. PER-01/MBU/2011 tentang Penerapan GCG pada Badan Usaha Milik Negara. Kami menilai bahwa Komite Audit dan Komite Pemantau Manajemen Risiko dan GCG telah menjalankan tugas dengan baik karena mampu memberikan dukungan secara optimal bagi Dewan Komisaris dalam melaksanakan fungsi pengawasan.

of Commissioners in identifying and monitoring enterprise risk management (ERM) of the Company in accordance to best practices as well as to monitor the implementation of Good Corporate Governance of the Company that in line with the Regulation of SOEs' Minister No. PER-01/MBU/2011 concerning GCG Implementation in State-Owned Enterprise. We concluded that both Audit Committee and Risk Management and GCG Committee have carried out excellent duty and were able to provide optimum support to the Board of Commissioners in its supervisory function.

PERUBAHAN KOMPOSISI DEWAN KOMISARIS

BOARD OF COMMISSIONERS COMPOSITION AMENDMENT

Sesuai dengan keputusan Menteri Negara BUMN selaku Pemegang Saham Perseroan No. KEP 92/MBU/2011 tanggal 13 Mei 2011 dan No.SK-135/MBU/2012, pada tanggal 7 Maret 2012, terjadi perubahan komposisi Dewan Komisaris Perseroan. Dalam kesempatan ini, perkenankan kami atas nama Perseroan untuk menyampaikan penghargaan dan rasa terimakasih yang sebesar-besarnya kepada Sdr. Adi Rahman Adiwoso, Sdr. Mohammad Syahrial, Sdr. Lambock V. Nahattands dan Sdr. Erry Firmansyah atas segala kontribusi yang telah diberikan selama bergabung pada Dewan Komisaris Perseroan. Pada kesempatan ini pula, kami mengucapkan selamat bergabung kepada Sdr. Yoseph Indrajaya sebagai anggota Dewan Komisaris, semoga memperkuat fungsi pengawasan Dewan Komisaris.

Pursuant to the stipulation of State Minister of SOEs as the Company's Shareholders No. KEP 92/MBU/2011 dated May,13 2011 and No.SK-135/MBU/2012, on 7 March 2012, of which stated the amendment to the composition of the Company's Board of Commisisoners. In this opportunity, we would like to wish, on behalf of the Company, highest appreciation and recognition to Adi Rahman Adiwoso, Mohammad Syahrial, Lambock V. Nahattands and Erry Firmansyah for their contribution as the Company's Board of Commissioners. We also would like to welcome Yoseph Indrajaya as member of Board of Commissioners, we hope to strengthen the supervisory function of Board of Commissioners.

Atas nama Dewan Komisaris On behalf of The Board of Commissioners

Sahala Lumban Gaol Komisaris Utama President Commissioner


Dewan Komisaris Board of Commisioners

Dari kiri ke kanan: From left to right:

Sahala Lumban Gaol Komisaris Utama President Commissioner

Edy Putra Irawady Komisaris Commisioner

Nurhaida Komisaris Commisioner

Yoseph Indrajaya Komisaris Commisioner



Laporan Direktur Utama Report from The President Director

Pada akhir tahun 2011, Perseroan berhasil membukukan Laba Bersih sebesar Rp288.157 juta, dimana jumlah laba bersih yang dapat diatribusikan kepada pemilik entitas induk sebesar Rp286.437 juta. Jumlah tersebut melampaui target yang ditetapkan dalam RKAP 2011 yakni sebesar Rp176.329 juta atau sebesar 162% dari target RKAP 2011. The Company booked a Net Income of Rp288,157 million by the end of 2011, with total net income attributable to the holder of parent company amounting Rp286,437 million. This achievement exceeding the target set forth at 2011 RKAP of Rp176,329 million or 162% from 2011 RKAP.


Boyke W. Mukijat Direktur Utama President Director


Laporan Direktur Utama Report from The President Director Kepada Pemegang Saham dan Seluruh Pemangku Kepentingan Yang Kami Hormati,

Dear Distinguished Shareholders and Stakeholders,

Seperti kita ketahui bersama, perjalanan ekonomi Indonesia pada tahun 2011 tidak banyak menemukan kendala. Beberapa kejadian yang tidak diinginkan seperti krisis utang di Uni Eropa, perlambatan kinerja ekonomi di Amerika Serikat, hingga krisis politik internasional terkait isu embargo atas minyak Iran, tidak berpengaruh secara signifikan pada perekonomian Indonesia.

As we acknowledged, in 2011 Indonesia economic movement has not found many constraints. Several events such as monetary crisis in Europe zone, weakening economic performance in the United States, to international political crisis on oil embargo issues of Iran, was not give significant impact to Indonesian economy.

Sebaliknya, kejenuhan pasar internasional mendorong dana asing masuk ke pasar modal kita terutama di pasar surat utang. Berbekal kekuatan pasar domestik dan kemampuan dalam membuka pasar ekspor baru, ekonomi Indonesia mengalami pertumbuhan yang menggembirakan yakni sebesar 6,5%.

On the contrary, international market saturation has propelled foreign investment inflows into capital market in particular promissory notes market. Advanced by strong domestic market and capability to open new export market, Indonesia's economic growth recorded satisfactory level of 6.5%.

Lebih menggembirakan lagi, ekspor dan investasi menjadi katalisator pertumbuhan. Data BPS menyebutkan, tahun 2011 nilai investasi tumbuh sebesar 8,8% memberikan kontribusi terhadap PDB sebesar 32%. Nilai ekspor tumbuh sebesar 13,6% lebih tinggi dari pertumbuhan nilai impor sebesar 13,3%. Dengan demikian, neraca perdagangan Indonesia tahun 2011 mengalami surplus sekitar USD12 miliar.

Further, excellent indicators on export and investment has turned into growth catalisator. BPS's statistic summarized a growth in investment value at 8.8% in 2011 of which contributed to GDP of 32%. Export value rose to 13.6% higher than import value of 13.3%. Thereby, Indonesia's trade balance sheet in 2011 was posted surplus USD12 billion.

Perkembangan ekonomi global yang kurang memberikan value bagi investor, menjadikan pasar modal Indonesia sebagai alternatif bagi investor asing untuk masuk. Surat Utang Negara merupakan pasar yang paling diminati investor asing sehingga yield-nya terdorong turun terutama untuk SUN bertenor 1, 3 dan 5 tahun. Sementara pasar saham relatif tidak terpengaruh oleh masuknya dana asing tersebut terlihat dari peningkatan IHSG yang relatif kecil yakni sebesar 3,19% dari 3.703 pada akhir tahun 2010 menjadi 3.821 pada akhir tahun 2011.

Weakening global economic growth provided less value to investors, which created opportunity to Indonesian capital market as an investment alternative for foreign investors. Government Promissory Notes represent captive market by foreign investors thereby has decreased the yield SUN in 1, 3 and 5 year maturity. Meanwhile stock market was not impacted by the inflow of foreign funds as presented by minimum increase in JCI of 3.19% from position of 3,703 in the end 2010 to 3,821 by the end 2011.

Kemampuan pemerintah mengendalikan ekonomi terlihat dari angka inflasi yang cukup rendah pada Desember 2011 yakni 3,79% dibandingkan inflasi pada Desember 2010 yakni sebesar 6,96%.

Government's capability in controlling the economy was presented by lower level of inflation at 3.79% in December 2011 compared to 2010 level of inflation at 6.96%.

Bank Indonesia berhasil menurunkan tingkat suku bunga dari 6.50% pada bulan Januari menjadi 6,00% di akhir 2011.

Bank Indonesia has successfully decreased interest rate from 6.50% in January to 6.00% by the end of 2011.


Namun, langkah yang ditempuh tersebut belum banyak mendapatkan respon dari industri perbankan. Hingga akhir 2011, tingkat suku bunga kredit industri perbankan masih relatif tinggi. Tingkat suku bunga bank yang cukup tinggi merupakan kendala bagi dunia usaha untuk memanfaatkan likuiditas perbankan yang saat ini nilainya cukup besar. Kondisi ini berdampak pada rendahnya daya saing dunia usaha terutama saat harus berhadapan dengan pasar internasional. Untuk itu, diperlukan upaya-upaya yang dapat memperkecil spread antara SBI dengan bunga kredit perbankan, sehingga dunia usaha lebih memiliki kesempatan untuk meningkatkan daya saingnya di pasar internasional.

Yet, the move has not generated sufficient respond from banking industry. Up to end 2011, the interest rate level in banking industry was still relatively high. This trend represented the challenges for business entity in benefiting banking liquidity of which had substantial values. The condition gave impact by decreasing competition in business especially when meeting the international market. Thus, certain efforts are required to minimize spread between SBI rate and banking interest rates, thereby creating opportunity in improving business in international market competition.

KINERJA PERSEROAN

COMPANY PERFORMANCE

Perseroan telah melaksanakan tugasnya sesuai yang diamanatkan dalam Peraturan Pemerintah No. 61/2008. Tugas utama yang dilakukan Perseroan adalah:

The Company conducted its duty as entrusted in Government Regulation No. 61/2008. The following are main duty of the Company:

1. Restrukturisasi/Revitalisasi ("R/R") BUMN

1. Restructuring/Revitalization ("R/R") of SOEs

2. Pengelolaan Aset BUMN

2. Asset Management of SOEs

Tujuan Restrukturisasi/Revitalisasi ("R/R") BUMN dimaksudkan untuk meningkatkan kinerja dan nilai BUMN secara sustainable jangka panjang. Dalam rangka pelaksanaan R/R BUMN, dimana untuk posisi per akhir 2011 status penanganan R/R BUMN adalah sebagai berikut: a. 1 BUMN dalam penugasan baru; b. 4 BUMN dalam tahap kajian oleh Perseroan; c. 1 BUMN dalam penugasan Technical Assistance; d. 6 BUMN telah selesai dilakukan kajian skema R/R dan dalam proses menunggu keputusan Komite R/R untuk dilakukan R/R oleh Perseroan. e. 5 BUMN dalam tahap pelaksanaan R/R.

The objective of Restructuring/Revitalization ("R/R") of SOEs was to sustain the performance and value of SOEs in long term period. As of end 2011 position, the status of its implementation are as follows: a. New assignment of 1 SOEs; b. Feasibility study by the Company on 4 SOEs; c. Technical Assistance assignment for 1 SOEs; d. C ompletion of feasibility study on R/R scheme on 6 SOEs and currently is waiting the decision of R/R Committee to conduct R/R by the Company. e. Ongoing R/R on 5 SOEs.

ada tahun 2011, Perseroan telah melakukan upayaP upaya kerjasama pengelolaan aset dengan 6 BUMN dengan uraian sebagai berikut: a. PT Industri Sandang Nusantara (Persero) ("PT ISN") melalui: • Perjanjian Kerjasama Pengelolaan Aset tanggal 7 Desember 2011 dalam rangka pengembangan lahan milik PT ISN di Bekasi. • Pembentukan JV untuk mengembangkan kawasan komersial dan residensial.

In 2011, the Company carried out asset management with 6 SOEs with following details: a. P T Industri Sandang Nusantara (Persero) ("PT ISN") through: • A sset Management Cooperation Agreement dated 7 December 2011 on the land development of PT ISN in Bekasi. • E stablishment of JV to develop commercial and residential areas.


Laporan Direktur Utama Report from The President Director b. P T Pertamina (Persero) melalui: • Perjanjian Pengelolaan Aset tanggal 30 September 2011 atas pengelolaan 28 Aset Properti PT Pertamina. • Program divestasi beberapa aset properti telah dilakukan mulai Desember 2011. c. PT Kereta Api Indonesia (Persero) Perjanjian Kerja Sama Pengelolaan Aset tanggal 30 Desember 2011 atas pengelolaan 11 aset properti. d. Penandatanganan beberapa Nota Kesepakatan dengan beberapa BUMN untuk mengelola aset BUMN, diantaranya dengan PT PLN (Persero) dan PT RNI (Persero).

b. PT Pertamina (Persero) through: • A sset Management Agreement dated 30 September 2011 on the management of 28 Property Assets of PT Pertamina. • D ivestment program on property assets has been carried out since December 2011. c. PT Kereta Api Indonesia (Persero) Asset Management Agreement dated 30 December 2011 on the management of 11 property assets. d. S igning of Memorandum of Understanding (MOU) with several SOE's to manage SOEs assets namely PT PLN (Persero) and PT RNI (Persero).

3. Pengelolaan Aset eks BPPN

3. Asset Management of ex-IBRA

4. Investasi

4. Investment

Alhamdulillah, dari seluruh kegiatan operasional diatas, pada akhir tahun 2011, Perseroan telah berhasil membukukan laba bersih sebesar Rp288.157 juta, dimana jumlah laba bersih yang dapat diatribusikan kepada pemilik entitas induk sebesar Rp286.437 juta. Jumlah tersebut melampaui target yang ditetapkan RKAP 2011 sebesar Rp176.329 juta atau sebesar 162% dari target RKAP 2011.

Alhamdulillah, supported by the above activity, the Company by the end 2011 has remarkably posted net income of Rp288,157 million, whereby the total net income attributable to the holder of parent company was at Rp286,437 million. This achievement exceeding the 2011 RKAP target of Rp176,329 million or 162% from 2011 RKAP target.

Perseroan melakukan pengelolaan aset eks BPPN yang diserahkelolakan oleh Menteri Keuangan berdasarkan Perjanjian Pengelolaan Aset tertanggal 5 April 2011. Adapun aset eks BPPN yang diserahkelolakan kepada Perseroan berupa 7 aset saham, 4 aset kredit/hak tagih dan 2 aset saham dan kredit. Sampai dengan akhir tahun 2011, realisasi Hasil Pengelolaan Aset dari pengelolaan aset eks BPPN mencapai sebesar Rp196.131 juta atau 122% dari target RKAP 2011 sebesar Rp161.100 juta.

The Company conducted asset management of ex-IBRA of which transferred by Minister of Finance based on the Asset Management Agreement dated 5 April 2011. The assets governed to the Company include 7 shares assets, 4 loan assets/receivables rights and 2 shares assets and Loan. Up to end 2011, the realization of Proceeds from Asset Management from asset management of ex-IBRA was recorded at Rp196,131 million or 122% from 2011 RKAP target of Rp161,100 million.

ada tahun 2011, Perseroan berinvestasi di surat P berharga, penempatan dana dan investasi pada Rekening Kontrak Pengelolaan Dana. Disamping bentuk-bentuk investasi tersebut, Perseroan juga melakukan investasi langsung yang berupa pemberian pinjaman pada BUMN yang sedang dalam proses R/R oleh Perseroan. Pada akhir tahun 2011, Perseroan melakukan ekspansi dengan mendirikan entitas anak yaitu PT PPA Kapital. Sehingga sampai saat ini Perseroan telah memiliki 3 (tiga) entitas anak yaitu PT PPA Finance, PT Waskita Karya (Persero) dan PT PPA Kapital yang pengesahan sebagai badan hukum diperoleh pada tanggal 17 Januari 2012 sesuai dengan Keputusan Hukum dan hak Asasi Manusia No. SHU-02691.AH.01.01 Tahun 2012.

In 2011, the Company conducted investment on securities, fund placement and investment on Account Fund Management Contracts. In addition, the Company also implemented investment in financing to SOEs of which in the process of R/R by the Company. At the end of 2011, the Company has exerted expansion by the establishment of subsidiary, PT PPA Kapital. At present, the Company then owned 3 (three) subsidiaries, PT PPA Finance, PT Waskita Karya (Persero) and PT PPA Kapital of which obtained the legal entity on 17 January 2012 according to the Stipulation of Law and Human Rights No. SHU-02691.AH.01.01 Tahun 2012.


Dari kegiatan pengelolaan aset eks BPPN, Perseroan berhasil membukukan pendapatan sebesar Rp56.789 juta. Kendati angka itu tidak sebesar pendapatan pada tahun 2010 yaitu sebesar Rp 62.810 juta akan tetapi jauh melebihi target yang ditetapkan RKAP 2011, yakni sebesar 251% dari Rp22.616 juta.

The Company booked revenues of Rp56,789 million from asset management of ex-IBRA. As the amount was lower than the 2010 figure of Rp62,810 million though it's exceeding the 2011 RKAP target, which is 251% from Rp22,616 million.

Untuk kegiatan R/R BUMN, Perseroan membukukan pendapatan sebesar Rp308.593 juta atau 109% dari target RKAP 2011 sebesar Rp282.652 juta, dan 124% dibandingkan dari realisasi pada tahun 2010 yang sebesar Rp248.411 juta.

R/R activity of SOEs posted a revenue of Rp308,593 million to the Company, or 109% from 2011 RKAP target of Rp282,652 million, and 124% compared to 2010 realization amount of Rp248,411 million.

Pendapatan dari kegiatan pengelolaan aset BUMN di tahun 2011 tercatat sebesar Rp1.147 juta. Pendapatan tersebut merupakan management fee pengelolaan aset PT Pertamina dan success fee penjualan aset properti PT Pertamina.

Revenue from asset management of SOEs activity in 2011 was booked at Rp1,147 million. This gain represent management fee from asset management of PT Pertamina and success fee on sales of PT Pertamina property assets.

Sementara, untuk kegiatan investasi, selama tahun 2011 Perseroan membukukan pendapatan sebesar Rp69.284 juta atau 88% dari target RKAP 2011 sebesar Rp78.875 juta, dan 67% dari realisasi tahun 2010 sebesar Rp102.843 juta.

Meanwhile, the Company posted revenue from investment activitiy in 2011 at Rp69,284 million or 88% from 2011 RKAP target of Rp78,875 million, and 67% from 2010 achievement of Rp102,843 million.

MANAJEMEN RISIKO DAN KEPATUHAN

RISK MANAGEMENT AND COMPLIANCE

Kami sangat menyadari bahwa keberhasilan pencapaian tujuan Perseroan turut didukung oleh pengelolaan risiko yang baik dan pemenuhan kepatuhan atas ketentuan dan peraturan perundang-undangan yang berlaku. Untuk itu, dalam menjalankan kegiatan usahanya, seluruh satuan kerja Perseroan selalu memperhatikan aspek manajemen risiko dan kepatuhan.

We fully realized the achievement of the Company's objectives was supported by good risk management and fulfillment in compliance to prevailing laws and regulations. To that end, in conducting its business, the Company's working units are constantly place attention to risk management and compliance aspect.

KOMITMEN TERHADAP PENERAPAN TATA KELOLA PERUSAHAAN YANG BAIK

COMMITMENT IN GOOD CORPORATE GOVERNANCE IMPLEMENTATION

Sejak awal berdirinya, Perseroan telah menaruh perhatian besar terhadap pelaksanaan tata kelola perusahaan yang baik (GCG). Sampai saat ini, upaya-upaya Perseroan mewujudkan visinya selalu dilandasi oleh prinsip-prinsip GCG yang mampu mendorong profesionalitas pengelolaan dan memastikan keberlanjutan pencapaian usaha.

Since its inception, the Company placed greater recognition in the implementation of good corporate governance (GCG). To date, the Company strives to endorse its vision based on GCG principles of which able to propel professionalism in its management and to ensure its sustainability.

Penerapan GCG juga menjadi acuan bagi Perseroan dalam mewujudkan visinya “Sebagai perusahaan pengelola aset terdepan yang memimpin dalam setiap bidang usahanya.”

The Company placed GCG implementation as a reference in actualizing its vision "As a leading asset management company that lead in all of its businesses."

Secara umum, tujuan dari penerapan Tata Kelola Perusahaan di Perseroan mencakup: 1. mendorong tercapainya kesinambungan Perseroan; 2. memaksimalkan nilai dan meningkatkan daya saing Perseroan;

Generally, the objectives of Corporate Governance implementation in the Company include: 1. t o encourage achievement on the Company's sustainability; 2. t o maximize values and improve competitiveness of the Company;


Laporan Direktur Utama Report from The President Director 3. mendorong pemberdayaan fungsi dan kemandirian masing-masing organ Perseroan; 4. mendorong agar Rapat Umum Pemegang Saham, Dewan Komisaris, dan Direksi senantiasa membuat dan melaksanakan keputusan yang berlandaskan nilai moral serta kepatuhan terhadap peraturan yang belaku; 5. mendorong timbulnya kesadaran dan tanggung jawab sosial Perseroan terhadap masyarakat dan kelestarian lingkungan.

3. t o encourage empowerment in functions and independence of each Company's organ; 4. t o encourage the General Meeting of Shareholders, Board of Commissioners, and Directors to constantly composing and implementing of decision based on moral values and in compliance to prevailing laws; 5. t o encourage awareness and social responsibility to the public and environmental preservation.

Sedangkan, tujuan penerapan GCG secara khusus bagi Perseroan adalah memberikan kontribusi kepada perekonomian nasional melalui R/R BUMN, pengelolaan aset eks BPPN dan aset BUMN, serta kegiatan investasi.

Whereby, the objective of GCG implementation spesifically for the Company is to contribute to national economy through R/R of SOEs, asset management of ex-IBRA, asset of SOEs, and investment activities.

PARTISIPASI DALAM MEMBANGUN MASYARAKAT SEJAHTERA DAN MANDIRI

PARTICIPATION IN EMPOWERMENT AND COMMUNITY WELFARE

Sesuai dengan Visi dan Misi Perseroan, selain mengemban tugas yang diamanatkan oleh Pemerintah, Perseroan juga memiliki tanggung jawab untuk ikut berpartisipasi aktif dalam program Pemerintah membangun masyarakat yang sejahtera dan mandiri. Partisipasi ini direalisasikan melalui Program Kemitraan dan Bina Lingkungan (PKBL), sesuai dengan kerangka kerja yang telah dicanangkan oleh Kementerian Negara Badan Usaha Milik Negara.

Pursuant to the Company's Vision and Mission, in addition to its duty enstrusted by the Government, the Company also holds the responsibility to actively participate in the Government program on the development of empowerment and community welfare. This effort was actualized through Partnership and Environmental Development Programs (PKBL), in accordance with working plan set forth by the State Ministry of State-Owned Enterprise.

Pada tahun 2011, total dana Program Kemitraan yang dapat disalurkan pada tahun 2011 adalah sebesar Rp6.554 juta, dengan efektifitas penyalurannya adalah sebesar 94,83%. Sedangkan untuk dana Bina Lingkungan yang dapat disalurkan adalah sebesar Rp2.224 juta. Pada program kemitraan, penyaluran dana ditujukan untuk meningkatkan produktivitas Usaha Kecil Menengah, baik dalam bentuk pinjaman lunak untuk modal kerja maupun penyelenggaraan berbagai pelatihan pengembangan usaha. Sementara dalam program bina lingkungan, dana yang terkumpul disalurkan dalam bentuk bantuan seperti bantuan bencana alam, pembangunan infrastruktur pendidikan dan sarana ibadah, peningkatan layanan kesehatan, serta beberapa kegiatan sosial lain.

In 2011, total fund allocated for Partnership Program in 2011 was amounting Rp6,554 million, with effective allocation at 94.83%. Whereas the fund allocated for Environmental Development Program was at Rp2,224 million. On partnership programs, the fund was allocated to improve productivity of Small Medium Business, both in soft loan for working capital as well as in business development trainings. Whereas on environmental development programs, the fund was disbursed in donation for natural disasters, construction of education infrastructure and religious facilities, improvement in healthcare, and other social activities.

HUMAN RESOURCES

SUMBER DAYA MANUSIA

We appreciate the support of competent and excellent Human Resources who play important part in extending optimum performance of the Company. To that effect, the Company continuously improving HR competence in every fields.

Kami menyadari bahwa kinerja Perseroan yang optimal tidak akan tercapai tanpa dukungan Sumber Daya Manusia yang memiliki kompetensi yang mumpuni. Untuk itu, Perseroan selalu melakukan upaya dalam meningkatkan kompetensi SDM yang ada di segala bidang.


Guna terus meningkatkan kompetensi SDM yang telah bergabung dengan Perseroan, kami memberikan berbagai pelatihan baik internal maupun eksternal sesuai dengan bidang tugas masing-masing dan memfasilitasi karyawan yang ingin meningkatkan pengetahuannya.

As the effort to enhance HR competence, the Company provides trainings both internal and external based on each duty and also facilitating further knowledge to employees.

PERUBAHAN SUSUNAN MANAJEMEN PERSEROAN & DEWAN KOMISARIS

AMENDMENT TO COMPOSITION OF COMPANY'S MANAGEMENT & BOARD OF COMMISSIONERS

Perlu kami sampaikan bahwa sesuai Keputusan Menteri Negara BUMN selaku pemegang saham Perseroan No. KEP-164/MBU/2011 tanggal 14 Juli 2011 tentang Pemberhentian Anggota Direksi Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset, yang telah dituangkan dalam Akta Pernyataan Keputusan Rapat Perseroan Terbatas Perusahaan Pengelola Aset (Persero) No. 48 tanggal 8 Agustus 2011, telah terjadi perubahan susunan anggota Direksi Perseroan.

Based on Stipulation of State Minister of SOEs as the Shareholders No. KEP-164/MBU/2011 dated 14 July 2011 concerning the Termination of Board of Directors' Member of the Company (Persero) PT Perusahaan Pengelola Aset, which was stated on the Deed of Meeting Resolution of PT Perusahaan Pengelola Aset (Persero) No. 48 dated 8 August 2011, there was amendment to the composition of member of the Company's Board of Directors.

Berdasarkan surat keputusan tersebut, Sdr. Tunggul Rajagukguk tidak lagi menjabat sebagai Direktur di Perseroan. Atas nama Perseroan, kami menyampaikan terima kasih dan penghargaan atas semua daya dan upaya yang telah didedikasikan untuk memajukan Perseroan. Berdasarkan keputusan tersebut serta Keputusan Pemegang Saham No. KEP-95/MBU/2011 tanggal 25 April 2011 (Akta Pernyataan Keputusan Rapat Perseroan Terbatas No. 116 tanggal 24 Mei 2011) susunan Direksi Perseroan menjadi sebagai berikut: • Boyke W Mukiyat : Direktur Utama • Andi Saddawero : Direktur • Saiful H. Manan : Direktur • Tri Herutantoyo : Direktur

Pursuant to the resolution, Tunggul Rajagukguk were terminated from Director position in the Company. On behalf of the Company, we would like to wish our appreciation and commendation for their hard work and dedication in sustaining the Company's growth. According to the decision and Stipulation of State Minister of SOEs as the Shareholders No. KEP-95/MBU/2011 dated April, 25 2011 (the Deed of Meeting Resolution of PT Perusahaan Pengelola Aset No. 116 dated May, 24 2011) the composition of the Company's Board of Directors are as follows: • Boyke W Mukiyat : President Director • Andi Saddawero : Director • Saiful H. Manan : Director • Tri Herutantoyo : Director

Berdasarkan Keputusan Menteri Negara BUMN Selaku RUPS Perseroan No. KEP-92/MBU/2011 tentang Pemberhentian dan Pengangkatan Anggota Dewan Komisaris yang telah dituangkan dalam Akta Pernyataan Keputusan Rapat Perseroan Terbatas Perusahaan Pengelola Aset (Persero) No. 64 tanggal 13 Mei 2011, susunan Dewan Komisaris Perseroan mengalami perubahan dimana Bapak Adi Rahman Adiwoso dan Bapak Mohammad Syahrial tidak lagi menjadi anggota Dewan Komisaris Perseroan serta mengangkat Ibu Nurhaida dan Bapak Edy Putra Irawadi sebagai anggota Dewan Komisaris .

Based on the Decision of State Minister of SOEs as GMS of the Company No. KEP-92/MBU/2011 concerning the Termination and Appointment of Member of Board of Commissioners which was stated on the Deed of Meeting Resolution of PT Perusahaan Pengelola Aset (Persero) No. 64 dated 13 May 2011, the composition of Board of Commissioners of the Company was amended, whereby the following commissioners were terminated including Adi Rahman Adiwoso and Mohammad Syahrial and appointment of Nurhaida and Edy Putra Irawadi as a member of Board of Commissioners.

Sementara itu berdasarkan Keputusan Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola

Meanwhile according to the Decision of Shareholders of PT Perusahaan Pengelola Aset (Persero) Outside of General


Laporan Direktur Utama Report from The President Director Aset Di Luar Rapat Umum Pemegang Saham No. SK-135/ MBU/2012 tanggal 7 Maret 2012 tentang Pemberhentian dan Pengangkatan Anggota-anggota Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset, yang memberhentikan dengan hormat Bapak Lambock V. Nahattands dan Bapak Erry Firmansyah sebagai anggota Dewan Komisaris, serta mengangkat Bapak Yoseph Indrajaya sebagai anggota Dewan Komisaris. Dengan demikian, susunan Dewan Komisaris menjadi: • Komisaris Utama : Sahala Lumban Gaol • Komisaris : Yoseph Indrajaya • Komisaris : Nurhaida • Komisaris : Edy Putra Irawady

Meeting of Shareholders No. SK-135/MBU/2012 dated 7 March 2012 concerning the Termination and Appointment of Members of The Board of Commissioners of PT Perusahaan Pengelola Aset (Persero), which terminated Lambock V. Nahattands and Erry Firmansyah and appointed Yoseph Indrajaya as a member of Board of Commissioners. The composition of Board of Commissioners are as follows: • President Commissioner : Sahala Lumban Gaol • Commissioner : Yoseph Indrajaya • Commissioner : Nurhaida • Commissioner : Edy Putra Irawady

Sehubungan dengan hal tersebut, kami menyampaikan penghargaan dan rasa terima kasih yang sebesar-besarnya kepada Bapak Adi Rahman Adiwoso, Bapak Mohammad Syahrial, Bapak Lambock V. Nahattands dan Bapak Erry Firmansyah atas arahan dan sumbang saran yang diberikan yang sangat bermanfaat bagi Perseroan.

In regard to the above, we would like to convey our recognition and highest appreciation to Adi Rahman Adiwoso, Mohammad Syahrial, Lambock V. Nahattands and Erry Firmansyah for their advise and counsel of which very beneficial to the Company.

PROSPEK TAHUN 2012

2012 PROSPECT

Pondasi ekonomi Indonesia yang cukup kuat telah memberikan optimisme kepada semua pihak bahwa ekonomi Indonesia akan terus tumbuh dalam beberapa tahun kedepan. Indikator-indikator ekonomi diprediksi masih akan mencetak angka biru di tahun-tahun mendatang.

Indonesia's strong economic foundation has provided optimism for continuous growth in the years to come. Economic indicators are predicted to still create a blueprint in future years.

Sesuai prediksi dan target Pemerintah dalam APBN, ekonomi Indonesia tahun 2012 akan tumbuh di kisaran 6,5% – 6,9% dengan tingkat inflasi di level 3,5% dengan rentang +2% atau maksimal di angka 5,5%. Sementara nilai tukar Rupiah terhadap dollar Amerika masih akan bertahan di rentang Rp9.000 – Rp9.300 per dolar AS. Ekspor, investasi dan konsumsi domestik masih akan menjadi faktor pendorong pertumbuhan ekonomi Indonesia di tahun 2012.

Following the prediction and Government's target on APBN, Indonesia's economy in 2012 will grow at around 6.5% – 6.9% with inflation rate at 3.5% level with a range of +2% or maximum at 5.5%. Meanwhile, the Rupiah exchange rate against USD will be maintained at Rp9,000 – Rp9,300 per US dollar. Exports, investments and domestic consumptions will remain key factor in sustaining economic growth of Indonesia in 2012.

Masih berlangsungnya krisis utang di Uni Eropa dan Amerika, serta kenaikan peringkat Indonesia menjadi investment grade juga akan mendorong masuknya investasi asing ke Indonesia. Bank Indonesia memprediksi, pada tahun 2012, arus dana masuk Penanaman Modal Asing (PMA) melalui Foreign Direct Investment (FDI) akan mengalami peningkatan menjadi sebesar USD19,1 miliar, dan Investasi Portofolio PMA menjadi USD3,7 miliar.

The ongoing monetary crisis in Europe zone and United States, thus the improvement on Indonesia's rating to investment grade will boost foreign investment into Indonesia. Bank Indonesia has predicted that flow of funds of Foreign Investment (PMA) in 2012 through Foreign Direct Investment (FDI) will increase to USD19.1 billion, and Portfolio Investment of PMA to USD3.7 billion.

Modal asing yang akan masuk tentunya akan menyebar ke berbagai sektor khususnya pasar modal yang diprediksi akan menjadi tujuan utama dana asing tersebut. Karena

The flow of foreign funds will be disseminated into several sectors especially capital market that was forecasted to be the main objectives. Therefore, our prediction in 2012, the


itu, dalam prediksi kami, pada tahun 2012, pertumbuhan Indeks Harga Saham akan mencapai 20%. Demikian halnya dengan kondisi yang akan terjadi pada pasar obligasi dimana tahun 2012 masih memiliki peluang untuk memberikan total return yang baik.

growth of Stock Index will reach 20%. So as the condition of bonds market in 2012 will open for opportunity to provide good returns.

Kondisi yang baik ini tentu akan membawa dampak positif bagi perkembangan Perseroan di tahun 2012. Perseroan optimis kinerja Perseroan di tahun 2012 akan berjalan dengan lebih baik.

This sound condition will extend positive impact on the Company's growth in 2012. The Company is also confident to achieve better peformance in 2012.

Disamping itu, sesuai arahan Menteri Negara BUMN dan strategi pengembangan bisnis yang telah kami tetapkan, pada tahun 2012, Perseroan akan meningkatkan perannya sebagai perusahaan pengelola aset terkemuka. Sebagai langkah awal, kami memulai dengan menjalin kerja sama dengan beberapa BUMN untuk mengoptimalkan aset yang selama ini kurang produktif. Tujuannya adalah untuk meningkatkan nilai aset tersebut agar memberikan hasil yang optimal tidak hanya bagi BUMN yang bersangkutan akan tetapi pada akhirnya bagi negara.

In addition, following the advise of State Minister of SOEs and business development strategy, the Company will enhance its role in 2012 as prominent asset management company. Initially, we will conduct cooperation with SOEs in optimizing unproductive assets. The mission is to increase assets value so as to advance optimum result for concerned SOEs and at the end to the nation.

Strategi ini sudah mulai kami rintis sejak tahun 2010 dimana telah banyak hasil yang kami capai dalam rentang waktu tersebut. Berkat kerjasama yang terjalin dengan baik, kami cukup berhasil membantu BUMN dalam meningkatkan produktivitasnya.

We have initiated this strategy since 2010 and have had achievements during its course. Due to good cooperation, we successfully extending assistance to SOEs in enhancing their productivity.

APRESIASI

APPRECIATION

Akhir kata, dalam kesempatan yang baik ini, tak lupa kami menyampaikan terima kasih yang sebesar-besarnya kepada pemegang saham dan seluruh pemangku kepentingan atas dukungan dan kerjasama yang terjalin selama ini. Kami juga ingin menyampaikan terimakasih dan penghargaan kepada seluruh karyawan Perseroan yang telah bekerja keras dan mendedikasikan segala daya dan upaya demi kemajuan Perseroan.

In closing, we would like to grant our highest appreciation to shareholders and all stakeholders for the support and cooperation. We also would like to convey our commendation and recognition to all employees for the hard work and dedication in sustaining the growth of the Company.

Atas nama Direksi On Behalf of The Board of Directors



Jajaran Direksi Board of Directors

Dari kiri ke kanan: From left to right:


Tri Herutantoyo Direktur Director

Andi Saddawero Direktur Director

Saiful H. Manan Direktur Director



Tanggung Jawab Pelaporan Tahunan Responsibility for Annual Reporting Laporan Tahunan ini, berikut laporan keuangan dan informasi terkait lainnya, merupakan tanggung jawab Manajemen Perseroan dan telah disetujui oleh seluruh anggota Dewan Komisaris dan Direksi dengan membubuhkan tanda tangannya masing-masing di bawah ini:

DEWAN KOMISARIS BOARD OF COMMISSIONERS

SAHALA LUMBAN GAOL Komisaris Utama | President Commissioner

YOSEPH INDRAJAYA Komisaris | Commissioner

NURHAIDA Komisaris | Commissioner


EDY PUTRA IRAWADY Komisaris | Commissioner

This Annual Report and the accompanying financial statements and related financial information are the responsibility of the Management of the Company and have been approved by members of the Board of Commissioners and the Board of Directors whose signatures appear below:

DIREKSI BOARD OF DIRECTORS

BOYKE W. MUKIJAT Direktur Utama | President Director

SAIFUL H. MANAN Direktur | Director

TRI HERUTANTOYO Direktur | Director


ANDI SADDAWERO Direktur | Director

Identitas Perusahaan Corporate Identity

NAMA DAN ALAMAT PERSEROAN NAME AND ADDRESS OF THE COMPANY PT Perusahaan Pengelola Aset (Persero) Sampoerna Strategic Square North Tower 9th floor Jl. Jendral Sudirman Kav 45-46 Jakarta Selatan 12930

Tel.: +62 21 251 2222 Fax.: +62 21 577 2443 email: [email protected] website: www.ptppa.com

PENDIRIAN PERUSAHAAN Peraturan Pemerintah No. 10 tahun 2004 tentang Pendirian Perusahaan Perseroan (Persero) di Bidang Pengelolaan Aset, tanggal 27 Februari 2004.

COMPANY ESTABLISHMENT • The Government Regulation No. 10 year 2004 pertaining to the Establishment of the Company (Persero) in Asset Management Field, dated 27 February 2004.

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vPeraturan Pemerintah No. 61 tahun 2008 (PP 61 tahun 2008) tentang Perubahan atas Peraturan Pemerintah No. 10 tahun 2004 tentang Pendirian Perusahaan Perseroan (Persero) di Bidang Pengelolaan Aset, 4 September 2008.

The Government Regulation No. 61 year 2008 (PP 61 year 2008) concerning the Amendment on Government Regulation No. 10 year 2004 on the Establishment of the Company (Persero) in Asset Management Field, 4 September 2008,

JUMLAH SUMBER DAYA MANUSIA (SDM) Sampai dengan 31 Desember 2011, jumlah karyawan tetap Perseroan adalah 164 Karyawan Tetap

TOTAL HUMAN RESOURCE (HR) Up to 31 December 2011, total employees of the Company was 164 Permanent Employees

PER 31 DESEMBER 2011 MODAL USAHA Modal Dasar Rp5.000.000.000.000 Modal Ditempatkan Dan disetor penuh Rp2.801.359.000.000

PER 31 DECEMBER 2011 VENTURE CAPITAL Authorized Capital Rp5.000.000.000.000 Issued and fully paid-in Capital Rp2.801.359.000.000

KEPEMILIKAN 100% saham Perseroan dimiliki oleh Pemerintah Republik Indonesia

OWNERSHIP 100% shares of the Company is wholy-owned by the Government of Republic of Indonesia



Sekilas PPA PPA at a Glance


Perseroan didirikan berdasarkan Peraturan Pemerintah No. 10 tahun 2004 tanggal 27 Februari 2004 tentang Pendirian Perusahaan Perseroan (Persero) di Bidang Pengelolaan Aset. Maksud dan tujuan pendirian PT Perusahaan Pengelola Aset (Persero) adalah untuk melakukan pengelolaan aset Negara yang berasal dari Badan Penyehatan Perbankan Nasional (”BPPN”) yang tidak berperkara untuk dan atas nama Menteri Keuangan. Jangka waktu berdirinya Perusahaan sesuai Anggaran Dasar Perseroan No. 7 tanggal 27 Februari 2004 adalah 5 (lima) tahun dan dapat diperpanjang dengan persetujuan Rapat Umum Pemegang Saham (”RUPS”).

The Company was established based on the Government Regulation No. 10 year 2004 dated 27 February 2004 concerning to the Establishment of the Company (Persero) in Asset Management Field. Aims and objectives of the establishment of PT Perusahaan Pengelola Aset (Persero) was to conduct State's asset management of which originated from the Indonesian Banking Restructuring Agency ("IBRA") with no litigants for and on behalf of Minister of Finance. The period of the Company's establishment according to Articles of Association of the Company No. 7 dated 27 February 2004 was 5 (five) year and can be extended with the approval of General Meeting of Shareholders ("GMS").

Pada tanggal 4 September 2008, Pemerintah menerbitkan Peraturan Pemerintah No. 61 tahun 2008 ("PP 61/2008") tentang Perubahan atas Peraturan Pemerintah No. 10 tahun 2004 tentang Pendirian Perusahaan Perseroan (Persero) di Bidang Pengelolaan Aset. Menindaklanjuti PP 61/2008 tersebut, Pemegang Saham mengeluarkan Keputusan Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset diluar RUPS No. KEP-164/MBU/2008 tanggal 5 September 2008 tentang Perubahan Jangka Waktu Berdirinya Perseroan, Maksud dan Tujuan serta Kegiatan Usaha dan Anggaran Dasar Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset ("KEP-164/MBU/2008"). Berdasarkan KEP-164/ MBU/2008, antara lain ditetapkan jangka waktu berdirinya Perseroan menjadi tidak terbatas.

On 4 September 2008, the Government has issued Government Regulation No. 61 year 2008 ("PP 61/2008") concerning the Amendment on Government Regulation No. 10 year 2004 regarding the Establishment of the Company (Persero) in Asset Management Field. Following the PP 61/2008, the Shareholders issued the Resolution of Shareholders of the Company (Persero) PT Perusahaan Pengelola Aset outside of GMS No. KEP-164/MBU/2008 dated 5 September 2008 concerning the Period of the Company's Establishment, Aims and Objectives as well as Core Business and Articles of Association of the Company (Persero) PT Perusahaan Pengelola Aset ("KEP-164/ MBU/2008"). Based on KEP-164/MBU/2008, among others was determined the period of the Company's establishment into unlimited period.


Tinjauan Usaha & Operasional Bussines & Operational Review Berdasarkan Peraturan Pemerintah No. 61 Tahun 2008 tanggal 4 September 2008, maksud dan tujuan Perseroan adalah:

Based on Government Regulation No. 61 Year 2008 dated 4 September 2008, aims and objectives of the Company are:

PENGELOLAAN ASET NEGARA

STATE'S ASSETS MANAGEMENT

• restrukturisasi aset; asset restructuring ;

• kerjasama dengan pihak lain dalam rangka peningkatan nilai aset; cooperation with other parties in order to increase the value of assets

• penagihan piutang; dan penjualan collection of accounts receivable; and divestment

RESTRUKTURISASI DAN/ATAU REVITALISASI BUMN RESTRUCTURING AND/OR REVITALIZATION OF SOEs

Restrukturisasi dan/atau revitalisasi untuk meningkatkan kinerja BUMN Restructuring and/or revitalization to improve SOEs performance


Bisnis Kami Our Bussines

INVESTASI

INVESTMENTS

• investasi langsung maupun tidak langsung; direct and indirect investments

• Investasi dalam bentuk instrumen surat berharga termasuk kuasi ekuitas Investment in promissory notes instrument including equity

PENGELOLAAN ASET BUMN

ASSET MANAGEMENT OF SOEs

• pengembangan dan pendayagunaan aset dalam rangka peningkatan nilai aset termasuk melalui kerjasama dengan pihak lain; dan development and utilization of assets in an effort to improve assets value including cooperation with other party; and

• jasa pengelolaan aset termasuk jasa konsultasi pengelolaan aset. asset management service including asset management consultancy service.


Tinjauan Usaha & Operasional

Business & Operational Review Pada tahun 2011, Perseroan secara konsolidasi dengan entitas anak memperoleh Pendapatan Usaha sebesar Rp7.540.251 juta. Perseroan juga berhasil menjalin kerjasama baru pengelolaan aset dengan sejumlah BUMN. In 2011, the Company consolidated with subsidiary achieved the Revenues of Rp7,540,251 million. The Company has also successfully carried out new asset management cooperation with several SOEs.

Kondisi perekonomian Indonesia sepanjang tahun 2011 terjaga pada jalur yang diharapkan dan menunjukkan hasil yang positif. Kondisi ekonomi dan keuangan global yang masih terus melemah seiring berlarutnya krisis di Eropa tidak menimbulkan dampak yang signifikan bagi perekonomian Indonesia. Pada tahun 2011 pertumbuhan ekonomi Indonesia yang diukur dari tingkat Produk Domestik Bruto (PDB) mengalami pertumbuhan sebesar 6,5%. Pertumbuhan ini didorong oleh investasi, ekspor, dan konsumsi domestik. Data Biro Pusat Statistik menyebutkan, pada akhir tahun 2011, inflasi berada di level 3,79%. Kendati sempat mengalami kenaikan dari 6,50% pada bulan Januari ke level 6,75% di bulan Februari, pada akhir tahun 2011 tingkat suku bunga BI kembali turun di level 6,00% dan bertahan hingga awal tahun 2012. Di pasar modal, IHSG mengalami kenaikan tipis sebesar 3,19% dibandingkan posisi akhir tahun 2010 sebesar 3.703 menjadi sebesar 3.821 pada sesi penutupan akhir tahun 2011.

Throughout 2011 Indonesia's economic condition was on the right track and advanced with positive result. The ongoing weakening of global economic and financial condition aligned with crisis in Europe had not given significant impact to the Indonesian economy. In 2011 Indonesia's economic growth was measured by Gross Domestic Product (GDP) at 6.5%. This trend was propelled by growth in investments, exports, and domestic consumptions. Statistic Center Bureau has summarized the inflation level at 3.79% by the end of 2011. On BI interest rate, though it had experienced an increase at 6.5% in January, and reaching 6.75% level in February, it dipping down to 6.00% level and maintained the level up to beginning of 2012. In capital market, JCI recorded minimum increase of 3.19% compared to 2010 position of 3,703 to 3,821 on the closing session in 2011.

Perkembangan ekonomi Indonesia yang baik ini mendorong industri perbankan leluasa melakukan ekspansi. Hal ini terlihat dari indikator-indikator pertumbuhan industri perbankan seperti penyaluran kredit, NPL, dan Rasio Kecukupan Modal. Hingga akhir 2011, penyaluran kredit perbankan tumbuh 24,67% dibandingkan dengan tahun 2010 dari sebesar Rp1.783,6 triliun pada akhir tahun 2010 menjadi Rp2.223,7 triliun pada akhir tahun 2011.

The positive growth of Indonesian economy has propelled banking industry to conduct expansion. This was extended through growth indicators of banking industry including loan facility, NPL, and Capital Adequacy Ratio. By the end of 2011, loan facility from banking grew by 24.67% to Rp2,223.7 trillion in 2011, compared to 2010 amount of Rp1,783.6 trillion.


STRUKTUR USAHA PT PERUSAHAAN PENGELOLA ASET (PERSERO) BUSINESS STRUCTURE OF PT PERUSAHAAN PENGELOLA ASET (PERSERO)

Pengelolaan Aset Negara eks BPPN

Restrukturisasi dan/atau Revitalisasi

Investasi

Pengelolaan Aset Non Inti BUMN

State's Asset Management

Restructuring

Investment

Asset Management of

of ex IBRA

and/or Revitalization

• restrukturisasi aset; • kerjasama dengan pihak lain dalam rangka peningkatan nilai aset; • penagihan piutang; dan • penjualan • asset restructuring; • cooperation with other party to improve assets value; • collection of accounts receivable; and • divestment

Restrukturisasi dan/atau revitalisasi ("R/R") untuk meningkatkan kinerja BUMN. Restructuring and/or revitalization ("R/R") to improve the performance of SOEs.

Non-Core SOEs

• investasi langsung maupun tidak langsung; • Investasi dalam bentuk instrument surat berharga termasuk kuasi ekuitas • direct and indirect investment; • investment in promissory notes instrument including quasi-equity


• pengembangan dan pendayagunaan aset dalam rangka peningkatan nilai aset termasuk melalui kerjasama dengan pihak lain; dan • jasa pengelolaan aset termasuk jasa konsultasi pengelolaan aset. • development and utilization of asset to increase assets value through cooperation with other parties; and • asset management service include asset management consultancy services.


Business & Operational Review Kendati secara umum iklim ekonomi Indonesia tahun 2011 cukup kondusif, masih terdapat beberapa hal yang harus dilakukan guna lebih meningkatkan kinerja perekonomian nasional di masa-masa mendatang. Di Industri perbankan, selisih bunga yang cukup besar antara tingkat BI Rate dengan suku bunga pasar kredit perbankan mengindikasikan adanya inefisiensi di perbankan nasional. Untuk itu, diperlukan usaha yang lebih keras yang harus dilakukan untuk mewujudkan tingkat suku bunga kredit yang lebih rendah. Hal itu penting untuk meningkatkan daya saing dunia usaha nasional ketika berhadapan dengan negara-negara tetangga. Jika suku bunga perbankan tetap berada di level yang tinggi maka akan sulit bagi dunia usaha untuk memaksimalkan pemanfaatan momentum dana perbankan yang saat ini cukup besar.

In general Indonesia's economic climate in 2011 was conducive, notwithstanding there are certain matters that required further improvement so as to uphold national economy in the years to come. On banking industry, the difference of considerable interest between BI Rate and loan interest rate in banking has indicated an inefficiency in the national banking. Thereby, greater efforts are required in order to endorse lower interest rate. This is deemed important as to increase national business competition and to be ready to address international markets. If the interest rates remain high, overall business will face difficulty in utilizing momentum of current banking funds.

Sebagai perusahaan pengelola aset yang bertujuan antara lain untuk mencapai tingkat pengembalian yang optimal, Perseroan selain memperhatikan kondisi pasar dan aspek komersial, juga senantiasa melandasi kegiatannya pada ketentuan dan perundang-undangan yang berlaku. Selain itu, sebagai sebuah perusahaan BUMN (Persero), didalam melaksanakan tugasnya selalu berpegang teguh dan mengacu pada Undang-undang Badan Usaha Milik Negara, Peraturan Pemerintah dan ketentuan perundangan terkait lainnya serta selalu mengedepankan prinsip-prinsip tata kelola perusahaan yang baik.

As an asset management company aimed to provide optimum return, the Company constantly pays attention on market condition and commercial aspect, thus continuously placed its activity based on prevailing laws and regulations. In addition, as State-Owned Enterprise (Persero), in implementing its duty, the Company strives to uphold and refer to the Law of State-Owned Enterprise, the Government Regulation and other relevant laws. The Company has also put forward the principles of good corporate governance.

Berdasarkan PP 61/2008, maksud dan tujuan Perseroan adalah sebagai berikut: a. Pengelolaan aset Negara yang berasal dari Badan Penyehatan Perbankan Nasional (BPPN) setelah pengakhiran tugas dan pembubaran BPPN, untuk dan atas nama Menteri Keuangan; b. Restrukturisasi dan/atau revitalisasi ("R/R") Badan Usaha Milik Negara (BUMN); c. Kegiatan investasi; dan d. Kegiatan pengelolaan aset BUMN, guna meningkatkan nilai Perseroan dengan menerapkan prinsip-prinsip Perseroan Terbatas.

Based on PP 61/2008, purposes and objectives of the Company are as follows: a. S tate’s asset management which originated from Indonesian Banking Restructuring Agency (IBRA) after termination of the assignment and dissolution of IBRA; b. Restructuring and/or Revitalization ("R/R") of StateOwned Enterprises (SOEs); c. Investment activities; and d. S OEs’ asset management activities, of which to improve the Company's value by by applying the principles of Limited Liability Company.

COMPANY SERVICES

JASA YANG DIHASILKAN

To achieve its purposes and objectives, the Company conducted following activities:

Untuk mencapai maksud dan tujuan Perseroan, Perseroan melaksanakan kegiatan sebagai berikut:


A. Pengelolaan Aset Negara eks BPPN

A. State's Asset Management of ex IBRA

B. R estrukturisasi dan/atau Revitalisasi ("R/R") BUMN

B. Restructuring and/or Revitalization ("R/R") of SOEs

Dalam melakukan pengelolaan aset Negara eks BPPN, Perseroan mengacu pada perjanjian tentang Pengelolaan Aset antara Menteri Keuangan dengan Perseroan. Perjanjian dimaksud ditandatangani untuk pertama kali pada tanggal 24 Maret 2004 dengan jangka waktu 5 (lima) tahun (sampai dengan 27 Februari 2009). Pada tanggal 12 Juni 2009 ditandatangani pembaruan Perjanjian Pengelolaan Aset antara Menteri Keuangan dengan Perseroan yang berlaku sejak tanggal 1 Maret 2009 sampai dengan 31 Desember 2009. Selanjutnya dilakukan pembaruan perjanjian antara Menteri Keuangan dengan Perseroan setiap tahunnya. Adapun kegiatan pengelolaan aset eks BPPN antara lain meliputi: a. penjualan; b. pemanfaatan; c. penyewaan; d. R/R

On the activity of State's asset management of ex IBRA, the Company refers to the Asset Management Agreement between Minister of Finance and the Company. The agreement was initially signed on 24 March 2004 with a period of 5 (five) year (up to 27 February 2009). On 12 June 2009 renewed agreement was signed for the Asset Management Agreement between Minister of Finance and the Company of which effective on 1 March 2009 up to 31 December 2009. Further renewed agreement was conducted annually between Minister of Finance and the Company. The activity of asset management of ex IBRA are including: a. selling; b. utilization; c. leasing; d. R/R

Tujuan R/R adalah untuk meningkatkan kinerja dan nilai BUMN secara berkesinambungan dalam jangka panjang dengan memperhatikan aspek komersial dengan tetap berpegang pada prinsip-prinsip tata kelola perusahaan yang baik. Dalam pelaksanaannya, R/R mengacu pada Peraturan Menteri Negara BUMN No. PER-01/MBU/2009 tanggal 8 April 2009 tentang Pedoman Restrukturisasi dan Revitalisasi BUMN oleh Perusahaan Perseroan (Persero)PT Perusahaan Pengelola Aset.

The purpose of R/R is to improve performance and values of SOEs in a sustainable and long term period by attending commercial aspect and upholding the principles of good corporate governance. In its implementation, R/R refers to Regulation of State Minister of SOEs' No. PER-01/MBU/2009 dated 8 April 2009 concerning Guideline of Restructuring and Revitalization of SOEs by the Company (Persero) PT Perusahaan Pengelola Aset.

Sementara untuk pembentukan Komite R/R yang terdiri dari Penanggungjawab Kegiatan, Komite, Tim Pelaksana, Tim Kerja serta Sekretariat ditetapkan berdasarkan Keputusan Menteri Negara BUMN No. KEP-123/ MBU/2009 tanggal 26 Mei 2009 tentang Pembentukan Komite Restrukturisasi Dan Revitalisasi BUMN yang memiliki masa tugas sejak 1 Mei 2009 sampai dengan 31 Desember 2009. Selanjutnya pembentukan komite tersebut diperbarui setiap tahunnya yakni melalui KEP50/MBU/2010 tanggal 31 Maret 2010 dengan masa tugas 1 Maret 2010 sampai 31 Desember 2010 dan KEP-22/ MBU/2011 tanggal 31 Januari 2011 dengan masa tugas 2 Januari 2011 sampai dengan 31 Desember 2011.

Meanwhile the formation of R/R Committee which consisted of Person in charge, Committee, Executive Team, Working Team and Secretariat was determined based on Decision of State Minister of SOEs' No. KEP-123/MBU/2009 dated 26 May 2009 concerning the Establishment of Restructuring and Revitalization Committee of SOEs with duty commencing 1 May 2009 up to 31 December 2009. Further, the establishment of this committee was renewed annually through KEP-50/MBU/2010 dated 31 March 2010 with duty commencing 1 March 2010 up to 31 December 2010 and KEP-22/MBU/2011 dated 31 January 2011 with duty commencing 2 January 2011 up to 31 December 2011.



Business & Operational Review Alur R/R BUMN sesuai dengan Peraturan Menteri Negara BUMN No. PER-01/MBU/2009 Tahun 2009 adalah:

MENTERI NEGARA BUMN

BUMN SOEs

The outline of R/R of SOEs based on Regulation of State Minister of SOEs' No. PER-01/MBU/2009 Year 2009 are as follows:

KOMITE R/R R/R Committee

State Minister of SOEs

1

2

Proposal R/R

Publish Letter of Assignment Feasibility Study of R/R

Kewajiban BUMN: • Menyampaikan semua data RUPS tentang rencana R/R • Surat Pernyataan Kesanggupan dari Direksi & Dewan Komisaris

Menerima Hasil Kajian 4 R/R & Opsi Received Feasibility Study Result of R/R & Options

Receive Assignment Letter for Final Exam of Feasibility of R/R, prepare Feasibility Study Report & Options Recommendation

3

Opsi R/R terhadap BUMN

(Decision Letter of State Minister of SOEs No. KEP 22/2011) • Chairman: State Minister of SOEs Vice Chairman: Finance Minister • Discussion on R/R Feasibility Study & Options, with output: Determination R/R for SOEs and R/R Scheme

R/R Options on SOEs

8 Kewajiban BUMN: RUPS tentang Opsi R/R SOEs Obligation: GMS on R/R Options

Minister of Finance

(SK Menneg BUMN No. KEP 22/2011) • Ketua: Menneg BUMN Wakil Ketua: Menteri Keuangan • Pembahasan Hasil Kajian R/R & Opsi, dengan output: Penetapan BUMN yang perlu di R/R serta skema R/R

5

SOEs Obligation: • Provide GMS datas on R/R plan • Power of Attorney from BOD & BOC

MENTERI KEUANGAN

Menerima Surat Tugas untuk Uji Tuntas Kelayakan R/R, membuat Laporan Hasil Kajian & Rekomendasi opsi

Terbitkan Surat Tugas Kajian Kelayakan R/R

R/R Proposal

PT Perusahaan Pengelola Aset

6

Persetujuan atas Opsi R/R Approval on R/R Options

7

Penerbitan Surat Tugas atas Opsi R/R Issuance of Assignment Letter on R/R Options

8a Melakukan R/R terhadap BUMN R/R of SOEs

Catatan: 1. Komite Restrukturisasi dan Revitalisasi (Komite R/R) terdiri dari Menteri Negara BUMN, Menteri Keuangan, Menteri terkait dan wakil-wakil Kementerian Negara BUMN, Kementerian Keuangan, instansi lain yang terkait dan ahli yang relevan. Komite R/R diketuai oleh Menteri Negara BUMN 2. Dana Pengelolaan Aset untuk tujuan R/R pada setiap BUMN dibatasi maksimal 15% dari modal disetor Perseroan yang diperuntukkan dalam rangka kegiatan restrukturisasi dan/atau revitalisasi (±Rp 375 miliar). Apabila terdapat penggunaan dana yang melampaui batas dimaksud perlu mendapat persetujuan dari Menteri Keuangan. Keterangan : 1. BUMN menyampaikan proposal R/R yang dilengkapi dengan penyampaian semua data yang ditetapkan oleh Perseroan, keputusan RUPS tentang rencana R/R, dan surat pernyataan kesanggupan dari Dewan Komisaris/Dewan Pengawas dan Direksi; 2. Menteri Negara BUMN menerbitkan surat tugas kajian kelayakan R/R yang ditujukan ke Perseroan; 3. Setelah Perseroan menerima surat tugas dari Menteri Negara BUMN, Perseroan melakukan uji tuntas kelayakan R/R atas BUMN dimaksud serta membuat laporan hasil kajian dan memberikan rekomendasi opsi yang terbaik kepada Menteri Negara BUMN dengan tembusan kepada Menteri Keuangan; 4. Berdasarkan hasil kajian Perseroan, Menteri Negara BUMN selaku Ketua Komite R/R melakukan pembahasan dalam Komite R/R; 5. Komite R/R menetapkan opsi R/R terhadap BUMN dimaksud; 6. Menteri Negara BUMN menyampaikan penetapan opsi R/R BUMN tersebut kepada Menteri Keuangan untuk mendapat persetujuan; 7. Menteri Keuangan memberikan persetujuan atas opsi dimaksud dan menyampaikannya kepada Menteri Negara BUMN; 8. Menteri Negara BUMN mewajibkan BUMN dimaksud untuk menyelenggarakan RUPS dengan agenda opsi R/R dimaksud; 8a. Menteri Negara BUMN menugaskan Perseroan untuk melakukan R/R terhadap BUMN dimaksud.


Notes: 1. Restructuring and Revitalization Committee (R/R Committee) is consisted of State Minister of SOEs, Finance Minister, related Ministers and representatives of SOEs State Ministry, Ministry of Finance, other related agencies and relevant experts. R/R Committee is chaired by State Minister of SOEs 2. The Asset Management Fund for R/R is limited by maximum 15% for every SOEs from the Company's paid-in capital of which are allocated for restructuring and/or revitalization activity (±Rp 375 billion). If the funds exceeding the limit, the approval from Finance Minister is required. Description: 1. SOEs to submit R/R proposal completed with datas required by the Company, GMS' resolution on R/R plan, letter of power of attorney from Board of Commissioners/Board of Trustee and Board of Directors; 2. State Minister of SOEs will issue assignment letter of feasibility study for R/R to the Company; 3. After the receipt of assisgnment letter by the Company from State Minister of SOEs, the Company will conduct examination on feasibility study for R/R of concerned SOEs. The result will be reported with a recommendation of best options to the State Minister of SOEs with enclosure to Finance Minister; 4. Based on the Company assessment result, State Minister of SOEs as the Chairman of R/R Committee will conduct discussion with R/R Committee; 5. R/R Committee extend stipulation on R/R to concerned SOEs; 6. State Minister of SOEs will present the R/R option to Finance Minister for further approval; 7. Finance Minister will provide approval on the option and to inform to State Minister of SOEs; 8. State Minister of SOEs provide information to SOEs to hold GMS with the agenda on R/R options; 8a. The Company is assigned by State Minister of SOEs to conduct R/R activity for concerned SOEs.

C. Investasi

C. Investments

Investasi adalah kegiatan penempatan dana Perseroan dengan tujuan untuk memperoleh manfaat ekonomi.

Investments represent fund placement activity by the Company that aims to incure economic benefits.

Investasi dapat dilakukan dalam bentuk: a. pemberian pinjaman, b. pembiayaan proyek, c. pembiayaan kegiatan usaha lain, d. pembelian aktiva/aset yang tidak berupa saham, e. penyertaan modal pada entitas anak dan/atau perseroan lain melalui penerbitan saham baru yang tidak melalui bursa. f. Pembelian saham termasuk warrant dan right melalui bursa, g. Pembelian saham dari pemegang saham lain h. Investasi pada Surat Berharga lainnya.

Investment can be made in the form of: a. loans; b. project financing; c. other financing; d. purchase of assets, not in the form of stocks; e. c apital ownership in subsidiary and/or other companies through stocks issuance of which not conducted through stock exchange. f. Purchase of stocks including warrants and rights through stock exchange; g. Purchase of stocks from other shareholders. h. Investment on other securities.

D. Pengelolaan Aset Non Inti BUMN

D. SOEs Non Core Asset Management

Tujuan dari kegiatan pengelolaan ini adalah untuk meningkatkan nilai aset BUMN agar memiliki nilai yang lebih optimal.

The objective of this activity is to increase the SOE's assets value so as to create optimum values.

Di samping itu, Anggaran Dasar pasal 3 juga menyatakan bahwa Perseroan dapat melaksanakan kegiatankegiatan lain yang berkaitan dengan kegiatan-kegiatan tersebut, termasuk pemberian jasa konsultansi dengan memperhatikan ketentuan peraturan perundangundangan.

Moreover, article 3 of the Articles of Association has stated the Company's possibility in conducting other activities, including consultancy services by complying with the prevailing laws.

Kegiatan pengelolaan aset non inti BUMN terdiri dari: a. pengembangan dan pendayagunaan aset dalam rangka peningkatan nilai aset termasuk melalui kerjasama dengan pihak lain; dan b. jasa pengelolaan aset termasuk jasa konsultasi pengelolaan aset.

The following are activity of SOEs Non Core Asset Management: a. d evelopment and utilization of assets in order to increase assets value including cooperation with other party; and b. asset management service including asset management consultancy services.



Business & Operational Review RINGKASAN KINERJA USAHA 2011

2011 PERFORMANCE SUMMARY

Seiring dengan kerjasama pengelolaan aset PT Pertamina, Perseroan juga telah menjalin kerjasama dengan beberapa BUMN. Sampai dengan 31 Desember 2011 telah ditandatangani Nota Kesepahaman (MoU) antara lain dengan PT Kereta Api (Persero), PT Rajawali Nusantara Indonesia (Persero) dan PT Perusahaan Listrik Negara (Persero).

Aligned with the asset management of PT Pertamina, the Company also cooperated with several SOEs. As of 31 December 2011, the Company has signed Memorandum of Understanding with PT Kereta Api (Persero), PT Rajawali Nusantara Indonesia (Persero) and PT Perusahaan Listrik Negara (Persero).

