t a b l e o f c o n t e n t s

2010 Annual Report

t a b l e o f c o n t e n t s

Financial Highlights

3

Corporate Structure

4

Sampoerna at a Glance

6

Board of Commissioners’ Message

8

Board of Commissioners: Biographical Information

9

Board of Directors’ Message

11

Board of Directors: Biographical Information

13

Good Corporate Governance

15

Regulatory and Fiscal Environment

19

Corporate Social Responsibility

20

Management Discussion and Analysis

22

Audit Committee Report

24

2010 Financial Report Stock Listing and Trading Information

List of Subsidiaries Board of Commissioners and Board of Directors’ Statement

PT HM SAMPOERNA Tbk.

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2010 Annual Report

Historical Share Price

2

F I N A N C I A L

H I G H L I G H T S

YEARS ENDED 31 DECEMBER (in billion Rupiah) KEY BALANCE SHEET FIGURES Current Assets Property, Plant and Equipment Investments Land For Development Other Assets Total Assets Current Liabilities Non-Current Liabilities Other Non-Current Liabilities Total Liabilities Minority Interests Stakeholders’ Equity

OPERATING PERFORMANCE - Consolidated Net Sales Gross Profit Net Operating Income Profit Before Income Tax Net Income Basic Earnings per Share (in full Rupiah)

OPERATING PERFORMANCE - Domestic Cigarette Operations Net Sales Gross Profit Net Operating Income Profit Before Income Tax Net Income LIQUIDITY RATIOS Current Ratio Debt to Equity Ratio Total Liabilities to Total Assets Ratio

OPERATING RATIOS Gross Profit to Sales Gross Profit to Sales (Domestic Cigs.) Net Operating Income to Sales Net Operating Income to Sales (Domestic Cigs.) Net Income to Sales Net Income to Sales (Domestic Cigs.) Return On Assets Return On Equity

Net Working Capital

2010

2009

2008

2007

2006

15,769 4,087 12 175 482 20,525 9,779 45 486 10,310 1 10,214

12,689 4,310 20 176 521 17,716 6,747 76 427 7,250 4 10,462

11,037 4,330 22 176 569 16,134 7,642 113 329 8,084 2 8,048

11,056 3,522 21 344 738 15,681 6,213 999 402 7,614 3 8,064

9,432 2,391 59 344 434 12,660 5,613 999 261 6,873 93 5,694

43,382 12,656 8,711 8,748 6,421 1,465

38,972 11,228 7,265 7,213 5,087 1,161

34,680 9,985 6,225 5,797 3,895 889

29,788 8,762 5,585 5,345 3,624 827

29,545 8,453 5,175 5,345 3,530 805

42,786 12,439 8,607 8,646 6,421

38,206 10,823 6,960 7,121 5,087

33,889 9,563 5,914 5,704 3,895

29,157 8,352 5,368 5,219 3,624

26,211 7,691 5,062 5,204 3,530

1.61 0.01 0.50

1.88 0.09 0.41

1.44 0.27 0.50

1.78 0.28 0.49

1.68 0.28 0.54

29.2% 29.1% 20.1% 20.1% 14.8% 15.0%

28.8% 28.3% 18.6% 18.1% 13.1% 13.3%

28.8% 28.2% 18.0% 17.5% 11.2% 11.5%

29.4% 28.6% 18.7% 18.4% 12.2% 12.4%

28.6% 29.3% 17.5% 19.3% 11.9% 13.5%

31.3% 62.9%

28.7% 48.6%

24.5% 48.4%

25.6% 52.7%

28.7% 68.8%

5,990

5,942

3,395

4,843

3,819

6.3 630 100

6.3 630 100

6.3 630 100

6.3 630 100

6.3 630 100

4.383 438.3 100

4.383 438.3 100

4.383 438.3 100

4.383 438.3 100

4.383 438.3 100

AUTHORIZED CAPITAL Number of shares authorized (billions) Authorized share capital Par value per share (in full Rupiah)

ISSUED AND FULLY PAID CAPITAL Number of shares issued and fully paid (billions) Issued and paid up share capital Par value per share (in full Rupiah)

3

C O R P O R A T E

S T R U C T U R E

PT Hanjaya Mandala Sampoerna Tbk. SAMPOERNA INTERNATIONAL PTE. LTD. Equity Holdings

100%

PT HANDAL LOGISTIK NUSANTARA Expedition & Warehousing

99.9%

PT TAMAN DAYU Property Development

99.7%

PT UNION SAMPOERNA DINAMIKA Equity Holdings

PT WAHANA SAMPOERNA Property, Trading & Services

STERLING TOBACCO CORPORATION Cigarette Manufacturing & Trading

SAMPOERNA INVESTMENT CORPORATION* Equity Holdings

99.9%

99.9%

PT GOLF TAMAN DAYU Leisure & Golf Course Services

96.5%

BATAVIA TRADING CORPORATION* Equity Holdings

100%

SAMPOERNA ASIA PTE. LTD. Cigarette Manufacturing & Trading

100%

VINASA INVESTMENT CORPORATION Equity Holdings

100%

SAMPOERNA LATIN AMERICA LTD. Equity Holdings


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2010 Annual Report

100%

SAMPOERNA TABACOS AMERICA LATINA LTDA. Cigarette Manufacturing & Trading

100%

4

*in liquidation

100%

100%

PT HARAPAN MAJU SENTOSA Cigarette Manufacturing & Trading

99.9%

PT PERSADA MAKMUR INDONESIA Cigarette Manufacturing & Trading

99%

IBSA SINGAPORE PTE. LTD.* Services

100%

SAMPOERNA TAIWAN CORPORATION* Equity Holdings

100%

PT PERUSAHAAN DAGANG DAN INDUSTRI PANAMAS Cigarette Distribution

99%

PT ASIA TEMBAKAU Cigarette Manufacturing & Trading

99%

PT SAMPOERNA JOO LAN SDN. BHD. Cigarette Manufacturing & Trading

100%

5

PT AGASAM Trading & Services

99.9%

PT SAMPOERNA PRINTPACK Printing & Packaging

80.02%

SAMPOERNA PACKAGING ASIA PTE. LTD.* Equity Holdings

100%

Sampoerna at a Glance PT Hanjaya Mandala Sampoerna Tbk. (”the Company” /

rolled kretek cigarettes to this day, is now known as

well-known kretek (clove) cigarette brands such as

The third generation of the Sampoerna family, Putera

“Sampoerna”) is one of the leading tobacco companies

Taman Sampoerna.

in Indonesia. We are the maker of some of the most Sampoerna A Mild, Sampoerna Kretek, and the legendary

Sampoerna, took over the helm of the Company in 1978.

“King of Kretek” Dji Sam Soe.

Under his leadership, Sampoerna accelerated its growth and became a public company in 1990, establishing a

Our objective is to offer the best smoking experience to

modern corporate structure and embarking on a period

adult smokers in Indonesia. We do this by continually

of investment and expansion. Sampoerna subsequently

seeking out what our adult consumers want, and

succeeded to consolidate its position as one of

delivering the best products to meet their expectations.

Indonesia’s top-tier companies.

We are proud of our reputation for quality, innovation and excellence.

With its business success, Sampoerna drew the interest of the world’s leading international tobacco company

The History

Philip Morris International Inc. (“PMI”). This led to PT

Philip Morris Indonesia, an affiliate of PMI, acquiring

The history of Sampoerna and its continued success is

majority ownership of Sampoerna in May 2005.

inseparable from the history of its founding family. In


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2010 Annual Report

1913, Liem Seeng Tee, a Chinese immigrant, began his

Guided by an experienced Board of Directors and

business by producing and selling hand-rolled kretek

management that combine the best talents of Sampoerna

cigarettes at his home in Surabaya, Indonesia. His

and PMI, the Company continues to effectively leverage

small business was among the first to manufacture and

best practices and synergies derived from PMI, while

market kretek cigarettes as well as non-clove cigarettes.

maintaining the unique Indonesian culture, heritage and

With his business firmly established, Seeng Tee later

traditions that have been passed on for almost a century.

changed his family name and the name of his company to

Sampoerna, and moved both his family and his factory to

Company Profile

an abandoned complex of buildings in Surabaya, which

he subsequently renovated. The factory and family

At the end of 2010, Sampoerna and its subsidiaries

residence, which still produces the Company’s hand-

employed approximately 27,600 people. The Company 6

operates six cigarette manufacturing facilities in

Delivering high quality cigarettes with fair value to

facilities in Surabaya; and one hand-rolled production

quality and fair-value products to adult smokers. This is

Indonesia: two machine-made production facilities, in

adult smokers

facility in Malang. In addition, the Company contracts

achieved through creating relevant and innovative brand

Pandaan and Karawang; three hand-rolled production

The Company is fully committed to delivering the highest

the production of its hand-rolled kretek cigarettes to

offerings that meet changing preferences.

38 Third Party Operators (“TPOs”) throughout Java, which collectively employ more than 60,000 people.

The Company sells and distributes cigarettes through 59 offices.

Sampoerna’s state-of-the-art facility, Karawang

Providing good compensation and working conditions to employees and building a good relationship with business partners Employees are the Company’s most important asset. Good

Sampoerna’s first manufacturing facility, Surabaya

compensation,

working

environment,

and

opportunities for advancement are key for employee

Corporate Vision and Mission

motivation and productivity. Concurrently, our business partners play an essential role in contributing to our

The vision of Sampoerna is embodied in the “Three Hands

success, and we seek to work closely with them to ensure

Philosophy”. The philosophy embodies the business

their longevity and vitality.

environment and Sampoerna’s role in this context.

Giving back to society at large

The “Hands”, which represent adult smokers, employees

The Company owes its success to the support of

goal of being regarded as the most respected company in

environmental protection, disaster relief, and employee

and business partners, and society at large, are the three

communities

key stakeholders the Company must embrace to reach its

throughout

the

country.

In

giving

back, the focus is on poverty alleviation, education,

Indonesia. We address each group through:

volunteerism.

7

Board of Commissioners’ Message The Indonesian economy performed well in 2010.

by actively sharing our views on such important issues as

Investment is on the rise in an environment of continued

tobacco regulation, corporate governance and fiscal policies

political stability. Indonesian adult consumer confidence

to support both public health and governmental objectives.

continued to improve on the back of strong Gross Domestic Product (“GDP”) growth of 6.1%, a strong

From year to year, the Company shows strong commitment

currency, and stable interest rates. However, inflation

to the community, focusing on programs in the areas

rose steadily throughout the year, reaching 7.0% year-on-

surrounding the Company’s manufacturing facilities that

year in December from 3.7% year-on-year in January.

are intended to have a direct and sustainable impact. Our programs are focused in four areas: poverty alleviation

The positive economic growth momentum, despite rising

with the Sampoerna Entrepreneurship Training Center

inflation, contributed to the overall cigarette industry

(“SETC”) to improve the economy of local communities;

expanding by 3.9% in 2010 from 2009 to reach an

education, by providing access to educational materials

estimated 270 billion units*.

as well as supporting the Putera Sampoerna Foundation;

environmental protection; and disaster relief, with

In 2010, the Company made excellent progress in challenging

the Sampoerna Rescue (“SAR”) team actively assisting

competitive conditions. Total sales volume grew in line

communities across Indonesia in their time of need.

with the Indonesian industry, resulting in a stable market

share performance. Sound financial management, along

Solid corporate governance continues to be our focus

with innovation, speed to market and a solid but flexible

to ensure sound and effective protection of all company

organization, enabled us to maintain market leadership.

stakeholders.

compliance, responsible behavior and integrity across our

Our key brands maintained their positions in the Top 10

Company. The duties of the Board of Commissioners are

cigarette brands in Indonesia in terms of market share.

further supported by the Audit Committee and Nomination

Our premium Sampoerna A brand family innovated with

and Remuneration Committee whose functions are

A Flava, the first Indonesian cigarette with a two-in-one

elaborated upon in a dedicated section of this Annual Report.

flavor utilizing a capsule in the filter.

Our strong performance in 2010 reflects our focus on

The Company expanded its presence in the fast-growing,

growing volume and profit over the long term, while

mid-low price segment. We introduced Sampoerna PAS, a

continuing to benefit from synergies with PMI.

low-price hand-rolled kretek brand, and Vegas Mild, a low-

price machine-made kretek in the Low-Tar Low-Nicotine

We congratulate the Board of Directors for their strong


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2010 Annual Report

(“LTLN”) segment.

leadership and their passion for success, and extend our

appreciation to our employees for their dedication and

Sampoerna also successfully implemented programs

commitment to our Company. We would also like to thank

to improve internal processes and drive efficiency,

our shareholders, business partners, adult customers and

generating productivity improvements, not only in

the Indonesian government for their ongoing recognition

manufacturing but across the organization.

and support of the Company.

Employees are our future, therefore we continuously

Lastly, we would like to welcome Niken Rachmad, whose

invest in our talent, developing its potential and career

nomination to the Board of Commissioners of Sampoerna

aspirations through international assignments, training

was approved by the General Meeting of Shareholders

and challenging projects.

on June 18, 2010, and Paul Norman Janelle as President Commissioner,

We further embrace our role as a responsible corporate citizen

approved

by

the

Shareholders Meeting on March 9, 2011. 8

* Sampoerna estimates

We operate at the highest level of legal

Extraordinary

Board of Commissioners: Biographical Information

Eunice Carol Hamilton

Paul Norman Janelle

Vice President Commissioner

President Commissioner Paul Norman Janelle started with PMI as a Finance Trainee

Eunice Carol Hamilton joined PMI in 1990 as Recruitment

Prague, Czech Republic, eventually assuming the position

New York.

Executive. Five years later, she was appointed Director

in 1991 in Lausanne, Switzerland. In 1997, he joined the

Management & Organization Development, based in

finance organization of Philip Morris ČR a.s., based in of Controller in 2000.

Before moving to Hong Kong in 2001 to become Vice President Human Resources Asia, she was Director

In 2001, Mr. Janelle was promoted to Director Finance

Human Resources for the Czech Republic & Slovakia,

based in Lausanne. He moved to Moscow in 2003 as

based in Prague.

Director Finance, Information Services & Administration for PMl’s affiliates in Russia. In 2007, he was appointed

Ms. Hamilton also held the position of Vice President

Vice President Finance Services, based in Lausanne. In

Centers of Expertise: Source & Select; Develop & Counsel;

2009, Mr. Janelle was appointed Director at Sampoerna in charge of finance and information services.

and Organization Design, based in Lausanne, Switzerland.

On

Her nomination as Vice President Commissioner

March 1, 2011, Mr. Janelle was appointed Vice President Finance Asia based in Hong Kong. His

nomination

as

President

Commissioner

of Sampoerna was approved by the Extraordinary Shareholders Meeting on March 9, 2011.

of

Ms. Hamilton obtained her Master of Arts degree from the

the Company was approved by the Extraordinary Shareholders Meeting on March 9, 2011. Mr.

Janelle

has

a

Master’s

degree

in

University of Glasgow, Scotland, in 1978, after which she went on to achieve a post-graduate diploma in Human Resources at the London School of Economics in 1979.

Business

In 1985, she also received a diploma in French from the

Administration and Finance from Webster University, and

Université de Genève, Switzerland.

a Bachelor of Business Administration and a Bachelor of Science from the University of Ottawa, Canada.

9

He served as the Shareholders’ Representative and

Assistant to the CEO from 1978 to 1981, and as the Chief Operating Officer from 1990 to 1999, responsible for managing the day-to-day operations of the Company.

Mr. Phang was elected to the Company’s Board of Commissioners in 2000 following his retirement. Niken Rachmad Commissioner Niken Rachmad joined Sampoerna in 1998 as Head

of Corporate Communications, and subsequently was

appointed Communications Director in 2006. In 2009, she was appointed Corporate Affairs Advisor and was subsequently nominated as a Commissioner of Sampoerna, effective January 1, 2011.

Ekadharmajanto Kasih Independent Commissioner

Before joining Sampoerna, she had a long, distinguished career in journalism and public relations in Indonesia

Prior to joining Sampoerna, Ekadharmajanto Kasih

division and introduced the concept of Corporate Social

and held the position of Financial Controller until his

and the U.S., including for the Voice of America. At Ogilvy

had 25 years of experience in financial control in the

& Mather Indonesia, she pioneered its Public Relations

manufacturing sector. He joined Sampoerna in 1990

Responsibility (“CSR”).

appointment as Chief Financial Officer in 1991. He was elected to the Company’s Board of Directors in 1992

Ms. Rachmad graduated with a Bachelor of Science from

and to the Board of Commissioners in 2001 following

the Universitas Gadjah Mada in 1972.

his retirement.

Mr. Kasih graduated from Universitas Indonesia with a Bachelor’s degree in Economics in 1975. He also serves in

Phang Cheow Hock Independent Commissioner


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2010 Annual Report

the Economics Faculty of Universitas Indonesia.

Phang Cheow Hock has been associated with Sampoerna for over 29 years. Prior to joining the Company,

Mr. Phang served for more than 20 years with the

Singapore Police Force as one of its senior officers.

10

Board of Directors’ Message 2010 was another strong year for Sampoerna. We achieved

was slightly up by 0.4% to 19.2 billion units despite flat

supported by a new strategy map to guide and align the

strengthening the heritage and premiumness of Dji Sam

our business objectives and continued investing for the

sales volume of the overall SKT segment. As the leader

future success of the Company. In 2010, our success was

in the premium SKT segment, we continued to invest in

Company’s employees in producing strong financial and

Soe with a new advertising campaign in 2010.

operational results, including sales volume, profit and cash flow.

The machine-made white cigarettes (“SPM”) segment

decreased by 0.2pp* in terms of market share. However,

Annual sales volume grew by 3.9% to 78.8 billion units.

Marlboro, which is distributed by Sampoerna in

Despite intense competition, the Company maintained

Indonesia, performed well, posting a 3.4% volume

the number one position with a 29.1%* share of the

growth to 12.0 billion units in 2010. Incremental volumes

Indonesian tobacco market. This was delivered through

were contributed by Marlboro Black Menthol launched

continued focus on our core

in 2009 and Marlboro Lights.

brand portfolio, innovation and

The Marlboro brand family

new brand launches in growing

represented 64%* of the

segments.

SPM segment in 2010.

The Sampoerna A brand family,

In

which includes our leading number

as

one

Sampoerna

expanded its presence in

brand A Mild, retained its position

2010,

the growing mid-low price

Indonesia’s

segment,

cigarette

whose

overall

market share grew to 43.4%*

franchise in terms of market

in 2010 from 42.3%* in 2009.

share. Leveraging its strong

Sampoerna

equity, Sampoerna A brand

PAS,

launched

in March 2010, performed

family grew by 1.1 billion units

strongly. The product, which

to reach 31.6 billion units for

is available in Lampung and

the full year.

all cities in Java, is offered at

The Sampoerna A brand family

a

competitive

retail

selling price and achieved

continued to grow volume despite its main variant,

sales volume of 711 million units in 2010. The launch of

on past brand innovations, such as Avolution, Indonesia’s

units in 2010 from a decline of 2.1 billion units in 2009.

A Mild 16s, crossing a critical retail price point and

Sampoerna PAS supported the Sampoerna Kretek brand

pressure from competitors’ lower priced brands. Building

family whose volume decline slowed down to 0.3 billion

first super-slim kretek cigarette, Sampoerna further

enhanced the Sampoerna A brand family, introducing

Amid continuing strong growth in the mid-low price SKM

A Flava in April 2010. A Flava is the first Indonesian

LTLN segment, U Mild recorded its highest volume gain

cigarette with a two-in-one flavor utilizing a capsule in the

ever of 59.2% or 1.2 billion units in 2010.

filter. This premium product, available in selected cities in Java, Sumatra and Bali, reached sales volume of 138

To further expand our presence in this segment, we

million units in 2010.

introduced Vegas Mild in June 2010 in two regions, Bali Nusa Tenggara and East Indonesia. Offered at a

Sampoerna’s leading hand-rolled kretek cigarette (“SKT”)

competitive price, the brand achieved sales volume of 574

portfolio, Dji Sam Soe, known as “The King of Kretek”,

million units by the end of 2010. 11

* All market share figures in this Annual Report are taken from the Nielsen Retail Audit Results Indonesia Expanded.

Excise tax regulation continued to evolve within the

and marketing, government relations, fiscal awareness,

government’s Tobacco Industry Roadmap. The Company

records

continues to fully support the Roadmap’s goals to simplify

information

contributions.

the excise tax system, believing it will provide clarity and predictability in the future.

management,

and

charitable

We continued investments to optimize our operational

processes and supporting systems. We successfully

implemented Program One, which consolidates our numerous back office transactional systems into a single

platform supported by SAP, an integrated Enterprise Resource Planning (“ERP”) system; Office One, which streamlines our support functions structure; Sampoerna 9, a consolidated system for sales, transportation and

our printing business; and the Supply Chain Network

Optimization Study (“SCNOS”) to improve the efficiency of our supply chain. These programs, along with a

continued focus on business growth, drove productivity improvements across the organization.

We fully believe talented people are our future and

we are continuously investing in people development through various programs and opportunities. In 2010, we introduced Managerial Effectiveness, a program to improve managerial skills, as well as management tools including

Executive Blueprint and New Talent Management. We

Sampoerna’s achievements received well deserved

In 2010, we launched PeopleSoft e-Recruitment System,

•

Management and business performance awards from

•

Eleven Citra Pariwara awards for the Go A Head

continue to attract, motivate and retain high caliber

recognition internally and externally in 2010. The

people through our Graduate Recruitment program.

Company received a number of awards, including:

an integrated and automated recruitment tool. The

Company also enhanced its Web site to provide extensive information about Sampoerna’s business, information

to investors, the Company’s views on important issues,


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2010 Annual Report

and a section about careers at Sampoerna. To ensure

•

leadership excellence and readiness at all levels, we

provide opportunities for high potential talent to

•

experience assignments at other PMI affiliates or at the PMI Operations Center in Lausanne, Switzerland.

•

Finance Asia, SWA Magazine and Warta Ekonomi for our strong management and performance record;

advertising campaign of Sampoerna A brand family;

Best Brand Platinum Award for Dji Sam Soe from SWA Magazine;

Safety record awards from PMI and the Ministry of Manpower and Transmigration; and

Wanalestari award from the Ministry of Forestry.

Compliance and integrity across the organization remain

On behalf of the Board of Directors, we would like to

the right communication, to monitor and to facilitate

appreciation to our business partners for their continuous

our focus and we achieved high standards throughout the

thank our employees for their commitment and passion

year. A dedicated compliance team is in place to ensure

for results throughout the year as well as to extend our

compliance initiatives in all areas including advertising

support and dedicated service.

12

Board of Directors: Biographical Information

Mark Ingo Niehaus

John Gledhill

Director

President Director

Mark Ingo Niehaus joined PMI in 1993 and served in

John Gledhill joined PMI in 1983, commencing his career

increasingly senior roles in finance in Germany, Portugal

in marketing and management roles in the Middle East

and Switzerland.

region. He then moved to Europe to serve in increasingly senior roles in sales, marketing and general management

In 1999, Mr. Niehaus joined PMI’s finance organization

in PMI affiliates in Slovakia, Poland and in the PMI

based in Lausanne, Switzerland, and went on to become

Operations Center in Lausanne, Switzerland.

Manager Operations Finance from 2002-2004. He moved to Portugal in 2004 and was promoted to Director Finance

In 1999, Mr. Gledhill was appointed Managing Director

& Administration at Tabaqueira S.A., Portugal. He served

of Philip Morris (Malaysia) Sdn Bhd, and then led PMI’s

as Director Finance & Information Systems, Philip Morris

operations in Korea and Australia, in 2002 and 2004,

Gmbh, Germany, prior to his appointment as Director in

respectively. In 2009, he was named President Director

charge of finance and information services at Sampoerna,

of Sampoerna.

which was approved by the Extraordinary Shareholders Meeting on March 9, 2011.

