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PT BIO FARMA (PERSERO) LAPORAN KEUANGAN Untuk Tahun - Tahun Yang Berakhir Tanggal 31 Desember 2016 dan 2015 DAN LAPORAN AUDITOR INDEPENDEN FINANCIAL STATEMENTS For The Years Then Ended December 31, 2016 and 2015 AND INDEPENDENT AUDITORS’ REPORT

PT. BIO FARMA (Persero) Jl. Pasteur No. 28 Bandung 40161 Indonesia, PO. Box 1136, Telp. 022 2033755, Fax 022 2041306 email : [email protected] – http : //www.biofarma.co.id

PT BIO FARMA (PERSERO) LAPORAN KEUANGAN Untuk Tahun - Tahun Yang Berakhir Tanggal 31 Desember 2016 dan 2015 DAN LAPORAN AUDITOR INDEPENDEN FINANCIAL STATEMENTS For The Years Then Ended December 31, 2016 and 2015 AND INDEPENDENT AUDITORS’ REPORT

PT. BIO FARMA (Persero) Jl. Pasteur No. 28 Bandung 40161 Indonesia, PO. Box 1136, Telp. 022 2033755, Fax 022 2041306 email : [email protected] – http : //www.biofarma.co.id

DAFTAR ISI

TABLE OF CONTENTS

Halaman/ Page

SURAT PERNYATAAN DIREKSI LAPORAN AUDITOR INDEPENDEN Laporan Posisi Keuangan Laporan Laba Rugi dan Penghasilan Komprehensif Lain Laporan Perubahan Ekuitas Laporan Arus Kas Catatan atas Laporan Keuangan

1 3 4 5 6

BOARD OF DIRECTORS’ STATEMENT

INDEPENDENT AUDITORS’ REPORT

Statement of Financial Position

Statement of Profit or Loss and Other Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to Financial Statements

PT BIO FARMA (PERSERO) PT BIO FARMA (PERSERO)LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION31 Desember 2016 dan 2015 As of December 31, 2016 and 2015(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

31 Desember 2016 31 Desember 2015 December 31, 2016 December 31, 2015

ASET LANCAR CURRENT ASSETSKas dan Setara Kas 447.950.326.268 2.e., 2.g.,3 555.939.258.294 Cash and Cash EquivalentsPiutang Usaha 288.626.423.903 2.e., 2.f.,4 507.746.089.376 Trade Receivables

Piutang Lain-Lain 446.140.212 2.e., 2.f.,5 822.213.060 Other Receivables

Persediaan 708.564.467.943 2.h., 6 462.557.268.255 Inventories

Uang Muka 54.052.291.312 2.e., 2.f., 7 102.353.243.161 AdvancesPajak Dibayar Dimuka 298.816.989.377 2.m.,8.a. 242.720.019.469 Prepaid TaxesBiaya Dibayar Dimuka 12.136.509.861 2.k., 9 10.163.126.875 Prepaid ExpensesPendapatan Yang Masih Akan Diterima 800.058.011 2.k., 10 1.591.887.435 Accrued IncomeAset Lancar Lainnya 38.162.196.231 11 111.887.970.120 Other Current Assets

Jumlah Aset Lancar 1.849.555.403.118 1.995.781.076.044 Total Current Assets

ASET TIDAK LANCAR NON CURRENT ASSETSAset Pajak Tangguhan 23.585.022.896 2.m., 8.e. 22.086.828.515 Deferred Tax AssetsAset Tetap 3.998.187.096.331 2.i., 12 3.605.537.013.968 Property, Plant and Equipment

Aset Takberwujud 38.633.597.058 2.j.,13 36.005.019.563 Intangible Assets

Aset Tidak Lancar Lainnya 12.493.203.788 14 21.253.299.538 Other Non-Current Assets

Jumlah Aset Tidak Lancar 4.072.898.920.073 3.684.882.161.584 Total Non Current Assets

JUMLAH ASET 5.922.454.323.191 5.680.663.237.628 TOTAL ASSETS

(Net of accumulated ammortization of Rp3.869.122.375 on December 31,

2016, Rp2.049.474.625 on December 31, 2015)

(setelah dikurangi akumulasi amortisasisebesar Rp3.869.122.375 pada 31Desember 2016, Rp2.049.474.625 pada31 Desember 2015)

See the accompanying notes which are an intergral part of the financial statements taken as a whole

Lihat catatan atas laporan keuangan yang merupakan bagian tidak terpisahkan dari laporan keuangan secara keseluruhan

(setelah dikurangi akumulasi amortisasisebesar Rp18.918.302.793 pada 31Desember 2016, Rp11.358.121.029pada 31 Desember 2015)

(Net of provision for impairment of Rp1.302.637.458 on December 31, 2016

dan 2015)

(setelah dikurangi penyisihan penurunannilai sebesar Rp346.011.041 pada 31Desember 2016, dan Rp312.622.025pada 31 Desember 2015)

(setelah dikurangi penyisihan penurunannilai sebesar Rp.1.302.637.458 pada 31Desember 2016 dan 2015)

(Net of provision for impairment of Rp5.053.143.454 on December 31,

2016, Rp5.891.672.358 on December 31,2015)

(Net of provision for impairment of Rp346.011.041 on December 31, 2016, Rp312.622.025 on December 31, 2015)

(Net of accumulated depreciation of Rp984.824.550.647 on December 31

2016, Rp845.014.518.670 on December 31, 2015)

(Net of accumulated ammortization of Rp18.918.302.793 on December 31,

2016, Rp11.358.121.029 on December 31, 2015)

ASET ASSETSCatatan/Notes

(setelah dikurangi akumulasi penyusutansebesar Rp984.824.550.647 pada 31Desember 2016, Rp845.014.518.670pada 31 Desember 2015)

(setelah dikurangi penyisihan penurunannilai sebesar Rp5.053.143.454 pada 31Desember 2016 dan Rp5.891.672.358pada 31 Desember 2015)

1

PT BIO FARMA (PERSERO) PT BIO FARMA (PERSERO)LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION31 Desember 2016 dan 2015 As of December 31, 2016 and 2015(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

31 Desember 2016 31 Desember 2015 December 31, 2016 December 31, 2015

LIABILITAS LIABILITIES

Liabilitas Jangka Pendek Current LiabilitiesUtang Usaha 259.234.466.062 2.f., 15 208.598.099.578 Trade PayablesUtang Pajak 47.624.361.238 2.m., 8.b. 46.518.287.182 Taxes PayableBiaya Yang Masih Harus Dibayar 113.405.208.247 2.e., 2.k., 16 170.307.683.566 Accrued ExpensesPendapatan Diterima Dimuka 44.130.371 2.e., 2.f., 17 898.715.051 Unearned RevenueLiabilitas Lancar Lainnya 32.860.809.624 2.e., 18 30.340.629.712 Other Current Liabilities

Jumlah Liabilitas Jangka Pendek 453.168.975.542 456.663.415.089 Total Current Liabilities

Liabilitas Jangka Panjang Non Current LiabilitiesLiabilitas Diestimasi atas Imbalan Estimated Post-Employment

Pasca Kerja 167.133.074.162 2.o.,19 152.021.928.119 Benefits LiabilitiesLiabilitas Tidak Lancar Lainnya - 20 27.846.382.388 Other Non-Current Liabillities

Jumlah Liabilitas Jangka Panjang 167.133.074.162 179.868.310.506 Total Non Current Liabilities

JUMLAH LIABILITAS 620.302.049.704 636.531.725.595 TOTAL LIABILITIES

EKUITAS EQUITYModal Saham 2.000.000.000.000 21 1.650.000.000.000 Share Capital

Saldo Laba (Rugi) Retained EarningsDicadangkan 899.824.236.342 22 816.422.044.549 AppropriatedBelum Dicadangkan - 22 (2.483.699.452) UnappropriatedLaba Periode Berjalan 501.040.990.083 670.592.891.245 Profit (Loss) for the year

Komponen Ekuitas Lainnya 1.901.287.047.062 34 1.909.600.275.690 Other Equity Components

JUMLAH EKUITAS 5.302.152.273.487 5.044.131.512.033 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 5.922.454.323.191 5.680.663.237.628 TOTAL LIABILITY AND EQUITY



Authorized capital 8,000,000 shares onDecember 31, 2016 and 5,000,000shares on December 31, 2015 parvalue Rp1.000.000 per share. Issuedand fully paid 2,000,000 as onDecember 31, 2016, and 1,650,000 onDecember 31, 2015

Modal dasar 8.000.000 lembar sahampada 31 Desember 2016 dan 5.000.000lembar saham pada 31 Desember2015. Nominal Rp1.000.000 per lembarsaham. Modal ditempatkan dan disetorpenuh 2.000.000 lembar saham pada31 Desember 2016 dan 1.650.000lembar saham pada 31 Desember 2015

LIABILITY AND EQUITYLIABILITAS DAN EKUITAS Catatan/Notes

2

PT BIO FARMA (PERSERO) PT BIO FARMA (PERSERO)

Untuk Tahun Yang Berakhir Tanggal 31 Desember 2016 dan 2015 For the Years Ended December 31, 2016 and 2015(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

PENJUALAN BERSIH NET SALESProduk Perusahaan 2.222.314.909.863 2.k., 23 2.329.623.846.051 The Company’s ProductBarang Dagangan 88.128.847.750 2.k., 24 11.435.935.050 Merchandise ProductJasa 5.315.256.509 2.k., 25 4.858.488.851 ServicesJumlah Penjualan Bersih 2.315.759.014.122 2.345.918.269.952 Total Net Sales

BEBAN POKOK PENJUALAN COST OF GOODS SOLDProduk Perusahaan (931.879.043.389) 2.k., 26 (852.361.076.333) The Company’s ProductBarang Dagangan (68.453.563.181) 2.k., 27 (11.164.800.347) Merchandise ProductBeban Jasa (4.961.523.057) 2.k., 28 (3.961.990.073) ServicesJumlah Beban Pokok Penjualan dan Jasa (1.005.294.129.627) (867.487.866.753) Total Cost of Good and Services Sold

LABA (RUGI ) KOTOR 1.310.464.884.495 1.478.430.403.199 GROSS PROFIT (LOSS)

Penghasilan Lain-lain 164.727.714.782 2.k.,2.o.,29 129.064.005.350 Other IncomeBeban Administrasi dan Umum (402.001.646.756) 2.k.,31 (421.759.427.184) General and Adminstrative ExpensesBeban Penjualan (133.996.397.992) 2.k.,30 (126.818.100.027) Selling ExpenseBeban Penelitian, Pengembangan dan 2.l.,32 Research, Developments and

Surveilans (114.481.354.438) 2.k.,33 (93.442.569.518) Surveillance ExpensesBeban Lain-Lain (139.745.154.390) 2.l.,35 (66.200.735.869) Other ExpensesJumlah (625.496.838.794) (579.156.827.247) Total

684.968.045.701 899.273.575.951

MANFAAT (BEBAN) PAJAK PENGHASILAN INCOME TAX BENEFITS (EXPENSES)Pajak Kini (185.425.250.000) 2.m., 9 (232.893.457.000) Current TaxPajak Tangguhan 1.498.194.382 2.m., 9 4.212.772.294 Deferred TaxJumlah Beban Pajak Penghasilan (183.927.055.618) (228.680.684.706) Total Tax Expenses

LABA (RUGI) BERSIH 501.040.990.083 670.592.891.245 NET PROFIT (LOSS)

PENGHASILAN KOMPREHENSIF LAIN 34 OTHER COMPREHENSIVE INCOME

Surplus Revaluasi Aset Tetap - 1.980.781.821.592 Surplus from asset revaluationKeuntungan (Kerugian ) Aktuaria (8.313.228.628) (828.225.876) Actuarial Gain (Loss)

(8.313.228.628) 1.979.953.595.716

492.727.761.455 2.650.546.486.961

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

2016

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

TOTAL PENGHASILAN KOMPREHENSIF



Catatan/ Notes

Jumlah Penghasilan Komprehensif Lain Tahun Berjalan Setelah Pajak

Total Other Comprehensive Income For

LABA (RUGI) SEBELUM PAJAK PENGHASILAN

PROFIT (LOSS) BEFORE INCOME TAX

Pos Pos Yang Tidak Akan Direklasifikasi Ke Laba Rugi

Items not to be reclassified to profit or loss

Pos Pos Yang Akan Direklasifikasi Ke Laba Rugi

Items to be reclassified to profit or loss

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PT BIO FARMA (PERSERO) PT BIO FARMA (PERSERO)LAPORAN ARUS KAS STATEMENT OF CASHFLOWSUntuk Tahun-Tahun Yang Berakhir Tanggal 31 Desember 2016 dan 2015 For the Years Ended December 31, 2016 and 2015(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

2016 2015

ARUS KAS DARI AKTIVITAS OPERASI CASHFLOWS FROM OPERATING ACTIVITIESPenerimaan kas dari pelanggan 2.334.948.019.707 2.106.477.757.097 Cash received from customersPenerimaan pajak (restitusi) 124.792.315.311 28.875.864.464 Tax refundPenerimaan bunga 7.960.352.308 37.422.478.103 Interest receiptsPembayaran bunga (9.342.500.000) - Interest PaymentPenerimaan hibah/donasi WHO 13.588.013.999 800.000.000 Cash received from grant/WHO's donationPenerimaan (Pembayaran) lainnya - bersih 1.238.151.952 (23.773.912.439) Other receipts (payments) - netPembayaran tantiem (14.750.000.000) (13.736.823.371) Payment of tantiemPembayaran pajak (391.829.178.802) (326.409.408.708) Payment for taxesPembayaran kas kepada Cash paid to

pemasok dan karyawan (1.519.679.069.057) (1.584.190.616.971) suppliers and employees Kas Bersih Diperoleh Dari (Digunakan Untuk) Net Cash Provided by (Used in)

Aktivitas Operasi 546.926.105.418 225.465.338.176 Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASHFLOWS FROM INVESTING ACTIVITIESPembelian aset tetap (393.169.903.706) (535.174.882.134) Purchase of property, plant and equipmentEfek tersedia untuk dijual - 25.000.000.000 available for sale securitiesPembayaran untuk aset takberwujud (11.172.646.329) (3.962.389.925) Payment for intangible assetsKas Bersih Diperoleh Dari (Digunakan Untuk) Net Cash Provided by (Used in)

Aktivitas Investasi (404.342.550.035) (514.137.272.059) Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASHFLOWS FROM FINANCING ACTIVITIESPenerimaan Pinjaman Jangka Pendek 235.000.000.000 Pembayaran Pinjaman Jangka Pendek (235.000.000.000) Pembayaran dividen (234.707.000.000) (145.015.000.000) Payment of dividendPembayaran Program Kemitraan dan Payment for Partnership and

Bina Lingkungan - (4.711.557.655) Development ProgramKas Bersih Diperoleh Dari (Digunakan Untuk) Net Cash Provided by (Used in)

Aktivitas Pendanaan (234.707.000.000) (149.726.557.655) Financing Activities

Kenaikan (Penurunan) Kas Bersih (92.123.444.617) (438.398.491.538) Net Increase (Decrease) in Cash

Pengaruh Selisih Kurs Kas dan Setara Kas (15.865.487.408) 22.620.703.832 Effect of Foreign Exchange Rate ChangesSaldo kas dan setara kas pada Cash and cash equivalentawal tahun 555.939.258.294 971.717.046.000 at the beginning of the year

447.950.326.268 555.939.258.294 CASH AND CASH EQUIVALENTS

AT THE END OF THE YEARSALDO KAS DAN SETARA KAS PADA AKHIR TAHUN



Short Term Loans ReceivedPayments of Short Term Loans

5

PT BIO FARMA (PERSERO) PT BIO FARMA (PERSERO)CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS31 Desember 2016 dan 2015 December 31, 2016 and 2015(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

1. UMUM 1. GENERALa. Pendirian Perusahaan a. The Company's Establishment

b. Tujuan Kegiatan Usaha Perusahaan b. The Company’s Objective

Based on Government Regulation No. 1 year 1997 regardingthe Transformation status of Bio Farma as aGovernmentCompany (Perum) was changed into a state-owned LimitedLiability Corporation (Persero). The Article of Association of theCompany's transformation was stated in notarial deed No.1dated February 3, 1997, No.188 dated June 20, 1997, andNo.30 dated October 21, 1997 of Muhani Salim, S.H., Notary. Ithas been approved by the Minister of Justice of the Republic ofIndonesia in his Decision Letter No. C2-1423 HT.01.01.Th.98dated March 5, 1998, and published in State Gazette of theRepublic of Indonesia No. 57 Supplement No. 6884 dated July16, 2002. The Company's Articles of Association has beenamended several times, the most recent amendment wasmade through notarial deed No. 34 dated December 14, 2016of Fathiah Helmi, S.H., Notary, and has been approved by theMinister of Law and Human Rights of The Republic ofIndonesia in his Decision Letter No. AHU-0024481.AH.01.02dated December 21, 2016, regarding the Approval ofAmendment of the State-Owned Limited Liability Corporation ofPT Bio Farma (Persero), as received and recorded in LegalEntity Administration System based on the Minister of Law andHuman Rights of The Republic of Indonesia Number: AHU-AH.01.03-0109923 dated on December 21, 2016 RegardingReceipt of Article of Association Amendment Notice of PT BioFarma (Persero).

Berdasarkan Peraturan Pemerintah No. 1 tahun 1997 tentangPengalihan Bentuk Perusahaan Umum (Perum) Bio FarmaMenjadi Perusahaan Perseroan (Persero), status Perusahaanberubah menjadi Perusahaan Perseroan (Persero). Aktapendirian dan Anggaran Dasar atas perubahan bentukPerusahaan tersebut telah dimuat dalam Akta No. 1 tanggal 3Februari 1997, Akta No. 188 tanggal 20 Juni 1997, dan AktaNo. 30 tanggal 21 Oktober 1997 yang dibuat oleh notarisMuhani Salim, S.H., dan telah mendapat persetujuanberdasarkan Keputusan Menteri Kehakiman Republik IndonesiaNo. C2-1423 HT.01.01.Th.98 tanggal 5 Maret 1998 yang telahdiumumkan dalam Berita Negara Republik Indonesia tanggal 16 Juli 2002 No. 57 Tambahan No. 6884.Anggaran DasarPerusahaan telah mengalami beberapa kali perubahan danterakhir berdasarkan Anggaran Dasar Perusahaan Nomor 34tanggal 14 Desember 2016 yang dibuat oleh notaris FathiahHelmi, S.H., dan telah mendapat persetujuan berdasarkanKeputusan Menteri Hukum dan Hak Asasi Manusia RepublikIndonesia Nomor AHU-0024481.AH.01.02 Tahun 2016 tanggal21 Desember 2016, tentang Persetujuan Perubahan AnggaranDasar Perseroan Terbatas PT Bio Farma (Persero), sertasebagaimana telah diterima dan dicatat dalam SistemAdministrasi Badan Hukum berdasarkan Surat KementerianHukum dan Hak Asasi Manusia Republik Indonesia Nomor :AHU-.AH.01.03-0109923 tanggal 21 Desember 2016 PerihalPenerimaan Pemberitahuan Perubahan Anggaran Dasar PTBio Farma (Persero).

According to the Company's Articles of Association, theCompany’s objectives are to make the efforts in research,development, production, and marketing of biological products,pharmaceutical products, and medical equipments, andoptimalization of the Company's resources to produce highquality and strong competitive products and services to seekprofits that enhance the Company's value by applying theprinciples of the Limited Liability Corporation.

PT Bio Farma (Persero) ("the Company"), formerly "ParcVaccinogene", was established based on Decree No.14 datedAugust 6, 1890 of the Governor of Netherlands Indies. In 1955,under Emergency Law No.14 year 1955, the legal status of theCompany was changed to a state-owned company namedPerusahaan Negara (PN) Pasteur. In 1961, based on theGovernment Regulation No.80 year 1961, the Company'sname changed to PN Bio Farma. Later in 1978, based on theGovernment Regulation No. 26 year 1978 regarding theTransformation of the State-Owned Company (PN) Bio Farma,the Company status was changed to a Public Company(Perum).

PT Bio Farma (Persero) (“Perusahaan”), pada awalnyabernama “Parc Vaccinogene” yang didirikan berdasarkan SuratKeputusan Gubernur Hindia Belanda No. 14 tanggal 6 Agustus1890. Mulai tahun 1955, berdasarkan Undang-Undang DaruratNo. 14 tahun 1955 Perusahaan berubah menjadi PerusahaanNegara (PN) Pasteur. Pada tahun 1961, Perusahaan berubahmenjadi PN Bio Farma berdasarkan Peraturan Pemerintah No.80 tahun 1961 Tentang Pendirian Perusahaan Negara BioFarma. Sesuai Peraturan Pemerintah No.26 tahun 1978tentang Pengalihan Bentuk Perusahaan Negara, statusPerusahaan berubah menjadi Perusahaan Umum (Perum).

Sesuai dengan Anggaran Dasar Perusahaan, tujuanPerusahaan adalah melakukan usaha di bidang penelitian,pengembangan, produksi dan pemasaran produk biologi,produk farmasi dan alat kesehatan serta optimalisasipemanfaatan sumber daya yang dimiliki Perseroan untukmenghasilkan barang dan/atau jasa yang bermutu tinggi danberdaya saing kuat untuk mendapatkan/mengejar keuntunganguna meningkatkan nilai Perseroan dengan menerapkan prinsip-prinsip Perseroan Terbatas.

6


1. UMUM (lanjutan) 1. GENERAL (continued)b. Tujuan Kegiatan Usaha Perusahaan (lanjutan) b. The Company’s Objective (continued)

a. a.

b. b.

c. c.

d. Pelayanan Laboratorium Kesehatan dan Klinik; d.e. e.

a. a.

b. b.

c. c.

c. c.

Dewan Komisaris Board of Commissioners Komisaris Utama 1) : Prof. Dr. Ahmad Ramli, SH, MH Prof. Dr. Ahmad Ramli, SH, MH President Commissioner 1)

Komisaris 2) : Drs. Paruli Lubis, MBA Drs. Paruli Lubis, MBA Commissioner 2)

Komisaris 5) : Dr. H. Mohamad Subuh Herman Ladjidja Djuni, ST Commissioner 5)

Komisaris 3) : dr. Nizar Yamani, Sp.S (K) dr. Nizar Yamani, Sp.S (K) Commissioner 3)

Komisaris 4) : Ihsan Setiadi Latief, M.Si Ihsan Setiadi Latief, M.Si Commissioner 4)

Komisaris 1) : dr. Heridadi, M.Sc dr. Heridadi, M.Sc Commissioner 1)

Komisaris Independen 5) Independent Commissioners 5)

: Drs. Paruli Lubis, MBA Drs. Paruli Lubis, MBA: dr. Heridadi, M.Sc dr. Heridadi, M.Sc

31 Desember 2016/ December 31, 2016

Research and development of biological andpharmaceutical products, both performed by the Companyitself and by cooperation with other parties;

Pasar swasta nasional, yaitu melayani para distributordalam negeri untuk memenuhi kebutuhan vaksin diluarprogram imunisasi rutin Pemerintah yaitu vaksin BCG,BioTd, BioTT, FluBio, Campak, Polio, Hepatitis B,PentaBio, anti sera (BioSAT, BioADS, BioSAVE, ABU II(Australia), PPD 2 TU.

Dewan Komisaris, Direksi, Komite-Komite dan Karyawan

National private market, provides domestic distributors withBCG, BioTd, BioTT, FluBio, Measles, Polio, Hepatitis B,Pentabio, anti-sera (BioSAT, BioADS, BioSAVE, ABU II(Australia) and PPD2TU vaccines for non-regularGovernment immunization programs.

Pasar internasional, terutama untuk melayani kebutuhanUNICEF dan institusi lain yang telah melakukan kerjasamabilateral. Vaksin yang digunakan merupakan vaksin yangtelah memenuhi prakualifikasi WHO baik dalam bentukproduk jadi maupun bulk, yaitu vaksin TT, Td, BioTT, DTP,Polio, Campak, Pentabio, bulk Polio, bulk Difteri, bulk Pertusis, dan bulk Tetanus.


Production of biological and pharmaceutical products, bothfrom the Company's own production and from cooperationwith other parties;Marketing, trading and distribution of biological andpharmaceutical products and medical equipmentsincluding general products, for domestics and internationalmarkets;Health care laboratory and clinic services;Providing services related to a, b, c,and d activities.

Government market, provides the Government with BCG,DPT, DT, TT, polio, measles, hepatitis B, Td and DTP-HB-Hib vaccines for basic/regular immunization programs.

International markets, provides particularly the need ofUNICEF and other parties who have bilateral cooperationwith the Company, with TT, Td, BioTT, DTP, Polio,Measles, Pentabio, Polio bulk, Diphtheria bulk, Pertusisbulk, and Tetanus bulk vaccines. The vaccines are thosethat meet the pre-qualification of the WHO, both in finishedproducts and bulk.

Pasar Pemerintah, yaitu melayani kebutuhan Pemerintahuntuk program imunisasi dasar/reguler yaitu Vaksin BCG,DT, TT, Polio, Campak, Hepatitis B, Td dan Vaksin DTP-HB-Hib.

Boards of Commissioners, Directors, Committees, and Employees

Susunan Dewan Komisaris, Direksi dan Komite Perusahaanpada tanggal 31 Desember 2016 dan 2015 adalah sebagaiberikut:

The Company's Board of Commissioners, Directors andCommitees as of December 31, 2016 and 2015 are as follows:

Penelitian dan pengembangan produk biologi dan farmasi,baik yang dilakukan sendiri maupun kerjasama denganpihak lain; Produksi produk biologi dan produk farmasi, baik yangdilakukan sendiri maupun kerjasama dengan pihak lain;

Pemasaran, perdagangan dan distribusi produk biologi,farmasi, alat kesehatan, termasuk barang umum, baik didalam maupun di luar negeri;

To achieve the objectives mentioned above, the Companyperforms major activities as follows:

Untuk mencapai maksud dan tujuan tersebut di atas, Perseroandapat melaksanakan kegiatan usaha utama sebagai berikut :

Berusaha di bidang jasa yang ada hubungannya denganyang tertera pada huruf a,b, c, dan d.

Sifat usaha Perusahaan adalah melayani kebutuhan pasardomestik dan global, sebagai berikut :

The nature of the Company is to serve domestic and globalmarket needs as follows:

7


1. UMUM (lanjutan) 1. GENERAL (continued)c. c.

Direksi 6) Board of Directors 6)

Direktur Utama : Drs. Iskandar, Apt. MM Drs. Iskandar, Apt. MM President DirectorDirektur Pemasaran : Drs. Mahendra Suhardono, Apt, MM Drs. Mahendra Suhardono, Apt, MM Director of MarketingDirektur Produksi : Drs. Juliman, MM Drs. Juliman, MM Director of ProductionDirektur Keuangan : Drs. Pramusti Indrascaryo, MM Drs. Pramusti Indrascaryo, MM Director of FinanceDirektur Perencanaan Director of Planning and dan Pengembangan : Drh. Sugeng Raharso, MM Drh. Sugeng Raharso, MM DevelopmentDirektur Sumber Daya Director of Human Manusia : Drs. Andjang Kusumah, MM Drs. Andjang Kusumah, MM Resource Development

Komite Audit 9) Audit Committee 9)

Ketua : Drs. Paruli Lubis, MBA Drs. Paruli Lubis, MBA ChairmanWakil Ketua : Ihsan Setiadi Latief, M.Si Herman Ladjidja Djuni, ST Vice ChairmanAnggota : Drs. Abu Bakar Ak, CA Drs. Abu Bakar Ak, CA MemberAnggota 8) : Drs. Asawir Harahap Ak, CA Drs. Asawir Harahap Ak, CA Member 8)

Komite Pengembangan, Risiko dan GCG 9) Committee of Development, Risk, and GCG 9)

Ketua : dr. Heridadi, M.Sc dr. Heridadi, M.Sc ChairmanWakil Ketua I : dr. Nizar Yamani, Sp.S (K) dr. Nizar Yamani, Sp.S (K) Vice ChairmanWakil Ketua II Dr. H. Mohamad Subuh Ihsan Setiadi Latief, M.Si Vice Chairman IIAnggota : dr. Judi Jaenudin Endjun Sp.OG Dadang Epi Sukarsa, SH., MH MemberAnggota : Afrizal, SE.Msi.Ak Afrizal, SE.Msi.Ak Member

1) 1)

2) 2)

3) 3)

4) 4)

5) 5)

6) 6)

7) 7)

8) 8)

9) 9)



Dewan Komisaris, Direksi, Komite-Komite dan Karyawan (lanjutan)

Based on Decision Letter of the Minister of State-OwnedEnterprises No.SK-17/MBU/2014 dated January 23, 2014.

Berdasarkan Keputusan Dewan Komisaris No. KEP-15/DK/BF/VII/ 2014, tanggal 1 Juli 2014.Berdasarkan Keputusan Dewan Komisaris No. KEP-03/DK/BF/02/2016, tanggal 4 Februari 2016.

Based on Decision Letter of the Minister of State-OwnedEnterprises No. SK 116/MBU/2013 dated March 7, 2012.Based on Decision Letter of the Board of Commissioners No.KEP-15/DK/BF/VII/2014 dated July 1, 2014.

Berdasarkan Keputusan Menteri BUMN No.SK-17/MBU/2014 tanggal 23 Januari 2014.

Based on Decision Letter of the Minister of State-OwnedEnterprises No.KEP- 392/MBU/2012 dated November 5, 2012.Based on Decision Letter of the Minister of State-OwnedEnterprises No. SK 204/MBU/2012 dated May 28, 2012.Based on Decision Letter of the Minister of State-OwnedEnterprises No. SK 235/MBU/2013 dated Mei 1, 2013.Based on Decision Letter of the Minister of State-OwnedEnterprises No. SK 97/MBU/2015 dated June 22, 2015.Based on Decision Letter of the Minister of State-OwnedEnterprises No. SK 221/MBU/2013 dated April 12, 2013.

Berdasarkan Keputusan Menteri BUMN No.SK-221/MBU/2013 tanggal 12 April 2013.Berdasarkan Keputusan Menteri BUMN No. SK 116/MBU/2012 tanggal 7 Maret 2012.

Based on Decision Letter of the Board of Commissioners No.KEP-03/DK/BF/02/2016 dated February 4, 2016.

Boards of Commissioners, Directors, Committees, and Employees (continued)

Berdasarkan Keputusan Menteri BUMN No. KEP 392/MBU/2012, tanggal 5 November 2012Berdasarkan Keputusan Menteri BUMN No. SK-204/MBU/2012 tanggal 28 Mei 2012.Berdasarkan Keputusan Menteri BUMN No. SK 235/MBU/2013 tanggal 1 Mei 2013.Berdasarkan Keputusan Menteri BUMN No.SK-97/MBU/2015 tanggal 22 Juni 2015.