Selain melakukan kegiatan rutin pengelolaan aset terhadap aset eks BPPN selama tahun 2011, Perseroan juga berperan aktif dalam pelaksanaan restrukturisasi komprehensif Grup Tuban Petro. Restrukturisasi melibatkan PT Pertamina (Persero) dan Badan Pengelola Minyak dan Gas (BP Migas). Pada tanggal 23 Desember 2011, telah ditandatangani dokumen Master Restructuring Agreement (MRA) oleh kreditur pemerintah (Perseroan, PT Pertamina dan BP Migas) dan PT Trans Pacific Petrochemical Indotama (TPPI) yang akan menjadi perjanjian payung bagi pelunasan piutang kreditur pemerintah pada Grup Tuban Petro.

In addition to regular asset management for ex IBRA, the Company in 2011 has an active role in a comprehensive restructuring of Tuban Petro Group. PT Pertamina (Persero) and Executive Agency for Upstream Oil and Gas (BP Migas) had also involved in this restructuring. On 23 December 2011, the government creditors has signed the Master Resructuring Agreement (MRA) i.e. the Company, PT Pertamina and BP Migas with PT Trans Pacific Petrochemical Indotama (TPPI) of which will be extended into umbrella agreement for the settlement of receivables of the Government creditors to Tuban Petro Group.

Terkait dengan tugas R/R BUMN, Perseroan telah melaksanakan seluruh penugasan yang diberikan oleh Menteri Negara BUMN. Mengingat sebagian besar bentuk penugasan merupakan pelaksanaan kegiatan yang berkesinambungan dalam jangka panjang, maka penugasan tersebut belum sepenuhnya final/selesai dilaksanakan.

On SOEs' R/R activity, the Company completed all assignments entrusted by State Minister of SOEs. Considering part of the assignment are a sustainable long term activity, thereby the assignment are still in progress.

Guna memenuhi kebutuhan dana dalam proses R/R BUMN, Perseroan memberikan pinjaman dana talangan. Beberapa pinjaman dana talangan telah berhasil membiayai proyek terkontrak yang dilakukan BUMN yang proses R/R sedang dilakukan oleh Perseroan dan pinjaman dana talangan telah berhasil dikembalikan oleh BUMN yang bersangkutan.

To fulfill fund requirement in SOEs' R/R process, the Company provided bridging loans receivable. Several contract projects of SOEs' R/R by the Company has ben successfully assisted with bridging loans receivable.

Investasi yang dilaksanakan dalam tahun 2011 adalah investasi dalam surat berharga, penempatan dana, dan investasi pada Rekening Kontrak Pengelolaan Dana (KPD). Perseroan juga melakukan investasi berupa pemberian pinjaman pada BUMN yang sedang dalam proses R/R oleh Perseroan. Pemberian pinjaman dilakukan berdasarkan surat penugasan dari Menteri Negara BUMN. Guna

Investment activity in 2011 include investment in promissory notes, fund placement, and investment in Account Fund Management Contracts (KPD). The Company also carried out investment through lending funds for the SOEs that are in process of R/R by the Company. The lending funds was provided based on assignment letter

Dalam hal pengelolaan aset BUMN, pada tahun 2011, Perseroan telah melakukan kegiatan pengelolaan aset PT Pertamina sebagai lanjutan atas pengelolaan aset pada tahun-tahun sebelumnya.

On the asset management of SOEs, the Company carried out asset management activity for PT Pertamina in 2011, as a follow-up on asset management from previous years.


mengembangkan bisnisnya, pada akhir tahun 2011, Perseroan mendirikan entitas anak yaitu PT PPA Kapital yang pengesahan badan hukumnya baru diperoleh pada tanggal 17 Januari 2012, sesuai Keputusan Menteri Hukum dan Hak Asasi Manusia No. AHU-02691.AH.01.01 Tahun 2012. Dengan berdirinya PT PPA Kapital, Perseroan telah memiliki 3 (tiga) entitas anak, dimana 2 (dua) yang terdahulu adalah PT PPA Finance dan PT Waskita Karya (Persero).

from State Minister of SOEs. On the expansion of its business, the Company at the end of 2011 established a subsidiary, PT PPA Kapital, which obtained its legality on 17 January 2012, based on Decision of Law and Human Rights Minister No. AHU-02691.AH.01.01 Year 2012. With the establishment of PT PPA Kapital, the Company is currently owned 3 (three) subsidiary, including PT PPA Finance and PT Waskita Karya (Persero).

TINJAUAN KE DEPAN

OUTLOOK

Memasuki tahun 2012, pelaku bisnis di Indonesia masih berkeyakinan bahwa perekonomian Indonesia akan terus mengalami pertumbuhan. Dalam RAPBN 2012, pemerintah memberikan sinyal positif tentang pertumbuhan ekonomi Indonesia dengan asumsi pertumbuhan di kisaran 6,56,9%. Angka inflasi juga masih akan bertahan di level 3,5% dengan rentang + 2% atau maksimal di angka 5,5%. Sementara nilai tukar Rupiah terhadap Dollar AS juga diperkirakan masih akan bertahan di rentang Rp9.000 - Rp9.300 per dolar AS. Ekspor, Investasi dan konsumsi domestik diperkirakan akan tetap menjadi faktor pendorong pertumbuhan ekonomi Indonesia pada tahun 2012.

Embarking into 2012, Indonesian's business players has confidence in the continuous growth of Indonesian economy. As stated in 2012 RAPBN, the government set a positive prediction on Indonesian economy with the assumption of 6.5-6.9% level of growth. Inflation level will be maintained at 3.5% with a range of + 2% or maximum at a level 5.5%. Meanwhile Rupiah exchange rate against US Dollar is predicted to stay in the range of Rp9,000 Rp9,300 per US Dollar. Exports, Investments and domestic consumptions will remain as key factor for the growth of Indonesian economy in 2012.

Hal yang lebih menggembirakan adalah kenaikan peringkat Indonesia sebagai tempat investasi yang layak atau Investment Grade juga akan naik di tahun 2012. Data dari Bank Indonesia menunjukkan Penanaman Modal Asing (PMA) atau Foreign Direct Investment yang masuk ke Indonesia pada tahun 2011 USD18,7 milliar. Untuk tahun 2012 Bank Indonesia memprediksi PMA akan meningkat menjadi sekitar USD19,1 milliar.

The most satisfactory performance went into an improvement on Indonesia's rating as feasible investment alternatives or Investment Grade of which will be enhanced in 2012. Bank Indonesia's statistic summarised a total inflow of Foreign Investment (PMA) or Foreign Direct Investment to Indonesia in 2011 at USD18.7 billion. Bank Indonesia predicted the inflow of fund from PMA in 2012 will be increased to aroud USD19.1 billion.

Di pasar saham, banyak ekonom optimis Indeks Harga Saham bisa tumbuh antara 15% - 20% pada tahun 2012 sehingga bisa berada pada level 4.400 - 4.600 pada akhir tahun 2012. Demikian halnya dengan pasar obligasi dimana tahun 2012 diperkirakan masih memiliki peluang untuk memberikan total return yang tinggi. Sejumlah faktor seperti inflasi yang masih terkendali serta Investment Grade Indonesia yang baik akan menjadi faktor pendorong minat investor untuk berinvestasi. Peluang lain adalah penerbitan beberapa obligasi korporasi yang tentu saja akan memberikan kupon atau tingkat bunga yang lebih tinggi.

On stock market, most economist are confident in Stock Index growth to reach a 15% - 20% level in 2012 to be at 4,400 - 4,600 position by the end of 2012. The trend is also predicted in bonds market with the opportunity to return high yield in 2012. Several factors including manageable inflation and Indonesia's Investment Grade will be valued as key interest by the investors to continue investing. Other opportunity is in the issuance of corporate bonds of which will provide higher interest rate.



Business & Operational Review Kondisi yang menguntungkan tersebut tentu membawa dampak positif bagi perkembangan Perseroan di tahun 2012. Perseroan optimis dengan kondisi ekonomi tahun 2012 yang diprediksi akan sangat kondusif tersebut, Perseroan dapat menjalankan bisnis usahanya dengan baik.

The sound condition will bring forward positive impact to the Company in 2012. The Company is confident on conducive Indonesian economy in 2012, thereby it may propelled the Company'e effort in managing excellent business activity.

Sesuai dengan rencana pengembangan bisnis Perseroan yang telah ditargetkan, kegiatan Investasi diharapkan mampu menangkap peluang yang ada sehingga dapat mencapai hasil yang optimal. Dalam kegiatan pengelolaan aset BUMN, berbekal kerjasama pengelolaan aset dengan sejumlah BUMN yang telah dijalin selama tahun 2011, Perseroan optimis kegiatan ini akan memberikan kontribusi yang signifikan bagi pendapatan usaha Perseroan di tahun 2012. Disamping itu untuk meningkatkan kinerja aktivitas utamanya, Perseroan telah merumuskan berbagai langkah strategis diantaranya adalah melakukan redefinisi produk dan solusi yang disesuaikan dengan kebutuhan pasar serta melakukan upaya marketing yang lebih proaktif dan agresif.

As the Company's business development is set, the investment activity is expected to endorse this opportunity thereby to achieve significant result. On SOEs' asset management, through the cooperation with SOEs in 2011, the Company believes to reach positive contribution on its revenue from this activity in 2012. In addition, to enhance its main activity, the Company formulated strategic iniatives including product redefinition and solutions that meet market's need as well as conducted proactive and aggresive marketing efforts.

Struktur Organisasi Perseroan ditetapkan berdasarkan surat Menteri Negara BUMN No. S-262/MBU/2011 tanggal 18 Mei 2011 perihal Penetapan Struktur Organisasi Perseroan. Sebagai tindak lanjut penetapan Menteri Negara BUMN dimaksud, di tahun 2011 Perseroan sedang menyusun perubahan perangkat ketentuan berkaitan dengan perubahan struktur organisasi tersebut. Draft perubahan perangkat ketentuan yang merupakan dampak atas adanya penetapan struktur organisasi telah didiskusikan, baik dengan organ-organ yang ada pada Dewan Komisaris yaitu Komite Audit serta Komite Pemantau Risiko dan Good Corporate Governance, maupun anggota Dewan Komisaris.

The Company's Organization Structure was stipulated based on the letter of State Minister of SOEs' No. S-262/ MBU/2011 dated 18 May 2011 concerning The Stipulation of the Company's Organization Structure. Following this stipulation of State Minister of SOEs, the Company in 2011 prepared amendments to the provisions of which related to the changes in organization structure. The draft of amendments of which the result of this stipulation has been discussed, both with organs under the Board of Commissioners, i.e. Audit Committee and Risk Monitoring and Good Corporate Governance Committee, as well as member of Board of Commissioners.

Struktur organisasi Perseroan tergambar dalam bagan berikut ini:

The Organization Structure of the Company may be viewed as follows:


Struktur Organisasi Organization Structure

President Director

Internal Auditor

Risk Management & Compliance Subsidiary Operation & Monitoring

Corporate Secretary

Asset Management & Investment Director

Business Advisory Director

Advisory Managers

Associate Directors

Associate Directors

General Managers

General Managers

Advisory Managers

Asset Management Managers

Finance Director

Investment Managers

Admin & Accounting

Human Capital

Treasury

Information Technology

Finance

GA & Procurement

R&D Due Diligence Services

Business Valuation Deal Performance Services Structure Improvement

Other Subsidiary

Support & Services Director

Legal

Property & Asset Hospitality Administration

Waskita Karya

PPA Finance

PPA Capital


Other Subsidiary

Sumber Daya Manusia Human Resources

Bagi Perseroan, sumber daya manusia adalah mitra strategis dalam mencapai tujuan perusahaan. Program pengembangan SDM yang berkelanjutan merupakan langkah strategis yang dilakukan Perseroan untuk memenuhi kebutuhan tenaga kerja yang memiliki kompetensi tinggi dan keahlian di bidangnya. The Company valued human resource as strategic partner in its endeavour to achieve company's objectives. HR development program was implemented in sustainable manner and represent as a strategic initiatives by the Company to fulfill the requirement of competent and expertise manpower. Perseroan menyadari sepenuhnya bahwa karyawan merupakan mitra strategis dalam mencapai pertumbuhan dan pengembangan kinerja Perseroan. Untuk itu, selain melakukan rekrutmen Sumber Daya Manusia (SDM) yang sangat selektif, Perseroan juga selalu berupaya meningkatkan kualitas SDMnya melalui berbagai program pelatihan sehingga kebutuhan akan SDM yang memiliki kompetensi tinggi dan keahlian di bidangnya dapat terpenuhi.

The Company recognized the importance of its employees as strategic partner to achieve the Company's growth and perfomance improvement. To this end, in addition to selective recruitment of Human Resource (HR), the Company continuously enhancing its HR quality through trainings as to fulfill the requirement of competent and skillfull HR.

Tugas pokok Divisi Human Capital mencakup penyusunan kebijakan, pengadaan, pengembangan dan pengelolaan Sumber Daya Manusia.

The main duty of Human Capital Division cover policies preparation, procurements, development and management of human resource.


PEMENUHAN KEBUTUHAN SUMBER DAYA MANUSIA

THE FULFILLMENT OF HUMAN RESOURCES' REQUIREMENT

Divisi Human Capital senantiasa melakukan persiapan dan pengembangan tenaga kerja yang andal dan kompeten sesuai dengan perkembangan bisnis Perseroan agar mampu bersaing di segala bidang khususnya terkait bidang tugas Perseroan.

Human Capital Division continues to prepare and develop excellent and competent human resource of which in line with the Company's business growth, so as to be able to compete in every field in particular within the Company's core business.

Dalam rangka memenuhi kebutuhan SDM sesuai kompetensi yang diperlukan, Perseroan telah merekrut sebanyak 19 karyawan pada tahun 2011. Guna mengetahui kompetensi karyawan pada tingkat manajer senior dan eksekutif secara obyektif, Perseroan pada akhir tahun 2011 telah mulai melakukan assessment terhadap karyawan dimaksud. Hasil assessment tersebut antara lain akan dijadikan dasar dalam pengembangan karyawan lebih lanjut, serta mengisi kepengurusan pada entitas anak.

To fulfill the requirement for competent HR, the Company has recruited 19 employees in 2011. To measure employees competence, the Company as at the end 2011 has conducted assessment on senior manager and executive levels in an objective manner. The result will be utilized as the basis for the betterment of employees, and also to fulfill management team at subsidiaries.

PENGEMBANGAN DAN PEMBINAAN SUMBER DAYA MANUSIA

HUMAN RESOURCES' ENHANCEMENT AND DEVELOPMENT

Dalam upaya mendukung peningkatan kinerja karyawan untuk menjadi lebih baik, termasuk dalam mempertahankan loyalitas karyawan, Divisi SDM menggulirkan pelaksanaan berbagai program Pelatihan dan Pengembangan karyawan antara lain pelatihan terkait teknis yang disesuaikan dengan masing-masing bidang kerja, serta pelatihan kepemimpinan dan manajerial.

In order to improve employees performance, as also to maintain employees' loyalty, HR Division has enacted several Training and Development programs for employees. The programs are related to technical skills based on each working areas, as well as leadership and managerial trainings.

Beberapa program pelatihan inhouse yang dilaksanakan adalah sebagai berikut: • Pelatihan Workshop IFRS pada tanggal 13-19 April 2011 yang diikuti oleh 27 karyawan dan 3 orang karyawan PT PPA Finance dan Waskita Karya. • Pelatihan Workshop Penilaian Properti dan Saham tanggal 29 September - 1 Oktober 2011 yang diikuti oleh 35 karyawan. • Pelatihan Workshop Penggunaan dan Pengelolaan Aplikasi Oracle Financial pada tanggal 19-21 Oktober 2011 yang diikuti oleh 19 karyawan.

The following are inhouse trainings conducted by the Division: • IFRS Workshop Training on 13-19 April 2011, participated by 27 employees and 3 employees of PT PPA Finance and Waskita Karya. • P roperty and Stocks Assessment Workshop Training on 29 September - 1 October 2011, particpated by 35 employees. • U tlization and Management of Oracle Financial Application Workshop Training on 19-21 October 2011, participated by 19 employees.

Disamping itu Perseroan juga memfasilitasi karyawan dengan pelatihan yang diselenggarakan oleh eksternal. Adapun total biaya yang telah dikeluarkan untuk kegiatan pelatihan dan pengembangan karyawan pada tahun 2011 adalah sebesar Rp1.699 juta.

Moreover the Company has also provide external trainings for employees. In 2011, a total of Rp1,699 million was allocated for trainings and development of employees.


Sumber Daya Manusia

Human Resources PROGRAM PENSIUN KARYAWAN

EMPLOYEES' RETIREMENT PROGRAM

Perseroan tidak hanya fokus pada pengembangan, remunerasi, maupun benefit, tetapi juga melakukan program dukungan bagi karyawan, yakni program pensiun iuran pasti yang dilakukan berkerja sama dengan DPLK BRI. Pada akhir tahun 2011 dilakukan sosialisasi program DPLK BRI kepada seluruh karyawan. Administrasi dan pendaftaran peserta, serta penyetoran iuran kontribusi Perseroan dan karyawan kepada DPLK BRI telah dijalankan sejak akhir tahun 2011.

Enhancements, remunerations, or benefits, are not the only focus, the Company has also carrying out employees supporting program, namely defined contribution pension plan. The plan was conducted in cooperation with DPLK BRI. As as the end 2011, sosialization program of DPLK BRI was implemented to all employees. Since end of 2011, the administration, registration, and deposits to DPLK BRI by the Company and employees has been executed.

PERTUMBUHAN DAN KOMPOSISI KARYAWAN

EMPLOYEES' GROWTH AND COMPOSITION

Perseroan secara konsisten melakukan pengendalian terhadap komposisi karyawan, baik dari aspek jumlah, usia, pendidikan maupun jabatan, sejalan dengan pertumbuhan usaha dan rencana jangka panjang Perseroan.

The Company is consistently controlling its employees' composition, both in total numbers, age, education and position of which in line with business growth and long term plan of the Company.

Perseroan memberikan kesempatan yang tinggi kepada karyawan untuk meniti jenjang karir di Perseroan baik pada jalur struktural atau keahlian dengan dukungan peningkatan kemampuan dan wawasan yang sesuai dengan kebutuhan Perseroan. Pengadaan program pelatihan bagi karyawan dimaksudkan untuk menunjang kemampuan karyawan dalam meniti jenjang karir di Perseroan.

The Company extended greater opportunity to its employees on the intention to create career path with the Company, both in structural or expertise provided with capability enhancement and sufficient knowledge. Training programs for employees was intended to support employees ability to worked a career path with the Company.

Jumlah SDM Perseroan pada akhir tahun 2011 mencapai 178 orang, yang terdiri atas 5 orang anggota Dewan Komisaris, 4 orang anggota Direksi, 165 Karyawan Tetap, dan 4 Karyawan Perjanjian Kerja Waktu Tertentu. Disamping itu terdapat 11 tenaga outsource dan 3 orang yang sedang melaksanakan praktek kerja.

The Company's total HR as at the end 2011 was 178 employees, which consisted of 5 members of Board of Commissioners, 4 members of Board of Directors, 165 Permanent Employees, and 4 Employees with Fixed Working Period Agreement. Besides, there was 11 outsource employees and 3 on job training

Dalam pengelolaan SDM, Perseroan memerhatikan keseimbangan komposisi pendidikan sesuai dengan kebutuhan bisnis yang berkembang. Demi memenuhi tugas pengelolaan aset dan penanganan R/R BUMN yang semakin bervariasi keragaman industrinya, maka kebijakan di bidang SDM disesuaikan dengan perkembangan kebutuhan operasional Perseroan.

On HR management, the Company recognized the balance between education composition with business growth. To fulfill asset management and SOEs' R/R activity with growing variety in industry, the Company adjusted HR policy based on its operational needs.

Pada tahun 2011 tingkat pendidikan karyawan D3, yang merupakan standar pendidikan minimum di Perseroan, berjumlah 10 orang, sedangkan untuk Strata Satu (S1) sebanyak 118 orang, Strata dua (S2) sejumlah 49 orang, dan Strata Tiga (S3) 1 orang. Komposisi tersebut menunjukkan SDM yang cukup berkualitas dan sejalan dengan kompetensi yang diperlukan dalam usaha Perseroan.

In 2011 the level of D3 education, as the minimum standard of education in the Company, reached 10 employees, whereas Graduates (S1) recorded at 118, Post Graduates (S2) at 49 employees, and Doctorates (S3) of 1 employee. This composition represented quality HR and in line with the competence requirement of the Company.


Struktur Jabatan Position Structure Struktur Jabatan Position Structure

9

2011

2010

10 11

8

2

1 3 4

7 5

6 6

1

Komisaris Commissioners

5

5

2

Sekdekom Commissioners' Sec.

1

1

3

Direksi Directors

4

6

4

Kepala Divisi Division Heads

7

6

5

Kepala Grup Group Heads

26

26

6

Kepala Unit Unit Heads

42

43

7

Officer Officers

48

49

8

Sekretaris Secretaries

11

11

9

Staff Staffs

20

17

10

Penugasan Assignments

9

12

11

Lain-Lain Others

5

1

178

177

2011

2010

10

12

Jumlah Total

Kepangkatan Position

10

9

Struktur Jabatan Position Structure

11 8

1

2

3 7 4

6 5

1

Kom/Dir/Sekdekom

2

EVP

1

1

3

SVP

15

14

4

VP

10

10

5

AVP

30

35

6

SM

32

32

7

M

24

24

8

AM

32

31

9

SS

19

17

10

NS

0

0

11

Lain-Lain Others

5

1

178

177

Jumlah Total

S2

(49)

Tenaga Kerja Berdasarkan Tingkat Pendidikan Employees Based on Education Level Tingkat Pendidikan Education Level

D3

(10)

S3

(1)

S1

(118)

2011

2010

1

D3 Diplomas 3

10

10

2

S1 Graduates

118

144

3

S2 Masters

49

52

4

S3 Doctorates

1

1

178

177

Jumlah Total


Teknologi Informasi Information Technology

Tahun 2011 merupakan tahap awal dari pelaksanaan Rencana Strategis Teknologi Informasi dan Komunikasi Perseroan ("TIK") untuk periode 2010-2014. Perseroan memprioritaskan pengembangan TIK yang terintegrasi dan strategis untuk mendukung unit bisnis serta aplikasi Business Intelligence dengan tetap mengacu pada tata kelola pengembangan TIK yang terbaik.

2011 is the initial stage of the Company's Communication and Information Technology ("TIK") Strategic Plan for the period of 2010-2014. The Company prioritized an integrated and strategic TIK's development fo support business unit and the application of Business Intelligence by referring to the best governance of TIK development.

Pada tahun 2011 Satuan Kerja Teknologi Informasi telah merealisasikan sejumlah program kegiatan yang mendukung operasional Perseroan, antara lain: • P aperless Office. Pembatasan dan pengurangan penggunaan kertas di lingkungan kantor dengan cara digitalisasi pengiriman dan penerimaan fax sehingga mengurangi penggunaan kertas fax • U nified Communication and Work Facility. Pekerjaan yang telah diselesaikan adalah implementasi teknologi wireless connection (wifi) di setiap lantai; pilot project pengembangan teknologi komunikasi suara berbasis VOIP dan teknologi video conferencing; implementasi Blackberrry Enterprise Server Express; serta implementasi Virtual Private Network untuk komunikasi data dengan pihak luar (PPA Finance, Waskita Karya, remote user). • Serah terima aplikasi dan database Perseroan kepada Kementerian Keuangan yang meliputi kegiatan: – T ransfer of Knowledge untuk administrator aplikasi dan database dalam rangka serah terima database dan aplikasi pengelolaan aset ke Kementerian Keuangan

In 2011 Information Technology Working Unit has conducted several activities which supported the Company's operations, such as: • P aperless Office. Limitation and reduction in paper usage in the office environment by digitalization in sending and receiving fax so as to reduce the usage of fax paper. • U nified Communication and Work Facility. Completion of work included technology implementation of wireless connection (wifi) on each floor; pilot project of communication technology development with VOIP based and video conferencing technology; implementation of Blackberry Enterprise Server Express; and implementation of Virtual Private Network for data communication with other party (PPA Finance, Waskita Karya, remote user). • H andover of the Company's application and database to Finance Ministry which include following activities: – T ransfer of Knowledge for application and database administrator for the handover of database and application of asset management to Finance Ministry


– Checklist serah terima aplikasi dan database kepada Kementerian Keuangan – Berita Acara Serah Terima aplikasi dan database Perseroan kepada Kementerian Keuangan

– H andover checklist of application and database to Finance Ministry – O fficial Receipt on application and database of the Company to Finance Ministry

Selain merealisasikan sejumlah program TIK, Perseroan juga melakukan pengembangan dan pemeliharaan aplikasiaplikasi dan kegiatan yang bersifat strategis sebagai berikut: • Pada satuan kerja Investasi: melanjutkan pengembangan Sistem Informasi Investasi berupa pengembangan proses squaring posisi saham (pemindahan saham antar PPE), Stock Split, pencatatan Available For Sale, trading, pencatatan plafond Investasi per saham, cut loss, pembuatan jurnal akuntansi dan interface ke GL – Oracle • Pada satuan kerja Aset Manajemen: dukungan kegiatan penjualan aset berupa pengembangan aplikasi Uji Tuntas dan aplikasi Lelang untuk penjualan aset Pertamina • Pada satuan kerja yang membidangi R/R: dukungan kegiatan kerjasama operasi berupa penyiapan sarana dan prasarana untuk Kerjasama Operasi PT KKA, implementasi Microsoft Project Server 2010, pemberian layanan advisory berupa Due Dilligence TIK PT Dirgantara Indonesia, Review TIK PT Waskita Karya, dan pembuatan Proposal Dukungan TIK untuk PT Penas • Inisiasi pengembangan Business Intelligence berupa evaluasi produk business intelligence dan saat ini masih berlangsung pembuatan prototype dashboard keuangan untuk keperluan manajemen dalam memonitor kegiatan Investasi, Penempatan Dana, kegiatan R/R dan Aset Manajemen

In addition of TIK program, the Company also executed applications development and maintenance as well as strategic activity as follows: • In Investment working unit: conducted actions to follow up Investment Information System such as stock position squaring process (storck transfer between PPE), Stock Split, listing of Available For Sale, trading, listing of Investment plafond per stock, cut loss, accounting journal, and interface to GL – Oracle • In Asset Management working unit: supported on assets sale activity such as the development of Due Diligence application and Auction application for the sale of Pertamina's asset • In R/R working units: supported on operations cooperation such as preparation of facility and infrastructure for Cooperations Agreement of PT KKA, implementation of Microsoft Project Server 2010, advisory service in Due Dilligence of TIK for PT Dirgantara Indonesia, TIK Review for PT Waskita Karya, and Draft Supporting Proposal on TIK for PT Penas • Initiation on Business Intelligence development such as product evaluation of business intelligence and currently in production of financial prototype dashboard for the management in monitoring Investment activities, Fund Placement, R/R activities and Asset Management

Pada tahun yang sama, Perseroan juga telah menyelesaikan sejumlah program, antara lain: • Revisi Acuan pemrograman Aplikasi • Revisi Petunjuk Teknis Pengelolaan Sistem dalam Kondisi Disaster • Revisi Guideline Penatausahaan Dokumen Elektronik • Petunjuk Teknis Penghapusan Tape Backup • Strategi Manajemen Kapasitas dan Konfigurasi Sistem Informasi Perseroan

During same year, the Company completed the following programs: • Revision on Application Guidelines program • R evision on Technical Guidelines of Management System in Disaster Condition • R evision on Administration Guidelines of Electronic Documents • Technical Guidelines of Tape Backup Deletion • C apacity Management Strategy and Information System Configuration

Seiring dengan perkembangan bisnis dan struktur organisasi Perseroan, revisi program dilakukan. Disamping itu, revisi program juga mengakomodasi rekomendasi/ saran auditor baik internal maupun eksternal.

Aligned with business and organization structure development, the Company conducted programs revision. Moreover, this program accommodated auditor's recommendations/suggestions both internal and external.


Teknologi Informasi Information Technology Sementara untuk layanan key operasional yang masih berjalan sesuai dengan target khususnya proyek jangka panjang, yaitu Upgrade Oracle E-Business Suites. Tahap pertama berupa upgrade basis data oracle dari versi 9.2.0.3 ke versi 9.2.0.8 sudah berhasil dilakukan. Perseroan juga telah melakukan pelatihan pengenalan Oracle E-Business Suites versi 12 sebagai langkah awal implementasi Oracle E-Business Suites versi 12.

The existing key operational services that has been progressing on target in particular of long term projects, was Upgrade Oracle E-Business Suites. First stage for upgrade basis data oracle from 9.2.0.3 version to 9.2.9.8 version was completed. The Company also conducted introduction training on Oracle E-Business Suites Version 12 as the initial step its implementation.

Selama tahun 2011, terdapat beberapa kegiatan pengembangan program TIK yang masih berjalan khususnya yang bersifat support dan key operasional, yaitu: • Human Resource Information System (HRIS) Implementasi HRIS akan dilaksanakan berkerjasama dengan vendor pihak ketiga. Evaluasi teknis dan pemilihan pihak ketiga telah selesai dilakukan. Proses pembelian produk masih berjalan. • Asset Administration Aplikasi telah selesai dibangun dan diimplementasikan. Proses rekonstruksi data masih berjalan.

Throughout 2011, there are ongoing TIK programs spesifically the support and key operationals, including: • Human Resource Information System (HRIS) HRIS implementation will be conducted with third party vendor. The technical evaluation and appointment of third party was already completed. Currently it is in product purchasing process. • Asset Administration The application has been constructed and implemented. Currently is in the progress of data reconstruction.

Aplikasi bentuk model bisnis baru akan terus menjadi tujuan utama dalam pengembangan TIK di Perseroan. Hal ini menjadi tantangan bagi satuan kerja Teknologi Informasi (TI) karena teknologi informasi yang diharapkan mampu mendukung model bisnis tersebut masih dalam tahap penelitian. Hal lain yang juga menjadi tantangan dalam implementasi TIK adalah penciptaan kultur perusahaan berbasis teknologi informasi. Budaya berbasis teknologi informasi menciptakan kedisiplinan dan ketelitian khususnya dalam proses input data yang kemudian digunakan sebagai informasi yang berguna bagi Perseroan.

The application of new business model will continue as main objective of TIK development in the Company. This is a challenge for Information Technology (IT) work unit as it was expected to support new business model though it is still under research stage. Other challenges in the development of TIK was the creation of corporate culture with information technology based. This culture requires discipline and accuracy spesifically in data inputs process of which will be applied as useful information to the Company.

Dalam mengantisipasi tantangan di atas, satuan kerja TI melakukan upaya-upaya yang diharapkan mampu memberikan pemahaman kepada seluruh karyawan mengenai budaya perusahaan berbasis teknologi antara lain melalui diskusi dan sosialisasi, yang salah satu diantaranya adalah program Bring Own Device yang bertujuan memberikan kenyamanan bagi karyawan dalam menggunakan gadget pilihan mereka untuk bekerja.

To anticipate the above challenges, IT work unit conducts several efforts of which will create awareness on the corporate culture with technology based to the employees. The programs include discussion and socialization, and one of the program is called Bring Own Device. This program was intended to provide comfort to employee by using their onw gadget at work.

Seiring perkembangan industri yang semakin kompleks, pengembangan teknologi informasi juga dituntut untuk dapat menyesuaikan dengan perkembangan tersebut. Terkait dengan hal itu, untuk tahun 2012, tugas satuan kerja TI terus melanjutkan kegiatan dan program yang masih berjalan di tahun 2011 sekaligus melakukan penyempurnaannya.

Following complexity in industry development, information technology enhancement requires adjustment suitable to the growth. In this effect, in 2012, IT work unit will continue to refine existing activities and programs developed in 2011.


Berikut ini adalah matrikulasi kegiatan Satuan Kerja TI:

The following is matrix of IT Work Unit activities:

Kegiatan Divisi TI Activities of IT Division Bidang Kegiatan Activities

Sasaran Target

IT Governance

• IT Goals • Information Architecture • Process Measurement

Support

• Unified Communication -> Upgrade communication network • Paperless Office -> Document Management and Workflow • Office Moving

Key Operational

• Human Resource Information System • Upgrade Oracle E-Business Suites 12

Strategic

• Engagement with Business Unit: - Investment and Financial, - Asset Management, - Asset Restructuring and Revitalization • Business Intelligence

Risk Management & Quality Assurance

• Technical Review • Activity Report (monthly, quarterly, annually) • Post Implementation Review

KOMPOSISI PEMEGANG SAHAM Composition of Shareholders Perseroan merupakan BUMN yang 100% sahamnya dimiliki oleh Negara Republik Indonesia. Berdasarkan Keputusan Pemegang Saham Perseroan No. KEP-23/ MBU/2010 tanggal 8 Februari 2010 yang telah dituangkan dalam Akta Pernyataan Keputusan Rapat No. 23 tanggal 8 Maret 2010 besarnya modal dasar Perseroan adalah Rp5.000.000.000.000 dan modal ditempatkan sebesar Rp2.801.359.000.000.

The Company is a State-Owned Enterprise with 100% equity by the Government of Republic of Indonesia. Pursuant to the Decision of the Company's Shareholders No. KEP-23/MBU/2010 dated 8 February 2010 of which stated in the Deeds of Meeting Resolution No. 23 dated 8 March 2010 the total authorized capital of the Company amounting Rp5,000,000,000,000 and issued capital of Rp2,801,359,000,000.


ENTITAS ANAK Subsidiary PT PPA FINANCE

PT PPA FINANCE

Berdasarkan persetujuan Menteri Negara BUMN melalui surat No. S-360/MBU/2009 tanggal 27 Mei 2009, Perseroan membentuk entitas anak dengan nama PT PPA Finance dengan kepemilikan saham sebesar 99,999% dan sisanya dimiliki oleh Koperasi Karyawan Perseroan. PT PPA Finance beroperasi sejak Desember 2009.

Based on decision of State Minister of SOEs through letter No. S-360/MBU/2009 dated 27 May 2009, the Company established subsidiary, PT PPA Finance. The Company's ownership was at 99.999% and the balance was owned by the Company's Employees Coperative. PT PPA Finance commences operations since December 2009.

Bidang usaha PT PPA Finance adalah pembiayaan dengan cakupan kegiatan usaha antara lain: 1. Sewa Guna Usaha; 2. Anjak Piutang; 3. Pembiayaan Konsumen.

PT PPA Finance's line of business is the financing including following activity: 1. Leasing; 2. Factoring; 3. Consumer Financing.

PT WASKITA KARYA

PT WASKITA KARYA

PT Waskita Karya merupakan entitas anak Perseroan yang bergerak di bidang konstruksi. Hingga akhir 2011, Perseroan memiliki saham atas PT Waskita Karya sebesar 99%. Investasi yang dilakukan terhadap PT Waskita Karya dilakukan dalam rangka pelaksanaan tugas R/R BUMN. Investasi dilakukan melalui cara akuisisi.

The Company's subsidiary, PT Waskita Karya is engaged in construction business. Up to the end 2011, the Company has 99% ownership on PT Waskita Karya. The investment on PT Waskita Karya was enacted from the result of SOEs' R/R activity, which was executed through acquisition.

Kepemilikan Perseroan atas saham PT Waskita Karya merupakan tindak lanjut dari pelaksanaan program R/R di perusahaan tersebut berdasarkan surat Menteri Negara BUMN No. S-422/MBU/2009 tanggal 12 Juni 2009 tentang Persetujuan untuk Melaksanakan R/R PT Waskita Karya dan surat Menteri Keuangan No. S-553/MK.06/2009 tanggal 17 September 2009 tentang Persetujuan Restrukturisasi PT Waskita Karya.

The Company's ownership of PT Waskita Karya was the result of R/R program that stipulated on the letter of State Minister of SOEs' No. S-422/MBU/2009 dated 12 June 2009 concerning the Approval to Conduct R/R of PT Waskita Karya and the letter of Finance Minister No. S-553/MK.06/2009 dated 17 September 2009 regarding Restructuring Approval of PT Waskita Karya.

Dalam proses Restrukturisasi PT Waskita Karya, Perseroan menyetorkan modal sebesar Rp474.992 juta. Melalui Keputusan RUPS PT Waskita Karya No. KEP-128/MBU/2010 tanggal 14 Juli 2010 telah disetujui Perubahan Anggaran Dasar dan Rancangan Pengambilalihan dalam rangka R/R Perusahaan Perseroan PT Waskita Karya. Bersamaan dengan itu, RUPS Perseroan juga menyetujui Rancangan Pengambilalihan dalam rangka R/R Perusahaan Perseroan PT Waskita Karya melalui keputusan No. KEP-127/MBU/2010 tanggal 14 Juli 2010.

On Restructuring process of PT Waskita Karya, the Company has provide fund for capital of Rp479,992 million. Following the Resolution of PT Waskita Karya GMS No. KEP-128/ MBU/2010 dated 14 July 2010 regarding the Articles of Association Amendment and Acquisition Plan of R/R for PT Waskita Karya. At the same time, GMS of the Company also approved the Acquisition Plan of R/R for PT Waskita Karya through stipulation No. KEP-127/MBU/2010 dated 14 July 2010.

Pada tanggal 20 Juli 2010, Perseroan dan PT Waskita Karya menandatangani Pernyataan Kembali Perjanjian Pokok R/R.

On 20 July 2010, the Company and PT Waskita Karya has signed Restatement of R/R Principal Agreement.


Skema R/R PT Waskita Karya adalah sebagai berikut: 1. Penyertaan modal oleh Perseroan pada PT Waskita Karya sebesar Rp474.992 juta. 2. Penerbitan surat utang Perseroan yang dibeli oleh PT Waskita Karya senilai Rp275.000 juta. Pembayaran surat utang tersebut akan jatuh tempo sampai dengan tanggal 31 Desember 2014.

The following are R/R scheme for PT Waskita Karya: 1. O wnership by the Company to PT Waskita Karya amounting Rp474.992 million. 2. T he issuance of promissory notes by the Company that was purchased by PT Waskita Karya at Rp275.000 million. The payment of promissory notes will be due on 31 December 2014.

PT PPA KAPITAL

PT PPA KAPITAL

PT PPA Kapital merupakan entitas anak Perseroan yang didirikan pada tahun 2011. Pembentukan PT PPA Kapital berdasarkan persetujuan Menteri Negara BUMN melalui surat No. S-372/MBU/2011 tanggal 22 Juni 2011 tentang Perseroan membentuk entitas anak dengan nama PT PPA Kapital dengan kepemilikan saham sebesar 99,999% sementara sisanya dimiliki oleh Koperasi Karyawan Perseroan.

The Company's subsidiary, PT PPA Kapital was established in 2011. The formation of PT PPA Kapital was based on approval of State Minister of SOEs through letter No. S-372/MBU/2011 dated 22 June 2011 concerning the establishment of subsidiary by the Company, PT PPA Kapital with 99.999% ownership, meanwhile the balance was owned by the Company's Employees Coperative.

Kegiatan usaha PT PPA Kapital mencakup: 1. Jasa pengelolaan investasi dalam bentuk pembelian dan penjualan efek (tidak dalam fungsi sebagai Manajer Investasi); 2. Pengelolaan aset, baik aset milik sendiri atau aset milik pihak lain; dan 3. Jasa konsultasi investasi (tidak dalam fungsi sebagai Manajer Investasi), jasa konsultasi manajemen, jasa konsultasi keuangan dan jasa konsultasi pengelolaan aset.

The following are PT PPA Kapital activities: 1. Investment management service include securities trading and selling (not as Investment Manager function); 2. A sset management, both owned asset or others' and 3. Investment consultancy service (not as Investment Manager function), management consultancy service, financial consultancy service and asset management consultancy service.

Hingga akhir tahun 2011 PT PPA Kapital belum beroperasi.

Up to the end of 2011 PT PPA Kapital's operations has not yet commenced.


Analisis Dan Pembahasan Manajemen Management's Discussion and Analysis

Analisis Dan Pembahasan Manajemen Management's Discussion & Analysis Pada tahun 2011, Perseroan membukukan Pendapatan usaha sebesar Rp7.540.251 juta, mengalami peningkatan dibandingkan tahun 2010 sebesar Rp6.150.793 juta. Laba bersih juga meningkat dari Rp245.188 juta di tahun 2010 menjadi sebesar Rp288.157 juta di tahun 2011. In 2011, the Company booked Operating Revenues at Rp7,540,251 million, an increase compared to 2010 amount of Rp6,150,793 million. Net income grew from Rp245,188 million in 2010 to Rp288,157 million in 2011. Analisa dan Pembahasan Manajemen ini disusun berdasarkan Laporan Keuangan Konsolidasian Perseroan dan Entitas Anak per 31 Desember 2011 dan 2010, yang telah diaudit oleh Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar dan Saptoto (KAP AAJ-MS), dengan opini Wajar Tanpa Pengecualian.

This Management's Analysis and Discussion was arranged based on the Company and Subsidiary Consolidated Financial Statements as of 31 December 2011 and 2010, which was audited by Public Accountant Firm Aryanto, Amir Jusuf, Mawar and Saptoto (KAP AAJ-MS), with Unqualified Opinion.

TINJAUAN UMUM

GENERAL OVERVIEW

Sesuai dengan tujuan pendiriannya, Perseroan mengemban tangggung jawab untuk memberikan kontribusi kepada Pemerintah sebagai pemangku kepentingan melalui kegiatan pengelolaan aset eks BPPN, pengelolaan aset BUMN, kegiatan R/R BUMN, serta investasi. Berkat kemampuan seluruh manajemen Perseroan dalam menjalin kerjasama dengan berbagai pihak dan memanfaatkan momentum ekonomi yang sedang berlangsung, Perseroan berhasil menjalankan seluruh tanggung jawab tersebut sehingga mencapai pertumbuhan kinerja operasional dan finansial yang berkelanjutan di tahun 2011.

Following its establishment, the Company has the responsibility to contribute to the Government as its stakeholders through asset management of ex IBRA, asset management of SOEs, R/R of SOEs, and Investment activities. Due to the capability of the Company's management in cooperating with all parties and took the existing economic momentum, the Company successfully conducted its responsibility and achieved sustainable operational and financial performance in 2011.

Dari seluruh kegiatan operasional yang dilaksanakan Perseroan, pada akhir tahun 2011, Perseroan berhasil membukukan laba bersih sebesar Rp288.157 juta (konsolidasi) atau Rp286.437 juta (induk), melampaui target yang tercantum dalam RKAP 2011 yakni sebesar Rp176.329 juta (induk). Meningkatnya laba bersih tahun 2011 dibandingkan tahun 2010 antara lain disebabkan adanya kenaikan pendapatan usaha. Jika dibandingkan dengan RKAP 2011 (induk), pencapaian laba bersih induk di atas laba berdasarkan RKAP antara lain disebabkan rendahnya realisasi Beban Operasional/Beban Usaha (induk) dibanding anggarannya, yakni 51% dari anggaran (induk), sementara pencapaian Pendapatan Operasional/ usaha (induk) telah mencapai 91% terhadap anggaran Pendapatan Operasional/Pendapatan Usaha (induk). Sementara itu dalam Pendapatan Non Operasional (induk),

By its operational activities, the Company in 2011 posted a net income of Rp288,157 million (consolidated) or Rp286,437 million (parent), exceeded the 2011 RKAP target of Rp176,329 million (parent). The increase of net income in 2011 compared to 2010 was due to an increase in revenues. If compared to 2011 RKAP (parent), the increase of parent's net income as above was higher than RKAP due to lower total Operating Expenses (parent) compared to its budget, which is at 51% from the budget (parent), meanwhile Operating Revenues (parent) was recorded at 91% of the budget of Operating Revenues (parent). Moreover in Non Operating Revenues (parent), the Company posted a 105% from its budget (parent). Efficiency was carried out not only


Perseroan berhasil mencapai 105% dari anggarannya (induk). Efisiensi yang dilakukan bukan hanya terhadap Beban Operasional/Beban Usaha, namun juga terhadap Beban Non Operasional yang hanya mencapai 71% dari anggarannya (induk).

in Operating Expenses, but also in Non Operating Expenses of which was recorded at 71% from its budget (parent).

Sesuai tugas yang diamanatkan dalam PP 61/2008, Perseroan telah melaksanakan seluruh penugasan yang diberikan Pemerintah (Menteri Negara BUMN) terkait R/R BUMN. Sebagian besar bentuk penugasan tersebut merupakan pelaksanaan kegiatan yang berkesinambungan untuk jangka panjang sehingga penugasan tersebut belum sepenuhnya final dan proses pelaksanaannya masih berjalan.

According to mandated duty as stated in PP 61/2008, the Company implemented all duties granted by the Government (State Minister of SOEs) on SOEs' R/R. Part of this duty represents a sustainable long term activity, thereby have not in final stage and the process is still in progress.

Berkaitan dengan pengelolaan aset BUMN, pada tahun 2011, Perseroan telah melakukan kegiatan pengelolaan aset PT Pertamina sebagai lanjutan atas pengelolaan aset pada tahun-tahun sebelumnya. Seluruh Pendapatan Pengelolaan Aset BUMN yang diperoleh tahun 2011 merupakan pendapatan atas pengelolaan aset PT Pertamina yang terdiri dari management fee dan success fee.

On SOEs' asset management, the Company in 2011 carried out asset management of PT Pertamina as a follow-up of asset management in previous years. All Revenues from SOEs' Asset Management in 2011 represent a revenue from PT Pertamina's asset management that consisted of management fee and success fee.

Disamping kerjasama dengan PT Pertamina, Perseroan juga telah menjalin kerjasama dengan beberapa BUMN lainnya. Per 31 Desember 2011, Nota Kesepahaman (MOU) yang telah ditandatangani diantaranya dengan PT Kereta Api, PT Rajawali Nusantara Indonesia, dan PT Perusahaan Listrik Negara.

In addition to cooperation with PT Pertamina, the Company also cooperated with other SOEs. By 31 December 2011, the Memorandum of Understanding was signed with PT Kereta Api, PT Rajawali Nusantara Indonesia, and PT Perusahaan Listrik Negara.

Untuk tugas pengelolaan aset eks BPPN, selain melakukan kegiatan rutin pengelolaan aset terhadap aset yang diserahkelolakan oleh Menteri Keuangan kepada Perseroan berdasarkan Perjanjian Pengelolaan Aset, dalam tahun 2011 Perseroan berperan aktif dalam pelaksanaan restrukturisasi komprehensif Grup Tuban Petro yang juga merupakan bagian dari aset eks BPPN yang diserahkelolakan oleh Menteri Keuangan. Restrukturisasi tersebut melibatkan juga PT Pertamina (Persero) dan Badan Pengelola Minyak dan Gas (“BP Migas”). Pada tanggal 23 Desember 2011, telah ditandatangani dokumen Master Restructuring Agreement (MRA) oleh kreditur pemerintah (Perseroan, PT Pertamina dan BP Migas) dan PT Trans Pacific Petrochemical Indotama (TPPI) yang akan menjadi perjanjian payung bagi pelunasan piutang kreditur pemerintah pada Grup Tuban Petro.

On ex IBRA asset management, beside regular activity of asset management entrusted by Finance Minister to the Company based on Asset Management Agreement, the Company in 2011 has active role in the comprehensive restructuring of Tuban Petro Group of which also part of ex IBRA's asset entrusted by Finance Minister. The restructuring process was also involved PT Pertamina (Persero) and Executive Agency for Upstream Oil and Gas ("BP Migas"). On 23 December 2011, a document of Master Restructuring Agreement has been signed by government creditors (the Company, PT Pertamina and BP Migas) and PT Trans Pacific Petrochemical Indotama (TPPI) of which will become umbrella agreement of receivables settlement of government creditors on Tuban Petro Group.

Sementara itu, untuk tugas Investasi, dalam tahun 2011 Perseroan melakukan investasi dalam surat berharga, penempatan dana dan investasi pada Rekening Kontrak Pengelolaan Dana. Disamping bentuk-bentuk investasi tersebut, Perseroan juga melakukan investasi langsung yang pada umumnya berupa pemberian pinjaman pada BUMN yang sedang dalam proses R/R oleh Perseroan. Pemberian pinjaman tersebut dilakukan berdasarkan surat penugasan dari Menteri Negara BUMN. Guna mengembangkan bisnisnya (ekspansi), pada akhir tahun 2011, Perseroan mendirikan entitas anak yaitu PT PPA Kapital.

Meanwhile, on Investment, the Company in 2011 exerted investment in securities, fund placement and investment on Account Fund Management Contracts. In addition, the Company also conducted direct investment that in general represents loan to SOEs in R/R process by the Company. The loan was provided based on assignment letter of State Minister of SOEs. On business expansion, the Company as at the end of 2011 establihsed a subsidiary, PT PPA Kapital.


Analisis Dan Pembahasan Manajemen

Management's Discussion & Analysis Untuk mengetahui perkembangan Perseroan sesuai dengan tugas yang diamanatkan, Perseroan senantiasa melakukan evaluasi dan penilaian menggunakan instrumen Key Performance Indicator (KPI). Instrumen ini merupakan kontrak manajemen antara Perseroan dengan Pemegang Saham. Secara garis besar, KPI meliputi: 1. Aspek keuangan 2. Aspek operasional 3. Aspek administrasi

To obtain information on the Company growth as mandated, the Company constantly evaluates and conducts assessment by applying Key Performance Indicators (KPI). This instrument valued as management contract between the Company and Shareholders. Primarily, KPI covers: 1. Financial aspect 2. Operational aspect 3. Administration aspect

Setelah dilakukan evaluasi dan penilaian, pada tahun 2011, Perseroan berhasil mencapai skor sebesar 89. Berdasarkan perolehan skor tersebut, Perusahaan digolongkan sebagai BUMN Sehat dengan klasifikasi kesehatan ”AA” dengan perhitungan sebagai berikut:

Following the evaluation and assessment, the Company reach a score of 89 in 2011. Based on this score, the Company was grouped as a Healthy SOEs with a "AA" health classification. The calculation may be viewed as below:

Indikator Kinerja Utama (Induk) Key Performance Indicators (Parent) INDIKATOR KINERJA PERUSAHAAN CORPORATE PERFORMANCE INDICATORS

KEUANGAN BOBOT 40% Financial 40% Mark

Skor Max RKAP 2011 Max Score

Skor 2011 2011 Score

Imbal Hasil Terhadap Ekuitas Retun on Equity (ROE)

4,2%

4

8,5%

4

Yield Investasi Yield on Investment (YOI)

10,0%

12

10,0%

10

41%

12

62,9%

12

37%

8

13,5%

8

90%

4

87,7%

4

Laba Operasional terhadap Pendapatan Operasional (LOPO) Operating Profit to Operating Revenues Biaya Operasional terhadap Pendapatan Operasional untuk pengelolaan aset Operating Expense to Operating Revenues of asset management Total Modal Sendiri terhadap Total Aset Total Equity to Total Assets Sub Total

40

Jumlah Hasil Kajian R/R dibandingkan dengan Surat Tugas Total R/R Feasibility Study compared with Assignment Letter

OPERASIONAL BOBOT 45% Operations 45% Mark

2011

Jumlah BUMN yang Di R/R dibandingkan dengan Surat Tugas Total SOEs' R/R compared with Assignment Letter Realisasi Penerimaan dari Pengelolaan Aset BUMN (Rp miliar) Realization of Revenues from SOEs' Asset Management (Rp billion) Realisasi Target Penerimaan Investasi (Rp miliar) Realization of Target Revenues of Investment (Rp billion) Produktivitas Tenaga Kerja (Rp juta) Employees Productivities (Rp million) Setoran kepada Negara (Rp miliar) Remittance to the State (Rp billion)

38

100%

8

100%

8

100%

8

100%

8

93,4

8

1,15

2

78,9

8

7,5

6

665

8

1.609,2

8

161,1

5

141,1

4

Sub Total

45


36

INDIKATOR KINERJA PERUSAHAAN CORPORATE PERFORMANCE INDICATORS Laporan Perhitungan Tahunan Annual Calculation Report Rancangan RKAP RKAP Plan ADMINISTRASI Laporan Manajemen Triwulan BOBOT 15% Quarterly Management Report Administration Kinerja PKBL (Efektivitas Penyaluran) 15% Mark PKBL Performance (Effectiveness of Allocation) Kinerja PKBL (Tingkat Kolektibilitas) PKBL Performance (Collectibility Level)

Skor Max RKAP 2011 Max Score

Skor 2011 2011 Score

31/05/11

3

9/5/2011

3

31/10/11

3

28/10/11

3

< 30 hari

3

< 30 hari

3

90%

3

94,8%

3

70%

3

99,6%

3

Sub Total TOTAL

Rincian dari KPI diatas adalah sebagai berikut: 1. Dari sisi keuangan, Perseroan mendapatkan skor penilaian sebesar 38. Hampir seluruh indikator keuangan dapat tercapai kecuali yield on investment dengan skor 10 dari 12. 2. Dari sisi operasional, Perseroan memperoleh skor 36 dari target skor 45. Hal ini antara lain disebabkan realisasi Penerimaan dari Pengelolaan Aset BUMN pada tahun 2011 mencapai sebesar Rp1,15 miliar; dibandingkan target 2011 yang sebesar Rp93,44 miliar. Demikian halnya dengan realisasi target penerimaan investasi yang pada tahun 2011 sebesar Rp75 miliar dibanding RKAP 2011 sebesar Rp78,88 miliar, serta target setoran kepada Negara sebesar Rp141,11 miliar dibandingkan dari target RKAP 2011 sebesar Rp161,1 miliar. 3. D ari sisi administrasi Perseroan dapat memenuhi target skor sebesar 15.

2011

15

15

100

89 (AA)

The above KPI details was described as follows: 1. O n financial aspect, the Company achieved 38 score. Almost all total indicators were achieved except yield on investment with 10 out of 12 score. 2. O n operational aspect, the Company obtained 36 out of 45 targeted score. This was due to realization of revenues from SOEs' Asset Management at Rp1.15 billion in 2011; compared to 2011 target of Rp93.44 billion. As also with the target revenues of Investment amounting Rp75 Billion in 2011 compared to 2011 RKAP of Rp78.88 billion, as well as remittance target to the State at Rp141.11 billion compared to 2011 RKAP of Rp161.1 billion. 3. O n administration aspect, the Company met the target score of 15.

TINJAUAN OPERASIONAL PER SEGMEN USAHA

OPERATIONS REVIEW PER BUSINESS SEGMENT

Sesuai dengan Peraturan Pemerintah No. 61/2008, dalam operasionalnya, Perseroan menjalankan 4 (empat) kegiatan usaha yaitu: 1. Pengelolaan aset eks BPPN 2. Pengelolaan aset BUMN 3. Restrukturisasi / Revitalisasi BUMN 4. Investasi

According to Government Laws No. 61/2008, in its operations, the Company conducts 4 (four) business activities, as follows: 1. Asset management of ex IBRA 2. SOEs' asset management 3. Restructuring / Revitalization ("R/R") of SOEs 4. Investment

PENGELOLAAN ASET EKS BPPN

EX IBRA ASSET MANAGEMENT

Pengelolaan aset eks BPPN dilaksanakan berdasarkan Perjanjian Pengelolaan Aset antara Menteri Keuangan dengan Perseroan yang diperbaharui setiap tahun. Jumlah aset yang diserahkelolakan ditetapkan berdasarkan perjanjian tersebut.

Ex IBRA Asset management of is implemented based on Asset Management Agreement between Finance Minister and the Company of which renewed annually. Total asset governed by the Company will be set based on the agreement.

Untuk periode 2011, Perjanjian Pengelolaan Aset eks BPPN ditandatangani Perseroan dan Menteri Keuangan pada tanggal 5 April 2011. Sesuai dengan perjanjian tersebut, aset yang dikelola berupa aset saham bank, aset saham non bank, dan aset saham dan kredit.

For 2011 period, the Agreement ex IBRA Asset Management of was signed by the Company and Finance Minister on 5 April 2011. Based on the agreement, the following assets are managed including banks' shares asset, non banks' shares assets, and shares and loan assets.



Management's Discussion & Analysis ASET SAHAM BANK

SHARES ASSETS OF BANKS

Penerimaan dari hasil Pengelolaan Aset Saham Bank sebesar Rp 38.000 juta. Jumlah ini meningkat 104,40% dibandingkan dengan realisasi tahun 2010 sebesar Rp364 juta. HPA ini diperoleh dari hasil penjualan saham PT Bank Maybank Syariah Indonesia (BMSI).

Proceeds from the Banks' Shares Assets Management was recorded at Rp38,000 million. An increase of 104.40% compared to 2010 realization amount of Rp364 million. The HPA was generated from sale of shares of PT Bank Maybank Syariah Indonesia (BMSI).

Rincian kegiatan pengelolaan Aset Saham Bank adalah sebagai berikut

Activity plan for the management of Banks' Shares Assets is as follows:

a. PT Bank Maybank Syariah Indonesia (BMSI)

a. PT Bank Maybank Syariah Indonesia (BMSI)

Pada tanggal 7 Januari 2011, Malayan Banking Berhad (MBB) sebagai pemilik 96,83% saham BMSI menyampaikan penawaran untuk membeli 30.000 saham (ekuivalen dengan 3,17%) milik Menteri Keuangan pada BMSI dengan harga Rp24.360 juta; atau setara dengan 1 (satu) kali nilai buku per 31 Desember 2010 (audited).

On 7 January 2011, Malayan Banking Berhad (MBB) as the holder of 96.83% ownership of BMSI shares has offered to purchase 30,000 shares (equivalent of 3.17%) which belong to Finance Minister on BMSI with the price of Rp24,360 million; or equal with 1 (one) time book value as of 31 December 2010 (audited).

Setelah melalui berbagai proses terkait dengan penjualan saham milik Menteri Keuangan, diantaranya penilaian saham BMSI oleh KJPP Antonius Setiadi & Rekan serta penetapan harga dasar oleh Menteri Keuangan, pada tanggal 20 Desember Perjanjian Jual Beli Saham BMSI ditandatangani dengan nilai penjualan sebesar Rp38 miliar.

Following the process of shares divestment owned by Finance Minister, including BMSI shares assessment by KJPP Antonius Setiadi & Partners and the valuation of floor pricie by Finance Minister, the Sale and Purchase of Shares Agreement was signed on 20 December with divestment value of Rp38 billion.

b. PT Bank Pan Indonesia Tbk. (Bank Panin)

b. PT Bank Pan Indonesia Tbk. (Bank Panin)

Pada tanggal 12 September 2011, Menteri Keuangan telah menetapkan nilai aset dan harga dasar atas seluruh saham milik Negara Republik Indonesia pada Bank Panin yang dikelola oleh Perseroan yaitu sejumlah 396.528 (0,002% saham), yang didasarkan pada Laporan Penilaian KJPP Rengganis Hamid & Rekan atas aset tersebut.

On 12 September 2011, Finance Minister determined the assets value and based pricing on all shares ownership of the Government of Republic of Indonesia in Bank Panin of which governed by the Company totalling 396,528 (0.002% shares), on the basis of Assessment Report of KJPP Rengganis Hamid & Partners.

Divestasi saham Bank Panin dilakukan melalui Pedagang Perantara Efek (PPE) yang ditunjuk oleh Perseroan yaitu PT Bahana Securities. Namun sampai dengan berakhirnya Perjanjian Pengelolaan Aset tanggal 31 Desember 2011, saham Bank Panin belum dapat terjual karena harga saham Bank Panin di bursa pada periode September 2011 sampai dengan Desember 2011 berada dibawah harga dasar yang telah ditetapkan.

Shares divestment of Bank Panin was executed through Securities Dealer and Broker (PPE) appointed by the Company, PT Bahana Securities. However, up to the completion of Asset Management Agreement on 31 December 2011, shares assets of Bank Panin has not yet been able to be divested due to under pricing of Bank Panin shares price at the Exchange during September to December 2011 compared to floor price which was determined

c. PT Bank Permata Tbk (Bank Permata)

c. PT Bank Permata Tbk (Bank Permata)

Pada tanggal 12 September 2011, Menteri Keuangan telah menetapkan nilai aset dan harga dasar atas seluruh saham milik Negara Republik Indonesia pada Bank Permata yang dikelola oleh Perseroan yaitu sejumlah

On 12 September 2011, Finance Minister stipulated assets value and floor price on all shares ownership of the Government of Republic of Indonesia on Bank Permata of which managed by the Company totalling


19.994.027 (0,22%) saham, yang didasarkan pada Laporan Penilaian KJPP Rengganis Hamid & Rekan atas aset tersebut.

19,994,027 (0.22%) shares. The stipulation was according to Assessment Report of KJPP Rengganis Hamid & Partners.

Melalui PPE yang ditunjuk oleh Perseroan yaitu PT Bahana Securities, penjualan saham Bank Permata mulai dilakukan. Namun, sampai dengan berakhirnya Perjanjian Pengelolaan Aset pada tanggal 31 Desember 2011, aset saham Bank Permata belum dapat terjual karena harga saham Bank Permata di bursa selama periode September 2011 sampai dengan Desember 2011 masih dibawah harga dasar yang telah ditetapkan.

Through PPE of which appointed by the Company, PT Bahana Securities, shares divestment of Bank Permata was initiated. Yet, up to the completion of Asset Management Agreement on 31 December 2011, shares assets of Bank Permata has not yet been able to be divested due to lower price of Bank Permata shares price at the Exchange during September to December 2011 compared to floor price which was determined.

ASET SAHAM NON BANK

SHARES ASSETS OF NON BANKS

Rincian kegiatan Pengelolaan Aset Saham Non Bank adalah sebagai berikut:

The following is details activity of Shares Assets Non Banks management:

a. PT Tugu Reasuransi Indonesia (Tugu Re)

a. PT Tugu Reasuransi Indonesia (Tugu Re)

Pada tanggal 31 Juli 2011, Tugu Re telah melakukan pencatatan konversi dividen saham sebesar 811 saham dan telah melaksanakan pembayaran atas dividen tunai pada tanggal 29 Juli 2011.

On 31 July 2011, Tugu Re listed its shares dividend convertion at 811 shares and has settled cash dividend on 29 July 2011.

Pada tanggal 30 September 2011, dilakukan penawaran saham kepada seluruh pemegang saham sejumlah 5.258 saham. PT Tugu Pratama Interindo mengambil saham sebanyak 4.200 saham dengan jumlah tambahan setoran modal sebesar Rp13.677 juta. Sebanyak 1.058 saham diambil oleh PT Asriland dengan tambahan setoran modal sebesar Rp3.445 juta. Dengan demikian, total tambahan setoran modal sebesar Rp17.122 juta. Dengan merujuk pada ketentuan yang berlaku yaitu Peraturan Menteri Keuangan No. 92/PMK.06/2009, Perseroan tidak diperkenankan melakukan penambahan modal untuk porsi Menteri Keuangan.

On 30 September 2011, a total of 5,258 shares was offered to shareholders. PT Tugu Pratama Interindo took a 4,200 shares with additional paid-in capital of Rp13,677 million. A total of 1,058 shares was taken by PT Asriland with additional paid-in capital of Rp3,445 million. Thereby totalling of Rp17,122 million in additional paidin capital. By referring to Stipulation of Finance Minister No. 92/PMK.06/2009, the Company is not allowed to add additional capital for the portion of Finance Minister.

Hingga akhir 2011, para pemegang saham sedang melakukan kajian dan pembahasan terkait kemungkinan penambahan setoran modal oleh pemegang saham untuk memenuhi ketentuan yang mewajibkan Perusahaan Reasuransi untuk memiliki modal sendiri paling sedikit sebesar Rp200 miliar paling lambat tanggal 31 Desember 2014 sebagaimana diatur dalam Peraturan Pemerintah No. 81 tahun 2008.

By the end of 2011, shareholders held the assessment and discussion on the possibility to add paid-in capital by shareholders to fulfill the regulations of which obliged Reinsurance Company to initiate own capital with as much as Rp200 billion by the latest 31 December 2014, as stipulated in Government Laws No. 81 year 2008.

b. PT Sejahtera Eka Graha (SEG)

b. PT Sejahtera Eka Graha (SEG)

Terkait dengan minimnya kegiatan operasional SEG dalam kurun waktu 10 tahun terakhir, Perseroan memandang perlu untuk dilakukan pembenahan terhadap kegiatan operasional dan administrasi. Disamping pembenahan kegiatan operasional dan administrasi SEG, Perseroan dan manajemen SEG secara bersama-sama melakukan beberapa kajian terkait dengan alternatif peningkatan nilai melalui optimalisasi aset milik SEG.

Due to minimum operations activity of SEG in last 10 years, the Company viewed the importance of governance on its operations and administration activity. In addition, the Company and SEG in collaboration conduct several assessments on the alternative to increase values through assets optimalization of SEG.



Management's Discussion & Analysis Beberapa langkah yang telah dilakukan manajemen SEG di tahun 2011 dalam rangka optimalisasi aset SEG antara lain sebagai berikut: • Meningkatkan pemasaran banquet untuk acara pertemuan dan acara pernikahan; • Meningkatkan pelayanan kepada para anggota untuk penggunaan club house Bogor Raya antara lain dengan perbaikan sarana dan prasarana club house termasuk bekerjasama dengan perbankan dalam penyediaan mesin Automatic Teller Machine (ATM); • Melakukan renovasi aset berupa persediaan rumah dan unit ruko untuk kemudian dipasarkan kepada umum.