Mr. Gledhill has a Higher National Certificate in Business Studies from Liverpool Polytechnic and graduated

Mr. Niehaus has a diploma from the University of Applied

from INSEAD’s International Executive Programme,

Sciences in Bremen, Germany, and a Bachelor of Business

Switzerland, in 1999.

Administration from Leeds Metropolitan University, United Kingdom.

13

Mr. Ginting joined Sampoerna in April 2002, and quickly assumed roles of increasing responsibility, including Director of Human Resources in June 2003, leading the

development of strategies and programs to build talent and opportunities for the employees of one of Indonesia’s largest organizations. In 2008, he was appointed Director

in charge of corporate affairs, based in Jakarta and since 2010, he is in charge of external relations, communications and contributions.

Shea Lih Goh Director

Mr. Ginting earned his Bachelor of Science in Chemistry

and a PhD in Theoretical Chemistry from the University of

Shea Lih Goh began her career with PMI when she joined

Tasmania, Australia.

Godfrey Phillips (Malaysia) Sdn Bhd, a Malaysian affiliate of PMI, as a Management Trainee in 1993.

In 2001, Ms. Goh was appointed Marketing Manager, before moving to Hong Kong in 2002 to become Manager Trade Marketing Asia. Prior to her current position of Director in charge of marketing at Sampoerna, she was

Director Marketing Philip Morris (China) Mgmt Co. Ltd.

(2003-2006) based in Beijing and General Manager Philip Morris Taiwan, S.A. (2006-2007).

Wayan Mertasana Tantra

Ms. Goh earned her Bachelor’s degree at Monash University,

Director

Australia, and her Master of Business Administration from the University of Hull, United Kingdom.

Wayan Mertasana Tantra has been with Sampoerna for more than 20 years, starting out as Supervisor Sales for

one of the Company’s affiliates, PT Perusahaan Dagang dan Industri Panamas (“PT Panamas”) in 1987.

Before assuming his current position, as Director in charge of sales, Mr. Tantra was the Director Sales of PT


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2010 Annual Report

Panamas.

Mr. Tantra has a Master’s degree in Management from Universitas Airlangga, Surabaya.

Yos Adiguna Ginting Director Yos Adiguna Ginting began his professional career as

Manager, Strategic Alliance at PT Indah Kiat Pulp & Paper Tbk., in 1997. His career progressed and he was eventually

appointed to the position of Vice President, Trade Alliance (Singapore) Pte Ltd., based in Singapore.

14

Good Corporate Governance One of the keys to the success of the Company is

The Directors meet regularly, generally on a monthly

of PMI, implementing good corporate governance is an

and discuss topics such as economic conditions, market

its adherence to the principles of good corporate

basis, and these meetings can also include certain

governance. As a publicly listed company and an affiliate

division heads and senior managers. The meetings review

imperative for Sampoerna.

conditions, sales information, and other matters related to the Company’s operations and business activities.

The Company sets a very high standard of compliance and

integrity throughout its business operations. The code

The Directors receive regular training and development,

of conduct implemented by all PMI affiliates, including

the frequency and content of which is dependent on each

Sampoerna, is communicated to the Company’s employees

of their functions and responsibilities.

at all levels. Training is provided regularly and employees’ participation and implementation are closely monitored.

Remuneration

The implementation of good corporate governance

The decision on the remuneration of the Commissioners

help of a team consisting of legal counsel and internal

Association.

at Sampoerna is the responsibility of the Board of

and the Directors is the authority of the General Meeting

Commissioners and the Board of Directors, with the

of Shareholders as stipulated in the Company’s Articles of

audit specialists. The team regularly monitors the

implementation and compliance of all the principles and

Remuneration of Commissioners and Directors

practices.

In practice, the General Meeting of Shareholders delegates

Board of Commissioners

the decision of remuneration and tasks of the Directors to the Board of Commissioners. PT Philip Morris Indonesia,

The Board of Commissioners supervises the Board of

an affiliate of PMI, which is the Company’s majority

Directors’ decisions in managing the Company and provides

shareholder, and the newly established Nomination and

counsel to the Board of Directors. In carrying out its

Remuneration Committee (“NRC”) give recommendations

supervisory responsibilities, the Board of Commissioners

to the Board of Commissioners regarding the remuneration

has the right to audit the Company’s books. The Board of

of Commissioners.

Commissioners held several meetings in 2010.

Nomination and Remuneration Committee

Board of Directors

The Board of Commissioners established the NRC

The Board of Directors is fully responsible for

on March 9, 2011. The Committee is charged with

managing the Company to achieve its corporate goals.

providing advice and recommendations to the Board

The Board of Directors reserves the right to represent

of Commissioners with respect to matters related

the Company, whether in or outside of a legal court,

to the nomination and remuneration of the Board of

regarding any matter and in any circumstances.

Directors, the Board of Commissioners, and the Board of Commissioners’ Committees.

It also binds the Company with other parties, and carries out any action regarding management or

One of the NRC members must be an independent

ownership, with full respect of the Company’s Articles

commissioner of the Company. The Chairman of the

of Association, the Law on Limited Liability Companies,

NRC shall be elected by the Board of Commisioners of

the Law on the Capital Market and any other applicable

the Company. The current chairman of the NRC is Phang

laws and regulations.

Cheow Hock (see biography on page 10). 15

Risks and Risk Management During the course of the Company’s business, there are

risks arising externally and internally. Those external factors include: •

Significant changes in the excise tax regime and

•

Economic, social and political conditions;

• • • • •

Changes in adult smoker tastes and preferences; Counterfeit and/or contraband products;

Devaluation of the Indonesian Rupiah in relation to foreign currencies; and

Increases in interest rates.

leaf, cloves, and other materials.

The Company attempts to mitigate its operating risks via

the Company’s internal processes. The Internal Audit

a combination of a strong internal controls environment,

Charter was issued in 2009 by the Board of Directors after

contingency plans and insurance coverage. During 2010,

obtaining approval from the Board of Commissioners.

there were no litigation actions that would significantly

Internal Audit monitors compliance with Company

impact the Company’s business results.

principles and practices, and other matters requested by

the Board of Directors and the Board of Commissioners

Employee Communication

(see the biography of Voong Che Yee, Head of Internal Audit, on page 17).

Communication with employees is an important part

of good corporate governance. As such, the Company

In conducting its duties, Internal Audit adheres to the

employs a number of communication platforms such as

work plan approved by the Board of Directors and is

a bi-monthly internal magazine Lentera, Sampoerna TV,

arranged according to a risk-based approach. The

Sampoerna Radio, electronic mail, town hall meetings

results of the evaluation and/or audit are discussed

with the President Director and other Directors held at

with the Board of Directors. 2010 Annual Report

Competitive actions;

product launch, and fluctuations in the costs of tobacco

Internal Audit helps the Board of Directors to manage

|

the cigarette industry in Indonesia;

Other risks include litigation, the potential failure of a new

Internal Audit


significant shifts in the regulatory environment for

least twice annually, employee activities, the Company anniversary and other meetings.

Training and development are given to all audit managers

and staff members according to their individual needs.

Corporate Secretary and Investor Relations

Internal Audit has access to PMI’s Internal Controls Group, which provides guidance on recent developments

The Corporate Secretary assists the Board of Directors in

regarding these roles.

ensuring the Company’s compliance with capital market

regulations, and in ensuring that the Board of Directors

The Board of Directors is of the opinion that the Company’s

is informed about changes to capital market regulations

internal controls for the purpose of financial reporting are

and their implications. In conducting its duties, the

adequate and effectively managed.

Corporate Secretary works with the Law Deparment and

16

the Investor Relations Division. The Corporate Secretary

and the Investor Relations Division ensure that the

Voong Che Yee

capital market authority (Bapepam-LK), stock exchange

Head of Internal Audit

investors, securities analysts, and the capital market

Mr. Voong joined PMI in November 1989 as Corporate

authority (Indonesian Stock Exchange), the Indonesian Central Securities Depository (PT KSEI), shareholders, community are adequately informed in accordance with

Auditor, Asia. He was appointed Finance Manager for PMI

applicable capital market regulations.

in Hong Kong and Macau, later as Chief Administrative Officer for Philip Morris (Malaysia) Sdn Bhd before being

During 2010, the Company conducted a number of

appointed Director Duty Free in 2000 based in Singapore.

activities including public expose, press releases and meetings.

Prior to joining Sampoerna, Mr. Voong was Director

Finance & Information Services, Philip Morris (Malaysia)

The functions of Corporate Secretary at the Company

Sdn Bhd since 2003. In 2010, Mr. Voong was appointed

are carried out by Maharani Djody Subandhi who was

Head of Internal Audit and was responsible for the design

appointed as Corporate Secretary in March 2010. Ms.

of a systematic methodology for evaluating and improving

Subandhi is a qualified lawyer who has been working for

the effectiveness of risk management and company

the Company for the last three years (see Ms. Subandhi’s

governance processes.

biography).

Mr. Voong graduated from the University of Hull, United

A dedicated email address for inquiries (investor.

Kingdom, with a Bachelor’s Degree in Economics majoring

[email protected]) and a Web site accessible

in Accounting. He is a Chartered Accountant from The

through http://www.sampoerna.com exist to further

Institute of Chartered Accountants in England and Wales.

serve the investing communities online.

Maharani Djody Subandhi

Corporate Secretary

Ms. Subandhi began her law career in 1999 at a privately-

owned company as a Legal Officer, and subsequently

joined an Indonesian law firm as an Associate in 2002. She is also a researcher at the Institute for Business Competition and Policy Studies at Universitas Indonesia.

In 2003, she began her career at Sampoerna as a Legal Officer. She rejoined the Company in 2008 as Legal Counsel and was appointed Corporate Secretary in March 2010.

Ms. Subandhi has a degree in Law from Universitas Indonesia. In 2003, she obtained a scholarship from the Japanese government to follow an LL.M. program in

International Economics and Business Law at Kyushu University, Fukuoka, Japan.

17

O R G A N I Z A T I O N A L

S T R U C T U R E

GENERAL MEETING OF SHAREHOLDERS

BOARD OF COMMISSIONERS

BOARD OF DIRECTORS

PRESIDENT PAUL NORMAN JANELLE

PRESIDENT DIRECTOR JOHN GLEDHILL

VICE PRESIDENT EUNICE CAROL HAMILTON

DIRECTORS MARK INGO NIEHAUS SHEA LIH GOH YOS ADIGUNA GINTING WAYAN MERTASANA TANTRA

COMMISSIONER NIKEN RACHMAD

AUDIT COMMITTEE

NOMINATION & REMUNERATION COMMITTEE

CHAIRMAN PHANG CHEOW HOCK

CHAIRMAN PHANG CHEOW HOCK

MEMBERS RONNY KUSUMA MUNTORO GOH KOK HO


|

2010 Annual Report

INDEPENDENT COMMISSIONERS PHANG CHEOW HOCK EKADHARMAJANTO KASIH

18

CORPORATE SECRETARY

MAHARANI DJODY SUBANDHI

INTERNAL AUDIT HEAD VOONG CHE YEE

Regulatory and Fiscal Environment Sampoerna supports a long-term tobacco control

and is committed to working with all stakeholders

in 2007.

restrictions on marketing, public smoking restrictions,

framework in Indonesia to achieve the goals identified

towards that goal. We believe legislation should, among

in the Tobacco Industry Roadmap that was put in place

other measures, include a minimum age law, further and larger health warnings. Any enacted legislation should

We support the formulation of comprehensive and

be applied equally to all manufacturers and enforced.

balanced regulation, which is mindful of the reality, scale and heritage of the tobacco sector in Indonesia. Tobacco

Sampoerna and its partners remain open to involvement

provides employment for millions, both directly and

in the formulation of a tobacco control law in 2011, to

indirectly, and contributes significantly to the government

engage in a constructive dialogue with the Government,

via excise tax and other taxes. Indonesia has a proud

the tobacco sector and public health advocates, that will

heritage of clove cigarettes (kretek), a uniquely Indonesian

ultimately create comprehensive and balanced regulation

product that is an integral part of our country’s rich

acceptable to everyone.

heritage. We will not support tobacco regulation that fails to take into account the interests of all impacted sectors.

Sampoerna continues to support Government fiscal policy in accordance with the Tobacco Industry

In 2010, the Indonesian Parliament decided to include a

Roadmap to achieve the Government’s objective for a

Tobacco Control Law in the priority list (“Prolegnas”) for

specific system for both the machine-made and hand-

legislation in 2011. Sampoerna welcomes this decision

made categories by 2015.

19

Corporate Social Responsibility Just as important as investing in the future of our business

an area of land totaling 502.74 hectares, covering

Sampoerna’s programs in Corporate Social Responsibility

Karawang, West Java; and

is our commitment to the well-being and economic

10 sub-districts in Pasuruan, 10 regencies/

development of the community. This approach drives (“CSR”).

•

Much of our focus is in areas where the Company has manufacturing or business operations, as this is where

support approximately 370 women from Sukorejo to start new businesses.

Sampoerna also helps small retailers to modernize and

the Sampoerna Volunteers Club (“SVC”).

participated in the program.

refit their shops in a program called the Sampoerna

are also involved in Sampoerna’s CSR programs through

Retail Community. In 2010, approximately 3,400 retailers

Poverty alleviation, education, environmental protection,

Sustainable environment

and disaster relief were among the key areas for ongoing

The Company supports environmental programs to help

support in 2010. In 2010, the Company’s support to CSR

address the issue of deforestation in Indonesia and ensure

programs amounted to approximately 10 billion Rupiah.

the sustainability of the Company’s raw materials, notably tobacco leaf and cloves.

Improving the economy of local communities

Sampoerna supported programs to empower local

Reforestation

communities to develop new businesses and grow

In Pasuruan, we sup-

Sampoerna Entrepreneurship Training Center (“SETC”)

trees at Mount Arjuno

existing businesses.

ported the planting of approximately 23,500

established in 2007 in Sukorejo, Pasuruan, offers an

in March 2010 as part

integrated approach to training and small business

of reforestation of 50

development.

hectares of land around the slope of Mount Ar-

The SETC’s key achievements in 2010 were: •

•

The support of training of approximately 2,000

plays an important role in East Java’s supply of water.

people from communities around the Company’s manufacturing facility in Pasuruan and other areas in East Java and Lombok; In

cooperation

with

the

Pasuruan

•

Reforestation in Lombok

juno. Mount Arjuno is the source of the Brantas River which The Company also donated more than seven million tree seedlings to the local community to replant the forest

Regency

in support of “Hutan Lestari” (Sustainable Forest) in

government, the holding of an exposition in July

Lombok, West Nusa Tenggara.

2010. More than 100 small and medium enterprises

(“SMEs”) from Pasuruan Regency participated,

|

2010 Annual Report

Collaboration with a microfinance organization to

a direct and sustainable impact can be achieved in

empowering these communities long term. Our employees


municipalities in East Java, and in two villages in

Agronomy

and had the opportunity to meet and interact with

We support farmers to improve the yield and quality of

The continued development of the System of

Some of the key initiatives in 2010 were:

experienced entrepreneurs to help them broaden

their tobacco leaf and cloves with agronomy programs.

their market opportunities;

Rice Intensification (“SRI”) method with farming

•

communities. As of the end of 2010, approximately

1,150 farmers had implemented the method on

20

The donation of clove seedlings to farmers in Java as part of a five-year program to improve the quality and productivity of clove cultivation;

•

The development of a program to provide sustainable

•

The establishment of an Agronomy Centre in

involving approximately 90 school principals and 2,270

wood resources to tobacco farmers in Lombok who

teachers in a quality and professionalism improvement

use wood to cure their tobacco; and

program.

Sukorejo, Pasuruan, to develop and analyze varieties

Disaster relief

of tobacco leaf and to train farmers in best agronomy

Natural disasters continued to threaten Indonesia,

practices. The center was inaugurated in January 2011.

with severe floods and volcanic eruptions impacting

communities in 2010. Sampoerna continued to do its part

Environmental awareness

to support disaster relief efforts, deploying the SAR team

In cooperation with three environmental organizations,

to a number of regions.

Sampoerna supported programs to raise the public’s awareness

and

participation

in

environmental

The team supported evacuation and temporary shelters

preservation in Surabaya, Pasuruan and Lombok.

for victims of floods in Pasuruan, Bandung and Karawang, as well as in Wasior, Papua.

Our employees also participated in environmental initiatives as part of the activities of Sampoerna’s Environment, Health and Safety Division, including tree planting for Earth Day and for Sampoerna’s 97th anniversary. Education

Sampoerna continued supporting programs to improve high quality education and teacher training.

We support library programs at seven universities, in local

communities and for our employees. In 2010, 13 Community

SAR at a location of the Mount Merapi eruption

around Sampoerna’s factories in Surabaya, Pasuruan and Karawang. Sampoerna’s Mobile Library had approximately

During the eruptions of Mount Sinabung in North

while our two employee libraries had more than 2,000

Sumatra and Mount Merapi in Jogjakarta, the SAR team

and government organizations to provide food and

Learning Centers were in operation to serve communities 340 active members in Pasuruan and 406 in Surabaya,

collaborated with local disaster relief organizations

active members.

medical supplies and establish shelters. Members of the SVC also distributed food and other supplies

In cooperation with the Putera Sampoerna Foundation

donated by employees.

(“PSF”), Sampoerna donated 500 computers to high schools and colleges in Surabaya, Pasuruan and Malang.

The SAR team is made up of volunteers and employees

who regularly receive disaster relief training, including in

The Sampoerna Best Student Visit, which involved

Pasuruan and Karawang in April and November 2010.

approximately 70 students from over 20 leading colleges

in 2010, introduced students to business management and CSR programs.

The Company’s CSR activities received recognition in 2010:

PSF also opened the Sampoerna

School of Business in Jakarta in September 2010.

We work with the PSF to provide training and capacity

building to teachers. In 2010, Teachers Learning Centers were opened in Pasuruan, Karawang and Surabaya,

21

•

Sampoerna received the Wanalestari award from the

•

Sampoerna also received an award from the Pasuruan

Minister of Forestry for its consistency and initiative in environmental preservation; and

Regency government for the SAR team’s flood relief efforts.

Management Discussion and Analysis Below are general explanations on trends, events and key

Overall, revenue from the Company’s machine-made

should be read in conjunction with the Consolidated

volumes in this category also increased 8.6% to reach

factors that are most relevant to Sampoerna’s operating

kretek brands increased 15.6% in 2010, accounting for

performance and financial results in 2010. This analysis

45.0% of total domestic cigarette sales revenues while

Financial Statements and its notes thereto.

36.4 billion units.

Operating Performance

Total revenue achieved by the Company’s SKT was

Rp19.4 trillion, which increased 5.5% compared to

Net Sales

Rp18.4 trillion in 2009, mainly from the Dji Sam Soe

Total consolidated net sales reached Rp43.4 trillion in

brand family and the Sampoerna Kretek brand family.

2010 and were 11.3% above the Rp39.0 trillion achieved

The Dji Sam Soe brand family revenue of Rp14.1 trillion

in 2009.

increased by 7.7% in 2010 from Rp13.1 trillion in 2009. The Dji Sam Soe brand family contributed 24.4%

Net sales from the domestic cigarette business

and 30.4% of domestic sales volume and revenue,

increased to Rp42.8 trillion, up 12.0% from the Rp38.2

respectively, during 2010 vs. 25.2% and 31.4% in 2009.

trillion achieved during 2009. Overall, domestic

The Sampoerna Kretek brand family’s sales volume

cigarette sales contributed 98.6% to the Company’s

marginally decreased by 2.8% to 10.2 billion units in

total consolidated net sales. The solid performance in

2010 from 10.5 billion units in 2009. The Sampoerna

the domestic cigarette operation in 2010 was mainly

Kretek brand family contributed 13.0% and 10.5% of

driven by a combination of higher unit sales volumes

the total domestic cigarette sales volume and value,

during the year, up 3.9% to 78.8 billion units vs. 75.9

respectively, in 2010 vs. 13.9% and 11.7% in 2009.

billion units in 2009, and retail price increases taken

during the year. In 2010, the Company continued to

Cost of Goods Sold

be the market leader in terms of market position,

The consolidated cost of goods sold of Rp30.7 trillion

The Marlboro brand family contributed 15.3% and 13.2%

due to higher volumes, inflation-driven cost increases,

achieving a 29.1% share.

in 2010 was up 10.8% vs. the Rp27.7 trillion recorded

during 2009. The increase in cost of goods sold is mainly

of the total domestic cigarette sales volume and revenue

and an increase in cigarette excise tax. Consolidated gross

respectively in 2010 vs. a 15.5% and 12.8% contribution

margins increased by 12.7% to 29.2% in 2010. In value

in 2009.

terms, consolidated gross margins rose to Rp12.7 trillion in 2010 from Rp11.2 trillion in 2009.

The Sampoerna A brand family continued to be the


|

2010 Annual Report

largest contributor to the Company’s machine made

Operating Expenses

(“SKM”) portfolio, registering a total sales volume

Total consolidated operating expenses amounted to Rp3.9

40.4% of the total domestic sales volume and revenue

from 10.1% in 2009.

of 31.6 billion units in 2010, up by 3.4% vs. the prior

trillion with no increase on 2009. Operating expenses as a

year. The Sampoerna A family contributed 40.1% and

percentage of net sales slightly decreased to 9.1% in 2010

respectively, in 2010 vs. 40.3% and 40.1% in 2009.

Income from Operations

U Mild was the second largest contributor to the

Consolidated income from operations increased 19.9% to

respectively vs. 2009.

18.7% in 2009.

Company’s SKM portfolio, registering an increase

Rp8.7 trillion. As a percentage of net sales, consolidated

in sales volume and revenue of 59.2% and 67.2%

income from operations increased to 20.1% in 2010 from

22

Financing Costs

Consolidated cash and cash equivalents increased from

There was a significant decrease in total financing costs

Rp0.5 trillion on December 31, 2009, to Rp3.2 trillion on

to Rp36.8 billion in 2010 vs. Rp166.6 billion in 2009. The

December 31, 2010.

lower financing costs were mainly due to the repayment of the outstanding bond upon maturity in 2009.

Current assets were Rp15.8 trillion as of December 31, 2010, up from Rp12.7 trillion as of December 31, 2009.

Net Income

Non-current assets were slightly lower at Rp4.8 trillion as

Net income for 2010 was Rp6.4 trillion, up 26.2% from

of December 31, 2010, compared to Rp5.0 trillion as of

the Rp5.1 trillion achieved in 2009. As a percentage of net

December 31, 2009. Overall, total assets increased from

sales, net income increased to 14.8% in 2010 from 13.1%

Rp17.7 trillion as of December 31, 2009, to Rp20.5 trillion

in 2009.

as of December 31, 2010.

Liquidity and Capital Resources

Current liabilities as of December 31, 2010, were Rp9.8

Net cash flows provided from operating activities were

trillion, an increase of Rp3.0 trillion vs. December 31,

up from Rp4.3 trillion in 2009 to Rp7.1 trillion in 2010

2009, mainly due to dividends payable. Non-current

primarily from higher sales.

liabilities as of December 31, 2010, remained stable at Rp0.5 trillion vs. December 31, 2009. Total liabilities on December 31, 2010, amounted

to Rp10.3 trillion, an increase of Rp3.1 trillion vs. December 31, 2009, mainly due to dividends payable.

Capital expenditure decreased by Rp0.2

trillion to Rp0.4 trillion in 2010 from Rp0.6 trillion in 2009 as the Company completed various projects in 2009.

The Company’s current ratio was 1.61:1.0

and 1.88:1.0 for December 31, 2010 and 2009 respectively.

Net working capital

increased from Rp 5.9 trillion as of December 31, 2009 to Rp6.0 trillion as of December 31, 2010. The

consolidated

debt-to-equity

ratio

decreased to 0.01:1.0 as of December 31,

2010, compared to 0.09:1.0 as of December 31, 2009. The total dividend declared

in 2010 was Rp6.7 trillion (Rp1,525 per

common share). Total dividend payments amounted to Rp3.4 trillion (Rp765 per common share) in 2010 and Rp2.5 trillion (Rp560 per common share) in 2009.