The last Company's Board of Directors is based on NotaryDeed No. 86 dated April 26, 2013 of Fathiah Helmi, SH,Notary, and has been accepted and recorded in databasesystem of Legal Entity Administration at the Ministry of Justiceand Human Rights of the Republic of Indonesia, according toletter of the Ministry of Justice and Human Rights of theRepublic Indonesia No. AHU-AH.01.10-17236 dated May 3,2013 regarding the Notification of Data Change of PT BioFarma (Persero).

Susunan Direksi Perusahaan terakhir berdasarkan Akta Nomor86 tanggal 26 April 2013 yang dibuat oleh Notaris FathiahHelmi, S.H., dan telah diterima dan dicatat di dalam databaseSistem Administrasi Badan Hukum Kementerian Hukum danHak Asasi Manusia Republik Indonesia berdasarkan SuratKementerian Hukum dan Hak Asasi Manusia RepublikIndonesia Nomor AHU-AH.01.10-17236 tanggal 3 Mei 2013perihal Penerimaan Pemberitahuan Perubahan Data PerseroanPT Bio Farma (Persero).

8


1. UMUM (Lanjutan) 1. GENERAL (continued)c. c.

d. Remunerasi Dewan Komisaris dan Direksi d.

Dewan Komisaris Board of Commissioners Direksi Directors

Jumlah

2. IKHTISAR KEBIJAKAN AKUNTANSI 2. SUMMARY OF ACCOUNTING POLICIESa. Pernyataan Kepatuhan a. Statement of Compliance

b. Dasar Penyusunan Laporan Keuangan b. Basis for Preparation of the Finacial Statements

c. c. Amendments and Improvements of PSAKs and ISAKs

- -

In 2015, the Financial Accounting Standards Board of theIndonesian Institute of Accountants (DSAK IAI) has issued theimprovement and amendment on several PSAKs, as well asissued a new ISAK which is relevant and effective for theperiod started from or after January 1, 2016, as follows:

The last Company's Board of Commissioners is based onNotary Deed Number 12, dated July 9, 2015 of Fathiah Helmi,SH, Notary, and has been accepted and recorded in databasesystem of Legal Entity Administration of the Ministry of Justiceand Human Rights of the Republic of Indonesia according toletter of the Ministry of Justice and Human Rights of theRepublic of Indonesia Number AHU-AH.01.03-0949789 datedJuly 9, 2015, regarding the Notification of Data Change of PTBio Farma (Persero).

Amendment PSAK 4 "Separate Financial Statementsregarding the Equity Method in Separate FinancialStatements".

The measurement basis in preparing the financial statementsis the historical cost method, except for several accountswhich use other measurement basis as explained in theaccounting policies applied for those accounts. The financialstatements, except for statement of cash flows, are preparedunder the accrual basis of accounting.

Amandemen PSAK 4 "Laporan Keuangan Tersendiritentang Metode Ekuitas Dalam Laporan KeuanganTersendiri".

46.328.045.975

Pada tahun 2015, Dewan Standar Akuntansi Keuangan IkatanAkuntan Indonesia telah mengesahkan penyesuaian danamandemen atas beberapa Pernyataan Standar AkuntansiKeuangan (PSAK), serta mengesahkan Standar danInterpretasi Standar Akuntansi Keuangan (ISAK) baru yangrelevan dan berlaku efektif untuk periode yang dimulai padaatau setelah 1 Januari 2016, sebagai berikut :

Perubahan Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK).

The financial statements of PT Bio Farma (Persero) for theyear ended December 31, 2016 and 2015 have been preparedin accordance with Financial Accounting Standards inIndonesia and have met all its requirements .

Pada 31 Desember 2016 dan 2015, Perusahaan memilikikaryawan masing-masing 1.171 dan 1.127 karyawan.

As of December 31, 2016 and 2015 the Company had 1.171and 1.127 employees, respectively.

13.244.952.004

Laporan keuangan PT Bio Farma (Persero) untuk tahun yangberakhir 31 Desember 2016 dan 2015 telah disusun sesuaidengan Standar Akuntansi Keuangan di Indonesia dan telahmemenuhi semua persyaratannya.

33.083.093.971

2016

Dasar pengukuran dalam penyusunan laporan keuanganadalah konsep biaya perolehan (historical cost method ), kecuali beberapa akun tertentu menggunakan dasarpengukuran lain sebagaimana diuraikan dalam kebijakanakuntansi masing-masing akun tersebut. Laporan keuangandisusun dengan menggunakan metode akrual (accrual basis),kecuali untuk laporan arus kas.

Laporan arus kas disusun menggunakan metode Iangsungdengan mengelompokkan arus kas ke dalam aktivitas operasi,investasi dan pendanaan.

Statement of cash flows is prepared using the direct method byclassifying cash flows into operating, investing and financingactivities.

Susunan Dewan Komisaris Perusahaan terakhir berdasarkanAkta Nomor 12 tanggal 9 Juli 2015 yang dibuat oleh NotarisFathiah Helmi, S.H., dan telah diterima dan dicatat di dalamdatabase Sistem Administrasi Badan Hukum KementerianHukum dan Hak Asasi Manusia Republik Indonesiaberdasarkan surat Kementerian Hukum dan Hak Asasi ManusiaRepublik Indonesia Nomor AHU-AH.01.03-0949789 tanggal 9Juli 2015 perihal Penerimaan Pemberitahuan Perubahan DataPerseroan PT Bio Farma (Persero).

42.366.434.836

201512.754.354.575 29.612.080.261

The details of salaries and allowances of the Board ofCommissioners and Directors of the Company for 2016 and2015 are as follows:

Perincian gaji dan tunjangan untuk Dewan Komisaris danDireksi Perusahaan tahun 2016 dan 2015, adalah sebagaiberikut:

Remuneration of Board of Commissioners and Directors

Dewan Komisaris, Direksi, Komite-Komite dan Karyawan (lanjutan)

Boards of Commissioners, Directors, Committees, and Employees (continued)

9


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)c. c. Amendments and Improvements of PSAKs and ISAKs

- -

- -

- -

- PSAK 5 (Penyesuaian 2015) "Segmen Operasi". - PSAK 5 (Improvement 2015) "Operating Segments"- -

- PSAK 13 (Penyesuaian 2015) "Properti Investasi". - PSAK 13 (Improvement 2015) "Investment Property."- PSAK 16 (Penyesuaian 2015) " Aset Tetap". -

- PSAK 19 (Penyesuaian 2015) "Aset Takberwujud". - PSAK 19 (Improvement 2015) "Intangible Assets."- PSAK 13 (Penyesuaian 2015) "Properti Investasi." - PSAK 13 (Improvement 2015) "Investment Property."- PSAK 25 (Penyesuaian 2015) "Kebijakan Akuntansi, - PSAK 25 (Improvement 2015) "Accounting Policies,

Perubahan Estimasi Akuntansi dan Kesalahan." Change in Accounting Estimates."- PSAK 68 (Penyesuaian 2015) "Pengukuran Nilai Wajar." - PSAK 68 (Improvement 2015) "Fair Value Measurement ."

- -

- -

- -

- PSAK 69 "Agrikultur" (berlaku efektif 1 Januari 2018) PSAK 69 "Agriculture." ( will be effective january 1, 2018)

d. Penentuan Tingkat Materialitas Suatu Pos d. Determination of Materiality Level

- 5 % dari jumlah seluruh aset untuk akun-akun aset; - 5% of total assets for asset accounts;- - 5% of total liabilities for liability accounts:

- 5 % dari jumlah seluruh ekuitas untuk akun-akun ekuitas; - 5% of total equity for equity accounts;- 10 % dari pendapatan untuk akun-akun laba rugi; dan - 10% of revenues for profit and loss accounts; and- -

e. Transaksi dan Saldo dalam Mata Uang Asing e.

Perubahan Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK).

10% of income before taxes for the effect of an event or transaction.

The implementation of these standards did not have a materialeffect to the amounts and disclosures in the Company financialstatements.

Amendment PSAK 24 "Employee Benefits regarding theContribution Benefit Plans: Contribution from Employees".

5 % dari jumlah seluruh kewajiban untuk akun-akunkewajiban;

Amandemen PSAK 16 "Aset Tetap tentang KlarifikasiMetode Yang Diterima Untuk Penyusutan dan Amortisasi".

Amendment PSAK 16 "Property, Plant, and Equipmentregarding the Clarification of the Acceptable Methods ofDepreciation and Amortization".

Berdasarkan SM-S15 Pedoman Akuntansi Keuangan sebagaiukuran objektif, suatu akun dinyatakan material dan karenanyaharus disajikan tersendiri di dalam laporan keuangan jika:

PSAK 7 (Improvement 2015) "Disclosures of RelatedParties".

PSAK 16 (Improvement 2015) "Property, Plant andEquipment".

10 % dari laba sebelum pajak untuk pengaruh suatuperistiwa atau transaksi seperti perubahan estimasiakuntansi.

Foreign Currency Transactions and Balances

Amandemen PSAK 19 "Aset Takberwujud tentang MetodeYang Diterima Untuk Penyusutan dan Amortisasi".

Amandemen PSAK 24 "Imbalan Kerja tentang ProgramIuran Pasti : Iuran Pekerja".

Based on SM-S15 Financial Accounting Guide as the objectivemeasurement, an account is considered material and,therefore, is presented separately in the financial statements if

Penerapan standar-standar tersebut tidak mempunyaipengaruh material terhadap jumlah-jumlah dan pengungkapandalam laporan keuangan Perusahaan. Amandemen dan penyesuaian standar dan interpretasi baruyang berlaku efektif untuk periode yang dimulai pada atausetelah 1 Januari 2017 dan 2018

Amandemen PSAK 1 "Penyajian Laporan KeuanganTentang Prakarsa Pengungkapan."ISAK 31 Interpretasi atas Ruang Lingkup PSAK 13"Properti Investasi."Amandemen PSAK 65 "Laporan Keuangan Konsolidasiantentang Entitas Investasi : Penerapan PengecualianKonsolidasi."

Perusahaan sedang mengevaluasi penerapan standar-standarakuntansi tersebut dan belum menentukan dampaknyaterhadap laporan keuangan.

The Company is evaluating the implementation of accountingstandards and has not determined the impact on the financialstatements.

PSAK 7 (Penyesuaian 2015) "Pengungkapan Pihak-PihakBerelasi".

Mata uang pelaporan yang digunakan dalam penyusunanlaporan keuangan ini adalah Rupiah. Transaksi dalam matauang asing dijabarkan dalam mata uang Rupiah denganmenggunakan kurs pada tanggal transaksi.

The reporting currency used in the preparation of thesefinancial statements is Rupiah. Transactions involving foreigncurrencies are translated to Rupiah at the rates of exchangeprevailing at the transaction date.

Amendment PSAK 1 "Presentation of Financial Statements Disclosures About Initiative"ISAK 31 Interpretation of the Scope of PSAK 13"Investment Property."

Amendment PSAK 19 "Intangible Assets regarding theClarification of the Acceptable Methods of Depreciationand Amortization".

Improvements and Amendments of standard and newinterpretation that will be effective for the period started from orafter January 1, 2017 and 2018:

Amendment PSAK 65 "Consolidated Financial Statementsof Investment Entities: Application of ConsolidationException."

10


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)

Dollar Amerika Serikat (USD) United States Dollar ( USD)EURO (EUR) EURO (EUR)Dollar Singapore (SGD) Singapore Dollar (SGD)Dollar Australia (AUD) Dollar Australia (AUD)Yen Jepang (JPY) Japan Yen (JPY)Poundsterling Inggris (GBP) Poundsterling (GBP)Danish Krone Denmark (DKK) Danish Krone Denmark (DKK)Frank Swiss (CHF) Frank Swiss (CHF)

f. Aset dan Liabilitas Keuangan f. Financial Assets and LiabilitiesAset Keuangan Financial Assets

(i)

(ii) Pinjaman yang diberikan dan piutang Loans and receivables

As of December 31, 2016, the Company has no financialasset classified as financial assets measured at fair valuethrough profit or loss.

Loans and receivables are non-derivative financial assetswith fixed or determinable payments that are not quoted inan active market.

13.436,00 14.161,55 9.298,92 9.724,31 115,40 16.507,51 1.905,09 13.177,76

31 Desember 2015

Aset keuangan yang diukur pada nilai wajar melalui laporanlaba rugi adalah aset keuangan yang ditujukan untukdiperdagangkan. Aset keuangan diklasifikasikan sebagaidiperdagangkan jika diperoleh terutama untuk tujuan dijualatau dibeli kembali dalam waktu dekat dan terdapat buktimengenai pola ambil untung dalam jangka pendek.Keuntungan/kerugian yang timbul dari perubahan nilaiwajar diakui dalam laporan laba rugi. Derivatifdiklasifikasikan sebagai aset diperdagangkan kecuali telahditetapkan dan efektif sebagai instrumen lindung nilai.

Financial assets measured at fair value through statementof profit or lossFinancial assets measured at fair value through statementof profit or loss are financial assets which are held fortrading. A financial asset is classified as trading if itobtained particularly for the purpose of selling orrepurchasing it in the near term, and for which there isevidence of recent actual pattern of short-term profittaking. Gains or Losses arising from changes in fair valueare recognized in the statement of profit or loss.Derivatives are also categorized as held-for-trading, unlessthey are designated and effective as hedging instruments.

Pinjaman yang diberikan dan piutang adalah asetkeuangan non-derivatif dengan pembayaran tetap atautelah ditentukan dan tidak mempunyai kuotasi di pasaraktif.

Pada akhir periode pelaporan keuangan, aset dan liabilitasmoneter dalam mata uang asing dijabarkan dalam mata uangRupiah dengan menggunakan kurs tengah Bank Indonesiayang berlaku pada tanggal tersebut, sebagai berikut :

9.751,19 10.064,16 114,52 20.451,11 2.019,32 13.951,29

Keuntungan atau kerugian yang timbul dari penjabaran asetdan liabilitas keuangan dalam mata uang asing diakui dalamlaporan laba rugi dan penghasilan komprehensif lainnya tahunberjalan.

Gains or losses arising from transactions of monetary assetsand liabilities denominated in foreign exchenge currencies arepresented in the current year's statement of comprehensiveincome.

Loans and receivables are initially recognized at fair valueplus transaction costs, and subsequently measured atamortized cost using the effective interest method.

Pada saat pengakuan awal, pinjaman yang diberikan danpiutang diakui pada nilai wajarnya ditambah biaya transaksidan selanjutnya diukur pada biaya perolehan diamortisasimenggunakan metode suku bunga efektif.

Aset keuangan yang diukur pada nilai wajar melalui laporanlaba rugi

15.069,67

Pada 31 Desember 2016, tidak ada aset keuanganPerusahaan yang diklasifikasikan sebagai aset keuanganyang diukur pada nilai wajar melalui laporan laba rugi.

At the end of the financial reporting period, monetary assetsand liabilities in foreign currencies are translated into Rupiahby using the prevailing Bank Indonesia middle rate on suchdate, as follows:

Aset keuangan dikelompokkan menjadi 4 kategori, yaitu (i) asetkeuangan yang diukur pada nilai wajar melalui laporan labarugi, (ii) pinjaman yang diberikan dan piutang, (iii) investasiyang dimiliki hingga jatuh tempo serta (iv) aset keuangan yangtersedia untuk dijual. Klasifikasi ini tergantung dari tujuanperolehan aset keuangan tersebut pada saat awalpengakuannya.

(i)

(ii)

13.795,00

Financial assets are classified into 4 categories: (i) financialassets measured at fair value through profit or loss, (ii) loansand receivables, (iii) held-to-maturity financial assets, and (iv)available-for-sale financial assets.This classification dependson the purpose of acquisition of the financial assets at initialrecognition.

31 Desember 2016

11


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)f. Aset dan Liabilitas Keuangan (lanjutan) f. Financial Assets and Liabilities (continued)

Aset Keuangan (lanjutan) Financial Assets (continued)

(iii) Investasi yang dimiliki hingga jatuh tempo Held-to-maturity

(a) (a)

(b) (b)

(c) (c)

(iv) Aset keuangan tersedia untuk dijual Available for sale

Pada saat pengakuan awal, aset keuangan tersedia untukdijual diakui pada nilai wajarnya ditambah biaya transaksi,dan selanjutnya diukur pada nilai wajarnya.

As of December 31, 2016, the Company's financial assetsthat are classified as loans and receivables consist of cashand cash equivalent, accounts receivables, and otherreceivables.

Held-to-maturity financial assets are non-derivativefinancial assets with fixed or determinable payments andfixed maturities for which the Company’s management haspositive intention and ability to hold to maturity, other than:

At the time of initial recognition, held-to-maturityinvestments are recognized at fair value plus transactioncosts, and subsequently measured at amortized cost usingthe effective interest method.As of December 31, 2016, the Company has no financialasset classified as held-to-maturity.

Available-for-sale financial assets are non-derivativefinancial assets that are intended to be held for indefiniteperiod of time, which might be sold in response to liquidityneeds or changes in interest rates or foreign exchanges, orwhich are not classified as loans or receivables,investments that are classified as held to maturity, orfinancial assets that measured at fair value through profitor loss.

Pada saat pengakuan awal, investasi dimiliki hingga jatuhtempo diakui pada nilai wajarnya ditambah biaya transaksi,dan selanjutnya diukur pada biaya perolehan diamortisasidengan menggunakan metode suku bunga efektif.

Investasi yang ditetapkan dalam kelompok tersediauntuk dijual; dan

Pada tanggal 31 Desember 2016, aset keuanganPerusahaan yang diklasifikasikan sebagai pinjaman yangdiberikan dan piutang terdiri dari Kas dan Setara Kas,Piutang Usaha dan Piutang Lain-Lain.

investments which are designated as financial assetsmeasured at fair value through profit or loss at initialrecognition;investments that are designated as available for salecategory; andinvestments that meet the definition of loans andreceivables.

Keuntungan atau kerugian yang belum direalisasi dariperubahan nilai wajar diakui sebagai pendapatan (beban)komprehensif lain dan disajikan tersendiri pada bagianekuitas hingga terealisasi, kecuali untuk kerugianpenurunan nilai dibawah nilai perolehan yang bersifat non-temporer dan keuntungan atau kerugian yang timbul dariperubahan nilai tukar.

Pada 31 Desember 2016, tidak ada aset keuanganPerusahaan yang diklasifikasikan sebagai investasi dimilikihingga jatuh tempo.

Investasi yang pada saat pengakuan awal ditetapkansebagai aset keuangan yang diukur pada nilai wajarmelalui laporan laba rugi;

Investasi yang dimiliki hingga jatuh tempo adalah asetkeuangan non-derivatif dengan pembayaran tetap atautelah ditentukan dan jatuh temponya telah ditetapkan,dimana Perusahaan mempunyai intensi positif dankemampuan untuk memiliki aset keuangan tersebut hinggajatuh tempo, selain:

Penyisihan piutang ragu-ragu dibentuk berdasarkanevaluasi manajemen terhadap tingkat ketertagihan saldopiutang. Pencatatan atas penyisihan piutang ragu-ragudilakukan pada setiap triwulan. Piutang dihapuskan dalamperiode ketika piutang tersebut dipastikan tidak dapattertagih.

Aset keuangan tersedia untuk dijual adalah aset keuangannon-derivatif yang ditetapkan untuk dimiliki selama periodeyang tidak ditentukan, dimana akan dijual dalam rangkapemenuhan likuiditas, atau perubahan suku bunga, valutaasing, atau yang tidak diklasifikasikan sebagai pinjamanyang diberikan dan piutang, investasi yang diklasifikasikansebagai dimiliki hingga jatuh tempo atau aset keuanganyang diukur pada nilai wajar melalui laporan laba rugi.

At initial recognition, available for sale of financial assetsare recognized at fair value plus transaction costs, andsubsequently measured at fair value.

Gains or losses arising from changes in fair value arerecognized as other comprehensive income (expense) andpresented separately as part of equity until realized, exceptfor impairment losses below the acquisition cost of a non-temporary and gains or losses arising from changes inexchange rate.

(iii)

Investasi yang memenuhi definisi pinjaman yangdiberikan dan piutang.

(iv)

Provision for impairment of receivables is determinedbased on management's estimate to collected level of thereceivable balances. This provision is recorded on aquarterly basis. Receivables are written off in the periodwhen they are determined to be uncollectable.

12



Liabilitas Keuangan Financial LiabilitiesLiabilitas keuangan dikelompokkan ke dalam kategori : Financial liabilities are classified in categories of : (i)

(ii) Financial liabilities measured at amortized cost.

Estimasi Nilai Wajar Estimation of Fair Value

Penghentian Pengakuan Termination of Recognition

Financial liabilities measured at fair value through profit orloss.

In 2016 and 2015, the Company has trade payables,accrued expenses and other current liabilities areclassified as financial liabilities at amortized cost.

Nilai wajar instrumen keuangan yang diperdagangkan di pasaraktif ditentukan berdasarkan harga pasar kuotasian (quoted price ) pada tanggal pelaporan.

Fair value of financial instruments that are traded in activemarkets is determined based on quoted market price at thereporting date.

Untuk instrumen keuangan yang tidak diperdagangkan dalampasar aktif, nilai wajarnya ditentukan dengan menggunakan teknikpenilaian tertentu yang meliputi transaksi pasar wajar terkini,referensi nilai wajar instrumen keuangan lainnya yang serupa dananalisis arus kas diskonto atau model penilaian lainnya.

Liabilitas keuangan diukur dengan biaya perolehandiamortisasi. Liabilitas keuangan yang tidak diklasifikasikan sebagailiabilitas keuangan yang diukur pada nilai wajar melaluilaporan laba rugi dikategorikan dan diukur pada biayaperolehan diamortisasi dengan menggunakan metode sukubunga efektif. Pada tahun 2016 dan 2015, Perusahaan mempunyai utangusaha, biaya masih harus dibayar, dan liabilitas lancarlainnya yang diklasifikasikan sebagai liabilitas keuanganyang diukur dengan biaya perolehan diamortisasi.

Liabilitas keuangan yang diukur pada nilai wajar melaluilaporan laba rugi.

Financial liabilities that are not classified as financialliabilities at fair value through profit or loss fall into thiscategory and measured at amortized cost using theeffective interest rate method.

Penghentian pengakuan aset keuangan dilakukan ketika hakkontraktual atas arus kas yang berasal dari aset keuangantersebut berakhir, atau ketika aset keuangan tersebut telahditransfer dan secara substansial seluruh risiko dan manfaatatas kepemilikan aset tersebut telah ditransfer. Jika secarasubstansial seluruh risiko dan manfaat tidak ditransfer, makaPerusahaan melakukan evaluasi untuk memastikan keterlibatanberkelanjutan atas kendali yang masih dimiliki tidak mencegahpenghentian pengakuan. Liabilitas keuangan dihentikanpengakuannya ketika dilepaskan atau dibatalkan ataukadaluwarsa.

Pada tahun 2016 dan 2015 Perusahaan tidak memilikiliabilitas keuangan yang diukur pada nilai wajar melaluilaporan laba rugi.

As of December 2016, the Company has no financial assetclassified as available for sale.

Liabilitas keuangan yang diukur pada nilai wajar melaluilaporan laba rugi adalah liabilitas keuangan yang ditujukanuntuk diperdagangkan. Liabilitas keuangan diklasifikasikansebagai diperdagangkan jika diperoleh terutama untuktujuan dijual atau dibeli kembali dalam waktu dekat danterdapat bukti mengenai pola ambil untung dalam jangkapendek. Derivatif diklasifikasikan sebagai liabilitasdiperdagangkan kecuali ditetapkan dan efektif sebagaiinstrumen lindung nilai.

Pada 31 Desember 2016, tidak ada aset keuanganPerusahaan yang diklasifikasikan sebagai aset keuangantersedia untuk dijual.

Fair value of financial instruments that are not traded in activemarkets is determined using appropiate valuation techniquessuch as current fair market transactions, reference to fair valueof other financial instruments that are substantially similar, anda discounted cash flow analysis or other valuation models.

(i)

(ii)

Financial assets are derecognized when the contractual rightsto receive cash flows from these assets have ceased, or whenthe assets have transferred and substantially all risks andbenefits of the ownership of the assets are transferred. If, allthe risks and benefits have not substantially transferred, theCompany conducts an evaluation to ensure the ongoinginvolvement of the existing controls does not prevent thetermination of recognition. Financial liabilities are derecognizedwhen redeemed or expired.

In 2016 and 2015, the Company has no financial liabilitiesmeasured at fair value through statement of profit or loss.

Financial liabilities measured at fair value through profit orloss are financial liabilities held for trading. Financialliabilities are classified as held for trading if acquiredparticularly for the purpose of selling or repurchasing in thenear future and there is evidence of a pattern of short-termprofit taking. Derivatives are classified as liabilities fortrading unless they are designated and effective ashedging instruments.

13



Penurunan Nilai dari Aset Keuangan Impairment of Financial Assets

g. Transaksi Dengan Pihak-pihak Berelasi g. Transactions with Related Parties

- -

- -

- -

- -

h. Persediaan h. Inventories1. Penilaian Persediaan 1. Inventory valuation

Pemerintah RI yang diwakili oleh Menteri BUMN yangmerupakan pemegang saham Perusahaan, dan BUMN lainyang memiliki hubungan afiliasi melalui Penyertaan ModalPemerintah.

Inventory value stated in the financial position statement islower between cost and net realizable value. Inventorycost is determined by the method of moving average orsimple average depend on the type of inventory. Netrealizable value is the estimated selling price of inventoryin the ordinary business activities less the estimated coststo make and completes the sale of inventories.

Government of the Republic of Indonesia represented bythe Minister for State-Owned Enterprises as theshareholder of the Company, and other state-ownedCompanies that have affiliated relationships throughgovernment investments.The Company invests its funds at or has loans from banksowned by the government or state/provincial-ownedcompanies with normal terms and interest rates asapplicable to third party customers.The Company has same board members (commissionersor directors) as its subsidiaries.

Sifat hubungan dengan pihak-pihak berelasi antara lain sebagaiberikut:

Perusahaan mengadakan perjanjian dalam rangka usahadengan BUMN lain maupun Entitas Anak BUMN sertabadan/lembaga-lembaga Pemerintah.

Aset keuangan yang dicatat berdasarkan biaya perolehandiamortisasi penurunan nilainya diukur dari selisih antara nilaitercatat dan nilai kini estimasi arus kas di masa depan yangdidiskontokan menggunakan suku bunga efektif.

Impairment of a financial asset carried at amortized cost ismeasured as the difference between its carrying amount andthe present value of estimated future cash flows discountedusing the effective interest rate.

Perusahaan mempunyai transaksi dengan pihak-pihak berelasi.Definisi pihak-pihak berelasi adalah orang atau entitas yangterkait dengan entitas yang menyiapkan laporan keuangannya,sesuai dengan PSAK No.7 (Penyesuaian 2015).

Nilai persediaan dinyatakan dalam laporan posisi keuangansebesar yang lebih rendah antara biaya dan nilai realisasineto. Biaya persediaan ditentukan dengan metode rata-ratabergerak atau rata-rata sederhana bergantung pada jenispersediaan. Nilai realisasi neto merupakan estimasi hargajual persediaan dalam kegiatan usaha biasa dikurangiestimasi biaya untuk menyelesaikan dan estimasi biayauntuk melakukan penjualan.

Perusahaan menempatkan dana atau memiliki pinjamandana pada bank yang dimiliki oleh Pemerintah atauBUMN/D dengan persyaratan dan tingkat bunga normalsebagaimana yang berlaku untuk nasabah pihak ketiga.Mempunyai anggota pengurus (komisaris dan direksi) yangsama dengan Entitas Anak.

The nature of the relationship with related parties are asfollows:

The Company entered into business agreements withother state-owned entities or their subsidiaries, andGovernment institutions or agencies .

At each reporting date, the Company evaluates whether thereis any objective evidence that a financial asset is impaired. Afinancial asset is impaired and an impairment loss isrecognized if, and only if, there is any objective evidence thatthe impairment occured as the result of one or more lossevents occurred after the initial recognition. The loss eventscan be estimated reliably and have adverse impact onestimated future cash flows for the financial assets.

The Company has transactions with related parties. Thedefinition of related party is a person or entity related to theentity that is preparing its financial statements in accordancewith PSAK 7 (Improvement 2015).

Pada setiap tanggal pelaporan, Perusahaan mengevaluasiapakah terdapat bukti obyektif bahwa aset keuanganmengalami penurunan nilai. Aset keuangan diturunkan nilainyadan kerugian penurunan nilai diakui jika, dan hanya jika,terdapat bukti obyektif bahwa penurunan nilai terjadi sebagaiakibat dari adanya peristiwa merugikan yang terjadi setelahpengakuan awal aset keuangan tersebut. Peristiwa yangmerugikan tersebut dapat diestimasi secara handal danberdampak negatif pada estimasi arus kas masa depan dariaset keuangan yang bersangkutan.

14


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)h. Persediaan (lanjutan) h. Inventories (continued)

2. Biaya Perolehan Persediaan 2. Cost of Inventory

- -

- -

3. Persediaan Bahan Baku, Penolong dan Perlengkapan 3. Raw Materials, Auxiliary Materials and Supplies

4. Persediaan Produk Dalam Proses 4. Work In Process

Persediaan produk dalam proses terdiri dari : Work in process inventory consists of :- -

- -

5. Persediaan Produk Jadi 5. Finished Goods

6. Persediaan Dalam Perjalanan 6. Inventory in Transit

Produk akhir hasil produksi yang telah dikemas dalamwadah (botol/ampul/vial/ uniject blank) dan telah lulusuji (quality control) sebelum diberi etiket, leaflet dandimasukkan ke dalam dus.

Cost of the inventories, which includes such purchaseprice, the VAT that cannot be credited, conversion costs,and other costs incurred in bringing inventories to presentlocation and conditions, except for inventories of productsin process which are recorded at the percentage of cost ofgoods in process on cost of finished goods, those are :

Inventories in transit are raw materials/auxiliaries/supplies/merchandises that have been arrived/ received atthe port and. According to the delivery terms, have to bethe belongings of the Company. Particularly for importedgoods are made a temporarily Memorandum of theCalculation of Imported Goods as the basis for recordingthe value of "Inventories in Transit".

Produk dalam proses untuk barang curah (bulk ) penilaiannya disamakan antara yang akan diformulasimenjadi produk akhir atau yang akan dijual.

Persediaan bahan baku, penolong dan perlengkapanditentukan dengan menggunakan metode rata-ratabergerak (moving average method).

Persediaan produk jadi terdiri dari persediaan produkperusahaan dan persediaan barang dagangan. Biayapersediaan produk Perusahaan ditentukan denganmenggunakan metode rata-rata sederhana, sedangkanbiaya persediaan barang dagangan ditentukan denganmetode rata-rata bergerak.

Inventories consists of finished goods of the company'sproducts and merchandise inventory. Cost of theCompany's products are determined using the simpleaverage method, while the cost of merchandise inventoriesis determined by the moving-average method.

Produk dalam proses untuk produk akhir dilakukanberdasarkan rata-rata beban pokok produksi (HPP)tanpa bahan kemasan terhadap HPP Vaksin terapandikurangi persentase produk reject saat dikemas,sebagaimana tertuang dalam Nota Dinas DireksiNo.07841/DIR/XII/2010 tanggal 8 Desember 2010.

