Reinforcing Method, Breaking New RecordSK Surat Keputusan/ Decision Le ©er SKK Migas Satuan Kerja...

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Laporan TahunanAnnual Report

2018

PT Elnusa Tbk

Reinforcing Method, Breaking New RecordMengembangkan Metode, Mencatat Rekor Baru

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Penjelasan TemaTheme Explanation

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Reinforcing Method, Breaking New RecordMengembangkan Metode, Mencatat Rekor Baru

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Industri migas masih sarat dengan dinamika dan tantangan. Meskipun demikian, Perseroan tetap tumbuh bahkan mencatatkan pendapatan tertinggi sepanjang perjalanan bisnisnya. Berbagai prestasi membanggakan berhasil diwujudkan melalui konsolidasi seluruh segmen, dirangkai dengan pengembangan bisnis dan perluasan pasar baru.

Penguatan metode inovatif terus diterapkan sehingga mampu memberikan performa terbaik secara konsisten dan sesuai dengan perkembangan industri. Perseroan optimis akan dapat terus bergerak maju, menguatkan eksistensinya sebagai penyedia jasa energi yang berkontribusi bagi kemajuan industri energi di Indonesia.

The oil and gas industry is still loaded with dynamics and challenges. Nonetheless, the Company has continued to grow and even recorded the highest revenue throughout its business life in 2018. Numerous achievements have been earned through consolidation of all segments, together with the business development and new market expansion.

Innovative method has been continuously Implemented in order to deliver the best and consistent performance that align with industry development. The Company has an optimism in keep moving forward, strengthening its existence as a provider of energy services that contributes to the progress of energy industry in Indonesia.

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Laporan Tahunan Annual Report PT Elnusa Tbk2018

6

SingkatanAbbreviation

DefinisiDefinition

2D Dua Dimensi/ Two Dimension

3D Tiga Dimensi/ Three Dimension

AGMS Annual General Meeting of Shareholders

APBN Anggaran Pendapatan dan Belanja Negara/ State Budget

APMS Agen Premium Minyak Solar/ Premium Diesel Fuel Agent

ARA Annual Report Award

AS/US Amerika Serikat/ United States

ASEAN Association of South East Asia Nation

AVO Amplitude Versus Offset

AWB Accomodation Work Barge

B3 Bahan Berbahaya dan Beracun/ Hazardous and Toxic Materials

BAPEPAM Badan Pengawas Pasar Modal/Capital Market Supervisory Agency

Bapepam-LK Badan Pengawasan Pasar Modal - Lembaga Keuangan/Capital Market Supervisory Agency - Financial Institution

BBK Bahan Bakar Khusus/ Special fuels

BBM Bahan Bakar Minyak/ Oil fuel

BBMK Bahan Bakar Minyak Khusus

BEI/IDX PT Bursa Efek Indonesia/ Indonesia Stock Exchange

BEST Beasiswa Terpadu/ Integrated Scholarship

BI Bank Indonesia

BNI Syariah Bank Negara Indonesia Syariah/ Indonesian State Bank-Sharia

BUMN/ SOE Badan Usaha Milik Negara/ State-Owned Enterprise

CBM Coal Bed Methane

CIP Contionus Improvement Program

CMT Cementing Service

CoC Standar Etika/ Code of Conduct

COSO Comittee of Sponsoring Organizations

CSR Corporate Social Responsibility

CTU Coiled Tubing Unit

DFS Drilling Fluid Services

DMS Document Management System

DPPU Depot Pengisian Pesawat Udara

EBITDA Earning Before Interest, Tax, Depreciation and Amortization

EER Elnusa Emergency Response

EFK PT Elnusa Fabrikasi Konstruksi

ELSA Kode Saham Elnusa/ Elnusa Ticker Code

EPC Engineering, Procurement & Construction


DefinisiDefinition

EPN PT Elnusa Petrofin

EPS Elnusa Petroleum School

ERM Enterprise Risk Management

ESDM Kementerian Energy dan Sumber Daya Mineral/ Ministry ofEnergy and Mineral Resources

ESOP Employee Stock Option Plan

ETSA PT Elnusa Trans Samudera

EWL Electric Wireline Logging

FAME Fatty Acid Methyl Ester

GCG Good Corporate Governance

GDL Geo Data Acquisition Land

GDM Geo Data Acquisition Transition Zone & Marine Zone & Marine

GDP Geo Data Processing

GGR Geology, Geophysics and Reservoir

GPS Global Positioning System

GRI Global Reporting Initiative

GMS General Meeting of Shareholders

H2S Hydrogen Sulfide

HAGI Himpunan Ahli Geofisika Indonesia/ Indonesia Association of Geophysicists

HRIS Human Resources Information System

HSSE Health, Safety, Security & Environment

HWU Hydraulic Workover Unit

IAI Ikatan Akuntan Indonesia/Institute of Indonesia Chartered Accountants

IAGI Ikatan Ahli Geologi Indonesia/Indonesian Association of Geologist

ICBC Industrial and Commercial Bank of China

ICP Indonesia Crude Price

ICT Information Communication Technology

IFRS International Financial Reporting Standard

IHSG Indeks Harga Saham Gabungan/ IDX Composite

IIA The Institute of Internal Auditor

IMF International Monetary Fund

IPO Penawaran Umum Saham Perdana/ Initial Public Offering

ISO International Organization for Standardization

LCT Landing Craft Tank

LHA Laporan Hasil Audit/ Audit Report

LPG Liquefied Petroleum Gas

LTI Lost Time Injury

GlosariumGlossary

7



DefinisiDefinition

MEA Masyarakat Ekonomi ASEAN/ ASEAN Economic Community

Migas Minyak dan Gas/ Oil and Gas

MLU Mud Logging Unit

MOR Marketing Operation Region

MPP Massa Persiapan Pensiun/ Retirement Preparation Period

MSOP Management Stock Option Pan

NPM Net Profit Margin

O&M Operation & Maintenance

OCTG Oil Country Tubular Goods

OHS Occupational Health and Safety

OHSAS Occupational Health and Safety Assessment System

OJK Otoritas Jasa Keuangan/ Financial Services Authority

ONH Ongkos Naik Haji/ Pilgrimage Cost Assistance

OPEC NGLS Organizations of the Petroleum Exporting Countries Natural Gas Liquid

OPM Operating Profit Margin

P/B Price to Book

P/E Price to EPS

Permen Peraturan Menteri/ Ministerial Regulation

Perseroan PT Elnusa Tbk/ The Company

Pertamina PT Pertamina (Persero)

PEP PT Pertamina EP

PHE PT Pertamina Hulu Energi

PHE ONWJ PT Pertamina Hulu Energi

PHE WMO PT Pertamina Hulu Energi West Madura Offshore

PHM Pertamina Hulu Mahakam

POMS Production and Operation Maintenance Services

PKAT Program Kerja Audit Tahunan/ Annual Audit Work Program

PNBP Penerimaan Negara Bukan Pajak/ Non-Tax Revenue

PP Peraturan Perusahaan/ Company Regulations

PPh Pajak Penghasilan/ Income Tax

PPN Pajak Pertambahan Nilai/ Value Added Tax

PSAK Pernyataan Standar Akuntansi Keuangan/Statement of Financial Accounting Standards

PUMP Pumping Services

RJPP Rencana Jangka Panjang Perusahaan/The Company’s Long Term Plan

RKAP Rencana Kerja dan Anggaran Perusahaan/Work Plan and Budget

ROA Return on Assets


DefinisiDefinition

ROE Return on Equity

RUPS Rapat Umum Pemegang Saham /General Meeting of Shareholder

SAK Standar Akuntansi Keuangan/ Financial Accounting Standards

SCU PT Sigma Cipta Utama

SDM/ HR Sumber Daya Manusia/ Human Resources

SEOJK Surat Edaran Otoritas Jasa Keuangan/CircularLetter of the Financial Services Authority

SK Surat Keputusan/ Decision Letter

SKK Migas Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi/ Special Unit Taskforce of Oil and Gas

SPOB Self Propelled & Oil Barge

SL Slickline Services

SMBCI Sumitomo Mitsui Banking Corp

SOP Standard Operating Procedures

SPBB Stasiun Pengisian Bahan Bakar Bunker/Bunker Fuel Filling Stations

SPBE Stasiun Pengisian Bulk LPG/ Bulk LPG Filling Stations

SPBU Stasiun Pengisian Bahan Bakar Umum/ Gas Station

SPE Serikat Pekerja Elnusa/ Labor Unions Elnusa

SPK Sistem Pengelolaan Kerja/ Performance Management System

TBBM Terminal Bahan Bakar Minyak/ Fuel Terminal

TBE Taman Belajar Elnusa

THM Tabung Hikmah Mandiri

THR Tunjangan Hari Raya/ Religious Holiday Allowance

TZ Transition Zone

US$ United States Dollar/ Dolar Amerika

UU Undang-Undang/ Law

UUPT Undang-Undang Perseroan Terbatas/Limited Liability Company Law

UTD Ulang Tahun Dinas/ Service Anniversaries

VHS Vendor Held Stock

VICO PT Vico Indonesia

VTMS Vessel Traffic Management and Information System

WBS Whistleblowing System

WB Working Barge

WK Wilayah Kerja/ Working Area

WP & B Work Program and Budget

WT Well Testing Service

WTI West Texas Intermediate

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Tentang Laporan IniAbout This Report

Selamat membaca Laporan Tahunan (“Laporan”) 2018 PT Elnusa Tbk (“Perseroan”). Laporan ini menyajikan informasi dengan fokus pada tata kelola perusahaan serta analisis atas kinerja operasional dan keuangan Perseroan pada tahun pelaporan. Penyajian informasi didasarkan atas Peraturan OJK Nomor 29/POJK.04/2016 mengenai Laporan Tahunan Emiten atau Perusahaan Publik.

Informasi lain seperti tanggung jawab sosial perusahaan, Kami sajikan secara ringkas pada laporan ini. Informasi lebih mendalam, Kami sajikan dalam laporan keberlanjutan sesuai dengan Peraturan OJK Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten dan Perusahaan Publik dan GRI Standards. Pemisahan laporan ini adalah untuk memberikan informasi yang lebih kaya, sehingga diharapkan dapat memberikan nilai tambah bagi para pemangku kepentingan.

Wishing you a pleasant time on reading the Annual Report (“Report”) 2018 PT Elnusa Tbk (“Company”). This report provides information with a focus on corporate governance and analysis of the Company’s operational and financial performance in the reporting year. The information is based on the FSA Regulation No. 29 / POJK.04 / 2016 concerning the Annual Report of Issuers or Public Companies.

Other information such as corporate social responsibility, is presented briefly in this report. For more in-depth information, we present it in a sustainability report in accordance to the Financial Services Authority Regulation No. 51 / POJK.03 / 2017 concerning Sustainable Financial Implementation for Financial Service Institutions, Issuers and Public Companies and GRI Standards. The separation of this report is to provide a much better information, and to provide added value to stakeholders.

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10

02.

01.

05.

03.

04.

Ikhtisar Data Keuangan PentingKey Financial Highlights

PendahuluanPreface

Analisis & Pembahasan ManajemenManagement Discussion and Analysis

Laporan Dewan Komisaris & DireksiReport from Board of

Commissioners and Directors

Profil PerusahaanCompany Profile

Daftar IsiTable of Contents

Ikhtisar Data Keuangan Penting Key Financial HighlightsIkhtisar Saham Share HighlightsIkhtisar Obligasi/Sukuk/Obligasi Konversi Highlights of Bonds/Sukuk/Convertible Bonds

14

17

21

2

6

8

10

50

51

54

58

60

61

62

64

69

74

94

100

101

102

123

142

143

144

146

147

147

149

77

78

78

80

82

84

86

88

90

149

151

151

151

151

152

153

153

153

155

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34

36

44

46

Tinjauan Makro Ekonomi dan Industri MigasOil and Gas Industry Macro Economic OverviewProspek UsahaBusiness OutlookAspek PemasaranMarketing AspectsTinjauan OperasiOperation OverviewAnalisis Kinerja Keuangan KomprehensifComprehensive Financial Performance AnalysisIkatan Material untuk Investasi Barang ModalMaterial Commitment For Capital Goods InvestmentPerbandingan Target dan Realisasi 2018Comparison between Target and Realization in 2018Realisasi Investasi Barang ModalRealization of Invesment in Capital GoodsProyeksi 20192019 ProjectionInformasi dan Fakta Material Setelah Tanggal Laporan AkuntanInformation and Material Facts That Occured After Balance Sheet DateKebijakan Dividen dan Pembagian DividenDividend Policy and Dividend DistributionProgram Kepemilikan Saham oleh Karyawan dan / Manajemen EOSP/MSOPEmployee and /or Management Stock Option Plan ESOP/MSOP

Laporan Dewan KomisarisBoard of Commissioners Report Komposisi Dewan Komisaris Board of Commissioners CompositionLaporan Direksi Board of Directors ReportKomposisi Direksi Board of Directors CompositionPernyataan Anggota Dewan Komisaris dan Direksi Tentang Tanggung Jawab atas Laporan Tahunan 2018 PT Elnusa TbkStatement from The Board of Commissioners and Directors for the Responsibility of 2018 Annual Report PT Elnusa Tbk

Informasi umumGeneral InformationRiwayat singkat & Jejak LangkahBrief History & MilestonesBidang UsahaSegment of BussinessStruktur OrganisasiOrganization StructureJaringan PerusahaanCompany NetworkStruktur Group PerseroanCompany Group StructureVisi,Misi dan Budaya PerusahaanCorporate Vision, Mission, Values & CultureIdentitas dan Riwayat Hidup Singkat Anggota Dewan KomisarisIdentity and Short Biography of Board of Commissioners MemberRiwayat Hidup Singkat Anggota Dewan DireksiIdentity and Short Biography of Board of Directors MemberKomposisi Pemegang SahamShareholders Composition

Kronologi Pencatatan SahamSharelisting ChronologyKronologi Pencatatan Efek LainnyaChronology of Other Listing SecuritiesLembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions and ProfessionsWilayah Operasi Jasa Hulu MigasOperational Area of Upstream Oil & Gas ServicesWilayah Operasi Jasa Distribusi& Logistik EnergiOperational Area of Energy Distribution & Logistics ServicesWilayah Operasi Jasa PenunjangOperational Area of Oil & Gas Support ServicesPeristiwa Penting 2018Significant Events in 2018Penghargaan dan SertifikasiAwards and CertificationsPendidikan dan/PelatihanEducation and/or Trainings

Realisasi Penggunaan Dana hasil penawaran umum (IPO)Realization Use of Proceeds from Initial Public Offering (IPO)Informasi Material Mengenai Ekspansi Material Information on ExpansionInformasi Material Mengenai Divestasi Material Information on DivestmentInformasi Material Mengenai Penggabungan UsahaMaterial Information on Business MergerInformasi Material mengenai Akuisisi Material Information on AcquisitionInformasi Material Mengenai Restrukturisasi Utang/ModalMaterial Information on Capital/ Debt RestructuringInformasi Transaksi Material yang Mengandung Benturan kepentingan/Transaksi dengan Pihak AfiliasiInformation on Material Transaction Containing Conflict on Interest and/or Transaction with AffiliationsPerubahan Peraturan Perundang-undanganChanges in Law and RegulationKebijakan Akuntansi Tahun buku 2018 Accounting Policies for 2018 Fiscal YearInformasi Kelangsungan Usaha Information on Business Sustainability

Penjelasan TemaTheme ExplanationGlosariumGlossaryTentang Laporan IniAbout This ReportDaftar IsiTable of Contents

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158

159

163

06.Pengembangan Sumber Daya ManusiaHuman Resource Development

Konsep SDM PerseroanCompany’s HR ConceptProfil dan Jumlah SDMProfile and Number of Human ResourcesRekrutmen, Pelatihan, dan Pengembangan SDMRecruitment, Training and HC Development

07.Implementasi Tata Kelola PerusahaanGood Corporate Governance Implementation

Pernyataan Tata Kelola PerusahaanStatement of Corporate GovernancePenerapan Tata Kelola PerusahaanCorporate Governance ImplementationTujuan Penerapan Tata Kelola PerusahaanThe Goal of Implementing Corporate GovernanceMekanisme dan Struktur Tata KelolaThe Mechanism and Structure of the Corporate GovernancePenilaian Penerapan Tata Kelola PerusahaanAssessment the Implementation of Corporate GovernanceRapat Umum Pemegang SahamGeneral Meeting of ShareholdersUraian Dewan KomisarisBoard of Commissioners DescriptionUraian DireksiBoard of Director DescriptionPenilaian Kinerja Dewan Komisarisdan DireksiAssesment of the Board of Commissioners and the Board of DirectorsKebijakan Remunerasi bagi Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors Remuneration PolicyHubungan Afiliasi Antara Anggota Dewan Komisaris,Direksi dan Pemegang Saham Utama dan/atau PengendaliRelationship between Members of BOC and BOD Majority and/or Controlling ShareholdersIndependensi Kepemilikan SahamShares Ownership IndependencyKeberagaman Komposisi Dewan Komisaris dan DireksiDiversity in Compostition of Board of Commissioners and Board of DirectorsFrekuensi dan Tingkat Kehadiran Rapat Dewan Komisaris dan DireksiFrequency and Attendance Rate in Board of Commissioners and Board of Directors Meetings

Laporan Komite AuditAudit Committee ReportLaporan Komite Manajemen ResikoRisk Management Committee ReportLaporan Komite Nominasi & Remunerasi Nomination and Remuneration Committee ReportSekretaris PerusahaanCorporate SecretaryUnit Audit InternalInternal Audit UnitAkuntan PublikPublic AccountantManajemen RisikoRisk ManagementSistem Pengendalian InternalInternal Control SystemTeknologi InformasiInformation TechnologyPengelolaan Benturan Kepentingan dan Hubungan dengan Pihak BerelasiConflict of Interest Management and Relationship with Related PartiesPengadaan Barang dan JasaGoods and Services ProcurementAkses Informasi dan Data Perusahaan Accessto Company’s Information DataPerkara HukumLegal CasesStandar EtikaEthical StandardSistem Pelaporan Pelanggaran Whistleblowing SystemPengungkapan Sanksi Administratif oleh Otoritas Pasar Modal dan Otoritas Lainnya Disclosure of Administrative Sanctions by the Capital Market Authority and OtherAuthorities

08.Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Tanggung Jawab Terhadap Lingkungan Hidup Responsibility to EnvironmentTanggung Jawab Terhadap Kesehatan dan Keselamatan Kerja Responsibility to Occupational Health and SafetyPengembangan Sosial dan Kemasyarakatan Social and Community DevelopmentTanggung Jawab Kepada Pelanggan Responsibility to Customers

295

297

303

307

09.Laporan KeuanganFinancial Statement

10.Referensi SEOJK No.30/SEOJK.04/2016SEOJK No.30/SEOJK.04/2016 Reference

176

176

177

178

181

186

200

210

222

225

227

229

230

232

239

244

248

252

262

265

266

274

275

276

278

280

282

286

289

291

11.Kriteria ARAARA Criteria


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Uraian 2018 2017 2016 2015Pertumbuhan

Growth2017 - 2018

Description

Aset Lancar 3,158,507 2,379,465 1,865,116 2,079,319 32.74% Current Assets

Aset Tetap dan Properti Investasi - Neto

1,787,847 1,621,184 1,664,747 1,533,479 10.28% Fixed Assets andInvestment Property - Net

Jumlah Aset 5,657,327 4,855,369 4,190,956 4,407,513 16.52% Total Assets

Liabilitas Jangka Pendek 2,116,898 1,757,781 1,254,181 1,448,585 20.43% Current Liabilities

Liabilitas Jangka Panjang 240,229 45,668 59,032 323,742 426.03% Non-Current Liabilities

Jumlah Liabilitas 2,357,127 1,803,449 1,313,213 1,772,327 30.70% Total Liabilities

Utang Berbunga 821,415 697,268 549,770 739,728 17.80% Interest Bearing Debt

Ekuitas 3,300,200 3,051,920 2,877,743 2,635,186 8.14% Equity

Modal Kerja - Neto 1,041,609 621,684 610,935 630,734 67.55% Working Capital - Net


Growth2017 - 2018

Description

Pendapatan 6,624,774 4,978,986 3,620,570 3,775,323 33.05% Revenue

Laba Bruto 652,094 578,502 614,585 718,810 12.72% Gross Profit

Laba (Rugi) Operasi 380,775 344,540 418,877 470,194 10.52% Income (Loss) From Operation

EBITDA* 767,220 712,473 723,098 735,788 7.68% EBITDA*

Beban Keuangan (40,296) (19,852) (24,266) (36,265) 102.98% Finance Costs

Laba (Rugi) Komprehensif Tahun Berjalan

288,075 238,473 318,798 375,831 20.80% Comprehensive Income (Loss) for the Years

Laba Tahun Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk

276,314 247,140 310,911 375,364 11.80% Profit for the Year Attributable to Owners of the Parent

LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIANCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Dalam Jutaan Rupiah, kecuali dinyatakan lainIn Million Rupiah, unless otherwise stated



*Beban keuangan yang tercantum dalam Laporan ini tanpa (rugi) selisih kurs atas pinjaman.*Finance cost in this report is excluded gain (loss) on Foreign currency exchange of Loan

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Growth2017 - 2018

Description

Kas Bersih yang Diperolehdari Aktivitas Operasi

344,756 395,459 447,139 424,237 -12.82% Net Cash Provided byOperating Activities

Kas Bersih yang Diperoleh dari (Digunakan untuk)Aktivitas Investasi

(586,671) (358,506) (295,227) (538,079) 63.64% Net Cash Provided by(Used in) Investing

Activities

Kas Bersih yang Diperoleh dari (Digunakan untuk)Aktivitas Pendanaan

37,374 119,698 (312,200) (82,849) -68.78% Net Cash Provided by(Used in) Financing

Activities

Kas dan Setara Kas pada akhir tahun

719,457 902,563 744,387 934,968 -20.29% Cash and Cash Equivalent at the end of the year

LAPORAN ARUS KAS KONSOLIDASIANCONSOLIDATED STATEMENTS OF CASH FLOWS



Growth2017 - 2018

Description

Laba Tahun Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk - Tanpa Laba (Rugi) Penjualan Aset Tetap

277,638 247,684 309,467 375,649 12.09% Profit for the Year Attributable to Owners of the Parent - Excluded

Gain (Loss) on Sale of Fixed Assets

Laba (Rugi) yang Diatribusikan kepada Kepentingan Non-pengendali

2 3,614 5,155 4,381 -99.95% Profit for the Year Attributable to Non-Controlling Interest

Laba (Rugi) Bersih per Saham Dasar

37.86 33.86 42.60 51.43 11.81% Earning (Loss) per Share (Full Amount)

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Growth2017 - 2018

Description

Margin Laba Bruto 9.84% 11.62% 16.97% 19.04% -15.28% Gross Profit Margin

Margin Laba Operasi 5.75% 6.92% 11.57% 12.45% -16.94% Operating ProfitMargin

Margin Laba Bersih** 4.17% 4.96% 8.59% 9.94% -15.97% **Net Profit Margin

Margin Laba Bersih Tanpa Laba (Rugi) Penjualan Aset Tetap***

4.19% 4.98% 8.55% 9.95% -15.92% ***Net Profit Margin Excluded Gain (Loss) Sale of Fixed Assets

Margin EBITDA 11.58% 14.31% 19.97% 19.49% -19.07% EBITDA Margin

Rasio Lancar 1.49 1.35 1.49 1.44 10.22% Current Ratio

Perputaran Total Aset 117.10% 102.55% 86.39% 85.66% 14.19% Total Asset Turnover

Imbal Hasil Aset 4.88% 5.09% 7.42% 8.52% -4.12% Return on Asset

Imbal Hasil Ekuitas 8.37% 8.10% 10.80% 14.24% 3.39% Return on Equity

Utang Berbunga/Ekuitas 0.25 0.23 0.19 0.28 8.94% Interest Bearing Debt/Equity

Utang Berbunga/Jumlah Aset 0.15 0.14 0.13 0.17 1.11% Interest Bearing Debt/Total Asset

Utang Berbunga/EBITDA 1.07 0.98 0.76 1.01 9.40% Interest Bearing Debt/EBITDA

EBITDA/ Beban Keuangan 19.04 35.89 29.80 20.29 -46.95% EBITDA/Interest Expense

Jumlah Liabilitas/Ekuitas 0.71 0.59 0.46 0.67 20.87% Total Liabilities/Equity

Jumlah Liabilitas/Aset 0.42 0.37 0.31 0.40 12.17% Total Liabilities/Assets

Kas Neto yang Diperoleh dari Aktivitas Operasi/Laba Bersih

1.25 1.60 1.44 1.13 -22.03% Net Cash Provided byOperating Activities/

Net Income

Kas Neto yang Diperoleh dari Aktivitas Operasi/Kas dan Setara Kaspada akhir tahun

0.48 0.44 0.60 0.45 9.37% Net Cash Provided byOperating Activities/

Cash and Cash Equivalents at the end of the year

Kas dan Setara Kaspada akhir tahun/Utang Berbunga

0.88 1.29 1.35 1.26 -32.33% Cash and Cash Equivalents at the end of the year/Interest Bearing

Debt

Laba Bersih/Jumlah Karyawan 156.64 139.55 180.55 213.03 12.25% Net Profit/ Number of Employees

** Perhitungan margin laba bersih yang tercantum dalam laporan ini menggunakan Laba Tahun yang Berjalan yang Dapat Diatribusikan kepada Pemilik Entitas Induk.*** Perhitungan Margin Laba Bersih Tanpa Laba (Rugi) Penjualan Aset Tetap yang tercantum dalam laporan ini menggunakan Laba Tahun Berjalan yang dapat Diatribusikan kepada Pemilik Entitas Induk - Tanpa Laba (Rugi) Penjualan Aset Tetap.** Net profit margin in this reports is calculated using the Profit for the Year Attributable to Owners of the Parent.*** Net Profit Margin Excluded Gain (Loss) on Sale of Fixed Assets in this reports is calculated using the Profit for the Year Attributable to Owners of the Parent Excluded Gain (Loss) on Saleof Fixed Assets.

RASIO KEUANGAN FINANCIAL RATIO


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Ikhtisar SahamShare Highlights

TertinggiHighest

(Rp)

TerendahLowest

(Rp)

PenutupanClosing

(Rp)

Volume PerdaganganTrading Volume(Lembar/Shares)

Kapitalisasi PasarMarket Capitalization

(Rp)

2018Triwulan 1 530 384 466 35.155.200 3.401.101.000.000 1st Quarter

Triwulan 2 505 330 336 27.059.700 2.452.296.000.000 2nd Quarter

Triwulan 3 394 306 372 30.050.200 2.715.042.000.000 3rd Quarter

Triwulan 4 396 302 344 47.984.900 2.510.684.000.000 4th Quarter

2017Triwulan 1 462 380 388 34,140,900 2,831,818,000,000 1st Quarter

Triwulan 2 440 274 274 29,450,000 1,999,789,000,000 2nd Quarter

Triwulan 3 314 228 304 181,081,500 2,218,744,000,000 3rd Quarter

Triwulan 4 414 296 372 75,468,800 2,715,042,000,000 4th Quarter

2016Triwulan 1 375 174 333 109,704,061 2,430,400,500,000 1st Quarter

Triwulan 2 600 326 515 123,868,016 3,758,727,500,000 2nd Quarter

Triwulan 3 550 420 456 65,318,146 3,328,116,000,000 3rd Quarter

Triwulan 4 505 406 420 64,713,869 3,065,370,000,000 4th Quarter

HARGA TERTINGGI, HARGA TERENDAH, HARGA PENUTUPAN DAN HARGA RATA-RATA SAHAM HIGHEST PRICE, LOWEST PRICE, CLOSING PRICE AND AVERAGE SHARE PRICE

380

338

417

462

274

274

338

440

384

466

450

530

330

336

423

505

228

304

269

314

296

372

349

414

306

372

352

394

302

344

350

396

1Q170

200

400

100

300

500

600

4Q183Q182Q181Q184Q173Q172Q17

Highest Lowest Closing Ave

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KINERJA SAHAMKondisi keuangan dan perekonomian sepanjang tahun 2018 terbilang volatil dan cenderung tidak menyenangkan baik global maupun Indonesia. Wacana perang dagang melalui penetapan tarif perdagangan antara Amerika Serikat (AS) dengan China sudah membayangi sejak permulaan hingga menjadi isu utama global sepanjang tahun 2018. Selain itu peningkatan suku bunga yang dilakukan oleh The Federal Reserve (FED) sebanyak empat kali di tahun 2018 atau yang kesembilan kalinya sejak penerapan suku bunga mendekati nol tiga tahun lalu juga menambah volatilitas keuangan dan pasar global selama tahun 2018. Indeks saham AS seperti Dow Jones dan S&P sebagai indikator pasar global pun tidak mampu lagi mencatatkan rally seperti tahun sebelumnya.

Kinerja Indeks Harga Saham Gabungan (IHSG) di awal tahun 2018 memang masih kembali mencatatkan rekor penutupan baru tertinggi sepanjang sejarah yaitu 6.689,3 pada pertengahan Februari 2018. Namun seiring kondisi market global yang kurang mendukung, IHSG lantas turun hingga sempat mencapai 5.633,9 pada awal Juli 2018 dan akhirnya ditutup pada level 6.194,5 di akhir Desember 2018 atau turun 2% jika dibandingkan dengan awal tahun. Indeks saham pertambangan (Jakmine Index) mencatatkan kinerja yang masih baik seperti tahun sebelumnya dengan ditutup pada level 1.776,5 atau meningkat sebesar 10% dibanding penutupan awal tahun 2018.

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SHARES PERFORMANCEBoth global and Indonesian economic and financial conditions in 2018 were relatively volatile and tended to be not so positive. The issue on trade war from the imposition of tarriffs between the U.S. and China has clouded investors’ sentiment in the market since the start of the year and continued to become a central issue throughout the year. Moreover, the interest rate hike by Federal Reserve (FED) for four times in 2018 or nine times since the implementation of near zero interest rate three years ago also added to the volatility of the global financial market throughout 2018. The Dow Jones Index and S&P as indicators of global stock exchange market were not able to show an improvement as in previous years.

The Jakarta Composite Index (IHSG) in the early 2018 managed to reach a record-breaking performance in mid-February 2018 at 6,689.3. However, together with the slowing down in the global market, IHSG decreased to 5,633.9 at the start of July 2018 and ended the year at 6,194.5 at the end of December 2018, which is a decrease of 2% as compared to the start of the year. The mining index (Jakmine Index) performance remained relatively well, similar to previous year, and the index closed at 1,776.5, or an increase of 10% as compared to the start of the year.

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Seperti halnya kondisi perekonomian global dan IHSG, kinerja saham ELSA sepanjang 2018 terbilang kurang menyenangkan dan tidak jauh berbeda dengan tahun 2017 meskipun dari sisi harga minyak sepanjang tahun 2018 sudah mampu stabil diatas $60 per barel kecuali di akhir tahun yang kembali menurun.

ELSA membuka perdagangan 2018 pada posisi Rp376 dan masih sempat bergerak naik hingga mencapai level tertinggi Rp530 di kuartal I 2018 yang merupakan posisi tertinggi di tahun ini namun bergerak landai dan cenderung turun setelahnya. Meskipun secara fundamental kinerja kuartal I 2018 Elnusa sudah menunjukkan peningkatan yang signifikan dimana Elnusa membukukan pendapatan sebesar Rp1,4 triliun dan laba bersih sebesar Rp71 miliar dibanding periode yang sama tahun sebelumnya yang sebesar Rp970 miliar dengan laba bersih hanya sebesar Rp5 miliar.

Semester I/2018 fundamental kinerja Perseroan juga semakin baik dimana pendapatan tumbuh 47% menjadi Rp2,9 triliun dengan laba bersih sebesar Rp128 miliar dibanding pendapatan dan laba bersih tahun sebelumnya yang sebesar Rp1,9 triliun dan Rp14 miliar. Saham ELSA sepanjang awal semester ini terbilang masih baik dan masih mampu bertahan diatas Rp400 dan sempat mencapai harga Rp505 namun mulai mengalami penurunan pada akhir Juni 2018.

Sepanjang kuartal III/2018 saham ELSA sudah bergerak mendatar cenderung turun di kisaran Rp306 - Rp394 dengan rata-rata volume perdagangan sejumlah 52 juta lembar saham perharinya. Harga minyak dunia pada kuartal III ini masih kuat bertengger bahkan mencapai diatas $70 pada akhir September 2018.

Memasuki kuartal IV/2018 pergerakan saham ELSA juga tidak lebih baik dan masih sama dengan pergerakan kuartal sebelumnya. Pada periode Oktober hingga Desember ini tingkat harga tertinggi ELSA hanya Rp396 dan terendah mencapai Rp302 pada akhir November dimana level ini pun sekaligus sebagai level terendah sepanjang tahun 2018.

Similar to the global economic conditions and the Jakarta Composite Index performance, ELSA stock performance throughout 2018 can be considered not so satisfactory, and did not change significantly as compared to previous year, despite the fact that oil price has stabilized throughout 2018 at a price above $60 per barrel, except at the end of the year.

ELSA opened the trade in 2018 at a price of Rp376 and managed to increase to the highest level at Rp530 in the first quarter 2018, which is the highest price for this year, but thereafter the price tended to move flat and declining after that. Although fundamentally Elnusa’s performance in the first quarter 2018 has shown significant improvement, in which Elnusa managed to record a revenue of Rp1.4 trillion and net profit of Rp71 billion, as compared to the same period in previous year in which Elnusa recorded a Rp970 billion revenue and a Rp5 billion in net profit.

In Semester I/2018, the fundamental of the Company has also improved with a growth in rvenue by 47% to Rp2.9 trillion and net profit of Rp128 billion, as compared to the revenue and net profit of previous year at Rp1.9 trillion and Rp14 billion, respectively. In this first semester, ELSA shares price was still performing well and remained above Rp400 and even reached Rp505, although it started to decline at the end of June 2018.

Throughout the quarter III/2018, ELSA shares were moving sideways with the tendency to decline to around Rp306 - Rp394 with an average volume of trading of 52 million shares per day. The price of oil in quarter III remained strong and even reached above $70 at the end of September 2018.

In quarter IV/2018, ELSA price movement remained similar to previous quarter. Between October and December, the highest shares price of ELSA is at Rp396 and the lowest at Rp302 at the end of November, which was also the lowest price for the whole of 2018.

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Kinerja fundamental Elnusa secara full year 2018 dapat dikatakan lebih baik dibanding tahun 2017 terutama pada sisi pendapatan yang mengalami kenaikan signifikan sebesar 33% y-o-y menjadi Rp6.6 triliun. Laba bersih yang berhasil dicatatkan pun relatif stabil pada tiap kuartal sepanjang tahun dibanding tahun sebelumnya sehingga Elnusa berhasil mencatat pertumbuham laba sebesar 12% y-o-y menjadi Rp276 miliar pada akhir Desember 2018.

Kinerja Elnusa yang membaik ditopang oleh kemampuan responsif sisi operasional dan sinergi baik dari jasa hulu migas maupun jasa distribusi & logistik energi dalam menangkap peluang saat mulai pulihnya aktivitas migas di Indonesia.

Kinerja saham ELSA pada penutupan perdagangan tahun 2018 mengalami penurunan 9% yaitu pada harga Rp344 dibanding penutupan tahun sebelumnya yang sebesar Rp376. Level harga tertinggi yang pernah dicapai tahun 2018 ini yaitu Rp530 pada akhir Februari dan harga terendah tercatat Rp302 di akhir November 2018.

Rata-rata volume perdagangan sepanjang tahun 2018 turun 35% menjadi senilai 61 juta lembar saham perhari dibanding tahun lalu. Kapitalisasi pasar ELSA di penghujung 2018 tercatat sebesar Rp2,5 triliun dibanding kapitalisasi pasar ELSA pada akhir 2017 lalu yang sebesar Rp2,7 triliun.

The fundamental performance of Elnusa throughout 2018 can be considered better than in 2017, especially when considering the significant increase in revenue at 33% y-o-y to Rp6.6 trillion. Net profit also remained relatively stable at each quarter throughout the year as compared to previous year, leading to the fact that Elnusa managed to record growth in net profit by 12% y-o-y to Rp276 billion at the end of December 2018.

Elnusa’s performance improvement was due to the Company’s ability to responsively adjust its operational side and the synergy of the upstream oil and gas service as well as the energy distribution & logistics services that enables the Company to capture opportunities as the oil and gas industry in Indonesia recovers.

ELSA shares’ performance at the final trading day of the 2018 was down 9% to Rp344 as compared to the final trading day of the previous year at Rp376. The highest price level in 2018 was Rp530 which was recorded at the end of February and the lowest was Rp302 at the end of November 2018.

The average trading volume for the whole 2018 was down 35% to 61 million shares per day as compared to previous year. ELSA market capitalization by the end of 2018 is at Rp2.5 trillion as compared to ELSA market capitalization at the end of 2017 which was at Rp2.7 trillion.

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Secara valuasi multiple harga, di akhir tahun 2018 dengan Earnings Per Share sebesar Rp38 per lembar maka saham ELSA memiliki nilai P/E sebesar 9 kali dan P/B sebesar 0,8 kali. Nilai yang sebetulnya sangat menarik dan terbilang undervalue bagi investor mengingat ELSA adalah satu-satunya penyedia jasa energi terintegrasi yang menerapkan layanan menyeluruh di Indonesia sehingga peluang pertumbuhan di masa depan tentu masih sangat terbuka.

Based on multiple price valuations, at the end of 2018, with an Earnings Per Share of Rp38 per shares, ELSA’s shares is valued at P/E of 9 times and P/B of 0.8 times. This value is very attractive and can be considered undervalue for investors, given that ELSA is the only company of integrated energy service that has operations throughout Indonesia and one that can capture the large opportunities for growth in the future.

Ikhtisar Obligasi/Sukuk/Obligasi KonversiHighlights of Bonds/ Sukuk/Convertible Bonds

hingga 31 Desember 2018, Perseroan tidak menerbitkan obligasi/sukuk/obligasi konversi sehingga tidak terdapat informasi mengenai jumlah obligasi/sukuk/obligasi konversi yang beredar (outstanding), tingkat bunga / imbalan, tanggal jatuh tempo dan peringkat obligasi/sukuk

As of December 31, 2018, the Company has not issue bonds/sukuk/convertible bonds yet. Hence, there is no information on the numbers of outstanding bonds/sukuk/convertible bonds, interest/reward rates, maturity dates and bonds/sukuk ratings.

Laporan Dewan Komisaris & DireksiReport from Board of Commissioners and Directors

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Laporan Dewan KomisarisBoard of Commissioners Report

Narendra Widjajanto

Komisaris UtamaPresident Commissioner

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Para Pemegang Saham dan Pemangku Kepentingan yang terhormat,

Kami, Dewan Komisaris PT Elnusa Tbk melalui laporan ini dengan segala kerendahan hati memanjatkan rasa syukur ke hadirat Allah SWT, Tuhan Yang Maha Esa atas segala limpahan rahmat dan karunia-Nya. Sepanjang tahun 2018 Perseroan mencatat kinerja yang baik di tengah berbagai kendala yang mewarnai perjalanan Perseroan di tahun 2018 ini. Selanjutnya ijinkan kami menyampaikan laporan pengawasan terhadap operasional Perseroan di tahun buku 2018 yang merupakan bagian dari pelaksanaan tugas dan tanggung jawab Dewan Komisaris.

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“To our respected Shareholders and Stakeholders,

We, the Board of Commissioners of PT Elnusa Tbk, through this report, express with all humility our gratitude to the presence of Allah SWT for all of His abundant blessings and grace. Throughout 2018, the Company was able to record a good performance for itself amid various obstacles that colored the Company's journey in 2018. Furthermore, allow us to submit a monitoring report on the Company's operations in fiscal year 2018 as part of the implementation of our duties and responsibilities as the Board of Commissioners.

Dalam menyikapi kondisi industri migas yang dinamis sepanjang tahun 2018, Dewan Komisaris memberikan apresiasi atas langkah-langkah strategis yang dijalankan oleh Direksi. Strategi pelayanan Total Solution dengan mengedepankan sinergi antar Anak Perusahaan dinilai baik oleh Dewan Komisaris karena mampu meningkatkan efisiensi operasional dan pengelolaan risiko yang cukup efektif. Langkah strategis lainnya yang dilakukan oleh Direksi dengan melakukan optimalisasi bisnis berbasis non-asset memberikan dampak yang signifikan terhadap pencapaian konsolidasi.

In response to the dynamic condition of oil and gas industry throughout 2018, the Board of Commissioners appreciates the strategic steps that has been carried out by the Board of Directors. The strategy of Total Solution Services which emphasizes synergy among subsidiaries was assessed positive by the Board of Commissioners as it adequately improves operational efficiency and effective risk management. The board of Commissioners has also appreciated other strategic action of non-asset based business optimization that has delivered significant impact to the performance’s achievements.

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KONDISI EKSTERNALPerekonomian Indonesia 2018 yang tumbuh 5,2% menunjukan kinerja positif dengan pertumbuhan ekonomi stabil dan kondisi makro ekonomi terjaga. Begitupun kinerja inflasi yang relatif berada pada level terkendali memberikan suasana yang kondusif bagi upaya penguatan momentum pemulihan ekonomi domestik.

Sementara itu dari sisi harga minyak mentah Indonesia (Indonesian Crude Oil Price/ICP), harga tertinggi tercapai di bulan Oktober 2018 sebesar USD77 per barrel. Rata-rata ICP pada tahun 2018 adalah USD67 per barrel lebih tinggi dibandingkan asumsi APBN dan lebih tinggi dibandingkan rata-rata tahun 2017 sebesar USD51 per barrel. Namun kenaikan ini ternyata tidak serta merta meningkatkan aktivitas sektor hulu migas di Indonesia. Meskipun nilai realisasi investasi hulu migas tahun 2018 mengalami kenaikan 16,6% dari tahun 2017, namun realisasi tersebut hanya mencapai USD11,9 miliar dari target awal yang ditetapkan sebesar USD14,2 miliar. Target investasi yang hanya mencapai 90% tersebut berdampak pada tidak tercapainya target lifting migas tahun 2018 yang hanya mencapai 98% atau hanya 778 Mbopd dari target APBN 2018 sebesar 800 Mbopd. Pada tahun 2018 kegiatan eksplorasi juga mengalami penurunan terutama signifikan terjadi pada survei seismic dan jumlah sumur pemboran eksplorasi.

Untuk industri hilir dengan kenaikan ICP pada tahun 2018 menyebabkan harga pokok produksi bagi sektor hilir meningkat. Namun seiring pertumbuhan kebutuhan BBM, bisnis distribusi dan logistik energi yang dilakukan oleh anak perusahaan Perseroan mampu menorehkan pertumbuhan.

PENILAIAN ATAS KINERJA DIREKSI

Dasar penilaian Dewan Komisaris terhadap kinerja Direksi tentunya tidak terlepas dari tingkat keberhasilan Direksi dalam merealisir RKAP Perseroan tahun 2018 seperti yang direncanakan pada awal tahun. Di sisi lain keberhasilan Direksi tentunya juga tidak lepas dari kontribusi/peran pengawasan dan penasihatan Dewan Komisaris terhadap Perseroan dan Group yang akhirnya berfokus pada tingkat keberhasilan dalam merealisir RKAP 2018.

Secara keseluruhan, kami menilai bahwa sepanjang tahun 2018 Direksi telah menjalankan perannya dengan baik, dengan menyusun dan menjalankan strategi yang tepat untuk mencapai sasaran-sasaran strategis Perseroan. Dalam aspek keuangan dibandingkan dengan pencapaian pada tahun lalu, pendapatan konsolidasi Perseroan tumbuh sebesar 33% menjadi Rp6,6 triliun. Pencapaian pendapatan ini menjadi catatan baru bagi keberhasilan Perseroan yang menorehkan prestasi tertinggi selama Perseroan berdiri. Untuk EBITDA tumbuh sebesar 8% menjadi Rp762 miliar dan laba bersih konsolidasi juga berhasil dibukukan pertumbuhan sebesar 11.8% atau Rp276 miliar. Pencapaian ini menunjukkan kemampuan Direksi yang baik dalam membuat perubahan-perubahan strategi yang diperlukan untuk merespon cepat tantangan yang ada.

EXTERNAL CONDITIONSThe 2018 Indonesian economy growth 5.2% showed a positive performance with stable economic growth and maintained macroeconomic conditions. Likewise, inflation, which was at a relatively controlled level, provided a conducive atmosphere for efforts to strengthen the domestic economy's recovery momentum.

Meanwhile, in terms of Indonesian Crude Oil Price (ICP), the highest price was reached in October 2018 at USD77 per barrel. The average ICP in 2018 was USD 67 per barrel higher than State Budget assumptions and was also higher than the 2017 average of USD51 per barrel. However, this price increase did not necessarily boost the activity of the upstream oil and gas sector in Indonesia. Even though upstream oil and gas investment realization in 2018 increased by 16.6% from 2017, this realization only managed to reach USD 11.9 billion from an initial target of USD 14.2 billion. This investment, which only reached 90% of the original target, had an impact on how oil and gas lifting targets were not reached in 2018. These targets only reached 98% of its intended goal, or only 778 Mbopd from the 2018 State Budget's target of 800 Mbopd. Exploration activities in 2018 also experienced a particularly significant decline in terms of seismic surveys and the number of exploration drilling wells.

For the downstream industry, an increase in ICP in 2018 led to an increase in production costs for the entire downstream sector. At the same time, the growth in fuel demand meant that the distribution and energy logistics business carried out by the Company's subsidiaries was also able to carve out growth.

PERFORMANCE ASSESSMENT OF THE BOARD OF DIRECTORSThe basis of the Board of Commissioners' assessment on the Board of Directors' performance cannot be separated from the level of success of the Board of Directors had in realizing the 2018 Work Plan and Company Budget (RKAP) that the Company had planned at the beginning of the year. On the other hand, the success of the Board of Directors is of course also inseparable from the supervisory and advisory contributions and roles the Board of Commissioners have had towards the Company and the Group that ultimately focused on the level of success in realizing the 2018 RKAP.

Overall, we have assessed that the Board of Directors has carried out its role well throughout 2018 thanks to the way in which it arranged and implemented the right strategy to achieve the Company's strategic goals. In terms of financial aspects, compared to last year's achievements, the Company's consolidated revenue grew by 33% to Rp 6.6 trillion. This achievement in income served as a new record for the success of the Company, which managed to obtain the highest accomplishments since its inception. EBITDA grew by 8% to Rp 762 billion, while consolidated net income also recorded a growth of 11.8% or Rp 276 billion. This achievement served as a reflection of the Board of Directors' abilities and their capacity for making the strategic changes needed to respond quickly to existing challenges.

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Selanjutnya dari aspek operasional, meskipun pada tahun 2018 harga minyak mengalami kenaikan rata-rata yang lebih tinggi dibanding tahun sebelumnya namun hal tersebut tidak serta merta memberikan pengaruh terhadap aktivitas industri hulu migas di tanah air. Pun demikian, Direksi tetap mampu menggenjot aktivitas operasi Perseroan melalui strategi Total Solution dan strategi sinergi dengan induk serta anak perusahaan.

Dari sisi core business Perseroan, Direksi melalui Divisi Production, Operation & Maintenance Services melakukan optimalisasi bisnis non-asset based yang mampu meningkat sebesar lebih dari 60% dibanding dengan periode yang sama pada tahun lalu. Sementara itu untuk tahun 2018 kinerja Divisi Geoscience & Reservoir Services mengalami perlambatan yang salah satunya disebabkan terjadinya pergeseran tata waktu pelaksanaan proyek yang mundur dari jadwal yang telah ditetapkan. Namun demikian dengan berbagai upaya yang dilakukan oleh Direksi, di awal tahun 2018 Perseroan mampu menyelesaikan proyek seismic darat dengan hasil yang cukup baik, begitupun dengan beberapa proyek jasa seismic laut di akhir tahun 2018 yang mampu diselesaikan tepat waktu.

Selanjutnya dalam rangka menstabilkan hasil usaha secara konsolidasi, Direksi melihat terbukanya peluang besar untuk pengembangan bisnis distribusi dan logistik energi di tahun 2018 dan betul adanya bahwa di tahun 2018 bisnis downstream masih menjadi revenue generator konsolidasian Perseroan dengan kontribusi yang mendominasi. Pertumbuhan bisnis ini sangatlah menggembirakan, dimana pencapaian hampir merata sebagai hasil dari pertumbuhan di seluruh bisnis terutama bisnis penyaluran transportasi BBM maupun perdagangan BBM industry & marine. Sedangkan untuk kinerja Anak Perusahaan yang bergerak dibidang support services, Direksi juga mampu menorehkan pertumbuhan yang lebih baik dari tahun sebelumnya.

Sementara dari sisi kinerja Health, Safety, Security and Environment (HSSE) sebagai perusahaan yang bergerak dalam bidang jasa energi, aspek HSSE merupakan salah satu prioritas utama. Perseroan berkomitmen untuk menjalankan kegiatan operasinya dengan menjunjung tinggi prinsip-prinsip HSSE. Pada tahun 2018, jumlah man-hour yang dicapai oleh Perseroan dan Group lebih tinggi dibanding dengan tahun 2017 yakni 43 juta vs 35 juta jam kerja. Sayangnya pencapaian tersebut belum sepenuhnya excellent karena masih terdapat kasus fatality yang mendera konsorsium Perseroan. Namun demikian, menghadapi hal tersebut Perseroan dengan sigap dan aktif melakukan upaya-upaya perbaikan strategi dalam rangka pencegahan terjadinya kecelakaan kerja.

Kinerja operasional yang baik ini menunjukkan kemampuan Direksi dalam memahami industri dan memanfaatkan peluang melalui program kerja yang tepat. Selain itu, kami juga menilai Direksi telah memberikan perhatian yang tinggi akan pentingnya meningkatkan kapabilitas digital sesuai tuntutan perubahan industri menuju ke arah layanan yang serba digital. Salah satu inisiasi yang telah dimulai oleh Direksi pada tahun 2018 adalah pelaksanaan Forum Elnusa Digital Transformation Journey. Hal ini diharapkan dapat meningkatkan awareness seluruh insan Perseroan untuk terus berinovasi terutama dalam tranformasi digital.

Furthermore, from an operational point of view, even though the price of oil in 2018 experienced a higher-than-average increase compared to the previous year, the activities of the upstream oil and gas industry in the country were not necessarily influenced. Regardless, the Board of Directors continued to boost the Company's operational activities through the "Total Solution" strategy and through synergy strategies with the parent company and with subsidiaries.

In terms of the Company's core business, the Board of Directors, through the Production, Operation & Maintenance Services division, worked to optimize non-asset-based businesses, which resulted in a 60% increase compared to the same period last year. Meanwhile, the performance of the Geoscience & Reservoir Services Division experienced slowdown in 2018, one cause of which was a shift in the timing of project implementation on account of falling behind on the predetermined schedule. However, through various efforts made by the Board of Directors, the Company at the start of 2018 was able to complete its seismic land projects with quite good results, as well as several seismic sea service projects at the end of 2018 that were completed on time.

Furthermore, in order to stabilize consolidated business results, the Board of Directors saw that there was an opening for big opportunities for the development of the energy distribution and logistics business in 2018. It was also true that the Company's downstream business was still the consolidated revenue generator that was the most dominant in terms of contributions. This business growth has been very encouraging. Achievements were almost evenly distributed as a result of growth in all businesses, especially the business of fuel transportation distribution and trade in industrial and marine fuel. As for the performance of Subsidiaries engaged in support services, the Board of Directors was also able to carve out better growth than the previous year.

In terms of Health, Safety and Environment (HSE) performance, as a company engaged in the energy services sector, HSE serves as one of the Company's top priorities. The Company is committed to carrying out its operations while upholding HSE principles. In 2018, the number of man-hours achieved by the Company and the Group was 43 million working hours. This number was higher than the 35 million working hours attained in 2017. Unfortunately, this accomplishment was not without problems, as there were still work-related fatality cases that have plagued the Company's consortium. At the same time, the Company was swift in facing with these matters and was active in making efforts to improve its strategies for preventing further work accidents.

This good operational performance served to demonstrate the Board of Directors' ability understand the industry and take advantage of opportunities through the right work programs. In addition, we have also assessed that the Board of Directors has given high attention to the importance of increasing the Company's digital capabilities in accordance with the demands of industrial change towards digital services. One of the initiatives initiated by the Board of Directors in 2018 was the implementation of the Elnusa Digital Transformation Journey Forum. This forum is expected to raise awareness in all Company personnel on the importance of continuing to innovate, especially when it comes to digital transformations.

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Atas pencapaian selama tahun 2018, Dewan Komisaris pada kesempatan ini memberikan apresiasi kepada Direksi, Manajemen dan seluruh insan Elnusa atas segala daya dan upaya maksimal yang telah dilakukan. Kami akan senantiasa mendukung agar Perseroan dapat terus tumbuh melalui berbagai produk dan layanan yang inovatif. Sesuai dengan perannya, Dewan Komisaris akan terus memberikan motivasi, arahan dan masukan sebagai bagian dari upaya untuk mendorong pertumbuhan yang berkesinambungan di masa depan.

PENGAWASAN IMPLEMENTASI STRATEGI Dewan Komisaris melakukan pengawasan aktif terhadap implementasi strategi yang telah ditetapkan Direksi. Pengawasan yang dilakukan Dewan Komisaris dilakukan dengan memantau kinerja dan pencapaian Perseroan sepanjang tahun 2018.

Dalam menyikapi kondisi industri migas yang dinamis sepanjang tahun 2018, Dewan Komisaris memberikan apresiasi atas langkah-langkah strategis yang dijalankan oleh Direksi. Strategi pelayanan Total Solution dengan mengedepankan sinergi antar Anak Perusahaan dinilai baik oleh Dewan Komisaris karena mampu meningkatkan efisiensi operasional dan pengelolaan risiko yang cukup efektif. Langkah strategis lainnya yang dilakukan oleh Direksi dengan melakukan optimalisasi bisnis berbasis non-asset memberikan dampak yang signifikan terhadap pencapaian konsolidasi.

Pengawasan yang dilakukan Dewan Komisaris dilakukan secara konstruktif dan kolaboratif agar Direksi dapat secara cepat dan tepat menyelesaikan kendala yang muncul. Selain rapat gabungan Dewan Komisaris dan Direksi, Dewan Komisaris juga mengadakan rapat ad hoc dan juga kunjungan ke Anak Perusahaan bersama dengan Direksi yang membuat komunikasi Dewan Komisaris dan Direksi terjalin dengan baik.

Fungsi pengawasan juga dilakukan melalui Komite-Komite di bawah Dewan Komisaris yakni Komite Audit, Komite Manajemen Risiko serta Komite Nominasi dan Remunerasi. Di setiap komite ditempatkan minimal satu Komisaris.

Berdasarkan pencapaian yang diraih pada tahun 2018, Dewan Komisaris menilai Direksi telah mengaplikasikan strategi usaha yang tepat dan sesuai dengan yang telah ditetapkan dalam rencana Perseroan.

PEMBERIAN NASIHATPemberian nasihat dan arahan kepada Direksi merupakan bagian dari tugas dan tanggung jawab Dewan Komisaris. Dalam pelaksanaannya Dewan Komisaris mempertimbangkan rekomendasi yang diberikan oleh Komite-Komite yang berada di

With all of these accomplishments made throughout 2018 in mind, the Board of Commissioners would like to use this occasion to extend its appreciation to the Board of Directors, to the Management and to all Elnusa personnel for all the maximum work and effort that has been put in. We will always provide our support so that the Company can continue to grow through a variety of innovative products and services. In accordance to is role, the Board of Commissioners will continue to provide motivation, direction and input as part of efforts to encourage sustainable growth in the future.

SUPERVISING STRATEGY IMPLEMENTATIONThe Board of Commissioners has actively monitored strategies implemented by the Board of Directors. This supervision by the Board of Commissioners is carried out by monitoring the performance and achievements of the Company throughout 2018.

In response to the dynamic condition of oil and gas industry throughout 2018, the Board of Commissioners appreciates the strategic steps that has been carried out by the Board of Directors. The strategy of Total Solution Services which emphasizes synergy among subsidiaries was assessed positive by the Board of Commissioners as it adequately improves operational efficiency and effective risk management. The board of Commissioners has also appreciated other strategic action of non-asset based business optimization that has delivered significant impact to the performance’s achievements.

All supervision carried out by the Board of Commissioners is carried out constructively and collaboratively so that the Board of Directors can quickly and precisely resolve any obstacles that arise. In addition to joint meetings of the Board of Commissioners and Board of Directors, the Board of Commissioners also held ad-hoc meetings and visits to the Subsidiaries together with the Board of Directors that helped further establish communications between members of the two boards.

The oversight function was also carried out through Committees under the Board of Commissioners, namely, the Audit Committee, the Risk Management Committee, and the Nomination and Remuneration Committee. At least one Commissioner is assigned to each committee.

Based on all these accomplishments made by the Board of Directors in 2018, the Board of Commissioners views that Board of Directors has applied the right business strategies in accordance with what has been stipulated in the Company's plan.

DELIVERING ADVICEDelivering advice and providing direction to the Board of Directors are both part of the duties and responsibilities of the Board of Commissioners. In carrying out these duties, the Board of Commissioners takes into consideration recommendations given

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bawah Dewan Komisaris untuk kemudian disampaikan melalui komunikasi yang transparan dan positif antara Dewan Komisaris dan Direksi dengan berbagai mekanisme diantaranya melalui forum rapat maupun komunikasi melalui penerbitan surat yang ditujukan kepada Direksi, termasuk evaluasi penyusunan Rencana Jangka Panjang Perusahaan.

Sepanjang tahun 2018, Dewan Komisaris memberikan beberapa nasihat kepada Direksi antara lain:

1. Menjalankan Perusahaan sesuai dengan peraturan dan perundang-undangan yang berlaku serta tata kelola perusahaan yang baik (Good Corporate Governance).

2. Sebagai perusahaan jasa migas, aspek Health, Safety, Security & Environment (HSSE) harus menjadi prioritas utama.

3. Melakukan optimalisasi sinergi baik dengan induk & grup maupun dengan anak perusahaan Perseroan.

4. Berupaya untuk mencari peluang baru dalam bisnis upstream, midstream maupun downstream.

5. Meningkatkan sistem pengelolaan risiko Perusahaan.

PANDANGAN ATAS PROSPEK USAHA Proyeksi pertumbuhan ekonomi global tahun 2019 tidak banyak beranjak dari outlook 2018 yakni berkisar 3,9%. Hal ini dikarenakan perekonomian global masih menyimpan risiko ketidakpastian sebagai dampak kebijakan ekonomi di Amerika Serikat serta lanjutan perang dagang dengan Tiongkok. Kondisi ini berimbas pada perekonomian banyak negara khususnya negara-negara berkembang dan masih akan berlangsung di tahun 2019. Di beberapa negara ASEAN yang dikenal dengan ASEAN-5 proyeksi pertumbuhan stagnan seperti tahun 2018 dikisaran 5,3%. Stagnansi ini terjadi sebagai dampak dari tantangan perekonomian global ke depan yang cukup berat seperti adanya tekanan pasar keuangan akibat normalisasi moneter Amerika Serikat, moderasi Tiongkok, proteksionisme, ketegangan politik maupun perubahan iklim/cuaca ekstrim.