Efforts implemented by SEG's management in 2011 to optimize its assets were as follows: • Increased marketing of banquet for meetings and weddings; • Increased service to members to utilize Bogor Raya club house including improvement on the club house facility and infrastructure as also cooperating with bankings on the provision of Automatic Teller Machine (ATM); • C onducted assets renovation such as the stocks of housing and office-housing unit of which will be offered to general public.

c. J embo Cable Company (JECC)

c. Jembo Cable Company (JECC)

Pada 12 September 2011, Menteri Keuangan telah menetapkan nilai aset dan harga dasar atas seluruh saham milik Negara Republik Indonesia pada JECC yang dikelola oleh Perseroan yaitu sejumlah 654.500 (0,43%) saham, yang didasarkan pada Laporan Penilaian KJPP Rengganis Hamid & Rekan atas aset tersebut.

On 12 September 2011, Minister of Finace has stipulated assets value and floor price of all shares ownership of the Government of Republic of Indonesia in JECC of which governed by the Company totalling 654,500 (0.43%) shares. The stipulation was based on Assessment Report of KJPP Rengganis Hamid & Partners.

Pelaksanaan penjualan saham JECC melalui bursa pada periode bulan September 2011 sampai dengan bulan Desember 2011 dilakukan oleh PT Bahana Securities sebagai PPE yang ditunjuk oleh Perseroan. Namun sampai dengan berakhirnya masa Perjanjian Pengelolaan Aset tanggal 31 Desember 2011, saham JECC belum dapat terjual dikarenakan harga di bursa masih lebih rendah dari harga dasar yang telah ditetapkan.

Shares divestment of JECC was initiated through the exchange in September to December 2011 by PT Bahana Securities, a PPE appointed by the Company. However, up to the completion of Asset Management Agreement in 31 December 2011, JECC shares has not yet been able to be divested as it was lower price at the exchange compared to the floor price.

d. PT Asia Natural Resources Tbk. (ANR)

d. PT Asia Natural Resources Tbk. (ANR)

Pada tanggal 24 Oktober 2011, Menteri Keuangan telah menetapkan nilai aset saham dan harga dasar atas seluruh saham milik Negara Republik Indonesia pada ANR yang dikelola oleh Perseroan yaitu sejumlah 22.006.500 (0,97%) saham, yang didasarkan pada Laporan Penilaian KJPP Rengganis Hamid & Rekan atas aset tersebut.

On 24 October 2011, Financa Ministers has determined shares assets value and floor price on all shares ownership of the Government of Republic of Indonesia in ANR of which governed by the Company totalling 22,006,500 (0.97%) shares. The decision was based on Assessment Report of KJPP Rengganis Hamid & Partners.

Penjualan saham ANR melalui bursa dilakukan oleh PT Bahana Securities yang ditunjuk oleh Perseroan sebagai PPE. Namun sampai dengan berakhirnya Perjanjian Pengelolaan Aset tanggal 31 Desember 2011, saham ANR belum dapat terjual karena harga di bursa selama periode Oktober 2011 sampai dengan Desember 2011 masih di bawah harga dasar yang telah ditetapkan.

ANR's shares divestment was initiated by PT Bahana Securities of which appointed by the Company as PPE. However, up to the completion of Asset Management Agreement in 31 December 2011, ANR shares has not yet been able to be divested as it was lower price at the exchange compared to the floor price.


ASET SAHAM DAN KREDIT

SHARES AND LOAN ASSETS

Pada tahun 2011, realisasi HPA Aset Saham dan Kredit mencapai sebesar Rp156.975 juta atau 97% dari RKAP 2011 yang sebesar Rp161.100 Juta. Realisasi tahun 2011 adalah sebesar 135% dibandingkan realisasi tahun 2010 yang sebesar Rp116.517 juta. Pendapatan tersebut diperoleh dari penerimaan pokok dan bunga kupon obligasi PT Tuban Petrochemical Industries.

In 2011, HPA realization on Shares and Loan Assets was recorded at Rp156,975 million or 97% from 2011 RKAP of Rp161,100 million. 2011 realization was 135% compared to 2010 realization amount of Rp116,517 million. The proceeds derived from principal and interest of bonds coupon of PT Tuban Petrochemical Industries.

Rincian kegiatan Pengelolaan Aset Saham dan Kredit pada tahun 2011 adalah sebagai berikut:

The following were detailed activity of Shares and Loan Assets Management in 2011:

a. R estrukturisasi PT Trans-Pacific Petrochemical Indotama (TPPI) (Grup PT Tuban Petrochemical Industries ("Tuban Petro")

a. R estructuring of PT Trans-Pacific Petrochemical Indotama (TPPI) (PT Tuban Petrochemical Industries Group ("Tuban Petro")

Pada tanggal 23 Desember 2011, Perjanjian Induk Restrukturisasi (Master Restructuring Agreement atau MRA) dan Perjanjian Bilateral Restrukturisasi (PPA Agreement) telah ditandatangani para pihak.

On 23 Dcember 2011, Master Restructuring Agreement (MRA) and Restructuring Bilateral Agreement (PPA Agreement) has been signed by all parties.

Sebagai syarat efektif, terdapat Kondisi Prasyarat (Conditions Precedent) yang harus dipenuhi dalam waktu 75 hari kalender sejak tanggal 28 Desember 2011. Dengan demikian proses restrukturisasi akan berlanjut pada tahun 2012. Secara paralel, Perseroan, Pertamina dan BP Migas meminta Jaksa Agung Muda Perdata dan Tata Usaha Negara (“Jamdatun”) untuk melakukan pengkajian dan memberikan Pendapat Hukum (Legal Opinion) atas restrukturisasi ini.

Effectively, a certain Conditions Precedent has to be fulfilled within 27 calendar days since 28 December 2011. Thereby restructuring process may continue to 2012. In paralel, the Company, Pertamina, and BP Migas requested Deputy Attorney General For Civil and Administrative ("Jamdatun") to initiate assessment and provide Legal Opinion on the restructuring.

b. Account Management dan Aksi Korporasi Grup Tuban Petro

b. A ccount Management and Corporate Action of Tuban Petro Group

Pada tanggal 25 Februari 2011, Perseroan telah menerima pembayaran MYB Seri IV yang jatuh tempo 27 Februari 2011 sebesar Rp50 miliar untuk cicilan pokok dan Rp15.425 miliar untuk kupon.

On 25 February 2011, the Company has received payment of MYB Series IV of which due on 27 February 2011 amounting Rp50 billion for principal installment and a coupon of Rp15,425 billion.

Sumber pembayaran MYB, berasal dari dividen PT Petro Oxo Nusantara ("PON") (selama 2011 telah diperoleh dividen PON dengan total nilai ± USD26 Juta).

Payment sourcing of MYB was derived from dividend of PT Petro Oxo Nusantara ("PON") (during 2011 a total value of + USD26 million of PON dividend was received)

Pada tanggal 15 Juli 2011, Tuban Petro melakukan pembayaran dipercepat atas cicilan pokok MYB sebesar Rp80 miliar yang jatuh tempo pada tanggal 27 Agustus 2011. Adapun jumlah pembayaran pokok dan bunga adalah sebesar Rp91.549.861.111.

On 15 July 2011, Tuban Petro settled early payment on MYB principal installment amounting Rp80 billion of which due on 27 August 2011. Total payment on principal and interest was Rp91,549,861,111.



Management's Discussion & Analysis c. A set Hak Tagih dan Saham Grup Texmaco [PT Bina Prima Perdana, PT Jaya Perkasa Engineering, PT Polysindo Eka Perkasa (sekarang PT Asia Pacific Fiber), PT Texmaco Jaya dan PT Wastra Indah]

c. R eceivable Rights and Shares Assets of Texmaco Group [PT Bina Prima Perdana, PT Jaya Perkasa Engineering, PT Polysindo Eka Perkasa (currently PT Asia Pacific Fiber), PT Texmaco Jaya and PT Wastra Indah]

1. Restrukturisasi Grup Texmaco Pada tahun 2011 dilakukan proses penilaian aset hak tagih dan saham Grup Texmaco dan Financial Due Diligence (FDD). Sampai dengan akhir 2011 proses penilaian belum dapat diselesaikan. Kendala dalam penilaian dan FDD Texmaco antara lain karena kompleksitas aset Grup Texmaco serta minimnya data/dokumen, mengingat sebagian besar operating company sudah tidak beroperasi.

1. Restructuring of Texmaco Group In 2011, assessment process of receivable rights and shares assets of Texmaco Group was initiated as well as Financial Due Diligence (FDD). By the end of 2011, the assessment process was still ongoing. The obstacle in the assessment and FDD Texmaco was due to the complexity of Texmaco Group Assets and insufficient data/documents, cause of part of the operating company were no longer in operations.

Perseroan juga melakukan penagihan kepada Bina Prima Perdana ("BPP"), Jaya Perkasa Engineering ("JPE") dan kepada Marimutu Sinivasan. Tanggapan Marimutu Sinivasan melalui surat No. 029/MS/ XII/2011 tanggal 20 Desember 2011 menunjukkan sikap kurang kooperatif dengan menyatakan bahwa Grup Texmaco tidak memiliki sumber penghasilan untuk membayar kewajiban karena tidak beroperasi akibat tidak diberikannya bantuan modal kerja oleh Pemerintah.

The Company also conducted to collection to Bina Prima Perdana ("BPP"), Jaya Perkasa Engineering ("JPE") and to Marimutu Sinivasan. The respond of Marimutu Sinivasan via letter No. 029/MS/XII/2011 dated 20 December 2011 represented uncooperative feedback with the statement of Texmaco Group's inability in meeting the obligation due to nil income sources and ceasing in operations of which no support from the Government in the assistance of working capital.

2. R estrukturisasi PT Asia Pacific Fibers Tbk (d/h PT Polysindo Eka Perkasa) ("APF") Pada tanggal 18 April 2011, Damiano Investment BV selaku pemegang saham mayoritas dan kreditur APF meminta tanggapan Perseroan atas usulan restrukturisasi kredit berjaminan yang pernah diajukan kepada Perseroan qq Pemerintah RI.

2. Restructuring of PT Asia Pacific Fibers Tbk (on behalf of PT Polysindo Eka Perkasa) ("APF") On 18 April 2011, Damiano Investment BV as majority shareholders and creditors of APF requested the Company's feedback on restructuring proposal of guaranteed loan of which also was proposed to the Company qq Government of RI.

Perseroan menyampaikan bahwa usulan restrukturisasi APF tidak berbeda jauh dari usulanusulan sebelumnya dan mengandung unsur write off yang sangat besar, dan meminta agar APF mengajukan revisi usulan restrukturisasi dengan memperhatikan koridor restrukturisasi hutang kepada negara yaitu tidak diperkenankan adanya write off.

The Company stated that APF restructuring proposal was in line with previous proposals and has great amount write off element, and requested APF to revise the restructuring proposal by considering the restructuring coridors of debt to state/government of which not allowed a write off.

3. Kasus Kepailitan PT Texmaco Jaya Pada tanggal 5 Januari 2011, Hakim Pengawas untuk PKPU Tetap PT Texmaco Jaya memutuskan jangka waktu 180 (seratus delapan puluh) hari bagi

3. Bancruptcy Case of PT Texmaco Jaya On 5 January 2011, Supervisory Judge for Fixed PKPU of PT Texmaco Jaya stipulated time period of 180 (one hundred eighty) days for the management of


manajemen Texmaco Jaya untuk merumuskan rencana penyelesaian (restrukturisasi) PT Texmaco Jaya. Sampai batas waktu habis, Texmaco Jaya tidak dapat menyampaikan rencana restrukturisasi sehingga Texmaco Jaya diputuskan pailit.

Texmaco Jaya to formulate restructuring plan of PT Texmaco Jaya. By the completion period, Texmaco Jaya had not provided any restructuring plan thereby it's stipulated for bancruptcy.

Tanggal 19 Agustus 2011, Majelis Hakim Pengadilan Niaga pada Pengadilan Negeri Jakarta Pusat telah menjatuhkan Putusan No. 10/PKPU/2010/PN.NIAGA. JKT.PST. Jo.No. 71/PAILIT/2010/PN.NIAGA.JKT.PST dengan keputusan antara lain: • PT Texmaco Jaya pailit dengan segala akibat hukumnya; • Memberhentikan Pengurus PKPU ( Agung Kurniawan, SE., SH., MM); • Mengangkat Hakim Pengawas dan Tim Kurator.

On 29 August 2011, Commercial Court Judge in Central Jakarta District Court exerted Stipulation No. 10/PKPU/2010/PN.NIAGA.JKT.PST.Jo.No. 71/ PAILIT/2010/PN.NIAGA.JKT.PST with following decision: • P T Texmaco Jaya was bancrupt with legal consequences; • T erminated PKPU Team (Agung Kurniawan, SE., SH., MM); • A ppointed Supervisory Judge and Curator Team.

Terkait pendaftaran tagihan-tagihan kreditur Texmaco Jaya dimana perhitungan bunga Perseroan ditolak, pada tanggal 30 September 2011, Perseroan mengajukan keberatan sebagai berikut: • Keberatan atas penolakan klaim perhitungan beban bunga tagihan Perseroan; • Penolakan atas tagihan APF sebagai kreditur konkuren PT Texmaco Jaya (Dalam Pailit).

In regard to billings of Texmaco Jaya creditors whereby the interest calculation of the Company was rejected, on 30 September 2011, the Company proposed the following objection: • O bjection on rejection of claims of billings interest calculation of the Company; • O bjection on APF billings as concurent creditors with PT Texmaco Jaya (In Bancruptcy).

Meskipun terdapat keterbatasan, beberapa perpanjangan sertifikat jaminan yang telah jatuh tempo dan pengikatan / pengikatan ulang jaminan dapat dilakukan perpanjangan beberapa sertifikat a/n APF, pengikatan jaminan a/n Multi Karsa Investama (MKI) dan lain-lain. Perseroan bersama perwakilan Pemerintah di BPP dan JPE terus mendorong Grup Texmaco untuk melakukan penyempurnaan legalitas korporasi, peningkatan kualitas pelaporan keuangan, penyempurnaan dokumentasi jaminan, penyelesaian kompensasi pemanfaatan aset Wisma Karya Prasetya (WKP) dan MKI oleh APF, penanganan masalah perburuhan yang masih tersisa dan lain-lain.

In its limitation, several extensions on mature guarantee certificates and guarantee binding / re-binding can be done on behalf of APF, guarantee binding on behalf of Multi Karsa Investama (MKI) and others. The Company with the representatives of Government in BPP and JPE implored Texmaco Group to refine its corporate legal, to improve quality in financial reporting, to refine guarantee documents, to finalize assets utilization compensation of Wisma Karya Prasetya (WKP) and MKI by APF, to handle existing labour issues, etc.

RESTRUKTURISASI / REVITALISASI ("R/R") BUMN

RESTRUCTURING / REVITALIZATION ("R/R") OF SOEs

Ke 17 debitur BUMN yang hingga akhir tahun 2011 masih dalam proses penanganan R/R adalah sebagai berikut:

17 SOEs' debtors of which are under ongoing R/R by the end of 2011 are as follows:

Selama tahun 2011, Perseroan telah menangani Restrukturisasi dan Revitalisasi ("R/R") terhadap 17 (tujuh belas) debitur BUMN. Perseroan berhasil membukukan pendapatan operasional sebesar Rp308,59 miliar atau 109% dari target RKAP 2011 yang telah ditetapkan yakni Rp282,65 miliar. Dibanding tahun 2010, pencapaian tahun 2011 meningkat sebesar 24%.

Throughout 2011, the Company managed Restructuring and Revitalization ("R/R") of 17 (seventeen) SOEs' debtors. The Company successfully booked operating revenues of Rp308.59 billion or 109% from 2011 RKAP target of which set at Rp282.65 billion. Compared to 2010, the 2011 achievement was increased by 24%.



Management's Discussion & Analysis

No

Nama Debitur BUMN SOEs Debtors

1

PT Bahana Pembinaan Usaha Indonesia (Persero)

2

PT Varuna Tirta Prakasya (Persero)

3

PT Industri Sandang Nusantara (Persero)

4

Perum Pengangkutan Djakarta

5

PT Dirgantara Indonesia (Persero)

6

PT Boma Bisma Indah (Persero)

7

PT Balai Pustaka (Persero)

8

PT Djakarta Lloyd(Persero)

9

PT Survai Udara Penas(Persero)

10

PT Industri Kapal Indonesia(Persero)

11

Perum Produksi Film Negara

12

PT Nindya Karya (Persero)

13

PT Waskita Karya (Persero)

14

PT PAL Indonesia (Persero)

15

PT Merpati Nusantara Airlines (Persero)

16

PT Industri Gelas (Persero)

17

PT Kertas Kraft Aceh (Persero)

Status Penugasan baru New assignment

Tahap pengkajian oleh Perseroan Assessment stage by the Company

Technical Assistance

Telah selesai dilakukan kajian skema R/R dan dalam proses menunggu Keputusan Komite R/R Completed feasibility on R/R scheme and The Company is waiting the decision from R/R Committee.

Tahap pelaksanaan R/R R/R implementation stage

Disamping itu, terdapat 4 (empat) BUMN yang telah diterima penugasannya oleh Perseroan, namun proses R/R telah selesai dilaksanakan atau tidak dilanjutkan oleh Perseroan karena berbagai sebab, dengan penjelasan sebagai berikut:

Moreover, there are 4 (four) SOEs assigned to the Company, yet had completed its R/R or discontinued by the Company due to several outcomes, and hereby the explanations:


Penugasan yang Telah Selesai/Tidak Dilanjutkan Completed/Suspended Assignments No

BUMN SOEs

Status

1

PT Semen Kupang

Penugasan telah selesai dilaksanakan melalui program R/R berupa Kerjasama Operasi (KSO). Telah dilaporkan kepada Menteri Negara BUMN melalui surat No. S-3290/PPA/DU/1109 tanggal 30 Nopember 2009. Completed assignment of which conducted through R/R of Operations Cooperation (KSO). Has been reported to State Minister of SOEs in a letter No. S-3290/PPA/DU/1109 dated 30 November 2009.

2

PT Berdikari

Melalui surat No. 172/BDK/DIR/III/2010 tanggal 2 Maret 2010, PT Berdikari membatalkan rencana restrukturisasi keuangan oleh Perseroan sehubungan dengan telah diperolehnya sumber pendanaan dari institusi keuangan lainnya Under a letter No. 172/BDK/DIR/III/2010 dated 2 March 2010, PT Berdikari cancelled its financial restructuring plan by the Company due to fulfillment of fund sources from other financial institutions.

3

PT Primissima

Melalui surat No. S-46/MBU/2011 tanggal 31 Januari 2011, Menteri Negara BUMN menyatakan bahwa PT Primissima keluar dari program R/R oleh Perseroan. Under a letter No. S-46/MBU/2011 dated 31 January 2011, State Minister of SOEs stated that PT Primissima was taken out from R/R program by the Company.

4

PT Hotel Indonesia Natour

Melalui surat No. S-729/MBU/2010 tanggal 24 November 2011 Menteri Negara BUMN menyatakan bahwa PT HIN keluar dari program R/R oleh Perseroan. Under a letter No. S-729/MBU/2010 dated 24 November 2011, State Minister of SOEs stated that PT HIN was taken out from the Company's R/R program.

Rincian kegiatan terkait R/R BUMN adalah sebagai berikut:

Following were detailed activity of SOEs' R/R:

1. PT Bahana Pembinaan Usaha Indonesia (PT BPUI)

1. PT Bahana Pembinaan Usaha Indonesia (PT BPUI)

Perseroan telah melakukan kajian revitalisasi melalui kegiatan due diligence pada bulan Oktober hingga bulan November 2011 dan diteruskan dengan melakukan kajian atas business plan PT BPUI. Pada tanggal 29 Desember 2011 PT BPUI menerbitkan secure short term note sebesar Rp275 miliar dan dibeli oleh Perseroan. Dana hasil pembelian secure short-term note digunakan PT BPUI untuk memenuhi ketentuan Modal Kerja Bersih Disesuaikan yang dipersyaratkan.

The Company has completed revitalization study through due diligence in October to November 2011 and was extended to study business plan of PT BPUI. On 29 December 2011, PT BPUI issued secure short term note at Rp275 billion and was purchased by the Company. Fund from the purchase of secure short-term note was utilized by PT BPUI to meet regulations on required Net Working Capital.



Management's Discussion & Analysis 2. PT Nindya Karya (Persero) (PT NK)

2. PT Nindya Karya (Persero) (PT NK)

Pada tanggal 9 Agustus 2011 Perseroan ditugaskan membantu PT Nindya Karya dalam memenuhi pendanaan guna menyelesaikan proyek-proyek terkontrak secara tepat waktu baik secara langsung maupun melalui entitas anak, khususnya PT Waskita Karya (Persero), dengan nilai setinggi-tingginya Rp200 miliar dan melakukan kajian/uji tuntas (due diligence) atas kelayakan R/R PT Nindya Karya (Persero).

On 9 August 2011, the Company assigned to assist PT Nindya Karya in funding contractual projects in order to make timely basis projects. The fund will be as direct allocation or through subsidiary, in particular PT Waskita Karya (Persero), with highest value of Rp200 billion and conducted due diligence on R/R feasibility of PT Nindya Karya (Persero).

Terkait dengan penugasan membuat kajian restrukturisasi, Perseroan sudah menyampaikan surat kepada Direksi PT NK perihal Permintaan Dokumen untuk Keperluan Program Due Diligence Kegiatan R/R PT NK. Sementara itu untuk financial due diligence dilakukan oleh BPKP.

In regard to restructuring study assignment, the Company submitted a letter to the Board of Directors of PT NK concerning Request on Documents for the Requirement of Due Diligence Program of R/R activity of PT NK. Meanwhile, BPKP conducted the financial due diligence.

3. PT Varuna Tirta Prakasya (Persero) (PT VTP)

3. PT Varuna Tirta Prakasya (Persero) (PT VTP)

4. PT Boma Bisma Indra (Persero) (PT BBI)

4. PT Boma Bisma Indra (Persero) (PT BBI)

Sebagai salah satu syarat proses R/R sesuai ketentuan dalam Permeneg No. PER-01/MBU/2009, pada tanggal 18 Agustus 2011 PT VTP menyampaikan Surat Pernyataan dan Kesanggupan serta Persetujuan Menteri Negara BUMN selaku RUPS PT VTP kepada Perseroan. Berdasarkan Surat Pernyataan dan Kesanggupan serta Persetujuan dari Menteri BUMN tersebut maka Perseroan mulai melakukan tahap pendahuluan proses R/R yaitu pengumpulan data untuk persiapan dilakukannya due diligence baik dari segi operasional maupun financial termasuk skema pembiayaan yang paling optimal bagi PT VTP.

As one of R/R requirement as stated on regulation of SOE's Ministry No. PER-01/MBU/2009, on 18 August 2011 PT VTP submitted Statement and Capability Letter as well as Approval of State Minister of SOEs as PT VTP GMS to the Company. Based on Statement and Capability Letter and Approval of SOEs' Minister, the Company commenced initial R/R process by compiling data for due diligence in both operationals and financial aspects including optimum funding scheme for PT VTP.

Pada tanggal 16 September 2011, dilaksanakan penandatanganan Perjanjian Kredit antara Perseroan dengan PT BBI. Atas pinjaman tersebut PT BBI menjaminkan tagihan atas proyek dan inventory proyek serta tambahan jaminan lain berupa fixed asset. Hingga akhir tahun 2011, PT BBI telah mencairkan sebagian pinjaman

On 16 September 2011, a signing of Loan Agreement was conducted between the Company and PT BBI. PT BBI placed guaranteed on its projects and inventory project including fixed assets for the loan. By the end of 2011, PT BBI has redeemed part of the loans.

Pada tanggal 30 Desember 2011, PT BBI telah melakukan pembayaran cicilan tahap pertama.

On 30 December 2011, PT BBI settled its first installment.

5. PT Industri Sandang Nusantara (Persero) (PT ISN)

5. PT Industri Sandang Nusantara (Persero) (PT ISN)

Proses Financial Due Diligence dan Business Assessment yang dilakukan dengan dukungan Ernst & Young (E&Y) atas penunjukan oleh PT ISN masih dalam tahap penyelesaian.

Financial Due Diligence and Business Assessment process by Ernst & Young (E&Y) of which appointed by PT ISN is still under completion process.


Pada tanggal 23 September 2011 telah dilaksanakan Penandatanganan Nota Kesepahaman antara Perseroan, PT ISN dan Lingkar Barat Development (LBD) untuk melakukan kerjasama pengembangan aset dalam rangka meningkatkan nilai dan mengoptimalisasikan aset dengan berbasis good corporate governance sehingga dapat memberikan kontribusi optimal bagi PT ISN, LBD dan Perseroan untuk mengembangkan aset yang tidak lagi menjadi fasilitas produksi (aset nonproduktif).

On 23 September 2011, Memorandum of Understanding was initiated between the Company, PT ISN and Lingkar Barat Development (LBD) on the cooperation of asset development. The objective was to increase values and optimize the assets with good corporate governance basis thereby to provide optimum contribution to PT ISN, LBD and the Company in developing non productive assets.

6. Perum Pengangkutan Djakarta (PPD)

6. Perum Pengangkutan Djakarta (PPD)

7. PT Balai Pustaka (Persero) (PT BP)

7. PT Balai Pustaka (Persero) (PT BP)

8. PT Djakarta Lloyd (Persero) (PT DL)

8. PT Djakarta Lloyd (Persero) (PT DL)

Sampai dengan akhir tahun 2011, Perseroan masih menunggu surat penugasan baru dari Menteri Negara BUMN untuk pelaksanaan R/R PPD secara menyeluruh.

Up to the end of 2011, the Company was expecting to receive new assignment letter from State Minister of SOEs for R/R implementation of PPD.

Pada tahun 2011 telah dilakukan pertemuan antara PT BP, Perseroan, PT Telkom dengan Kementerian BUMN yang membahas rencana akuisisi PT BP oleh PT Telkom. Hasil dari pertemuan ini, PT Telkom diminta untuk melakukan kajian atas rencana akuisisi PT BP yang nantinya disampaikan kepada Kementerian BUMN untuk pengambilan keputusan mengenai skema restrukturisasi PT BP.

In 2011, a meeting between PT BP, the Company, PT Telkom and Ministry of SOEs was conducted in regard to acquisition plan of PT BP by PT Telkom. The result was that PT Telkom to conduct study on this acquision and to convey the outcome to the Ministry of SOEs for further decision on restructuring scheme of PT BP.

Selama penanganan di Perseroan, permasalahan utama PT DL adalah tidak adanya kegiatan operasional perusahaan yang disebabkan karena tidak adanya alat produksi (kapal) yang beroperasi.

During the Company's assignment, PT DL's main issues was lack in operations due to non existence of production tools (Ship).

Untuk menyelesaikan permasalahan tersebut di atas, pada tanggal 3 Agustus 2011, Perseroan menyampaikan Laporan Kajian Tindak Lanjut Penanganan BUMN kepada Menteri Negara BUMN yang berisi opsi restrukturisasi melalui jalur penundaan kewajiban pembayaran utang (PKPU) ke Pengadilan Niaga. Selama proses PKPU semua proses hukum lainnya akan terhenti dan tidak ditindaklanjuti ke proses berikutnya serta utang kreditur akan stand still selama proses PKPU berlangsung.

In regard to this matter, the Company on 3 August 2011, presented Assessment Report on Follow up of SOEs' Assignment to State Minister of SOEs. The report contained restructuring options through delay in payment of debt obligations channel (PKPU) to the Commercial Court. During PKPU process, all other legal matters will be delayed and suspended to next stage and creditors debts will be stand still.

Guna mendukung operasional PT DL selama proses R/R yang masih berjalan, Perseroan memberikan pinjaman dana talangan kepada PT DL.

In supporting PT DL's operations during ongoing R/R process, the Company extended bridging loans to PT DL.

9. PT Survai Udara Penas (Persero) (PT Penas)

9. PT Survai Udara Penas (Persero) (PT Penas)

Menteri Negara BUMN meminta Perseroan untuk menyampaikan kembali kajian langkah-langkah penyelamatan PT Penas. Hasil kajian penyelamatan PT Penas telah disampaikan kepada Menteri Negara BUMN pada bulan Maret 2011 dan telah dilakukan pembahasan lebih lanjut di tingkat Komite R/R BUMN dengan hasil keputusan sebagai berikut:

State Minister of SOEs requested the Company to re-submit study on bail out of PT Penas. The result of study has been delivered to the State Minister of SOEs in March 2011 and follow-up discussion to R/R Committee of SOEs was conducted with the following decision:



Management's Discussion & Analysis a. Komite R/R menyetujui optimalisasi bisnis pemetaan PT Penas dilakukan dengan skema melepas seluruh saham Negara RI pada PT Penas kepada Perseroan;

a. R /R Committee approved business of mapping optimalization of PT Penas by withdrawing entire ownership of Government of RI in PT Penas to the Company;

b. Mekanisme pelepasan seluruh saham Negara RI pada PT Penas kepada Perseroan akan mengikuti ketentuan Undang-undang No. 19 Tahun 2003 dan Peraturan Pemerintah (PP) No. 33 Tahun 2005 tentang Tata Cara Privatisasi Perusahaan Perseroan Jo. PP No. 59 Tahun 2009;

b. T he mechanism of shares withdrawal of the Government of RI in PT Penas to the Company will be based on Laws No. 19 Year 2003 and Government Laws (PP) No. 33 Year 2005 concerning Privatization of The Company Jo. PP No. 59 Year 2009; c. F uture business activity of PT Penas will remain focusing on strengthening core business by optimizing production equipments.

c. Kegiatan usaha yang dilakukan PT Penas kedepan tetap fokus pada penguatan core business dengan optimalisasi alat produksi.

On the other hand, PT Penas has urgent requirement in funding for its operations including aircrafts maintenance, working capital and production equipments improvement. Thereby on 23 May 2011, the Company and PT Penas has signed Agreement of Bridging Loans.

Di lain pihak, kondisi PT Penas yang sangat membutuhkan dana untuk perbaikan pesawat, modal kerja dan penambahan alat produksi untuk pemetaan membutuhkan dana talangan untuk dapat segera beroperasi. Pada tanggal 23 Mei 2011, Perseroan dengan PT Penas menandatangani Perjanjian Pemberian Pinjaman Dana Talangan.

10. PT Industri Kapal Indonesia (Persero) (PT IKI)

10. PT Industri Kapal Indonesia (Persero) (PT IKI)

Kegiatan penanganan R/R PT IKI yang telah dilakukan oleh Perseroan selama tahun 2011 adalah menyampaikan kajian kelayakan R/R PT IKI kepada Menteri Negara BUMN dan dilanjutkan dengan pembahasan di tingkat Komite R/R BUMN, namun sampai dengan akhir tahun 2011 Perseroan belum memperoleh keputusan atas hasil kajian tersebut dari Komite R/R BUMN.

R/R activity of PT IKI by the Company during 2011 included feasibility study of R/R of PT IKI of which was presented to State Minister of SOEs and was forwarded to R/R Committee of SOEs for further discussion. However, up to the end of 2011, the Company has not yet received decision from R/R Committee of SOEs.

Namun, mengingat kondisi keuangan PT IKI yang tidak memungkinkan, maka untuk keperluan membayar jasa konsultan pelaksana FDD, LDD dan kajian teknis, PT IKI mengajukan tambahan pinjaman talangan (bridging loan) dari Perseroan. Dana tersebut digunakan untuk membayar biaya jasa konsultan keuangan, konsultan hukum dan konsultan teknis.

Considering its difficult financial condition, PT IKI proposed for bridging loan from the Company to settle consultancy fee for FDD, LDD and technical study. The fund was utilized to settle fee of financial consultant, legal consultant and technical consultant.

Selain biaya-biaya tersebut di atas PT IKI juga membutuhkan dana talangan untuk keperluan rehabilitasi fasilitas produksi, modal kerja, restrukturisasi korporasi dan restrukturisasi kewajiban/hutang mengingat persetujuan untuk pemberian dana R/R (melalui skema R/R) dan/atau PMN 2012 masih memerlukan waktu.

In addition to the above costs, PT IKI also required bridging loan for rehabilitation of production facility, working capital, corporation restructuring and debt restructuring, considering the R/R loan (through R/R scheme) and/or 2012 PMN will takes time.


11. Perum Produksi Film Nasional (PPFN)

11. Perum Produksi Film Nasional (PPFN)

Hingga akhir tahun 2011, pada penanganan R/R PPFN belum terdapat perkembangan yang berarti setelah Perseroan menyampaikan laporan hasil kajian kepada Menteri Negara BUMN. Di dalam kajian lanjutan tersebut disampaikan bahwa terdapat 2 (dua) opsi penanganan PPFN, yakni likuidasi dan pendayagunaan aset. Opsi likuidasi diperkirakan lebih dapat diimplementasikan dibandingkan opsi lainnya, mengingat terdapat kendala-kendala dalam penanganan aset perusahaan dan penyelesaian kewajiban PPFN dapat dilakukan dengan proses likuidasi. Hal ini juga sesuai dengan rencana awal Kementerian BUMN dan Kementerian Komunikasi dan Informatika (Kominfo) terhadap perubahan status PPFN menjadi BLU di bawah Kementerian Kominfo.

By the end of 2011, the study of R/R for PPFN from the Company of which was submitted to State Minister of SOEs has not yet been followed up. The Company proposed 2 options for PPFN, namely liquidation and assets empowerment. The liquidation option is feasible compared to the other, considering the obstacles in asset handling and settlement of PPFN obligations may be carried out through liquidation process. This is inline with initial plan of SOEs Ministry and Communication and Informatics Ministry (Kominfo) on the status amendment of PPFN to BLU under the Ministry of Kominfo.

Proses pembentukan BLU di bawah Kementerian Kominfo dapat berjalan secara terpisah dengan proses penyelesaian masalah di PPFN, mengingat masingmasing memiliki entitas yang berbeda dan dasar ketentuan hukum yang berbeda pula.

BLU establishment process under the Ministry of Kominfo may be conducted separately with the settlement of PPFN's problems, considering each entity will be different as also in its legal regulations.

12. PT Waskita Karya (PT WK)

12. PT Waskita Karya (PT WK)

Setelah dilakukan implementasi R/R terhadap PT WK dengan melakukan penyetoran modal saham oleh Perseroan sebesar Rp475 miliar, kegiatan yang dilakukan selanjutnya selama tahun 2011 adalah kegiatan monitoring dan pemantauan. Pada tahun 2011 pencapaian kinerja PT WK adalah sebagai berikut:

Following the R/R implementation to PT WK by providing paid-in capital of Rp475 billion by the Company, monitoring and supervising was conducted during 2011. PT WK's performance in 2011 was as follows:

a. T otal kontrak yang diperoleh sebesar Rp11,67 triliun atau mencapai 102,8% dari target. Realisasi kontrak yang diperoleh terdiri dari sisa kontrak sebesar Rp3,83 triliun dan kontrak baru sebesar Rp7,83 triliun;

a. R eceived total contract of Rp11.67 trillion or reaching 102.8% from the target. Realization of contracts was consisted of carry over contract at Rp3.83 trillion and new contract of Rp7.83 trillion;

b. Perolehan kontrak kerjasama operasi (JO) mencapai Rp1,81 triliun atau mencapai 124% di atas target sebesar Rp1,46 triliun;

b. R eceived joint operations contract (JO) amounting Rp1.81 trillion or reaching 124% above the target of Rp1.46 trillion;

c. Pendapatan usaha yang diperoleh sampai dengan 30 November 2011 sebesar Rp5,49 triliun atau mencapai 103,0% dari target yang ditetapkan sebesar Rp5,33 triliun. Sedangkan laba bersih yang diperoleh sebesar Rp108,27 miliar.

c. R ecorded the revenues of Rp5.49 trillion by 30 November 2011 or reaching 103.0% over the target of Rp5.33 trillion. Whereas net income was posted at Rp108.27 billion.

13. PT PAL Indonesia (Persero) (PT PAL)

13. PT PAL Indonesia (Persero) (PT PAL)

Pada tanggal 21 Maret 2011, PT PAL telah menyelesaikan produksi kapal Hull 240 dan telah diserahkan kepada Pembeli. Namun demikian, PT PAL belum bisa merealisasikan pembiayaan dari Perseroan untuk penyelesaian pembangunan kapal lainnya dikarenakan belum ada Pembeli Kapal baru

On 21 March 2011, PT PAL completed the production of Hull 240 ship and has delivered to the Buyer. However, PT PAL has not yet been able to realize financing from the Company to complete other ship building as there



Management's Discussion & Analysis untuk kapal-kapal yang telah diterminasi sesuai Perjanjian Pemberian Pinjaman untuk Penyelesaian Pembangunan Kapal Tranche B dan Tranche C.

was no new Buyers for the terminated ships based on Loan Agreement to Finalize Ship Building of Tranche B and Tranche C.

Kegiatan lain yang telah dilaksanakan pada tahun 2011 sebagai bagian dari implementasi R/R PT PAL antara lain:

Other activity in 2011 as part of R/R implementation of PT PAL are:

a. Evalusi berkala (6 bulanan) terhadap implementasi R/R PT PAL untuk periode semester II tahun 2011; b. Pada tahun 2011, PT PAL telah dapat menyelesaikan permasalahan dengan Pihak Dirjen Bea Cukai, sehingga blokir importasi atas nama PT PAL telah dibuka tanggal 25 Oktober 2011 setelah PT PAL melakukan pembayaran awal (initial payment) sebesar Rp10 miliar dan menyanggupi melakukan pembayaran sisanya selama jangka waktu 2 bulan sejak pembayaran initial payment; c. Melakukan penjajakan kemungkinan kerjasama operasional dengan mitra strategis (galangan kapal Internasional berkualitas), untuk mendapatkan/ memperoleh manfaat, terutama dari sisi teknologi, manajemen proyek dan pemasaran; d. M elakukan pemantauan terhadap pelaksanaan R/R PT PAL serta kegiatan lainnya; e. Membuat Kajian Kelayakan Kebutuhan Dana PMN dari APBN-P 2011 dan APBN 2012 pada PT PAL dengan hasil kajian antara lain untuk menyelesaikan permasalahan secara menyeluruh, PT PAL membutuhkan tambahan modal melalui mekanisme PMN. Namun, perlu diikuti pembenahanpembenahan internal, antara lain penyediaan sistem pemantauan kinerja (monitoring system) secara berkala dan terukur berdasarkan rencana kerja dan KPI untuk masing-masing direktorat/divisi/unit usaha yang telah ditetapkan, termasuk pengusulan pihak ketiga yang ditunjuk pemerintah untuk pemantauan progress R/R PT PAL; f. Pada akhir tahun 2011, PMN tunai yang dialokasikan dari APBN-P 2011 telah diterima oleh PT PAL.

a. P eriodical evaluation (6 monthly) on R/R implementation of PT PAL for semester II year 2011; b. In 2011, PT PAL settled the problems with Directorate General of Customs, thereby the imports blocking on PT PAL was released on 25 October 2011 after the initial payment of Rp10 billion by PT PAL and to agree on the settlement of balance within 2 month after the initial payment; c. To consider operations cooperation with strategic partners (quality international shipyards), so as to obtain benefits, especially in technology, project management and marketing; d. M onitoring on R/R implementation of PT PAL and its activity; e. D rafting Feasibility Study of PMN Fund Requirement from APBN-P 2011 and APBN 2010 on PT PAL with the intention to settle all matters from the study result, as PT PAL requires additional capital through PMN mechanism. However, internal improvement is also required, including the provision of periodical and measured monitoring system based on working plan and KPI for each directorate/division/business unit, as well as third party proposed by the government to conduct monitoring on PT PAL's R/R progress; f. By the end of 2011, PMN in cash of which allocated from APBN-P 2011 was received by PT PAL.

14. PT Merpati Nusantara Airline Persero (PT MNA)

14. PT Merpati Nusantara Airlines Persero (PT MNA)

a. Proses R/R Perseroan dan PT MNA telah melakukan penandatanganan Addendum IV Perjanjian CLF pada tanggal 21 Oktober 2011. Penandatanganan perjanjian ini merupakan finalisasi dari proses R/R PT MNA Tahap Dua.

a. R/R Process The Company and PT MNA signed the Addendum IV of CLF Agreement on 21 October 2011. The signing of this agreement was the finalization process or R/R of PT MNA Stage Two.


Sehubungan dengan permohonan tambahan PMN PT MNA tahun 2012, Perseroan telah melaksanakan kajian atas adanya permohonan tambahan dana PMN tersebut dan telah menyampaikan kajian dimaksud kepada Menteri Negara BUMN. Hingga akhir 2011, kelanjutan dari rencana penambahan PMN masih menunggu keputusan dari Kementerian BUMN dan/ atau Kementerian Keuangan.

In regard to the request of additional PMN for PT MNA year 2012, the Company study the request and presented it to State Minister of SOEs. As at the end of 2011, the request was pending the decision of SOEs Ministry and/or Finance Ministry.

b. Status Pinjaman Convertible Loan Facility (CLF) dan Fasilitas Talangan CLF Setelah mendapat dana PMN dari Pemerintah, PT MNA melakukan pelunasan Fasilitas Talangan R/R berikut kewajiban bunga berjalan sesuai dengan Addendum IV Perjanjian CLF.

b. Status of Convertible Loan Facility (CLF) and Bridging Facility CLF Following the received of PMN fund from the Government, PT MNA settled the R/R Bridging Facility including current interest according to Addendum IV of CLF Agreement.

15. PT Iglas (Persero)

15. PT Iglas (Persero)

ada tahun 2011, Perseroan telah melakukan P serangkaian kegiatan untuk melanjutkan pelaksanaan penugasan program R/R PT Iglas yang telah dilaksanakan pada periode sebelumnya, antara lain berupa kegiatan sebagai berikut:

In 2011, the Company conducted several activities to follow up R/R program of Iglas of which was done previously. The activities were include:

a. Pada tanggal 11 Februari 2011 telah dilakukan penandatanganan Perjanjian Pemberian Pinjaman dalam rangka R/R kepada PT Iglas dan penandatanganan Perjanjian Pembagian Hasil Jaminan (Security Sharing Agreement) b. Pencairan pinjaman c. Pembayaran PT Iglas atas kewajiban bunga berjalan periode I kepada Perseroan

a. O n 11 February 2011 the signing of Loan Agreement of R/R of PT Iglas and signing of Security Sharing Agreement was completed b. Disbursement of loans c. PT Iglas's payment on current interest of period 1 to the Company

Rencana privatisasi PT Iglas sebagaimana yang telah dibahas dengan berbagai pihak terkait diantaranya Kementerian Negara BUMN belum dapat terlaksana, menunggu PT Iglas memperbaiki kinerja produksi khususnya terkait dengan produktivitas mesin G-1 yang sejak dibeli belum memberikan kinerja yang diharapkan.

Privatization plan of PT Iglas as discussed by related parties including State Minister of SOEs has not been implemented, pending the improvement of production performance of PT Iglas in particular the productivity of G-1 machine of which since the purchase has not provided expected result as yet.

16. PT Kertas Kraft Aceh (Persero) (PT KKA)

16. PT Kertas Kraft Aceh (Persero) (PT KKA)

Pada tahun 2011, kegiatan yang dilakukan terkait R/R PT KKA adalah sebagai berikut:

In 2011, activity of R/R of PT KKA are as follows:

a. Perseroan melaksanakan mandat untuk menjadi arranger dalam tender Program Penawaran KSO PT KKA. Sampai batas waktu yang ditetapkan belum terdapat investor yang melakukan registrasi dan melakukan pembayaran security deposit. b. Perseroan melakukan kajian atas opsi tindak lanjut yang diperlukan guna penyelesaian permasalahan PT KKA dengan opsi sebagai berikut:

a. T he Company as mandated to be the arranger in the KSO Proporal Program tender of PT KKA. By the completion period, there were no registration and security deposits conducted by the investors as yet. b. The Company study the options of which was a necessary followed up to settle PT KKA's issues as follows:

1. Melakukan penawaran terbatas dengan mengundang Strategic Partners dalam rangka pengoperasian kembali PT KKA dengan kondisi pada tahun berjalan (“as is”);

1. C onduct limited offering by inviting Strategic Partners in order to re-instate PT KKA operations with current conditions ("as is");



Management's Discussion & Analysis 2. Melaksanakan Outright Sales atas saham dan/atau aset PT KKA; 3. Melakukan pengoperasian kembali pabrik PT KKA secara bertahap; 4. Likuidasi, dengan melakukan penjualan atas aset PT KKA.

2. Implement Outright Sales on shares and/or assets of PT KKA; 3. R e-instate the operations of PT KKA's factory in stages; 4. L iquidation, by selling the assets of PT KKA.

Sampai akhir tahun 2011, program R/R PT KKA belum dapat berjalan karena adanya permasalahan persinggungan areal hutan tanaman industri dengan kawasan hutan lindung.

By end of 2011, R/R program of PT KKA has not yet implemented due to issue between timber estates areal with protected forest areal.

17. PT Dirgantara Indonesia (PT DI)

17. PT Dirgantara Indonesia (PT DI)

Pada tahun 2011 kegiatan terkait R/R PT DI antara lain sebagai berikut:

In 2011, R/R activity of PT DI are as follows:

a. P emberian pinjaman dana talangan kepada PT DI untuk pembiayaan proyek terkontrak; b. Komite R/R menyetujui pemberian pinjaman dana R/R sebesar Rp675 miliar sebagai emergency plan PT DI untuk mengatasi deficit cash flow tahun 2011. Pada tanggal yang sama Menteri Keuangan juga menyetujui pemberian pinjaman dana R/R sebesar Rp675 miliar kepada PT DI sebagai emergency plan dan atas pelampauan BMPK 15%; c. Penandatanganan perjanjian terkait terms & conditions Pemberian Pinjaman; d. Pencairan pinjaman.

a. B ridging loan to PT DI to finance contracted projects; b. R/R Committe approved R/R loan of Rp675 billion as emergency plan of PT DI in finalizing deficit cash flow in 2011. On same date, Finance Minister also approved R/R loan amounting Rp675 billion to PT DI as emergency plan and on exceeding BMPK of 15%; c. Signing of agreement on terms & conditions of Loan; d. Disbursement of loans.

Pada tanggal 6 Juli 2011, PT DI, Airbus Military dan Perseroan menandatangani Strategic Collaboration Agreement (SCA) untuk menindak lanjuti perjanjian kerja sama (MOU) antara ketiga pihak pada tanggal 24 Februari 2011.

On 6 July 2011, PT DI, Airbus Military and the Company signed the Strategic Collaboration Agreement (SCA) to follow up on cooperation agreement (MOU) between third party on 24 February 2011.

Disamping hal-hal tersebut di atas, Perseroan telah menyelesaikan penugasan dari Menteri Negara BUMN untuk melakukan kajian atas kebutuhan dana PMN 8 (delapan) BUMN sebagai berikut:

In addition, the Company has completed assignment from State Minister of SOEs to study PMN funding for 8 (eight) SOEs as follows:

a. PT PAL Indonesia (Persero) b. PT Merpati Nusantara Airlines (Persero) c. PT Dirgantara Indonesia (Persero) d. PT Pindad (Persero) e. Perum LKBN Antara f. PT Garam (Persero) g. PT Kertas Leces (Persero) h. PT Industri Kapal Indonesia (Persero)

a. PT PAL Indonesia (Persero) b. PT Merpati Nusantara Airlines (Persero) c. PT Dirgantara Indonesia (Persero) d. PT Pindad (Persero) e. Perum LKBN Antara f. PT Garam (Persero) g. PT Kertas Leces (Persero) h. PT Industri Kapal Indonesia (Persero)


PENGELOLAAN ASET BUMN

SOEs' ASSET MANAGEMENT

Tujuan dari kegiatan pengelolaan ini adalah untuk meningkatkan nilai aset BUMN agar memiliki nilai yang lebih optimal.

The objectives of this management is to increase assets values of SOEs to reach optimum values.

Pada tahun 2011, Perseroan membukukan pendapatan dari kegiatan pengelolaan aset BUMN sebesar Rp1.147 juta.

In 2011, the Company booked revenues of Rp1,147 million from SOEs' asset management.

Pendapatan tersebut berasal dari management fee pengelolaan aset PT Pertamina dan success fee penjualan beberapa aset properti milik Pertamina di Jl. Halimun, Jakarta, Jl. Cipinang Cempedak II, Jakarta dan Jl. Imam Bonjol, Medan, yang sebesar 2% dari nilai penjualan asetaset tersebut.

The proceeds was derived from management fee of PT Pertamina's asset management and success fee of sale of property assets of Pertamina in Jl. Halimun, Jakarta, Jl. Cipinang Cempedak II, Jakarta and Jl. Imam Bonjol, Medan, of which 2% from sales value of the assets.

Pada tanggal 30 September 2011, Perseroan kembali menandatangani perjanjian kerjasama pengelolaan aset properti dengan PT Pertamina dengan beberapa perubahan termasuk daftar aset yang dikelola, dimana Pertamina menyerahkelolakan kepada Perseroan sejumlah 28 aset yang tersebar di beberapa kota/daerah seperti Jakarta, Jawa Barat, Jawa Tengah, Sumatera Utara, Palembang dan Riau.

On 30 September 2011, the Company re-signed the asset management agreement on property of PT Pertamina with several amendments including listed assets, whereby Pertamina requested the Company to govern a total of 28 assets of which located in several cities/regions including Jakarta, West Java, Central Java, North Sumatra, Palembang and Riau.

Pada bulan Desember 2011 telah dilaksanakan Program Lelang Aset Properti Pertamina bekerjasama dengan Kantor Pelayanan Kekayaan Negara dan Lelang di Jakarta, Medan, Bogor dan Semarang.

Auction Program of Property Assets of Pertamina was conducted on December 2011 in cooperation with State Property and Auction Office in Jakarta, Medan, Bogor and Semarang.

Pada tahun 2011, Perseroan juga telah melakukan penjajakan kerjasama pengelolaan aset dengan sejumlah BUMN pemilik aset, antara lain:

In 2011, the Company viewed cooperation assessment of asset management with several SOEs, as follows:

1. PT PPA dengan PT Sarinah (Persero) (Sarinah)

1. PT PPA and PT Sarinah (Persero) (Sarinah)

2. P T PPA dengan PT Kereta Api Indonesia (Persero) (KAI)

2. P T PPA and PT Kereta Api Indonesia (Persero) (KAI)

Dalam rangka pengelolaan aset non inti BUMN, Perseroan berupaya mengembangkan dan mendayagunakan aset milik BUMN yang telah diserahkelolakan kepada Perseroan guna meningkatkan nilai aset. Dalam kegiatan ini Perseroan menyediakan layanan jasa pengelolaan aset termasuk jasa konsultasi pengelolaan aset.

In the SOEs Non Core Asset Management, the Company developed and empowered the SOEs' assets of which governed by the Company in order to increase the assets values. In this activity the Company provide asset management service including asset management consultancy service.

Pada tanggal 21 Oktober 2011, Perseroan dan Sarinah telah menandatangani Nota Kesepahaman (MOU) kerjasama pengelolaan beberapa aset. Perseroan telah melakukan berbagai langkah agar kerjasama tersebut bisa segera dijalankan. Sampai dengan akhir Desember 2011, rencana kerjasama masih terus dilakukan pembahasan.

On 21 October 2011, the Company and Sarinah signed a Memorandum of Understanding (MOU) of assets management. The Company conducts several initiatives so as to commence the cooperation. Up to end of December 2011, the cooperation plan is still under discussion.

Berkenaan dengan penjajakan kerjasama pengelolaan aset properti milik KAI, Perseroan telah melakukan penandatanganan Nota Kesepahaman (MOU) antara kedua belah pihak dalam rangka Pengelolaan Aset.

In regard to cooperation assessment on KAI's property assets, the Company signed a Memorandum of Understanding (MOU) of two parties for the Asset Management.



Management's Discussion & Analysis Sebagai tindak lanjut penandatanganan MOU tersebut telah dilakukan kunjungan atas beberapa Aset yang akan diserahkelolakan kepada Perseroan serta dilakukan pembahasan skema pengelolaan aset yang akan diserahkelolakan ke Perseroan dan penyerahan beberapa copy dokumen kepemilikan aset.

Following up the signing of MOU, visit on several assets of which to be governed by the Company has been done and discussion on asset management scheme has also been implemented including copy of documents on assets.

Pada tanggal 30 Desember 2011, dilakukan Penandatanganan Perjanjian Kerjasama Pengelolaan Aset antara KAI dengan Perseroan.

On 30 December 2011, the Company and KAI has signed the Asset Management Agreement.

3. PT PPA dengan PT Rajawali Nusantara Indonesia (Persero) (RNI)

3. P T PPA and PT Rajawali Nusantara Indonesia (Persero) (RNI)

4. PT PPA dengan Perum Bulog

4. PT PPA and Perum Bulog

Verifikasi komersial aset dan melakukan penjajakan kepada calon investor potensial yang berminat dan memiliki kemampuan untuk bekerjasama dengan Perseroan dan RNI dalam mengembangkan aset.

Commercial verification of asset and assessment on potential investors who were interested and has the ability to cooperate with the Company and RNI in asset development.

Perseroan telah menyampaikan Proposal Kerjasama Pengembangan Aset Properti Perum Bulog untuk melakukan optimalisasi dan peningkatan nilai atas beberapa Aset Bulog

The Company presented Proposal of Cooperation of Property Asset Development of Perum Bulog to optimize and increase value on several assets of Bulog.

Hingga akhir tahun 2011 masih dilakukan pembahasan terkait kerjasama pengembangan aset tersebut.

By end of 2011 the asset development cooperation was still under discussion.

5. PT PPA dengan Perusahaan Listrik Negara (Persero) (PLN)

5. P T PPA and Perusahaan Listrik Negara (Persero) (PLN)

6. PT PPA dengan PT Pertamina (Persero) (Pertamina)

6. PT PPA and PT Pertamina (Persero) (Pertamina)

Perseroan telah melakukan kunjungan atas Aset PLN yang berlokasi di Jakarta yang akan diserahkelolakan kepada Perseroan. Disamping itu Perseroan telah melakukan beberapa pertemuan dengan calon peminat Aset PLN. Pertemuan tersebut membahas pengembangan dan optimalisasi aset dengan tujuan untuk menghasilkan keuntungan yang maksimal bagi para pihak.

The Company visited PLN's Assets of which located in Jakarta and to be governed by the Company. In addition, the Company has met with interest parties on PLN's Assets. The meeting was to discuss the asset development and optimalization with the objective to gain maximum profit for all parties.

On 30 September 2011, the Company and Pertamina signed the Agreement of Property Asset Management of Pertamina.

Pada tanggal 30 September 2011, Perseroan dan Pertamina telah melakukan penandatangan Perjanjian Pengelolaan Aset Properti milik Pertamina.


INVESTASI

INVESTMENT Investment activities is initiated to generate funds in order to support the Company's activity both in operationals and business activity. In investment activity primarily on stocks and bonds, the Company constantly valued prudent principles, cautious in allocating funding and in measured timing. Funds of which not yet utilzed for investment activities will be placed in Time Deposits.

Untuk mendukung investasi saham dan pencapaian target imbal hasil saham, Perseroan menambah opsi strategi investasi saham yaitu dengan menggunakan jasa Manajer Investasi dalam mengelola sebagian dana investasi saham Perseroan melalui rekening Kontrak Pengelolaan Dana (KPD).

To support shares investment and to achieve return on investment target, the Company extended options in shares investment strategy by utilizing Investment Manager service in managing part of shares investment fund of the Company through the account of Funds Management Contract (KPD).

Selama tahun 2011, kegiatan investasi yang dilakukan oleh Perseroan adalah sebagai berikut:

Throughout 2011, investment activities carried out by the Company are as follows:

1. Investasi Saham

1. Shares Investment

Kegiatan investasi bertujuan untuk menghasilkan dana guna mendukung kegiatan Perseroan baik kegiatan operasional maupun kegiatan usaha. Dalam menjalankan aktivitas investasi terutama saham dan obligasi, Perseroan senantiasa memperhatikan prinsip kehati-hatian, melakukan alokasi jumlah dana yang bijaksana dan dalam penentuan waktu yang terukur. Dana yang belum digunakan untuk kegiatan investasi akan ditempatkan dalam Deposito Berjangka.

Shares investment allocation of Rp125,000 million. Shares portfolio as of 31 December 2011, majority was placed by Banking sector (36.39%), Industries (22.18%) Mining (21.31%), and others (20.12%)

Alokasi investasi pada saham sebesar Rp125.000 juta. Portofolio Saham per 31 Desember 2011, mayoritas berada pada sektor Perbankan (36,39%), Aneka Industri (22,18%), Pertambangan (21,31%), dan lain-lain (20.12%)

Perbankan Banking

36,39% Lain-lain Others

Industri Industry

22,18% Pertambangan Mining

20,12% 21,31%

2. P enempatan Dana Investasi pada Rekening Kontrak Pengelolaan Dana (KPD)

2. I nvestment Fund Placement on Account Fund Management Contracts (KPD)

Perseroan menunjuk PT Syailendra Capital, dan PT Bahana TCW Investment Management menjadi manajer Investasi (MI) yang akan mengelola rekening KPD Saham. Perseroan juga menunjuk PT Standard Chartered Bank sebagai bank Kustodi.

The Company appointed PT Syailendra Capital, and PT Bahana TCW Investment Management as Investment Manager (MI) of which to manage the KPD Shares account. The Company also assigned PT Standard Chartered Bank as Custodian bank.



Management's Discussion & Analysis 3. Investasi Pada Saham SMGR

3. Investment on SMGR Shares

Nilai investasi pada saham SMGR per 31 Desember 2011 adalah Rp32.308 juta dengan nilai pasar Rp52.391 juta dan total imbal hasil investasi sebesar Rp61.391 juta.

Investment value of SMGR shares as of 31 December 2011 was Rp32,308 million with market value of Rp52,391 million and return on investment of Rp61,391 million.

Jumlah saham SMGR yang telah direalisasikan sepanjang tahun 2011 adalah sejumlah 43.371 lot (83,4% dari persediaan pada 1 Januari 2011) senilai Rp199.797 juta dengan harga rata-rata penjualan Rp9.217 per saham.

Total SMGR shares that has been realized in 2011 was 43,371 lots (83.4% from the provision in 1 January 2011) valued at Rp199,797 million with average selling price of Rp9,217 per shares.

4. Investasi Obligasi

4. Bonds Investment

5. Investasi Pada Secured Short Term Notes

5. Investment on Secured Short Term Notes

6. Penempatan Dana Pada Deposito

6. Fund Placement on Deposits

Alokasi investasi pada obligasi sebesar Rp150.000 juta. Total hasil investasi atas dana investasi obligasi di tahun 2011 mencapai Rp19.582 juta atau 13,05% dari nilai alokasi investasi pada obligasi.

Investment allocation for bonds was Rp150,000 million. Total investment result on bonds investment fund in 2011 reached Rp19,582 million or 13,05% from investment allocation value on bonds.

Perseroan melakukan investasi melalui pembelian Surat Berharga Secured Short Term Notes (SSTN) yang diterbitkan oleh PT Bahana Pembinaan Usaha Indonesia senilai Rp275.000 juta

The Company initiate investment through the purchase of Secured Short Term Notes (SSTN) of which was issued by PT Bahana Pembinaan Usaha Indonesia valued at Rp275,000 million.

Dana investasi yang belum diinvestasikan pada saham dan obligasi, ditempatkan pada instrumen deposito dengan jangka waktu bervariasi antara 7 sampai dengan 31 hari.

Investment fund of which was not yet invested on shares and bonds, was placed in deposits with different period of between 7 up to 31 days.

Rata-rata imbal hasil Penempatan Dana di tahun 2011 adalah 5,92% per tahun (net after tax).

The average earnings on Fund Placement in 2011 was 5.92% per year (net after tax).

7. Investasi Langsung

7. Direct Investments

Berikut kegiatan investasi langsung di sepanjang tahun 2011: a. Pemberian Pinjaman Dana Talangan Kepada PT ISN b. Pemberian Pinjaman Dana Talangan Kepada PT DI Tahap II c. Pemberian Pinjaman Kepada PT Boma Bisma Indra (BBI)

The following are direct investments activities in 2011: a. Bridging Loan to PT ISN b. Bridging Loan to PT DI Stage II c. Loan to PT Boma Bisma Indra (BBI)

Pendapatan investasi atas dana talangan yang diberikan kepada BUMN yang akan dilakukan R/R/ dibukukan pada Pendapatan R/R.

Investment revenues on bridging loan to SOEs with R/R plan was booked on R/R Revenues.


KINERJA KEUANGAN

FINANCIAL PERFORMANCE

Hasil Pengelolaan Aset eks BPPN (HPA)

Proceeds from Asset Management of ex IBRA (HPA)

Dari jumlah tersebut jumlah HPA yang harus disetor dalam tahun 2011 adalah sebesar Rp141.865 juta (audited). Sampai dengan 31 Desember 2011, Perseroan telah melakukan setoran HPA kepada Negara sebesar Rp141.113 juta. Adapun sisanya akan disetor pada tahun 2012 setelah selesainya audit atas laporan keuangan tahun 2011.

From this result, the total HPA of which required for remittance in 2011 was Rp141,865 million (audited). Up to 31 December 2011, the Company has disbursed HPA remittance to Government at Rp141,113 million. The balance will be disbursed in 2012 after audit completion on 2011 financial report.

Jumlah HPA yang harus disetor adalah jumlah HPA tunai yang diterima Perseroan ditambah dengan hasil pengelolaan dana HPA dikurangi dengan Biaya Aset, Imbalan Pengelolaan Aset, Imbalan Kinerja (jika ada) dan pajak-pajak terkait.

Total HPA for remittance is a cash total HPA received by the Company plus HPA proceeds deducted with Cost of Assets, Asset Management Fee, Success fee (if any) and related taxes.

HPA tahun 2011 dari pengelolaan aset eks BPPN adalah sebesar Rp196.131 juta atau sebesar 121% dari target HPA RKAP tahun 2011 sebesar Rp161.100 juta dan 46% dari realisasi HPA tahun 2010 sebesar Rp424.700 juta.

HPA from asset management of ex IBRA in 2011 was Rp196,131 or 121% from HPA target of 2011 RKAP amounting Rp161,100 million and 46% from realization of 2010 HPA at Rp424,700 million.

Hasil Pengelolaan Aset eks BPPN Proceeds from Asset Management of ex IBRA Keterangan Description

RKAP 2011 (Rp Juta / Million)

Realisasi 2011 Realisasi 2011 Realisasi 2010 Realisasi 2011 (Audited) / RKAP 2011 (Audited) / Realisasi 2010 (Rp Juta) (%) (Rp Juta) (%) 2011 Realization 2011 Realization 2010 Realization 2011 Realization / (Audited) / 2011 RKAP (Audited) 2010 Realization (Rp Million) (%) (Rp Million) (%)

Saham Bank Shares of Banks

-

38.000

-

364

10.440

Saham Non Bank Shares of Non Banks

-

466

-

307.752

0,15

161.100

156.975

97

116.517

135

-

690

-

67

-

161.100

196.131

121

424.700

46

Saham dan Kredit Shares and Loan Aset Lainnya Other Assets HASIL PENGELOLAAN ASET ASSET MANAGEMENT PROCEEDS

Belanja Modal (Induk)

Capital Expenditure (Parent)

Sampai dengan akhir tahun 2011, Realisasi Belanja Modal mencapai sebesar Rp232,41 juta atau 0,21% dari total anggaran Aset Tetap pada RKAP tahun 2011. Masih rendahnya pencapaian belanja modal sampai dengan akhir tahun 2011 disebabkan oleh belum terealisasinya pembangunan/pembelian gedung yang akan digunakan sebagai gedung kantor Perseroan. Realisasi belanja Modal tersebut antara lain berupa server, notebook dan personal computer.

By the end of 2011, Realization of Capital Expenditure was recorded at Rp232.41 million or 0.21% from total budget of Fixed Assets on 2011 RKAP. Lower achievement on capital expenditure up to the end 2011 was due to unrealized building construction/purchase that will be utilzed as the Company headquarter. The realization of Capital Expenditure was among others for server, notebook and personal computer.