Biaya persediaan produk dalam proses dihitung setiaptriwulan berdasarkan beban pokok produksi terapandengan menggunakan metode rata‐rata sederhana.

Work in process for end products are valued based onthe average of production cost without packagematerials to the applied production cost of Vaccinesless the percentage of reject products incurred atpackaging, as stated in the Directors MemorandumNo.07841/DIR/XII/ 2010 dated December 8, 2010.

Persediaan dalam perjalanan adalah persediaan bahanbaku/bahan penolong/perlengkapan/barang dagangan yangpada akhir periode pelaporan barangnya sudahditerima/tiba di pelabuhan dan sesuai syarat penyerahanbarang sudah menjadi milik Perusahaan. Khusus untukbarang yang berasal dari impor dibuat Nota PerhitunganBarang Impor (NPI) sementara sebagai dasar mencatatnilai "Persediaan dalam Perjalanan".

Raw and auxiliary materials and supplies are stated usingthe moving average method.

Work in process inventories are computed at quarterlybasis based on the applied production cost and using asimple average method .

Bulk products which are already passed the qualitycontrol tests and ready to be formulated andconverted to finished goods inventory and availablefor sale, prior to packing process.Final products which have been packaged in bottle,ampul, vial, blank uniject and passed the quality controltests before putting label, brouchure and loading intothe boxes.

Bulk hasil produksi yang telah lulus uji (quality control)dengan kondisi siap untuk diformulasi menjadi produkakhir dan siap untuk dijual sebelum dilakukanpengemasan.

Biaya perolehan persediaan meliputi harga beli, PPNmasukan yang tidak dapat dikreditkan, biaya konversi, danbiaya lainnya yang timbul sampai persediaan dalam kondisidan tempat yang siap untuk dijual atau dipakai (present location and condition) , kecuali untuk persediaan produkdalam proses dicatat sebesar persentase beban pokokbarang dalam proses terhadap beban pokok barang jadi,yaitu :

The valuation of work in process of bulk goods (bulk) ismeasured equivalent to which will be formulated to finalproducts or products to be sold.

15


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)h. Persediaan (lanjutan) h. Inventories (continued)

7. Persediaan dalam Karantina 7. Inventory in Quarantine

8. Penurunan Nilai Persediaan 8. Impairment of Inventory

i. Aset Tetap i. Property, Plant and Equipment (PPE)1. Pengukuran Aset Tetap Selain Tanah 1. Measurement of PPE Unless Land

Bangunan BuildingInventaris Pabrik Factory EquipmentInventaris Kantor Office EquipmentInventaris Lainnya Others EquipmentKendaraan Bermotor Vehicle

2. Perubahan Model Pengukuran Aset Tetap Tanah 2. Change of Measurement Model for Land

3. Aset Dalam Pembangunan 3. Asset in Construction

Persediaan dalam karantina merupakan persediaan bahanbaku, bahan penolong, perlengkapan maupun barangdagangan yang pada akhir periode pelaporan barangnyasudah diterima atau tiba di Perusahaan, tetapi belummemenuhi syarat penyerahan barang karena belum lulusuji. Persediaan dalam karantina dikelompokkan kekelompok Aset Lancar Lainnya.

Inventories in quarantine are raw materials, auxiliarymaterials, supplies, or merchandises that have received bythe Company at the end of reporting period but they havenot met the delivery terms yet because they are still in thetest process. Inventories in quarantine are classified intoOther Current Assets.

25 % - 50 %

Category ofPPE

Impairment of inventory value to be as net realizable valueis recognied as expense in the period in which it isincurred. The recovery of inventory value after impairmentis recognized as expense reduction in the period in which itis incurred.

Expenditures after acquisition to maintain economic benefitof a fixed asset are expensed as they are incurred.Expenditures that improve economic benefit in the futureand material are capitalized.

Fixed assets in construction are presented separately aspart of fixed assets and are stated at cost. Theaccumulated costs of construction will be reclassified tothe respective fixed asset when it is complete or ready foruse.

Provisi untuk penurunan nilai persediaan diakui jika nilaitercatat melebihi nilai realisasi neto. Provisi ditentukanberdasarkan estimasi penggunaan atau penjualan masing-masing jenis persediaan pada masa depan.

Provision for impairment of inventories is recognized if thecarrying value exceeds the net realizable value. Provisionsare determined based on estimated usage or sale of eachinventory item in the future.

25 % - 50 %12,5 % - 25 %

Aset tetap pemilikan langsung, kecuali tanah, dinyatakansebesar biaya perolehannya dikurangi akumulasipenyusutan dan penurunan nilai. Aset tetap, kecuali Tanah,disusutkan sesuai tabel berikut:

Tarif Penyusutan

Aset dalam pembangunan disajikan tersendiri dalamkelompok aset tetap dan dinyatakan sebesar biayaperolehan. Akumulasi biaya perolehan dipindahkan kemasing-masing aset tetap yang bersangkutan pada saataset tersebut selesai dikerjakan dan siap digunakan.

Penurunan nilai persediaan menjadi sebesar nilai realisasibersih diakui sebagai beban dalam periode terjadinyapenurunan nilai. Pemulihan kembali nilai persediaansetelah terjadi penurunan nilai diakui sebagai penguranganbeban dalam periode terjadinya pemulihan.

Direct ownership of PPE, unless land, are stated atacquisition cost less accumulated depreciation andimpairment. PPE, unless land, are depreciated accordingto the following table:

Pengeluaran setelah perolehan untuk menjaga manfaatkeekonomian aset tetap diakui sebagai beban pada saatterjadinya. Pengeluaran yang dapat meningkatkan manfaatkeekonomian dimasa yang akan datang dan bernilaimaterial dikapitalisasi.

Depreciation Rate5 % - 10 %

12,5 % - 25 %

Kelompok

Kebijakan akuntansi untuk aset tetap kelompok Tanahdidasarkan model revaluasi secara prospektif. Nilai Tanahper 31 Desember 2016 adalah sebesar jumlah revaluasianyang dilakukan pada 31 Desember 2015. Selisih yangtimbul akibat revaluasi diakui dalam penghasilankomprehensif lain dan dalam ekuitas sebagai surplusrevaluasi aset tetap. Surplus revaluasi akan dialihkan kesaldo laba ketika aset tersebut dihentikan pengakuannya.

Accounting policy for all lands based on prospectiverevaluation model. At the reporting date December 31,2016, the carrying value of lands is stated at revaluationamount at December 31,2015. The difference betweentheir cost and revaluation amount is recognized asrevaluation surplus of fixed assets, and presented in bothother comprehensive income and equity. The amount ofrevaluation surplus will be transfered to profit or loss whenthe asset is terminated.

Aset TetapMetode PenyusutanDepreciation Method

Garis LurusSaldo MenurunSaldo MenurunSaldo MenurunSaldo Menurun

Manfaat KeekonomianEconomic Benefit

10 - 20 tahun8 - 16 tahun4 - 8 tahun8 - 16 tahun4 - 5 tahun

16


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)i. Aset Tetap (lanjutan) i. Property, Plant and Equipment (PPE) ( continued)

4. Aset Tetap Tidak Produktif 4. Unproductive Fixed Assets

j. Aset Takberwujud j. Intangible Assets1. 1.

2. 2.

k. Pengakuan Pendapatan dan Beban k. Revenue and Expense Recognizion

l. Beban Penelitian, Pengembangan dan Surveilans l. Research, Development and Surveillance Expenses

m. Pajak Penghasilan m. Income Tax

Biaya ‐ biaya yang dikeluarkan dari tahapan penelitian (atautahapan penelitian pada proyek internal) uji klinis, surveilansproduk dan lingkungan serta pemantauan produk yang sudahdijual di pasar.

Expenses used in research phases (or research phases atinternal research projects), clinical trial, product andenvironmental surveillance for monitoring of sold products aswell.

Aset tetap yang sudah tidak dapat digunakan lagi karenarusak atau usang dikeluarkan dari kelompok aset tetap dandisajikan pada pos aset tetap tidak produktif dalamkelompok aset tidak lancar lainnya sebesar nilai wajarnya.Jika akan dijual dalam periode pendek maka aset tersebutdisajikan dalam kelompok aset lancar sebesar nilaiwajarnya. Keuntungan atau kerugian yang timbul diakuisebagai beban pada periode terjadinya.

Development costs of upstream flu vaccines representcosts associated with research findings or knowledge ofproduction of egg-based flu vaccines from egg preparation,bulk manufacture, clinical trials to registration of suchproducts performed by external parties. The developmentcosts of upstream flu vaccines are recognized asintangible assets and will be amortized using straight linemethod over the useful life of 8 (eight) years.

All temporary differences between the tax based of assets andliabilities and their carrying amounts are recognized asdeferred taxes using liability method. Deferred tax is measuredby enacted tax rate. Current tax is recognized based ontaxable income for the year, in accordance with current taxregulations.

Perubahan terhadap liabilitas perpajakan diakui pada saatPerusahaan menerima Surat Ketetapan Pajak (SKP) atau, jikaPerusahaan mengajukan keberatan, pada saat keputusan ataskeberatan tersebut telah ditetapkan.

Corrections of tax liabilities are recognized when taxassessment letter (SKP) is received, or if the Companyappealed, when the result of the appeal is determined.

Pendapatan diakui pada saat terjadi transaksi yaitu pada saatpenyerahan barang atau jasa kepada pelanggan. Beban diakuipada saat terjadinya (metode akrual).

Revenues are recognized when the transaction incurred, whichis the deliver of goods or services to customers have beencompleted. Expenses are recognized as incurred (the accrualmethod).

Costs associated with refinement of systems andprocedures that can be identified, controlled and provideeconomic benefits for more than one year are recognizedas intangible assets. These costs are amortized using thestraight-line method over the estimated useful life of 4years.

Unused fixed assets because of damage or obsolete aredisposed from fixed assets section, and are presented attheir fair value in other non-current assets section. Theseassets are reclassified to current assets at their fair valuewhen they will be sold in the short period. Gain or lossincurred is recognized as expenses in the period ofincurred.

Biaya yang berhubungan dengan penyempurnaan sistemdan prosedur yang dapat diidentifikasi, dikendalikan sertamemberikan manfaat ekonomi yang melebihi biayanyadalam jangka waktu lebih dari satu tahun, diakui sebagaiaset takberwujud. Biaya ini diamortisasi denganmenggunakan metode garis lurus selama masa manfaat 4(empat) tahun.

Biaya pengembangan upstream vaksin flu meliputi biaya-biaya yang terkait dengan penemuan riset ataupengetahuan produksi vaksin flu yang berbasis telur daripenyiapan telur, pembuatan bulk, uji klinis sampai registrasidari produk tersebut yang dilakukan oleh pihak eksternal.Biaya pengembangan upstream vaksin flu diakui sebagaiaset takberwujud dan diamortisasi menggunakan metodegaris lurus selama masa manfaat 8 (delapan) tahun.

Seluruh perbedaan temporer antara jumlah tercatat aset danliabilitas dengan dasar pengenaan pajaknya diakui sebagaipajak tangguhan dengan metode liabilitas. Pajak tangguhandiukur dengan tarif pajak yang berlaku saat ini. Pajak kini diakuiberdasarkan taksiran laba kena pajak untuk tahun yangbersangkutan sesuai dengan peraturan perpajakan yangberlaku.

Penghapusbukuan aset tetap dilakukan setelah mendapatpersetujuan pemegang saham dalam RUPS atau DewanKomisaris.

Unproductive assets are written off by approval fromShareholders in Shareholders General Meeting or Boardsof Commissioners.

17


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)n. Imbalan Kerja n. Employee Benefits

a. a.

b. b.

o. Pendapatan Hibah o. Grant

Actuarial gain or loss and return on plan assets in othercomprehensive income.

The Company recognizes the following defined benefit costcomponents :

Service cost and net interest on defined benefit liability(asset) in profit or loss, and

Grants related to assets, including non-monetary grants at fairvalue, are presented in the statement of financial position asdeferred income, or recorded as reduction of the carryingamount of the assets. Grants related to income are presentedin the statement of profit or loss and other comprehensiveincome in a general heading such as "other income", or asreduction of the related costs.

Hibah terkait dengan aset, termasuk hibah nonmoneter padanilai wajar, disajikan dalam laporan posisi keuangan sebagaipenghasilan ditangguhkan atau dicatat sebagai pengurangjumlah tercatat aset. Hibah terkait dengan penghasilandisajikan dalam laporan laba rugi dan penghasilankomprehensif lain dalam pos umum seperti “penghasilanlain‐lain” atau alternatif pengurang dalam beban terkait.

Keuntungan dan kerugian aktuarial dan imbal hasil atasaset program dalam penghasilan komprehensif lain.

In addition to employee benefits, the Company also provides apension plan for all eligible permanent employees and contractworkers. This program provides employee benefits based onpension basic income and working period of the employees.The pension plan is managed by the Financial Institution ofPension Plan (DPLK) PT Asuransi Jiwasraya. The pensionplan funding is based on the latest decree that stipulated in theagreement between the Company and the Association of theCompany's Employees (HIKA) for the period of 2015-2017article 66, which is 15% from basic salary with the compositionof 60% of which is supported by the Employer and the other40% is charged to the respective employee.

Since January 1, 2011, the Company applied early the PSAK61, "Accounting for Government Grants and Disclosure ofGovernment Assistance" in relation to the enforcement ofPPSAK 6, "Revocation of PSAK 21 "Accounting for Equity",ISAK 1 "Determination of Market Price Dividend", ISAK 2:"Presentation of Capital in the Balance Sheet and Receivableto Shareholders" and ISAK 3: "Accounting for Donations orGrant". The application of those SFASs are doneretrospectively.

Perusahaan mengakui beban dan liabilitas imbalan pascakerjadan imbalan jangka panjang lainnya sesuai dengan PSAK 24(Revisi 2013) “Imbalan Kerja”.Perhitungan beban jasa kini, jasa lalu dan nilai kini kewajibanimbalan pasca kerja dan imbalan jangka panjang lainnyadilakukan oleh aktuaris independen dengan menggunakanmetode “projected unit credit ”.

The calculation of current and past service costs and presentvalue of postretirement and other long-term benefits areconducted by an independent actuary using "projected unitcredit" method.

The Company performs employee benefits and has a pensionplan/postretirement benefits in accordance with labor lawNo.13 Year 2003 "Employment",.The pension plan is managedby PT Asuransi Jiwasraya, a financial institution of pensionfund ("DPLK"). The company posts another employee rewardsin accordance with the Act.

The Company recognizes expense and postretirement benefitand other long-term benefit liabilities in accordance with thePSAK 24 (Revised 2013) "Employee Benefits".

Perusahaan mengakui komponen biaya imbalan pasti sebagaiberikut :

Selain imbalan manfaat karyawan, Perusahaan jugamenyelenggarakan program pensiun untuk seluruh karyawantetap yang memenuhi syarat dan karyawan kontrak. Programini memberikan imbalan manfaat karyawan berdasarkanpenghasilan dasar pensiun dan masa kerja karyawan. Danapensiun ini dikelola oleh Dana Pensiun Lembaga Keuangan(DPLK) PT Asuransi Jiwasraya. Pendanaan dana pensiunberdasarkan ketentuan terakhir yang dituangkan dalamPerjanjian Kerja Bersama antara Perusahaan denganHimpunan Karyawan (HIKA) periode 2015-2017 pasal 66, yaitu15% dari gaji dasar dengan komposisi 60% ditanggung olehpemberi kerja sedangkan 40% ditanggung oleh karyawanmasing-masing.

Biaya jasa dan bunga neto atas liabilitas (aset) imbalanpasti dalam laba rugi; dan

Sejak 1 Januari 2011, Perusahaan melakukan penerapan lebihawal terhadap PSAK 61 “Akuntansi Hibah Pemerintah danPengungkapan Bantuan Pemerintah” sehubungan dengandiberlakukannya PSAK 6 “Pencabutan PSAK 21: AkuntansiEkuitas", ISAK 1 "Penentuan Harga Pasar Dividen:, ISAK 2"Penyajian Modal Dalam Neraca dan Piutang KepadaPemegang Saham" dan ISAK 3 "Akuntansi Atas PemberianSumbangan atau Bantuan”. Penerapan PSAK ini dilakukansecara retrospektif.

Perusahaan melaksanakan imbalan manfaat karyawan danmenyelenggarakan program pensiun/imbalan pasca kerjakaryawan sesuai dengan Undang-Undang Nomor 13 Tahun2003 tentang Ketenagakerjaan. Program pensiun karyawandikelola oleh Dana Pensiun Lembaga Keuangan (DPLK) PTAsuransi Jiwasraya. Perusahaan membukukan imbalanmanfaat karyawan lainnya untuk karyawan sesuai denganUndang-Undang tersebut.

Hibah diakui dalam laba rugi dengan dasar yang sistematisselama periode entitas mengakui sebagai beban atas biayaterkait yang dimaksudkan akan dikompensasikan denganhibah.

Grants are recognized in profit or loss with a sistematical basisduring the period the entity recognizes as expense the relatedcosts that will compensated with the grants.

18


2. IKHTISAR KEBIJAKAN AKUNTANSI (lanjutan) 2. SUMMARY OF ACCOUNTING POLICIES (continued)p. Penggunaan Estimasi p. Use of Estimates

3. KAS DAN SETARA KAS 3. CASH AND CASH EQUIVALENTS

Kas CashBank BankPihak Berelasi - Rupiah Related Parties - RupiahPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) TbkPT Bank Jabar Banten Tbk PT Bank Jabar Banten TbkLembaga Pembiayaan Ekspor Indonesia Lembaga Pembiayaan Ekspor IndonesiaPT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk

Pihak Berelasi - Valas Related Parties - US Dollar PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

2016 : USD 5,833,970.30 2016 : USD 5,833,970.302015 : USD 16,656,140.82 2015 : USD 16,656,140.82

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk 2016 : EUR 5,596,645.06 2016 : EUR 5,596,645.062015 : EUR 7,127,955.08 2015 : EUR 7,127,955.08

PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk 2016 : USD 45,068.76 2016 : USD 45,068.762015 : USD 45,086.30 2015 : USD 45,086.30

Lembaga Pembiayaan Ekspor Indonesia Lembaga Pembiayaan Ekspor Indonesia 2016 : USD 439,669.57 2016 : USD 439,669.572015 : USD 122,596.26 2015 : USD 122,596.26

PT Bank BRI (Persero) Tbk PT Bank BRI (Persero) Tbk2016 : USD 51,196.53 2016 : USD 51,196.53

Sub Jumlah Kas dan Bank Total Cash and Bank

4.192.935.828

420.464.428

Penyusunan laporan keuangan sesuai dengan prinsipakuntansi yang berlaku umum, mensyaratkan Perusahaanuntuk memakai estimasi-estimasi dan asumsi-asumsi yangmempengaruhi jumlah-jumlah yang dilaporkan. Sehubungandengan ketidakpastian yang melekat dalam pembuatanestimasi, hasil sebenarnya yang dilaporkan dalam periodemendatang mungkin didasarkan atas jumlah-jumlah yangberbeda dari estimasi tersebut.

The preparation of financial statements in accordance withaccounting principles generally accepted in Indonesia requiresthe Company to make estimates and assumptions that affectsthe amounts reported in the financial statements. Due toinherent uncertainty in determination of estimation, the actualamount reported in the future might possibly be different fromthese estimates.

Sejak 1 Januari 2011, Perusahaan telah mengadopsi PSAK 57(Revisi 2009) "Provisi, Liabilitas Kontinjensi, dan AsetKontinjensi", yang efektif untuk periode pelaporan keuanganyang dimulai pada atau setelah 1 Januari 2011 dan diterapkansecara prospektif.

Penyusunan laporan keuangan mengharuskan manajemenuntuk membuat taksiran dan asumsi yang mempengaruhijumlah aset dan liabilitas dan pengungkapan aset dan liabilitaskontinjensi pada tanggal laporan keuangan serta jumlahpendapatan dan beban yang dilaporkan selama periodepelaporan. Pos-pos signifikan yang terkait dengan taksiran danasumsi antara lain termasuk, nilai tercatat aset tetap, asettakberwujud dan penyisihan untuk piutang. Hasil aktual dapatberbeda dari taksiran tersebut.

Since January 1, 2011, the Company adopted PSAK 57(Revised 2009) "Provision, Contingent Liability, and ContingentAsset" that was effective for the financial reporting periodsbeginning on or after January 1, 2011 and appliedprospectively.

1.691.215.407

31 Desember 2015December 31, 2015

182.759.333

306.561.705 869.406.146

The preparation of financial statement requires management tomake estimates and assumptions that affect the amounts ofassets and liabilities and disclosures of contingent assets andliabilities at the date of financial reporting. The significantaccounts related to the estimates and assumptions includecarrying value of fixed assets and intangible assets andallowance for uncollectible receivables. The actual resultsmight possibly be different from these estimates.

411.050.060

229.771.462.612

107.415.930.830

621.965.509

346.937.674.794

5.907.400.343

78.385.224.951

605.543.859

79.257.168.849

175.899.939.468

687.876.577

5.246.858.764


189.469.748

4.652.564.844 963.195.298 356.476.633 702.082.538

175.710.469.720 346.754.915.461

19


3. KAS DAN SETARA KAS (lanjutan) 3. CASH AND CASH EQUIVALENTS (continued)

Jumlah pindahan Brought forwardSetara Kas Cash EquivalentsPihak Berelasi Related PartiesDeposit on call - Rupiah Deposit on call - Rupiah PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk Deposito Berjangka - Rupiah Time Deposit - Rupiah PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT BTN Syariah (Persero) Tbk PT BTN Syariah (Persero) TbkDeposito Berjangka - Valas Time Deposit - US Dollar PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

2016: USD 471,300.00 2016: USD 471,300.002015: USD 471,300.00 2015: USD 471,300.00

Pihak Ketiga Third PartiesDeposito Berjangka - Rupiah Time Deposit - Rupiah PT Bank Jabar Banten Tbk PT Bank Jabar Banten Tbk PT Bank Mega PT Bank Mega PT Bank Mandiri (Persero) Taspen Pos PT Bank Mandiri (Persero) Taspen PosDeposito Berjangka - Valas Time Deposit - US Dollar PT Bank Jabar Banten Tbk PT Bank Jabar Banten Tbk

2016: USD 500,000.00 2016: USD 500,000.00Sub Jumlah Setara Kas Total Cash EquivalentsJumlah Kas dan Setara Kas Total Cash and Cash Equivalents

Tingkat Bunga Deposito : Interest Rate on Time Deposits Deposit On Call - Rupiah Deposit on Call - Rupiah Deposito Berjangka : Rupiah Time Deposit - Rupiah Deposito Berjangka : US Dollar Time Deposits - US Dollar Nisbah Bagi Hasil Sharing portion of Deposito Bank Muamalat Deposit on Muamalat Bank

4. PIUTANG USAHA 4. TRADE RECEIVABLES

Pelanggan Dalam Negeri Domestic CustomersPihak Berelasi : Related Parties PT Rajawali Nusantara Indonesia PT Rajawali Nusantara Indonesia PT Indofarma Global Medika PT Indofarma Global Medika PT Perusahaan Perdagangan PT Perusahaan Perdagangan Indonesia (Persero) Indonesia (Persero)

Jumlah TotalPihak Ketiga Third Parties PT Merapi Utama Pharma PT Merapi Utama Pharma PT Sagi Capri PT Sagi Capri PT Bumi Paradise PT Bumi Paradise PT Pamor Baru PT Pamor Baru Aventis Pharma Aventis Pharma

Jumlah TotalSub Jumlah Sub-total

92.000.000.000

31 Desember 2015

-

40.000.000.000

272.050.386.800 209.001.583.500 447.950.326.268 555.939.258.294

27.060.188.983

6.332.386.800 -

- 6.501.583.500

10.000.000.000 -

-

10.956.104.182

346.937.674.794

4,25 % - 5,5 % 4,8 % - 7,5 %6.75% - 8.75% 9,25%

60.000.000.000

4.500.000.000


87.000.000.000 49.000.000.000 6.000.000.000

175.899.939.468

7.000.000.000 7.000.000.000 5.000.000.000

- - -

6.718.000.000

December 31, 2015

50.000.000.000 -

24.000.000.000 20.000.000.000

898.855 -

45.983.778.058

31 Desember 2016 31 Desember 2015December 31, 2016 December 31, 2015

9.184.354.665

137.220.000

11.436.314.957 7.337.007.994 9.662.400.000

250.000.000 -

14.778.712.316 28.685.722.950

6.991.961.405

0.5% - 1.25% 0,50%

5.288.616.407 6.341.950.926

12.281.476.667 17.298.055.108

5.207.137.650 -

250.000.000

20


4. PIUTANG USAHA (lanjutan) 4. TRADE RECEIVABLES (continued)

Pelanggan Luar Negeri Overseas CustomersPihak Ketiga Third Parties UNICEF UNICEF 2016 : USD 955,950.00 2016 : USD 955,950.00 2015 : USD 5,271,110.40 2015 : USD 5,271,110.40 Bionet Bionet 2016 : USD 18,061,019.5 2016 : USD 18,061,019.50 2015 : USD 19,208,555.65 2015 : USD 19,208,555.65 Universal - Exim Universal - Exim 2016 : USD 425,950.00 2016 : USD 425,950.00 2015 : USD 8,214,387.50 2015 : USD 8,214,387.50 Paho Paho 2015 : USD 27,284.50 2015 : USD 27,284.50 Arabio Arabio 2015 : USD 604,532.10 2015 : USD 604,532.10 Hospitec Hospitec 2015 : USD 93,000.00 2015 : USD 93,000.00 WHO WHO 2015 : USD 38,750.00 2015 : USD 38,750.00

Sub Jumlah Sub-totalJ a s a Services

Jumlah TotalDikurangi : Penyisihan Penurunan Nilai Less : Allowance for ImpairmentJumlah Piutang Usaha - Bersih Total Trade Receivables - netJumlah piutang usaha berdasarkan umur (tahun) adalah : The aging (year) of trade receivables is as follows :

Sampai dengan 1 Tahun Up to 1 Year1 s.d. 2 Tahun 1 up to 2 Years2 s.d. 3 Tahun 2 up to 3 Years3 s/d 4 Tahun 3 up to 4 YearsLebih dari 4 Tahun more than 4 YearsJumlah Total

Mutasi Penyisihan Penurunan Nilai : The movements of provision for impairment losses:

Saldo Awal Beginning BalancePenyisihan Kerugian Penurunan Nilai Piutang Provision for Impairment LossesPenghapusan Tahun Berjalan Written-offSaldo Akhir Ending Balance

288.972.434.944

66.287.183 - 8.531.697

83.874.024

508.058.711.401

12.844.144.200 -

December 31, 2016 December 31, 2015

346.011.041 312.622.025 288.626.423.903 507.746.089.376


- 72.714.967.968

242.667.858.002 - - 264.982.025.192

5.723.064.200 -

Trade receivables amounting to Rp35.000.000.000 have beenpledged as fiduciary collateral for credit facility obtained from theLembaga Pembiayaan Ekspor Indonesia (LPEI) based on Letterof Approval for Extended Financing Facility No.PBD/ SP3/30/2016dated June 6, 2016 for the extension of loan period until June 24,2017. (notes 37.h)

31 Desember 2016 31 Desember 2015

288.580.853.841 18.037.702

281.137.679

507.630.266.684 313.718.159 48.439.375

- 113.317.475.563

1.282.935.000

534.556.250

8.339.520.320

376.389.678 -

-

-

- 261.235.066.402 461.547.869.969

677.179.559 527.063.374 288.972.434.944 508.058.711.401


312.622.025 49.865.427

(16.476.412) 346.011.040

122.481.675 201.221.055 (11.080.706) 312.622.025

Piutang usaha senilai Rp183.496.626.930,24 dijadikan jaminanyang bersifat fidusia atas fasilitas kredit yang diterima dari PT Bank Rakyat Indonesia (Persero) Tbk berdasarkan Surat PersetujuanPerpanjangan Fasilitas Pembiayaan (SPPFP)No.R.II.291‐ADK/DKR‐2/12/2016, tanggal 1 Desember 2016 untukjangka waktu kredit sampai dengan 18 Desember 2017.(catatan37.i)

Trade receivables amounting to Rp183.496.626.930,24 have beenpledged as fiduciary collateral for credit facility obtained from thePT Bank Rakyat Indonesia (Persero) Tbk based on Letter ofApproval for Extended Financing FacilityNo.R.II.291‐ADK/DKR‐2/12/2016 dated December 1, 2016 for theextension of loan period until December 18, 2017.(notes 37.i)

Piutang usaha senilai Rp35.000.000.000 dijadikan jaminan yangbersifat fidusia atas fasilitas kredit yang diterima dari LembagaPembiayaan Ekspor Indonesia (LPEI) berdasarkan SuratPersetujuan Perpanjangan Fasilitas Pembiayaan (SPPFP)No.PBD/SP3/30/2016 tanggal 6 Juni 2016 untuk perpanjanganjangka waktu kredit sampai dengan 24 Juni 2017. (catatan 37.h)

21


4. PIUTANG USAHA (lanjutan) 4. TRADE RECEIVABLES (continued)

5. PIUTANG LAIN-LAIN 5. OTHER RECEIVABLES

Pihak Berelasi : Related Parties : Piutang PT Iglas (Persero) PT Iglas (Persero) Pihak Ketiga : Third Parties : Piutang Lainnya Others

Dikurangi : Penyisihan Penurunan Nilai Less : Allowance for ImpairmentJumlah Piutang Lain-Lain Total Other Receivables

Mutasi Penyisihan Penurunan Nilai : Movement of Allowance for Impairment :

Saldo Awal Beginning BalancePemulihan Tahun Berjalan Bad Debt RecoverySaldo Akhir Ending Balance

6. PERSEDIAAN 6. INVENTORIES

Bahan Baku/ Penolong Raw Materials/AuxiliariesPerlengkapan Products in progressProduk Dalam Proses Finished ProductsProduk Jadi EquipmentsBarang Dagangan Merchandises

Dikurangi : Penyisihan Penurunan Nilai Less: impairment of valueJumlah Persediaan-Bersih Total Inventories - Net

Mutasi Penyisihan Penurunan Nilai Persediaan The movement of provision for impairment

Saldo Awal Beginning BalancePembebanan Tahun Berjalan Provision for the YearPemulihan Tahun Berjalan Current Year's Impairment RecoverySaldo Akhir Ending Balance

2.010.514.545 713.617.611.397

- 1.302.637.458

1.302.637.458

1.748.777.670 2.124.850.518 (1.302.637.458)

822.213.060

4.866.037.913 357.924.068.324

Manajemen berkeyakinan bahwa penyisihan penurunan nilaipiutang cukup untuk menutupi kerugian yang mungkin timbul atastidak tertagihnya piutang.