Sementara itu selaras dengan proyeksi pertumbuhan pada negara-negara ASEAN-5, untuk pertumbuhan ekonomi Indonesia berdasarkan data yang disampaikan dalam Anggaran Pendapatan dan Belanja Negara (APBN) 2019 menunjukkan proyeksi pertumbuhan 5,3% atau sedikit menggeliat dibanding tahun 2018 dengan outlook pencapaian sebesar 5,2%. Proyeksi pertumbuhan ekonomi Indonesia ini didukung dengan beberapa kebijakan dan teroboson yang dilakukan oleh Pemerintah dalam rangka meningkatkan efisiensi dan efektivitas belanja negara, optimalisasi pendapatan negara dan kemandirian APBN dengan cara antara lain melakukan penyelesaian pembangunan infrastruktur dengan melibatkan peran swasta dan BUMN, menjaga keseimbangan pembangunan antara pusat dengan daerah dan pengurangan kewajiban pajak untuk mendukung daya saing industri nasional serta mendorong hilirisasi industri.

to it by the Committees under it that will then be conveyed, through transparent and positive communication, to the Board of Directors using various mechanisms such as meeting forums and the issuance of letters addressed to the Board of Directors. This communication also includes communication on evaluating the Company's Long Term Plan.

Throughout 2018, the advice the Board of Commissioners has given the Board of Directors included:

1. Running the Company in accordance with applicable laws and regulations as well as good corporate governance.

2. Putting Health, Safety, Security & Environment (HSSE) as a top priority.

3. Optimizing synergy, whether with the Parent Company, with the Group, or with the Company's Subsidiaries.

4. Trying to find new opportunities in the upstream, midstream and downstream businesses.

5. Improving the Company's risk management system.

BUSINESS PROSPECTSProjections for global economic growth in 2019 will not change much from the 3.9% outlook from 2018. This is due to the global economy still carrying uncertainty risks that have come as a result of economic policies in the United Stataes as well as economic trade wars with China. This condition has affected the economy of many countries, especially developing ones, and will continue to do so throughout 2019. In ASEAN countries known as the ASEAN-5, projected growth is expected to be stagnant as it was in 2018, at 5.3%. This stagnation has come as a result of quite heavy challenges facing the global economy going forward. This includes financial market pressure due to US monetary normalization, China's moderation, protectionism, political tension and extreme climate/weather change.

Meanwhile, in line with the growth projections in ASEAN-5 countries, data from the 2019 State Budget (APBN) has revealed a growth projection of 5.3% for the Indonesian economy. In comparison, achievement outlooks in 2018 were set at 5.2% growth. This projection of Indonesian economic growth has the support of several policies and breakthroughs carried out by the Government that were designed to improve the efficiency and effectiveness of state spending. They were also designed to optimize state revenue and make the state Budget more independent by way of completing infrastructure development in a way that involved the role of the private sector and State-Owned Enterprises. Additional goals of these policies and breakthroughs included helping to maintain a balance in development between central and peripheral regions and reducing tax obligations in order to support the competitiveness of national industry as well as encourage downstream industries.

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Dari sisi industri hulu migas, untuk harga minyak mentah pada tahun 2019 masih cenderung menunjukan pergerakan yang berfluktuasi meskipun adanya indikasi yang mengarah kepada tren penguatan. Dalam APBN tahun 2019 diproyeksikan harga rata-rata USD70 per barrel atau lebih tinggi dibanding dengan harga rata-rata tahun 2018 sebesar USD67 dan tahun 2017 sebesar USD51 per barrel. ICP bergerak seiring dengan perkembangan harga minyak mentah acuan dunia terutama brent. Ketegangan geopolitik di beberapa negara penghasil minyak dan sentimen pemangkasan produksi OPEC di tahun 2018 menjadi faktor pendorong kenaikan harga. Dengan perbaikan harga minyak tersebut yang menyebabkan permintaan minyak meningkat, industri hulu migas tahun 2019 diprediksi akan lebih baik dari tahun 2018. Pemerintah menargetkan investasi hulu migas tahun 2019 sebesar USD14,8 miliar atau meningkat dibandingkan target tahun 2018 sebesar USD14,2 miliar dengan realisasi sebesar USD11,9 miliar.

Pada tahun 2018 Pemerintah menunjuk PT Pertamina (Persero) sebagai induk perusahaan (holding) BUMN Migas. Di tahun yang sama Pemerintah juga memberikan hak pengelolaan produksi beberapa wilayah kerja atau blok migas kepada PT Pertamina (Persero) termasuk salah satunya blok migas terbesar di Indonesia yakni blok Rokan. Mengingat Pertamina sebagai salah satu pemegang saham pengendali Perseroan, dengan sinergi yang solid kami yakin bahwa kedua hal tersebut menjadi potensi besar bagi Perseroan. Terlebih dalam rangka optimalisasi produksi blok-blok migas tersebut dibutuhkan aktivitas jasa untuk meningkatkan jumlah produksi dan cadangan minyak yang semakin dibutuhkan, hal ini menambah peluang bagi Perseroan dalam menghadapi prospek usaha di tahun 2019.

Dengan mempertimbangkan peluang dan upaya-upaya yang telah disusun dan juga didukung dengan pengalaman Perseroan selama lebih dari 49 tahun, Dewan Komisaris Perseroan memandang bahwa tahun 2019 akan menjadi tahun yang lebih baik bagi Perseroan. Karenanya, tidak hentinya Dewan Komisaris selalu mengingatkan Direksi untuk terus berupaya memberikan hasil terbaik bagi para stakeholders. Dengan inovasi berkelanjutan dan perbaikan metode kerja yang lebih efektif dan efisien serta kompetensi sumber daya manusia yang mumpuni, kami optimis Perseroan memiliki prospek usaha jangka panjang yang menjanjikan serta mampu memberikan imbal jasa yang memuaskan bagi Pemegang Saham dan Para Pemangku Kepentingan lainnya.

TATA KELOLA PERUSAHAANSebagaimana tahun-tahun sebelumnya, Dewan Komisaris selalu menekankan pentingnya penerapan dan penegakkan Tata Kelola Perusahaan yang Baik atau GCG di Perseroan yang sekaligus menjadi salah satu fokus pengawasan Dewan Komisaris. Kami

In terms of the upstream oil and gas industry, crude oil prices in 2019 still tended to show fluctuating movements despite indications of a strengthening trend. In the 2019 State Budget (APBN), it was projected that the average price would be USD 70 per barrel or higher than the average price of USD 67 per barrel in 2018 and USD 51 per barrel in 2017. ICP has been moving alongside the development of world benchmark crude oil prices, especially Brent. Geopolitical tensions in a number of oil-producing countries and the sentiment of OPEC production cuts in 2018 have been driving factors for these price increases. With the improvement in oil prices leading to an increase in oil demand, the upstream oil and gas industry in 2019 is predicted to be better than it was in 2018. The government is targeting USD 14.8 billion in investment in upstream oil and gas in 2019, or an increase compared to the 2018 target of USD 14.2 billion, of which the realization was only USD 11.9 billion.

In 2018 the Government appointed PT Pertamina (Persero) as the holding company for oil and gas State-Owned Enterprises. That same year the Government also granted production management rights to several oil and gas working areas or blocks to PT Pertamina (Persero). This included one of the largest oil and gas blocks in Indonesia, the Rokan block. In view of the fact that Pertamina is one of the Company's controlling shareholders, we believe with solid synergy that both of these aforementioned things have great potential for the Company. Moreover, in order to optimize the production of oil and gas blocks, service activities are needed to increase the amount of production and oil reserves that are increasingly needed. All of this provides more opportunities for the Company as it faces its business prospects in 2019.

By taking into consideration the opportunities, the efforts that have been prepared and also the Company's experience of more than 49 years, the Board of Commissioners of the Company is of the view that 2019 will be a better year for the Company. Subsequently, the Board of Commissioners will always keep reminding the Board of Directors to continue to strive to provide the best results for stakeholders. Through continuous innovation and improvements towards more effective and efficient working methods, and through competent human resources, we are optimistic that the Company has promising long-term business prospects and will be able to provide rewarding benefits for Shareholders and other Stakeholders.

CORPORATE GOVERNANCEAs with previous years, the Board of Commissioners has always emphasized the importance of implementing and enforcing Good Corporate Governance (GCG) in the Company. This subject also serves as a main focus point for supervision by the Board of Commissioners.

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meyakini bahwa penerapan praktik-praktik terbaik GCG akan mendukung tercapainya kinerja Perseroan yang berkelanjutan.

Sepanjang tahun 2018 Perseroan terus berupaya untuk menyempurnakan sistem, struktur dan organ tata kelola. Perseroan berkomitmen untuk mengimplementasikan GCG dalam setiap aktivitas bisnis Perseroan termasuk dalam tataran operasional Perseroan. Dewan Komisaris juga menilai bahwa pada tahun 2018 praktik-praktik GCG telah diterapkan secara efektif dan konsisten serta menjunjung tinggi nilai-nilai tranparansi, akuntabilitas, tanggung jawab, independensi dan kewajaran.

PANDANGAN ATAS PENERAPAN WHISTLEBLOWING SYSTEMDewan Komisaris memandang bahwa WBS memiliki peranan penting dalam penegakan Tata Kelola Perusahaan yang baik. Untuk itu kami dari Dewan Komisaris selalu mendukung setiap upaya dan langkah Direksi untuk melakukan perbaikan dalam penerapan dan penegakkan WBS untuk menghindari terjadinya fraud.

Sepanjang pengamatan kami pada tahun 2018 penerapan whistleblowing system berjalan cukup baik. Tahun 2018 Perseroan melakukan penyempurnaan whistleblowing system sebagai sarana untuk menerima laporan pelanggaran. Selain menggunakan sistem pelaporan pelanggaran, Perseroan juga memiliki mekanisme perlindungan pelapor yang mengatur jaminan kerahasiaan identitas pelapor terkecuali apabila pengungkapan tersebut dilakukan dalam kaitan dengan penyelidikan yang dilakukan oleh pihak yang berwenang atau diperlukan untuk mempertahankan posisi Perseroan di depan hukum.

Dalam hal pelanggaran dilakukan oleh Direksi, maka laporan pelanggaran disampaikan oleh pengelola WBS kepada Komisaris Utama dan penanganan lebih lanjut diserahkan kepada Dewan Komisaris. Demikian pula halnya jika pelanggaran dilakukan oleh Dewan Komisaris, jika anggota Dewan Komisaris yang merupakan perwakilan dari pemegang saham pengendali, laporan pelanggaran akan dilanjutkan kepada pemegang saham pengendali. Sementara untuk anggota Dewan Komisaris yang independen pelaporan pelanggaran akan dilanjutkan kepada Komisaris Utama. Semua pelanggaran yang dilakukan oleh Direksi maupun Dewan Komisaris bilamana diperlukan investigasi, dapat menggunakan investigator/auditor eksternal yang independen atau diserahkan kepada penegak hukum yang berwenang.

PENILAIAN KINERJA KOMITE DI BAWAH DEWAN KOMISARISDalam menjalankan fungsi pengawasannya, Dewan Komisaris dibantu oleh 3 (tiga) komite di bawah Dewan Komisaris yaitu Komite Audit, Komite Nominasi dan Remunerasi serta Komite Manajemen Risiko. Sepanjang tahun 2018, kami memandang

We believe that implementing best practices in GCG will support the achievement of sustainable corporate performance.

Throughout 2018, the Company continued to strive to improve its systems, structures and organs of governance. The Company is committed to implementing GCG in every one of its business activities, including at the operational levels. The Board of Commissioners also is of the view that GCG practices in 2018 have been applied effectively and consistently and have upheld the values of transparency, accountability, responsibility, independence and fairness.

IMPLEMENTATION OF WHISTLEBLOWING SYSTEMSThe Board of Commissioners is of the view that the Company’s Whistle-blowing System (WBS) serves an important role in upholding good corporate governance. For this reason, we, the Board of Commissioners, have always supported the efforts and steps the Board of Directors have taken in order to make improvements in the implementation and enforcement of WBS to avoid fraud.

The Company's whistle-blowing system has been carried out quite well throughout 2018, based on our observations throughout the year. In 2018, the Company made improvements to the whistle-blowing system as a means for receiving reports of violations. In addition to using this violation reporting system, the Company also has a reporting protection mechanism that regulates the confidentiality of the whistle-blower's identity (unless the disclosure is carried out in connection with an investigation conducted by an authorized party or is necessary to maintain the Company's position before the law).

In the event that a violation is carried out by a member of the Board of Directors, then the violation report is submitted by the WBS manager to the President Commissioner. Further handling is submitted to the Board of Commissioners. Likewise, if the violation is carried out by a member of the Board of Commissioners, and if that member is a representative of the controlling shareholder, then the violation report will be forwarded to the controlling shareholder. As for independent members of the Board of Commissioners, reports of any violations carried out by them will be forwarded to the President Commissioner. If investigations are necessary, any case of violations committed by the Board of Directors and the Board of Commissioners can make use of independent external investigators or auditors or can be handed over to authorized law enforcement.

PERFORMANCE EVALUATION FOR COMMITTEES UNDER THE BOARD OF COMMISSIONERSIn carrying out its supervisory functions, the Board of Commissioners is assisted by 3 (three) committees underneath it, namely, the Audit Committee, Nomination and Remuneration Committee, and the Risk Management Committee. We are of the view that all committees

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bahwa seluruh komite di bawah Dewan Komisaris telah bekerja dengan baik dalam memberikan rekomendasi kepada Dewan Komisaris dan memberikan dukungan penuh sehingga mekanisme pengawasan terhadap Direksi dapat berjalan dengan baik.

Komite Audit telah bekerja dengan baik diantaranya dalam mengawasi efektivitas pelaksanaan pengendalian internal dalam penyusunan laporan keuangan, melakukan penelaahan atas pemeriksaan audit baik oleh internal maupun eksternal serta memberikan rekomendasi terkait implementasi GCG. Sedangkan Komite Nominasi dan Remunerasi telah membantu kami antara lain dalam memberikan rekomendasi terkait kebijakan, kriteria dan seleksi jabatan strategis di lingkungan Perseroan sesuai prinsip-prinsip GCG. Adapun Komite Manajemen Risiko telah berperan penting dalam melakukan evaluasi secara komprehensif atas usulan Direksi terkait RKAP, investasi maupun hal-hal lainnya dan memantau pelaksanaannya sepanjang tahun 2018.

Kedepan, kami terus mendorong seluruh anggota Komite untuk terus meningkatkan kemampuan dan memperluas wawasannya di bidang industri, bisnis, keuangan dan pengelolaan risiko, sehingga dapat bekerja dengan lebih baik lagi dalam membantu Dewan Komisaris melaksanakan fungsi pengawasan kepada Direksi.

PERUBAHAN KOMPOSISI DEWAN KOMISARIS

Pada tahun 2018, Perseroan melaksanakan tiga kali Rapat Umum Pemegang Saham dengan salah satu mata acaranya mengenai perubahan susunan pengurus Persreoan. RUPS pertama tanggal 5 Maret 2018 pelaksanaan RUPS Luar Biasa, kedua pada tanggal 14 Mei 2018 dilakukan RUPS Tahunan dan ketiga pada tanggal 31 Agustus 2018 diadakan kembali RUPS Luar Biasa, sehingga per tanggal 31 Desember 2018 susunan Dewan Komisaris sebagai berikut:

No. NamaName

JabatanPosition

1 Narendra Widjajanto Komisaris UtamaPresident Commissioner

2 Pradana Ramadhian G. Komisaris IndependenIndependent Commissioner

3 Lusiaga Levi Susila Komisaris IndependenIndependent Commissioner

4 Afdal Martha Komisaris Commissioner

5 Eman Salman Arief Komisaris Commissioner

under the Board of Commissioners have worked well in providing recommendations to the Board of Commissioners throughout 2018, and have provided their full support to ensure that the oversight mechanism for the Board of Directors can run well.

The Audit Committee has worked well. Its tasks included overseeing the effectiveness of implementing internal controls in the preparation of financial reports, reviewing audit checks both internally and externally, and providing recommendations related to the implementation of GCG. Meanwhile, the Nomination and Remuneration Committee has helped us in things like providing recommendations related to policies, criteria and selection of strategic positions within the Company in accordance with GCG principles. The Risk Management Committee has played an important role in conducting a comprehensive evaluation of proposals from the Board of Directors regarding the Work Plan and Company Budget (RKAP), investment and other matters and has also monitored the implementation of these things throughout 2018.

In the future, we will continue to encourage all members of the Committees to continue to improve their abilities and broaden their horizons in the fields of industry, business, finance and risk management, so that they can work better in helping the Board of Commissioners carry out its supervisory function over the Board of Directors.

CHANGES IN THE COMPOSITION OF THE BOARD OF COMMISSIONERSIn 2018, the Company carried out three General Meetings of Shareholders, with one of its programs regarding changes in the composition of the Company's management. The first GMS was dated March 5, 2018, and was an Extraordinary GMS. The second was on May 14, 2018, and was an Annual GMS, while the third GMS was an Extraordinary GMS held on August 31, 2018. As of December 31, 2018, the composition of the Board of Commissioners is as follows:

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PENUTUPPada akhirnya, kami atas nama Dewan Komisaris menyampaikan terima kasih kepada anggota Dewan Komisaris yang telah purna bakti atas segala dedikasi, kontribusi dan kerjasamanya dalam menjalankan tugas selama masa jabatannya. Ucapan terima kasih dan apresiasi yang mendalam juga kami sampaikan kepada Direksi, jajaran Manajemen dan seluruh karyawan atas kerja keras serta dedikasi dalam upaya pengembangan Perseroan menjadi lebih baik lagi, serta kepada seluruh pemegang saham maupun pemangku kepentingan lainnya atas kepercayaan dan dukungan yang diberikan. Rasa terima kasih dan penghargaan yang sama juga kami ucapkan kepada pemegang saham, pelanggan, para mitra bisnis serta pemangku kepentingan lainnya atas dukungan dan kepercayaan kepada Perseroan.

Akhir kata, semoga prestasi yang telah ditorehkan di tahun ini semakin mendorong kita untuk berusaha lebih keras di tahun 2019 dan semoga tantangan yang menanti di tahun depan dengan upaya maksimal dan doa, dapat kita hadapi dengan lebih baik. Semoga Perseroan selalu mendapat berkah dan rahmat dari Allah SWT, aamiin.

Atas nama Dewan KomisarisOn behalf of the Board of Commissioners,

Narendra WidjajantoKomisaris Utama

President Commissioner

IN CLOSINGTo close, we, on behalf of the Board of Commissioners, would like to thank the members of the Board of Commissioners for their full dedication, contribution and cooperation in carrying out their duties throughout their tenure. Our deep gratitude and appreciation also goes to the Board of Directors, Management and all employees for their hard work and dedication towards making the Company even better. We also extend our gratitude to all shareholders, customers, business partners and other stakeholders for their trust and support in the Company.

We finally hope that the achievements that have been made this year will encourage us to try harder in 2019. Hopefully, we can better face the challenges that await in the next year with maximum effort and prayers. We hope the Company will always receive the blessings and grace of Allah SWT. Amen.

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Komposisi Dewan KomisarisBoard of Commissioners Composition

1

1

2

3

4

5

5 243

EMAN SALMAN ARIEFKomisaris Commissioner

LUSIAGA LEVI SUSILAKomisaris Independen Independent Commissioner

AFDAL MARTHAKomisaris Commissioner

NARENDRA WIDJAJANTOKomisaris Utama President Commissioner

PRADANA RAMADHIAN G.Komisaris Independen Independent Commissioner

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Tolingul Anwar

Direktur UtamaPresident Director

Laporan DireksiBoard of Directors Report

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“

“Para Pemegang Saham dan Pemangku Kepentingan yang Terhormat,

Dengan penuh rasa syukur kehadirat Allah SWT, perkenankanlah saya mewakili Direksi Perseroan untuk melaporkan bahwa tahun 2018 telah berhasil kami lalui dengan capaian yang menggembirakan bahkan kembali mampu mencatatkan rekor pada pendapatan konsolidasi.

Perjalanan Elnusa sepanjang tahun 2018 diwarnai oleh beragam tantangan serta dinamika industri migas baik pada tataran global seperti peningkatan volume operasi rig dunia diiringi membaiknya harga minyak, maupun tataran domestik di antaranya berupa terminasi dan peralihan beberapa blok migas utama di Indonesia.

PENCAPAIAN TARGET DAN KINERJA Memasuki tahun 2018 industri migas global sedikit mendapatkan angin segar dengan mulai pulihnya harga minyak yang sudah mampu stabil bertengger di kisaran USD50-65 per barel di hampir sepanjang tahun meskipun kembali mengalami koreksi pada penghujung 2018.

To our respected Shareholders and Stakeholders,

With full gratitude for the presence of Allah SWT, please allow me to represent the Board of Directors of the Company to report that we have successfully passed the year of 2018 with encouraging results and have even been able to register a new record for consolidated income.

Elnusa's journey throughout 2018 has been characterized by a variety of challenges and dynamics within the the oil and gas industry, both at the global level, such as an increase in volume of world rig operations, as well as at the domestic level, which includes the termination and transition of several major oil and gas blocks in Indonesia.

ACHIEVEMENT OF TARGETS AND PERFORMANCEThe global oil and gas industry went into the year 2018 with a bit of fresh air thanks to the way in which oil prices have started to recover and stabilize in the range of 50-65 USD per barrel throughout most of the year despite a correction in late 2018.

Meneruskan strategi portfolio balancing dan penguatan jasa berbasis non aset membuat komposisi pendapatan konsolidasi pada tahun 2018 masih didominasi oleh segmen distribusi dan logistik energi sebesar 56%. Sementara itu segmen jasa hulu migas berkontribusi sebesar 40% dan segmen jasa penunjang menyumbang sebesar 4% dari pendapatan.

Continuing the portfolio balancing strategy and strengthening the non-asset-based services made the composition of consolidated revenue in 2018 was still dominated by the distribution and energy logistics segment at 56%. Meanwhile, the upstream oil and gas service segment and the supporting services segment contributed at 40% and 4% of the income, respectively.

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Meskipun demikian volatilitas harga minyak masih mejadi faktor utama terhadap peningkatan aktivitas industri hulu migas di Indonesia. Harga jasa hulu migas Elnusa pun masih belum meningkat signifikan dan masih dibayangi oleh keterbatasan serta kemampuan budget operasi dari setiap Perusahaan migas. Namun sekali lagi, Elnusa sebagai Perusahaan jasa migas dan energi terpercaya di Indonesia yang mengusung strategi Total Solution kembali mampu membuktikan kepiawaiannya melalui keunggulan dan kelengkapan lini jasa yang dimiliki dalam menghadapi turbulensi industri.

Elnusa menutup tahun dengan pendapatan usaha sebesar Rp6,6 triliun atau tumbuh sebesar 33% dibandingkan tahun sebelumnya, sekaligus merupakan pencapaian tertinggi dalam sejarah berdirinya perusahaan. Laba bersih konsolidasi juga berhasil dibukukan sebesar Rp276 miliar atau naik 12% dibanding laba bersih konsolidasi tahun lalu. Pencapaian pendapatan dan laba bersih konsolidasi tahun 2018 ini lebih tinggi sebesar 114% dan 103% dari target awal yang dicanangkan Perusahaan.

Kinerja tahun 2018 ini merupakan buah hasil kerja konsolidasi dari semua segmen, baik jasa hulu migas terintegrasi, jasa distribusi dan logistik energi maupun jasa pendukung dari kedua segmen tersebut. Jasa hulu migas Elnusa mampu tumbuh dengan baik didominasi oleh lini jasa Production Operation & Maintenances (POMS) yang meningkat signifikan sebesar lebih dari 60% dibanding tahun sebelumnya. Pertumbuhan kinerja POMS ini tak lepas dari performa bisnis jasa Engineering Procurement Construction & Operation Maintenance (EPC-OM) yang merupakan bisnis berbasis non-aset dimana pada tahun ini mampu lebih dari sekedar melipatgandakan pendapatannya namun juga turut berkontribusi signifikan terhadap lini jasa POMS Elnusa dengan perolehan kontrak-kontrak signifikan baru yang bersifat multiyears.

Meskipun bisnis non-aset menorehkan kinerja yang luar biasa tahun ini namun kinerja bisnis berbasis aset pun terbilang sangat baik. Bisnis Well Intervention yang dimotori jasa Well Testing, Wireline Logging, Slickline dan Coil Tubing secara keseluruhan mampu meningkatkan kinerjanya diatas tahun lalu. Sementara itu bisnis Drilling dan Workover menjadi lokomotif bisnis terutama dari jasa Drilling yang pada akhir tahun 2018 ini berhasil mendapatkan kontrak baru pemboran dengan durasi 3 tahun di wilayah kerja Sanga-sanga, dan bisnis Hydraulic Workover yang telah mampu mendominasi pasar workover nasional. Perolehan kontrak pemboran serta workover ini sangat membesarkan hati kami mengingat bisnis pemboran ini sempat mengalami kejatuhan pada saat penurunan tajam harga minyak beberapa tahun terakhir.

Pencapaian kinerja pada lini jasa Geoscience & Reservoir Services (GRS) atau jasa seismik pada tahun ini sedikit mengalami perlambatan terutama pada jasa seismik darat. Pada permulaan

Nevertheless the volatility of oil prices continues to be a major factor in the increase of upstream oil and gas industry activities in Indonesia. The price of Elnusa's upstream oil and gas services has still not increased significantly and is still overshadowed by the limitations and capability of the operating budget of each oil and gas company. But at the same time, Elnusa, as a trusted "Total Solution" oil and gas services company in Indonesia, has once again been able to prove its expertise through the excellence and comprehensiveness of its service lines in the face of industrial turbulence.

As a result, Elnusa was able to close the year with Rp 6.6 trillion in operating revenues, which marked a 33% growth compared to the previous year, while also being the highest achievement in the company's history. It also was able to record a consolidated net income of Rp 276 billion, up 12% compared to last year's consolidated net income. The Company's achievements when it came to consolidated revenue and net profit in 2018 were higher by 114% and 103% compared to its initial targets.

This 2018 performance has been the result of consolidated work from all segments, whether it was integrated upstream oil and gas services, energy distribution and logistics services, or even supporting services from both of these segments. Elnusa's upstream oil and gas services, which were able to grow well, were dominated by its Production and Operation Maintenances (POMS) service line, which increased significantly by more than 60% compared to the previous year. The growth of this POMS performance is inseparable from the performance of the Company's Engineering Procurement Construction Operation Maintenance (EPC-OM) business, which is a non-asset-based business that was able to more than double its revenue this year and was also able to contribute significantly to Elnusa's POMS service line through new and significant multi-year contracts.

Although the Company's non-asset business was able to slice out a remarkable performance for itself this year, its asset-based business performance was also very good. Its Well Intervention business, driven by Well Testing, Wireline Logging, Slickline and Coil Tubing services as a whole, was able to improve its performance over the past year. Meanwhile, its Drilling and Workover business has become a business locomotive mainly as a result of its Drilling services which at the end of 2018 managed to obtain a new contract with a duration of 3 years in the Sanga-sanga work area, as well as from its Hydraulic Workover business, which has been able to dominate the national workover market. This acquisition of drilling and workover contracts has been very encouraging for us, considering that the drilling business had experienced a drop at the time as a result of the sharp decline in oil prices in recent years.

As for the Company's work performance this year in its Geoscience & Reservoir Services (GRS), a slight slowdown was experienced, especially in land seismic services. At the start of 2018, the

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tahun 2018 ini GRS telah berhasil merampungkan pekerjaan sesimik 3D di wilayah Klamosossa, Papua Barat dengan hasil yang gemilang. Namun kemudian, proyek seismik darat 3D & 2D Pesut Mas, Sulawesi Utara yang direncanakan dapat dimulai pada pertengahan tahun 2018 baru dapat terealisasi pelaksanaannya pada menjelang tahun berakhir sehingga mengakibatkan pergeseran tata waktu dan juga pencapaian performa.

Sedangkan untuk jasa seismik laut yang dijalankan menggunakan kapal berbendera Indonesia ELSA Regent pada tahun ini berhasil menyelesaikan beberapa proyek pekerjaan di perairan Indonesia dengan hasil yang baik. ELSA Regent pada tahun ini telah melakukan survey seismik di perairan Selabangka dan Singkawang, perairan Natuna dan juga di Laut Jawa. Survei seismik laut ini merupakan salah satu upaya dan bukti nyata komitmen Elnusa dalam mendukung ketahanan energi nasional melalui penemuan cadangan migas baru di laut Indonesia

Segmen distribusi dan logistik energi yang merupakan kontributor utama Perseroan pada tahun ini, kembali berhasil melanjutkan peningkatan kinerja yang gemilang seperti tahun-tahun sebelumnya. Mencatat pendapatan sebesar Rp3.6 triliun dan laba sebesar Rp230 miliar, pencapaian ini merupakan yang tertinggi dari yang pernah dicapai oleh segmen distribusi dan logistik energi. Kegemilangan segmen ini tidak lepas dari optimalisasi masing-masing unit bisnis baik perdagangan BBM industri & marine, penyaluran transportasi BBM, manajemen depo serta perdagangan chemical seiring dengan meningkatnya volume dan kebutuhan masyarakat atas bahan bakar.

Meneruskan strategi portfolio balancing dan penguatan jasa berbasis non aset membuat komposisi pendapatan konsolidasi pada tahun 2018 masih didominasi oleh segmen distribusi dan logistik energi sebesar 56%. Sementara itu segmen jasa hulu migas berkontribusi sebesar 40% dan segmen jasa penunjang menyumbang sebesar 4% dari pendapatan.

Dari sisi neraca, Elnusa saat ini berada dalam posisi yang semakin kuat. Posisi aset Perseroan tumbuh 16% dibanding tahun lalu dan tercatat sebesar Rp5.6 triliun. Ekuitas naik 8% menjadi Rp3.3 triliun sedangkan total kewajiban Perseroan naik 30% menjadi Rp2.3 triliun. Postur neraca Elnusa ini diharapkan menjadi tumpuan dalam menghadapi tantangan pertumbuhan kedepan. Untuk memastikan dan menunjang hal tersebut, pada awal 2018 lalu Elnusa telah menandatangani fasilitas kredit sindikasi jangka panjang dari Kreditur Sindikasi sebesar USD80 juta. Secara umum, fasilitas pendanaan ini akan digunakan pada proyek-proyek strategis pengembangan bisnis, baik di hulu, distribusi dan logistik, maupun penunjang migas.

Kinerja Elnusa yang membanggakan tersebut tentu ditunjang oleh keberhasilan aspek operasional dan juga penerapan kebijakan Health, Safety, Security and Environment (HSSE) yang disiplin. Melalui upaya dan program terbaik yang dilakukan Perseroan

Company's GRS was able to successfully complete 3D seismic work in the Klamosossa region of West Papua, with brilliant results. However, its 3D and 2D seismic land project in Pesut Mas in North Sulawesi, which was scheduled to begin in mid-2018, experienced a setback that meant that it could only be realized before the end of the year. This resulted in a shift in time and performance.

Meanwhile, its sea seismic services, which were run using the Indonesian-flagged ELSA Regent vessel this year, also saw to the completion of several work projects in Indonesian waters with good results. The ELSA Regent this year was able to conduct seismic surveys in the waters of Selabangka and Singkawang, the waters of Natuna and also that of the Java Sea. These sea seismic surveys were among some of many concrete representations and proofs of Elnusa's commitment towards supporting national energy security through the discovery of new oil and gas reserves in the Indonesian sea.

Moving on, the energy distribution and logistics segment, which was the Company's main contributor this year, has once again succeeded in continuing its path of glorious performance improvement as was the case in previous years. With a recorded revenue of Rp 3.6 trillion and profits of Rp 230 billion, these achievement numbers are the highest the distribution and energy logistics segments ever achieved. This segment's glory cannot be separated from the optimization of each business unit, whether it is industrial and marine fuel trading, or fuel transportation distribution, or depot management and chemical trading that has been in line with the increasing volume and public demand for fuel.

The Company's continuation of its portfolio-balancing strategy and strengthening of its non-asset-based services meant that its composition of consolidated income in 2018 was still dominated by the energy distribution and logistics segment at 56%. Meanwhile, the upstream oil and gas service segment contributed 40%, while the support services segment contributed 4% of revenue.

In terms of its balance sheet, Elnusa is currently in an increasingly strong position. The position of the Company's assets grew 16% compared to last year and was recorded at Rp 5.6 trillion. Equity rose 8% to Rp 3.3 trillion while the Company's total liabilities rose 30% to Rp 2.3 trillion. Elnusa's balance sheet posture is expected to be a cornerstone in facing the challenges of future growth. As a way of supporting and ensuring this expectation, Elnusa in early 2018 signed a long-term syndicated credit facility from Syndicated Creditors worth USD 80 million. In general, this funding facility will be used in strategic business development projects, whether it's upstream services, distribution and logistics, or oil and gas support.

Elnusa's proud performance has certainly been supported by the success of its operational aspects as well as by its implementation of disciplined Health, Safety, Security and Environment (HSSE) policies. Thanks to the Company's best efforts and the programs

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untuk mencapai HSSE Ekselen, sepanjang 2018 Elnusa mencapai lebih dari 43 juta jam kerja, jauh lebih tinggi dibanding tahun lalu yang sebesar 35 juta jam kerja. Meskipun terdapat 1 kecelakaan yang menyebabkan hilangnya nyawa (fatality) pada salah satu operasional project yang menjadi tanggungan bersama sebagai konsekuensi Konsorsium (Joint Operation) antara Perseroan dengan cucu perusahaan Pertamina lain pada Project Pembangunan Pipa Gas Duri – Dumai, namun berdasarakan keseluruhan parameter perbandingan, kinerja HSSE tahun 2018 ini dapat dikatakan lebih baik dibanding sebelumnya.

TANTANGAN DAN PROSPEK USAHA KE DEPANKami melihat dinamika pada industri migas kedepan akan semakin kompleks dan menantang, tidak terbatas hanya pada isu volatilitas harga ataupun permasalahan supply & demand. Maka dari itu, setiap pelaku industri termasuk Elnusa harus siap menghadapi berbagai disrupsi yang terus berkembang dan akan mengubah bentuk industri nantinya.

Sebagai perusahaan jasa migas utama di Indonesia yang sejak tahun lalu menyelaraskan visi nya menjadi Total Solution yang tidak sekedar menjual jasa konvensional namun mampu memberikan solusi total kepada pelanggan, dimana Elnusa telah menyiapkan strategi khusus menghadapi persaingan industry tahun 2019 mendatang.

Optimizing services dan pengembangan model bisnis menjadi strategi utama Perseroan dalam mewujudkan hal tersebut. Kami menargetkan 60% dari penggunaan jasa berbasis fit to purpose akan dapat kami kuasai dalam waktu dekat. Sedangkan jasa pada specific market dapat kami jalankan melalui skema partnership baik dengan perusahaan asing, domestik maupun institusi pendidikan. Sedangkan sisanya yang merupakan jasa commodity akan dijalankan melalui skema yang mengembangkan kapasitas lokal.

Salah satu bentuk optimalisasi kompetensi dan sumber daya dalam jasa hulu migas terintegrasi yang dituangkan melalui skema partnership tersebut telah berhasil diwujudkan pada akhir tahun 2018 dengan penandatangan Master Cooperation Agreement (MCA) dan Wireline Master Service Agreement (Wireline MSA) selama lima tahun dengan Schlumberger. Terdapat tiga tujuan besar yang hendak dicapai dalam kerja sama ini, yaitu peningkatan kapasitas nasional dalam servis hulu migas, alih teknologi yang ada di dalamnya, serta berbagi peluang & risiko untuk meningkatkan pertumbuhan bersama.

Sebagai bentuk usaha dalam mencapai 60% fit to purpose market, kami turut serta mendorong sinergi dengan Pertamina bersama anak usaha Pertamina lainnya sekaligus merupakan upaya peningkatan kapasitas nasional. Selain itu, peralihan beberapa Wilayah Kerja (WK) / blok migas ke tangan Pertamina juga merupakan prospek sinergi bagi Pertamina Grup termasuk Elnusa didalamnya.

it carried out to achieve "Excellent HSSE" results, Elnusa was able to reach over 43 million working hours in 2018, far higher than last year's total of 35 million working hours. There was one accident that resulted in a loss of life (fatality) in one of its operational projects that was jointly borne as a consequence of a Joint Operation between the Company and another Pertamina subsidiary during the construction of the Gas Duri-Dumai Pipeline Development Project. Nevertheless, based on overall parameter comparisons, it can be said that the Company's HSSE performance in 2018 is better than it was before.

FUTURE BUSINESS CHALLENGES AND PROSPECTSWe see that the dynamics in the oil and gas industry going forward will be more complex and challenging. It won't just be limited to the issue of price volatility or the problem of supply and demand. as such, all industry players, including Elnusa, must be prepared to face a variety of disruptions that will continue to develop and change the shape of the industry later on.

As the primary oil and gas service company in Indonesia that has since last year aligned its vision to become a Total Solution provider that doesn't just sell conventional services but also provides total solutions to customers, Elnusa has prepared a special strategy to face industry competition in 2019.

Optimizing services and developing business models are the Company's main strategies in facing the competition. We are aiming to have 60% of the use of fit-to-purpose services to be under our control in the near future. Meanwhile, at specific markets, we can run our services through partnership schemes with foreign, domestic and educational institutions. The rest will be comprised of commodity services that will be run through a schematic for developing local capacity.

One form of optimization of competencies and resources in integrated upstream oil and gas services (as outlined through the aforementioned partnership scheme) has been successfully realized at the end of 2018 with the signing of the Master Cooperation Agreement (MCA) and Wireline Master Service Agreement (Wireline MSA) for five years with Schlumberger. There are three major goals to be achieved through this collaboration: increasing national capacity in upstream oil and gas services, transferring the technology contained in it, and sharing opportunities and risks to improve mutual growth.

In order to reach of our goal of capturing 60% of the fit-to-purpose market, we participated in encouraging synergy with Pertamina and with other Pertamina subsidiaries. This also served as an effort to increase national capacity. In addition, the transfer of several working areas/oil and gas blocks to Pertamina also served as a prospect of synergy for Pertamina Group, which also included Elnusa in it.

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Sadar akan potensi perubahan bentuk industri dan disrupsi di masa mendatang, kami selalu aktif melihat berbagai peluang bisnis baik di perluasan jasa seismik migas, energi serta industri yang masih terdapat korelasi. Pada sektor hulu migas, jasa sesmik didorong untuk mendukung program KKP (Komitmen Kerja Pasti) migas dan juga mengembangkan skema aktivitas seismik berbasis Multi Client.

Sementara itu untuk pengembangan bisnis EPC-OM, selain memperkuat sisi upstream, pasar midstream turut menjadi target sebagai bagian dari implementasi strategi keseimbangan portofolio. Tahun 2018 ini merupakan milestones bagi EPC-OM dalam meningkatkan kompetensi dan kapasitas jasa yang dilakukannya. Hal tersebut dibuktikan dengan capaian proyek-proyek EPC-OM pada operasi offshore, operasi bawah laut (subsea) serta melakukan Turnaround fasilitas-fasilitas utama untuk mendukung kontinuitas produksi nasional.

Dari segmen downstream, selain pada jasa transportasi dan logistik BBM yang dalam beberapa tahun terakhir menunjukkan pertumbuhan luar biasa, ke depannya Elnusa akan menggenjot kinerja melalui pengembangan bisnis TBBM, depot maupun DPPU dengan skema kepemilikan aset, melipatgandakan bisnis chemical serta pengoptimalan kompetensi operation & maintenance kilang migas. Sebagai tambahan, Elnusa juga sudah melakukan penjajakan bisnis energi baru terbarukan serta memulai inisiatif bisnis digital maupun pengembangan servis yang ada dengan value preposition digital.

PERKEMBANGAN PENERAPAN TATA KELOLA PERUSAHAAN Perseroan sangat menyadari bahwa penerapan tata kelola perusahaan yang baik atau Good Corporate Governance (GCG) merupakan bagian integral dan tak terpisahkan dalam operasional Perseroan. GCG juga menjadi elemen utama dalam mengoptimalkan nilai perusahaan agar memiliki daya saing yang kuat, sehingga mampu bertahan dan tumbuh secara konsisten dan berkelanjutan sejalan dengan visi dan misi yang dicanangkan.

Upaya penerapan tata kelola yang telah dilaksanakan oleh Perseroan selama ini telah terbukti memberikan kontribusi yang positif serta manfaat bagi Perseroan dalam menghadapi persaingan dan tantangan bisnis yang bersifat dinamis. Selain itu juga secara nyata meningkatkan kepercayaan dan komitmen kepada Pemegang Saham, Dewan Komisaris serta para pemangku kepentingan.

Salah satu upaya Perseroan untuk mengukur tingkat implementasi GCG secara konsisten adalah dengan melakukan penilaian penerapan GCG setiap tahunnya. Perseroan melakukan penilaian penerapan GCG dengan menggunakan standar praktik terbaik, yaitu ASEAN Corporate Governance Scorecard.

Aware of the potential for future industrial changes and disruptions, we have always been active in looking for various business opportunities, whether its in expanding seismic oil and gas, energy and industrial services that are still correlated. In the upstream oil and gas sector, seismic services are encouraged to support the oil and gas workforce commitment program and to also develop a Multi-Client-based seismic activity scheme.

Meanwhile, in terms of the development of the EPC-OM business, in addition to strengthening the upstream side, the midstream market has also been targeted as part of the Company's portfolio balance implementation strategy. The year 2018 served as a milestone for EPC-OM in improving the competence and capacity of its services. This is evidenced by the achievements of EPC-OM projects on offshore operations, sub-sea operations and conducting Turnarounds of major facilities to support the continuity of national production.

In the downstream segment, in addition to the transportation and fuel logistics services which in recent years have shown tremendous growth, Elnusa in the future also seeks to boost performance through the business development of Oil Fuel Terminals, Depots and Aircraft Filling Depots through asset ownership schemes, through multiplying chemical businesses and through optimization of operational competence and oil and gas refinery maintenance. In addition, Elnusa has also explored the new and renewable energy business and has started digital business initiatives. It has also developed on existing services that have digital value prepositions.

DEVELOPMENT OF CORPORATE GOVERNANCE IMPLEMENTATIONThe Company is very aware that the implementation of Good Corporate Governance (GCG) is an integral and inseparable part of the Company's operations. GCG is also the main element in optimizing company value for creating strong competitiveness that allows it to survive and grow consistently and sustainably in line with its proclaimed vision and mission.

Efforts by the Company to implement governance have been proven to provide it with positive contributions and benefits in facing dynamic business competition and challenges. In addition, it also significantly increased trust and commitment to Shareholders, the Board of Commissioners and Stakeholders.

One of the Company's efforts to measure its level of consistent GCG implementation has been through its annual assessments of GCG implementation. The Company evaluates the implementation of GCG by using the standard of best practice, the ASEAN Corporate Governance Scorecard.

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Untuk tahun buku 2018, Perseroan tidak melakukan pengukuran penerapan GCG, namun Perseroan fokus pada melakukan tindak lanjut atas pengkinian pedoman-pedoman kepatuhan serta proses sosialisasinya. Sepanjang tahun 2018 Perseroan melakukan pengkinian Code of Conduct, pedoman kepatuhan terkait tata kelola perusahaan dan pembenahan Whistle Blowing System.

PERUBAHAN KOMPOSISI DIREKSI & APRESIASI DIREKSISepanjang tahun 2018 ini Perseroan telah melaksanakan tiga kali Rapat Umum Pemegang Saham (RUPS) yaitu satu kali Rapat Umum Pemegang Saham Tahunan yang diselenggarakan pada tanggal 14 Mei 2018 dan dua kali Rapat Umum Pemegang Saham Luar Biasa yang dilaksanakan pada tanggal 5 Maret 2018 dan 31 Agustus 2018.

Berdasarkan hasil keputusan Rapat Umum Pemegang Saham baik RUPS Tahunan maupun RUPS Luar Biasa yang dilaksanakan perseroan maka per tanggal 31 Desember 2018 susunan kepengurusan yang dimiliki Perseroan sebagai berikut :

KomisarisCommissioner

JabatanPosition

DireksiDirector

JabatanPosition

Narendra Widjajanto Komisaris UtamaPresident Commissioner

Tolingul Anwar Direktur UtamaPresident Director

Pradana Ramadhian G Komisaris IndependenIndependent Commissioner

Elizar P Hasibuan Direktur OperasiOperation Director

Lusiaga Levi Susila Komisaris IndependenIndependent Commissioner

RM Happy Paringhadi Direktur SDM dan UmumHuman Resources and General Affairs Director

Afdal Martha Komisaris Commissioner

Hery Setiawan Direktur KeuanganFinance Director

Eman Salman Arief Komisaris Commissioner

Arief Riyanto Direktur Pengembangan UsahaBusiness Development Director

Mewakili pengurus Perseroan, dengan segenap hati saya haturkan terima kasih yang tak terhingga kepada Bapak Rinaldi Firmansyah, Bapak Gigih Prakoso, Bapak Yudo Irianto, Bapak Budhi Nugraha Pangaribuan dan Bapak Budi Rahardjo yang telah bekerja tidak kenal lelah bersama kami selama ini dalam membangun dan memajukan Elnusa. Tak lupa pula saya menyambut dengan bahagia bergabungnya Bapak Narendra Widjajanto, Bapak Lusiaga Levi Susila, Bapak Elman Salman Arief, Bapak Afdal Martha, Bapak Hery Setiawan dan Bapak Arief Riyanto ke dalam keluarga besar Perseroan. Kami yakin, susunan pengurus Perseroan akan semakin solid dan pengalaman bapak-bapak akan sangat dibutuhkan dalam menumbuh kembangkan Perseroan kedepan.

The Company has not conducted any measures for GCG implementation in fiscal year 2018. Instead, the Company has opted to focus on doing follow-ups on updating compliance guidelines and on its socialization process. Throughout the year 2018, the Company has updated its Code of Conduct and its corporate governance-related guidelines, and has also revamped its Whistle Blowing System.

BOARD OF DIRECTORS: CHANGES IN COMPOSITION & APPRECIATIONThroughout 2018, the Company has carried out three General Meetings of Shareholders (GMS). One was an Annual General Meeting of Shareholders held on May 14, 2018, while two of them were Extraordinary General Meetings of Shareholders held on March 5, 2018, and August 31, 2018.

Based on the results of these three meetings held by the company, the management structure of the Company as of December 31, 2018, is as follows:

On behalf of the Company’s management, I would like to extend all of my heartfelt gratitude for Mr. Rinaldi Firmansyah, Mr. Gigih Prakoso, Mr. Yudo Irianto, Mr. Budhi Nugraha Pangaribuan and Mr. Budi Rahardjo who have worked tirelessly with us thus far in building and advancing Elnusa. We should also not forget to happily welcome the joining of Mr. Narendra Widjajanto, Mr. Lusiaga Levi Susila, Mr. Elman Salman Arief, Mr. Afdal Martha, Mr. Hery Setiawan and Mr. Arief Riyanto to the Company’s extended family. We believe that the composition of the Company’s management will continue to become more and more solid and that the experiences all you gentlemen bring will be greatly needed to develop the Company in the future.

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On behalf of the Company’s Board of Directors, I express my heartfelt appreciation and gratitude to all Elnusa people everywhere, whether in operational areas, at the head office, or at Subsidiaries for their great contributions throughout the year. We also would like to extend our gratitude to all the Shareholders, the Board of Commissioners and the Committees for their good cooperation thus far. We also strongly feel the support of our clients, business partners and creditors throughout 2018. Let’s welcome the upcoming 2019 with full self-confidence, prayers and hard work, as well as with the spirit of Total Solution for the advancement of our beloved Elnusa. Thank you.

Mewakili Direksi Perseroan, dengan segenap hati saya sampaikan apresiasi dan rasa terima kasih yang tak terhingga untuk seluruh insan Elnusa dimanapun berada baik di wilayah operasi maupun di kantor pusat serta Anak Perusahaan atas kontribusi hebatnya sepanjang tahun ini. Terima kasih juga kami haturkan kepada seluruh Pemegang Saham, Dewan Komisaris beserta jajaran Komite atas kerjasama baiknya selama ini. Support dari klien, mitra kerja dan kreditur juga sangat kami rasakan sepanjang tahun 2018 ini. Mari kita songsong tahun 2019 mendatang dengan penuh percaya diri, doa dan kerja keras serta spirit Total Solution demi kemajuan Elnusa tercinta. Terima Kasih.

Atas nama DireksiOn behalf of the Board of Directors

Tolingul AnwarDirektur Utama

President Director

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1

1

2

3

4

5

4 325

RM HAPPY PARINGHADIDirektur SDM & Umum Human Resource & General Director

ELIZAR PARLINDUNGAN HASIBUANDirektur Operasi Operation Director

ARIEF RIYANTODirektur Pengembangan Usaha Business Development Director

TOLINGUL ANWARDirektur UtamaPresident Director

HERY SETIAWANDirektur Keuangan Finance Director

Komposisi DireksiBoard of Directors Composition

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Pernyataan Anggota Dewan Komisaris dan DireksiTentang Tanggung Jawab atas Laporan Tahunan 2018

PT Elnusa Tbk

Kami yang bertanda tangan di bawah ini, menyatakan bahwa semua informasi dalam Laporan Tahunan PT Elnusa Tbk tahun 2018 telah dimuat secara lengkap dan bertanggung jawab penuh atas kebenaran Laporan Tahunan Perseroan.

Demikian pernyataan ini dibuat dengan sebenarnya.

Jakarta, 18 Maret 2019

Dewan KomisarisBoard of Commissioners

Narendra WidjajantoKomisaris Utama


Lusiaga Levi SusilaKomisaris Independen

Independent Commissioner

Afdal Martha Komisaris

Commissioner

Pradana Ramadhian G.Komisaris Independen


Eman Salman Arief Komisaris

Commissioner

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Statements from the Board of Commissioners andDirectors for the Responsibility of 2018 Annual Report

PT Elnusa Tbk

We the undersigned hereby declare that all the information contained within the 2018 Annual Report of PT Elnusa Tbk has been presented completely. We are fully responsible for the truthfulness of the content of the Annual Report.

This statement has been made truthfully.

Jakarta, March 18, 2019

DireksiBoard of Directors


President Director

Hery SetiawanDirektur Keuangan

Finance Director

Arief Riyanto Direktur Pengembangan UsahaBusiness Development Director

Elizar Parlindungan HasibuanDirektur Operasi

Operation Director

RM. Happy ParinghadiDirektur Sumber Daya Manusia dan Umum

Human Resources and General Affairs Director

Profil PerusahaanCompany Profile

04

50

rofil erusahaanCompany Profile

Nama PerusahaanCompany Name

PT Elnusa TbkBerkedudukan di Jakarta, IndonesiaDomiciled in Jakarta, Indonesia

Tanggal PendirianDate of Establishment

25 Januari 1969 / January 25, 1969

Berdasarkan akta Nomor 18, tanggal 25 Januari 1969, dibuat di hadapan Tan Thong Kie, Notaris di Jakarta, Pengesahan dari Menteri Kehakiman, Nomor J.A.5/18/24 tanggal 19 Februari 1969

Based on the deed Number 18 dated January 25, 1969, drawn up before Tan Thong Kie, Notary in Jakarta, approved by the Minister of Justice, Number J.A.5/18/24 dated February 19, 1969

Tanggal PeresmianDate of Official Launching

9 September 1969 September 9, 1969

Status PerusahaanCompany Status

Perusahaan Swasta dan Terbuka yang sahamnya tercatat di BEI sejak 6 Februari 2008Private and Public Company listed on the IDX since February 6, 2008

Modal DasarAuthorized Capital

Rp2.250.000.000.000Rp2,250,000,000,000

Modal Ditempatkan dan Disetor PenuhIssued and Fully Paid Capital

Rp729.850.000.000Rp729,850,000,000

Kegiatan Bisnis Utama Sesuai Anggaran Dasar Core Business Activities based on Articles of Association

1. Dalam Bidang Jasa / Servicesa. Jasa yang Berkaitan Energi Alternatif / Services related to Alternative Energyb. Bidang Pengambilan Data dan Pengolahan Data Geofisika dan Geologi /Geophysics and Geology Data

Acquisition and Processingc. Konsultasi Bidang Energi / Energy-related Consultationd. Konsultasi Bidang Pertambangan / Mining-related Consultatione. Jasa Pengecekan Pipa atau Gas di Bawah Tanah dan di Dalam Laut /Underground & Undersea Gas Pipeline

Examination Services2. Dalam Bidang Perindustrian / Industries

a. Industri Pembangkit Tenaga Listrik / Power Generation Industryb. Industri Energi / Energy Industryc. Industri Maritim / Maritime Industry

Area Operasi 2018Operational Area in 2018

Indonesia

Keikutsertaan dalam AsosiasiParticipation in Associations

Indonesian Petroleum Association (IPA)Himpunan Ahli Geofisika Indonesia (HAGI) / Geophysicists Association of IndonesianIkatan Ahli Geologi Indonesia (IAGI) / Indonesian Geologists Association

Kontak PerusahaanCompany Contact

Graha Elnusa, Lantai 16Jl. TB Simatupang Kav. 1B, Jakarta 12560Phone : +62 21 78830850Facsimile : +62 21 78830907Email : [email protected]@elnusa.co.idWebsite : www.elnusa.co.id

Informasi UmumGeneral Information

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Riwayat Singkat & Jejak LangkahBrief History & Milestones

PT Electronika NusantaraDidirikanPT Electronika Nusantara was Established Perseroan didirikan dengan nama PT Electronika Nusantara berdasarkan Akta Pendirian Nomor 18 tanggal 25 Januari 1969.

The Company was established under the name of PT Electronika Nusantara pursuant to Deed of Establishment No. 18 dated January 25, 1969.

PT Electronika Nusantara BerubahMenjadi PT ElnusaCompany Transformed its Name, from PT Electronika Nusantara into PT Elnusa Perseroan melanjutkan ekspansi bisnis ke bidang pengelolaan dan penyimpanan data migas, oilfield services serta bisnis distribusi bahan bakar domestik melalui pendirian PT Sigma Cipta Utama, PT Elnusa Workover Hydraulic dan PT Elnusa Petrofin. Pada tahun 1984 nama Perseroan PT Electronika Nusantara berubah menjadi PT Elnusa.

The Company’s business expanded into oil & gas data management and storage, oilfield services and domestic fuel distribution through the establishment of PT Sigma Cipta Utama, PT Elnusa Workover Hydraulic and PT Elnusa Petrofin. In 1984, the Company transformed its name, from PT Electronika Nusantara into PT Elnusa.

Perseroan Mulai Menjajaki PeluangBisnis di Industri MigasThe Company Began to Explore Business Opportunities in Oil & Gas Industry Perseroan mulai menjajaki peluang bisnis di industri migas dengan membentuk Divisi Seismic Data Processing. Perseroan juga mulai melengkapi layanannya dengan meluncurkan Scientific Data Center, Integrated Oil Communication System (IOCS), jasa akuisisi data seismik, jasa stimulasi reservoir, dan bidang perminyakan, khususnya optimalisasi proses kilang.

The Company began to explore business opportunities in oil & gas industry by establishing a Seismic Data Processing Division. The Company also launched a Scientific Data Center, Integrated Oil Communication System (IOCS) and offered seismic data acquisition, reservoir stimulation and oil-related services, particularly the refinery process optimization

1969 1980 - 19871971 - 1979

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Menstabilkan dan MenyeimbangkanKinerja OperasionalStabilizing and Balancing Operational Performance Perseroan mengakselerasi kinerja operasional dan memfokuskan jasa berbasis nonaset pada lini jasa hulu migas, serta menggenjot pertumbuhan pangsa pasar melalui diversifikasi portofolio. Pada akhir tahun, Perseroan berhasil menyeimbangkan komposisi pendapatan di antara jasa hulu migas dengan distribusi dan logistik energi.

The Company accelerated operational performance and focused on non-asset-based services on upstream oil and gas services, as well as boosted market share growth through portfolio diversification. At the end of the year, the Company managed to balance the income composition between upstream oil and gas services and energy distribution and logistics.

Penguatan Kompetensi dalam JasaPengeboran dan PenunjangnyaCompetency Strenghtening in Drilling & Support ServicesPerseroan memperkuat eksistensinya di industri migas dengan mendirikan PT Elnusa Drilling Services yang melayani jasa pengeboran terpadu dan mengakuisisi PT Purna Bina Nusa yang kini bernama PT Elnusa Fabrikasi Konstruksi berbasis di Batam.

The Company reinforced its position in oil & gas industry through the establishment of PT Elnusa Drilling Services which engaged in integrated drilling services, and through the acquisition of PT Purna Bina Nusa, subsequently named as PT Elnusa Fabrikasi Konstruksi based in Batam.

Restrukturisasi KorporasiAgar lebih fokus sebagai penyedia Jasa Hulu Migas Terintegrasi, Perseroan melakukan penggabungan vertikal atas empat anak perusahaan ke dalam Perseroan, yaitu:• PT Elnusa Geosains,• PT Elnusa Drilling Services,• PT Sinar Riau Drillindo, serta• PT Elnusa Workover Services.

Selain itu Perseroan juga melakukan divestasi saham di beberapa perusahaan yang bukan merupakan bisnis inti Perseroan untuk memantapkan usaha di bisnis jasa migas.

Corporate Restructuring In order to be more focused as an integrated upstream oil & gas services provider, the Company conducted vertical merger of four subsidiaries into the Company, namely :• PT Elnusa Geosains,• PT Elnusa Drilling Services,• PT Sinar Riau Drillindo, and• PT Elnusa Workover Services.

The Company also conducted horizontal merger among several subsidiaries and divestment of several non-core subsidiarie

2017

2003-2005 2007-2010

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Perusahaan Melakukan TurnaroundThe Company Implement Turnaround Perseroan melakukan program Turnaround untuk memperbaiki kinerjanya di seluruh aspek bisnis, operasional maupun memperkuat implementasi budaya perusahaan.

The Company carried out turnaround program to improve the performance in all business and operational aspects, and to strengthen the implementation of corporate culture.

Mengembangkan Metode, Memperkuat Keseimbangan PortofolioReinforcing Method, Strenghtening Portfolio BalanceMencatatkan pendapatan tertinggi sepanjang sejarah berdiri melalui penguatan diversifikasi portofolio. Kinerja jasa distribusi dan logistik energi digenjot, selaras dengan penyesuaian aktivitas jasa hulu migas di tengah peralihan ekuilibrium.

Recording the highest income in the history of the Company’s establishment through strengthening the portfolio diversification. The performance of energy distribution and logistics services was boosted, in line with the adjustment of upstream oil and gas service activities amid the equilibrium. transition.