23

Audit Committee Report As set out in the Audit Committee Charter, the Audit

The following areas have been addressed in the reviews,

its statutory and fiduciary duties and responsibilities.

Financial Statements

Committee (the “Committee”) assists the Company’s

meetings and discussions:

Board of Commissioners (the “Commissioners”) to fulfil The responsibilities of the Committee include reviewing the Company’s financial statements, the work of internal

The

regulations.

interim and the audited annual financial statements for

auditors, the implementation of risk management and

discussed

with

the year ended December 31, 2010, which have been submitted to the capital market authority, published in national newspapers and included in the Annual Report.

The Committee undertakes its activities in accordance

There was particular emphasis on the fair presentation

with the agreed annual work plan. In fulfilling its

and reasonableness of the judgmental factors and

roles and responsibilities, a number of reports and

appropriateness of significant accounting policies used

documents have been reviewed, and regular meetings

in the preparation of the financial statements. The

and discussions have been conducted. Reports reviewed

Committee is satisfied with the assurance given by the

include internal and external audit reports.

external auditors that the financial statements have

been prepared and fairly presented in accordance with

The Committee met on eight occasions for the period of

Indonesian financial accounting standards.

April 1, 2010, to March 31, 2011. Most of the meetings were attended, by invitation, by the Directors, Head

Internal Auditors

of Internal Audit, Corporate Secretary, Legal Officers

and Tax Officers. Meetings with the Head of Internal

The Committee reviewed the Internal Audit programs

internal controls. Meetings with the Director in charge

made with the implementation of the risk management

Audit were held to discuss the internal audit reports

and work plan for the year 2010 and monitored progress

and findings and to assess the effectiveness of the

regularly. The Committee is pleased with the progress

of finance and information services and Legal Officers

and internal controls vis-à-vis the implementation of the

were held in order to ensure the reliability of financial

Sarbanes-Oxley Act.

information and compliance with prevailing laws and regulations.

External Auditors

The Committee met on four occasions with the external 2010 Annual Report

and

Company’s accounting policies and practices, the

Activities of the Audit Committee

|

reviewed

management members and the external auditors the

the compliance with capital market and other statutory


Committee

KAP Tanudiredja, Wibisana & Rekan, a member firm of

auditors. In these meetings, the Committee reviewed the

PricewaterhouseCoopers, was reappointed as external

work of the external auditors and their independence.

auditors to audit the Company’s financial statements for the year ended December 31, 2010. In its meetings with

During the year, the Committee visited the Regional/

the external auditors, the Committee reviewed and was

Area Sales Offices, Wholesalers, Key Accounts and

satisfied with the efficiency and effectiveness of their

Retail Outlets in Jogjakarta; Third Party Manufacturers

work. Furthermore, the Committee was assured that there

in Bantul, Jogjakarta; and the cigarette manufacturing

were no scope limitations on the work of the auditors and

plant in Karawang, West Java.

that all significant risks were considered in the audit.

24

Compliance with Legal and Regulatory Requirements The Committee has been updated by the Company

Legal Officers on the changes, the developments and the Company’s compliance with the various rules, regulations and laws relating to the Company’s business

operations. The Company’s Legal Officers also assured the Committee that there were no significant lawsuits and litigation from external or internal parties against the Company. Other

The Committee was updated by the Company Legal

Officers and Tax Officers about the proposed and/or implemented conflict of interest transactions in 2010. Jakarta, March 31, 2011

Phang Cheow Hock

Amir Abadi Jusuf

Timotius

Chairman

Member

Member

Note:

Amir Abadi Jusuf and Timotius served as members of the Audit Committee until June 18, 2010. From June 19, 2010, until the date of this Audit Committee report, they have been assisting the Chairman of the Audit Committee. Ronny Kusuma Muntoro and Goh Kok Ho

were appointed as new members of the Audit Committee in December 2010.

25

26


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2010 Annual Report

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASI/ CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2010 DAN 2009/ DECEMBER 31, 2010 AND 2009

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES NERACA KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali dinyatakan lain)

CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 2010

Catatan/ Notes

2009

ASET Aset lancar Kas dan setara kas Piutang usaha - Pihak ketiga - bersih - Pihak hubungan istimewa Piutang lainnya - Pihak ketiga - Pihak hubungan istimewa Persediaan - bersih Pajak dibayar di muka Uang muka pembelian tembakau Beban dibayar di muka dan aset lainnya Jumlah aset lancar

ASSETS

224,834

133,259

Current assets Cash and cash equivalents Trade receivables Third parties - net Related parties Other receivables Third parties Related parties Inventories - net Prepaid taxes Advance for purchase of tobacco Prepaid expenses and other assets

15,768,558

12,688,643

Total current assets

3,209,559 821,727 34,723

527,681 447,361 48,658

21

29,243 114,589 9,802,455 435,570

21 6

25,325 198,758 9,539,067 472,741

1,095,858

22

1,295,793

Aset tidak lancar Aset pajak tangguhan Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan sebesar Rp2.307.638 pada tahun 2010 (2009: Rp2.099.422) Tanah untuk pengembangan Goodwill - bersih Aset lainnya - bersih

4,087,338 175,265 237,320 201,944

Jumlah aset tidak lancar JUMLAH ASET

4 5

4,310,194 175,772 275,167 182,858

Non-current assets Deferred tax assets Investments in associates Fixed assets - net of accumulated depreciation of Rp2,307,638 in 2010 (2009: Rp2,099,422) Land for development Goodwill - net Other assets - net

4,756,565

5,027,804

Total non-current assets

20,525,123

17,716,447

TOTAL ASSETS

42,537 12,161

12 7

63,226 20,587

8 9 12

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan Halaman 1/1

The accompanying notes form an integral part of these consolidated financial statements

Page

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES NERACA KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali dinyatakan lain)

CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) Catatan/ Notes

2010

2009

KEWAJIBAN

LIABILITIES

Kewajiban jangka pendek Pinjaman jangka pendek - Pihak ketiga - Pihak hubungan istimewa Hutang usaha dan lainnya - Pihak ketiga - Pihak hubungan istimewa Hutang pajak Hutang cukai Beban yang masih harus dibayar dan kewajiban estimasian Hutang dividen Hutang sewa pembiayaan yang jatuh tempo dalam waktu satu tahun

583,686 490,831 1,073,346 3,126,171

21 12 13

681,333 455,507 864,402 2,827,137

474,144 3,988,530

20

455,197 657,450

Jumlah kewajiban jangka pendek

9,778,942

Kewajiban jangka panjang Kewajiban pajak tangguhan Hutang sewa pembiayaan jangka panjang Pendapatan tangguhan

58,838

Current liabilities Short-term borrowings Third parties Related party Trade and other payables Third parties Related parties Taxes payable Excise tax payable Accrued expenses and provisions Dividends payable Obligations under finance leases - current

6,747,030

Total current liabilities

10 -

42,234

653,164 94,002

21 11

8

11,352

12

19,161

44,928 41,807

8

76,340 44,593

Kewajiban imbalan pasca-kerja

432,642

19

363,398

Non-current liabilities Deferred tax liabilities Obligations under finance leases - long-term Deferred revenue Post-employment benefit obligations

Jumlah kewajiban jangka panjang

530,729

503,492

Total non-current liabilities

988

4,309

MINORITY INTEREST

HAK MINORITAS EKUITAS Modal saham Modal dasar - 6.300.000.000 saham biasa dengan nilai nominal Rp100 (Rupiah penuh) per saham Modal ditempatkan dan disetor penuh - 4.383.000.000 saham biasa Tambahan modal disetor Selisih kurs karena penjabaran laporan keuangan Selisih transaksi perubahan ekuitas anak perusahaan Saldo laba - Dicadangkan - Belum dicadangkan

438,300 42,077

EQUITY Share capital Authorised capital - 6,300,000,000 ordinary shares with par value of Rp100 (full Rupiah) per share Issued and fully paid 4,383,000,000 438,300 ordinary shares 42,077 Additional paid-in capital Cumulative translation 614,275 adjustments Difference in equity (29,721) transactions of subsidiaries Retained earnings 90,000 Appropriated 9,306,685 Unappropriated -

14

629,769 (29,721) 90,000 9,044,039

Jumlah ekuitas

10,214,464

10,461,616

Total equity

JUMLAH KEWAJIBAN DAN EKUITAS

20,525,123

17,716,447

TOTAL LIABILITIES AND EQUITY

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan Halaman 1/2


Page

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES LAPORAN LABA RUGI KONSOLIDASI UNTUK TAHUN BERAKHIR PADA TANGGAL 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali laba bersih per saham dasar) 2010

CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, except basic earnings per share) Catatan/ Notes

2009

Penjualan bersih

43,381,658

15 ,21

38,972,186

Net sales

Beban pokok penjualan

30,725,665

8,15,16 21

27,744,232

Cost of goods sold

Laba kotor

12,655,993

11,227,954

Gross profit

Beban usaha Penjualan Umum dan administrasi

3,145,057 799,802

3,139,370 824,062

Operating expenses Selling General and administrative

Jumlah beban usaha

3,944,859

3,963,432

Total operating expenses

Laba operasi

8,711,134

7,264,522

Operating income

Penghasilan/(beban) lainnya Penghasilan bunga Laba penjualan aset tetap Amortisasi goodwill Beban pembiayaan Lain-lain - bersih Penghasilan/(beban) lainnya - bersih Bagian laba bersih perusahaan asosiasi

8,17,19,21

79,368 17,419 (37,847) (36,762) 12,996

21 8 9 18,21

35,174

1,921

Laba sebelum pajak penghasilan

8,748,229

Beban pajak penghasilan - Kini - Tangguhan

7

50,327 54,731 (37,847) (166,606) 48,093

Other income/(expenses) Interest income Gain on sale of fixed assets Goodwill amortisation Financing costs Miscellaneous - net

(51,302)

Other income/ (expenses) - net

246 Share of results of associates 7,213,466

Profit before income tax

2,312,601 12,880

2,121,292 2,864

Income tax expense Current Deferred -

Beban pajak penghasilan - bersih

2,325,481

2,124,156

Income tax expense - net

Laba konsolidasi sebelum hak minoritas

6,422,748

5,089,310

Consolidated profit before minority interest

1,319

1,971

Minority interest

6,421,429

5,087,339

Net income

Hak minoritas Laba bersih

Laba bersih per saham dasar (Rupiah penuh) dihitung berdasarkan jumlah rata-rata tertimbang saham yang beredar sebesar 4.383.000.000 saham

12

Basic earnings per share (full Rupiah) calculated based on outstanding weighted average number of shares of 1,161 4,383,000,000 shares

1,465

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan Halaman 2


Page

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah)

Catatan/ Notes

Saldo 1 Januari 2009

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah) Selisih kurs karena penjabaran laporan keuangan/ Cumulative translation adjustments

Tambahan modal disetor/ Additional paid-in capital

Modal saham/ Share capital

438,300

42,077

Selisih kurs karena penjabaran laporan keuangan

-

-

Laba bersih

-

-

-

Saldo laba dicadangkan/ Retained earnings appropriated

Jumlah/ Total

6,849,146

-

-

-

-

-

-

5,087,339

5,087,339

-

-

-

-

(2,629,800)

(2,629,800)

438,300

42,077

614,275

90,000

9,306,685

10,461,616

Balance at December 31, 2009

Selisih kurs karena penjabaran laporan keuangan

-

-

15,494

-

-

-

15,494

Cumulative translation adjusments

Laba bersih

-

-

-

-

-

6,421,429

6,421,429

Net income

-

-

-

-

-

(6,684,075)

(6,684,075)

438,300

42,077

629,769

9,044,039

10,214,464

20

Saldo 31 Desember 2009

Dividen Saldo 31 Desember 2010

20

(29,721)

Saldo laba belum dicadangkan/ Retained earnings unappropriated

90,000

Dividen

658,094

Selisih transaksi perubahan ekuitas anak perusahaan/ Difference in equity transactions of subsidiaries

(43,819)

(29,721)

(29,721)

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan

90,000

8,047,896 (43,819)

Balance at January 1, 2009 Cumulative translation adjusments Net income Dividends

Dividends Balance at December 31, 2010

The accompanying notes form an integral part of these consolidated financial statements Halaman 3

Page

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES LAPORAN ARUS KAS KONSOLIDASI UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah) 2010

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah)

Catatan/ Notes

2009

Arus kas dari aktivitas operasi Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok dan karyawan Pajak dan cukai Beban pembiayaan Penghasilan bunga Kegiatan usaha lainnya

46,634,594

42,175,778

(17,683,260) (21,939,325) (32,587) 79,368 1,185

(17,534,895) (20,245,308) (166,926) 50,327 26,620

Cash flows from operating activities Cash receipts from customers Cash payments to suppliers and employees Taxes and excise tax Financing costs Interest income Other operating activities

Arus kas bersih yang diperoleh dari aktivitas operasi

7,059,975

4,305,596

Net cash flows provided from operating activities

2

Arus kas dari aktivitas investasi Penerimaan dari penjualan - Anak perusahaan - Aset tetap - Investasi pada perusahaan assosiasi Pembayaran untuk pembelian aset tetap Arus kas bersih yang digunakan untuk aktivitas investasi Arus kas dari aktivitas pendanaan Penerimaan dari - Pinjaman jangka pendek - Pinjaman pihak hubungan istimewa Pembayaran kembali - Pinjaman jangka pendek - Sewa pembiayaan - Hutang obligasi Dividen yang dibayarkan kepada pemegang saham Pemberian pinjaman kepada pihak hubungan istimewa Arus kas bersih yang digunakan untuk aktivitas pendanaan Kenaikan bersih kas dan setara kas Kas dan setara kas pada awal tahun

58,228 30,642

22 8

81,512

17,344

-

(397,286)

(575,183)

(291,072)

(493,671)

Cash flows from investing activities Proceeds from sale of Subsidiary Fixed assets Investments in associates Payments for purchases of fixed assets Net cash flows used in investing activities

(29,940)

(301,936)

Cash flows from financing activities Proceeds from Short-term borrowings Receipt of loan from related party Repayments of Short-term borrowings Finance leases Bonds payable Dividends paid to shareholders Placement of loan to related party

(3,433,861)

(3,449,997)

Net cash flows used in financing activities

3,413,132

9,762,595

104,690

281,699

(3,507,134) (61,614) -

18

(9,668,593) (69,282) (1,000,000)

(3,352,995)

20

(2,454,480)

Net increase in 361,928 cash and cash equivalents

3,335,042

(487,411)

Cash and cash equivalents at the beginning of the year

3,209,559

(125,483)

Cash and cash equivalents at the end of the year

Kas dan setara kas pada akhir tahun terdiri dari - Kas dan setara kas - Cerukan

3,209,559 -

Cash and cash equivalents at the end of the year comprises 527,681 Cash and cash equivalents (653,164) Overdraft -

Jumlah

3,209,559

Kas dan setara kas pada akhir tahun

Transaksi non kas Perolehan aset tetap melalui sewa pembiayaan

(125,483)

18,787

4 10

(125,483)

8

32,668

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan Halaman 4

Total Non-cash transactions Acquisition of fixed assets using finance leases


Page

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali dinyatakan lain) 1.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated)

INFORMASI UMUM

1. GENERAL INFORMATION

PT Hanjaya Mandala Sampoerna Tbk. (”Perusahaan”) didirikan di Indonesia pada tanggal 19 Oktober 1963 berdasarkan Akta Notaris Anwar Mahajudin, S.H., No. 69. Akta Pendirian Perusahaan disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. J.A.5/59/15 tanggal 30 April 1964 serta diumumkan dalam Lembaran Berita Negara Republik Indonesia No. 94 tanggal 24 Nopember 1964, Tambahan No. 357. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris Aulia Taufani, S.H. No. 107 tanggal 15 Desember 2009 dalam rangka menyesuaikan dengan peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan. Perubahan Anggaran Dasar ini sudah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-0006503.AH.01.09.Tahun 2010 tanggal 26 Januari 2010.

PT Hanjaya Mandala Sampoerna Tbk. (the “Company”) was established in Indonesia on October 19, 1963 based on Notarial Deed No. 69 of Anwar Mahajudin, S.H. The Company’s Deed of Establishment was approved by the Minister of Justice of the Republic of Indonesia by virtue of Decision Letter No. J.A.5/59/15 dated April 30, 1964, and was published in the State Gazette of the Republic of Indonesia No. 94 dated November 24, 1964, Supplement No. 357. The Articles of Association of the Company have been amended several times, lastly by Notarial Deed No. 107 of Aulia Taufani, S.H., dated December 15, 2009 in order to comply with Capital Market and Financial Institution Supervisory Agency regulations. These amendments to the Articles of Association were approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU0006503.AH.01.09. Year 2010 dated January 26, 2010.

Ruang lingkup kegiatan Perusahaan meliputi industri dan perdagangan rokok serta investasi saham pada perusahaan-perusahaan lain. Kegiatan produksi rokok secara komersial telah dimulai pada tahun 1913 di Surabaya sebagai industri rumah tangga. Pada tahun 1930, industri rumah tangga ini diresmikan dengan dibentuknya NVBM Handel Maatschapij Sampoerna.

The scope of activities of the Company comprises manufacturing and trading of cigarettes and investing in other companies. The Company started its commercial operations in 1913 in Surabaya, as a home industry. In 1930, this home industry was officially organised under the name of NVBM Handel Maatschapij Sampoerna.

Perusahaan berkedudukan di Surabaya, dengan kantor pusat berlokasi di Jl. Rungkut Industri Raya No. 18, Surabaya, serta memiliki pabrik yang berlokasi di Surabaya, Pandaan, Malang dan Karawang. Perusahaan juga memiliki kantor perwakilan korporasi di Jakarta.

The Company is domiciled in Surabaya, with its head office located in Jl. Rungkut Industri Raya No. 18, Surabaya, and its plants are located in Surabaya, Pandaan, Malang and Karawang. The Company also has a corporate office in Jakarta.

Pada tanggal 31 Desember 2010, PT Hanjaya Mandala Sampoerna Tbk. dan anak perusahaan (bersamasama disebut “Grup”) memiliki kurang lebih 27.600 orang karyawan tetap (2009: 28.300 orang).

As at December 31, 2010, PT Hanjaya Mandala Sampoerna Tbk. and subsidiaries (together the “Group”) had approximately 27,600 permanent employees (2009: 28,300 employees).

Pada tahun 1990, Perusahaan melakukan penawaran umum saham sebanyak 27.000.000 lembar dengan nilai nominal sebesar Rp1.000 (Rupiah penuh) per saham melalui Bursa Efek Indonesia dengan harga penawaran sebesar Rp12.600 (Rupiah penuh) per saham. Sejak saat itu, Perusahaan telah melaksanakan transaksi-transaksi yang berkaitan dengan modal saham sebagai berikut:

In 1990, the Company made a public offering of its 27,000,000 shares with a par value of Rp1,000 (full Rupiah) per share through the Indonesia Stock Exchange at the offering price of Rp12,600 (full Rupiah) per share. Since then, the Company has conducted the following capital transactions:

Halaman 5/1

Page



INFORMASI UMUM (lanjutan)

1. GENERAL INFORMATION (continued) Jumlah saham yang beredar setelah transaksi/ Total outstanding shares after the transactions

Tahun/ Year

Keterangan/ Description

1994

Penerbitan saham bonus, setiap pemegang dua saham lama menerima tiga saham baru/ Issue of bonus shares, whereby each shareholder holding two shares is entitled to receive three new shares

450,000,000

Perubahan nilai nominal saham dari Rp1.000 (Rupiah penuh) per saham menjadi Rp500 (Rupiah penuh) per saham/ Change in par value per share from Rp1,000 (full Rupiah) per share to Rp500 (full Rupiah) per share

900,000,000

Penerbitan 28.000.000 saham baru dengan nilai nominal Rp500 (Rupiah penuh) per saham/ Issue of 28,000,000 new shares with par value of Rp500 (full Rupiah) per share

928,000,000

Perubahan nilai nominal saham dari Rp500 (Rupiah penuh) per saham menjadi Rp100 (Rupiah penuh) per saham/ Change in par value per share from Rp500 (full Rupiah) per share to Rp100 (full Rupiah) per share

4,640,000,000

Perolehan kembali 140.000.000 saham/ Repurchase of 140,000,000 shares

4,500,000,000


4,391,869,500


4,383,000,000

1996

1999

2001

2002

2004

Pada tanggal 31 Desember 2010 dan 2009, susunan Komisaris dan Direksi Perusahaan adalah sebagai berikut: Komisaris: Presiden Komisaris Wakil Presiden Komisaris Komisaris

As at December 31, 2010 and 2009, the Company’s Commissioners and Directors are as follows:

Matteo Lorenzo Pellegrini Douglas Walter Werth

Eunice Carol Hamilton

Commissioners: President Commissioner Vice President Commissioner Commissioners

Ekadharmajanto Kasih (*) Phang Cheow Hock (*) Niken Rachmad (**) Direksi: Presiden Direktur Direktur

(*) (**)

John Gledhill Yos Adiguna Ginting Paul Norman Janelle Wayan Mertasana Tantra Shea Lih Goh

Menjalankan fungsi sebagai Komisaris Independen Ditunjuk pada bulan Juni 2010 dan efektif sejak tanggal 1 Januari 2011

Halaman 5/2

Directors: President Director Directors

(*) Act as Independent Commissioners (**) Appointed in June 2010 and effective as of January 1, 2011

Page



INFORMASI UMUM (lanjutan)

1. GENERAL INFORMATION (continued)

Gaji dan kompensasi lainnya yang dibayarkan kepada Komisaris dan Direksi Perusahaan berjumlah Rp41,7 miliar dan Rp66,5 miliar masing-masing untuk tahun 2010 dan 2009.

Salaries and other compensation benefits paid to the Company’s Commissioners and Directors amounted to Rp41.7 billion and Rp66 .5 billion in 2010 and 2009, respectively.

Laporan keuangan konsolidasi mencakup akun-akun Perusahaan dan anak-anak perusahaan sebagaimana disebutkan pada Catatan 2b. Anak perusahaan yang signifikan adalah sebagai berikut:

The consolidated financial statements include the accounts of the Company and its subsidiaries as mentioned in Note 2b. The significant subsidiaries of the Company are listed below:

Nama perusahaan/ Company name

Kegiatan usaha/ Business activity

Domisili/ Domicile

Tahun beroperasi komersial/ Year of commercial operations

Persentase kepemilikan efektif/ Percentage of effective ownership 2010

2009

Jumlah aset/ Total assets 2010

2009

PT Perusahaan Dagang dan Industri Panamas (*)

Distribusi rokok/ Cigarette distribution

Indonesia

1989

99.0

99.0

109,081

1,252,193

PT Sampoerna Printpack (*)

Percetakan dan industri produk kemasan/ Printing and packaging

Indonesia

1989

100.0

100.0

227,577

770,596

PT Handal Logistik Nusantara (*)

Jasa ekspedisi dan pergudangan/ Expedition and warehousing

Indonesia

1989

100.0

100.0

31,399

113,299

PT Asia Tembakau

Industri dan perdagangan rokok/Cigarette manufacturing and trading

Indonesia

2002

100.0

100.0

316,915

208,615

PT Sampoerna Air Nusantara (*)

Jasa transportasi udara/ Air transportation

Indonesia

1989

-

100.0

-

80,208

PT Union Sampoerna Dinamika

Investasi saham pada perusahaan-perusahaan lain/Equity holdings

Indonesia

2005

100.0

100.0

55,992

45,397

PT Taman Dayu

Pengembangan properti/ Property development

Indonesia

1990

100.0

100.0

285,694

271,851

PT Sampoerna Joo Lan Sdn. Bhd. (*)


Malaysia

1998

100.0

100.0

281,124

208,167

Sampoerna International Pte. Ltd.