(1.302.637.458) 446.140.212

756.064.386

5.891.672.358



1.302.637.458 1.302.637.458

446.140.212 822.213.060

-

462.557.268.255

222.475.046.209 81.857.215.656 33.161.706.767 1.077.050.535

Persediaan produk jadi dan bahan baku yang rusak ataukadaluarsa tahun berjalan dibebankan pada kelompok bebanpokok penjualan di laporan laba rugi dan penghasilankomprehensif lain, kecuali untuk selisih kurang atau lebih hargapokok terapan ‐ aktual dibebankan ke beban (penghasilan)lainnya. Penyisihan dilakukan atas saldo persediaan yang telahdikurangkan dengan yang rusak atau kadaluarsa.

Inventories of finished products and raw materials that aredamaged or expired at the current year are charged to cost ofsales in the group income statement and other comprehensiveincome, except for the difference of more or less than the cost ofapplied - the actual charged to operating expenses (income)others. Provision is made for that the balance of inventories wasreduced by a damaged or expired.In April 2016 the World Health Organisation (WHO) declareddiscontinuation of use, circulation, storage and production of type 2polio vaccine (trivalent Oral Polio Vaccine / tOPV) globally as ofMay 1, 2016, and replace it with a bivalent Oral Polio Vaccine(bOPV). Based on the declaration, the Company has taken stepsto stop tOPV production and bulk polio type 2 as well as recalltOPV from circulation and replace them with bOPV.

5.891.672.358

3.368.325.466 (4.206.854.370)

Adanya hubungan berelasi mungkin mengakibatkan persyaratantransaksi tersebut di atas tidak sama dengan transaksi lain yangdilakukan dengan pihak ketiga.

Management believes that the amount of provision for impairmentlosses is adequate to cover possible losses from uncollectibletrade receivables. A related party may result in difference terms of the transactionswith those of similar transactions to third parties.

1.302.637.458


272.003.212.496 205.935.635.178

5.053.143.454

4.056.315.911 4.442.058.615

(2.606.702.168)


31 Desember 2016

Pada bulan April 2016 World Health Organisation (WHO)mendeklarasikan penghentian penggunaan, pengedaran,penyimpanan dan produksi vaksin polio tipe 2 (trivalent Oral PolioVaccine/tOPV) secara global terhitung 1 Mei 2016, danmenggantinya dengan bivalent Oral Polio Vaccine (bOPV). Atasputusan tersebut Perusahaan telah mengambil langkah-langkahmenghentikan produksi tOPV dan bulk polio tipe 2 serta menariktOPV dari peredaran dan menggantinya dengan bOPV.

31 Desember 2015December 31, 2016 December 31, 2015

1.302.637.458

468.448.940.613 5.053.143.454 5.891.672.358

708.564.467.943

22


6. PERSEDIAAN (lanjutan) 6. INVENTORIES (continued)

a.

b.

c.

d.

e.

Needed for production purposes sabin Inactivated PolioVaccine (sIPV).Needed as a backup to support the Government in case ofExtraordinary Events or an outbreak of polio virus type 2remember parts of Indonesia are still at high risk of type 2 poliooutbreaks.Has received the support of the Government of cq. TheMinistry of Health of the Republic of Indonesia, which has beenrequested to WHO through the representative in Indonesia forthe Company (PT Bio Farma) was authorized as a nationalpartner stockpile of monovalent Oral Polio Vaccine type 2(mOPV2).Required reserve to support the WHO program if the outbreakoutside Indonesia given the discovery of indications andoutbreaks of polio virus type 2 polio in Afghanistan, Pakistan,Laos, Guinea, Nigeria, Chad, and the nation-state in WestAfrica as well as the limited supply of IPV.

WHO has recommended the Company's to communicate withWHO Pre Qualification (PQ) teams and process mOPV2according to the PQ procedure to respond in case of outbreakof polio virus type 2 outside Indonesia and WHO plans to visitthe Company and the Agency for Food and DrugAdministration (BPOM) to talk about it in March 2017.

Manajemen berkeyakinan bahwa nilai tercatat persediaan bulkpolio tipe 2 sebesar Rp22.214.885.705,00 telah mencerminkannilai realisasi neto setelah mempertimbangkan aspek kegunaandan mengkaji jumlah kebutuhannya di masa depan sesuai denganbutir a, b dan d di atas.

Inventories in 2016 have been insured to PT Asuransi BumiputeraMuda 1967 (Polis No.1006010916030001); PT Mandiri AXAGeneral Insurance (Polis No.1030109031600006) and PTAsuransi Jasa Tania (Polis No.IP050116000033) against loss bycertain policy packages for period March 20, 2016 until march 20,2017 with coverage value of Rp.295.085.709.277,40;Rp.158.307.827.897,53 and Rp.104.205.477.536,88.

Persediaan barang senilai Rp60.000.000.000 dijadikan jaminansecara fidusia atas fasilitas kredit yang diterima dari LembagaPembiayaan Ekspor Indonesia (LPEI) berdasarkan SuratPersetujuan Perpanjangan Fasilitas Pembiayaan (SPPFP)No.PBD/SP3/30/2016 tanggal 6 Juni 2016 untuk perpanjanganjangka waktu kredit sampai dengan 24 Juni 2017. (catatan 73.h)

Persediaan tahun 2016 telah diasuransikan kepada PT AsuransiBumiputera Muda 1967 (Polis No.1006010916030001); PT MandiriAXA General Insurance (Polis No.1030109031600006) dan PTAsuransi Jasa Tania (Polis No.IP050116000033) terhadap semuarisiko kecuali gempa bumi berdasarkan suatu paket polis tertentuuntuk periode pertanggunggan 20 Maret 2016 sampai dengan 20Maret 2017 dengan total nilai pertanggungan sebesarRp295.085.709.277,40; Rp158.307.827.897,53 danRp104.205.477.536,88.

Inventories amounting to Rp.60.000.000.000 have been made asfiduciary collateral for credit facility obtained from the IndonesiaEximbank (LPEI), based on Letter of Approval of ExtendedFinancing (SPPFP) No.PBD/ SP3/30/2016 dated Juni 6, 2016 forthe extension of credit period until June 24, 2017. (notes 37.h)

Pada tanggal laporan posisi keuangan 31 Desember 2016,Perusahaan memiliki persediaan bulk polio tipe 2 sejumlah 2.882,5liter dengan nilai tercatat sebesar Rp22.214.885.705,00.Pertimbangan manajemen menyimpan bulk polio tipe 2 adalah :

Diperlukan untuk keperluan produksi sabin Inactivated PolioVaccine (sIPV).Diperlukan sebagai cadangan untuk mendukung programPemerintah jika terjadi Kejadian Luar Biasa (KLB) / outbreakatau wabah virus polio tipe 2 mengingat wilayah Indonesiamasih berisiko tinggi terjadi KLB polio tipe 2.Telah mendapat dukungan dari Pemerintah cc. KementerianKesehatan Republik Indonesia yang telah meminta kepadaWHO melalui representatif di Indonesia agar Perusahaan (PTBio Farma) diberi wewenang sebagai rekanan nasionalstockpile untuk monovalent Oral Polio Vaccine type 2 (mOPV2).

Diperlukan sebagai cadangan untuk mendukung program WHOjika terjadi outbreak di luar Indonesia mengingat masihditemukannya indikasi dan outbreak virus polio polio tipe 2 diAfganistan, Pakistan, Laos, Guinea, Nigeria, Chad, dannegara –negara di West Africa serta keterbatasan persediaanIPV.WHO telah merekomendasikan Perusahaan untuk komunikasidengantim WHO Pre Qualification(PQ) dan memprosesmOPV2 sesuai prosedur PQ untuk merespon jika terjadioutbreak virus polio tipe 2 di luar Indonesia dan WHOberencana berkunjung ke Perusahaan dan Badan PengawasanObat dan Makanan (BPOM) untuk membicarakan hal tersebutpada bulan Maret 2017.

At the statement of financial position date December 31, 2016, theCompany has a bulk of polio supply type 2 amounting to 2,882.5liters with carrying value of Rp.22.214.885.705,00. Theconsiderations of Management to keep the bulk polio supply type 2are:

The Management believes that the carrying value of bulk suppliesof type 2 polio amounting to Rp22.214.885.705,00 reflect netrealizable value after considering aspects of usability and assessthe amount of need in the future in accordance with items a, b andd above.

Manajemen Perusahaan berkeyakinan bahwa nilai pertanggunganasuransi cukup untuk menutup kerugian yang mungkin timbul atasrisiko kerugian.

The management believes that the amount of insurance coverageis adequate to cover potential losses from the insured risk.

d.

c.

b.

a.

e.

23


6. PERSEDIAAN (lanjutan) 7. INVENTORIES (continued)

7. UANG MUKA 7. ADVANCES

Pembelian Lokal Domestic PurchasesPembelian Barang Impor Purshases of Imported GoodsImpor Dalam Penyelesaian Import in ProgressUang Muka Kaca Mata Glasses Jasa Produksi BonusesUang Muka Monitoring Monitoring Uang Muka Diklat Training Uang Muka Lainnya Others Jumlah Total

Uang muka pembelian barang impor terdiri dari : Advance for purshases of imported goods consist of :

Antibody to Poliovirus Type1‐3Vaksin MENINGITIS ACYW 0,5 ML

Heatmarker VVM2CEDI+Tangki Feed dan Permeated ROAutoclave for DesinfectionAutoclave for SterilizationIntegrated Filling Line 3 Vial

Multitray CS 40Heatmaker for OPVFermentor 150 LPembelian lainnya

8. PERPAJAKAN 8. TAXESa. Pajak Dibayar Dimuka a. Prepaid Taxes

Pajak Pertambahan Nilai - Masukan Value Added Tax (VAT) - InputPungutan/Potongan PPN - Keluaran WAPU Witholding VAT - OutputPPh Pasal 22 Income Tax - Article 22Estimasi PPh Badan Income Tax - Article 29

Jumlah Total

Uang Muka pembelian lokal sebesar Rp2.205.788.311 terutamadari pembangunan istal kuda di Cisarua sebesar Rp834.000.000.

Advances for local purchase of Rp2.205.788.311 mainly from theconstruction of stables in Cisarua Rp834.000.000.


17.309.454.864 58.096.388.624

Fermentor 150 L (volume 207 L) Complete With Accessories


298.816.989.377

239.924.469.571 2.771.329.518

24.220.380

31 Desember 2015

- 242.720.019.469

2.624.817.366 42.995.436.451 58.096.388.624

Others

1.540.461.784 1.468.759.444 1.431.810.640

- - -

2.080.865.701 1.122.510.680

Heatmarker VVM2

Vaksin MENINGITIS ACYW 0,5 ML

Upstream Tetanus Toxoid Vaccine Production Equipment

-

Antibody to Poliovirus Type1‐3

37.100.000

-

31 Desember 2016

42.995.436.451 7.471.766.551

-

54.052.291.312 102.353.243.161

- -

35.897.084.165


2.293.407.746

4.039.000.000

Integrated Filling Line 4 (Vial Filling Line For PentaBio Liquid Product)

2.205.788.311

Persediaan barang senilai Rp 176.077.094.546,5 dijadikan jaminanyang bersifat fidusia atas fasilitas kredit yang diterima dari PT Bank Rakyat Indonesia (Persero) Tbk berdasarkan Surat PersetujuanFasilitas Pembiayaan No. R.II.291‐ADK/DKR‐2/12/ 2016, tanggal 1Desember 2016 untuk jangka waktu kredit sampai dengan 18Desember 2017 (catatan 37.i).

Uang Muka Impor dalam penyelesaian sebesar Rp7.471.766.551merupakan pembayaran biaya asuransi, biaya bongkar muat,biaya inklaring, dan pajak terkait proses penanganan barang impordari pelabuhan dalam negeri ke lokasi Perusahaan.

Advances for import in progress amounting of Rp7.471.766.551represent payments in advance for insurance, unloading, andinklaring expenses and taxes related to the process of handling theimported goods from the port to the Company's location.

Inventories amounting to Rp.176.077.094.546,5 have beenpledged as fiduciary collateral for credit facility obtained from PTBank Rakyat Indonesia (Persero) Tbk , based on Letter ofApproval of Financing (SPPFP) No.R.II.291‐ADK/DKR‐2/12/ 2016dated december 1, 2016 for the extension of credit period untilDecember 18, 2017. (notes 37.i)

20.142.840.366

2.911.151.562

Integrated Filling Line 4 (Vial Filling Line For PentaBio Liquid Product) -

December 31, 201531 Desember 2016

Upstream Tetanus Toxoid Vaccine Production Equipment

Fermentor 150 L (volume 207 L) Complete With Accessories

24.046.311.900 4.343.571.504

- 4.010.527.763

3.835.010.608

Heatmaker for OPVMultitray CS 40

Integrated Filling Line 3 Vial

10.789.883.720

2.203.458.756 Fermentor 150 L

December 31, 2016 December 31, 2015225.907.519.874

467.020.625 72.442.448.878

CEDI+Tangki Feed & Permeated RO

-

1.700.000 -

1.250.000.000 1.600.000.000 90.500.000 -

Autoclave for SterilizationAutoclave for Desinfection849.693.000

808.058.043

24


8. PERPAJAKAN (lanjutan) 8. TAXES (continued)a. Pajak Dibayar Dimuka (lanjutan) a. Prepaid Taxes (continued)

b. Utang Pajak b. Taxes Payable

PPN Wapu Witholding VAT - OutputPajak Penghasilan Final Pasal 4 (2) Income Tax - FinalPajak Penghasilan Pasal 21 Income Tax Article 21Pajak Penghasilan Pasal 22 Income Tax Article 22Pajak Penghasilan Pasal 23 Income Tax Article 23Pajak Penghasilan Pasal 25 Income Tax Article 25Pajak Penghasilan Pasal 29 Income Tax Article 29

Jumlah Total

c. Manfaat (Beban) Pajak Penghasilan c. Income Taxes Benefit (Expense)

Pajak Kini Current taxManfaat (Beban) Pajak Tangguhan Deferred Tax Benefit (Expense)Beban Pajak Penghasilan - Bersih Income Tax Expense - Net

d. Rekonsiliasi antara laba komersial dan laba fiskal : d. Reconciliation between commercial and taxable income :

Laba sebelum pajak penghasilan Income before income tax menurut laporan laba rugi as shown in statement of profit or lossBeda Waktu Temporary DifferencesBeban imbalan pasca kerja Employees benefit expensePenyisihan penurunan nilai piutang Provision for impairment of receivablesPenyisihan nilai persediaan Provision for impairment of inventoriesPemulihan biaya dibayar dimuka Recovery of prepaid expenses Jumlah Beda Waktu Total Temporary Differences

33.389.016 (838.528.904)

Saldo PPN Masukan per 31 Desember 2016 setelahmemperhitungkan restitusi PPN Masa Pajak Juli sampaidengan Desember 2013 sebesar Rp41.919.562.727,00 sesuaiSurat Perintah Membayar Kelebihan Pajak (SPMKP) No.80054/051‐00054‐2016 tanggal 4 Januari 2016; restitusi PPNMasa Pajak Januari sampai dengan Juni 2014 sebesarRp40.195.806.361,00 sesuai Surat Perintah MembayarKelebihan Pajak (SPMKP) No.80055/051‐00055‐2016 tanggal10 Pebruari 2016; restitusi PPN Masa Pajak September 2014sebesar Rp17.784.958.518,00 sesuai Surat Perintah MembayarKelebihan Pajak (SPMKP) No. 00019/4071/14/051/2016tanggal 21 Maret 2016 dan restitusi PPN Masa PajakDesember 2014 sebesar Rp24.891.987.705,00 sesuai SuratPerintah Membayar Kelebihan Pajak (SPMKP)No.80392/051‐00392‐2016 tanggal 13 September 2016.

The balance of input-Value Added Tax (VAT) as of December31, 2016 has taken into account the amount of VAT refund forthe period of July to December 2013 amounted toRp41.919.562.727,00 , in accordance with Order Letter ofPayment of Tax Overpayment (SPMKP) No.80054/05-00054‐2016 dated January 4, 2016; VAT refund for the periodof January to June 2014 amounted to Rp40.195.806.361,00 ,in accordance with Order Letter of Payment of TaxOverpayment (SPMKP) No.80055/051-00055‐2016 datedFebruary 10, 2016; VAT refund for the period of September2014 amounted to Rp17.784.958.518,00 , in accordance withOrder Letter of Payment of Tax Overpayment (SPMKP)No.800019/4071/14/051/2016 dated March 21, 2016; VATrefund for the period of December 2014 amounted toRp24.891.987.705,00 , in accordance with Order Letter ofPayment of Tax Overpayment (SPMKP) No.80392/051-00392‐2016 dated September 13, 2016.

The balance of input-Value Added Tax (VAT) as of December31, 2015 has taken into account the amount of VAT refund forthe period of January to June 2013 amounted toRp28.875.864.464, in accordance with Order Letter ofPayment of Tax Overpayment (SPMKP) No.80034/051-00034-2015 dated January 27, 2015.

899.273.575.951

6.797.917.415

684.968.045.701

14.825.592.378 190.140.350

1.835.356.447

21.618.505.177 4.767.416.002


8.578.384.336 302.413.308

17.987.801.926 407.189.034 183.631.313

20.164.941.321 -

47.624.361.238

7.604.700.883 733.674.778

11.426.370.886 1.169.311.152


17.228.940.681 8.006.023.428

46.518.287.182

349.265.374


(183.927.055.618)

(232.893.457.000) 4.212.772.294

(228.680.684.706)

(185.425.250.000)

-


5.992.777.527

1.498.194.382

Saldo PPN Masukan per 31 Desember 2015 setelahmemperhitungkan restitusi PPN Masa Pajak Januari sampaidengan Juni 2013 sebesar Rp28.875.864.464,00 sesuai SuratPerintah Membayar Kelebihan Pajak (SPMKP) No.80034/051‐00034‐2015 tanggal 27 Januari 2015.

25


8. PERPAJAKAN (lanjutan) 8. TAXES (continued)d. Rekonsiliasi antara laba komersial dan laba fiskal : d. Reconciliation between commercial and taxable income :

Beda Permanen Permanent DifferentTantiem Management bonusBeban Pajak Lainnya Other tax expensesKoreksi pajak dan denda pajak Tax and tax penalty correctionsPenghargaan dalam bentuk barang Rewards in goodsSumbangan sosial masyarakat Public social donationsBantuan sosial karyawan, Social aids for employee, direksi dan komisaris directors and commissioners Beban HUT Perusahaan, The Company's anniversary, olah raga dan paket ramadhan sports and ramadhan packages Penyusutan mobil direksi (50%) Depreciation of Driector's Cars (50%)Tunjangan Komunikasi Direksi (50%) Director's Communication AllowanceBeban Jamuan Tamu Perusahaan EntertainmentLangganan perpustakaan dan Subscription of surat kabar newspapers and library Beban promosi yang Non-deductible tidak dapat dibiayakan promotions Bunga jasa giro dan deposito yang Interests of bank deposits accounts dikenakan PPh Final subject to final tax Penyusutan Mobil Non Direksi Depreciation of CarsSewa ruangan dan bagi hasil yang Room rent and profit sharing dikenakan PPh Final subject to final tax Jumlah Beda Permanen Total Permanent DifferencesLaba Kena Pajak Taxable IncomeLaba Kena Pajak (Dibulatkan) Taxable Income (rounded-off)

Taksiran Beban Pajak Penghasilan Estimated Income Tax Expensex xx x

Dikurangi : Pajak Dibayar Dimuka Less : Prepaid Taxes Pasal 22 Article 22 Pasal 23 Article 23 Pasal 25 Article 25

(Lebih) Kurang Bayar PPh Badan Income Tax (Over) Under Payment

e. Pajak Tangguhan e. Deferred Tax

Laba sebelum pajak penghasilan Income before income taxBeban Pajak dengan Tax Expense based on Tarif Pajak Maksimum Maximum Rate Pengaruh Pajak atas Tax Impact on Beda Permanen Permanent Differences Pemulihan Biaya Dibayar Dimuka Prepaid Expense RecoveryBeban Pajak Perusahaan Corporate Tax ExpenseBeban Kini Current TaxBeban (Manfaat) Pajak Tangguhan Deferred Tax Expense (Asset)

- 58.684.399


25%25%

The reconciliation between estimated income tax expensecomputed using the prevailing tax rate of 25% of the incomebefore income tax expense (benefit) and the tax expense asshown in the statement of profit or loss dan othercomprehensive income for the years ended December 31,2016 and 2015 are as follows :

2.670.436.718

3.691.586.542

931.573.828.000

12.685.044.193 -

- 10.924.295.638 1.112.146.820

741.701.000.000

13.275.000.000

Rekonsiliasi antara taksiran pajak penghasilan yang dihitungdengan menggunakan tarif pajak yang berlaku sebesar 25%dari laba akuntansi sebelum taksiran beban (manfaat) pajakpenghasilan dan beban pajak seperti yang tercantum dalamlaporan laba rugi dan penghasilan komprehensif lain tanggal 31Desember 2016 dan 2015 :

25%

(72.442.448.878) 8.006.023.428

931.573.828.000

December 31, 2015684.968.045.701 899.273.575.951

25%

16.540.204.371

741.701.000.000

4.166.338.898

(36.901.605.304) 177.486.328

931.573.828.776 741.701.000.000 931.573.828.000

185.425.250.000 232.893.457.000

15.825.799.593 62.603.433

50.740.177.761

4.497.462.006 13.358.249.158

224.887.433.573

171.242.011.425 224.818.393.988

257.867.698.878

18.079.362.507

277.458.863

(221.375.000) (243.337.500)

60.782.894 206.747.288.172

31 Desember 2016 31 Desember 2015December 31, 2016

10.530.780.335

10.681.747.647 741.701.000.989

1.191.854.000

84.590.964 80.877.904

4.884.585.811

131.912.199

241.979.295.852

401.303.977 2.861.087.000

(6.820.215.334)

341.701.090

85.896.000

24.333.750 352.238.893

13.869.376.472

3.880.861.129

183.927.055.618 228.680.684.706 185.425.250.000 232.893.457.000

(1.498.194.382) (4.212.772.294)

26


8. PERPAJAKAN (lanjutan) 8. TAXES (continued)e. Pajak Tangguhan e. Deferred Tax

Aset Pajak Tangguhan Deferred Tas AssetImbalan Kerja Employee BenefitPenyisihan Piutang Ragu-ragu Impairment of ReceivablesPenyisihan Persediaan Impairment of InventoriesJumlah Aset Pajak Tangguhan Total Deferred Tax Asset

9. BIAYA DIBAYAR DIMUKA 9. PREPAID EXPENSES

Asuransi InsurancesSewa Rents

Jumlah Total

Asuransi dibayar dimuka terdiri dari : Prepaid insurance consist of :Asuransi karyawan Employee insuranceAsuransi persediaan Inventories insuranceAsuransi kebakaran bangunan dan Fire of buildings and aset tetap didalamnya related fixed assets Asuransi kendaraan Vehicle insurance

These prepaid insurances represent insurance premiums paid inadvance to PT Asuransi Jiwasraya (Persero), BNI Life, PTAsuransi Parolamas, PT Asuransi Bumiputera Muda 1967, PTMandiri AXA General Insurance, PT Asuransi Jasa Tania, PTAsuransi Kredit Indonesia dan PT Asuransi Jasa Indonesia(Persero).

22.086.828.515

Dibebankan ke Laba Rugi

Komprehensif/ Charged to

Profit or Loss

2015

Deferred tax is computed based on the effect of the temporarydifferences between the carrying amounts of assets and liabilitiesof their respective tax bases.

Rincian aset dan liabilitas pajak tangguhan Perusahaan adalahsebagai berikut:

Saldo Sewa dibayar dimuka per 31 Desember 2016 sebesarRp9.016.048.583,25 terutama berasal dari bagian lancar sewadibayar dimuka yang jatuh tempo di tahun 2017 atas lahan BarangMilik Negara (BMN) aset eks BPPN di Jasinga Bogor sebesarRp20.821.344.000 dengan jangka waktu sewa selama 3 tahun.Perusahaan menggunakan tanah yang saat ini masih dalamproses PMN tersebut sebagai persiapan rencana pengembanganbisnis perusahaan ke arah life science. Saat ini dilakukan kegiatanCSR sebagai jaring pengaman sosial seperti access to medicinedan pengolahan air bersih, sehingga masyarakat dan pemerintahdaerah setempat dapat menerima keberadaan PT Bio Farma(Persero). (lihat catatan 14)

10.163.126.875

3.120.461.278

3.706.398.095 47.535.088 458.839.112 4.212.772.294

20.210.095.554 403.814.871 1.472.918.089

Asuransi dibayar di muka tersebut merupakan saldo premiasuransi yang diterbitkan oleh PT Asuransi Jiwasraya (Persero),BNI Life, PT Asuransi Parolamas, PT Asuransi Bumiputera Muda1967, PT Mandiri AXA General Insurance, PT Asuransi JasaTania, PT Asuransi Kredit Indonesia dan PT Asuransi JasaIndonesia (Persero).

Details of the Company's deferred tax assets and liabilities are asfollows:

412.162.125 1.263.285.863

23.585.022.896

2016

21.909.574.908

(209.632.226) 1.498.194.382


31 Desember 2015

2.286.636.948 40.148.917

Pajak tangguhan dihitung berdasarkan pengaruh dariperbedaan temporer antara jumlah tercatat aset dan Iiabilitasmenurut laporan keuangan dari dasar pengenaan pajak asetdan Iiabilitas.

Dibebankan ke Laba Rugi

Komprehensif/ Charged to

Profit or Loss

1.699.479.354

December 31, 2015

9.016.048.583 2.744.307.875 7.418.819.000

12.136.509.861

2014

16.503.697.460 356.279.783 1.014.078.978 17.874.056.221

3.120.461.278 2.744.307.875

344.558.500 156.937.288

8.347.254

175.199.558

2.780.127.930 8.196.503

72.963.510

The balance of prepaid rent as of December 31,2016 amounting toRp9.016.048.583,25 particularly deals with rental cost ofGovernment-owned land (BMN) ex. BPPN at Jasinga Bogor. Therental cost is of Rp20.821.344.000 for three years. The Companyuses the land, which is in the process to be the Govermentinvestment in the Company, to prepare its business developmentplan toward life science. Currently, at this location the Companyperforms CSR activities as social safety net such as access tomedicine and processing clean water, with the result that the localGovernment and its society accept the existence of the Company.(see notes 14).

27


10. PENDAPATAN YANG MASIH AKAN DITERIMA 10. ACCRUED INCOME

Bunga Deposito Interests on Time DepositsSewa dan Bagi Hasil Rent and Profit SharingPendapatan Lainnya YMA diterima Other Incomes

Jumlah Total

11. ASET LANCAR LAINNYA 11. OTHER CURRENT ASSETS

Persediaan dalam Perjalanan Inventories in TransitPersediaan dalam Karantina Inventories in QuarantinePersediaan Dalam Proses Penggantian Inventories in Exchange Process

Jumlah Total

12. ASET TETAP 12. PROPERTY, PLANT AND EQUIPMENT

Biaya Perolehan Acquisition CostTanah LandBangunan BuildingPeralatan Pabrik Factory EquipmentPeralatan Kantor Office EquipmentPeralatan Lainnya Utilities EquipmentKendaraan VehiclesAset Dalam Penyelesaian Assets in Construction

Bangunan BuildingMesin Pabrik, Utility Factory Equipment, Utility

Jumlah Total

Akumulasi Penyusutan Accumulated DepreciationBangunan BuildingPeralatan Pabrik Factory EquipmentPeralatan Kantor Office EquipmentPeralatan Lainnya Utilities EquipmentKendaraan Vehicles

Jumlah TotalNilai Tercatat Carrying Value

(73.826.095.977) (38.985.128.107)

845.014.518.670 139.810.031.977 - - 984.824.550.647 3.605.537.013.968 - - - 3.998.187.096.331

34.201.520.496 7.416.395.436 - - 41.617.915.932 3.702.196.345 502.413.104 - - 4.204.609.449

587.905.586.503 80.296.418.018 - - 668.202.004.521 70.918.026.467 21.261.899.865 - - 92.179.926.332

4.450.551.532.639 532.460.114.334 - - 4.983.011.646.978

148.287.188.859 30.332.905.554 - - 178.620.094.412

241.052.601.947 114.297.867.194 281.524.373.167 219.971.521.489 319.853.839.260 500.840.232.644

4.670.890.000 30.043.750 - - 4.700.933.750

110.847.807.836 15.055.718.100 - 4.119.697.607 130.023.223.543 70.318.621.945 1.426.000.000 - 26.394.473.750 98.139.095.695

557.669.974.701 - - 73.826.095.977 631.496.070.678 1.186.837.114.721 81.796.646.030 8.470.956.750 1.277.104.717.501

Beginning Balance Addition Deduction Reclassification Ending Balance

2.059.183.000.000 - - - 2.059.183.000.000

Persediaan dalam perjalanan per 31 Desember 2016 dan 2015merupakan pembelian impor yang masuk dalam kategoripersediaan dalam perjalanan karena pada tanggal tersebutposisinya masih berada di pelabuhan (lihat catatan 2i). Persediaandalam perjalanan per 31 Desember 2016 merupakan pembelianImpor disposible media bag (ukuran 20 liter).

Inventories in transit per December 31, 2016 and 2015 are thepurchase of imports into the category of inventory on its waybecause on such date the position is still in port (see notes 2i).Inventories in transit per December 31, 2016 is the purchase ofImport media disposable bag (size 20 liters).

Persediaan dalam proses penggantian per 31 Desember tahun2016 terutama dari persediaan bahan kemasan yang dinyatakantidak lulus uji, supplier telah menyetujui mengganti seluruhnya ditahun 2017.

Inventory in exchange process per December 31, 2016 areprimarily from the supply of packaging material which did not passthe test, the supplier has agreed to replace entirely in 2017.