Management's Discussion & Analysis Keterangan Description

RKAP 2011 (Rp Juta / Million)

Belanja Modal Capital Expenditure

Realisasi 2011 Realisasi 2011 Realisasi 2010 Realisasi 2011 (Rp Juta) / RKAP 2011 (Rp Juta) / Realisasi 2010 2011 Realization 2011 Realization 2010 Realization 2011 Realization (Rp Million) / 2011 RKAP (Rp Million) / 2010 (Audited) (%) (Audited) Realization (%)

112.849

232,41

0,21

1.550

15

LAPORAN LABA RUGI KOMPERHENSIF KONSOLIDASIAN

CONSOLIDATED COMPREHENSIVE STATEMENTS OF INCOME

Laporan Laba/Rugi Komprehensif Comprehensive Statements of Income

2011 (Rp juta)

Keterangan Description Pendapatan Usaha Revenues

2010 (Rp juta)

Kenaikan/Penurunan Increase/Decrease %

7.540.251

6.150.793

23%

(7.004.591)

(5.634.973)

24%

535.660

515.820

4%

24.202

8.861

173%

559.862

524.681

7%

(106.764)

(172.273)

-38%

453.098

352.408

29%

(164.941)

(107.220)

54%

Laba Bersih Net Income

288.157

245.188

18%

Pendapatan (Beban) Komperhensif Comprehensive Revenues (Expense)

(27.827)

51.872

-154%

Laba Komperhensif Comprehensive Income

260.330

297.060

-12%

Beban Usaha Operating Expenses Laba Usaha Operating Income Bagian Laba Besih Ventura Bersama Net Profit from Joint Ventures Laba Usaha setelah Bagian Ventura Bersama Operating Income After Joint Ventures' Profit Beban Lain-lain Other Expenses Laba sebelum Pajak Income before Tax Pajak Penghasilan Badan Corporate Income Tax

Kenaikan pendapatan usaha terutama berasal dari pendapatan jasa konstruksi PT Waskita Karya. Pendapatan bunga atas pinjaman yang diberikan seperti kepada PT Panataran Angkatan Laut (PT PAL) sebesar Rp17.340, PT Dirgantara Indonesia sebesar Rp13.731 dan penggantian biaya pengelolaan aset sebesar Rp5.822 Increase in revenues was mainly due to increase in construction service revenues of PT Waskita Karya. Interest income on provided loan such as to PT Panataran Angkatan Laut at Rp17,340, PT Dirgantara Indonesia at Rp13,731 and reimbursable cost of assets management at Rp5,822.


Laporan Posisi Keuangan Konsolidasian Consolidated Financial Position Report 31-12-2011 (Rp juta)

Keterangan Description

31-12-2010 (Rp juta)


ASET ASSETS Aset Lancar Current Assets

6.407.845

5.879.942

9%

Aset Tidak Lancar Non Current Assets

1.824.850

994.089

84%

Total Aset Total Assets

8.232.695

6.874.031

20%

4.784.179

3.504.562

37%

100.308

247.455

-59%

4.884.487

3.752.017

30%

3.341.977

3.117.479

7%

6.231

4.535

37%

Total Ekuitas Total Equity

3.348.208

3.122.014

7%

Total Liabilitas dan Ekuitas Total Liabilities and Equity

8.232.695

6.874.031

20%

LIABILITAS LIABILITIES Liabilitas Jangka Pendek Current Liabilities Liabilitas Jangka Panjang Non Current Lliabilities Total Liabilitas Total Liabilities

EKUITAS EQUITY Ekuitas yang dapat diatribusikan kepada pemilik entitas induk Equity attributable to the owner of parent company Kepentingan non pengendali Non controlling Interest

KONSOLIDASI

CONSOLIDATED

Sekilas highlight Laporan Posisi Keuangan Perseroan per 31 Desember 2011 dan 31 Desember 2010.

Highlights of Financial Position Report of the Company as of 31 December 2011 and 31 December 2010.

Meningkatnya total asset dapat dijelaskan antara lain sebagai berikut: 1. Adanya peningkatan Piutang Usaha yang utamanya karena adanya peningkatan Piutang Usaha Jasa Konstruksi. Piutang usaha jasa konstruksi (termin) merupakan piutang jasa konstruksi porsi loan dan non-loan kepada pemilik proyek sehubungan dengan pemberian jasa konstruksi oleh PT Waskita Karya atau jumlah tagihan yang telah disetujui oleh Pengguna Jasa sehubungan dengan diselesaikannya sebagian atau seluruh proyek sesuai dengan kontrak; 2. Adanya kenaikan Aset Tidak Lancar, khususnya disebabkan oleh adanya peningkatan dalam jumlah pinjaman yang diberikan dari sejumlah Rp 221.001 juta per 31 Desember 2010 menjadi Rp 1.206.661 juta per 31 Desember 2011 (jumlah bersih), atau naik sebesar 446 %.

Increase in total assets may be elaborated as follows: 1. Increase in Accounts Receivable of mainly due to increase in Construction Service Accounts Receivable. Construction services receivable (installment) represent the construction services portion of loans receivable and non loan to the project owner in relation with construction services provided by PT Waskita Karya or progress billing that have been approved by Service User regarding the completion of part or all of the project in accordance with the contract; 2. Increase in Non Current Assets, in particular due to the increase in total loan from Rp221,001 million as per 31 December 2010 to Rp1,206,661 million as of 31 December 2011 (total net), or increased by 446%.



Management's Discussion & Analysis Peningkatan aset harus selalu dibarengi dengan adanya peningkatan Liabilitas dan/atau Ekuitas. Peningkatan Ekuitas yang terjadi pada Perseroan disebabkan oleh adanya peningkatan pendapatan dan laba Perseroan baik yang berasal dari induk maupun entitas anak.

Asset improvement must be aligned with the increase in Liabilities and/or Equity. The increase of Equity in the Company was due to an increase in revenues and income of the Company both from parent and subsidiaries.

Sedangkan peningkatan jumlah Liabilitas untuk posisi per 31 Desember 2011 dibandingkan dengan 31 Desember 2010 antara lain disebabkan oleh:

Whereas increase in total Liabilities for position of 31 December 2011 compared to 31 December 2010 was among others due to:

1. Peningkatan Utang Usaha PT Waskita Karya dari sejumlah Rp900.286 juta untuk posisi per 31 Desember 2010 menjadi sebesar Rp1.661.714 juta per 31 Desember 2011. Utang Usaha tersebut terutama merupakan utang kepada pihak ketiga (sub-kontraktor) belum ditagihkan, yang berasal dari pekerjaan yang diakui sesuai dengan metode persentase penyelesaian yang dinyatakan dalam Berita Acara Penyelesaian Pekerjaan namun belum diterbitkan faktur karena perbedaan antara tanggal berita acara fisik dengan pengajuan penagihan pada tanggal Laporan Posisi Keuangan. 2. Adanya peningkatan utang bank jangka pendek. Mengingat komposisi Liabilitas Perseroan didominasi oleh Liabilitas jangka pendek dan Current Ratio Perseroan di atas 100%, maka adanya peningkatan porsi Liabilitas dalam pendanaan Perseroan tidak mengkhawatirkan. Sementara, Liabilitas jangka panjang per 31 Desember 2011 menurun dibandingkan per 31 Desember 2010.

1. Increase in Accounts Payable of PT Waskita Karya from Rp900,286 million for the position of 31 December 2010 to Rp1,661,714 million as of 31 December 2011. The Accounts Payable was third party payables (sub contractors) that not yet billed, which was due from recognized works based on the percentage of completion method of which stated on the Certificate of Work Completion while the invoice is still unbilled due to the difference of timing between the signing date of the certificate and the date of invoice billed on Balance Sheet date. 2. Increase in short term bank loan. Considering Liabilities composition of the Company was dominating by Current Liabilities and Current Ratio of above 100%, thereby the increase in the portion of Liabilities in the Company's fund is not a concern. Meanwhile, non current Liabilities as of 31 December 2011 was decreased compared to 31 December 2010 position.

Laporan Arus Kas Konsolidasian Consolidated Statements of Cash Flows 2011 (Rp juta)

Keterangan Description Arus Kas Bersih dari Aktivitas Operasi Net Cash Flows from Operating Activities


(1.155.659)

(337.048)

243%

232.257

(404.390)

-157%

316.052

140.756

125%

(607.350)

(600.682)

1%

2.426.837

3.027.519

-20%

1.819.487

2.426.837

-25%

Arus Kas Bersih dari Aktivitas Investasi Net Cash Flows from Investing Activities Arus Kas Bersih dari Aktivitas Pendanaan Net Cash Flows from Financing Activities Kenaikan (Penurunan) Bersih Kas dan Setara Kas Increase (Decrease) Net Cash and Cash Equivalents Kas dan Setara Kas Awal Tahun Cash and Cash Equivalents At Beginning Of Year Kas dan Setara Kas Akhir Tahun Cash and Cash Equivalents At End Of Year

2010 (Rp juta)


Struktur Modal Capital Structure 31-12-2011 (Rp juta)

Liabilitas Liabilities

Ekuitas Equity

Total

31-12-2010 (%)

(Rp juta)

(%)

4.884.487

59%

3.752.017

55%

3.348.208

41%

3.122.014

45%

8.232.695

100%

6.874.031

100%

Kemampuan Membayar Utang

Financial Ratio

Kemampuan membayar utang/liabilitas antara lain dapat diukur dengan Total Utang terhadap Total Aset maupun Aset Lancar terhadap Utang Lancar. Adapun rasio-rasio tersebut pada Perseroan adalah sebagai berikut:

The ability to settle debts/liabilities among others may be measured by Total Debt to Total Assets as well as Current Ratio. The Company's ratios can be viewed as follows:

Per 31 Desember 2011


%

(%)

Total Utang terhadap Total Aset Total Debt to Total Assets Ratio

Aset Lancar terhadap Utang Lancar Current Ratio

59%

55%

134%

168%

Walaupun rasio Total Utang terhadap Total Aset meningkat pada tahun 2011 dibandingkan tahun 2010, namun demikian rasio tersebut masih menunjukkan bahwa total aset Perseroan dapat menutupi total utang Perseroan lebih dari 100%. Dengan demikian kemampuan membayar utang bagi Perseroan relatif tinggi.

Although Total Debt to Total Assets ratio was increased in 2011 compared to 2010, yet this ratio indicates the Company's total assets in which still able to secure the Company's total debt of more than 100%. Thereby the Company's still has a relatively high ability in settling its debts.

Demikian juga halnya dengan kemampuan pembayaran utang jangka pendek yang dapat tercermin dari Current Ratio. Walaupun terjadi peningkatan Liabilitas/Utang Jangka Pendek Perseroan pada tahun 2011, aset lancar Perseroan dapat menutupi utang lancar Perseroan (di atas 100%).

As also with the ability to settle current liabilities in which may be viewed from Current Ratio. Although there is an increase in Current Liabilities/Debt of the Company in 2011, the Company's current assets may secured the Company's current liabilities (above 100%).

Tingkat Kolektibilitas Piutang

Receivables Collectability Level

Perseroan telah menerapkan PSAK 50 dan 55 (Revisi 2006) tentang Instrumen Keuangan sejak tahun 2010. Perseroan telah membentuk penyisihan penurunan nilai pinjaman, yang dihitung berdasarkan penilaian secara individual atas pinjaman.

The Company implemented PSAK 50 and 55 (Revised 2006) concerning Financial Instruments since 2010. The Company has provided allowance for impairment of loans value, which is calculated based on individual assessment on loans.

Besarnya dan penjelasan atas penyisihan penurunan nilai pinjaman dapat dilihat pada Laporan Posisi Keuangan dan catatan atas Laporan Keuangan sebagaimana kami sajikan pada laporan ini.

The total and explanation on allowance for impairment of loans value may be viewed in the Financial Position Statements and notes on Financial Report as we presented in this report.

Profitabilitas

Profitability

Profitability is the Company's ability to gain profits/earnings that may be viewed from financial ratios such as Return on Assets (ROA), Return on Equity (ROE), and Earnings per Share (EPS), as follow :

Profitabilitas adalah kemampuan Perseroan untuk memperoleh laba/keuntungan yang dapat dilihat dari rasio-rasio keuangan diantaranya Laba Bersih terhadap Total Aset (ROA), Laba Bersih terhadap Total Ekuitas (ROE), dan Earning per Share (EPS) sebagai berikut :



Management's Discussion & Analysis Per 31 Desember 2011


%

(%)

Laba Bersih terhadap Total Aset

3,5%

3,6%

8,6%

7,9%

102.249

87.082

Return on Assets (ROA)

Laba Bersih terhadap Total Ekuitas Return on Equity (ROE)

Laba Per Saham (Rupiah) Earnings Per Share (Rupiah)

IKATAN MATERIAL UNTUK INVESTASI BARANG MODAL

MATERIAL COMMITMENT ON CAPITAL GOODS INVESTMENT

REVISI PERNYATAAN STANDAR AKUNTANSI KEUANGAN

STATEMENTS OF REVISED FINANCIAL ACCOUNTING STANDARD

Pada tahun 2011, Perseroan tidak memiliki ikatan material untuk investasi barang modal.

In 2011, the Company does not have material commitment on capital goods investment.

Berikut revisi PSAK yang mulai diberlakukan setelah 1 Januari 2011:

The followings are the revised PSAK which was effective after January,1 2011:

Efektif berlaku pada atau setelah tanggal 1 Januari 2011: • PSAK 1 (Revisi 2009) “Penyajian Laporan Keuangan” • PSAK 2 (Revisi 2009) “Laporan Arus Kas” • PSAK 3 (Revisi 2010) “Laporan Keuangan Interim” • PSAK 4 (Revisi 2009) “Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri” • PSAK 5 (Revisi 2009) “Segmen Operasi” • PSAK 7 (Revisi 2010) “Pengungkapan Pihak-pihak Berelasi” • PSAK 8 (Revisi 2010) “Peristiwa Setelah Periode Pelaporan” • PASK 12 (Revisi 2009) “Bagian Partisipasi dalam Ventura Bersama” • PSAK 15 (Revisi 2009) “Investasi Pada Entitas Asosiasi” • PSAK 19 (Revisi 2010) “Aset Tak Berwujud” • PSAK 22 (Revisi 2010) “Kombinasi Bisnis” • PSAK 23 (Revisi 2010) “Pendapatan” • PSAK 25 (Revisi 2009) “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan” • PSAK 48 (Revisi 2009) “Penurunan Nilai Aset” • PSAK 57 (Revisi 2009) “Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi” • PSAK 58 (Revisi 2009) “Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan” • ISAK 7 “Konsolidasi Entitas Bertujuan Khusus” • ISAK 9 “Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi, dan Liabilitas Serupa” • ISAK 10 “Program Loyalitas Pelanggan” • ISAK 11 “Distribusi Aset Nonkas Kepada Pemilik” • ISAK 12 “Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer” • ISAK 14 “Aset Tak Berwujud-Biaya Situs Web” • ISAK 17 “Laporan Keuangan Interim dan Penurunan Nilai.

Effective or after January 1, 2011, as follows: • P SAK 1 (Revised 2009) “Financial Statements Presentation” • PSAK 2 (Revised 2009) “Cash Flows Statements” • PSAK 3 (Revised 2010) “Interim Financial Statements” • P SAK 4 (Revised 2009) “Consolidated and Separate Financial Statements”” • PSAK 5 (Revised 2009) “Operating Segments” • P SAK 7 (Revised 2010) “Related Party Disclosures” • PSAK 8 (Revised 2010) “Events after the Reporting Period” • PASK 12 (Revised 2009) “Interests in Joint Ventures” • PSAK 15 (Revised 2009) “Investments in Associates” • PSAK 19 (Revised 2010) “Intangible Assets” • PSAK 22 (Revised 2010) “Business Combination” • PSAK 23 (Revised 2010) “Revenues” • PSAK 25 (Revised 2009) “Accounting Policies, Changes in Accounting Estimates and Errors” • PSAK 48 (Revised 2009) “Impairment of Assets” • P SAK 57 (Revised 2009) “Provisions, Contingent Liabilities and Contingent Assets” • P SAK 58 (Revised 2009) “Non Current Assets Held for Sale and Discontinued Operations” • ISAK 7 “Consolidation of Special Purpose Entities” • ISAK 9 “Changes in Existing, Decommissioning, Restoration and Similar Liabilities” • ISAK 10 “Customer Loyalty Programmes” • ISAK 11 “Distribution of Non-cash Assets to Owners” • ISAK 12 “Jointly Controlled Entities – Non Monetary Contributions by Ventures” • ISAK 14 “Intangible Assets – Web Site Cost” • ISAK 17 “Interim Financial Reporting and Impairment.


Efektif berlaku pada atau setelah tanggal 1 Januari 2012: • PSAK 5 (Revisi 2009) “Segmen Operasi” • PSAK 12 (Revisi 2009) “Bagian Partisipasi dalam Ventura Bersama” • PSAK 15 (Revisi 2009) “Investasi Pada Entitas Asosiasi” • PSAK 25 (Revisi 2009) “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan” • PSAK 48 (Revisi 2009) “Penurunan Nilai Aset” • PSAK 57 (Revisi 2009) “Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi” • PSAK 58 (Revisi 2009) “Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan” • ISAK 7 (Revisi 2009) “Konsolidasi Entitas Bertujuan Khusus (EBK)” • ISAK 9 “Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi, dan Liabilitas Serupa” • ISAK 10 “Program Loyalitas Pelanggan” • ISAK 11 “Distribusi Aset Nonkas Kepada Pemilik” • ISAK 12 “Pengendalian Bersama Entitas (PBE): Kontribusi Nonmoneter oleh Venturer”

Effective or after January 1, 2012, as follows: • PSAK 5 (Revised 2009) “Operating Segments” • PSAK 12 (Revised 2009) “Interests in Joint Ventures” • PSAK 15 (Revised 2009) “Investments in Associates” • P SAK 25 (Revised 2009) “Accounting Policies, Changes in Accounting Estimates and Errors” • PSAK 48 (Revised 2009) “Impairment of Assets” • P SAK 57 (Revised 2009) “Provisions, Contingent Liabilities and Contingent Assets” • P SAK 58 (Revised 2009) “Non Current Assets Held for Sale and Discontinued Operations” • ISAK 7 (Revised 2009) “Consolidation of Special Purpose Entities (EBK)” • ISAK 9 “Changes in Existing, Decommissioning, Restoration and Similar Liabilities” • ISAK 10 “Customer Loyalty Programmes” • ISAK 11 “Distribution of Non-cash Assets to Owners” • ISAK 12 “Jointly Controlled Entities – Non Monetary Contributions by Ventures”

Perseroan sedang mengevaluasi dan belum menentukan dampak dari Standar, Interpretasi dan Pencabutan Standar yang direvisi dan yang baru tersebut terhadap laporan keuangannya. Namun demikian, Perseroan telah menerapkan PSAK diatas khususnya yang efektif berlaku mulai 1 Janurai 2011, antara lain PSAK 1 (Revisi 2009).

The Company is still evaluating and has not yet decided the impact of these Standards, Interpretations, Standard Withdrawals which is revised and new to the financial statements. Nothwithstanding, the Company implemented the above PSAK spesifically effective on 1 January 2011, among others is PSAK 1 (Revised 2009).

KEJADIAN PENTING SETELAH TANGGAL LAPORAN KEUANGAN

SIGNIFICANT EVENTS AFTER FINANCIAL STATEMENTS REPORTING PERIOD

Pada tanggal 5 April 2012, Entitas Anak, PT Waskita Karya telah mengajukan pendaftaran ke Bapepam LK dalam rangka Penawaran Umum Obligasi II PT Waskita Karya tahun 2012 dengan jumlah pokok sebanyak-banyaknya sebesar Rp750.000 juta. Sampai dengan tanggal diterbitkan laporan keuangan (audited), pengajuan pendaftaran tersebut masih dalam proses penelaahan Bapepam-LK.

On April 5, 2012, the Subsidiary, PT Waskita Karya, have submitted the proposal of registration to the Bapepam-LK with regards to Public Oferring of Waskita Karya II Bond Year 2012, with principal amount maximum of Rp750,000 million. Until the issuance date of the financial statement (audited), Bapepam-LK is still on the process of reviewing.

TRANSAKSI YANG MENGANDUNG BENTURAN KEPENTINGAN DAN TRANSAKSI DENGAN PIHAK YANG MEMILIKI HUBUNGAN ISTIMEWA (AFILIASI)/BERELASI

SIGNIFICANT TRANSACTIONS AND TRANSACTIONS WITH RELATED PARTY (AFFILIATED)

Efektif tanggal 1 Januari 2011, Perusahaan dan perusahaan anak menerapkan PSAK No. 7 (Revisi 2010) “Pengungkapan Pihak-pihak Berelasi” yang menggantikan PSAK No.

Effective on 1 January 2011, the Company and Subsidiary implemented PSAK No. 7 (Revised 2010) "Related Party Disclosures" in which replaced PSAK No. 7 (Reformat 2007)



Management's Discussion & Analysis 7 (Reformat 2007) “Pengungkapan Pihak-pihak yang mempunyai hubungan istimewa”, secara prospektif. PSAK No. 7 (Revisi 2010) mendefinisikan pihak berelasi sebagai orang atau entitas yang terkait dengan entitas pelapor sebagai berikut:

"Significant related party disclosures", in prospective manner. PSAK No. 7 (Revised 2010) defined the related party as a person or entity that related to the entity of informer as follows:

a. Perusahaan baik langsung maupun melalui satu atau lebih perantara, mengendalikan atau dikendalikan oleh, atau berada di bawah pengendalian bersama, dengan Perusahaan (termasuk holding companies dan subsidiaries); b. Perusahaan asosiasi; c. Perorangan yang memiliki, baik secara langsung maupun tidak langsung, suatu kepentingan hak suara di Perusahaan yang berpengaruh secara signifikan, dan anggota keluarga dekat dari perorangan tersebut (yang dimaksudkan dengan anggota keluarga dekat adalah mereka yang dapat diharapkan mempengaruhi atau dipengaruhi perorangan tersebut dalam transaksinya dengan Perusahaan); d. Karyawan kunci, yaitu orang-orang yang mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin dan mengendalikan kegiatan Perusahaan, yang meliputi anggota dewan komisaris, direksi dan manajer dari Perusahaan, serta anggota keluarga dekat orang-orang tersebut; dan e. Perusahaan dimana suatu kepentingan substansial dalam hak suara dimiliki baik secara langsung maupun tidak langsung oleh setiap orang yang diuraikan dalam butir (3) atau (4), atau setiap orang tersebut mempunyai pengaruh signifikan atas perusahaan tersebut. Ini mencakup perusahaan-perusahaan yang dimiliki anggota dewan komisaris, direksi atau pemegang saham utama dari Perusahaan dan perusahaan-perusahaan yang mempunyai anggota manajemen kunci yang sama dengan Perusahaan.

a. A company both direct and through one or more mediator, controlling or controlled by, or under joint supervision, with the Company (including holding companies and subsidiaries); b. Associates companies; c. An individual who own, both direct and indirect, a significant voting rights in a Company, and close family member from concerned individual (close family member is the members who can influence or may be influenced by the person for the transactions with the Company); d. K ey employees, are the people with authorities and responsibilities to plan, lead and manage Company's activity, which include member of board of commissioners, Board of Directors and managers of the Company, as well as close family member from concerned people; and e. A company where its substantial voting rights is directly or indirectly owned by each person elaborated in points (3) or (4), or every person has significant influence on the company. This include companies owned by member of board of commissioners, Board of Directors or main shareholders of the Company and other companies with the same key managements.

Semua transaksi yang jumlahnya signifikan dengan pihak yang berelasi baik yang dilakukan dengan syarat normal, sebagaimana dilakukan dengan pihak yang berelasi, maupun tidak, telah diungkapkan dalam laporan keuangan konsolidasi.

All significant transactions with related party both conducted in normal requirements, as it is done with the related party, or not, has been presented in the consolidated financial statements.

Berdasarkan PSAK No. 7 (Revisi 2010), transaksi antara Perseroan dengan Pemerintah, BUMN lainnya dan perusahaan-perusahaan yang dimiliki atau dikendalikan Negara, tidak dikategorikan sebagai transaksi dengan pihak-pihak yang berelasi.

Based on PSAK No. 7 (Revised 2010), transactions between the Company and Government, other SOEs and companies owned or controlled by the Government, are not categorized as transaction with related party.


PROSPEK USAHA Aspek Internal

BUSINESS PROSPECT Internal Aspect

Aspek Eksternal

External Aspect

Di pasar modal, IHSG mengalami kenaikan tipis sebesar 3,17% dibandingkan posisi akhir tahun 2010 menjadi 3.821 pada sesi penutupan akhir tahun 2011. Perkembangan ekonomi Indonesia yang baik ini mendorong industri perbankan leluasa melakukan ekspansi. Hal ini terlihat dari indikator-indikator pertumbuhan industri perbankan seperti penyaluran kredit, NPL, Rasio Kecukupan Modal. Hingga akhir 2011, penyaluran kredit perbankan tumbuh 26,11% dibandingkan dengan tahun 2010 yang sebesar Rp1.783,6 triliun menjadi Rp2.223,7 triliun.

On capital market, JCI increased slightly by 3.17% compared to 2010 end year position to 3,821 at the closing session of 2011. The sound development of Indonesian economy contributed to expansion by bankings. This may be viewed by indicators in banking industry growth such as loan facility, NPL, and Capital Adequacy Ratio. By year end 2011, banking loan facility grew by 26.11% compared to 2010 figure of Rp1,783.6 trillion to Rp2,223.7 trillion.

Data Biro Pusat Statistik menyebutkan, pada akhir tahun 2011, inflasi berada di level 3,79%. Kendati sempat mengalami kenaikan dari 6,50% pada bulan Januari ke level 6,75% di bulan Februari, pada akhir tahun 2011tingkat suku bunga BI rate kembali turun di level 6,00% dan bertahan hingga awal tahun 2012.

Statistic Center Bureau stated that by end of 2011 inflation was at 3.79% level. On BI rate, although managed to rise at 6.50% in January to 6.75% in February, by end of 2011 the interest rate was dipping down to 6.00% level and maintained its level up to the beginning of 2012.

Satu sisi, kondisi tersebut mencerminkan stabilitas ekonomi. Namun di sisi lain, khususnya terkait dengan upaya mendorong pertumbuhan ekonomi, spread bunga yang masih cukup besar antara tingkat suku bunga BI dengan suku bunga pasar kredit perbankan

On one side, this condition represent economic stability. On the other hand, specifically in relation to boost economic growth, greater spread between banking interest rate and BI rate indicated the inefficiency in national banking.

Perseroan memiliki kekuatan pada Sumber Daya Manusia yang berpengalaman di seluruh bidang usaha yang dijalankan. Didukung oleh Sistem, Manajemen dan Teknologi Informasi yang baik, Perseroan akan selalu mampu meningkatkan pencapaian kinerja dari tahun ke tahun. Terdapatnya peraturan yang memberikan kesempatan bagi Perseroan untuk mengelola aset negara eks BPPN atau aset BUMN serta merestrukturisasi dan/ atau merevitalisasi BUMN sangat mendukung kegiatan operasional Perseroan.

The Company posses the strength in competent Human Resource with experience in all business activity. Supported by good System, Management and Information Technology, the Company strives to improve its performance from year to year. The existing laws had supported the operations of the Company with the duty to manage state's asset of ex IBRA or SOEs' assets and to restructuring and/or revitalization of SOEs.

Mengakhiri tahun 2011, perekonomian Indonesia berada pada kondisi yang cukup baik. Didorong oleh pertumbuhan ekspor, investasi dan konsumsi domestik, Indonesia membukukan Pendapatan Domestik Bruto (PDB) sebesar 6,5%. Data BPS menyebutkan, selama tahun 2011 investasi tumbuh 8,8%. Pertumbuhan ini mendorong kontribusi investasi terhadap PDB meningkat menjadi 32% dari total PDB. Demikian halnya dengan ekspor yang mengalami pertumbuhan sangat tinggi yaitu sebesar 13,6%. Sementara impor hanya tumbuh sebesar 13,3%. Dengan demikian, neraca perdagangan Indonesia tahun 2011 mengalami surplus sekitar USD12 miliar.

Ending the year 2011, Indonesia's economy is in sufficient condition. Propelled by the growth in exports, investments and domestic consumptions, Indonesia recorded Gross Domestic Product (GDP) of 6.5%. BPS's statistic stated that durin 2011 investment was grew by 8.8%. This trend boost the investment contribution to GDP of 32% from the total GDP. As also on export that experience highest growth by 13.6%, meanwhile import was posted at 13.3%. Thereby, Indonesia's trade balance sheet in 2011 was posted surplus of around USD12 billion.



Management's Discussion & Analysis mengindikasikan adanya inefisiensi di perbankan nasional. Selain itu, tingkat suku bunga yang tinggi mendorong perbankan lebih memilih untuk menempatkan dana pada Sertifikat Bank Indonesia dibandingkan menyalurkan kredit ke dunia usaha. Dengan demikian, dunia usaha akan mengalami kesulitan untuk memaksimalkan pemanfaatan momentum dana perbankan yang saat ini cukup besar. Untuk itu, diperlukan usaha yang lebih keras untuk mewujudkan tingkat bunga kredit yang lebih rendah agar dunia usaha nasional mampu memiliki daya saing yang tinggi pada saat berhadapan dengan negara-negara tetangga.

Moreover, high interest rate will pulled banking funds into Bank Indonesia Certificates instead of loan facility to business. Thereby, business will face difficulty in maximizing benefits of banking funds momentum of which currently in greater values. To this end, stringent efforts is needed to create lower interest rate thus developing excellent business competition when facing neighbouring countries.

Seiring pertumbuhan ekonomi Indonesia yang masih akan terus berlangsung di tahun-tahun mendatang, Perseroan optimis kegiatan investasi mampu meningkatkan kinerja operasional dengan hasil yang optimal. Masih banyaknya aset BUMN yang belum dikelola dengan optimal menjadi peluang yang baik bagi Perseroan di masa-masa yang akan datang. Fokus Pemerintah dalam mengembangkan infrastruktur juga merupakan peluang yang sangat baik bagi operasional Perseroan dalam beberapa tahun ke depan.

Aligned with Indonesia's economic growth in which will be continued in the years to come, the Company is confident on its investment activities capability to increase its operations with optimum results. Greater assets of SOEs of which are not yet governed optimally will open the opportunity for the Company in future. The Government focus on infrastructure development will also create good opportunity for the Company's operations in future years.

Aspek Pemasaran

Marketing Aspect

Guna terus memacu kinerja, manajemen Perseroan telah merumuskan berbagai langkah diantaranya adalah melakukan redefinisi produk dan solusi yang disesuaikan dengan kebutuhan pasar dan melakukan upaya marketing yang lebih proaktif dan agresif.

KEBIJAKAN PEMBAGIAN DIVIDEN

To continue support its performance, the Company's management formulated several steps including redefinition of products and solutions that was adjusted with market needs and initiate a proactive and agressive marketing efforts.

DIVIDEND DISTRIBUTION POLICY

Keputusan Rapat Umum Pemegang saham Tahunan tentang Persetujuan Laporan Tahunan dan Pengesahan Laporan Keuangan Tahun Buku 2009 menetapkan bahwa PT PPA harus menyetorkan dividen sebesar Rp46.852 Juta atau sebesar 34,32% dari Laba Bersih tahun buku 2009 ke Rekening Kas Umum Negara di Bank Indonesia. Adapun dividen tersebut diatas telah disetorkan pada tahun 2010.

Resolution of Annual General Meeting of Shareholders concerning the Approval of Annual Report and Ratification of Financial Statement Fiscal Year 2009 stipulated that the Company to distribute dividend amounting Rp46,852 million or 34,32% from Net Income of fiscal year 2009 to the State Treasury in Bank Indonesia. The dividend has been transferred to the State Treasury on 2010.

Keputusan Rapat Umum Pemegang Saham Tahunan tentang Persetujuan Laporan Tahunan dan Pengesahan Laporan Keuangan Tahun Buku 2010 menetapkan bahwa Perseroan harus menyetorkan dividen sebesar Rp24.395 juta atau sebesar 10% dari Laba Bersih tahun buku 2010 ke Rekening Kas Umum Negara di Bank Indonesia. Dividen tersebut telah disetor ke rekening Kas Umum Negara pada tanggal 7 Juli 2011.

Resolution of Annual General Meeting of Shareholders concerning the Approval of Annual Report and Ratification of Financial Statement Fiscal Year 2010 stipulated that the Company to distribute dividend amounting Rp24,395 million or 10% from Net Income of fiscal year 2010 to the State Treasury in Bank Indonesia. The dividend has been transferred to the State Treasury on 7 July 2011.


PERPAJAKAN

Kontribusi pajak tahun 2011 mencapai sebesar Rp289.601 juta. Pada tahun 2010 kontribusi pajak Perseroan adalah sebesar Rp160.766 juta.

TAXATION

Tax contribution in 2011 was posted at Rp4,840 million. In 2010 the Company's tax contribution was booked at Rp9,738 million.

Kontribusi Pajak Tax Contribution (Induk) Realisasi 2011 (Rp Juta) 2011 Realization (Rp Million) (Audited)

Uraian Description

Realisasi 2010 (Rp Juta) 2010 Realization (Rp Million) (Audited)

A. PPH Income Taxes PPh Badan Corporate Income Tax

-

-

PPh Pasal 21 Article 21

3.438

6.886


-

-


2.013

8.976


8.506

40

17.350

19.201

12

-

B. PPN Bersih Net VAT

258.282

125.663

TOTAL

289.601

160.766

PPh Pasal 4(2) Article 4(2) BPHTB Land Taxes


Tata Kelola Perusahaan Corporate Governance



Corporate Governance Sejak awal berdirinya, Perseroan telah menaruh perhatian besar terhadap pelaksanaan tata kelola perusahaan yang baik (GCG). Sampai saat ini, upayaupaya Perseroan mewujudkan visinya selalu dilandasi oleh prinsip-prinsip GCG yang mampu mendorong profesionalitas pengelolaan dan memastikan keberlanjutan pencapaian usaha. Since its establishment, the Company valued the implementation of good corporate governance (GCG). The Company constantly enacted its vision with GCG's principles as a support in professional management and ensure sustainability of business achievement. Aspek tata kelola perusahaan yang baik (GCG) senantiasa menjadi perhatian Perseroan sejak awal berdirinya. GCG menjadi acuan Perseroan dalam mewujudkan visinya “Sebagai perusahaan pengelola aset terdepan yang memimpin dalam setiap bidang usahanya.”

The Company continuously placed great attention in the aspect of Good Corporate Governance (GCG) since its establishment. The Company's positioned GCG as a reference in realizing its vision "As a leading asset management company that lead in all of its businesses."

Tujuan penerapan GCG bagi Perseroan adalah: 1. Mendorong tercapainya kesinambungan perusahaan melalui pengelolaan yang didasarkan pada asas transparansi, akuntabilitas, responsibilitas, independensi serta kewajaran dan kesetaraan; 2. Mendorong pemberdayaan fungsi dan kemandirian masing-masing organ Perseroan; 3. Mendorong pemegang saham, anggota Dewan Komisaris dan anggota Direksi agar dalam membuat keputusan dan menjalankan tindakannya dilandasi oleh nilai moral yang tinggi dan kepatuhan terhadap peraturan perundang-undangan; 4. Mendorong timbulnya kesadaran dan tanggung jawab sosial perusahaan terhadap masyarakat dan kelestarian lingkungan; 5. Mengoptimalkan nilai perusahaan bagi pemegang saham dengan tetap memperhatikan pemangku kepentingan lainnya; 6. Meningkatkan daya saing Perseroan, sehingga meningkatkan kepercayaan pasar yang dapat mendorong arus investasi dan pertumbuhan ekonomi nasional yang berkesinambungan.

The objectives of GCG's implementation are: 1. E ncourage the achivement of corporate sustainability through the management that is based on principles of transparency, accountability, responsibility, independence, as well as fairness and equality; 2. E ncourage the empowerement of function and independence of each organ of the Company; 3. E ncourage the shareholders, members of the Board of Commissioners and Board of Directors to make decisions and execute actions based on high moral values and compliance with laws and regulations; 4. E ncourage the awareness and corporate social responsibility towards society and the environment; 5. O ptimize shareholders' value by taking into account other stakeholders; 6. Improve competitiveness of the Company, thereby increasing market's confidence of which to encourage investment flows and a sustainable national economic growth.


Komitmen tinggi Perseroan terhadap pelaksanaan GCG tercermin dari sikap seluruh jajaran Perseroan dalam menjalankan tugas-tugasnya. Prinsip-prinsip yang terkandung di dalam aspek GCG berperan penting dalam membentuk etika kerja Perseroan dan menjadi landasan bagi pelaksanaan kegiatannya. Prinsip-prinsip tersebut adalah:

The Company's high commitment in GCG implementation is reflected from all management of the Company in carrying out their duties. GCG's principles play an important role in shaping the work ethics of the Company and became the foundation for the implementation of its activities. The principles are as follows:

Transparansi

Transparency

Akuntabilitas

Accountability

Tanggung Jawab

Responsibility

Prinsip transparansi mendorong setiap perusahaan untuk bersikap terbuka kepada para Pemegang Saham dan Pemangku Kepentingan mengenai keputusan, kondisi, kegiatan dan perkembangan perusahaan. Mengacu kepada prinsip ini, Perseroan berkomitmen untuk menyediakan informasi yang menyeluruh dan komprehensif kepada Pemegang Saham secara khusus, dan Pemangku Kepentingan Perseroan secara umum. Sebagai wujud dari prinsip keterbukaan, Perseroan secara teratur menyampaikan laporan-laporan mengenai Perseroan, antara lain laporan tahunan, laporan keuangan, laporan manajemen, serta laporan kegiatan program kemitraan dan bina lingkungan, yang disampaikan Perseroan kepada Pemegang Saham dan para Pemangku Kepentingan lainnya yang membutuhkan serta melalui situs Perseroan. Disamping itu terhadap kegiatan tertentu, Perseroan menyampaikan informasi melalui media massa. Prinsip akuntabilitas merupakan syarat yang dibutuhkan dalam rangka mencapai kinerja yang berkesinambungan. Sebagai bentuk pelaksanaan prinsip akuntabilitas antara lain ditunjukkan dengan adanya rincian tugas dan tanggung jawab masing-masing organ Perseroan sebagaimana tertuang dalam Anggaran Dasar Perseroan serta sistem pengendalian internal sebagaimana tercermin dalam Kebijakan/Guideline/Petunjuk Teknis yang menjadi acuan pelaksanaan tugas Perseroan. Melalui langkahlangkah ini, dapat dipastikan bahwa Perseroan dikelola dengan benar dan terukur, dengan tetap memperhatikan kepentingan Pemegang Saham dan Pemangku Kepentingan lainnya.

Transparency encourages every company to initiate tranparent conduct to Shareholders and Stakeholders concerning decision, conditions, activities and development of the company. Referring to this principle, the Company is committed to provide comprehensive information spesifically to Shareholders, and generally to Stakeholders. In realizing transparency, the Company executes regular reporting, including annual reports, financial reports, management reports, and activity report of partnership and environmental development program. The reports are presented to Shareholders and other Stakeholders of the Company, which also may be viewed through the Company's website. In addition, the Company also disseminate information through mass media.

Accountability is prerequisite in the achievement of sustainable performance. Accountability is implemented through details of duty and responsibility of the Company's organs as stated in the Articles of Association of the Company and internal control as manifested in Policy/ Guidelines/Technical Guideline as the reference in the implementation of the Company's activity. The Company, by this conduct, is managed correctly and in measurable manner, by taking into account the interest of Shareholders and other Stakeholders.

Prinsip tanggung jawab berkenaan dengan kepatuhan entitas usaha terhadap perundang-undangan yang berlaku, serta terhadap masyarakat dan lingkungan. Sebagai sebuah perusahaan milik negara, Perseroan senantiasa berupaya untuk bertindak secara bertanggung jawab dalam setiap langkahnya, dengan memperhatikan peraturan yang berlaku, serta sesuai dengan kebijakan Perseroan. Terhadap masyarakat dan lingkungan, Perseroan mengembangkan program-program tanggung jawab sosial yang digulirkan secara memadai dan terencana. Kesinambungan antara kepatuhan terhadap peraturan dengan perhatian terhadap komponen masyarakat dan lingkungan akan menjadikan Perseroan sebagai warga korporat yang baik.

Responsibility refers to compliance of business entity toward laws and regulations, and to the society and environment. As state-owned institution, the Company strives to conduct in responsible manner in every activity, by upholding prevailing laws, and in accordance with the Company's policy. To society and environment, the Company developed corporate social responsibility program in adequacy and planning. Sustainability between compliance to regulations with attention to society and environment will enhance the Company's aim to be a responsible citizen.



Corporate Governance Kemandirian

Independence

Kewajaran

Fairness

Kelancaran pelaksanaan usaha dan penerapan GCG membutuhkan aspek kemandirian. Masing-masing organ Perseroan tidak saling mendominasi, dan tidak terdapat campur tangan dari pihak lain. Perseroan selalu berupaya untuk menghormati kedudukan, tugas, dan tanggung jawab semua organ Perseroan. Proses pengambilan keputusan dilakukan secara obyektif, tidak terpengaruh oleh kepentingan tertentu, bebas dari benturan kepentingan (conflict of interest) dan dari segala pengaruh atau tekanan.

Continuity in business and GCG implementation requires independence aspect. Each of the Company's organs are not dominating, and there is no interference from other parties. The Company strives to respect position, duty, and responsibility of all organs. The decision-making process is objectively carried out, is not affected by any particular interests, free from conflict of interest and from any influence or pressure.

Prinsip kewajaran memastikan bahwa hak-hak Pemegang Saham dan Pemangku Kepentingan terpenuhi dengan baik. Pemegang Saham dan Pemangku Kepentingan berhak antara lain menyampaikan pendapatnya mengenai penyelenggaraan Perseroan. Perseroan sangat memperhatikan keadilan dan kesetaraan di dalam memenuhi hak-hak Pemangku Kepentingan yang timbul berdasarkan perjanjian dan peraturan perundangundangan. Perseroan memberikan kesempatan yang sama dalam penerimaan karyawan serta karyawan dalam berkarir dan melaksanakan tugasnya secara profesional tanpa membedakan suku, agama, ras, golongan, gender, dan kondisi fisik.

STRUKTUR TATA KELOLA PERUSAHAAN

Fairness ensures the fulfillment of Shareholders and Stakeholders' rights. Shareholders and Stakeholders are entitled to, among others, express an opinion on the management of the Company. The Company is very concerned for justice and fairness in meeting Stakeholders rights based on agreement and prevailing laws. The Company provides equal opportunities in recruitment as well as in career and in performing their duties professionally and without distinction of race, religion, race, class, gender, and physical condition.

CORPORATE GOVERNANCE STRUCTURE

Struktur tata kelola perusahaan Perseroan terdiri dari Rapat Umum Pemegang Saham (RUPS) yang diwakili oleh Menteri Negara BUMN, Dewan Komisaris, dan Direksi Perseroan. Sebagai pendukung, Perseroan juga memiliki Komite Audit, Komite PR dan GCG, Satuan Pengawasan Intern, Sekretaris Perusahaan, Sekretaris Dewan Komisaris, dan Auditor Eksternal.

The Company's corporate governance structure is consisted of General Meeting of Shareholders (GMS) of which represented by State Minister of SOEs, Board of Commissioners, and Board of Directors. On supporting function, the Company has Audit Committee, Internal Audit, Risk Monitoring and GCG Committee, Corporate Secretary, Secretary of Board of Commissioners, and External Auditor.

RUPS adalah organ Perusahaan yang memiliki wewenang yang tidak diberikan kepada Direksi atau Dewan Komisaris, dalam batas undang-undang dan/atau Anggaran Dasar Perseroan.

GMS is the Company's organ of which are holding the exclusive authority that are not shared to the Board of Directors or Board of Commissioners, in the limitation of laws and /or Articles of Association of the Company.

Dewan Komisaris adalah Organ Perusahaan yang bertugas dan bertanggung jawab secara kolektif untuk menjalankan fungsi pengawasan terhadap kebijakan pengurusan dan pelaksanaan Perusahaan yang dijalankan oleh Direksi.

Board of Commissioners is the Company's organ that hold collective duty and responsibility in conducting supervisory function to the management policy and implementation of the Company by the Board of Directors.

Direksi bertanggung jawab secara bersama-sama untuk mengelola Perseroan. Selain itu, Direksi juga bertugas mewakili Perseroan baik di dalam, maupun di luar Pengadilan tentang segala hal dan segala kejadian

Board of Directors together held the responsibility in managing the Company. In addition, Board of Directors also served to represent the Company both in or out of Court on every matters and events with restrictions as stipulated


dengan pembatasan-pembatasan sebagaimana diatur dalam peraturan perundangan, Anggaran Dasar dan/atau Keputusan RUPS.

in the prevailing laws, Articles of Association and/or GMS Resolution.

RAPAT UMUM PEMEGANG SAHAM (RUPS)

GENERAL MEETING OF SHAREHOLDERS (GMS)

Dalam tahun 2011 telah dilaksanakan 1 (satu) kali RUPS yaitu: Rapat Umum Pemegang Saham tentang Persetujuan Laporan Tahunan dan Pengesahan Laporan Keuangan Tahun Buku 2010 yang diselenggarakan di Kantor Kementerian BUMN, Jakarta pada tanggal 9 Juni 2011 dengan keputusan sebagai berikut:

1 (one) time GMS was conducted in 2011, as follows:

General Meeting of Shareholders concerning the Approval of Annual Report and Ratification of Financial Report Fiscal Year 2010 of which was held in the Office of SOEs Ministry, Jakarta on 9 June 2011 with the following resolution:

1. M enyetujui Laporan Tahunan termasuk Laporan Pengawasan Dewan Komisaris dan mengesahkan Laporan Keuangan PT Perusahaan Pengelola Aset (Persero) Tahun Buku 2010 yang telah diaudit oleh Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar & Saptoto sebagaimana dimuat dalam laporannya No.R/227.AGA/4.1/2011 tanggal 25 April 2011 dengan pendapat wajar dalam semua hal yang material, dengan pokok-pokok sebagai berikut:

1. A pproved the Annual Report including Supervisory Report of Board of Commissioners and validated Financial Statements of PT Perusahaan Pengelola Aset (Persero) Fiscal Year 2010 of which audited by Public Accountant Firm Aryanto, Amir Jusuf, Mawar & Saptoto as stipulated in its report No.R/227.AGA/4.1/2011 dated 25 April 2011 with fair opinion in all matters, with the following principals:

a. Neraca Konsolidasian Consolidated Balance Sheet

(Rp juta million)

Aktiva Assets − Aset Lancar Current Assets

5.956.844

− Pinjaman yang diberikan Loans

450.809

− Aset Tetap - Bersih Fixed Assets - Net

156.847

− Investasi pada Perusahaan Asosiasi Investment in Associates

107.051

− Investasi pada Kerjasama Operasi Investment in Joint Operations − Aset Pajak Tangguhan - Bersih Deferred Tax Assets - Net

− Aktiva Lain-lain Other Assets

65.356 27. 180 109.944 6.874.031

Jumlah Aktiva Total Assets Liabilitas, Hak Minoritas dan Ekuitas Liabilities, Minority Interest and Equity − Liabilitas Lancar Current Liabilities

3.504.562

− Liabilitas Tidak Lancar Non Current Liabilities

247.455

− Hak Minoritas atas Aset Bersih Entitas Anak Minority Interest on Net Assets of Subsidiary − Ekuitas Equity

4.535 3.117.479

Jumlah Liabilitas, Hak Minoritas dan Ekuitas Total Liabilities, Minority Interest and Equity

6.874.031

b. Perhitungan Laba/Rugi Statements of Income − Pendapatan Usaha Revenues − Beban Usaha Operating Expense

6.150.793

− Laba Usaha sebelum Kerjasama Operasi Operating Income before Joint Operations − Bagian Laba Bersih Kerjasama Operasi Portion of Net Income Joint Operations − Laba Usaha setelah Bagian Laba Bersih Operating Income after Portion of Net Income

(5.634.973) 515.820 8.861 524.681

Kerjasama Operasi Joint Operations − Pendapatan/Beban Lain-lain Bersih Income/Expense Others net − Laba Sebelum Pajak Income Before Tax

(172.273) 352.408

− Beban Pajak Penghasilan - Bersih Income Tax Expense - Net

(107.220)

− Hak Minoritas Minority Interest

(1.241)

− Laba Bersih Net Income

243.947



Corporate Governance 2. Menyetujui dan mengesahkan Laporan Pengelolaan Dana Program Kemitraan dan Bina Lingkungan (PKBL) PT Perusahaan Pengelola Aset (Persero) Tahun Buku 2010, sebagaimana hasil audit Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar & Saptoto sebagaimana dimuat dalam laporannya No.R/069.AAT-PKBL/4/2011 tanggal 25 April 2011, dengan pokok-pokok sebagai berikut:

2. A pproved and ratified Fund Management Report of Partnership and Environmental Development Program (PKBL) of PT Perusahaan Pengelola Aset (Persero) Fiscal Year 2010, as audited by Public Accountant Firm Aryanto, Amir Jusuf, Mawar & Saptoto as included in its reporting No.R/069.AAT-PKBL/4/2011 dated 25 April 2011, with the following principals: (Rp juta million)

a. Program Kemitraan Partnership Program Saldo Awal Beginning Balance

1.288

P enerimaan Receipts − Laba BUMN Pembina Profit of SOEs' Educator

1.472

− Jasa Administrasi Pinjaman Loan Administration Service

17

− Bunga Jasa Giro & Deposito Interest of Giro & Deposits Service

64

− Pengembalian Pinjaman Mitra Binaan Loan Returns of Partners

344

Jumlah Dana Yang Tersedia Total Funds Available

3.185

P engeluaran Expenditures − Pinjaman pada Mitra Binaan Loans to Partners

2.835

− Dana Pembinaan Kemitraan Partnership Development Funds

14

− Biaya Operasional Operating Expense

23

Jumlah Pengeluaran Total Expenditures

2.872

Saldo Dana Akhir Tahun Balance of Funds At Year End

313

b. Program Bina Lingkungan Environmental Development Program D ana Tersedia Available Funds − Saldo Awal Beginning Balance

3.238

− Alokasi Penyisihan Laba Allocation of Profit Allowance

736

− Bunga Deposito dan Jasa Giro Interest of Deposits and Giro

132

Jumlah Dana Yang Tersedia Total Funds Available

4.106

Penggunaan Dana Funds Utilization − Pendidikan dan Latihan Education and Training

917

− Korban Bencana Alam Natural Disaster Victims

525

− Sarana dan Prasarana Umum Public Facility and Infractructure

358

− Sarana Ibadah Religious Facilities

144

− Peningkatan Kesehatan Healthcare Improvement

119

− Pelestarian Alam Environment Conservation − BUMN Peduli SOEs' Care

63 300

J umlah Penggunaan Dana Total Funds Utilization

2.426

S aldo Dana Akhir Tahun Balance of Funds At Year End


1.680

3. Memberi Pelunasan dan Pembebasan tanggung jawab sepenuhnya (acquit et decharge) kepada Direksi dan Dewan Komisaris Perseroan atas tindakan pengurusan dan pengawasan yang telah dijalankan selama tahun buku yang berakhir pada tanggal 31 Desember 2010 termasuk pengurusan dan pengawasan terhadap Program Kemitraan dan Bina Lingkungan tahun buku 2010, sejauh tindakan tersebut bukan merupakan tindak pidana dan tindakan tersebut tercermin dalam laporanlaporan Perseroan dan Laporan Tahunan Program Kemitraan dan Bina Lingkungan tahun buku 2010.

3. P rovided fully Reparation and Liberation of responsibility (acquit et decharge) to Board of Directors and Board of Commissioners of the Company on the management and supervision that have been implemented during fiscal year ended 31 December 2010 including management and supervision on Partnership and Environmental Development Program fiscal year 2010, of which such action is not a criminal act and is reflected in the reports of the Company and Annual Report of Partnership and Environmental Development fiscal year 2010.

4. Menetapkan Penggunaan Laba Bersih Perseroan Tahun Buku 2010 sebesar Rp243.947 juta, dengan perincian sebagai berikut: a. Mengalokasikan 10%, atau senilai Rp24.395 juta sebagai Dividen; b. Menempatkan 6,78%, atau senilai Rp16.540 juta, sebagai dana Cadangan Umum; c. Menyisihkan 2%, atau senilai Rp4.879 juta, sebagai dana Program Kemitraan; d. Menyisihkan 1%, atau senilai Rp2.439 juta, sebagai dana Program Bina Lingkungan; dan e. Mengalokasikan 80,22%, atau senilai Rp195.694 juta sebagai Laba Ditahan.

4. S tipulated Net Income Distribution of the Company Fiscal Year 2010 amounting Rp243,947 million, with following details: a. A llocated 10%, or Rp24,395 million as Dividend; b. Assigned 6.78%, or Rp16,540 million as General Reserve fund; c. Allowance of 2%, or Rp4,879 million, as Partnership Program fund; d. Allowance of 1%, or Rp2,439 million, as Environmental Development Program fund; and e. A llocated 80.22% or Rp195,694 million as Retained Earnings.

Dividen sebesar Rp24.395 juta disetorkan ke Rekening Kas Umum Negara di Bank Indonesia No. 502.000000980 selambat-lambatnya 30 (tiga puluh) hari setelah dilaksanakannya RUPS ini.

Dividend of Rp24,395 million was deposited to the Account of State Treasury in Bank Indonesia No. 502.000000980 the latest 30 (thirty) days after the GMS.

5. Tantiem Direksi dan Dewan Komisaris atas kinerja tahun 2010 serta remunerasi Direksi dan Dewan Komisaris tahun 2011 akan ditetapkan tersendiri dalam Keputusan Pemegang Saham diluar Rapat Umum Pemegang Saham.

5. T antiem for Board of Directors and Board of Commissioners on year 2010 performance and remunerations of Board of Directors and Board of Commissioners year 2011 will be set separately in Shareholders Resolution excluded from General Meeting of Shareholders.

Selain keputusan RUPS di atas, dalam tahun 2011 terdapat 8 (delapan) Keputusan Pemegang Saham Di Luar RUPS sebagai berikut:

In addition to the above GMS resolution, there were 8 (eight) Shareholders Resolution Out of GMS, as follows:

1. Keputusan Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset Di Luar RUPS tentang Pemberian Kewenangan Kepada Direksi untuk Memberikan Pinjaman Dana talangan kepada BUMN untuk Pembayaran Jasa Pihak Ketiga dalam rangka Restrukturisasi dan Revitalisasi No. Kep-44/MBU/2011 tanggal 17 Februari 2011, dengan keputusan:

1. S hareholders Resolution of the Company PT Perusahaan Pengelola Aset (Persero) Out of GMS concerning Authorization To The Dirctors to Provide Bridging Loans to SOEs for Payment of Third Party Service on Restructuring and Revitalization No. Kep-44/MBU/2011 dated 17 February 2011, with following stipulation:

• Memberikan Kewenangan kepada Direksi Perseroan untuk memberikan pinjaman dana talangan kepada BUMN yang digunakan membayar biaya jasa pihak ketiga dalam rangka Restrukturisasi dan/atau Revitalisasi BUMN dengan ketentuan pelaksanaannya dilaporkan kepada Dewan Komisaris;

• A uthorized the Company's Director to provide bridging loans to SOEs to settle third party's service on R/R of SOEs with regulation on its implementation to be reported to the Board of Commissioners;



Corporate Governance • In exercising the authority as referred to in point above, the Company's Board of Directors were requested to put forward prudent principles and be guided by prevailing laws and the Company's articles of association. • T he decision is effective from the date of enactment.

• Dalam melaksanakan kewenangan sebagaimana dimaksud pada butir diatas tersebut, Direksi Perseroan diminta untuk tetap mengedepankan prinsip kehatihatian dan berpedoman pada ketentuan peraturan perundang-undangan dan anggaran dasar Perseroan. • Keputusan ini berlaku sejak tanggal ditetapkan.

2. S hareholders' Resolution of the Company PT Perusahaan Pengelola Aset (Persero) Out of GMS concerning Amendment of Nomenclature to the Board of Directors Position of PT Perusahaan Pengelola Aset (Persero) No. Kep-95/MBU/2011 dated 25 April 2011, with the decision:

2. Keputusan Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset Di Luar RUPS tentang Perubahan Nomenklatur Jabatan Direksi Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset No. Kep-95/MBU/2011 tanggal 25 April 2011, dengan keputusan:

• A pproved the proposal of the Company's Board of Directors to determine amendment of nomenclature to the Company's Board of Directors position to as follows:

• M enyetujui usulan Direksi Perseroan untuk menetapkan perubahan nomenklatur jabatan Direksi Perseroan menjadi sebagai berikut:

Semula Previously

Menjadi To Be

a. Direktur Utama President Director b. Direktur Aset Manajemen Asset Management Director c. Direktur Restrukturisasi & Revitalisasi Restructuring & Revitalization Director d. Direktur Keuangan dan Investasi Finance and Investment Director e. Direktur Manajemen Risiko Risk Management Director f. Direktur Hukum, SDM dan Umum Legal, HR and General Affairs Director

a. Direktur Utama President Director b. Direktur Director c. Direktur Director d. Direktur Director e. Direktur Director

• D engan adanya perubahan nomenklatur jabatan Direksi Perseroan sebagaimana dimaksud pada angka 1) tersebut, maka dengan ini ditegaskan kembali bahwa pada saat Keputusan ini ditetapkan, susunan keanggotaan Direksi Perseroan adalah sebagai berikut: a. Direktur Utama : Boyke Eko Wibowo Mukijat b. Direktur : Andi Saddawero c. Direktur : Saiful Haq Manan d. Direktur : Tunggul Rajagukguk e. Direktur : Tri Herutantoyo

• F ollowing the amendment as referred to in point 1) above, it is hereby reaffirmed that at the time of this decision are set, the composition of the Company's Board of Directors are as follows: a. President Director : Boyke Eko Wibowo Mukijat b. Director : Andi Saddawero c. Director : Saiful Haq Manan d. Director : Tunggul Rajagukguk e. Director : Tri Herutantoyo

• P embagian tugas dan wewenang setiap anggota Direksi ditetapkan oleh Direksi setelah berkonsultasi dengan Dewan Komisaris.

• D ivision of duties and authority of each member of the Board of Directors was stipulated by Board of Directors after consulted with Board of Commissioners.


• M emberi kuasa dengan hak substitusi kepada Direksi Perseroan untuk menyatakan segala sesuatu yang diputuskan dalam keputusan ini dalam bentuk otentik di hadapan Notaris atau pejabat yang berwenang, dan melakukan penyesuaian atau perbaikan-perbaikan yang diperlukan apabila dipersyaratkan oleh pihak yang berwenang untuk memperoleh pengesahan atau perubahan nomenklatur jabatan Direksi Perseroan dimaksud. • Ketentuan ini mulai berlaku sejak tanggal ditetapkan. 3. K eputusan Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset Di Luar Rapat Umum Pemegang Saham tentang Penetapan Penghasilan Tahun 2011 dan Tantiem Tahun Buku 2010 Direksi dan Dewan Komisaris Perusahaan (Persero) PT Perusahaan Pengelola Aset No. Kep-17/D4.MBU/2011 tanggal 27 Juli 2011, dengan keputusan:

• P rovision of power with subtitutions' rights to the Company's Board of Directors to express every issues stipulated in this decision in authentic form in the presence of notary or a competent authority, and initiates adjustment or necessary impovements if required by the authorities to obtain approval or amendment in nomenclature of the Board of Directors' position. • T he decision is effective from the date of enactment. 3. T he Decision of Shareholders of the Company PT Perusahaan Pengelola Aset (Persero) Out of General Meeting of Shareholders concerning Stipulation of Income Year 2011 and Tantiem Fiscal Year 2010 of Board of Directors and Board of Commissioners of PT Perusahaan Pengelola Aset (Persero) No. Kep-17/ D4.MBU/2011 dated 27 July 2011, with the decision:

• P enghasilan Direksi dan Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset Tahun 2011 adalah sebagaimana lampiran keputusan ini. • Gaji/Honorarium untuk Direksi/Dewan Komisaris sebagaimana dimaksud pada angka diatas efektif berlaku terhitung mulai tanggal 1 Januari 2011 sedangkan untuk tunjangan dan fasilitas mulai berlaku sejak tanggal keputusan ini. • T antiem untuk Direksi dan Dewan Komisaris atas kinerja tahun 2010 ditetapkan sebagaimana lampiran keputusan ini, yang telah dianggarkan dalam tahun buku 2010, dibagi sesuai komposisi faktor jabatan masing-masing anggota Direksi dan Dewan Komisaris pada tahun buku 2010. • Keputusan ini mulai berlaku sejak tanggal ditetapkan dengan ketentuan apabila dikemudian hari terdapat kekeliruan di dalamnya, akan dilakukan pembetulan sebagaimana mestinya.

• Income of Board of Directors and Board of Commissioners of PT Perusahaan Pengelola Aset (Persero) Year 2011 was as stated in the attachment of this decision. • S alary/Honorarium for Board of Directors/Board of Commissioners as referred to in point above effective of 1 January 2011 wheregy the allowances and facilities is effective since the date of enactment. • T antiem for Board of Directors and Board of Commissioners on performance year 2010 was stipulated as in the attachment of this decision, of which was budgeted in fiscal year 2010, divided according to composition's factor position of each member of Board of Directors and Board of Commissioners fiscal year 2010. • T his decision is effective since the date of enactment with the provisions of appropriate rectification for mistakes in the future, if any.

4. K eputusan Pemegang Saham Perseroan (Persero) PT Perusahaan Pengelola Aset Di Luar Rapat Umum Pemegang saham tentang Revisi Lampiran Keputusan Pemegang Saham No. Kep-17/D4.MBU/2011 tentang Penetapan Penghasilan Tahun 2011 dan Tantiem Tahun Buku 2010 Direksi dan Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset No. Kep-196/MBU/2011 tanggal 15 Agustus 2011.

4. R esolution of the Company's Shareholders PT Perusahaan Pengelola Aset (Persero) Out of General Meeting of Shareholders concerning Attachment Revision of Shareholders' Resolution No. Kep-17/ D4.MBU/2011 on Stipulation of Income Year 2011 and Tantiem Fiscal Year 2010 of Board of Directors and Board of Commissioners of the Company PT Perusahaan Pengelola Aset (Persero) No. Kep-196/MBU/2011 dated 15 August 2011.

5. Keputusan Menteri Negara BUMN Selaku Rapat Umum Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset No. Kep-92/MBU/2011 tanggal 14 April 2011 tentang Pemberhentian dan Pengangkatan Anggota Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset;

5. T he Decision of State Minister of SOEs As The General Meeting of Shareholders of the Company PT Perusahaan Pengelola Aset (Persero) No. Kep-92/MBU/2011 dated 14 April 2011 concerning Termination and Appointment of Member of Board of Commissioners of the Company PT Perusahaan Pengelola Aset (Persero);



Corporate Governance 6. Surat Menteri Negara BUMN S-262//MBU/2011 tanggal 18 Mei 2011, perihal Penetapan Struktur Organisasi Perseroan;

6. L etter of State Minister of SOEs' S-262/MBU/2011 dated 18 May 2011, regarding Stipulation of the Company's Organization Structure;

7. Keputusan Menteri Negara BUMN Selaku Rapat Umum Pemegang Saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset No. Kep-164/MBU/2011 tanggal 14 Juli 2011 tentang Pemberhentian Anggota Direksi Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset;

7. D ecision of State Minister of SOEs As the General Meeting of Shareholders of the Company PT Perusahaan Pengelola Aset (Persero) No. Kep-164/MBU/2011 dated 14 July 2011 concerning Termination of Member of Board of Directors of the Company PT Perusahaan Pengelola Aset (Persero);

8. Keputusan Menteri Negara BUMN No. Kep-236/ MBU/2011 tanggal 15 November 2011, tentang Pendelegasian Sebagian Kewenangan dan/atau Pemberian Kuasa Menteri Negara BUMN sebagai Wakil Pemerintah selaku Pemegang saham/RUPS pada Perusahaan Perseroan (Persero) dan Perseroan Terbatas serta Pemilik Modal pada Perusahaan Umum (Perum) kepada Direksi, Dewan Komisaris/Dewan Pengawas dan Pejabat Eselon I di Lingkungan Kementerian BUMN.

8. D ecision of State Minister of SOEs' No. Kep-236/ MBU/2011 dated 15 November 2011, concerning Delegation of Part of Authority and/or Power of Attorney of State Minister of SOEs as Government Representatives consequently as Shareholders/GMS of the Company and Limited Liability Company as well as Capital Owners of General Company (Perum) to the Board of Directors, Board of Commissioners/Advisory Board and Echelon 1 of SOEs Ministry.

BOARD OF COMMISSIONERS

DEWAN KOMISARIS

Sesuai dengan Anggaran Dasar Perseroan, Dewan komisaris bertugas melakukan pengawasan terhadap kebijakan pengurusan, jalannya pengurusan pada umumnya baik mengenai Perseroan maupun usaha Perseroan yang dilakukan oleh Direksi serta memberikan nasihat kepada Direksi termasuk pengawasan terhadap pelaksanaan Rencana Jangka Panjang Perusahaan, Rencana Kerja dan Anggaran Perusahaan serta ketentuan Anggaran Dasar dan keputusan RUPS, dan peraturan perundang-undangan yang berlaku, untuk kepentingan Perseroan sesuai dengan maksud dan tujuan Perseroan.