Investasi saham pada perusahaan-perusahaan lain/Equity holdings

Singapura/Singapore

1995

100.0

100.0

74,855

87,132

PT Harapan Maju Sentosa


Indonesia

1989

100.0

100.0

45,922

52,070

PT Persada Makmur Indonesia


Indonesia

2003

100.0

100.0

5,039

5,038

(*) Lihat Catatan 22/See Note 22

Halaman 5/3

Page



IKHTISAR KEBIJAKAN AKUNTANSI PENTING

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Laporan keuangan konsolidasi Grup disusun oleh Direksi dan diselesaikan pada tanggal 16 Maret 2011.

The Group’s consolidated financial statements were prepared by the Board of Directors and completed on March 16, 2011.

Laporan keuangan konsolidasi disusun sesuai dengan prinsip dan praktik akuntansi yang berlaku umum di Indonesia yang termasuk di dalam Pernyataan Standar Akuntansi Keuangan (PSAK) dan Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

The consolidated financial statements have been prepared in accordance with accounting principles and practices generally accepted in Indonesia, which are set out in the Statements of Financial Accounting Standards (SFAS) and The Capital Market and Financial Institutions Supervisory Agency (BAPEPAMLK) Rules on Guidelines in Presentation and Disclosure of Financial Statements of a Public Company.

a.

a.

Dasar penyusunan konsolidasi

laporan

keuangan

Basis of preparation of consolidated financial statements

Laporan keuangan konsolidasi disusun berdasarkan konsep biaya perolehan, kecuali untuk aset dan kewajiban keuangan (termasuk instrument derivatif) yang diukur pada nilai wajar melalui laporan laba rugi.

The consolidated financial statements are prepared on the historical cost basis of accounting, except for financial assets and financial liabilities (including derivative instruments) which are classified as fair value through profit and loss.

Laporan keuangan konsolidasi disusun dengan menggunakan basis akrual, kecuali untuk laporan arus kas konsolidasi.

These consolidated financial statements are prepared using the accrual basis, except for the consolidated statements of cash flows.

Laporan arus kas konsolidasi disusun menggunakan metode langsung dan arus kas dikelompokkan atas dasar kegiatan operasi, investasi dan pendanaan.

The consolidated statement of cash flows is prepared based on the direct method by classifying cash flows on the basis of operating, investing and financing activities.

Laporan keuangan konsolidasi disusun menggunakan asumsi kelangsungan usaha. Asumsi ini digunakan berdasarkan pengetahuan manajemen atas fakta-fakta dan keadaan sekarang, asumsi-asumsi yang timbul atas pengetahuan tersebut dan ekspektasi saat ini atas kejadian dan tindakan di masa yang akan datang.

The consolidated financial statements have been prepared using the going concern assumption. This assumption is being used based on management’s knowledge of current facts and circumstances, assumption based on that knowledge and current expectations of future events and actions.

Penyusunan laporan keuangan konsolidasi berdasarkan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah aktiva dan kewajiban dan penjualan bersih dan beban-beban yang dilaporkan. Karena adanya ketidakpastian yang melekat dalam penetapan estimasi, maka jumlah sesungguhnya yang akan dilaporkan di masa mendatang mungkin berbeda dari jumlah yang diestimasi tersebut. Prinsip akuntansi yang berlaku umum di Indonesia juga mengharuskan manajemen untuk menggunakan pertimbangan dalam proses penerapan kebijakan akuntansi Perusahaan.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and net sales and expenses during the reporting periods. Due to the inherent uncertainty in making estimates, actual results reported in future periods may differ from those estimates. Accounting principles generally accepted in Indonesia also require management to exercise its judgement in the process of applying the Company’s accounting policies.

Halaman 5/4

Page



IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) a.

Dasar penyusunan konsolidasi (lanjutan)

laporan

keuangan

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) a.

Mata uang pelaporan yang digunakan dalam laporan keuangan konsolidasi adalah Rupiah. Seluruh angka dalam laporan keuangan konsolidasi ini dibulatkan menjadi dan disajikan dalam jutaan Rupiah yang terdekat, kecuali bila dinyatakan lain.

The reporting currency used in the consolidated financial statements is Indonesian Rupiah. Figures in the consolidated financial statements are rounded to and stated in millions of Rupiah, unless otherwise stated. b. Group accounting

b. Akuntansi Grup (1)

Basis of preparation of consolidated financial statements (continued)

(1)

Anak perusahaan

Subsidiaries

Semua anak perusahaan dikonsolidasikan. Anak perusahaan adalah suatu entitas dimana Perusahaan dan anak perusahaan memiliki kepemilikan sebesar lebih dari 50% hak suara atau mempunyai pengendalian atas kebijakan keuangan dan operasional.

Subsidiaries, which are those entities in which the Company and subsidiaries have an interest of more than 50% of the voting rights or otherwise have power to govern the financial and operating policies, are consolidated.

Anak perusahaan dikonsolidasikan sejak tanggal kendali atas anak perusahaan tersebut beralih kepada Grup dan tidak lagi dikonsolidasikan sejak tanggal kendali tidak lagi dimiliki oleh Grup. Dalam mencatat akuisisi anak perusahaan digunakan metode pembelian. Biaya akuisisi diukur sebesar nilai wajar aset yang diserahkan, saham yang diterbitkan atau kewajiban yang diambil alih pada tanggal akuisisi, ditambah biaya yang berkaitan secara langsung dengan akuisisi. Kelebihan biaya akuisisi atas proporsi nilai wajar aset bersih anak perusahaan yang dapat diidentifikasi dicatat sebagai goodwill (lihat Catatan 2l untuk kebijakan akuntansi atas goodwill).

Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, shares issued or liabilities incurred or assumed at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the proportion of the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill (see Note 2l for the accounting policy on goodwill).

Transaksi antar perusahaan dalam Grup, saldo dan keuntungan/kerugian yang belum direalisasi dari transaksi antar perusahaan dalam Grup, dieliminasi.

Intercompany transactions, balances and unrealised gains/losses on transactions between Group companies are eliminated.

Kebijakan akuntansi yang digunakan dalam laporan keuangan konsolidasi, telah diterapkan secara konsisten oleh anak perusahaan, kecuali bila dinyatakan lain.

The accounting policies adopted in preparing the consolidated financial statements have been consistently applied by the subsidiaries, unless otherwise stated.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) b. Akuntansi Grup (lanjutan) (2)

c.

b. Group accounting (continued) (2)

Perusahaan asosiasi

Associates

Perusahaan asosiasi adalah seluruh entitas dimana Grup mempunyai pengaruh signifikan, namun tidak sampai mengendalikan entitas-entitas tersebut. Dalam hal ini Grup umumnya memiliki antara 20% sampai 50% hak suara. Investasi pada perusahaan asosiasi dicatat dengan menggunakan metode ekuitas dan pada awalnya dicatat sebesar harga perolehan. Investasi Grup pada perusahaan asosiasi mencakup juga goodwill (dikurangi akumulasi penurunan nilai) yang diidentifikasi pada saat akuisisi (Catatan 2l).

Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group’s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition (Note 2l).

Bagian Grup atas keuntungan atau kerugian perusahaan asosiasi yang diperoleh setelah tanggal akuisisi diakui dalam laporan laba rugi konsolidasi. Mutasi kumulatif keuntungan atau kerugian setelah tanggal akuisisi akan mempengaruhi nilai tercatat investasi. Apabila bagian Grup atas kerugian dalam perusahaan asosiasi menyamai atau melebihi bagian kepemilikannya dalam perusahaan asosiasi, Grup tidak mengakui kerugian lebih lanjut, kecuali Grup telah mengakui kewajiban atau melakukan pembayaran atas nama perusahaan asosiasi.

The Group’s shares of its associates’ postacquisition profits or losses are recognised in the consolidated statement of income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

Keuntungan yang belum direalisasi dari transaksi antara Grup dengan perusahaan asosiasi, dieliminasi sebesar jumlah yang mencerminkan proporsi kepemilikan Grup dalam perusahaan asosiasi. Kerugian yang belum direalisasi juga dieliminasi kecuali transaksi tersebut memberikan bukti adanya penurunan nilai aset yang dialihkan.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset being transferred.

Penjabaran mata uang asing (1)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

c. Foreign currency translation

Transaksi dan saldo

(1)

Transactions and balances

Transaksi dalam mata uang asing dijabarkan ke mata uang Rupiah dengan menggunakan kurs yang berlaku pada tanggal transaksi. Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asing dijabarkan dengan kurs yang berlaku pada tanggal neraca.

Transactions denominated in a foreign currency are converted into Rupiah at the exchange rate prevailing at the date of the transaction. At the balance sheet date, monetary assets and liabilities in foreign currencies are translated at the exchange rates prevailing at that date.

Keuntungan dan kerugian selisih kurs yang timbul dari transaksi dalam mata uang asing dan dari penjabaran aset dan kewajiban moneter dalam mata uang asing, diakui pada laporan laba rugi konsolidasi.

Exchange gains and losses arising on transactions in foreign currency and on the translation of foreign currency monetary assets and liabilities are recognised in the consolidated statement of income.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) c.


Penjabaran mata uang asing (lanjutan) (1)

c. Foreign currency translation (continued)

Transaksi dan saldo (lanjutan)

(1)

Nilai tukar terhadap Rupiah adalah sebagai berikut:

Transactions and balances (continued) The exchange rates used against the Rupiah are as follows:

Rupiah penuh/ Full Rupiah 2010 2009 1 Euro 1 Dolar Amerika Serikat 1 Franc Swiss (2)

11,817 9,003 9,466

13,510 9,400 9,087 (2)

Kegiatan usaha Grup yang merupakan entitas asing

1 Euro 1 United States Dollar 1 Swiss Franc Foreign entities within the Group

Laporan laba rugi dan laporan arus kas entitas asing dijabarkan ke dalam mata uang pelaporan Grup dengan menggunakan nilai tukar rata-rata sepanjang tahun sedangkan neraca dijabarkan dengan menggunakan nilai tukar yang berlaku pada tanggal neraca dan akun ekuitas dijabarkan berdasarkan kurs historis. Selisih kurs karena penjabaran laporan keuangan anak perusahaan di luar negeri dilaporkan secara terpisah dalam akun “Selisih kurs karena penjabaran laporan keuangan” pada komponen ekuitas dalam neraca konsolidasi. Ketika suatu entitas asing dijual, selisih nilai tukar tersebut diakui dalam laporan laba rugi konsolidasi sebagai bagian dari keuntungan atau kerugian atas penjualan.

Statement of income and cash flows of foreign entities are translated into the Group’s reporting currency at average exchange rates for the year and their balance sheets are translated at the exchange rates prevailing on the balance sheet date and their equity accounts are translated at the historical rate. The resulting difference arising from the translation of the financial statements of foreign subsidiaries is presented as “Cumulative translation adjustments” under the equity section in the consolidated balance sheet. When a foreign entity is sold, such exchange differences are recognised in the consolidated statement of income as part of the gain or loss on sale.

Penyesuaian atas goodwill dan nilai wajar yang timbul dari akuisisi entitas asing diperlakukan sebagai bagian dari aset dan kewajiban entitas asing dan dijabarkan dengan menggunakan kurs pada tanggal neraca.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rate prevailing on the balance sheet date.

Akun-akun anak perusahaan di luar negeri dikonversikan ke mata uang Rupiah dengan menggunakan kurs sebagai berikut:

The accounts of the foreign subsidiaries are translated into Rupiah amounts using the following rates:

Rupiah penuh/Full Rupiah Aset dan kewajiban/ Laba rugi/ Assets and liabilities Profit and loss 2010 2009 2010 2009 1 Dolar Amerika Serikat 1 Dolar Singapura

9,003 6,941

9,400 6,699

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8,933 6,898

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10,402 7,156

1 United States Dollar 1 Singapore Dollar



IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) d. Cash and cash equivalents

d. Kas dan setara kas Kas dan setara kas mencakup kas, bank dan deposito berjangka dengan jangka waktu jatuh tempo tiga bulan atau kurang. Cerukan disajikan sebagai bagian dari ”pinjaman jangka pendek” pada kewajiban lancar dalam neraca konsolidasi. e.

Piutang usaha

Cash and cash equivalents include cash on hand, cash in bank and time deposits with original maturities of three months or less. Bank overdrafts are shown within “short-term borrowings” in current liabilities on the consolidated balance sheet. e.

Pada saat pengakuan awal piutang usaha diakui pada nilai wajarnya dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif kecuali jika dampak diskontonya tidak material, dikurangi dengan penyisihan piutang tidak tertagih. Penyisihan piutang tidak tertagih diukur berdasarkan penelaahan atas kolektibilitas saldo piutang. Piutang dihapuskan pada saat piutang tersebut dipastikan tidak akan tertagih. f.

Aset dan kewajiban keuangan

Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method except where the effect of the discounting is not material, less provision for impairment. A provision for impairment of trade receivables is established based on a review of the collectibility of outstanding amounts. Accounts are written-off as bad debts during the period in which they are determined to be non-collectible.

f.

Financial assets and liabilities

Sejak Januari 2010, Grup telah mengimplementasikan PSAK No. 50 (Revisi 2006) “Instrumen keuangan: Penyajian dan Pengungkapan“ dan PSAK No. 55 (Revisi 2006) “Instrumen keuangan: Pengakuan dan Pengukuran“. Standar-standar ini tidak memiliki dampak signifikan terhadap laporan keuangan konsolidasi kecuali persyaratan untuk menyajikan hal-hal seperti manajemen resiko keuangan dan nilai wajar seperti yang telah disajikan pada Catatan 3.

Starting from January 2010, the Group has implemented SFAS No. 50 (Revised 2006) “Financial Instruments: Presentation and Disclosures” and SFAS No. 55 (Revised 2006) “Financial Instruments: Recognition and Measurement”. These standards do not have significant impact to the consolidated financial statements except for the requirement of disclosures such as financial risk management and fair value which has been included in Note 3.

Aset keuangan

Financial assets

Manajemen menentukan klasifikasi aset keuangan tersebut pada saat pengakuan awal.

Management determines the classification of its financial assets at initial recognition.

Aset keuangan diklasifikasikan dalam kategori yang diukur pada nilai wajar melalui laporan laba rugi jika diperoleh terutama untuk dijual kembali dalam jangka pendek. Derivatif diklasifikasikan sebagai kategori yang diperoleh untuk tujuan diperdagangkan kecuali yang merupakan instrumen lindung nilai.

A financial asset is classified as fair value through profit and loss category if acquired principally for the purpose of selling in the short-term. Derivatives are categorised as held for trading unless they are designated as hedges.

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif. Aset kategori ini diklasifikasikan sebagai aset lancar, kecuali untuk yang jatuh tempo lebih dari 12 bulan sejak akhir periode pelaporan. Pinjaman yang diberikan dan piutang Grup terdiri dari piutang usaha, piutang lainnya dan kas dan setara kas di neraca konsolidasi.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. The Group’s loans and receivables comprise trade receivables, other receivables and cash and cash equivalents in the consolidated balance sheet.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) f.

Aset dan kewajiban keuangan (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) f.

Financial assets and liabilities (continued)

Kewajiban keuangan

Financial liabilities

Hutang usaha dan lainnya, beban yang masih harus dibayar dan kewajiban estimasian, hutang sewa pembiayaan merupakan kewajiban keuangan yang pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif kecuali jika dampak diskontonya tidak material. Kewajiban kategori ini diklasifikasikan sebagai kewajiban lancar, kecuali untuk hutang sewa pembiayaan yang jatuh tempo lebih dari 12 bulan sejak akhir periode pelaporan. Kewajiban keuangan ini diklasifikasikan sebagai kewajiban tidak lancar.

Trade and other payable s, accrued expenses and provisions, and obligations under finance leases are financial liabilities initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method except where the effect of the discounting is not material. They are included in current liabilities, except for some part of obligations under finance leases with maturities more than 12 months after the end of the reporting period. These are classified as noncurrent liabilities.

g. Instrumen derivatif keuangan

g.

Derivative financial instruments

Instrumen derivatif pada awalnya diakui sebesar nilai wajar pada saat kontrak tersebut dilakukan dan selanjutnya diukur pada nilai wajarnya. Metode pengakuan keuntungan atau kerugian perubahan nilai wajar tergantung apakah derivatif tersebut dirancang dan memenuhi syarat sebagai instrumen lindung nilai untuk tujuan akuntansi dan sifat dari risiko yang dilindung nilainya.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss on the changes in fair value depends on whether the derivative is designated and qualified as a hedging instrument for accounting purposes and the nature of the risk being hedged.

Keuntungan atau kerugian yang timbul dari perubahan nilai wajar atas instrumen derivatif yang tidak memenuhi kriteria lindung nilai untuk tujuan akuntansi diakui pada laporan laba rugi konsolidasi.

The gains or losses arising from changes in the fair value of derivative instruments, that do not meet the criteria of hedging for accounting purposes are recognised in the consolidated statement of income. h.

h. Persediaan

Inventories

Barang jadi, bahan baku dan supplies, barang dalam proses, barang dagangan, tanah dan bangunan untuk dijual diakui sebesar nilai yang lebih rendah antara harga perolehan dan nilai realisasi bersih. Biaya perolehan ditentukan dengan metode rata-rata tertimbang (weightedaverage method), kecuali untuk persediaan pita cukai yang biayanya ditentukan dengan metode identifikasi khusus (specific identification method). Harga perolehan barang jadi dan barang dalam proses terdiri dari biaya bahan baku, tenaga kerja langsung, biaya-biaya langsung lainnya dan biaya overhead yang terkait dengan produksi. Nilai realisasi bersih adalah estimasi harga penjualan dalam kegiatan usaha normal dikurangi estimasi biaya penyelesaian dan estimasi biaya penjualan.

Finished goods, raw materials and supplies, work in progress, merchandise inventory, land and buildings held for sale are stated at the lower of cost or net realisable value. Cost is determined by the weighted-average method, except for the excise tax inventory, for which cost is determined by the specific identification method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated selling expenses.

Penyisihan untuk persediaan usang ditentukan berdasarkan estimasi penggunaan atau penjualan masing-masing jenis persediaan pada masa mendatang.

A provision for obsolete and slow moving inventories is determined on the basis of estimated future usage or sale of individual inventory items.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) i.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) i.

Aset tetap

Fixed assets

Aset tetap dinyatakan sebesar biaya perolehan, dikurangi dengan akumulasi penyusutan. Penyusutan dihitung dengan menggunakan metode garis lurus. Tanah tidak disusutkan. Taksiran masa manfaat ekonomis aset tetap adalah sebagai berikut: Tahun/Years Bangunan dan prasarana Mesin dan peralatan Perabot, peralatan kantor dan laboratorium Alat-alat pengangkutan Lapangan golf

4 - 40 10 - 15 3 - 10 5 - 16 20

Fixed assets are stated at historical cost, less accumulated depreciation. Depreciation is computed using the straight-line method. Land is not depreciated. The economic useful lives of the assets are estimated as follows:

Building and improvements Machinery and equipment Furniture & fixture, office and laboratory equipment Transportation equipment Golf course

Nilai residu dan umur manfaat setiap aset ditelaah, dan disesuaikan jika perlu, pada setiap tanggal neraca.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari aset tetap. Akumulasi biaya perolehan akan dipindahkan ke akun aset tetap yang bersangkutan pada saat aset tersebut telah selesai dikerjakan dan siap untuk digunakan sesuai dengan tujuan penggunaannya. Penyusutan mulai dibebankan sejak tanggal aset tersebut siap untuk digunakan untuk tujuan penggunaannya.

Construction in progress is stated at historical cost and presented as part of fixed assets. The accumulated costs are reclassified to the appropriate fixed asset account when the construction is complete and the asset is ready for its intended use. Depreciation is charged from the date the asset is ready for its intended use.

Biaya-biaya setelah perolehan awal diakui sebagai bagian dari nilai tercatat aset tetap atau sebagai aset yang terpisah hanya apabila kemungkinan besar manfaat ekonomis sehubungan dengan aset tersebut di masa mendatang akan mengalir ke Grup dan biaya perolehannya dapat diukur secara handal. Jumlah tercatat komponen yang diganti, dihapusbukukan. Biaya pemeliharaan dan perbaikan lainnya dibebankan di laporan laba rugi konsolidasian pada saat terjadinya.

Subsequent costs are included in the fixed assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the consolidated statement of income as incurred.

Keuntungan dan kerugian yang timbul akibat pelepasan ditentukan dengan membandingkan hasil pelepasan dengan nilai tercatatnya dan diakui pada laporan laba rugi konsolidasi.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of income.

Biaya perolehan tanah tidak termasuk biaya-biaya lain yang dikeluarkan sehubungan dengan perolehan atau perpanjangan ijin atas tanah. Biaya-biaya yang dikeluarkan sehubungan dengan perolehan atau perpanjangan ijin atas tanah tersebut, ditangguhkan dan disajikan pada akun “Aset lainnya - tidak lancar” serta diamortisasi sepanjang periode hak atas tanah.

The acquisition cost of land does not include the related costs incurred to acquire or renew the license for the land. The related costs incurred to acquire or renew the license for the land are deferred and presented under “Other assets - noncurrent” and amortised over the legal term of the land rights.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) j.

k.


Sewa

j.

Leases

Grup menyewa aset tetap tertentu. Apabila dalam suatu kontrak sewa porsi yang signifikan atas risiko dan manfaat kepemilikan aset tetap berada di tangan lessor, maka sewa tersebut diklasifikasikan sebagai sewa operasi. Pembayaran sewa operasi dibebankan ke laporan laba rugi konsolidasi atas dasar garis lurus selama masa sewa.

The Group leases certain fixed assets. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the consolidated statement of income on a straight-line basis over the period of the lease.

Dalam penyewaan aset tetap dimana risiko dan manfaat kepemilikan secara substansi berpindah ke lessee (Grup), maka sewa tersebut diklasifikasikan sebagai sewa pembiayaan. Sewa pembiayaan dikapitalisasi pada awal masa sewa sebesar nilai wajar aset sewaan atau sebesar nilai kini pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar.

Leases of fixed assets where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased asset and the present value of the minimum lease payments.

Setiap pembayaran sewa pembiayaan dialokasikan antara bagian yang merupakan pelunasan kewajiban dan bagian yang merupakan beban pembiayaan sedemikian rupa sehingga menghasilkan tingkat suku bunga yang konstan atas saldo pembiayaan. Jumlah kewajiban sewa, neto beban pembiayaan disajikan sebagai hutang jangka panjang lainnya. Unsur bunga dalam beban pembiayaan dibebankan di laporan laba rugi konsolidasi selama masa sewa sedemikian rupa sehingga menghasilkan suatu tingkat suku bunga periodik yang konstan atas saldo kewajiban setiap periode. Aset tetap yang diperoleh melalui sewa pembiayaan disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset dan masa sewa.

Each finance lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in other long-term payables. The interest element of the finance cost is charged to the consolidated statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The fixed assets acquired under finance leases are depreciated over the shorter of the useful life of the assets and the lease term.

Tanah untuk pengembangan

k.

Land for development

Tanah yang akan dikembangkan dan dimaksudkan untuk dijual setelah dikembangkan disajikan dalam akun “Tanah untuk pengembangan” dan dinyatakan sebesar nilai yang lebih rendah antara biaya tercatat dan nilai realisasi bersih.

Land which has yet to be developed and for which the intention is to sell after being developed, is presented under “Land for development” and stated at the lower of carrying cost or net realisable value.

Pada saat dimulainya pengembangan dan pembangunan infrastruktur, nilai tanah yang dimiliki oleh PT Taman Dayu akan dipindahkan ke akun “Persediaan - tanah dan bangunan untuk dijual”.

The cost of the land belonging to PT Taman Dayu is transferred to “Inventory - land and buildings held for sale” upon commencement of the development and construction of infrastructure.

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) l.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) l.

Goodwill Goodwill merupakan selisih lebih antara harga perolehan investasi anak perusahaan/perusahaan asosiasi atau bisnis dan nilai wajar bagian Grup atas aset bersih anak perusahaan/perusahaan asosiasi yang dapat diidentifikasi, atau bisnis pada tanggal akuisisi. Goodwill diamortisasi dengan metode garis lurus selama estimasi masa manfaatnya, yaitu sepuluh tahun. Manajemen menentukan estimasi masa manfaat goodwill berdasarkan evaluasi atas manfaat yang akan diperoleh dari perusahaan atau bisnis yang bersangkutan pada saat akuisisi.