31 Desember 2016/ December 31, 2016Saldo Awal Penambahan Pengurangan Reklasifikasi Saldo Akhir

539.537.034 3.210.439.963 38.162.196.231 111.887.970.120

Persediaan dalam karantina berasal dari pembelian bahan bakuvaksin dan sera dan bahan perkemasan yang sampai dengan 31Desember 2016 dan 2015 masih dalam status karantina karenasedang dalam proses pengujian. (Lihat Catatan 2i)

Inventories in quarantine are derived from the purchase rawmaterials of Vaccine, Sera and packaging materials that are inquarantine for testing process. (See Notes 2i)

December 31, 2016 December 31, 20153.235.039.000 19.527.456.058

34.387.620.196 89.150.074.099

114.977.985 - 800.058.011 1.591.887.435


December 31, 2016 December 31, 2015463.705.026 1.591.887.435 221.375.000 -


28


12. ASET TETAP (lanjutan) 12. PROPERTY, PLANT AND EQUIPMENT (continued)

Biaya Perolehan Acquisition CostTanah LandBangunan BuildingPeralatan Pabrik Factory EquipmentPeralatan Kantor Office EquipmentPeralatan Lainnya Utilities EquipmentKendaraan VehiclesAset Dalam Penyelesaian Assets in Construction

Bangunan BuildingMesin Pabrik, Utility Factory Equipment, Utility

Jumlah Total

Akumulasi Penyusutan Accumulated DepreciationBangunan BuildingPeralatan Pabrik Factory EquipmentPeralatan Kantor Office EquipmentPeralatan Lainnya Utilities EquipmentKendaraan Vehicles

Jumlah TotalNilai Tercatat Carrying Value

Rincian Aset Dalam Pelaksanaan : Details of Assets in Construction

Bangunan BuildingsGedung Fasilitas Produksi Vaksin Vaccine Production and dan Pengemasan Packaging Renovasi Gedung Distribusi Renovation of Distribution BuildingGedung Fasilitas Vaksin Rekombinan Building Facilities-Based Vaccines Berbasis Yeast (Gedung No. 16) Recombinant Yeast (Building No. 16)Renovasi Ruang BSL2+ Renovation of BSL2+ RoomSentral Hewan Laboratorium ‐ Animal Sentral Hewan Laboratorium ‐ Animal House 2 (SHL‐AH2) Building House 2 (SHL‐AH2) BuildingFasilitas Downstream Vaksin BCG Downstream Vaccine BCG FacilitiesGedung Fasilitas Gedung No.3 Building Facilities No.3 (Media, Survailance, Pengujian Mutu) (Media, Surveilance, Quality Control)Ruang Penyimpanan Barang dan Storage of Goods and Spareparts Produksi Vaksin Campak Spareparts Measles Vaccine ProductionRenovasi Koridor General Fasilitas Renovation Corridor General Facility Produksi Vaksin Tetanus Tetanus Vaccine ProductionRenovasi Ruangan Produksi Vaksin Renovation Tetanus Vaccine Influenza Production RoomRenovasi Ruang Berkelas Produksi Class room renovation Production Vaksin Pertusis Pertusis Vaccine Bak Sentral Air Baku Liquid Central TubRenovasi Gedung Utama Untuk Renovation of Main Building Kawasan Heritage HeritageFasilitas Ruang Trafo Voltage Regulator RoomLainnya (di bawah Rp 1 Milyar) Others (under Rp1 billion)

Jumlah Total

(60.775.278.622) (61.415.564.679)

- 6.032.399.140 1.713.725.632 1.308.328.837

281.524.373.167 241.052.601.947

- 38.486.400 - 15.823.046.636

- 41.638.610.004

1.020.964.200 36.800.000

- 1.828.115.000

- 31.192.000

7.677.061.500 7.674.611.500 1.516.467.750 1.473.017.750

1.329.758.750 169.250.000

48.370.120.838 49.093.263.181

27.327.274.842 1.031.044.842 8.957.375.500 233.625.000


183.611.624.155 114.640.811.657

722.959.394.505 128.470.221.326 6.415.097.161 - 845.014.518.670 1.163.473.244.976 - - - 3.605.537.013.968

29.440.544.079 4.926.593.655 165.617.238 - 34.201.520.496 3.537.559.855 1.086.866.580 922.230.089 - 3.702.196.345

509.219.356.056 79.617.295.900 931.065.453 - 587.905.586.503 57.354.835.224 15.033.918.490 1.470.727.247 - 70.918.026.467

1.886.432.639.481 2.574.365.457.620 10.246.564.461 - 4.450.551.532.639

123.407.099.292 27.805.546.702 2.925.457.134 - 148.287.188.859

75.539.261.716 226.288.618.856 241.052.601.947 62.566.134.126 218.820.952.041 219.971.521.489

5.209.520.100 383.600.000 922.230.100 - 4.670.890.000

79.289.422.623 10.255.147.460 1.480.905.406 22.784.143.160 110.847.807.836 67.353.504.185 1.428.735.000 165.617.240 1.702.000.000 70.318.621.945

503.283.794.797 172.606.890 6.561.705.609 60.775.278.622 557.669.974.701 1.076.051.116.977 74.972.682.330 1.116.106.105 36.929.421.519 1.186.837.114.721

Beginning Balance Addition Deduction Reclassification Ending Balance

17.139.884.957 2.042.043.115.043 - - 2.059.183.000.000

31 Desember 2015/ December 31, 2015Saldo Awal Penambahan Pengurangan Reklasifikasi Saldo Akhir

29



Mesin, Pabrik dan Utility Dalam Pelaksanaan Machinery, Factory and Utility in ConstructionFilling Line BCG BCG Filling LineIntegrated WTP WTP IntegratedIntegrated Filling Line 3 Vial Integrated Filling Line 3 Vial

For Lyo (M) MR Vaccinne (Gedung 43) For Lyo (M) MR Vaccinne (Gedung 43)Integrated Filling Line For Filling Line 4 Integrated Filling Line For Filling Line 4Packaging Line Packaging LineUtilitas Listrik Gedung Vaksin Pengemasan Utility - Electricity of Vaccine PackagingVial Ampoule Packaging Line Vial Ampoule Packaging LineSistem Kromatografi Kolom Chromatography Colom SystemWater Chiller Water Chiler Autoclave Acellular Pertusis Autoclave Acellular PertusisAutoclave For Sterilization And Drying Autoclave For Sterilization And Rubber Stopper/PV BCG Drying Rubber Stopper/P.V BCGAutoclave/PMVV Autoclave/PMVVIsolator IsolatorBioreactor 150L Bio Reactor 150LMesin Boiler Boiler TFF System TFF SystemGardu Hubung PLN Substation PLNURS SIPV URS SIPVAset Pabrik/ Mesin/ Utility/ Kantor Eks. IHU Utility/Ex. IHU Office FFF URS Documents FPVP FFF URS DocumentsKompressor Udara Air CompressorLainnya (di bawah Rp 1 Milyar) Others

Jumlah Total


In 2009 the Company provided certain areas on its owned landsfor use by the Miistry of Health of the Republic of Indonesia tobuild bird flu vaccine facilities . The areas located at Kertawangi,Cisarua, District of West Bandung in the area of 5,145 m 2 and atJalan Pasteur of 3,953 m 2 . Since 2011 the project has beensuspended, and until this reporting date the areas are roped offand have not used by the Company.

Pada tahun 2009 Perusahaan menyediakan lahan untukdigunakan sebagai fasilitas vaksin flu burung oleh DepartemenKesehatan RI. Lahan tersebut berlokasi di Desa KertawangiKecamatan Cisarua Kabupaten Bandung Barat seluas 5.145 m2

dan di Jalan Pasteur seluas 3.953 m2. Sejak tahun 2011 proyektersebut terhenti dan sampai dengan tanggal laporan ini lahantersebut masih tertutup dan belum dapat digunakan olehPerusahaan.Sebagian aset tetap yang terdiri dari mesin, inventaris danperalatan pabrik yang berlokasi di JI. Pasteur No.28 Bandungsenilai Rp180.000.000.000 dijadikan jaminan fidusia atas fasilitaskredit dari Lembaga Pembiayaan Ekspor Indonesia (LPEI)berdasarkan berdasarkan Surat Persetujuan Perpanjangan danPenambahan Fasilitas Pembiayaan No. PBD/SP3/30/2016 tanggal6 Juni 2016 untuk jangka waktu kredit sampai dengan 24 Juni2017 (catatan 37.h)

Several property, plant and equipment consist of machinery, officeand manufacture equipments located at Jalan Pasteur No.28Bandung amounting to Rp180.000.000.000 have been placed asfiduciary collateral for credit facility from an export financingagency named the Lembaga Pembiayaan Ekspor Indonesia (LPEI)based on the Letter of Approval for Extendec Financing Facility(SPPFP) No.PBD/SP3/30/2016 dated June 6, 2016 for theextension of loan period until June 24, 2017.(notes 37.h)

On December, 2015 the Company changed the measurementpolicy for its land. The land, which was previously measured basedon cost model with the carrying value of Rp17.139.884.957, waschanged to be measured by revaluation model with the value ofRp2.059.183.000.000.

4.324.216.573

93.475.499.356

The difference between the carrying value and revaluation value(fair value) after deducted with related tax is recognized asrevaluation surplus in other comprehensive income section. Theland that was revaluated comprise land located at Jalan PasteurNo.28 and Jalan Kolonel Masturi, Cisarua. Valuation of the assetswas carried out by Kantor Jasa Penilai Publik Karmanto danRekan with his report No.256-A/KMT&R-LP/XII/2015 and No.256-B/KMT&R-LP/XII/2015 dated December 17, 2015.

-

4.250.677.222

1.568.756.550 1.662.238.625 1.063.601.200

1.441.702.625

219.971.521.489 2.483.239.728

- 1.985.500.000

-

8.001.000.000 5.977.245.025 4.477.507.901

4.129.665.128

-

36.348.107.363 35.042.536.070 18.349.032.204

Selisih antara nilai tercatat dan nilai revaluasi (nilai wajar) setelahdikurangi pajak terkait diakui sebagai surplus revaluasi aset tetapdi kelompok penghasilan komprehensif lain. Aset tanah yangdirevaluasi meliputi tanah yang berlokasi di Jalan Pasteur Nomor28 dan jalan Kolonel Masturi Cisarua. Penilaian dilakukan olehKantor Jasa Penilai Publik Karmanto dan Rekan dengan laporanNomor 256-A/KMT&R-LP/XII/2015 dan Nomor 256-B/KMT&R-LP/XII/2015 tanggal 17 Desember 2015.

Pada bulan Desember 2015, Perusahaan mengubah kebijakanuntuk pengukuran aset tetap tanah yang semula diukurberdasarkan model biaya menjadi model revaluasi dengan nilaisemula sebesar Rp17.139.884.957 menjadi sebesarRp2.059.183.000.000.

1.063.601.200

-

21.009.883.508 43.344.066.926 14.482.911.884

-

4.357.926.623

- -

51.723.952.481 -

3.261.929.763

1.855.000.000 1.673.341.150

119.362.615.929 101.996.896.326

-

3.998.055.000

- -

1.568.756.550

500.840.232.644

67.850.959.363 54.203.823.960

4.477.507.901 -

30



Beban Produksi Production ExpenseBeban Jasa Service ExpenseBeban Administrasi dan Umum General and Administration ExpenseBeban Penjualan Selling ExpenseBeban Penelitian Research, Development Pengembangan dan Surveilans and Surveilance Expense

Jumlah Total

13. ASET TAKBERWUJUD 13. INTANGIBLE ASSETS

Nilai Bruto The gross ValuePengembangan Upstream Vaksin Development of Upstream Flu dalam Penyelesaian Flu Vaccine in progressPerangkat Lunak SoftwarePerangkat Lunak dalam Penyelesaian Software in Progress

Jumlah TotalAkumulasi Amortisasi Accumulated Amortization Perangkat Lunak of Software

Jumlah TotalNilai Buku Book Value

15.547.079.115 128.470.221.326

Kendaraan telah diasuransikan terhadap risiko All Risk dan TotalLoss Only (TLO) kepada PT Asuransi Parolamas dan PT AsuransiJasa Tania dengan total nilai pertanggungan sebesarRp2.689.911.859,92.

Vehicles have been insured against All Risks and Total Loss Only(TLO) from PT Asuransi Parolamas and PT Bumiputera Muda1967 with coverage value of Rp2.689.911.859.

Beban penyusutan aset tetap tahun 2016 dan 2015 dialokasikansebagai berikut :

19.648.209.985 1.794.042.048

31 Desember 2015

Depreciation expenses of property, plant and equipment for 2016and 2015 were alocated to as follows:

31 Desember 2016

94.063.940.863 175.203.364

22.253.869.462 4.824.807.641

18.492.210.647 139.810.031.977

Sebagian inventaris mesin yang berlokasi di Jl. Pasteur No.28Bandung senilai Rp265.000.000.000 juga dijadikan jaminan atasfasilitas KMK sub limit non cash loan, Treasury Line dan BillsPurchasing Line dan tambahan fasilitas KMK sublimit NCL dari PTBank Mandiri (Persero) Tbk berdasarkan Surat PenawaranPemberian Kredit (SPPK) No. CBG.CB1/SPPK/SPD.003/2016tanggal 24 Mei 2016 dengan jangka waktu sampai dengan 14Agustus 2017 (catatan 37.g)

Other machinery equipments located at Jl. Pasteur 28 Bandung atthe amount of Rp 265.000.000.000 have also been placed for non-cash loan facilities which consist of the issuance of Import LC(sight, usance & UPAS); treasury line; and bills purchasing linefrom PT Bank Mandiri (Persero) Tbk based on Letter of CreditOffering (SPPK) No.ICBG.CB1/SPPK/SPD.003/2016 , dated May24 ,2016 for one year from August 14, 2016 until August 14,2017.(notes 37.g)


Aset tetap kecuali tanah dan kendaraan, telah diasuransikankepada PT Asuransi Bumiputera Muda 1967 (Cover Note :083‐E/T/Bmd‐Bdg/XII/2016); PT Mandiri AXA General Insurance(Cover Note : CN/PAR/BDG‐001674 & 001675/12/2016/NDN); PTAsuransi Jasa Indonesia (Persero) (Polis No.401.297.110.16.00023); PT Asuransi Kredit Indonesia (Cover Note: 44 & 45/BF/XII/2016) dan PT Asuransi Jasa Tania (Polis No.IP050316000175) terhadap semua risiko kecuali gempa bumiberdasarkan suatu paket polis tertentu dengan total nilaipertanggungan sebesar Rp2.082.028.772.328,81. Manajemenberkeyakinan bahwa nilai pertanggungan asuransi cukup untukmenutup kerugian yang mungkin timbul atas risiko kerugian.

Property, plant and equipment, except land, have been insuredagainst fire and other risks, unless the earthquake, from PTAsuransi Bumiputera Muda (Cover Note :083‐E/T/Bmd‐Bdg/XII/2016) PT Mandiri AXA General Insurance(Cover Note : CN/PAR/BDG‐001674 & 001675/12/2016/NDN); PTAsuransi Jasa Indonesia (Persero) (Polis No.401.297.110.16.00023); PT Asuransi Kredit Indonesia (Cover Note: 44 & 45/BF/XII/2016) and PT Asuransi Jasa Tania (Polis No.IP050316000175) under certain policy packages with coveragevalue of Rp2.082.028.772.328,81. The management believes thatthe amount of insurance coverage is adequate to cover potentiallosses from the insured risk.

960.720.000 - - 14.638.406.708

Beginning Balance

31 Desember 2016

228.728.122 91.252.162.057

38.633.597.058

- 18.918.302.793 11.358.121.029 - - 18.918.302.793 36.005.019.563

10.188.759.259

Saldo Awal

7.560.181.764

3.619.902.095 - (9.527.789.850) 3.320.151.504 47.363.140.592 57.551.899.851

11.358.121.029 -

Penambahan Pengurangan Reklasifikasi Saldo AkhirAddition Deduction Reclassification Ending Balance

13.677.686.708 30.065.551.789 - - 9.527.789.850 39.593.341.639

9.228.039.259

7.560.181.764

31


13. ASET TAKBERWUJUD (lanjutan) 13. INTANGIBLE ASSETS (continued)

Nilai Bruto The gross ValuePengembangan Upstream Vaksin Development of Upstream Flu dalam Penyelesaian Flu Vaccine in progressPerangkat Lunak SoftwarePerangkat Lunak dalam Penyelesaian Software in Progress

Jumlah TotalAkumulasi Amortisasi Accumulated Amortization Perangkat Lunak of Software

Jumlah TotalNilai Buku Book Value

14. ASET TIDAK LANCAR LAINNYA 14. OTHER NON-CURRENT ASSETS

Beban Tangguhan Deferred ChargeDikurangi : Less :Akumulasi Amortisasi Beban Tangguhan Accumulated Amortization Deferred Charge Jumlah Beban Tangguhan Bersih Total Deferred Charges - Net Setoran Jaminan Guarantee DepositsSewa Dibayar Dimuka Prepaid Rent Jumlah Aset Tidak Lancar Lainnya Total Other Non-Current Assets


9.024.791.000 9.024.791.000

5.155.668.625 6.975.316.375

Tahapan selanjutnya yang akan dilaksanakan mulai tahun 2017untuk vaksin flu (pre‐pandemik) meliputi Uji klinis fase 2 dan 3serta lisensi/registrasi produk ke BPOM diharapkan dapatdiselesaikan hingga tahun 2017.

Cost of development of upstream flu vaccine will be amortizedbased on a straight-line basis over its economic benefits of 8(eight) years since the vaccines are produced commercially.

Biaya pengembangan Upstream Vaksin Flu dicatat sebagai asettakberwujud sesuai Nota Dinas No.09698/XII/2009 tanggal 21Desember 2009. Biaya ini merupakan biaya yang terkait denganpenerapan temuan riset atau pengetahuan produksi vaksin fluyang berbasis telur dari penyiapan telur, pembuatan bulk , uji klinissampai registrasi dari produk tersebut.

Cost of development of Upstream Flu Vaccines is recorded asintangible assets in accordance with the Office MemoNo.09698/XII/ 2009 dated December 21, 2009. This costrepresents cost incurred related to the application of researchfindings or egg-based production knowledge of flu vaccine fromegg preparation, bulk manufacture, clinical trials, to registration ofthe product.

Biaya pengembangan Upstream Vaksin Flu ini akan diamortisasidengan metode garis lurus selama masa manfaat 8 (delapan)tahun sejak vaksin tersebut diproduksi secara komersial.

4.048.594.667 10.989.042.667 3.288.940.496 3.288.940.496

12.493.203.788 21.253.299.538

Beban tangguhan merupakan biaya sistem jaringan listrik PLNditangguhkan yang diamortisasi selama 4 tahun.

Deferred charge represents cost of installation of PLN electricitysystem which were deferred and amortized over 4 years.

Phase 2 and 3 of clinical trials and licence/ registration of theproduct to BPOM can be completed on year of 2017.

Biaya Pengembangan Upstream Vaksin Flu Dalam Penyelesaianper 31 Desember 2016 sebesar Rp14.638.406.708 merupakanbiaya yang terkait dengan transfer teknologi upstream flu denganBIKEN ‐ Jepang yang meliputi aktivitas pengembangan vaksin flupada skala pilot (5000 telur), optimalisasi proses produksi padaskala pilot untuk menghasilkan yield (hasil) yang ekonomis,produksi preclinical lot, uji pra klinis (uji immunogenisitas padahewan coba mencit), hingga produksi clinical lot untuk vaksin fluprepandemik, uji tantang (challenge study) pada hewan uji ferretdan uji preklinis immunogenicity.

(435.650.000) 3.619.902.095 5.219.221.595 47.363.140.592

- - 435.650.000 30.065.551.789

3.880.341.595 103.550.000

12.338.806.708

37.855.462.048 36.005.019.563

29.629.901.789

278.760.500 42.247.468.997

- - 13.677.686.708

The development cost of upstream flu vaccine in progress as ofDecember 31, 2016 amounting to Rp14.638.406.708 representscosts related to transfer of upstream flu technology from Biken -Japan that include activities of flu vaccine development at a pilotscale (5000 eggs), optimalization of production process at the pilotscale to meet economic yields, preclinical production lots, pre-clinical trials (immunogenicity trials at experimental mice animals),until production of clinical lots for prepandemic flu vaccine andchallenge study at experimental ferret animals.

4.392.006.950 6.966.114.079 - - 11.358.121.029 4.392.006.950 6.966.114.079 11.358.121.029

31 Desember 2015

Beginning BalanceSaldo Awal Pengurangan Reklasifikasi Saldo Akhir

Deduction Reclassification Ending BalancePenambahan

Addition

1.338.880.000

(3.869.122.375) (2.049.474.625)

32


14. ASET TIDAK LANCAR LAINNYA (lanjutan) 14. OTHER NON-CURRENT ASSETS (continued)

15. UTANG USAHA 15. TRADE PAYABLES

Pihak Berelasi Related PartiesBahan Baku/Penolong Raw Materials/AuxiliaryInvestasi Investment

Pihak Ketiga Third PartiesBahan Baku/Penolong Raw Materials/AuxiliaryInvestasi InvestmentPengadaan Jasa Services

Jumlah Utang Usaha Total Trade Payables

Rincian Pihak Berelasi Details of Related Parties

Bahan Baku/Penolong Raw Materials/AuxiliaryKoperasi Karyawan Bio Farma (K2BF) Koperasi Karyawan Bio Farma (K2BF)CV Karya Cahya Abadi CV Karya Cahya AbadiPT Kimia Farma (Persero) Tbk. PT Kimia Farma (Persero) TbkPT Wijaya Karya (Persero) Tbk. PT Wijaya Karya (Persero) Tbk

Jumlah Total

Investasi InvestasiPT Pembangunan Perumahan (Persero) PT Pembangunan Perumahan (Persero)Koperasi Karyawan Bio Farma (K2BF) Koperasi Karyawan Bio Farma (K2BF)PT Wijaya Karya (Persero) Tbk. PT Wijaya Karya (Persero) Tbk.PT INTI PT INTICV Karya Cahya Abadi CV Karya Cahya Abadi

Jumlah Total

Rincian Pihak Ketiga Details of Third Parties

Bahan Baku/Penolong Raw Materials/AuxiliaryRupiah RupiahPT Merck Sharp & Dohme Indonesia PT Merck Sharp & Dohme IndonesiaPT MGI ASIA PACIFIC PT MGI ASIA PACIFICPT Bakti Mega Lestari PT Bakti Mega LestariSanofi SanofiCV EMS CV EMSCV Pop Grafika CV Pop GrafikaPT Pall Filtration Indonesia PT Pall Filtration IndonesiaCV Sinar Gemilang CV Sinar GemilangPT Sabil Huda Utama PT Sabil Huda Utama

jumlah dipindahkan Carried forward

25.104.863.765 14.935.959.570

156.071.710.697 98.449.962.061

10.581.424.945 7.206.226.224

122.288.208.903

234.129.602.297

31.238.122.285 6.352.307.027

259.234.466.062 208.598.099.578


193.662.140.009

Guarantee deposits represent deposits provided for additionalelectric power, rental of Pakarti Center Building (Directors'Representative Office) and LPG.

Setoran jaminan merupakan jaminan yang diberikan untukpenambahan daya listrik, sewa gedung Pakarti Center (KantorPerwakilan Perusahaan) dan jaminan gas elpiji.

Saldo sewa dibayar dimuka per 31 Desember 2016 terutamaberasal dari bagian tidak lancar sewa dibayar dimuka lahan BMNeks BPPN di Jasinga Bogor sebesar Rp20.821.344.000 untukjangka waktu selama 3 tahun. (lihat catatan 9)


14.523.438.820 7.729.733.346

13.391.431.334

Balance of prepaid rent as of December 31, 2016 is a non-currentsection of rental BMN land ex.BPPN at Jasinga, Bogor amount toRp20.821.344.000 for three years (see notes 9).


12.735.214.926 1.627.232.908

160.990.986 -

14.523.438.820

5.950.337.455 1.180.481.303

419.689.563 179.225.025

7.729.733.346


10.581.424.945

8.351.209.045 2.133.994.250

- 71.221.650 25.000.000

4.392.144.317 2.224.238.750

589.843.157 - -

7.206.226.224


5.507.502.934 - 4.937.337.045 - 4.447.207.500 54.140.000 3.000.000.000 - 3.475.630.740 2.715.756.250 2.285.820.700 1.992.623.000 1.631.131.916

1.909.538.870 987.100.000

1.185.227.360 12.685.972.060 2.152.622.537

29.993.010.085 18.974.600.827

33


15. UTANG USAHA (lanjutan) 15. TRADE PAYABLES (contiunued)

jumlah pindahan Brought forwardCV Tiara Utama CV Tiara UtamaPT Mes Propharma PT Mes PropharmaCV Surya Tehnik CV Surya TehnikPT Inquatex Primates PT Inquatex PrimatesPT Menjangan Sakti PT Menjangan SaktiPT Schott Igar Glass PT Schott Igar GlassPT Universal PT UniversalBogor Life Science and Technology Bogor Life Science and TechnologyCV Maju Makmur CV Maju MakmurPT Global Satria Aji PT Global Satria AjiCV Brata Jaya CV Brata JayaPT Dipa Puspa Labsains PT Dipa Puspa LabsainsMonang Sianipar Monang SianiparLainnya (di bawah Rp 1 Milyar) Others (di bawah Rp 1 Milyar)

Jumlah - Rupiah Total - RupiahMata Uang Asing Foreign CurrenciesJanssen Vaccine Corp Janssen Vaccine Corp2016 : USD 1,543,017.94 2016 : USD 1,543,017.94Sanofi Sanofi2016 : USD 819,000.00 2016 : USD 819,000.00Olympic Star Pharmaceutical (Holdings) Limited Olympic Star Pharmaceutical (Holdings) Limited2016 : USD 298,491.20 2016 : USD 298,491.20Sartorius Stedim Malaysia Sdn. Bhd Sartorius Stedim Malaysia Sdn. Bhd2016 : EUR 200,000.00 2016 : EUR 200,000.00Jangsung Jangsung 2016 : USD 178,858.80 2016 : USD 178,858.802015 : USD 615,394.03 2015 : USD 615,394.03Temptime Temptime 2016 : USD 123,629.32 2016 : USD 123,629.322015 : USD 123,629.32 2015 : USD 123,629.32Samsung Medical Rubber Co., Ltd Samsung Medical Rubber Co., Ltd2016 : USD 105,500.00 2016 : USD 105,500.00Bio Lab Bio Lab 2015 : USD 710,594.00 2015 : USD 710,594.00Berna Berna 2015 : USD 4,122,948.00 2015 : USD 4,122,948.00Lainnya (di bawah Rp 1 Milyar) Others (less than Rp1 billion)

Jumlah - Mata Uang Asing Total - Foreign CurrenciesJumlah Bahan Baku/Penolong Total Raw Materials/Auxiliaries

Investasi/Pembelian Aset Investment/Acquisition of AssetsRupiah RupiahPT Sabil Huda Utama PT Sabil Huda UtamaCV Sinar Gemilang CV Sinar GemilangPT Santosa Jatisari Kusumah PT Santosa Jatisari KusumahPT Multi Artha Sehati PT Multi Artha SehatiCV Bakti Mega Lestari CV Bakti Mega LestariCV Gratia Tifarindo CV Gratia TifarindoPT Sigma Bimed PT Sigma BimedPT Chandra Daya Nusa PT Chandra Daya NusaPT Pall Filtration PT Pall FiltrationPT Sari Jati Adithama PT Sari Jati AdithamaPT Fluida Teknika PT Fluida TeknikaLainnya (di bawah Rp 1 Milyar) Others (less than Rp1 billion)

Jumlah - Rupiah Total - Rupiah

52.237.107.754 72.480.607.708

1.564.327.550 1.552.865.700 1.488.584.780 1.324.400.000 1.124.937.755 1.034.760.436

- - - - - -

83.591.102.988 156.071.710.697

December 31, 2015

14.154.221.448 1.227.427.773

23.937.662.420

199.740.000

2.152.215.122 6.717.563.985

-

-

-

-

-

11.004.084.000 -

1.504.376.185 27.082.275

4.912.316.500 963.200.000

1.414.534.400 4.033.431.708 4.340.102.800 3.087.750.000 2.785.867.000 2.348.480.092 1.532.807.180 1.390.968.548

2.065.909.091

4.010.527.763 -

-

-

46.212.854.307 98.449.962.061

2.118.722.500 7.761.084.605

2.403.146.837

4.769.322.800 - -

1.705.466.469

1.417.498.000

9.802.644.230

56.876.067.660

- 505.000.000

- 8.489.360.644

1.661.083.544 -

- 8.774.162.136

5.713.952.750 5.343.660.500 5.064.150.000 4.195.000.250

41.352.054.028

-

3.329.062.000 2.997.300.000 2.041.485.000 1.462.636.423 1.325.000.000

- 938.400.000

13.804.024.353 31.056.558.380


20.731.989.042 -

2.832.310.000

29.993.010.085 18.974.600.827

31 Desember 2016 31 Desember 2015December 31, 2016

34


15. UTANG USAHA (lanjutan) 15. TRADE PAYABLES (contiunued)

Investasi/Pembelian Aset (lanjutan) Investment/Acquisition of Assets (continued)Mata Uang Asing Foreign CurrenciesMGI MGI

2016 : EUR 4,671,596.11 2016 : EUR 4,671,596.11Azbil Telstar Technologies, S.L.U Azbil Telstar Technologies, S.L.U 2016 : EUR 797,500.00 2016 : EUR 797,500.00Melchers Techexport Gmbh Melchers Techexport Gmbh 2016 : CHF 270,840.00 2016 : CHF 270,840.00Lainnya (di bawah Rp 1 Milyar) Others (less than Rp1 billion)

Jumlah - Mata Uang Asing Total - Foreign CurrenciesJumlah Investasi Total Investment

Pengadaan Jasa ServicesJasa Audit Manajemen dan Riset Audit Management and ResearchBiaya Impor Import

Jumlah Pengadaan Jasa Total Services

16. BIAYA YANG MASIH HARUS DIBAYAR 16. ACCRUED EXPENSES

Beban Karyawan dan Lainnya Employee and Others ExpensesJasa Produksi Karyawan Employee BonusBeban Angkutan dan Embalage Freights and EmbalageJasa Profesional Professional ServicesKeagenan Ekspor, Royalti Export Agencies, Royalties dan Insentif Penjualan and Sales Incentives Beban Kantor Office ExpensesPemeliharaan dan Perbaikan Repair and MaintenanceMonitoring Kualitas Produk Monitoring of Product QualityBangunan, Mesin dan Building, Machinery, and Pabrik Dalam Penyelesaian Factory Equipment in ProgressLainnya (di bawah Rp 1 Milyar) Others (less than Rp1 billion)

Jumlah Total

17. PENDAPATAN DITERIMA DIMUKA 17. UNEARNED REVENUE

Swasta Dalam Negeri Domestic PrivateBerna Propam Berna PropamBiological Ltd Biological Ltd

Jumlah Total

18. LIABILITAS LANCAR LAINNYA 18. OTHER CURRENT LIABILITIES

Titipan Potongan Karyawan Employee DepositsTantiem Management BonusTaksasi Ongkos angkut dan embalage Estimated Freights and EmbalageLainnya Others

Jumlah Total

323.382.390 898.715.051

-

1.060.482.599

30.340.629.712

-


18.849.515.000

10.485.597.035

-

-


12.937.959.640


75.290.000.000 100.122.000.000 10.324.775.117 2.449.122.398

19.663.061.885

8.262.850.330 5.128.581.004

66.073.254.231

11.293.836.125

4.425.713.188

3.569.064.518


1.926.593.839

31.238.122.285

31 Desember 2016

13.391.431.334

122.288.208.903

December 31, 201644.130.371

44.130.371

32.860.809.624

1.358.453.255

5.689.177.303

3.699.527.065 3.346.196.797


45.604.661 529.728.000

- 24.819.174.229 3.043.453.917

113.405.208.247 170.307.683.566 970.218.637

-

-

- 181.563.905

80.936.154.875 181.563.905

6.352.307.027

1.676.995.600

165.872.829

907.462.156


20.324.515.000 7.691.035.092

757.910.368

1.567.169.252

11.729.481.207

7.985.174.769

-

35


19. LIABILITAS DIESTIMASI ATAS IMBALAN PASCA KERJA 19. ESTIMATED POST EMPLOYMENT BENEFITS LIABILITIES

Beban Imbalan Pasca Kerja Pos Employment Benefit Expense

Beban Jasa Kini Current Service CostBeban Bunga Interest ExpenseDampak Perubahan Kurtailmen Change Impacts curtailment dan Penyelesaian and settlement Pembayaran GSH (beban langsung) Payments of GSH (direct charges)

Jumlah Total

Liabilitas Diestimasi atas Imbalan Pasca Kerja Estimated Pos Employment Benefit Liabilities

Saldo Awal Nilai Kini Beginning Balance of Present Value of Liabilitas Imbalan Pasca Kerja Post-Employment LiabilityDampak Perubahan Kurtailmen Change Impacts curtailment dan Penyelesaian and settlement Dampak Perubahan Asumsi Aktuaria Effect of Changes in Actuarial AssumptionBeban Jasa Kini Current Service CostBeban Bunga Interest ExpensePembayaran GSH Payment of GSHLaba (Rugi) aktuaria atas kewajiban Actuarial Gain (Loss) on Liability

Saldo Akhir Ending Balance

Perubahan Liabilitas Diestimasi atas Imbalan Pasca Kerja Changes in Estimated Post Employment Benefit Liabilities

Saldo Awal Beginning BalanceBeban Imbalan Pasca Kerja Tahun Berjalan Employee Benefit Expense of the YearPembayaran Pensiun Payments of PensionPembayaran GSH (sesuai cadangan) Payments of GSH (reserved)Pembayaran GSH (beban langsung) Payments of GSH (direct charges)Penghasilan Komprehensif Lain Other Comprehensive Income

Saldo Akhir Ending Balance

(5.962.615.005)

- 3.216.471.283

24.004.678.666

10.909.448.789

(17.841.900.282)

The Company accounts for post employment benefits liabilities inconformity with PSAK 24 (Revised 2013). In addition, theCompany arranges a defined contribution pension plan coveringboth its permanent and contract employees. The plan is managedby Financial Institutions of Pension Fund (DPLK) PT AsuransiJiwasraya.