In accordance to the Company's Articles of Association, Board of Commissioners hold the responsibility in supervisory duty toward management, its implementation both concerning the Company or its business by the Board of Directors, as well as advisory duty to the Board of Directors including monitoring in the implementation of Corporate Long Term Plan, Corporate Work Plan and Budget, stipulation of Articles of Association and GMS, and prevailing laws, for the interest of the Company according to its purposes and objectives.

Komposisi Dewan Komisaris

Board of Commissioners Composition

Berdasarkan Keputusan Menteri Negara BUMN selaku RUPS Perseroan, No. KEP-92/MBU/2011 tanggal 14 April 2011, tentang Pemberhentian dan Pengangkatan Anggota Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset, susunan Dewan Komisaris mengalami perubahan. Susunan Dewan Komisaris sebelumnya adalah: Komisaris Utama : Sahala Lumban Gaol Komisaris : Lambock Victor Nahattands Komisaris : Adi Rahman Adiwoso Komisaris : Mohammad Syahrial Komisaris : Erry Firmansyah

Based on the Decision of State Minister of SOEs as the Company's GMS, No. KEP-92/MBU/2011 dated 14 April 2011, concerning Termination and Appointment of Members of Board of Commissioners of the Company PT Perusahaan Pengelola Aset (Persero) , amendment composition of Board of Commissioners. Herewith the previous composition of Board of Commissioners: President Commissioner : Sahala Lumban Gaol Commissioner : Lambock Victor Nahattands Commissioner : Adi Rahman Adiwoso Commissioner : Mohammad Syahrial Commissioner : Erry Firmansyah


berubah menjadi: Komisaris Utama Komisaris Komisaris Komisaris Komisaris

: : : : :

amended to: President Commissioner Commissioner Commissioner Commissioner Commissioner

Sahala Lumban Gaol Lambock Victor Nahattands Erry Firmansyah Edy Putra Irawady Nurhaida

: : : : :

Sahala Lumban Gaol Lambock Victor Nahattands Erry Firmansyah Edy Putra Irawady Nurhaida

Selanjutnya, berdasarkan Keputusan Pemegang saham Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset Di Luar Rapat Umum Pemegang Saham No. SK-135/ MBU/2012 tanggal 7 Maret 2012 tentang Pemberhentian dan Pengangkatan Anggota-anggota Dewan Komisaris Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset yang telah dituangkan dalam Akta Pernyataan Keputusan Rapat Perseroan Terbatas Perusahaan Pengelola Aset (Persero) No. 76 tanggal 19 Maret 2012 dibuat dihadapan notaris Desman SH, MHum, MM, susunan Dewan Komisaris berubah menjadi:

Further, based on the Decision of Shareholders of the Company PT Perusahaan Pengelola Aset (Persero) Out of General Meeting of Shareholders No. SK-135/MBU/2012 dated 7 March 2012 concerning Termination and Appointment of Members of Board of Commissioners of the Company PT Perusahaan Pengelola Aset (Persero), of which stated in the Deeds of Meeting Resolution of Limited Company Perusahaan Pengelola Aset (Persero) No. 76 dated 13 March 2012 before notary Desman SH, MHum, MM, the composition of Board of Commissioners was amended to:

Komisaris Utama Komisaris Komisaris Komisaris

President Commissioner Commissioner Commissioner Commissioner

: : : :

Sahala Lumban Gaol Yoseph Indrajaya Nurhaida Edy Putra Irawady

Wewenang dan Tanggung Jawab Dewan Komisaris Wewenang dan tanggung jawab Dewan Komisaris berdasarkan Anggaran Dasar Perseroan adalah: Wewenang Dewan Komisaris • Melihat buku-buku, surat-surat, serta dokumen-dokumen lainnya, memeriksa kas untuk keperluan verifikasi dan lain-lain surat berharga dan memeriksa kekayaan Perseroan. • Memasuki pekarangan, gedung, dan kantor yang dipergunakan oleh Perseroan. • Meminta penjelasan dari Direksi dan/atau pejabat lainnya mengenai segala persoalan yang menyangkut pengelolaan Perseroan. • Mengetahui segala kebijakan dan tindakan yang telah dan akan dijalankan oleh Direksi. • Meminta Direksi dan/atau pejabat lainnya di bawah Direksi, dan dengan sepengetahuan Direksi, untuk menghadiri rapat Dewan Komisaris. • Memberhentikan sementara anggota Direksi sesuai dengan ketentuan Anggaran Dasar. • Membentuk komite-komite lain selain Komite Audit, jika dianggap perlu, dengan memperhatikan kemampuan Perseroan. • Melakukan tindakan pengurusan Perseroan dalam keadaan tertentu untuk jangka waktu tertentu sesuai dengan ketentuan Anggaran Dasar. • Menghadiri rapat Direksi dan memberikan pandanganpandangan terhadap hal-hal yang dibicarakan. • Melaksanakan kewenangan pengawasan lainnya sepanjang tidak bertentangan dengan peraturan perundang-undangan, Anggaran Dasar, dan/atau Keputusan Rapat Umum Pemegang Saham.

: : : :

Sahala Lumban Gaol Yoseph Indrajaya Nurhaida Edy Putra Irawady

Board of Commissioners' Authority and Responsibility

The authority and responsibility of Board of Commissioners based on the Articles of Association of the Company are as follows: Authority of Board of Commissioners • S ee of books, letters, other documents, checking cash and other securities for verification needs and checking company assets. • E nter the yard, building, and office of the Company • R equest explanation from Board of Directors and/or other officials concerning every matters on the Company's management. • K nowledge of all policies and actions that have been and will be managed by the Board of Directors. • R equest the Board of Directors and/or other officials under the Board of Directors, and in fully knowledge of the Board of Directors, to attend the Board of Commissioners' meeting. • T emporary termination of member of Board of Directors in accordance with the stipulation in Articles of Association. • E stablish other committees other than Audit Committee, if required, by considering the capability of the Company. • C arry out the management of the Company in certain condition for certain period of time as per Articles of Association. • A ttend the Board of Directors meeting and provide perspectives on issues discussed. • C onduct other supervisory authority provided it does not against the prevailing laws, Articles of Association, and/or the Resolution of General Meeting of Shareholders.

113



Corporate Governance Tanggung Jawab Dewan Komisaris, antara lain : • Memberikan nasihat kepada Direksi dalam melaksanakan pengurusan Perseroan. • Meneliti dan menelaah serta menandatangani Rencana Jangka Panjang Perusahaan dan Rencana Kerja dan Anggaran Perusahaan yang disiapkan Direksi, sesuai dengan ketentuan Anggaran Dasar. • Memberikan pendapat dan saran kepada Rapat Umum Pemegang Saham mengenai Rencana Jangka Panjang Perusahaan dan Rencana Kerja dan Anggaran Perusahaan mengenai alasan Dewan Komisaris menandatangani Rencana Jangka Panjang Perusahaan dan Rencana Kerja dan Anggaran Perusahaan. • Mengikuti perkembangan kegiatan Perseroan, memberikan pendapat dan saran kepada Rapat Umum Pemegang Saham mengenai setiap masalah yang dianggap penting bagi kepengurusan Perseroan. • Melaporkan dengan segera kepada Rapat Umum Pemegang Saham apabila terjadi gejala menurunnya kinerja Perseroan. • Meneliti dan menelaah laporan berkala dan laporan tahunan yang disiapkan Direksi serta menandatangani laporan tahunan. • Memberikan penjelasan, pendapat dan saran kepada Rapat Umum Pemegang Saham mengenai Laporan Tahunan, apabila diminta. • Menyusun program kerja tahunan dan dimasukkan dalam rencana kerja dan anggaran perusahaan. • Membentuk Komite Audit. • Mengusulkan Akuntan Publik kepada Rapat Umum Pemegang Saham. • Memberikan laporan tentang tugas pengawasan yang telah dilakukan selama tahun buku yang baru lampau kepada Rapat Umum Pemegang Saham. • Melaksanakan kewajiban lainnya dalam rangka tugas pengawasan dan pemberian nasihat, sepanjang tidak bertentangan dengan peraturan perundang-undangan, anggaran dasar, dan/atau keputusan Rapat Umum Pemegang Saham.

Responsibility of Board of Commissioners, among others: • T o provide advisory duty to the Board of Directors in managing the Company. • T o research and evaluate as well as to sign Corporate Long Term Plan and Corporate Work Plan and Budget of which prepared by Board of Directors, according to the Articles of Association. • T o provide opinion and suggestion to the General Meeting of Shareholders on the Corporate Long Term Plan and Corporate Work Plan and Budget of the reasons for the Board of Commissioners to sign the Corporate Long Term Plan and Corporate Work Plan and Budget. • T o follow the development of the Company's activity, providing opinion and suggestion to the General Meeting of Shareholders in regard to every important matters for the management of the Company. • T o report immediately to the General Meeting of Shareholders for any indication of declining performance of the Company. • T o research and reviewing periodical report and annual report of which prepared by the Board of Directors as well as to sign the annual report. • T o provide explanation, opinion and suggestion to the General Meeting of Shareholders regarding Annual Report, if requested. • T o draft annual working program and to be included in the corporate work plan and budget. • T o establish Audit Committee. • T o propose Public Accountant to the General Meeting of Shareholders. • T o provide report on supervisory duty of which being carried out in past fiscal year to the General Meeting of Shareholders. • T o carry out other responsibilities in its supervisory and advisory duty, provided it does not against the prevailing laws, articles of association, and/or resolution of General Meeting of Shareholders.

Rapat Dewan Komisaris

Board of Commissioners' Meeting

Sesuai Anggaran Dasar Perseroan pasal 16 ayat 7 dinyatakan bahwa Dewan Komisaris mengadakan rapat sedikitnya 1 (satu) kali dalam sebulan. Jika dipandang perlu, Dewan Komisaris dapat mengundang Direksi dalam rapatrapatnya.

According to the Company's Articles of Association article 16 clausa 7 it is hereby stated that the Board of Commissioners held a meeting at least once a month. If required, Board of Commissioners may invite the Board of Directors in its meeting.


Sepanjang tahun 2011, Dewan Komisaris mengadakan 12 (dua belas) kali pertemuan dengan rincian kehadiran masing-masing anggota Dewan Komisaris sebagai berikut:

Throughout 2011, Board of Commissioners held 12 (twelve) meetings with detailed attendance of each member of Board of Commissioners as follows:

Daftar Kehadiran Anggota Dewan Komisaris Attendance of Members of Board of Commissioners Nama Name

Jabatan Position

Jumlah Rapat Total Meetings

Kehadiran Attendances

%

Sahala Lumban Gaol

Komisaris Utama President Commissioner

12

12

100

Lambock V. Nahattands

Komisaris Commissioner

12

3

25

Adi Rahman Adiwoso*)


4

3

75

Mohammad Syahrial *)


4

4

100

Nurhaida *)


8

7

88

Edy Putra Irawady *)


8

6

75

*) B erdasarkan Kep-92/MBU/2011 tanggal 14 April 2011, Pemegang Saham memberhentikan dengan hormat Bpk. Adi Rahman Adiwoso dan Bpk. Mohammad Syahrial serta mengangkat Ibu Nurhaida dan Bpk. Edy Putra Irawady sebagai anggota Dewan Komisaris *) B ased on Kep-92/MBU/2011 dated 14 April 2011, the Shareholders terminated with respect Adi Rahman Adiwoso and Mohammad Syahrial thus appointed Nurhaida and Edy Putra Irawady as member of Board of Commissioners

Program Pelatihan Dewan Komisaris

Pada tahun 2011, tidak terdapat pelaksanaan program pelatihan Dewan Komisaris.

DIREKSI

Training Program of Board of Commissioners

In 2011, there is no implementation of training program for the Board of Commissioners.

BOARD OF DIRECTORS

Direksi Perseroan bertugas menjalankan segala kegiatan yang berkaitan dengan operasional Perseroan, sebagaimana digariskan oleh peraturan perundangundangan, Anggaran Dasar Perusahaan, dan/atau Keputusan RUPS. Dalam melaksanakan tugasnya, Direksi harus bersikap profesional dan menjaga integritas, serta memiliki kecakapan yang diperlukan.

The Company's Board of Directors hold the responsibility to managing the Company's operations, as stipulated in the prevailing laws, Articles of Association, and/or Resolution of GMS. In its duty, Board of Directors must act professionally and with integrity, as well as to posses sufficient capability.

Komposisi Direksi Perseroan dibuat sedemikian rupa sehingga keputusan-keputusan yang dihasilkan dibuat dengan efektif dan efisien, dan selaras dengan prinsip kemandirian tata kelola perusahaan.

The composition of the Company's Board of Directors are established spesifically thereby any decision may be taken in an effective and efficient manner, and in line with the principle of independence of corporate governance.

Komposisi Direksi

Board of Directors Composition

Berdasarkan Keputusan Menteri Negara BUMN selaku RUPS Perseroan No. KEP-164/MBU/2011 tanggal 14 Juli 2011 tentang Pemberhentian Anggota Direksi Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset, yang telah dituangkan dalam Akta Pernyataan Keputusan Rapat Perseroan Terbatas Perseroan (Persero) PT Perusahaan Pengelola Aset (Persero) No. 48 tanggal 8 Agustus 2011 (dibuat dihadapan Notaris Desman, S.H., M.Hum., M.M.), susunan Direksi Perseroan menjadi sebagai berikut:

Based on the Decision of State Minister of SOEs as the Company's GMS No. KEP-164/MBU/2011 dated 14 July 2011 concerning the Termination and Appointment of Member of Board of Directors of the Company PT Perusahaan Pengelola Aset (Perseroan), of which stated in the Deeds of Meeting Resolution of Limited Company Perusahaan Pengelola Aset (Persero) No. 48 dated 8 August 2011 (prepared before the Notary Desman, S.H., M.Hum., M.M.), the Board of Directors composition is as follows:




Nama Name • • • •

Jabatan Position

Boyke W. Mukijat Andi Saddawero Saiful H. Manan Tri Herutantoyo

Direktur Utama President Director Direktur Director Direktur Director Direktur Director

Wewenang dan Tanggung Jawab Direksi

Authority and Responsibility of Board of Directors

Wewenang Direksi: • Menetapkan kebijakan kepengurusan Perseroan. • Mengatur penyerahan kekuasaan Direksi kepada seorang atau beberapa orang anggota Direksi untuk mengambil keputusan atas nama Direksi, atau mewakili Perseroan di dalam dan di luar pengadilan. • Mengatur penyerahan kekuasaan Direksi kepada seorang atau beberapa orang pekerja Perseroan baik secara individual maupun bersama-sama, atau kepada orang lain, untuk mewakili Perseroan di dalam dan di luar pengadilan. • Mengatur ketentuan-ketentuan tentang kepegawaian Perseroan termasuk penetapan gaji, pensiun atau jaminan hari tua dan penghasilan lain bagi pekerja Perseroan berdasarkan peraturan perundang-undangan yang berlaku, dengan ketentuan penetapan gaji, pensiun atau jaminan hari tua dan penghasilan lain bagi pekerja yang melampaui kewajiban yang ditetapkan peraturan perundang-undangan, harus mendapat persetujuan terlebih dahulu dari RUPS. • Mengangkat dan memberhentikan pekerja Perseroan berdasarkan peraturan kepegawaian Perseroan dan peraturan perundang-undangan yang berlaku. • Mengangkat dan memberhentikan Sekretaris Perusahaan. • Melakukan segala tindakan dan perbuatan lainnya mengenai pengurusan maupun pemilikan kekayaan Perseroan, mengikat Perseroan dengan pihak lain dan/atau pihak lain dengan Perseroan, serta mewakili perseroan di dalam dan di luar pengadilan tentang segala hal dan segala kejadian, dengan pembatasanpembatasan sebagaimana diatur dalam peraturan perundang-undangan, Anggaran Dasar dan/atau Keputusan Rapat Umum Pemegang Saham.

Authority of Board of Directors • To stipulate management policy of the Company. • T o regulate power of attorney of Board of Directors to a person or several members of Board of Directors to take decision on behalf of Board of Directors, or to represent the Company in and out of court. • T o regulate power of attorney of Board of Directors to a person or several employees of the Company as individually or as a group, or to other party, to represent the Company in and out of court. • T o regulate employment regulations of the Company including stipulation on salary, retirement or pension and other benefits for employees of the Company based on prevailing laws, with salary stipulation, pension or retirement and other income to the employees that exceeding its obligation set forth by prevailing laws, of which must have prior approval of GMS. • T o appoint and terminate the Company's employees based on the Company's employment policy and prevailing laws. • T o appoint and terminate the Company's Corporate Secretary. • T o perform actions and other conducts regarding the management and assets of the Company, obligated the Company with other party and/or other party with the Company, as well as represent the Company both in and out of court concerning every matters, with limitation as stipulated in prevailing laws, Articles of Association and/ or Resolution of General Meeting of Shareholders.

Based on the Company's Articles of Association, the Board of Directors' authority and responsibility is as follows:

Berdasarkan Anggaran Dasar Perseroan, wewenang dan tanggung jawab Direksi adalah:


Tanggung Jawab Direksi, antara lain: • Mengusahakan dan menjamin terlaksananya usaha dan kegiatan Perseroan sesuai dengan maksud dan tujuan serta kegiatan usahanya. • Menyiapkan pada waktunya Rencana Jangka Panjang Perusahaan, Rencana Kerja dan Anggaran Perusahaan, dan perubahannya serta menyampaikannya kepada Dewan Komisaris dan Pemegang Saham untuk mendapatkan pengesahan Rapat Umum Pemegang Saham. • Memberikan penjelasan kepada Rapat Umum Pemegang Saham mengenai Rencana Jangka Panjang Perusahaan dan Rencana Kerja dan Anggaran Perusahaan. • Membuat Daftar Pemegang Saham, Daftar Khusus, Risalah Rapat Umum Pemegang Saham, dan Risalah Rapat Direksi. • Membuat Laporan Tahunan sebagai wujud pertanggungjawaban pengurusan Perseroan, serta dokumen keuangan Perseroan sebagaimana dimaksud dalam Undang-undang tentang Dokumen Perusahaan. • Menyusun Laporan Keuangan berdasarkan Standar Akuntansi Keuangan dan menyerahkan kepada Akuntan Publik untuk diaudit. • Menyampaikan Laporan Tahunan termasuk Laporan Keuangan kepada Rapat Umum Pemegang Saham untuk disetujui dan disahkan, serta laporan mengenai hak-hak Perseroan yang tidak tercatat dalam pembukuan antara lain sebagai akibat penghapusbukuan piutang. • Memberikan penjelasan kepada Rapat Umum Pemegang Saham mengenai Laporan Tahunan. • Menyampaikan laporan perubahan susunan Pemegang Saham, Direksi dan Dewan Komisaris kepada Menteri yang membidangi Hukum dan HAM. • Menyusun sistem akuntansi sesuai dengan Standar Akuntansi Keuangan dan berdasarkan prinsip-prinsip pengendalian intern, terutama fungsi pengurusan, pencatatan, penyimpanan, dan pengawasan. • Memberikan laporan berkala menurut cara dan waktu sesuai dengan ketentuan yang berlaku, serta laporan lainnya setiap kali diminta oleh Dewan Komisaris dan/ atau Pemegang Saham. • Menyiapkan susunan organisasi Perseroan lengkap dengan perincian dan tugasnya. • Memberikan penjelasan tentang segala hal yang ditanyakan atau yang diminta anggota Dewan Komisaris dan para Pemegang Saham. • Menyusun dan menetapkan blue print organisasi Perseroan. • Menjalankan kewajiban-kewajiban lainnya sesuai dengan ketentuan yang diatur dalam Anggaran Dasar ini dan yang ditetapkan oleh Rapat Umum Pemegang Saham berdasarkan peraturan perundang-undangan.

Responsibility of Board of Directors, among others: • T o pursue and guarantee the implementation of business and activity of the Company in accordance with the purposes and objectives as well as its business activity. • T o prepare on time the Corporate Long Term Plan, Corporate Work Plan and Budget, and its amendment as well as to present to the Board of Commissioners and Shareholders for further ratification in General Meeting of Shareholders. • T o provide clarification to the General Meeting of Shareholders concerning Corporate Long Term Plan, and Corporate Work Plan and Budget. • T o prepare Shareholders List, Special List, Minutes of General Meeting of Shareholders, and Minutes of Board of Directors Meeting. • T o prepare Annual Report as realizing of its management responsibility of the Company, as well as the Company's financial documents as stipulated in prevailing Laws regarding the Company's Document. • T o prepare Financial Statements based on Financial Accounting Standard and to submit to Public Accountant for audit. • T o present Annual Report including Financial Statements to the General Meeting of Shareholders for approval and ratification, as well as reports on the Company's rights as listed in bookeeping among others due to a write-off receivables. • T o provide explanation to the General Meeting of Shareholders concerning Annual Report. • T o present report of composition amendment of Shareholders, Board of Directors and Board of Commissioners to Law and Human Rights Minister. • T o develop accounting system according to the Financial Accounting Standard and based on the principles of internal audit, in particular management functions, recording, filing, and monitoring. • T o provide periodical report in manner and period of time as stipulated in prevailing laws, as well as other reports whenever requested by Board of Commissioners and/or Shareholders. • T o prepare the Company's orgranization composition including detailed of duties. • T o provide clarification on every matters questioned or requested by member of Board of Commissioners and Shareholders. • T o develop and stipulate blue print of organization of the Company. • T o carry out other responsibilities according to regulations in Articles of Association and of which stipulated by General Meeting of Shareholders based on prevailing laws.



Corporate Governance DUTY AND AUTHORITY OF BOARD OF DIRECTORS

PEMBAGIAN TUGAS DAN WEWENANG DIREKSI

Berikut ini adalah rincian pembagian tugas dan wewenang Direksi:

Direktur Utama

The following are detailed of division of duty and authority of Board of Directors:

1. Memimpin, mengarahkan dan mengendalikan implementasi kebijakan, Visi, Misi dan strategi Perseroan yang telah disepakati bersama dengan Direksi dan Dewan Komisaris serta bertindak sebagai pemimpin dari para anggota Direksi untuk pelaksanaan kegiatan Perseroan. 2. Memimpin, mengarahkan dan mengendalikan seluruh kegiatan Perseroan termasuk namun tidak terbatas pada (i) perencanaan, pelaksanaan, pengendalian dan evaluasi atas pencapaian sasaran jangka panjang dan jangka pendek Perseroan, (ii) kegiatan-kegiatan dalam rangka peningkatan kultur, citra dan tata kelola perusahaan (Good Corporate Governance) dalam rangka mencapai maksud dan tujuan Perseroan sesuai dengan Visi dan Misi Perseroan. 3. Dalam rangka mendukung implementasi/penjabaran butir (1) dan (2) di atas, maka Direktur Utama bertanggungjawab untuk: a. Menetapkan strategi dan mengawasi/ mengevaluasi pelaksanaan kegiatan sekretariat perusahaan (corporate secretary) meliputi antara lain: (i) kegiatan komunikasi dan hubungan dengan stakeholders, (ii) penyiapan dan penyampaian informasi/ laporan kegiatan Perseroan kepada stakeholders, (iii) penyelenggaraan kegiatan korporasi yang melibatkan pihak internal dan/atau eksternal Perseroan, (iv) penatausahaan dan penyimpanan dokumen Perusahaan, dan (v) pelaksanaan kegiatan PKBL. b. Menetapkan strategi dan mengawasi/ mengevaluasi pelaksanaan kegiatan pengawasan intern (internal audit) berupa audit operasional dan audit/review dengan tujuan tertentu dilakukan secara efektif, serta memantau tindaklanjut atas rekomendasi hasil audit/ review untuk membantu Direksi menilai efektivitas penyelenggaraan pengendalian internal, manajemen risiko dan tata kelola perusahaan yang baik dalam rangka mencapai tujuan Perseroan. c. Menetapkan strategi dan mengawasi/ mengevaluasi pelaksanaan kegiatan manajemen risiko dan kepatuhan antara lain: (i) penyusunan kebijakan pengurusan Perseroan, (ii) pengidentifikasian, penilaian dan mitigasi risiko atas kegiatan utama Perusahaan (yang bersifat strategis dan/atau melibatkan aspek finansial dengan nilai tertentu), dan

President Director

1. T o lead, direct and control the implementation of policy, Vision, Mission and strategy of the Company of which have been agreed by the Board of Directors and Board of Commissioners as well as conduct leadership to member of Board of Directors in the implementation of the Company's activity. 2. T o lead, direct and control all activities of the Company including but not limited to (i) planning, implementation, controlling and evaluation on the achievement of long term and short term target of the Company, (ii) activities to improve corporate culture, image and Good Corporate Governance in the achievement of the Company's purposes and objectives according to Vision and Mission. 3. In the implementation/elaboration of point (1) and (2) above, the President Director thereby holds the responsibility to: a. S etting the strategy and monitoring/evaluating the activity of corporate secretary including: (i) communication and relations with stakeholders, (ii) preparation and dissemination of information/ reports of the Company's activity to stakeholders, (iii) corporate activity implementation with internal and/or external party of the Company, and (iv) administration and filing of the Company's document, and (v) implementation of PKBL's activity. b. Setting the strategy and monitoring/evaluating the implementation of internal audit activity such as operations audit and audit/review with specific objectives in effective manner, as well as monitoring on follow-up of audit/review recommendation so as to assist the Board of Directors in assessing effectiveness of internal audit, risk management and good corporate governance in the achievement of the Company's objectives. c. Setting the strategy and monitoring/evaluating the implementation of risk management activity among others: (i) disposition of management policy of the Company, (ii) to identifying, assessment and mitigation of risk on the Company's main activity (in strategic and/or involving financial aspect with certain


(iii) pemberian dukungan di bidang manajemen risiko dan kepatuhan dalam pelaksanaan kegiatan utama Perseroan. d. Menetapkan dan mengawasi/ mengevaluasi strategi pelaksanaan dukungan terhadap operasional entitas anak melalui pemantauan dan evaluasi kinerja entitas anak. 4. M engkoordinasikan pelaksanaan serta mengevaluasi penyusunan guideline/standard operating procedure (SOP) terkait kegiatan sekretariat perusahaan, pengawasan intern, manajemen risiko dan kepatuhan serta operasional dan pemantauan entitas anak. 5. Menandatangani seluruh Keputusan Direksi. 6. M enandatangani perjanjian, kontrak atau perikatan lainnya dengan pihak ketiga terkait dengan pengurusan Perseroan berdasarkan kuasa dari direksi. 7. M enyelenggarakan dan memimpin Rapat Direksi atau rapat-rapat lain apabila dipandang perlu. 8. M emberikan persetujuan terkait dengan kegiatan rekrutment, pengangkatan, pemberhentian dan promosi atau mutasi pegawai Perseroan sesuai dengan kebijakan/pedoman di bidang sumber daya manusia pada satuan kerja sekretariat perusahaan, pengawasan intern, manajemen risiko dan kepatuhan serta operasional dan pemantauan anak perusahaan. 9. M emberikan informasi kepada stakeholders segala sesuatu tentang Perseroan. 10. M emastikan pelaksanaan pembinaan pegawai di seluruh korporasi sesuai kebijakan/pedoman di bidang sumber daya manusia

values), and (iii) to support risk management and compliance in the implementation of the Company's core business. d. T o stipulate and monitoring/evaluating the strategy to support the operations of subsidiary through overseeing and evaluating the performance of subsidiary. 4. To Coordinate the implementation and evaluate the preparation of guideline/standard operating procedure (SOP) in regard to corporate secretary activity, internal audit, risk management and compliance as well as operations and supervision of subsidiary. 5. To sign all Decision of Board of Directors. 6. S igned an agreement, contract, or other engagements with third parties relating to the management company under the authority of the Board of Directors. 7. To hold and lead the Board of Directors meeting or other meetings if deemed necessary. 8. To approve recruitments, appointments, terminations and promotions or mutations of the Company's employees according to human resource policy/ guidelines for working unit of corporate secretary, internal audit, risk management and compliance as well as operations and supervision of subsidiary. 9. To inform to stakeholders every matters of the Company. 10. T o ensure the development of employees in all corporations in accordance with human resource policy/guidelines.

Direktur Konsultasi Bisnis

Business Advisory Director

1. M emimpin, merencanakan, menyusun dan menetapkan strategi sebagai penjabaran atas kebijakan dan keputusan Direksi dalam kegiatan konsultasi bisnis (business advisory) dan/atau surat tugas yang diterima dari Menteri Negara BUMN serta mengawasi/ mengevaluasi pelaksanaan strategi yang telah ditetapkan. 2. Mengkoordinasikan pelaksanaan kegiatan Business Advisory yang meliputi kegiatan: a. R/R BUMN yang meliputi: (i) melakukan kajian sesuai surat tugas dari Menteri Negara BUMN, antara lain pelaksanaan due diligence, evaluasi kelayakan R/R BUMN dan penyampaian opsi-opsi skema R/R BUMN kepada Menteri Negara BUMN dengan tembusan kepada Menteri Keuangan, serta (ii) melakukan implementasi R/R BUMN sesuai surat tugas dari Menteri Negara BUMN setelah mendapatkan persetujuan dari Menteri Keuangan, antara lain penyusunan terms and conditions R/R, (iii) pemantuan perkembangan usaha BUMN, pemulihan atas BUMN yang memburuk pasca diimplementasikannya R/R, dan (iv) pelaksanaan penyelesaian atas dana yang telah disalurkan ke BUMN. b. Kegiatan Business Advisory lainnya.

1. T o lead, planning, drafting and setting the strategy as elaboration of the Board of Directors' policy and resolution in business advisory activity and/or letter of assignment from State Minister of SOEs as well as to supervise/evaluate strategy implementation of which have been set. 2. T o coordinate Business Advisory activity that include: a. S OEs' R/R include: (i) assessment according to assignment letter from State Minister of SOEs, among others due diligence, feasibility study of R/R's SOEs and presentation of options for R/R's SOEs to State Minister of SOEs with copy to Finance Minister, and (ii) implementing SOEs' R/R according to assignment letter from State Minister of SOEs following the approval from Finance Minister, among others to draft terms and condition of R/R, (iii) monitoring of SOEs' business growth, recovery of worsen SOEs post R/R's implementation, and (iv) implementation of fund settlements of which have been allocated to SOEs. b. Other Business Advisory activities.



Corporate Governance 3. Mengkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi kegiatan-kegiatan untuk pemenuhan kebutuhan dana talangan bagi BUMN yang di-R/R baik dalam rangka melaksanakan surat tugas dari Menteri Negara BUMN maupun kebijakan Perseroan. 4. Mengkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi kegiatan-kegiatan implementasi pelaksanaan strategi kegiatan pemberian jasa konsultasi antara lain dalam rangka kegiatan pengelolaan aset eks BPPN, pengelolaan aset milik BUMN, investasi serta R/R BUMN. 5. Mengkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi pengembangan usaha di bidang konsultasi bisnis (business advisory) sesuai dengan RKAP, RJPP dan/atau rencana bisnis Perseroan. 6. Mengkoordinasikan pelaksanaan dan mengevaluasi kegiatan serta menyetujui penyusunan laporanlaporan pengurusan perusahaan terkait dengan bidang konsultasi bisnis (business advisory) dilakukan secara baik, akurat, aman, dan tepat waktu baik administrasi atas aspek pencatatan maupun administrasi atas aspek dokumentasi. 7. Memberikan persetujuan atau keputusan bisnis dibidang konsultasi bisnis sesuai pendelegasian kewenangan dari Direksi. 8. Menandatangani perjanjian, kontrak, atau perikatan lainnya dengan pihak ketiga terkait dengan pengurusan Perseroan berdasarkan kuasa dari Direksi. 9. Mengkoordinasikan pelaksanaan serta mengevaluasi penyusunan guideline/standard operating procedure (SOP) terkait kegiatan konsultasi bisnis (business advisory). 10. Memberikan persetujuan terkait dengan kegiatan rekrutment, pengangkatan, pemberhentian dan promosi atau mutasi pegawai Perseroan sesuai dengan kebijakan/pedoman di bidang sumber daya manusia pada Direktorat yang dipimpinnya. 11. Mengkoordinasikan, merencanakan, mengevaluasi, dan menyetujui laporan-laporan pengurusan Perseroan terkait dengan bidang konsultasi bisnis (business advisory) baik untuk keperluan internal maupun eksternal Perseroan. 12. Memastikan pelaksanaan pembinaan pegawai di Direktorat Konsultasi Bisnis sesuai kebijakan/pedoman di bidang sumber daya manusia. 13. Melaporkan tugas-tugas sebagaimana tersebut diatas kepada Direktur Utama dan/atau Direksi.

3. T o coordinate, plan, control, and evaluate allocation of bridging loans for SOEs under R/R activity as the implementation of assignment letter of State Minister of SOEs as well as the Company's policy. 4. T o coordinate plan, control, and evaluate consultancy service strategy such as activity of asset management of ex IBRA, asset management of SOEs, investment as well as SOEs' R/R. 5. T o coordinate, plan, control, and evaluate business growth in business advisory according to RKAP, RJPP and/or the Company's business plan. 6. T o coordinate the implementation and evaluate the activities and approve the preparation of reports relating to the management company business consulting (business advisory) is done well, accurate, safe, and timely administration of both the recording and administration aspects of the aspects of documentation. 7. To approve or conduct business decisions in business advisory according to the authority of Board of Directors. 8. To sign agreements, contracts or other binding agreements with third party in regard to the Company's management of which based on the power of attorney from the Board of Directors. 9. To coordinate implementation and evaluation in drafting the guideline/standard operating procedure (SOP) in regard to business advisory. 10. To approve activities in relation to recruitments, appointments, terminations and promotions or mutations of the Company's employees according to human resource policy/guidelines under his Directorates. 11. T o coordinate, plan, evaluate, and approve of the Company in regard to business advisory, internally and externally. 12. To ensure employees development under Business Advisory Directorate according to human resource policy/guidelines. 13. To report duties as stated above to the President Director and/or Board of Directors.


Direktur Aset Manajemen dan Investasi

1. M emimpin, merencanakan, menyusun dan menetapkan strategi sebagai penjabaran atas kebijakan dan keputusan Direksi dalam kegiatan pengelolaan aset dan investasi serta mengawasi/mengevaluasi pelaksanaan strategi yang telah ditetapkan. 2. M engkoordinasikan merencanakan, dan mengendalikan serta mengevaluasi kegiatan pengelolaan aset negara yang berasal dari Badan Penyehatan Perbankan Nasional dan aset non inti milik BUMN melalui pengembangan dan peningkatan nilai aset, penjualan dan/atau penyewaan dan/atau penagihan piutang dan/ atau restrukturisasi aset. 3. M engkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi kegiatan investasi untuk mengoptimalkan keuntungan melalui antara lain (i) penyertaan modal pada perusahaan lain dan/atau entitas anak dalam jumlah yang signifikan berdasarkan keputusan Direksi atau dengan tujuan Perseroan sebagai pengendali, pembelian aset/aktiva untuk dikembangkan dan ditingkatkan nilainya, kerjasama operasi, dan pembiayaan proyek, (ii) pemantauan perkembangan investasi, dan (iii) pelaksanaan penyelesaian (exit) atas investasi yang telah dilakukan oleh Perseroan. 4. Mengkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi kegiatan pengembangan usaha di bidang pengelolaan aset dan investasi sesuai dengan RKAP, RJPP dan/atau rencana bisnis Perseroan. 5. M engkoordinasikan pelaksanaan dan mengevaluasi kegiatan penyusunan guideline/standard operating procedure (SOP) terkait kegiatan di bidang pengelola aset dan investasi. 6. M engkoordinasikan pelaksanaan dan mengevaluasi kegiatan serta menyetujui laporan-laporan pengurusan perusahaan terkait dengan bidang (i) kegiatan pengelolaan aset dan investasi serta (ii) kegiatan terkait investasi langsung dan tidak langsung di pasar modal serta investasi pada surat berharga, dilakukan secara baik, akurat, aman dan tepat waktu, baik administrasi atas aspek pencatatan maupun administrasi atas aspek dokumentasi. 7. M emberikan persetujuan atau keputusan bisnis di bidang pengelolaan aset dan investasi sesuai pendelegasian kewenangan dari Direksi. 8. M enandatangani perjanjian, kontrak atau perikatan lainnya dengan pihak ketiga terkait dengan pengurusan Perseroan berdasarkan kuasa dari Direksi. 9. M emberikan persetujuan terkait dengan kegiatan rekrutmen, pengangkatan, pemberhentian dan promosi atau mutasi pegawai Perseroan sesuai dengan kebijakan/pedoman di bidang sumber daya manusia pada Direktorat yang dipimpinnya. 10. M engkoordinasikan pelaksanaan dan mengevaluasi kegiatan serta menyetujui penyusunan laporan-laporan pengurusan Perseroan terkait dengan bidang aset manajemen dan investasi baik untuk keperluan internal maupun eksternal Perseroan.

Asset Management and Investment Director

1. T o lead, plan, draft and stipulate the strategy as the elaboration of policy and decision of Board of Directors in asset management and investment activities as well as to monitor/evaluate strategy implementation of which have been set. 2. T o coordinate, plan, control, and evaluate state's asset management of which originated from National Bank Restructuring Agency and assets of non core SOEs, selling and/or leasing and/or receivables collection and/ or assets' restructuring. 3. T o coordinate, plan, control, and evaluate investment activities by optimizing profits through among others (i) shares ownership in other companies and/or subsidiaries in significant total of which based on the decision of Board of Directors or with the objectives of the Company as controller, purchase of assets for values enhancement and improvement, joint cooperations, and project financing, (ii) to monitoring investment development, (iii) implementation of exit on investments conducted by the Company. 4. T o coordinate, plan, control, and evaluate asset management and investment according to RKAP, RJPP and/or the Company's business plan. 5. T o coordinate implementation and evaluation in drafting the guidelines/standard operating procedure (SOP) in regard to asset management and investment activities. 6. T o coordinate the implementation and evaluate the activity and approve the reports related to the field of company arrangement (i) asset management and investment activities and (ii) direct and indirect investment activities in capital market and investment on promissory notes, of which are conducted in a proper, accurate, safe and in timely manner, both in recording and documentation aspects. 7. T o approve or conduct business decision in asset management and investment according to its authority delegation from the Board of Directors. 8. T o sign agreements, contracts or other binding agreements with third party in regard to the Company's management of which based on the power of attorney from the Board of Directors. 9. T o approve activities in regard to recruitements, appointments, terminations and promotions or mutations of the Company's employees according to human resource policy/guidelines at his/her Directorate. 10. T o coordinate implementation and evaluation of activities and to approve the Company's management reports in asset management and investment both internally and externally.

121



Corporate Governance 11. Memastikan pelaksanaan pembinaan pegawai di Direktorat Aset Manajemen dan Investasi sesuai kebijakan/pedoman di bidang sumber daya manusia. 12. Melaporkan tugas-tugas sebagaimana tersebut diatas kepada Direktur Utama dan/atau Direksi.

11. T o ensure employees development under the Directorate of Asset Management and Investment according to human resource policy/guidelines. 12. T o report duties as stated above to the President Director and/or Directors.

Direktur Keuangan

Finance Director

1. M emimpin, merencanakan, menyusun dan menetapkan strategi sebagai penjabaran atas kebijakan dan keputusan Direksi dalam kegiatan Perseroan di bidang akuntansi, perbendaharaan, keuangan, penelitian dan pengembangan serta mengawasi/mengevaluasi pelaksanaan strategi yang telah ditetapkan. 2. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan dan bertanggungjawab dalam penyusunan RJPP dan RKAP berdasarkan kebutuhan dan rencana strategis dari masing-masing direktorat. 3. Mengkoordinasikan, mengendalikan dan mengevaluasi kegiatan pencatatan transaksi keuangan dan penyusunan laporan keuangan sesuai dengan standar akuntansi yang berlaku secara tepat waktu serta melaksanakan pemenuhan aspek perpajakan terkait dengan kegiatan Perseroan. 4. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan pengelolaan keuangan Perseroan secara optimal termasuk cash management untuk menjamin ketersediaan dana guna membiayai kegiatan operasional Perseroan. 5. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan atau upaya-upaya untuk mendapatkan pembiayaan dari pihak ketiga guna membiayai kegiatan Perseroan sehingga dapat bertumbuh dan mencapai tujuan/strategi yang ditetapkan. 6. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan optimalisasi dana Perseroan secara akuntabel dan memperhatikan prinsip kehati-hatian melalui kegiatan (i) penempatan dana pada Bank dan/atau instrumen pasar uang lainnya termasuk kegiatan pengadministrasian, (ii) investasi langsung dan/atau tidak langsung di pasar modal melalui pembelian saham dari pihak lain (pemegang saham lain), IPO/right issue, dan (iii) investasi pada surat berharga melalui pembelian surat berharga (surat utang) yang tercatat di bursa atau tidak tercatat di bursa. 7. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi penggunaan anggaran Perseroan (fungsi kontroler) serta melaksanakan dan mengendalikan kegiatan pembayaran dan penagihan ke pihak lain terkait kegiatan Perseroan.

1. T o lead, plan, draft and stipulate the strategy as the elaboration of policy and decision of the Board of Directors in the Company's accounting, treasury, finance, research and development as well as to monitor/evaluate strategy implementation of which have been set. 2. T o coordinate, plan, control, and evaluate activities and responsibility in drafting of RJPP adn RKAP based on the needs and strategic plan from each directorate. 3. T o coordinate, controll and evaluate activities of finance transaction records and financial statements preparation according to current accounting standard in timely manner and to meet taxation aspects in regard to the Company's activity. 4. T o coordinate, plan, control, and evaluate activities of the Company's financial management optimally including cash management to ensure fund availability to finance the Company's operations. 5. T o coordinate, plan, control, and evaluate financing activities and efforts from third party on funding facility of the Company in order to grow and to reach the objectives/strategy of which have been set. 6. T o coordinate, plan and controll as well as evaluate the Company's fund optimalization accountably and to ensure prudent principles through following activities (i) fund placement in Banks and/or other finance instruments including its administration, (ii) conduct direct and indirect investments in capital market through shares divestment from other party (other shareholders), IPO/rights issue, and (iii) investment in securities through purchase of promissory notes that listed in the exchange or not listed in the exchange. 7. T o coordinate, plan and control and evaluate the Company's fund utilization (controller function) as well as to implement and controll payment and billing to other party in regard to the Company's activity.


8. M engkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan penelitian dan pengembangan dalam rangka mendukung kegiatan Perseroan dan pengembangan usaha Perseroan. 9. M engkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi pengembangan di bidang akuntansi, perbendaharaan, keuangan, penelitian, dan pengembangan sesuai dengan RKAP, RJPP, dan/atau rencana bisnis perusahaan. 10. M engkoordinasikan pelaksanaan dan mengevaluasi kegiatan serta menyetujui penyusunan laporanlaporan pengurusan perusahaan terkait dengan bidang akuntansi, perbendaharaan, keuangan, serta penelitian dan pengembangan dilakukan secara baik, akurat, aman, dan tepat waktu baik administrasi atas aspek pencatatan maupun administrasi atas aspek dokumentasi. 11. Mengkoordinasikan pelaksanaan dan mengevaluasi kegiatan penyusunan guideline/standard operating procedure (SOP) kegiatan di bidang akuntansi, perbendaharaan, keuangan, serta penelitian dan pengembangan. 12. Memberikan persetujuan atau keputusan atas pelaksanaan kegiatan di bidang akuntansi, perbendaharaan, keuangan serta penelitian dan pengembangan sesuai pendelegasian kewenangan dari Direksi. 13. Menandatangani perjanjian, kontrak atau perikatan lainnya dengan pihak ketiga terkait dengan pengurusan Perseroan berdasarkan kuasa dari Direksi. 14. Memberikan persetujuan terkait dengan kegiatan rekrutmen, pengangkatan, pemberhentian dan promosi atau mutasi pegawai Perseroan sesuai dengan kebijakan/pedoman di bidang sumber daya manusia. 15. Mengkoordinasikan, merencanakan, mengevaluasi dan menyetujui laporan-laporan pengurusan Perseroan terkait dengan bidang akuntansi, perbendaharaan, keuangan serta penelitian dan pengembangan baik untuk keperluan internal maupun eksternal Perseroan. 16. Memastikan pelaksanaan pembinaan pegawai di Direktorat Keuangan sesuai kebijakan/pedoman di bidang sumber daya manusia. 17. Melaporkan tugas-tugas sebagaimana tersebut diatas kepada Direktur Utama dan/atau Direksi.

8. T o coordinate, plan and control as well as evaluate research and development activities to support the Company's growth and development. 9. To coordinate, plan, control and evaluate the development in the areas of accounting, treasury, finance, research and development in accordance with RKAP, RJPP, and / or the company's business plan. 10. T o coordinate implementation and evaluate the activities and approve the preparation of reports relating to the management company's accounting, treasury, finance, and research and development is done well, accurate, safe, and timely administration of both the recording and administration aspects of the aspects of documentation. 11. T o coordinate implementation and evaluation on drafting the guidelines/standard operating procedure (SOP) in accounting, treasury, finance, as well as research and development. 12. T o approve or conduct decision in accounting, treasury, finance as well as research and development according to the authority delegation from the Board of Directors. 13. T o sign agreements, contracts or other binding agreements with third party in regard to the Company's management based on the power of attorney from the Board of Directors. 14. T o approve actvities in relation to recruitments, appointments, terminationas and promotions or mutations of the Company's employees according to human resource policy/guidelines. 15. T o coordinate, plan, evaluate and approve management reports of the Company in accounting, treasury, finance as well as research and development both internally and externally. 16. T o ensure employees development under Finance Directorate according human resource policy/ guidelines. 17. T o report duties as stated above to the President Director and/or Board of Directors.

Direktur Dukungan Kerja

Support and Services Director

1. M emimpin, merencanakan, menyusun dan menetapkan strategi sebagai penjabaran atas kebijakan dan keputusan Direksi dalam kegiatan Perseroan di bidang sumber daya manusia, teknologi informasi, umum dan pengadaan, hukum serta mengawasi/mengevaluasi pelaksanaan strategi yang telah ditetapkan. 2. M engkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan pengembangan kebijakan pengelolaan sumber daya perusahaan (human capital dan organization capital) dalam rangka meningkatkan kompetensi dan produktivitas SDM yang selaras dengan rencana jangka pendek dan jangka panjang Perseroan.

1. T o lead, plan, draft and stipulate the strategy as elaborated in the policy and decision of the Board of Directors in human resource, information technology, general affairs and procurement, legal as well as to monitoring/evaluating strategy implementation of which have been set. 2. T o coordinate, plan and control as well as evaluate human capital and organization capital to improve competence and HR productivity of which in line with short term and long term plans of the Company.



Corporate Governance 3. Mengkoordinasikan, merencanakan dan mengendalikan serta mengevaluasi kegiatan rekrutmen, pengembangan dan mempertahankan sumber daya manusia. 4. Mengkoordinasikan, merencanakan, dan mengendalikan, serta mengevaluasi optimalisasi dukungan infrastruktur teknologi informasi dan komunikasi serta pengembangan sistem aplikasi dan pengolahan data yang up to date dan tepat guna dalam rangka mendukung dan memfasilitasi pelaksanaan kegiatan Perseroan. 5. Mengkoordinasikan, merencanakan, dan melaksanakan serta mengevaluasi kegiatan pemenuhan sarana/ prasarana kerja dalam rangka menunjang pelaksanaan kegiatan Perseroan serta memelihara dan mengadministrasikan aktiva tetap Perseroan secara baik dan hati-hati. 6. Mengkoordinasikan, merencanakan, dan mengendalikan, serta mengevaluasi kegiatan pengadaan barang dan jasa untuk memberikan dukungan yang optimal pada kegiatan Perseroan. 7. Mengkoordinasikan, merencanakan, dan mengendalikan, serta mengevaluasi dukungan dalam aspek hukum dalam rangka pelaksanaan kegiatan Perseroan, antara lain (i) bantuan hukum terkait dengan transaksi Perseroan, (ii) pelaksanaan kajian dan pemberian pendapat hukum atas transaksi dan/ atau permasalahan yang dihadapi oleh Perseroan, dan (iii) bantuan hukum dalam rangka pendampingan atau penanganan perkara sehubungan dengan permasalahan hukum yang menyangkut Perseroan. 8. Membangun, memelihara, dan mengembangkan kapabilitas organisasi, information capital dan human capital guna menjamin kelangsungan eksistensi perusahaan. 9. Mengkoordinasikan pelaksanaan serta mengevaluasi kegiatan penyusunan guideline/standard operating procedure (SOP) terkait kegiatan di bidang sumber daya manusia, teknologi informasi, umum dan pengadaan, serta hukum. 10. Mengkoordinasikan, merencanakan, dan mengendalikan serta mengevaluasi pengembangan di bidang sumber daya manusia, teknologi informasi, umum dan pengadaan serta hukum sesuai dengan RKAP, RJPP, dan atau rencana bisnis perusahaan. 11. Mengkoordinasikan pelaksanaan dan mengevaluasi kegiatan serta menyetujui penyusunan laporan-laporan pengurusan perusahaan terkait dengan bidang sumber daya manusia, teknologi informasi, umum dan pengadaan serta hukum dilakukan secara baik,

3. T o coordinate, plan and control as well as evaluate recruitments, developments and human resource's enhancement. 4. T o coordinate, plan, control, and evaluate in optimizing information technology and communication infrastructure as well as application system development and up to date and appropriate data processing in order to support and facilitate the Company's activity. 5. T o coordinate, plan, control, and evaluate working facility/infrastructure to support the Company's activity as well as maintain and administer fixed assets of the Company propertly and carefully. 6. To coordinate, plan, control, and evaluate procurement of service and product to support the Company's activity optimaly. 7. T o coordinate, plan, control, and evaluate legal aspect in supporting the Company's activity, among others (i) legal assistance in regard to the Company's transactions, (ii) assessment and legal opinion on transactions and/ or matters of the Company, and (iii) legal assitance in litigation cases related to the Company. 8. T o build, maintain, and develop organization capability, information capital and human capital to guarantee the company sustainibility existence. 9. T o coordinate the implementation and evaluate activity of making guidelines/standard operating procedure (SOP) in human resource, information technology, general affairs and procurement, as well as legal. 10. T o coordinate, plan, control, and evaluate the development of human resources, information technology, general affairs, procurement and law in line with RKAP, RJPP and company business plan. 11. T o coordinate implementation and evaluate the activities and approve the preparation of reports relating to the management company's human resources, information technology, general affairs,


akurat, aman, dan tepat waktu baik administrasi atas aspek pencatatan maupun administrasi atas aspek dokumentasi. 12. M emberikan persetujuan atau keputusan atas pelaksanaan kegiatan di bidang sumber daya manusia, teknologi informasi, umum dan pengadaan, serta hukum sesuai pendelegasian kewenangan dari Direksi. 13. M enandatangani perjanjian, kontrak atau perikatan lainnya dengan pihak ketiga terkait dengan pengurusan Perseroan berdasarkan kuasa dari Direksi. 14. M emberikan persetujuan terkait dengan kegiatan rekrutmen, pengangkatan, pemberhentian dan promosi atau mutasi pegawai Perseroan sesuai dengan kebijakan/pedoman di bidang sumber daya manusia. 15. M engkoordinasikan, merencanakan, mengevaluasi dan menyetujui laporan-laporan pengurusan Perseroan terkait dengan bidang sumber daya manusia, teknologi informasi, umum dan pengadaan, serta hukum baik untuk keperluan internal maupun eksternal Perusahaan. 16. M emastikan pelaksanaan pembinaan pegawai di Direktorat Dukungan Kerja sesuai kebijakan/pedoman di bidang sumber daya manusia. 17. M elaporkan tugas-tugas sebagaimana tersebut diatas kepada Direktur Utama dan/atau Direksi.

procurement and law is done well, accurate, safe, and timely administration of both the recording and administration aspects of the aspects of documentation. 12. T o approve or or conduct decision in human resource, information technology, general affairs and procurement, as well as legal according to authority delegation from the Board of Directors. 13. T o sign agreements, contracts or other binding agreements with third party in regard to the Company's management based on the power of attorney from the Board of Directors. 14. T o approve recruitments, appointments, terminatins and promotions or mutations of the Company's employees according to policy/guidelines of human resources. 15. T o coordinate, plan, evaluate, and approve management reports of the Company in human resources, information technology, general affairs and procurement, as well as legal internatlly and externally. 16. T o ensure employees development under Directorate of Support and Services according to human resource policy/guidelines. 17. T o report duties as stated above to the President Director and/or Board of Directors.

Frekuensi dan Kehadiran Rapat Direksi

Board of Directors Frequency and Meeting Attendance

Dalam tahun 2011, Direksi menyelenggarakan 42 (empat puluh dua) kali rapat dengan rincian kehadiran masingmasing anggota Direksi adalah sebagai berikut: Nama Name

In 2011, Board of Directors held 42 (fourty two) meetings with detailed attendance of member of Board of Board of Directors as follows:

Jabatan Position


Kehadiran Attendance

%

Boyke W. Mukijat

Direktur Utama President Director

42

40

95

Andi Saddawero

Direktur Director

42

41

98

Saiful H. Manan

Direktur Director

42

32

76

Tri Herutantoyo

Direktur Director

42

40

95

Tunggul Rajagukguk *)

Direktur Director

29

27

93

*) Berdasarkan Keputusan Menteri Negara BUMN selaku RUPS Perseroan No. KEP 164/MBU/2011 tanggal 14 Juli 2011 tentang Pemberhentian Anggota Direksi Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset, Pemegang Saham memberhentikan dengan hormat Bpk Tunggul Rajagukguk sebagai Direktur Perseroan. *) Based on the Decision of State Minister of SOEs as the Company's GMS No. KEP 164/MBU/2011 dated 14 July 2011 concerning Termination of Member of Board of Directors of the Company PT Perusahaan Pengelola Aset (Persero), Shareholders terminated with respect Tunggul Rajagukguk as the Comapny's Director.

PROGRAM PELATIHAN DIREKSI

BOARD OF DIRECTORS TRAINING PROGRAM

Pada tahun 2011, 1 orang Direksi mengikuti program pelatihan Certified Financial Analyst level I.

In 2011, 1 of Board of Directors member attended training program of Certified Financial Analyst level I.

URAIAN KEBIJAKAN REMUNERASI DIREKSI DAN DEWAN KOMISARIS

BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS REMUNERATION POLICY

Penetapan remunerasi Dewan Komisaris dan Direksi dilakukan berdasarkan Keputusan Pemegang Saham yang prosedur penetapannya adalah sebagai berikut:

The remuneration of Board of Commissioners and Directors were stipulated based on Shareholders' Resoltion with following procedures:



Corporate Governance 1. Ketentuan penetapan remunerasi Direksi dan Dewan Komisaris terdapat dalam Peraturan Menteri Negara BUMN No. 07/MBU/2010 tentang Pedoman Penetapan Penghasilan Direksi, Dewan Komisaris dan Dewan Pengawas BUMN. 2. Menteri Negara BUMN selaku RUPS Perseroan memberikan keputusan tentang penetapan penghasilan tahun 2011 dan tantiem tahun buku 2010 melalui Kep-17/D4.MBU/2011 tanggal 27 Juli 2011 dan Kep196/MBU/2011 tanggal 15 Agustus 2011. Berdasarkan keputusan tersebut, unsur penghasilan Direksi dan Dewan Komisaris sesuai dengan ketentuan Peraturan Menteri Negara BUMN No. 07/MBU/2010, dengan rincian sebagai berikut:

1. S tipulation of Board of Directors and Board of Commissioners is stated in the Regulation of State Minister of SOEs No. 07/MBU/2010 concerning Guidelines of Resolution of Income for Board of Directors, Board of Commissioners and SOEs' Advisory Board. 2. S tate Minister of SOEs as the Company's GMS stipulated on the 2011 income and tantiem fiscal year 2010 by Kep17/D4.MBU/2011 dated 27 July and Kep-196/MBU/2011 dated 15 August 2011. Based on this, income of Board of Directors and Board of Commissioners are in accordance with the Regulation of State Minister of SOEs No. 07/ MBU/2010, with following details:

Remunerasi Direksi dan Dewan Komisaris Remuneration of Directors and Board of Commissioners Penghasilan Income

Direksi Board of Directors

Dewan Komisaris Board of Commissioners

Jumlah Penghasilan tahun 2011 Total Income year 2011

Rp12.949 juta / Rp12,949 milion

Rp4.764 juta / 4,764 milion

Terdiri dari Consisted of

Gaji, Tunjangan (antara lain: tunjangan hari raya keagamaan, tunjangan cuti, tunjangan perumahan dan tunjangan pakaian) dan Tantiem (tahun 2010). Salary, Allowances (including: religious, annual leave, housing and clothing allowances) and Tantiem (year 2010).

Honorarium, Tunjangan (antara lain: tunjangan komunikasi, tunjangan transport, tunjangan pakaian dan tunjangan hari raya keagamaan) dan Tantiem (tahun 2010). Honorarium, Allowances (including: communication, transportation, clothing, and religious allowances) and Tantiem (year 2010).

PENILAIAN TERHADAP KINERJA DEWAN KOMISARIS DAN DIREKSI

BOARD OF COMMISSIONERS AND DIRECTORS PERFORMANCE ASSESSMENT

Penilaian terhadap kinerja kepengurusan Perseroan yang dilaksanakan Direksi dan kinerja pengawasan Dewan Komisaris dilakukan oleh Pemegang Saham. Penilaian tersebut dilakukan sebelum RUPS memberikan pelunasan dan pembebasan kepada para anggota Direksi dan anggota Dewan Komisaris atas tugas-tugas yang telah dijalankan selama tahun buku yang lalu.

The performance assessment of the Company's management by the Board of Directors and supervisory performance by Board of Commissioners was carried out by Shareholders. The assessment was conducted prior to GMS' gave acquit et de charge to the member of Board of Directors and member of Board of Commissioners on duties implemented during past fiscal year.

ORGAN PENDUKUNG DEWAN KOMISARIS

BOARD OF COMMISSIONERS SUPPORTING ORGANS SECRETARY OF BOARD OF COMMISSIONERS

SEKRETARIS DEWAN KOMISARIS

Untuk mendukung kelancaran pelaksanaan tugas Dewan Komisaris, ditunjuk seorang Sekretaris Dewan Komisaris. Pengangkatan dan pemberhentian Sekretaris dilakukan oleh Dewan Komisaris.

In supporting Board of Commissioners' duty, a Secretary to the Board of Commissioners was appointed. The appointment and termination of Secretary was carried out by Board of Commissioners.


Tugas dan tanggung jawab Sekretaris Dewan Komisaris adalah: 1. Menjalankan tugas-tugas administrasi dan kesekretariatan yang berkaitan dengan seluruh kegiatan Dewan Komisaris. 2. Menghadiri rapat-rapat Dewan Komisaris, baik rapat gabungan maupun rapat internal Dewan Komisaris, kecuali rapat khusus yang hanya dapat dihadiri oleh Direksi dan/atau Dewan Komisaris. 3. Menyampaikan informasi yang terkait agenda pembahasan dalam rapat gabungan Dewan Komisaris dan Direksi. 4. Membuat, menyampaikan, dan mengelola penyimpanan risalah rapat Dewan Komisaris. 5. Bersama Sekretaris Perusahaan, turut memastikan kelancaran komunikasi dan penyampaian informasi di internal Perseroan.

Duty and responsibility of Secretary to the Board of Commissioners are: 1. T o carry out administration and secretariat of the Board of Commissioners. 2. T o attend Board of Commissioners meetings, both joint meetings and internal meetings of Board of Commissioners, except spesific meetings of which may only be attended by Board of Directors and/or Board of Commissioners. 3. T o inform meeting agendas in joint meeting of Board of Commissioners and Directors. 4. T o prepare, present, and manage the filing of minutes of meetings of Board of Commissioners meetings. 5. W ith Corporate Secretary, to ensure proper communication and information dissemination internally.

KOMITE AUDIT

AUDIT COMMITTEE

Pembentukan Komite Audit Perseroan didasarkan pada Peraturan Menteri Negara BUMN No. KEP-103/MBU/2002 tanggal 4 Juni 2002 tentang Pembentukan Komite Audit Bagi Badan Usaha Milik Negara dan Keputusan Dewan Komisaris No. 01/KEP.KOM/PPA/VIII/2005 tentang Pengangkatan Komite Audit Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset.

The establishment of the Company's Audit Committee is based on the Regulation of State Minister of SOEs No. KEP-103/MBU/2002 dated 4 June 2002 concerning the Establishment of Audit Committee For State-Owned Enterprises and Decision of Board of Commissioners No. 01/ KEP.KOM/PPA/VIII/2005 concerning The Appointment of Audit Committee of the Company PT Perusahaan Pengelola Aset (Persero).

Susunan Komite Audit Susunan Komite Audit Perseroan mengalami perubahan sepanjang tahun 2011. Pada tanggal 29 April 2011, melalui Keputusan Dewan Komisaris No. 07/KEP.KOM/ PPA/IV/2011 tentang Pengangkatan Anggota Komite Audit Perseroan, Perseroan mengangkat Sdr. Adi Dharmanto sebagai anggota Komite Audit. Selanjutnya, Dewan Komisaris memberhentikan dengan hormat Sdr. Mohammad Syahrial dan mengangkat Sdr. Erry Firmansyah sebagai Ketua Komite Audit yang baru, melalui Keputusan Dewan Komisaris No. 08/KEP.KOM/PPA/IV/2011, tentang Pemberhentian dan Pengangkatan Ketua Komite Audit Perseroan.

Audit Committee Composition The composition of the Company's Audit Committee was amended during 2011. On 29 April 2011, by the Decision of Board of Commissioners No. 07/KEP.KOM/PPA/ IV/2011 concerning the Appointment of Member of the Company's Audit Committee, the Company appointed Adi Dharmanto as member of Audit Committee. Further, Board of Commissioners terminated with respect Mohammad Syahrial and appointed Erry Firmansyah as the new Chairman of Audit Committee, by the Decision of Board of Commissioners No. 08/KEP.KOM/PPA/IV/2011, concerning the Termination and Appointment of Audit Committee Chairman of the Company.

Dengan demikian, komposisi Komite Audit Perseroan di tahun 2011 adalah sebagai berikut:

Thereby, the Company's Audit Committee composition in 2011 is as follows:

Komite Audit adalah sebuah organ pendukung Dewan Komisaris yang memiliki tugas utama untuk membantu efektifnya fungsi pengawasan yang dijalankan oleh Dewan Komisaris terhadap tugas Direksi, dalam mengelola Perseroan, khususnya pengawasan dalam hal pengendalian internal serta pelaporan keuangan dan manajemen.

Audit Committee is the supporting organ of Board of Commissioners that hold the responsibility to assist the effectiveness of supervisory function carried out by Board of Commissioners toward Board of Directors' duty in managing the Company, in particular internal audit supervision as well as financial reporting and management.

Periode Period

Susunan Komite Audit Audit Committee Composition

Januari – Mei 2011

Ketua Chairman: Anggota Member:

M. Syahrial I Ketut Hadi Priatna Irham Sahat L. Tobing

Juni – Desember 2011


Erry Firmansyah I Ketut Hadi Priatna Adi Dharmanto



Corporate Governance Secara terinci, tugas, tanggung jawab, dan kewajiban Komite Audit sebagaimana tertuang di dalam Piagam Komite Audit adalah:

In details, duties, responsibilities, and obligations of Audit Committee as stated in the Audit Committee Charter is as follows:

Tugas Komite Audit 1. Membantu memastikan efektivitas sistem pengendalian intern dan pelaksanaan tugas auditor internal dan eksternal. 2. Menilai pelaksanaan dan hasil audit yang dilakukan oleh Satuan Pengawasan Intern dan auditor eksternal. 3. Memberikan rekomendasi terkait penyempurnaan sistem pengendalian manajemen beserta penerapannya. 4. Memastikan telah terdapat prosedur tinjauan yang baik terhadap setiap informasi yang dikeluarkan Perseroan. 5. Mengidentifikasi hal-hal yang memerlukan perhatian dari Dewan Komisaris. 6. Melakukan tugas lain yang diberikan Dewan Komisaris.

Duty of Audit Committee 1. T o ensure effectiveness of internal audit and implementation of both internal and external auditor. 2. T o assess audit implementation and results carried out by internal audit and external auditor. 3. T o recommend refinement in management control system including its implementation. 4. T o ensure existing procedures on review of every information by the Company. 5. T o identify specific matters that required attention of Board of Commissioners. 6. T o conduct other duty as mandated by Board of Commissioners.