Goodwill Goodwill represents the excess of the cost of an acquisition of a subsidiary/associate or business over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary/associate, or business at the date of acquisition. Goodwill is amortised using the straight-line method over its estimated useful life, which is ten years. Management determined the estimated useful life of goodwill, based on its evaluation of the benefits the respective companies or businesses will bring at the time of the acquisition.

m. Impairment of assets

m. Penurunan nilai aset Pada tanggal neraca, Grup menelaah ada atau tidaknya indikasi penurunan nilai asset.

At balance sheet date, the Group reviews whether there is any indication of asset impairment or not.

Aset tetap dan aset tidak lancar lainnya, termasuk goodwill ditelaah untuk mengetahui apakah telah terjadi penurunan nilai bilamana terdapat kejadian atau perubahan keadaan yang mengidentifikasikan bahwa nilai tercatat aset tersebut tidak dapat diperoleh kembali. Kerugian akibat penurunan nilai diakui sebesar selisih antara nilai tercatat aset dengan nilai yang dapat diperoleh kembali dari aset tersebut. Nilai yang dapat diperoleh kembali adalah nilai yang lebih tinggi diantara harga jual netto atau nilai pakai aset. Dalam rangka mengukur penurunan nilai, aset dikelompokkan hingga unit terkecil yang menghasilkan arus kas terpisah.

Fixed assets and other non-current assets, including goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price or value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

n. Kewajiban estimasian

n.

Kewajiban estimasian diakui apabila Grup mempunyai kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) sebagai akibat peristiwa masa lalu dan besar kemungkinan penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya dan kewajiban tersebut dapat diestimasi dengan handal.

Provisions Provisions are recognised when the Group has a present obligation (legal as well as constructive) as a result of past events and it is more likely than not that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.

o. Imbalan pasca-kerja

o. Post-employment benefits

Perusahaan dan anak perusahaan tertentu di dalam negeri menyelenggarakan program pensiun iuran pasti mulai 1 April 2008.

The Company and certain of its domestic subsidiaries had a defined contribution pension plan starting April 1, 2008.

Program iuran pasti adalah program pensiun dimana Grup membayar iuran tetap kepada sebuah entitas yang terpisah. Iuran ini dicatat sebagai biaya karyawan pada saat terhutang. Grup tidak lagi memiliki kewajiban pembayaran lebih lanjut setelah iuran tersebut dibayarkan.

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Contributions are recognised as an employee benefit expense when they are due. The Group has no further payment obligations once the contributions have been paid.

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o. Imbalan pasca-kerja (lanjutan)

o. Post-employment benefits (continued)

Perusahaan dan anak perusahaan tertentu di dalam negeri harus menyediakan imbalan minimum yang diatur dalam Undang-undang Ketenagakerjaan No. 13 Tahun 2003 (UUTK). Karena UUTK menentukan rumus tertentu untuk menghitung jumlah minimal imbalan pensiun, pada dasarnya kewajiban pensiun berdasarkan UUTK adalah kewajiban imbalan pasti.

The Company and certain of its domestic subsidiaries are required to provide minimum benefits as stipulated in the Labor Law No. 13/2003 (Labor Law). Since the Labor Law sets the formula for determining the minimum amount of benefits, in substance the pension obligation under the Labor Law represents a defined benefit obligation.

Bila jumlah yang diterima karyawan dari program pensiun lebih kecil dari imbalan seperti yang ditetapkan dalam UUTK, Perusahaan dan anak perusahaan tertentu di dalam negeri akan melakukan penyisihan atas kekurangan yang ada. Tambahan penyisihan imbalan sesuai dengan UUTK tersebut tidak didanai (unfunded). Perusahaan dan anak perusahaan tertentu di dalam negeri juga mencatat kewajiban imbalan kerja sesuai UUTK untuk karyawan lainnya yang tidak ikut serta dalam program pensiun yang diselenggarakan oleh Perusahaan dan beberapa anak perusahaan di dalam negeri.

If the employee funded portion of the pension plan benefit is less than the benefit as required by the Labor Law, the Company and certain of its domestic subsidiaries will provide for such shortage. The additional benefit as required by the Labor Law is unfunded. The Company and certain of its domestic subsidiaries recognise the estimated liabilities for employee benefits obligations stipulated in the Labor Law for their employees which are not covered by the pension plans operated by the Company and certain of its domestic subsidiaries.

Dalam penentuan kewajiban imbalan kerja, Perusahaan dan anak perusahaan tertentu di dalam negeri menentukan nilai kini kewajiban imbalan pasti, biaya jasa kini dan biaya jasa lalu ditentukan berdasarkan perhitungan aktuarial dengan menggunakan metode “Projected Unit Credit”.

In determining the estimated employee benefit obligations, the Company and certain of its domestic subsidiaries determine the present value of the defined benefit obligation, current service cost and past service cost using the “Projected Unit Credit” actuarial valuation method.

Nilai kini kewajiban imbalan pasti ditentukan dengan mendiskontokan estimasi arus kas di masa depan dengan menggunakan tingkat bunga obligasi pemerintah jangka panjang pada tanggal neraca dalam mata uang rupiah sesuai dengan mata uang di mana imbalan tersebut akan dibayarkan dan yang memiliki jangka waktu yang sama dengan kewajiban imbalan pensiun yang bersangkutan.

The present value of the defined benefit obligation is determined by discounting the estimated future cash out flows using interest rates of high quality government bonds on the balance sheet date that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.

Keuntungan atau kerugian aktuarial diakui sebagai penghasilan atau beban jika akumulasi keuntungan atau kerugian aktuarial bersih yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini kewajiban imbalan pasti atau 10% dari nilai wajar aset program pada tanggal tersebut. Keuntungan atau kerugian aktuarial diakui atas dasar metode garis lurus selama rata-rata sisa masa kerja karyawan yang diharapkan.

Actuarial gains or losses are recognised as income or expense when the net cumulative unrecognised actuarial gains or losses at the end of the previous reporting period exceed 10% of the present value of defined benefit obligations or 10% of the plan assets at fair value at that date. These gains or losses are recognised on a straight-line basis over the expected average remaining working lives of the employees.

Halaman

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o. Imbalan pasca-kerja (lanjutan)

o. Post-employment benefits (continued)

Biaya jasa lalu diakui secara langsung di laporan laba rugi konsolidasi, kecuali perubahan terhadap program pensiun tersebut mensyaratkan karyawan tersebut untuk bekerja selama periode waktu tertentu. Dalam hal ini, biaya jasa lalu akan diamortisasi secara garis lurus sepanjang periode tersebut. p.

q.

Past service costs are recognised immediately in the consolidated statement of income, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time. In this case, the past service costs are amortised on a straight line basis over that period.

Perpajakan

p. Taxation

Grup menggunakan metode liabilitas neraca (balance sheet liability method) pada akuntansi pajak tangguhan yang timbul akibat perbedaan temporer yang ada antara aset dan kewajiban atas dasar pajak dengan nilai tercatat aset dan kewajiban dalam laporan keuangan konsolidasi. Untuk masing-masing anak perusahaan yang dikonsolidasi, aset atau kewajiban pajak tangguhan disajikan dalam jumlah bersih.

The Group applies the balance sheet liability method of deferred tax accounting which arises on temporary differences between tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. For each of the consolidated subsidiaries, the deferred tax assets or liabilities are shown at the applicable net amounts.

Pajak penghasilan tangguhan ditentukan dengan menggunakan tarif pajak berdasarkan undangundang yang telah diberlakukan atau secara substansi telah diberlakukan pada tanggal neraca dan diharapkan berlaku pada saat aset pajak tangguhan direalisasikan atau kewajiban pajak tangguhan diselesaikan.

Deferred income tax is determined using tax rates based on laws that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is recognised or the deferred income tax liability is settled.

Aset pajak tangguhan diakui apabila terdapat kemungkinan besar bahwa jumlah laba fiskal pada masa datang akan memadai untuk mengkompensasi perbedaan temporer yang menimbulkan aset pajak tangguhan tersebut.

Deferred tax assets are recognised to the extent that it is probable future taxable profits will be available against which the temporary differences can be utilised.

Amendemen terhadap kewajiban perpajakan dicatat pada saat diterimanya surat ketetapan, atau apabila dilakukan keberatan/banding, ketika keputusan atas keberatan/banding sudah diputuskan.

Amendments to taxation obligations are recorded when an assessment is received or, if objected to/appealed against, when the results of the objection/appeal are determined.

Pengakuan pendapatan dan beban

q. Revenue and expense recognition

Pendapatan dari penjualan diakui pada saat penyerahan barang atau jasa kepada distributor atau pelanggan. Di dalam penjualan bersih termasuk cukai atas rokok yang telah dijual dan telah dikurangi retur penjualan dan pajak pertambahan nilai.

Revenue from sales is generally recognised when the products are delivered or services are rendered to the distributors or customers. Net sales revenue includes excise taxes attributable on cigarettes being sold and is net of returns and value added tax.

Beban diakui pada saat terjadinya.

Expenses are recognised when incurred.

Halaman

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IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) r.


Segmen

r.

Pada tahun 2010, Perusahaan melakukan penerapan lebih dini Pernyataan Standar Akuntansi Keuangan (PSAK) No.5 (Revisi 2009): Segmen Operasi. Standar ini mengharuskan pendekatan manajemen dimana segmen operasi dilaporkan secara konsisten dengan pelaporan internal. Manajemen berpendapat bahwa Grup memiliki satu segmen operasi yaitu industri dan perdagangan rokok. s.

t.

Transaksi istimewa

dengan

pihak-pihak

Segment In 2010, the Company early adopted Statement of Financial Accounting Standard (SFAS) No.5 (Revised 2009): Operating Segments. This standard requires a management approach under which operating segments are reported in a manner consistent with their internal reporting. Management is of the view that the Group operates in one operating segment, ie. manufacturing and distribution of cigarettes.

hubungan

s. Transactions with related parties

Grup melakukan transaksi dengan pihak-pihak tertentu yang mempunyai hubungan istimewa seperti yang dijelaskan dalam PSAK No. 7 tentang “Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa”.

The Group has transactions with certain parties, which have related party relationships as defined in accordance with the SFAS No. 7, “Related Party Disclosures”.

Seluruh transaksi yang signifikan dengan pihakpihak hubungan istimewa telah diungkapkan dalam catatan atas laporan keuangan konsolidasi.

All significant transactions with related parties are disclosed in the notes to the consolidated financial statements.

Laba bersih per saham dasar

t.

Laba bersih per saham dasar dihitung berdasarkan laba bersih tahun berjalan dibagi dengan rata-rata tertimbang jumlah saham yang beredar selama tahun yang bersangkutan.

3. MANAJEMEN RISIKO KEUANGAN

Basic earnings per share Basic earnings per share are computed by dividing the net income for the year by the weighted average number of shares outstanding during the year.

3. FINANCIAL RISK MANAGEMENT

Aktivitas Grup memiliki berbagai macam risiko keuangan yaitu: risiko nilai tukar mata uang asing, risiko suku bunga, risiko kredit dan risiko likuiditas. Secara keseluruhan, program risiko manajemen Grup difokuskan untuk menghadapi ketidakpastian pasar keuangan dan untuk meminimalisasi hal-hal yang berpotensi memberikan dampak buruk pada kinerja keuangan Grup. Fungsi manajemen risiko keuangan dijalankan oleh departemen treasuri sesuai kebijakankebijakan yang disetujui oleh Direksi.

The Group’s activities expose it to a variety of financial risks: foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. Financial risk management is carried out by the treasury department under policies approved by the Board of Directors.

a.

a.

Risiko nilai tukar mata uang asing Grup memonitor adanya risiko yang disebabkan oleh fluktuasi nilai tukar mata uang asing. Grup melakukan swap atas pinjaman dalam mata uang asing ke dalam mata uang fungsionalnya menggunakan kontrak swap valuta asing kecuali jika pinjaman tersebut dibayar dengan arus kas yang berasal dari mata uang yang sama.

Halaman

Foreign exchange risk The Group monitors the risk due to foreign exchange fluctuations. The Group swaps its foreign currency borrowings into functional currency using foreign currency contract swaps except where the foreign currency borrowings are paid for with cash flows generated in the same foreign currency.

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PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali dinyatakan lain)


3. MANAJEMEN RISIKO KEUANGAN (lanjutan) a.

3. FINANCIAL RISK MANAGEMENT (continued)

Risiko nilai tukar mata uang asing (lanjutan)

a.

Foreign exchange risk (continued)

Tujuan dari transaksi swaps ini untuk mengantisipasi dampak perubahan nilai tukar mata uang asing terhadap laporan keuangan konsolidasi.

The purpose of these swaps is to mitigate the impact of movements in foreign exchange rates on the consolidated financial statements.

Pada tanggal 31 Desember 2010, operasi Grup dalam negeri memiliki aset dan kewajiban moneter dalam mata uang asing sebagai berikut:

As at December 31, 2010, the Group’s domestic operations had monetary assets and liabilities denominated in foreign currencies, as follows: 2010 Setara Rupiah/ Rupiah equivalent

Mata uang asing/ Foreign currencies Aset Kas dan setara kas Piutang usaha dan piutang lainnya Jumlah aset Kewajiban Hutang usaha dan hutang lainnya Beban yang masih harus dibayar dan kewajiban estimasian Jumlah kewajiban Kewajiban - bersih

b.

c.

US$

354,908

CHF

-

EUR

518

8,757,476

-

-

9,112,384

-

518

Assets 3,197 Cash and cash equivalents Trade receivables and 78,739 other receivables 81,936

Total assets

17,374,215

11,509,812

2,595,316

297,737

Liabilities Trade payables and other payables

13,357,907 30,732,122

11,509,812

2,595,316

120,101 417,838

Accrued expenses and provisions Total liabilities

US$ 21,619,738

CHF11,509,812

2,594,798

335,902

Liabilities – net

Risiko suku bunga

EUR

b.

Interest rate risk

Grup tidak memiliki aset dengan tingkat suku bunga dan pinjaman dengan risiko suku bunga yang signifikan. Grup melakukan pengawasan terhadap tingkat suku bunga untuk meminimalisasi dampak negatif yang mungkin timbul.

The Group has no significant interest bearing assets and interest rate risk arising from borrowings. The Group monitors the interest rate risk exposure to minimise any negative effects.

Kebijakan Grup untuk meminimalisasi risiko suku bunga adalah dengan menganalisa pergerakan tingkat suku bunga dan profil jatuh tempo aset dan kewajiban. Grup juga melakukan kontrak swap valuta asing untuk melindungi risiko mata uang asing atas bunga dan atas ketidakpastian suku bunga itu sendiri.

The Group’s policy to minimise the interest rate risk is by analysing the movement of interest rate margins and the maturity profile of assets and liabilities. The Group also enters into foreign currency contract swaps to hedge the exposure of interest in foreign currency and the interest rate itself.

Risiko kredit

c.

Grup tidak memiliki konsentrasi untuk risiko kredit. Penjualan kepada pelanggan pada umumnya dilakukan secara tunai. Penjualan dengan jangka waktu kredit dijamin dengan bank garansi dari pelanggan. Grup mempunyai kebijakan untuk memastikan bahwa penjualan terhadap pelanggan dilakukan dengan riwayat kredit yang tepat, untuk membatasi jumlah kredit maksimum kepada pelanggan dan untuk memonitor pengunaan dari setiap batas kredit secara berkala.

Halaman

Credit risk The Group has no significant concentrations of credit risk. Sales are generally made in cash. Sales made with credit terms are secured with bank guarantees on behalf of customers. The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history, to limit the amount of maximum credit threshold to customers and to monitor the utilisation of the credit limits on a regular basis.

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3. MANAJEMEN RISIKO KEUANGAN (lanjutan) c.

d.

4.

3. FINANCIAL RISK MANAGEMENT (continued)

Risiko kredit (lanjutan)

c.

Credit risk (continued)

Kualitas kredit dari tiap pelanggan dinilai berdasarkan posisi keuangan, pengalaman masa lalu dan faktor-faktor lainnya. Setiap jumlah kredit diatur berdasarkan kebijakan internal atau sesuai dengan batasan yang telah ditetapkan oleh Direksi.

The credit quality of customers is assessed based on the financial position, past experience and other factors. The individual credit limits are set based on internal policies or in accordance with limits set by the Board of Directors.

Risiko kredit yang timbul dari uang muka kepada PT Sadhana dijamin sepenuhnya oleh Standby Letter of Credit seperti diungkapkan pada Catatan 22d.

Credit risk that arises from advance to PT Sadhana is fully covered by Standby Letter of Credit as disclosed in Note 22d. d.

Risiko likuiditas

Liquidity risk

Pengelolaan risiko likuiditas dilakukan dengan memastikan tersedianya kas dan setara kas yang cukup dan tersedianya pendanaan dari sejumlah fasilitas kredit yang mengikat. Oleh karena sifat dasar dari bisnis yang dinamis, departemen treasuri juga memastikan tersedianya pendanaan melalui fasilitas kredit dari Philip Morris Finance SA dan beberapa bank.

Liquidity risk management implies maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying business, the treasury department also maintains flexibility in funding by maintaining availability under credit lines from Philip Morris Finance SA and several banks.

Nilai tercatat dari aset dan kewajiban keuangan diasumsikan mendekati nilai wajarnya karena dampak dari diskonto yang tidak signifikan.

The carrying amounts of the financial assets and liabilities are assumed to approximate their fair values as the impact of discounting is not significant.

KAS DAN SETARA KAS

4. CASH AND CASH EQUIVALENTS 2010

2009

Kas Bank Deposito berjangka

47,625 884,311 2,277,623

77,115 448,480 2,086

Cash on hand Cash in bank Time deposits

Jumlah

3,209,559

527,681

Total

Tidak terdapat saldo bank atau deposito berjangka yang ditempatkan pada pihak yang mempunyai hubungan istimewa.

Halaman

There are no bank balances or time deposits placed at related parties.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 4. CASH AND CASH EQUIVALENTS (continued)

KAS DAN SETARA KAS (lanjutan) a.

Bank

a. 2010

Rupiah - Deutsche Bank AG - Citibank N.A - PT Bank Negara Indonesia (Persero) Tbk. - PT Bank Central Asia Tbk. - PT Bank Mandiri (Persero) Tbk. - PT Bank CIMB Niaga Tbk. - PT Bank Internasional Indonesia Tbk. - ABN-AMRO Bank N.V. - Lain-lain Jumlah Ringgit Malaysia - The Hongkong and Shanghai Banking Corporation Limited Dolar Amerika Serikat - The Hongkong and Shanghai Banking Corporation Limited - Lain-lain Mata uang asing lainnya

b.

Cash in bank

2009

684,115 26,596

342,891 36

8,861 5,814 1,335 1,192

18,164 4,502 1,819 1,659

Rupiah Deutsche Bank AG Citibank N.A PT Bank Negara Indonesia (Persero) Tbk. PT Bank Central Asia Tbk. PT Bank Mandiri (Persero)Tbk. PT Bank CIMB Niaga Tbk. -

684 469 811

1,870 7,938 1,952

PT Bank Internasional Indonesia Tbk. ABN-AMRO Bank N.V. Others -

729,877

380,831

Total

144,062

22,121

1,217 804 8,351

38,298 240 6,990

Malaysian Ringgit The Hongkong and Shanghai Banking Corporation Limited United States Dollars The Hongkong and Shanghai Banking Corporation Limited Others Other foreign currencies

Jumlah

154,434

67,649

Total

Jumlah bank

884,311

448,480

Total cash in bank

Deposito berjangka

b. Time deposits 2010

-

PT ANZ Panin Bank Standard Chartered Bank ABN-AMRO Bank N.V Lain-lain

Jumlah

2009

1,605,000 340,000 330,000 2,623

2,086

2,277,623

2,086

Seluruh deposito berjangka pada tanggal 31 Desember 2010 dan 2009 adalah dalam mata uang Rupiah dan memperoleh tingkat bunga tahunan 3,75% - 6,75% (2009: 4,50% - 8,00%).

Halaman

PT ANZ Panin Bank Standard Chartered Bank ABN-AMRO Bank N.V Others

-

Total

All time deposits as at December 31, 2010 a nd 2009 are denominated in Rupiah and received interest income at 3.75% - 6.75% (2009: 4.50% 8.00%).

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PIUTANG USAHA

5. TRADE RECEIVABLES 2010

2009

Pihak ketiga Dikurangi: Penyisihan piutang tidak tertagih

826,269

Bersih

821,727

447,361

Net

34,723

48,658

Related parties (Note 21)

856,450

496,019

Total

Pihak hubungan istimewa (Catatan 21) Jumlah

451,278

(4,542)

(3,917)

Third parties Less: Provision for doubtful accounts

Piutang usaha - pihak ketiga terutama terdiri dari tagihan kepada pedagang-pedagang rokok.

Trade receivables from third parties mainly consist of receivables from cigarette merchants.

Tidak ada transaksi penjualan kepada satu pelanggan dengan nilai transaksi lebih dari 10% penjualan bersih konsolidasi.

There were no sales to any single customer exceeding 10% of the consolidated net sales.

Analisis umur piutang usaha adalah sebagai berikut:

The aging analysis of trade receivables is as follows:

2010

2009

Lancar Jatuh tempo 1 - 30 hari 31 - 60 hari 61 - 90 hari > 90 hari

802,841

362,688

52,247 459 9 5,436

113,085 18,273 164 5,726

Jumlah Dikurangi Penyisihan piutang tidak tertagih

860,992

499,936

Bersih

856,450

(4,542)

(3,917) 496,019

Mutasi penyisihan piutang tidak tertagih adalah sebagai berikut:

Total Less Provision for doubtful accounts Net

The movements in the provision for doubtful accounts are as follows:

2010

2009

Saldo pada awal tahun Penambahan penyisihan tahun berjalan Penghapusan

3,917 1,589 (964)

4,712 779 (1,574)

Saldo pada akhir tahun

4,542

3,917

Manajemen berkeyakinan bahwa piutang usaha pada tanggal 31 Desember 2010 sebesar Rp 856.450 (2009: Rp 496.019) sepenuhnya dapat ditagih.

Halaman

Current Overdue 1 - 30 days 31 - 60 days 61 - 90 days > 90 days

Balance at beginning of the year Provision raised during the year Write-off Balance at the end of the year

Management believes the trade receivable as of December 31, 2010 of Rp 856,450 (2009: Rp 496,019) were fully performing.

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PERSEDIAAN

6. INVENTORIES 2010

2009

Barang jadi Barang dalam proses Bahan baku Pita cukai Suku cadang Bahan pembantu dan lainnya Persediaan dalam perjalanan

1,402,191 133,603 6,561,035 986,661 113,057 18,567 7,752

1,547,860 95,668 6,225,453 1,000,461 145,254 6,225 47,388

Finished goods Work in progress Raw materials Excise tax Spare parts Sub-materials and others Goods in transit

Barang dagangan

9,222,866 561,882

9,068,309 487,257

Merchandise inventory

9,784,748

9,555,566

Jumlah Dikurangi Penyisihan persediaan usang

(51,438)

(86,279)

Total Less Provision for obsolete and slow moving inventories

Bersih Tanah dan bangunan untuk dijual

9,733,310 69,145

9,469,287 69,780

Net Land and buildings held for sale

Jumlah persediaan

9,802,455

9,539,067

Total inventories

Mutasi penyisihan persediaan usang adalah sebagai berikut:

The movements in the provision for obsolete and slow moving inventories are as follows:

2010 Saldo pada awal tahun Penambahan penyisihan tahun berjalan Penghapusan Saldo pada akhir tahun

2009

86,279 32,005 (66,846)

34,031 67,993 (15,745)

51,438

86,279

Balance at beginning of the year Provision raised during the year Write-off Balance at the end of the year

Manajemen berkeyakinan bahwa penyisihan persediaan usang cukup untuk menutup kemungkinan kerugian yang terjadi di kemudian hari.