December 31, 2016

152.021.928.119

10.121.564.306 10.891.724.096 13.833.995.459

167.133.074.162

(12.436.507.984)

(5.491.294.156)

9.878.758.594

(1.808.335.678)


13.833.995.459

18.670.126.158

152.021.928.119


152.021.928.119

(3.750.178.135) (1.741.116.021) (5.041.776.979) 8.313.228.628

167.133.074.162

(12.436.507.984) 5.041.776.979

17.330.988.550

(738.270.947)

Perusahaan menerapkan liabilitas imbalan pasca kerja sesuaidengan PSAK 24 (Revisi 2013). Perusahaan jugamengikutsertakan seluruh karyawan tetap dan kontrak ke dalamprogram pensiun yang dikelola oleh Dana Pensiun LembagaKeuangan (DPLK) PT Asuransi Jiwasraya.

Uraian berikut ini merupakan rangkuman perhitungan beban danliabilitas imbalan pasca kerja karyawan tahun 2016 dan 2015 yangdiakui pada laporan laba rugi dan laporan posisi keuangan.Perhitungan beban dan liabilitas imbalan pasca kerja karyawan per31 Desember 2016 dilakukan oleh berdasarkan proyeksiperhitungan tahun 2016 yang dilakukan oleh aktuaris independenPT Katsir Imam Sapto Sejahtera Aktuaria dalam laporanNo.3472/KIS/LA/12/2016 tanggal 30 Desember 2016 denganmenggunakan metode "Projected Unit Credit”.

The following information is the summary of computation of postemployment benefit expenses and liabilities which wererecognized in the statement of profit or loss and othercomprehensiive income and the statement of financial position.The amount of estimated post employment benefit liabilities forDecember 31, 2016 and 2015 and post employment benefitexpenses for the years ended December 31, 2016 and 2015 werecomputed using "Projected Unit Credit" method by independentactuary of PT Katsir Imam Sapto Sejahtera Aktuaria as mentionedin its report No. 3472/KIS/LA/12/2016 dated December 30,2016.

17.330.988.550

(3.216.471.283)

24.004.678.666 (5.224.344.058)

152.021.928.119

31 Desember 2016

December 31, 2015


136.368.109.865

9.878.758.594 10.909.448.789

31 Desember 2015

828.225.876

136.368.109.865


10.891.724.096

36


19. 19.

Asumsi Utama Yang Digunakan The Principal Assumtions Used

Usia Pensiun Normal Normal Pension AgeTingkat Diskonto Discount RateTingkat Proyeksi Kenaikan Gaji Projection of Salary Increase RateTabel Mortalita Mortality TableTingkat Cacat Disability RateTingkat Pengunduran Diri Resignation Rate

20. LIABILITAS TIDAK LANCAR LAINNYA 20. OTHER NON-CURRENT LIABILITY

Grant Grant

21. MODAL SAHAM 21. SHARE CAPITAL

Modal Ditempatkan dan Disetor Share Capital Issued and Paid at Pada Awal Tahun Beginning of Year Kapitalisasi Cadangan ke Capitalization of Appropriated Modal Disetor Earnings to Share Capital Modal ditempatkan dan disetor Share Capital Issued and Fully Paid pada akhir tahun at End of Year

9,10%

LIABILITAS DIESTIMASI ATAS IMBALAN PASCA KERJA (lanjutan)

ESTIMATED POST EMPLOYMENT BENEFITS LIABILITIES (continued)

TMI III 2011

In 2014, the Company entered into an agreement to perform aresearch and development project that funded by grant amountingto US$2,918,998.00. The agreement is in effect since November17, 2014 an will be due on July 31, 2017 with regular evaluation.On December 31, 2016 the project has completed entirely inaccordance with the terms of the agreement and has beenapproved. Therefore, companies have recognized the entire grantas income grant on December 31, 2016.

1% dari Mortalita 0 %0 % - 2 %

9,10%8%

December 31, 2015

Modal ditempatkan dan disetor Perusahaan meningkat dari semulaRp1.650.000.000.000 (terdiri dari 1.650.000 lembar saham)menjadi Rp2.000.000.000.000 (terdiri dari 2.000.000 lembarsaham) dengan mengkapitalisasi sebagian cadangan sampaidengan tanggal 31 Desember 2015 sebesar Rp350.000.000.000.


8.000.000.000.000

2.000.000.000.000

5.000.000.000.000

56 Tahun20152016

56 Tahun

8%TMI III 2011

31 Desember 2015

1% dari Mortalita 0 %0 % - 2 %

1.650.000.000.000

(6.000.000.000.000) (3.350.000.000.000)

Pada tahun 2014, Perusahaan menandatangani perjanjian untukmelaksanakan suatu proyek riset dan pengembangan yangdibiayai dengan Grant sebesar US$2,918,998.00. Perjanjian iniberlaku sejak 17 November 2014 sampai dengan 31 Juli 2017dengan evaluasi berkala. Pada 31 Desember 2016 proyek telahdiselesaikan seluruhnya sesuai dengan persyaratan dalamperjanjian dan telah disetujui. Oleh karena itu perusahaan telahmengakui seluruh grant sebagai pendapatan hibah pada tanggal31 Desember 2016.

27.846.382.388

In accordance with the Statement of the Minutes of the GeneralMeeting of Shareholders (AGM) No. 34, dated December 14,2016, and the Minister of Law and Human Rights of The Republicof Indonesia No. AHU 0024481.AH.01.02 2016 dated December21, 2016, regarding Approval of Amendment of Articles ofAssociation Limited Liability Company PT Bio Farma (Persero), the Company's authorized capital increased fromRp5.000.000.000.000,00 (consisting of 5,000,000 shares) toRp8.000.000.000.000,00 (consisting of 8,000,000 shares).

Sesuai dengan Pernyataan Keputusan Risalah Rapat UmumPemegang Saham (RUPS) No 34, tanggal 14 Desember 2016, danKeputusan Menteri Hukum dan Hak Asasi Manusia RepublikIndonesia Nomor AHU‐ 0024481.AH.01.02 Tahun 2016 tanggal 21Desember 2016, tentang Persetujuan Perubahan Anggaran DasarPerseroan Terbatas PT Bio Farma (Persero), modal dasarPerseroan meningkat dari semula Rp5.000.000.000.000,00 (terdiridari 5.000.000 lembar saham) menjadi Rp8.000.000.000.000,00(terdiri dari 8.000.000 lembar saham).

- 27.846.382.388

December 31, 2015-


31 Desember 2015

the issued and fully paid shares was increased fromRp1.650.000.000.000 (consist of 1.250.000 shares) toRp2.000.000.000.000 (1.650.000 shares) through capitalization ofsome portion of the appropriated earnings as of December 31,2015 amount to Rp350.000.000.000

37


22. SALDO LABA DAN PENGGUNAAN LABA 22. RETAINED EARNINGS AND DISTRIBUTION OF INCOMEa. Saldo Laba - Dicadangkan a. Retainded Earnings - Appropriated

Saldo Awal Tahun Beginning BalancePembentukan Cadangan Establishment of AppropriatedKapitalisasi Cadangan ke Setoran Modal Capitalization to Share CapitalAlokasi untuk Alocation to Bina Lingkungan Community Development Program Konversi Cadangan Akibat Penerapan Convertion of implementation of PSAK 24 Tahun 2015 PSAK 24 to appropriated earning

Saldo laba dicadangkan Retained Earnings - Akhir Tahun Appropriated at End of Year

b. Saldo Laba - Belum Dicadangkan b. Retainded Earnings - Unappropriated

Saldo Laba Pada Awal Tahun Beginning BalancePembagian Laba : Distribution of Income :Dividen DividendCadangan ApproppriatedKonversi Cadangan Akibat Penerapan Convertion of implementation of PSAK 24 Tahun 2015 PSAK 24 to appropriated earning Laba (Rugi) Tahun Berjalan Profit (Loss) for the Year

Saldo laba belum dicadangkan Retained Earnings - Akhir Tahun Unappropriated at End of Year

Penggunaan Laba Distribution of Income

Deviden DividendCadangan Appropriated

Jumlah Total

234.707.000.000 435.885.891.245 670.592.891.245

Laba Tahun Buku 2015Profit for the Year of 2015

Jumlah Total

580.073.743.000

The letter of the Ministry of State-Owned Enterprices No.S-25/DI.MBU/8/2015 dated August 4, 2015 and No.S-805/MBU/2014dated December 23, 2014 changed the decision of the aboveShareholders' General Meeting and decided to allocate fromAppropriated Earnings year 2014 for Community DevelopmentProgram amount to Rp4.711.557.655 and for additional dividendyear 2014 amount to Rp57.247.000.000.

Sesuai surat Menteri BUMN No.S-25/DI.MBU/8/2015 tanggal 4Agustus 2015 dan No.S-805/MBU/2014 tanggal 23 Desember2014, merubah keputusan RUPS dengan memutuskanmengeluarkan dana Bina Lingkungan yang berasal dari cadangantahun buku 2014 sebesar Rp4.711.557.655 untuk tahun 2015 dantambahan dividen sebesar Rp57.247.000.000 untuk tahun 2014.

Persen

35,00%65,00%100,00%

Jumlah Total

Profit for the Year of 2014Laba Tahun Buku 2014

PercentPersenPercent25,00%75,00%

100,00%

145.015.000.000 435.058.743.000

435.058.741.834 786.074.860.369

(435.885.891.245)

-

899.824.236.342

Sesuai dengan PER-09/MBU/07/2015 tanggal 3 Juli 2015 tentangProgram Kemitraan dan Program Bina Lingkungan Badan UsahaMilik Negara, Perusahaan mengalokasikan dana cadangan untukbina lingkungan.

(145.015.000.000) (435.058.741.834)

Based on PER-09/MBU/07/2015 dated July 3, 2015 regardingPartnerships and Community Development Program of the State-Owned Enterprices, the Company allocated fund from appropriatedearnings for Community Development.

December 31, 2016816.422.044.549 435.885.891.245

(350.000.000.000)


(400.000.000.000)

(4.711.557.655)

816.422.044.549

31 Desember 2016

501.040.990.083

501.040.990.083

(2.483.699.451) -

668.109.191.794


668.109.191.794

- 670.592.891.245

(234.707.000.000)


577.590.042.383

Pembagian atas laba bersih tahun 2015 dan 2014 ditetapkandalam RUPS tentang persetujuan laporan keuangan tahunan,pengesahan perhitungan tahunan, dan pembagian laba bersihtahun buku 2015 dan 2014 pada tanggal 10 Juni 2016 dan 13 Mei2015.

The distribution of net income for the years of 2015 and 2014 wasdecided in the General Meeting of the Company's Shareholdersregarding the approval of the annual financial statements anddistribution of net income for the years of 2015 and 2014 on June10, 2016 and Mei 13, 2015, respectively.

2.483.699.451

38


23. PENJUALAN PRODUK PERUSAHAAN 23. SALE OF THE COMPANY'S PRODUCTS

Vaksin Bakteri Bacterial VaccinesVaksin Virus Virus VaccinesVaksin Kombinasi Combination VaccinesSera & Diagnostika Sera and DiagnosticsJumlah TotalDikurangi : Less : Potongan Penjualan Sales Discount

Jumlah Bersih Total - Net

Vaksin Bakteri Bacterial VaccinesVaksin Virus Virus VaccinesVaksin Kombinasi Combination VaccinesSera & Diagnostika Sera and DiagnosticsJumlah TotalDikurangi : Less : Potongan Penjualan Less: Sales Discount


24. PENJUALAN BARANG DAGANGAN 24. SALE OF MERCHANDISE PRODUCT

Pemerintah GovernmentVaksin IPV 5 ds Vaccines IPV 5 dsVaksin IPV 10 ds Vaccines IPV 10 ds

Swasta PrivateVaksin HPV Vaccines HPV Imovac Rabies Vero Imovac Rabies VeroPolyvalent Snake Anti Venom Polyvalent Snake Anti Venom

Jumlah TotalDikurangi : Potongan Penjualan Less: Sales Discount


25. PENJUALAN JASA 25. SALE OF SERVICES

Imunisasi ImmunizationLaboratorium Laboratorium

Jumlah TotalDikurangi : Potongan Penjualan Less: Sales Discount

Jumlah Bersih Total Sales of Service-Net

3.974.742.832 1.660.380.480

5.635.123.312 (319.866.802) 5.315.256.509

2016Pemerintah

143.650.102.476 1.104.717.566.674

- 617.010.854.800 379.275.007.038 2.244.653.530.988

1.436.397.477.972

1.248.367.669.150

- 1.248.367.669.150

GovernmentJumlah

- 1.635.814.468.134

Lokal / Local Total

15.451.346.226

1.125.360.000

570.619.018.260 123.190.359.657 2.329.623.846.051

- 74.695.936.900 -

Government Lokal / Local TotalJumlahSwasta / Private

532.865.210.890 Ekspor / Export

Pemerintah

185.243.559.000 200.694.905.226 74.695.936.900

Swasta / Private

137.172.040.320

57.062.606.898 274.617.304.400 157.149.991.400

- (22.338.621.125) (22.338.621.125) 2.222.314.909.863 356.936.385.913 617.010.854.800

6.748.047.465 305.288.563.007 161.368.475.222 1.466.512.198.564

7.908.542.987

232.065.117.014

2015

Ekspor / Export

3.393.270.000

2015

-

11.921.670.000 (485.734.950) 11.435.935.050

2016

191.216.166.040 47.576.135.760 1.705.304.500.364 242.230.811.900 3.264.845.220

88.294.135.000

8.528.400.000

253.404.200.107 - 80.664.022.440 80.689.273.800

570.619.018.260 138.253.050.885 2.344.686.537.279

- (15.062.691.228) (15.062.691.228)

18.376.875.000 45.988.150.000

-

25.251.360 1.635.814.468.134

-

22.803.750.000

20153.529.375.894

-

Terhitung sejak tanggal 6 Agustus 2015 unit pelayanan jasadiubah statusnya menjadi Strategic Business Unit (SBU) dengannama Unit Bisnis Klinik dan Imunisasi.

Since August 6, 2015, the status of the services unit has changedto be a strategic business unit named Clinical and ImmunizationBusiness Unit.

Sales of immunization obtained from vaccine and serumimmunization services, whereas sales of laboratory obtained fromproviding the laboratory and quality testing services.

(165.287.250)

2016

88.128.847.750

4.858.488.851

Hasil penjualan imunisasi diperoleh dari jasa imunisasi vaksin danserum, sedangkan hasil penjualan laboratorium diperoleh dari jasapengujian mutu dan pemeriksaan laboratorium.

4.858.688.601 (199.750)

1.329.312.707

39


26. BEBAN POKOK PENJUALAN PRODUK PERUSAHAAN 26. COST OF GOODS SOLD OF THE COMPANY'S PRODUCTS

Beban Produksi Production CostsPemakaian Bahan baku Raw Materials UsedPemakaian Bahan Penolong Auxiliary Materials UsedKaryawan EmployeesSosial Karyawan Social EmployeePerjalanan Dinas Business TravellingJasa Profesional Professional FeesPemeliharaan dan Perbaikan Maintanence and RepairsAsuransi InsurancePenyusutan dan Amortisasi Depreciation and amortizationKantor OfficePeningkatan dan Pengembangan SDM Improvement and Development of HR

Total Beban Produksi Total Production Costs

Persediaan Produk Dalam Proses Inventory of Products in ProgressAwal Tahun At Beginning of YearAkhir Tahun At End of Year

Beban Pokok Produksi Cost of Goods ManufacturedPersediaan Produk Jadi Inventory of Finnished ProductsAwal Tahun at Beginning of the YearKadaluarsa/Rusak Expired/DamagedPromosi, Disumbangkan, Penggantian, Promotion, Donated,Replacement, dan Pemakaian Sendiri and Self Consumptions

Beban Pokok Barang Tersedia Cost of Products Untuk Dijual Available for Sale

Dijual untuk Imunisasi Sold for ImmunizationAkhir Tahun At End of Year

Jumlah Total

27. BEBAN POKOK PENJUALAN BARANG DAGANGAN 27. COST OF GOODS SOLD OF MERCHANDISE PRODUCT

Persediaan Awal Tahun Inventories at Beginning of YearPembelian PurchasesTersedia untuk Dijual Available for SaleKadaluarsa/rusak Expired/DamagedDigunakan untuk Promosi, Penggantian, Used for Promotion, Replacement,Pemakaian Sendiri dan Disumbangkan Self Consumption and Donation

Digunakan untuk Imunisasi Used for ImmunizationPersediaan Akhir Tahun Inventories at End of Year

Jumlah Total

28. BEBAN JASA 28. COST OF SERVICES

Pemakaian Produk Jadi untuk Imunisasi Products used for ImmunizationPemakaian Barang Untuk Imunisasi Merchandise Used for ImmunizationPemakaian Bahan Baku dan Penolong Raw Materials and Auxiliaries usedKaryawan EmployeesPerjalanan Dinas Business travellingJasa Profesional Professional ServicesPemeliharaan dan Perbaikan Repairs and MaintenancePenyusutan Aset Tetap Depreciation of Fixed AssetsAsuransi InsuranceBeban Kantor Office ExpensesPeningkatan dan Pengembangan SDM Improvement and Development of HR

Jumlah Total

1.014.414.873.074

(678.614.028) (81.857.215.656) 931.879.043.389

20162.010.514.545

69.323.220.015 71.333.734.560

(907.950.034) (425.209.308)

(1.077.050.535) 68.453.563.181

2016678.614.028

273.151.725 101.379.000

2016

499.823.977.308 169.623.828.954 176.057.198.069 6.516.956.525 3.880.814.195 2.205.416.798 150.225.162.776 2.372.476.078 99.906.185.480 10.662.356.362 3.654.482.732

(2.010.514.545)

33.161.706.767 (6.396.852.325)

(1.829.814.530)

182.128.129 34.999.000

95.550.245.007 11.264.457.601

6.932.315.372

14.488.952.409 -

(1.089.259.779)

2015

380.912.218.668 178.517.469.375 156.483.416.763

2.494.687

962.607.616.619

65.775.265.667 (16.833.283.420)

(738.375.068)

886.225.382.402

(702.599.302) (33.161.706.767)

4.256.820.789 1.360.224.048

117.567.176.606

20151.313.359.545

13.175.592.864

425.209.308

2.492.880.473 80.542.435

171.205.907

175.203.364 150.922.812

2.012.006

410.402.000

4.961.523.057

2015702.599.302

44.686.952 224.377.738

148.087.750

228.728.122 46.005.750

481.448.967

3.961.990.073

1.866.433.676

2.266.428.552

7.496.843.836

852.361.076.333

97.889.204.813 (222.475.046.209) 838.021.775.223

1.124.928.855.277

222.475.046.209 (357.924.068.324) 989.479.833.161

11.164.800.347

(224.377.738)

(469.961.502)

40


29. PENGHASILAN LAIN-LAIN 29. OTHER INCOME

Penjualan Sampingan Other SalesPendapatan Bunga Deposito Interest from Time DepositsPendapatan Jasa Giro Interest from Deposit AccountsPendapatan Bunga Investasi Interest from InvestmentHasil Sewa Ruangan dan Bagi Hasil Room Rent and Profit SharingPendapatan Denda dari Penalties from Distributors andPemasok dan Pelanggan CustomersRoyalti RoyaltiesKeuntungan Selisih Kurs Gains on Foreign ExchangePendapatan Hibah Donation RevenuePemulihan Penyisihan Piutang Recovery of Receivable ImpairmentPemulihan Penyisihan Persediaan Recovery of Inventory ImpairmentKapitasi BPJS Capitation BPJSPendapatan Jasa Importasi Fee ImportationPenghasilan Lainnya (di bawah Rp 1 milyar) Others (less than Rp1 billion)

Jumlah Total

30. BEBAN PENJUALAN 30. SELLING EXPENSES

Karyawan EmployeesPerjalanan Dinas Business travellingJasa Profesional Professional ServicesPemeliharaan dan Perbaikan Repairs and MaintenanceAsuransi InsurancePenyusutan Aset Tetap Depreciation ExpenseBeban Kantor Office ExpensesPeningkatan dan Pengembangan SDM Human Resource DevelopmentKeagenan Ekspor Export Agency ServicesOngkos Angkut TransportationEmbalage EmbalagePromosi dan Periklanan Promotion and AdvertisingMonitoring Produk Monitoring of ProductsInsentif Penjualan Sales IncentivesJaminan dan Kerugian Penjualan Sales WarrantyRoyalti RoyaltiesPenyisihan Penurunan Nilai Piutang Impairment of ReceivablesPemakaian Bahan Baku & Penolong Raw Materails and Auxilliaries Usage Pajak Taxes

Jumlah Total

31. BEBAN ADMINISTRASI DAN UMUM 31. GENERAL AND ADMINISTRATIVE EXPENSES

Karyawan EmployeesDewan Komisaris dan Direksi Directors and CommisionersBeban Kantor Office ExpensesPemeliharaan dan Perbaikan Repairs and MaintenancePenyusutan Aset Tetap Depreciation ExpensePeningkatan dan Pengembangan SDM Human Resources DevelopmentPerjalanan Dinas Business TravellingJasa Profesional Professional ServicesHUT Perusahaan dan Olahraga Company's Anniversary and SportsJamuan Tamu EntertainmentPajak Bumi dan Bangunan dan Land and Buildings andPajak Kendaraan Vehicle Taxes

jumlah dipindahkan Carried forward

18.648.774.133 18.182.334.592 10.918.268.981 900.623.993 1.994.250.717

49.865.427 6.484.609 204.209.466 133.996.397.992

2016 202.344.740.738 42.366.434.836 45.866.546.121 31.413.171.647 22.253.869.462 12.308.462.663 6.255.459.573 11.670.053.213 4.166.338.898 3.691.586.542

2.732.650.737

42.086.241.496

6.100.342.074

4.206.854.370

1.382.822.931

719.873.260

437.723.305

221.375.000

16.476.412

-

728.304.000

126.818.100.027

-

8.884.758.217 164.727.714.782

2016 26.338.936.758 2.569.626.461 1.585.800.000 1.904.745.936

2.603.133.373

10.775.555.450

-

33.939.506 636.391.149

243.337.500

1.487.693.701

605.407.257

34.973.845

6.015.678.281

222.388.188

3.301.289.841

6.451.035.515 3.880.861.129 4.884.585.811

129.064.005.350

3.546.385.751 749.112.500

3.191.645.068

2016

98.339.421.776 800.000.000

-

34.209.742 5.278.049.188 3.514.079.743

305.275.926

2015

78.787.808.691

469.372.279 3.121.962.336 29.608.784.256 34.421.044.628

15.089.687.612

395.105.484 2.242.633.127

489.527.755 12.719.408 1.794.042.048

17.969.987.666 9.618.653.448 3.774.035.443

2015230.759.482.395 46.328.045.975 44.606.987.152 29.127.874.982 19.648.209.985 16.203.957.322 7.998.925.560

2015 22.110.655.752

34.338.748.047

1.957.450.000

385.069.314.429 413.081.610.894

8.666.019.375

410.752.000 1.603.521.942 1.108.692.000

41


31. BEBAN ADMINISTRASI DAN UMUM 31. GENERAL AND ADMINISTRATIVE EXPENSES

jumlah pindahan Brought forwardAsuransi InsuranceAmortisasi Beban Tangguhan dan Amortization of Deferred Charges andAset Takberwujud and Intangible Assets

Kemitraan dan Bina Lingkungan Community Development Program Lain-lain Others

Jumlah Total

32. BEBAN PENELITIAN, PENGEMBANGAN DAN SURVEILANS 32. RESEARCH, DEVELOPMENT AND SURVEILLANCE

Pemakaian Bahan Baku dan Raw Materails andBahan Penolong Auxilliaries Usage Jasa Profesional Professional ServicesKaryawan EmployeesPenyusutan Aset Tetap DepreciationPemeliharaan dan Perbaikan Repair and MaintenancePerjalanan Dinas Business TravellingBeban Kantor Office ExpensePeningkatan dan Pengembangan SDM Human Resource DevelopmentAsuransi Insurance

Jumlah Total

33. BEBAN LAIN-LAIN 33. OTHER EXPENSES

Kerugian Selisih Kurs Loss on Foreign ExchangeKoreksi Pajak dan Denda Pajak Tax Corrections and PenaltiesBeban Bunga Pinjaman Loan InterestDenda Selain Pajak Other penaltiesBeban Penurunan Nilai Aset Loss on Impairment of AssetsBeban Lainnya (di bawah Rp1 milyar) Others (less than Rp1 billion)

Jumlah Total

34. KOMPONEN EKUITAS LAINNYA 34. OTHER EQUITY COMPONENTS

Surplus Revaluasi Aset Tetap - Net Revaluation Surplus - NetKeuntungan (Kerugian) Aktuaria Actuarial Gain (Loss)

Jumlah Total

35. ASET DAN LIABILITAS DALAM MATA UANG ASING 35.

Aset Assets Kas dan Setara Kas USD Cash and Cash Equivalent

EURPiutang Usaha USD Trade ReceivablePiutang Lainnya USD Other ReceivablesUang Muka USD Advances

EURGBPJPY

Jumlah Aset Total Assets

-

4.008.787.093 2.189.323.192 459.907.143 2.261.971.272 317.725.454 114.481.354.438

2016115.652.270.297 10.924.295.638 9.342.500.000

- -

3.826.088.455 139.745.154.390

10.686.678.646

373.656.854

3.084.343.350

2.787.653.477 402.001.646.756

2016

26.850.010.656 35.114.038.007 24.787.380.972 18.492.210.647

385.069.314.429

Foreign CurrencyEkuivalen Rupiah

Rupiah Equivalent

17.295.123,38 7.127.955,08 33.457.620,15 17.142,00 748.486,18 3.165.316,80 4.110,00 1.269.644,00

Mata uang Asing

98.636.432.529,76 79.257.168.849,44

261.235.066.402,00 -

10.544.776.624,12 26.936.475.796,98 1.137.235.378,92 4.376.948.581,50

482.124.104.162,72

Ekuivalen RupiahRupiah EquivalentForeign Currency

December 31, 2016

1.902.085,28 68.892,00 37.928.497,24

784.815,17

352.238.893

125.992

93.442.569.518

2015

19.442.919,50

66.200.735.869

1.979.953.595.716


1.980.781.821.592 (8.313.228.628)

-

1.288.442.345

247.255.824

3.044.064.087

(8.313.228.628)

December 31, 2015

3.831.467.299

264.314.132

6.298.332.014

5.596.645,06

Mata Uang Asing

7.341.205,16

(828.225.876)

2015

21.954.249.660 22.112.742.854 22.475.869.376 15.547.079.115 2.864.149.588 3.900.017.055 729.278.328 3.594.869.409

421.759.427.184

55.718.571.670

-

Keuntungan (Kerugian) Aktuaria timbul akibat perubahan kebijakanakuntansi terkait penerapan PSAK 24 (Revisi 2013) "ImbalanKerja".

ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

4.098.054.034

2016 2015

Actuaria Gain (Loss) represents improvement of PSAK 24 (revised2013) "Imbalan Kerja".