Memperkuat Tatanan OperasionalReinforced the Operational Aspects Memperkuat tatanan operasional, organisasi, dan fungsi pengendalian internal serta melakukan evaluasi dan redefinisi seluuh produk/jasa Perseroan. Selain itu Perseroan mendirikan PT Elnusa Geosains Indonesia dan PT Elnusa Oilfield Services sebagai bagian dari mitigasi risiko Perusahaan.

Perseroan meningkatkan optimalisasi proses bisnis dengan layanan terpadu, memperluas pangsa pasar dan peluang bisnis melalui diversifikasi usaha, serta mengaktifkan kembali bisnis marine seismic dengan mendirikan PT Elnusa Trans Samudera dan investasi MV ELSA Regent.

To strengthen the order of the operations, organization, internal control function, and to evaluate and redefine all products/services. Moreover, the Company established PT Elnusa Geosains Indonesia and PT Elnusa Oilfield Services as part of the risk mitigation effort.

The Company boosts the optimization process of its business with integrated services, expansion of its market and business opportunities through business diversification, and reactivation of its seismic marine service by establishing PT Elnusa Trans Samudera and investing in MV ELSA Regent.

2011-2012

2018

2014-2016

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Bidang UsahaSegment of Business

KEGIATAN USAHA MENURUT ANGGARAN DASAR TERAKHIRBerdasarkan Akta Perubahan terakhir Perseroan Nomor 55 tanggal 15 Mei 2013 dibuat di hadapan Aryanti Artisari, SH, M.Kn., Notaris di Jakarta yang telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia RI dengan Surat Keputusan Nomor AHU-34338. AH.01.02 tanggal 25 Juni 2013, terdapat penambahan beberapa kegiatan usaha utama dalam Pasal 3 ayat (2) dan (3) Anggaran Dasar Perseroan yaitu:

1. Dalam bidang jasa:a. Jasa yang berkaitan energi alternatif;b. Menjalankan usaha di bidang pengambilan data;

Pengolahan data geofisika dan geologi;c. Konsultasi bidang energi;d. Konsultasi bidang pertambangan;e. Jasa pengecekan pipa/gas di bawah tanah dan di dalam

laut;f. Jasa mendeteksi kebocoran pipa/gas di bawah tanah dan

di dalam laut.

2. Dalam bidang perindustrian:a. Industri pembangkit tenaga listrik;b. Industri energi alternatif;c. Industri maritim.

Pasal 3 ayat (3):Untuk mencapai maksud dan tujuan tersebut di atas, Perseroan melaksanakan juga kegiatan usaha penunjang di bidang jasa, pengelolaan air dan air limbah, perdagangan, pertambangan, pembangunan dan perindustrian lainnya yang dapat menunjang kegiatan usaha Utama Perseroan.

KEGIATAN USAHA YANG DIJALANKAN SAAT INI & PRODUK/JASA PERSEROANSegmentasi bidang usaha Perseroan saat ini terbagi menjadi Jasa Hulu Migas, Jasa Distribusi & Logistik Energi, dan Jasa Penunjang Migas dengan penjelasan sebagai berikut:

BUSINESS ACTIVITIES BASED ON THE MOST RECENT ARTICLES OF ASSOCIATIONBased on the most recent amendment to the Company’s Deed No. 55 dated May 15, 2013, drawn up before Aryanti Artisari, SH, M.Kn., Notary in Jakarta, which had gained approval from the Minister of Law and Human Rights of the Republic of Indonesia through the Decision Letter No. AHU-34338.AH.01.02 dated June 25, 2013, there are several additions to the Company’s main business activities on Article 3 paragraphs (2) and (3) of the Articles of Association of the Company as follows:

1. In Services:a. Services related to alternative energy;b. Geophysics and geology data acquisition and processing;

c. Energy-related consultation;d. Mining-related consultation;e. Underground & subsea gas pipeline examination services;

f. Underground & subsea gas pipeline leakage detection Services.

2. Industries:a. Power generation industry;b. Alternative energy industry;c. Maritime industry.

Article 3 paragraph (3):In order to achieve these aforementioned purposes and objectives, the Company also carries out supporting business activities in the fields of services, water and waste management, trade, mining, development and other forms of industry that can support the Company’s main business activities.

THE COMPANY’S CURRENT BUSINESSES & PRODUCT/SERVICESThe Company’s business segmentation is currently covering three categories, namely Upstream Oil & Gas Services, Energy Distribution & Logistics Services, and Support Services, with the following details:

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Segmen Usaha

Business Segment

Divisi / Entitas AnakDivision / Subsidiary

Aktivitas PokokMain Actvity

Aktivitas BisnisBusiness Activity

Jasa Hulu MigasUpstream Oil and Gas Services

Divisi Geoscience & Reservoir Services (GRS) Geoscience & Reservoir Services Division (GRS)

Jasa Akuisisi Data Geofisika / Survei Seismik MigasGeophysical Data Acquisition Services /Oil and Gas Seismic Survey

• Seismic Data Acquisition (Land, Marine and Transition Zone/ TZ)• Non Seismic Data Acquisition• Seismic Data Processing• Geology, Geophysics & Reservoir

PT Elnusa Geosains Indonesia(EGI) (Anak Usaha)Tahun Pendirian : 2014Domisili : JakartaStatus : Belum BeroperasiKepemilikan Saham: 99,99%PT Elnusa Geosains(EGI) (Subsidiary)Established: 2014Domicile: JakartaStatus: Pre-OperationShare Ownership: 99.99%

Divisi Production, Operation & Maintenance Services (POMS) Production, Operation & Maintenance Services Division (POMS)

Jasa Pengeboran dan Pemeliharaan Lapangan MigasOil and Gas Field Drilling and Maintenance Services

• Drilling Services• Hydraulic Workover & Snubbing Services• Coiled Tubbing Services• Electric Wireline Logging Services• Well Testing Services• Cementing & Pumping Services• Drilling Fluid Services• Surface Testing & Drill Steam Testing Services • Mud Logging & H2S Services• Engineering, Procurement, & Construction• Operation & Maintenance• Enhance Oil Recovery• Well Plug & Abandonment • Artificial Lift

PT Elnusa Oilfield Services(EOS) (Anak Usaha)Tahun Pendirian : 2014Domisili : JakartaStatus : BeroperasiKepemilikan Saham : 99,99%PT Elnusa Oilfield Services(EOS) (Subsidiary)Established: 2014Domicile: JakartaStatus : In OperationShare Ownership: 99.99%

Jasa Distribusi & Logistik EnergiEnergy Distribution & Logistic Services

PT Elnusa Petrofin (EPN)(Anak Usaha )Tahun Pendirian: 1996Domisili: JakartaStatus: BeroperasiKepemilikan Saham: 99,93%PT Elnusa Petrofin (EPN)(Subsidiary)Established: 1996Domicile: JakartaStatus: In OperationShare Ownership: 99.93%

Jasa penyimpanan BBM, pendistribusian BBM, perdagangan BBM Industri & Marine, perdagangan chemicals, perdagangan pelumas & aspal, serta pengelolaanSPBU & SPBEFuel storage service, fuel distribution, fuel trade for Industry & Marine, chemical trading, lubricant and asphalt trade, and the management of gas stations (SPBU) and LPG filling stations (SPBE)

• Manajemen depot BBM milik swasta, mulai dari kegiatan administrasi pembelian BBM, pengangkutan BBM, penyimpanan BBM dan penyaluran BBM di lokasi pelanggan. EPN juga memiliki depot BBM sendiri dengan kapasitas 4.400 KL di Plumpang-Semper, Jakarta Utara untuk menyimpan Pertadex Pertamina. Private fuel depot management, ranging from the administration of fuel purchasing, fuel transportation, fuel storage and fuel distribution at customer sites. EPN also has its own fuel depot with a capacity of 4,400 KL in Plumpang-Semper, North Jakarta to store Pertadex Pertamina.

• Manajemen distribusi BBM, distribusi BBM dari depot Pertamina ke SPBU, Agen Premium Minyak Solar (APMS) dan stasiun pengisian bahan bakar bunker (SPBB) Fuel distribution management, fuel distribution from Pertamina depots to gas stations, Solar Oil Premium Agent (APMS) and bunker fuel refilling stations (SPBB)

• Pengelolaan SPBU dan SPBE Management of SPBU and SPBE

• Perdagangan Bahan Kimia Chemical Trade

• Perdagangan BBM Industri – MarineFuel Industry - Marine Trade

• Perdagangan Pelumas dan Aspal Lubricants and Asphalt Trade

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Segmen Usaha

Business Segment




Jasa PenunjangSupport Services

PT Elnusa FabrikasiKonstruksi (EFK)(Anak Usaha )Tahun Pendirian :1982Domisili: BatamStatus: BeroperasiKepemilikan Saham: 99,98%PT Elnusa FabrikasiKonstruksi (EFK)(Subsidiary)Established: 1982Domicile: BatamStatus: In OperationShare Ownership: 99.98%

Jasa fabrikasi, penguliran dan perdagangan pipa Oil Country Tubular Goods (OCTG), proyek EPC dan Maintenance ServicesOil Country Tubular Goods (OCTG) fabrication, threading and trading services (OCTG), EPC projects, and Maintenance Services

• Pengolahan bahan mentah dan bahan baku Processing of raw materials

• Pembuatan serta perbaikan alat-alat perminyakan Manufacture and repair of petroleum equipment

• Perdagangan umum, termasuk ekspor, impor, regional dan lokal. General trading, including export, import, regional and local.

• Penyediaan jasa untuk bidang minyak dan gas bumi, yaitu OCTG dan penguliran pipa. Berperan sebagai agen dari perusahaan dari dalam maupun luar negeri Provision of services for the oil and gas sector, namely OCTG and pipeline threading. Acting as an agent of domestic and overseas company.

• Jasa pemeliharaan mesin dan peralatan migas Maintenance services of oil and gas machinery and equipment

• Layanan jasa desain, engineering, pengawasan, dan pelaksanaan konstruksi. Design, engineering, supervision and construction services.

PT Patra Nusa Data (PND)(Anak Usaha )Tahun Pendirian :1997Domisili: JakartaStatus: BeroperasiKepemilikan Saham: 99,50%PT Patra Nusa Data (PND)(Subsidiary)Established:1997Domicile: JakartaStatus: In OperationShare Ownership: 99.50%

Jasa perolehan lisensi, pengelolaan data migas, data online (pay per use) dan penyimpanan data fisik migasLicense acquisition services, oil and gas data management, online data (pay per use), and physical data storage for oil and gas

• Lisensi data paket pembukaan WK Konvensional, non konvensional, dan KSO Pertamina The licensing of data packets for the opening of conventional and non-conventional operating licenses (WK) and Pertamina Joint Operations (KSO).

• Re-lisensi data Re-licensing of data

• Akses penggunaan data lisensi, data olahan ulang Access to the use of data licensing, data reprocessing

• Lisensi studi prospektivitas area Licensing for studies of area prospectivity

• Bisnis Farm In Farm Out Farm In Farm Out Business

• Bisnis data tertutup Closed data business

• Bisnis pengelolaan data migas korporat (Corporate Date Repository) Business data management of oil and gas corporations (Corporate Data Repository)

• Analisis produk baru (Non Seismik) Analysis of new products (Non-Seismic)

• Bisnis pengelolaan data non migas Non-oil and gas data management business

• Pemasaran produk dan menciptakan pasar Marketing products and creating markets

• Melakukan inovasi produk (internal dan eksternal PND) Product innovation (internal and external PND)

PT Sigma Cipta Utama (SCU)(Anak Usaha)Tahun Pendirian: 1980Domisili: JakartaStatus: BeroperasiKepemilikan Saham: 99,99%PT Sigma Cipta Utama (SCU)(Subsidiary)Established: 1980Domicile: JakartaStatus: In OperationShare Ownership: 99.99%

Jasa penyimpanan data fisik, pengelolaan data elektronik & sistem informasi, penyimpanan contoh batuan migas, telekomunikasi radio, jasa aplikasi sistem ITPhysical data storage services, electronic data management and information systems, storage of geological samples, radio telecommunications, IT system application services

• Penyimpanan dan pengelolaan berbagai jenis dokumen meliputi Magnetic Tape Storage, Document Hardcopy Storage, Geological Sample Storage, General Warehousing, Geological Sample Maintenance Services, Data Assesment, Data Storage & Library Servicing, Magnetic Media Transferring, Hardcopy Scanning. Storage and management of various types of documents include Magnetic Tape Storage, Document Hardcopy Storage, Geological Sample Storage, General Warehousing, Geological Sample Maintenance Services, Data Assessment, Data Storage & Library Servicing, Magnetic Media Transferring, Hardcopy Scanning

• Information & Communication Technology (ICT), meliputi Data Center & Disaster Recovery Services, IT Solution, IT Service Management (ITSM), Knowledge Management System (KMS), Radio (Trunking and Conventional) Telecommunication Solution, Equipment Monitoring Control, Vessel Tracking Monitoring System, GPS Tracking. Information & Communication Technology (ICT), including Data Center & Disaster Recovery Services, IT Solutions, IT Service Management (ITSM), Knowledge Management Systems (KMS), Radio (Trunking and Conventional) Telecommunication Solutions, Monitoring Control Equipment, Vessel Tracking Monitoring System , GPS Tracking.

• Pembuatan duplikat data master dalam berbagai media dan mengubah format data Duplicate master data in various media and data format changing

• Proses perlindungan data untuk kepentingan backup dan recovery data elektronik.Data protection processes for the purpose of electronic data backup and recovery.

57


Segmen Usaha

Business Segment




PT Elnusa Trans Samudera(ETSA) (Anak usaha)Tahun Pendirian: 2013Domisili: JakartaStatus : BeroperasiKepemilikan Saham: 99,58%atau 273.630 lembar sahamPT Elnusa Trans Samudera(ETSA) (Subsidiary)Established: 2013Domicile: JakartaStatus : In OperationShare Ownership: 99.58%or 273,630 shares

Jasa pendukung layanan marine migasMarine oil and gas support services

• Jasa penyewaan kapal untuk keperluan operasional lapangan minyak, seperti penyewaan kapal tug boat, crew boat, AWB dan, multipurpose bargesShip rental services for oil field operations, such as tug boat rentals, crew boats, AWB and multipurpose barges

• Jasa penyewaan kapal untuk keperluan seismik surveiShip rental services for seismic surveys

• Jasa penyewaan kapal untuk keperluan operasional bisnis lain selain migasShip rental services for other operational purposes other than oil and gas

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Struktur Organisasi terbaru Perseroan per 31 Agustus 2018, adalah sebagai berikut:

Struktur OrganisasiOrganization Structure


President Director

Asmal SalamChief of Legal & Contract

Agus R. SetiawanSenior Manager of HSSE

Satya GrahaKetua Internal Audit

Chief of Internal Audit

Dipa MuliaSekretaris PerusahaanCorporate Secretary


Operation Director

Hery SetiawanDirektur Keuangan

Finance Director

R.M Happy Paringhadi Direktur SDM & Umum

Human Resources & General AffairDirector

Arief RiyantoDirektur Pengembangan UsahaBusiness Development Director


Operation Director

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Organization Structure of the Company as of 31 August, 2018. as follow:

M Fahmi El-MubarakVP of Human Capital

M Akbarul Syah AlamVP of Business Development

TS WinarsoVP of Geoscience

& Reservoir Services

NurkholisVP of Controller

Ina Marvitasari Senior Manager of Elnusa

Petroleum School

Adi Yatama Adi Guna Senior Manager of Information System

Maryanto Makhdori Senior Risk Management

Specialist

Ari Wijaya VP of Property Management

& General Affairs

Muryono HadiVP of Engineering Centre &

Quality Management

Achmad ZakiVP of Asset Reliability &

Productivity

Hanny Retno Hapsari VP of Strategic Planning &

Corporate Management

Ramon Arias Pili VP of Supply Chain

Management

Dian NugrahaningsihVP of Marketing

Rony HartantoVP of Production, Operation &

Maintenance Services

Aditya Dewobroto VP of Treasury & Financing

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KANTOR PUSAT [G4-5]HEAD OFFICE

LINI BISNIS BUSINESS LINE

PT ELNUSA TbkGraha Elnusa 16th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0850 (Hunting)Facsimile : +62 21-7883 0907Email : [email protected]@elnusa.co.idWebsite : www.elnusa.co.id

GEOSCIENCE & RESERVOIR SERVICESGraha Elnusa 15th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0850 (Hunting)Facsimile : +62 21-7883 1072

BALIKPAPAN REPRESENTATIVE OFFICEJl. Mulawarman No. 91, BatakanBalikpapan 76116 - IndonesiaPhone : +62 542-770 139, 770 169Facsimile : +62 542-770 230

PRODUCTION, OPERATION & MAINTENANCE SERVICESGraha Elnusa 11th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0850 (Hunting)Facsimile : +62 21-7884 5507

CIREBON REPRESENTATIVE OFFICEJl. Moh. Toha No. 59Kebon Baru, KejaksaanCirebon 45124 - IndonesiaPhone : +62 231-246 157Facsimile : +62 231-207 258

ANAK PERUSAHAAN SUBSIDIARIES

PT ELNUSA GEOSAINS INDONESIAGraha Elnusa 15th floorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0850 (Hunting)Facsimile : +62 21-7883 1072

PT ELNUSA PETROFINGraha Elnusa 14th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0860 (Hunting)Facsimile : +62 21-7883 0853Email : [email protected] : www.elnusapetrofin.co.id

PT PATRA NUSA DATAGraha Elnusa 10th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7816 770Facsimile : +62 21-7816 775Email : [email protected]@patranusa.comWebsite : www.patranusa.com

Taman Tekno BSD XI Blok G2/1Tangerang 15314 - IndonesiaPhone : +62 21-7588 2510Facsimile : +62 21-7588 2511

PT ELNUSA OILFIELD SERVICESGraha Elnusa 11th floorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0850 (Hunting)Facsimile : +62 21-7884 5507

PT ELNUSA FABRIKASI KONSTRUKSIGraha Elnusa 10th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7884 3713, 78845519,7884 6437, 7884 7014Facsimile : +62 21-7884 5528

Head Office and FactoryJl. Tenggiri No. 2 Batu AmparBatam Island - IndonesiaPhone : +62 0778-412 152, 412 156Facsimile : +62 0778-412 151Email : [email protected] : www.elnusa-konstruksi.com

PT SIGMA CIPTA UTAMAGraha Elnusa 10th FloorJl. TB Simatupang Kav. 1BJakarta 12560 - IndonesiaPhone : +62 21-7883 0856 (Hunting)Facsimile : +62 21-7883 0857Email : [email protected] : www.scu.co.id

Taman Tekno BSDTekno I Blok B5-B7 Sektor XITangerang 15314 - IndonesiaPhone : +62 21-7587 1955Facsimile : +62 21-7587 1933

PT ELNUSA TRANS SAMUDERAGraha ETSA (Ex. Dana Pensiun Elnusa)Jl. TB Simatupang Kav. 1B Jakarta 12560 - IndonesiaPhone : +62 21 - 78846667Facsimile : +62 21 - 78846669Website : www.etsa.co.id

Jaringan PerusahaanCompany Network

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Struktur Grup PerseroanCompany Group Structure

• PT ELNUSA OILFIELD SERVICES 99,99%

• PT ELNUSA GEOSAINS INDONESIA 99,99%

• PT ELNUSA FABRIKASI KONSTRUKSI 99,98%

• PT PATRA NUSA DATA 99,50%

• PT SIGMA CIPTA UTAMA 99,99%

• PT ELNUSA TRANS SAMUDERA 99,58%

• PT ELNUSA PETROFIN 99,93%

Upstream Oil & Gas Services

Energi Distribution & Logistics Services Support Services

62


Visi, Misi, Nilai dan Budaya Perusahaan senantiasa dikaji secara berkala untuk memastikan kesesuaiannya dengan perkembangan lingkungan bisnis Perseroan. Perumusan Visi, Misi, Nilai dan Budaya Perusahaan dilakukan dengan melibatkan seluruh pihak yang terkait yaitu Dewan Komisaris, Direksi, dan Karyawan, serta memperhatikan kepentingan dari para Pemangku Kepentingan lainnya.

Sejalan dengan perkembangan lingkungan bisnis dan tantangan yang dihadapi, Perseroan mengubah visi-misi yang menjadi tujuan selama ini pada awal 2018. Perubahan visi, misi ini adalah untuk menguatkan keyakinan dalam menghadapi dinamika dan tantangan bisnis ke depan. Perubahan visi misi ini tersaji sebagai berikut:

Perubahan visi dan misi ini telah disetujui oleh Dewan Komisaris dan Direksi serta disahkan bersamaan dengan pengesahan RJPP 2017-2021.

The Corporate Vision, Mission, Values and Culture are regularly reviewed to ensure their applicability with the recent developments in the Company’s business. The formulation of the Corporate Vision, Mission, Values and Culture involves all related parties such as Board of Commissioners, Board of Directors, and Employees, and the interests of all Shareholders were all taken into account.

In line with the development of the business and the challenges it faces, the Company has changed its vision and mission in the early 2018. The change is to strengthen the Company’s confidence in facing the dynamics and challenges of the business forward. The revision is presented as follows:

The change of vision and mission has been approved by the Board of Commissioners and Directors, and has been endorsed along with RJPP 2017-2021.

Visi, Misi, Nilai& Budaya PerusahaanCorporate Vision, Mission, Values & Culture

Perusahaan Jasa Energi Terkemuka yang Memberikan Solusi Total

Reputable Energy Services Company by Providing Total Solutions.

Meningkatkan kelangsungan bisnis yang berkelanjutan dan menguntungkan dalam industri energi dalam negeri dan internasional untuk memenuhi harapan pemegang saham.Improve business sustainability and profitability in local and international energy industries to meet shareholders’ expectations.

Memenuhi dan menjaga kepuasan pelanggan dengan memberikan Solution Total melalui sinergi, operational Excellence, HSSE, dan prinsip-prinsip GCG.Fulfill and maintain customer satisfaction by providing Total Solution through synergy, operational excellence, HSSE and GCG principles.

Meningkatkan kesejahteraan dan kesempatan untuk berkembang bagi karyawan.Improve employees’ welfare and growth opportunities.

Membangun hubungan yang harmonis dan saling menguntungkan dengan pemerintah, mitra, dan masyarakat.Establish harmonious and mutually beneficial relationships with governments, partners, and communities.

MISSIONMISI

VISIONVISI

63


CLEANMemiliki integritas, komitmen tinggi, dan dapat diandalkan dalam menjalankan setiap aktivitas bisnis perusahaan.

RESPECTFULTerpercaya di dalam komunitas bisnis dan lingkungan karena memiliki keahlian dan semangat yang tinggi di bidangnya dalam menyelesaikan pekerjaan secara cepat dan akurat, memahami kebutuhan pelanggan, memberikan pelayanan terbaik untuk mencapai kepuasan pelanggan, serta menjadikan keselamatan kerja sebagai prioritas utama dalam melaksanakan setiap aktivitas.

SYNERGYBersikap proaktif menjalin kerja sama dengan pelanggan, mitra usaha, masyarakat, karyawan, dan pemegang saham.

Budaya Perusahaan merupakan kombinasi terintegrasi dan selaras dari nilai Perusahaan (clean, respectful, synergy) serta semangat dan prinsip yang harus dimiliki oleh insan Perseroan, yaitu:

Personal Ethos, yang dijabarkan sebagai sifat yang harus dimiliki oleh seluruh karyawan sebagai individu meliputi working with passion, working with love & working smart.

Operation Excellence, yang dijabarkan sebagai budaya yang harus dimiliki dalam melakukan pekerjaan meliputi HSE is my culture, Equipment is my life & Cost awareness is my attitude.

Management Style, yang dijabarkan sebagai sifat yang harus dimiliki oleh para manajemen di Perseroan meliputi Manage with Knowledge, Manage with Speed, dan Manage with Gut.

CLEANPossess integrity, commitment, and dependability in carrying out every business activity of the Company.

RESPECTFULIs trusted among business communities and surrounding communities for having competence and high spirit in the field, in completing work quickly and accurately, in understanding customers’ needs, in providing the best service to achieve employee satisfaction, and in making occupational safety as the highest priority in carrying out every activity.

SYNERGYProactively develop relationships with customers, partners, communities, employees, and shareholders.

The Corporate Culture represents an integrated and harmonized combination of corporate values (clean, respectful, synergy) as well as spirit and personal principles that must be embodied by the Company's Employees, they are:

Personal Ethos, defined as traits that must be shared by all employees as individuals which include working with passion, working with love and working smart.

Operation Excellence, defined as a culture that must be imbued by an individual while doing his/ her work which includes HSE is my culture, Equipment is my life and Cost awareness is my attitude.

Management Style, defined as traits that must be owned by the Company’s management which include Manage with knowledge, Manage with speed and Manage with gut.

CORPORATE VALUESNILAI -NILAI PERUSAHAAN

CORPORATE CULTUREBUDAYA PERUSAHAAN

64


Identitas dan Riwayat HidupSingkat Dewan KomisarisIdentity and Short Biography of Board of Commissioners Members

UsiaAge

55 tahun per 1 Oktober 201855 years old as of 1 October 2018

KewarganegaraanCitizenship

Indonesia

Riwayat PendidikanEducation Background

• S1 Ekonomi Akuntasi, Universitas Padjajaran, Bandung, Indonesia (1988)• S2 Ekonomi Akuntasi, University of Illinois, USA (1997) • Bachelor in Accounting, Faculty of Economics, Padjajaran University, Bandung, Indonesia

(1988)• Master in Accounting, Faculty of Economics, University of Illinois, USA (1997)

Riwayat JabatanOccupational Position History

Dasar Hukum PenunjukanLegal Basis of Appointment

Akta Berita Acara RUPS Nomor 36 tanggal 31 Agustus 2018Deed of GMS Number 36 dated 31 August 2018

Pengalaman KerjaWork Experience

• VP Shared Processing Center PT Pertamina (Persero) (2009-2011)• Direktur Keuangan PT Pertamina Geothermal Energy (2011-2013)• Direktur Keuangan dan Umum PT Pertamina Retail (2013-2014)• VP Treasury PT Pertamina (Persero) (2014-2016)• Direktur Keuangan PT Pertamina EP (2017)• SVP Financing & Business Support PT Pertamina (Persero) (2017-2018)• SVP Corporate Finance PT Pertamina (Persero) (2018-sekarang)• VP of Shared Processing Center of PT Pertamina (Persero) (2009-2011)• Finance Director of PT Pertamina Geothermal Energy (2011-2013)• Finance and General Director of PT Pertamina Retail (2013-2014)• VP of Treasury of PT Pertamina (Persero) (2014-2016)• Finance Director of PT Pertamina EP (2017)• SVP Financing & Business Support of PT Pertamina (Persero) (2017-2018) • SVP Corporate Finance of PT Pertamina (Persero) (2018-present)

Jabatan RangkapConcurrent Position

Tidak memiliki jabatan rangkap pada Perusahaan lainDo not have any concurrent position at other companies

DomisiliDomicile

DKI Jakarta

NARENDRA WIDJAJANTO

Komisaris Utama President Commissioner

65


UsiaAge

53 tahun per 17 Januari 201853 years old as of 17 January, 2018


Indonesia


• S1 Akuntansi Fakultas Ekonomi Universitas Parahyangan Bandung, Indonesia (1989)• S2 Management Universitas Gadjah Mada, Yogyakarta, Indonesia (1997)• Bachelor in Accounting, Faculty of Economics, Parahyangan University Bandung, Indonesia

(1989)• Master in Management, Gadjah Mada University, Yogyakarta, Indonesia (1997)



Akta Berita Acara RUPS Nomor 63 tanggal 28 April 2016Deed of GMS Number 63 dated 28 April 2016


• Senior Manager Corporate Banking PT Bank Ekspor Impor Indonesia (Persero) (1990-1999)• Assistant Vice President Corporate Banking PT Bank Mandiri (Persero) Tbk (1999-2008)• Vice President Corporate Banking Coverage Deutsche Bank A.G. (2008-2009)• Director Corporate & Institutional Banking ANZ Bank (2009-2011)• Finance Director PT Bumi Karya Arta (2012-2013)• Finance Director PT Bukaka Teknik Utama Tbk (2013-2015)• Senior Manager of Corporate Banking at PT Indonesia Export Import (Persero) (1990-1999)• Assistant Vice President Corporate Banking of PT Bank Mandiri (Persero) Tbk (1999-2008) • Vice President of Corporate Banking of Coverage Deutsche Bank A.G. (2008-2009)• Corporate & Institutional Banking Director of ANZ Bank (2009-2011)• Finance Director of PT Bumi Karya Arta (2012-2013)• Finance Director of PT Bukaka Teknik Utama Tbk (2013-2015)



DomisiliDomicile

DKI Jakarta

PRADANA RAMADHIAN G.

Komisaris Independen Independent Commissioner

66


LUSIAGA LEVI SUSILA

Komisaris Independen Independent Commissioner

UsiaAge

62 tahun per 21 April 201862 years old as of 21 April 2018


Indonesia


S1 Fisika, Institut Teknologi Bandung, Indonesia (1976) Bachelor in Physics, Bandung Institute of Technology, Indonesia (1976)



Akta Berita Acara RUPS Nomor 25 tanggal 14 Mei 2018Deed of GMS Number 25 dated 14 May 2018


• Field Engineer di Schlumberger (1981-2005)• Direktur Operasi PT Saripari Pertiwi Abadi (2005-2008).• Direktur Operasi PT Permata Drilling International (2008-2010)• Direktur Operasi PT Pilar Anggaraksa (2010-2013)• Direktur Operasi PT Elnusa Tbk (2013-2015)• Field Engineer of Schlumberger (1981-2005)• Operation Director of PT Saripari Pertiwi Abadi (2005-2008).• Operation Director of PT Permata Drilling International (2008-2010)• Operation Director of PT Pilar Anggaraksa (2010-2013)• Operation Director of PT Elnusa Tbk (2013-2015)



DomisiliDomicile

Banten

67


AFDAL MARTHA

Komisaris Commissioner

UsiaAge

55 tahun per 5 Mei 201855 years old as of 5 May 2018


Indonesia


S1 Teknik Mesin, Institut Teknologi Bandung, Indonesia (1989) Bachelor in Mechanical Engineering, Bandung Institute of Technology, Indonesia (1989)





• Senior Manager Operation & Manufacturing, Sumatera 1- Dumai PT Pertamina (Persero) (2013-2015)

• GM Refinery Unit II-Dumai PT Pertamina (Persero) (2015 -2016)• GM Refinery Unit VI-Balongan PT Pertamina (Persero) (2016-2017)• VP Reliability, Direktorat Pengolahan PT Pertamina (Persero) (2017-sekarang)• Senior Operation & Manufacturing Manager, Sumatra 1- Dumai PT Pertamina (Persero)

(2013-2015)• GM Refinery Unit II-Dumai of PT Pertamina (Persero) (2015-2016)• GM Refinery Unit VI-Balongan of PT Pertamina (Persero) (2016-2017)• VP Reliability, Directorate of Refinery of PT Pertamina (Persero) (2017-present)



DomisiliDomicile

Jawa BaratWest Java

68


EMAN SALMAN ARIEF

Komisaris Commissioner

UsiaAge

53 tahun per 8 Januari 201853 years old as of 8 January 2018


Indonesia


• S1 Teknik Kimia, Universitas Sriwijaya, Palembang, Indonesia (1989) • S2 Manajemen Universitas Gadjah Mada, Yogyakarta, Indonesia (2008)• Bachelor of Chemical Engineering, Sriwijaya University, Palembang, Indonesia (1989)• Masters in Management from Gadjah Mada University, Yogyakarta, Indonesia (2008)





• Senior Manager Operation & Manufacturing- Refinery Unit V, Balikpapan, PT Pertamina (Persero) (2013-2014)

• GM Refinery Unit V-Balikpapan PT Pertamina (Persero) (2014-2016)• GM Refinery Unit III-Plaju PT Pertamina (Persero) (2016-2017)• VP Refining Business Development, Direktorat Pengolahan PT Pertamina (Persero)

(2017-sekarang)• Senior Manager Operation & Manufacturing- Refinery Unit V, Balikpapan, PT Pertamina

(Persero) (2013-2014)• GM V-Balikpapan Refinery Unit of PT Pertamina (Persero) (2014-2016).• GM Refinery Unit II-Plaju of PT Pertamina (Persero (2016-2017)• VP of Refining Business Development, Directorate of Refinery of PT Pertamina (Persero)

(2017-present)



DomisiliDomicile

DKI Jakarta

69


Identitas dan Riwayat HidupSingkat DireksiIdentity and Short Biography of Board of Directors Members

UsiaAge

55 tahun per 21 Maret 201855 years old as of 21 March 2018


Indonesia


• S1 Teknik Mesin dari Universitas Brawijaya Malang (1988) • Manajemen Pemasaran dari STIE Indonesia, Jakarta (1998)• Bachelor of Mechanical Engineering, Brawijaya University Malang (1988)• Marketing Management, STIE Indonesia, Jakarta (1998)



Akta Berita Acara RUPS Nomor 63 tanggal 28 April 2016Deed of GMS Number 63 dated 28 April 2016


Memulai karir di Pertamina sejak tahun 1990, dan menduduki berbagai macam posisi jabatan antara lain:• Manager Pengadaan Direktorat Hulu PT Pertamina (Persero) (2004-2005)• General Manager Supply Chain Management

PT Pertamina EP (2005-2010) • VP Supply Chain Management PT Pertamina EP (2006-2010)• VP Transformasi – PT Pertamina EP (2010-2013)• VP OC & OE PT Pertamina EP (2013-2015)• Direktur Pengembangan Usaha Perseroan (2015-2016)

He commenced his career at Pertamina since 1990, and has served various positions, including:• Procurement Manager of the Upstream Directorate of PT Pertamina (Company) (2004-

2005)• General Manager of Supply Chain Management of PT Pertamina EP (2005-2010)• Supply Chain Management VP of PT Pertamina EP (2006-2010)• Transformation VP of PT Pertamina EP (2010-2013)• OC & OE VP of PT Pertamina EP (2013-2015)• Business Development Director of the Company (2015-2016)



DomisiliDomicile

Bogor, Jawa BaratBogor, West Java

TOLINGUL ANWAR


70


UsiaAge

51 tahun per 17 Januari 201851 years old as of 17 January 2018


Indonesia


• S1 Ekonomi Manajemen, Universitas Diponegoro – Semarang (1991)• S2 Manajemen Keuangan & Investasi, Sekolah Bisnis IPB (2015)

• Bachelor of Management Economics, Diponegoro University - Semarang (1991)• Masters of Financial & Investment Management, Bogor Agricultural Institute (2015)





Memulai karir di Pertamina sejak tahun 1993, dengan menduduki berbagai macam posisi jabatan antara lain:• Manajer Dana Pensiun Pertamina (2009-2011)• Manajer Cash Management, Treasury PT Pertamina (Persero) 2011 - 2012• Manajer Cash Disbursement, Treasury PT Pertamina (Persero) 2013 - 2014• Downstream & NonCore SJV Performance Management Manager PT Pertamina (Persero) –

(2014-2016)• Finance & Services SJV Development Manager PT Pertamina (Persero) – (2016).• Direktur Keuangan Dana Pensiun Pertamina – (2016-2018)

He commenced his career at Pertamina since 1993, and served various positions, including:• Manager of Pertamina Pension Fund (2009-2011)• Manajer Cash Management, Treasury PT Pertamina (Persero) 2011 - 2012• Manajer Cash Disbursement, Treasury PT Pertamina (Persero) 2013 - 2014• Downstream & NonCore SJV Performance Management Manager of PT Pertamina

(Company) - (2014-2016)• Finance & Services SJV Development Manager of PT Pertamina (Persero) - (2016)• Finance Director of Pertamina Pension Fund - (2016-2018)


• Komisaris PT Elnusa Petrofin*• Komisaris PT Asuransi Jiwa Tugu Mandiri

*) Entitas Anak Perseroan dan bukan Perusahaan Publik*) It is the Company Subsidiary and not the Public Company

DomisiliDomicile

Bogor, Jawa BaratBogor, West Java

HERY SETIAWAN

Direktur Keuangan Finance Director

71


UsiaAge

54 tahun per 28 Maret 201854 years old as of 28 March 2018


Indonesia


• S1 Teknik Mesin Universitas Indonesia (1988)• S2 Business Administration, Arizona State University (1994)• Bachelor of Mechanical Engineering, University of Indonesia (1988)• Master of Business Administration, Arizona State University (1994)





Menduduki berbagai jabatan di PT Pertamina (Persero) sejak tahun 1990, diantaranya:• Kepala Bagian Kelogistikan Kilang Cilacap, Pangkalan Brandan dan Dumai (1990-2004)• Manager Supply Chain – PT Pertamina EP Reg. Sumatera (2004-2009)• Manager Procurement Head Office– PT Pertamina EP – (2009-2013)• VP SCM & General Services - PT Pertamina EP (2013-2015)• VP SCM– PT Pertamina EP (2015 – 2017)

He has held various positions at PT Pertamina (Persero) since 1990, including:1. Head of Logistics Section of Cilacap Refinery, Pangkalan Brandan and Dumai (1990-2004)2. Supply Chain Manager - PT Pertamina EP Reg. Sumatra (2004-2009)3. Manager of Procurement Head Office - PT Pertamina EP - (2009-2013)4. VP of SCM & General Services - PT Pertamina EP (2013-2015)5. VP of SCM - PT Pertamina EP (2015 - 2017)


• Komisaris PT Elnusa Fabrikasi Konstruksi *)• Komisaris PT Elnusa Geosains Indonesia *)• Commissioner of PT Elnusa Fabrikasi Konstruksi *)• Commisioner of PT Elnusa Geosains Indonesia *)


DomisiliDomicile

Tangerang Selatan, BantenSouth Tangerang, Banten

ELIZAR PARLINDUNGAN HASIBUAN

Direktur Operasi Operation Director

72


UsiaAge

56 tahun per 17 Juni 201856 years old as of 17 June 2018


Indonesia


Sarjana Teknik Mesin, Universitas Gadjah Mada – Yogyakarta (1987)Bachelor of Mechanical Engineering, Gadjah Mada University - Yogyakarta (1987)





• Mengawali karir sebagai Field Mechanical Engineer-Cengkareng International Airpoet Phase 2 project, Saint Rap Colas – Waskita Karya Joint Operation – (1987-1989).

• Senior Project Control Engineer – LPG & Sulfur Recovery Plant Project, Pertamina – (2003-2004).

• Vice President Management Representative SKK Migas di Pertamina EP – (2013).• Kepala Divisi Komersialisasi Gas Bumi SKK Migas – (2013-2015).• Kepala Divisi Manajemen Proyek dan Pemeliharaan Fasilitas di Bidang Operasi SKK Migas –

(2015-2017).• Advisor of Corporate Services Inpex Masela – (2017-2018)• He started his career as Cengkareng International Airpoet Phase 2 Field Mechanical

Engineer, Saint Rap Colas - Waskita Joint Operation Work - (1987-1989).• Senior Project Control Engineer - LPG & Sulfur Recovery Plant Project, Pertamina - (2003-

2004).• Vice President of SKK Migas Management Representative at Pertamina EP - (2013).• Head of SKK Migas Natural Gas Commercialization Division - (2013-2015).• Head of Project Management and Facility Maintenance Division in SKK Migas Operations

Sector - (2015-2017).• Masela Inpex Advisor of Corporate Services - (2017-2018)


• Komisaris Utama PT Elnusa Trans Samudera *)• President Commisioner of PT Elnusa Trans Samudera *)


DomisiliDomicile

DKI Jakarta

ARIEF RIYANTO

Direktur Pengembangan Usaha Business Development Director

73


UsiaAge

56 tahun per 21 Juli 201856 years old as of 21 July 2018


Indonesia


S1 Teknik Kimia Universitas Diponegoro (1989) Bachelor of Chemistry Engineering, Diponegoro University (1989)





Menduduki berbagi jabatan di PT Pertamina (Persero) sejak tahun 1990, diantaranya:• Kepala Proses Kontrol – UP V Balikpapan (2000-2004)• Kepala Bagian Perencanaan & Pengembangan– UP V Balikpapan (2006 - 2007)• HR Area Manager – Refinery Unit IV Cilacap (2009-2012)• Manpower Planning & Development Manager PT Pertamina (Persero) (2012-2015)• Leadership & People Development Manager – PT Pertamina (Persero) (2015 - 2017)

He has held various positions at PT Pertamina (Persero) since 1990, including:• Head of Process Control - UP V Balikpapan (2000-2004)• Head of Planning & Development Division - UP V Balikpapan (2006 - 2007)• HR Area Manager - Refinery Unit IV Cilacap (2009-2012)• Manpower Planning & Development Manager PT Pertamina (Company) (2012-2015)• Leadership & People Development Manager - PT Pertamina (Company) (2015 - 2017)


• Komisaris PT Sigma Cipta Utama *)• Komisaris PT Patra Nusa Data *)• Commissioner of PT Sigma Cipta Utama *)• Commissioner of PT Patra Nusa Data *)


DomisiliDomicile

Solo, Jawa TengahSolo, Central Java

RM HAPPY PARINGHADI

Direktur SDM & Umum Human Resource & General Director

74


Komposisi Pemegang SahamShareholders Composition

KOMPOSISI PEMEGANG SAHAM SHAREHOLDERS COMPOSITION

KOMPOSISI KEPEMILIKAN SAHAM BERDASARKAN JENIS SHAREHOLDING COMPOSITION BASED ON TYPE

2017 20182016

0.1%

14.8%

18.3%

66.7%

0.1%

11.8%

22.2%

65.9%

0.2%

11.0%

17.9%

70.9%

Badan Usaha Domestik Domestic Institutional Investor

Perseorangan Asing Foreign Individual Investor

Perseorangan Domestik Domestic Individual Investor

Badan Usaha Asing Foreign Institutional Investor

41.1%

44.0%

14.9%

Pertamina Publik / PublicDana Pensiun Pertamina /Pertamina Pension Fund

Pemegang SahamShareholders

Jumlah Pemegang SahamTotal Shareholders

Jumlah KepemilikanTotal Ownership

Nilai SahamStock Value %

Kepemilikan Saham 5% atau Lebih / Share Ownership of 5% or more

Pertamina 1 3,000,000,000 300,000,000,000 41.1%

Dana Pensiun Pertamina / Pertamina Pension Fund 1 1,087,407,500 108,740,750,000 14.9%

Kepemilikan Saham dibawah 5% / Share Ownership of 5% or less

Dewan Komisaris dan Direksi / Board of Commissioners and Directors

0 0 0 0.0%

Publik <5% / Public <5% 18.533 3.211.092.500 321.109.250.000 44.0%

Total 18.535 7,298,500,000 729,850,000,000 100%

Pertamina

Pertamina

Republik IndonesiaRepublic of Indonesia

Dana Pensiun PertaminaPertamina Pension Fund

41,10%

14,90%

100%100%

43,99%

Sebagai Pemegang SahamAs shareholder

Sebagai PendiriAs Founder

PublikPublic

75


STRUKTUR PEMEGANG SAHAM DENGAN KEPEMILIKAN KURANG DARI 5% PER 31 DESEMBER 2017 SHAREHOLDING COMPOSITION WITH OWNERSHIP LESS THAN 5% AS OF DECEMBER 31, 2017.

JUMLAH PEMEGANG SAHAM DENGAN KEPEMILIKAN <5% NUMBER OF SHAREHOLDERS WITH OWNERSHIP < 5%

KAPITALISASI PASARMARKET CAPITALIZATION

Jan

20,000

15,000

10,000

5,000

0Feb Mar Apr Mei Jun Jul Agu Sep Okt Nov Des

Kelompok Pemegang SahamShareholders Group

Domestik / Domestic Asing / Foreign

Jumlah Pemegang Saham

No of Shareholders

Jumlah SahamNo of Shares

Jumlah Pemegang Saham

No of Shareholders

Jumlah SahamNo of Shares

Ritel / Retail 17,942 1,337,396,584 54 9,806,500

Institusi / Institution 427 4,870,492,665 112 1,080,804,251

Total 18,369 6,207,889,249 166 1,090,610,751

Dalam Miliar Rupiah, kecuali dinyatakan lainIn Billion Rupiah, unless stated otherwise

20182016 2017

3,065 2,715 2,511

KEPEMILIKAN SAHAM KARYAWANSampai dengan akhir tahun buku 2018, jumlah saham ELSA yang dimiliki oleh karyawan Perseroan adalah sebanyak 5.943.500 lembar atau 0,08% dari jumlah saham keseluruhan. Dan pada tingkat level manajemen senior (satu level di bawah Direksi) berjumlah 539.500 lembar saham atau 0,007% dari jumlah saham keseluruhan.

EMPLOYEE STOCK OWNERSHIPUntil the end of fiscal year 2018, the number of ELSA shares owned by the Company's employees is 5,943,500 shares or 0.08% of the total shares. And at the senior management level (one level below the Board of Directors) amounted to 539,500 shares or 0.007% of the total number of shares.

15,781 18,833

76


20 PEMEGANG SAHAM TERBESAR PERSEROAN TOP 20 LARGEST SHAREHOLDERS

No NAMA PEMEGANG SAHAMShareholders

STATUSStatus

JUMLAH Total (%)

1 PERUSAHAAN PERTAMBANGAN MINYAK DAN GAS BUMI NEGARA (PERTAMINA)

PERSEROAN TERBATAS 3,000,000,000 41.10

2 Dana Pensiun Pertamina (DPP) INHOUSE 2 DANA PENSIUN 1,087,407,500 14.90

3 PT. PRUDENTIAL LIFE ASSURANCE - REF ASURANSI 201,268,200 2.76

4 CITIBANK NEW YORK S/A GOVERNMENT OF NORW BADAN USAHA ASING 134,393,800 1.84

5 PT ASURANSI JIWA ADISARANA WANAARTHA - D ASURANSI 66,673,300 0.91

6 CITIBANK NEW YORK S/A EMERGING MARKETS C BADAN USAHA ASING 58,342,800 0.80

7 CITIBANK NEW YORK S/A DIMENSIONAL EMERGI BADAN USAHA ASING 51,940,700 0.71

8 JPMCB NA RE-NEW YORK STATE COMMON RETIRE BADAN USAHA ASING 50,377,877 0.69

9 BNYM RE FIS GROUP COLLECTIVE INVESTMENT BADAN USAHA ASING 49,634,180 0.68

10 PT. PRUDENTIAL LIFE ASSURANCE - REP ASURANSI 48,500,000 0.66

11 HANDI PUTRANTO WILAMARTA - MARGIN A/ PERORANGAN INDONESIA 45,851,900 0.63

12 MORGAN STANLEY AND CO. LLC-CLIENT ACCOUN BADAN USAHA ASING 40,598,700 0.56

13 RD PREMIER ETF INDO STATE- OWNED COMPANI REKSADANA 39,296,872 0.54

14 UBS AG LONDON-2140724000 BADAN USAHA ASING 35,589,654 0.49

15 IVAN WAHYUDI PERORANGAN INDONESIA 34,013,700 0.47

16 SMTBUSA S/A JAPAN TRUSTEE SERVICES BANK, BADAN USAHA ASING 32,141,300 0.44

17 RD MANULIFE DANA SAHAM UTAMA REKSADANA 31,755,700 0.44

18 SSB OM56 S/A VFM EMERGING MARKETS TRUST- BADAN USAHA ASING 30,499,200 0.42

19 RBC S/A LEMANIK SICAV - ASIAN OPPORTUNIT BADAN USAHA ASING 30,000,000 0.41

20 SSB 2G6Y S/A NAT WEST BK PLC ATO ST.J'S BADAN USAHA ASING 29,323,900 0.40

77


All of the Company’s shares are listed on the Indonesia Stock Exchange.

Kronologi Pencatatan SahamSharelisting Chronology

Seluruh Saham Perseroan dicatatkan di Bursa Efek Indonesia.

TANGGALDate

TINDAKAN KORPORASI TERKAIT SAHAM

Corporate Action on Share

MODAL DASAR(RP MILIAR)

Authorized Capital(Rp Billion)

MODAL DITEMPATKAN

& DISETOR PENUH

(RP MILIAR) Issued & Fully

Paid Capital (Rp Billion)

NILAI NOMINAL

PER LEMBAR SAHAM

Nominal Value per Share (Rp)

JUMLAH LEMBAR SAHAM DIKELUARKAN

Total Share Issued

Sebelum Aksi KorporasiBefore Corporate Action

750 583,35 500 1.167.700.000

9 Oktober 2007October 9 2007

Peningkatan Modal DasarCapital Enlargement

2.250 583,35 500 5.838.500.000


Pemecahan Nilai Nominal Saham 1 : 5Stock split 1 : 5

2.250 583,35 500 5.838.500.000

29-31 Januari 2008January 29-31 2008

Penawaran umum perdana sebanyak 20% dari Modal Dasar atau sebanyak 1.460.0000.0000 lembar sahamInitial Public Offering (IPO) amounting to 20% of Authorized capital or equivalent to 1,460,000,000 shares

2.250 729,85 100 7.298.500.000

6 Februari 2008February 6 2008

Mencatatkan saham Perseroan yang beredar sebanyak 7.298.500.000 lembar saham di BEI dengan kode perdagangan “ELSA”Listed 7,298,500,000 shares issued at IDX under “ELSA” ticker

2.250 729,85 100 7.298.500.000


12 Januari 2008January 12 2009

Pembelian kembali 99.738.000 lembar saham dan mencatatkannya sebagai saham treasurybuy back of 99,738,000 shares & recorded them as treasury stocks

2.250 729,85 100 7.298.500.000

16 Desember 2011December 16 2011

Menerbitkan Keterbukaan informasi untuk melakukan penjualan kembali atas saham treasury melalui BEI, efektif mulai 2 januari 2012Published an information regarding sell back program on Treasury stock in IDX, effectively on January 2, 2012

2.250 729,85 100 7.298.500.000

28 Juni 2013June 28 2013

Menerbitkan keterbukaan informasi, Perseroan telah melakukan pengalihan/penjualan atas seluruh saham hasil pembelian kembaliPublished an information disclosure regarding sell back of the Company on the buyback program

2.250 729,85 100 7.298.500.000

78


Lembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions and Professions

Kantor Akuntan Publik | Public Accounting Firm

NamaName

KAP Purwantono, Sungkoro & Surja (anggota firma Ernst & Young Global Limited) Purwantono, Sungkoro & Surja (a member firm of Ernst & Young Global Limited)

AlamatAddress

Indonesia Stock Exchange Building, Tower II, 7th floorJl. Jend. Sudirman Kav.52-53Jakarta 12190, Indonesia.Telp. 021 - 5289 5000Fax. 021 - 5289 4100www.ey.com/ID/EN

Jasa yang diberikanService Provided

Audit Laporan Keuangan Konsolidasian PT Elnusa Tbk dan Anak Perusahaan Tahun Buku 2018Audit of Consolidated Financial Statements of PT Elnusa Tbk and Subsidiaries for the Fiscal Year 2018

BiayaCost

Rp 2.000.000.000,-Rp 2,000,000,000,-

Biro Administrasi Efek | Share Registrar

NamaName

PT Datindo Entrycom

AlamatAddress

Jln. Hayam Wuruk No.28Jakarta 10120, IndonesiaTelp. 021 - 350 8077Fax. 021 - 350 8078www.datindo.com


Pencatatan Daftar Pemegang Saham (DPS) atau jasa administrasi saham di Pasar Sekunder yang terdaftar di Bursa Efek Indonesia Register the Shareholders List or stock administration services in the Secondary Market listed in the Indonesia Stock Exchange.

BiayaCost

Rp 44.000.000,- per tahunRp 44,000,000,- annually

Kronologis Pencatatan Efek LainnyaChronology of Other Listing Securities

Per 31 Desember 2018, Perseroan tidak menerbitkan efek lainnya. By December 31, 2018, the Company did not issue other securities

79


Perusahaan Pemeringkat Efek | Securities Rating Agency

NamaName

PT Pemeringkat Efek Indonesia (Pefindo)

AlamatAddress

Panin Tower-Senayan City 17th FloorJl. Asia Afrika Lot.19Jakarta 10270, IndonesiaTel. (62-21) 727 82380Fax. (62-21) 727 82370www.Pefindo.com


Pemeringkatan Perusahaan periode Desember 2018 Corporate Rating for period of December 2018.

BiayaCost

Rp 125.000.000,-Rp 125,000,000,-

80


Geoscience & Reservoir ServicesWilayah | Area DKI Jakarta | DKI JakartaJawa Tengah | Central Java Jawa Barat | West Java

Klien | ClientsPT Pertamina EPPT Pertamina Hulu EnergiPT Patra Nusa DataSaka IndonesiaPremier OilKementerian Energi dan Sumber Daya Manusia Conoco PhillipsMandala Energy RepsolPratama WidyaWijaya Karya

Sumatera Selatan / South Sumatera

/ Kalimantan TimurEast Borneo

Sumatera Utara / North Sumatera

Sumatera Barat / West Sumatera

Jambi

Kalimantan Tengah / Central Borneo

Aceh

DKI Jakarta

Jawa Barat / West Java

Jawa Tengah / Central Java

Jawa Timer / East Java

Wilayah Operasi Jasa Hulu MigasOperational Area of Upstream Oil & Gas Services

Geoscience & Reservoir Services Wilayah | AreaSumatera Selatan | South Sumatera

AcehJambi

Klien | ClientsPT Pertamina EP

Mandala Energy

Production, Operation &Maintenances Services Wilayah | AreaSumatera Selatan | South SumateraSumatera Utara | North SumateraSumatera Barat | West Sumatera

Aceh JambiRiau

Klien | ClientsPertamina Geothermal EnergyPertamina Eksplorasi SumateraHexindo / Mandala Energy

PT Pertamina EPHexindoStar EnergyRamba Energy

Pertagas

81


/ Kalimantan TimurEast Borneo

/ Sulawesi TengahCentral Sulawesi

Papua Barat / West Papua

Sorong

BP BerauPetrogas

Production, Operation & Maintenances ServicesWilayah | Area DKI Jakarta | DKI JakartaJawa Tengah | Central Java Jawa Barat | West JavaJawa Timurl | East Java

Klien | ClientsPT Pertamina Hulu Energi PT Pertamina EPPertamina Petrochina East Java PGE Saka EnergyPT Pertamina GasPT Pertamina Hulu MahakamPT Pertamina Geothermal Energy

Production, Operation & Maintenances ServicesWilayah | Area Kalimantan Timur | East KalimantanSulawesi Tengah | Central SulawesiPapua Barat | West Papua

Klien | ClientsPT Pertamina EPNYTPT Vico IndonesiaTotal E&P IndonesiaPHSSPHKTPertamina Hulu MahakamBP BerauPetrogasTotal E&P Indonesie

Geoscience & Reservoir Services Wilayah | AreaKalimantan Tengah | Central Borneo

Papua Barat | West Papua

Klien | ClientsPT Pertamina EP

Conoco Phillips

82


Transportasi BBM / Fuel Fleet Management Pengelolaan Depot / Depot Management

Sumatera

1. Aceh2. Sumatera Utara

North Sumatera3. Riau4. Jambi5. Bangka Belitung6. Sumatera Selatan

South Sumatera7. Bengkulu8. Sumatera Barat

West Sumatera

Kalimantan

1. Kalimantan BaratWest Kalimantan

2. Kalimantan TimurEast Kalimantan

3. Kalimantan SelatanSouth Kalimantan

Bali

1. Bali

Sulawesi

1. Sulawesi UtaraNorth Sulawesi

2. Sulawesi TengahCentral Sulawesi

3. Sulawesi TenggaraSoutheast Sulawesi

4. Sulawesi SelatanSouth Sulawesi

5. Gorontalo

Nusa Tenggara

1. Nusa Tenggara BaratWest Nusa Tenggara

2. Nusa Tenggara TimurEast Nusa Tenggara

Papua & Maluku

1. Papua2. Maluku

Sumatera

1. Aceh2. Jambi3. Sumatera Selatan

South Sumatera

Kalimantan

1. Kalimantan TengahCentral Kalimantan


3. Kalimantan SelatanSouth KalimantanJawa

1. DKI Jakarta Papua

1. Papua


Kalimantan Timur /East BorneoSumatera Utara / North Sumatera

Sumatera Barat / West Sumatera

Kepulauan Riau / Riau Islands

Riau

Bangka Belitung

Bali

Bengkulu

Lampung

Jambi

Kalimantan Tengah / Central Borneo

Kalimantan Selatan / South Borneo

Kalimantan Barat / West Borneo

Aceh

DKI Jakarta


Jawa Timur / East Java

Wilayah Operasi Jasa Distribusi & Logistik EnergiOperational Area of Energy Distribution & Logistics Services

Sulawesi Selatan /South Sulawesi

Sulawesi Tenggara /South East Sulawesi

Nusa Tenggara Barat

83


Kalimantan Timur /East Borneo

Bali

Pengelolaan DPPU / DPPU Management

Perdagangan Chemical / Chemical Trading

Perdagangan BBM Inmar / Fuel Inmar Trading

Sumatera

1. Sumatera UtaraNorth Sumatera

2. Lampung

Jawa

1. Jawa TimurEast Java

Sumatera

1. Sumatera UtaraNorth Sumatera

2. Sumatera SelatanSouth Sumatera

3. Kepulauan RiauRiau Islands

4. Sumatera Bagian TengahCentral Sumatera

Jawa

1. Jawa Barat / West Java2. Jawa Tengah / Central Java3. Jawa Timur / East Java

Kalimantan

1. Kalimantan Timur / East Kalimantan2. Kalimantan Selatan / South Kalimantan

Sumatera

1. SumateraSumatera

Bali & Nusa Tenggara

1. Bali2. Nusa Tenggara

Jawa

1. DKI Jakarta & JawaDKI Jakarta & Java

Sulawesi

1. Sulawesi

Kalimantan

1. Kalimantan TengahCentral Kalimantan


3. Kalimantan BaratWest Kalimantan

4. Kalimantan SelatanSouth Kalimantan

Sulawesi Tengah /Central Sulawesi



Gorontalo

Nusa Tenggara Barat

Nusa Tengara Timur

Maluku Jayapura

Sulawesi Utara /North Sulawesi

84


Wilayah Operasi Jasa PenunjangOperational Area of Support Services



Kalimantan Utara /North Borneo

Sumatera Utara / North Sumatera

Kepulauan Riau / Riau Islands

Bangka Belitung

Denpasar

Bengkulu

Lampung

Jambi

Kalimantan Selatan / South Borneo

Aceh

DKI Jakarta

Banten

Laut Jawa

Batam


Jawa Timur / East Java

Jawa Tengah / Central Java

Data ManagementPhysical & DigitalData Management Business

Geo IT Business

1. Jambi2. Sumatera Selatan

South Sumatera3. DKI Jakarta

Jawa & Bali:1. Jawa Barat

West Java2. Jawa Tengah

Central Java3. Jawa Timur

East Java4. Bali5. Banten

Geodata BusinessSumatera:1. Aceh2. Sumatera Utara

North Sumatera3. Kepulauan Riau

Riau Islands4. Sumatera Selatan

South Sumatera5. Lampung6. Sumatera Barat

West Sumatera

Sulawesi:1. Sulawesi Selatan

South Sulawesi

Nusa Tenggara:1. Nusa Tenggara Barat

West Nusa Tenggara2. Nusa Tenggara Timur

East Nusa Tenggara

Kalimantan:1. Kalimantan Utara

North Kalimantan2. Kalimantan Timur

East Kalimantan3. Kalimantan Selatan

South Kalimantan

Papua & Maluku:1. Papua2. Maluku

Digital Data Management

Sumatera:1. Sumatera Utara

North Sumatera2. Kepulauan Riau

Riau Islands3. Bangka Belitung4. Bengkulu5. Sumatera Selatan

South Sumatera

Kalimantan:1. Kalimantan Timur

East Kalimantan

Sulawesi:1. Sulawesi Tenggara

South East Sulawesi

Jawa:1. DKI Jakarta2. Banten3. Jawa Barat



East Java

Papua & Maluku:1. Papua Barat

West Papua2. Maluku

Physical Data Management

1. Jambi2. Sumatera Selatan

South Sumatera3. Banten4. DKI Jakarta5. Jawa Barat

West Java

Bali & NTB:1. Bali2. Nusa Tenggara Barat

West Nusa Tenggara



Nusa Tenggara Barat

85



Kalimantan Utara /North Borneo

Denpasar



Sulawesi Tengah /Central Sulawesi

Nusa Tenggara Barat

Nusa Tengara Timur

Kupang

Maluku Jayapura

Papua Barat

OCTG, Maintenance, Fabrication & EPC Business Marine Support Services

Sumatera

1. Aceh2. Sumatera Selatan

South Sumatera3. Riau4. Sumatera Utara

North Sumatera

Jawa

1. DKI Jakarta2. Banten3. Jawa Barat



East Java

Kalimantan & Sulawesi

1. Kalimantan TimurWest Kalimantan

2. Sulawesi SelatanSouth Sulawesi

Sumatera

1. Aceh2. Sumatera Selatan

South Sumatera

Jawa

1. Jawa BaratWest Java

2. Jawa TimurEast Java

Kalimantan, Sulawesi, Maluku


2. Kalimantan baratWest Kalimantan

3. Sulawesi TengahCentral Sulawesi

4. Sulawesi TenggaraSoutheast Sulawesi

5. Maluku Utara North Maluku

86


5MaretMarch

201823FebruariFebruary

2018

14MeiMay

2018 27JuliJuly

2018 27-28Agustus

August

2018

Rapat Umum Pemegang Saham Luar Biasa (RUPS-LB)(1)Perseroan melaksanakan Rapat Umum Pemegang Saham Luar Biasa dengan agenda perubahan susunan pengurus perseroan.