Management believes the provision for obsolete and slow moving inventories is adequate to cover possible losses in the future.

Aset tetap dan persediaan Grup telah diasuransikan terhadap berbagai risiko industri (industrial all risks), termasuk risiko-risiko business interruption dan marine cargo, dengan keseluruhan nilai pertanggungan sampai dengan US$2,0 miliar pada tanggal 31 Desember 2010 dan US$1,5 miliar pada tanggal 31 Desember 2009 (Catatan 8). Manajemen berpendapat bahwa nilai pertanggungan asuransi tersebut cukup untuk menutup kemungkinan kerugian yang timbul dari risiko tersebut.

Fixed assets and inventories of the Group are insured against industrial all risks, including business interruption and marine cargo risks, with an insured limit of up to US$2.0 billion as at December 31, 2010 and US$1.5 billion as at December 31, 2009 (Note 8). Management believes the insurance coverage is adequate to cover possible losses from the risks mentioned above.

Halaman

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8.


INVESTASI PADA PERUSAHAAN ASOSIASI

7.

INVESTMENTS IN ASSOCIATES

Pada tanggal 31 Desember 2009, investasi pada perusahaan asosiasi terdiri atas 49% kepemilikan Grup di Vinataba-Philip Morris Limited (dahulu Vinasa Tobacco Joint Venture Company Limited) dan PT San Miguel Sampoerna Packaging Industries (SMSPI) yang keduanya dicatat berdasarkan metode ekuitas dan kepemilikan minoritas di PT Titan Kimia Nusantara Tbk. (Titan) yang dicatat berdasarkan metode biaya.

As at December 31 , 2009, investments in associates includes the Group’s 49% interests in Vinataba-Philip Morris Limited (previously Vinasa Tobacco Joint Venture Company Limited) and PT San Miguel Sampoerna Packaging Industries (SMSPI) which are both accounted for under the equity method and a minor interest in PT Titan Kimia Nusantara Tbk. (Titan) which is accounted for under the cost method.

Pada tahun 2 010, Grup telah menjual seluruh kepemilikan saham pada SMSPI dan Titan. Transaksi ini tidak menimbulkan dampak yang signifikan pada laporan konsolidasi Perusahaan dan anak perusahaan.

The Group sold all of its interest in SMSPI and Titan in 2010. This transaction has no significant impact to the consolidated financial statements of the Company and subsidiaries.

ASET TETAP

8. FIXED ASSETS 2010

Saldo awal/ Beginning balance

Biaya perolehan Pemilikan langsung Tanah Lapangan golf Bangunan dan prasarana Mesin dan peralatan Perabot, peralatan kantor dan laboratorium Alat-alat pengangkutan Jumlah

Penambahan/ Additions

Pengurangan/ Deductions

Selisih kurs karena penjabaran laporan keuangan / Translation adjustments

Saldo akhir/ Ending balance

Historical cost Direct ownership Land Golf course Building and improvements Machinery and equipment Furniture & fixture, office and laboratory equipment Transportation equipment

345,664 24,385 1,831,807 2,859,882

9,652 92,647 151,118

67 5,355 155,832

7 40 8,815

355,256 24,385 1,919,139 2,863,983

650,796 244,222

230,715 390

80,039 130,491

224 135

801,696 114,256

5,956,756

484,522

371,784

9,221

6,078,715

Total

Sewa pembiayaan Alat-alat pengangkutan

240,907

18,787

31,849

-

227,845

Finance leases Transportation equipment

Aset dalam penyelesaian Reklasifikasi

211,953 -

348,463 (472,000)

472,000 (472,000)

-

88,416 -

Construction in progress Reclassifications

379,772

403,633

9,221

6,394,976

Jumlah biaya perolehan Akumulasi penyusutan Pemilikan langsung Lapangan golf Bangunan dan prasarana Mesin dan peralatan Perabot, peralatan kantor dan laboratorium Alat-alat pengangkutan Jumlah Sewa pembiayaan Alat-alat pengangkutan

6,409,616

Total historical cost Accumulated depreciation Direct ownership Golf course Building and improvements Machinery and equipment Furniture & fixture, office and laboratory equipment Transportation equipment

15,749 425,114 983,935

1,219 97,752 228,532

4,000 126,602

35 5,044

16,968 518,901 1,090,909

450,176 107,599

117,198 9,505

79,211 73,604

1,655 127

489,818 43,627

1,982,573

454,206

283,417

6,861

2,160,223

Total

116,849

57,679

27,113

-

147,415


Jumlah akumulasi penyusutan

2,099,422

511,885

310,530

6,861

2,307,638

Total accumulated depreciation

Nilai buku bersih

4,310,194

4,087,338

Net book value

Halaman

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 8. FIXED ASSETS (continued)

ASET TETAP (lanjutan)

2009

Saldo awal/ Beginning balance

Biaya perolehan Pemilikan langsung Tanah Lapangan golf Bangunan dan prasarana Mesin dan peralatan Perabot, peralatan kantor dan laboratorium Alat-alat pengangkutan

Penambahan/ Additions

Selisih kurs karena penjabaran laporan keuangan/ Translation adjustments

Pengurangan/ Deductions

Saldo akhir/ Ending balance

328,832 24,385 1,719,993 2,786,487

21,037 128,890 136,779

4,188 16,982 43,500

(17) (94) (19,884)

345,664 24,385 1,831,807 2,859,882

544,790 206,843

118,370 75,335

11,844 37,627

(520) (329)

650,796 244,222

Historical cost Direct ownership Land Golf course Building and improvements Machinery and equipment Furniture & fixture, office and laboratory equipment Transportation equipment

5,611,330

480,411

114,141

(20,844)

5,956,756

Total

Sewa pembiayaan Alat-alat pengangkutan

247,940

32,668

39,701

-

240,907


Aset dalam penyelesaian Reklasifikasi

196,001 -

414,891 (398,939)

398,939 (398,939)

-

211,953 -

Construction in progress Reclassifications

529,031

153,842

6,409,616

Total historical cost

Jumlah

Jumlah biaya perolehan Akumulasi penyusutan Pemilikan langsung Lapangan golf Bangunan dan prasarana Mesin dan peralatan Perabot, peralatan kantor dan laboratorium Alat-alat pengangkutan

6,055,271

(20,844)

14,530 350,805 821,408

1,219 89,826 190,064

15,436 14,190

(81) (13,347)

15,749 425,114 983,935

345,569 115,632

117,030 23,128

11,755 30,862

(668) (299)

450,176 107,599

Accumulated depreciation Direct ownership Golf course Building and improvements Machinery and equipment Furniture & fixture, office and laboratory equipment Transportation equipment

1,647,944

421,267

72,243

(14,395)

1,982,573

Total

77,821

70,988

31,960

116,849


Jumlah akumulasi penyusutan

1,725,765

492,255

104,203

2,099,422

Total accumulated depreciation

Nilai buku bersih

4,329,506

4,310,194

Net book value

Jumlah Sewa pembiayaan Alat-alat pengangkutan

(14,395)

Pada tanggal 31 Des ember 2010, persentase penyelesaian rata-rata atas aset dalam penyelesaian yang diakui dalam pelaporan keuangan adalah sekitar 58% (2009: 63%). Aset dalam penyelesaian yang sebagian besar terdiri atas bangunan dan prasarana dan mesin dan peralatan diharapkan akan selesai pada tahun 2012.

As at December 31, 2010, the average percentage of completion of the construction in progress recognised for financial reporting was approximately 58% (2009: 63%). Construction in progress which mainly consists of building and improvements and machinery and equipment is expected to be completed in 2012.

Laba atas penjualan aset tetap yang diakui untuk tahun yang berakhir pada tanggal 31 Desember 2010 dan 2009 ditentukan sebagai berikut:

Gain on sale of fixed assets for the years ended December 31, 2010 and 2009 was determined as follows:

2010 Hasil penjualan Nilai buku bersih

2009

30 ,642 (13,223)

81,512 (26,781)

17,419

54,731

Halaman

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Proceeds of sale Net book value


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 8. FIXED ASSETS (continued)

ASET TETAP (lanjutan) Penyusutan yang dibebankan untuk tahun-tahun yang berakhir pada tanggal 31 Desember 2010 dan 2009 dialokasikan sebagai berikut:

The depreciation charge for the years ended December 31, 2010 and 2009 was allocated as follows:

2010 Beban pokok penjualan Beban penjualan Beban umum dan administrasi

9.

2009

367,463 90,167 54,255

343,476 95,806 52,973

511,885

492,255

Cost of goods sold Selling expenses General and administrative expenses

Grup mengadakan perjanjian sewa pembiayaan dengan PT Serasi Auto Raya, PT CSM Corporatama dan PT Adira Sarana Armada untuk pembelian alat transportasi dengan jangka waktu antara tiga sampai dengan lima tahun yang akan berakhir pada beberapa tanggal. Saldo nilai kini atas pembayaran sewa minimum berkaitan dengan alat transportasi sebesar Rp87 miliar (2009: Rp135 miliar).

The Group entered into finance lease agreements with PT Serasi Auto Raya, PT CSM Corporatama and PT Adira Sarana Armada covering transportation equipment with lease terms ranging from three to five years and expiring on various dates. The remaining balance of present value of minimum lease payments relating to the transportation equipment is Rp87 billion (2009: Rp135 billion).

Aset tetap dan persediaan Grup telah diasuransikan terhadap berbagai risiko industri (industrial all risks), termasuk risiko-risiko business interruption dan marine cargo dengan keseluruhan nilai pertanggungan sampai dengan US$2,0 miliar pada tanggal 31 Desember 2010 dan US$1,5 miliar pada tanggal 31 Desember 2009 (Catatan 6).

Fixed assets and inventories of the Group are insured against industrial all risks, including business interruption and marine cargo risks, with an insured limit of up to US$2.0 billion as at Dec ember 31, 2010 and US$1.5 billion as at December 31, 2009 (Note 6).

Aset tetap anak perusahaan tertentu juga diasuransikan terhadap berbagai risiko industri, antara lain risiko atas kerugian kebakaran dan pencurian, berdasarkan paket polis tertentu dengan nilai pertanggungan sebesar US$31,4 juta dan Rp1,39 miliar pada tanggal 31 Desember2010 (2009: US$44,1 juta dan Rp42,0 miliar).

Fixed assets of certain subsidiaries are also covered for industrial all risks insurance against, amongst others, losses from fire and theft, based on certain blanket policies which amounted to US$31.4 million and Rp1.39 billion as at December 31, 2010 (2009 : US$44.1 million and Rp42.0 billion).

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutup kemungkinan kerugian yang timbul dari risiko tersebut.

Management believes the sum insured is adequate to cover possible losses from the risks mentioned above.

Perusahaan memiliki tanah dengan Hak Guna Bangunan (HGB) untuk jangka waktu antara 20 tahun dan 30 tahun yang dapat diperpanjang pada saat berakhirnya masa berlaku.

The Group has parcels of land with Building Utilisation Rights (HGB) ranging from 20 years to 30 years which are expected to be renewed at their expiration dates.

GOODWILL

9. GOODWILL 2010

Biaya perolehan

2009

379,952

379,952

Akumulasi amortisasi Saldo pada awal tahun Amortisasi tahun berjalan

(104,785) (37,847)

(66,938) (37,847)

Accumulated amortisation At the beginning of the year Current year amortisation

Saldo pada akhir tahun

(142,632)

(104,785)

At the end of the year

237,320

275,167

Nilai buku bersih

Halaman

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Cost

Net book value



10. PINJAMAN JANGKA PENDEK

10. SHORT-TERM BORROWINGS 2010

2009

Pihak ketiga Cerukan - Deutsche Bank AG

-

653,164

Third parties Overdraft - Deutsche Bank AG

Pihak hubungan istimewa (Catatan 21) Philip Morris Finance SA

-

94,002

Related party (Note 21) Philip Morris Finance SA

Jumlah

-

747,166

Total

Pihak ketiga

Third parties

Tingkat bunga tahunan yang berlaku untuk cerukan dan pinjaman bank jangka pendek:

The annual interest rates of the overdraft and shortterm bank loans:

Cerukan Pinjaman bank jangka pendek

2010

2009

5.95% - 7.15% 7.63%

6.00% - 14.35% 7.63% - 13.85%

Overdraft Short-term bank loan

Pada tanggal 31 Des ember 2010, Grup memperoleh fasilitas-fasilitas pinjaman tanpa jaminan dari beberapa bank dengan pagu pinjaman keseluruhan sebesar Rp350,0 miliar dan US$175,0 juta (2009: Rp1,5 triliun dan US$85,0 juta).

On Dec ember 31, 2010, the Group had unsecured credit facilities from several banks with maximum limits of Rp350.0 billion and US$175.0 million (2009: Rp1.5 trillion and US$85.0 million).

Pada tanggal 31 Desember 2010 tidak terdapat saldo dari fasilitas di atas.

On December 31, 2010, there were no outstanding loans from the facilities.

Pihak hubungan istimewa

Related party

Pada tanggal 1 September 2008 Perusahaan memperoleh fasilitas pinjaman dari Philip Morris Finance SA sampai dengan 10,00% dari jumlah pendapatan Perusahaan (berdasarkan laporan keuangan tahunan terakhir yang sudah diaudit). Fasilitas pinjaman ini akan jatuh tempo pada tanggal 1 September 2018.

On September 1, 2008, the Company obtained an intercompany loan facility from Philip Morris Finance SA of up to 10.00% of the total revenue of the Company (based on the latest audited annual financial statements). This facility will expire on September 1, 2018.

Pada tanggal 31 Desember 2009, jumlah saldo pinjaman adalah sebesar US$10,0 juta (setara dengan Rp 94,0 miliar) dengan tingkat suku bunga 0,47% telah jatuh tempo dan dibayar pada tanggal 5 Januari 2010 (Catatan 21).

As at December 31, 2009, the outstanding intercompany loan amounted to US$10.0 million (equivalent to Rp94.0 billion) with annual interest at the rate of 0.47% and matured and was paid on January 5, 2010 (Note 21).

11. HUTANG USAHA DAN LAINNYA

11. TRADE AND OTHER PAYABLES 2010

Pihak ketiga Pihak hubungan istimewa (Catatan 21) Jumlah

2009

583 ,686 490,831

681,333 455,507

Third parties Related parties (Note 21)

1,074,517

1,136,840

Total

Hutang usaha dan lainnya - pihak ketiga terutama timbul dari pembelian cengkeh, tembakau, saos dan bahan pembungkus.

Halaman

Trade and other payables - third parties are mostly derived from purchases of cloves, tobacco, flavour and wrapping materials.

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11. HUTANG USAHA DAN LAINNYA (lanjutan)

11. TRADE AND OTHER PAYABLES (continued)

Analisis umur hutang usaha dan lainnya adalah sebagai berikut:

The aging analysis of trade and other payables is as follows:

2010

2009

Lancar Jatuh tempo 1 - 30 hari 31 - 60 hari 61 - 90 hari > 90 hari

1,017,416

1,075,339

42,185 1,975 869 12,072

29,969 767 252 30,513

Current Overdue 1 - 30 days 31 - 60 days 61 - 90 days > 90 days

Jumlah

1,074,517

1,136,840

Total

12. PERPAJAKAN a.

12. TAXATION

Hutang pajak

a. 2010

Pajak Penghasilan Badan Pasal 29 Pajak Pertambahan Nilai Lain-lain Jumlah

Taxes payable

2009

254,203 590,376 228,767

46,963 606,123 211,316

Corporate Income Tax Value Added Tax Others

1,073,346

864,402

Total

b.

b. Beban/(manfaat) pajak penghasilan

Income tax expense/(benefit)

2010

2009

Perusahaan Kini Tangguhan

2,179,397 (7,339)

1,914,110 13,300

The Company Current Deferred

Jumlah

2,172,058

1,927,410

Total

Anak perusahaan Kini Tangguhan

133 ,204 20,219

207,182 (10,436)

Jumlah

153 ,423

196,746

Total

Konsolidasi Kini Tangguhan

2,312 ,601 12,880

2,121,292 2,864

Consolidated Current Deferred

Jumlah

2,325,481

2,124,156

Total

Halaman

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The Subsidiaries Current Deferred



12. PERPAJAKAN (lanjutan)

12. TAXATION (continued)

b. Beban/(manfaat) pajak penghasilan (lanjutan)

b.

Income tax expense/(benefit) (continued)

Rekonsiliasi antara laba sebelum pajak penghasilan menurut laporan laba rugi konsolidasi dengan penghasilan kena pajak Perusahaan untuk tahun yang berakhir pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

Laba sebelum pajak penghasilan menurut laporan laba rugi konsolidasi Dikurangi Laba anak perusahaan sebelum pajak penghasilan Bagian laba bersih perusahaan asosiasi Laba sebelum pajak penghasilan Perusahaan Beda temporer Kewajiban imbalan pasca-kerja Amortisasi biaya ditangguhkan Aset tetap Beban yang masih harus dibayar dan kewajiban estimasian Beda permanen Beban yang tidak dapat dikurangkan Penghasilan yang telah dikenakan pajak penghasilan final - Bunga - Sewa Penghasilan kena pajak Perusahaan

The reconciliation between profit before income tax, as shown in the consolidated statements of income and the Company’s estimated taxable income for the years ended December 31, 201 0 and 2009 is as follows:

2010

2009

8,748 ,229

7,213,466

(293,356)

(546,962)

(1,921)

(246)

Profit before income tax per consolidated statements of income Less Profit of subsidiaries before income tax

6,666,258

Shares of results of associates Profit before income tax attributable to the Company

109,993 (665) (113 ,404)

95,861 1,126 (196,907)

Temporary differences Post-employment benefit obligations Amortisation of deferred charges Fixed assets

33,434

87,554

Accrued expenses and provisions

8,452,952

Permanent differences 300,369

228,091

(63,603) (1,488)

(36,050) (9,826)

8,717,588

6,836,107

Penghasilan kena pajak Perusahaan tahun 2010 akan dilaporkan dalam Surat Pemberitahuan Tahunan (SPT) tahun 2010, sedangkan jumlah penghasilan kena pajak Perusahaan tahun 2009 telah sesuai dengan SPT tahun 2009 yang dilaporkan ke Kantor Pajak.

Halaman

Non-deductible expenses Income already subject to final tax Interest Rent Taxable income of the Company

The taxable income of the Company for 2010 will be reported in the 2010 Annual Tax Return (SPT), while the taxable income of the Company for 2009 agreed with the 2009 SPT filed with the Tax Office.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 12. TAXATION (continued)


b.

b. Beban/(manfaat) pajak penghasilan (lanjutan) Perhitungan pajak penghasilan tahun berjalan, hutang pajak penghasilan dan tagihan pajak penghasilan adalah sebagai berikut:

Income tax expense/(benefit) (continued) The computations of income tax - current , income tax payable and claims for tax refunds are as follows:

2010

2009

Beban pajak penghasilan - kini - Perusahaan - Anak perusahaan

2,179,397 133,204

1,914,110 207,182

Income tax expense - current The Company Subsidiaries -

Jumlah

2,312,601

2,121,292

Total

Dikurangi pembayaran pajak penghasilan - Perusahaan - Anak perusahaan

1,947,067 111,331

1,913,852 160,477

Less payments of income taxes The Company Subsidiaries -

Jumlah

2,058,398

2,074,329

Total

Hutang pajak penghasilan badan - Perusahaan - Anak perusahaan

232 ,330 21,873

258 46,705

Corporate income tax payables The Company Subsidiaries -

Jumlah

254,203

46,963

Total

Tagihan pajak penghasilan oleh anak perusahaan (disajikan sebagai bagian dari “Aset lainnya - tidak lancar”) - 2010 - 2009 - 2008 - 2007 - 2003

55,816 7,685 2,105 12,160 9,054

7,724 6,291 12,324 11,928

Claims for tax refunds by subsidiaries (presented as part of “Other assets - non-current”) 2010 2009 2008 2007 2003 -

Jumlah

86 ,820

38,267

Total

Halaman

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12. TAXATION (continued)

b. Beban/(manfaat) pajak penghasilan (lanjutan)

b.

Income tax expense/(benefit) (continued)

Rekonsiliasi antara beban pajak penghasilan yang dihitung dengan menggunakan tarif pajak yang berlaku dari laba sebelum pajak penghasilan dengan beban pajak penghasilan seperti yang tercantum dalam laporan laba rugi konsolidasi adalah sebagai berikut:

The reconciliations between the income tax expense by applying the applicable tax rate to profit before income tax and the income tax expense as shown in the consolidated statements of income are as follows:

2010

2009

Laba sebelum pajak penghasilan Perusahaan

8,452,952

6,666,258

Profit before income tax attributable to the Company

Pajak dihitung dengan tarif pajak yang berlaku

2,113,238

1,866,552

Tax calculated at applicable tax rate

Efek pajak yang berasal dari perbedaan permanen: Beban yang tidak dapat dikurangkan Penghasilan yang telah dikenakan pajak penghasilan final - Bunga - Sewa Efek perubahan tarif pajak

Tax effect of permanent differences: 75,092

63,865

(15,900) (372) -

(10,094) (2,751) 9,838

Non-deductible expenses Income already subjected to final tax Interest Rent Impact of tax rate changes

Pajak penghasilan - Perusahaan - Anak perusahaan

2,172,058 153,423

1,927,410 196,746

Income tax The Company Subsidiaries -

Beban pajak penghasilan menurut laporan laba rugi konsolidasi

2,325,481

2,124,156

Income tax expense per consolidated statements of income

Rincian manfaat pajak penghasilan - tangguhan adalah sebagai berikut:

The details of income tax benefit - deferred are as follows:

2010 Perusahaan - Beban yang masih harus dibayar dan kewajiban estimasian - Kewajiban imbalan pasca-kerja - Amortisasi biaya ditangguhkan - Aset tetap

2009 The Company

(8,358) (27,498) 166 28,351

(17,183) (23,399) 724 53,158

Anak perusahaan

(7,339) 20,219

13,300 (10,436)

Jumlah

12,880

2,864

Halaman

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Page

Accrued expenses and provisions Post-employment benefit obligations Amortisation of deferred charges Fixed assets

-

Subsidiaries Total



12. PERPAJAKAN (lanjutan) c.

12. TAXATION (continued) c.

Pajak penghasilan tangguhan

Deferred income tax

Aset dan kewajiban pajak tangguhan pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The deferred tax assets and liabilities as at December 31, 2010 and 2009 are as follows:

2010 Perusahaan Aset/(kewajiban) pajak tangguhan - bersih - Beban yang masih harus dibayar dan kewajiban estimasian - Kewajiban imbalan pasca-kerja - Beban tangguhan - Aset tetap

2009 The Company Deferred tax assets/(liabilities) - net

131 ,165 106,609 (12,132) (184,483)

122,807 79,111 (11,966) (156,132)

41,159

33,820

Total

Anak perusahaan Aset pajak tangguhan - bersih

1,378

29,406

Subsidiaries Deferred tax assets - net

Kewajiban pajak tangguhan bersih

(11,352)

(19,161)

Konsolidasi Aset pajak tangguhan - bersih

42,537

63,226

Kewajiban pajak tangguhan bersih

(11,352)

(19,161)

Jumlah

Pada tanggal 31 Desember 2010, Grup tidak mengakui aset pajak tangguhan yang timbul dari akumulasi rugi fiskal dari anak perusahaan tertentu di dalam negeri sebesar Rp95,5 miliar (2009: Rp83,0 miliar) karena manajemen berpendapat bahwa kecil kemungkinan manfaat aset pajak tangguhan tersebut dapat direalisasi di masa mendatang. d.

-

Deferred tax liabilities - net Consolidated Deferred tax assets - net Deferred tax liabilities - net

As at December 31, 2010, the Group did not recognise deferred tax assets related to the accumulated tax losses in certain domestic subsidiaries amounting to Rp95.5 billion (2009: Rp83.0 billion) as in the opinion of management, it is unlikely that the benefit of the deferred tax assets will be realisable in the foreseeable future.