413.081.610.894

238.586.227.027,10 107.415.930.830,42 461.547.869.969,25

236.473.890,00 10.325.366.784,13 47.700.279.621,46

84.054.062,10 145.404.963,38

866.041.607.147,84 42


35. ASET DAN LIABILITAS DALAM MATA UANG ASING (lanjutan) 35.

Liabilitas LiabilitiesUang Muka Penjualan USD Advanced ReceiptsUtang Usaha USD Trade Payables

EURGBPJPYCHFAUDSGD

Biaya YMH Dibayar USD Accrued ExpensesAUD

Liabilitas Lainnya USD Other LiabilityJumlah Liabilitas Total LiabilitiesAset (Liabilitas) Bersih Asset (Liability) - Net

36. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 36. TRANSACTIONS WITH RELATED PARTIES

a. a. Account balances with related parties are as follow :

Kas dan Setara Kas (Catatan 3) Cash and Cash Equivalent (Note 3)Piutang Usaha (Catatan 5) Trade Receivables (Note 5)Piutang Lain-lain (Catatan 6) Other Receivables (Note 6)Uang Muka Pembelian Lokal Advance - Local Purchases (Catatan 8) (Note 8)Pendapatan yang masih akan Unearned Revenue diterima (Catatan 11) (Note 11)Utang Usaha (Catatan 16) Trade Payables (Note 16) Koperasi Karyawan Bio Farma Koperasi Karyawan Bio Farma CV Karya Cahya Abadi CV Karya Cahya Abadi PT Pembangunan Perumahan PT Pembangunan Perumahan (Persero), Tbk (Persero), Tbk PT Wijaya Karya (Persero) PT Wijaya Karya (Persero) PT Kimia Farma, Tbk PT Kimia Farma, Tbk PT INTI PT INTI

Jumlah Total

b. Sifat Hubungan b. Nature of Relationships

Bank Milik Negara/ Daerah Entitas Sepengendali / Entity Under Common Control Kas dan Setara Kas / Cash and Equivalent CashPT Kimia Farma (Persero) Tbk Entitas Sepengendali / Entity Under Common Control Penjualan Produk / Sale of ProductPT Indofarma Global Medika Entitas Sepengendali / Entity Under Common Control Penjualan Produk / Sale of ProductPT Rajawali Nusantara Indonesia Entitas Sepengendali / Entity Under Common Control Penjualan Produk / Sale of ProductPT Iglas (Persero) Entitas Sepengendali / Entity Under Common Control Piutang Lain-lain / Other ReceivablesPT Pembangunan Perumahan (Persero), Tbk Entitas Sepengendali / Entity Under Common Control Pembelian Investasi / Purchase of InvestmentPT Adhi Karya (Persero) Tbk Entitas Sepengendali / Entity Under Common Control Pembelian Investasi / Purchase of InvestmentKoperasi Karyawan Bio Farma Entitas Sepengendali / Entity Under Common Control Pembelian Barang dan Investasi / Purchase of

Goods and InvestmentCV Karya Cahya Abadi Entitas Sepengendali / Entity Under Common Control Pembelian Barang dan Investasi / Purchase of

Goods and InvestmentPihak Berelasi Lainnya Entitas Sepengendali / Entity Under Common Control Lain-lain dengan nilai dibawah Rp 1 milyar /

Other transactions under Rp 1 billion

441.042.856.520,38

Related Parties Relationship with the Company Nature of Accounts/Transactions

25.104.863.764,81 0,42% 14.935.959.569,50 0,26%

Pihak Berelasi Hubungan dengan Perusahaan Sifat Saldo Akun/Transaksi

160.990.986,00 0,00% 419.689.563,00 0,01%71.221.650,00 0,00% - 0,00%

8.351.209.044,71 0,14% 4.392.144.317,00 0,08%- - 769.068.182,00 0,01%

14.869.209.175,93 0,25% 8.174.576.205,00 0,14%1.652.232.908,17 0,03% 1.180.481.302,50 0,02%

834.000.000,00 0,00% 16.044.202.628,73 0,28%

221.375.000,00 0,00% 1.591.887.435,25 0,03%

1.302.637.458,00 0,02% 1.302.637.458,00 0,02%

Persen/ Percent7,42% 555.939.258.293,67 9,79%

12.280.577.812,52 0,21% 17.298.055.107,46 0,30%

Saldo akun dengan pihak berelasi terdiri dari :

Akun31 Desember 2016 31 Desember 2015

AccountsDecember 31, 2016 December 31, 2015Jumlah/ Amount Persen/Percent Jumlah/ Amount

134.283.488.531,59 87.711.945.945,95 347.840.615.631,14 778.329.661.201,89

Perusahaan melakukan transaksi dengan pihak‐pihak berelasi.Kebijakan Perusahaan mengatur bahwa penetapan harga atastransaksi‐transaksi tersebut sama dengan transaksi - transaksiyang dilakukan dengan pihak ketiga.

The Company has transactions with related parties. TheCompany's policy of pricing for these transactions as the samewith third parties.

- - 60.000,00 603.849.600,00 218.797,23 2.939.759.549,83 107.942,24 1.489.063.200,80

52.026,00 483.785.611,92 - - 28.800,00 386.956.800,00 72.000,00 993.240.000,00

270.840,00 3.569.064.518,40 19.000,00 184.761.890,00

1.692,00 27.930.706,92 - - 602.488,00 69.527.115,20 3.776.598,00 432.511.864,67

3.322.164,16 44.636.597.653,76 5.966.041,21 82.301.538.491,95 5.789.274,81 81.985.104.685,56 68.922,04 1.038.632.398,53

Foreign Currency Rupiah Equivalent Foreign Currency Rupiah Equivalent

- - 61.842,00 853.110.390,00

ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES (continued)

Mata Uang Asing Ekuivalen Rupiah Mata uang Asing Ekuivalen Rupiah

43


37. PERJANJIAN DAN PERIKATAN PENTING 37. SIGNIFCANT AGREEMENTS AND COMMITMENTSa. a.

Harga Satuan

BCG ds/ampDT ds/vialCampak/Measles ds/vialb-OPV ds/vialHep. B 0.5 ml ds/puchDTP-HB-Hib ds/vialTd ds/vialt-OPV ds/vial

TotalPPN/VAT 10 %

Total - PPN/VAT

1. 1.

2. 2.

3. 3.

53.468.012.800 93.473.540.000

130.615.177.000 49.698.900.000 43.489.632.000

562.382.472.800 56.238.247.280

618.620.720.080

Jumlah (Rp.)Amount (Rp.)

1.374.080

Quantity

1.883.420

3.283.390

19.000 69.350 15.000

Kuantum

18.140

Packing

3.313.260

Submit a letter of guarantee as performance bond issuedby Bank or Guarantor or Insurance Company that have aSurety Bond Program licenced by the Ministry of Financeof the Republic of Indonesia amounting to 5% of thecontract price, or equivalent to Rp30.931.036.004 andvalid until December 15, 2016.

Semua jenis vaksin tersebut harus diserahkan di gudangtujuan paling lambat 21 November 2016 serta dianggap sah apabila sudah dilengkapi dengan Bukti Penerimaan Barangdi Dinas Kesehatan Provinsi yang bersangkutan,ditandatangani oleh Penerima Barang dan diketahui olehPejabat Struktural Dinas Kesehatan di Provinsi, BuktiPenerimaan Barang di tingkat pusat ditandatangani olehPenerima Barang di Gudang Direktorat JenderalPengendalian Penyakit dan Penyehatan Lingkungan (PP &PL) dan diketahui Pejabat Struktural. Panitia PenerimaHasil Pekerjaan Pengadaan Barang/Jasa DirektoratJenderal Bina Kefarmasian dan Alat Kesehatanmembuatkan rekap bukti penerimaan yang diketahui olehPejabat Pembuat Komitmen Satker Direktorat Bina ObatPublik dan Perbekalan Kesehatan.Menyerahkan Surat Jaminan sebagai jaminan pelaksanaanyang diterbitkan oleh Bank Umum atau PerusahaanPenjaminan atau Perusahaan Asuransi yang memilikiProgram Asuransi Kerugian (Surety bond) yang diijinkanoleh Menteri Keuangan Republik Indonesia, sebesar 5%dari nilai kontrak atau sebesar Rp30.931.036.004 yangberlaku sampai dengan tanggal 15 Desember 2016.

95.627.880.000 11.823.211.400 84.186.119.600

31.650 10

Vaksin yang diproduksi harus memiliki spesifikasisebagaimana tercantum dalam Perjanjian Jual Beli.

Persyaratan Perusahaan dalam memenuhi perjanjian tersebutantara lain:

Vaccine Types54.500

Kemasan

1.754.640 730.730

Berdasarkan Kontrak Katalog Pelaksanaan Penyediaan VaksinNo.455 tahun 2015, tanggal 21 Desember 2015 antaraLembaga Kebijakan Pengadaan Barang/Jasa Pemerintah danPT Bio Farma (Persero), Perusahaan mengadakan perjanjianjual beli pengadaan vaksin regular tahun 2016 denganDirektorat Tata Kelola Obat Publik dan Perbekalan KesehatanDirektorat Jenderal Bina Kefarmasian dan Alat KesehatanKementerian Kesehatan Republik Indonesia, dengan nomorperjanjian No.KN.01.01/5/41‐PK/2016, tanggal 10 Februari2016. Disepakati bahwa Direktorat Tata Kelola Obat Publik danPerbekalan Kesehatan Direktorat Jenderal Bina Kefarmasiandan Alat Kesehatan Kementerian Kesehatan RepublikIndonesia akan membeli berbagai jenis vaksin untuk programtersebut dari Perusahaan dengan rincian sebagai berikut :

510

4.919.660 2.947.520

The following are requirements the Company should meet theagreement :

Vaccines produced should have specifications as stated inthe sale and purchase agreement.

Based on the Contract of Vaccine Procurement CatalogNo.455 Year of 2015 dated on December 21, 2015 betweenthe Company and Government Procurement Policy Institution,the Company entered into regular vaccine sale and purchaseagreement in 2016 with the Directorate of Public Drugs andHealth Supply of the Directorate General of Pharmaceuticaland Medical Devices of the Ministry of Health of the Republicof Indonesia as mentioned in a letter of agreementNo.KN.01.01/5/41‐PK/2016 dated on February 10, 2016.TheDirectorate of Public Drugs and Health Supply of theDirectorate General of Pharmaceutical and Medical Devicesof the Ministry of Health of the Republic of Indonesia willpurchase the following various types of vaccines for theprogram from the Company :

25.640

1 2 3 4 5 6 7 8

Unit Price20

Jenis Vaksin

1010101

No.

16.180

All types of vaccines should be submitted at thedesignated warehouse no more than November 21, 2016,and will be valid when equipped by receiving report issuedby the Provincial Health Office. At the Ministry Office, thereceiving document is signed by recipient of goods at theWarehouse of Directorate General of of Disease Controland Environmental Healthcare (PP & PL), and known bythe Official of the Directorate. The Committee forReceiving of Procurement of the Directorate ofPharmaceutical and Medical Devices provides arecapitulation of the receiving reports that known by theOfficial in Charge of the Directorate of Public Drugs andHealth Supply.

44


37. PERJANJIAN DAN PERIKATAN PENTING (lanjutan) 37. SIGNIFCANT AGREEMENTS AND COMMITMENTS (continued)b. b.

Harga Satuan

ds/vialTotal

PPN/VAT 10 %Total + PPN/VAT

1. 1.

2. 2.

3. 3.

c. c.

Quantity Unit Price

Vaccines produced should have specifications as stated inthe sale and purchase agreement.All types of vaccines should be submitted at thedesignated warehouse no more than December 15, 2016,and will be valid when equipped by receiving report issuedby the Provincial Health Office. At the Ministry Office, thereceiving document is signed by recipient of goods at theWarehouse of Directorate General of of Disease Controland Environmental Healthcare (PP & PL), and known bythe Official of the Directorate. The Committee forReceiving of Procurement of the Directorate ofPharmaceutical and Medical Devices provides arecapitulation of the receiving reports that known by theOfficial in Charge of the Directorate of Public Drugs andHealth Supply.

Berdasarkan Kontrak Katalog Pelaksanaan Penyediaan VaksinNo.875 tahun 2016, tanggal 7 Oktober 2016 antara LembagaKebijakan Pengadaan Barang/Jasa Pemerintah dan PT BioFarma (Persero), Perusahaan mengadakan perjanjian jual belipengadaan vaksin regular tahun 2016 (Inactivated PoliomyelitisVaccine (IPV)) dengan Direktorat Tata Kelola Obat Publik danPerbekalan Kesehatan Direktorat Jenderal Bina Kefarmasiandan Alat Kesehatan Kementerian Kesehatan RepublikIndonesia, dengan nomor perjanjian No.KN.01.01/5/458‐PK/2016, tanggal 1 November 2016.

Based on the Contract of Vaccines Procurement CatalogNo.875 Year of 2016 dated October 7, 2016 between theCompany and Government Procurement Policy Institution, theCompany entered into a sale and purchase agreement forInactivated Poliomyelitis Vaccine (IPV) in 2016 with theDirectorate of Public Drugs and Health Supply of theDirectorate General of Pharmaceutical and Medical Devices ofthe Ministry of Health of the Republic of Indonesia regardingthe as mentioned in a letter of agreementNo.KN.01.01/5/458‐PK/2016 dated November 1, 2016.

54.628.382.000 787.720 69.350DTP-HB-Hib1.

Amount (Rp.)Packing54.628.382.000

Semua jenis vaksin tersebut harus diserahkan di gudangtujuan paling lambat 15 Desember 2016 serta dianggap sah apabila sudah dilengkapi dengan Bukti Penerimaan Barangdi Dinas Kesehatan Provinsi yang bersangkutan,ditandatangani oleh Penerima Barang dan diketahui olehPejabat Struktural Dinas Kesehatan di Provinsi. PanitiaPenerima Hasil Pekerjaan Pengadaan Barang/JasaDirektorat Jenderal Bina Kefarmasian dan Alat Kesehatanmembuat rekap bukti penerimaan yang diketahui olehPejabat Pembuat Komitmen PHLN Satker Direktorat TataKelola Obat Publik dan Perbekalan Kesehatan.

Menyerahkan Surat Jaminan sebagai jaminan pelaksanaanyang diterbitkan oleh Bank Umum atau PerusahaanPenjaminan atau Perusahaan Asuransi yang memilikiProgram Asuransi Kerugian (Surety bond) yang diijinkanoleh Menteri Keuangan Republik Indonesia, sebesar 5%dari nilai kontrak atau sebesar Rp2.731.419.100 yangberlaku sampai dengan tanggal 31 Januari 2017.

Vaksin yang diproduksi harus memiliki spesifikasisebagaimana tercantum dalam Perjanjian Jual Beli.

Jumlah (Rp.)


5.462.838.200

Jenis Vaksin Kemasan Kuantum


5

No. Vaccine Types

60.091.220.200

Based on the Contract of Vaccine Procurement CatalogNo.455 Year of 2015 dated on December 21, 2015 betweenthe Company and Government Procurement Policy Institution,the Company entered into a sale and purchase agreement ofDPT-HB-HIB vaccines; ADS and Safety Box in 2016 with theDirectorate of Public Drugs and Health Supply of theDirectorate General of Pharmaceutical and Medical Devices ofthe Ministry of Health of the Republic of Indonesia asmentioned in a letter of agreement No.KKN.01.01/5/279‐PK.GAVI/2016 dated October 6, 2016.The Directorate ofPublic Drugs and Health Supply of the Directorate General ofPharmaceutical and Medical Devices of the Ministry of Healthof the Republic of Indonesia will purchase the vaccines for theprogram of the Company, with details as follows:

Berdasarkan Kontrak Katalog Pelaksanaan Penyediaan VaksinNo.455 tahun 2015, tanggal 21 Desember 2015 antaraLembaga Kebijakan Pengadaan Barang/Jasa Pemerintah danPT Bio Farma (Persero), Perusahaan mengadakan perjanjianjual beli pengadaan vaksin DPT‐HB‐HIB, ADS dan Safety Boxtahun 2016 dengan Direktorat Tata Kelola Obat Publik danPerbekalan Kesehatan Direktorat Jenderal Bina Kefarmasiandan Alat Kesehatan Kementerian Kesehatan RepublikIndonesia, dengan nomor perjanjian No.KN.01.01/5/279‐PK.GAVI/2016, tanggal 6 Oktober 2016. Disepakati bahwaDirektorat Tata Kelola Obat Publik dan Perbekalan KesehatanDirektorat Jenderal Bina Kefarmasian dan Alat KesehatanKementerian Kesehatan Republik Indonesia akan membelivaksin vaksin untuk program tersebut dari Perusahaan denganrincian sebagai berikut :

Submit a letter of guarantee as performance bond issuedby Bank or Guarantor or Insurance Company that have aSurety Bond Program licenced by the Ministry of Financeof the Republic of Indonesia amounting to 5% of thecontract price, or equivalent to Rp2.731.419.100 and validuntil January 31, 2017.

45


37. PERJANJIAN DAN PERIKATAN PENTING (lanjutan) 37. SIGNIFCANT AGREEMENTS AND COMMITMENTS (continued)

Harga Satuan

ds/vial ds/vial

TotalPPN/VAT 10 %

Total + PPN/VAT

1. 1.

2. 2.

3. 3.

d. d

Persyaratan Perusahaan dalam memenuhi perjanjian tersebutantara lain :

Submit a letter of guarantee as performance bond issuedby Bank or Guarantor or Insurance Company that have aSurety Bond Program licenced by the Ministry of Financeof the Republic of Indonesia amounting to 5% of thecontract price, or equivalent to Rp778.722.312,50 and valid until December 31, 2016.

Menyerahkan Surat Jaminan sebagai jaminan pelaksanaanyang diterbitkan oleh Bank Umum atau , PerusahaanPenjaminan atau Perusahaan Asuransi yang memilikiProgram Asuransi Kerugian (Surety bond) yang diijinkanoleh Menteri Keuangan Republik Indonesia, sebesar 5%dari nilai kontrak atau sebesar Rp778.722.312,50 yangberlaku sampai dengan tanggal 31 Desember 2016



1. SIPV2. SIPV 10 20.575 247.500 5.092.312.500

No.

Vaksin yang diproduksi harus memiliki spesifikasisebagaimana tercantum dalam Perjanjian Jual Beli(kontrak).

5 65.225 139.000

Semua jenis vaksin tersebut harus diserahkan di gudangtujuan paling lambat 15 Desember 2016 serta dianggap sah apabila sudah dilengkapi dengan Bukti Penerimaan Barangdi Dinas Kesehatan Provinsi DI Yogyakarta yangbersangkutan, ditandatangani oleh Penerima Barang dandiketahui oleh Pejabat Struktural yang bersangkutan. BuktiPenerimaan Barang dari Dinas Kesehatan Provinsi DIYogyakarta direkap oleh Panitia Penerima Hasil PekerjaanPengadaan Barang/Jasa Direktorat Jenderal BinaKefarmasian dan Alat Kesehatan, dan dibuatkan BeritaAcara Penerimaan Barang diketahui oleh Pejabat PembuatKomitmen (PPK) Satker Direktorat Bina Obat Publik danPerbekalan Kesehatan.

Kuantum Jumlah (Rp.)

9.066.275.000

Jenis VaksinPacking Quantity Unit Price Amount (Rp.)Kemasan

Vaccine Types

Berdasarkan Kontrak Katalog Pelaksanaan Pengadaan VaksinNo. 875 tahun 2016, tanggal 7 Oktober 2016 antara LembagaKebijakan Pengadaan Barang/Jasa Pemerintah dan PT BioFarma (Persero), Perusahaan mengadakan perjanjian jual belipengadaan vaksin IPV, ADS 0,5 ml, dan Safety Box tahun 2016dengan Direktorat Tata Kelola Obat Publik dan PerbekalanKesehatan Direktorat Jenderal Bina Kefarmasian dan AlatKesehatan Kementerian Kesehatan Republik Indonesia,dengan nomor perjanjian No. KN.01.01/5/314‐PK.GAVI/2016,tanggal 10 November 2016. Disepakati bahwa Direktorat TataKelola Obat Publik dan Perbekalan Kesehatan DirektoratJenderal Bina Kefarmasian dan Alat Kesehatan KementerianKesehatan Republik Indonesia akan membeli vaksin untukprogram tersebut dari Perusahaan dengan rincian sebagaiberikut:

Based on the Contract of Vaccines Procurement CatalogNo.875 Year of 2016 dated October 7, 2016 between theCompany and Government Procurement Policy Institution, theCompany entered into a sale and purchase agreement ofInactivated Poliomyelitis Vaccine (IPV), ADS 0,5 ml, andSafety Box in 2016 with the Directorate of Public Drugs andHealth Supply of the Directorate General of Pharmaceuticaland Medical Devices of the Ministry of Health of the Republicof Indonesia regarding the as mentioned in a letter ofagreement No.KN.01.01/5/314‐PK.GAVI/2016 datedNovember 10, 2016.The Directorate of Public Drugs andHealth Supply of the Directorate General of Pharmaceuticaland Medical Devices of the Ministry of Health of the Republicof Indonesia will purchase vaccine for the program of theCompany, with details as follows:

All types of vaccines should be submitted to thedesignated warehouse no more than December 15, 2016,and will be valid when equipped by receiving report issuedby the D.i Yogyakarta Provincial Health Office. At theMinistry Office, the receiving document is signed byrecipient of goods at the Warehouse of Directorate Generalof of Disease Control and Environmental Healthcare (PP& PL), and known by the Official of the Directorate. TheCommittee for Receiving of Procurement of the Directorateof Pharmaceutical and Medical Devices provides arecapitulation of the receiving reports that known by theOfficial in Charge of the Directorate of Public Drugs andHealth Supply.

15.574.446.250

14.158.587.500 1.415.858.750

Disepakati bahwa Direktorat Tata Kelola Obat Publik danPerbekalan Kesehatan Direktorat Jenderal Bina Kefarmasiandan Alat Kesehatan Kementerian Kesehatan RepublikIndonesia akan membeli vaksin untuk program tersebut dariPerusahaan dengan rincian sebagai berikut :

The Directorate of Public Drugs and Health Supply of theDirectorate General of Pharmaceutical and Medical Devicesof the Ministry of Health of the Republic of Indonesia willpurchase vaccine for the program of the Company, with detailsas follows:

46


37. PERJANJIAN DAN PERIKATAN PENTING (lanjutan) 37. SIGNIFCANT AGREEMENTS AND COMMITMENTS (continued)Harga Satuan

ds/vial ds/vial

TotalPPN/VAT 10 %

Total + PPN/VAT

1. 1.

2. 2.

3. 3.

e. e.

f. f.

1 1

Perusahaan mengadakan perjanjian jual beli produkPerusahaan dengan beberapa pelanggan di luar negeri sebagaiberikut:




Perjanjian No.04394/DIR/VI/2010 tanggal 30 Juni 2010dengan Universal Exim tentang perjanjian pemasaran yangmeliputi penjualan Monovalent Poliomyelitis Bulk dan DTPBulk, yang berlaku hingga 31 Maret 2014, yang telahdilakukan amandemen IX sesuai perjanjianNo.08905/DIR/VII/ 2013 tanggal 12 Juli 2013 yangmemperbaharui masa berlaku hingga sampai 31 Maret2016,

No. Kemasan Kuantum Jumlah (Rp.)Packing

Perusahaan mengadakan perjanjian kerjasama kegiatanpengembangan produk dengan pihak ketiga yaitu University ofMelbourne , Artes Biotechnology GmbH , PATH VaccineSolution (PVS) , dengan IVI (The International VaccineInstitute ), Lipotek Pty.Ltd , Iwate Medical University dan Japan Poliomyeitis Research Institute (JPRI).

The Company entered into agreements with overseascustomers for sale and purchase of its products as follows:

The Company entered into cooperation agreements for productdevelopment activities with third parties, those are Universityof Melbourne, Artes Biotechnology GmbH, PATH VaccineSolution (PVS), dengan IVI (The International VaccineInstitute), Lipotek Pty.Ltd, Iwate Medical University, and JapanPoliomyeitis Research Institute (JPRI).

Jenis VaksinVaccine Types Quantity Unit Price Amount (Rp.)

1. SIPV 5 265.625 139.0002.

Menyerahkan Surat Jaminan sebagai jaminan pelaksanaanyang diterbitkan oleh Bank Umum atau PerusahaanPenjaminan atau Perusahaan Asuransi yang memilikiProgram Asuransi Kerugian (Surety bond) yang diijinkanoleh Menteri Keuangan Republik Indonesia, sebesar 5%dari nilai kontrak atau sebesar Rp2.510.321.875,00 yangberlaku sampai dengan tanggal 31 Januari 2017.

55.227.081.250

10 53.675 247.50036.921.875.000 13.284.562.500 50.206.437.500 5.020.643.750

Agreement No.04394/DIR/VI/2010 dated June 30, 2010with the Universal Exim regarding the agreement ofmarketing of selling Monovalent PoliomyelitisvBulk andDTP Bulk, which is valid until March 31, 2014. Thisagreement was amended by amendment IXNo.08905/DIR/VII/2013 dated July 12, 2013 that renew theperiod of the agreement until March 31, 2016,

Submit a letter of guarantee as performance bond issuedby Bank or Guarantor or Insurance Company that have aSurety Bond Program licenced by the Ministry of Financeof the Republic of Indonesia amounting to 5% of thecontract price, or equivalent to Rp52.510.321.875,00 andvalid until December 31, 2017.

Vaksin yang diproduksi harus memiliki spesifikasisebagaimana tercantum dalam Perjanjian Jual Beli(kontrak).Semua jenis vaksin tersebut harus diserahkan di gudangtujuan paling lambat 29 Desember 2016 serta dianggap sah apabila sudah dilengkapi dengan Bukti Penerimaan Barangdi Dinas Kesehatan Provinsi yang bersangkutan,ditandatangani oleh Penerima Barang dan diketahui olehPejabat Struktural Dinas Kesehatan di Provinsi. BuktiPenerimaan Barang di pusat diterima dan ditandatanganioleh Penerima Barang dan diketahui oleh salah satuPejabat Struktural di lingkungan Direktorat JenderalPencegahan dan Pengendalian Penyakit (P2P). PanitiaPenerima Hasil Pekerjaan Pengadaan Barang/JasaDirektorat Jenderal Bina Kefarmasian dan Alat Kesehatanmembuat rekap bukti penerimaan barang dari Pusat danDinas Kesehatan Propinsi yang kemudian dibuatkan BeritaAcara Penerimaan Barang dan diketahui oleh PejabatPembuat Komitmen PHLN Satker Direktorat Tata KelolaObat Publik dan Perbekalan Kesehatan.

SIPV

All types of vaccines should be submitted to thedesignated warehouse no more than December 15, 2016,and will be valid when equipped by receiving report issuedby the Provincial Health Office. At the Ministry Office, thereceiving document is signed by recipient of goods at theWarehouse of Directorate General of of Disease Controland Environmental Healthcare (PP & PL), and known bythe Official of the Directorate. The Committee forReceiving of Procurement of the Directorate ofPharmaceutical and Medical Devices provides arecapitulation of the receiving reports that known by theOfficial in Charge of the Directorate of Public Drugs andHealth Supply.

47



2 2

3 3

4 4

5 5

6 6

7 7 Agreement No.07444/DIR/XII/2012 dated December 20,2012 with Bionet-Asia Co. Ltd. for the sale of Ready-to-fillFinal Bulk Td Vaccines. The agreement is valid for 5 yearssince registration date of the end products in Thailandterritory.

Perjanjian No.06383/DIR/XI/2011 tanggal 7 November2011 dengan BioNet Asia Ltd tentang penjualanMonovalent Poliomyelitis Bulk, yang berlaku hingga 31Desember 2015. Perjanjian telah dirubah denganamandemen I sesuai perjanjian No.03097/DIR/V/2012tanggal 14 Mei 2012 yang memperbaharui masa berlakuhingga 31 Desember 2017, amandemen II sesuai perjanjian No.05265/DIR/ IX/2013 tanggal 30 September 2013 yangmerubah nilai perjanjian, dan amandemen IIIdenganperjanjian No.05663/DIR/XI/2014 tanggal 17 November2014 yang memperbaharui masa berlaku hingga 31Desember 2019.

Perjanjian No.02051/ DIR/III/2010 tanggal 30 Maret 2010dengan BioNET ASIA CO.LTD tentang penjualanPoliomyelitis Bulk , yang berlaku hingga 30 Maret 2013,telah dilakukan amandemen II sesuai perjanjianNo.02957/DIR/ V/2012 tanggal 9 Mei 2012 yangmemperbaharui masa berlaku hingga 31 Desember 2016.

Agreement No.06384/DIR/XI/2011 dated November 7,2011 with the Bionet Asia Ltd, regarding the sale of DPTBulk, which is valid until December 31, 2015. On May 14,2012 the agreement was amended by agreement(amendment II) No.03098/DIR/V/2012 that renew theperiod of the agreement until December 31, 2016. Later,on November 17, 2014 the agreement was amended againby agreement (amendment III) No.05664/DIR/XI/ 2014 thatrenew the period of the agreement until December 31,2019.

Perjanjian No.02305/DIR/ IV/2010 tanggal 8 April 2010dengan BioNET ASIA CO.LTD tentang penjualan DPTBulk , yang berlaku hingga 8 April 2013, dan telahdilakukan amandemen II sesuai perjanjianNo.02958/DIR/V/2012 tanggal 9 Mei 2012 yangmemperbaharui masa berlaku hingga 31 Desember 2016.

Agreement No.09439/DIR/XII/2009 dated December 10,2009 with the BioNET Asia Co.Ltd regarding the marketingof the Company's products of bulk and finished products(vaccines), which is valid until December 31, 2014, andwas amended on May 9, 2012 by amendment IINo.02956/DIR/V/2012 that renew the period of theagreement until December 31, 2016.

Agreement No.06383/DIR/XI/2011 dated November 7,2011 with the Bionet Asia Ltd., for the sale of DPT Bulk,valid until December 31, 2015. This agreement wasamended by agreement (amendment I) No.03097/DIR/V/2012 dated May 14, 2012 that renew the period of theagreement until December 31, 2017, agreement(amendment II) No.05265/ DIR/IX/2013 dated September30, 2013 that change the contract price, and agreement(amendment III) No.05663/DIR/XI/2014 dated November17, 2014 that renew the period of the agreement untilDecember 31, 2019.

Perjanjian No.09439/DIR/XII/2009 tanggal 10 Desember2009 dengan Bionet Asia Co.Ltd tentang pemasaranproduk Bio Farma berupa bulk dan finished Product(Vaccine), yang berlaku hingga 31 Desember 2014, dantelah dilakukan amandemen II dengan perjanjianNo.02956/DIR/V/2012 tanggal 9 Mei 2012 yangmemperbaharui masa berlaku hingga 31 Desember 2016.

Agreement No.02051/DIR/III/2010 dated March 30, 2010with the BioNET ASIA CO.LTD for the sale of PoliomyelitisBulk, which is valid until March 30, 2013. On May 9, 2012,this agreement was amended by amendment IINo.02957/DIR/V/2012 that renew the period of theagreement until December 31, 2016.

Perjanjian No.07444/DIR/XII/2012 tanggal 20 Desember2012 dengan BioNet‐Asia Co. Ltd tentang penjualanReady‐to‐fill Final Bulk Td Vaccine , yang berlaku untukjangka waktu 5 tahun sejak tanggal registrasi dari produkakhir di wilayah Thailand.

Perjanjian No.06384/DIR/XI/2011 tanggal 7 November2011 dengan BioNet Asia Ltd tentang penjualan DPT Bulk,yang berlaku hingga 31 Desember 2015. Pada tanggal 14Mei 2012 dilakukan amandemen II atas perjanjian tersebutsesuai dengan perjanjian No.03098/DIR/V/2012, yangmemperbaharui masa berlaku hingga 31 Desember 2016.Pada tanggal 17 November 2014 dilakukan amandemen IIIatas perjanjian tersebut sesuai dengan perjanjianNo.05664/DIR/XI/2014, yang memperbaharui masa berlakuhingga tanggal 31 Desember 2019.

Agreement No.02305/DIR/IV/2010 dated April 8, 2010 withthe BioNET ASIA CO.LTD for the sale of DPT Bulk, whichis valid until April 8 2013. This agreement was amendedon May 9, 2012 by amendment II No.02958/DIR/V/2012that renew the period of the agreement until December 31,2016.

amandemen X sesuai perjanjian No.06724/DIR/XII/ 2013tanggal 17 Desember 2013 yang memperbaharui nilaiperjanjian, dan amandemen XI sesuai perjanjianNo.01512/DIR/III/2015 tanggal 9 Maret 2015 yangmemperbaharui nilai perjanjian dan masa berlaku hingga31 Maret 2019.

amendment X No.06724/DIR/XII/ 2013 dated December17, 2013 that change the price included in the agreement,and amendment XI No.01512/DIR/III/2015 dated March 9,2015 that change the price and renew the period of theagreement until March 31, 2019.