Tanggung Jawab Komite Audit Komite Audit bertanggung jawab menganalisis, menilai, membuat rekomendasi dan menyampaikan informasi mengenai hal yang ditelaah, sesuai tugas dan wewenangnya.

Responsibility of Audit Committee Audit Committee holds the responsibility to analyse, assess, recommend and present information regarding matters that are already analysed, according to its duty and authority.

Kewajiban Komite Audit 1. Menjaga kerahasiaan dokumen, data, dan informasi Perseroan, baik dari pihak eksternal maupun internal Perusahaan. Dokumen, data, dan informasi Perusahaan yang dimiliki Komite Audit digunakan hanya untuk kepentingan pelaksanaan tugas komite. 2. Melaporkan hasil pelaksanaan tugas komite kepada Dewan Komisaris. 3. Menyusun dan menyampaikan program kerja tahunan kepada Dewan Komisaris untuk mendapatkan pengesahan, sebelum tahun buku berjalan.

Audit Committee's Obligation 1. T o maintain confidentiality of documents, data, and informations of the Company, both externally and internally. The documents, data, and informations of the Company held by Audit Committee are only disseminated for the interest of committees' duty. 2. T o report result of committees' duty to the Board of Commissioners. 3. T o prepare and present annual working program to the Board of Commissioners and to obtain ratification, prior to current fiscal year.

Pelaksanaan Kegiatan Komite Audit 2011 Berikut ini adalah hal-hal yang telah dilaksanakan Komite Audit Perseroan pada tahun 2011:

Activities of Audit Committee in 2011 The following activities were carried out by Audit Committee of the Company in 2011, as follows:

1. Melakukan pembahasan dengan SPI terkait dengan sistem audit internal Perseroan. 2. Melakukan tinjauan dan analisis atas laporan keuangan yang dibuat pihak manajemen. 3. Menilai kebijakan akuntansi dan keputusan-keputusan yang terkait dengan keuangan. 4. Melakukan pengawasan proses pembuatan laporan keuangan dengan penekanan pada kepatuhan terhadap kebijakan, standar dan sistem akuntansi yang berlaku. 5. Melakukan penelaahan atas sistem pengendalian internal yang dilaksanakan oleh Perseroan.

1. T o discuss the Company's internal audit system with Internal Audit. 2. T o review and analyse financial statements that was prepared by management. 3. T o assess accounting policy and decisions in finance. 4. T o monitor financial statements development process by emphasizing compliance to policies, standards and exisisting accounting system. 5. T o review internal audit system of which was implemented by the Company.


6. M elakukan tinjauan, analisis dan rekomendasi atas Rencana Kerja dan Anggaran Perseroan, Rencana Jangka Panjang, laporan-laporan Manajemen, dan informasi lainnya. 7. M engkaji ruang lingkup dan ketepatan penugasan auditor eksternal yang berkaitan dengan kewajaran biaya jasa audit, pengalaman, independensi dan obyektivitasnya. 8. M elakukan review atas kegiatan Perseroan. 9. M elakukan review dan masukan atas kegiatan investasi Perseroan. 10. Melakukan review dan masukan atas kegiatan R/R oleh Perseroan. 11. Melakukan review dan masukan atas kegiatan asset management Perseroan. 12. Melakukan review atas laporan manajemen yang mencakup kinerja tahun 2011.

6. T o review, analyse and recommend the Corporate Work Plan and Budget, Long Term Plan, Management reports, and other informations. 7. T o study scope of work and duty of external auditor in relation to fairness of audit fee, experience, independence and objectivity. 8. T o review company activities. 9. T o review and provide opinion on the Company's investment activities. 10. T o review and provide opinion on R/R activities of the Company. 11. T o review and provide opinion on the Company's asset management activities. 12. T o review management report that include year 2011 performance.

Frekuensi Pertemuan dan Tingkat Kehadiran Komite Audit Sepanjang tahun 2011 Komite Audit melaksanakan sejumlah pertemuan, dengan catatan tingkat Kehadiran sebagai berikut:

Meetings Frequency and Attendance of Audit Committee in 2011 Audit Committee held several meetings, with the following attendance:

Periode Period


Anggota Komite Committee Members

Tingkat Kehadiran Attendance

%

Januari – Mei 2011

33

M. Syahrial I Ketut Hadi Priatna Irham Sahat L. Tobing

5 30 30 33

100 99 99 100

Juni – Des 2011

44

Erry Firmansyah I Ketut Hadi Priatna Adi Dharmanto

6 40 30

100 99 80

*) Pertemuan Komite Audit dilaksanakan antara Ketua Komite Audit dan Anggota setiap satu bulan sekali, sementara Pertemuan Komite Audit dengan Manajemen dilaksanakan dua kali pertemuan dalam satu minggu. *) Audit Committee Meetings was implemented between Chairman and Members of Audit Committee once a month, meanwhile Audit Committee's Meeting with the Management was conducted twice a week.

Independensi Anggota Komite Audit Komite Audit diketuai oleh Komisaris Independen dan didukung anggota komite dengan latar belakang karir profesional serta keahlian dan pengalaman di bidang Akuntansi dan Audit.

Independence of Audit Committee Audit Committee is chaired by Independent Commissioner and supported by member of committees with professional career background as well as skills and experience in Accounting and Audit.

KOMITE PEMANTAU RISIKO DAN GCG (KPR GCG)

RISK MONITORING AND GCG COMMITTEE (RM GCG)

Komite Pemantau Risiko dan GCG adalah sebuah organ pendukung Dewan Komisaris yang memiliki tugas utama untuk membantu efektifnya fungsi pengawasan yang dijalankan oleh Dewan Komisaris terhadap tugas Direksi, dalam mengelola Perseroan, khususnya pengawasan dalam hal pengelolaan dan mitigasi berbagai risiko yang dihadapi perusahaan serta penerapan dan penegakan tata kelola perusahaan yang baik (GCG).

Risk Monitoring and GCG Committee is the Company's supporting organ to the Board of Commissioners that hold main responsibility to assist the effectiveness of supervisory duty of Board of Commissioners toward the Director's duty in managing the Company, in particular management supervision and mitigation of risks faced by the company as well as the implementation and enhancement of good corporate governance (GCG).

Pembentukan Komite Pemantau Risiko dan GCG Perseroan dilakukan berdasarkan Peraturan Dewan Komisaris Perseroan No. PER-01/KOM/PPA/VI/2011 tanggal 30 Juni 2011.

The establishment of Risk Monitoring and GCG Committee of the Company was based on the Regulation of Board of Commissioners of the Company No. PER-01/KOM/PPA/ VI/2011 dated 30 June 2011.



Corporate Governance Komposisi Anggota KPR GCG Komposisi anggota KPR GCG adalah sebagai berikut:

Composition of RM GCG Committee Member The composition of RM GCG Committee member is as follows:

Periode Period

Susunan KPR GCG Composition of RM GCG Committee



Nurhaida S ahat L. Tobing Irham Hendy M. Fakhruddin

Catatan / Notes: Pengangkatan Ketua dan anggota Komite Pemantau Risiko dan GCG dilakukan berdasarkan Keputusan Dewan Komisaris Perseroan No. 09/KEP.KOM/PPA/ VI/2011 tentang Pengangkatan Ketua dan anggota Komite Pemantau Risiko dan GCG Perusahaan Perseroan (Persero) PT Perusahaan Pengelola Aset. The appointment of Chairman and member of Risk Monitoring and GCG Committee was based on the Decision of Board of Commissioners of the Company No. 09/KEP.KOM/PPA/VI/2011 concerning the Appointment of Chairman and member of Risk Monitoring and GCG of the Company PT Perusahaan Pengelola Aset (Persero).

Tugas dan Tanggung Jawab KPR GCG Secara terperinci, tugas dan tanggung jawab KPR GCG dapat diuraikan seperti berikut:

Duty and Responsibility of RM GCG Committee In details, the following are duty and responsibility of RM GCG Committee:

a. Melakukan review atas kebijakan, strategi, dan pedoman manajemen risiko dan GCG yang diterapkan Perseroan. b.Melakukan pemantauan atas pelaksanaan kebijakan, strategi, dan pedoman manajemen risiko dan GCG yang ditetapkan Perseroan. c. Melakukan review atas mitigasi risiko oleh manajemen, serta peta Manajemen Risiko dan Risiko Utama Perseroan. d. Melakukan review atas penilaian risiko terhadap rencana investasi manajemen Perseroan, termasuk namun tidak terbatas pada investasi pada entitas anak, investasi pada BUMN, investasi pada perusahaan R/R, investasi penyertaan saham. e. Melakukan review atas informasi risiko dan manajemen risiko Perseroan serta GCG yang telah diterapkan dalam laporan-laporan yang diterbitkan melalui diskusi bersama manajemen. f. Melakukan review atas kepastian Perseroan telah melaksanakan secara layak seluruh peraturan perundangundangan dan Anggaran Dasar. g. Melakukan review atas kegiatan Perseroan dalam melaksanakan sosialisasi budaya GCG. h. Melakukan review terhadap Perangkat Kelengkapan GCG: Code of CG, Board Manual, Code of Conducts.

a. T o review policies, strategies, and guidelines of risk management and GCG implemented by the Company. b. To monitor policies, strategies, and guidelines of risk management and GCG stipulated by the Company. c. To review risk mitigation by management, as well as mapping of Risk Management and Core Risks of the Company. d.To review risk assessment toward the Company's investments, including but not limited investments on subsidiary, investments on SOEs, investments on R/R's companies, investements on ownership. e. To review risk information and risk management of the Company as well as GCG implementation within publication of reports through joint discussion with management. f. T o review the Company's compliance with prevailing laws and Articles of Association. g. T o review the Company's activitie in the socialization of GCG's culture. h. T o review Comprehensive GCG's Tools: Code of CG, Board Manual, Code of Conducts.

Pelaksanaan Kegiatan Komite KPR GCG

Activities of RM GCG Committee

Berikut ini adalah hal-hal yang telah dilaksanakan Komite KPR GCG PPA pada tahun 2011: a. Melakukan review dan memberikan rekomendasi atas kelengkapan GCG Perseroan yaitu: Board Manual, Code of CG, dan Code of Conducts.

The following are activities implemented by RM GCG Committee in 2011: a. T o review and recommend GCG's requirements: Board Manual, Code of CG, and Code of Conducts.


b. Melakukan review atas sistem dan kebijakan manajemen risiko Perseroan. c. Melakukan review dan masukan terhadap Implementasi Model Bisnis Baru Perseroan. d. Memastikan setiap kegiatan yang dilakukan Perseroan taat dan patuh terhadap peraturan perundangundangan yang berlaku serta kebijakan dan prosedur yang telah ditetapkan. e. Menelaah Rencana Kerja dan Anggaran Perusahaan (RKAP) Tahun 2012 dan memberikan masukan sebagai saran kepada Dewan Komisaris dalam Rapat Pembahasan RKAP. f. Melakukan review dan masukan atas Laporan Manajemen Perseroan. g. Melakukan review dan masukan atas kegiatan investasi Perseroan. h. Melakukan review dan masukan atas kegiatan R/R oleh Perseroan. i. Melakukan review dan masukan atas kegiatan asset management Perseroan. j. Melakukan review dan masukan terkait manajemen risiko dan mitigasi atas kegiatan Perseroan.

b. T o review risk management system and policy of the Company. c. To ensure every activities by the Company is following and compliance to prevailing laws as well as with policies and procedures. d. T o analyse Corporate Work Plan and Budget (RKAP) Year 2012 and to provide opinion to the Board of Commissioners in the Discussion Meeting of RKAP. e. T o review and provide opinion on Management Report of the Company. f. T o review and provide opinion on the Company's investment activities. g. T o review and provide opinion on the R/R's activities by the Company. h. T o review and provide opinion on the asset management activities of the Company. i. T o review and provide input on risk management and mitigation of the Company's activities.

Frekuensi Pertemuan dan Tingkat Kehadiran Komite KPR GCG Sepanjang Juni – Desember 2011, Komite KPR GCG melaksanakan sejumlah pertemuan, dengan catatan tingkat kehadiran sebagai berikut:

Meetings Frequency and Attendance of RM GCG Committee During June – December 2011, RM GCG Committee held several meetings, with the following attendance:

Periode Period



Anggota Komite Committee Members

Tingkat Kehadiran Attendance

%

44

Nurhaida *) Sahat L. Tobing Irham Hendy M. Fakhruddin

6 44 37 40

100 100 80 90

*) Pertemuan Ketua Komite Pemantau Risiko dan GCG dengan Anggota dilaksanakan setiap satu bulan sekali, sementara Pertemuan antar anggota Komite Pemantau Resiko dan GCG dan Manajemen dilaksanakan dua kali pertemuan dalam satu minggu. *) Meetings of the Chairman of Risk Monitoring and GCG with its Members was conducted once a month, meanwhile Meetings between members of Risk Monitoring and GCG Committee and Management was carried out twice a week.

Independensi Anggota Komite KPR GCG Komite KPR GCG diketuai oleh Komisaris Independen dan didukung anggota komite yang merupakan professional dengan keahlian di bidang Manajemen Risiko dan GCG.

Independence of Member of RM GCG Committee RM GCG Committee is chaired by Independent Commissioner and supported by member of committees with profession and skills in Risk Management and GCG.

ORGAN PENDUKUNG DIREKSI

BOARD OF DIRECTORS SUPPORTING ORGANS

SEKRETARIS PERUSAHAAN

Sekretaris Perusahaan berperan juga sebagai pimpinan Divisi Sekretariat Perseroan dan bertanggung jawab langsung kepada Direktur Utama. Tugas-tugas pokok Divisi Sekretariat Perseroan adalah (i) sebagai pejabat penghubung dalam pemeliharaan dan pengembangan komunikasi dan hubungan dengan pemangku kepentingan; (ii) mendukung penyelenggaraan kegiatan

CORPORATE SECRETARY

Corporate Secretary holds the responsibility to lead Secretariat Division of the Company and has direct accountbility to the President Director. Main duties of Secretariat Division are (i) as mediators in maintaining and development of communication and relations with stakeholders; (ii) supporting in corporation activities,



Corporate Governance korporasi, dan (iii) berlaku sebagai unit khusus yang menyelenggarakan program kemitraan dan bina lingkungan.

and (iii) as special unit that implement partnership and environmental development program.

Pelaksanaan Tugas Tahun 2011 Secara terinci, tugas-tugas Divisi Sekretariat Perseroan meliputi tiga dimensi: a. Urusan Perusahaan dan Dukungan Kerja b. Komunikasi Perusahaan c. Program Kemitraan dan Bina Lingkungan

Implementation of Duty in 2011 In details, duty of Secretariat Division covers three dimensions: a. Company's Corporate Affairs and Support b. Company's Communication c. Partnership and Environmental Development Program

Urusan Perusahaan dan Dukungan Kerja Sepanjang tahun 2011, untuk Urusan Perusahaan dan Dukungan Kerja, Sekretariat Perusahaan telah melaksanakan hal-hal berikut:

Company's Support and Services Throughout 2011, the Secretariat of the Company has carried out following support and services:

a. Penyelenggaraan Rapat Direksi dan pembuatan risalah rapat Direksi; b. Penyusunan Laporan Manajemen triwulan I, II dan III Tahun 2011; c. Penyusunan Annual Laporan Tahunan 2010; d. Pembuatan Akta Perusahaan terkait perubahanperubahan yang terjadi; e. Koordinasi pelaksanaan rapat Dewan Komisaris dan Direksi; f. Penyusunan Surat Keputusan Direksi; g. Penyelenggaraan Rapat Umum Pemegang Saham Tahunan Tahun Buku 2010; h. Penataan dan penyimpanan dokumen perusahaan; i. Koordinasi dalam penyusunan presentasi Direksi dalam rapat dengan pihak eksternal Perseroan; j. Persiapan dokumen-dokumen terkait pembayaran tagihan kepada pihak ketiga (SPM, PUM dan PJUM) atas kegiatan-kegiatan tertentu.

a. C onducted Board of Directors' Meeting and prepared minutes of meeting; b. Prepared Management Report of quarter I, II and III Year 2011; c. Prepared Annual Report Year 2010; d. P repared the Company's Deeds in regard to amendments; e. C oordinated meetings of Board of Commissioners and Directors; f. D rafted Letter of Decision of Board of Directors; g. C onducted Annual General Meeting of Shareholders Fiscal Year 2010; h. F iling and recording company's documents; i. C oordinated draft presentation of Board of Directors in meetings with external party; j. Prepared documents on settlement of billings to third party (SPM, PUM and PJUM) on certain activities.

Komunikasi Perusahaan Kegiatan terkait Komunikasi Perusahaan yang telah dijalankan pada tahun 2011 adalah:

Communication of the Co mpany The activities for Communication of the Company in 2011 were as follows:

a. Kegiatan komunikasi Internal yang antara lain meliputi: kegiatan rutin keolahragaan; pengelolaan informasi internal termasuk Info Corsec; kegiatan keagamaan termasuk ibadah rutin untuk karyawan yang beragama Islam setiap hari Jumat dan Rabu, ibadah rutin untuk karyawan yang beragama Kristiani, Persekutuan Doa Kristiani dan Misa Katolik, serta kegiatan di waktu-waktu tertentu, antara lain Kultum Ramadhan, buka puasa bersama, Halal Bihalal, acara tutup/buka tahun, dan peringatan hari besar keagamaan; kegiatan lain seperti HUT Kemerdekaan, HUT Perseroan, gathering karyawan dan manajemen/Komisaris & Direksi;

a. Internal communication activity that include: regular sports activity, management of internal information including Info Corsec; religious activity including regular worship for moslem employees every Fridays and Wednesdays, regular worship for Christians employees, Fellowship of Christian Prayers and Catholic Mass, as well as certain activities such as Kultum Ramadhan, opening of fasting, Halal Bihalal, farewell/new year, and anniversary of religious days; Independence Day, the Company's anniversary, employees and management/ Commissioners & Directors' gathering;


b. Kegiatan Media Komunikasi meliputi pengelolaan situs Perseroan, koordinasi dengan wartawan, kegiatan PR Campaign kerja sama PT Dirgantara Indonesia dengan Airbus Military termasuk pembuatan press release dan press conference; c. Kegiatan Komunikasi eksternal meliputi pengelolaan komunikasi/koordinasi dengan lembaga eksternal antara lain Komisi VI DPR, Komisi XI DPR, Kementerian BUMN, Kementerian Keuangan, dan lembaga teknis lain seperti Kementerian Pertahanan. Termasuk juga dalam kaitan kegiatan/kerja sama dengan BUMN/Investor lain terkait R/R, pengelolaan aset dan investasi seperti PT PLN, PT KAI, PT ISN, PT Dok Kodja Bahari, PT RNI, PT DI, dan lainlain. d. Kegiatan sponsorship meliputi partisipasi Perseroan pada kegiatan the 2nd Muslim World Biz 2011 di Kuala Lumpur, serta sponsorship pada kegiatan lembaga-lembaga pemangku kepentingan Perseroan; e. Kegiatan dukungan lain kepada unit internal Perseroan seperti dukungan pemasangan iklan di media cetak dan website Perseroan untuk promosi kegiatan Business Unit dalam kegiatan Divestasi.

b. Communication Media activity including website implementation, coordination with journalists, PR Campaign of PT Dirgantara Indonesia with Airbus Military including press release and press conference; c. External Communication activity covering communication/coordination with external institutions among others House of Representatives Commission VI and XI, SOEs Ministry, Finance Ministry, and other technical institutions such as Defense Ministry. Included in this activity in relation to cooperation with SOEs/other Investors in R/R, asset management and investments for PT PLN, PT KAI, PT ISN, PT Dok Kodja Bahari, PT RNI, PT DI, etc. d. S ponsorship activity including participation in the 2nd Muslim World Biz 2011 in Kuala Lumpur, as well as sponsorships for activities of stakeholders institutions of the Company; e. O ther supporting activities to the Company's internal units such as print Ads in print media and website to promote the activity of Business Unit in Divestment activity.

Program Kemitraan dan Bina Lingkungan Fungsi Sekretaris Perusahaan sebagai Kepala Unit PKBL dijelaskan dalam penjelasan Program Kemitraan dan Bina Lingkungan.

Partnership and Environmental Development Program The function of Corporate Secretary as Unit Head of PKBL was elaborated in the Partnership and Environmental Development Program explanation.

SATUAN PENGAWASAN INTERN (SPI)

INTERNAL AUDIT (SPI)

SPI dibentuk dengan tujuan membantu Direksi memastikan pencapaian tujuan dan kelangsungan usaha. Dalam rangka itulah, SPI memiliki fungsi sebagai berikut:

Internal Audit was established to support Board of Directors in ensuring the achievement of business objectives and sustainability. Thereby, the functions of Internal Audit are:

a. mengevaluasi pelaksanaan program Perseroan; b. memberikan saran dalam rangka memperbaiki efektivitas proses pengendalian internal dan manajemen risiko; c. mengevaluasi kepatuhan Perseroan terhadap peraturan Perseroan, pelaksanaan GCG, dan perundang-undangan; serta d. m endukung kelancaran pelaksanaan audit oleh auditor eksternal.

a. t o evaluate program implementation of the Company; b. to provide suggestion for the effectiveness of internal audit process and risk management; c. to evaluate the Company's compliance toward regulations, GCG implementation, and prevailing laws; and d. t o support audit implementation by external auditor.

Sebagai landasan pelaksanaan tugas SPI, Perseroan telah menyusun dan mengesahkan Piagam Audit Intern (Internal Audit Charter), yang ditandatangani oleh Direktur Utama Perseroan. Di dalam piagam tersebut, terangkum fungsi, ruang lingkup, dan mekanisme kerja SPI.

As the foundation of Internal Audit's duty, the Company drafted and ratified the Internal Audit Charter, of which was signed by President Director of the Company. The charter contained functins, scope of works, and working mechanism of internal audit.

Fungsi SPI Fungsi SPI dikelompokkan ke dalam empat golongan, yakni: a. Pelaksanaan kegiatan audit keuangan, audit operasional dan audit/review dengan tujuan tertentu. b. Pelaksanaan layanan konsultasi terkait dengan masalah audit, pengendalian intern, manajemen risiko dan tata kelola perusahaan.

Functions of Internal Audit The functions of Internal Audit were grouped into 4 scopes, as follows: a. Implementation of financial audit, operations audit and audit/review with certain objectives. b. Implementation of consultancy service related to audit, internal control, risk management and corporate governance.



Corporate Governance c. Sebagai mitra kerja bagi auditor eksternal d. Pengadministrasian dan manajemen internal audit.

c. As partner of external auditor. d. Administration and internal audit management.

Ruang lingkup pekerjaan SPI Ruang lingkup pekerjaan SPI mencakup semua satuan kerja dan entitas anak Perseroan.

Scope of Works' Internal Audit Internal Audit's scope of works covering all working units and subsidiaries of the Company.

Struktur dan Kedudukan SPI Satuan kerja SPI merupakan Divisi yang berada di bawah Direktorat Utama. SPI dipimpin oleh seorang Kepala SPI, yang diangkat oleh Direksi dan bertanggung jawab kepada Direktur Utama. Struktur organisasi SPI adalah sebagai berikut:

Structure and Position of Internal Audit Working units of Internal Audit is under main Directorate. Internal Audit is head by Division Head, of which appointed by the Board of Directors and accountable to the President Director. Herewith the organization structure of Internal Audit:

Kepala Divisi Division Head

Sekretaris Secretary

Kepala Grup 2

Kepala Grup 1

Group 2 Head

Group 1 Head

Kepala Unit

Kepala Unit

KepalaUnit

Unit Head

Unit Head

Unit Head

Unit Head

Staff

Staff

Staff

Staff

Kepala Unit

Jumlah Karyawan SPI Jumlah karyawan SPI tahun 2011 sebanyak 7 (tujuh) orang, termasuk Kepala SPI dan satu orang sekretaris.

Total Staff of Internal Audit The total staff of Internal Audit in 2011 are 7 (seven) staffs, including Internal Audit Head and one secretary.

Kualifikasi/Sertifikasi yang Dimiliki Karyawan SPI Untuk memastikan pelaksanaan kerja yang berkualitas, satuan kerja SPI diisi oleh tenaga yang kompeten di bidangnya. Saat ini, dari 7 (tujuh) karyawan yang berada di bawah satuan kerja SPI Perseroan, 5 (lima) karyawan memiliki kualifikasi register Akuntan, 2 (dua) karyawan memiliki sertifikat International CIA® (Certified Internal Auditor), dan 1 (satu) karyawan memiliki sertifikat CISA® (Certified Information System Auditor).

Qualifications/Certifications of Internal Audit's Staff To ensure implementation of quality works, Internal Audit's working unit represented competent officers. Currently, from 7 (seven) staffs, 5 (five) has Accountant register qualification, 2 (two) has Certified Internal Auditor (CIA®), and 1 (one) has Certified Information System Auditor (CISA®).

Mekanisme Kerja SPI a. Sebelum melaksanakan tugas audit, SPI menyiapkan Rencana Kerja Tahunan yang merupakan bagian dari Rencana Kerja dan Anggaran Perusahaan (RKAP). Rencana kerja tersebut dieveluasi bersama Komite Audit, kemudian disampaikan kepada Direktur Utama untuk mendapatkan persetujuan. Rencana kerja yang telah disetujui dimuat di dalam RKAP.

Work Mechanism of Internal Audit a. P rior to audit duty, Internal Audit prepared the Annual Working Plan of which represented part of Corporate Work Plan and Budget (RKAP). This working plan was evaluated with Audit Committee, and presented to President Director for approval. The approved working plan will be included into RKAP.


b. Dalam setiap pelaksanaan audit, Kepala SPI menerbitkan Memo Penugasan yang ditujukan kepada pimpinan tertinggi satuan kerja yang diaudit. Laporan hasil audit yang lengkap, berikut rekomendasi SPI, disampaikan secara langsung kepada Kepala Satuan Kerja yang diaudit (Direktur/Kepala Divisi) dan satuan Kerja Manajemen Risiko. c. SPI melaporkan hasil penugasan audit kepada Direktur Utama dalam bentuk Ringkasan Eksekutif, melampirkan laporan hasil audit lengkap, dengan tembusan kepada Ketua Komite Audit. d. SPI secara terus menerus memantau tindak lanjut temuan dan rekomendasi yang dilakukan oleh satuan kerja yang diaudit (auditee). Hasil pemantauan tersebut disampaikan setiap bulan kepada Auditee dengan tembusan kepada Direktur Utama. Suatu penugasan audit dinyatakan tuntas apabila seluruh temuan dan rekomendasi SPI selesai ditindaklanjuti oleh auditee. e. Tanpa dikaitkan dengan penugasan yang sedang dilakukan, SPI juga dapat menyampaikan memo kepada Direktur Utama apabila terdapat hal-hal penting yang menurut SPI perlu segera diketahui dan diperbaiki. f. Secara periodik (triwulanan) SPI menyampaikan Laporan Kegiatan SPI yang berisi pelaksanaan tugas SPI selama 3 bulan kepada Direktur Utama. g. S PI melaksanakan rapat dengan Komite Audit. Rapat tersebut antara lain membahas laporan hasil audit yang telah diterbitkan SPI, perkembangan tindak lanjut auditee atas temuan dan rekomendasi SPI serta hal-hal lainnya yang terkait dengan fungsi internal audit.

b. In audit implementation, Head of Internal Audit published Assignment Memo to the highest position of auditee. Comprehensive audit result report, including recommendation, will be directly presented to the Head of auditee (Director/Division Head) and Risk Management. c. Internal Audit will report the audit result to the President Director in an Executive Summary, with comprehensive audit report, and enclosure to the Chairman of Audit Committee. d. Internal Audit will continuously monitoring the follow up on findings and recommendation carried out by auditee. The monitoring results will be submitted monthly to the Auditee with enclosure to the President Director. Audit duty is considered completed once all findings and recommendation were done by the auditee. e. F ollowing its current duty, Internal Audit also presents memo to the President Director on any important matters that required awareness and improvements. f. Quarterly Internal Audit present its Activity Report containing 3 month duties to the President Director. g. Internal Audit conducts meeting with Audit Committee. The agenda include discussion on audit results report published by Internal Audit, development of auditee follow up on the findings and recommendation of Internal Audit as well as other matters related to the functions of internal audit.

Selanjutnya, di tahun 2011, unit SPI memiliki target kerja yang dikelompokkan dalam 4 golongan besar yaitu: Audit/ Review, Konsultasi (Consulting), Manajemen internal audit, dan kegiatan lainnya. Rincian target kerja tersebut adalah sebagai berikut: a. Penugasan audit/review sebanyak 14 penugasan. b. Penugasan konsultasi (Consulting) sesuai dengan permintaan unit-unit kerja dan/atau arahan Direktur Utama. c. Manajemen internal audit meliputi administrasi penugasan, pemutakhiran kebijakan dan prosedur, pemutakhiran rencana, serta pelaporan kegiatan. d. Kegiatan lain meliputi counterpart auditor eksternal, rapat dengan Komite Audit dan Direktur Utama sesuai kebutuhan, serta monitoring tindak lanjut atas rekomendasi auditor eksternal.

Further, Internal Audit unit has working targets in 2011 that was grouped into 4 main scopes, include: Audits/ Reviews, Consulting, internal audit Management, and other activities. Detailed of the working targets are as follows: a. 14 audits/reviews. b. Consulting according to the requests of working units and/or direction of President Director. c. Internal audit management covering administration, updates in policy and procedure, updates in planning, as well as reporting. d. Other activities including counterpart with external auditor, meetings with Audit Committee and President Director as required, as well as monitoring the follow up of external auditor's recommendation.

Realisasi Pencapaian selama tahun 2011 a. Selama tahun 2011, SPI telah melakukan penugasan audit/review dengan jumlah melebihi yang ditargetkan, yaitu sebanyak 15 penugasan dari target semula sebanyak 14 penugasan. Rincian kegiatan audit yang dilakukan SPI terangkum dalam tabel di bawah ini:

Realization of Achievement in 2011 a. During 2011, Internal Audit conducted audits/reviews and exceeded its target, i.e. 15 duties from 14. The detailed activities can be viewed in the following table:




Realisasi Pencapaian selama tahun 2011 Realization of Achievement in 2011 No

Rencana Obyek Audit Audit Plan

Realisasi Obyek Audit Audit Realization

1

Audit atas Kegiatan R/R BUMN (I) Audit on SOEs' R/R (I) Activity

Review atas pemberian pinjaman kepada PT DI Review on loans to PT DI

2

Audit atas Kegiatan R/R BUMN (II) Audit on SOEs' R/R (II) Activity

Review atas proses R/R PT Industri Gelas Review onf R/R's process of PT Industri Gelas

3

Audit atas Kegiatan R/R BUMN (III) Audit on SOEs' R/R (III) Activity

Review atas Pemberian Pinjaman Dana Talangan kepada PT Survai Udara Penas (Persero), PT Djakarta Lloyd (Persero) Review on Bridging Loans to PT Survai Udara Penas (Peresero), PT Djakarta Lloyd (Persero)

4

Audit Atas Pelaksanaan Tupoksi Grup Sekretariat Perusahaan Audit on Tupoksi of the Company's Secretariat

Review atas Aplikasi Sistem Informasi Terkait Keuangan per 30 Juni 2011 Review on Information System Application Related to Finance per 30 June 2011

5

Audit atas Penanganan Benefit Karyawan pada Grup SDM Audit on Employees Benefits Management in HR Group

Review atas Fasilitas Kesehatan dan Asuransi Jiwa Karyawan Review on Healthcare Facility and Life Insurance of Employees

6

Audit atas Operasional Entitas Anak Audit on the Operations of Subsidiary

Pelaksanaan audit diganti menjadi: Review atas Kegiatan Divisi Penelitian dan Pengembangan Perseroan Audit was replaced into: Review on Research Division Activity and the Company's Development

7

Audit atas Kegiatan Program Kemitraan dan Bina Lingkungan (PKBL) Audit on Activity of Partnership and Environmental Development Program (PKBL)

Review atas Pelaksanaan PKBL Perseroan Tahun 2010 Review on PKBL implementation Year 2010

8

Audit atas Kegiatan Pengelolaan Aset (I) Audit on Asset Management (I) Activities

Audit atas Realisasi Pengelolaan Aset Eks BPPN Tahun 2010 oleh Direktorat Aset Manajemen Audit on Realization of Asset Management of ex IBRA Year 2010 by Asset Management Directorate

9

Audit atas Kegiatan Pengelolaan Aset (II) Audit on Asset Management (II) Activities

Review atas Kegiatan Penanganan Aset Hak Tagih dan Saham Grup Texmaco Review on Assignment Rights Activitiey and Shares of Texmaco Group

10

Audit atas Kegiatan Pengelolaan Aset (III) Audit on Asset Management (III) Activities

Review atas Kegiatan Pengadministrasian dan Penatausahaan Dokumen Aset Review on Administration and Assets Document Filing

11

Audit atas Kegiatan Investasi pada saham dan surat berharga Audit on Investment Activities in shares and promissory notes

Review Atas Kegiatan Investasi (periode 1 Januari 2010 sampai dengan 30 Juni 2011), Review on Investment Activities (period of 1 January 2010 to 30 June 2011)

12

Audit atas Pengadaan Barang dan Jasa pada Divisi SDM & Umum Audit on Service and Product Procurement in HR & General Affairs Division

Audit atas Kegiatan Pengadaan Barang dan Jasa oleh Grup Umum - Direktorat HSU periode 1 September 2010 sampai dengan 31 Agustus 2011 Audit on Service and Product Procurement Activity by General Affairs Group HSU Directorate period of 1 September 2010 to 31 August 2011

13

Audit atas Kegiatan Investasi Langsung Audit on Direct Investment Activity

Pelaksanaan audit diganti menjadi: Audit atas Pengelolaan Data oleh Grup PDS per 31 Oktober 2011 Audit was replaced into: Audit on Data Management by PDS Group per 31 October 2011

14

Review atas Pelaksanan Tupoksi Direktorat Manajemen Risiko Review on Tupoksi of Risk Management Directorate

Review atas Tugas Pokok dan Fungsi Direktorat Manajemen Risiko Periode 11 Agustus 2009 sampai dengan 31 Desember 2010 Review on Principal Duty and Function of Risk Management Directorate Period of 11 August 2009 to 31 December 2010

15

Penugasan di luar RKAP Duty excluded in RKAP

Review atau Diagnostik Kewajiban Perpajakan Perseroan Tahun 2007 sampai dengan 2009 Review or Diagnostic of Taxation Obligation of the Company Year 2007 to 2009


b. Penugasan konsultasi direalisasikan dengan melakukan perbantuan staf SPI dalam Tim R/R untuk melakukan Financial Due Diligence terhadap PT Dirgantara Indonesia, PT Bahana Pembiayaan Usaha Indonesia dan PT Nindya Karya; perbantuan staf SPI dalam persiapan kegiatan investasi PT Polytama; terlibat dalam mengusulkan pengelolaan dana pensiun karyawan pada DPLK; dan asuransi Direksi dan Officer. c. Manajemen Internal Audit direalisasikan dengan kegiatan-kegiatan antara lain: Administrasi penugasan dan hasil penugasan, pemutakhiran rencana kegiatan SPI, pelaporan kegiatan SPI, penyusunan Program Kerja Audit Tahunan, pelaksanaan Internal Quality Assurance melalui review atas Kertas Kerja Audit dan Proses Audit, pelatihan pegawai/staff serta Penyesuaian Pedoman Audit Internal. d. Kegiatan lainnya direalisasikan, melalui, antara lain: Rapat-rapat dengan Direktur Utama, Rapat-rapat dengan Komite Audit, Counterpart Tim BPK dalam Pemeriksaan atas Pengelolaan Sisa Aset Eks BPPN pada Perseroan yang dilaksanakan pada tahun 2011, serta pemantauan tindak lanjut atas Temuan dan Rekomendasi Hasil Pemeriksaan BPK sebelum tahun 2011 yang belum selesai ditindaklanjuti oleh Perseroan.

b. C onsulting was realized through assistance of Internal Audit staff into R/R's team for Financial Due Diligence of PT Dirgantara Indonesia, PT Bahana Pembiayaan Usaha Indonesia and PT Nindya Karya; assistance into investment activities of PT Polytama; involved in recommendation of employees' pension fund management with DPLK; and insurances of Board of Directors and Officers. c. Internal Audit Management was realized by following activities: Administration and results, updates on activity plan, reporting, drafting of Annual Audit Work Program, Internal Quality Assurance through review on Audit Working Paper and Audit Process, employees/ staffs training as well as Adjustment of Internal Audit Guidelines. d. O ther activities were realized through: Meetings with President Director, Meetings with Audit Committee, Counterpart with BPK Team in Inspection on Asset Management of Ex IBRA by the Company in 2011, as well as monitoring on follow up of Findings and Recommendations of BPK Audit Results prior to year 2011 of which has not followed up by the Company.

MANAJEMEN RISIKO

RISK MANAGEMENT

Sistem dan Filosofi Manajemen Risiko

System and Philosophy of Risk Management

Untuk menyelaraskan pemahaman atas risiko dan perlakuan atas risiko, Perseroan menetapkan filosofi manajemen risiko yang menjadi landasan dalam penerapan manajemen risiko, yaitu:

In order to make equal understanding of risk and treatment of risk, the Company established risk management philosophy as the basic in its implementation, as follows:

a. Manajemen sadar bahwa dalam mencapai tujuan Perseroan, diperlukan sistem manajemen risiko yang efektif dan efisien. b. Sistem manajemen risiko yang meliputi kegiatan pengidentifikasian risiko, penilaian risiko, perumusan mitigasi risiko dan penerapan kontrol risiko merupakan tugas dan tanggung jawab Direksi dan seluruh karyawan Perseroan. c. Untuk memastikan bahwa kegiatan manajemen risiko tersebut berjalan dengan efektif dan efisien, maka sistem manajemen risiko harus mengikuti kaidah, metode, dan sistem yang dapat dibuat bersama dengan satuan kerja manajemen risiko.

a. A wareness in the achievement of the Company's objectives that effective and efficient risk management system is required. b. Risk management system that covers risk identification, risk assessment, formulation of risk mitigation and risk control implementation. These are the duties and responsiblities of Board of Directors and all employees of the Company. c. To ensure that risk management is conducted in an effective and efficient manner, thus risk management system must follow principles, methods, and systems of which may be built with risk management working unit.

Dalam rangka mendukung pencapaian visi, misi dan tujuan Perseroan, seluruh satuan kerja perlu memastikan bahwa setiap kegiatan untuk mencapai visi, misi, dan tujuan Perseroan dilaksanakan dengan risiko yang terkendali melalui penerapan manajemen risiko.

In the achievement of vision, mission and objectives of the Company, all working units required to ensure in every activity to achieve vision, mission, and objectives of the Company with controlled risk through the implementation of risk management.



Corporate Governance Untuk mengkoordinasikan dan memfasilitasi pelaksanaan manajemen risiko, Perseroan membentuk satuan kerja manajemen risiko dan kepatuhan yang independen dan bertanggungjawab langsung kepada Direktur Utama.

To coordinate and facilitate risk management implementation, the Company established an independent risk management and compliance working unit and accountable to the President Director.

Tugas pokok satuan kerja manajemen risiko dan kepatuhan adalah mendukung pelaksanaan kegiatan Perseroan baik kegiatan R/R BUMN, investasi, pengelolaan aset, maupun kegiatan dukungan kerja dari aspek pengendalian risiko dan kepatuhan dalam rangka memastikan bahwa risiko/ potensi risiko yang terkandung dalam suatu kegiatan telah dimitigasi dan aspek kepatuhan terhadap peraturan perundang-undangan/ketentuan telah dilakukan/ terpenuhi.

The main duty of risk management and compliance working unit is by supporting the Company's activity in SOEs' R/R, investments, asset management, and activity in risk control aspects and compliance in order to ensure that the risks/potential risks in any activity has been mitigated and compliance with prevailing laws has been fulfilled.

Dukungan satuan kerja manajemen risiko dan kepatuhan antara lain dilakukan dalam bentuk:

The supports of risk management and compliance working unit are among others were conducted as the following:

a. Penyusunan/revisi Kebijakan dan pedoman pelaksanaan kegiatan Perseroan; b. Pelaksanaan evaluasi atas kecukupan kajian risiko dan pemenuhan aspek kepatuhan yang disampaikan dalam usulan kegiatan/transaksi; c. Keterlibatan satuan kerja manajemen risiko dan kepatuhan pada kegiatan/proyek-proyek yang dilaksanakan oleh Perseroan.

a. D isposition/revision on Policy and guidelines of the Company's activities; b. Evaluation on the adequacy of risk assessment and fulfillment of compliance aspects presented in the proposed activities/transactions; c. Involvement of risk management and compliance wich conducted unit in activities/projects by the Company.

Untuk mendukung pelaksanaan manajemen risiko dan kepatuhan, Perseroan telah menyusun Kebijakan Manajemen Risiko dan Kebijakan/Guideline operasional Perseroan sebagai pedoman pengelolaan risiko dan kepatuhan di Perseroan.

In supporting risk management and compliance implementation, the Company enacted Risk Management Policy and Operations Policy/Guidelines of the Company as risk management and compliance guidelines in the Company.

Faktor Risiko dan Upaya Pengelolaan Risiko

Risks Factors and Risk Management Efforts

a. Risiko Strategis, yaitu risiko yang timbul terkait dengan penetapan dan pelaksanaan strategi Perseroan yang tidak tepat, atau pengambilan keputusan bisnis yang tidak sesuai, atau kurang responsifnya Perseroan terhadap perubahan eksternal. Faktor risiko strategis antara lain: • Pemilihan aset sebagai target investasi yang tidak tepat (antara lain terkait dengan lokasi aset, kompleksitas, perijinan yang diperlukan) sehingga Perseroan tidak dapat melakukan pengembangan aset sesuai dengan rencana bisnis yang telah disusun.

a. S trategic Risk, represent risks related to incorect stipulation and strategy implementation of the Company, or a business decision that does not comply, or the lack of responsiveness of the Company to external changes. Strategic risk factors, among others: • A ssets indication as inaccurate investment target (such as related to assets location, complexity, required permits) thereby the assets development may not be carried out by the Company according to its business plan.

Dalam menjalankan kegiatan usahanya, Perseroan menghadapi sejumlah risiko/potensi risiko antara lain:

In carrying out it business activity, the Company faced several risks/potential risks among others:


• Perseroan tidak memiliki dana yang cukup dan/atau tidak mampu mendapatkan pendanaan dari pihak lain untuk melakukan investasi pada proyek yang membutuhkan nilai investasi yang besar. • Kondisi perekonomian dan pasar tidak mendukung proses perbaikan bisnis BUMN yang di R/R. • Alokasi investasi yang signifikan pada sektor industri tertentu atau industri yang dipilih sebagai target investasi mengalami perlambatan atau jenuh.

• T he Company has insufficient fund and/or is not able to obtain funding from other party to carry out investments in projects that required high investment values. • E conomic and market conditions are not conducive to support improvement process of SOEs' business of which under R/R. • S ignificant investment allocation in certain industry sectors or chosen as investment target experienced slowdown or saturation.

Upaya-upaya yang dilakukan untuk mengelola risiko/ potensi risiko tersebut antara lain adalah: • Melakukan uji tuntas dan verifikasi yang cukup (antara lain aspek hukum dan komersial) atas aset yang menjadi target investasi sebelum penyusunan rencana bisnis dan melakukan keputusan investasi. • Melakukan kajian yang komprehensif atas rencana investasi termasuk sumber-sumber pendanaan yang dapat diperoleh oleh Perseroan baik pendanaan dari mitra strategis maupun pendanaan dari utang. • Dalam melakukan R/R BUMN, perkiraan/prediksi kondisi perekonomian untuk jangka waktu tertentu dimasa mendatang harus menjadi salah satu faktor yang mempengaruhi dalam penetapan skema R/R BUMN serta penyusunan rencana bisnis BUMN yang di R/R. • Melakukan penyebaran investasi pada beberapa sektor industri dan menetapkan batasan investasi berdasarkan sektor industri dan emiten. Selain itu, dalam menetapkan alokasi investasi juga memperhatikan tema investasi yang sedang berkembang dipasar. • Melaksanakan proses pengendalian keuangan dan menganalisa laporan aktual untuk memantau realisasi dibandingkan dengan target rencana bisnis yang akan dicapai.

Hereby the efforts in managing risks/potential risks as follows: • T o conduct due diligence and sufficient verification (in legal and commercial aspects) on assets of targeted investments prior to business plan composition and investment decision. • T o carry out comprehensive study on investment plan including funding sources in which may be obtained by the Company both from strategic partners or through debt financing. • In conducting SOEs' R/R, prediction of economic condition in certain period of time in future must be included as one factor that shall influence the scheme of SOEs' R/R as well as its business plan. • T o spread investments into several industry sectors and to determine investment limits based on industry and issuers. In addition, in setting investment allocation to also preview current investment theme in the market. • T o carry out finance control and analyse actual report to monitor results compared with business plan's target.

b. Risiko Kredit/Gagal Bayar, yaitu risiko kerugian yang terjadi akibat kegagalan pihak lawan (counterparty) memenuhi kewajibannya, atau debitur tidak dapat membayar utang seperti tertuang dalam kesepakatan.

b. C redit Risk/Payment Failure, is defined as the risk of losses associated to counterparty failure in meeting its obligation, or the debtors inability to settle the debt as stipulated in the agreement.

Faktor risiko kredit antara lain: • Pinjaman yang diberikan tidak didukung oleh nilai dan kualitas jaminan yang memadai. • Meningkatnya unsustainable debt dari BUMN yang direstrukturisasi sehingga berdampak pada kemampuan BUMN untuk membayar kewajiban ke Perseroan. • Pemilik aset/klien tidak membayar biaya-biaya terkait pengelolaan aset yang ditalangi terlebih dahulu oleh Perseroan atau tidak membayar imbalan jasa atas pekerjaan pengelolaan aset.

Herewith the factors of credit risk: • L oans are not supported by values and quality of adequate collateral. • Increased in unsustainable debt from SOEs' restructuring thereby impacted SOEs' ability to settle debt to the Company. • A ssets owner/client did not settled the expenses related to asset management that have been funded in advance by the Company or did not paid service fees of the asset management activity.



Corporate Governance • Penerbit surat utang yang dimiliki/dibeli oleh Perseroan gagal bayar.

• T he existing promissory notes purchased by the Company were in payment failure.

Upaya-upaya yang dilakukan untuk mengelola risiko/ potensi risiko tersebut antara lain adalah: • Melakukan uji tuntas pada aspek keuangan, operasional, dan hukum dari BUMN yang akan di R/R serta penilaian atas jaminan yang diberikan. • Pelaksanaan pemantauan terhadap kinerja dan target/ ketentuan serta kewajiban (kepada Perseroan) yang harus dipenuhi oleh BUMN yang di R/R. • Melakukan pemantauan terhadap tunggakan biaya jasa pengelolaan dan/atau biaya lain yang telah ditalangi terlebih dahulu oleh Perseroan serta melakukan upaya penagihan yang efektif. Selain itu, dapat menetapkan batas maksimum biaya pengelolaan aset yang dapat ditalangi oleh Perseroan. • Perseroan hanya berinvestasi pada surat utang yang memiliki peringkat investment grade atau didukung dengan jaminan (collateral) yang memadai.

Hereby the efforts in managing risks/potential risks as follows: • T o conduct due diligence in financial aspect, operations, and legal of the SOEs that are set for R/R as well as assessment on collateral. • T o monitor performance and target/regulations as well as obligations (to the Company) that must be met by SOEs' for R/R. • T o monitor asset cost arrears and/or other fees that have been funded in advance by the Company as well as to conduct effective collection. Moreover, to establish maximum limit in asset cost arrears that is funded in advance by the Company. • T he Company only carried out investment in promissory notes with investment grade rating or supported with adequate collateral.

c. Risiko Pasar, yaitu risiko yang timbul karena adanya pergerakan variabel pasar (suku bunga, kurs mata uang dan nilai komoditas) dari portfolio investasi yang dimiliki Perseroan yang dapat menyebabkan penurunan nilai atau pendapatan bunga tidak optimal.

c. M arket Risk, is defined as the risk arising from movements in market variables (interest rates, exchange rates, and price of shares/securities) from the Company's investment's portfolio that could make decline of value (adverse movement).

Upaya-upaya untuk mengelola risiko/potensi risiko tersebut antara lain dengan: • Melakukan pemantauan secara berkesinambungan terhadap perkembangan pergerakan inflasi, suku bunga, kurs mata uang, harga komoditas. • Secara berkala melakukan evaluasi atas kinerja portfolio investasi untuk memastikan bahwa perkembangan nilai investasi masih sesuai dengan target yang ditetapkan. • Tidak memperbolehkan adanya open position atas valuta asing.

Hereby the efforts in managing risks/potential risks as follows: • T o continuously monitor the movement in inflations, interest rates, exchange rates, shares/securities price. • P eriodically to evaluate investment portfolio performance to ensure the growth of investment values in still in line with the set target. • D id not allowed open position in foreign exchange.

d. Risiko Likuiditas, yaitu risiko yang disebabkan Perseroan tidak mampu memenuhi kewajiban dalam rangka membiayai kegiatan Perseroan. Faktor risiko likuiditas antara lain: • Aset-aset yang dimiliki oleh Perseroan tidak dapat dicairkan dengan segera pada saat dibutuhkan (aset tidak likuid). • Perseroan mengalami kesulitan untuk memperoleh pendanaan dari pihak lain (baik dari bank maupun non-bank) dalam rangka membiayai kegiatan bisnisnya.

d. L iquidity Risk, is defined as the risk caused the Company unable to meet the liabilities at due date. The factors of liquidity risk are as follows: • T he Company's assets cannot be diluted immediately when it's required (iliquid assets). • T he Company faced difficulty in obtaining funding from other party (both from banks or non-banks) for its business financing activity.


• Terjadi mismatch antara jangka waktu penempatan dana dengan jadwal penggunaan dana.

• M ismatch between fund placement terms with fund utilization schedule.

Upaya-upaya yang dilakukan untuk mengelola risiko/ potensi risiko tersebut antara lain adalah: • Perseroan melakukan investasi pada saham yang likuid, memiliki fundamental yang baik dan memiliki kapitalisasi pasar yang besar. • Membangun hubungan dan network yang baik dengan berbagai pihak serta mendayagunakan sumber daya Perseroan dalam rangka memperoleh pendanaan dari pihak lain untuk membiayai kegiatan bisnis Perseroan. • Pengaturan jangka waktu penempatan dana pada bank dengan mempertimbangkan jadwal/perkiraan kebutuhan dana untuk membiayai kegiatan Perseroan. Dalam rangka optimalisasi, penetapan jangka waktu penempatan dana juga mempertimbangkan kecenderungan pergerakan suku bunga.

Hereby the efforts in managing risks/potential risks as follows: • T he Company conducts investments in liquid shares, has good fundamentals and greater market capitalisation. • T o build good relationships and networks with several parties as well as empowering the Company's human resource in obtaining funding from other party for the financing of the Company's business activity. • T o set fund placement terms with banks by considering schedule/estimation of fund utilization to financing the Company's activity. For optimalization, the fund placement terms have to also considered the movement of interest rates.

e. R isiko Hukum, yaitu risiko yang disebabkan oleh adanya kelemahan aspek yuridis, yang antara lain disebabkan adanya tuntutan hukum, ketiadaan peraturan perundang-undangan yang mendukung, atau kelemahan perikatan. Faktor risiko hukum antara lain: • Terjadi dispute (perselisihan) antar para pihak dalam suatu kerjasama bisnis yang dilakukan oleh Perseroan. • Kelemahan/tidak sempurnanya proses pengikatan perjanjian atau dokumen hukum lainnya atau agunan sehingga Perseroan berada dalam posisi yang lemah/ tidak menguntungkan dalam hal terjadi permasalahan hukum.

e. L egal Risk, is defined as the risk caused by weakning juridical aspects, which was among others due to lawsuits, the absence of laws and regulations that supports, or weakness of the engagement. Legal risk factors include: • Dispute of parties in business cooperation by the Company. • W eakness/inefficient in agreement process or other legal documents or its collateral thereby created weak position/no benefit in the event of legal issues to the Company.

Sebagai upaya untuk mengelola risiko hukum, Perseroan menetapkan bahwa sebelum melakukan perikatan dengan pihak lain, seluruh dokumen hukum harus dikaji/ditelaah terlebih dahulu oleh satuan kerja hukum dalam rangka melindungi kepentingan Perseroan jika terjadi permasalahan hukum.

In the efforts to manage legal risk, the Company stipulated that prior to any agreement with other party, all legal documents must be reviewed/assessed by legal working unit so as to maintain the interest of the Company for any possible lawsuits.

f. Risiko Reputasi, yaitu risiko yang disebabkan oleh adanya publikasi negatif yang terkait dengan kegiatan usaha Perseroan atau persepsi negatif terhadap Perseroan. Salah satu faktor risiko reputasi adalah Perseroan gagal mengelola ekspektasi para pemangku kepentingan. Untuk mengelola risiko reputasi tersebut, Perseroan antara lain melakukan: (i) pemantauan secara rutin atas publikasi tentang Perseroan yang bernuansa negatif, dan (ii) perumusan strategi komunikasi yang tepat/ efektif, (iii) menetapkan personil yang berwenang dan bertanggungjawab untuk memberikan informasi yang komprehensif kepada pemangku kepentingan.

f. R eputation Risk, is defined as the risk caused by negative publicity related to the Company's business activity or negative perception toward the Company. One of factor of reputation risk is the Company's failure in managing stakholders expectation. To manage this risk, the Company conducted the following: (i) regular monitoring on negative publication of the Company, and (ii) concise/ effective formulation of communication strategy, (iii) placement of personnel with authority and responsibility to provide comprehensive information to stakeholders.



Corporate Governance g. Risiko Operasional, yaitu risiko yang disebabkan ketidakcukupan dan/atau tidak berfungsinya proses internal, kesalahan manusia, kegagalan sistem, atau adanya masalah eksternal yang mempengaruhi kegiatan usaha Perseroan.

g. O perations Risk, is defined as the risk caused by inefficiency and/or in-functioning of internal process, human errors, system failures, or external matters that influenced the Company's business activity.

Upaya-upaya untuk mengelola risiko operasional antara lain dilakukan dengan menyusun Kebijakan/ Guideline yang mengatur tentang pelaksanaan kegiatan, merumuskan etika dan tata tertib bekerja, menetapkan pendelegasian wewenang dan menciptakan mekanisme pengawasan yang efektif, meningkatkan kompetensi serta integritas sumber daya manusia pada seluruh akitivitas fungsional Perusahaan.

The efforts to manage operations risk include the development of Policy/Guidelines that govern implementation of activity, formulate work ethics and discipline, establish delegation of authority and create an effective monitoring mechanism, increase the competence and integrity of human resources at all functional actitivies of the Company.

Risk Management Effectiveness Evaluation

Evaluasi Efektivitas Manajemen Risiko

Satuan kerja manajemen risiko dan kepatuhan bersamasama dengan satuan kerja terkait secara berkesinambungan melakukan kajian dan evaluasi atas sistem dan penerapan manajemen risiko. Dalam hal terjadi perubahan atau perkembangan kegiatan Perseroan yang dapat berdampak pada pelaksanaan manajemen risiko, maka akan dilakukan peninjauan ulang dan revisi atas Kebijakan Manajemen Risiko dan Kebijakan maupun Guideline yang mengatur pelaksanaan kegiatan Perseroan.

Risk Management and compliance working unit with other related work units continuously assess and evaluate risk management system and implementation. In the changes and growth of the Company that may impacted risk management implementation, thereby re-assessment and revision on Risk Management Policy will be enacted including Guidelines regarding the implementation of the Company's activity.

INTERNAL CONTROL SYSTEM

SISTEM PENGENDALIAN INTERN

Sistem pengendalian internal Perseroan dikembangkan secara terintegrasi di dalam proses bisnis sehari-hari. Direksi bertanggung Jawab atas keberadaan dan berjalannya sistem pengendalian internal di dalam Perseroan secara efektif dan efisien. Direksi juga melibatkan setiap karyawan dalam aktivitas pengendalian dengan mewajibkan setiap karyawan untuk memahami dan mematuhi semua ketentuan perundang-undangan yang berlaku serta kebijakan, guideline, dan prosedur kerja di dalam Perseroan.

The Company's internal control system was developed and integrated into daily business process. The Board of Directors is responsible for the existence and the enactment of internal control system in the Company in effective and efficient manner. The Board of Directors also involved employees in control activities by requiring each employee to understand and comply with existing prevailing laws as well as working policies, guidelines, and procedures in the Company.

Cakupan sistem pengendalian internal Perseroan telah sesuai dengan ketentuan sistem pengendalian internal sebagaimana diatur dalam Peraturan Menteri BUMN No. PER-01/MBU/2011 tanggal 1 Agustus 2011, dengan elemen-elemen sebagai berikut:

The scope of internal control system of the Company is already in accordance with internal control system regulation as stated in the Regulation of State Minister of SOEs No. PER-01/MBU/2011 dated 1 August 2011, with the following elements:

• Lingkungan pengendalian internal, di mana Direksi telah menetapkan kode etik dan perilaku serta perhatian terhadap kompetensi karyawan. Direksi juga telah menetapkan organisasi, pembagian kewenangan dan tanggung jawab, serta pengembangan sumber daya manusia.

• Internal control environment, whereby Board of Directors stipulated code of ethics and behavior as well as attention to employees' competence. The Board of Directors also stipulated organization, authority and responsibility delegations, and human resource development.


• Pengidentifikasian, penilaian, serta pengelolaan risiko yang relevan dalam setiap proses bisnis yang utama. • Aktivitas pengendalian seperti otorisasi, verifikasi, pemisahan tugas, serta perencanaan dan pelaporan, secara terintegrasi dalam setiap kebijakan, guideline, serta prosedur kerja yang ditetapkan. • Sistem informasi dan komunikasi secara intensif yang didukung dengan teknologi informasi dan komunikasi yang memadai. • Monitoring atas efektivitas dan efisiensi sistem pengendalian internal, baik yang dilakukan secara melekat dalam proses manajemen (ongoing monitoring) maupun secara terpisah (separate evaluation).

• Identification, assessment, and relevant risk management in every core business process. • C ontrolling activity such as authorization, verification, duties indication, as well as planning and reporting, integrated within every determined policies, guidelines, and working procedures. • Intensive communication and information system supported by adequate communication and information technology. • M onitoring on the effectiveness and efficiency of internal control system both in ongoing monitoring or separate evaluation.

Direksi Perseroan menyadari bahwa sistem pengendalian internal merupakan sebuah proses yang berkesinambungan. Direksi berkomitmen untuk secara terus-menerus meningkatkan proses pengendalian internal berdasarkan hasil monitoring manajemen ataupun hasil evaluasi independen terpisah oleh SPI dan auditor eksternal.

The Company's Board of Directors aware that internal control system represents a sustainable process. The Board of Directors is committed to continuously improve internal control system based on the monitoring of management and independent evaluation by Internal Audit External Auditor.

AUDITOR INDEPENDEN/EKSTERNAL AUDITOR (BADAN PEMERIKSA KEUANGAN/”BPK” DAN KANTOR AKUNTAN PUBLIK/”KAP”)

INDEPENDENT AUDITOR/EXTERNAL AUDITOR (FINANCIAL AUDIT AGENCY/"BPK" AND PUBLIC ACCOUNTANT FIRM/"KAP")

BPK

BPK

Dalam tahun 2011, BPK melaksanakan Pemeriksaan atas Pengelolaan Aset pada PT Perusahaan Pengelola Aset (Persero) dan telah menerbitkan Laporan Hasil Pemeriksaan No. 98/LHP/XV/12/2011 tanggal 30 Desember 2011 yang telah disampaikan pada tanggal 31 Januari 2012.

In 2011, BPK carried out Audit on Asset Management of PT Perusahaan Pengelola Aset (Persero) and published Audit Results Report No. 98/LHP/XV/12/2011 dated 30 December 2011 that has been presented on 31 January 2012. By 31 December 2011, the ongoing findings and recommendations from BPK are as follows:

Sampai dengan 31 Desember 2011, temuan dan rekomendasi BPK yang masih belum selesai ditindaklanjuti adalah sebagai berikut:

Temuan dan Rekomendasi BPK BPK's Findings and Recommendations No

Laporan Reports

Obyek Audit Audit Obects

Temuan/Rekomendasi Findings/ Recommendations

Status Tindak Lanjut Follow Up Status

1

30/XV/11/2008 Tanggal 28 November 2008 30/XV/11/2008 Dated 28 November 2008

Pengelolaan Aset Negara pada PT Perusahaan Pengelola Aset (Persero) Tahun Anggaran 2008 State's Asset Management in PT Perusahaan Pengelola Aset (Persero) Fiscal Year 2008

1/2

Dalam proses tindak lanjut In ongoing follow-up process

2

LHP No.17 Tahun 2010 Tanggal 26 April 2010 LHP No.17 Year 2010 Dated 26 April 2010

Kinerja Pengelolaan Aset pada PT Perusahaan Pengelola Aset (Persero) Tahun Anggaran 2009 Performance of Asset Management in PT Perusahaan Pengelola Aset (Persero) Fiscal Year 2009

1/1

Dalam proses tindak lanjut In ongoing follow-up process



Corporate Governance KAP

KAP

• Berdasarkan Keputusan RUPS Perseroan tentang Pengesahan Rencana Kerja dan Anggaran Perusahaan Tahun 2011 yang dilaksanakan pada tanggal 28 Desember 2010, ditetapkan bahwa RUPS melimpahkan kewenangan kepada Dewan Komisaris untuk pengadaan jasa KAP yang akan mengaudit Laporan Keuangan Perseroan dan Laporan Pengelolaan Dana Program Kemitraan dan Bina Lingkungan Tahun Buku 2011. • Selanjutnya, berdasarkan permohonan penunjukan KAP oleh Dewan Komisaris melalui surat No. S-43/PPA/ KOM/2011 dan persetujuan Menteri Negara BUMN sesuai surat No. S-567/MBU/2011, KAP terpilih yang melaksanakan audit atas laporan keuangan Perseroan secara konsolidasi untuk tahun buku 2011, termasuk melakukan audit atas laporan keuangan entitas anak untuk tahun buku 2011 adalah KAP Aryanto, Amir Jusuf, Mawar dan Saptoto (KAP AAJ-MS). Dalam pelaksanaan tugas audit laporan keuangan Perseroan tahun buku 2011, KAP menugaskan Saptoto Agustomo sebagai partner yang menandatangani Laporan Auditor Independen.

• B ased on the Decision of the Company's GMS concerning Ratification of Corporate Work Plan and Budget Year 2011 held on 28 December 2010, determined that the GMS delegate authority to the Board of Commissioners for the procurement of KAP's service to audit the Company's Financial Statements and Fund Management Report of Partnership and Environmental Development Program Fiscal Year 2011. • F urther, based on the appointment request of KAP by Board of Commissioners letter No. S-43/PPA/KOM/2011 and the approval of State Minister of SOEs through letter No. 2-567/MBU/2011, assigned the KAP to audit the Company's consolidated financial statements fiscal year 2011, including audit of subsidiary's financial statements fiscal year 2011, of which KAP Aryanto, Amir Jusuf, Mawar and Saptoto (KAP AAJ-MS). In the implementation of this duty, KAP assigned Saptoto Agustomo as partners in signing the Independent Auditor Report.

Frekuensi Penugasan KAP/Partner pada Perseroan Dengan penugasan dimaksud, tahun buku 2011 merupakan tahun ke-2 (kedua) KAP AAJ-MS melaksanakan penugasan audit laporan keuangan Perseroan secara berturut-turut. Demikian juga bagi partner Saptoto Agustomo, tahun buku 2011 merupakan tahun ke-2 (kedua) penugasannya sebagai partner KAP dalam melakukan audit laporan keuangan Perseroan. Hal ini sesuai dengan ketentuan yang tercantum pada Peraturan Menteri Keuangan No. 17/PMK.01/2008 tentang Jasa Akuntan Publik pasal 3 ayat (1) yang menyatakan bahwa suatu KAP diizinkan memberikan jasa audit umum laporan keuangan suatu entitas paling lama 6 (enam) tahun berturut-turut, sedangkan Akuntan Publik 3 (tiga) tahun berturut-turut.

Frequency of KAP/Partners Duty in the Company By this duty, fiscal year 2011 was a second consecutive year for KAP AAJ-MS to audit the Company's financial statements. As also for the partners, Saptoto Agustomo. This is in accordance with the Regulations of Finance Minister No. 17/PMK.01/2008 concerning Public Accountant Service article 3 clausa (1) that stated the permission for KAP to conduct general audit service on financial statements of a company for 6 (six) years consecutively, whereas 3 (thee) years for Public Accountant.