Peraturan baru

d.

Di bulan September 2008, pemerintah Indonesia menerbitkan perubahan atas undang-undang pajak penghasilan yang berlaku efektif sejak 1 Januari 2009. Dengan berlakunya undang-undang baru ini, tarif pajak penghasilan badan berkurang menjadi tarif tetap sebesar 28% di tahun fiskal 2009 dan 25% di tahun fiskal 2010 dan seterusnya.

13. HUTANG CUKAI

Accrued expenses and provisions Post-employment benefit obligations Deferred charges Fixed assets

New regulation In September 2008, the Indonesian government issued an amendment to the income tax law which became effective commencing January 1, 2009. With this law, the corporate income tax rate was reduced to a fixed rate of 28% for the fiscal year 2009 and 25% for the fiscal year 2010 onwards.

13. EXCISE TAX PAYABLE

Hutang cukai merupakan hutang yang timbul dari pembelian pita cukai.

Halaman

Excise tax payable represents payables arising from the purchase of excise stamps.

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14. MODAL SAHAM

14. SHARE CAPITAL

Saham Perusahaan bernilai nominal Rp100 (Rupiah penuh) per saham. Rincian kepemilikan saham Perusahaan pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The Company’s shares have a par value of Rp100 (full Rupiah) per share. The share ownership details of the Company as at December 31, 2010 and 2009 are as follows: 2010 and 2009

Pemegang saham/ Shareholders

Jumlah saham ditempatkan dan disetor penuh/ Number of shares issued and fully paid

Persentase pemilikan/ Percentage of ownership

Jumlah/ Amount

PT Philip Morris Indonesia Masyarakat/Public

4,303,168,205 79,831,795

98.18 1.82

430,317 7,983

Modal saham yang beredar/ Outstanding share capital

4,383,000,000

100.00

438,300

15. INFORMASI SEGMEN

15. SEGMENT INFORMATION

Management berpendapat bahwa Grup memiliki satu segmen usaha, yaitu industri dan perdagangan rokok, karena penjualan dan aset segmen usaha tersebut merupakan masing-masing 99,4% dan 97,1% dari total penjualan bersih dan aset konsolidasian Grup (2009: 99,6% dan 94,0%).

Management is of the view that the Group operates in one operating segment, i.e. manufacturing and distribution of cigarettes, given that sales and assets of this segment represented 99.4% and 97.1% of the total consolidated net sales and assets of the Group respectively (2009: 99.6% and 94.0%).

Penjualan bersih, beban pokok penjualan, aset dan pengeluaran modal Grup dari usaha di dalam negeri, pada tahun 2010, masing-masing mencerminkan 98,8%, 98,7%, 97,2% dan 100,0% dari jumlah penjualan bersih, beban pokok penjualan, aset dan pengeluaran konsolidasi (2009: 98,5%, 98,5%, 96,9% dan 99,9%).

The Group’s net sales, cost of goods sold, assets and capital expenditure in Indonesia in 2010, represents 98.8%, 98.7%, 97.2% and 100.0% of total consolidated net sales, cost of goods sold, assets and capital expenditure, respectively (2009: 98.5%, 98.5%, 96.9% and 99.9%).

16. BEBAN POKOK PENJUALAN

16. COST OF GOODS SOLD 2010

2009

Beban produksi Pita cukai Persediaan barang jadi dan barang dagangan awal tahun Pembelian barang dagangan Persediaan barang jadi dan barang dagangan akhir tahun

8,300,628 16,525,071

7,846,317 15,071,137

2,035,117 5,815,297

1,631,133 5,210,356

(1,964,073)

(2,035,117)

Beban pokok penjualan rokok Beban pokok penjualan lainnya

30,712,040 13,625

27,723,826 20,406

Cost of goods sold for cigarettes Cost of other sales

Jumlah

30,725,665

27,744,232

Total

Tidak ada pembelian dari pihak tertentu dengan nilai transaksi lebih dari 10% penjualan bersih konsolidasi selain pembelian dari PT Philip Morris Indonesia (Catatan 21).

Halaman

Production costs Excise tax Beginning balance of finished goods and merchandise inventory Purchases of merchandise inventory Ending balance of finished goods and merchandise inventory

There were no purchases from any party exceeding 10% of the consolidated net sales other than purchases from PT Philip Morris Indonesia (Note 21).

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17. BEBAN USAHA

Penjualan Iklan dan promosi Gaji, upah dan kesejahteraan karyawan (Catatan 19) Jasa manajemen (Catatan 21) Pengangkutan dan distribusi Sewa Penyusutan Lain-lain (masing-masing di bawah Rp50 miliar) Jumlah

17. OPERATING EXPENSES 2010

2009

1,171,373

1,190,429

775,831 464,597 258,211 123,180 90,167

766,261 452,007 256,543 92,235 95,806

261,698

286,089

Selling Advertising and promotion Salaries, wages and employee benefits (Note 19) Management services (Note 21) Transportation and distribution Rent Depreciation Others (less than Rp50 billion each)

3,145,057

3,139,370

Total

Umum dan administrasi Gaji, upah, dan kesejahteraan karyawan (Catatan 19) Honorarium tenaga ahli Penyusutan Lain-lain (masing-masing di bawah Rp50 miliar)

460,263 62,275 54,255

440,343 60,719 52,973

223,009

270,027

General and administrative Salaries, wages, and employee benefits (Note 19) Professional fees Depreciation Others (less than Rp50 billion each)

Jumlah

799,802

824,062

Total

3,944,859

3,963,432

Total operating expenses

Jumlah beban usaha

18. BEBAN PEMBIAYAAN

18. FINANCING COSTS 2010

Beban bunga Pinjaman bank Hutang sewa pembiayaan Hutang obligasi Pinjaman jangka pendek pihak hubungan istimewa (Catatan 21)

2009 Interest expense Bank borrowings Obligations under finance leases Bonds payable

16,883 12,890 -

34,998 18,638 88,389

305

1,471

Jumlah Lain-lain

30,078 6,684

143,496 23,110

Total Others

Jumlah beban pembiayaan

36,762

166,606

Total financing costs

Beban bunga obligasi berasal dari obligasi tanpa jaminan dengan nilai nominal Rp1,0 triliun (Obligasi III) dan tingkat bunga 10,75% yang telah jatuh tempo dan dilunasi pada tanggal 26 Oktober 2009.

Halaman

Short-term borrowings - related party (Note 21)

Interest expense from bonds arose from unsecured bonds with a nominal value of Rp1.0 trillion (Bond III) and fixed interest rate 10.75% which matured and settled on October 26, 2009.

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19. KEWAJIBAN IMBALAN PASCA-KERJA

19. POST-EMPLOYMENT BENEFIT OBLIGATIONS

Program pensiun

Pension plan

Pada tanggal 1 April 2008, Perusahaan menyelenggarakan program pensiun iuran pasti yang dikelola oleh Dana Pensiun Lembaga Keuangan AIG (DPLK AIG). Berdasarkan program pensiun iuran pasti, imbalan yang akan diterima karyawan ditentukan dari besarnya kontribusi yang dibayarkan oleh pemberi kerja dan karyawannya ditambah dengan hasil investasi atas dana tersebut. Kontribusi dari karyawan adalah bersifat sukarela. Bagian Perusahaan dan anak perusahan tertentu di dalam negeri atas program pensiun iuran pasti adalah sebesar 8,50% dari gaji karyawan atau Rp59,1 miliar pada tahun 2010 (2009: Rp54,7 miliar).

On April 1, 2008, the Company established a defined contribution pension plan managed by Dana Pensiun Lembaga Keuangan AIG (DPLK AIG). Under the defined contribution pension plan, the benefit received by an employee is determined based on the contribution paid by the employer and the employee and the return on investment of the fund. Contributions from employees are voluntary. The Company and certain of its domestic subsidiaries’ contribution to the defined contribution pension plan is 8.50% of the employee’s basic salary or Rp59.1 billion for the year 2010 (2009: Rp54.7 billion).

Imbalan pasca-kerja yang tidak dicakup oleh program pensiun

Post-employment benefits not covered by a pension plan

Imbalan pasca-kerja yang tidak dicakup oleh program pensiun meliputi bagian imbalan berdasarkan UndangUndang Ketenagakerjaan atas karyawan-karyawan yang tidak ikut serta dalam program pensiun iuran pasti yang disebut di atas dan bagian imbalan berdasarkan Undang-Undang Ketenagakerjaan atas karyawankaryawan yang ikut dalam keanggotaan program pensiun iuran pasti yang melebihi nilai imbalan mereka sebagai anggota dari program.

Post-employment benefits not covered by a pension plan include the benefit entitlements under Labor Law of those employees who are not members of the defined contribution pension plan referred to above and that portion of benefit entitlements under the Labor Law attributable to employees who are members of the defined contribution pension plan which are in excess of their benefits as members of the plan.

Perhitungan atas imbalan pasca-kerja yang tidak dicakup oleh program pensiun didasarkan pada penilaian aktuarial yang dilakukan oleh PT Towers Watson Purbajaga, aktuaris independen berdasarkan laporannya tertanggal 24 Pebruari 2011 (2009: 9 Maret 2010) menggunakan metode “Projected Unit Credit” dengan menggunakan asumsi sebagai berikut:

Estimated post-employment benefits not covered by a pension plan have been determined based on the annual actuarial valuation undertaken by PT Towers Watson Purbajaga, an independent actuary, in its report dated February 24, 2011 (2009: March 9, 2010) using the “Projected Unit Credit” method with the following assumptions:

Tingkat diskonto tahunan Tingkat kenaikan gaji tahunan Usia pensiun normal Usia pensiun dini Tabel tingkat kematian

2010

2009

9.50% 8.00% 55 tahun/years 45 tahun/years TMI’99 Indonesian Mortality Table 1999

10.75% 8.00% 55 tahun/years 45 tahun/years TMI’99 Indonesian Mortality Table 1999

Kewajiban imbalan pasca-kerja pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The post-employment benefit obligations as at December 31, 2010 and 2009 were as follows:

2010

2009

Nilai kini kewajiban Keuntungan aktuarial yang belum diakui Biaya jasa lalu yang belum diakui yang belum menjadi hak

(522,522) (41,734)

(490,076) (15,380)

131,614

142,058

Kewajiban imbalan pasca-kerja

(432,642)

(363,398)

Halaman

Annual discount rate Annual salary increase Retirement age Early retirement age Mortality table

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Present value of obligation Unrecognised actuarial gains Unrecognised past service costs non-vested Post-employment benefit obligations

PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ANAK PERUSAHAAN/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Dalam jutaan Rupiah, kecuali dinyatakan lain) 19. KEWAJIBAN (lanjutan)

IMBALAN


PASCA-KERJA

19. POST-EMPLOYMENT BENEFIT OBLIGATIONS (continued)

Rincian beban imbalan pasca-kerja yang tidak dicakup oleh program pensiun adalah sebagai berikut:

The details of the post-employment benefit expenses not covered by the pension plan were as follows:

2010

2009

Biaya jasa kini Beban bunga Biaya jasa lalu Kerugian bersih aktuarial yang diakui pada tahun berjalan

36 ,108 51,373 11,326

26,617 40,514 65,951

694

3,348

Current service cost Interest cost Past service cost Net actuarial losses recognised during the year

Jumlah beban

99,501

136,430

Total expense

Mutasi kewajiban imbalan pasca-kerja adalah sebagai berikut:

The movements in post-employment obligations were as follows:

2010

2009

Saldo awal tahun Beban imbalan pasca-kerja tahun berjalan Pembayaran imbalan kepada karyawan

363,398

243,961

99,501 (30,257)

136,430 (16,993)

Saldo akhir tahun

432,642

363,398

20. DIVIDEN

benefit

Balance at the beginning of the year Post-employment benefit expense Payments to employees Balance at the end of the year

20. DIVIDENDS

2010

2010

Berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan tanggal 18 Juni 2010, para pemegang saham Perusahaan menyetujui pembayaran dividen kas sebesar Rp6,68 triliun atau Rp1.525,0 (Rupiah penuh) per saham yang berasal dari laba bersih tahun buku 2009, yang telah dibagikan sebagai berikut:

Based on a resolution of the Annual Shareholders’ General Meeting on June 18, 2010, the Company’s shareholders approved a cash dividend of Rp6.68 trillion or Rp1,525.0 (full Rupiah) per share from the 2009 net income, which was distributed as follows:

- Rp2,69 triliun atau Rp615,0 (Rupiah penuh) per saham telah dibayar pada tanggal 29 September 2010; - Rp3,99 triliun atau Rp910,0 (Rupiah penuh) per saham telah dibayar pada tanggal 18 Januari 2011.

- Rp2.69 trillion or Rp615.0 (full Rupiah) per share paid on September 29, 2010;

2009

2009

Berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan tanggal 27 Mei 2009, para pemegang saham Perusahaan telah menyetujui pembayaran dividen kas sebesar Rp2,63 triliun atau Rp600,0 (Rupiah penuh) per saham yang berasal dari laba bersih tahun buku 2008, yang telah dibagikan sebagai berikut:

Based on a resolution of the Annual Shareholders’ General Meeting on May 27, 2009, the Company’s shareholders approved a cash dividend of Rp2.63 trillion or Rp600.0 (full Rupiah) per share from the 2008 net income, which was distributed as follows:

- Rp1,49 triliun atau Rp340,0 (Rupiah penuh) per saham telah dibayar pada tanggal 6 Juli 2009; - Rp0,48 triliun atau Rp110,0 (Rupiah penuh) per saham telah dibayar pada tanggal 22 Desember 2009; - Rp0,66 triliun atau Rp150,0 (Rupiah penuh) telah dibayar pada tanggal 25 Pebruari 2010.

- Rp1.49 trillion or Rp340.0 (full Rupiah) per share paid on July 6, 2009; - Rp0.48 trillion or Rp110.0 (full Rupiah) per share paid on December 22, 2009;

Halaman

- Rp3.99 trillion or Rp910.0 (full Rupiah) per share paid on January 18, 2011.

- Rp0.66 trillion or Rp150.0 (full Rupiah) per share paid on February 25, 2010. 5/33

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21. INFORMASI MENGENAI PIHAK HUBUNGAN ISTIMEWA

21. RELATED PARTY INFORMATION

Dalam kegiatan usaha normal, Grup melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa dengan metode perhitungan harga cost plus.

The Group, in its regular conduct of business, has engaged in transactions with related parties which have been priced using a cost plus method.

Sifat transaksi material dan hubungan istimewa

Nature of material transactions and relationship with related parties

Pihak yang mempunyai hubungan istimewa/ Related parties

Sifat hubungan dengan pihak yang mempunyai hubungan istimewa/ Relationship with the related parties

Transaksi yang signifikan/ Significant transactions

PT Philip Morris Indonesia

Pemegang saham pengendali/ Controlling shareholder

- Penjualan bahan kemasan rokok/Sales of cigarette packaging materials - Penjualan mesin dan suku cadang/Sales of machinery and spare parts - Pembelian rokok/Purchase of cigarettes - Pembelian tembakau/Purchase of tobacco - Pembelian mesin dan suku cadang/ Purchase of machinery and spare parts - Pendapatan jasa manajemen/Management services income - Pendapatan jasa kepegawaian/Personnel services income - Pendapatan jasa teknis/ Technical services income

Philip Morris Products SA

Pemegang saham utama yang sama/ The same ultimate shareholder

-

Philip Morris International Management SA


- Penjualan rokok/Sales of cigarettes products - Pembelian tembakau/Purchase of tobacco - Penjualan tembakau/Sales of tobacco - Biaya jasa manajemen/Management service charges - Pendapatan jasa teknis/Technical services income

Philip Morris Services SA

Management


- Pendapatan jasa kepegawaian/Personnel services income - Biaya jasa kepegawaian/Personnel services charges

Godfrey Phillips (Malaysia) Sdn. Bhd.


- Biaya jasa manajemen/Management services charges

Halaman

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Penjualan rokok/Sales of cigarettes Pendapatan royalti/Royalty income Biaya royalti/Royalty charges Pendapatan jasa teknis untuk pengembangan produk/Technical services income for product development - Penjualan tembakau dan bahan kemasan/ Sales of tobacco and wrapping - Pembelian bahan kemasan rokok/ Purchase of cigarette packaging materials



21. INFORMASI MENGENAI PIHAK HUBUNGAN ISTIMEWA (lanjutan)

21. RELATED PARTY INFORMATION (continued)

Sifat transaksi material dan hubungan istimewa (lanjutan)

Nature of material transactions and relationship with related parties (continued)

Pihak yang mempunyai hubungan istimewa/ Related parties

Sifat hubungan dengan pihak yang mempunyai hubungan istimewa/ Relationship with the related parties

Philip Morris International IT Service Center SARL


- Biaya jasa charges

Philip Morris Information Services Limited


- Biaya jasa teknis/Technical services charges - Pendapatan jasa teknis/Technical services income

Philip Morris (Malaysia) Sdn. Bhd.


- Penjualan tembakau/Sales of tobacco - Penjualan rokok/Sales of cigarettes products - Penjualan material/Sales of raw materials - Penjualan mesin dan suku cadang/Sales of machinery and spare parts - Pendapatan jasa teknis/Technical services income - Pembelian mesin dan suku cadang/Purchase of machinery and spare parts - Pembelian tembakau, saos dan flavor/Purchase of tobacco, sauce and flavour - Biaya jasa manajemen/Management service charges - Biaya jasa teknis/Technical service charges - Pembiayaan/Financing

Philip Morris Finance SA

Pemegang saham utama yang sama/ The same ultimate shareholder Pemegang saham utama yang sama/ The same ultimate shareholder

- Pembiayaan/Financing

Philip Morris Korea Inc.


- Penjualan tembakau/Sales of tobacco

Godfrey Phillips (India) Ltd.


- Pembelian tobacco

Philip Morris Vietnam SA


- Pendapatan jasa services income

teknis/Technical

Philip Morris Ukraine


- Pembelian mesin cadang/Purchase of spareparts

dan suku machinery and

Philip Morris Global Services Inc.


- Biaya jasa manajemen/Management service charges

Philip Morris Brazil Industria E Comercio

Halaman

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Page

Transaksi yang signifikan/ Significant transactions teknis/Technical services

- Penjualan cengkeh/Sales of clove

tembakau/Purchase

of





Transaksi hubungan istimewa yang material

Significant transactions with related parties

Rincian transaksi dengan pihak-pihak hubungan istimewa sebagai berikut:

The details of transactions with related parties are as follows:

2010

2009

Transaksi usaha Penjualan PT Philip Morris Indonesia Philip Morris International Management SA Philip Morris Products SA Philip Morris Korea Inc. Philip Morris (Malaysia) Sdn. Bhd. Philip Morris Brazil Industria E Comercio Lain-lain (di bawah Rp1,0 miliar)

Persentase terhadap penjualan bersih konsolidasi Pembelian PT Philip Morris Indonesia Philip Morris International Management SA Godfrey Phillips India, Ltd. Philip Morris Products SA Philip Morris (Malaysia) Sdn. Bhd. Lain-lain (di bawah Rp1,0 miliar)

Persentase terhadap penjualan bersih konsolidasi

Trade transactions 84,757

92,325

56,134 17,917 6,756 3,264 1,540 1,424

95,980 17,469 3,398 801 83

171,792

210,056

0.40%

0.54%

5,801,673

5,253,844

54,989 18,145 15,730 1,875 581

317,129 5,407 457

5,892,993

5,576,837

13.58%

14.31%

Transaksi lainnya Penjualan lainnya Philip Morris (Malaysia) Sdn. Bhd. PT Philip Morris Indonesia Lain-lain (di bawah Rp1,0 miliar)

Sales PT Philip Morris Indonesia Philip Morris International Management SA Philip Morris Products SA Philip Morris Korea Inc. Philip Morris (Malaysia) Sdn. Bhd. Philip Morris Brazil Industria E Comercio Others (below Rp1.0 billion)

As a percentage of the consolidated net sales Purchases PT Philip Morris Indonesia Philip Morris International Management SA Godfrey Phillips India, Ltd. Philip Morris Products SA Philip Morris (Malaysia) Sdn. Bhd. Others (below Rp1.0 billion)

As a percentage of the consolidated net sales

Other transactions Other sales Philip Morris (Malaysia) Sdn. Bhd. PT Philip Morris Indonesia Others (below Rp1.0 billion)

73 -

4,881 2,393 406

73

7,680


0.00%

0.02%


Pembelian lainnya Philip Morris Ukraine PT Philip Morris Indonesia Lain-lain (di bawah Rp1,0 miliar)

2,734 987

2,791 2,854 1,081

Other purchases Philip Morris Ukraine PT Philip Morris Indonesia Others (below Rp1.0 billion)

3,721

6,726

0.01%

0.02%


Halaman

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 (Expressed in millions of Rupiah, unless otherwise stated) 21. RELATED PARTY INFORMATION (continued)

21. INFORMASI MENGENAI PIHAK HUBUNGAN ISTIMEWA (lanjutan) Transaksi hubungan istimewa yang material (lanjutan)

Significant (continued)

2010 Biaya jasa dan lainnya Philip Morris International Management SA Philip Morris Management Services SA Philip Morris Information Services Limited Philip Morris International IT Service Center SARL Godfrey Phillips (Malaysia) Sdn. Bhd. Philip Morris Product SA Philip Morris (Malaysia) Sdn. Bhd. Philip Morris Global Services Inc. Lain-lain (di bawah Rp1,0 miliar) Persentase terhadap penjualan bersih konsolidasi Beban pembiayaan Philip Morris Finance SA Persentase terhadap penjualan bersih konsolidasi Pendapatan jasa dan lainnya Philip Morris International Management SA Philip Morris Products SA PT Philip Morris Indonesia Philip Morris Information Services Limited Philip Morris (Malaysia) Sdn. Bhd. Lain-lain (di bawah Rp1,0 miliar) Persentase terhadap penjualan bersih konsolidasi Penghasilan bunga PT Philip Morris Indonesia Philip Morris (Malaysia) Sdn. Bhd. Lain-lain (di bawah Rp1,0 miliar)


transactions

with

related

parties

2009 Service charges and others Philip Morris International Management SA Philip Morris Management Services SA Philip Morris Information Services Limited Philip Morris International IT Service Center SARL Godfrey Phillips (Malaysia) Sdn. Bhd. Philip Morris Product SA Philip Morris (Malaysia) Sdn. Bhd. Philip Morris Global Services Inc. Others (below Rp1.0 billion)

452,826 201,299 51,012

441,992 188,347 9,789

35,928 27,380 17,840 12,345 2,929 100

26,864 25,242 20,690 70,459 4,678 740

801,659

788,801

1.85%

2.02%


305

1,471

Financing costs Philip Morris Finance SA

0.00%

0.00%


97,043 43,056 19,812 1,177 169 2,091

27,450 29,826 31,016 26,592 929

Service income and others Philip Morris International Management SA Philip Morris Products SA PT Philip Morris Indonesia Philip Morris Information Services Limited Philip Morris (Malaysia) Sdn. Bhd. Others (below Rp1.0 billion)

163,348

115,813

0.38%

0.30%


6,769 3,215 131

5,043 16

Interest income PT Philip Morris Indonesia Philip Morris (Malaysia) Sdn. Bhd. Others (below Rp1.0 billion)

10,115

5,059

0.02%

0.01%

Halaman

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Saldo akun dengan pihak-pihak hubungan istimewa

Account balances with related parties

Rincian saldo dengan pihak-pihak hubungan istimewa adalah sebagai berikut:

The details of balances from related parties are as follows:

2010 Piutang usaha Philip Morris International Management SA PT Philip Morris Indonesia Philip Morris Products SA Philip Morris Korea Inc. Lain-lain (di bawah Rp1,0 miliar)

Persentase terhadap aset konsolidasi Piutang lainnya Philip Morris Finance SA Philip Morris International Management SA Philip Morris Korea Inc. PT Philip Morris Indonesia Philip Morris Management Services SA Philip Morris Vietnam SA Philip Morris Products SA Philip Morris Information Services Limited Philip Morris (Malaysia) Sdn. Bhd. Philip Morris International IT Services Center Lain-lain (di bawah Rp1,0 miliar)

Persentase terhadap aset konsolidasi

2009 Trade receivables Philip Morris International Management SA PT Philip Morris Indonesia Philip Morris Products SA Philip Morris Korea Inc. Others (below Rp1.0 billion)

20,772 8,396 1,553 1,475 2,527

40,250 7,721 313 374

34,723

48,658

0.17%

0.27% As a percentage of the consolidated assets

91,227

63,070

9,218 3,924 2,402 1,915 1,901 1,736 1,011 53

3,387 13 17,724 1,541 3,402 105,600

1,202

3,947 74

114,589

198,758

0.56%

Other receivables Philip Morris Finance SA Philip Morris International Management SA Philip Morris Korea Inc. PT Philip Morris Indonesia Philip Morris Management Services SA Philip Morris Vietnam SA Philip Morris Products SA Philip Morris Information Services Limited Philip Morris (Malaysia) Sdn. Bhd. Philip Morris International IT Services Center Others (below Rp1.0 billion)

1.12% As a percentage of the consolidated assets

Sampoerna International Pte. Ltd. dan Sampoerna Packaging Asia Pte., anak perusahaan di Singapura, memberikan fasilitas pinjaman kepada Philip Morris Finance SA.