Extraordinary General Meeting of Shareholders (EGMS) The Company held the Extraordinary General Meeting of Shareholders with the agenda of the change in the Management of the Company.

Rapat Umum Pemegang Saham Tahunan (RUPST)Perseroan Melaksanakan RUPST dengan agenda hasil kinerja 2018 dan pergantian pengurus Perseroan.

Annual General Meeting of Shareholders (AGMS)The Company held the Annual General Meeting of Shareholders (AGMS) with the agenda of reporting the performance results for 2018 and the change of Management of the Company.

Launching E-60Fit dalam Upstream HSSE ForumSebagai salah satu upaya meningkatkan kondisi kesehatan karyawan, Perseroan menerapkan program Elnusa 60 Days Commit to Fit (E-60Fit) pada Upstream HSSE Forum. Program ini merupakan bagian dari wellness program dan dukungan atas penerapan Health, Safety, Security & Environment (HSSE) yang lebih baik.

Launching of E-60Fit in the Upstream HSSE ForumAs an attempt to improve the employee health state, the Company implemented the Elnusa 60 Days Commit to Fit (E-60Fit) program on the Upstream HSSE Forum. This program acts as a part of the wellness program and becomes the supporting drive for better implementation of Health, Safety, Security & Environment (HSSE).

Kick-off Transformasi DigitalMengantisipasi VUCA & disrupsi jasa energi, Perseroan memulai transformasi digitalnya dengan kick-off penyelenggaraan conference & exhibition Elnusa Digital Transformation Journey. Beberapa inisiatif digital yang telah dihasilkan antara lain real time online mud logging, personal & asset monitoring devices, dan ECMA apps.

Digital Transformation Kick-off27 August 2018 - Anticipating the VUCA & disruption of energy services, the Company commenced its digital transformation by kicking off the Elnusa Digital Transformation Journey conference and exhibition. Some digital initiatives have been produced including the real time online mud logging, personal & asset monitoring devices, and ECMA apps.

8Januari

January

2018

Vendor Annual MeetingPerseroan mengadakan pertemuan tahunan dengan vendor yang bertemakan “Reforming. Opportunities Leveraging Performance”.

Vendor Annual Meeting The Company held yearly meetings with vendors routinely with a theme “Reforming Opportunities Leveraging Performance”.

Perjanjian Kerja Sama Kredit SindikasiGenjot pertumbuhan 2018, Perseroan tandatangani perjanjian kerja sama fasilitas kredit sindikasi jangka panjang sebesar USD80 juta. Bank UOB Indonesia bertindak selaku Mandated Lead Arranger dan Bookrunner.

Signing of the Syndicated Credit Cooperation AgreementIn order to boosting the growth in 2018, the Company signed a long-term syndicated loan facility agreement of USD80 million. UOB Indonesia (UOB) Bank acting as the Mandated Lead Arranger and Bookrunner.

PeristiwaPentingSignificant Events

87


7-9NovemberNovember

201828Agustus

August

2018 31Agustus

August

2018

10DesemberDecember

2018 17DesemberDecember

2018 20DesemberDecember

2018

Public ExposePerseroan melakukan 1 (satu) kali paparan publik, bertempat di Bursa Efek Indonesia untuk menyampaikan update kinerja Perseroan 2018 dan strategi serta rencana kerja yang akan datang.

Public Expose The Company held a public expose in the Investor Summit event, located in the Indonesian Stock Exchange, to deliver an update on the Company’s 2018 performance and its strategy as well as future plans.

Rapat Umum Pemegang Saham Luar Biasa (RUPS-LB)(2)Perseroan melaksanakan Rapat Umum Pemegang Saham Luar Biasa dengan agenda perubahan susunan pengurus Perseroan & perubahan anggaran dasar Perseroan.

Extraordinary General Meeting of Shareholders (EGMS)The Company held the EGMS with the agenda of the change in the Management of the Company & the change in the Company’s Articles of Association.

Forum Continuous Improvement Program ElnusaPerseroan memberikan penghargaan kepada 75 gugus berprestasi yang berhasil meraih juara kategori gold dan juga silver dalam Continuous Improvement Program.

Elnusa’s Forum of Continuous Improvement ProgramThe Company gave awards to 75 high performing groups, that obtained gold and silver category in the Continuous Improvement Program.

Kerja Sama Optimalisasi Jasa Hulu MigasPerseroan melakukan kerja sama dengan Schlumberger untuk optimalisasi kompetensi dan sumber daya jasa hulu migas terintegrasi dalam bentuk Master Cooperation Agreement dan Wireline Master Service Agreement selama lima tahun.

Cooperation in Optimizing Upstream Oil and Gas ServicesThe Company cooperates with Schlumberger to optimize the competency and resources of integrated upstream oil and gas services through the Master Cooperation Agreement and Wireline Master Service Agreement for five years..

Penghargaan Kementerian ESDM atas Kepedulian Bencana Alam di Sulawesi TengahPerseroan menerima penghargaan dari Kementerian Energi dan Sumber Daya Mineral atas kontribusi dalam membantu korban bencana gempa bumi, tsunami dan likuifaksi di Provinsi Sulawesi Tengah. Kontribusi yang dilakukan antara lain mendukung Pemerintah dan Pertamina dalam pemulihan segera distribusi BBM, mengirimkan bantuan logistik & medis, melakukan pemulihan trauma, menyelenggarakan drilling for water dan fasilitas sumur air bersih, serta menyediakan hunian tetap untuk para korban.

Ministry of Energy and Mineral Resources Award for Natural Disaster Concern in Central SulawesiThe Company earned an award from the Ministry of Energy and Mineral Resources for its contribution in helping the victims of earthquake, tsunami and liquefaction in Central Sulawesi. The contribution includes supporting the Government and Pertamina in the immediate recovery of fuel distribution, sending logistical & medical assistance, carrying out the trauma recovery program, organizing drilling for water and clean water well facilities, and providing the permanent housing for the victims.

Proyek Enhanced Oil Recovery PertamaPerseroan mendapatkan kepercayaan sebagai kontraktor jasa dalam penerapan Enhanced Oil Recovery (EOR) pertama. Proyek ini merupakan momen penentuan peningkatan produksi minyak mentah Pertamina ke depan serta momen untuk menunjukkan keunggulan layanan solusi total jasa Perseroan dalam mendukung peningkatan produksi minyak.

First Enhanced Oil Recovery ProjectThe Company gains trust as a service contractor in the first implementation of Enhanced Oil Recovery (EOR). This project is a momentum of determination to increase Pertamina’s crude oil production in the future ahead as well as a momentum to demonstrate the excellent service of the Company’s total service solution in supporting the increased oil production.

88


Kategori “Very Good”, dalam Penerapan Sistem Manajemen HSE kontraktor pada

periode semester 2 tahun 2017 untuk kegiatan Survei Sesmik Darat

Category: “Very Good” in the implementation of Health and Safety management system for

contractors in the second semester in 2017 for activities involving land Seismic survey

Perseroan menerima Piagam Penghargaan dari Presiden Director

PT Pertamina EP, pada proyek Seismik 3D Klamassosa - Papua

The Company received an award from the President Director of PT Pertamina EP for its 3D

Seismic project in Klamassosa - Papua

Penghargaan dari PHE WMOAward from PHE WMO

Perseroan menerima penghargaan dari PHE WMO dengan kategori The Best QHSE

Performance pada pekerjaan Hydraulic Workover Unit “Loss Control Meeting Forum

1st 2018”

The Company received an award from PHE WMO as The Best QHSE Performance for the work in Hydraulic Workover Unit in the “Loss

Control Meeting Forum 1st 2018”

Piagam Peduli dari BAZNASRecognition from BAZNAS

Perseroan menerima penghargaan berupa piagam peduli dari BAZNAS atas

kepeduliannya dalam pembangunan hunian tetap bagi korban gempa dan tsunami di

Sulawesi Tengah

Company received an award from BAZNAS on its CSR activities in rebuilding houses for

victims of tsunami in Central Sulawesi.

Penghargaan & SertifikasiAwards & Certifications

Penghargaan dalam ajang UIIAAward in UIIA event

Perseroan mengirimkan tim untuk mengikuti ajang UIIA yaitu Forum Presentasi CIP

Upstream Improvement & Innovation Award - Pertamina 2018 dan pada kesempatan tersebut, Perseroan meraih Penghargaan

Platinum

The Company sent a team to join the UIIA, which is a Presentation Forum in CIP

Upstream Improvement & Innovation Award - Pertamina 2018, and at that event, the

Company received Platinum, Gold, and Silver awards

Penghargaan Katagori Platinum (CIP APQA)Award of Platinum Category (CIP APQA)

Perseroan meraih penghargaan kategori platinum dalam continous improvement

program APQA 2018 yang diselenggarakan oleh PT Pertamina (Persero)

The Company was bestowed with the platinum category award for its continuous improvement program of APQA held by PT

Pertamina (Persero)

Penghargaan dari Kementerian ESDMAward from the Ministry of Energy and Mineral

Resources

Perseroan menerima penghargaan dari Kementerian ESDM sebagai Perseroan yang

berpartisipasi aktif dalam melakukan kegiatan siaga bencana gempa bumi, tsunami dan

likuafasi sebagai salah satu tim ESDM mulai dari tahapan awal pasca bencana hingga recovery

atau pemulihan bencana

The Company received an award from the The Ministry of Energy and Mineral Resources as a company that actively participated, together as one team from the ministry, in supporting

natural disaster recovery activities in the event of earthquake, tsunami, and liquefaction, starting

from the initial phase of recovery up to the rehabilitation process.

89


Certification of ISO 9001:2008 UKAS Management System 005

Sertifikat dari SGS United Kingdom Ltd yang berlaku mulai tanggal 12 Agustus 2015 hingga

12 Agustus 2018.

Certificate from SGS United Kingdom Ltd, applicable from 12 August 2015 to 12 August

2018

Certification of ISO 14001:2015

Sertifikat dari SGS Societe Generale de Surveillance SA yang berlaku mulai tanggal 22 Agustus 2015 hingga 21 Agustus 2018.

Certificate from SGS Societe Generale de Surveillance SA, applicable from 22 August

2015 to 22 August 2018.

Certification of ISO 55001:2014 UKAS Management Systems 005

Sertifikat dari SGS United Kingdom Ltd, yang berlaku mulai tanggal 9 Januari 2018 hingga

8 Januari 2021.

Certificate from SGS United Kingdom Ltd, applicable from 9 January 2019 to 8 January

2021

Certification of OHSAS 18001: 2007

Sertifikat dari PT SGS Indonesia, yang berlaku mulai tanggal 3 Juni 2015 hingga 3

Juni 2018.

Certificate from PT SGS Indonesia, applicable from 3 June 2015 to 3 June 2018.

Most Improved Camp AccomodationMost Improved Camp Accommodation

Perseroan menerima penghargaan melalui Ajang HSE Communication Forum 2018,

Commited to Zero LTI, PT Pertamina Hulu Mahakam

The Company received award on the HSE Communication Forum 2018, Commited to

Zero LTI, PT Pertamina Hulu Mahakam

Safety Performance of High Risk Contract (>400k Manhours)

Safety Performance of High Risk Contract (>400k Manhours)

Perseroan menerima penghargaan dalam Ajang HSE Communication Forum 2018, Commited to Zero LTI, PT Pertamina Hulu

Mahakam

The Company received award through the HSE Communication Forum 2018, Commited to

Zero LTI, PT Pertamina Hulu Mahakam

90


Pendidikan dan/atau PelatihanDevelopment and/or Training

Peningkatan dan pengembangan dalam meningkatkan kapabilitas dari masing-masing organ Perseroan dinilai penting agar dapat selalu memperbaharui informasi tentang perkembangan terkini dari bisnis inti Perusahaan, mengantisipasi masalah yang timbul di kemudian hari bagi keberlangsungan dan kemajuan Perusahaan. Program peningkatan kapabilitas dapat berupa pendidikan khusus, pelatihan, workshop, seminar ataupun conference.

Berikut adalah program pelatihan dan pengembangan kompetensi yang diikuti selama tahun 2018:

Program Pelatihan dan Pengembangan Kompetensi Dewan KomisarisBoard of Commissioners’ Competency Training and Development Programs

NameName

JabatanPosition

Pelatihan dan PengembanganTraining and Development

PenyelenggaraOrganizer

Pradana Ramadhian G. Komisaris IndependenIndependent Commissioner

2018 IIA National Conference The Institute of Internal Auditors Indonesia

Eman Salman Arief KomisarisCommissioner

Reformulating Strategy in the Era of Disruption Program

PT Pertamina (Persero)

Program Pelatihan dan Pengembangan Kompetensi Direksi Board of Directors’ Competency Development and Training Programs

NameName

JabatanPosition



Elizar Parlindungan Hasibuan Direktur OperasiOperation Director

• Forum Fasilitas Produksi MigasForum for Oil and Gas Production Facilities

• Capacity Building

• SKK Migas & IAFMI• John Robert Powers

Hery Setiawan Direktur KeuanganFinance Director

Capacity Building John Robert Powers

RM Happy Paringhadi Direktur SDM & UmumHuman Resource & General Director

Capacity Building John Robert Powers

Program Pelatihan dan Pengembangan Kompetensi Komite AuditAudit Committee’s Competency Training and Development Programs

NameName

JabatanPosition



Pradana Ramadhian G. KetuaHead


Reynold M. Batubara AnggotaMember


Eddy Rachmadi AnggotaMember


Improving and developing the capabilities of the Company’s organs always become a priority. Thus, the updated information may be available anytime on the latest development of the Company’s core business, anticipating the problems that arise in the future for the Company’s sustainability and progress. The capability improvement programs can be conducted through the education on particular topics, training, workshops, seminars or conferences.

The following tabels contain the training and competency development programs run in 2018:

91


Program Pelatihan dan Pengembangan Kompetensi Komite Nominasi dan RemunerasiNomination & Remuneration Committee’s Competency Training and Development Programs

NameName

JabatanPosition



Eman Salman Arief AnggotaMember

Reformulating Strategy in the Era of Disruption Program

PT Pertamina (Persero)

Muhammad Fahmi El Mubarak AnggotaMember

• Digital Corporate Culture• Quantum Transformation• Enterprise Risk Management

• PT Elnusa Tbk• PT Elnusa Tbk• PT Elnusa Tbk

Program Pelatihan dan Pengembangan Kompetensi Komite Manajemen RisikoRisk Management Committee’s Competency Training and Development Programs

NameName

JabatanPosition



Adil Nusyirwan AnggotaMember

ISO 31000 ERM Fundamental CRMS Indonesia

Serena Karlita Ferdinandus AnggotaMember

• Seminar Nasional Industri Pembiayaan Pasar Modal

• ISO 31000 ERM Fundamental• IIA 2018 National Conference

• Asosiasi Perusahaan Pembiayaan Indonesia

• CRMS Indonesia• The Institute of Internal Auditors

Indonesia

Program Pelatihan dan Pengembangan Kompetensi Sekretaris PerusahaanCorporate Secretary’s Competency Training and Development Programs

No Pelatihan dan PengembanganTraining and Development

TanggalDate


1 Sustainability Reporting For Public Listed Companies 13 Juli 201813 July 2018

Bursa Efek Indonesia dan GRIIndonesia Stock Exchange and GRI

2 Corporate Secretary – The CG Officer Level Intermediate Competency – Investor Relation

1-2 Agustus 20181-2 August 2018

Indonesian Corporate Secretary Association

Program Pelatihan dan Pengembangan Kompetensi Unit Audit Internal Internal Audit Unit’s Competency Training and Development Programs

No Pelatihan dan PengembanganTraining and Development

TanggalDate


1 Continuity, Consistency, Consequences 30 November 2018 PIA (Pertamina Internal Audit)

2 Internal Control System to Strengthen IA’s Role as An Enabler Function in Disruptive Era

29 November 2018 PIA (Pertamina Internal Audit)

92


Analisis & PembahasanManajemenManagement Discussion and Analysis

05

94

Analisis & Pembahasan ManajemenManagement Discussion & Analysis

PERTUMBUHAN EKONOMITahun 2018 perekonomian global stabil dengan pertumbuhan yang sama dengan tahun 2017 sebesar 3,7% (IMF, Januari 2019). Hasil ini merupakan koreksi dari prediksi sebelumnya akibat penurunan pertumbuhan perekonomian China sebesar 0.3% dari tahun 2017 menjadi 6,6% di 2018. Perekonomian Amerika dan China merupakan dua negara dengan perekonomian terbesar di dunia. Perlambatan ekonomi China dan kebijakan fiskal Amerika yang ekspansif dengan penurunan pajak dan belanja yang meningkat, ditambah kebijakan perang dagang Amerika kepada Eropa dan China dengan menaikkan tarif barang impor ke Amerika Serikat mempengaruhi negara-negara lainnya, khususnya mitra dagang utama dari kedua negara tersebut. Dampak dari kebijakan di Amerika Serikat dirasakan seluruh dunia dalam bentuk suku bunga Dolar Amerika meningkat, arus modal ke seluruh dunia terutama ke negara-negara berkembang dan emerging menurun membuat ketidakpastian perdagangan internasional.

Sementara itu, pertumbuhan perekonomian Indonesia pada 2018 diperkirakan sebesar 5,1%, tidak berbeda dengan pertumbuhan 2017. Pertumbuhan ekonomi 2018 ini sebagian besar masih akan disumbang oleh pertumbuhan konsumsi rumah tangga dan peningkatan investasi. Faktor pendukung pertumbuhan ekonomi lainnya seperti ekspor dan impor diprediksi masih akan tumbuh.

ECONOMIC GROWTHIn 2018 the global economy is stable with growth equal to 2017 of 3.7% (IMF, January 2019). This result is a correction from previous predictions due to a decline in China economic growth by 0.3% from 2017 to 6.6% in 2018. The economy of America and China are the two countries with the largest economy in the world. China economic slowdown and expansive US fiscal policy with increasing tax and spending increases, plus American trade war policies for Europe and China by increasing tariffs on imported goods to the United States affect other countries, especially the main trading partners of the two countries. The impact of policy in the United States is felt throughout the world in the form of rising US Dollar interest rates, capital flows to the rest of the world, especially to developing and emerging countries are declining making uncertainty in international trade.

Meanwhile, Indonesian economic growth in 2018 is estimated at 5.1%, no different from 2017 growth. This 2018 economic growth is still largely contributed by growth in household consumption and increased investment. Other supporting factors for economic growth such as exports and imports are predicted to continue to grow.

Analisis dan Pembahasan ManajemenManagement Discussion and Analysis

Tinjauan Ekonomi Makro dan Industri MigasMacroeconomic Overview of Oil and Gas Industry

“Analisis dan Pembahasan Manajemen ini disusun dalam rangka membantu pemegang saham dan pemangku kepentingan untuk mendapatkan gambaran yang lebih komprehensif dalam bentuk narasi mengenai kinerja bisnis dan keuangan Perseroan serta faktor-faktor lain yang mempengaruhi kinerja Perseroan sepanjang tahun 2018 maupun prospek usaha Perseroan pada masa yang akan datang.

This Management Discussion and Analysis was arranged in order to help shareholders and stakeholders to obtain a more comprehensive picture in the form of narrative on the business and financial performance of the Company, and on the factors that affected the Company’s performance throughout 2017, as well as on the future business prospects of the Company.

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RUPIAH EXCHANGE RATE AGAINST THE US DOLLARDetermining foreign exchange rates is an important consideration for companies that use foreign currencies and those involved in international trade, foreign exchange rates will affect costs and benefits in international trade.

Entering 2018, the Rupiah had strengthened to Rp13,290 / USD in January after the weakening of the Rupiah continued relatively throughout 2018. The weakening of the Rupiah was due to increased yields on US securities and increased expectations of interest rate increases in the US. The increase in yields and interest rates in the US was triggered by increased investor optimism about the outlook for the US economy along with the US economy which continued to improve. While domestic factors were triggered by an increase in foreign exchange demand by domestic corporations for the needs of import payments and foreign debt.

US monetary policy was responded to by Bank Indonesia (BI) by raising its benchmark interest rate by 175 basis points (bps) in 2018, to stabilize the exchange rate. Until the end of December 2018, the Rupiah recorded depreciation reached 6.9% and was closed at the level of Rp14,247 /USD.

Pertumbuhan Ekonomi Indonesia, Regional & DuniaEconomic Growth of Indonesia, Regionals, and The World

Indonesia

5,1% 5,1%

Malaysia

5,9%

4,7%

Thailand

3,9%4,6%

Vietnam

6,8% 6,6%

ASEAN 5

5,3% 5,3%

India

6,7%

7,3%

America

2,2% 2,9%

China

6,9% 6,6%

World

3,7% 3,7%

2017 2018

Source : IMF, Januari 2019

NILAI TUKAR RUPIAH TERHADAP DOLAR AS

Penentuan kurs valuta asing menjadi pertimbangan penting bagi perusahaan yang menggunakan mata uang asing dan yang terlibat dalam perdagangan internasional, kurs valuta asing akan berpengaruh terhadap biaya dan manfaat dalam perdagangan internasional.

Memasuki tahun 2018 sempat terjadi penguatan Rupiah sampai angka Rp13.290/USD di bulan Januari setelah itu pelemahan Rupiah relatif berlanjut selama tahun 2018. Pelemahan Rupiah ini terjadi karena meningkatnya imbal hasil (yield) surat berharga AS dan meningkatnya ekspektasi kenaikan suku bunga di AS. Kenaikan yield dan suku bunga di AS dipicu oleh meningkatnya optimisme investor terhadap prospek ekonomi AS seiring dengan ekonomi AS yang terus membaik. Sementara faktor dalam negeri dipicu oleh kenaikan permintaan valas oleh korporasi domestik untuk kebutuhan pembayaran impor dan hutang luar negeri.

Kebijakan moneter AS direspon Bank Indonesia (BI) dengan menaikkan suku bunga acuan sebanyak 175 basis points (bps) di tahun 2018, untuk menstabilkan nilai tukar. Hingga akhir Desember 2018, Rupiah tercatat terdepresiasi mencapai 6,9% dan ditutup pada level Rp14.247/USD.

96


Nilai Tukar Rupiah terhadap USDRupiah Exchange Rate Against USD

20182017

15.500

15.000

14.000

13.000

14.500

13.500

12.500

12.500

Sumber: BI

INFLASISepanjang 2018 inflasi di Indonesia mencapai 3,13%, angka ini lebih rendah jika dibandingkan periode 2017 yang sebesar 3,61%. Dengan demikian, inflasi aktual berada di bawah target Pemerintah sebesar 3,5%. Penyebab utama inflasi pada 2018 adalah kenaikan bahan bakar minyak (BBM) nonsubsidi. Adapun berdasarkan komponennya, inflasi inti (core inflation) tercatat sebesar 1,87%, harga yang diatur pemerintah (administered price) sebesar 0,66%, dan harga pangan bergejolak (volatile food) sebesar 0,60%.

Regulasi 1. Permen ESDM Nomor 17 Tahun 2018 Impor Barang Operasi

untuk Kegiatan Usaha Hulu Minyak dan Gas Bumi. Kementerian ESDM menetapkan ketentuan tentang Impor Barang Operasional untuk Kegiatan Usaha Hulu Minyak dan Gas Bumi. Ketentuan mengenai mekanisme dan prosedur impor barang operasional yang akan digunakan untuk kegiatan usaha hulu minyak dan gas bumi melalui penyerahan Rencana Kebutuhan untuk Barang Impor untuk mendapatkan pembebasan bea masuk dan pajak impor atas barang operasional.

2. Permen ESDM Nomor 34 Tahun 2018. Menetapkan amandemen tentang perhitungan harga eceran bahan bakar berbasis minyak sebagai upaya untuk meningkatkan iklim investasi dalam kegiatan usaha hilir migas.

3. Permen ESDM Nomor 23 Tahun 2018, tentang pengelolaan wilayah kerja minyak dan gas bumi yang akan berakhir kontrak kerja samanya.

4. Permen ESDM Nomor 24 Tahun 2018, perubahan kedua atas peraturan menteri energi dan sumber daya mineral nomor 26 tahun 2017 tentang mekanisme pengembalian biaya investasi pada kegiatan usaha hulu minyak dan gas bumi.

INFLATIONThroughout 2018 inflation in Indonesia reached 3.13%, this figure is lower than the 2017 period which was 3.61%. Thus, actual inflation is below the Government target of 3.5%. The main cause of inflation in 2018 is the increase in non-subsidized fuel oil (BBM). Based on its components, core inflation was recorded at 1.87%, administered prices were 0.66%, and volatile food prices were 0.60%.

Regulation1. Energy and Mineral Resources Ministry Ministerial Regulation

Number 17 of 2018 Import of Operational Goods for Upstream Oil and Gas Business Activities. The Ministry of Energy and Mineral Resources stipulates provisions on the Import of Operational Goods for Upstream Oil and Gas Business Activities. Provisions regarding the mechanism and procedures for the import of operational goods that will be used for upstream oil and gas business activities through the submission of the Requirement Plan for Imported Goods to obtain exemption from import duty and import tax on operational goods.

2. Energy and Mineral Resources Ministry Ministerial Regulation Number 34 of 2018. Establish amendments regarding the calculation of retail prices of oil-based fuels as an effort to improve the investment climate in downstream oil and gas business activities.

3. Energy and Mineral Resources Ministry Ministerial Regulation Number 23 of 2018, concerning the management of oil and gas working areas that will end their cooperation contracts.

4. Energy and Mineral Resources Ministry Ministerial Regulation Number 24 Year 2018, the second amendment to the regulation of the Minister of Energy and Mineral Resources Number 26 of 2017 concerning the mechanism for returning investment costs in upstream oil and gas business activities.

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5. Permen ESDM Nomor 42 Tahun2018, Prioritas Pemanfaatan Minyak Bumi untuk Pemenuhan Kebutuhan dalam Negeri. Peraturan Menteri ESDM ini mewajibkan pasokan minyak mentah yang berasal dari dalam negeri untuk ditawarkan ke PT Pertamina (Persero) terlebih dahulu.

6. Permen ESDM Nomor 46 Tahun 2018, Perubahan Ketiga Atas Permen ESDM Nomor 26 Tahun 2017. Mengatur mekanisme pengembalian biaya investasi pada kegiatan usaha hulu minyak dan gas bumi pada akhir periode kontrak kerja sama dalam kegiatan usaha hulu migas.

Industri Energi 2018Selama tahun 2018 produksi minyak mentah global oleh OPEC mengalami surplus sebesar 0.12 mbpd. Dari segi permintaan dan suplai tahun 2018 mengalami pertumbuhan jika dibandingkan dengan 2017.

Supply & Demand Minyak DuniaSupply and Demand of World Oil

2018 2017 Change 2018/2017

(a) World Oil Demand 98.78 97.29 1.49

• Non OPEC Supply 62.06 59.45 2.61

• OPEC NGLs and non-conventionals 4.98 4.94 0.04

(b) Total non-OPEC supply and OPEC NGLs 67.04 64.39 2.65

• Difference (a-b) 31.74 32.90 -1.16

• OPEC Crude Oil Production 31.86 32.02 -0.16

Balance 0.12 -0.88 1.00

Sumber : OPEC Monthly Oil Market January 2019

Lifting migas Indonesia tahun 2018 hanya tercapai 98% dari target APBN. Lifting minyak hanya 778 Mbopd dengan target 2018 adalah 800 Mbopd, sementara realisasi lifting gas hanya 1.139 Mbopd dengan target 1.200 Mbopd di tahun 2018. Penurunan lifting ini terlihat dari kinerja kontraktor migas besar, semuanya tidak memenuhi target.

Realisasi Lifting Migas IndonesiaRealization of Indonesia Oil & Gas Lifting

Minyak (bopd)Oil (bopd)

Gas (boepd)

2016

820.000

1.181.500

2017

803.800

1.140.000

2018

1.139.000

778.000

Sumber : SKK Migas

5. Energy and Mineral Resources Ministry Ministerial Regulation Number 42 of 2018, Priority for Utilizing Petroleum for Fulfilling Domestic Needs. This ESDM Ministerial Regulation requires that domestic crude oil supply be offered to PT Pertamina (Persero) first.

6. Energy and Mineral Resources Ministry Ministerial Regulation Number 46 of 2018, Third Amendment to ESDM Regulation Number 26 of 2017. Regulates the mechanism for returning investment costs in upstream oil and gas business activities at the end of the period of cooperation contracts in upstream oil and gas business activities.

Energy Industry in 2018During 2018 OPEC global crude oil production experienced a surplus of 0.12 mbpd. In terms of demand and supply in 2018, growth is compared to 2017.

Indonesia oil and gas lifting in 2018 only reaches 98% of the APBN target. Oil lifting is only 778 Mbopd with a target of 2018 is 800 Mbopd, while the realization of gas lifting is only 1,139 Mbopd with a target of 1,200 Mbopd in 2018. The decline in lifting is seen from the performance of large oil and gas contractors, all of which do not meet the target.

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HARGA MINYAK DUNIASelama tahun 2018 harga rata-rata minyak Brent adalah USD71.1 per barel, WTI secara rata-rata USD64.9 per barel. Tren kenaikan harga minyak ini mulai terjadi pada akhir 2017 yang dipicu beberapa isu seperti, kesepakatan oleh OPEC dan Rusia untuk mengurangi jumlah produksi minyak mentah mereka, kemudian krisis di Venezuela dan kebutuhan minyak dunia yang semakin bertambah, memasuki 2018 kenaikan harga minyak diperkuat oleh sanksi Amerika terhadap Iran yang mengakibatkan pasokan minyak dunia dari negara tersebut berkurang. Harga tertinggi untuk minyak mentah Indonesia tercapai di bulan Oktober sebesar USD77,56 per barel. Rata-rata ICP pada tahun 2018 adalah USD66,62 per barel. Di tahun 2019 harga ICP mengalami peningkatan di bulan Januari daripada bulan sebelumnya ke USD56,65 per barel, kenaikan harga ini didorong oleh tren eksternal yang sama dengan tren eksternal harga minyak global.

Proyeksi Harga Minyak Mentah Dunia (EIA)Projected World Crude Oil Prices (EIA)

Jan-

2017

Jan-

2019

Jul-2

018

Jan-

2018

Jul-2

017

Nov

-201

8

May

-201

8

Nov

-201

7

May

-201

7

Sep-

2018

Mar

-201

8

Sep-

2017

Mar

-201

7

Dec

-201

8

Jun-

2018

Dec

-201

7

Jun-

2017

Oct

-201

8

Apr

-201

8

Oct

-201

7

Apr

-201

7

Aug

-201

8

Feb-

2018

Aug

-201

7

Feb-

2017

90

40

50

60

70

80

WTI Brent ICP

Sumber: EIA. Short-Term Energy Outlook. ESDM

INVESTASI HULU MIGAS INDONESIA

Investasi hulu migas Indonesia tahun 2018 mengalami peningkatan sebesar 16,6% menjadi USD11,99 miliar. Investasi yang meningkat adalah Development sebesar 106,7% dan Produksi sebesar 8,4%. Investasi ini banyak berimbas pada aktivitas produksi dengan meningkatnya jumlah pengeboran sumur pengembangan sebesar 39% dan kegiatan pemeliharaan sumur sebesar 23%. Sebaliknya pada tahun 2018, kegiatan eksplorasi mengalami penurunan dengan penurunan signifikan pada survei seismik 2D yang menurun 75%, survei seismik 3D sebesar 24% dan juga terlihat dari jumlah sumur pemboran eksplorasi yang turun 45%. Menurunnya kegiatan ini berdampak pada jasa Perseroan.

WORLD OIL PRICESDuring 2018 the average price of Brent oil was USD71.1 per barel, WTI averaged USD64.9 per barel. The trend of rising oil prices began at the end of 2017 triggered by several issues, such as the agreement by OPEC and Russia to reduce their crude oil production, then the crisis in Venezuela and increasing world oil demand, entering 2018 the rise in oil prices was reinforced by American sanctions against Iran which resulted in reduced world oil supply from that country. The highest price for Indonesian crude is reached in October at USD77.56 per barrel. The average ICP in 2018 is USD66.62 per barrel. In 2019 ICP prices increased in January compared to the previous month to USD56.65 per barrel, this increase in prices was driven by external trends similar to external trends in global oil prices.

UPSTREAM OIL AND GAS INVESTMENT IN INDONESIAUpstream oil and gas investment in Indonesia throughoutv 2018 has increased by 16.6% to USD11.99 billion. Increased investment is Development at 106.7% and Production at 8.4%. This investment has a lot of impact on production activities with an increase in the number of development wells by 39% and well maintenance activities by 23%. Conversely, in 2018, exploration activities decreased with a significant decline in 2D seismic surveys which decreased by 75%, 3D seismic surveys by 24% and also seen from the number of exploration drilling wells which dropped 45%. The decline in these activities has an impact on the Company services.

USD/Barrel

99


Uraian Detail 2018 2017Seismic 2D km 1.068 4.353

Seismic 3D sqkm 4.003 5.282

Pengeboran EksplorasiExploration Drilling

Jumlah SumurNumber of Wells

21 38

Pengeboran PengembanganDevelopment Wells Drilling

Jumlah SumurNumber of Wells

278 200

Workover Jumlah AktivitasNumber of Activities

628 760

Well Service Jumlah AktivitasNumber of Activities

76.485 62.328

Sumber: SKK Migas

2016

11.584

2017

10.285

2018

11.995

8.111 8.113 8.801

1.366643

1.329915

576786

1.192953

1.079

EksplorasiExplorationProduksiProduction

PengembanganDevelopmentAdministrasiAdministration

Sumber: Capaian SKK Migas 2018

KONSUMSI BBM (PSO, BBK DAN NON PSO)Dalam Rancangan Anggaran Pendapatan Belanja Negara (RAPBN) 2018, Kementerian ESDM dan Komisi VII DPR telah menyepakati kuota BBM subsidi minyak tanah sebesar 0,6 Juta KL tidak ada kenaikan dibandingkan tahun 2017, sedangkan untuk solar/bio solar sebesar 17,4 Juta KL atau naik 10%. Sementara itu BBK seperti Premium, Pertamax dan lainnya diperkirakan sebesar 34,73 Juta KL atau naik 4% dibandingkan tahun 2017. Secara keseluruhan diperkirakan konsumsi nasional untuk BBM PSO dan BBK sebesar 52,8 Juta KL atau naik 5,8% dibandingkan tahun lalu.

Sementara itu untuk BBM Non PSO secara keseluruhan mengalami kenaikan sebesar 6,7% pada tahun 2018 dengan perkiraan BBM Inmar non PLN dan juga Aviasi mengalami pertumbuhan yang sama masing-masing 7%, sehingga total kebutuhan BBM Inmar Non PSO dan Aviasi sebesar 14,9 Juta KL. Berdasarkan pertumbuhan kebutuhan BBM ini dapat diperkirakan potensi Jasa Distribusi dan Logistik Energi yang dilakukan oleh anak perusahaan PT Elnusa Petrofin mempunyai peluang untuk tumbuh dan memperoleh share yang lebih besar.

Konsumsi BBM NasionalNational Fuel Consumption

2016

48,0

2017

49,8

2018

52,8

0,7 0,6 0,6

31,9 33,4 34,7

15,4 15,9 17,4

Premium & BBKPremium & Special FuelSolar & BiosolarDiesel & Biodiesel

Minyak TanahKerosene

2016

13,1

2017

14,0

2018

14,9

9,48,3 8,8

4,95,2

5,3

Inmar Non PLN AviasiAviation

Volume BBM PSO Nasional & BBK (Juta KL) Volume BBM Non PSO (Juta KL)

Sumber: Parameter ISC, Pertamina

FUEL CONSUMPTION (PSO, BBK AND NON PSO)In the 2018 State Budget (RAPBN) Draft, the Ministry of Energy and Mineral Resources and Commission VII of the House of Representatives agreed on a kerosene subsidized fuel quota of 0.6 million KL, no increase compared to 2017, while 17.4 million KL for solar / bio solar, up 10%. Meanwhile BBK such as Premium, Pertamax and others are estimated at 34.73 Million KL or up 4% compared to 2017. Overall, it is estimated that national consumption for BBM PSO and BBK is 52.8 Million KL, up 5.8% compared to last year.

Meanwhile for Non-PSO BBM as a whole has increased by 6.7% in 2018 with estimates of non-PLN Fuel Inmar and Aviasi experiencing the same growth of 7% each, so that the total demand for Inmar Non PSO and Aviation is 14.9 Million KL. Based on the growth in fuel demand, it can be estimated that the potential of Distribution and Energy Logistics Services carried out by a subsidiary of PT Elnusa Petrofin has the opportunity to grow and gain a greater share.

Realisasi Survei Seismik, Pengeboran, dan Oilfield ServicesSeismic Survey, Drilling, and Oilfield Services Realization

Investasi Hulu Migas IndonesiaIndonesia’s Upstream Oil & Gas Investment

Juta USD/Million USD

100


The upstream oil and gas sector faces more favorable conditions in 2017 with the rise in ICP oil prices to the highest position in October 2018, at a price of USD77.56 / barrel, but then corrected by 29% to the lowest position in December 2018, at a price of USD54. 81 / barrel. Oil prices increased slightly at the beginning of 2019 where the ICP position in January 2019 was USD56.55 / barrel, an increase of 3% from the position in December 2018. In this condition, the Oil and Gas KKKS will carry out an efficiency program and simultaneously improve the climate of competition for oil and gas services.

Indonesia rate of replacement of oil reserves (RRR) in 2018 has reached 105.6%, equivalent to 831 Mboe. The 2019 RRR is targeted at 100%. This condition can provide good potential for exploration services.

Meanwhile, the results of oil and gas lifting in 2018 amounting to 1.92 Mboepd (SKK Migas) decreased by 3.3% from the previous year lifting of 1.98 Mboepd. For 2019, oil and gas lifting is targeted to reach 2.02 Mboepd, equivalent to a 5.6% increase. To achieve this target, the Government is targeting an increase in several work programs such as increasing the number of workover wells, the number of development well drilling, and the number of wildcat wells.

The realization of oil and gas investment in 2018 has reached USD 11.99 Billion (SKK Migas, 2019) or realized by 90% of the budget. When compared with 2017, oil and gas investment in 2018 has grown by 17%. The government is optimistic about the 2019 oil and gas investment plan of USD14.79 billion, up 23.3% from 2018 related to national oil and gas consumption.

Sektor hulu migas menghadapi kondisi yang lebih menguntungkan pada tahun 2017 dengan kenaikan harga minyak ICP ke posisi tertinggi di Oktober 2018, dengan harga sebesar USD77,56 per barel, namun kemudian terkoreksi 29% hingga ke posisi terendah di Desember 2018, dengan harga sebesar USD54,81 per barel. Harga minyak sedikit meningkat di awal tahun 2019 dimana posisi ICP Januari 2019 adalah sebesar USD56,55 per barel, meningkat 3% dari posisi di Desember 2018. Dalam kondisi ini, KKKS Migas akan melakukan program efisiensi dan sekaligus meningkatkan iklim kompetisi pada jasa migas.

Rasio tingkat penggantian cadangan minyak (RRR) Indonesia pada tahun 2018 mengalami pencapaian sebesar 105,6% atau setara dengan 831 Mboe. RRR tahun 2019 ditargetkan sebesar 100%. Kondisi ini dapat memberikan potensi yang cukup baik bagi jasa eksplorasi.

Sedangkan, hasil lifting migas tahun 2018 sebesar 1,92 Mboepd (SKK Migas) mengalami penurunan sebesar 3,3% dari lifting tahun sebelumnya sebesar 1,98 Mboepd. Untuk tahun 2019, lifting migas ditargetkan mencapai 2,02 Mboepd, setara dengan kenaikan 5,6%. Guna mencapai target ini, Pemerintah menargetkan peningkatan di beberapa program kerja seperti peningkatan jumlah sumur workover, jumlah pengeboran sumur pengembangan, dan jumlah sumur wildcat.

Realisasi investasi migas tahun 2018 telah mencapai USD11,99 miliar (SKK Migas, 2019) atau terealisasi sebesar 90% dari anggaran. Jika dibandingkan dengan tahun 2017, investasi migas tahun 2018 telah tumbuh 17%. Pemerintah optimis dengan rencana investasi migas 2019 sebesar USD14,79 miliar atau naik 23,3% dari tahun 2018 terkait dengan konsumsi migas nasional.

Investasi Hulu Migas Indonesia (Juta USD)Indonesia’s Upstream Oil & Gas Investment (Million USD)

2015

15.340

2016

11.153

2017 2018 2019

10.285 11.995 14.790

EksplorasiExploration

ProduksiProduction

PengembanganDevelopment

AdministrasiAdministration

Prospek UsahaBusiness Prospect

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Aspek PemasaranMarketing Aspect

Pada Jasa Distribusi dan Logistik Energi, Perseroan melalui anak perusahaan PT Elnusa Petrofin (EPN) merupakan rekanan Pertamina dalam bisnis distribusi dan transportasi bahan bakar minyak. Jasa ini menjadi kontributor terbesar pendapatan Perseroan sebesar 53,7%. Prospek jasa ini pada 2018 masih besar terkait peningkatan kebutuhan bahan bakar Industri dan kebutuhan bahan bakar untuk kendaraan bermotor terkait pertumbuhan kendaraan bermotor di Indonesia yang mencapai 5-7% per tahun. Kebutuhan BBM Industri dan retail juga diperkirakan sebesar 6-7% pertahunnya. Hal ini diperkuat dengan pembangunan infrastruktur yang terus digalakkan Pemerintah di berbagai daerah di Indonesia.

Memiliki cakupan produk dan jasa yang lengkap dari hulu hingga ke hilir membuat Elnusa mampu memberikan solusi terhadap setiap kebutuhan pelanggan. Di Tahun 2018, efisiensi masih menjadi fokus para pelanggan ditambah dengan kondisi bisnis industri saat ini yang masih pasang surut, sehingga melakukan kajian dan memberikan perhatian yang lebih pada pertumbuhan pasar menjadi sangat penting untuk dilakukan. Berbagai strategi telah dilakukan untuk menaikan pangsa pasar sekaligus meningkatkan kapabilitas internal.

STRATEGI PEMASARANDalam rangka mewujudkan komitmen perusahaan sebagai Perusahaan jasa terkemuka yang memberikan total solution sehingga mampu menjangkau kebutuhan pelanggan lebih cepat, lebih baik, lebih terjangkau dan lebih dekat maka perusahaan melakukan beberapa langkah nyata, salah satunya adalah dengan adanya inisiatif key account untuk pelanggan utama yaitu Pertamina EP, Pertamina Hulu Energi dan Pertamina Hulu Indonesia. Ketiga pelanggan ini adalah penyumbang pendapatan terbesar perusahaan sehingga dengan adanya inisiatif ini, perusahaan dapat mempertahankan kinerja dan jasa yang berikan.

Strategi pemasaran berikutnya adalah memperkuat posisi pangsa pasar pada jasa non asset based yaitu Operation & Maintanance. Dengan semangat total solution, jasa yang diberikan tidak hanya mampu memenuhi kebutuhan pelanggan namun berhasil menjadi bagian tumbuhnya sebuah perusahaan. Selain fokus pada pelanggan yang sudah ada, perusahaan juga terus melakukan ekspansi untuk mendapatkan peluang baru dari perusahaan di industri non migas dimana perusahaan berhasil mendapatkan proyek jasa di sektor infrastruktur melalui salah satu bisnis unitnya yaitu Geoscience.

Having a complete range of products and services from upstream to downstream makes Elnusa able to provide solutions to every customer need. In 2018, efficiency is still the focus of the customers, coupled with the current condition of the industrial business which is still tidal, so conducting studies and giving more attention to market growth is very important to do. Various strategies have been carried out to increase market share while increasing internal capabilities.

MARKETING STRATEGYIn order to realize the company commitment as a leading service company that provides total solutions so as to be able to reach customer needs faster, better, more affordable and closer, the company made several concrete steps, one of which was the initiative of key accounts for major customers, Pertamina EP, Pertamina Hulu Energi and Pertamina Hulu Indonesia. These three customers are the biggest contributors to the company revenue so that with this initiative, the company can maintain the performance and services it provides.

The next marketing strategy is to strengthen the market share position in non-asset based services, namely Operation & Maintaining. With the spirit of total solution, the services provided are not only able to meet customer needs but also become part of the growth of a company. In addition to focusing on existing customers, the company also continues to expand to get new opportunities from companies in the non-oil and gas industry where the company managed to get service projects in the infrastructure sector through one of its business units, Geoscience.

In Energy Logistics and Distribution Services, the Company through its subsidiary PT Elnusa Petrofin (EPN) is a partner of Pertamina in the oil fuel distribution and transportation business. This service is the largest contributor to the Company revenue of 53.7%. The prospect of this service in 2018 is still large due to the increase in industrial fuel demand and fuel demand for motorized vehicles related to the growth of motor vehicles in Indonesia which reaches 5-7% per year. Industrial and retail fuel needs are also estimated at 6-7% per year. This is reinforced by infrastructure development that continues to be encouraged by the Government in various regions in Indonesia.

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Strategi ketiga adalah sebuah langkah yang dimaksudkan untuk menjawab tuntutan akan kebutuhan teknologi tinggi, perusahaan menjalankan strategi partnership dengan produsen teknologi terkemuka dunia. Terbentuknya kerja sama dengan Schlumberger yang tertuang dalam Master Corporate Agreement dan Master Service Agreement dapat menjadi nilai tambah bagi masing-masing pihak. Kolaborasi ini dilakukan untuk menangkap peluang-peluang baru sehingga mampu menambah pangsa pasar perusahaan.

PANGSA PASARPertamina group masih menjadi penyumbang pendapatan Perseroan terbesar, hal ini terlihat bahwa kontrak baru di tahun 2018 mencapai 90%. Kenaikan ini dikarenakan pengalihan kepemilikan wilayah kerja kepada Pertamina, kondisi ini memperkuat posisi Perusahaan di pelanggan utama.

Di lini jasa Operation & Maintenance Perusahaan berhasil tumbuh dengan mendapat kontrak pekerjaan baru sebesar Rp322 milliar. Selain itu untuk sektor non-migas, perusahaan berhasil mendapatkan klien baru yaitu Wijaya Karya sehingga dapat memberikan penambahan pendapatan sekaligus memperluas portofolio pasar.

Pangsa Pasar Perseroan Company Market Share Table 2018 2017 2016Investasi Hulu Migas Indonesia (Juta Dolar USD) / Indonesia’s Upstream Oil and Gas (Million Dolar USD) 11,990 9,330 11,153

Pendapatan Elnusa Segmen Hulu Migas Terintegrasi (Juta Dolar USD) / Elnusa’s Revenue in the Upstream Oil and Gas Services (Million Dolar USD)

187 169 139

Estimasi Pangsa Pasar / Estimated Market Share 1,6% 1.8% 1.2%

TINJAUAN OPERASI SEGMEN USAHA JASA HULU MIGAS

Divisi Jasa Produksi, Operasi dan Perawatan Lapangan Migas Divisi Production Operation & Maintenance Services memiliki tiga kelompok bisnis utama: Well Intervention (WLI), Drilling Workover (DWO) dan EPC-OM (Engineering, Production and Cosntruction - Operation & Maintenance). Ketiga bisnis tersebut bergerak dalam bidang jasa pengeboran, pemeliharaan sumur (well services) dan lapangan migas, jasa pengerjaan operasi serta perawatan produksi beserta kegiatan penunjangnya (oilfield services). Selain itu Perseroan juga sedang mengembangkan kompetensi di bidang teknik peningkatan produksi Well Integrity Services. Proses kegiatan usaha jasa produksi Migas ini secara umum terbagi menjadi :

OPERATION OVERVIEW OF THE UPSTREAM OIL AND GAS SERVICES BUSINESS SEGMENT

Division of Production, Operation and Maintenance of Oil and Gas Fields The Production Operation & Maintenance Services Division has the following three main groups: Well Intervention (WLI), Drilling Workover (DWO), and EPC-OM (Engineering, Production and Cosntruction - Operation & Maintenance). The three are engaged in drilling and well maintenance services as well as in the field of oil and gas, operations and production maintenance and oilfield services. In addition, the Company is developing competencies as to increase the production of Well Integrity Services. In general, the process of this oil and gas production service activity consists of:

Tinjauan OperasiOperation Overview

The third strategy is a step that is intended to answer the demands for high technology needs, the company runs a partnership strategy with the world leading technology producers. The establishment of cooperation with Schlumberger stated in the Master corporate agreement and the Master Service Agreement can be an added value for each party. This collaboration is carried out to capture new opportunities so as to increase the company market share.

MARKET SHARESPertamina group is still the biggest contributor to the company revenue, this shows that the new contract in 2018 reaches 90%. The increase was due to the transfer of ownership of the working area to Pertamina, this condition strengthened the Company position in the main customers.

In the operation & maintenance service line, the Company managed to grow by getting a new employment contract of Rp322 billion. In addition to the non-oil and gas sector, the company has succeeded in acquiring a new customer, Wijaya Karya so that it can provide additional revenue while expanding market portfolio.

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1. WLI: The already operated maintenance service for wells, aiming to monitor well performance and increase well productivity, especially the one with decreasing productivity. This is done by combining the main services of Tubing, Cementing, Coiled & Pumping Services, Slickline Services, Welltesting Processing Services and Electric Wireline Logging.

2. DWO: Integrated Drilling Services from Drilling Services, Drilling Support Services and Maintenance Services for wells that are already operating that aim to increase the productivity of existing wells. This combination produces a comprehensive solution for consumers who have problems with old wells and the process of making new wells. And also has a business line processing gas wells into electricity.

3. EPC-OM: Field maintenance services that have already been produced include operation & maintenance (O & M) of existing pipelines or even building new pipes and maintaining Engineering, Procurement & Construction (EPC): Tanks, Pipelines, Offshore and Onshore platforms

The business concept of this field is through a product line approach which consists of:

1. WLI : Jasa Perawatan sumur-sumur yang sudah beroperasi yang bertujuan untuk memonitor performa sumur dan meningkatkan produktivitas sumur terutama yang sudah turun produktivitasnya. Dengan memadukan jasa utama Tubing, Cementing, Coiled & Pumping Services, Slickline Services, Welltesting Processing Services dan Electric Wireline Logging

2. DWO : Jasa pengeboran berintegrasi dari Drilling Services, Drilling Support Services serta jasa perawatan sumur-sumur yang sudah beroperasi yang bertujuan meningkatkan produktivitas sumur yang ada. Perpaduan ini menghasilkan solusi menyeluruh bagi konsumen yang memiliki permasalahan dengan sumur tua dan proses pembuatan sumur baru. Serta juga memiliki lini bisnis pengolahan gas sumur menjadi tenaga listrik.

3. EPC-OM : jasa pembangunan, pemeliharaan, dan pengoperasion Surface Facility meliputi jaringan pipa, stasiun pengumpul, tangki, Platform Offshore dan Onshore dan fasilitas produksi lainnya termasuk di dalamnya aspek engineering dan procurement.

Konsep bisnis bidang ini melalui pendekatan lini produk yang terdiri dari :

No. Grup JasaGroup Services

Lini ProdukProduct Line

1. Drilling & Workover Services Drilling Services (DRS)Hydraulic Workover & Snubbing Group Services (HWS)Drilling Support Services (DSS)Artificial Lift Services & Power (ALS & P)Well Complation Services (WCS)

2. Well Intervention Services Coiled Tubing (CTU), Cementing & Pumping Services (CPS)Electric Wireline Logging (EWL)Slickline Services (SLS)Welltesting & Procesing Services (WPS)

3. EPC & OM Engineering Procurement & ConstructionOperation & Maintenance

Kontribusi Pendapatana Per Bisnis – Jasa Pemeliharaan dan Pengelolaan Lapangan MigasRevenue Contribution per Business – Oil & Gas Field Maintenance & Management Services

HWU

GGR

PMS

DRS

SL

DFS

CTU

WCS

O&M

EWL

WT

MLU & H2S

20%

8% 1%

11%

3%

2%

6%

3%

34%

2%

9%

Rp2,004 Miliar/Billion

2018

25%

2%5%

14%

3%

8%

5%

22%

3%

13%


2017

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Jasa Pengeboran & Jasa Kerja Ulang Sumur (DWO)DWO memberikan jasa layanan dibidang drilling & workover services dimana saat ini fokus pada on-shore drilling sesuai dengan kompetensi dan alat yang dimiliki, namun tetap melakukan penjajakan dan pengembangan potensi pada offshore drilling dan panas bumi mengingat masih besarnya potensi pertumbuhan pada sektor tersebut. Sementara itu pada jasa supporting drilling, mud engineering services, mud logging, cementing, H2S dan lainnya. Jasa workover memberikan jasa layanan dibidang kerja ulang sumur minyak dan gas baik offshore maupun onshore. Jasa yang ditawarkan adalah Hydraulic Workover Services, Artificial Lift Service, Well Completion, dan Power.

Berikut ini adalah penjelasan masing-masing unit usaha dari jasa pengeboran:

1. Integrated Drilling Management : Jasa terintegrasi pengeboran, melalui drilling rig dan drilling supporting

2. Drilling rig : Jasa pelaksanaan aktivitas utama pengeboran3. Drilling Supporting : Jasa pendukung kegiatan pengeboran

yang meliputi :a. Mud Logging : Jasa untuk mengetahui parameter

pengeboran, termasuk jasa untuk mendeteksi kandungan H2S disekitar sumur

b. Mud Engineering : Jasa untuk menyediakan material dan lumpur

c. Hydrogen Sulphide Services (H2S) : Jasa penyediaan keamanan pengeboran dari gas dan kondisi berbahaya di area operasi pengeboran

4. Hydraulic Workover Services : Jasa pekerjaan ulang sumur dengan Rig Snubbing dengan tujuan menjaga performa sumur minyak dan gas sehingga berproduksi sesuai dengan harapan klien

5. Artificial Lift Services : Seperangkat jasa untuk menjaga produksi sumur dengan menggunakan alat bantu buatan manusia. Adapun alat yang digunakan adalah Electric Submersible Pump (ESP), yang membantu meningkatkan produksi dengan memasukkan pompa ke dalam sumur. Selain ESP, ALS juga memiliki genset yang berbahan bakar gas buang sumur sehingga dapat dimanfaatkan menjadi tenaga listrik.

Peralatan yang digunakan memiliki variasi Hydraulic Workver Unit, Drilling Rig, MLU, H2S serta tangki peralatan Mud Plant. Utilisasi peralatan dibanding tahun 2017 dapat dijabarkan sebagai berikut:

2018 2017Kapasitas / Capacity

Utilitas /Utility

Kapasitas / Capacity

Utilitas / Utility

Hydraulic Workover 10 Hydraulic Rig 100% 10 Hydraulic Rig 65%

Drilling Rig Services 1 Unit Drilling Rig 42% 2 Unit Drilling Rig 44%

Mud Logging Services 8 Unit Mud Logging 74% 8 Unit Mud Logging 73%

H2S Remover Services 6 Unit H2S Remover 73% 6 Unit H2S Remover 73%

Drilling Fluid Services 15 Liquid Mud Plant 100% 1 Liquid Mud Plant 76%

Well Drilling & Workover Services (DWO)DWO provides services in the field of drilling & workover services where currently focusing on on-shore drilling is in accordance with the competencies and tools owned, but still explores and develops the potential for offshore drilling and geothermal energy given the still large potential for growth in the sector. Meanwhile for supporting drilling services, mud engineering services, mud logging, cementing, H2S and others. workover services provide services in the field of reworking oil and gas wells both offshore and onshore. The services offered are Hydraulic Workover Services, Artificial Lift Service, Well Completion, and Power.

The following is an explanation of each business unit of the drilling service:

1. Integrated Drilling Management: Integrated drilling services to all operations, through drilling rigs and drilling supporting

2. Drilling rig: Services for carrying out the main drilling activities3. Drilling Supporting: Services supporting drilling activities

which include:a. Mud Logging: Services to determine drilling parameters,

including services to detect H2S content around the well

b. Mud Engineering: Services providing material and mud

c. Hydrogen Sulphide Services (H2S): Services providing safety of gas drilling and dangerous conditions in the drilling operation area

4. Hydraulic Workover Services: Wells reworking services with Snubbing Rig which aims to maintain the performance of oil and gas wells so that production is in accordance with client expectations

5. Artificial Lisf Services: A set of services to maintaining well production by using man-made tools. The tool used is the Electric Submersible Pump (ESP), which helps increase production by entering pumps into the well. In addition to ESP, ALS also has a gas-fired generator set that can be used as electricity.