48


37. PERJANJIAN DAN PERIKATAN PENTING (lanjutan) 37. SIGNIFCANT AGREEMENTS AND COMMITMENTS (continued)8 8

9

- -

- -

- -

- -

- -

- -

g. g

h. h

Perjanjian No.05887/DIR/XI/2014 tanggal 3 Desember2014 dengan Propharm (M) SDN.BHD tentang penjualanFinished Produc t (Vaccine ) yang berlaku hingga tanggal30 April 2018.

Perusahaan melakukan penandatanganan perpanjangan &peningkatan plafond fasilitas pembiayaan Fasilitas Kreditdengan PT Bank Mandiri (Persero) dengan rincian fasilitassebagaimana tercantum pada SPPKNo.CBG.CB1/SPPK/SPD.003/2016 tanggal 24 Mei 2016 perihalSurat Penawaran Pemberian Kredit (SPPK). Fasilitas kreditmeliputi non cash loan untuk penerbitan LC Impor/SKDN(Sight, Usance & UPAS)/BG dengan sub limit Trust Receipt,Fasilitas Treasury Line, dan Purchasing Line . Jaminan berupaMesin, Inventaris, dan Peralatan Pabrik yang berlokasi diJl.Pasteur No.28 Bandung dengan nilai penjaminan sebesarIDR265.000.000.000 yang diikat secara fidusia.

Perusahaan melakukan penandatanganan perpanjangan KreditModal Kerja Ekspor (KMKE) dengan Lembaga PembiayaanEkspor Indonesia (LPEI)/Indonesia Eximbank sesuai denganSurat Persetujuan Perpanjangan dan Penambahan FasilitasPembiayaan No.PBD/SP3/30/2016 tanggal 6 Juni 2016 .Fasilitas kredit meliputi kredit modal kerja ekspor (KMKE)transaksional dan atau fasilitas non-cash loan (pembukaan LCSight/ Usance/UPAS dan/atau pembiayaan LC Impor (PostImport Financing) dan/atau pembukaan SKBDN dan /ataupembiayaan SKBDN dan/atau Trust Receipt dan/ataupembelian tagihan ekspor/SKBDN dan/atau pembelian tagihanatas dasar non LC/SKBDN);

Agreement No.05887/DIR/XI/2014 dated December 3,2014 with the Propharm (M) Sdn.Bhd concerning the saleof Finished Product (Vaccine). The agreement is valid until30 April 2018.

Long term arrangements with UNICEF for theprocurements of the following vaccines, which were signedon:

November 23, 2012, to supply Measles Vaccines 10 dsfrom 2013 until 2016.

9

10

11

November 28, 2012, to supply the TT-10 ds, Td-10 ds,and DTP-10 ds vaccines from 2013 until 2015.December 11, 2012, to supply tOPV 20 ds and bOPV20 ds from 2013 until 2016.

March 18, 2065 to supply of vaccine DTP-10 dosagefrom 2016 until 2018.April 7 , 2016 to supply of vaccine TT-10 dosage from2016 until 2017.

The Company entered into an agreement of the extension ofthe Export Working Capital Credit (KMKE) from the IndonesiaEximbank (Lembaga Pembiayaan Ekspor Indonesia - LPEI) inaccordance with Letter of Acceptance for Financing Facility(SPPP) No.PBD/SP3/30/2016 dated June 6, 2016. The creditfacility, includes Export Working Capital Credit Facility (KMKE)Transactional and/or Non Cash Loan Facility (Opening LCSight/Usance/ UPAS) and/or LC Import Financing (Post ImportFinancing) and/or Opening SKBDN and/or SKBDN Financingand/or Trust Receipt and/or Export Bills Purchase/SKBDNand/or Bill Purchase on the basis of Non LC/SKBDN);

Agreement No.01391/DIR/II/2013 dated March 16, 2013with the Biological E Limited for the sale of Measles Bulk,which is valid until March 16, 2018. On December 5, 2013the agreement was amended by agreementNo.06511/DIR/XII/2013 for renew the period of theagreement until December 31, 2018.

23 November 2012, untuk supply Vaksin Campak 10ds. dari tahun 2013 sampai 2016.28 November 2012, untuk supply Vaksin TT-10 ds., Td-10 ds., dan DTP-10 ds. dari tahun 2013 sampai 2015.11 Desember 2012, untuk supply tOPV 20 ds danbOPV 20 ds dari tahun 2013 sampai 2016.1 April 2015 dan 19 Mei 2015 untuk penambahansupply vaksin TT-10 dosis tahun 2015.

Agreement No.05900/DIR/ XI /2014 , dated January 19,2015, with Arabio on product sales, and a final bulkvaccine that is valid until December 31, 2024.

April 1 and May 19, 2015 to additional supply ofvaccine TT-10 dosage for 2015.

The Company entered into Agreement of Working CapitalCredit Revolving No.CCBG.CB1/SPPK/SPD.003/2016 datedMay 24, 2016 with PT Bank Mandiri (Persero), Tbk . This creditincludes a non-cash loan facility for the issuance of LCImport/SKDN (Sight, Usance & UPAS)/BG with sub limit TrustReceipt, Treasury Line Facilities, and Purchasing Line. Theloan is fiducialy secured by machineries, office equipments,and factory equipments which are located at Jalan PasteurNo.28 Bandung with the value of IDR265.000.000.000.

Perjanjian No.05900/DIR/XI/2014, tanggal 19 Januari 2015,dengan Arabio tentang penjualan produk, bulk final danvaksin yang berlaku hingga 31 Desember 2024.

Perjanjian No.01391/ DIR/II/2013 tanggal 16 Maret 2013dengan Biological E Limited tentang penjualan Measles Bulk , yang berlaku hingga 16 Maret 2018. Pada 5Desember 2013 dilakukan amandemen atas perjanjiantersebut sesuai dengan perjanjian No.06511/DIR/ XII/2013,yang memperbaharui masa berlaku hingga 31 Desember2018.

Perjanjian jangka panjang dengan UNICEF untukpengadaan vaksin-vaksin berikut ini, yang ditandatanganipada tanggal :

18 Maret 2016, untuk supply Vaksin DTP ‐ 10 ds daritahun 2016 sampai 2018;

10

11

7 April 2016, untuk supply Vaksin TT ‐ 10 ds dan Td –10 ds dari tahun 2016 sampai 2017.

49



i. i.

j. j.

- Pokok Piutang Rp 4.894.737.050 Principal -- Akumulasi Bunga Rp 1.398.732.896 Accumulated Interests -- Akumulasi Denda Rp 209.988.269 Accumulated Penalties -

Posisi Piutang PT Iglass (Persero) sebagai berikut : The position of receivable to PT Iglas (Persero) is as follow : Total Piutang PT Iglass (Persero) pada saat pailit : Total receivable at the time of bankruptPembayaran : Payments :Sumber dana dari PT Iglass (Persero) Source of fund from PT Iglas (Persero) Tahun 2010 Year 2010 Tahun 2011 Year 2011 Tahun 2012 Year 2012 Tahun 2013 Year 2013

Sub TotalSumber dana dari Source of fund from PT Perusahaan Pengelola Aset (PT PPA) PT Perusahaan Pengelola Aset (PT PPA)

Jumlah Pembayaran Total PaymentsSaldo Piutang Balance as of December 31, 2016

Based on the decision of the Supreme Court No.397K /Pdt.Sus / 2009 dated July 30, 2009, Jo No.01 / Pailit / 2009 /PN Niaga SBY September 30, 2009 stated of PT Iglas(Persero) (bankruptcy), the Company puts 100% allowance onthe principal receivable PT Iglas (Persero) amountingtoRp4.894.737.040 of total liabilities amountedRp6.503.458.205 consisting of :

However, in accordance with Decision Peace on January 13,2010 decided by the Commercial Court in Surabaya DistrictCourt that the companes as Concurrent PT Iglas (Persero) areentitled to receive a payment on accounts starting in April2010, thus it has opened for uncollectible accounts.

Kredit dijamin oleh Piutang Usaha dengan nilai penjaminansebesar Rp35.000.000.000, Persediaan Barang dengan nilaipenjaminan sebesar Rp60.000.000.000 dan Mesin, Inventaris,dan Peralatan Pabrik yang berlokasi di Jl. Pasteur No.28Bandung dengan nilai penjaminan sebesarIDR180.000.000.000 yang diikat secara fidusia.

This loan is fiducialy secured by Trade Receivables with aguarantee value of Rp35.000.000.000, and Inventories with aguarantee value of Rp60.000.000.000 and Machinery, OfficeEquipments and Factory Equipments with a guarantee value ofIDR180.000.000.000 located at Jalan Pasteur No.28 Bandung.

The Company entered into Agreement of Working CapitalCredit (KMK) with PT Bank Rakyat Indonesia (Persero), TbkNo.R.II.291‐ADK/DKR‐2/12/2016 dated December 15, 2016.This credit includes Interchangeable with facilities SuspensionImport Guarantee (PJI) (LC / SKBDN), Trade Line Facility,facilities and amenities Comercial Line Forex Line.

The loan is fiducialy secured by trade receivables with thevalue of IDR183.496.626.930,24. Inventories with aguarantee value of Rp176.077.094.546,50.

Kredit dijamin oleh Piutang Usaha dengan nilai penjaminansebesar Rp183.496.626.930,24, Persediaan Barang dengannilai penjaminan sebesar Rp176.077.094.546,50.

Perusahaan melakukan penandatanganan perjanjian kreditmodal kerja (KMK) dengan PT Bank Rakyat Indonesia(Persero) sesuai dengan surat No.R.II.291‐ADK/DKR‐2/12/2016, tanggal 15 Desember 2016. Fasilitas kreditmeliputi kredit modal kerja yang meliputi : Interchangeabledengan fasilitas Penangguhan Jaminan Impor (PJI)(LC/SKBDN), Fasilitas Trade Line, Fasilitas Comercial Line danFasilitas Forex Line .

The Company has not recognized the interests and penaltieson such receivable as revenues as the admission is cash basis.

Rp 4.894.737.040

Rp 681.057.000 Rp 302.691.939 Rp 50.000.000 Rp 25.000.000 Rp 1.058.748.939

Rp 2.533.350.643 -Rp 3.592.099.582 Rp 1.302.637.458

Atas dasar putusan Mahkamah Agung RINo.397K/Pdt.Sus/2009 tanggal 30 Juli 2009, JoNo.01/Pailit/2009/PN Niaga Sby tanggal 30 September 2009yang menyatakan status PT Iglas (Persero) (dalam pailit),Perusahaan melakukan penyisihan 100% atas pokok piutangPT Iglas (Persero) sebesar Rp4.894.737.040 dari jumlahkewajibannya sebesar Rp6.503.458.205 yang terdiri dari :

Perusahaan belum mengakui pendapatan bunga dan dendaatas piutang tersebut karena pendapatan dan denda ataspiutang tersebut dapat diakui pada saat diterima (cash basis ).

Namun, sesuai dengan Putusan Perdamaian per tanggal 13Januari 2010 yang diputuskan oleh Pengadilan Niaga diPengadilan Negeri Surabaya bahwa Perusahaan sebagaiKreditur Konkuren PT Iglas (Persero) berhak untuk memperolehpembayaran atas piutang mulai bulan April 2010, sehinggaterbuka kembali kemungkinan untuk tertagihnya piutangtersebut.

50



PT Bio Farma (Persero) telah melakukan penagihan ke PTIglass (Persero) melalui surat No. 07769/TUK/XII/2015, tanggal18 Desember 2015 perihal konfirmasi lebih lanjut ataspenyelesaian kewajiban pembayaran setelah dilakukannyaperbaikan dan pemasangan mesin – mesin di pabrik PT Iglass(Persero) berdasarkan jawaban surat PT Iglass (Persero)sebelumnya No.0313/D‐07/2015 tanggal 15 Juli 2015 yangmenyatakan hal – hal sebagai berikut :

PT Bio Farma (Persero) has sent billing letters to PT Iglass(Persero) reference No. 07769 / TUK / XII / 2015 dated December18, 2015, concerning a further confirmation on the settlement ofpayment obligations after repairing and installation of machineriesbased on the letter PT Iglass (Persero) No.0313 / D- 07/2015dated July 15, 2015 which state as follows:

Pada tanggal 30 Desember 2013 PT Iglas (Persero)mengirimkan surat ke PT Bio Farma (Persero) dengan suratNo.0489/D‐12‐2013 perihal Kewajiban PT Iglas (Persero) yangmenyatakan bahwa pembayaran PT Iglas (Persero) ke PT BioFarma (Persero) tahun 2013 adalah benar sebesarRp25.000.000 dan belum dapat melakukan pembayarankewajiban pada PT Bio Farma (Persero) tepat waktu sesuaikesepakatan.

On December 30, 2013 PT Iglas (Persero) sent a letter to PT BioFarma (Persero) No.0489 / D-12-2013 regarding Obligation PTIglas (Persero) which states that the payment PT Iglas (Persero) toPT Bio Farma (Persero) in 2013 was Rp 25,000,000 and PT Iglas(Persero) has not been able to make any payments on theobligations on time as agreed.

PT Bio Farma (Persero) telah melakukan penagihan melaluisurat No.03307/TUK/VII/2014 tanggal 18 Juli 2014 dan suratNo.04581/TUK/IX/2014 tanggal 30 September 2014, dan telahditanggapi oleh PT Iglas (Persero) melalui suratNo.0328/D‐10‐2014 tanggal 9 Oktober 2014 yang menyatakanbahwa saat ini PT Iglas (Persero) masih berupaya memperbaikimesin‐mesin baik secara mandiri maupun dalam rencanadikerjasamakan dengan PT Petrosida Gresik dengan caraKerjasama Operasi (KSO) sehingga belum dapatmenyelesaikan kewajiban kepada PT Bio Farma (Persero).

PT Bio Farma (Persero) has asked the payment to PT Iglas(Persero) via letter No.03307 / TUK / VII / 2014 dated July 18,2014 and letter No.04581 / TUK / IX / 2014 dated 30 September2014, and has been responded through letter No.0328 / D-10-2014dated October 9, 2014 which stated that at thies time PT Iglas(Persero) still keeps repairing the machines either independentlyor in cooperation with PT Petrosida Gresik by Joint Operation(KSO) and therefore has not been able to settle the obligations toPT Bio Farma (Persero).

PT Bio Farma (Persero) mengirimkan surat penagihan ke PTIglass (Persero) dengan surat No.04442/TUK/VI/2015, tanggal30 Juni 2015 perihal konfirmasi penagihan atas penyelesaiankewajiban pembayaran tersebut.

PT Bio Farma (Persero) sent another billing letter to PT Iglass(Persero) reference No.04442 / TUK / VI / 2015 dated June 30,2015 regarding a billing confirmation on the settlement of thepayment obligation.

Sisa dana PPA sebesar Rp999.690.769 akan segeradiselesaikan berdasarkan Notulen Rapat tentang Piutang PTIglas (Persero) antara PT Iglas (Persero) dengan PT Bio Farma(Persero) tanggal 14 September 2012, namun sampai saat inipembayaran tersebut belum diterima perusahaan.

Remaining funds amounting Rp999.690.769 PPA will be settledbased on the Minutes of the Meeting of the Receivable PT Iglas(Persero) between PT Iglas (Persero) and PT Bio Farma (Persero)dated September 14, 2012, however we have not received anypayment.

PT Iglas (Persero) melalui surat No.0736/Q‐12‐2011 tanggal 27Desember 2011 perihal Penyelesaian Pinjaman danNo.0084/Q‐2‐2012 tanggal 6 Pebruari 2012 perihal KonfirmasiData Hutang PT Iglas (Persero) telah mengajukan permohonanpembebasan denda dan bunga pinjaman sebesarRp1.608.721.165 dan telah dijawab oleh Perusahaan melaluisurat No.02316/TUK/IV/2012 tanggal 13 April 2012 tentangPembebasan Bunga dan Denda Piutang PT Iglas (Persero)bahwa permohonan tersebut belum dapat dikabulkan sesuairekomendasi Dewan Komisaris melalui suratNo.15/DK.BF/III/2012 tanggal 12 Maret 2012.

Through the letters PT Iglas (Persero) No.0736 / Q-12-2011 datedDecember 27, 2011 regarding the Settlement Loans and No.0084 /Q-2-2012 dated 6 February 2012 regarding of Debt ConfirmationData Debt PT Iglas (Persero) has applied for exemption penaltiesand interest loan of Rp1.608.721.165 and has been answered bythe Company with reference No.02316 / TUK / IV / 2012 dated 13April 2012 on the exemption from interest and penalties receivablePT Iglas (Persero) that the request can not be granted accordingto the recommendations of the Board Commissioner by letterNo.15 / DK.BF / III / 2012 dated March 12, 2012.

Pada tanggal 11 Juni 2013 PT Iglas (Persero) mengirimkansurat ke PT Bio Farma (Persero) dengan suratNo.0214/D‐06‐2013 perihal Penundaan SementaraPembayaran Kewajiban, yang isinya menerangkan tentangpembayaran angsuran yang tersendat karena adanya mesinyang rusak yang harus diperbaiki sehingga mempengaruhicash flow di PT Iglas (Persero).

On June 11, 2013 PT Iglas (Persero) has sent a letter to PT BioFarma (Persero) No.0214 / D-06-2013 regarding ObligationPayment Delays which explains about the installment paymentsfaltered because some of theirs machines were broken that needrepaired so that affect cash flow in PT Iglas (Persero).

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37. PERJANJIAN DAN PERIKATAN PENTING (lanjutan) 37. SIGNIFCANT AGREEMENTS AND COMMITMENTS (continued)a. a.

b. b.

38. MANAJEMEN RISIKO KEUANGAN 38. FINANCIAL RISK MANAGEMENTa. Risiko Keuangan a. Financial Risk

(i). Risiko Kredit (i) Credit Risk

Piutang Usaha Trade ReceivablesPiutang Lain-lain Other Receivables

(ii). Risiko Mata Uang (ii). Currency Risk

Tabel di bawah ini menggambarkan eksposur maksimumrisiko kredit dan konsentrasi risiko yang dimilikiPerusahaan:

The following table shows the maximum exposure of creditrisk and risk concentration of the Company:

Untuk risiko penjualan kredit, Perusahaan mensyaratkanadanya bank garansi atau LC dengan limit tertentu. Untukrisiko kredit yang berhubungan dengan bank, hanya bankdengan predikat baik yang dipilih. Selain itu, kebijakanPerusahaan adalah untuk tidak membatasi eksposur hanyakepada satu institusi tertentu, sehingga Perusahaanmemiliki kas dan setara kas di berbagai bank.

Iglass PT (Persero) has made improvements andreassembling the machine EMHART in line kitchen G-1.

PPA, has planned to provide loans for the purchase /construction of kitchen G-2 with machine - other machines.

The main financial risks faced by the Company are credit risk,currency risk, interest rate risk and liquidity risk. The Companyapplies risk management to minimize the potential negativeimpacts of the risks.

Risiko keuangan utama yang dihadapi Perusahaan adalahrisiko kredit, risiko mata uang, risiko suku bunga dan risikolikuiditas. Melalui pendekatan manajemen risiko, Perusahaanmencoba meminimalkan potensi dampak negatif dari risikorisiko di atas.

Risiko mata uang adalah risiko fluktuasi nilai instrumenkeuangan yang disebabkan perubahan nilai tukar matauang asing.

Currency risk represents the risk of value fluctuations ofthe financial instruments due to changes in foreigncurrency exchange rates.

289.929.061.361

Risiko kredit adalah risiko dimana salah satu pihak atasinstrumen keuangan akan gagal memenuhi kewajibannyadan menyebabkan pihak lain mengalami kerugiankeuangan. Instrumen keuangan Perusahaan yangmempunyai potensi atas risiko kredit terdiri dari kas dansetara kas di bank, piutang usaha, dan piutang lain. Jumlaheksposur risiko kredit maksimum sama dengan nilaitercatat atas akun‐akun tersebut.

Credit risk is the risk in which one party to a financialinstrument will fail to meet its obligations and cause theother party to incur a financial loss. The Company'sfinancial instruments that have the potential credit riskconsist of cash and cash equivalents in the bank, accountsreceivable and other receivables. The maximum credit riskexposure amount is equal to the carrying value of theseaccounts.

Institusi

288.626.423.903 1.302.637.458

Institution

For credit sales risks, the Company applies therequirement of having bank guarantee or LC with certainlimit. For credit risk associated with banks, the Companychooses only well-predicate banks. In addition, theCompany's policy is not restrict the exposure to oneparticular institution only, therefore, the Company has cashand cash equivalents at various banks.

Maximum Exposure

288.626.423.903

Eksposur Maksimum

1.748.777.670 290.375.201.573

Lain-lain Others

- 446.140.212 446.140.212

Konsentrasi Risiko KreditCredit Risk Concentration

PT Iglass (Persero) telah melakukan perbaikan danpemasangan kembali mesin Emhart di line Dapur G‐1.

Melalui PPA telah merencanakan untuk memberikanpinjaman dana untuk pembelian /pembangunan Dapur G‐2beserta mesin – mesin lainnya.

PT Bio Farma (Persero) telah melakukan penagihan ke PTIglass (Persero) melalui surat No. 01372/TUK/IV/2016, tanggal7 April 2016 perihal konfirmasi lebih lanjut atas penyelesaiankewajiban pembayaran dan berdasarkan tanggapan yangditerima tanggal 20 April 2016 sesuai surat No. 0104/D‐4‐ 2016PT Iglass (Persero) menyatakan telah menghentikan kegiatanoperasional Perusahaan sejak 31 Oktober 2015 dan di tahun2016 oleh KBUMN telah dimasukan dalam program PrivatisasiTahunan, sehingga belum bisa memastikan rencanapembayaran maupun penyelesaian kewajiban.

PT Bio Farma (Persero) has sent a letter to PT Iglass(Persero)reference No. 01372 / TUK / IV / 2016 dated April 7,2016 concerning further confirmation on the settlement ofpayment obligations and based on the response received onApril 20, 2016 in accordance letter No. 0104 / D-4- 2016 PTIglass (Persero) state taht the operations of the Company hasbeen suspended operations of the Company since October 31,2015 and by KBUMN have been included in the AnnualPrivatization program thus the payment and settlementobligations can not be ansured in 2016.

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38. MANAJEMEN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)(ii). Risiko Mata Uang (lanjutan) (ii). Currency Risk (continued)

(iii). Risiko Suku Bunga (iii). Interest Rate Risk

Suku Bunga Mengambang

Aset AssetKas dan Setara Kas Cash and Cash Equivalents Jumlah aset keuangan Total financial assets

Jumlah gap suku bunga Total interest rate gap175.710.469.720 272.050.386.800 189.469.748 272.239.856.548

175.710.469.720 272.050.386.800 189.469.748 272.239.856.548 175.710.469.720 272.050.386.800 189.469.748 272.239.856.548

Kurang dari 1 tahun Kurang dari 1 tahun Tdk dikenakan bunga JumlahLess than 1 year Less than 1 year No interest charged Total

Perusahaan melakukan pengawasan terhadap dampakpergerakan tingkat suku bunga untuk meminimalisasidampak negatif terhadap Perusahaan. Tabel di bawah inimenggambarkan detail jatuh tempo aset dan liabilitaskeuangan Perusahaan yang dipengaruhi oleh tingkat sukubunga.

The Company controls the impact of the fluctuations ininterest rates in order to minimize their negative impact onthe Company. The table below describes the detail of thematurity of the financial assets and liabilities that areaffected by interest rates.

31 Desember 2016 / December 31, 2016Suku Bunga Tetap

Floating Interest Rate Fixed Interest Rate

Penerimaan hasil penjualan ekspor yang didominasi olehmata uang Dolar AS (USD) secara tidak langsungmerupakan lindung nilai alami {natural hedging ) terhadapeksposur fluktuasi nilai tukar. Namun demikian, karenaposisi penerimaan dalam valuta asing lebih besardibanding kebutuhan (long position) serta terdapatpengeluaran untuk pengadaan barang impor dalam matauang asing non USD, maka Perusahaan mempunyaieksposur yang signifikan terhadap fluktuasi mata uangasing.

Cash receipts from export sales that are dominated by theUS dollar {USD) indirectly represent a natural hedgingagainst the exposure of exchange rate fluctuations.However, because the amount of cash receipts in foreigncurrencies is greater than that of the needs (long position),and there are expenditures for procurement of importedgoods in foreign currencies other than USD, the Companyhas a significant exposure to foreign currency fluctuations.

Untuk menghindari risiko fluktuasi nilai tukar di atas,Perusahaan melakukan lindung nilai alami denganmenyeimbangkan penerimaan dan pengeluaran mata uangasing dengan cara memelihara saldo mata uang asingsesuai kebutuhan, mengalihkan harga beli barang/jasadengan Vendor Luar Negeri dari non USD ke USD, danmenjual sisa kebutuhan USD secara bertahap sesuaiproyeksi kebutuhan arus kas dan harga pasar.

To avoid risks of exchange rate fluctuations, the Companymakes a natural hedging by maintaining the balance offoreign currency receipts and disbursements throughmaintaining cash balance as needed, changing thepurchase price of goods and services from foreign vendorsdenominated in non-USD to USD, and gradually selling theremaining needs of USD in accordance with projectedcash flows and the market price.

Risiko suku bunga adalah risiko fluktuasi nilai instrumenkeuangan yang disebabkan perubahan suku bunga pasar.

Interest rate risk is risk associated with value fluctuationsof financial instruments due to changes in market interestrates.

Perusahaan menggunakan mata uang asing dalamtransaksi pengadaan barang/jasa dan penjualan ekspordengan pihak luar negeri serta pengeluaran biayaoperasional sehingga terdapat risiko fluktuasi nilai tukarmata uang asing terhadap Rupiah yang berlangsung sejaktransaksi terjadi sampai dengan pembayaran dilakukanatau diterima.

The Company uses foreign currency in performingtransactions of procurement of goods/services from and ofexport selling to foreign parties, and disbursements foroperating activities, so that there are risk of fluctuations inforeign currency exchange rates against the Rupiah sincethe transactions occurred until the payments are made orreceived.

Disamping terkena eksposur transaksi yang dapatmenyebabkan kerugian arus kas dimasa yang datang padasaat menerima atau melakukan pembayaran, jugaPerusahaan akan terkena eksposur ekonomi karenamelakukan transaksi perdagangan internasional.Perusahaan akan menghadapi risiko penurunan nilaipendapatan atau peningkatan biaya akibat fluktuasi nilaitukar sehingga harga jual produk menjadi tidak kompetitifdibanding pesaing baik di pasar global atau pesaing asingdi pasar domestik.

In addition to be exposed to transactions that can lead tosuffer losses of future cash flows when receives or makingpayments, the Company also will be affected by theeconomic exposures because of doing international tradetransactions. The company faces risks of incomeimpairment or increased costs due to exchange ratefluctuations so the selling price of the Company's productsbecomes uncompetitive both compared to competitors inglobal market and foreign competitors in the domesticmarket.

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38. MANAJEMEN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)(iv) Risiko Likuiditas (iv) Liquidity Risk

b. Nilai Wajar Aset dan Liabilitas Keuangan b. Fair Value of Financial Assets and Liabilities

39. TANGGUNG JAWAB ATAS LAPORAN KEUANGAN 39. RESPONSBILITY ON THE FINANCIAL STATEMENTSManajemen Perusahaan bertanggung jawab atas penyusunanlaporan keuangan yang diotorisasi untuk diterbitkan pada tanggal24 Februari 2016.

The Company's management is responsible for the preparation ofthe financial statements that are authorized to issue on February24, 2016.

Nilai wajar adalah suatu jumlah dimana aset dapat ditukar, atauliabilitas dapat diselesaikan dengan transaksi arms‐length .

Fair value is the amount for which an asset could beexchanged, or a liability settled, under the arms-lengthtransactions.

Perusahaan memperhitungkan nilai wajar aset dan liabilitaskeuangan jangka pendek mendekati nilai tercatatnya karenapendiskontoan yang tidak signifikan.

The Company considers the fair value of its short-termfinancial assets and liabilities approximate to their carryingvalue as the impact of not significant discounting.

Pada 31 Desember 2016, tidak ada liabilitas keuanganPerusahaan yang diklasifikasikan sebagai pinjaman jangkapanjang.

On December 31, 2016, the Company has not any financialliability that classified as long-term loans.

Perusahaan mengelola risiko likuiditas denganmempertahankan kas dan setara kas yang mencukupiuntuk memungkinkan Perusahaan memenuhi komitmenkepada semua pihak dan melakukan pengawasan proyeksidan arus kas aktual secara terus menerus sertapengawasan tanggal jatuh tempo aset dan kewajibankeuangan.

The Company manages liquidity risk by maintainingsufficient cash and cash equivalents to enable theCompany to meet the commitments to all parties, andcontinuously supervising the projected and actual cashflows, and monitoring the maturity date of its financialassets and liabilities.

Menindaklanjuti program WHO tahun 2013‐2018 terkaiteradikasi Polio Global yang telah disetujui oleh DewanEksekutif WHO di tahun 2013. Dimana salah satukeputusannya yang harus dilaksanakan adalah melakukanpenghapusan semua vaksin Polio Oral secara bertahap.Strategi untuk meminimalkan risiko adalah melaluipenghentian produksi tOPV (trivalent Oral Polio Vaccine)secara bertahap oleh para produsen dan pembatasanproduk tOPV sampai dengan switching produk tOPV kebOPV (bivalent Oral Polio Vaccine) selesai dilakukan padaApril 2016.

Following up the WHO program in 2013-2018 related tothe Global Polio eradication which has been approved bythe WHO Executive Board in 2013. One of the decisionsthat must be done is to do the elimination of all Oral PolioVaccine gradually. Strategy to minimize the risk is throughthe discontinuation of tOPV (trivalent Oral Polio Vaccine)production gradually by the manufacturer and limitation oftOPV product until switching tOPV product to bOPV(bivalent Oral Polio Vaccine) was completed in April 2016.

Komitmen Indonesia untuk eradikasi Polio Nasional tahun2020 sudah ditindaklanjuti melalui edaran Kemenkesmengenai peralihan 95% pemakaian vaksin tOPV ke boPVsecara bertahap sampa batas waktu 4 April 2016,melakukan pengenalan produk pengganti IPV (InactivatedPolio Vaccine) pada program imunisasi rutin, pencabutanijin edar dan penarikan tOPV serta pemusnahannya mulaitanggal 4 ‐ 30 April 2016 diseluruh Indonesia baik di sektorswasta maupun pemerintah.

Indonesia's commitment to polio eradication National in2020 has been followed up by a circular of Ministry ofHealth regarding the transition 95% vaccine use tOPV toboPV gradually until its deadline on April 4, 2016,conducting the introduction of substitute products IPV(Inactivated Polio Vaccine) in the routine immunizationprogram, the revocation of a distribution license and tOPVwithdrawal and destruction began on 4 - 30 April 2016throughout Indonesia in both the private and publicsectors.

Risiko Likuiditas adalah risiko dimana Perusahaan akanmengalami kesulitan dalam rangka memperoleh danauntuk memenuhi komitmennya terkait dengan instrumenkeuangan.

Liquidity risk is the risk in which the Company will sufferdifficulties in acquiring funds to meet its commitmentsassociated with its financial instruments.

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