Sampoerna International Pte. Ltd. and Sampoerna Packaging Asia Pte., subsidiaries in Singapore, provided intercompany loans to Philip Morris Finance SA.

Jumlah saldo piutang adalah sebesar US$10,1 juta (setara dengan Rp91,2 miliar) (2009: US$6,9 juta/setara dengan Rp63,1 miliar) dan memiliki tingkat suku bunga antara 0,09%-0,38% (2009: 0,09%-0,12%).

The outstanding intercompany loan amounted to US$10.1 million (equivalent to Rp91.2 billion) (2009: US$6.9 million/equivalent to Rp63.1 billion) and bore annual interest rates of 0.09%-0.38% (2009: 0.09%0.12%).

Pada bulan Januari 2008, PT Sampoerna Joo Lan Sdn. Bhd., anak perusahaan di Malaysia, memberikan fasilitas pinjaman kepada Philip Morris (Malaysia) Sdn. Bhd. maksimum sampai dengan setara US$32,0 juta (setara dengan Rp300,8 miliar).

In January 2008, PT Sampoerna Joo Lan Sdn. Bhd., a subsidiary in Malaysia, provided an intercompany loan facility to Philip Morris (Malaysia) Sdn. Bhd. up to the equivalent of US$32.0 million (equivalent to Rp300.8 billion).

Pada tanggal 31 Desember 2009 jumlah saldo piutang adalah sebesar RM37,5 juta (setara dengan Rp102,9 miliar) yang telah dilunasi pada bulan Oktober 2010 dan memiliki tingkat suku bunga sebesar 3,67%-4,57% (2009: 3,40%-4,70%).

As at December 31, 2009, the outstanding intercompany loan amounting to RM37.5 million (equivalent to Rp102.9 billion) was paid in October 2010 and bore annual interest rates of 3.67%-4.57% (2009: 3.40%-4.70%).

Halaman

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Saldo akun dengan pihak-pihak hubungan istimewa (lanjutan)

Account balances with related parties (continued)

2010

2009

Pinjaman jangka pendek Philip Morris Finance SA

-

94,002

Short-term borrowings Philip Morris Finance SA

Persentase terhadap kewajiban konsolidasi

-

1.30%

As a percentage of the consolidated liabilities

340,910

247,279

82,149 25,075 21,915

84,085 83,282 25,851

7,549 6,357 3,257 2 ,681 938

2,190 3,798 1,483 4,640 2,791 108

490,831

455,507

4.76%

6.28%

Hutang usaha dan lainnya PT Philip Morris Indonesia Philip Morris International Management SA Philip Morris Management Services SA Philip Morris (Malaysia) Sdn. Bhd. Philip Morris International IT Service Center SARL Godfrey Phillips (Malaysia) Sdn. Bhd. Philip Morris Information Services Limited Philip Morris Product SA Philip Morris Global Services Inc. Philip Morris Ukraine Lain-lain (di bawah Rp 1,0 miliar) Persentase terhadap kewajiban konsolidasi

22. PERJANJIAN-PERJANJIAN PENTING a.

b.

Trade and other payables PT Philip Morris Indonesia Philip Morris International Management SA Philip Morris Management Services SA Philip Morris (Malaysia) Sdn. Bhd. Philip Morris International IT Service Center SARL Godfrey Phillips (Malaysia) Sdn. Bhd. Philip Morris Information Services Limited Philip Morris Product SA Philip Morris Global Services Inc. Philip Morris Ukraine Others (below Rp 1.0 billion) As a percentage of the consolidated liabilities

22. SIGNIFICANT AGREEMENTS

Pada bulan Agustus 2010, Grup telah menjual seluruh kepemilikan saham di PT Sampoerna Air Nusantara (SAN) dengan harga jual sebesar US$6,5 juta (setara Rp58,2 miliar).

a.

In August 2010, the Group sold all of its ownership interest in PT Sampoerna Air Nusantara (SAN) for US$6.5 million (equivalent to Rp58.2 billion).

Transaksi ini tidak menimbulkan dampak yang signifikan pada laporan konsolidasi Perusahaan dan anak perusahaan.

This transaction has no significant impact to the consolidated financial statements of the Company and subsidiaries.

Sehubungan dengan diberlakukannya perjanjian ASEAN Free Trade Area (AFTA) sejak tanggal 1 Januari 2010, Perusahaan merestrukturisasi kegiatan usaha produksi rokok di Malaysia melalui PT Sampoerna Joo Lan Sdn. Bhd. (SJL) dan anak perusahaannya.

b. With the implementation of the ASEAN Free Trade Area (AFTA) effective from January 1, 2010, the Company has restructured the cigarette operations in Malaysia through its subsidiary PT Sampoerna Joo Lan Sdn. Bhd. (SJL) and its subsidiary.

Perusahaan mengalihkan produksi rokok untuk pasar Malaysia yang dilakukan oleh SJL ke Perusahaan di Indonesia. Dengan pengalihan ini, Perusahaan menutup kegiatan produksi rokok SJL di Malaysia pada bulan Maret 2010, yang diikuti oleh terminasi karyawan SJL.

The Company has moved the manufacture of the cigarettes for the Malaysian market from SJL to the Company in Indonesia. As part of this plan, the Company closed down SJL‘s cigarette production in Malaysia in March 2010, followed by the termination of SJL’s employees.

Transaksi ini tidak menimbulkan dampak yang signifikan pada laporan konsolidasi Perusahaan dan anak perusahaan.

This transaction has no significant impact to the consolidated financial statements of the Company and subsidiaries.

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22. PERJANJIAN-PERJANJIAN PENTING (lanjutan) c.

d.

e.

f.

22. SIGNIFICANT AGREEMENTS (continued)

Mulai bulan Januari 2010, Perusahaan melakukan perluasan kegiatan, yaitu menjual dan mendistribusikan produk rokok secara langsung dan melakukan sendiri percetakan kemasan produk rokok. Sehubungan dengan hal tersebut, Perusahaan telah melakukan pembelian aset-aset tertentu dan kewajiban-kewajiban tertentu dari PT Perusahaan Dagang dan Industri Panamas, PT Sampoerna Printpack dan PT Handal Logistik Nusantara, yang semuanya merupakan anak perusahaan yang dimiliki seluruhnya oleh Perusahaan (Catatan 1).

c. Starting January 2010, the Company has expanded its activity such that it directly sells and distributes its cigarettes and conducts its own printing for cigarette packaging. In connection with this, the Company acquired certain assets and certain liabilities of PT Perusahaan Dagang dan Industri Panamas, PT Sampoerna Printpack and PT Handal Logistik Nusantara, all of which are wholly owned by subsidiaries of the Company (Note 1).

Transaksi tersebut telah diselesaikan pada bulan Januari 2010 dan tidak menimbulkan dampak yang signifikan pada laporan konsolidasi Perusahaan dan anak perusahaan.

The transaction was finalised in January 2010 and has no significant impact on the consolidated financial statements of the Company and subsidiaries.

Pada tanggal 31 Maret 2008, Perusahaan menandatangani perjanjian pembelian tembakau dengan PT Sadhana untuk membeli sebagian besar kebutuhan tembakau domestik selama lima tahun berdasarkan harga pasar.

d. On March 31, 2008, the Company entered into a leaf supply agreement with PT Sadhana to procure a significant portion of the Company’s total Indonesian packed leaf tobacco requirements for five years at market price.

Pada tanggal 31 Desember 2010, Perusahaan memiliki uang muka sejumlah Rp1,1 triliun (2009: Rp1,3 triliun) untuk pembelian tembakau yang belum direalisasikan. Pembayaran uang muka telah dijamin sepenuhnya oleh Standby Letter of Credit.

As at December 31, 2010, the Company had advanced Rp1.1 trillion (2009: Rp1.3 trillion) for the purchase of tobacco that had yet to be settled. These advance payments are fully covered by a Standby Letter of Credit.

Perusahaan menandatangani perjanjian kerjasama dengan Mitra Produksi Sigaret (MPS) untuk memproduksi sigaret kretek tangan. Perjanjian ini umumnya berlaku untuk jangka waktu bervariasi antara satu sampai dengan tiga tahun dan dapat diperpanjang atas persetujuan kedua belah pihak.

e. The Company has agreements with third party operators (TPO) to produce hand-rolled cigarettes. These agreements vary from one to three years and are extendable based on mutual agreement by both parties.

Biaya produksi dan jasa manajemen yang dibebankan oleh MPS masing-masing sebesar Rp1,18 triliun pada tahun 2010 (2009: Rp1,17 triliun) termasuk dalam beban pokok penjualan beban produksi.

Total production costs and management fees charged by the TPOs of Rp1.18 trillion in 2010 (2009: Rp1.17 trillion) are included within the cost of goods sold - production costs.

Grup menandatangani berbagai perjanjian dengan PT Philip Morris Indonesia atau pihak-pihak terafiliasi sehubungan dengan: - penyediaan barang (tembakau, bahan baku, bahan kemasan rokok, mesin dan suku cadang), - penyediaan jasa (pengelolaan gudang tembakau, jasa manajemen, jasa sistem informasi, jasa penjualan dan manajemen merek, jasa teknis untuk penelitian dan pengembangan dan jasa kepegawaian), - lisensi merek dagang, sub-lisensi merek dagang, kontrak manufaktur, - pembiayaan. Halaman

f.

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The Group has various agreements with PT Philip Morris Indonesia or its affiliated companies in relation to: - supply transactions (tobacco, raw materials, cigarette packaging materials, machinery and spare parts), - service transactions (leaf warehouse management, management services, information system services, sales and brand management services, technical support for research and development and personnel services), - trademark license, trademark sub-licence, contract manufacturing, - financing.



22. PERJANJIAN-PERJANJIAN PENTING (lanjutan) f.

g.

h.

22. SIGNIFICANT AGREEMENTS (continued)

(lanjutan)

f.

(continued)

Transaksi hubungan istimewa di atas telah disetujui dalam Rapat Umum Pemegang Saham Luar Biasa tanggal 27 Juni 2006 dan 18 Oktober 2006.

The above related party arrangements were approved in the Extraordinary Shareholders’ General Meetings on June 27, 2006 and October 18, 2006.

Pada tanggal 10 Januari 2005, Panamas menandatangani perjanjian distribusi dengan PT Philip Morris Indonesia untuk jangka waktu sepuluh tahun sebagai distributor tunggal untuk menjual rokok-rokok produksi PT Philip Morris Indonesia di Indonesia, berlaku sejak tanggal 10 Januari 2005 sampai dengan 28 Pebruari 2015.

g. On January 10, 2005, Panamas entered into a distribution agreement with PT Philip Morris Indonesia for ten years as the sole distributor of PT Philip Morris Indonesia‘s cigarette products in Indonesia, effective from January 10, 2005 until February 28, 2015.

Pada tanggal 22 Desember 2009, perjanjian distribusi diatas telah dirubah dengan mengalihkan seluruh hak Panamas sebagai distributor tunggal kepada Perusahaan terhitung sejak tanggal 1 Januari 2010.

On December 22, 2009, the distribution agreement was amended by assigning all Panamas’s rights as the sole distributor to the Company effective from January 1, 2010.

PT Taman Dayu (TD) menandatangani perjanjian kerjasama pengembangan proyek dengan PT Ciputra Surya Tbk. selama 20 tahun sehubungan dengan properti milik TD, berlaku sejak tanggal 7 April 2005. Persentase pendapatan TD terhadap penjualan konsolidasi adalah sebesar 0,04% (2009: 0,06%).

h. PT Taman Dayu (TD) has a 20 year joint project development agreement with PT Ciputra Surya Tbk. in relation to property owned by TD, effective from April 7, 2005. TD revenue as a percentage of the consolidated revenue was 0.04% (2009: 0.06%).

23. KOMITMEN

23. COMMITMENTS a. Purchase of fixed assets

a. Pembelian aset tetap

As at December 31, 2010, the Group had outstanding commitments relating to the purchase of fixed assets of Rp29.9 billion (2009: Rp122.0 billion).

Pada tanggal 31 Desember 2010, Grup mempunyai komitmen sehubungan dengan pembelian aset tetap sebesar Rp29,9 miliar (2009: Rp122,0 miliar). b. Sewa

b. Rent

Jumlah pembayaran minimum sewa operasi di masa mendatang yang berasal dari sewamenyewa biasa adalah sebagai berikut:

The future aggregate minimum lease payments under operating leases are as follows:

2010

2009

Tidak lebih dari 1 tahun Antara lebih dari 1 tahun sampai 5 tahun

99,477

70,117

271,410

141,599

Not later than 1 year More than 1 year and up to 5 years

Jumlah

370,887

211,716

Total

Halaman

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24. REKLASIFIKASI AKUN

24. RECLASSIFICATION OF ACCOUNTS Several accounts in the 2009 consolidated financial statements have been reclassified to conform with the presentation of accounts in the 2010 consolidated financial statements.

Penyajian beberapa akun dalam laporan keuangan konsolidasi tahun 2009 telah direklasifikasi agar sesuai dengan penyajian laporan keuangan konsolidasi tahun 2010.

Reklasifikasi/ Reclassification

Sebelum/ Before Neraca konsolidasi Hutang usaha dan lainnya Beban yang masih harus dibayar dan kewajiban estimasian Total

Setelah/ After

752,785

384,055

1,136,840

Consolidated balance sheets Trade and other payables

839,252

(384,055)

455,197

Accrued expenses and provisions

1,592,037

-

1,592,037

Total

Laporan laba rugi konsolidasi Beban pokok penjualan Beban usaha: - Penjualan - Umum dan administrasi Beban lainnya - bersih

27,737,465

6,767

27,744,232

3,148,441 788,513 84,547

(9,071) 35,549 (33,245)

3,139,370 824,062 51,302

Consolidated statements of income Cost of goods sold Operating expenses: Selling General and administration Other expenses - net

Total

31,758,966

-

31,758,966

Total

25. PERISTIWA SETELAH TANGGAL NERACA

25. SUBSEQUENT EVENT

Berdasarkan keputusan Rapat Umum Pemegang Saham Luar Biasa tanggal 9 Maret 2011, para pemegang saham Perusahaan telah menyetujui perubahan susunan komisaris dan direksi sebagai berikut: Komisaris: Presiden Komisaris Wakil Presiden Komisaris Komisaris

Based on a resolution of the Extraordinary Shareholders’ General Meeting on March 9, 2011, the Company’s shareholders approved the changes of the Company’s Commissioners and Directors as follows:.

Paul Norman Janelle Eunice Carol Hamilton

Niken Rachmad

Commissioners: President Commissioner Vice President Commissioner Commissioners

Ekadharmajanto Kas ih Phang Cheow Hock Direksi: Presiden Direktur Direktur

John Gledhill Yos Adiguna Ginting Mark Ingo Niehaus Wayan Mertasana Tantra Shea Lih Goh

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Directors: President Director Directors



26. STANDAR AKUNTANSI

26. ACCOUNTING PRONOUNCEMENTS

Ikatan Akuntan Indonesia (IAI) telah menerbitkan beberapa standar akuntansi revisi yang mungkin relevan terhadap Grup, sebagai berikut: PSAK 1 (Revisi 2009) – Penyajian Laporan Keuangan, PSAK 2 (Revisi 2009) – Laporan Arus Kas,

The Indonesian Institute of Accountants has issued the following revised accounting standards which may be applicable to the Group, as follows:

-

-

-

-

PSAK 3 (Revisi 2009) – Laporan Keuangan Interim, PSAK 4 (Revisi 2009) – Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri, PSAK 7 (Revisi 2010) – Pengungkapan Pihakpihak Berelasi, PSAK 8 (Revisi 2010) – Peristiwa Setelah Periode Pelaporan, PSAK 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 Kontijensi dan Aset Kontijensi, PSAK 58 (Revisi 2009) – Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan, ISAK 17 – Laporan Keuangan Interim dan Penurunan Nilai.

-

SFAS 1 (Revised 2009) – Presentation of Financial Statements, SFAS 2 (Revised 2009) – Statements of Cash Flows, SFAS 3 (Revised 2009) – Interim Financial Reporting, SFAS 4 (Revised 2009) – Consolidated and Separate Financial Statements, SFAS 7 (Revised 2010) – Related Party Disclosures, SFAS 8 (Revised 2010) – Events after the Reporting Period, SFAS 12 (Revised 2009) – Interests in Joint Ventures, SFAS 15 (Revised 2009) – Investments in Associates, SFAS 19 (Revised 2010) – Intangible Assets, SFAS 22 (Revised 2010) – Business Combinations, SFAS 23 (Revised 2010) – Revenue, SFAS 25 (Revised 2009) – Accounting Policies, Changes in Accounting Estimates and Errors, SFAS 48 (Revised 2009) – Impairment of Assets, SFAS 57 (Revised 2009) – Provisions, Contingent Liabilities and Contingent Assets, SFAS 58 (Revised 2009) – Non-Current Assets Held for Sale and Discontinued Operations, Interpretation of SFAS 17 – Interim Financial Reporting and Impairment.

I A I juga telah menerbitkan sepuluh standar dan lima interpretasi yang berlaku untuk laporan keuangan yang mencakup periode laporan yang dimulai pada atau setelah tanggal 1 Januari 2012.

The Indonesian Institute of Accountants has also issued ten standards and five interpretations applicable for financial statements covering periods beginning on or after January 1, 2012.

Grup masih mempelajari dampak yang mungkin timbul dari penerapan standar-standar ini terhadap laporan keuangan konsolidasi.

The Group is still evaluating the possible impact of these standards on the consolidated financial statements.

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Stock Listing and Trading Information Sampoerna common stock is listed on the Indonesia Stock Exchange. Shareholders can find the previous day’s price in daily

Indonesian newspapers under the name of PT HM Sampoerna Tbk. and from brokerage firms around the world. The stock trading code is HMSP.

PT HM Sampoerna Tbk.

Indonesia Stock Exchange

Head Office

The Indonesia Stock Exchange Building

Jl. Rungkut Industri Raya No. 18 Surabaya 60293 – Indonesia Phone: +62 31 8431 699 Fax

: +62 31 8430 986

Share Registrar PT Sirca Datapro Perdana Jl. Johar No. 18, Menteng

Jl. Jenderal Sudirman Kav. 52-53, Lot 3 & 5 Jakarta 12190 – Indonesia Phone: +62 21 5151 234 Fax

: +62 21 5152 234

PT HM Sampoerna Tbk. Corporate Secretary & Investor Relations One Pacific Place Building, 18th Floor

Sudirman Central Business District (SCBD) Jl. Jenderal Sudirman Kav. 52-53, Lot 3 & 5 Jakarta 12190 – Indonesia Phone: +62 21 5151 234 2010 Annual Report

Jakarta 12190 – Indonesia

Representative Office Sudirman Central Business District (SCBD)

|

Jl. Jenderal Sudirman, Kav. 52-53,

PT HM Sampoerna Tbk. One Pacific Place Building, 18th Floor


Tower 1, 4th Floor

Fax

: +62 21 5152 234

Jakarta 10340 – Indonesia Legal Consultant Mochtar Karuwin Komar Wisma Metropolitan II, 14th Floor Jl. Jenderal Sudirman Kav. 31 Jakarta 12920 – Indonesia

Historical Share Price

2010

Jan - Mar Apr - Jun Jul - Sep

Oct - Dec

2009

Jan - Mar

Average Daily Volume

Highest

Closing Price

13,000

18,650

49,615

14,550

10,450

42,775

22,000

18,400

47,637 73,169

Average Daily Volume

10,055

19,100 29,100

22,000 28,150

Lowest

Closing Price

9,300

9,300

10,800

10,502

11,500

Oct - Dec

10,226

10,500

9,240

21,200

13,950

Highest

Apr - Jun Jul - Sep

Lowest

10,400

9,300 8,550 9,900

10,800

10,200

10,400

List of Subsidiaries PT Agasam

Batavia Trading Corporation

PT Perusahaan Dagang dan Industri Panamas

Sampoerna Investment Corporation

PT Wahana Sampoerna

Sampoerna Latin America Limited

Jl. Taman Sampoerna No. 6

Sampoerna Taiwan Corporation

Krembangan Utara, Pabean Cantian

Vinasa Investment Corporation

PT Asia Tembakau

Road Town - British Virgin Islands

Surabaya 60163 – Indonesia Jl. Kedung Baruk No. 25

Surabaya 60298 – Indonesia

Sampoerna Asia Pte. Ltd

PT Taman Dayu

c/o Allen & Gledhill LLP

PT Handal Logistik Nusantara Jl. Kalirungkut No. 9-11

Surabaya 60293 – Indonesia

PT Harapan Maju Sentosa Jl. Berbek Industri I No. 22

Waru, Sidoarjo 61256 – Indonesia PT Persada Makmur Indonesia

PT Union Sampoerna Dinamika One Pacific Place Building, 18th Floor

One Marina Boulevard #28-00, Singapore 018989 Sampoerna Packaging Asia Pte. Ltd.

c/o Boardroom Corporate & Advisory Services Pte. Ltd. (a member of Boardroom Limited) 50 Raffles Place, #32-01

Singapore Land Tower, Singapore 048623 PT Sampoerna JL. Sdn Bhd

Menara TM Asia Life, Level 16, Jalan Tun Razak No. 189

Kuala Lumpur 50400 - Malaysia

Sampoerna Tabacos America Latina Ltda.

Sudirman Central Business District (SCBD)

Avendia Jurubatuba No. 261

PT Sampoerna Printpack

Sterling Tobacco Corporation

Jl. Jenderal Sudirman Kav. 52-53, Lot 3 & 5 Jakarta 12190 – Indonesia 2010 Annual Report

IBSA Singapore Pte. Ltd.

Sampoerna International Pte. Ltd.

Pasuruan 67156 – Indonesia

|

Trident Chambers, P.O. Box 146,

PT Golf Taman Dayu

Jl. Raya Surabaya Malang Km. 48


c/o Trident Trust Company (B.V.I) Limited,

Jl. Rungkut Industri Raya No. 18 Surabaya 60293 – Indonesia

Vila Cordeiro, CEP 04583-100 Sao Paulo - Brazil

c/o Ponce Enrile Reyes & Manalastas Law Office 3rd floor, Vernida IV Bldg,

Alfaro Street, Salcedo Village 1227 City of Makati - Philippines

32


|

2010 Annual Report

PT HM SAMPOERNA Tbk. Jl Rungkut Industri Raya No. 18 Surabaya 60293 Indonesia Tel +62 31 8431 699 Fax +62 31 8430 986 www.sampoerna.com

PT Hanjaya Mandala Sampoerna Tbk. 2010 Annual Report

t a b l e o f c o n t e n t s

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