The equipment used has a variety of Hydraulic Workver Units, Drilling Rig, MLU, H2S and Mud Plant tank equipment. Utilization of equipment compared to 2017 can be described as follows:

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Jasa Intervensi Sumur (WLI)WLI pada Divisi POMS menawarkan jasa perawatan sumur migas dengan memiliki empat bisnis utama: Electric Wireline Logging Services, Coiled & Pumping Services, Slickline Services, dan Welltesting & Processing Services. Kompetensi peralatan pada area offshore dan onshore area serta sebarannya mulai dari Sumatera, Jawa hingga Kalimantan.

Berikut penjelasan dari masing-masing bisnis yang mendukung WLI:

1. Electric Wireline Services: Jasa pelayanan perforasi, evaporasi logging sumur migas dan panas bumi dengan menggunakan peralatan logging. Proses perforasi dan evaporasi menggunakan menggunakan data sumur yang digunakan untuk mengetahui kondisi dan keadaan sumur sebagai bahan pengambil keputusan treatment sumur yang perlu dikerjakan.

2. Coiled & Pumping Services: Jasa pelayanan intervensi Sumur dengan menggunakan peralatan coiled tubing yang dibantu peralatan pompa-pompa yang dapat memompakan fluida dan chemical untuk mengembalikan kondisi sumur sesuai dengan program klien.

3. Slickline Services : Jasa pelayanan intervensi sumur dengan menggunakan peralatan Slikcline Unit dengan menggunakan peralatan bantu sumur yang digunakan untuk membersihkan scale pada sumur produksi minyak dan gas bumi.

4. Welltesting & Processing Services : Jasa pelayanan sumur produksi dengan menggunakan peralatan dan pemisahan minyak bumi sehingga dapat didapat data kondisi minyak dan gas yang diproduksi oleh sumur. Minyak dan gas bumi tersebut dilakukan evaluasi serta dimanipulasi diatas tanah sehingga menjaga dan meningkatkan produksinya.

Dari table berikut didapat jenis Peralatan yang digunakan WLI serta tingkat utilisasi selama tahun 2018 dibanding dengan tahun 2017 untuk mendukung kegiatan operasinya adalah sebagai berikut:

2018 2017Kapasitas / Capacity

Utilitas /Utility

Kapasitas / Capacity Utilitas / Utility

Coiled Tubing 4 Coil Tubing Unit 92% 4 Coil Tubing Unit 62%

Cementing 3 Cementing Unit 86% 3 Cementing Unit 61%

Slickline 11 Portable Slick Line 98% 10 Portable Slick Line 83%

Testing Barge 3 Testing Barge 100% 3 Testing Barge 75%

Surface Testing 4 Surface Testing 98% 3 Surface Testing 86%

Drill Steam 4 DST 51% 4 DST 53%

Wireline Logging Services 19 Logging Truck3 Unit Wireline Logging Offshore

99%83%

21 Unit Wireline Logging Truck1 Unit Wireline Logging Offshore

76%53%

Engineering Procurement & Construction and Operation MaintenanceDivisi POMS memiliki grup bisnis EPC-OM yang memberikan pelayanan jasa kepada klien operasi dan perawatan (OM) fasilitas surface minyak dan gas bumi. Adapun cakupan bisnis OM adalah perawatan pipa, dan perawatan pompa. Sedangkan Engineering

Well Intervention Services (WLI)WLI in the POMS Division offers oil and gas well care services with four main businesses: Electric Wireline Logging Services, Coiled & Pumping Services, Slickline Services, and Welltesting & Processing Services. Equipment competency in the area of offshore and onshore area and its distribution starting from Sumatra, Java to Kalimantan.

The following is an explanation of each business that supports WLI:

1. Electric Wireline Services: Perforation services, evaporation of oil and gas well logging by using logging equipment. The process of perforation and evaporation using well data collection is used to determine the condition and condition of the well as a decision maker for well treatment that needs to be done.

2. Coiled & Pumping Services: Sumur intervention services by using coiled tubing equipment assisted by pumping equipment that can pump fluids and chemicals to restore well conditions in accordance with client programs.

3. Slickline Services: Well intervention services by using Slikcline Unit equipment by using well support equipment used to clean the scale in oil and gas production wells.

4. Welltesting & Processing Services: Services for producing production wells using equipment and oil separation so that data can be obtained on the condition of oil and gas produced by wells. Oil and gas are evaluated and manipulated on the ground so as to maintain and increase production.

The following table shows the types of equipment used by WLI as well as the utilization rate during 2018 compared to 2017 to support its operational activities as follows:

Engineering Procurement & Construction and Operation MaintenancePOMS Division has an EPC-OM business group that provides services to clients of operation and maintenance (OM) surface oil and gas facilities. The scope of OM business is pipeline maintenance, and pump maintenance. While Engineering

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Procurement & Construction memberikan pelayanan pengelolaan proyek pembangunan fasilitas dan infrasrtuktur pendukung minyak dan gas Bumi.

Pada tahun 2018 merupakan puncak performa dari bisnis EPC-OM, dimana bisnis ini berhasil meningkatkan pendapatan sebesar 159,9% dibandingkan tahun 2017, sehingga bisnis ini menjadi kontributor pendapatan terbesar Divisi POMS sebesar 34,3% tahun 2018. Selama tahun 2018 total proyek yang dikerjakan bisnis EPC OM sebanyak 12 (dua belas) proyek y ang terdiri dari 6 (enam) proyek OM dan 6 (enam) proyek EPC di area Jawa dan Sumatera. Bisnis EPC memberi kontribusi pendapatan terbesar terutama dari proyek pekerjaan pengadaan jasa pembangunan jaringan pipa bawah laut dan modifikasi platform.

Pendapatan Bisnis EPC-OMRevenue of EPC-OM Business

2016 2017 2018

65,8%

159,9%

159

264

687

JASA AKUISISI DAN PENGOLAHAN JASA SEISMIK Layanan perseroan dalam kegiatan usaha ini merupakan satu-kesatuan yang terpadu dan terintegrasi dalam ekplorasi sumur-sumur migas yang mencakup semua tahap yang dibutuhkan dalam penelitian geofisika (seismic). Proses dimulai dari pengumpulan data dan survei lapangan, pemrosesan data hasil survei, hingga interpretasi data untuk pengambilan langkah selanjutnya dalam ekplorasi sumur-sumur migas. Namun layanan tersebut juga dapat disesuaikan dengan kebutuhan pelanggan jasa Perseroan.

Para pelanggan memerlukan data geologi bawah permukaan (sub-surface) untuk mengetahui keberadaan migas serta ukuran besarnya kandungan migas di perut bumi, di lokasi perusahaan-perusahaan tersebut beroperasi, yaitu di wilayah kerja masing-masing, baik di daratan, lepas pantai (marine) maupun transisi antara daratan dan pesisir pantai.

Jasa Akuisisi dan Pengolahan Jasa Seismik dilakukan oleh Division of Geoscience and Reservoir Services (GRS) yang memberikan jasa :

1. Geo Data Acquisition Land (GDL) ; 3D/2D Seismic Data Acquisition Land survey, dan Seismic Design

2. Geo Data Acquisition TZ & Marine (GDM) : Seismic Data Acquisition Transition Zone and Marine survey, Seismic

Procurement & Construction provides services to manage oil and gas supporting facilities and infrastructure development projects.

2018 was the peak performance of the EPC OM business, where the business managed to increase revenue by 159.9% compared to 2017, so that this business became the largest revenue contributor for the POMS Division of 34.3% in 2018. During 2018 the total projects undertaken EPC OM business is 12 (twelve) projects consisting of 6 (six) OM projects and 6 (six) EPC projects in the Java and Sumatra areas. The EPC business contributes the biggest revenue mainly from the project to procure subsea pipeline construction services for gas lifts and the top side modification platform.

SEISMIC DATA ACQUISITION AND PROCESSING SERVICESThe company services in this business activity are integrated and integrated units in the exploration of oil and gas wells that cover all the stages needed in geophysical (seismic) research. The process starts from collecting data and field surveys, processing survey data, and interpreting data to take the next step in exploring oil and gas wells. But the service can also be tailored to the needs of the company service customers.

Customers need sub-surface data to determine the presence of oil and gas and the size of the oil and gas content of the earth, in the locations of these companies, namely in their respective work areas, both on land, offshore and transition between land and coast.

Seismic Services Investigation and Processing Services are carried out by the Division of Geoscience and Reservoir Services (GRS) that provides services:

1. Geo Data Acquisition Land (GDL) ; 3D/2D, Seismic Data Acquisition Land survey, dan Seismic Design

2. Geo Data Acquisition TZ & Marine (GDM): Seismic Data Acquisition Transition Zone and Marine survey, Seismic Design,

Miliar Rp/Billion Rp

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Design, Marine Survey, Geodetic Control Point, Rig and Wellsite Positioning, Road and Pipeline Routing, Magnetotelluric, Microgravity

3. Geo Data Processing (GDP) : Seismic Data Processing 2D/ 3D (land, marine, TZ ), Quantify Seismic Amplitude Information, Lithology, Petrophysical Properties of Reservoirs, Geology Geophysics & Reservoir (Seismic Interpretation and Geological Modelling, 2D/3D Depth Imaging, AVO, Petrophysics Analysis, Reservoir Simulation), Navigation and Non Seismic ( Land Survey, Geodetic Control Point, Rig and Wellsite Positioning, Road and Pipeline Routing, Magnetotelluric, Microgravity

Secara umum proses jasa ini digambarkan sebagai berikut :

Studi GeologiGeology Studies

Studi GeologiGeological Studies

Pengolahan Processing

Pengolahan DataData Processing

Desain SeismikSeismic Design

Desain SeismikSeismic Design

InterpretasiInterpretation

Interpretasi Seismik & Proses GGR

Seismic Interpretation &

GGR Process

Proses Akuisisi DataData Acquisition Process

Peralatan GeofisikaGeophysical Equipment

Studi & Desain GeologiGeological Studies & Design

Perangkat LunakSoftware

Desain Seismik

Seismic Design

Desain Seismik

Seismic Design

Operasional Kapal Vessel

Operation

Non Seismik Non Seismic

Akuisisi Data Data

Acquisition

Topografi & Navigasi

Topography & Navigation

Di jasa akuisisi seismik darat, sebanyak 1 (satu) proyek di Papua merupakan carried over dari tahun 2017 dan berhasil diselesaikan pada tahun 2018 lebih cepat dari yang ditargetkan dengan penambahan jumlah alat dan kru serta perbaikan melalui percepatan mobilisasi kru dan peralatan. Sedangkan 1 (satu) proyek baru yang diperoleh di tahun 2018 di-carried over ke tahun 2019, dengan lokasi proyek di pulau Sulawesi. Untuk jasa akuisisi seismik darat Perseroan juga melakukan kerja sama dengan Advent Oilfield India selama tiga tahun dalam bentuk technical collaboration dengan mengirimkan personil ke India untuk pekerjaan seismik darat di India. Sedangkan jasa akuisisi seismic TZ & Marine, sebanyak 4 (empat) proyek baru berhasil diselesaikan di tahun 2018 dan sementara itu 1 (satu) proyek di-carried over ke 2019. Selain itu Divisi GRS juga mendapat kontrak jangka panjang untuk proyek geotechnical dan geophysical laut.

Berikut ini proyek yang berhasil diperoleh selama tahun 2018:

No. KlienClient

Tanggal PerjanjianAgreement Date

Periode KontrakContract Period

Jenis PekerjaanType of Work

Wilayah KerjaWorking Area

1 PT Pertamina EP 30 Oktober 2018October 30 2018

2018 - 2020 Seismic Survey 2D & 3D Pesut Mas Sulawesi TengahCentral Sulawesi

Marine Survey, Geodetic Control Point, Rig and Wellsite Positioning, Road and Pipeline Routing, Magnetotelluric, Microgravity

3. Geo Data Processing (GDP): Seismic Data Processing 2D/ 3D (land, marine, TZ ), Quantify Seismic Amplitude Information, Lithology, Petrophysical Properties of Reservoirs, Geology Geophysics & Reservoir (Seismic Interpretation and Geological Modelling, 2D/3D Depth Imaging, AVO, Petrophysics Analysis, Reservoir Simulation), Navigation and Non Seismic ( Land Survey, Geodetic Control Point, Rig and Wellsite Positioning, Road and Pipeline Routing, Magnetotelluric, Microgravity

In general, this service process is described as follows:

In land seismic acquisition services, as many as 1 (one) project in Papua is carried over from 2017 and successfully completed in 2018 faster than targeted by the addition of tools and crews and repairs through the acceleration of crew mobilization and equipment. While 1 (one) new project acquired in 2018 is carried over to 2019, with the project location on the island of Sulawesi. For land seismic acquisition services, the Company also cooperates with Advent Oilfield India for three years in the form of technical collaboration by sending personnel to India for land seismic work in India. While TZ & Marine seismic acquisition services, as many as 4 (four) new projects were completed in 2018 and in the meantime 1 (one) project was carried over to 2019. In addition, the GRS Division also received long-term contracts for geotechnical and geophysical marine projects.

The following are the projects that were successfully obtained during 2018:

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GRS Division revenues in 2018 decreased significantly by 39.8% compared to 2017. The contribution of land and marine seismic acquisition services to income was 56.0% and 36.7%, and the rest came from seismic data processing services.

The above revenue is generated from field operations related to processing and acquisition of seismic data. In total, seismic acquisition production decreased compared to 2017. The decline in seismic acquisition production in 2018 came from the production of land seismic acquisition data, while production of seismic marine acquisition data increased but did not significantly generate revenue growth due to lower selling price rates.

No. KlienClient

Tanggal PerjanjianAgreement Date

Periode KontrakContract Period


Wilayah KerjaWorking Area

2 PT Pertamina EP 30 Agustus 2018August 30 2018

7 Bulan7 Month

Seismic Survey 2D Transition Zone Matindok Sulawesi TengahCentral Sulawesi

3 Medco E&P Natuna Ltd.

26 Juni 2018June 26 2018

26 Juni 2018 - selesaiJune 26 2018 - Done

Tuna 3D Marine Seismic Acquisition & Processing Services NatunaNatuna

4 PT PHE ONWJ 19 Juli 2018July 19 2018

12 Bulan12 Month

2D Marine Seismic Acquisition in F-South East Area Barat Laut JawaNorth West Java

5 Pusat Survey Geologi Badan Geologi (PSG)

26 Maret 2018March 26 2018

6 Bulan6 Month

Pengadaan Jasa Lainnya Akuisisi Data Seismik 2D Prospek Migas SelabangkaSeismic Data Acuisition Selabangka

Sulawesi TenggaraSouth East Sulawesi

6 Pusat Survey Geologi Badan Geologi (PSG)

6 Juni 2018June 6 2018

6 Bulan7 Month

Akuisisi Data Seismik 2D Prospek Migas SingkawangSeismic Data Acuisition 2D Oil & Gas Singkawang Prospect

Singkawang, Riau

7 PT PHE WMO 2 Mei 2018May 2 2018

12 Bulan12 Month

Provision of Geotechnical Survey Madura BaratWest Madura

8 PT PHM 22 Februari 2018February 22 2018

6 Bulan6 Month

Offshore Geophysical Pre-Engineering Survey Kalimantan TimurEast Kalimantan

Pendapatan Divisi GRS tahun 2018 mengalami penurunan yang signifikan 39,8% dibanding tahun 2017. Kontribusi jasa akuisisi seismik darat dan marine terhadap pendapatan masing-masing sebesar 56,0% dan 36,7%, dan selebihnya berasal dari jasa pengolahan data seismic.

Kontribusi Pendapatan per Bisnis – Jasa Penyelidikan dan Pengolahan Data SeismikRevenue Contribution per Business – Seismic Data Investigation and Processing Services

GDL GDPGDM

Rp612 Miliar/Billion

2018

7%

37%

56%

Rp1.016 Miliar/Billion

2017

4%

24%

72%

Perolehan pendapatan diatas dihasilkan dari operasional lapangan terkait pengolahan dan akuisisi data seismik. Secara total produksi akuisisi seismik mengalami penurunan dibandingkan dengan tahun 2017. Penurunan produksi akuisisi seismik pada tahun 2018 berasal dari produksi data akuisisi seismik darat sementara itu produksi data akuisisi seismic marine mengalami peningkatan namun tidak signifikan menghasilkan pertumbuhan pendapatan karena tarif harga jualnya yang lebih rendah.

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Operational Overview of Energy Distribution and Logistics Services Business

PT Elnusa Petrofin (EPN)To support the Company main business in the field of upstream oil and gas services, the Company runs a downstream oil and gas service business carried out by a subsidiary through PT Elnusa Petrofin (EPN). In carrying out oil and gas downstream service business activities, the Company focuses on operating activities in the form of:

1. Management of fuel oil (BBM) transportation from Pertamina BBM terminals to public fuel filling stations (SPBU) and diesel oil premium agents (APMS) and bunker fuel filling stations (SPBB).

2. Management of privately owned BBM Depots, starting from the administration of BBM purchases, transportation of BBM, fuel storage and fuel distribution at the customer location.

3. Economic (non-subsidized) BBM sales to Industry & Marine customers.

4. Sales of Pertamina and Asphalt lubricants to private customers

5. Managing the operation of self-owned and private owned gas stations and SPBE using the profit sharing method, which sells BBM and BBK products and filling in subsidized LPG products produced by Pertamina.

6. Sales of specialty chemicals and commodity chemicals for the oil and gas industry.

Penyelidikan SeismikSeismic Acquisition

SatuanUnit

Produksi/KapasitasProduction/Capacity

2018 2017Seismic Data Capacity

Seismic Data Acquisition Land Crew 5 5

Seismic Data Acquisition TZ Crew 1 1

Seismic Data Acquisition Marine Crew 1 1

Seismic Data Acquisition

2D Data Collection Km 1.423 5.415

3D Data Collection Kmsq 594 3.703

2D Data Processing Km 6.769 2.208

3D Data Processing Kmsq 2.250 6.618

Tinjauan Operasi Segmen Usaha Jasa Distribusi dan Logistik Energi

PT Elnusa Petrofin (EPN) Untuk mendukung bisnis utama Perseroan di bidang jasa hulu migas, Perseroan menjalankan usaha jasa hilir migas yang dilakukan oleh anak perusahaan melalui PT Elnusa Petrofin (EPN). Dalam menjalankan kegiatan usaha jasa hilir migas, Perseroan berfokus pada kegiatan operasi berupa :

1. Pengelolaan angkutan Bahan Bakar Minyak (BBM) dari Terminal BBM Pertamina ke Stasiun Pengisian Bahan Bakar Umum (SPBU) dan Agen Premium Minyak Solar (APMS) serta Stasiun Pengisian Bahan Bakar Bunker (SPBB).

2. Pengelolaan Depo BBM milik swasta, mulai dari kegiatan administrasi pembelian BBM, pengangkutan BBM, penyimpanan BBM dan penyaluran BBM di lokasi pelanggan.

3. Penjualan BBM keekonomian (non subsidi) kepada pelanggan Industri & Marine.

4. Penjualan pelumas Pertamina dan aspal kepada pelanggan swasta

5. Pengelolaan operasional SPBU dan SPBE milik sendiri dan milik swasta dengan metode profit sharing, yang menjual produk BBM dan BBK serta pengisian produk LPG bersubsidi produksi Pertamina.

6. Penjualan specialty chemical dan commodity chemical untuk industri migas.

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The process of oil and gas downstream services can be described as follows:

The process of trading special chemicals is described as follows:

In addition to specialty chemical trading activities, EPN also conducts commodity and mud chemical business activities and Baker Hughes sole distributor for specialty chemicals outside the oil and gas industry.

As a country that continues to grow, Indonesia has energy needs, especially fuel which is increasing from time to time. Like the downstream oil and gas business that can still survive and is quite promising amid the general oil and gas business downturn. The performance of EPN engaged in the oil and gas downstream business shows very good results. Achievement of 2018E operating income amounted to Rp3.89 trillion or grew 48,5% from 2017, this achievement is in line with the increase in the volume of existing business and project additions throughout 2018. The

Proses kegiatan usaha jasa hilir migas dapat digambarkan sebagai berikut :

Kilang MinyakOil Refinery

Transportasi IndustriIndustrial Transportation

Industri & PengapalanIndustrial & Shipping

Transportasi Mobil TangkiTank Car Transportation

Pangkalan Mobil TangkiTank Car Base

KonsumenConsumer

Mobil PribadiPrivate car

Kendaraan UmumPublic Transportation

Transportasi Premium & SolarPremium and Solar

Transportation

SPBUSPBU

ImporImport

DepotDepot

Proses Kegiatan perdagangan bahan kimia khusus digambarkan sebagai berikut :

Bahan Baku KimiaRaw Material Chemical

PabrikBlendingPlant

Produk KimiaChemical Product

Konsumen• Perusahaan Migas• Perusahaan Kilang MinyakConsumer• Oil and Gas Company• Oil Refinery Company

Selain kegiatan perdagangan specialty chemical, EPN juga melakukan kegiatan bisnis commodity dan mud chemical serta sole distributor Baker Hughes untuk bahan kimia khusus keperluan industri migas.

Sebagai sebuah negara yang terus bertumbuh, Indonesia memiliki kebutuhan energi, khususnya BBM yang kian meningkat dari waktu ke waktu. Seperti halnya bisnis hilir migas yang masih dapat bertahan dan cukup menjanjikan ditengah kelesuan bisnis migas pada umumnya. Performa EPN yang bergerak di bisnis hilir migas menunjukkan hasil yang sangat baik. Pencapaian pendapatan usaha tahun 2018 sebesar Rp3,89 triliun atau tumbuh 48,5% dari tahun 2017, pencapaian tersebut seiring dengan peningkatan volume throughput bisnis existing dan penambahan proyek di sepanjang tahun 2018. Adapun

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kontribusi setiap unit bisnis terhadap pendapatan usaha EPN masing-masing adalah sebagai berikut:

Kontribusi Pendapatan per Bisnis – Jasa Distribusi dan Logistik EnergiRevenue Composition per Business – Energy Distribution and Logistics Services

TransportasiTransportation

BBM InmarInmar Fuel

Ritel Bahan BakarRitail Fuel

Aspal dan PelumasAsphalt and Lubricant

DepoDepot

Bahan KimiaChemical

Rp2,62 Triliun/Trillion

2017

32%

10%

53%

1%2%2%

Rp3,89 Triliun/Trillion

2018

36%

9%

49%

1%1%4%

Pertumbuhan bisnis di tahun 2018 berasal dari hampir semua unit bisnis EPN, dengan pertumbuhan tertinggi berasal dari unit bisnis BBM Inmar (Trading), Transportasi (Fleet Management), Depo (Fuel Storage Management), dan Chemical (Trading). Pendapatan unit bisnis BBM Inmar sebesar Rp1,43 triliun atau tumbuh 71% dari tahun lalu. Peningkatan tersebut berasal dari peningkatan rata-rata volume penjualan yaitu dari 11.400 KL/ bulan menjadi 14.500 KL/ bulan atau naik 28% serta peningkatan harga rata-rata BBM 34% dari tahun lalu. Peningkatan penjualan BBM Inmar terutama berasal dari area penjualan Kalimantan Timur dan Selatan, Sulawesi serta Sumatera.

Sementara pendapatan usaha Transportasi sebesar Rp1,88 miliar atau tumbuh 35% berasal dari peningkatan volume throughput sebesar 7% dari tahun lalu dan pemberlakuan kontrak All In Plus di Area MOR I (Sumbagut) sejak Januari 2018, dimana pada area lainnya telah berlaku sejak Februari 2017. Pada pola All in plus ini sewa mobil Hiswana dialihkan ke EPN oleh Pertamina, sehingga peningkatan tarif (Rp/ Ltr) berasal dari peningkatan tarif tahunan karena adanya tambahan biaya sewa mobil tangki. Disamping itu di sepanjang tahun 2018 EPN menambah pengelolaan Fleet Management di 3 (tiga) Terminal Bahan Bakar Minyak (TBBM) yaitu Maumere, Ende dan Reo serta Transportasi BBM Pertamina untuk Polri MOR I – III, VI dan VIII.

Disamping sebagai pengelola mobil tangki, EPN juga memiliki dan menyewakan mobil tangki BBM dan tangki LPG ke Pertamina dimana hingga akhir Desember 2018 ini jumlah mobil tangki yang disewakan sebanyak 373 unit yang terdiri dari 363 unit mobil tangki BBM dan 10 (sepuluh) unit mobil LPG.

Pendapatan unit bisnis Depo sebesar Rp354,88 miliar atau tumbuh 37% dari tahun lalu, peningkatan ini berasal dari peningkatan volume throughput Depo 18% dari tahun lalu baik dari Depo kelola

contribution of each business unit to EPN business income is respectively as follows:

Business growth in 2018 comes from almost all EPN business units, with the highest growth coming from BBM Inmar (Trading), Transportation (Fleet Management), Depo (Fuel Storage Management) and Chemical (Trading) business units. Inmar BBM business unit revenues amounted to Rp1.43 trillion or grew 71% from last year. The increase came from an increase in average sales volume, from 11,400 KL / month to 14,500 KL / month or up 28% and an increase in the average price of BBM 34% from last year. The increase in Inmar BBM sales mainly came from the sales areas of East and South Kalimantan, Sulawesi and Sumatera.

While transportation business revenues amounted to Rp1.88 billion or grew by 35% from an increase in the volume of screws by 7% from last year and the enactment of the All In Plus contract at MOR I (Sumbagut) Area since January 2018, in other areas since February 2017 In this All-in-plus pattern, Hiswana car rental is diverted to EPN by Pertamina, so the increase in tariff (IDR / Ltr) comes from an increase in annual rates due to additional tank car rental costs. Besides that, throughout 2018 EPN added Fleet Management management in 3 (three) Fuel Oil Terminals (TBBM), namely Maumere, Ende and Reo and Pertamina BBM Transportation for National Police MOR I - III, VI and VIII.

Aside from being a tanker manager, EPN also owns and rents fuel tanks and LPG tanks to Pertamina, where as of the end of December 2018 there were 373 units of leased tank cars consisting of 363 fuel tankers and 10 (ten) units of LPG cars.

Depo business unit revenues amounted to IDR 354.88 billion or grew 37% from last year, this increase came from the increase in the volume of thruput Depo 18% from last year both from

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existing yang sudah optimal beroperasi maupun dari tambahan kelola Depo di tahun 2018 yaitu Depo Bukit Asam Bangko Barat, Depo Antam Haltim, Depo CK Dizamatra, Depo Saka Sesulu dan Depo ABN (PWP Grup).

Kapasitas Usaha EPN Distribution an EPN Business capacity

Unit BisnisBusiness Unit

Produksi/ KapasitasProduction /Capacity

2018 2017

Transportasi BBM / Fuel Transportation

Kelola mobil tangki BBM PSO dengan Pola All In / BBM PSO mobile tank vehicle management with Pola All In

- 612 unit / 612 units

Kelola mobil tangki BBM PSO dengan Pola All In Plus / BBM PSO mobile tank vehicle management with Pola All In Plus

1.569 unit / 1.569 units 838 unit / 838 units

Kelola angkutan BBMK sistem tarif (Rp/KL/KM) / BBMK vehicle management with a tariff system

40 unit / 40 units 33 unit / 33 units

Menyewakan mobil tangki milik sendiri ke Pertamina (sewa mobil tangki) / Renting self-owned mobile tank vehicles to Pertamina

363 unit mobil tangki BBM / 363 fuel tank vehicle units

270 unit mobil tangki BBM / 270 fuel tank vehicle units

10 unit mobil tangki LPG / 10 LPG tank vehicle units

10 unit mobil tangki LPG / 10 LPG tank vehicle units

Distribusi BBM subsidi ke APMS / Distribution of subsidized fuel to APMS

Jumlah transportir : 105 / 105 transportersJumlah APMS : 184 / 184 APMS

Jumlah transportir : 98 / 98 transpotersJumlah APMS : 217 / 217 APMS

Pengelolaan angkutan SPBB / SPBB vehicle management

Jumlah transportir : 18 / 18 transporters Jumlah transportir : 18 / 18 transporters

Jumlah APMS: 15 / 15 APMS Jumlah APMS: 21 / 21 AMPS

Pengelolaan angkutan untuk APMS All In /APMS vehicle management with Pola All in

- -

Kelola angkutan Industri Pama Persada / Industrial transportation management for Pama Persada

8 unit / 8 units 8 unit / 8 units

Pengelolaan angkutan untuk FAME / Transportation management for FAME

11 Unit / 11 units 6 Unit / 6 Units

Depot / Depot

Kelola depo milik swasta dengan sistem Vendor Held Stock (VHS) / The management of privately-owned depots through a Vendor Held Stock (VHS)

Kelola VHS di depo : 17 klienKelola VHS di depo : 16 klien / VHS management at depots

Handling marine dengan sistem Franco / Handling marine with a Franco system

Pelanggan : 11 klienPelanggan : 12 klien / Customers: 12 klien

KSO (Kerjasama Operasi) / Operational Partnership

Kelola 4 DPPU (Depo Pengisian Pesawat Udara)Management of 4 DPPU’s (Airplane Refueling Depots)

Kelola 4 DPPU (Depo Pengisian Pesawat Udara) / Management of 4 DPPU’s (Airplane Refueling Depots)

Handling & Distribusi Pertadex / Handling & Distribution of Pertadex Depo Semper : 55.300 KL *) /

Depo Semper : 58,000 KL

Depo Semper : 58.000 KL / Depo Semper : 58,000 KL

Handling & Distribusi Dexlite / Handling & Distribution of Dexlite

Depo Semper : 5.079 KL / Depo Semper : 5,079 KL

Ritel Bahan Bakar (RBB) / Fuel Retail

Jasa pengelolaan SPBU,SPBE / Fuel oil refiling station (SPBU) and LPG filling station (SPBE) management

1 SPBU, 1 SPBE 1 SPBU, 1 SPBE /

Kelola SPBU milik sendiri / Management of Company’s

1 SPBU 1 SPBU

Trading

Specialty Chemical / Specialty ChemicalPelanggan: Pertamina Group dan K3S /Customers: Pertamina Group and K3S

Pelanggan: Pertamina Group dan K3S / Customers: Pertamina Group and K3S

Commodity Chemical / Comodity ChemicalPelanggan: PT. Elnusa Tbk, dan PGE /Customers: PT. Elnusa Tbk, and PGE

Pelanggan: PT. Elnusa Tbk / Customers : PT Elnusa Tbk

BBM Industri / Industry Fuel

Pelanggan: Industri pertambangan, manufaktur dan marine / Customers : Mining manufacturing and Marine Industries

Pelanggan: Industri pertambangan, manufaktur dan marine / Customers : Mining manufacturing and Marine Industries

Pelumas & Aspalth / Lubricants & Asphalt

Pelanggan Pelumas : Own Use Mobil Tangki EPN, Swasta, Pelanggan Aspal : SwastaLubricant Customers : EPN’s Own Use Vehicle Tanks, Private Asphalt Customer : Private

Pelanggan Pelumas : Own Use Mobil Tangki EPN, Swasta, Pelanggan Aspalth : SwastaLubricant Customers : EPN’s Own Use Vehicle Tanks, Private Asphalt Customer : Private

*) pengelolaan Depo Semper berakhir pada Agustus 2018

the existing Depo that has been optimally operating and from additional Depo management in 2018 namely Depo Bukit Bangko Asam Barat, Antam Haltim Depo, Ciz Dizamatra Depot, Saka Sesulu Depo and ABN Depot (Group PWP).

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Selain pertumbuhan dari ketiga unit bisnis tersebut, unit bisnis Chemical juga menyumbang peningkatan pendapatan. Pendapatan usaha Chemical tahun 2018 sebesar Rp153,5 miliar atau tumbuh 121,7% dari tahun 2017. Peningkatan penjualan terutama berasal dari penjualan Mud Chemical untuk mendukung proyek Sumbagut, Sumbagteng dan PGE bersama dengan PT Elnusa, Tbk. Komposisi penjualan Chemical di tahun 2018 masih didominasi oleh penjualan Mud Chemical (82%) dan Production/ Specialty Chemical (18%). Untuk Specialty Chemical di tahun 2018, EPN memenangkan 2 (dua) proyek utama yaitu penyewaan alat Ultrafiltration & Reverse Osmosis Skid – Exxonmobil Cepu dan Polymer Injectivity – Pertamina EP Asset V Tanjung.

Realisasi Produksi

Volume per Unit BisnisVolume per Business Unit

SatuanUnit

Produksi/ KapasitasProduction /Capacity

2018 2017

Volume Throughput Transportasi KL 16.482.173 15.347.591

Volume Throughput BBM –Depo KL 2.177.767 1.848.406

Volume Ritel Bahan Bakar SPBU KL 26.449 26.219

Volume Ritel Bahan Bakar SPBE Ton 19.276 19.033

Volume BBM Inmar KL 174.526 137.647

Trading Specialty Chemical Drum 2.160 8.293

Trading Commodity & Mud Chemical Drum 29.062 13.114

Trading Commodity & Mud Chemical Sack 486 55.893

Trading Pelumas KL 1.728 586

Trading Aspal TON 27 1.536

TINJAUAN OPERASI SEGMENT USAHA JASA PENUNJANG MIGAS

PT Sigma Cipta Utama (SCU) PT Sigma Cipta Utama sebagai perusahaan penyedia jasa bidang pengelolaan data mempunyai peluang pasar yang masih terbuka luas untuk berkembang. Untuk dapat menjadi perusahaan penyedia jasa pengelolaan data yang handal, seperti yang tertuang dalam visi dan misi, maka perusahaan harus memiliki keunggulan daya saing atas produk dan jasa yang ditawarkan ke pasar, termasuk dalam merencanakan strategi pengembangan prospek yang terarah dan efektif.

Proses usaha manajemen dataData Management Business Process

Manajemen Data FisikPhysical Data Management• Penyimpanan / Storage• Penataan / Management• Pemeliharaan /Maintenance

Remastering(Alih media dan format)

Manajemen Data Elektronik & Sistem Pengelolaan Kearsipan / Electronic Data Management & Data Management System

Perusahaan Migasdan Non Migas

Oil & Gas Companyand non Oil Gas

Company

Data KegiatanHulu Migas danNon MigasOil & Gas andNon Oil & GasUpstreamActivity Data

Data• Magnetic Tape• Dokumen / Document• Contoh /

Sample

In addition to growth from the three business units, the Chemical business unit also contributed to increased revenue. Chemical operating income in 2018 amounted to Rp153,5 billion or grew 121.7% from 2017. The increase in sales mainly came from the sale of Mud Chemical to support the Sumbagut, Sumbagteng and PGE projects together with PT Elnusa, Tbk. The composition of Chemical sales in 2018 is still dominated by sales of Mud Chemical (82%) and Specialty Chemical Production (18%). For Specialty Chemical in 2018, EPN won 2 (two) main projects, namely the rental of Ultrafiltration & Reverse Osmosis Skid equipment - Exxonmobil Cepu and Polymer Injectivity - Pertamina EP Asset V Tanjung.

Production Realitation

OVERVIEW OF OIL AND GAS SUPPORTING SERVICES BUSINESS SEGMENT OPERATIONS

PT Sigma Cipta Utama (SCU) PT Sigma Cipta Utama as a data management service provider company has a market opportunity that is still widely open to develop. To be able to become a reliable data management service provider, as stated in the vision and mission, the company must have a competitive advantage over the products and services offered to the market, including in planning targeted and effective prospect development strategies.

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Dalam konteks penunjang industri migas, Perseroan memegang peranan penting dalam pengelolaan dan pelestarian hasil eksplorasi dan produksi sumur-sumur perminyakan dan gas bumi. Bahkan data-data lama yang terekam dalam bentuk dokumen kertas, dapat ditransfer ke dalam bentuk digital sehingga dapat diolah kembali, karena salah satu produk jasa Perseroan dari kegiatan usaha ini adalah jasa pemindaian dokumen. Perseroan juga memiliki kemampuan dan fasilitas untuk melakukan pemeliharaan, pelestarian dan re-identifikasi Geological Sample.

Perseroan juga berperan penting pada dunia teknologi informasi dan komunikasi (Information Communication Technology) pada sektor industri migas. Kegiatan eksplorasi dan eksploitasi migas memerlukan sarana teknologi informasi dan komunikasi, baik untuk komunikasi personil, komunikasi data, maupun pelacakan (tracking) aset dan personil, Radio Frequency Identification (RFID). Di wilayah terpencil dan remote area , komunikasi radio menjadi pilihan terbaik; dan Perseroan sanggup memberikan jasa penyediaan dan pelayanan komunikasi dengan frekuensi gelombang radio (Radio Trunking, Broadband Communication, Wireless Data Communication), jasa penyediaan perangkat IT dan Automation, sensor dan pelacak/tracking baik untuk aset maupun human/personel, termasuk juga jasa membangun/kustomisasi perangkat lunak yang terkait dengan keperluan tersebut (Control Equipment Monitoring, Vessel Tracking Monitoring System, Fuel Monitoring, GPS Tracking, Inventory dan Tagging dengan RFID).

Selain itu, SCU juga memberikan Jasa layanan ICT (Information Communication Technology) lainnya meliputi Data Center & Disaster Recovery Services, IT Solution, IT Service Management (ITSM), Knowledge Management System (KMS), Hydroulic Workover Unit (HWU) Monitoring System, Smart Building dan sebagainya.

Proses usaha ICTICT Business Process

Definisi Kebutuhan Pengguna

User Requirement Definition

Desain SistemDesign System Pemrograman

Programming

Umpan BalikFeedback

Uji KelayakanFeasibility Test

Delivery kepada konsumenDelivery to Consumer

PemeliharaanMaintenance

In the context of supporting the oil and gas industry, the Company plays an important role in the management and preservation of the results of exploration and production of oil and gas wells. Even old data recorded in the form of paper documents can be transferred into digital form so that it can be reprocessed, because one of the Company service products from this business activity is document scanning services. The Company also has the ability and facilities to carry out maintenance, preservation and re-identification of Geological Samples.

The company also plays an important role in the world of Information and Communication Technology in the oil and gas industry sector. Oil and gas exploration and exploitation activities require information and communication technology facilities, both for personnel communication, data communication, and asset and personal tracking, Radio Frequency Identification (RFiD). In remote and remote areas, radio communication is the best choice; and the Company is able to provide communication services and services with radio frequency frequencies (Radio Trunking, Broadband Communication, Wireless Data Communication), services for providing IT and Automation devices, sensors and trackers for both assets and human / personnel, including building services / customization of software related to these requirements (Control Equipment Monitoring, Vessel Tracking Monitoring System, Fuel Monitoring, GPS Tracking, Inventory and Tagging with RFID).

Besides that, SCU also provides other ICT (Information Communication Technology) services including Data Centers & Disaster Recovery Services, IT Solutions, IT Service Management (ITSM), Knowledge Management Systems (KMS), Hydroulic Workover Unit (HWU) Monitoring System, Smart Building, etc.

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In 2017 SCU began to enter the Automation business and has contributed revenue. In addition, SCU gets works from the non-oil and gas sector through warehouse rental projects, procurement and data management of the Directorate General of Taxes.

Proses Usaha AutomationAutomation Business Process

GPRS/3GBase Station

GPRS/3GBase Station

Wireless TelcoNetwork

CentralControl Room

GPRS/3GBase Station

FPM-8151HIndustrial Stainless Monitor

ADAM-41178-cm Analog

Input

UNO-1150 GHDIN-rail PC with 2x LAN, 3 x COM

Generator

VoltageRegulator

CurrentSensor

Oil Field Drilling Monitoring System

Infrastructure iOT

Total Automation System

Local Wellhead Control System

Tahun 2017 SCU mulai masuk dalam bisnis Automation dan telah memberikan kontribusi pendapatan. Selain itu SCU juga mendapat pekerjaan dari sektor non-migas melalui proyek penyewaan gudang, pengadaan dan pengelolaan data Dirjen Pajak.

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Komposisi Pendapatan per Bisnis - SCURevenue Composition per Business - SCU


2017


2018

26%34%

74%66%

Pengelolaan Data FisikPhysical Data Management

Pengelolaan Data Digital Digital Data Management

Secara umum, terjadi penurunan pendapatan SCU sebesar 5,0%, dari Rp94,9 miliar tahun 2017 menjadi Rp 90,1 miliar tahun 2018. Bisnis warehouse/jasa pengelolaan data fisik mengalami penurunan pendapatan dari Rp69,9 miliar menjadi Rp59,3 miliar tahun 2018. Sementara itu bisnis digital data management mengalami kenaikan sebesar 23,4% terutama pada bisnis tracking (GPS, VTMS) dan monitoring.

Kapasitas produksi jasa layanan Warehouse adalah sebagai berikut:

Pengelolaan Data FisikPhysical Data Management Satuan Unit

Kapasitas Capacity

OkupansiOccupation

2018 2017 2018 2017Tape Storage M2 414 414 352 352

Reel 223.560 223.560 223.360 188.070

Catridge Room M2 427 427 358 358

Catridge 384.300 384.300 406.937 326.627

Document Storage M2 3.874 3.874 3.874 3.874

Box 290.920 290.920 211.547 290.646

Core Storage M2 2.439 2.439 1.849 1.849

Box 145.587 145.587 143.988 145.329

General Storage M2 3.938 3.938 2.853 2.853

M3 15.534 15.534 9.049 7.254

Pada tahun 2017, terjadi penambahan kapasitas General Storage sewa lahan seluas 3008 m2 di wilayah Curug Tangerang Selatan untuk mengelola pekerjaan General Storage Chevron.

Volume penjualan jasa pengelolaan alih media (Remastering) pada jasa layanan Warehouse adalah sebagai berikut:

WarehouseAlih Media (Data Remastering) Satuan Unit

Volume PenjualanVolume of Sales

2018 2017Scanner Sheet 35.925.145 1.353.560

Tape Magnetic Drive Reel 8.655 3.567

In general, there was an decrease in SCU revenue of 5.0%, from Rp94.9 billion in 2017 to Rp90.1 billion in 2018. The warehouse / physical data management services business had decrease revenue from Rp69.9 billion to Rp59.3 billion year 2018. meanwhile, digital data management experienced an increase in revenue growth of 23,4% especially in tracking business(GPS,VTMS) and monitoring

The production capacity of Warehouse services is as follows:

In 2017, there will be additional General Storage capacity for leasing a land area of 3008 m2 in the Curug area of South Tangerang to manage Chevron General Storage work.

The sales volume of Remastering services in Warehouse services is as follows:

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There was a very significant increase in scanning work in 2017 due to the Directorate General of Taxes requesting as many as 33,792,000 sheets and jobs from Petrogas, Pertamina EP, PLN, WMO, Petronas, Medco, Randu Gunting and JOB Tomori, with a total of 2,133,145 sheets.

Magnetic Tape Drive jobs experienced a boost in 2017 with 6,276 copies of work from Chevron, as well as work from Lapindo, Total, Premier, Conoco, ENI, etc.

The capacity of ICT (Information Communication Technology) services is as follows:

In 2018 GPS, Vessel Tracking and radio equipment were procured for various projects acquired by the company, including PT Elnusa Petrofin & PT Patra Niaga.

The capacity of selling ICT services (Information Communication Technology) is:

PT Elnusa Fabrikasi dan Konstruksi (EFK) The company through its subsidiary PT Elnusa Fabrikasi and Konstruksi (EFK) conducts business activities as follows:

1. Fabrication and Procurement of Oil and Gas Equipment2. Trade OCTG as OCTG pipe provider as a manufacturer (Trading)

3. OCTG Pipe Threading (Threading)4. Large Construction Services (EPC)5. Oil and Gas Equipment Repair Services (Maintenance Services)6. Services for design, engineering, supervision and

implementation of construction

Pekerjaan Alih Media (scanning) pada tahun 2017 mengalami kenaikan sangat signifikan dikarenakan adanya pekerjaan dari Dirjen Pajak sebanyak 33.792.000 sheet dan pekerjaan dari Petrogas, Pertamina EP, PLN,WMO, Petronas, Medco, Randu Gunting,JOB Tomori dengan total 2.133.145 sheet.

Pekejaan Alih Media (Tape Magnetic Drive) mengalami kenaikan ditahun 2017 dengan adanya pekerjaan dari Chevron sebanyak 6.276 copy dan dari Lapindo, Total, Premier,Conoco, ENI, dll.

Kapasitas Jasa layanan ICT (Information Communication Technology) adalah sebagai berikut:

ICTRadio Trunking & IT Solution

Satuan Unit

KapasitasCapacity

2018 2017Radio Telecommunication Unit 1.395 1.759

Vessel Tracking Management System Vessel 84 102

Non Directional Beacon Unit 1

GPS Unit 2.234 1.467

Pada tahun 2018 terjadi pengadaan perangkat GPS, Vessel Tracking dan perangkat radio untuk berbagai proyek yang didapat oleh perusahaan, antara lain dari PT Elnusa Petrofin & PT Patra Niaga.

Kapasitas Penjualan Jasa Layanan ICT (Information Communication Technology) adalah :

ICTRadio Trunking & IT Solution

Satuan Unit

Volume PenjualanSales Volume

2018 2017Radio Telecommunication Unit 1.500 1.653

Vessel Tracking Management System Vessel 150 102

Non Directional Beacon Unit 1 1

GPS Unit 4.000 1.364

PT Elnusa Fabrikasi dan Konstruksi (EFK) Perseroan melalui anak perusahaan PT Elnusa Fabrikasi dan Konstruksi (EFK) melakukan kegiatan usaha sebagai berikut :

1. Fabrikasi dan Pengadaan Peralatan Migas2. Niaga OCTG sebagai penyedia pipa OCTG selaku pabrikan

(Trading)3. Penguliran Pipa OCTG (Threading)4. Jasa Konstruksi besar (EPC)5. Jasa Perbaikan Peralatan Migas (Maintenance Services)6. Layanan jasa desain, engineering, pengawasan, dan

pelaksanaan konstruksi

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The process of OCTG service business activities can be described as follows:

In 2018, EFK increased its work performance and succeeded in increasing its revenue to IDR 135.6 billion, which is 2 (two) times what it was compared to Rp 65.7 billion in 2017. The work performance distribution of each business unit is as follows:

The Maintenance Services business experienced a decline in revenue percentage to become 41.2%. However, at the same time, it experienced a value increase that amounted to IDR 55.8 billion from IDR 47.8 billion in 2017. This number was obtained thanks to maintenance work from Elnusa Holding.

The Fabrication business unit experienced a significant boost both in terms of percentage and Rupiah nominal numbers. The numbers, which grew from IDR 10.2 billion in 2017 to IDR 25.2 billion in 2018, came as a result of 20 fabrication and construction projects.

Meanwhile, the Oil Tools business became the biggest contributor to increased work performance in 2018. In 2018, its portion of revenue was 40.3%, or the equivalent of IDR 54.6 billion, compared

Proses kegiatan usaha jasa OCTG dapat digambarkan sebagai berikut :

Impor Pipa Casting OCTGImport OCTG Casing Pipe

Proses PenguliranDesign System

Penjualan (Perdagangan Pipa)Pipe Trading Product

Komposisi Pendapatan per Bisnis - EFKRevenue Composition per Business – EFK



MaintenanceMaintenance

FabrikasiFabrication

Oil Tools

20172018

15%

19%

73%41%

40%

12%

Pada tahun 2018 EFK meningkatkan kinerjanya dan berhasil menaikkan pendapatan menjadi 2 (dua) kali lipat dibandingkan tahun 2017 menjadi sebesar Rp135,6 miliar dibanding tahun 2017 sebesar Rp65,7 miliar. Sebaran kinerja per unit bisnis sebagai berikut:

Bisnis Maintenance Services mengalami penurunan persentase pendapatan menjadi 41,2% akan tetapi secara nilai mengalami kenaikan menjadi Rp55,8 miliar dari tahun 2017 sebesar Rp47,8 miliar yang diperoleh dari pekerjaan maintenance dari Elnusa Holding.

Pada unit bisnis Fabrikasi mengalami peningkatan yang signifikan baik dari segi persentase maupun nominal Rupiah dari Rp10,2 miliar pada tahun 2017 menjadi Rp25,2 miliar pada tahun 2018 yang dihasilkan dari 20 proyek fabrikasi dan konstruksi.

Pada bisnis Oil Tools menjadi penyumbang terbesar atas kenaikan kinerja tahun 2018. Bisnis Oil Tools pada tahun 2018 memiliki porsi pendapatan sebesar 40,3% atau setara dengan 54,6 miliar dibandingkan tahun 2017 yang memiliki persentase sebanyak 11,9% atau setara dengan Rp7,8 miliar. Proyek yang

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to 2017’s revenue percentage of 11.9%, or IDR 7.8 billion. The projects that had a significant influence on the income of Oil Tools was casing and tubing work that served as a consortium project for the PEP project.

PT Patra Nusa Data (PND)PND as the main partner of Pertamina Upstream Data Center (PUDC) - UTC in managing state-owned oil and gas data with a scope of work that is collecting, managing, storing and socializing data related to the oil and gas working area.

Referring to the end of the Oil and Gas data management contract between Pusdatin ESDM and PND which ended in March 2018, there was a fairly fundamental business pattern change, the company initially received revenue from data licenses, but since the data management contract was switched to Pertamina Upstream Data Center (PUDC) - UTC then the company income becomes fixed income based on a service contract with Pertamina Upstream Data Center (PUDC) - UTC.

Services provided by PND are broadly grouped into two service categories:

1. Geo Data Services as the main partner of Pertamina Upstream Data Center (PUDC) - UTC to manage oil and gas data and correctional data for both conventional and non-conventional oil and gas (CBM Coal Bed Methane and Shale Gas)

2. Geo IT services which include IT Data Management for Management of Physical Data, Media Transfer (scan, digitization, vectorization, re-drawing, re-mapping) and Digital Data Arrangement (using the main software INAMETA Plus / Enterprise and INAMETA Platinum).

Production Realization Table

sangat berpengaruh terhadap pendapatan bisnis oil tools yaitu pekerjaan casing dan tubing untuk customer PT Citra Tubindo sebagai pendukung untuk proyek PEP.

Produksi Jasa Ulir Threading Service Production


SatuanUnit

ProduksiProduction

2018 2017Threading OCTG MT 5,502 4,284

Trading OCTG MT 1.500 0

PT Patra Nusa Data (PND) PND sebagai partner utama dari Pertamina Upstream Data Center (PUDC) - UTC dalam mengelola data migas milik negara dengan cakupan lingkup kerja yaitu mengumpulkan, mengelola, menyimpan dan memasyarakatkan data terkait wilayah kerja migas.

Merujuk kepada berakhirnya kontrak pengelolaan data migas antara Pusdatin ESDM dan PND yang berakhir pada Maret 2018, terjadi perubahan pola bisnis yang cukup mendasar, semula perusahaan mendapatkan pendapatan dari lisensi data, namun sejak kontrak pengelolaan data beralih ke Pertamina Upstream Data Center (PUDC) - UTC maka pendapatan perusahaan menjadi fixed income berdasarkan kontrak jasa dengan PUDC - UTC.

Jasa yang disediakan PND secara garis besar dikelompokkan ke dalam dua kategori jasa :

1. Jasa Geo Data sebagai partner utama dari PUDC - UTC untuk melakukan pengelolaan data migas dan pemasyarakatan data baik migas konvensional maupun non konvensional (Coal Bed Methane-CBM dan Shale Gas)

2. Jasa Geo IT yang meliputi IT Data Management untuk Pengelolaan Data Fisik, Alih Media (scan, digitasi, vektorisasi, re-drawing, re-mapping) dan Penataan Data Digital (dengan menggunakan perangkat lunak utama INAMETA Plus/Enterprise dan INAMETA Platinum).

Tabel Realisasi ProduksiJenis PekerjaanType of Work

SatuanUnit 2018 2017

Data Collecting (kumulatif)

Seismic 2D (Post Stack) Line 43.360 36.145

Seismic 2D (Field Data) Line 13.315 12.781

Seismic 3D Area 101 58

Well Well 14.015 9.953

Data Remastering (kumulatif)

Seismic Vektorisasi Sheet 57.597 57.559

Master Log Well 2.794 2.794

GGR Report 9.917 9.909

Map Sheet 37.612 37.612

Supporting Document 1.184 1.184

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Notes:

1. The numbers presented are cumulative from year to year, except for the data study of oil and gas and CBM working areas and product development, these numbers are the volumes that occur each year.

2. Referring to the scope of data management between PUDC and PND, the Study activity has not been carried out.

3. The Master Log work was completed in the previous year.

4. GGM remastering work in 2014 has been completed, the resources are diverted to work on remastering Supporting Documents.

5. The priority of work in 2018 for Remastering is for data Well, while GGR data will be done afterwards.

6. Remastering work priorities are Metadata updates for MDT applications (integrated Data Management, owned by PUDC), QC & Data Improvement for services, & Remastering Data input

7. In 2018 there were no product development due to the end of contract between PND and Pusdatin

In terms of data service to customers, a comparison of operating performance in 2018 and 2017 for Geo Data businesses can be presented as follows:

The volume production of Geo IT services in 2018 and 2017 is presented as follows:


SatuanUnit 2018 2017

Prospect Evaluation & Data Enhancement (kumulatif)

Post Stack Km 958.798 958.798

Pre Stack Km 117.547 117.547

3D Repro Km2 2.521 2.521

Product Development

Indhypasi (Indonesia Hydrokarbon Potential Basin) Sub Basin - 139

Basin Professor Basin - 86

Pengembangan Thermalina Persen - 100

Well Enhancement Well - 244

Digital Oilfield Management System Application Persen 54 -

Media Analysis Data (Melisa) Application Persen 100 -

Catatan:

1. Angka yang disajikan adalah kumulatif dari tahun ke tahun, kecuali Data Study wilayah kerja migas dan CBM serta pengembangan produk, angka tersebut adalah volume yang terjadi masing-masing tahun.

2. Merujuk pada lingkup pengelolaan data antara PUDC dengan PND, maka kegiatan Data Study sudah tidak dilakukan.

3. Pekerjaan Master Log sudah selesai dilakukan di tahun sebelumnya.

4. Pekerjaan Remastering GGM di tahun 2014 sudah selesai, resources-nya dialihkan untuk mengerjakan Remastering Supporting Document.

5. Prioritas pekerjaan di 2018 untuk Remastering adalah untuk Data Well, sementara untuk data GGR akan dilakukan setelahnya.

6. Prioritas pekerjaan Remastering adalah pembaharuan Metadata untuk aplikasi MDT (Manajemen Data Terintegrasi, milik PUDC), QC dan perbaikan data untuk pelayanan, dan Input Data Remastering

7. Tahun 2018 sudah tidak ada produk pengembangan karena telah berakhirnya kontrak kerjasama antara PND dan Pusdatin

Dari sisi pelayanan data kepada pelanggan, perbandingan kinerja operasi tahun 2018 dan 2017 untuk bisnis Geo Data dapat disajikan sebagai berikut:

Jenis DataType of Data 2018 2017

2D Seismic Km 147.934 82.806

3D Seismic Km 65.879 50.778

Well Well 1.626 328

GGR (Report) Title 184 82

Maps Sheet 26 40

Core (Sample) Bags 1.050 340

Volume produksi jasa Geo IT tahun 2018 dan 2017 dapat disajikan sebagai berikut:

JenisPekerjaanType of Work

KapasitasVolume

2018 2017Layanan INAMETA Plus Proyek 3 3

Layanan INAMETA Platinum Lisensi 1* 0

Layanan Pay per Use / Olivia Klien 1* 0

Layanan Technical Oil & Gas Data Management Proyek 1

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The operational performance of Geo Data and Geo IT services for the management, storage and service of data for 2018 and 2017 above, is reflected in the financial performance as follows:

The above income figures are presented on a net basis, i.e., the state’s Non-Tax State Revenue (PNBP) was reduced from the value of the sales transaction, which amounted to 15% and 5% of the sales value. Each figure represents original data categories for processed data (repro) from 2017 to the Q1 2018, which marked the end of contract with PUSDATIN ESDM. After Q1 2018, business income for the Geo Business Unit turned into a fixed income based on a service contract since data management was switched over to the Pertamina Upstream Data Center (PUDC) UTC. Aside from Geo Data, the Company also received income from the Geo IT Business Unit thanks to projects acquired from Pertamina Group.

PT Elnusa Trans Samudera PT Elnusa Trans Samudera (ETSA) is a subsidiary that provides Marine Support Services. It was established on November 8, 2013. At present, ETSA has 10 (ten) ship units that consist of 1 (one) LCT unit, 6 (six) WB units, 2 (two) AWB units, and 1 (one) MV seismic survey vessel unit.

Operations carried out by ETSA:

1. Boat rental services for oil field operational needs, such as tug boat rental, crew boats, AWB and multipurpose barges

2. Ship rental services for seismic survey purposes3. Ship rental services for offshore support operational needs

4. Man power supply provider services for marine support crew

In 2017 the Company began to explore the non-oil and gas business sector, namely supporting the work of PT Telkom Infra cable laying, and in 2018 ETSA together with PT Elnusa Tbk returned to add a portfolio by successfully obtaining subsea pipeline work in PT Pertamina EP assets 4. At this project ETSA acts as a vessel

Kinerja operasional jasa Geo Data dan Geo IT untuk pengelolaan , penyimpanan dan pelayanan data tahun 2018 dan 2017 tersebut di atas, tercermin pada kinerja keuangan sebagai berikut :


2017


2018

17%

19%

83%81%

Geo Data Geo IT

Pendapatan utama dihasilkan dari pemasyarakatan data migas, namun pada 11 Maret 2018 kontrak antara PND dengan PUSDATIN ESDM telah berakhir sehingga pendapatan perusahaan untuk unit bisnis Geo Data menjadi fixed income berdasarkan kontrak jasa sejak kontrak pengelolaan data beralih ke Pertamina Upstream Data Center (PUDC) – UTC per 12 Maret 2018. Selain dari Geo Data, Perusahaan juga mendapatkan pendapatan dari Unit Bisnis Geo IT dengan project based yang didapat dari proyek-proyek dengan Pertamina Group.

PT Elnusa Trans Samudera PT Elnusa Trans Samudera (ETSA) adalah entitas anak perusahaan yang menyediakan Jasa Marine Support, didirikan pada 8 November 2013. Saat ini ETSA memiliki 10 (sepuluh) unit kapal, terdiri dari 1 (satu) unit LCT, 6 (enam) unit WB, 2 (dua) unit AWB, dan 1 (satu) unit kapal seismic survey MV. ELSA Regent.

Kegiatan operasi yang dilakukan oleh ETSA :

1. Jasa penyewaan kapal untuk keperluan operasional lapangan minyak, seperti penyewaan kapal tug boat, crew boat, AWB dan, multipurpose barges

2. Jasa penyewaan kapal untuk keperluan seismic survey3. Jasa penyewaan kapal untuk keperluan operasional offshore

support4. Jasa penyedia man power supply untuk marine support crew

Di tahun 2017 Perusahaan mulai merambah kebidang usaha non migas yaitu menunjang pekerjaan cable laying PT Telkom Infra, dan di tahun 2018 ETSA bersama-sama dengan PT Elnusa Tbk kembali menambah portofolio dengan berhasil memperoleh pekerjaan 2 (dua) pekerjaan subsea berupa Pekerjaan support pipe repair di PT Pertamina RU VI Balongan dan Pekerjaan subsea pipeline

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provider to manage the operation of 5 fleet vessels including 1 PLB (Pipe Lay Barge), 2 AHTS (Anchor Handling Tug and Supply), 1 AHT (Anchor Handling Tug), and 1 Crew boat.