Biaya Audit Perseroan memberikan imbalan jasa kepada KAP AAJ-MS Rp495.000.000 (empat ratus sembilan puluh lima juta Rupiah) sehubungan dengan pelaksanaan pekerjaan jasa audit laporan keuangan Perseroan tahun buku 2011. Imbalan jasa tersebut sudah termasuk Pajak Pertambahan Nilai (PPN) dan biaya-biaya Out of Pocket Expenses (OPE), namun tidak termasuk biaya perjalanan dinas luar kota (jika diperlukan).

Audit Fees The Company provide service fees amounting Rp495,000,000 (four hundred ninety five million Rupiah) to KAP AAJ-MS for the implementation of audit service of the Company's financial statements fiscal year 2011. The service fees included Valued Added Tax (VAT) and Out of Pocket Expenses (OPE), but excluded out of town travel expenses (if required).


AKSES INFORMASI DAN DATA PERUSAHAAN

INFORMATION ACCESS AND CORPORATE DATA The Company published regular reports for Stakeholders' information. Teh Company strived to provide accurate information, comprehensive, and presented timely through publication in mass media and the Company's website.

Sejumlah laporan yang diterbitkan Perseroan secara berkala mencakup: Laporan Manajemen (Triwulanan dan Tahunan), Laporan Keuangan yang telah diaudit, Laporan Tahunan, Laporan Evaluasi Kinerja, Laporan Pelaksanaan Program Kemitraan dan Bina Lingkungan, Laporan mengenai Aset eks-BPPN yang dikelola Perseroan dan Laporan pelaksanaan restrukturisasi / revitalisasi BUMN.

The Company's periodical reports included: Management Reports quarterly and annualy, audited Financial Statements, Annual Reports, Performance Evaluation Reports, Report on Partnership and Environmental Development Program, Report on Assets of ex-IBRA managed by the Company and SOE's restructuring / revitalization report.

Di samping itu, dalam tahun 2011 terdapat penyampaian press release sebagai berikut:

In addition, following press release were published in 2011:

Perseroan rutin menerbitkan berbagai laporan untuk diketahui oleh para Pemangku Kepentingan. Perseroan senantiasa berusaha menyediakan informasi yang akurat, komprehensif, serta disampaikan secara tepat waktu melalui terbitan di media massa dan situs Perseroan.

Press Release No

Tanggal Date

Subyek Subjects

1

11 February 2011

Restrukturisasi PT Dirgantara Indonesia (Persero) Restructuring of PT Dirgantara Indonesia (Persero)

2

24 February 2011

Penandatanganan Nota Kesepahaman antara PT Dirgantara Indonesia (Persero), Airbus Military dan PT Perusahaan Pengelola Aset (Persero) Signing of Memorandum of Understanding between PT Dirgantara Indonesia (Persero), Airus Military and PT Perusahaan Pengelola Aset (Persero)

3

24 February 2011

Perseroan Selenggarakan KSO PT Kertas Kraft Aceh The Company held Joint Operations with PT Kertas Kraft Aceh

4

16 Maret 2011

PT Perusahaan Pengelola Aset ("PT PPA") Upayakan Kebangkitan Kembali PT Kertas Kraft Aceh (Persero) PT Perusahaan Pengelola Aset ("PT PPA") Strived to Revive PT Kertas Kraft Aceh (Persero)

Untuk informasi tambahan lainnya mengenai Perseroan, dapat menghubungi:

For further information regarding the Company, please contact:

Sekretaris Perusahaan PT Perusahaan Pengelola Aset (persero) Sampoerna Strategic Square North Tower - lt. 9 Jl. Jend. Sudirman Kav. 45-46 Jakarta 12930 Indonesia Telp. (62-21) 251 2222 Faks. (62-21) 579 82150 email : [email protected] http://www.ptppa.com

Corporate Secretary PT Perusahaan Pengelola Aset (persero) Sampoerna Strategic Square North Tower - lt. 9 Jl. Jend. Sudirman Kav. 45-46 Jakarta 12930 Indonesia Telp. (62-21) 251 2222 Faks. (62-21) 579 82150 email : [email protected] http://www.ptppa.com

PERKARA HUKUM YANG SEDANG DIHADAPI PERSEROAN DAN ENTITAS ANAK

LITIGATION CASES FACED BY THE COMPANY AND SUBSIDIARY

Dalam tahun 2011 tidak terdapat perkara hukum yang sedang dihadapi baik oleh Perseroan, entitas anak, maupun anggota Direksi dan Dewan Komisaris

In 2011 there are no litigation cases faced by both the Company, subsidiary, or member of Board of Directors nor member of Board of Commissioners.




ETIKA PERUSAHAAN (CODE OF CONDUCTS)

CODE OF CONDUCTS

Keberadaan dan Isi Etika Perusahaan

Existence and Contents of Code of Conducts

Code of Conducts adalah pedoman internal perusahaan yang berisikan Sistem Nilai, Etika Bisnis, Etika Kerja, Komitmen, serta penegakan terhadap peraturan-peraturan perusahaan bagi individu dalam menjalankan bisnis, dan aktivitas lainnya serta berinteraksi dengan para Pemangku Kepentingan.

Code of Conducts is the internal guidelines that contained Values System, Business Ethics, Work Ethics, Commitment, as well as enforcement of company rules by individual in carrying out business, and other activities as well as interact with Stakeholders.

Kode Etik Perseroan tertuang dalam Peraturan Perusahaan, Kebijakan/Pedoman, serta Surat Pernyataan Direksi Atas Transaksi Hubungan Istimewa.

The Company's Code of Conducts is stipulated in the Company's Regulation, Policy/Guidelines, and Statements Letter of Board of Directors on Special Relations Transaction.

Etika Bekerja dan Tata Tertib Bekerja, sebagaimana tercantum dalam Peraturan Perusahaan tersebut mengatur: 1. Etika Bekerja menjelaskan: • Hubungan Karyawan dengan Perusahaan; • Hubungan Karyawan dengan pihak lain dan; • Etika Kerjasama antar Karyawan.

Work Ethics and Work Disciplines, as stated in the Company's Regulations is stipulating the following: 1. Work Ethics contain: • Relations of Employees and Company; • Relations of Employees and other party and; • Teamwork Etchics between Employees.

2. Tata Tertib Bekerja, yang menjelaskan: • Tata Tertib di Lingkungan Kerja; • Tata Tertib dalam Bekerja; • Tata Tertib dalam Berbusana; • Tata Tertib Penggunaan Inventaris; dan • Tata Tertib Penggunaan Tanda Pengenal.

2. Work Disciplines include: • Discipline in Working Environment; • Discipline in Working; • Discipline in Clothing; • Discipline in Utilization of Inventory; and • Discipline in Using Identity Card

Keberadaan Etika Bekerja dan Tata Tertib Bekerja menjadi pedoman bagi karyawan untuk selalu menunjukkan perilaku yang berintegritas. Perilaku yang tertib dan beretika tidak hanya membentuk citra baik Perseroan di mata publik, tetapi juga membangun kebanggaan karyawan terhadap Perseroan, serta memupuk motivasi bekerja sehingga karyawan dapat memberikan kontribusi penuh terhadap kemajuan Perseroan.

The existence of Work Ethics and Work Disciplines served as the guidelines for employees to conduct with integrity. Discipline and ethical manner will not only created good image for the Company in public, but also enhanced employees pride toward the Company, and improved motivation in working thereby the employees can fully contribute to the growth of the Company.

Sedangkan Surat Pernyataan Direksi atas Transaksi Hubungan Istimewa mengatur:

Whereby Statements Letter of Board of Directors on Significant Transactions regulated the following:

1. Direksi tidak akan memanfaatkan segala transaksi terkait dengan kegiatan atau operasional Perseroan, baik secara langsung maupun tidak langsung untuk kepentingan/ keuntungan pribadi, keluarga dan/atau golongan kelompok tertentu.

1. B oard of Directors will not take benefit on transactions related to the Company's operations or activities, both directly or indirectly for personal interest/benefit, family and/or certain groups.


2. D ireksi setiap saat akan memberitahukan kemungkinan adanya benturan kepentingan terhadap segala transaksi terkait dengan kegiatan atau operasional Perseroan baik langsung mapun tidak langsung.

2. B oard of Directors will inform the possibility of conflict of interest in all transaction related to the Company's operations or activities both directly or indirectly.

Upaya dalam Penerapan dan Penegakan Etika Perseroan

Efforts in Upholding and Implementing Code of Conducts of the Company

Setiap tahun karyawan menandatangani formulir kepatuhan terhadap ketentuan/peraturan perundangan yang berlaku bagi Perseroan termasuk di dalamnya Peraturan Perusahaan.

The employees signed the compliance form annually toward prevailing laws of the Company included of the Company's Regulations.

Nilai-Nilai Perseroan (Corporate Value)

Corporate Value of the Company

Nilai-nilai inilah yang selama ini telah menghantarkan Perseroan meraih pencapaian-pencapaian terbaiknya.

These values brought forward the Company's excellent achievements now and in future years.

Walaupun Perseroan belum memiliki Code of Conducts yang dibukukan dalam ketentuan tersendiri secara lengkap, namun demikian Perseroan telah memiliki nilainilai (Corporate Value) yang dijunjung tinggi oleh setiap insan Perseroan. Disamping itu terhadap beberapa unsur/ ketentuan yang terdapat dalam Code of Conducts telah terdapat dalam beberapa Kebijakan/Guideline Perseroan.

Perseroan telah memiliki nilai-nilai perusahaan yang dijunjung tinggi oleh setiap insan Perseroan yaitu Courage, Integrity, Learning & Professionalism, Prudence, Teamwork, Meritocracy, Trust and Respect.

PENGUNGKAPAN WHISTLEBLOWING SYSTEM

Hingga saat ini, Perseroan belum memiliki mekanisme khusus untuk pelaporan whistleblowing system.

As a comprehensive documentation of Code of Conducts is not yet established, yet the Company posses Corporate Value of which highly upheld by every employee of the Company. In addition several rules/regulations withing Code of Conducts have been applied into the Company's Policy/Guidelines.

The Company owned corporate values that highly upheld by the Company's employees, namely Courage, Integrity, Learning & Professionalism, Prudence, Teamwork, Meritocracy, Trust and Respect.

WHISTLEBLOWING SYSTEM

At present, the Company does not have specific mechanisms in reporting whistleblowing system.


PROGRAM KEMITRAAN DAN BINA LINGKUNGAN Partnership and Environmental Development Programs Perseroan senantiasa berpartisipasi aktif dalam berbagai upaya pemberdayaan masyarakat, peningkatan lapangan pekerjaan, serta pelestarian lingkungan. The Company strived to actively participated in community empowerment efforts, improvement of employment, and environmental conservation. Kontribusi Perseroan terhadap masyarakat dan lingkungan diwujudkan melalui partisipasi aktif Perseroan dalam berbagai Program Kemitraan dan Bina Lingkungan (PKBL). Upaya pemberdayaan masyarakat, peningkatan lapangan dan kualitas pekerjaan, serta pelestarian lingkungan menjadi perhatian Perseroan di samping menjalankan kegiatan usaha yang menguntungkan dan berkinerja baik.

The Company's contribution to society and environment is realized throuth active participation in Partnership and Environmental Development Programs (PKBL). On community empowerment efforts, improvement in employment and its quality, as well as environment preservation has become the Company's main agenda in addition to carrying out profitable business performance.

Dari segi perundang-undangan, kegiatan-kegiatan PKBL dijamin penyelenggaraannya melalui Peraturan Menteri Negara BUMN No. Per-05/MBU/2007 tentang Program Kemitraan BUMN dengan Usaha Kecil dan Program Bina Lingkungan, yang diterbitkan pada tanggal 27 April 2007. Peraturan tersebut tidak hanya mewajibkan semua BUMN untuk melaksanakan PKBL, tetapi juga menetapkan ketentuan tentang tata cara pelaksanaannya. Mengacu kepada peraturan di atas, BUMN sebagai pihak pembina dalam kerangka kegiatan PKBL memiliki kewajibankewajiban sebagai berikut: a. Membentuk unit PKBL b. Menyusun SOP pelaksanaan PKBL, yang dituangkan dalam Surat Keputusan Direksi c. Menyusun Rencana Kerja dan Anggaran (RKA) PKBL d. Mengevaluasi dan mengadakan seleksi atas kelayakan usaha, serta menetapkan calon Mitra Binaan e. Menyiapkan dan menyalurkan dana PKBL f. Melakukan pemantauan dan pembinaan terhadap Mitra Binaan g. Mengadministrasikan kegiatan pembinaan h. Melakukan pembukuan atas PKBL i. Menyampaikan laporan pelaksanaan kegiatan PKBL, yang meliputi laporan berkala triwulanan dan tahunan kepada Menteri Negara BUMN, dengan tembusan kepada Koordinator BUMN Pembina di wilayah masingmasing.

On prevailing lawas, PKBL activities was held spesifically through the Regulations of State Minister of SOEs No. Per-05/MBU/2007 concerning SOEs' Partnership Program with Small Business and Environmental Development Program, which published on 27 April 2007. The regulations is not only requiring all SOEs to conduct PKBL, but also stipulated its implementation. Referring to this regulation, SOEs as the educator of PKBL activities held the following accountabilities: a. To establish PKBL units b. To prepare PKBL's SOP, of which stated in Statements Letter of Board of Directors c. To draft PKBL's Work Plan and Budget (RKA) d. To evaluate and select business feasibility, and to determine prospective Partners e. To prepare and allocate PKBL's fund f. To monitor and develop the Partners g. To administer development activities h. To conduct PKBL's bookeeping i. To present PKBL's implementation report that include periodical quarter and annual reports to the State Minister of SOEs, with enclosure to the SOEs Development Coordinator in each region.


Untuk memastikan pelaksanaan program PKBL yang efektif, selain mematuhi ketentuan tata cara pelaksanaan Program PKBL, Perseroan juga memiliki beberapa strategi: a. Menyalurkan pinjaman kemitraan unit PKBL menggunakan skema cluster, yang didukung dengan dana Program Kemitraan. b. Bekerja sama dengan lembaga penyalur yaitu Perusahaan Modal Ventura Daerah (PMVD) seperti PT Jakarta Ventura, PT Sarana Jawa Timur Ventura, PT. Sarana Yogyakarta Ventura, PT. Sarana Bali Ventura, PT. Sarana Sumbar Ventura, PT. Sarana Lampung Ventura, dan PT. Sarana Kalsel Ventura. Di samping itu, untuk penyaluran dana Program Bina Lingkungan, Perseroan bekerja sama dengan beberapa Lembaga Swadaya Masyarakat (LSM), seperti Dompet Dhu’afa Republika, Layanan Kesehatan Cuma-Cuma, Yayasan Pluralisme Indonesia, Yayasan Baitulmaal Indonesia, Yayasan BEST Community Development, Lembaga Kajian Pembangunan Daerah (LKPD), dan lembaga lainnya termasuk mitra BUMN. c. Menetapkan strategi penyaluran dana kemitraan dan bina lingkungan dengan membentuk “Desa Binaan PPA”. Sebagai desa atau daerah yang akan dikembangkan sebagai desa yang Mandiri, baik secara ekonomi maupun kesejahteraan lingkungannya.

To ensure effective PKBL's program, by following PKBL's implementation regulations, the Company has also conducts several strategies: a. Loans allocation to PKBL's partnership unit by applying cluster scheme, which is supported by Partnership Program funds; b. Cooperated with financing institutions namely Regional Venture Capital Company (PMVD) such as PT Jakarta Ventura, PT Sarana Jawa Timur Ventura, PT. Sarana Yogyakarta Ventura, PT. Sarana Bali Ventura, PT. Sarana Sumbar Ventura, PT. Sarana Lampung Ventura, and PT. Sarana Kalsel Ventura. Moreover, for the fund allocation of Environmental Development Program, the Company cooperated with several Non-Governmental Organizations (LSM), such as Dompet Dhu’afa Republika, Layanan Kesehatan Cuma-Cuma, Pluralisme Indonesia Foundation, Baitulmaal Indonesia Foundation, BEST Community Development Foundation, Institute for Regional Development (LKPD), and other organizations includeing SOEs' partners. c. Setting fund allocation strategy of partnership and enviromental development by establishing "PPA's Village Partners". As a village or area to be developed as an Independent village, both in economic and environment welfares.

Selain itu, Perseroan juga tengah mengembangkan Sistem Aplikasi PKBL untuk mengakomodasi pertumbuhan volume kegiatan unit PKBL, serta memastikan pengelolaan kegiatan yang sesuai dengan tata kelola perusahaan yang baik.

Moreover, the Company is developing PKBL's Application System to accommodate the growth in activities volume of PKBL unit, and to ensure the management of activities according to good corporate governance.

Realisasi penyaluran dana PKBL Perseroan diharapkan dapat memberikan kontribusi nyata bagi kalangan usaha kecil dan masyarakat pada umumnya. Sampai dengan 31 Desember 2011, Perseroan telah menyalurkan dana PKBL

The realization of PKBL's fund allocation by the Company is expected to provide real contribution for small business and society in general. Up to 31 December 2011, the Company has allocated PKBL fund amounting Rp8,778


PROGRAM KEMITRAAN DAN BINA LINGKUNGAN

Partnership and Environmental Development Programs sebesar Rp8.778 juta. Dana tersebut sudah termasuk dana pinjaman kemitraan, dengan total mitra binaan 114 orang, dimana jumlah mitra binaan yang diberikan langsung oleh Perseroan sebanyak 8 mitra binaan sedangkan 106 lainnya disalurkan melalui Perusahaan Modal Ventura Daerah (PMVD). Dari keseluruhan penyaluran tersebut, dapat dilaporkan bahwa efektivitas penyaluran dana sepanjang tahun 2011 adalah 94,83% dan tingkat kolektibilitas adalah 99,58%.

PROGRAM KEMITRAAN

million. The fund included partnership loans, with total of 114 partners, with 8 partners under direct contribution of the Company whereas the rest of 106 partners were allocated through Regional Venture Capital Company (PMVD). From total allocation, the effectiveness of fund allocation in 2011 was recorded at 94.83% and 99.58% of collectibility level.

PARTNERSHIP PROGRAM

Sampai dengan 31 Desember 2011, dana Program Kemitraan yang tersedia berasal dari sisa saldo dana Kemitraan pada tahun 2010 sebesar Rp313 juta ditambah dengan penyisihan laba tahun 2010 sebesar Rp4.879 juta sehingga total menjadi Rp5.192 juta di luar pendapatan jasa administrasi dan pendapatan jasa giro/deposito.

Up to 31 December 2011, the Partnership Program fund of which derived from balance of 2010 Partnership fund amounting Rp313 million included income allowances of 2010 at Rp4,879 million so the total was posted at Rp5,192 million excluded income of administration fees and fees from current account/deposits.

Program kemitraan yang dijalankan Perseroan mencakup penyaluran pinjaman kepada Usaha Mikro, Usaha Kecil, dan Koperasi, serta menyalurkan dana hibah sebesar 20% dari total penyaluran yang sudah dilakukan. Dana hibah tersebut meliputi dana untuk Pembinaan Kemitraan yang mencakup Pendidikan dan Pelatihan, Pemasaran dan Promosi, serta Penelitian dan Pengembangan.

Partnership program by the Company included loans allocation to Micro Business, Small Business, and Cooperatives, as well as grants at 20% from total allocation. The grants fund included Education and Training funds, Marketing and Promotion, as well as Research and Development.

Realisasi dana program kemitraan pada tahun 2011 adalah penyaluran pinjaman program kemitraan yang mencapai Rp6.510 juta serta dana pembinaan kemitraan bidang pemasaran dan promosi sebesar Rp44 juta.

In 2011 the realization of partnership program fund was posted at Rp6,510 million as partnership program loans, and Rp44 million for marketing and promotion fund.

Melalui strategi penetapan cluster untuk penyaluran program kemitraan, hingga saat ini Perseroan telah memiliki tiga cluster di Karawang dan Bandung, dengan fokus usaha tambak bandeng dan udang organik di Karawang, yakni di Desa Tanjung Pakis, serta petani bunga dan petani jamur di Bandung, yang keduanya terletak di Desa Kertawangi.

Through cluster strategy for the allocation of partnership program, at present the Company has three clusters in Karawang and Bandung, with business focus in bandeng and organic shrimp farms in Karawang, Tanjung Pakis Village, and flowers and mushrooms farms in Bandung, of which both are located in Kertawangi Village.

Pada tahun 2011, Perseroan menyertakan mitra binaannya dalam kegiatan Pameran Gelar Karya Mitra PKBL BUMN. Pameran tersebut diselenggarakan di Jakarta Convention Center pada tanggal 23-27 Maret 2011. Mitra binaan Perseroan hadir dengan menampilkan produk-produk terbaik mereka dalam kategori produk olahan jamur, yang diwakili oleh Desa Binaan Bandung, dan produk olahan ikan dan udang, yang diwakili oleh Desa Binaan

In 2011, the Company along with its partners participated in the Exhibition of Creation of PKBL's Partners of SOEs. The exhibition was held at Jakarta Convention Center on 23-27 March 2011. The Company's partners attended by exhibiting excellent products in the category of mushrooms processing products, represented by Bandung Partners Village, and fish and shrimps products, by Karawang


Karawang. Kegiatan tersebut memberikan manfaat nyata bagi mitra binaan Perseroan, berupa peluang pengenalan dan perluasan pasar, yang nantinya diharapkan dapat berdampak pada peningkatan pendapatan mitra binaan.

Partners Village. The activity provided real benefits for the Company's partners, such as opportunity in market introduction and expansion, that in future may provide impact on the income performance of the partners.

Selanjutnya, melalui program yang dilaksanakan secara berkesinambungan, desa-desa binaan Perseroan menunjukkan perkembangan yang menggembirakan. Desa Binaan Tanjung Pakis, yang kemitraannya dengan Perseroan telah berjalan lebih dari dua tahun, mencatat sejumlah pencapaian, antara lain mulai masuknya pihak investor untuk pengembangan wisata pantai di Desa Tanjung Pakis dan terselesaikannya pinjaman kemitraan oleh dua petani bandeng. Sementara, penduduk Desa Kertawangi kini mulai dapat merintis usaha produk makanan olahan jamur, dengan adanya pesanan yang berlanjut atas produk olahan jamur seperti kripik, krupuk, baso, nugget jamur dan lainnya sebagai hasil dari pelatihan pengolahan jamur tiram yang telah dilaksanakan.

Further, through sustainable programs, villages of the Company's partners advanced with satisfactory growth. Tanjung Pakis Partner Village, with over two years development with the Company recorded several achievements including investors to develop coastal tourism development in Tanjung Pakis Village and completion of partnership loans by two bandeng farmers. Meanwhile, the people of Kertawangi Village began to initiate mushrooms processing business products through ongoing orders such as crackers, meatballs, nuggets and other products as the results of trainings.

Di samping Desa Tanjung Pakis dan Desa Kertawangi, di tahun 2011 Perseroan memulai kerja sama dengan dua desa binaan baru yakni Desa Solear Hilir, Tangerang dan Desa Batulawang, Cianjur. Di Desa Solear Hilir, Perseroan melaksanakan program Pendidikan Anak Usia Dini. Sedangkan, di Desa Batulawang, Cianjur, Perseroan melaksanakan Program Pelatihan Budidaya Jamur Tiram, Pelatihan Pengolahan Jamur Tiram, Program Pendidikan Anak Usia Dini beserta pembangunan sarana gedung, Program Perpustakaan Umum, dan Program Laboratorium Komputer.

Following the Villages of Tanjung Pakis and Kertawangi, the Company in 2011 also began cooperation with two new partners villages namely Solear Hilir Village, Tangerang and Batulawang Village, Cianjur. In Solear Hilir Village, the Company held Early Childhood Education Program. Whereas, in Batulawang Village, Cianjur, the Company held Mushrooms Empowerment Training Program, Mushroom Processing Training, Early Childhood Education Program, and construction of building facilities, Public Library Program, and Computer Laboratorium Program.

PROGRAM BINA LINGKUNGAN

ENVIRONMENTAL DEVELOPMENT PROGRAM

Realisasi sumber dana Program Bina Lingkungan yang tersedia sampai dengan tanggal 31 Desember 2011 adalah sebesar Rp4.137 juta. Dari jumlah tersebut, Perseroan telah menyalurkan dana sebesar Rp2.287 juta, yang perhitungannya telah termasuk beban operasional kegiatan bina lingkungan. Sesuai dengan keputusan RUPS tanggal 9 Juni 2011 maka dana yang dialokasikan dari Laba Bersih Tahun 2011 untuk Program Bina Lingkungan adalah sebesar Rp2.439 juta yang merupakan 1% dari laba bersih dan sudah dipindahkan ke rekening Bina Lingkungan pada bulan Juli 2011.

The fund realization of Environmental Development Program up to 31 December 2011 was amounted to Rp4,137 million. From this total, the Company allocated Rp2,287 million fund, of which included operating expenses of environmental development activities. According to the resolution of GMS dated 9 June 2011, the fund allocated from Net Income of 2011 for Environmental Development Program was Rp2,439 million or 1% from net income and has been transferred to the account of Environmental Development in July 2011.

Penyaluran Program Bina Lingkungan Perseroan telah mengikuti SOP PKBL yang disetujui Direksi, yaitu untuk menyalurkan dana kepada masyarakat di lingkungan:

The allocation of Environmental Development Program by the Company has followed PKBL's SOP of which approved by the Board of Directors, namely to allocate fund to society at:



Partnership and Environmental Development Programs a. Kantor Pusat; b. Kantor Pusat dan Kantor Cabang Perusahaan dalam kelolaan Perseroan; c. Aset Perseroan, aset eks Badan Penyehatan Perbankan Nasional (BPPN) atau aset perusahaan dalam kelolaan Perseroan; d. Daerah/lokasi yang sama dengan daerah binaan untuk Program Kemitraan; e. Daerah binaan yang ditunjuk sesuai keputusan Direksi; f. Daerah yang sesuai dengan RKA.

a. Head Office; b. Company Head Offices and Branch Offices under the management of the Company; c. Company's assets, asset of ex Indonesian Banking Restructuring Agency (IBRA) or company's assets under the management of the Company; d. A reas/locations as in same location as the target area of Partnership Program; e. P artners area assigned by the decision of Board of Directors; f. Areas of which in accordance with RKA.

Selama tahun 2011, kegiatan Bina Lingkungan Perseroan disalurkan ke provinsi-provinsi Nanggroe Aceh Darussalam, Sumatera Barat, Banten, DKI Jakarta, Jawa Barat, Yogyakarta, Sulawesi Barat, dan Sulawesi Tengah, yakni dalam bentuk tanggap darurat bencana dan program rehabilitasi korban bencana. Perseroan aktif membantu korban banjir lahar dingin di Magelang, korban banjir bandang di Pidie – Aceh, korban kebakaran di Kramat – Jakarta, dan korban banjir bandang di Garut – Jawa Barat.

During 2011, the Company's Environmental Development activities was allocated to following provinces Nanggroe Aceh Darussalam, West Sumatra, Banten, DKI Jakarta, West Java, Yogyakarta, West Sulawesi, and Central Sulawesi, in the form of emergency disaster response and rehabilitation of disaster victims program. The Company active in granted assistance for the victims of cold lava floods in Magelang, victims of flash floods in Pidie – Aceh, victims of fire in Kramat – Jakarta, and victims of flash floods in Garut – West Java.

Untuk program rehabilitasi, Perseroan mengadakan program pelatihan batik tulis untuk korban Merapi di Yogyakarta. Selain itu, Perseroan juga menyalurkan sumbangan perlengkapan sekolah untuk SD 19 Majene, PAUD Ceria Majene, dan Pesantren Al-Furqon, Bandung.

On rehabilitation program, the Company held batik training program for the victims of Merapi Mountain in Jogyakarta. Moreover, the Company also allocated donation for school equipments of SD 19 Majene, PAUD Ceria Majene, and Religous School of Al-Furgon, Bandung.

Program air bersih, renovasi MCK, pembangunan jalan, dan konservasi lingkungan juga dilaksanakan oleh Perseroan, termasuk penghijauan di Desa Solear Hilir berupa penanaman pohon di sepanjang daerah aliran sungai.

The Company also implemented clean water program, MCK renovation, road construction, and environment conservation, including green program of Solear Hilir Village by planting trees along the river areas.


Aktifitas PKBL Perseroan PKBL's Activities of the Company No

Kebijakan Policy

Aspek Aspects

Dampak Keuangan Financial Impact

Kegiatan yang Dilakukan Activities

1

Lingkungan Hidup Environment

Tujuan penerapan GCG adalah mendorong timbulnya kesadaran dan tanggung jawab sosial Perseroan terhadap masyarakat dan kelestarian lingkungan hidup. The objective of GCG implementation is to create awareness and responsibility of the Company to society and environment conservation.

Program Penghijauan Desa Tanjungpakis – Karawang, Program Penghijauan Garut, Program Penghijauan Sentul dan Program Penghijauan Desa Solear. Green Programs of following villages: Tanjungpakis – Karawang, Garut, Sentul and Solear Village.

Alokasi dana yang dilakukan sebesar Rp222 juta. Fund allocation of Rp222 million.

2

Ketenagakerjaan, Kesehatan dan Keselamatan Kerja Human power, health, and safety.

Tujuan penerapan GCG adalah mendorong timbulnya kesadaran dan tanggung jawab sosial Perseroan terhadap ketenagakerjaan, kesehatan dan keselamatan kerja. The objective of GCG implementation is to create awareness and responsibility of the Company to human power, health, and safety.

Perseroan melalui kegiatan PKBL turut mendorong adanya kesetaraan gender antara pria dan wanita yang ditunjukkan antara lain dalam sektor budi daya jamur dimana sebagian besar petani jamur adalah ibu rumah tangga. Dengan demikian, kesempatan kerja yang diberikan tersebut dapat meningkatkan ekonomi keluarga. The Company through PKBL activities creates genders' equality between male and female through efforts in mushrooms empowerment whereby most of the farmers are consisted of housewifes. Thereby, employement opportunity will enhance the family economic values.


3

Pengembangan Sosial dan Kemasyarakatan Development of Society and Community

PER MEN BUMN PER-05/MBU/2007 Tentang Program Kemitraan BUMN dengan Usaha Kecil dan Program Bina Lingkungan PER MEN SOE PER-05/MBU/2007 concerning SOE’s Partnership Program with Micro Business and Community Development Program

1. Pembangunan gedung sekolah Pendidikan Anak Usia Dini 'PPACiwidey'. 2. Program pelatihan batik tulis untuk korban gunung Merapi di Yogyakarta. 1. Construction of school building Early Childhood Education 'PPACiwidey' 2. Batik training program for the victims of Merapi mountain in Jogyakarta.


4

Tanggung Jawab kepada Konsumen Responsibility to Consumers

_

_

_




Rincian Sumber Dana dan Realisasi Program PKBL Perseroan: Detailed Funds and Realization of the Company's PKBL Programs:

PROGRAM KEMITRAAN PARTNERSHIP PROGRAM Sumber Dana Sources of Fund Keterangan Description

No

RKA 2011 Work Plan and Budget 2011

Laba Tahun 2010 Profits Year 2010

Realisasi per 31 Desember 2011 Realization as of 31 December 2011

Pencapaian Achievement

164.191.000.000

243.947.000.000*

149%

132.917.931

312.561.084

235%

Progaram Kemitraan Partnership Program 1

Saldo Dana Awal Tahun 2011 Beginning Balance Year 2011

2

Alokasi Dana dari Laba Bersih Fund Allocation from Net Income

3.284.000.000

4.878.951.475

149%

3

Pendapatan dari Jasa Administrasi Income from Administration Fees

57.800.000

124.725.183

216%

4

Pengembalian Pokok Pinjaman Principal loan repayment

1.876.000.000

1.595.314.348

85%

5

Pendapatan bunga jasa giro/ deposito Income from interest of giro/ deposits

78.816.000

133.059.724

169%

5.429.533.931

7.044.611.814

130%

Total


Penggunaan Dana Fund Utilization Keterangan Description

No




Progaram Kemitraan Partnership Program 1

Usaha Mikro Micro Business

340.770.172

0

0%

2

Usaha Kecil Small Business

3.833.664.430

6.510.000.000

170%

3

Koperasi Cooperatives

85.192.543

0

0%

4.259.627.145

6.510.000.000

153%

Total Dana Pembinaan Kemitraan Partnership Development Fund 1

Pendidikan dan Pelatihan Education and Training

638.944.072

0

0%

2

Pemasaran dan Promosi Marketing and Promotion

372.717.375

44.155.500

12%

3

Penelitian dan Pengembangan Research and Development

53.245.339

0

0%

1.064.906.786

44.155.500

4%

105.000.000

92.238.410

88%

5.429.533.931

6.646.393.910

122%

Total Beban Operasional Operating Expenses 1

Beban Operasional Operating Expenses Total



Partnership and Environmental Development Programs Realiasi Pinjaman Kemitraan tahun 2011 berdasarkan sektor usaha Loans Realization of Partnership Program in 2011 based on business sectors Rencana Tahun 2011 Plan Year 2011 Sektor Usaha Mitra Binaan Partners Business Sectors

-1

Jumlah Unit Mitra Binaan Total Unit of Partners -4

% Realisasi Dibandingkan Rencana Tahun 2011 % Realization Compared to Plan Year 2011

Realisasi Tahun 2011 Realization Year 2011

Rp

Jumlah Unit Mitra Binaan Total Unit of Partners

Rp

-5

-6

-7

Presentase Jumlah Mitra Percentage of total Partners

Presentase Jumlah Rp Percentage of Total Rp

(9)=(6)/(4)

(10)=(7)/(5)

Industri Industry

-

425.962.714

8

970.000.000

-

228%

Perdagangan Trading

-

1.277.888.143

34

3.847.000.000

-

301%

Pertanian Agricultures

-

638.944.072

3

150.000.000

-

23%

Peternakan Farmings

-

425.962.714

0

-

-

0%

Perkebunan Plantations

-

212.981.357

3

283.000.000

-

133%

Perikanan Fisheries

-

425.962.714

2

60.000.000

-

14%

Jasa Services

-

425.962.714

10

1.200.000.000

-

282%

Lainnya Others

-

425.962.714

0

-

-

0%

Dana Pembinaan Kemitraan Partnership Development Fund

-

1.064.906.786

0

44.155.500

-

4%

0

5.324.533.931

60

6.554.155.500

-

123%

Jumlah Total


PROGRAM BINA LINGKUNGAN

ENVIRONMENTAL DEVELOPMENT PROGRAM Sumber Dana Fund Sources

No



Laba Tahun 2010 Profits Year 2010



164.191.000.000

243.947.000.000*

382.475.620

1.602.135.618

419%

1.642.000.000

2.439.475.738

149%

Bina Lingkungan Environmental Development

1

Saldo Dana Awal Tahun 2011 Beginning Balance Year 2011

2

Alokasi Dana dari Laba Bersih Fund Allocation from Net Income

3

4

Pendapatan bunga jasa giro/ deposito Income from interest of current account/deposits

110.000.000

Pendapatan Lainnya Other Income Total

95.877.182

0

0

2.134.475.620

4.137.488.538


87%

194%


Partnership and Environmental Development Programs Penggunaan Dana Funds Utilization


No




Penyaluran Bantuan Assistance 1

2

3 4

5

6 7

Bantuan korban bencana alam Assistance to victims of natural disaster Bantuan Pendidikan dan/atau Pelatihan Education and/or Training Assistance Bantuan peningkatan kesehatan Healthcare Improvement Assistance Bantuan pelestarian alam Environment Assistance Bantuan Pengembangan Prasarana dan/atau prasarana umum Development Assistance of Facilities and/or General Infrastructure Bantuan sarana ibadah Religious facilities Assistance BUMN Peduli SOEs Care Total

202.775.184

260.526.500

128%

506.937.960

1.046.204.149

206%

101.387.592

81.150.000

80%

101.387.592

222.328.500

219%

304.162.776

503.914.000

166%

202.775.184

109.824.060

54%

608.325.552

0

0%

2.027.751.839

2.223.947.209

110%

106.723.781

63.541.390

60%

2.134.475.620

2.287.488.599

107%

Beban Operasional Operating Expenses 8

Beban Administrasi, Umum dan Lain Administrative, General Affairs and Others Expense Total


PROGRAM/KEGIATAN TAHUN 2011 YANG TELAH SELESAI DAN MASIH BERLANGSUNG COMPLETION AND ONGOING PROGRAMS/ACTIVITIES IN 2011

No

Keterangan

DATI I Province

Description Bantuan Korban Bencana Alam Assistance to Victims of Natural Disaster

1

2

Anggaran Tersedia Available Budget

Plafond 31 Dec 2011

394.403.079

263.000.000

RKA 2011 Work Plan and Budget 2011 202.775.184

Realisasi Realization 31 Dec 2011 260.526.500

a. Tanggap Darurat Korban Banjir Lahar Dingin Merapi Emergency Response of Victims of Cold Lava Floods Merapi

DI Yogyakarta

50.000.000

50.000.000

b. Tanggap Darurat Korban Banjir Bandang di Pidie Emergency Response of Victims of Flash Floods in Pidie

DI Aceh

50.000.000

47.976.500

c. Tanggap Darurat untuk Korban Kebakaran di Jl. Kramat V RT05 Emergency Response of Victims of Fire in Jl. Kramat V RT05

DKI Jakarta

13.000.000

13.000.000

d. Tanggap Darurat untuk Korban Banjir Bandang Padang Emergency Response of Victims of Flash Floods in Padang

Sumatera Barat

80.000.000

80.000.000

e. Tanggap Darurat Korban Banjir Bandang di Kabupaten Garut Emergency Response of Victims of Flash Floods in Garut

Jawa Barat

70.000.000

69.550.000

Bantuan Pendidikan dan/atau Pelatihan Education and/or Training Assistance

506.937.960

986.007.697

1.110.838.350

1.046.204.149

a. Program Pendidikan Anak Usia Dini (TK PPA) Desa Tanjung Pakis, Karawang, Jawa Barat Early Childhood Education Program (TK PPA) Tanjung Pakis Village, Karawang, West Java

Jawa Barat

6.200.000

6.200.000

b. Program Pendidikan Anak Usia Dini (TK PPA) Kampung Kebayunan Kelurahan Tapos, Depok Early Childhood Education Program (TK PPA) Kampung Kebayunan, Tapos District, Depok

Jawa Barat

18.500.000

18.500.000

c. Program Pendidikan Anak Usia Dini (TK PPA) Desa Kertawangi Kecamatan Cisarua, Bandung Early Childhood Education Program (TK PPA) Kertawangi Village, Cisarua Sub-district, Bandung

Jawa Barat

28.900.000

28.900.000

d. Pemberian Perlengkapan Sekolah untuk Siswa SD Swasta Pinus Distribution of School Equipments for Students of SD Swasta Pinus

DI Aceh

23.884.900

23.194.100

e. Penyaluran Bantuan Komputer eks inventaris kantor Perseroan dan Printer, di daerah Jabotabek, Aceh, Bandung, Sulawesi Distribution of Computers ex office inventories of the Company and Printers, in Jabotabek, Aceh, Bandung, Sulawesi

DKI Jakarta

48.000.000

48.000.000

f. Program Pembelian Memori untuk Upgrading Komputer Memory Purchase Program for Computer Upgrading

DKI Jakarta

24.750.000

19.819.000

g. Program Pelatihan Budidaya Jamur Tiram Organik di Desa Batulawang, Kecamatan Cipanas Organic Mushrooms Cultivation Training Program in Batulawang Village, Cipanas Sub-district

Jawa Barat

39.300.000

39.300.000




No

Keterangan

DATI I Province

Description



Plafond 31 Dec 2011

Realisasi Realization 31 Dec 2011

h. Pelatihan Pengolahan Jamur Tiram untuk Kelompok Petani Jamur di Desa Batulawang, Kecamatan Cipanas Mushrooms Processing Program for Mushrooms Farmers in Batulawang Village, Cipanas

Jawa Barat

26.450.000

26.450.000

i. Program PAUD Desa Solear Hilir PAUD Program in Solear Hilir Village

Banten

72.600.000

57.175.000

j. Bantuan Perlengkapan Sekolah untuk Ponpes Yatim dan Dhu’afa Al Furqon School Equipments Assistance for Ponpes Yatim and Dhu'afa Al Furqon

Jawa Barat

24.845.000

24.845.000

k. Bantuan Perlengkapan Sekolah Acara Khitanan Massal School Equipments Assistance of Mass Circumcission Event

DKI Jakarta

18.150.000

18.150.000

l. Bantuan SDN 19 Limboro Assistance to SDN 19 Limboro

Sulawesi Tengah

24.630.000

23.906.400

m. Bantuan PAUD Desa Limboro Assistance of PAUD Limboro Village

Sulawesi Tengah

24.750.000

23.336.200

n. Program Pelatihan Batik Tulis Merapi Batik Training Program of Merapi

DI Yogyakarta

24.520.000

24.520.000

o. Program Pendidikan Anak Usia Dini (TK PPA) Batulawang Early Childhood Education Program (TK PPA) Batulawang

Jawa Barat

75.700.000

36.750.000

p. Bantuan Perlengkapan Sekolah untuk TK Kenanga, Carita Banten School Equipments Assistance for TK Kenanga, Carita

24.800.000

24.800.000

q. Perpustakaan umum masyarakat di Batulawang Public Library in Batulawang

Jawa Barat

45.173.000

36.473.000

r. Spanduk dan transportasi penyaluran Majene Banners and distribution transportation of Majene

Sulawesi Barat

1.300.000

1.300.000

s. Program PAUD, Perpustakaan Umum dan Pembangunan Gedung Sekolah PAUD “PPA Batulawang”, Desa Batulawang PAUD Program, Public Library and Construction of School Building PAUD "PPA Batulawang", Batulawang Village

Jawa Barat

215.809.500

215.809.500

t. Pembangunan Gedung Sekolah Pendidikan Anak Usia Dini (PAUD) “PPA-Ciwidey” Construction of School Building Early Childhood Education (PAUD) "PPA-Ciwidey"

Jawa Barat

169.687.450

169.687.450

u. Program Pendidikan Anak Usia Dini (PAUD) Cikal Mandiri Early Childhood Education Program (PAUD) Cikal Mandiri

Jawa Barat

175.343.500

175.343.500


Keterangan

No

DATI I Province

Description v. Kekurangan biaya jasa pengiriman paket bantuan perlengkapan SD Swasta Pinus KKA (SPM 010/0511) Shortage of service delivery costs of equipment for SD Swasta Pinus KKA (SPM 010/10511)

3

4

5

6

7

8

DI Aceh

Bantuan Peningkatan Kesehatan Healthcare Assistance

101.387.592

a. Pembangunan Jalan Lingkungan Desa Tanjungpakis Karawang Road Construction in Tanjungpakis Village Karawang



197.201.539

Jawa Barat

Bantuan Sarana dan Prasarana Umum Facilities and General Infrastructures Assistance

304.162.776

591.604.618

Plafond 31 Dec 2011

Realisasi Realization 31 Dec 2011

3.745.000

3.745.000

81.150.000

81.150.000

81.150.000

81.150.000

523.723.000

503.914.000

a. Program Pembuatan Selasar, Kanopi, dan Tempat Gosok Gigi Pendidikan Anak Usia Dini (PAUD) “Roemah Kita” Construction Program of Selasar, Kanopi, and Brush Tooth Area for Early Childhood Education (PAUD) "Roemah Kita"

DI Yogyakarta

155.035.000

155.035.000

b. Program Pemberian Tempat Tidur Susun dan Locker untuk PP Daruttaubah, Kel. Harapan jaya, Kec. Bekasi Utara Distribution Program of Bunk Beds and Lockers for PP Daruttaubah, Harapan Jaya, North Bekasi

Jawa Barat

144.320.000

144.320.000

c. Program Pembangunan Turap di PAUD PPA 8, Bogor Construction Program of Turap in PAUD PPA 8, Bogor

Jawa Barat

39.418.000

19.709.000

d. Pemberian Peralatan Sekolah untuk PAUD PPA 7, Ciwidey Distribution of School Equipments for PAUD PPA 7, Ciwidey

Jawa Barat

24.950.000

24.850.000

e. Renovasi Paviliun RSMC Cilandak Renovation of Pavillion of RSMC Cilandak

DKI Jakarta

300.000.000

300.000.000

109.824.060

109.824.060

Bantuan Saran Ibadah Religious Facilities Assistance

202.775.184

394.403.079

a. Pembangunan Bale Panjang Pura Agung, Karawang Construction of Long House Pura Agung Karawang

Jawa Barat

9.682.560

9.682.560

b. Program pemberian kursi untuk Gereja Pantekosta, Kramat Chairs Distribution Program for Pantekosta Church, Kramat

DKI Jakarta

14.250.000

14.250.000

c. Program Pemberian Perlengkapan ibadah untuk Gereja Pantekosta, Kramat, Senen Distribution of Woship Equipments Program for Pantekosta Church, Kramat, Senen

DKI Jakarta

61.500.000

61.500.000

d. Renovasi Masjid Jamie Al Hidayah, Arjasari Renovation of Jamie Al Hidayah, Arjasari Mosque

Jawa Barat

24.391.500

24.391.500

299.373.500

222.328.500

Bantuan Pelestarian Alam Environment Conservation Assistance

101.387.592

197.201.539

a. Program Penghijauan Desa Tanjungpakis, Karawang Green Program of Tanjungpakis Village, Karawang

Jawa Barat

45.557.500

45.557.500

b. Program Penghijauan Garut Green Program of Garut

Jawa Barat

118.316.000

86.766.000

c. Program Penghijauan Sentul Green Program of Sentul

Jawa Barat

39.750.000

39.750.000

d. Program Penghijauan di Desa Solear Green Program of Solear Village

Banten

95.750.000

50.255.000

Beban Operasional Operating Expenses

106.723.781

207.580.568

63.541.390

63.541.390

Total

1.526.150.068

2.968.401.120

2.451.450.300

2.287.488.599

BUMN Peduli SOEs Care

608.325.552

1.262.078.666

Total

2.134.475.620

4.230.480.785


2.287.488.599

Profil Dewan Komisaris Board of Commissioners' Profile SAHALA LUMBAN GAOL Komisaris Utama President Commissioner Komisaris Utama Perseroan sejak Juli 2009, beliau juga menjabat sebagai Staf Ahli bidang Kebijakan Publik Menteri Negara BUMN sejak tahun 2010. Sebelumnya, beliau menjabat sebagai Deputi Menteri Negara BUMN bidang Pertambangan, Industri Strategis, Energi dan Telekomunikasi (2008-2010) dan Deputi Menteri Koordinator Perekonomian bidang Koordinasi Makro & Keuangan (2005-2008). Meraih gelar Doktor Ekonomi dengan spesialisasi Ekonomi, Keuangan, Moneter, dan Ekonomi Internasional dari Iowa State University, Amerika Serikat. Usia: 59 tahun Age: 59 year President Commissioner of the Company since July 2009, he also serves as Expert Staff in Public Policy of SOEs' State Minister since 2010. Previously, he was Deputy of SOEs' State Minister of Mining, Strategic Industry, Energy and Telecommunication (2008-2010) and Deputy of Coordinator Minister of Economy in Macro and Finance Coordination (2005-2008). Obtained degree in Doctor Economic with spesialization in Economy, Finance, Monetary, and International Economy from Iowa State University, United States.

YOSEPH INDRAJAYA Komisaris Commissioner Menjabat sebagai Komisaris Perseroan sejak 7 Maret 2012, dan menjabat juga sebagai Deputi bidang Hubungan Kelembagaan dan Kemasyarakatan di Kementerian Sekretariat Negara. Riwayat pekerjaannya mencakup jabatan sebagai Kepala Biro Hubungan Orpol dan LSM (2008 – 2011) dan Kepala Bagian Hubungan Lembaga Daerah wilayah Barat (2005 – 2009). Beliau meraih gelar Sarjana Strata-1 bidang Administrasi Pemerintahan dari Universitas 17 Agustus dan gelar Master bidang Kebijakan Publik dari Universitas Indonesia. Usia: 49 tahun Age: 49 year Commissioner of the Company since 7 March 2012, and also serves as Deputy in Institutional and Community Relations at the Ministry of the State Secretariat. His experience include Head of NGO Affairs Bureau and Orpol (2008 – 2011) and Division Head of West Regional Institute of Relations (2005 – 2009). He obtained a degree of Strata-1 in Government Administration from University of 17 Agustus and a Master degree in Public Policy from University of Indonesia.


NURHAIDA Komisaris Commissioner Menjabat sebagai Komisaris Perseroan sejak 13 Mei 2011. Saat ini, beliau juga menjabat sebagai Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK), Kementerian Keuangan. Karirnya di BapepamLK mencakup jabatan-jabatan, antara lain, Kepala Biro Transaksi dan Lembaga Efek (September 2008-Desember 2010) dan Kepala Biro PKP Sektor Riil (Mei 2006-September 2008). Beliau meraih gelar Sarjana Strata-1 Kimia Tekstil dari Institut Teknologi Tekstil, Bandung, dan Master of Business Administration dari Indiana University, Amerika Serikat. Usia: 52 tahun Age: 52 year Commissioner of the Company since 13 May 2011. Currently, she also serves as the Chairman of Capital Market Supervisory Agency and Financial Institution (Bapepam-LK), Ministry of Finance. Her career with Bapepam-LK includes following positions, Chief Bureau Securities Transactions and Institutions (September 2008-December 2010) and Chief Bureau PKP Riil Sector (May 2006-September 2008). Obtained a Degree of Strata-1 in Textile Chemicals from Textile Technology Institute, Bandung, and Master of Business Administration from Indiana University, United States.

EDY PUTRA IRAWADY Komisaris Commissioner Menjabat sebagai Komisaris Perseroan sejak 13 Mei 2011. Selain sebagai Komisaris Perseroan, beliau juga menjabat sebagai Deputi Menteri Koordinator Perekonomian bidang Industri dan Perdagangan, Kementerian Koordinator bidang Perekonomian. Sebelumnya, beliau menjabat sebagai Asisten Deputi Menko Perekonomian Urusan Kelautan dan Perikanan (2001-2005), Pelaksana Harian Asisten Deputi Menko Perekonomian Urusan Pemanfaatan SDA Pertanian dan Peternakan (2002 – 2004), dan Asisten Deputi Menko Ekuin Urusan Industri Olahan (2000 – 2001). Beliau menyelesaikan pendidikan Sarjana Strata-1 bidang Hukum dari Universitas Indonesia, kemudian meraih gelar Master Graduate International Transaction dari George Mason University, Amerika Serikat. Usia: 54 tahun Age: 54 year Commissioner of the Company since 13 May 2011. He also serves as Deputy Coordinator Minister for Economy of Trade and Industry, Coordinator Ministry for Economy. Prior to this, he was Assistant Deputy of Coordinator Minister of Maritime and Fishery Affairs (2001-2005), Assistant Deputy of Coordinator Minister for Economy of Utilization of Natural Resources Affairs of Agriculture and Livestock (2002 – 2004), and Assistant Deputy Minister for Economy Affairs of Processing Industry (2000 - 2001). He completed education and obtained a Degree of Strata-1 in Law from University of Indonesia, and earned a Master Graduate International Transaction from George Mason University, United States.


Profil Direksi Board of Directors' Profile BOYKE W. MUKIJAT Direktur Utama President Director Menjabat sebagai Direktur Utama Perseroan sejak November 2008. Sebelumnya beliau pernah menjabat sebagai Direktur Utama PT Bahana Pembinaan Usaha Indonesia (2006 – 2008), Komisaris Utama PT Bahana TCW Investment Management (2004 - 2008), Komisaris PT Bahana Artha Ventura (2003 - 2009), Direktur PT Bahana Pembinaan Usaha Indonesia (2001- 2006), Komisaris Utama PT Bahana Securities (2001 - 2002) dan Direktur Utama PT Niaga Asset Management (1999 - 2000). Meraih gelar Sarjana Ekonomi dari Universitas Indonesia pada tahun 1990. Berbagai posisi dan jabatan penting sebelumnya sangat menunjang perannya sebagai Direktur Utama Perseroan, terutama dalam membentuk dan mengarahkan team manajemen secara keseluruhan untuk mengimplementasikan tujuan dan target-target Perseroan. Usia: 53 tahun Age: 53 year President Director of the Company since November 2008. Previously he was President Director of PT Bahana Pembinaan Usaha Indonesia (2006 - 2008), President Commissioner of PT Bahana TCW Investment Management (2004 - 2008), Commissioner of PT Bahana Artha Ventura (2003 - 2009), Director of PT Bahana Pembinaan Usaha Indonesia (2001 - 2006), President Commissioner PT Bahana Securities (2001 - 2002) and President Director of PT Niaga Asset Management (1999 - 2000). Obtained a degree in Economy from University of Indonesia in 1990. His experiences in prior important positions, has supported his role as the Company's President Director, in particular of shaping and directing all management team to implement the objectives and targets of the Company.

SAIFUL H. MANAN Direktur Director Menjabat sebagai Direktur Perseroan sejak Februari 2009, selain itu beliau adalah Founder dan Senior Partner, Tax and Business Advisory Prime Services International serta pernah menjabat sebagai Anggota Management Executive Team dan Deputi Head of Tax Pricewaterhouse Coopers (2005 - 2007), Anggota Executive Committee Ernst & Young (2002-2005), Managing Partner CFO Arthur Andersen (1999-2002), Head of Tax and Legal Business Unit Arthur Andersen (1996-2002). Meraih gelar MBA bidang Keuangan dari University of Denver, USA (1986). Dengan pengalaman sebelumnya sebagai Senior Partner, sangat menunjang tugas utamanya dalam melakukan kegiatan Restrukturisasi dan Revitalisasi BUMN sesuai penugasan serta memberikan advisory kepada BUMN yang membutuhkan. Usia : 54 tahun Age: 54 year Director of the Company since February 2009, he also serves as Founder and Senior Partner, Tax and Business Advisory Prime Services International. He was Member of Management Executive Team and Deputy Head of Tax Pricewaterhouse Coopers (2005 - 2007), Member of Executive Committee Ernst & Young (2002 - 2005), Managing Partner CFO Arthur Andersen (1999 -2002), Head of Tax and Legal Business Unit Arthur Andersen (1996-2002). Obtained an MBA degree in Finance from University of Denver, USA (1986). His previous experience as Senior Partner, has supported his role especially in the activity of Restructuring and Revitalization of SOEs according to the assignment, as well as advisory to SOEs.


ANDI SADDAWERO Direktur Director Menjabat sebagai Direktur Perseroan sejak Februari 2009. Sebelumnya beliau pernah menjabat sebagai Direktur Utama PT Karabha Digdaya (2008 - 2009), Kepala Bagian Aset Saham Non Bank PPA, Senior Vice President (2005 - 2008), General Manager Special Asset Management PT Bank Permata, Tbk. (2005), dan Kepala Bagian Aset Saham Bank PPA, Vice President (2004 - 2005), serta Kepala Grup Unit Restrukturisasi Bank BPPN (1998 - 2004). Meraih gelar MM bidang Manajemen Akuntansi dari Universitas Indonesia pada tahun 1995. Andi Saddawero merupakan Direktur karir yang mengikuti perjalanan Perseroan sejak awal berdirinya. Berbagai jabatan di Perseroan maupun di luar Perseroan menunjukkan bahwa beliau memiliki kapasitas/kapabilitas yang mumpuni pada area yang menjadi tanggung jawabnya saat ini. Usia : 42 tahun Age: 42 year Director of the Company since February 2009. Prior to this, he was President Director of PT Karabha Digdaya (2008 - 2009), Division Head of Shares Assets of Non Banks PPA, Senior Vice President (2005 - 2008), General Manager Special Asset Management of PT Bank Permata, Tbk. (2005), and Division Head of Shares Assets of Banks PPA, Vice President (2004 - 2005). Obtained an MM in Accounting Management from University of Indonesia in 1995. He is a career Director of which following the Company's growth since its establishment. Several positions with the Company and others represent his excellent capacity/capability in his areas of responsibility.

TRI HERUTANTOYO Direktur Director Menjabat sebagai Direktur Perseroan sejak Februari 2009, sebelumnya beliau pernah menjabat sebagai Kepala Divisi Kepatuhan merangkap Kepala Divisi Hukum, Senior Vice President (2008), Kepala Bagian Manajemen Risiko Pengelolaan Aset Kredit dan Properti PPA, Senior Vice President (2008), Kepala Bagian Manajemen Risiko Pengelolaan Aset Saham dan Kredit PPA, Senior Vice President (2006 - 2008), dan Kepala Bagian Audit Pengelolaan Kredit dan Properti PPA, Vice President (2004 - 2006). Meraih gelar MBA bidang Akuntansi dari Cleveland State University, AS, pada tahun 1993. Tri Herutantoyo merupakan Direktur karir yang mengikuti perjalanan Perseroan sejak awal berdirinya. Berbagai jabatan di Perseoan telah dilalui di tahun-tahun sebelumnya yang menunjukkan bahwa beliau memiliki kapasitas/kapabilitas yang mumpuni pada area yang menjadi tanggung jawabnya saat ini. Usia: 54 tahun Age: 54 year Director of the Company since February 2009. He was Division Head of Compliance and Division Head of Legal, Senior Vice President (2008), Division Head of Risk Management of Loan and Property Assets Management PPA, Senior Vice President (2008), Division Head of Risk Management of Loan and Property Assets Management PPA, Senior Vice President (2008), Division Head of Risk Management of Shares and Loan Assets Management PPA, Senior Vice President (2006-2008), and Division Head of Audit Loan and Property Management PPA, Vice President (2004-2006). Obtained MBA degree in Accounting from Cleveland State University, USA in 1993. He is a career Director of which following the Company's growth since its inception. Several positions with the Company and others represent his excellent capacity/ capability in his areas of responsibility.


Organ Pendukung Dewan Komisaris Board of Commissioners Supporting Organ PROFIL ANGGOTA KOMITE AUDIT AUDIT COMMITTEE MEMBERS' PROFILE Erry Firmansyah Erry Firmansyah, menjabat sebagai Komisaris PPA sejak Juli 2009 sampai dengan Maret 2012, saat ini beliau juga masih menjabat sebagai Komisaris Independen PT Unilever Indonesia Tbk dan PT Astra Internasional Tbk, Komisaris Utama PT KSEI. Ia pernah menjabat sebagai Presiden Direktur PT Bursa Efek Indonesia (2007 - 2009). Selain itu, beliau juga menjabat sebagai Wakil Ketua Komite Keuangan KADIN, Anggota Dewan Penyantun Universitas Andalas, Anggota Dewan Penasihat Standar Akuntansi IAI, Anggota Dewan Penasihat IAMI, Anggota Dewan Penasihat CWMA, Anggota Dewan Penasihat Barclays Capital. Meraih gelar Sarjana Ekonomi dari Jurusan Akuntansi di Universitas Indonesia pada tahun 1981. Erry Firmansyah serves as Commissioner of PPA since July 2009 to March 2012. He also an Independent Commissioner of PT Unilever Indonesia Tbk and PT Astra International Tbk, and President Commissioner of PT KSEI. He was President Director of PT Bursa Efek Indonesia (2007 - 2009). In addition, he also serves as Vice Chairman of Finance Committee of KADIN, Board Member of Trustees of University of Andalas, Advisory Board Member of IAI, Advisory Board Member of IAMI, Advisory Board Member of CWMA, Advisory Board Member of Barclays Capital. Obtained Economic Degree of Faculty of Accounting from University of Indonesia in 1981.

I Ketut Hadi Priatna I Ketut Hadi Priatna, berkarir di Sekretariat Kabinet, Maret 1999 sampai sekarang. Sebagai Kepala Sub Bagian Pajak dan Penerimaan Negara Bukan Pajak, Biro Perekonomian dan Industri (Biro PUU I), 2005 - 2007. Meraih gelar Sarjana Hukum dari Modern Society and Culture, Niigita University, Jepang. I Ketut Hadi Priatna, commencing his career at Cabinet Secretariat, March 1999 to present. He was Sub Division Head of Taxation and State Treasury of Non Tax, Economy and Industry Burau (PUU I Burau), 2005 - 2007. Obtained a Bachelor of Law from School of Modern Society and Culture, Nigita University, Japan.


Adi Dharmanto Adi Dharmanto, menjadi anggota Komite Audit sejak Juni 2011. Saat ini beliau juga bekerja di PT Nura Kapital dan bertanggung jawab atas Business Development, Corporate Restructuring, Equity Financing & Project Financing. Beliau lahir 30 September 1962, meraih gelar Sarjana dari Fakultas Teknik Sipil, Institut Teknologi Sepuluh Nopember Surabaya (ITS) tahun 1987 dan Institut Pendidikan & Pengembangan Manajemen (IPPM) bidang Manajemen Keuangan tahun 1990. Adi Dharmanto serves as member of Audit Committee since June 2011. Currently he also works at PT Nura Kapital and responsible for Business Development, Corporate Restructuring, Equity Financing & Project Financing. Born on 30 September 1962, obtained a Degree in Civil Technic Faculty, Institute Technology of Sepuluh Nopember Surabaya (ITS) in 1987 and Institute of Management Development & Education in Financial Management, 1990.

Irham Irham, menjadi Komite Audit PPA sejak Juni 2007, dan sejak Juni 2011 menjadi anggota Komite KPR GCG. Berpengalaman sebagai auditor baik Audit Keuangan, Audit Pajak, Audit Operasional, maupun Audit Investigasi / Forensic Audit pada berbagai BUMN dan BUMD serta Yayasan. Selain itu, juga berpengalaman sebagai auditor dan konsultan keuangan pada beberapa Perusahaan Swasta Nasional. Menyelesaikan pendidikan Akuntan pada Sekolah Tinggi Akuntansi Negara (STAN) tahun 1993. Irham serves as member of Audit Committee of PPA since June 2007, and by June 2011 he serves as member of KPR GCG Committee. Has experienced as auditor in Financial Audit, Tax Audit, Operations Audit, as well as Investigation Audit/ Forensic Audit with several SOEs, BUMD and Foundations. Moreover, he also experienced as finance auditor and consultant with several National Private Company. Graduated in Accounting from State Accounting School (STAN) in 1993.


Organ Pendukung Dewan Komisaris Board of Commissioners Supporting Organ PROFIL ANGGOTA KOMITE KPR GCG KPR GCG COMMITTEE MEMBERS' PROFILE

Sahat L. Tobing Sahat L. Tobing, menjadi anggota Komite Audit sejak tahun 2005 dan sejak Juni 2011 menjadi anggota Komite KPR GCG. Mengawali karir di Departemen Keuangan sebagai Ajun Akuntan tahun 1972 hingga menjadi Ketua Tim berbagai penugasan Audit Keuangan, Audit Kinerja dan Audit Khusus pada tahun 1982, kemudian melanjutkan studi Pasca Sarjana di University of Illinois di Urbana - Champaign, Illinois, USA hingga tahun 1989. Pensiun dari BPKP pada tahun 2006 dan menjadi Konsultan Manajemen Keuangan Publik. Sahat L. Tobing serves as member of Audit Committee since 2005 and by June 2011 as member of KPT GCG Committee. Began his career with Finance Department as Accounting Assistant in 1972 and as Head of Team in Finance Audit duty, Performance Audit and Specific Audit in 1982, he continued to study Post Graduates at University of Illinois, Urbana Champaign, Illinois, USA in 1989. Retired from BPKP in 2006 and became Management Consultant of Public Finance.

Hendy M. Fakhruddin Hendy M. Fakhruddin, menjabat anggota komite sejak 30 Juni 2011. Memperoleh sarjana dari Fakultas Ekonomi Universitas Gadjah Mada dan Magister Sistem Informasi Akuntansi Universitas Bina Nusantara Jakarta. Saat ini menjabat sebagai Direktur Eksekutif Komite Nasional Kebijakan Governance (KNKG). Berpengalaman di bidang pasar modal dan konsultan penerapan dan asesmen GCG. Hendy M. Fakhruddin serves as member of committee since 30 June 2011. Obtained his degree from Faculty of Economy, University of Gajah Mada and Master in Accounting Information System from University of Bina Nusantara Jakarta. Currently he serves as Executive Director of Governance Policy National Committee (KNKG). Experienced in capital market and consultant of GCG assessment and implementation.