In 2018, ETSA managed to record revenues of Rp339.1 billion from the rental of 9 (nine) barges operating at PHM, chartering vessels operating in the PEP Asset 4 subsea project, leasing vessels for seismic projects with streamers and Nodal and man power supply at ConocoPhilips.

The company revenue in 2018 is dominated by Offshore Support, which is 35.2% of the total revenue earned from ship rental work for PEP Asset 4 subsea tie in project and Nodal Matindok seismic support project. Seismic vessel has decreased because it does not operate in October - December 2018, although in terms of revenue it reaches 30.3% of total revenue.

Barges business shows quite good performance by contributing 32.0% of total revenue which is a long-term contract project between PT Elnusa and PHM.

The future development of ETSA will compete in other offshore support and downstream industry services, such as Accommodation Work Barge, supply vessel, self propeller and oil barge (SPOB).

tie in di PT Pertamina EP aset 4. Pada proyek ini ETSA berperan sebagai vessel provider untuk me-manage pengoperasian 5 (lima) armada vessel yang meliputi 1 (satu) PLB (Pipe Lay Barge), 2 AHTS (Anchor Handling Tug and Supply), 1 (satu) AHT (Anchor Handling Tug), dan 1 (satu) Crew boat.

Tahun 2018, ETSA berhasil membukukan pendapatan sebesar Rp339,1 miliar dari hasil penyewaan 9 (sembilan) unit yang beroperasi di PHM, penyewaan kapal yang beroperasi di proyek Subsea tie in PEP Aset 4, penyewaan kapal untuk proyek seismik dengan streamer maupun Nodal, serta man power supply di ConocoPhilips.

Komposisi pendapatan per Bisnis – ETSA :Revenue Contribution per Business – ETSA

Seismic Vessel Barges Offsore SupportMan Power Supply

20172018

31%

32%

64%

30%

3%

35%

2% 3%



Pendapatan ETSA selama tahun 2018 didominasi dari Offshore Support sebesar 35,2% dari total pendapatan yang diraih dari pekerjaan di penyewaan kapal untuk proyek subsea tie in PEP Aset 4 dan proyek seismic support Nodal Matindok. Seismic Vessel mengalami penurunan karena tidak beroperasi pada bulan Oktober - Desember 2018, walaupun dari segi pendapatan mencapai 30,3% dari total pendapatan.

Bisnis Barges menunjukkan kinerja yang cukup baik dengan memberikan kontribusi 32,0% dari total pendapatan yang merupakan proyek kontrak jangka panjang antara Perseroan dan PHM.

Pengembangan ETSA kedepannya akan ikut bersaing di pasar jasa offshore support dan industri hilir yang lain, seperti accomodation work barge, supply vessel, self propeler and oil barge (SPOB).

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Standar Penyajian InformasiTinjauan kinerja keuangan yang disajikan di bawah ini mengacu pada Laporan Keuangan Konsolidasian PT Elnusa Tbk dan Entitas Anak untuk tahun yang berakhir pada tanggal 31 Desember 2018 dan 2017 yang disajikan dalam Laporan Tahunan ini. Laporan keuangan telah diaudit oleh KAP Purwantono, Sungkoro & Surja (firma anggota jaringan Ernst &Young) dalam laporannya nomor 00064/2.1032/AU.1/02/0701-1/1/II/2019 tanggal 14 Februari 2019 dengan pendapat bahwa laporan keuangan konsolidasian menyajikan secara wajar dalam semua hal yang material, sesuai dengan Standar Akuntansi Keuangan di Indonesia dan juga disusun sesuai dengan ketentuan yang ditetapkan dalam keputusan Ketua Bapepam-LK No. KEP-347/BL/2012 tertanggal 25 Juni 2012 tentang Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

Laba Rugi KomprehensifSecara umum kinerja 2018 dari aspek laba rugi perusahaan mengalami peningkatan dari sisi pendapatan dan profitabilitas. Jasa Hulu Migas masih dibayangi dengan harga minyak dunia yang volatil dimana perusahaan migas masih melakukan renegoisasi harga atas jasa yang dibutuhkan dan melakukan pengetatan belanja jasa menunggu hingga kondisi industri migas lebih stabil dan pasti. Pemotongan program kerja dan belanja jasa perusahaan hulu migas terutama untuk kegiatan eksplorasi dan pengembangan juga masih berlanjut yang akhirnya menyebabkan pasar jasa dibidang eksplorasi dan pengembangan hulu migas masih belum kondusif dan persaingan sesama perusahaan penyedia jasa hulu migas semakin kompetitif. Disisi lain pada jasa hilir migas, market atau kebutuhan BBM secara nasional semakin meningkat terkait peningkatan kebutuhan energi untuk transportasi, industri dan rumah tangga. Hal ini dimanfaatkan oleh Perseroan dalam hal ini EPN untuk meningkatkan pangsa pasarnya sebagai penyedia/pemasok kebutuhan BBM. Walaupun demikian kondisi makro perekonomian Indonesia seperti pelemahan nilai kurs Rupiah terhadap Dollar dan kebijakan harga BBM Indonesia menyebabkan margin profitabilitas bisnis ini secara keseluruhan menurun selain permasalahan operasional lapangan dan bauran produk.

Perseroan membukukan Pendapatan sebesar Rp6,62 Triliun atau mengalami kenaikan sebesar 33,1% dibanding tahun sebelumnya. Kontribusi pendapatan konsolidasi tahun 2018 masih didominasi oleh Jasa Distribusi dan Logistik Energi melalui anak perusahaan EPN yang menyumbangkan 53,7% dari seluruh pendapatan konsolidasi Perseroan. Sementara itu Jasa Hulu Migas memberi kontribusi pendapatan sebesar 36,6% dan selebihnya merupakan kontribusi Jasa Pendukung Migas.

Laba bersih Konsolidasi Perseroan naik 11,8% dari Rp247,1 miliar pada tahun 2017 menjadi Rp276,3 miliar pada tahun 2018. Secara umum kenaikan laba ini terkait peningkatan signifikan pada perolehan

Standard of Information ReportingThe review of the financial performance, that is provided below is based on the Consolidated Financial Report of PT Elnusa Tbk and its subsidiaries for the year ending on 31 December 2018 and 2017, and is presented in this Annual Report. The Financial Report has been audited by the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (member of Ernst & Young network), as indicated by their report No. 00064/2.1032/AU.1/02/0701-1/1/II/2019 on 14 February 2019 with the opinion that the Consolidated Financial Statement is presented fairly for all material aspects, in accordance to the Indonesian Financial Accounting Standard, and has been reported in accordance to the Decision of the Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) No. KEP-347/BL/2012 dated 25 June 2012 on reporting and disclosure of Financial Report of a publicly listed company.

Comprehensive Income statementIn general, the Company’s performance in 2018 from the profit and loss aspect shows an improvement on the income and profitability. The Oil and Gas Upstream service remained under pressure from the volatility of the global oil price that led oil and gas companies to engage in renegotiation of the price of services and to delay purchase of services until the oil and gas industry becomes more stable and certain. The rationalization of programs and purchase of services by oil and gas companies, especially related to exploration and development activities, still continue and cause the market for exploration and development of upstream oil and gas services to remain not conducive and increase the competitiveness among service providers. On the other side, the oil and gas downstream services, market or the nationwide fuel demand continue to increase with the increase in energy needs for transportation, industries, and domestic households. The Company, in this case EPN, made use of this trend to increase its market share as the provider/supplier of fuel. Nevertheless, the Indonesian macroeconomic conditions, such as the devaluation of Rupiah to U.S. Dollar, and the pricing policy for fuel in Indonesia lead to a decrease in the profit margin for the overall business, apart from the challenges in field operations and product mix.

The Company recorded an income in the amount of Rp6.62 trillion or an increase by 33.1% as compared to previous year. The contribution to the consolidated revenue in 2018 is still dominated by the Energy Distribution and Logistic services through its subsidiary EPN with a contribution of 53.7% of the total consolidated revenue of the Company. Meanwhile, the oil and gas upstream service contributes 36.6% and the rest comes from oil and gas supporting services.

The Company’s consolidated net profit increases to 11.8% from Rp 247.1 billion in 2017 to Rp276.3 billion in 2018. In general, the increase in profit can be linked to the significant increase in revenue,

Analisa Kinerja Keuangan KomprehensifAnalysis of Comprehensive Financial Performance

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although the net margin decreases from 5.0% in 2017 to 4.2% in 2018 due to the decrease in gross profit especially in Land Seismic, business because the production target for the Pesut Mas project was not achieved given the delay in the tender process. This is also the case for PTM Matindok for Marine seismic project that has a delay in the tender process and a problem in the procurement of equipment. Meanwhile, the Energy Distribution and Logistic Service records a significant growth in revenue, but with a reduction in profit margin due to the increase in the operational costs of tanker drivers, sea transport of fuel, and the increase in the fuel price. The overall condition of the oil and gas industry remains sluggish, leading to an increase in competitiveness and the demand for lower price services that reduced profit margin. The gross profit margin is recorded at 9.8%, which is lower than in 2017 at 11.6%.

Meanwhile, the operational costs of the Company increases to 16.0% from Rp234.0 billion to Rp271.3 billion. This increase is relatively limited in comparison to the increase in income by 33.1%, which indicates that operational costs have been reduced, without reducing the compensation to employees. Meanwhile, other forms of income in 2018 experienced an increase from minus IDR 8.3 billion in 2017 to positive IDR 17.7 billion in 2018. There were adjustments to tax reclassification, inventory differences and foreign exchange gains that caused a decrease in other costs during an increase in interest and loss costs in exchange rate gaps.

Summary of the Consolidated Statement of Profit or Loss and Other Comprehensive Income

pendapatan, namun secara margin keuntungan laba bersih terjadi penurunan dari 5,0% dari tahun 2017 menjadi 4,2% tahun 2018 terkait penurunan laba kotor terutama pada bisnis Seismic Darat karena tidak tercapainya target produksi pada proyek Pesut Mas karena proses mundurnya tender. Begitu juga proyek PTM Matindok untuk seismik marine mundur tender dari target dan permasalahan pengadaan peralatan. Sementara itu Jasa Distribusi dan Logistik Energi yang tumbuh signifikan pada pendapatan mengalami penurunan profitabilitas margin karena peningkatan biaya operasional awak mobil tangki, transportasi laut BBM dan peningkatan harga BBM.Kondisi industri migas secara keseluruhan masih lesu mengakibatkan persaingan usaha semakin kompetitif dan tuntutan penurunan harga jasa sehingga margin profitabilitas menjadi rendah. Marjin laba kotor tercatat sebesar 9,8% turun dibandingkan tahun 2017 sebesar 11,6%.

Sementara itu biaya operasional Perseroan meningkat sebesar 16,0% dari Rp234,0 miliar menjadi Rp271,3 miliar. Peningkatan yang cukup rendah jika dibandingkan dengan peningkatan pendapatan sebesar 33,1% dan mengindikasikan pengeluaran biaya operasional sudah dapat ditekan menjadi lebih efisien tanpa mengurangi kompensasi kepada karyawan. Sementara itu pendapatan lain-lain tahun 2018 mengalami kenaikan dari minus Rp8,3 miliar tahun 2017 menjadi positif Rp17,7miliar tahun 2018. Terdapat penyesuaian reklasifikasi pajak, selisih persedian dan keuntungan selisih kurs yang menyebabkan penurunan biaya lain-lain disaat terjadi peningkatan pada biaya bunga dan rugi selisih kurs.

Ringkasan Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian

(Angka Rupiah dalam Jutaan, kecuali dinyatakan lain)In Million Rupiah, unless stated otherwise 2018 2017 Pertumbuhan

2018/2017

Pendapatan / Revenue 6.624.774 4.978.986 33,05%

Beban Pokok Pendapatan / Cost of Revenues (5.972.680) (4.400.484) 35,73%

Laba Bruto / Gross Profit 652.094 578.502 12,72%

Beban Usaha / Operating Expenses (271.319) (233.962) 15,97%

Laba Usaha / Operating Profit 380.775 344.540 10,52%

EBITDA* 767.220 712.473 7,68%

Penghasilan Bunga / Interest Income 18.605 20.395 -8,78%

Pendapatan Lain-lain Neto / Other Income - Net 17.734 (8.274)) -314,32%

Beban Keuangan*** / Finance Loss*** (40.296) (19.852) 102.98%

Laba Sebelum Pajak Final Dan Pajak Penghasilan / Profit Before Final Tax and Income Tax 376.818 336.809 11,88%

Beban Pajak Final Dan Pajak Penghasilan / Final Tax Expense and Income Tax (100.502) (86.055) 16,79%

Laba Tahun Berjalan / Profit for the Year 276.316 250.754 10,19%

Laba komprehensif Tahun Berjalan / Comprehensive Income for the Year 288.075 238.473 20,80%

Laba Tahun Berjalan Yang Dapat Diatribusikan Kepada Kepentingan Non-Pengendali /Profit for The Yar Attributable to Non-Controlling Interest

2 3.614 -99,95%

Laba Tahun Berjalan Yang Dapat Diatribusikan Kepada Pemilik Entitas Induk / Profit for the Year Attributable to Owners of the Parent

276.314 247.140 11,80%

Laba Tahun Berjalan Yang Dapat Diatribusikan Kepada Pemilik Entitas Induk Tanpa Penjualan Aset /Profit for the Year Attributable to Owners of the Parent Excluded Gain (Loss) on Sale of Fixed Asset

277.638 247.684 12,09%

Marjin Laba Bruto / Gross Profit Margin 9,84% 11,62% -15,28%

Marjin EBITDA / EBITDA Margin 11,58% 14,31% -19,07%

Marjin Laba Bersih** / Net Profit Margin** 4,17% 4,96% -15,97%

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As additional information on the Profit or Loss and other comprehensive income, that is presented in the table above, the Company also distributed direct economic value, in terms of cash dividend in 2017 in the amount of Rp37.1 billion and Corporate Social Responsibility (CSR) in the amount of Rp16.4 billion. Furthermore, the Company as a private company did not receive any financial and non-financial support from the government.

Revenue

The Company is able to record a revenue in the amount of Rp6.62 trilion, which is an increase of 33.1% from Rp4.98 trilion in 2017. The Energy Distribution and Logistic service contributes Rp3.89 trilion or 53.7%, followed by the oil and gas upstream service at Rp 2.65 trilion or 36.6%, and the rests come from the supporting services.

The increase in the Company’s revenue is supported by the achievement of the Energy Distribution and Logistics services in improving its operational performance. Fuel for industry and marine, transportation, and Depo businesses manage to record an increase in sales throughput volume significantly. The revenue from the business unit of fuel for industry and marine is in the amount of Rp1.43 trilion or equal to a 71.4% growth from the previous year. This increase was due to the increase in the average volume sold at 11,4000 KL/month to 14,500 KL/month or an increase of 28.0%, as well as the increase in the average fuel price by 34.0% as compared to the previous year. Improvement in sales of fuel for industry and

(Angka Rupiah dalam Jutaan, kecuali dinyatakan lain)In Million Rupiah, unless stated otherwise 2018 2017 Pertumbuhan

2018/2017

Marjin Laba Bersih Tanpa Penjualan Aset** / Net Profit Margin without Asset Sales** 4,19% 4,97% -15,75%

* EBITDA Perseroan dalam laporan ini dihitung dengan menambahkan laba usaha dengan beban amortisasi dan depresiasi, baik yang dicatat dalam beban pokok pendapatan maupun dalam beban usaha Perseroan untuk tahun yang bersangkutan.** Perhitungan marjin laba bersih yang tercantum dalam laporan ini menggunakan laba (rugi) yang diatribusikan kepada Pemilik Entitas Induk.*** Beban keuangan yang tercantum dalam Laporan ini tanpa (rugi) selisih kurs atas pinjaman.* EBITDA of the Company in this report is calculated by adding profit with amortization and depreciation, for both that are recorded as costs of revenue, as well as expenses of the Company for the stated year.** The net profit margin in this report is calculated based on profit (loss) that is attributed to the parent company.*** Finance cost in this report is excluded gain (loss) on Foreign currency exchange of Loan

Sebagai tambahan informasi pada kinerja Laba Rugi dan Penghasilan Komprehensif lain yang telah disajikan pada tabel di atas, Perseroan juga mendistribusikan nilai ekonomi langsung berupa dividen 2017 senilai Rp37,1 miliar dan Corporate Social Responsibility (CSR) senilai Rp16,4 miliar. Selain hal itu, Perseroan sebagai badan usaha tidak menerima bantuan dalam bentuk apapun dari Pemerintah.

Pendapatan

36%

10%

54%

Rp 6,62 Triliun/Trillion

2018


42%

9%

49%

2017 2017 2018

48%

17%

38%

Jasa Hulu MigasUpstream Oil & Gas Services

Jasa Logistik dan Distribusi EnergiEnergy Logistics and Distribution Services

Jasa PenunjangSupport Services

*Pendapatan sebelum rekonsiliasi antar segmen*Revenue before reconsiliation of inter segment

Perseroan berhasil membukukan pendapatan sebesar Rp6,62 triliun naik 33,1% dari Rp4,98 triliun pada 2017. Jasa Distribusi dan Logistik Energi memberi kontribusi pendapatan sebesar Rp3,89 triliun atau 53,7%, diikuti oleh Jasa Hulu Migas sebesar Rp2,65 triliun atau 36,6% dan sisanya berasal dari Jasa Pendukung.

Peningkatan pendapatan Perseroan terutama didorong oleh keberhasilan Jasa Distribusi dan Logistik Energi meningkatkan kinerja operasinya. Bisnis BBM Inmar, Transportasi, dan Depo berhasil meningkatkan volume troughput penjualan BBM secara signifikan. Pendapatan unit bisnis BBM Inmar sebesar Rp1,43 triliun atau tumbuh 71,4% dari tahun lalu. Peningkatan tersebut berasal dari peningkatan rata-rata volume penjualan yaitu dari 11.400 KL/ bulan menjadi 14.500 KL/ bulan atau naik 28,0% serta peningkatan harga rata-rata BBM 34,0% dari tahun lalu. Peningkatan penjualan BBM Inmar terutama berasal dari area penjualan Kalimantan Timur dan Selatan, Sulawesi serta Sumatra.

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marine segment, especially comes from sales regions in East and South Kalimantan, Sulawesi, and Sumatera. The implementation of the All-In-Plus contract on the Transportation services, since the beginning of 2017, in almost all area of operations of EPN, except in Sumbagut, contributes to the profitability of EPN from the change of tanker renting contract and others throughout 2018. Besides, in 2018, EPN adds Fleet Management in 3 (three) Fuel Terminals in Maumere, Ende, and Reo, as well as in Pertamina Fuel Transportation service for Polri MOR I – III, VI, and VIII. Beside managing tankers, EPN also owns and rents out fuel tankers and LPG tanks to Pertamina, whereby, until the end of December 2018, the number of rented fuel tankers is 373 units, comprising of 363 (three hundred and sixty three) fuel tankers and 10 (ten) LPG tankers, as compared to 280 tankers in the previous year. For the Depo service business unit, there is an increase in revenue from the increase of throughput volume by 17.8% both for existing managed depo as well as the newly managed depo.

Upstream Oil and Gas services managed to increase their revenue by 17.0%, mainly from the growth of revenue in oil and gas field maintenance and management services, which grew by 69.0%. Drilling services grew by 47.8% in the POMS Division. This increase in revenue mainly came from increased income in non-asset based businesses for O&M, EPC and DFS jobs.

Meanwhile, revenue from supporting services also records an increase by 38.5%, as compared to in 2017. The increase in revenue is especially due to the increase in revenue of ETSA, which is the service provider for marine oil and gas services, that records a growth of 46.7%. This increase comes from the rents of barges, including the services of operating 8 barges that work optimally in Mahakam project, marine service and seismic ship operations, as well as the laying of cables for 4 (four) marine seismic projects.

Cost of Revenue

The cost of revenue in 2018 increases by 35.7% as compared to in 2017, higher than the growth in revenue of 33.1%. For the Oil and Gas upstream service, the delay of the tender for the Pesut Emas’ Land Seismic project and operational challenges, such as the problems in lithology, crew/partners, also shift the production to 2019 such that potential earnings will only be realized in 2019, while the costs associated to the preparation of the production process has been incurred.

Other than that, for the Energy Distribution and Logistics service, there is an increase in the cost of revenue by 53.6% as comapred to the increase in revenue by 48.4%. There is a significant increase in the cost of revenue in this business segment because of the tariff adjustment for drivers of tankers, the increase in the cost of sea transport for fuel, while there was no adjustment on the fleet management tariff.

Pemberlakuan kontrak All In Plus pada Jasa Transportasi sejak awal tahun 2017 pada hampir seluruh area kerja EPN kecuali area Sumbagut memberikan keuntungan pada EPN dengan beralihnya kontrak sewa mobil tangki kepada EPN. Disamping itu di sepanjang tahun 2018 EPN menambah pengelolaan Fleet Management di 3 (tiga) Terminal Bahan Bakar Minyak (TBBM) yaitu Maumere, Ende dan Reo serta Transportasi BBM Pertamina untuk Polri MOR I – III, VI dan VIII. Disamping sebagai pengelola mobil tangki, EPN juga memiliki dan menyewakan mobil tangki BBM dan tangki LPG ke Pertamina dimana hingga akhir Desember 2018 ini jumlah mobil tangki yang disewakan sebanyak 373 unit yang terdiri dari 363 (tiga ratus enam puluh tiga) unit mobil tangki BBM dan 10 (sepuluh) unit mobil LPG dibanding tahun lalu sebanyak 280 mobil tangki. Untuk unit bisnis Depo juga mengalami peningkatan pendapatan yang berasal dari peningkatan volume troughput sebesar 17,8%, baik dari depo kelola existing maupun dari kelola depo baru.

Jasa Hulu Migas berhasil meningkatkan perolehan pendapatannya sebesar 17,0% terutama dari pertumbuhan pendapatan pada jasa pemeliharaan dan pengelolaan lapangan migas tumbuh 69,0% dan jasa pengeboran yang tumbuh sebesar 47,8% pada Divisi POMS. Peningkatan pendapatan ini terutama berasal dari peningkatan pendapatan pada bisnis non-asset based untuk pekerjaan O&M, EPC dan DFS.

Sementara itu pendapatan Jasa Penunjang juga mengalami peningkatan pendapatan sebesar 38,5% dibandingkan tahun 2017. Peningkatan pendapatan terutama berasal dari peningkatan pendapatan pada ETSA sebagai penyedia jasa pendukung layanan marine migas yang tumbuh sebesar 46,7%. Peningkatan ini dari hasil penyewaan barges berikut jasa operasi dari 8 (delapan) barges yang bekerja optimal di proyek Mahakam, marine service dan operasi kapal seismik dan cable laying untuk 4 (empat) proyek seismik marine.

Beban Pokok PendapatanDalam Jutaan Rupiah, Kecuali Dinyatakan Lain)

In Million Rupiah,unless stated otherwise 2018 2017 PertumbuhanGrowth 18/17

Gaji, Upah dan Kesejahteraan Karyawan / Salary, Wage and Employee Benefits 906.316 716.442 26,50%

Bahan yang Digunakan / Material Used 1.824.739 1.115.284 63,61%

Subkontrak / Subcontract 1.297.804 823.915 57,52%

Overhead 1.943.821 1.744.843 11,40%

Jumlah Beban Pokok Pendapatan / Total Cost of Revenues 5.972.680 4.400.484 35,73%

Beban pokok pendapatan 2018 naik 35,7% dibanding tahun 2017 lebih tinggi dari pertumbuhan pendapatan sebesar 33,1%. Pada Jasa Hulu Migas mundurnya tender proyek Seismik Darat Pesut Emas karena permasalahan operasional di lapangan seperti masalah lithology, crew/ mitra kerja turut menyebabkan pergeseran produksi menyeberang ke tahun 2019, sehingga potensi pendapatan juga akan terealisasi tahun 2019 sementara itu biaya terkait persiapan proses produksi sudah terealisasi.

Selain itu pada Jasa Distribusi dan Logistik Energi, terjadi peningkatan kenaikan beban pokok pendapatan sebesar 53,6% dibanding kenaikan pendapatan sebesar 48,4%. Terjadi kenaikan beban pokok pendapatan yang cukup signifikan pada bisnis ini karena kenaikan penyesuaian tarif awak mobil tangki, peningkatan biaya transportasi laut BBM, sementara disisi lain belum ada

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In 2018, the revenue contribution of the business of fuel for Industry and marine increases by 36.7% from 31.8% in 2017, whereby this business segment is typically has limited margin.

Gross Profit

From the operational activities, the Company records a gross profit of Rp652.1 billion in 2018 or an increase of 12.7% as compared to in 2017 which wasin the amount of Rp578,5 billion. The oil and gas upstream service segment contributes Rp153,8 billion or about 23.6%. This comes from the POMS division in the amount of Rp220.5 billion, especially from HWU, PMS, EWL, and O&M businesses that have worked optimally. Meanwhile, the GRS business records a negative profit of Rp41.4 billion, because of the stated challenges.

Meanwhile, the gross profit from the Energy Distribution and Logistics service only records an increase of 13.4%, lower than the increase in revenue of 48.4%. As previously stated, the tariff adjustment of tanker drivers, increase in fuel costs, and stagnated fee for fleet management of sea transport, as well as a higher proportion of fuel for Industry and Marine as profit contributor result in the lower profit margin for EPN.

Gross Profit Margin per Segment

In Energy Distribution and Logistics service segment, the Company takes actions to expand its market share and to develop competencies to increase future profitability. After experiencing an increase in profit margin in 2017, this service segment experiences a lower margin, despite of the fact that there is a significant increase in nominal value. Almost all business segments grow, especially Fuel for Industry and Marine, Transportation and Depo businesses. The change in the pattern from all-in to all-

penyesuaian tarif fleet management. Pada tahun 2018 kontribusi pendapatan dari bisnis BBM Inmar juga mengalami kenaikan 36,7% dari 31,8% tahun 2017 dimana tipikal bisnis ini bermargin rendah.

Laba Bruto(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)

In Million Rupiah,unless stated otherwise 2018 Kontribusi Contribution 2017 Kontribusi

ContributionPertumbuhan

Growth 18/17

Jasa Hulu Migas TerintegrasiUpstream Oil & Gas Services

153.761 23,35% 146.620 25,29% 4,87%

Jasa Distribusi dan Logistik Energi Energy Distribution and Logistic Services

383.950 58,29% 338.564 58,40% 13,41%

Jasa Penunjang Hulu Migas / Support Services 120.923 18,36% 94.547 16,31% 27,90%

Rekonsiliasi / Reconcilliation (6.540) (1.229)

Elnusa Konsolidasi / Elnusa Consolidation 652.094 100,00% 578.502 100,00% 12,72%

Dari kegiatan operasionalnya, Perseroan mencatat laba bruto sebesar Rp652,1 miliar di tahun 2018 atau mengalami peningkatan 12,7% dibandingkan dengan tahun 2017 sebesar Rp578,5 miliar. Segmen Jasa Hulu Migas memberikan kontribusi sebesar Rp153,8 miliar atau sebesar 23,6%. Perolehan ini berasal dari Divisi POMS sebesar Rp220,5 miliar terutama dari bisnis HWU, PMS, EWL, dan O&M yang bekerja optimal. Sementara itu bisnis GRS membukukan laba negatif Rp41,4 miliar karena permasalahan yang telah disebutkan sebelumnya.

Sedangkan laba bruto dari segmen Jasa Distribusi dan Logistik Energi justru hanya mengalami kenaikan sebesar 13,4% lebih rendah dari kenaikan pendapatan sebesar 48,4%. Seperti yang telah dibahas sebelumnya, penyesuaian tarif awak mobil tangki, kenaikan biaya transportasi laut untuk BBM dan tarif fleet management yang belum naik serta porsi BBM Inmar sebagai kontributor naik menjadikan margin keuntungan EPN semakin rendah.

Margin Laba Bruto per Segmen

Jasa Hulu Migas Terintegrasi

Integrated Upstream Oil and Gas Services

10,4%

Jasa Penunjang Hulu Migas

Upstream Oil and Gas Support Services

7,7%

Jasa Distribusi dan Logistik Energi

Energy Logistics and Distribution

23,6%

Elnusa KonsolidasiConsolidation Elnusa

15,3% 2017

20186,5%

12,9%

5,8%

9,9%

17,3%11,6%

9,8%

18,8%

Pada Jasa Distribusi dan Logistik Energi, Perseroan mengambil tindakan untuk memperbesar pangsa pasar dan menyiapkan pengembangan kompetensi untuk peningkatan profitabilitas kedepannya. Setelah mengalami peningkatan perolehan margin profitabilitas pada tahun 2017, jasa ini kembali mengalami penurunan margin walau disisi lain secara nominal mengalami peningkatan yang signifikan. Hampir semua bisnis mengalami pertumbuhan terutama bisnis BBM Inmar, transportasi dan

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in-plus in the fleet management business increases the size of the Company, because the obtained tariff includes the fee from tanker rental. However, on the other side, the Indonesian macroeconomic conditions indicate that Rupiah is under pressure, forcing Pertamina to cut its transportation fee which leads to a reduction in profitability. Meanwhile, new project of fuel depo in remote area contributes to an increase in fuel transport costs. The increase in proportion of contribution of the fuel for industry and marine business segment also impacts the profit margin as a whole, given that this business is of low margin nature.

For the Oil and Gas Upstream Service, despite the fact that the Seismic business in GRS Division experiences a loss due to the delay in production of the Pesut Emas’ Land Seismic project, which is of significant value, to 2019 as a result of the delay in the tender process and operational challenges, but, other businesses such as HWU, O&M, CMT, and EWL in POMS Division record a growth and are able to maintain their profitability. The overall POMS Division reports an increase in revenue by 63.7%

The company as a whole experienced a decline in its gross profit margin from 11.6% to 9.8%. This decrease in gross profit margin originated from the Energy Distribution and Logistics Services segment, which dropped significantly from 12.9% to 9.9% in 2018.

Operating Expenses

Operating expenses comprise of two main components, selling expenses, and general and administrative expenses. Nominally, the consolidated operating expenses records an increase of 16,0% alongside an increase of income of 33.1%. However, on the other side, if we compare the percentage of operating expenses to sales, there is a decrease from 4.7% in 2017 to 4.10%. This decrease in the operating expense of the Company is the minimal impact that the Company still need to cover given the present state of the oil and gas industry.

Operating profit margin

Depo. Perubahan pola all in menjadi all in plus pada bisnis fleet management meningkatkan size Perseroan karena tarif yang diperoleh termasuk sewa mobil tangki, namun disisi lain kondisi makro Indonesia menyebabkan Indonesia dibawah tekanan nilai tukar yang menyebabkan Pertamina harus melakukan pemotongan tarif transportasi yang berimbas pada penurunan profitabilitas. Sementara itu proyek baru untuk depo BBM yang berada pada remote area menyebabkan biaya transportasi BBM meningkat. Kenaikan porsi bisnis BBM Inmar sebagai kontributor pendapatan juga turut mempengaruhi margin profitabilitas secara keseluruhan karena tipikal bisnis ini yang bermargin rendah.

Pada Jasa Hulu Migas, walau bisnis Seismik pada Divisi GRS mengalami kerugian karena mundurnya produksi proyek Seismik Darat Pesut Emas dengan nilai signifikan ke tahun 2019 karena mundurnya proses tender dan permasalahan operasional lapangan. Namun disisi lain bisnis sepeti HWU, O&M, CMT dan EWL pada Divisi POMS mengalami pertumbuhan dan dapat mempertahankan profitabilitasnya. Divisi POMS secara keseluruhan mengalami pertumbuhan pendapatan sebesar 63,7%.

Perseroan secara keseluruhan mengalami penurunan margin laba brutonya dari 11,6% menjadi 9,8%, penurunan margin laba kotor berasal dari segmen Jasa Distribusi dan Logistik Energi yang turun signifikan dari 12,9% menjadi 9,9% tahun 2018.

Beban Usaha(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)

In Million Rupiah, unless stated otherwise 2018 2017 PertumbuhanGrowth 18/17

Beban Penjualan / Selling Expenses 2.579 1.451 77,74%

Beban Umum dan Administrasi / General and Administrative Expanses 268.740 232.511 15,58%

Jumlah Beban Usaha / Total Operating expenses 271.319 233.962 15,97%

Persentase Beban Usaha terhadap Pendapatan / Percentage of Operating Expenses to Revenues 4,10% 4,70% -12,84%

Beban usaha terdiri dari dua komponen utama, yaitu beban penjualan, dan beban umum serta beban administrasi. Secara nominal, beban usaha konsolidasi mengalami kenaikan 16,0% seiring dengan pertumbuhan pendapatan sebesar 33,1%. Namun disisi lain jika kita bandingkan persentase beban usaha terhadap jumlah total penjualan, terjadi penurunan dari 4,7% tahun 2017 menjadi 4,10%. Penurunan persentase beban usaha Perseroan merupakan dampak minimal yang dapat dilakukan Perseroan dalam menindak lanjuti kondisi industri migas saat ini.

Margin Laba Operasi

93,0%

3,7% 25,2%

16,9% 2017

2018

0,6%

10,6%

0,0%

7,9%

9,5%

6,9%5,7%

9,9%

Jasa Hulu Migas Terintegrasi

Integrated Upstream Oil and Gas Services

Jasa Penunjang Hulu Migas

Upstream Oil and Gas Support Services

Jasa Distribusi dan Logistik Energi

Energy Logistics and Distribution


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Earning before interest, tax, depreciation and amortization (EBITDA)EBITDA of the Company increases to 7.6% from 2017, while the margin of EBITDA to revenue decreases from 14.3% to 11.6% in 2018. This decrease is due to the decrease in the gross profit and operating profit of the Company. On the other hand, depreciation increases by 7.87%, while the percentage of the depreciation cost to EBITDA increase from 51.7% in 2017 to 51.6% in 2018. The decrease in operating profit is due to the decrease in the gross profit in all business segments of Energy Distribution and Logistics service, Supporting Services, and Oil and Gas Upstream Services (Seismic business), as explained before. As such, it can be concluded that the EBITDA for 2018 is supported by the profit from the operational activities, while the depreciation cost from the realization of new assets investment and previously acquired assets declines as compared to 2017.

Other Income (Expenses)Other income in 2018, cumulatively, still records a loss in the amount of Rp3.96 billion. However, if compared to 2017, the loss in 2018 is lower by 48.8%. The interest and exchange rate costs record a significant increase in 2018. The weakening of Rupiah againsts the U.S. Dollar up to Rp 15,000/ USD causes the Company to suffer a loss of Rp7.8 billion. Meanwhile, the increase in interest cost in 2018 to Rp39.9 billion is due to the increase in the rate of borrowing and the amount borrowed by the Company from Rp697.3 billion to Rp821.4 billion.

Laba Sebelum Beban Bunga, Pajak, Depresiasi dan Amortisasi (EBITDA)EBITDA Perseroan naik sebesar 7,6% dari tahun 2017, sedangkan margin EBITDA terhadap pendapatan turun dari 14,3% menjadi 11,6% pada tahun 2018. Penurunan ini terjadi terkait penurunan laba bruto dan laba operasi Perseroan. Disisi lain beban depresiasi mengalami kenaikan 7,87% dimana persentase beban depresiasi terhadap EBITDA naik tipis dari 51,7% pada tahun 2017 menjadi 51,6% pada tahun 2017. Penurunan laba operasi dipicu oleh penurunan laba bruto pada hampir seluruh segmen bisnis Jasa Distribusi dan Logistik, Jasa Pendukung dan Jasa Hulu Migas ( Bisnis Seismik) seperti yang telah dijelaskan sebelumnya. Sehingga dapat disimpulkan kinerja EBITDA pada tahun 2018 ini ditopang oleh profitabilitas dari kegiatan operasi sedangkan beban depresiasi dari realisasi investasi aset baru maupun depresiasi dari aset lama mengalami penurunan jika dibandingkan dengan tahun 2017.

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise 2018 2017 Pertumbuhan

Growth 18/17

Laba Operasional Operational Profit

380.775 344.540 10,52%

Beban Depresiasi Depreciation Expense

396.883 367.933 7,87%

EBITDA 767.220 712.473 7,68%

Persentase Depresiasi terhadap EBITDA Percentage of Depreciation to EBITDA

51,73% 51,64% 0,17%

Persentase Laba Operasional terhadap Pendapatan Percentage of Operational Profit to Revenues

5,75% 6,92% -16,94%

Persentase EBITDA terhadap Pendapatan Percentage of EBITDA to Revenues

11,58% 14,31% -19,07%

Pendapatan (Beban) Lain-LainPendapatan lain-lain tahun 2018 secara kumulatif masih mengalami kerugian sebesar Rp3,96 miliar, namun jika dibandingkan dengan tahun 2017 kerugian tahun 2018 mengalami penurunan sebesar 48,8%. Beban bunga dan rugi selisih kurs mengalami peningkatan signifikan pada tahun 2018. Pelemahan mata uang Rupiah terhadap US Dollar hingga Rp15.000/ USD menyebabkan Perseroan menderita kerugian sebesar Rp7,8 miliar. Sedangkan peningkatan beban bunga tahun 2018 menjadi sebesar Rp40,3 miliar disebabkan oleh peningkatan interest rate pinjaman dan peningkatan pinjamanan Perseroan dari Rp697,3 miliar menjadi Rp821,4 miliar.


Growth 18/17

Laba (Rugi) Penjualan Aset Tetap Gain (Loss) on Sales of Assets

(1.324) (1.046) 26,6%

Penghasilan Bunga Interest Income

18.605 20.395 -8,8%

Beban Bunga Interest Expense

(40.296) (19.852) 103,0%

Laba (Rugi) Selisih Kurs gain (Loss) on Foreign Exchange

(7.848) (1.031) 660,9%

Lain-Lain – Neto Others - Net

26.906 (6.197) -534,2%

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Considering the percentage contribution of other income (expenses) to the total income, it can be seen that the percentage contribution in 2018 is lower at negative 1.4% as compared to in 2017 which was at negative 3.1%. This shows that the other income (expenses) in 2018 and 2017 contribute to the reduction of net profit, although the other income (expenses) in 2018 is smaller than in 2017.

Net Profit and Net Profit MarginThe Company’s net profit increases by 11.8% from Rp247.1 billion in 2017 to Rp276.3 billion in 2018. The growth in net profit can be attributed to the growth in revenue by 33.1%. The net profit growth can be attributed to the Energy Logistic and Distribution Service segment in the amount of Rp235.7 billion or equal to an increase of 13.6% from 2017, Supporting service segment in the amount of Rp 59.2 billion or equal to an increase of 23.4%. Meanwhile, the oil and gas upstream service records a loss in the amount of negative Rp 23.9 billion or equal to a decrease of 339.1% from 2017.

The growth in the nominal net profit of the Company by 11.8%, nevertheless, is not accompanied by an increase in the profit margin. The net profit margin decreases from 5.0% in 2017 to 4.2%. This decrease in net profit margin has been discussed in the subsection Cost of Revenue and can be attributed especially to the decrease in the profit margin in the Energy Distribution and Logistics service segment, whereby despite of the increase in revenue by 48.4%, the profit margin decreases from 7.9% to 6.1%.


Growth 18/17

Jumlah Pendapatan (Beban) Lain-Lain Total Other Income (Expenses)

(3.957) (7.731) -48,8%

Jumlah Pendapatan (Beban) Lain-Lain terhadap Laba Bersih Total Other Income (Expenses) to Net Profit

-1,43% -3,13% -54,2%

Jika dilihat dari persentase jumlah pendapatan (beban) lain-lain terhadap pendapatan dapat dilihat bahwa persentase pada tahun 2018 lebih rendah sebesar minus 1,4% dibandingkan tahun 2017 sebesar minus 3,1% ini mencerminkan bahwa pendapatan (beban) lain-lain pada tahun 2018 dan 2017 menjadi kontributor pengurang laba bersih namun pendapatan (beban) lain-lain tahun 2018 lebih kecil dari tahun 2017.

Laba Bersih dan Marjin Laba BersihLaba bersih Perseroan mengalami pertumbuhan sebesar 11,8% dari Rp247,1 miliar pada tahun 2017 menjadi Rp276,3 miliar pada tahun 2018. Pertumbuhan laba bersih ini terkait dengan pertumbuhan pendapatan sebesar 33,1%. Pertumbuhan laba bersih terutama berasal dari segmen Jasa Logistik dan Distribusi Energi sebesar Rp235,7 miliar atau tumbuh 13,6% dari tahun 2017, Jasa Penunjang sebesar Rp59,2 miliar atau tumbuh 23,4%. Sementara itu Jasa Hulu Migas justru mengalami kerugian menjadi sebesar minus Rp23,9 miliar atau turun 339,1% dari tahun 2017.

-4%20%

84%Rp247,1 Miliar/Billion

2017


-9%22%

87%

2018

Jasa Hulu MigasUpstream Oil & Gas Services

Jasa Distribusi dan Logistik EnergiEnergy Logistics and Distribution

Jasa Penunjang Hulu MigasUpstream Oil and Gas Support Services

Pertumbuhan laba bersih Perseroan sebesar 11,8% secara nominal ternyata tidak diikuti dengan kenaikan profitabilitas margin. Margin laba bersih justru mengalami penurunan dari 5,0% pada tahun 2017 menjadi sebesar 4,2%. Penurunan margin laba bersih ini seperti yang sudah dibahas pada sub bagian Biaya Pokok Pendapatan terutama karena penurunan margin profitabilitas pada segmen Jasa Distribusi dan Logistik Energi dimana kenaikan pendapatan sebesar 48,4% justru mengalami penurunan margin profitablitas laba bersih dari 7,9% menjadi 6,1%.

131


Net profit margin per segment

The net profit for the Energy Distribution and Logistics service segment records an increase by 13.6%. The increase in the gross profit is lower as compared to the increase in revenue in this segment at 48.4%, because there has been no tariff adjustment on transportation fee, an increase in the cost of fuel transportation, and an increase in the AMT tarif.

Meanwhile, the net profit for the oil and gas upstream service segment decreases by 339.1% from 2017, despite the increase in revenue in this segment by 17.0%. The POMS division manages to increase its revenue by 63.7% from Rp1.2 trillion to Rp2.0 trillion with a gross profit of Rp220.5 billion, which is an increase from the result in 2017 in the amount of Rp119.1 billion, and with an increase in the gross profit margin from 8.0% to 11.0%. But on the other hand, the positive performance of the POMS Division was eroded by the negative performance of the GRS Division.

Balance Sheet

Assets

Margin Laba Bersih per Segmen

Jasa Hulu MigasUpstream Oil and Gas

Services

Jasa Penunjang Hulu MigasUpstream Oil and Gas Support

Services

10,9%

Jasa Distribusi dan Logistik EnergiEnergy Logistics and Distribution


16,0% 2017

2018

23,5%

7,9%

6,1%

104,4%

-0,9%-0,4%

8,5%

5,0%4,2%

9,5%

Pencapaian laba bersih untuk segmen Jasa Distribusi dan Logistik Energi mengalami kenaikan sebesar 13,6%. Kenaikan laba kotor lebih rendah jika dibandingkan dengan kenaikan pendapatan pada segmen ini sebesar 48,4% karena belum adanya penyesuaian tarif transportasi, peningkatan biaya transporatasi BBM dan peningkatan tarif AMT.

Sementara itu laba bersih segmen Jasa Hulu Migas mengalami penurunan hingga 339,1% dari tahun 2017 walaupun pendapatan segmen ini naik 17,0%. Divisi POMS berhasil meningkatkan pendapatannya sebesar 63,7% dari Rp1,2 triliun menjadi Rp2,0 triliun dengan perolehan laba kotor sebesar Rp220,5 miliar, naik dari perolehan tahun 2017 sebesar Rp119,1 miliar dengan kenaikan margin laba kotor dari 8,0% menjadi 11,0%. Namun disisi lain kenaikan kinerja Divisi POMS tergerus oleh kinerja Divisi GRS yang negatif.

Posisi Keuangan

Aset

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)In Million Rupiah, unless stated otherwise 2018 2017 Pertumbuhan

Growth 18/17

Kas dan Setara Kas Cash and Cash Equivalent

719.457 902.563 -20,29%

Piutang Usaha – Neto Trade Receivables – Net

1.571.843 1.258.525 24,90%

Aset Keuangan Lancar Lainnya – Neto Other Current Financial Assets - Net

21.090 9.030 133,56%

Persediaan – Neto Inventories - Net

167.065 96.508 73,11%

Uang Muka Advances

89.952 45.799 96,41%

Pajak Dibayar di Muka Prepaid Taxes

574.087 51.567 1.013,28%

Beban Dibayar di Muka Prepaid Expenses

15.013 15.473 -2,98%

Jumlah Aset Lancar Total Current Assets

3.158.507 2.379.465 32,74%

132


Posisi kas dan setara kas per 31 Desember 2018 sebesar Rp719,5 miliar turun 20,9% dibandingkan tahun 2017 sebesar Rp902,6 miliar. Penurunan saldo kas dan setara kas disebabkan Perseroan mengalami penurunan kas bersih dari aktivitas operasi karena perlambatan kolektibilitas piutang sehingga posisi piutang usaha naik dari Rp1,3 triliun pada tahun 2017 naik menjadi Rp1,6 miliar pada tahun 2018. Selain itu terjadi peningkatan pengeluaran untuk investasi terkait investasi peralatan seismik nodal, HWU dan lainnya.

Pajak dibayar di muka tahun 2018 naik 1.013,3% timbul sebagai imbas dari kewajiban Perseroan untuk pembayaran PPN seiring dengan kenaikan pendapatan, PPh 22 terkait pembelian peralatan investasi, PPh 23 terkait pendapatan Perseroan dan PPh 4 ayat 2 terutama untuk pekerjaan konstruksi EPC. Secara total pajak dibayar dimuka bagian lancar dan tidak lancar mengalami peningkatan menjadi Rp901,3 miliar dibandingkan tahun 2017 sebesar Rp595,5 miliar atau naik sebesar 51,3% terkait kenaikan transaksi operasional dan pendapatan Perseroan.

Kas dan Setara KasPenurunan kas dan setara kas sebesar 20,3% seperti telah dibahas sebelumnya didorong oleh penurunan arus kas dari operasi dimana bisnis O&M menjadi salah satu kontributor utama pendapatan dengan nature bisnis membutuhkan pengeluaran modal diawal yang cukup besar dan perlambatan kolektibilitas Account Receivable. Sementara itu pengeluaran untuk aktivitas investasi juga mengalami kenaikan.


Growth 18/17

Kas Cash

2.940 3.952 -25,60%

Bank Bank

Rupiah Rupiah

474.034 370.051 28,10%

Dollar Amerika Serikat US Dollar

195.283 428.860 -54,46%

Dollar Singapura SGD Dollar

- -

Jumlah kas pada bank Total cash in banks

669.317 798.911 -16,22%

Call Deposit dan Deposito berjangka Call Deposits and Time Deposits

Rupiah Rupiah

47.200 99.700 -52,66%

Jumlah Call Deposit dan Deposito Berjangka Total Call Deposits and Time Deposits

47.200 99.700 -52,66%

Jumlah kas dan setara kas Total Cash and Cash Equivalent

719.457 902.563 -20,29%

Piutang Usaha (Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Difakturkan Billed

567.463 485.284 16,93%

Belum Difakturkan Unbilled

1.156.436 911.793 26,83%

The cash and cash equivalence position as of 31 December 2018 is at Rp715.9 billion, decreases by 20.9% as compared to in 2017 which was at Rp902.6 billion. The decrease in the cash and cash equivalence account is due to the fact that the Company experiences a decrease in net cash from operating activities due to the delay in the collection of receivables, such that the receivables increase from Rp1.3 trillion in 2017 to Rp1.6 trillion in 2018. Other than that, there is an increase in investment for the nodal seismic equipment, HWU, and others.

The prepaid tax in 2018 increases 1,013.3% because of the Company’s obligation to pay value added tax (PPN) given the increase in revenue, custom duty, and withholding import tax (PPh 22) related to purchase of equipment, withholding service income tax (PPh 23) related to the Company’s revenue, and other taxes (PPh 4 section 2) for the construction work by EPC. In total, the prepaid tax for current and non-current account increases to Rp901.3 billion, as compared to in 2017, which was in the amount of Rp595.5 billion, or equal to an increase of 51.3%. This is due to the increase in operational transactions and revenue of the Company.

Cash and Cash equivalenceThe cash and cash equivalence account decreases by 20.3% as stated before, due to the operating cash flow, whereby the O&M business is one of the main revenue contributors and it has a business model that require a relatively sizeable initial capital expenditure, and the delay in the collection of the Account Receivable. Meanwhile, expenses for investment activities also record an increase.

Account Receivables

133



Growth 18/17

Jumlah Piutang Usaha Total Trade Receivables

1.723.899 1.397.076 23,39%

Cadangan Kerugian Penurunan Nilai Allowance for Impairment

(152.056) (138.552) 9,75%

Jumlah Piutang Usaha Neto Total Trade Receivables - Net

1.571.843 1.258.525 24,90%

Seiring dengan pertumbuhan pendapatan, piutang usaha perseroan juga mengalami kenaikan sebesar 24,9% atau Rp313,3miliar pada akhir tahun 2018. Selama tahun 2018, periode penagihan piutang usaha mengalami perlambatan dari tahun sebelumnya 65 hari menjadi 76 hari, terdapat adanya perubahan pergeseran bisnis pada Jasa Hulu Migas dimana bisnis O&M menjadi salah satu kontributor utama pendapatan.

Aset Tidak lancar(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Aset Keuangan Tidak Lancar Lainnya Other Non-Current Financial Assets

163.961 143.360 14,37%

Pajak Dibayar di Muka – Bagian Tidak Lancar Prepaid Taxes – Non-Current Portion

327.212 543.969 -39,85%

Aset Pajak Tangguhan Deferred Tax Assets

109.684 99.976 9,71%

Penyertaan Saham-Neto Net-Share subscription

8.946 6.521 37,19%

Uang Muka Bagian Tidak Lancar Advantages - Non-Current Portion

22.123 7.735 186,01%

Aset Tetap - Bersih Fixed Assets - Net

1.735.854 1.569.071 10,63%

Aset Tak Berwujud Intangible Assets

18.267 14.091 29,63%

Properti Investasi - Bersih Investment properties – Net

51.993 52.113 -0,23%

Aset Lain-Lain Pension Benefit Plan assets

60.780 39.068 55,57%

Jumlah Aset Tidak Lancar Total Non-Current Assets

2.498.820 2.475.904 0,93%

Jumlah Aset Total Assets

5.657.327 4.855.369 16,52%

Posisi aset tidak lancar pada tanggal 31 Desember 2018 mengalami kenaikan 0,9% dibanding posisi tahun lalu. Kenaikan ini berasal dari kenaikan aset keuangan tidak lancar lainnya sebesar 14,3%. Secara total pajak dibayar dimuka bagian lancar dan tidak lancar naik 51,3% dibandingkan tahun 2017, dimana porsi bagian lancar tahun 2018 mengalami kenaikan sebesar 1.013,3% sementara itu porsi bagian tidak lancar mengalami penurunan 39,9% seperti yang telah dibahas pada bagian sebelumnya.

Aset Tetap (Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Tanah Land

232.613 229.627 1,30%

Bangunan, Prasarana dan Instalasi Buildings improvements and installations

155.903 125.145 24,58%

With an increase in revenue, the Company’s account receivables also increase by 24.9% or equal to Rp313.3 billion by the end of 2018. Throughout 2018, the time taken to claim for account receivables increases from 65 days in the previous year to 76 days. This is due to the shift in the business from integrated oil and gas upstream services in which O&M business becomes one of the main revenue contributors.

Non Current Asset

The non-current Assets as of December 31, 2018, the Company’s asset position has increased by 0.9% compared to last year’s position. The source of this increase is from a 14.3% increase in other non-current financial assets. In total, the Tax Paid in advance for the current and non-current portion increased by 51.3% compared to 2017, with the portion of the current portion in 2018 increasing by 1,013.3% while the portion of the non-current portion decreased by 39.9%, as discussed in the previous section.

Fixed Assets

134



Growth 18/17

Mesin dan Peralatan Machinery and Equipment

517.899 357.531 44,85%

Perabotan dan Perlengkapan Kantor Office Furniture, Fixures and Equipment

- 1 -100,00%

Alat Transportasi Transportation

184.347 155.100 18,86%

Konstruksi Baja Steel Construction

584.009 696.702 -16,18%

Aset Dalam Penyelesaian (Mesin dan Peralatan) Construction in Progress (Machinery and Equipment)

70.965 14.847 377,98%

Provisi Penurunan Nilai Provision of Allowance for Impairment

(9.882) (9.882) 0,00%

Nilai Buku Neto Net Book Value

1.735.854 1.569.071 10,63%

Aset tetap dalam bentuk mesin dan peralatan mengalami kenaikan sebesar 45% terkait investasi nodal, HWU, mobil tangki, dan lainnya yang bertujuan untuk peningkatan pendapatan, maupun maintain capacity. Sementara itu aset tetap dalam penyelesaian terdiri dari HWU, Slickline Unit, dan MLU naik signifikan sebesar 378,0%.

Total aset tanggal 31 Desember 2018 mengalami kenaikan sebesar 16,5% dibanding posisi pada tanggal yang sama tahun 2017, terutama merupakan imbas peningkatan investasi mesin dan peralatan kerja serta bangunan, prasarana dan instalasi.

Liabilitas (Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Pinjaman Bank Jangka Pendek Short-Term Bank Loans

608.865 695.012 12,40%

Utang Usaha Trade Payables

517.470 308.321 67,83%

Liabilitas Keuangan Lainnya – Jangka Pendek Other Current Financial Liabilities

54.673 45.960 18,96%

Liabilitas Imbalan Kerja Jangka Pendek Short-term employee benefits liability

85.031 56.157 51,42%

Utang Pajak Taxes Payable

28.780 47.501 -39,41%

Akrual Accrued

822.079 602.574 36,43%

Bagian Jangka Pendek dari Pinjaman Bank Current Portion of Bank Loans

- 2.256 -100.00%

Jumlah Liabilitas Jangka Pendek Total Current Liabilities

2.116.898 1.757.781 20,43%

Liabilitas jangka pendek pada tanggal 31 Desember 2018 naik 20,4% dibanding posisi pada tanggal yang sama tahun 2017, utang usaha Perseroan naik 67,8% karena peningkatan pendapatan dan kenaikan beban akrual sebesar 36,4%. Peningkatan beban akrual berasal dari peningkatan beban proyek, pembelian persediaan dan peningkatan fasilitas kantor.

Fixed Assets in the form of machineries and equipments increase by 45%, given the investment in nodal, HWU, Tanker vehicles, and others, which is aimed for increasing revenue, as well as for maintaining capacity. Meanwhile, construction in progress consist of HWU, Slickline Unit, and MLU, which rose significantly by 378.0%.

The total Assets as of 31 December 2018 increases by 16.5% as compared to the same position in 2017, especially due to the increase in investment on machineries and equipment, as well as on building, facilities, and installations.

Liabilities

Short term liabilities as of 31 December 2018 increase by 20.4% as compared to same time in 2017, the Company’s account payable increases by 67.8% because of the increase in income and the increase in accrued expenses by 36.4%. The increase in accrued expenses comes from the increase in project expenses, purchase of inventory, and improvement in office facilities.

135



Growth 17/16

Utang Pihak Berelasi Debt of Related Parties

- 1.014

Pinjaman Bank – Setelah Dikurangi Bagian Jangka Pendek Bank Loans - Net of Current Portion

212.550 - -100,00%

Liabilitas Imbalan Kerja Employee Benefits Liability

27.679 44.654 -38,01%

Jumlah Liabilitas Jangka Panjang Total Non-Current Liabilities

240.229 45.668 426,03%

Jumlah Liabilitas Total Liabilities 2.357.127 1.803.449 30,70%

Pada tanggal 22 Februari 2018, Perusahaan dan entitas anak (EPN dan ETSA) memperoleh fasilitas kredit sindikasi dari PT Bank Sumitomo Mitsui Indonesia, The Bank of Tokyo-Mitsubishi UFJ Ltd., Cabang Jakarta, PT Bank ICBC Indonesia dan PT Bank UOB Indonesia. Fasilitas tersebut diberikan untuk keperluan investasi. Pada tanggal 31 Desember 2018, saldo terutang fasilitas-fasilitas pinjaman tersebut sebesar USD15.000.000 setara dengan Rp217,2 miliar.

Status Pinjaman Bank Perseroan(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


PT Bank BNI (Persero) Tbk 16.268 - 100,00%

PT Bank Rakyat Indonesia (Persero) Tbk 27.427 32.515 -15,65%

PT Bank Mizuho Indonesia 130.329 135.480 -3,80%

PT Bank BNI Syariah - 2.256 -100,00%

PT Bank UOB Indonesia - 135.480 -100,00%

PT Bank ICBC Indonesia 434.430 256.057 69,66%

PT Bank Sumitomo Mitsui Indonesia 217.626 135.480 60,63%

Pinjaman Bank Bank Loans

826.080 697.268 18,47%

Pada tahun 2018 Perseroan masih melanjutkan strategi pendanaan dengan meminimalkan beban bunga dari pinjaman bank melalui strategi menggunakan pinjaman bank jangka pendek dan jangka panjang. Perseroan menerima pinjaman Bank tahun 2018 sebesar Rp1,44 triliun dari bank ICBC, UOB, BRI, SMBCI, Mizuho, BNI, UOB dan Sindikasi (SMBCI, MUFJ, UOB, ICBC). Sementara itu Perseroan juga telah melakukan pembayaran hutang kepada Bank UOB dan BNI Syariah kepada UOB, BRI, SMBCI, ICBC, BNI Syariah, BNI dan UOB sebesar Rp1.36 triliun.

Komposisi Pinjaman Bank Dalam Mata Uang Asli(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Rupiah Rupiah

190.451 2.256 8341,75%

On February 22, 2018, the Company and its subsidiaries (EPN and ETSA) received syndicated loan facilities from PT Bank Sumitomo Mitsui Indonesia, The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta Branch, PT Bank ICBC Indonesia and PT Bank UOB Indonesia. The loan facilities are used for investment purposes. As of December 31, 2018, the loan outstanding balance was USD15,000,000 or equivalent to Rp217,2 billion.

The Company’s Bank Loan status

In 2018, the Company continued its funding strategy by minimizing the interest expense from the bank loans. This was done through the use of both short-term and long-term bank loans. The Company throughout 2018 received Rp1.44 trillion loans from ICBC Bank, UOB, BRI, SMBCI, Mizuho, BNI, UOB and Syndication (SMBCI, MUFJ, UOB, ICBC). Meanwhile, the Company has also paid its debts to UOB and BNI Syariah to UOB, BRI, SMBCI, ICBC, BNI Syariah, BNI and UOB for Rp1,36 trillion.

The Composition of Loans Based on the Currency

136


The major proportion of the Company’s loans are in the U.S. Dollar and can be categorized as healthy, with an interest bearing debt to EBITDA ratio of 1.1 or higher than in 2017 which was at 0.98, and the interest bearing debt to equity ratio of 0.25 as compared to in 2017 which was at 0.23. These show that the Company’s loans can be categorized as healthy although there is an increase in the Company’s loans.

Equities

Total Equities that can be attributed to the owners of the parent company increase by Rp251,0 billion or 8.2% higher than the total equities of the previous year, which can be calculated from the profit of the current year in the amount of Rp276.3 billion less the dividend payment of 2018 in the amount of Rp37.1 billion or equals to 15% of the net profit in 2017, which was in the amount of Rp 247.1 billion.

The Company has sold of its treasury shares of 63,123,000 shares since 2013 through the Indonesian Stock Exchange with the difference between the average selling and acquisition price of Rp 144.6. The resale of the treasury shares is done to fulfil BAPEPAM regulation No. KEP – 105/BL/2010 on the transfer of shares from buyback that are owned by a public company.


Growth 18/17

Dollar AS US DOllar

635.629 695.012 -8,54%

Biaya pinjaman yang belum diamortisasi Unamortized loan cost

(4.665) -

Total Pinjaman Bank Total Bank Loans

821.415 697.268 17,80%

Komposisi pinjaman bank Perseroan sebagian besar menggunakan mata uang USD dan tergolong sehat, dengan rasio interest bearing debt terhadap EBITDA sebesar 1,1 naik jika dibandingkan tahun 2017 sebesar 0,98 dan rasio interest bearing debt to equity sebesar 0,25 dibandingkan tahun 2017 sebesar 0,23 masih tergolong dalam kategori sehat walau terjadi peningkatan hutang Perseroan.

Ekuitas


Growth 18/17

Modal Saham Ditempatkan dan Disetor Penuh 7.298.500.000 Saham Issued and Fully Paid Capital – 7,298,500,000 Shares

729.850 729.850 0,00%

Tambahan Modal Disetor Additional Paid-in Capital

435.691 435.688 0,00%

Saldo Laba Retained Earnings

2.177.390 1.938.147 12,34%

Penghasilan Komprehensif Lain Other Comprehensive Income

(44.436) (56.195) -20,93%

Jumlah Ekuitas yang Diatribusikan kepada Pemilik Entitas Induk Total Equity Attributable to Owners of the Parent

3.298.495 3.047.490 8,24%

Kepentingan Non-Pengendali Non-Controlling Interest

1.705 4.430 -61,51%

Jumlah Ekuitas Total Equity

3.300.200 3.051.920 8,14%

Jumlah ekuitas yang diatribusikan kepada pemilik entitas induk tumbuh sebesar Rp251,0 miliar atau 8,2% di atas posisi ekuitas tahun lalu, berasal dari perolehan laba tahun berjalan sebesar Rp276,3 miliar dikurangi dividen yang dibayarkan dalam tahun 2018 sebesar Rp37,1 miliar atau setara dengan 15% dari laba bersih tahun 2017 yakni sebesar Rp247,1 miliar.

Perseroan telah melakukan penjualan seluruh saham treasuri sejumlah 63.123.000 lembar saham selama tahun 2013 melalui Bursa Efek Indonesia dengan selisih rata-rata harga jual dan harga perolehan sebesar Rp144,6. Penjualan kembali saham treasuri ini ditujukan untuk memenuhi peraturan BAPEPAM No. KEP – 105/BL/2010 mengenai ketentuan pengalihan saham hasil pembelian kembali yang dikuasai emiten.

137


Laporan Perubahan Ekuitas Konsolidasi

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless

stated otherwise

Modal SahamShare

Capital

Tambahan Modal Disetor

Additional Paid-in Capital

Saldo Laba Dicadangkan

Profit balance is not

reserved

Saldo Laba Tidak

DicadangkanNon-Reserved

Profit Balance

Penghasilan Komprehensif

LainOther

Comprehensive Income

JumlahTotal

Kepentingan Non

PengendaliNon

Controling Interest

Jumlah EkuitasTotal

Equity

Saldo Balance per 01/01/2014 729.850 431.422 55.033 1.052.477 (36.419) 2.232.363 27.246 2.259.609






Kinerja Arus Kas(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Kas neto yang diperoleh dari aktivitas operasi Net Cash Provided bby Operating Activities

344.756 395.459 -12,82%

Kas neto yang digunakan untuk dari aktivitas investasi Net Cash Used in Investing Activities

(586.671) (358.506) 63,64%

Kas neto yang digunakan untuk aktivitas pendanaan Net Cash Used in Financing Activities

37.374 119.698 -68,78%

Dampak perubahan selisih kurs terhadap dan setara kas Effect of Exchange Rate Changes on Cash and Cash Equivalent

21.435 1.525 1.305,57%

Penurunan neto kas dan setara kas Net Decrease in Cash and Cash Equivalents

(183.106) 158.176 -215,76%

Kas dan setara kas pada awal tahun Cash and Cash Equivalent at the Beginning of the Year

902.563 744.387 21,25%

Kas dan setara kas pada akhir tahun Cash and Cash Equivalents at the End of the Year

719.457 902.563 -20,29%

Posisi kas dan setara kas pada akhir tahun 2018 mengalami penurunan sebesar 20,3% dibandingkan tahun 2017. Penurunan kas dan setara kas ini terutama karena penurunan kas dari aktivitas operasi, sementara itu arus kas untuk aktivitas investasi meningkat menjadi sebesar Rp586,7 miliar untuk pembelian barang investasi. Sementara itu arus kas untuk dari/untuk aktivitas pendanaan sebesar Rp37,4 miliar, artinya pada tahun 2018 kinerja arus kas karena aktivitas pinjaman lebih rendah jika dibandingkan tahun 2017 sebesar Rp82,3 miliar.

Arus Kas dari Aktivitas Operasi(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Penerimaan Kas dari Pelanggan Receipts from Customers

6.458.067 4.510.541 43,18%

Pembayaran Kas kepada Pemasok, Kontraktor dan Karyawan Cash Payments to Suppliers and Contractors

(5.957.933) (4.178.276) 42,59%

Penerimaan Penghasilan Bunga Receipts of Interest Income

19.345 20.328 -4,84%

Consolidated Report on Changes in Equity

Cash Flow Performance

The cash and cash equivalence position at the end of 2018 is lower by 20.3% than in 2017. The decrease in the cash and cash equivalence is due to the decrease in the cash from operating activities, while the cash flow for the investing activities increases to Rp586.7 billion for the purchase of investment goods. Meanwhile, the cash flow from/for financing activities of Rp37.4 billion, in which in 2018 the performance of cash flow because of loans is lower than in 2017 by Rp82.3 billion.

Cash Flow from Operating Activities

138



Growth 18/17

Pembayaran Beban Keuangan Payment of Finance Costs

(46.504) (20.459) 127,30%

Penerimaan Restitusi Pajak Receopts of Tax Refunds

78.625 200.502 -60,79%

Pembayaran Pajak Payments of Taxes

(214.552) (140.185) 53,05%

Penerimaan atas Aktivitas Operasi Lainnya – Bersih Other Receipts from Operating activities - Net

7.708 3.008 156,28%

Kas Bersih yang Diperoleh dari Aktivitas Operasi Net Cash Provided by Operating Activities

344.756 395.459 -12,82%

Kas bersih yang diperoleh dari kegiatan operasi turun 12,8% menjadi Rp344,8 miliar pada 2018. Terjadi peningkatan penerimaan kas dari pelanggan sebesar 43,2% seiring dengan peningkatan pendapatan usaha, disisi lain pembayaran kas kepada pemasok, kontraktor dan karyawan juga mengalami peningkatan sebesar 42,6%. Peningkatan pembayaran juga terjadi untuk pajak dimana terjadi peningkatan 53,1% dan peningkatan beban keuangan karena peningkatan jumlah pinjaman.

Arus Kas dari Aktivitas Investasi(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Pembelian Aset Tetap Purchase of Fixed Assets

(539.195) (279.356) 93,01%

Penerimaan dari Penjualan Aset Tetap Proceeds from sale of Fixed Assets

2.348 1.147 104,74%

Pembelian Aset Tak Berwujud Purchase of Intangible Assets

(11.734) (4.209) 178,76%

Pembelian Barang Konsumsi Tahan LamaPurchases of Long Life Consumable Goods

(38.578) (41.706) -7,50%

Pembelian Aset Lain-Lain Purchase of Other Assets

(612) (1.065) -42,54%

Penerimaan Dividen Kas dari Perusahaan AsosiasiProceeds of Cash Dividens from Association Company

2.100 - 100,00%

Penambahan investasi di entitas anakAddition of Investment in Subsidiary

(1.000) (33.317) -97,00%

Kas Neto yang Digunakan untuk Aktivitas Investasi Net Cash Used in Investing Activities

(586.671) (358.506) 63,64%

Arus kas bersih yang digunakan untuk aktivitas investasi selama tahun 2018 adalah sebesar Rp586,7 miliar naik 63,6% dibandingkan tahun 2017 sebesar Rp358,5 miliar. Pengeluaran untuk pembelian aset tetap mengalami kenaikan sebesar 93,0% dari tahun 2017. Pengeluaran terbesar untuk investasi berasal dari Divisi GRS yang digunakan untuk keperluan pembelian peralatan seismic marine nodal, pembelian 56 mobil tangki untuk penambahan kapasitas di EPN dan pembelian 30 unit ESP di Divisi POMS.

Arus Kas dari Aktivitas Pendanaan(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain)


Penerimaan Pinjaman Bank Proceeds from Bank Loans

1.437.165 1.446.887 -0,67%

Pembayaran Pinjaman Bank Payments of Bank Loans

(1.358.273) (1.305.212) 4,07%

Pembayaran Dividen Kas Payments of Cash Dividends

(37.071) (31.687) 16,99%

The net cash from operating activities decreases by 12.8% to Rp344.8 billion in 2018. There is an increase in the cash receipt from customers by 43.2% along with the increase in revenue, while on the other hand, there is a cash payment to suppliers, contractors, and employees that also increase by 42.6%. The increase in payments also occurs for the tax payment with a 53.1% increase, and an increase in financial cost due to the increase in the amount borrowed.

Cash Flow from Investing Activities

The net cash flow for investing activities in 2018 is in the amount of Rp586.7 billion, increases by 63.6% as compared to in 2017 which was in the amount of Rp358.5 billion. The expense attributed to the purchase of fixed assets increased by 93.0% from 2017. The largest expense comes from the investment in the GRS Division, which is used to purchase nodal seismic marine equipment, 56 tankers for increasing capacity in EPN, and the purchase of 30 units of ESP in POMS Division.

Cash Flow from Financing Activities

139



Growth 18/17

Penarikan Kas yang dibatasi Penggunaannya – Neto Withdrawal of Restricted Cash

(4.447) 9.710 -145,80%

Kas Neto yang Digunakan untuk Aktivitas Pendanaan Net Cash Used in Financing Activities

37.374 119.698 -68,78%

Arus kas bersih dari aktivitas pendanaan turun sebesar 68,8% menjadi Rp37,4 miliar pada 2018. Pada tahun 2018 strategi pendanaan Perseroan fokus strategi pembiayaan dengan biaya rendah. Perseroan terus melakukan strategi pendanaan yang lebih efektif dan murah dengan mengkombinasikan pinjaman jangka pendek dan jangka panjang.

Pada tahun 2018, Perseroan memperoleh pinjaman bank sebesar Rp1,44 triliun yang berasal dari bank ICBC, UOB, BRI, SMBCI, Mizuho, BNI, UOB dan Sindikasi (SMBCI, MUFJ, UOB, ICBC). Selain itu Perseroan juga melakukan pembayaran pinjaman bank sebesar Rp1,36 triliun terhadap pinjaman bank jangka pendek dan TR yang jatuh tempo seperti UOB, BRI, SMBCI, ICBC, BNI Syariah BNI dan UOB.

Kinerja Rasio Keuangan, Kolektibilitas Piutang dan Kemampuan Membayar Hutang

Rasio Profitabilitas

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise Unit 2018 2017

Rasio Profitabilitas Profitability Ratio

Marjin Laba Bruto Gross Profit Margin (GPM)

% 9,84 11,62

Marjin Laba Operasi OperatingProfit Margin (OPM)

% 5,75 6,92

Marjin Laba Bersih Net Profit Margin (NPM)

% 4,17 4,96

Rasio Laba Bersih terhadap AsetReturn On Assets (ROA)

% 4,88 5,09

Rasio Laba Bersih terhadap Ekuitas Return On Equity (ROE)

% 8,37 8,10

Rasio Likuiditas Liquidity Ratio

Rasio Kas Cash Ratio

kali 0,34 0,51

Rasio Lancar Current Ratio

kali 1,49 1,35

Rasio Solvabilitas Solvability Ratio

Rasio Liabilitas terhadap Ekuitas Debt to Equity Ratio (DER)

kali 0,25 0,23

Rasio Liabilitas terhadap Aset Debt to Assets Ratio (DAR)

kali 0,15 0,14

Debt Services Coverage Ratio Kali 4,29 11,92

Kolektibilitas Piutang Receivables Collectability

Periode Rata-rata Tertagihnya Piutang Usaha Average period of Receivables Collectability

hari 86,60 92,26

The cash flow from financing activities decreases by 68.8% to Rp37.4 billion in 2018. In 2018, the Company focuses on low cost financing strategy. The Company continuously makes more effective and cheaper financing strategies, by combining short term and long term loans.

In 2018, the Company receives bank loans in the amount of Rp1.44 trillion from ICBC, UOB, BRI, SMBCI, Mizuho, BNI, UOB and in terms of syndicated loans (SMBCI, MUFJ, UOB, ICBC). Other than that, the Company also repays its short term loans and matured TR in the amount of Rp1.36 trillion to banks such as UOB, BRI, SMBCI, ICBC, BNI Syariah, BNI and UOB

The Financial Ratio Performance, Receivable Collectibility, and Ability to repay loans

Profitability Ratio

140


(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise Unit 2018 2017

Perputaran Persediaan Inventory Turnover

Periode Rata-rata Perputaran PersediaanAverage Period of Inventory Turnover

hari 39,65 43,86

Perputaran Asset Asset Turnover

Periode Rata-rata Perputaran Asset Average Period of Asset Turnover

hari 117,10 102,55

Kinerja Perseroan berdasarkan marjin profitabilitas untuk mengukur kemampuan Perseroan dalam menghasilkan laba menunjukkan penurunan signifikan baik secara nominal maupun marjin profitabilitas dengan memburuknya kinerja profitabilitas Jasa Hulu Migas. Rasio keuangan jika dilihat dari ROA juga mengalami penurunan yang mengindikasikan penambahan aset tidak diiringi dengan pertumbuhan laba. Mundurnya proyek seismik darat Pesut Emas dengan nilai signifikan dan proyek Seismik Marine Matindok menyebabkan Divisi GRS mengalami kerugian. Disisi lain Jasa Distribusi dan Logistik Energi mengalami penurunan margin profitabilitas karena peningkatan biaya transportasi laut BBM, tarif AMT dan peningkatan porsi bisnis BBM Inmar sebagai kontribusi pendapatan dengan tingkat margin yang rendah. Selain itu penyesuaian tarif atas perubahan pola all in menjadi all in plus di EPN belum terjadi.

Rasio likuiditas berdasarkan data rasio kas menunjukkan penurunan. Pada rasio kas terdapat penurunan ketersediaan kas dan setara kas dalam meng-cover liabilitas jangka pendek. Posisi kas sebesar Rp719,5 miliar mengalami penurunan dari tahun lalu sebesar Rp902,6 miliar. Namun disisi lain terjadi peningkatan lebih besar pada kewajiban jangka panjang dan pendek terkait meningkatnya pinjaman bank, utang usaha dan beban akrual. Namun di sisi lain rasio lancar menunjukkan peningkatan. Kenaikan Kewajiban lancar 20,4% diimbangi dengan kenaikan aset lancar 33%.

Rasio solvabilitas menunjukkan peningkatan dengan bertambahnya pinjaman dari bank yang digunakan untuk kegiatan operasional Perseroan dan Pembiayaan Investasi.

Sementara itu periode rata-rata tertagihnya piutang usaha Perseroan tahun 2018 tercatat lebih cepat dibandingkan dengan tahun 2017, kolektibilitas piutang atau rata-rata tertagihnya piutang usaha adalah 86 hari pada 2018 lebih lama 6 hari pada 2017. Begitu juga halnya dengan rasio perputaran aset yang menunjukkan penurunan sebagai bukti bahwa kegiatan operasional Perseroan mengalami penurunan dari tahun lalu.

Struktur Permodalan dan Kebijakan Struktur Modal

Struktur Modal

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise 2018 Kontribusi 2017 Kontribusi

PertumbuhanGrowth 18/17

Total Liabilitas Total Liabilities

2.357.127 41,7% 1.803.449 37,14% 30,7%

Liabilitas Jangka Pendek Current Liabilities

2.116.898 37,4% 1.757.781 36,20% 20,4%

The Company’s performance based on the profitability margin, which is used to measure the ability of the Company to record a profit, shows a significant decrease both in nominal value of the profit as well as in terms of profitability margin, due to the lower profitability in the Integrated oil and gas upstream service. The financial ratios based on ROA also show a decrease, indicating that the increase in assets is not accompanied by an increase in profit. The delay in the Pesut Emas’ Land Seismic project which has a significant value and the Matindok’s Marine Seismic project cause GRS Division to record a loss. Furthermore, the Energy Distribution and Logistics service records a decrease in profit margin due to the increase in the cost of sea transport for fuel, AMT tariff, and an increase in the proportion of fuel for Industry and Marine business contribution, which has a low margin, to the total revenue. Other than that, tariff adjustment from all-in to all-in-plus in EPN has not materialized.

Liquidity ratio in terms of cash ratio shows a decline. In the cash ratio, there is a decline on the availability of cash and cash equivalence to cover short term liabilities. The cash position in the amount of Rp719.5 billion is lower than in previous year, which was in the amount of Rp902.6 billion. However, on the other hand, there is an even higher increase in the long term and short term liabilities related to an increase in bank loans, trade payables, and accrued expenses. But on the other hand the current ratio shows an increase. The increase in current liabilities of 20.4% was offset by a 33% rise in current assets.

Solvability ratio records an increase given the increase in bank loans that are used for operational activities of the Company and for investment.

Meanwhile, the period of average collected receivables for the Company in 2018 was registered as faster compared to what it was in 2017. The collectibility of receivables or the average for collected receivables was 86 days in 2018, which was 6 days longer than 2017. The same was also true of the asset turnover ratio, which showed a decline that was evidenced by the Company’s operational activities experiencing a decline from last year.

Capital Structure and the Capital Structure Policy

Capital Structure

141


(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise 2018 Kontribusi 2017 Kontribusi

PertumbuhanGrowth 18/17

Liabilitas Jangka Panjang Non-Current Liabilities

240.229 4,2% 45.668 0,94% 426,0%

Total Ekuitas Total Equity

3.300.200 58,3% 3.051.920 62,86% 8,1%

Ekuitas yang dapat diatribusikan kepada Pemilik Entitas Induk Equity Attributable to Owners of Parent

3.298.495 58,3% 3.047.490 62,77% 8,2%

Ekuitas yang dapat diatribusikan kepada Kepentingan Non-Pengendali Equity Attributable to Non-Controolling Interest

1.705 0,0% 4.430 0,09% -61,5%

Jumlah Liabilitas dan Ekuitas Total Liabilities and Equity

5.657.327 100,0% 4.855.369 100,00% 16,5%

Perseroan mengelola permodalan untuk melindungi kemampuannya dalam mempertahankan kelangsungan usaha melalui struktur permodalan yang optimal dengan mengurangi biaya modal. Modal terdiri dari sejumlah komponen ekuitas yang merupakan perimbangan antara penggunaan modal sendiri dengan pinjaman/ hutang

Struktur modal Perseroan lebih didominasi oleh modal sendiri dibandingkan dengan liabilitas dengan komposisi 58:42. Rasio interest bearing debt to equity dihitung terhadap total seluruh utang (pinjaman bank) terhadap total ekuitas, sementara itu rasio interest bearing debt to EBITDA dihitung terhadap total EBITDA. Rasio liabilitas terhadap ekuitas dihitung berdasarkan total liabilitas dibandingkan dengan ekuitas neto. Rasio pengembalian utang dihitung berdasarkan laba sebelum pajak, bunga, penyusutan dan amortisasi dikurangi dividen terhadap pembayaran pokok pinjaman dan bunga, namun tidak termasuk pelunasan yang dipercepat.

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise 2018 2017

Utang Berbunga terhadap Ekuitas Interest Bearing Debt to Equity

0,25 0,23

Utang Berbunga terhadap EBITDA Interest Bearing Debt to EBITDA

1,07 0,98

Rasio Liabilitas terhadap Ekuitas Liabilities to Equity Ratio

0,71 0,59

Rasio Pengembalian Utang Debt Service Coverage Ratio

4,29 11,92

Kebijakan Manajemen Atas Struktur ModalPengelolaan modal dimaksudkan untuk mempertahankan kelangsungan usaha dan memberikan imbal hasil usaha yang maksimal kepada para pemangku kepentingan dengan menjaga struktur modal yang optimal yang meliputi utang dan ekuitas untuk mengurangi biaya modal.

Perseroan memiliki kebijakan untuk mempertahankan basis modal yang kuat sebagai dasar pemilihan kebijakan manajemen atas struktur modal dengan mempertimbangkan kondisi bisnis, tingkat pengembalian modal serta dividen yang dibagikan. Perseroan memonitor permodalan berdasarkan rasio jumlah liabilitas terhadap ekuitas pada kisaran 30% : 70%.

The Company manages its capital to ensure the continuity of its business through an optimal capital structure that limit the cost of capital. The capital comprises of several equity components that balances the use of owned capital and debts.

The Company’s capital structure is dominated by owned capital than by liabilities with a ratio of 58:42. The interest bearing debt to equity ratio is calculated based on the total debts to the total equity, while for the interest bearing debt to EBITDA ratio is calculated based on total EBITDA. The interest bearing debt to equity ratio is calculated based on total liabilities as compared to net equity. The debt repayment ratio is calculated based on the profit before tax, interests, depreciation and amortization less dividend to the payment of loan principal and interests, but ignoring early repayments.

Management Policy on the Capital StructureThe management of capital structure is done to ensure business continuity and to give maximum return to stakeholders by ensuring that the capital structure is optimal, in terms of the liabilities and equity based on the goal of limiting the cost of capital.

The Company has a policy to securing a strong capital base as the foundation of the management policy on capital structure with the consideration of the business conditions, the level of return, and the dividend payout. The Company monitors its capital based on the liability to equity raio of 30% : 70%.

142


Kebijakan struktur modal Perseroan juga mengikuti rasio yang disyaratkan oleh kreditur. Kondisi industri migas juga menjadi pertimbangan Perseroan dalam menentukan kebijakan struktur modalnya. Kondisi industri migas yang sedang anjlok membuat manajemen lebih mengutamakan permodalan Perseroan menggunakan ekuitas walaupun secara rasio keuangan Perseroan masih sangat baik dalam posisi net cash dan rating yang diberikan oleh PEFINDO sebagai Perusahaan Pemeringkat A+ dengan stable outlook. Penggunaan ekuitas ini sebagai merupakan strategi Perseroan untuk mengurangi beban keuangan dan memanfaatkan likuiditas Perseroan.

Grup disyaratkan oleh Undang-Undang No.40 tahun 2007 tentang Perseroan Terbatas untuk mengalokasikan dana cadangan yang tidak boleh didistribusikan sampai dengan 20% dari modal saham ditempatkan dan disetor penuh. Persyaratan permodalan eksternal tersebut dipertimbangkan oleh Perseroan dalam Rapat Umum Pemegang Saham. Perseroan dan anak perusahaan dipersyaratkan untuk memelihara tingkat permodalan tertentu oleh perjanjian pinjaman bank. Perseroan juga memiliki kebijakan dan strategi untuk mempertahankan rasio utang terhadap ekuitas maksimal sebesar 3 kali dan rasio pengembalian utang minimal sebesar 1,1 kali.

The Company’s policy on capital structure is also in accordance to the requirements from creditors on financial ratios. The Company also looks at the conditions of the oil and gas industry, when determining its capital structure. Given that the oil and gas industry is under pressure, the Management focuses on the equity financing, despite the fact that the financial ratios of the Company remains positive in terms of net cash position and as indicated by PEFINDO rating of A+ with stable outlook. The equities are used as part of the Company’s strategy to reduce financial costs and to make use of the Company’s liquidity.

The holding group is required by Law, based on Law No. 40 year 2007 on a limited liability company, to allocate reserved fund that is not allowed to be distributed up to 20% of the total capital that is issued and paid in full. The external requirements on capital are also taken into account by the Company in the shareholders’ meeting. The Company and its subsidiaries are required to maintain certain level of capital, based on the loan agreements with banks. The Company also has policies and strategies to maintain the maximum debt to equity ratio of 3 and debt repayment ratio of 1.1.

Throughout 2018, the Company had no material ties for investment in capital goods with parties other than within the internal framework of funding for capital goods needed for investment in operating equipment. The Company entered into several financing agreements related to capital goods investment with the following creditors: PT Bank Sumitomo Mitsui Indonesia, PT Bank Negara Indonesia (Persero) Tbk, PT Bank ICBC Indonesia, PT Bank Mizuho Indonesia, PT Bank Rakyat Indonesia, PT Bank UOB Indonesia, PT Bank Mandiri (Persero) Tbk, Syndicated Loans (Bank Sumitomo Mitsui Indonesia, The Bank of Tokyo Mitsubishi UFJ Ltd, PT Bank ICBC Indonesia and PT Bank UOB Indonesia) and PT Bank BNI Syariah (“BNI Syariah).

Selama tahun 2018 Perseroan tidak mempunyai ikatan material untuk investasi barang modal dengan pihak lain selain dalam rangka pendanaan barang modal yang diperlukan untuk investasi peralatan operasi. Perseroan melakukan beberapa perjanjian perikatan pembiayaan terkait investasi barang modal dengan para kreditur : PT Bank Sumitomo Mitsui Indonesia, PT Bank Negara Indonesia (Persero) Tbk, PT Bank ICBC Indonesia, PT Bank Mizuho Indonesia, PT Bank Rakyat Indonesia, PT Bank UOB Indonesia, PT Bank Mandiri (Persero) Tbk, Pinjaman Sindikasi (Bank Sumitomo Mitsui Indonesia, The Bank of Tokyo Mitsubishi UFJ Ltd, PT Bank ICBC Indonesia dan PT Bank UOB Indonesia) dan PT Bank BNI Syariah (“BNI Syariah)

Ikatan Material untuk InvestasiBarang ModalMaterial Commitments for Investment of Capital Goods

143


Perbandingan Target dan Realisasi 2018Comparison Between Target and Realization 2018

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise

Realisasi

2018Target

2018Pencapaian

Achievement

PendapatanRevenue

6.624.774 5.796.609 114,3%

Laba Bersih Net Profit

276.314 267.547 103,3%

Jumlah Aset Total Asset

5.657.327 5.257.620 107,6%

Jumlah Liabilitas Total Liabilities

2.357.130 2.138.657 110,2%


2.116.901 1.647.663 128,5%

Liabilitas Jangka Panjang Non Current Liabilities

240.229 490.995 48,9%


3.300.201 3.112.075 106,0%

Ekuitas Equity

3.298.494 3.112.075 106,0%

Kepentingan Non Pengendali Non Controlling Interest

1.705 6.888 24,8%

Total Liabilitas dan Ekuitas Total Liabilities & Equity

5.657.331 5.257.620 107,6%

PendapatanPerseroan berhasil mencatatkan pendapatan sebesar Rp6,62 triliun selama tahun 2018 lebih tinggi 14,3% dari target RKAP 2018 sebesar Rp5,80 triliun. Pencapaian pendapatan Perseroan melebihi target yang ditetapkan pada revisi RKAP 2018 pada pertengahan tahun 2018. Peningkatan pendapatan Perseroan terutama didorong oleh keberhasilan Jasa Distribusi dan Logistik Energi meningkatkan kinerja operasinya. Bisnis BBM Inmar, Transportasi, dan Depo berhasil meningkatkan volume troughput penjualan BBM Inmar secara signifikan. Selain itu, jasa hulu migas berhasil meningkatkan perolehan pendapatannya sebesar 17% terutama dari pertumbuhan pendapatan pada jasa pemeliharaan dan pengelolaan lapangan migas yang tumbuh 69% dan jasa pengeboran yang tumbuh sebesar 48% pada Divisi POMS.

Laba BersihPerolehan laba tahun berjalan yang diatribusikan kepada pemilik entitas induk sebesar Rp276,3 miliar atau 103,3% melebihi target RKAP 2018. Pencapaian laba bersih ini sudah merupakan pencapaian yang cukup tinggi ditengah kondisi industri migas yang masih cukup volatil. Pencapaian ini merupakan kontribusi dari jasa distribusi dan logistik energi melalui anak perusahaan EPN yang menjadi kontributor utama laba bersih sebesar 85%, jasa penunjang sebesar 21% sementara itu jasa hulu migas justru mengalami kerugian dan mengurangi total perolehan laba bersih sebesar minus 9%.

Revenue The Company recorded revenue of Rp6.62 trillion in 2018, 14.3% higher than 2018 RKAP target which was Rp5.80 trillion. The Company’s achievement is more to the determined target after it has gone through revision process in mid 2018. The Company’s revenue growth was mainly driven by the success of the energy distribution and logistics services in improving its operational performance. BBM Inmar, transportation and Depo management business succeeded in increasing the throughput sales volume significantly. Besides, upstream oil and gas services has succeeded in improving its revenue of 17% mainly driven by the revenue growth of operation and maintenance services which grew 69% and drilling services that grew 48% in POMS Division.

Net ProfitNet profit attributable to owners of parent entity amounted to Rp276,3 billion or 103.3% higher than RKAP 2018 target. The achievement is deemed high, considering the volatility of industry during the year. This achievement was a contribution of energy and distribution services through subsidiary EPN which became the main contributor of net profit of 85%, supporting services of 21% meanwhile upstream oil & gas services actually loss making and reduced total net profit by minus 9%.

144


Realisasi Investasi Barang ModalRealization of Investment in Capital Goods

Struktur ModalMengacu pada RKAP revisi 2018, Perseroan menjaga struktur modal dengan ekuitas dan kepentingan non pengendali sebesar Rp3,30 triliun dengan perbandingan antara liabilitas dan ekuitas sebesar 70% : 30%. Perseroan mengelola permodalan untuk melindungi kemampuannya dalam mempertahankan kelangsungan usaha melalui struktur permodalan yang optimal dengan mengurangi biaya modal. Namun pada realisasinya struktur modal dan ekuitas di 2018 adalah 42% dan 58% karena strategi Perseroan dalam optimalisasi struktur permodalan.

Jumlah AsetSementara itu total aset yang dibukukan Perseroan pada tahun 2018 sebesar Rp5,66 triliun atau lebih tinggi 107,6% dari target RKAP 2018 yang sebesar Rp5,26 triliun.

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise

Realisasi

2018 %Target RKAP

2018 %

Jumlah Liabilitas Total Liabilities

2.357.130 41,67% 2.138.657 40,68%


2.116.901 37,42% 1.647.663 31,34%

Liabilitas Jangka Panjang Non Current Liabilities

240.229 4,25% 490.995 9,34%


3.300.201 58,33% 3.112.075 59,19%

Ekuitas Equity

3.298.494 58,30% 3.112.075 59,19%

Kepentingan Non Pengendali Non Controlling Interest

1.705 0,03% 6.888 0,13%

Total Liabilitas dan Ekuitas Total Liabilities & Equity

5.657.331 100,00% 5.257.620 100,00%

Pada tahun 2018, pengeluaran Perseroan untuk investasi barang modal sebesar Rp589,5 miliar. Realisasi investasi ini naik sebesar 81% dibandingkan tahun lalu sebesar Rp325,3 miliar. Pembelian barang modal selama tahun 2018 ini, sebesar 83% digunakan untuk pengembangan bisnis Perseroan, 16% digunakan untuk investasi yang bersifat rutin guna mempertahankan kapasitas produksi, mengganti peralatan yang sudah tidak produktif atau telah habis masa ekonomisnya dan sisanya digunakan untuk pembenahan fasilitas gedung kantor.

Pembelian barang modal untuk pengembangan bisnis Perseroan selama tahun 2018 sebagian besar digunakan untuk pengembangan bisnis marine seismic dan transition zone pada Divisi GRS melalui pembelian Ocean Bottom Nodes. Disamping itu, Perseroan juga melakukan pembelian 56 unit armada mobil tangki BBM yang bertujuan untuk penambahan kapasitas pada bisnis

Capital StructureReferring to RKAP 2018, the Company maintained capital structure with equity and non-controlling interest amounting to Rp3.30 trillion with liquidity comparison of 70% : 30%. The Company manages its capital to keep its ability in maintaining business continuity through optimum capital structure by reducing capital costs. However in the realization, capital structure in 2018 was 42% and 58% due to Company’s strategy in optimizing capital structure.

Total AssetMeanwhile, the Company recorded total asset of Rp5,66 trillion, this was 107.6% higher than company’s target of Rp5.26 trillion in 2018.

In 2018, the Company’s expense for investment in capital goods is in the amount of Rp. 589.5 billion. The realization of this investment increases by 81% as compared to the previous year, which was in the amount of Rp. 325.3 billion. The purchase of capital goods in 2018 is divided with the following proportions: 83% for the Company’s business expansion, 16% for routine investment to maintain production capacity, to replace equipment that are unproductive or that have no more economic value, and the rest for renovation of facilities in office building.

The purchase of capital goods for the expansion of the Company’s business in 2018 is mainly used for expansion of the marine seismic business and transition zone in GRS Division through the purchase of Ocean Bottom Nodes. Aside from that, the Company purchased 79 units of fuel tanker vehicles with the purpose of increasing the capacity of its transportation business, and the purchase of land

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transportasi dan pembelian lahan serta fasilitas storage untuk pengembangan bisnis Depo di Anak Perusanaan (EPN). Selain itu, Perseroan juga berupaya untuk meningkatkan kapasitas peralatan dan ekspansi bisnis seperti pada bisnis jasa penyewaan peralatan Eletric Submersible Pump (ESP) di Divisi POMS dan pembuatan fasilitas ruang kantor di Gedung Graha Elnusa guna peningkatan pendapatan Perseroan dari penyewaan gedung.

(Dalam Jutaan Rupiah, kecuali Dinyatakan lain)(In Millions of Rupiah, Unless Otherwise Noted) 2018 2017 Pertumbuhan 18/17

Growth from 2017 to 2018

Upstream 339.458 117,326 217%

Production Operation & Maintenance Services (POMS) 44.587 53,446 -9%

Geoscience & Reservoir Services (GRS) 294.872 63,880 405%

Distribution & Logistics 113.034 124,089 -6%

PT Elnusa Petrofin (EPN) 113.034 124,089 -6%

Support 91.501 83,856 21%

PT Patra Nusa Data (PND) 242 4,275 -94%

PT Sigma Cipta Utama (SCU) 14,517 4,143 250%

PT Elnusa Trans Samudera (ETSA) 30.721 47,060 -18%

PT Elnusa Fabrikasi Konstrukdi (EFK) 1.927 177 1352%

Shared Services 44.094 28,201 62%

KonsolidasiConsolidation

543.994 325,272 81%

Selain untuk pengembangan bisnis Perseroan, investasi barang modal juga digunakan untuk revitalisasi dan penggantian peralatan yang sudah tidak produktif atau telah habis masa ekonomisnya terutama pada Divisi POMS dan GRS guna memenuhi kebutuhan pada beberapa proyek besar yang dikerjakan selama tahun 2018. Sedangkan investasi pada ETSA sebagian besar digunakan untuk penggantian peralatan pada barge dan seismic vessel.

Beberapa investasi barang modal dengan nilai signifikan yang dilakukan Perseroan antara lain:

Investasi Barang ModalCapital Goods Investment

TujuanGoal

Nilai Investasi (Jutaan Rp)Investment Value (Millions

of Rupiah)

2000 Unit Ocean Bottom Nodes2,000 Ocean Bottom Node units

Peningkatan kapasitas dan ekspansi bisnisCapacity boosting and business expansion

292,514

Renovasi dan Penambahan Fasilitas GedungRenovating buildings and adding building facilities


38,728

30 Unit Electric Submersible Pump30 Electric Submersible Pump units


20,786

79 Unt Mobil Tangki BBM79 Fuel Oil Tank Vehicle units


48,953

Pembelian Lahan & Fasilitas Storage DepotPurchasing of land and Depot Storage facilities


23,089

Replacement Peripheral SeismicSeismic Peripheral replacement

Revitalisasi peralatanRevitalizing equipment

29,792

and storage facility for the expansion of the depot business in its subsidiary (EPN). Moreover, the Company also tried to increase the capacity of its equipment and to expand its business, such as in the Electric Submersible Pump (ESP) equipment rental in POMS Division, and to build office facilities in Graha Elnusa building in order to increase the Company’s revenue from the rent of office space.

Other than for the expansion of the Company’s business, investment in capital goods is also used to revitalize and replace equipment that are not productive or have been completely depreciated in POMS and GRS Divisions so as to fulfill the requirements of several extensive projects that are done in 2018. Meanwhile, investment on ETSA is largely used to replace equipment on barges and seismic vessels.

Several investments on capital goods with significant values that the Company made include:

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PendapatanBerdasarkan asumsi-asumsi internal dan makro yang digunakan pada penyusunan anggaran tahun 2019, pergerakan harga minyak dunia diperkirakan akan mengalami perbaikan pada rentang harga USD60-70/ barel. Namun disisi lain permintaan penurunan harga jual jasa hulu migas dan tarif transportasi BBM diperkirakan masih akan berlanjut pada tahun 2019. Pendapatan Perseroan diproyeksikan akan turun sebesar 4,4% dengan kontributor utama pendapatan masih dari Jasa Distribusi dan Logistik Energi melalui anak perusahaan EPN sebesar 60%

41%


47%

9%

60%

2019Rp 6,62 Triliun/Trillion

10%

59%

2018

46%

10%

53%


2017

Jasa Hulu Migas TerintegrasiIntegrated Upstream Oil and Gas Services

Jasa Distribusi dan Logistik EnergiEnergy Logistics and Distribution Services

Jasa Penunjang Hulu MigasUpstream Oil and Gas Service

Proyeksi 2019*2019 Projection *

RevenueBased on internal and macro assumptions that are used to make the budgetary planning in 2019, the world oil price will improve to the level of USD 60-70/barrel. However, the request for lower service price at the oil and gas upstream service and the cost of fuel transportation will continue in 2019. The Company’s revenue is projected to decrease by 4.4% with major contribution will still come from the Energy Distribution and Logistic Services through EPN as subsidiary at about 60%.

LabaPerseroan memproyeksikan kondisi industri migas tahun 2019 sudah mengalami perbaikan dengan naiknya harga minyak bumi walaupun disisi lain perbaikan harga jasa tidak terjadi pada tahun 2018 dan kecenderungan KKKS untuk meminta penurunan harga jasa. Selain itu tahun 2019 merupakan tahun politik dimana potensi pergantian pemerintah dan pejabat daerah akan mempengaruhi kebijakan nasional dan daerah yang imbas pada industri migas. Perseroan menargetkan margin laba bersih sebesar 4,4% pada tahun 2019, naik jika dibandingkan dengan tahun 2018 sebesar 4,2%. Perbaikan margin profitabilitas diharapkan terjadi pada bisnis seismik dimana diharapkan proyek Seismik Darat akan membukukan kinerja positif, begitu juga dengan Divisi POMS diharapkan dapat lebih meningkatkan profitabilitas marginnya di tahun 2019.

Struktur ModalSeiring dengan rencana dan proyeksi pertumbuhan tahun 2019. Perseroan membutuhkan investasi pada peralatan jasa hulu dan hilir migas yang sudah tentu memerlukan permodalan baik dari sumber liabilitas berupa pinjaman dari lembaga perbankan maupun dana internal (ekuitas). Laju pertumbuhan dan rencana investasi tersebut dijalankan dengan tetap menjaga struktur modal yang optimal.

ProfitThe Company expects that the conditions of the oil and gas industry in 2019 will improve with the increase in global crude oil price, although from the side of the service, there will be no improvement in 2018 and even a decrease in price from contractors with agreement with the Indonesian government (KKKS). Other than that, 2019 is an election year, with a potential change in the central and local governments that may impact the national and local policies on oil and gas industry. The Company set a net profit margin target of 4.4% in 2019, higher than in 2018 at 4.2%. The improvement in profit margin is expected to come from the seismic business whereby the land seismic project will record a positive performance, as well as POMS Division that is expected to have higher profit margin in 2019.

Capital StructureWith the growth plan and project in 2019, the Company will need to make investment in the equipment for oil and gas upstream and downstream services that require capital from bank loans as well as internal financing (equity). The growth rate and the plan investment are made by considering the optimal capital structure.

*Berdasarkan hasil analisis data internal per Juli 2018 *Based on result of internal data analysis as per July 2018

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Informasi dan Fakta Material Setelah Tanggal Laporan AkuntanInformation and Material Facts that Occur After Balance Sheet Date

The ratios of bank loans to equity and EBITDA increase with the assumption that the increase in loans are required for the financing of priority investments for the maintenance or replacement of obsolete equipment. Meanwhile, the level of debt repayment ratio decreases due to the decrease in the profit and the plan for repayment of loan principals.

Dividend policyAccording to the Company’s Prospectus in 2008, the Company plans and tries to pay out cash dividend at least once a year. The amount of dividend is linked to the profitability of the Company at the stated fiscal year, while not neglecting the health of the Company and reducing the right of the General Meetings of shareholders of the Company to make other decision based on the Articles of Association.

With regards to the abovementioned policies, the Company attempts to maintain a dividend payout ratio of around 20% of the yearly consolidated net profit of the Company.

Kebijakan Dividen dan Pembagian DividenDividend Policy and Dividend Distribution

Rasio hutang dari bank terhadap ekuitas dan EBITDA mengalami peningkatan dengan asumsi penambahan hutang diperlukan untuk pembiayaan investasi untuk prioritas investasi yang bersifat untuk kebutuhan perbaikan ataupun pergantian peralatan yang sudah obsolete. Sementara itu tingkat rasio pengembalian hutang mengalami penurunan terkait penurunan perolehan laba dan rencana pembayaran pokok pinjaman bank.

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise 2019 2018 2017

Utang Berbunga terhadap Ekuitas Interest Bearing Debt to Equity

0,39 0,25 0,23

Utang Berbunga terhadap EBITDA Interest Bearing Debt to EBITDA

1,42 1,07 0,98

Rasio Liabilitas terhadap Ekuitas Liabilities to Equity Ratio

0,69 0,71 0,59

Rasio Pengembalian Utang Debt Service Coverage Ratio

4,38 4,29 11,92

Kebijakan DividenSesuai dengan Prospektus Perseroan tahun 2008, Perseroan merencanakan dan berusaha untuk membagikan dividen dalam bentuk uang tunai sekurang-kurangnya sekali dalam setahun. Besarnya dividen dikaitkan dengan keuntungan Perseroan pada tahun buku yang bersangkutan, dengan tidak mengabaikan tingkat kesehatan Perseroan dan tanpa mengurangi hak dari Rapat Umum Pemegang Saham Perseroan untuk menentukan lain sesuai dengan ketentuan Anggaran Dasar Perseroan.

Dengan mengindahkan ketentuan-ketentuan di atas, Perseroan berusaha untuk mempertahankan rasio pembayaran dividen sekitar 20% dari laba bersih konsolidasi Perseroan untuk setiap tahunnya.

Tidak ada peristiwa/kejadian atau fakta yang terjadi dan tergolong material setelah periode laporan keuangan perseroan.

There were no event or facts that occurred and were classified as material after the Company’s financial reporting period.

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The determination of the amount and the payment of the cash dividend is dependent on the recommendation of the Board of Directors of the Company, and there is no certainty that the Company will pay out dividend this year or in subsequent years. The decision of the Board of Directors to pay out dividend depends on:

1. The Plan expansion and capital expenditure of the Company;2. The policy consideration in similar industries;3. The cash flow conditions and the working capital requirement

of the Company;4. The policy on Capital structure of the Company;5. Net profit of the Company.

Information on the Dividend Payment in Fiscal Year of 2017Based on the Annual AGM of the Company in 14 May 2018, The Company decided to pay out dividend in the amount of Rp37,071,000,000 (thirty seven billion seventy one million Rupiah only) or 15% of the net profit that is attributed to the shareholders of the Company in 2017 that is in the amount of Rp247,140,000,000 (two hundred forty seven billion one hundred forty million Rupiah only) with a total number of shares of 7,298,500,000 shares. Therefore, the dividen per share for the fiscal year 2017 equals to Rp5.08.

The period and payment procedure for the dividend payment for the fiscal year 2017 is as follows:

Penentuan jumlah dan pembayaran dividen tersebut, akan bergantung pada rekomendasi dari Direksi Perseroan, namun tidak terdapat kepastian bahwa Perseroan akan dapat membayarkan dividen pada tahun ini ataupun pada tahun-tahun mendatang. Keputusan Direksi dalam memberikan rekomendasi pembayaran dividen tergantung pada:

1. Rencana pengembangan Perseroan dan belanja modal;2. Pertimbangan kebijakan pada sektor industri yang sejenis;3. Kondisi arus kas dan kebutuhan modal kerja Perseroan;

4. Kebijakan struktur permodalan Perseroan;5. Laba bersih Perseroan.

Informasi Pembayaran Dividen Tunai Tahun Buku 2017Berdasarkan RUPS Tahunan Perseroan tanggal 14 Mei 2018, Perseroan memutuskan pembagian dividen tunai sebesar Rp37.071.000.000 (tiga puluh tujuh miliar tujuh puluh satu juta Rupiah) atau sebesar 15% dari laba bersih yang diatribusikan kepada pemilik entitas induk tahun 2017 yakni sebesar Rp247.140.000.000 (dua ratus empat puluh tujuh miliar seratus empat puluh juta Rupiah) dengan jumlah saham 7.298.500.000 lembar. Maka dividen dividen per saham untuk tahun buku 2017 adalah sebesar Rp5,08.

Adapun tata waktu dan Pembayaran dividen tahun buku 2017 adalah sebagai berikut:

No KeteranganRemarks

TanggalDate

1 Akhir Periode Perdagangan Saham Dengan Hak Dividen (Cum Dividen)• Pasar Reguler dan Negosiasi• Pasar TunaiThe ending period of trading for the shares with dividend rights (Cum Dividend)• Regular and negotiation market• Cash market

21 Mei 201824 Mei 2018

21 May 201824 May 2018

2 Akhir Periode Perdagangan Saham Tanpa Hak Dividen (Ex Dividen)• Pasar Reguler dan Negosiasi• Pasar TunaiThe ending period of the trading of the shares without dividend rights (Ex Dividend)• Regular and negotiation market• Cash market

22 Mei 201825 Mei 2018

22 May 201825 May 2018

3 Tanggal Daftar Pemegang Saham yang berhak atas Dividen (Recording Date)The date of recording of the shareholders with rights to divididend (Recording Date)

24 Mei 201824 May 2018

4 Tanggal Pembayaran Dividen Tunai Payment date of the cash dividend

8 Juni 20188 June 2018

Kronologis Informasi pembayaran dividen tunai:

UraianExplanation

TB 2016FY 2016

TB 2015FY 2015

TB 2014FY 2014

Jumlah Dividen yang dibagikanThe payment of the dividend

Rp31,1 miliarRp31.1 billion



Dividen Per lembar SahamDividend Per shares

Rp4,26 Rp10,3 Rp39,5

Rasio Pembayaran DividenDividend payout ratio

10% 20% 70%

Tanggal PengumumanAnnouncement Date

23 Mei 201723 May 2017

2 Mei 20162 May 2016

4 Mei 20154 May 2015

Tanggal PembayaranPayment Date

22 Juni 201722 June 2017

1 Juni 20161 June 2016

3 Juni 20153 June 2015

The chronological information of the pay out of the cash dividend:

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Program Kepemilikan Saham oleh Karyawan dan/atau Manajemen (ESOP/MSOP)Management and/or Employee’ Shares Ownership Program (ESOP/MSOP)

Perseroan tidak melakukan program kompensasi manajemen berbasis saham selama tahun 2018.

The Company did not initiate share-based management compensation in 2018.

In the early 2008, the Company made a corporate action, which is the initial public offering (IPO) by registering its stock in the Indonesian Stock Exchange (IDX) with a code ELSA, starting from 6 February 2008.

Prior to the initial public offering, the Company increased its capital from Rp750 billion to Rp2.3 trillion, split the stock value by 1:5 or from Rp500 per share to Rp100 per share, as well as increased the issued and fully paid capital from Rp583.9 billion to Rp729.9 billion. The initial public offering was done for 20% of the shares from the enlarged capital or equal to 1,460,000,000 shares, such that the number of shares after IPO was at 2,798,500,000.

Realisasi Penggunaan Dana Hasil Penawaran Umum (IPO)The Realization of fund from the Initial Public Offering (IPO)

Pada awal tahun 2008, Perseroan melakukan suatu aksi korporasi yaitu Penawaran Umum Perdana Saham atau Initial Public Offering (IPO) dengan mencatatkan saham Perseroan di Bursa Efek Indonesia (BEI) dengan kode saham ELSA, efektif mulai tanggal 6 Februari 2008.

Sebelum melakukan penawaran umum perdana saham tersebut, Perseroan melakukan peningkatan modal dasar dari Rp750 miliar menjadi Rp2,3 triliun, pemecahan nominal saham (stock split) 1:5 atau dari Rp500 per lembar saham menjadi Rp100 per lembar saham serta peningkatan modal ditempatkan dan disetor penuh dari Rp583,9 miliar menjadi Rp729,9 miliar. Penawaran umum perdana saham dilakukan sebanyak 20% saham dari enlarged capital atau 1.460.000.000 lembar saham, sehingga total lembar saham setelah IPO menjadi 2.798.500.000 lembar.

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The offered price during IPO was at Rp 400 per shares, such that the fund obtained by the Company from the public offering is as follows:

Harga penawaran umum perdana saham adalah Rp400 per lembar saham sehingga nilai dana hasil penawaran umum yang dihasilkan adalah sebagai berikut :

Jumlah Hasil Penawaran UmumIPO Proceeds

Biaya Penawaran UmumIPO Fee

Hasil BersihIP Proceeds - Net

584,0 17,6 566,3

Setelah pelaksanaan Penawaran Umum Perdana saham dan mengacu pada butir 2 Peraturan BAPEPAM X.K.4, Perseroan telah melaporkan rincian penggunaan dana kepada Bapepam-KL secara berkala setiap tiga bulanan, yaitu mulai dari posisi per 31 Maret 2008, dan terakhir adalah posisi per 31 Maret 2009

Pada posisi per 30 Maret 2009, dana hasil penawaran umum tersebut telah seluruhnya terealisasi secara umum sehingga tidak terdapat perubahan realisasi penggunaan dana dibandingkan dengan rencana penggunaaan dana dalam prospektus. Hal ini juga telah dilaporkan kepada BAPEPAM-LK dan BEI.

Modal Kerja Perseroan

Company’s Working Capital

Pinjaman untuk Pengembangan dan perluasan

Aktivitas Usaha Anak Perusahaan

Loan for Subsidiaries Development and

Business Expansion

Pembayaran Sebagian HutangPayment of Debts

Pembelian Barang Modal

Purchase of Capital Goods

Total Rencana Penggunaan Dana

Total Proceeds Usage Plan

Sisa Dana Hasil Penawaran Umum

Remaining IPO Proceeds

Rencana Realisasi Rencana Realisasi Rencana Realisasi Rencana Realisasi Rencana Realisasi

25.00% 25.00% 15.00% 15.00% 7.00% 7.00% 53.00% 53.00% 100.00% 100.00% -

141.6 143.9 84.9 84.9 39.6 40.3 300.1 297.2 566.3 566.3 -

1. Perseroan menggunakan Rp143,9 miliar dana IPO untuk modal kerja, dimana hal tersebut sesuai dengan persentase rencana penggunaannya (25,0%);

2. Dalam rangka pinjaman untuk pengembangan dan perluasan aktivitas usaha anak perusahaan, Perseroan telah mempergunakan Rp84,9 atau 15,0% dari dana IPO untuk :a. Elnusa Bangkanai Energy Ltd dalam rangka persiapan

eksplorasi dan eksploitasi senilai Rp1,5 miliarb. EPN untuk modal kerja sebesar Rp24,0 miliar c. SCU dalam rangka perluasan storage, investasi radio

trunking dan modal kerja operasi senilai Rp59,4 miliar.Dana pinjaman ini telah dikembalikan kepada Perseroan yang telah digunakan sebagai modal kerja.

3. Perseroan menggunakan 7,0% dana IPO atau Rp40,3 miliar untuk pembayaran sebagian utang kepada :a. Sercel Nantes, Perancis senilai USD2,0 jutab. PT Hewlett Packard Finance Indonesia senilai USD2,5 juta

4. Pembelian barang modal yaitu : peralatan survei seismik Rp37,2 miliar, peralatan pengeboran Rp133,2 miliar dan peralatan oilfield services senilai Rp126,9 miliar.

After the initial public offering and in accordance to the section 2 of the BAPEPAM Regulation X.K.4, the Company has reported the detail used of the fund to Bapepam-LK periodically every three months, starting from 31 March 2008 until 31 March 2009.

As of 30 March 2009, the fund from initial public offering has been in its entirety realized, and that there were no changes in the realization of the use of the fund as compared to the planned use of fund stated in the prospectus. This has also been reported to BAPEPAM-LK and to IDX.

1. The Company used Rp143.9 billion of the fund from IPO for working capital, in accordance to the percentage plan used (25.0%);

2. In terms of loan for development and expansion activities of its subsidiaries, the Company has used Rp84.9 or 15.0% of the fund from IPO for:a. Elnusa Bangkanai Energy Ltd for the preparation of

exploration and exploitation in the amount of Rp1.5 billionb. EPN for working capital in the amount of Rp24.0 billionc. SCU for storage expansion, investment in radio trunking, and

operational working capital in the amount of Rp59.4 billion.These loans have been repaid to the Company and have been used as working capital

3. The Company used 7.0% of the fund from IPO or in the amount of Rp40.3 billion for repayment of portion of debt to:a. Sercel Nantes, France in the amount of USD 2.0 millionb. PT Hewlett Packard Finance Indonesia in the amount of

USD 2.5 million.4. Purchase of capital goods such as: seismic survey equipment

in the amount of Rp37.2 billion, drilling equipment in the amount of Rp133.2 billion and oilfield services equipment in the amount of Rp126.9 billion.

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The Company as the holding company conducted a merger for two of its subsidiaries, PT Elnusa Fabrikasi dan Konstruksi and PT Elnusa Patra Ritel, that were prepared together by the Company’s Directors and PT Elnusa Patra Ritel and have been approved by the Board of Commissioners of the Company and PT Elnusa Patra Ritel as of 4 May 2018.

Perseroan sebagai induk perusahaan melakukan penggabungan anak perusahaan PT Elnusa Fabrikasi dan Konstruksi dengan PT Elnusa Patra Ritel yang disiapkan bersama oleh Direksi Perseroan dan PT Elnusa Patra Ritel dan disetujui oleh Dewan Komisaris Perseroan dan PT Elnusa Patra Ritel per tanggal 4 Mei 2018.

Informasi Material Mengenai EkspansiMaterial Information on Expansion

Informasi Material Mengenai DivestasiMaterial Information on Divestment

Tidak ada akuisisi selama tahun 2018. There were no acquisition in 2018

Informasi Material Mengenai Penggabungan UsahaMaterial Information on Merger

Perseroan tidak melakukan divestasi terhadap salah satu bisnis selama tahun 2018.

The Company did not engage in divestment of any of its business in 2018.

Perseroan tidak melakukan ekspansi usaha yang material selama tahun 2018.

The Company did not engage in business expansion that is material during 2018.

Informasi Material Mengenai AkuisisiMaterial Information on Acouisition

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Sepanjang tahun 2018, Perseroan melakukan transaksi dengan pihak-pihak yang berafiliasi, namun transaksi tersebut dikecualikan dari peraturan BAPEPAM-LK No. IX.E.1 karena tidak mengandung benturan kepentingan mengingat transaksi tersebut merupakan transaksi berkelanjutan serta kegiatan usaha utama dan penunjang kegiatan usaha Perseroan dan Anak Perusahaan. Entitas dianggap berelasi jika entitas tersebut baik secara langsung maupun tidak langsung, dapat mengendalikan atau mengendalikan bersama atau memiliki pengaruh signifikan atas grup dalam pengambilan keputusan keuangan dan operasional. Entitas juga dianggap berelasi jika entitas tersebut berada dalam pengendalian bersama dengan Grup.

Dengan demikian, pengungkapan selanjutnya mengenai hal ini disesuaikan dengan PSAK Nomor 7 tentang “Pengungkapan atas Pihak-Pihak Berelasi”. Secara rinci, informasi mengenai transaksi ini terdapat pada Catatan atas Laporan Keuangan Nomor 30 tentang “Informasi Mengenai Pihak-Pihak Berelasi”. Transaksi dan saldo dengan pihak-pihak berelasi adalah sebagai berikut :

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise Pihak Berelasi 2018 2017

Kas dan Setara Kas dan Aset Keuangan Bank Mandiri, BNI, BNI Syariah, BRI, BSM, BRI Agroniaaga, BTN 500,172 627,979

Piutang Usaha PT Pertamina EP, PT Pertamina (Persero), PT Pertamina Hulu Energi, Pertamina Drilling Services Indonesia, PT Pertamina Gas, dan Lain-lain dibawah 0.5% dari modal disetor

1,285,836 863,147

Aset Keuangan Lancar Lainnya Pertamina, PEP, Bank Mandiri, BRI 17,850 5,890

Aset Keuangan Tidak Lancar Lainnya Pertamina, PEP, BRI, Bank Mandiri 53,310 37,710

Throughout 2018, the Company conducted transactions with affiliated parties, but these transactions have been excluded from BAPEPAM-LK Regulations No. IX.E.1 because there is no conflict of interests given that these transactions are continuous transactions as well as the main and supporting activities of the Company and its subsidiaries. Entities are considered as affiliated if these entities can, directly or indirectly, control or jointly control or have significant influence on the group’s financial and operational decision making processes. Entities are also considered affiliates if these entities are within the control of the Group.