PROFIL SEKRETARIS DEWAN KOMISARIS SECRETARY TO THE BOARD OF COMMISSIONERS' PROFILE

Iko Marita Mustokoweni Sebagai Sekretaris Dewan Komisaris sejak tahun 2011. Sebelumnya Beliau menjabat sebagai Senior Officer Sekretaris Dewan Komisaris (2006-2010), Anggota Tim Pemberesan BPPN (2004-2006), Wakil Kepala Sekretariat Komite Kebijakan Sektor Keuangan (2002-2006), Liaison Officer BPPN pada Sekretariat Komite Kebijakan Sektor Keuangan (2000-2002), dan Kepala Divisi Informasi Kredit Group Corporate and Administration PT Bank Niaga (1999-2000). Meraih gelar sarjana ekonomi bidang akuntansi dari Universitas Brawijaya. Secretary to the Board of Commissioners since 2011. Prior to this she was Senior Officer Secretary to the Board of Commissioners (2006-2010), Team Member of IBRA Consolidation (2004-2006), Vice Chairman of Secretariat of Policy Committee Financial Sector (2002-2006), Liaison Officer of IBRA in Secretariat of Policy Committee Financial Sector (20002002), and Division Head of Loan Information Group Corporate and Administration PT Bank Niaga (1999-2000). Obtained an Economic Degree in Accounting from University of Brawijaya.


Organ Pendukung Direksi Directors Supporting Organ

Renny O. Rorong Profil Sekretaris Perusahaan Corporate Secretary's profile Sebagai Sekretaris Perseroan sejak tahun 2004, selain itu beliau juga menjabat sebagai Komisaris Utama PT PPA Finance sejak tahun 2009. Sebelumnya beliau pernah menjabat sebagai Corporate Secretary dan Compliance Group Head pada BPPN (1999-2004), Branch Manager pada Bank Dharmala (1997-1999 dan 1995-1997), serta sebagai Account Officer Sub Manager pada Bank Niaga (1984-1994). Meraih gelar MBA bidang Pemasaran dari STIE Trianandra (bekerja sama dengan the Hogenschoel van Utrecht te Nederlands). Corporate Secretary of the Company since 2004. He also serves as President Commissioner of PT PPA Finance since 2009. Previously, he was Corporate Secretary and Compliance Group Head at IBRA (1999-2004), Branch Manager in Bank Dharmala (1997-1999 and 1995-1997), Account Officer Sub Manager in Bank Niaga (1984-1994). Obtained MBA degree in Marketing from STIE Trianandra (in collaboration with the the Hogenschoel van Utrecht te Nederlands).

Darto Yudhi Priyanto Profil Kepala SPI Head of Internal Audit's profile Sebagai Kepala SPI sejak tahun 2009. Sebelumnya beliau menjabat sebagai Direktur Keuangan PT Tugu Reasuransi Indonesia (2008-2009), Kepala Bagian Keuangan dan Akuntansi Perseroan (2004-2008), Kepala Grup Akuntansi BPPN (2001-2004), Manajer Keuangan dan Akuntansi PT Bumimas Adi Persada (2001-2004), Kepala Seksi Perencanaan dan Anggaran pada PT Bank Bumi Daya (1980-1995), serta sebagai Kepala Distrik - PT Asuransi Jiwa Jaminan (1979-1980). Beliau meraih gelar Magister Manajemen (Keuangan) dari Institut Pendidikan Wiraswasta Indonesia, Jakarta (1999). Head of Internal Audit (SPI) since 2009. Prior to this, he was Finance Director of PT Tugu Reasuransi Indonesia (2008-2009), Division Head of Finance and Accounting of the Company (2004-2008), Accounting Group Head of IBRA (2001-2004), Finance and Accounting Manager of PT Bumimas Adi Persada (2001-2004), Section Head of Planning and Budgetting of PT Bank Bumi Daya (1980-1995), and District Head of PT Asuransi Jiwa Jaminan (1979-1980). He obtained Master Management (Finance) from the Institute of Indonesian Entrepreneurship Education, Jakarta (1999).


Referensi Peraturan Bapepam-LK No. X.K.6 Cross Reference to Bapepam-LK Rule X.K.6 No

Hal yang Dipersyaratkan dalam Peraturan Bapepam-LK No. X.K.6 Required Item in Bapepam-LK Rule X.K.6

Halaman Page

Ikhtisar Data Keuangan Penting / Substantial Financial Highlights 1

Informasi hasil usaha perusahaan dalam bentuk perbandingan selama 5 (lima) tahun buku atau sejak memulai usahanya jika perusahaan tersebut menjalankan kegiatan usahanya selama kurang dari 5 (lima) tahun Informasi memuat antara lain: 1. Penjualan/pendapatan usaha 2. Laba (rugi) 3. Total laba (rugi) komprehensif 4. Laba (rugi) per saham

Information of the Compay’s business results in comparison for 5 (five) fiscal years or since the establishment of the Company and if the Company runs its business activities less than 5 (five) years Information includes: 1. Sales/operating income 2. Profit (loss) 3. Total comprehensive profit (loss) 4. Net profit (loss) per share

7

Informasi posisi keuangan perusahaan dalam bentuk perbandingan selama 5 (lima) tahun buku atau sejak memulai usahanya jika perusahaan tersebut menjalankan kegiatan usahanya selama kurang dari 5 (lima) tahun Informasi memuat antara lain: 1. Modal kerja bersih 2. Jumlah investasi pada entitas lain 3. Jumlah aset 4. Jumlah liabilitas 5. Jumlah ekuitas

Information on the Company’s financial positions in comparison for 5 (five) fiscal years or since the the establishment of the Company and if the Company runs its business activities less than 5 (five) years Information includes: 1. Net working capital 2. Total Investment on other entity 3. Total assets 4. Total liabilities 5. Total equity

6

Rasio keuangan dalam bentuk perbandingan selama 5 (lima) tahun buku atau sejak memulai usahanya jika perusahaan tersebut menjalankan kegiatan usahanya selama kurang dari 5 (lima) tahun Informasi memuat 5 (lima) rasio keuangan yang umum dan relevan dengan industri perusahaan

Financial ratio in comparison for 5 (five) years or since the establishment of the Company and if the Company runs its business activities less than 5 (five) years Information includes 5 (five) financial ratio in general and relevant to the company industry

6

4

Informasi harga saham dalam bentuk tabel dan grafik.

Stock price information in tables and graphics.

Not Applicable

5

Informasi mengenai obligasi, sukuk atau obligasi konvertibel yang masih beredar dalam 2 (dua) tahun buku terakhir Informasi memuat: 1. Jumlah obligasi/sukuk/obligasi konversi yang beredar (outstanding) 2. Tingkat bunga/imbalan 3. Tanggal jatuh tempo 4. Peringkat obligasi/sukuk

Information on outstanding bonds, sukuk or convertible bonds in 2 (two) last fiscal book The information includes: 1. Total of outstanding bonds/sukuk/convertible bonds 2. Level of interest/return 3. Due date 4. Rating on bonds/sukuk

Not Applicable

2

3

Laporan Dewan Komisaris dan Direksi / Report of the Board of Commissioners and Directors 1

2

3

Laporan Dewan Komisaris Memuat hal-hal sebagai berikut: 1. Penilaian atas kinerja Direksi mengenai pengelolaan perusahaan 2. Pandangan atas prospek usaha perusahaan yang disusun oleh Direksi. 3. Komite-komite yang berada dibawah pengawasan Dewan Komisaris. 4. Perubahan komposisi Dewan Komisaris (jika ada)

Report from the Board of Commissioners Includes: 1. Assessment on Directors performance in managing the company 2. Overview on company business prospect initiated by the Directors 3. Committees under the Board of Commissioners supervision 4. Board of Commissioners composition amendment (if any)

Laporan Direksi Memuat Hal-Hal Sebagai Berikut: 1. Analisis Atas Kinerja Perusahaan Misalnya Kebijakan Strategis, Perbandingan Antara Hasil Yang Dicapai Dengan Yang Ditargetkan, Dan Kendala-Kendala Yang Dihadapi Perusahaan. 2. Prospek Usaha 3. Penerapan Tata Kelola Perusahaan Yang Baik Yang Telah Dilaksanakan Oleh Perusahaan 4. Perubahan Komposisi Dewan Direksi (Jika Ada).

Board Of Directors' Report Incudes: 1. The Company Performance Analysis Include Strategic Policy, Performance Comparison Based on Target, and Challenges 2. Company Prospect 3. Good Corporate Governance Implementation by The Company 4. Board Of Directors Composition Amendment (If Any)

Tanda Tangan Anggota Direksi dan Anggota Dewan Komisaris Memuat Hal-Hal Sebagai Berikut: 1. Tanda Tangan Dituangkan Pada Lembaran Tersendiri 2. Pernyataan Bahwa Direksi dan Dewan Komisaris Bertanggung Jawab Penuh Atas Kebenaran Isi Laporan Tahunan 3. Ditandatangani Seluruh Anggota Dewan Komisaris dan Anggota Direksi Dengan Menyebutkan Nama dan Jabatannya 4. Penjelasan Tertulis Dalam Surat Tersendiri Dari Yang Bersangkutan Dalam Hal Terdapat Anggota Dewan Komisaris Atau Direksi Yang Tidak Menandatangani Laporan Tahunan, Atau: Penjelasan Tertulis Dalam Surat Tersendiri Dari Anggota Yang Lain Dalam Hal Tidak Terdapat Penjelasan Tertulis Dari Yang Bersangkutan

Signature of member of the Board of Directors and the Board of Commissioners Includes: 1. Signatures on Separate Pagination 2. Statement of Accountability on The Contents of The Report By The Board of Commissioners and Directors 3. Signed By All Members of The Board of Commissioners and Directors Completed With Names and Positions 4. Separate Written Notice Concerning The Explanation of Refusal of Member of Board of Commissioners or Directors To Place His / Her Authograph on The Signature Page, or: Written Notice From Other Member In Case There Is No Explanation Provided By The Concerned Member


16 - 23 166-169 23

26 - 35

38 - 39


Cross Reference to Bapepam-LK Rule X.K.6 No.


Halaman Page

Profil Perusahaan / Company Profile 1

Nama dan alamat lengkap perusahaan Informasi memuat antara lain nama dan alamat, kode pos, no. Telp, no. Fax, e-mail, dan website

Name and complete address of the company Includes name and address, post code, no. Tel, no. Fax, e-mail and website

2

Riwayat singkat perusahaan Mencakup antara lain: tanggal/tahun pendirian, nama, dan perubahan nama perusahaan (jika ada).

The company brief history Includes: date/year of establishment, name, and change of company name (if any).

Bidang usaha Uraian mengenai antara lain: 1. Bidang usaha yang dijalankan sesuai dengan anggaran dasar yang telah ditetapkan; dan 2. Penjelasan mengenai produk dan atau jasa yang dihasilkan

Business activity To include description of: 1. Company business activity in pursuant to the articles of association; and 2. Product and services description

4

Struktur organisasi Dalam bentuk bagan, meliputi nama dan jabatan

Organization structure In chart include names and positions

5

Visi dan misi perusahaan Mencakup: 1. Visi dan misi perusahaan; dan 2. Keterangan bahwa visi dan misi tersebut telah disetujui oleh Direksi/Dewan Komisaris

Visi dan misi perusahaan Includes: 1. The company vision and mission; and 2. Information on the approval of vision and mission from Directors/Board of Commissioners

Identitas dan riwayat hidup singkat anggota Dewan Komisaris Informasi memuat antara lain: 1. Nama 2. Jabatan (termasuk jabatan pada perusahaan atau lembaga lain) 3. Umur 4. Pendidikan 5. Pengalaman kerja 6. Tanggal penunjukan pertama kali sebagai anggota Dewan Komisaris

The Board of Commissioners' identity and resume Information to include: 1. Name 2. Position (include in other company or institution) 3. Age 4. Education 5. Work experience 6. Date of appointment as member of Board of Commissioners

Identitas dan riwayat hidup singkat anggota Direksi Informasi memuat antara lain: 1. Nama 2. Jabatan (termasuk jabatan pada perusahaan atau lembaga lain) 3. Umur 4. Pendidikan 5. Pengalaman kerja 6. Tanggal penunjukan pertama kali sebagai anggota Direksi

The Board of Directors' identity and resume Information to include: 1. Name 2. Position (include in other company or institution) 3. Age 4. Education 5. Work experience 6. Date of appointment as member of Board of Directors

Jumlah karyawan (komparatif 2 tahun) dan deskripsi pengembangan kompetensinya (misal: aspek pendidikan dan pelatihan karyawan) Informasi memuat antara lain: 1. Jumlah karyawan untuk masing-masing level organisasi 2. Jumlah karyawan untuk masing-masing tingkat pendidikan 3. Pelatihan karyawan yang telah dilakukan dengan mencerminkan adanya persamaan kesempatan kepada seluruh karyawan 4. Biaya yang telah dikeluarkan

Total numbers of employee (2 years comparison) and description of competence development (i.e.: education aspects and employees training) Information to include: 1. Total employee on organization level 2. Total employee on education level 3. Employees training to represent equal opportunity for all employees 4. Budget allocation

Komposisi pemegang saham Mencakup antara lain: 1. Nama pemegang saham yang memiliki 5% atau lebih saham 2. Nama direktur dan komisaris yang memiliki saham 3. Kelompok pemegang saham masyarakat dengan kepemilikan saham masing-masing kurang dari 5%, dan persentase kepemilikannya

Shareholders composition Includes: 1. Shareholders name with 5% or more shares 2. Name of Directors and Commissioners with shares ownership 3. Public shareholders with the ownership of less than 5%, its percentage

40, 63

Daftar entitas anak dan/atau entitas asosiasi Informasi memuat antara lain: 1. Nama entitas anak/asosiasi 2. Persentase kepemilikan saham 3. Keterangan tentang bidang usaha entitas anak atau entitas asosiasi 4. Keterangan status operasi entitas anak atau entitas asosiasi (telah beroperasi atau belum beroperasi)

List of Subsidiary and/or association entity Information Include : 1. Name of Subsidiary/ association entity 2. Percentage of shares ownership 3. Business of Subsidiary/ association entity 4. Information of operation status of Subsidiary/ association entity (operated or not operated)

64-65

3

6

7

8

9

10


40

40 - 43

44 - 53

55

1

162-163

164-165

59

No. 11

12

13

14

15


Halaman Page

Kronologis pencatatan saham Mencakup antara lain: 1. Kronologis pencatatan saham 2. Jenis tindakan korporasi (corporate action) yang menyebabkan perubahan jumlah saham 3. Perubahan jumlah saham dari awal pencatatan sampai dengan akhir tahun buku 4. Nama bursa dimana saham perusahaan dicatatkan

Shares listing chronology Includes: 1. Share listing chronology 2. Any corporate action that may amend share price fluctuation 3. Shares fluctuation from the initial listing to the end of fiscal report 4. The stock exchange name where the company is listed

Not Applicable

Kronologis pencatatan Efek lainnya Mencakup antara lain: 1. Kronologis pencatatan Efek lainnya 2. Jenis tindakan korporasi (corporate action) yang menyebabkan perubahan jumlah Efek lainnya 3. Perubahan jumlah Efek lainnya dari awal pencatatan sampai dengan akhir tahun buku 4. Nama Bursa dimana Efek lainnya perusahaan dicatatkan 5. Peringkat Efek

Chronology of other stock listing Includes: 1. Chronology of other stock listing 2. Ccorporate action that create amendment in total other stock 3. Amendment in total other stock from listing up to fiscal book 4. The name of exchange where it's being listed 5. Stock ratings

Not Applicable

Nama dan alamat lembaga dan/atau profesi penunjang pasar modal Informasi memuat antara lain: 1. Nama dan alamat BAE 2. Nama dan alamat Kantor Akuntan Publik 3. Nama dan alamat Perusahaan Pemeringkat Efek

Name and address of institution and/or supporting profession of capital market Information to include: 1. Name and address of BAE 2. Name and address of Public Accountant Firm 3. Name adn address of Share Registrar

Not Applicable

Penghargaan dan atau sertifikasi yang diterima perusahaan baik yang berskala nasional maupun internasional Informasi memuat antara lain: 1. Nama penghargaan dan atau sertifikat 2. Tahun perolehan 3. Badan pemberi penghargaan dan atau sertifikat 4. Masa berlaku (untuk sertifikasi)

Awards and or certifications received by the company, both national and international Information to include: 1. Awards and or certificates name 2. Year of awards 3. The institutions information 4. Validity of certificates

Nama dan alamat entitas anak dan atau kantor cabang atau kantor perwakilan (jika ada)

Name and address of subsidiary and or branch office or representative office (if any)

–

64-65

Analisa dan Pembahasan Manajamen atas Kinerja Perusahaan Management Discussion and Analysis on the Company Performance 1

2

3

4

Tinjauan operasi per segmen usaha Memuat uraian mengenai: 1. Produksi/kegiatan usaha; 2. Peningkatan/penurunan kapasitas produksi; 3. Penjualan/pendapatan usaha; 4. Profitabilitas untuk masing-masing segmen usaha yang diungkapkan dalam laporan keuangan (jika ada)

Operation Review per business segment Includes: 1. Production/business activity; 2. Increase/decrease in operation; 3. Sales/operating income; 4. Profitabilitas the above is intended for each business segment review in the financial report (if any)

Uraian atas kinerja keuangan perusahaan Analisis kinerja keuangan yang mencakup perbandingan antara kinerja keuangan tahun yang bersangkutan dengan tahun sebelumnya (dalam bentuk narasi dan tabel), antara lain mengenai: 1. Aset lancar, aset tidak lancar, dan jumlah aset; 2. Liabilitas jangka pendek, liabilitas jangka panjang, dan total liabilitas; 3. Penjualan/pendapatan usaha, beban dan laba (rugi); 4. Pendapatan komprehensif lain, dan total laba (rugi) komprehensif 5. Arus kas

The company financial performance analysis Financial performance analysis completed with fiscal year and previous year comparison (in naration and tables), whicn include: 1. Current assets, non-current assets, and total assets; 2. Current liabilities, non-current liabilities, and total liabilities; 3. Sales/operating income, expenses and profit (loss); 4.Other comprehensive income, and total comprehensive income (loss) 5. Cash flows

Bahasan dan analisis tentang kemampuan membayar utang dan tingkat kolektibilitas piutang perusahaan Penjelasan tentang: 1. Kemampuan membayar utang, baik jangka pendek maupun jangka panjang 2. Tingkat kolektibilitas piutang

Discussion and analysis concerning solvability and receivables collectability of the company Information regarding: 1. Short term and long term solvability 2. Receivable collectability

Bahasan tentang struktur modal (capital structure), dan kebijakan manajemen atas struktur modal (capital structure policy) Penjelasan atas: 1. Struktur modal (capital structure), 2. Kebijakan manajemen atas struktur modal (capital structure policy),

Discussion on capital structure and management policy on capital structure Explanation on: 1. Capital structure 2. Management policy on capital structure


71

91-96

95

95


Cross Reference to Bapepam-LK Rule X.K.6 No 5

6

7

8

9

10

11

12

13


Halaman Page

Bahasan mengenai ikatan yang material untuk investasi barang modal Penjelasan tentang: 1. Tujuan dari ikatan tersebut 2. Sumber dana yang diharapkan untuk memenuhi ikatanikatan tersebut 3. Mata uang yang menjadi denominasi 4. Langkah-langkah yang direncanakan perusahaan untuk melindungi risiko dari posisi mata uang asing yang terkait Catatan: apabila perusahaan tidak mempunyai ikatan terkait investasi barang modal, agar diungkapkan

Discussion on material commitment on capital goods investment Explanation regarding: 1. Objective of the commitment 2. The sources of fund expected to fulfill the comitment 3. Denomination of currency 4. The company plans to protect the risk from the committed foreign exchange position Notes: please disclose the information if the company do not have any material commitment

Jika laporan keuangan mengungkapkan peningkatan atau penurunan yang material dari penjualan/pendapatan bersih, maka berikan bahasan tentang sejauh mana perubahan tersebut dapat dikaitkan dengan jumlah barang atau jasa yang dijual, dan atau adanya produk atau jasa baru Penjelasan mengenai: 1. Besaran peningkatan/penurunan penjualan atau pendapatan bersih 2. Faktor penyebab peningkatan/penurunan material dari penjualan atau pendapatan bersih yang dikaitkan dengan jumlah barang atau jasa yang dijual, dan atau adanya produksi atau jasa baru

The disclosure of increase or decrease of material from sales/ net income, the discussion is required concerning the trend and to relate it to total sales of products or services, an or the existence of new product or service The explanation include: 1. Total increase/decrease in sales or net revenues 2. Any factors created the increase/decrease in material from sales or net revenues that is related to total goods or sold services, and or new products or services

Bahasan tentang dampak perubahan harga terhadap penjualan/ pendapatan bersih perusahaan serta laba perusahaan selama 2 (dua) tahun atau sejak perusahaan memulai usahanya, jika baru memulai usahanya kurang dari 2 (dua) tahun Ada atau tidak ada pengungkapan

Discussion on price change impact to sales/net revenue and income of the company for 2 (two) years or since the inception of its business, if it is less than 2 (two) years Disclosure or undisclosure

Informasi dan fakta material yang terjadi setelah tanggal laporan akuntan Uraian kejadian penting setelah tanggal laporan akuntan termasuk dampaknya terhadap kinerja dan risiko usaha di masa mendatang. Catatan: apabila tidak ada kejadian penting setelah tanggal laporan akuntan, agar diungkapkan

Information and material facts after the accounting report Description on significant events post financial statements date including its impact to the business performance and risk in the future. Notes: please disclose if the company does not have any significant event after the date of accounting report

97

Uraian tentang prospek usaha perusahaan Uraian mengenai prospek perusahaan dikaitkan dengan industri dan ekonomi secara umum disertai data pendukung kuantitatif dari sumber data yang layak dipercaya

The company business prospect review Description concerning company prospects which is related to industry and economy in general as well as quantitatives supporting data from reliable sources

99

Uraian tentang aspek pemasaran Uraian tentang aspek pemasaran atas produk dan/atau jasa perusahaan, antara lain strategi pemasaran dan pangsa pasar

Marketing aspect review Description concerning marketing aspects on products and/ or services of the company, such as marketing strategy and market shares

100

Uraian mengenai kebijakan dividen dan jumlah dividen kas per saham dan jumlah dividen per tahun yang diumumkan atau dibayar selama 2 (dua) tahun buku terakhir Memuat uraian mengenai: 1. Jumlah dividen 2. Jumlah dividen per saham 3. Payout ratio untuk masing-masing tahun Catatan: apabila tidak ada pembagian dividen, agar diungkapkan alasannya

Description on dividend policy and cash dividend per shares and total dividend per year published or paid-off for 2 (two) fiscal years Includes description on: 1. Total dividend 2. Total dividend per share 3. Payout ratio for concern year Notes: please disclose, if there is no dividend payout

100

Realisasi penggunaan dana hasil penawaran umum (dalam hal perusahaan masih diwajibkan menyampaikan laporan realisasi penggunaan dana) Memuat uraian mengenai: 1. Total perolehan dana, 2. Rencana penggunaan dana, 3. Rincian penggunaan dana, 4. Saldo dana, dan 5. Tanggal persetujuan RUPS atas perubahan penggunaan dana (jika ada)

The public offering proceed realization (the company is obligated to report the realization of fund) Includes description on: 1. Total proceeds 2. Fund allocation plan 3. Breakdwon of fund allocation 4. Fund balance, and 5. The date of GMS approval on any amendment of fund allocation (if any)

Not Applicable

Informasi material mengenai investasi, ekspansi, divestasi, akuisisi atau restrukturisasi utang/modal. Memuat uraian mengenai: 1. Tujuan dilakukannya transaksi; 2. Nilai transaksi atau jumlah yg direstrukturisasi; 3. Sumber dana. Catatan: apabila tidak mempunyai transaksi dimaksud, agar diungkapkan

Material information concerning investment, expansion, divestment, acquisition or receivables/capital restructurisation Include description on: 1. The objective of transactions; 2. Transaction value or restructuring amount; 3. Sources of fund. Notes: please disclose if there is no transaction

72, 77-86, 89


96

Not Applicable

Not Applicable

No 14

15

16


Halaman Page

Informasi transaksi material yang mengandung benturan kepentingan dan/atau transaksi dengan pihak afiliasi. Memuat uraian mengenai: 1. Nama pihak yang bertransaksi dan sifat hubungan afiliasi; 2. Penjelasan mengenai kewajaran transaksi; 3. Alasan dilakukannya transaksi; 4. Realisasi transaksi pada periode berjalan; 5. Kebijakan perusahaan terkait dengan mekanisme review atas transaksi; 6. Pemenuhan peraturan dan ketentuan terkait Catatan: apabila tidak mempunyai transaksi dimaksud, agar diungkapkan

Information of material transaction with conflict of interest and/or transaction with affiliated parties Include description on: 1. The name of parties in the transaction and the nature of affiliated relations; 2. The explanation on the transaction fairness; 3. The reasons on the transaction; 4. Transaction realization on current period; 5. The company policy related to the review mechanism on the transaction; 6. Regulation compliance and related rules Notes: please disclose if there is no transaction

97

Uraian mengenai perubahan peraturan perundang-undangan yang berpengaruh signifikan terhadap perusahaan Uraian memuat antara lain: perubahan peraturan perundangundangan dan dampaknya terhadap perusahaan Catatan: apabila tidak terdapat perubahan peraturan perundang-undangan yang berpengaruh signifikan, agar diungkapkan

Description on regulations amendment with significant impact to the company The description include: laws amendment and its impact to the company Notes: please disclose if there is no amendment with significant impact

96

Uraian mengenai perubahan kebijakan akuntansi Uraian memuat antara lain: perubahan kebijakan akuntansi, alasan dan dampaknya terhadap laporan keuangan

Description on accounting policy amendment The description include: amendment of accountant policy, reasons and its impact to the financial statements

96

Tata Kelola Perusahaan Good Corporate Governance 1

2

3

4

5

Uraian Dewan Komisaris Uraian memuat antara lain: 1. Uraian tanggung jawab Dewan Komisaris 2. Pengungkapan prosedur penetapan remunerasi 3. Struktur remunerasi yang menunjukkan komponen remunerasi dan jumlah nominal per komponen untuk setiap anggota Dewan Komisaris 4. Frekuensi pertemuan dan tingkat kehadiran Dewan Komisaris dalam pertemuan 5. Program pelatihan dalam rangka meningkatkan kompetensi Dewan Komisaris

The Board of Commissioners description The description include: 1. Responsibility of the Board of Commissioners 2. Remuneration policy procedure 3. Remuneration structure with its component and nominal values per component 4. Meeting frequency and attendance of the Board of Commissioners 5. Training program to enhance the Board of Commissioners competence

112-115 126

Uraian Direksi Uraian memuat antara lain: 1. Ruang lingkup pekerjaan dan tanggung jawab masingmasing anggota Direksi. 2. Frekuensi pertemuan 3. Tingkat kehadiran anggota Direksi dalam pertemuan 4. Program pelatihan dalam rangka meningkatkan kompetensi Direksi

The Board of Directors description The description include: 1. Scope of works and responsiblity of each Director 2. Meeting frequency 3. Total attendance of member of the Board of Directors 4. Training program to enhance the Board of Directors competence

115-125

Assessment terhadap anggota Dewan Komisaris dan/atau Direksi Uraian mengenai: 1. Proses pelaksanaan assessment atas kinerja anggota Dewan Komisaris dan/atau Direksi 2. Kriteria yang digunakan dalam pelaksanaan assessment atas kinerja anggota Dewan Komisaris dan/atau Direksi 3. Pihak yang melakukan assessment

Assessment to the member of Board of Commissioners and/ or Directors The description on: 1. Implementation process of performance assessment of the Board of Commissioners and/or Directors 2. The criteria applied into the assessment on the performance of the Board of Commissioners and/or Directors 3. The assessor

–

Uraian mengenai kebijakan remunerasi bagi Direksi Mencakup antara lain: 1. Pengungkapan prosedur penetapan remunerasi 2. Struktur remunerasi yang menunjukkan jenis dan jumlah imbalan jangka pendek dan jangka panjang/pasca kerja untuk setiap anggota Direksi 3. Indikator kinerja untuk mengukur performance Direksi

Analysis of Directors remuneration policy Includes: 1. Remuneration policy procedure 2. Remuneration structure that indicate the type and total salary in short term and long term/post assignment for each Director 3. Performance indicator to measure the performance of Directors

126

Komite Audit Mencakup antara lain: 1. Nama dan jabatan anggota komite audit 2. Kualifikasi pendidikan dan pengalaman kerja anggota komite audit 3. Independensi anggota komite audit 4. Uraian tugas dan tanggung jawab 5. Laporan singkat pelaksanaan kegiatan komite audit 6. Frekuensi pertemuan dan tingkat kehadiran komite audit

Audit Committee Includes: 1. Name and position of audit committee 2. Education qualification and work experience of audit committee members 3. Independence of audit committee members 4. Duties and responsibilty 5. Brief report on the implementation of audit committee activity 6. Meeting frequency and total attendance


127-129 166


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Komite Nominasi Mencakup antara lain: 1. Nama, jabatan, dan riwayat hidup singkat anggota komite nominasi 2. Independensi anggota komite nominasi 3. Uraian tugas dan tanggung jawab 4. Uraian pelaksanaan kegiatan komite nominasi 5. Frekuensi pertemuan dan tingkat kehadiran komite nominasi

Nomination Committee Includes: 1. Name and position of nomination committee 2. Independence of nomination committee members 3. Duties and responsibilty 4. Implementation activity of nomination committee 5. Meeting frequency and total attendance

Komite Remunerasi Mencakup antara lain: 1. Nama, jabatan, dan riwayat hidup singkat anggota komite remunerasi 2. Independensi anggota komite remunerasi 3. Uraian tugas dan tanggung jawab 4. Uraian pelaksanaan kegiatan komite remunerasi 5. Frekuensi pertemuan dan tingkat kehadiran komite remunerasi

Remuneration Committee Includes: 1. Name and position of remuneration committee 2. Independence of remuneration committee members 3. Duties and responsibilty 4. Implementation activity of remuneration committee 5. Meeting frequency and total attendance

Komite-komite lain di bawah Dewan Komisaris yang dimiliki oleh perusahaan Mencakup antara lain: 1. Nama, jabatan, dan riwayat hidup singkat anggota komite lain 2. Independensi anggota komite lain 3. Uraian tugas dan tanggung jawab. 4. Uraian pelaksanaan kegiatan komite lain 5. Frekuensi pertemuan dan tingkat kehadiran komite lain

Other committees under the Board of Commissioners Includes: 1. Name and position of other committee 2. Independence of other committee members 3. Duties and responsibilty 4. Implementation activity of other committee 5. Meeting frequency and total attendance

Uraian tugas dan fungsi Sekretaris Perusahaan Mencakup antara lain: 1. Nama dan riwayat jabatan singkat sekretaris perusahaan 2. Uraian pelaksanaan tugas sekretaris perusahaan

Duties and function of Corporate Secretary Includes: 1. Name and brief resume of corporate secretary 2. Implementation of duties of corporate secretary

131, 170

Uraian mengenai unit audit internal Mencakup antara lain: 1. Nama ketua unit audit internal 2. Jumlah pegawai pada unit audit internal 3. Kualifikasi/sertifikasi sebagai profesi audit internal 4. Struktur atau kedudukan unit audit internal 5. Uraian pelaksanaan tugas 6. Pihak yang mengangkat/memberhentikan ketua unit audit internal

Description on audit internal unit Includes: 1. Name of audit internal unit chairman 2. Total employee under audit internal unit 3. Qualification/certification as audit internal proffesion 4. Structure or position of audit internal unit 5. Implementation of duties 6. Information on the party who appoint/dismiss the chairman of audit internal unit

133, 170

Akuntan Perseroan Informasi memuat antara lain: 1. Jumlah periode akuntan telah melakukan audit laporan keuangan tahunan perusahaan 2. Jumlah periode Kantor Akuntan Publik telah melakukan audit laporan keuangan tahunan perusahaan 3. Besarnya fee audit dan jasa atestasi lainnya (dalam hal akuntan memberikan jasa atestasi lainnya bersamaan dengan audit) 4. Jasa lain yang diberikan akuntan selain jasa financial audit

The Company accountant Information includes: 1. Total period of accountant in auditing the financial statements of the company 2. Total period of Public Accounting Firm in auditing the company financial statements 3. Audit fees and attestment services (if the accountant provides other attestment services at the same time of audit works) 4. Other services provided by the accountant aside of financial audit works

143-144

Uraian mengenai manajemen risiko perusahaan Mencakup antara lain: 1. Penjelasan mengenai sistem manajemen risiko 2. Penjelasan mengenai evaluasi yang dilakukan atas efektivitas sistem manajemen risiko 3. Penjelasan mengenai risiko-risiko yang dihadapi perusahaan 4. Upaya untuk mengelola risiko tersebut

Description of risk management Includes: 1. Elaboration on risk management system 2. Elaboration on evaluation conducted on the effectiveness of risk management system 3. Elaboration of risks aspect of the company 4. Efforts in managing the risk

137-142

Uraian mengenai sistem pengendalian intern Mencakup antara lain: 1. Penjelasan singkat mengenai sistem pengendalian intern 2. Penjelasan mengenai evaluasi yang dilakukan atas efektivitas sistem pengendalian intern

Description of internal control system Includes: 1. Brief report on internal control system 2. Evaluation summary on the effectiveness of internal control system

142

Uraian mengenai corporate social responsibility yang terkait dengan lingkungan hidup Mencakup antara lain informasi tentang: 1. Kebijakan, 2. Kegiatan yang dilakukan, dan 3. Dampak keuangan dari kegiatan terkait program lingkungan hidup, seperti penggunaan material dan energi yang ramah lingkungan dan dapat didaur ulang, sistem pengolahan limbah perusahaan, dan lain-lain 4. Sertifikasi di bidang lingkungan yang dimiliki

Description of corporate social responsibility on environmental Includes: 1. Policy 2. Activity, and 3. Financial impact from the activity related to environmental program, including material usage and environmental friendly and recycle energy, waste management system of the company, etc. 4. Environment certificates

151-153


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Uraian mengenai corporate social responsibility yang terkait dengan ketenagakerjaan, kesehatan dan keselamatan kerja Mencakup antara lain informasi tentang: 1. Kebijakan, 2. Kegiatan yang dilakukan dan 3. Dampak keuangan dari kegiatan terkait praktik ketenagakerjaan, kesehatan, dan keselamatan kerja, seperti kesetaraan gender dan kesempatan kerja, sarana dan keselamatan kerja, tingkat turnover karyawan, tingkat kecelakaan kerja, pelatihan, dan lain-lain

Description of corporate social responsibility on manpower, health and safety Includes: 1. Policy 2. Activity, and 3. Financial impact from the activity related to manpower practice, health, and safety, such as gender equality and equal opportunity, infrastructure and work safety, employee turnover level, work accident level, trainings, etc.

151-153

Uraian mengenai corporate social responsibility yang terkait dengan pengembangan sosial dan kemasyarakatan Mencakup antara lain informasi tentang: 1. Kebijakan, 2. Kegiatan yang dilakukan, dan 3. Dampak keuangan dari kegiatan terkait pengembangan sosial dan kemasyarakatan, seperti penggunaan tenaga kerja lokal, pemberdayaan masyarakat sekitar perusahaan, perbaikan sarana dan prasarana sosial, bentuk donasi lainnya, dan lain-lain

Description of corporate social responsibility on social and community development Includes: 1. Policy 2. Activity, and 3. Financial impact from the activity related to social and community development, such as utilization of local labour, community empowerement in the company surrounding, improvement of infrastrucrue and social facility, donation, etc.

151-153

Uraian mengenai corporate social responsibility yang terkait dengan tanggung jawab kepada konsumen Mencakup antara lain informasi tentang: 1. Kebijakan, 2. Kegiatan yang dilakukan, dan 3. Dampak keuangan dari kegiatan terkait tanggung jawab produk, seperti kesehatan dan keselamatan konsumen, informasi produk, sarana, jumlah dan penanggulangan atas pengaduan konsumen, dan lain-lain

Description of corporate social responsibility on consumers responsibility Includes: 1. Policy 2. Activity, and 3. Financial impact from the activity related to product responsibility, such as health and consumers protection, product information, infrastructure, total and policy on customer complaint

Not Applicable

Perkara penting yang sedang dihadapi oleh perusahaan, entitas anak, anggota Direksi dan/atau anggota Dewan Komisaris yang menjabat pada periode laporan tahunan Mencakup antara lain: 1. Pokok perkara/gugatan 2. Status penyelesaian perkara/gugatan 3. Pengaruhnya terhadap kondisi keuangan perusahaan Catatan: dalam hal tidak berperkara, agar diungkapkan

Important cases faced by the company, subsidiary, member of Directors and/or member of the Board of Commissioners with the tenure during the annual report period Includes: 1. Litigation case 2. Status of litigation disposal 3. Financial impact from the litigation Notes: Please disclose if there is no litigation cases in the company

145

Akses informasi dan data perusahaan Uraian mengenai tersedianya akses informasi dan data perusahaan kepada publik, misalnya melalui website, media massa, mailing list, buletin, pertemuan dengan analis, dan sebagainya

Information access and company data Description on the availability of information access and company data to the public, such as website, mass media, mailing lists, bulletins, analyst gatherings, etc.

145

Bahasan mengenai kode etik Memuat uraian antara lain: 1. Keberadaan kode etik 2. Isi kode etik 3. Pengungkapan bahwa kode etik berlaku bagi seluruh level organisasi 4. Upaya dalam penerapan dan penegakannya 5. Pernyataan mengenai budaya perusahaan (corporate culture) yang dimiliki perusahaan

Discussion on code of ethics Includes: 1. The existence of code of ethics 2. The contents 3. Disclosure on the application of code of ethics to all organisation levels 4. Its implementation and procedure 5. Disclosure on corporate culture by the company

146

Pengungkapan mengenai whistleblowing system Memuat uraian tentang mekanisme whistleblowing system antara lain: 1. Penyampaian laporan pelanggaran 2. Perlindungan bagi whistleblower 3. Penanganan pengaduan 4. Pihak yang mengelola pengaduan

Description of whistleblowing system The description of whistleblowing system includes: 1. The reporting on violation 2. The protection to the whistleblowers 3. The handling of reporting 4. The responsible team to manage the complaint

147

Informasi Keuangan Financial Statements 1

Surat Pernyataan Direksi tentang Tanggung Jawab Direksi atas Laporan Keuangan Kesesuaian dengan peraturan Bapepam-LK No. VIII.G.11 tentang Tanggung Jawab Direksi atas Laporan Keuangan

Letter of Statements from the Directors concerning the accountability on the Financial Statements In compliance to the regulation of Bapepam-LK No. VIII.G.11 concerning the Responsibility of Directors on Financial Statements


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2

Opini auditor independen atas laporan keuangan

Independent Auditor Report

3

Deskripsi auditor independen di opini Deskripsi memuat tentang: 1. Nama & tanda tangan 2. Tanggal Laporan Audit 3. No. ijin KAP dan nomor ijin Akuntan Publik

Independent Auditor description Includes: 1. Name & Signature 2. Date of Audit Report 3. CPA permit and permit No.

Laporan keuangan yang lengkap Memuat secara lengkap unsur-unsur laporan keuangan: 1. Laporan posisi keuangan (neraca) 2. Laporan laba rugi komprehensif 3. Laporan perubahan ekuitas 4. Laporan arus kas 5. Catatan atas laporan keuangan 6. Laporan posisi keuangan pada awal periode komparatif yang disajikan ketika entitas menerapkan suatu kebijakan akuntansi secara retrospektif atau membuat penyajian kembali pos-pos laporan keuangan, atau ketika entitas mereklasifikasi pos-pos dalam laporan keuangannya (jika relevan)

Description of Independent Auditor Report Consolidated Financial Statements: 1. Consolidated Statements of Financial Position 2. Consolidated Statements of Comprehensive Income 3. Consolidated Statements of Change of in Shareholders Equity 4. Consolidated Statements of Cash Flow 5. Consolidated Statements of Financial 6. Position in the beginning of comparative period presented when entities implement an accounting policy retrospectively or presentation of financial statement account, or when entities reclassify the financial statement account (if relevant)

Pengungkapan dalam catatan atas laporan keuangan ketika entitas menerapkan suatu kebijakan akuntansi secara retrospektif atau membuat penyajian kembali pos-pos laporan keuangan, atau ketika entitas mereklasifikasi pos-pos dalam laporan keuangannya.

Disclosures in financial report notes regarding accounting policy in retrospective or representation of financial statements postings, or when the entity has clarified the postings in its financial report.

Ada atau tidak ada pengungkapan sesuai dengan PSAK

Availability and unavailability of disclosures based on PSAK

6

Perbandingan tingkat profitabilitas Perbandingan laba (rugi) tahun berjalan dengan tahun sebelumnya

Profitability level comparison Comparison of profit (loss) of current and previous years

190

7

Laporan arus kas Memenuhi ketentuan sebagai berikut: 1. Pengelompokan dalam tiga kategori aktivitas: operasi, investasi, dan pendanaan 2. Penggunaan metode langsung (direct method) untuk melaporkan arus kas dari aktivitas operasi 3. Pemisahan penyajian antara penerimaan kas dan atau pengeluaran kas selama tahun berjalan pada aktivitas operasi, investasi dan pendanaan 4. Pengungkapan transaksi non kas dalam catatan atas laporan keuangan

Cash Flows Statements To fulfill the following: 1. Grouping under three activities: operating, investing, and funding 2. The application of direct method to report cash flow from operating activities 3. Separate statements between cash receipts or cash expenditures in current year in operating, investing, and funding activities 4. Disclosure on non cash transaction in the financial statements notes

192

Ikhtisar kebijakan akuntansi Meliputi sekurang-kurangnya: 1. Pernyataan kepatuhan terhadap SAK 2. Dasar pengukuran dan penyusunan laporan keuangan 3. Pengakuan pendapatan dan beban 4. Aset Tetap 5. Instrumen Keuangan

Accounting policies highlights Includes at least: 1. Compliance statement to SAK 2. Measurement and presentation based of financial report preparation 3. Recognition of revenues and expenses 4. Fixed Assets 5. Financial instruments

199

Pengungkapan transaksi pihak berelasi Hal-hal yang diungkapkan antara lain: 1. Nama pihak berelasi, serta sifat dan hubungan dengan pihak berelasi 2. Nilai transaksi beserta persentasenya terhadap total pendapatan dan beban terkait 3. Jumlah saldo beserta persentasenya terhadap total aset atau liabilitas 4. Syarat dan ketentuan transaksi dengan pihak berelasi

Disclosure on related party transaction Includes following matters: 1. Related party names, and the nature and relationship with the related party 2. Transaction value and its procentage toward total revenues and related expense 3. Total balance and its procentage toward total assets or liabilities 4. Requirement and rules of transaction with related party

229

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Pengungkapan yang berhubungan dengan Perpajakan Hal-hal yang harus diungkapkan: 1. Penjelasan hubungan antara beban (penghasilan) pajak dan laba akuntansi 2. Rekonsiliasi fiskal dan perhitungan beban pajak kini 3. Pernyataan bahwa Laba Kena Pajak (LKP) hasil rekonsiliasi dijadikan dasar dalam pengisian SPT Tahunan PPh Badan. 4. Rincian aset dan liabilitas pajak tangguhan yang diakui pada laporan posisi keuangan untuk setiap periode penyajian, dan jumlah beban (penghasilan) pajak tangguhan yang diakui pada laporan laba rugi apabila jumlah tersebut tidak terlihat dari jumlah aset atau liabilitas pajak tangguhan yang diakui pada laporan posisi keuangan. 5. Pengungkapan ada atau tidak ada sengketa pajak

Disclosure on Taxes. Includes: 1. Explanation between tax expense (income) and accounting profit 2. Fiscal reconcilliation and current tax expense calculation 3. Statements on Taxable Income (LKP) from reconcilliation will be applied as the completion of Annual SPT of Income Tax (PPh) Badan. 4. Details on assets and deferred tax liability recognized in the financial position report for every reporting period, and total deferred tax expense (income) recognized in profit loss report if the total is not feasible from total assets or deferred tax liability recognized in the financial position report. 5. Disclosure on the existence of non existence of tax frauds

221

Pengungkapan yang berhubungan dengan Aset Tetap Hal-hal yang harus diungkapkan: 1. Metode penyusutan yang digunakan 2. Uraian mengenai kebijakan akuntansi yang dipilih antara model nilai wajar dan model biaya 3. Metode dan asumsi signifikan yang digunakan dalam mengestimasi nilai wajar aset tetap (model revaluasi) atau pengungkapan nilai wajar aset tetap (model biaya) 4. Rekonsiliasi jumlah tercatat bruto dan akumulasi penyusutan aset tetap pada awal dan akhir periode dengan menunjukkan: penambahan, pengurangan dan reklasifikasi.

Disclosure related to Fixed Assets Includes: 1. Application of depreciation method 2. Description on chosen accounting policy between fair value model and cost model 3. Method and significant assumption used to estimate fair value of fixed assets (reevaluation model) or disclosure on fair value of fixed assets (cost model) 4. Reconcilliation total gross noted and accumulation of fixed assets depreciation in the beginning and end of period through: addition, deduction and reclassification

232

Perkembangan Terakhir Standar Akuntansi Keuangan dan Peraturan Lainnya Uraian mengenai SAK/peraturan yang telah diterbitkan tetapi belum berlaku efektif, yang belum diterapkan oleh perusahaan, dengan mengungkapkan: 1. Jenis dan tanggal efektif SAK/peraturan baru tersebut; 2. Sifat dari perubahan yang belum berlaku efektif atau perubahan kebijakan akuntansi; dan 3. Dampak penerapan awal SAK dan peraturan baru tersebut atas laporan keuangan.

Latest development on Financial Accounting Standard and other Regulations Description regarding SAK/published regulation however not yet effective, and not yet implemented by the company, through the disclosure of: 1. Types and effective dates of SAK/new regulations; 2. Nature of the amendment that is not yet effective or accountancy policy amendment; and 3. Impact of SAK implementation and new regulations on financial statements.

197, 267

Pengungkapan yang berhubungan dengan Instrumen Keuangan Hal-hal yang harus diungkapkan: 1. Persyaratan, kondisi dan kebijakan akuntansi untuk setiap kelompok instrumen keuangan 2. Klasifikasi instrumen keuangan 3. Nilai wajar tiap kelompok instrumen keuangan 4. Penjelasan risiko yang terkait dengan instrumen keuangan: risiko pasar, risiko kredit dan risiko likuiditas 5. Tujuan dan kebijakan manajemen risiko keuangannya

Disclosure related to Financial Instruments Includes: 1. Requirements, condition and accountancy policy to every group of financial instruments 2. Financial instruments classifications 3. Fair value of each financial instruments group 4. Explanation on risk related to financial instruments: market risk, credit risk and liquidity risk 5. Objectives and policy on financial risk management

204, 260

Penerbitan laporan keuangan Hal-hal yang diungkapkan antara lain: 1. Tanggal laporan keuangan diotorisasi untuk terbit; dan 2. Pihak yang bertanggung jawab mengotorisasi laporan keuangan

Financial Statements Publication Includes: 1. Date of financial report that has been authorized to published; 2. The responsible parties who provide the authorization of financial report


185, 188

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Laporan Keuangan Konsolidasi CONSOLIDATED FINANCIAL STATEMENTS

Untuk tahun-tahun yang berakhir pada tanggal 31 Desember 2011 dan 2010 serta Laporan Posisi Keuangan pada tanggal 1 Januari 2010 / 31 Desember 2009 For years ended December 31, 2011 and 2010, and Statement of Financial Position as of January 1, 2010 / December 31, 2009

PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK

PT PERUSAHAAN PENGELOLA ASET (Persero) AND SUBSIDIARIES

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   

                     

                        






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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASIAN FINANCIAL POSITION     

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

 

 







 

 

 

 























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







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





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



    

    

    

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























   

   

   

   

 

 

 

 

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





    

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

 

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





























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

 











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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASIAN (Lanjutan) FINANCIAL POSITION (Continued)     



 

 

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

 

              









             

















 

 

 

 

    

 

 

 

 

    

    

    

    







 

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

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



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



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 

 

 

 

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

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

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



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

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

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



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

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

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED STATEMENTS OF KONSOLIDASIAN  COMPREHENSIVE INCOME   

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 

 

 





































 

   

   

   







  

  













 



            



     

       





       









  

 

 

  









   

 

 

   



















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

 











         

                            

 





   

 





   

 





   

 





   

 



   

 

 

  



   

 



 



   

  

    

   

 



  

    

 

 



   

  

    

 



 



  

    

 





   

  

    

 



 



  

    

 

                    

   

  

    

 



   

    

 

 



        

 

 

 



    

 

 







 

 



 



 



 



 



 



 



  



          

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          

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY   

                          

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


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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS    

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

 

 

        

        

   

   

  

  

     

     





 

 

  

  

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

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



 

  

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  

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

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   

  

  

   





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

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN FINANCIAL STATEMENTS      

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1. Umum 1. General                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

193

PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        1. Umum (Lanjutan) 1. General (Continued)  

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 

                        

 

 

    

   

    

  

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 

 

 

 

      

    

 

 

 •          

•                    

 •                                          

•                        

 





    











 

 

                          





                                

                                      



 

                      



                           

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     



194 PT PERUSAHAAN  PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        1. Umum (Lanjutan) 1. General (Continued) 

 

 

 

 

                                      



                                             



                                                 

 

                                        



                                              



                                                                    

 

                                     

   

     

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          

              

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

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    

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    

     

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

195 PT PERUSAHAAN PENGELOLA ASET (PERSERO)  Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        1. Umum (Lanjutan) 1. General (Continued)  

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    

            

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    

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                                  •

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           

     

                                      





    

                                

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    

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                                          

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                                         

                                                  •

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196 PT PERUSAHAAN  PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        2. Penerapan Pernyataan dan Interpretasi 2. Adoption of Statements and Interpretation Standar Akuntansi Keuangan (PSAK dan of Financial Accounting Standards (PSAK ISAK) and ISAK)                   •                        

                     •                            

                       •                                       •                                           

                                 •             

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  • • • • • • • 

           



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

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PT PERUSAHAAN  PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        2. Penerapan Pernyataan dan Interpretasi 2. Adoption of Statements and Interpretation Standar Akuntansi Keuangan (PSAK dan of Financial Accounting Standards (PSAK ISAK) (Lanjutan) and ISAK) (Continued)    •       •    •  •  •   •    •        •    •  •         •         •    

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  • • • • • • •

           

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                   •   •  •    •   •   •  

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      •         •   •  •          •          •  •   

          •         •  •         •   •   •  

198 PT PERUSAHAAN PENGELOLA ASET (PERSERO)  Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)     3. Ikhtisar Kebijakan Akuntansi           

PT PERUSAHAAN PENGELOLA ASET (PERSERO) AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)   

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3. Summary of Significant Accounting Policies            

                                                



                                                                                                                                                                      



                                              

                                                                                                                                               

199 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        3. Ikhtisar Kebijakan Akuntansi 3. Summary of Significant Accounting (Lanjutan) Policies (Continued) 

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

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200 PT PERUSAHAAN  PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                        

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                                                                                                                                                                                                 

201 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                                                             

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                                                                                                                                                                                                  

202 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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          

        

                                                                                                                                                                                         

                                    

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                                                                                                                                        

203 PT PERUSAHAAN PENGELOLA ASET (PERSERO)  Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                                                                                 

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                                                                                                                                                                                                                  

204 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                           •                                            •                                       •                                                

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                                                                                     •                                                          •

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                                                                                       

205 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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

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206 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                                

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                                                                          

                    

                     

                                                                     

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207 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                         

                    

                                          

                     

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                     

                                            

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                                      

                              

 

  

  

                                              



                            

208 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)     3. Ikhtisar Kebijakan Akuntansi (Lanjutan)                                                                                                                             


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3.

Summary of Significant Accounting Policies (Continued)                                                                                                                              

                                                





                             

                                                    

                                         

                 



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                        

209 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                         

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                                                 

                       •       •                                   •       •           

                 

     

             •  •  •                                             

           

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               

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             



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                            

210 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)       

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3.

Ikhtisar Kebijakan Akuntansi (Lanjutan)                                                                  

3.

Summary of Significant Accounting Policies (Continued)                                                  

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               

               

         

          

                   

                 

 

       

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                                                          

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                                                                                                                           

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211 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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Ikhtisar Kebijakan Akuntansi

3.

(Lanjutan) 

 

       

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 

Summary of Significant Accounting Policies (Continued)              

    

    





        

     

               

             

 

                                              

                                        

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

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

212 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                      

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                                                                                         

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       •             •       

                                          

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                               



Summary of Significant Accounting Policies (Continued)

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                                         

                                                                

         •              •       

                           

 

                   

213 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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3.

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3.

(Lanjutan)

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                      

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                                                                                         

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                                         

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                               



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       •             •       

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Summary of Significant Accounting Policies (Continued)

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                                         

                                                                

         •              •       

                           

 

                   

214 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        3. Ikhtisar Kebijakan Akuntansi 3. Summary of Significant Accounting (Lanjutan) Policies (Continued)

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

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

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                                                                                                                                                         

215 PT PERUSAHAAN PENGELOLA ASET (PERSERO)  Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        4. Kas dan Setara Kas 4. Cash and Cash Equivalents 

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                                                    

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 

 





       

       

  

  





  

  

                                  

   

   









 

 







     

        

     

       

     

     

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  

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 

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216 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        5. Aset Keuangan yang Diperdagangkan 5. Financial Assets Held for Trading 

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        

 

 

 

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  

  

  

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

         

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

 

6. 

Piutang Usaha

6.  

Accounts Receivable

 

         

        

        

         

        

       

       

        







    

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

217 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        6. Piutang Usaha (Lanjutan) 6. Accounts Receivable (Continued)  

 

    

 

    

     

 

     

                                 

                                           

                             

                                

                 7. Piutang Retensi

       













      



 





7.



Retention Receivables

        

  

  

  

  

  

  

  

  









 

   

   

          

   

   

   

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

218 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        8. Pinjaman yang Diberikan – Dana Talangan 8. Fund Advance Loans Receivable from Kepada Pihak-pihak Berelasi Related Parties 

 

    

 

 





 

 





     







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                    

                     

 

                      

 

 

        

        

        





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      

      

      









9. Tagihan Bruto Kepada Pengguna Jasa                                                   

   



                     





 

9. Gross Amount Due from Customers                                             

219 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        9. Tagihan Bruto Kepada Pengguna Jasa 9. Gross Amount Due from Customers (Lanjutan) (Continued)     

    

 







  

  

  









                      10. Persediaan 10. Inventories            

 

 

 

 

 

 











                                                               11. Uang Muka dan Biaya Dibayar di Muka   

       

                                               

11.  

    

Advances and Prepaid Expenses  

    

    



        

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

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220 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report





PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan 12. Taxation           

 

  

  

  

  









  



      

 



 

    

     







          

 

 



     

           











          

 



  



    

          

 



 

     

 

 

 

 

 

  

  

              

   



221 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report





PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan (Lanjutan) 12. Taxation (Continued)



                         

                   

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 







       



    

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 

     

 

 









      

      









          









        

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 

 

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       

       

       

       

       

   

   

   

   











 

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

       

      



        



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

222 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan (Lanjutan) 12. Taxation (Continued)         

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

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

223 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan (Lanjutan) 12. Taxation (Continued)    •  •                                                                                                •     •                                                                           •     •                                                                                                                                                                                                                                                            



224 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan (Lanjutan) 12. Taxation (Continued)                                                                                                                                                                                                                                                                              

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                   

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     

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                 

 

                       



 

 



           

    

   

     

225 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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     

PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        12. Perpajakan (Lanjutan) 12. Taxation (Continued)

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                 



       

 

                               

 13. Aset Lancar Lainnya dan Aset Lain-lain   

       

                   

 



               

      

           



13. Other Current Assets and Other Assets

 

 

  





 

 







  

  

  

        

  

  

  

  

  



















 







226 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report





PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)     13. Aset Lancar Lainnya dan Aset Lain-lain  (Lanjutan)             




    

 

13.

Other Current Assets and Other Assets (Continued)

  

 

 

    

  

      

      

      

 

     

   

   

   

    











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

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

227 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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13.

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Aset Lancar Lainnya dan Aset Lain-lain  (Lanjutan)

13.

Other Current Assets and Other Assets (Continued)

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



14. 

Aset Keuangan Tersedia untuk Dijual

     

14.

Available for Sale Financial Assets

   

   

 

 

 

 

    









 











                                   



228 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report





PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        

14. 



14.

                             

 15. 

Aset Keuangan Tersedia untuk Dijual (Lanjutan)

                         

Pinjaman yang Diberikan – Restrukturisasi/Revitalisasi kepada Pihak-pihak Berelasi  

Available for Sale Financial Assets (Continued)

15.

 

Loans Receivable √ Restructuring/ Revitalization from Related Parties  











 

 

 

 

 













                                   





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



                                

                       

      

 

 

    

    

    





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    

    

    







 



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                

229 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        16. Piutang Jangka Panjang kepada Pihak16. Long Term Accounts Receivable from pihak Berelasi Related Parties 

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 

   

  

    

  











   

 17. 









 

Investasi pada Ventura Bersama

17.

Investment in Joint Ventures

                                        

  

  

  

  











18. 

 

Investasi pada Entitas Asosiasi

18.



Investments In Associates

       



 

   

  

   

   

   



           





 

   

   





 





 

      

    

    

    

    

    

230 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)      18. Investasi pada Entitas Asosiasi (Lanjutan)                                                                                                                                                                   

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

PT PERUSAHAAN PENGELOLA ASET (PERSERO) AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)    18.

Investments In Associates (Continued)

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

231 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        19. Aset Tetap 19. Fixed Assets 

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     

  

  



  

  

     

    

    

    

    









   

   

   

   





















     

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     

  

  

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  

     

  

     

    

    

    

    









   

   

   

   





















     



     



                                                                        

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

232 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        19. Aset Tetap (Lanjutan) 19. Fixed Assets (Continued)  

 

 

        

       

       

       

           

                            20. Utang Usaha 20. Accounts Payable                    

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        

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 

     

     

     







                   

                   

 

 

 

 

 

 









  

 



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233 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        21. Utang Bank 21. Bank Loans 

            

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     

     

      











 









      

 

        

   

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

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



   

      

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

234 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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21. 

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Utang Bank (Lanjutan)

21.

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

                                           

                                                                                                      

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                                                



Bank Loans (Continued)

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

235 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report



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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        21. Utang Bank (Lanjutan) 21. Bank Loans (Continued) 

               

                  

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

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

                                                        

                                       

                                                                                      

236 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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21. Utang Bank (Lanjutan) 21. Bank Loans (Continued)                                                                                             

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 22. Utang Bruto kepada Pihak Ketiga

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 22.

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Gross Amount Due to Third Parties

    

        

 

        

  23. Uang Muka Kontrak Jangka Pendek 

        



23.





        

Advances on Short-Term Contract

           

        





 

        

        

        

237 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report







PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        24. Biaya Masih Harus Dibayar dan  24. Accrued Expenses and Utang Lain-lain Other Payables 



        



       

     

     







                                                          25. Hasil Pengelolaan Aset yang Masih Harus  Disetor                                                                                                                       





                                   

25.

Proceeds from Asset Management For Remittance

                                                                                         

238 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        25. Hasil Pengelolaan Aset yang Masih Harus  25. Proceeds from Asset Management Disetor (Lanjutan) For Remittance (Continued)   

 

       

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    

    

      













 

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

       

       

        









   

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 

                 

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                                                                   

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

239 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        25. Hasil Pengelolaan Aset yang Masih Harus  25. Proceeds from Asset Management Disetor (Lanjutan) For Remittance (Continued)                                                                                                                                                                                                                                                                      26. Liabilitas Imbalan Kerja Karyawan  26. Employee Benefit Liabilities                           

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                                      

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

                            

 

 

  

  

  

  









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

240 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        26. Liabilitas Imbalan Kerja Karyawan  26. Employee Benefit Liabilities (Continued) (Lanjutan)     

 

     

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

 

    

    

    







 

                                                                     

                                                                          

 

 



   

  







 

 



  

                                                           

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

     



 

                                        

241 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        26. Liabilitas Imbalan Kerja Karyawan  26. Employee Benefit Liabilities (Continued) (Lanjutan)                                                                                                                                                                                                                            27. Uang Muka Kontrak Jangka Panjang  27. Long-Term Advances from Customer                       

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           

 

 

  

    

     

 

 

   

    

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

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242 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        28. Ekuitas  28. Shareholders» Equity                                                                                                                    •     •                                                                                                        •      •                                                                                               •      •                                              •     •                              

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243 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        28. Ekuitas (Lanjutan)  28. Shareholders» Equity (Continued)      •     •                                                                              

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  

       

    

    

 

 

       

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                                                                                                                                     

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                                                                                                                 

244 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        28. Ekuitas (Lanjutan)  28. Equity (Continued)                                                                                                                     



     





29.

   

 





  

  

  

  















                                       



Revenues

 

               

 



  



  29. Pendapatan Usaha 

  

 

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                

                                           

245 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        29. Pendapatan Usaha (Lanjutan)  29. Revenues (Continued)            

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               

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 

 

  

  

  

  

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  •        

 •                  •                           •                                                        

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                                                                             

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            

                                                          

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                                                                      

                    



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                     

246 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        29. Pendapatan Usaha (Lanjutan)  29. Revenues (Continued) 

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



                    





           

         





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

  30. Beban Usaha 

                

     

        



          



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

  



30.  

         

         

  

  

Operating Expenses

               

247 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report





PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        30. Beban Usaha  30. Operating Expenses 

      

     

   

   

   

         

         

 

 

                          

 

    

                       

    

       



 31. Bagian Laba Bersih Ventura Bersama 

 

                                      

 

31.

Equity in Net Profit from Joint Ventures



                     

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32. Laba per Saham 

32.

Earning per Share

                          

 

 



               

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



 

           

248 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)     33. Kontinjensi                                                                                 34. Perikatan dan Perjanjian                                                                                                                                                      


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33. Contingencies                                                                             

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34. Commitments and Agreements                                                                                                                                       

249 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued) 

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                                                                                                                                                                                                                   



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                                         

                                                                                                                                                                            

250 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)  •       •                                                                      • •                                                                                                •      •                                          • •                                                     

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

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                 

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             

251 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                                                                                                                                                                                                                                            

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               



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               

252 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                     

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

253 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                      

                                                                                         

       

        

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                                                                                    

                                                  

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

                                                        

                    

                 

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                                                    



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254 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                                                                                                                                

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                                                                                                                                                                                    

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

255 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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256 PT PERUSAHAAN  PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                          •       •                        •       •         •         •                                                                                                                                                                                                                                                                     

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

257 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                         

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

                                     

                                           

                                                 

                                                                  

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                                                



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                                                 

258 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        34. Perikatan dan Perjanjian  34. Commitments and Agreements (Lanjutan) (Continued)                                                                                                                                             35. Manajemen Risiko Keuangan  35. Financial Risk Management                                

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  

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  

     

    

    

     

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 

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 



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

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  





  



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259 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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35. Manajemen Risiko Keuangan (Lanjutan)  35. Financial Risk Management (Continued)                                                                                                                                                                                        −      −                      −       −                                      −      −                                                                                                                  



260 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        35. Manajemen Risiko Keuangan (Lanjutan)  35. Financial Risk Management (Continued) 

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      

                                                  

                                                                                                                                                                             

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                                    

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                               

                            

261 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                                                                               

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                                                                                                   

                                                                                                           

262 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                   

                          

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            

        

                     

               

                

             

                   

              

                                       

                                   

                 

                   

                                    

                             

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                  

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               

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

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263 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                 

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 

 

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    

                

 

 

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 

 

 

 

 

 

 

 

 





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

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



     

                                                                      

                                                                       

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 

  



   

 

   

 

     

     

     

     

     

     





  

  

  

  

  

 





 

 

 

 

 

 



















  



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    







 

 

 

 

 

 

 

 

 

 

 











 

 

264 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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                                                                                                                                                                                   

                                                                        

36. Reklasifikasi Akun                                

36. Reclassification of Accounts                                

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                                                                                               

265 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        36. Reklasifikasi Akun (Lanjutan)  36. Reclassification of Accounts (Continued)              

                  



                 

     

     





       

             











 

 



          

       

     

     





  

  











 

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    

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266 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (LANJUTAN)     37. Pernyataan Standar Akuntansi Keuangan  yang Direvisi                                                                                                            

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)    37. 

Statements of Revised Financial Accounting Standard

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



38. Laba Per Saham  38. Earning Per Share                          



 



                

 

39. Peristiwa Setelah Periode Pelaporan







           



                                    

 



39.

Events after Reporting Period

                                

267 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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PT PERUSAHAAN PENGELOLA ASET (PERSERO) PT PERUSAHAAN PENGELOLA ASET (PERSERO) DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED KONSOLIDASIAN (LANJUTAN) FINANCIAL STATEMENTS (CONTINUED)        40. Tanggung Jawab Manajemen atas  40. Management Responsibility to Laporan Keuangan Konsolidasian Consolidated Financial Statements                                

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

268 PT PERUSAHAAN PENGELOLA ASET (PERSERO) Laporan Tahunan 2011 Annual Report

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Program Kemitraan Dan Bina Lingkungan 148

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