Therefore, the disclosure is set in accordance to PSAK No. 7 on “Disclosure on related parties”. More specifically, information on these transactions is provided in the Notes to the Financial Report No. 30 on “Information on Affiliated Parties”. Transactions and the outstanding amounts with these affiliated parties are as follows:

Informasi Transaksi Material yang Mengandung Benturan Kepentingan dan/atau Transaksi dengan Pihak AfiliasiInformation on Material Transaction with Potential Conflict of Interests and/or Transactions with Affiliated Parties

Tidak ada restrukturisasi utang/modal selama tahun 2018. Disisi lain Perseroan melakukan pelunasan dipercepat terhadap beberapa pinjaman bank terkait strategi Perseroan untuk meminimalkan beban keuangan dan memanfaatkan likuiditas Perseroan.

There were no restructurations of loans/capital in 2018. On the other hand, the Company made early repayment for several bank loans in line with the Company’s strategy to minimize cost of capital and to make use of the liquidity of the Company.

Informasi Material Mengenai Restrukturisasi Utang/ModalMaterial Information on Restructuration of Loans/Capital

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Tidak ada perubahan peraturan perundang-undangan yang berpengaruh signifikan terhadap kinerja Perseroan selama 2018.

Perubahan Peraturan Perundang-UndanganChanges in Regulations

There were no changes in regulations that have significant impact to the performance of the Company in 2018.

The Financial Report of the Company discloses and provides financial information that are in accordance to the Financial Accounting standard (SAK), such as the Financial Accounting Standard Statement (PSAK) by the Indonesian Accountant Associations (IAI) and is presented in accordance to the requirements set by the Decision of the Head of BAPEPAM-LK No. KEP-347/BL/2012 dated 25 June 2012 on the presentation of and disclosure in Financial Statement of a publicly listed company.

As of 1 January 2018, the Company has implemented the latest accounting standards that are relevant to the Company’s business, as follows:

1. Admendment of PSAK 2: Cash Flow Statement, on disclosure of initiatives, is effective as of 1 January 2018 with the possibility of early implementation.

Laporan keuangan Perseroan senantiasa mengungkapkan dan menyajikan informasi keuangan yang memenuhi Standar Akuntansi Keuangan (SAK) seperti Pernyataan Standar Akuntansi Keuangan (PSAK) oleh Ikatan Akuntan Indonesia (IAI) dan disusun sesuai dengan ketentuan yang ditetapkan dalam Keputusan Ketua BAPEPAM-LK Nomor KEP-347/BL/2012 tertanggal 25 Juni 2012 tentang Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

Efektif tanggal 1 Januari 2018, Perseroan telah menerapkan standar akuntansi baru yang relevan terhadap Perseroan, sebagai berikut:

1. Amandemen PSAK 2: Laporan Arus Kas tentang Prakarsa Pengungkapan, berlaku efektif 1 Januari 2018 dengan penerapan dini diperkenankan

Kebijakan Akuntansi Tahun Buku 2018The Accounting Policy for the 2018 Fiscal Year

(Dalam Jutaan Rupiah, Kecuali Dinyatakan Lain) In Million Rupiah, unless stated otherwise Pihak Berelasi 2018 2017

Pinjaman Bank Jangka Pendek BNI,BRI 16,268 32,515

Utang Usaha PT Pertamina (Persero), PT Pertamina Retail, PT Pertamina Patra Niaga dan Lain-lain dibawah 0.5% dari modal disetor

260,386 114,002

Pinjaman Bank Jangka Panjang PT BNI Syariah - 2,256

Kompensasi personil manajemen kunci Imbalan Kerja Jangka Pendek, Pesangon Pemutusan Kerja 28,849 28,839

Pendapatan Pertamina, PEP, Pertagas, PHI,Nusantara Regas, Pertamina Geothermal,Perusahaan Gas Negara, PT Pertamina Gas, PT Pertamina Lubricant,PHE, PDSI dan Lain-lain dibawah 0.5% dari modal disetor

4,458,944 3,020,742

Pembelian Pertamina, KOPEN, PT pertamina Niaga,PT Pertamina Lubricant, PT Pertamina Trans KontinentalPertamina Retail, TPI dan Lain-lain dibawah 0.5% dari modal disetor

2,145,747 1,209,410

*Sejak terjadinya perubahan komposisi pemegang saham pada bulan Juni 2014, Grup mengakui adanya hubungan istimewa dengan entitas berelasi dengan Pemerintah.*Since the change of composition of the shareholders as of June 2014, the holding group disclosed special relationship with the Government.

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2. Amandemen PSAK 46: Pajak Penghasilan tentang Pengakuan Aset Pajak Tangguhan untuk Rugi yang Belum Direalisasi, berlaku efektif 1 Januari 2018 dengan penerapan dini diperkenankan.

3. PSAK 15 (Penyesuaian 2017): Investasi pada Entitas Asosiasi dan Ventura Bersama, berlaku efektif 1 Januari 2018 dengan penerapan dini diperkenankan.

4. PSAK 67 (Penyesuaian 2017): Pengungkapan Kepentingan dalam Entitas Lain, berlaku efektif 1 Januari 2018 dengan penerapan dini diperkenankan.

5. Amandemen PSAK 13 – Properti Investasi : Pengalihan Properti Investasi, berlaku efektif 1 Januari 2018 dengan penerapan dini diperkenankan.

Sedangkan beberapa standar akuntansi yang telah disahkan oleh Dewan Standar Akuntansi Keuangan (DSAK) tetapi belum berlaku efektif untuk laporan keuangan tahun berjalan diungkapkan dibawah ini. Perusahaan bermaksud untuk menerapkan standar tersebut, jika dipandang relevan, saat telah menjadi efektif :

1. PSAK 71: Instrumen Keuangan, yang diadopsi dari IFRS 9, berlaku efektif 1 Januari 2020 dengan penerapan dini diperkenankan.

2. PSAK 72: Pendapatan dari Kontrak dengan Pelanggan, yang diadopsi dari IFRS 15, berlaku efektif 1 Januari 2020 dengan penerapan dini diperkenankan

3. PSAK 73: Sewa, yang diadopsi dari IFRS 16, berlaku efektif 1 Januari 2020 dengan penerapan dini diperkenankan untuk entitas yang juga telah menerapkan PSAK 72: Pendapatan dari Kontrak dengan Pelanggan.

4. ISAK 33 – Transaksi Valuta Asing dan Imbalan di Muka, berlaku efektif 1 Januari 2019 dengan penerapan dini diperkenankan.

5. ISAK 34 : Ketidakpastian dalam Perlakuan pajak penghasilan, berlaku efektif 1 Januari 2019 dengan penerapan dini diperkenankan.

6. Amandemen PSAK 15 – Investasi pada Entitas Asosiasi dan Ventura Bersama: Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama, berlaku efektif 1 Januari 2020 dengan penerapan dini diperkenankan.

7. Amandemen PSAK 15 – Investasi pada Entitas Asosiasi dan Ventura Bersama: Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama, berlaku efektif 1 Januari 2020 dengan penerapan dini diperkenankan.

2. Admendment of PSAK 46: Income tax, on the Recognition of Deferred Tax for Unrealized Loss, is effective as of 1 January 2018 with the possibility of early implementation.

3. PSAK 15 (2017 Adjustment): Investment on Associated Entities and Joint Ventures is effective as of 1 January 2018 with the possibility of early implementation.

4. PSAK 67 (2017 Adjustment): Disclosure of Interests in other entities is effective as of 1 January 2018 with the possibility of early implementation.

5. Admendment of PSAK 13 – Investment proprty: Transfer of Investment Property, is effective as of 1 January 2018 with the possibility of early implementation.

Meanwhile, several accounting standards that have been approved by the Board of Financial Accounting Standard, but have notbecome effective in the current Financial Report is disclosed below. The Company will implement these standards, if they are relevant, when they are in effect:

1. PSAK 71: Financial Instruments, that are adopted from IFRS 9, will be effective as of 1 January 2020, with the possibility of early implementation.

2. PSAK 72: Income from Contract with Customers, that are adopted from IFRS 15, will be effective as of 1 January 2020, with the possibility of early implementation.

3. PSAK 73: Rent, that are adopted from IFRS 16, will be effective as of 1 January 2020 with the possibility of early implementation for those that implement PSAK 72: Income from Contract with Customers.

4. ISAK 33 – Foreign currency transactions and advance payment will be effective as of 1 January 2019 with the possibility of early implementation.

5. ISAK 34: Uncertainty in the treatment of income tax, effective January 1, 2019 with early application permitted.

6. Admendment of PSAK 15 – Investment on Associated Entities and joint ventures: Long Term Interests on Associated Entities and Joint Ventures will be effective as of 1 January 2020, with the possibility of early implementation.

7. Admendment of PSAK 15 – Investment on Associated Entities and joint ventures: Long Term Interests on Associated Entities and Joint Ventures will be effective as of 1 January 2020, with the possibility of early implementation.

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Informasi Kelangsungan UsahaInformation Regarding Business Continuity

Tidak terdapat hal-hal yang berpotensi berpengaruh signifikan terhadap kelangsungan usaha Perseroan selama tahun 2018, mengingat kecelakaan kerja berupa fasilitas yang terjadi tidak menyebabkan Perseroan mendapatkan sanksi keras. Sepanjang tahun 2018, Perseroan telah memperoleh beberapa kontrak/ pekerjaan yang bersifat multiyear untuk tahun mendatang, selain itu posisi keuangan dan kas Perseroan dalam kondisi yang kuat untuk kegiatan operasional dan memenuhi kewajiban jangka pendek dan jangka panjang Perseroan.

There were no potential matters that can significantly impact the continuity of the Company’s business in 2018, given that fatal accident that occured did not cause the company to got severe warning. In 2018, the Company received several multiyears contracts/jobs, and the financial and cash position of the Company remained in good conditions to support the operational activities and to fulfil its short term and long term obligations.

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Pengembangan Sumber Daya ManusiaHuman Resource Development

06

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“Konsep SDM PerseroanThe Company’s Concept of Human Resources

Keberhasilan Perseroan meningkatkan kinerjanya pada tahun 2018 di tengah dinamika industri migas, tidak terlepas dari keberhasilan mengelola dan mempertahankan Sumber Daya Manusia yang kompeten dan profesional.

The Company’s success in improving its performance in 2018 amid the dynamics of the oil and gas industry cannot be separated from its success in managing and maintaining competent and professional Human Resources.

Pengelolaan SDM di Perseroan dilakukan oleh Divisi Human Capital yang bertanggung jawab dalam melakukan perencanaan strategis, pengelolaan, monitoring, evaluasi dan pengembangan seluruh aspek yang terkait dengan pengelolaan SDM termasuk: Organization & Career Management, Recruitment Management, Contract Management, Training & MT Management, Outsourcing Management, Compensation & Benefit Management, Performance Management, Industrial Relation Services, Personnel Management & HC System.

Sejak beberapa tahun terakhir, kondisi industri migas masih menunjukkan ketidakstabilan yang berdampak langsung bagi bisnis Perseroan. Kunci keberhasilan mempertahankan kesinambungan bisnis dan produktifitas dalam situasi ini, adalah dengan melakukan pengelolaan SDM secara efektif dan efisien sehingga mampu memberikan service delivery terbaik, dengan tujuan mendapatkan kepercayaan customer untuk secara terus menerus menggunakan jasa Perseroan.

Sesuai dengan arahan strategis jangka panjang Perseroan, Divisi Human Capital telah menyusun konsep SDM Perseroan untuk menciptakan Professional People yaitu SDM yang memiliki pengetahuan dan keterampilan untuk melakukan peran spesifik mereka dengan tujuan pertumbuhan dan keberlanjutan perusahaan yang selaras dengan visi dan tujuan bisnis Perusahaan. Untuk mewujudkan hal tersebut, pada tahun 2018, Perseroan melalui Divisi Human Capital Perseroan telah menyusun strategi pengelolaan SDM sebagai berikut:

1. Membentuk Multi Talented Employee 2. Membangun budaya kinerja tinggi3. Otomasi pengelolaan SDM Perseroan

Human resource (HR) management within the Company is carried out by the Human Capital Division, which is responsible for strategic planning, management, monitoring, evaluation and development of all aspects related to HR management. These aspects include: Organization & Career Management, Recruitment Management, Contract Management, Training & MT Management, Outsourcing Management, Compensation & Benefit Management, Performance Management, Industrial Relations Services, Personnel Management & HC System.

The oil and gas industry’s unstable condition in the past few years continues to have a direct impact on the Company’s business. The key to success when it comes to maintaining business continuity and productivity in this situation is through maintaining HR effectively and efficiently so as to be able to provide the best in service delivery. The aim is to gain the trust of customers so that they can continuously use the Company’s services.

In accordance with the Company’s long-term strategic direction, the Human Capital Division has developed a thematic concept for the Company’s HR. This concept is about creating Professional People, namely, human resources who have the knowledge and skills to carry out their specific roles with corporate growth and sustainability goals that are in line with the Company’s vision and business goals. In order to realize this concept, the Company, through its Human Capital Division, has managed to arrange the following HR management strategies in 2018:

1. Established “Multi-Talented Employees”2. Built a high-performance culture3. Automated the management of Company HR

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HC PRODUCTIVITY AND NUMBERSAs of the end of 2018, the total combined number of human resources in both the Company and its Subsidiaries was 2,027. This consisted of 1,354 human resources in the Company with a turnover rate of 3.03% and 673 human resources within its Subsidiaries. The productivity level of HR in the Company was calculated based on Revenue, Operating Profit and Net Profit. The overall numbers, when compared with numbers on a consolidated basis for the last 3 (three) years, can be seen in the table below.

The productivity of the Company’s Human Resources (HR) has generally seen an increase over the past 3 (three) years. In terms of Revenue Per Number of HR, the level of HR productivity in 2018 for the Company has experienced a significant boost of 16.0%. This increase has occurred in line with the Company’s success in printing its highest Revenue for the past 5 (five) years. If viewed from the perspective of Operating Profit per Number of HR, the Company’s HR productivity level has decreased by 4.0% from 2017. In terms of Net Profit per Number of HR, the level of HR productivity has increased by 5.0%. The decrease in productivity from the Operating Profit side of things has served as a point of consideration for the Company when it seeks to make programs in 2019 as a way of maintaining the effectiveness of its HR management and other operational costs.

HC COMPOSITION BASED ON EDUCATION LEVELSThe Company continuously strives to maintain a composition of different education levels with its HR. Having such a composition allows it to be able to adjust to the different demands of changes in business. The Company’s HR composition based on Education Levels for the past 3 (three) years can be seen in the table below.

Profil dan Jumlah SDMHC Profile and Numbers

JUMLAH DAN PRODUKTIVITAS SDMHingga akhir tahun 2018, total jumlah SDM Perseroan dan Anak Perseroannya adalah 2.027 orang, yang terdiri dari SDM Perseroan sebanyak 1.354 orang dengan tingkat turnover sebesar 3,03%, dan SDM Anak Perseroan sebanyak 673 orang. Tingkat produktivitas SDM di Perseroan yang dihitung berdasarkan Revenue, Laba Operasi dan Laba Bersih dibandingkan dengan jumlah SDM secara konsolidasi selama 3 (tiga) tahun terakhir secara lengkap tersaji di bawah ini.

Produktivitas Berdasarkan Productivity Based

Produktivitas Rp (Juta)Productivity Rp (in Million)

Pertumbuhan (%)Growth (%)

2018 2017 2016 2018 2017 2016Revenue per Jumlah SDMRevenue per Number of HR

3.268 2.823 2.103 16,0% 34,2% -1,9%

Laba Operasi per Jumlah SDMOperating Income per Number of HR

188 195 243 -4,0% -19,8% 10,0%

Laba Bersih per Jumlah SDMNet Income per Number of HR

142 135 185 5,0% 27,0% -15,1%

Secara umum, produktifitas SDM Perseroan mengalami peningkatan selama 3 (tiga) tahun terakhir. Ditinjau dari sisi Revenue per Jumlah SDM, tingkat produktivitas SDM pada tahun 2018 mengalami peningkatan yang cukup signifikan, yaitu sebesar 16,0%. Peningkatan tersebut terjadi seiring keberhasilan Perseroan mencetak nilai Revenue tertinggi selama 5 (lima) tahun terakhir. Jika ditinjau dari Laba Operasi per Jumlah SDM, tingkat produktifitas SDM mengalami penurunan sebesar 4,0% dari tahun 2017. Sedangkan dari segi Laba Bersih per Jumlah SDM, tingkat produktifitas SDM mengalami peningkatan yaitu sebesar 5,0%. Penurunan produktifitas dari sisi Laba Operasi menjadi pertimbangan bagi Perseroan dalam pembuatan program-program di tahun 2019 dalam rangka mejaga efektifitas pengelolaan SDM serta biaya-biaya operasional lainnya.

KOMPOSISI SDM BERDASARKAN TINGKAT PENDIDIKANPerseroan secara berkelanjutan berusaha mempertahankan komposisi tingkat pendidikan SDM sehingga mampu menyesuaikan dengan tuntutan perubahan bisnis. Komposisi SDM berdasarkan Jenjang Pendidikan selama 3 (tiga) tahun secara lengkap tersaji di bawah ini.

No. UraianDescription

Tahun (Orang)Year (People)

Prosentase (%)Percentage (%)

2018 2017 2016 2018 2017 20161 > Strata 2 (S2) 97 89 94 7.2% 8.1% 7.8%

2 Strata 1 (S1) 731 687 737 54.0% 61.1% 60.1%

3 Diploma 113 103 132 8.3% 9.3% 9.0%

4 < SMA < High School

413 265 336 30.5% 21.5% 23.2%

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No. UraianDescription



2018 2017 2016 2018 2017 2016Total 1,354 1,085 1,144 100.0% 100.0% 100.0%

Pada tahun 2018, komposisi karyawan dengan tingkat pendidikan SMA setara mengalami peningkatan menjadi 30,5% dibandingkan tahun 2017 sebesar 21,5%. Kondisi ini disebabkan karena adanya peningkatan aktifitas pada bisnis Operation & Maintenance yang bersifat padat karya dan lebih banyak membutuhkan SDM teknis yang berpengalaman.

KOMPOSISI SDM BERDASARKAN USIAPerseroan secara berkelanjutan mempertahankan komposisi SDM pada usia produktif untuk menjaga dan meningkatkan produktifitas Perseroan. Komposisi SDM berdasarkan Jenjang Usia selama 3 (tiga) tahun secara lengkap tersaji di bawah ini.

NoJenjang UsiaAge Group



2018 2017 2016 2018 2017 20161. <20 0 0 0 0,0% 0,0% 0.0%

2. 21-25 15 42 95 1,1% 1,1% 3.7%

3. 26-30 219 263 295 16,2% 21,4% 23.0%

4. 31-35 323 256 268 23,9% 23,5% 22.4%

5. 36-40 270 179 189 19,9% 16,3% 15.6%

6. 41-45 223 172 182 16,5% 16,6% 15.0%

7. 46-50 171 124 149 12,6% 11,6% 10.8%

8. 51-55 112 88 101 8,3% 8,6% 7.7%

9. >55 21 20 20 1,6% 0,9% 1.7%

Total 1.354 1.085 1.144 100.0% 100,0% 100,0%

Ditinjau dari usia karyawan, sampai dengan tahun 2018 mayoritas karyawan berada pada usia produktif yaitu usia 20 – 45 tahun. Kondisi ini secara berkelanjutan diharapkan dapat menjadi pendorong produktifitas Perseroan.

KOMPOSISI SDM BERDASARKAN GENERASI USIAPergeseran komposisi generasi SDM juga terjadi di Perseroan dimana hal ini berdampak terhadap pembuatan program-program pengelolaan SDM di Perseroan. Komposisi SDM berdasarkan Generasi Usia selama 3 (tiga) tahun secara lengkap tersaji di bawah ini.

NoGenerasi Usia

Generational Group



2018 2017 2016 2018 2017 20161 GEN Z (Born 1995 - 2012) 5 0 0 0,4% 0,0% 0,0%

2 GEN Y (Born 1982 - 1995) 689 561 604 50,9% 50,1% 49,0%

3 GEN X (Born 1965 - 1981) 601 500 574 44,4% 44,4% 43,7%

4 Baby Boomers (Born 1946 - 1964) 59 83 121 4,4% 5,4% 7,3%

Total 1.354 1.085 1.144 100.0% 100,0% 100,0%

In 2018, the Company’s percentage of employees with high school education levels increased to 30.5% compared to the 21.5% of 2017. This condition was caused by an increase in activity the Company’s Forms of Operations & Maintenance that are labor intensive and require more experienced technical HR.

HC COMPOSITION BASED ON AGEThe Company continuously strives to maintains a composition of productive age groups for its HR. This allows the Company to maintain and increase its productivity. The Company’s composition of HR levels based on age groups for the past 3 (three) years can be seen in the table below.

As of 2018, the majority of Company employees belonged in the productive age range of 20 to 45 years of age. This condition is expected to be a sustainable driver of the Company’s productivity.

HC COMPOSITION BASED ON GENERATIONAL GROUPSA shift in the composition of generational groups within the Company’s HR has had an impact on the formulation of the Company’s HR management programs. The Company’s HR composition based on generational groups for the past 3 (three) years can be seen in the table below.

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Selama tiga tahun terakhir komposisi karyawan Perseroan didominasi oleh karyawan Gen X dan Gen Y. Hal ini menjadi perhatian besar bagi Perseroan dalam menyusun program-program pengembangan yang sesuai dengan komposisi generasi tersebut, terutama pada tahun 2018 Perseroan telah memiliki karyawan dari kategori Gen Z.

KOMPOSISI SDM BERDASARKAN STATUS KEPEGAWAIANSelama tahun 2018, Perseroan lebih selektif dalam melakukan perekrutan dan peralihan status bagi karyawan kontrak. Komposisi SDM berdasarkan Status Kepegawaian selama 3 (tiga) tahun terakhir tersaji dalam tabel berikut.

NOStatus Kepegawaian

Employee Status



2018 2017 2016 2018 2017 20161. Kontrak

Contractual390 231 126 28,8% 13,7% 20,2%

2. TetapFull Time

964 913 1.073 71,2% 86,3% 79,8%

Total 1.354 1.085 1.144 100,0% 100,0% 100,0%

Pada tahun 2018, komposisi karyawan dengan status kontrak mengalami peningkatan menjadi 28,8% dibandingkan tahun 2017 sebesar 13,7%. Kondisi ini disebabkan karena adanya peningkatan aktifitas pada bisnis Operation & Maintenance yang banyak membutuhkan rekrutmen SDM baru dimana SDM tersebut dikontrak selama masa proyek untuk menjaga optimalitas biaya SDM Perseroan

KOMPOSISI SDM BERDASARKAN JENJANG JABATANPerseroan senantiasa menjaga struktur organisasi agar tetap efektif dan efisien sehingga mampu bertindak responsif terhadap perubahan bisnis. Komposisi SDM berdasarkan Jenjang Jabatan selama 3 (tiga) tahun tersaji dalam tabel berikut.

NOJenjang Jabatan

Position Level



2018 2017 2016 2018 2017 20161 Director

Director5 5 5 0,4% 0,5% 0.4%

2 Vice President & Fungsional SetaraVice President & Equivalent Functions

9 9 8 0,7% 0,9% 0.8%

3 Senior Manager & Fungsional SetaraSenior Manager & Equivalent Functions

26 29 30 1,9% 2,7% 2.5%

4 Manager & Fungsional SetaraManager & Equivalent Functions

67 70 64 4,9% 6,1% 6.1%

5 Junior Manager & Fungsional SetaraJunior Manager & Equivalent Functions

243 227 246 17,9% 20,1% 19.8%

6 SupervisorSupervisor

448 378 428 33,1% 34,8% 33.0%

7 StaffStaff

478 383 491 35,3% 31,6% 33.5%

8 KonsultanConsultant

76 43 27 5,6% 3,3% 3.8%

Total 1.354 1.085 1.144 100.0% 100,0% 100,0%

For the past three years, the Company’s employees have comprised of mostly of Gen X and Gen Y members. This statistic was a major driver for the Company in the way it has arranged its development programs, as it wanted to make sure that these programs were in line with these generations, especially since the Company had acquired Gen Z employees in 2018.

HC COMPOSITION BASED ON EMPLOYEE STATUSThe Company in 2018 was more selective in recruiting and doing status transfers for contract employees. The Company’s HR composition based on employment status for the past 3 (three) years can be seen in the table below.

In 2018, the composition of Company employees with contract status increased to 28.8% compared to 13.7% in 2017. This condition was caused by an increase in activities in the Company’s Operation & Maintenance business, To maintain optimal costs for the Company’s HR.

HC COMPOSITION BASED ON POSITION LEVELS

The Company strives to maintain its organizational structure in order to remain effective and efficient. This allows it to act responsively to business changes. The Company’s HR composition in terms of Position Levels for the past 3 (three) years can be see in the table below.

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Selama 3 (tiga) tahun terakhir komposisi karyawan Perseroan mayoritas di level staff dan supervisor dibandingkan level jabatan lainnya atau dapat dikatakan berbentuk piramida. Hal ini menunjukkan keberhasilan Perseroan dalam menjaga efektifitas organisasi.

KOMPOSISI SDM BERDASARKAN CORE FUNCTION Perseroan selama tiga tahun terakhir secara konsisten menjaga komposisi antara SDM operasi sebagai inti dari bisnis Perseroan dengan SDM shared service. Komposisi SDM berdasarkan Core Function selama 3 (tiga) tahun terakhir tersaji dalam tabel berikut.

NOCore FunctionCore Function



2018 2017 2016 2018 2017 20161 Operasi

Operations1.033 860 1.035 76,3% 72,8% 75,2%

2 Shared ServiceShared Service

321 284 264 23,7% 27,2% 24,8%

Total 1.354 1.085 1.144 100.0% 100.0% 100.0%

Secara mayoritas komposisi SDM Perseroan selama 3 (tiga) tahun terakhir adalah karyawan operasi, yaitu karyawan yang secara langsung mendukung penyelesaian proyek-proyek dari customer Perseroan. Keberhasilan Perseroan menjaga komposisi ini menunjukkan efektifitas pengembangan bisnis dan optimalisasi biaya operasional Perseroan dari sisi biaya SDM.

KOMPOSISI SDM BERDASARKAN GENDERPerseroan memberikan peluang dan kesempatan yang sama bagi setiap individu untuk berkarir di Perseroan. Rekrutmen, Pengembangan dan pemberian Penghargaan kepada SDM dilihat berdasarkan kapasitas, kinerja serta kemauan untuk meningkatkan kualitas dan kapabilitas diri, sehingga perbedaan gender tidak menjadi faktor penghambat bagi karir Karyawan mapun Calon Karyawan. Komposisi SDM berdasarkan gender selama 3 (tiga) tahun terakhir tersaji dalam tabel berikut.

NOJenis Kelamin

Gender



2018 2017 2016 2018 2017 20161 Laki-Laki 1.238 1.025 1.160 91,4% 89,8% 89.6%

2 Perempuan 116 119 139 8,6% 10,2% 10.4%

Total 1.354 1.085 1.144 100.0% 100,0% 100,0%

Selama 3 (tiga) tahun terakhir, komposisi SDM Perseroan secara mayoritas berjenis kelamin laki-laki dan sisanya berjenis kelamin perempuan yang tersebar tidak hanya di fungsi shared service tetapi juga fungsi operasi. Meskipun begitu, dalam hal ini, Perseroan tetap memberikan fasilitas khusus, seperti fasilitas cuti melahirkan dengan jaminan kembali bekerja langsung seperti yang tercantum dalam Peraturan Perusahaan bagi pekerja wanita di fungsi operasi maupun shared service.

The majority of the Company’s employees throughout the past (three) years has been mainly composed of human resources at staff levels and supervisors compared to other positions, akin to a the shape of a pyramid organization. This fact serves as a reflection of the Company’s success in maintaining organizational effectiveness.

HC COMPOSITION BASED ON CORE FUNCTIONS

The Company for the past three years has consistently maintained its composition of Operations and Shared Service HR. The Company’s HR composition in terms of these two Core Functions for the past 3 (three) years can be see in the table below.

The majority of the Company’s HR throughout the past 3 (three) years has been composed of operational employees, specifically, employees who directly support the completion of projects coming from Company customers. The Company’s success in maintaining this composition reflects its effectiveness when it comes to business development as well as a demonstration of how it has optimized its operational HR costs.

HC COMPOSITITON BASED ON GENDERThe Company provides equal opportunities and opportunities for each individual to pursue a career in the Company. Recruitment, Development and awarding of HR Awards are all done based on the Employee’s capacity, performance and willingness to improve their self-quality and self-capability. As such, gender differences are not barriers for the careers of both Employees and Prospective Employees. The Company’s HR composition in terms of Gender for the past 3 (three) years can be see in the table below.

For the past 3 (three) years, the composition of the Company’s HR has mostly been male. These are spread across both the Company’s Shared Service function as well as its Operation function. At the same time, the Company has continued to provide special facilities, such as maternity leave facilities with guaranteed return to work directly, as stated in the Company’s Regulations for female workers in the operation and shared service functions.

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Dalam rangka menghadapi kondisi bisnis yang semakin menantang selama tahun 2018, Perseroan melakukan optimalisasi di masing-masing fungsi dalam rangka mendukung kelancaran kegiatan operasi sehingga mencapai target yang ditetapkan oleh Perseroan. Meskipun begitu, fokus pengembangan kapabilitas SDM Perseroan tetap selalu dijaga agar dapat menjadi kekuatan Perseroan mencapai target dan memenangkan persaingan bisnis.

REKRUTMENRekrutmen dilakukan dalam rangka memenuhi kebutuhan operasi, mempersiapkan kader serta regenerasi di Perseroan. Proses rekrutmen dilaksanakan sesuai prosedur seleksi yang telah ditentukan, serta dilakukan secara independen, transparan dan objektif. Perseroan memberikan kesempatan berkarir kepada masyarakat secara selektif dan terbuka, tanpa diskriminasi (suku, agama, ras, gender). Beratnya kondisi bisnis selama tahun 2018 membuat pelaksanaan rekrutmen dilakukan lebih selektif dan lebih banyak optimalisasi pemenuhan kebutuhan secara internal baik untuk pemenuhan kebutuhan operasi atau shared service. Dalam rangka memperkuat pengelolaan proses rekrutmen, pada tahun 2018 Perseroan meluncurkan aplikasi Recruitment Online berbasis web yang diharapkan mampu menjadi kekuatan sourcing bagi Perseroan dalam mencari SDM berkualitas di pasar tenaga kerja.

PENGEMBANGAN KOMPETENSI SDM

Asset terpenting bagi sebuah perusahaan dalam memenangkan persaingan adalah terletak pada SDM kompeten yang dimiliki. Oleh karenanya, Perseroan secara berkesinambungan melakukan pembinaan dan pengembangan SDM dalam rangka memenuhi kompetensi dan keahlian yang mendukung kegiatan operasi Perseroan. Pengembangan SDM dilakukan dalam berbagai bentuk seperti pelatihan, penugasan, termasuk mutasi pekerjaan berupa rotasi atau promosi.

1. Program PelatihanPenyelenggaraan pengembangan kompetensi dalam bentuk pelatihan di lingkungan Perseroan dilakukan oleh Elnusa Petroleum School (EPS). EPS bertanggung jawab memastikan penyelenggaraan program pelatihan dan pembelajaran, melakukan review terhadap kompetensi setelah proses pelatihan, dan memastikan adanya dokumentasi serta pemutakhiran materi knowledge management dalam rangka mendukung peningkatan kompetensi SDM di Perseroan. Jumlah jam pelatihan Perseroan yang diselenggrakan oleh EPS selama 3 (tiga) tahun terakhir tersaji dalam tabel di bawah ini.

In order to face increasingly challenging business conditions throughout 2018, the Company has worked to optimize each of its functions in ways that support smooth operational activities and, consequently, reach its targeted goals. Nevertheless, the Company is also still focused on developing the capabilities of its human resources so that they can serve as one of the Company’s strengths in achieving its targets and winning its business competition.

RECRUITMENTRecruitment is carried out in order to fulfill operational needs, prepare cadres and regenerate the Company. The recruitment process is carried out according to predetermined selection procedures, and is carried out independently, transparently and objectively. The Company provides career opportunities for the community in a selective yet open manner that is without discrimination (ethnicity, religion, race, gender). The severity of business conditions throughout 2018 led to recruitment becoming more selective. A lot of optimization had to be performed to fulfill internal needs, whether they be fulfilling operational needs or shared services. In order to strengthen the management of its recruitment process, the Company in 2018 launched a web-based Recruitment Online application that its hopes will become a sourcing force for the Company in finding quality human resources in the labor market.

DEVELOPMENT OF HUMAN RESOURCE COMPETENCEThe most important asset for a company in winning the competition is the competence of its HR. The Company as such has continued to work on fostering and developing its HR in order to fulfill the various competencies and forms of expertise required to support the Company’s operations. This HR development process is carried out through various means, such as training sessions, assignments and work transfers in the form of rotations and promotions.

1. Training ProgramsAt the Company, competency development in the form of training is carried out by the Elnusa Petroleum School (EPS). EPS is responsible for ensuring the implementation of training and learning programs, for reviewing HR competency after these training sessions, and for ensuring that there is documentation and updated management materials as a means of supporting the improvement of HR competency. The number of Company training hours EPS has hosted throughout the past 3 (three) years is presented in the following table:

Rekrutmen, Pelatihan & Pengembangan SDMRecruitment, Training & HC Development

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Man Hour (jam)Man Hour (hours)

Pertumbuhan Man Hour PelatihanThe Growth of Training Session Man Hours

2018 2017 2016 2018 2017 201673.247 55.036 68.318 33.1% -19.4% -20.4%

Selama tahun 2018 terjadi peningkatan man hour pelatihan Perseroan, dari 55.036 jam di tahun 2017 menjadi 73.247 jam di tahun 2018. Kondisi tersebut disebabkan karena semakin meningkatnya bisnis Perseroan khususnya pada bisnis EPC & OM pada tahun 2018, dimana Perseroan perlu menutup gap kompetensi personil yang ada serta memenuhi persyaratan sertifikasi proyek.

Sepanjang tahun 2018 Perseroan telah menginvestasikan biaya pelatihan sebesar 9,7 milliar. Nilai ini mengalami peningkatan yang sangat signifikan yaitu sebesar 122,1% dibandingkan tahun 2017, yaitu sebesar Rp4,4 milliar. Investasi biaya pelatihan Perseroan selama 3 (tiga) tahun terakhir tersaji dalam tabel di bawah ini.

Biaya Pelatihan (Rp Juta)Training Fees (Millions of IDR)

Pertumbuhan Biaya Pelatihan (%)Training Fee Growth (%)

2018 2017 2016 2018 2017 20169.744 4.387 6.513 122.1% -32.6% -34.2%

Kenaikan biaya pelatihan pada tahun 2018 disebabkan karena semakin meningkatnya bisnis Perseroan khususnya pada bisnis EPC & OM pada tahun 2018, dimana Perseroan perlu menutup gap kompetensi personil yang ada serta memenuhi persyaratan sertifikasi proyek, serta terdapat juga beberapa pelatihan untuk bisnis Marine Survey yang membutuhkan biaya cukup signifikan.

Pelatihan yang diberikan oleh Perseroan yang diselenggarakan oleh EPS terbagi dalam beberapa jenis, yaitu sebagai berikut :

a. Certification, adalah pelatihan yang menjadi persyaratan (mandatory) dalam suatu pekerjaan yang menunjukkan bahwa pekerja mampu melakukan suatu pekerjaan sesuai standar dalam bidang tertentu.

b. Soft Skill, adalah pelatihan yang dilakukan untuk meningkatkan kompetensi soft (non technical) sesuai dengan aktivitas pekerjaan yang dilakukan.

c. Technical, adalah pelatihan yang dilakukan untuk meningkatkan kompetensi teknis sesuai dengan aktivitas pekerjaan yang dilakukan.

d. General, adalah pelatihan yang diberikan dalam rangka meningkatkan kompetensi yang berhubungan dengan industri migas maupun bidang umum lainnya diluar pelatihan Technical & Soft Skill.

Program pelatihan berdasarkan jenis pelatihan yang diselenggarakan oleh EPS tersaji dalam tabel berikut.

Throughout 2018, the Company experienced an increase in its amount of training session man-hours. This number has grown from 55,036 hours in 2017 to 73,247 hours in 2018. It resulted from an increase in the Company’s business, especially when it came to its Engineering, Procurement, Construction (EPC) and Operation and Maintenance (OM) businesses in 2018 that resulted in the Company needing to close the gap on its personnel competency levels and meet project certification requirements.

In 2018, the Company invested IDR 9.7 billion in training fees. This number marked a very significant increase of 122.1% compared to its training-fee investment of IDR 4.4 billion in 2017. The Company’s investment in training costs throughout the past 3 (three) years can be seen in the table below.

The rise in training costs in 2018 was due to an increase in the Company’s business activities, particularly when it came to its EPC and OM businesses. It was in 2018 that the Company found out it needed to close the competency gap of its existing personnel and meet project certification requirements. There was also a number of training sessions for Marine Survey businesses that required rather significant costs.

The EPS-organized training sessions the Company provided for its personnel is divided into several types as follows:

a. Certification. This is training for skills that serve as mandatory requirements in a job. This is done as a way of showing that workers are able to do a job according to standards in a particular field.

b. Soft Skills. This is training carried out to improve soft, non-technical competencies in accordance with the nature of the work activities carried out.

c. Technical. This is training carried out to improve technical competence in accordance with the nature of the work activities carried out.

d. General. This is training provided in order to improve competencies related to the oil and gas industry and other general fields outside of Technical and Soft Skill training sessions.

Details on the different types of training programs held by EPS are presented in the following table:

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The training activities that Company HR participate in is not only limited to sessions for staff-level employees working in Company projects, but for all HR at every level of office within the Company. Data for the recent yearly composition of training session man hours based on position levels can be seen in the following table:

In general, based on the table above, it can be concluded that the Company has had a large focus on HR development for the past 3 (three) years, during which Company personnel of all levels would receive training. Based on the composition of the number of man hours, the majority of training activities was administered to HR at the staff and supervisor levels and was directly connected to project needs. In addition, training was also conducted for HR at the level of manager or higher as a way of developing managerial competencies for the HR that occupied these positions.

2. Sharing SessionsIn addition to training programs, EPS has also organized knowledge-sharing programs as a means of exchanging ideas, knowledge and information about the oil and gas industry among employees. These programs are held once a week with varied topics. In 2018, EPS directly involved the Management of the Company as speakers in its Hang Out Together with the Directors (NOBADI) program, which served as a “Millennial”-themed idea exchange forum.

3. Gap Soft Competency and Technical Competency MappingThis program is aimed at seeing how far HR competency fulfillment requirements have been met at select levels of the Company. Soft competency gap mapping is carried out in collaboration with appointed independent institutions. The method used in this program is the use of an Assessment Center, followed by a Feedback Session.

Jenis PelatihanTraining Types

Man Hour (jam)Man Hour (Hours)


2018 2017 2016 2018 2017 2016Certification 30.160 21.048 27.992 44.1% 30.8% 41.0%

Soft Skill 1.683 1.628 1.834 2.5% 2.4% 2.7%

Technical 39.736 30.426 37.228 58.2% 44.5% 54.5%

General 1.668 1.934 1.264 2.4% 2.8% 1.9%

Total 73.247 55.036 68.318 100% 100% 100%

Pelatihan yang dilaksanakan oleh SDM Perseroan tidak hanya untuk level staff yang bekerja di proyek-proyek Perseroan, tetapi juga untuk seluruh SDM di setiap jenjang jabatan. Komposisi man hour pelatihan berdasarkan jenjang jabatan dari tahun ke tahun tersaji dalam tabel berikut.

JenjangPosition

Man Hour (jam)Man Hour (Hours)


2016 2017 2018 2016 2017 2018Director 76 56 153 0.1% 0.1% 0.2%

Vice President 602 742 269 0.9% 1.3% 0.4%

Senior Manager 1.178 1.434 1.497 1.7% 2.6% 2.0%

Manager 2.698 2.582 10.705 3.9% 4.7% 14.6%

Junior Manager 6.916 7.232 3.435 10.1% 13.1% 4.7%

Supervisor 12.668 13.500 16.692 18.5% 24.5% 22.8%

Staff 44.180 29.490 40.496 64.7% 53.6% 55.3%

Grand Total 68.318 55.036 73.247 100,0% 100,0% 100,0%

Secara umum, dari tabel di atas dapat disimpulkan bahwa Perseroan memiliki fokus yang besar untuk pengembangan SDM dimana setiap jenjang jabatan di Perseroan mendapatkan pelatihan setiap tahunnya selama 3 (tiga) tahun terakhir. Berdasarkan komposisi jumlah jam pelatihan, mayoritas pelatihan diberikan kepada SDM level staff dan supervisor yang langsung berhubungan dengan kebutuhan proyek. Selain itu, pelatihan juga dilakukan untuk level Manager ke atas dalam rangka mengembangkan kompetensi manajerial SDM yang menduduki jabatan tersebut.

2. Sharing SessionSelain program pelatihan, EPS juga menyelenggarakan program sharing knowledge sebagai wadah pertukaran ide, pengetahuan dan informasi seputar industri oil & gas diantara karyawan yang diselenggarakan setiap minggu sekali dengan topik bervariasi. Di tahun 2018, EPS melibatkan langsung Pengurus Perseroan sebagai pembicara dalam program “NOBADI” (Nongkrong Bareng Direksi), sebuah program pertukaran ide dengan konsep millennial.

3. Pemetaan Gap Soft Competency dan Technical Competency Program ini dilakukan bertujuan untuk melihat sejauhmana tingkat pemenuhan kompetensi SDM pada level tertentu di Perseroan. Pelaksanaan pemetaan gap soft competency dilakukan berkerjasama dengan lembaga independen yang ditunjuk. Metode yang digunakan dalam program ini adalah Assessment Center yang dilanjutkan dengan Feedback Session.

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4. Penyusunan Succession Planning serta Talent ManagementDalam rangka menciptakan sebuah organisasi yang memiliki kinerja tinggi secara berkelanjutan, serta mengembangkan dan memotivasi SDM untuk mempertahankan kinerjanya, serta menjaga kesinambungan bisnis Perseroan, pada tahun 2018 Perseroan telah melakukan penyusunan kebijakan dan mekanisme succession planning serta talent management. Diharapkan program ini dapat berjalan sepenuhnya di tahun 2019.

5. Penyelenggaraan Leadership Development ProgramDalam rangka menyiapkan kaderisasi Leader di masa depan Perseroan menyelenggarakan Leadership Development Program sebagai bentuk pengembangan SDM yang dilaksanakan melalui pengembangan kompetensi-kompetensi yang diperlukan oleh seorang Leader seperti kemampuan analytical thinking, planning organizing, leadership dan decision making. Pelaksanaan program ini bekerjasama dengan lembaga independen yang ditunjuk dan akan menjadi program rutin setiap tahunnya.

6. S3 Geofisika Development ProgramKetersediaan SDM di Perseroan dengan latar belakang pendidikan S3 yang terbatas memacu Perseroan meluncurkan Program ini pada pertengahan tahun 2016. Pemilihan kandidat yang dapat mengikuti program ini sangat selektif, tidak hanya yang memiliki kapabilitas tetapi juga memiliki passion dan stress management yang mumpuni sehingga kandidat yang nanti terpilih benar-benar dapat menyelesaikan program tepat waktu dan hasil yang memuaskan.

7. Marine Seismic Development ProgramPengembangan bidang Marine Seismic merupakan gebrakan yang dilakukan oleh Perseroan di tahun 2018. Dalam menjalankan program ini Perseroan menggunakan para ahli yang memiliki kompetensi Marine Seismic. Para ahli melakukan transfer knowledge kepada tim yang akan menjalan proyek Marine Seismic. Uji coba pertama untuk proyek ini sudah dilakukan pada akhir tahun 2018 ini.

8. Coaching & Mentoring ProgramSebagai bagian dari pengembangan kapabilitas karyawan, pada tahun 2018 Perseroan mulai menggalakkan program Coaching & Counseling di lingkungan Perseroan. Tujuan pelaksanaan program ini adalah untuk meningkatkan kemampuan SDM dalam mencapai target yang dibebankan oleh Perseroan secara efektif. Dari April hingga Desember 2018, melalui aplikasi Coaching & Counseling yang dimiliki Perseroan yaitu ECMA App, tercatat lebih dari 170 user, dengan 17 Aktivitas Coaching, 56 aktivitas Mentoring, dengan lebih dari 120 expertise yang telah terkumpul dalam database Coaching & Counseling Perseroan. Untuk meningkatkan kemampuan Coach, Perseroan juga melakukan upskilling yang dilakukan dengan pelatihan Coaching. Pada tahun 2018 sudah dimulai proses upskilling tersebut untuk sejumlah 22 peserta yang tercatat sebagai Coach di ECMA App. Proses upskilling ini akan dilakukan secara bertahap untuk pekerja yang akan memiliki tanggungjawab sebagai Coach.

4. Succession Planning and Talent Management PreparationIn order to create an organization that has high performance on an ongoing basis; develop and motivate HR to maintain performance levels; and sustain the Company’s business continuity, the Company in 2018 conducted an organizing of its policies and succession planning mechanisms, as well as performed talent management activities. The Company expects this program to be able to operate fully in 2019.

5. Organizing a Leadership Development ProgramIn order to prepare a leadership cadre in the future, the Company organizes Leadership Development Programs as a form of HR development that aims at developing competencies required by leaders, such as analytical thinking, planning and organizing, and leadership and decision-making. The implementation of this program is done in collaboration with independent institutions appointed and is set to become a routine annual program.

6. S3 Geophysics Development ProgramThe limited availability of Company HR with doctoral (S3) degrees has spurred the Company to launch this Program in the middle of 2016. The eligibility process for attending this Program is very selective. Not only must potential candidates have the proper capabilities, they must also have the proper passion and an ability to manage stress so that chosen candidates can complete the Program on time and with satisfying results.

7. Marine Seismic Development ProgramThe development of the Marine Seismic field is a breakthrough the Company had made in 2018. In carrying out this program, the Company makes use of experts in Marine Seismic operations. These experts conduct knowledge transfer activities towards the Company teams that will run Marine Seismic projects. The first trial for this project was held at the end of 2018.

8. Coaching & Mentoring ProgramsAs part of the Company’s efforts to develop the capabilities of its personnel, in 2018 it began to promote a series of its own Coaching and Counselling programs, the objectives of which are to improve the ability of HR to effectively attain the Company’s targets. Between April and December of 2018, through the use of ECMA App, the Company’s very own coaching and counselling application, more than 170 users were registered that took part in 17 coaching activities and 56 mentoring activities. More than 120 subjects of expertise were collected within the Company’s coaching and counselling database. In order to improve the capabilities of coaches, the Company also conducted upskilling activities to further train its coaches. This upskilling program in 2018 has already registered 22 participants who are ECMA App coaches. The entire upskilling process will be done in stages for workers who have responsibilities as coaches.

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9. Knowledge Management System Dalam rangka menghindari hilangnya asset pengetahuan intelektual ketika seorang pekerja meninggalkan suatu Perseroan, secara berkelanjutan sejak tahun 2017, Perseroan terus memperkuat Knowledge Management System untuk mendokumentasikan asset pengetahuan (explicit dan tacit knowledge) yang dimiliki oleh SDM Perseroan.

10. Elnusa Multitalent Development Program (EMDP)Elnusa Multi Talent Development Program adalah metode pengembangan kompetensi karyawan yang dirancang untuk mempersiapkan Multi Talented People di Perseroan, dalam rangka mendukung visi Perseroan untuk menjadi perusahaan jasa energi terkemuka yang memberikan solusi total atas kebutuhan customer. Program ini memiliki 4 (empat) tingkatan yaitu sebagai berikut:

a. Early: ditujukan untuk memperkuat kompetensi teknikal dan pemahaman mengenai proses bisnis Perseroan. Target peserta dalam tahap Early adalah SDM pada level staff dan supervisor dengan fokus pengembangan pada kompetensi teknis dan kompetensi perilaku inti.

b. Basic: ditujukan unruk memperdalam kompetensi teknikal dan mengembangkan dasar kepemimpinan SDM. Target peserta dalam tahap Basic adalah talent pada level staff dan supervisor dengan fokus pengembangan pada kompetensi teknis yang bersifat cross sub skill group dan kompetensi perilaku dasar.

c. Intermediate: ditujukan untuk meningkatkan kompetensi teknikal diluar skill group dan mengembangkan kompetensi kepemimpinan sebagai suksesor internal Perseroan. Target peserta dalam tahap Intermediate adalah talent pada level junior manager dan manager dengan fokus pengembangan pada kompetensi teknis yang bersifat cross skill group dan kompetensi perilaku menegah.

d. Advanced: ditujukan untuk mempertajam kompetensi kepemimpinan, pola pikir strategis dan visioner sebagai suksesor internal & eksternal. Target peserta dalam tahap Advanced adalah talent pada level senior manager dan vice president dengan fokus pengembangan pada kompetensi teknis yang berkaitan dengan suksesi suatu jabatan dan kompetensi perilaku strategis.

Seluruh tingkatan dalam program EMDP telah dilaksanakan sejak kwartal 4 (empat) tahun 2018 dan masih berlanjut hingga tahun 2019.

11. Pengembangan kompetensi SDM di Perseroan juga didukung dengan program-program penguatan budaya SDM sehingga selalu selaras dengan nilai-nilai yang berlaku di Perseroan. Beberapa program pengembangan budaya Perseroan yang dilakukan pada periode tahun 2018 antara lain sebagai berikut:a. Sosialisasi Code of Conduct

Sesuai dengan hasil pemetaan budaya dan selesainya penyusunan buku Etika Perseroan yang salah satu poinnya berkaitan dengan Code of Conduct Perseroan, maka perlu dilakukan program sosialisasi kepada seluruh karyawan dalam rangka menginternalisasi acuan perilaku insan

9. Knowledge Management SystemIn order to avoid the loss of intellectual knowledge assets when a worker leaves a Company, the Company has continuously since 2017 worked to strengthen its Knowledge Management System for documenting knowledge assets (explicit and tacit knowledge) owned by the Company’s HR.

10. New Multitalent Development Program (EMDP)The Elnusa Multi Talent Development Program is a means of developing the competency of employees and creating Multi-Talented People within the Company. The purpose is to support the Company’s vision of becoming a leading energy service company that provides total solutions for customer needs. This program is comprised of 4 (four) stages:

a. Early: Aimed at strengthening technical competence and understanding of the Company’s business processes. Target participants in this Early stage are HR at staff and supervisor levels, with a focus on developing technical competencies and core behavioral competencies.

b. Basic: Intended to deepen technical competence and develop the basis of HR leadership. The target participants in this Basic stage are talents at the staff and supervisor levels, with a focus on developing technical competencies that are cross-sub-skill groups, as well as a focus on basic behavioral competencies.

c. Intermediate: Intended to improve technical competencies beyond one’s skill group and to develop leadership competencies as an internal Company successor. The target participants in this Intermediate stage are talents at the junior manager and manager levels, with a focus on developing technical competencies that are cross-skill groups, as well as a focus on middle behavioral competencies.

d. Advanced: Aimed at sharpening leadership competencies as well as strategic and visionary mindsets as internal and external successors. The target participants in this Advanced stage are talents at the senior manager and vice president levels, with a focus on developing technical competencies related to the succession of positions and strategic behavioral competencies.

All stages of the EMPD program have been implemented since the 4th (fourth) quarter of 2018 and continue as of 2019.

11. The development of HR competencies in the Company is also supported by programs for strengthening HR culture so that the Company HR are always in harmony with the Company’s values. Some of the cultural development programs carried out by the Company in the 2018 period include the following:a. Code of Conduct Socialization

In accordance with the results of the Company’s cultural mapping efforts and the completion of arrangements for its Company Ethics book, one of the points of which pertain to the Code of Conduct, it is necessary for the Company to conduct a socialization program for all employees in order to

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Perseroan. Program ini dilaksanakan di Perseroan, Anak Perseroan, serta mitra kerja melalui presentasi dan pembagian buku Etika Perusahaan.

b. Whistle Blowing SystemWhistle Blowing System merupakan sistem yang didesain untuk mengakomodasi pelaporan terjadinya penyimpangan seperti pelanggaran maupun tindakan indisipliner di lingkungan Perseroan. Sistem ini diharapkan dapat menumbuhkan kepedulian serta memberikan kemudahan dan keamanan bagi SDM dalam melaporkan penyimpangan yang terjadi di lingkungan Perseroan.

SISTEM PENGELOLAAN KINERJADalam rangka menyelaraskan kinerja individu dengan visi, misi, strategi serta proses bisnis yang berjalan, Perseroan menerapkan Sistem Pengelolaan Kinerja (SPK), berdasarkan Surat Keputusan (SK) Kontrak Kinerja Perusahaan yang ditandatangani oleh Direktur Utama Perseroan. SK tersebut berisi mekanisme penetapan dan cascading KPI dari tingkat korporasi hingga tingkat individu serta Reward System yang terkait dengan pencapaian kinerja. Melengkapi SK tersebut, detail Sistem Pengelolaan Kinerja yang berlaku di Perseroan dari tahap perencanaan, monitoring hingga penilaian dituangkan dalam prosedur tersendiri.

PERENCANAAN KINERJAKPI Perseroan (level korporasi) ditetapkan dan ditandatangani oleh seluruh Direksi, di setiap awal tahun. KPI tersebut menjadi dasar proses cascading KPI ke seluruh unit bisnis sampai level individu, baik di Perseroan maupun di Anak Perseroan.

MONITORING KINERJAMonitoring atas kinerja Perseroan di level koporasi dan unit bisnis serta Anak Perseroan dilakukan menggunakan Dashboard KPI, yaitu suatu sistem monitoring pencapaian kinerja berbasis web yang berisi KPI Perseroan. Update data pencapaian indikator kinerja pada Dashboard KPI dilakukan setiap awal bulan sehingga dapat dimonitor pencapaiannya setiap bulan. Untuk level individu, monitoring kinerja dilakukan secara kolektif di semester 1 (satu) setiap tahunnya melalui kegiatan Mid Review. Tujuan kegiatan Mid Review adalah untuk memonitor pencapaian kinerja individu selama 1 (satu) semester dan menetapkan target kerja sampai dengan akhir tahun.

PENILAIAN KINERJAPenilaian Kinerja Perseroan di level koporasi dan unit bisnis serta Anak Perseroan dilakukan menggunakan Dashboard KPI yang secara otomastis menampilkan hasil pencapaian KPI. Untuk level individu, penilaian kinerja dilakukan dengan metode self assessment menggunakan form Penilaian Kinerja yang dilanjutkan dengan penilaian oleh komite SDM. Komite SDM adalah tim yang bertugas melakukan verifikasi atas hasil penilaian kinerja individu, yang terdiri dari beberapa anggota seperti tersaji dibawah ini.

help them internalize the Company’s behavioral guidelines. This socialization is implemented within the Company, within its Subsidiaries, as well as with Company business partners through the presentation and distribution of Company Ethics books.

b. Whistle-blowing SystemThe Whistle-blowing System is a system designed to accommodate reporting of irregularities such as violations and undisciplined action within the Company. This system is expected to foster awareness and provide convenience and security for HR in reporting irregularities that occur within the Company.

PERFORMANCE MANAGEMENT SYSTEMIn order to harmonize the performance of individuals with the vision, mission, strategy and ongoing business processes, the Company has implemented a Performance Management System (SPK) that has as its basis a Company Performance Contract decree signed by the Company’s President Director. Within this decree is a mechanism for determining and cascading Key Performance Indicators (KPIs) from the corporate levels to the individual levels. The decree also contains Reward Systems related to performance achievement. Rounding out this decree are the Performance Management System details that apply at the Company. These include the planning, the monitoring and assessment phases that are set out in separate procedures.

PERFORMANCE PLANNINGThe Company’s KPI (corporate level) is determined and signed by all Directors at the start of each year. The KPI is the basis of the cascading KPI process for all units, from the business level to the individual level, both for the Company and its Subsidiaries.

PERFORMANCE MONITORINGMonitoring of both the Company’s performance at corporate levels business unit levels as well as that of Company Subsidiaries is carried out through the use of the KPI Dashboard, which is a web-based performance achievement monitoring system that contains within it the Company’s KPI. Updating data on the achievement of performance indicators on the KPI Dashboard is carried out at the start of each month so that achievements can be monitored every month. For the individual level, performance monitoring is carried out collectively and annually during semester 1 (one) through Mid Review activities. The purpose of these Mid Review activities is to monitor individual performance achievements for 1 (one) semester and establish work targets until the end of the year.

PERFORMANCE ASSESSMENTEvaluation of the Company’s performance at the corporate and business unit levels as well as at Company Subsidiaries is carried out through the use of the KPI Dashboard, which automatically displays KPI accomplishments. For the individual level, the performance assessment is carried out through a self assessment method using a Performance Assessment form, followed by an assessment by the HR committee. The HR Committee is a team tasked with verifying the results of individual performance evaluations. This committee consists of several members as presented below.

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The results of performance appraisals are then used in things such as competency development, HR career development (promotions and rotations), assessments of compensation for human resources, and determining performance rewards. These results are also used as a basis for administering punishments such as warning letters, postponement of promotions, demotions, and termination of employment.

COMPENSATION AND BENEFITIn an effort to maintain the value of competitiveness in the market, the Company continuously reviews the total remuneration it gives to its HR in order to stay externally competitive in the market and maintain internal equality within the Company. These reviews also serve to maintain compliance with applicable labor laws and regulations. In 2018 the Company also conducted several programs related to compensation and benefits. They are as follows:

1. Sharia PayrollWith the development of Islamic banking in Indonesia, as well as an increase in the Company’s HR needs related to Islamic banking products, the Company in September 2018 entered into an agreement with several Islamic banks to cooperate in the provision of payroll services and Islamic finance.

2. Computer Operational Ownership ProgramSince 2018, the Company has provided its HR with a laptop ownership program that serves to provide work motivation and to boost efficiency and optimization when it comes to management of the Company’s Technology and Information work tools.

3. E-60FIT (Elnusa 60 Days Commit to be FIT)E-60FIT is a health follow-up program made based on the results of medical check-ups for employees. It serves as a requirement and a material for consideration when it comes to a worker’s feasibility in carrying out activities. E-60FIT also facilitates all workers to carry out health care independently in order to create a culture of healthy living within the Company. In 2018 there were two waves of the E-60FIT program were carried out t hat focused on workers with high-risk status.

4. HR Welfare ProgramIn order to create a good work environment for its HR, the Company has carried out a series of Employee Welfare programs in the Company. These programs are carried out weekly, monthly and annually in the form of sports and

NoPenilaian untuk

Evaluation Subject

Komite SDMHR Committee

KetuaChief

AnggotaMember

Sekretaris Merangkap AnggotaConcurrent Secretary and Member

1 Vice President & Senior Manager



Direktur SDM & UmumHuman Resources and General Affairs Director

2 Manager – ke bawahManager– below

Senior Manager of HR Business Partner

Vice President & Senior Manager Terkait Vice President & Related Senior Manager

HR Performance Management

Hasil penilaian kinerja selanjutnya digunakan dalam pengembangan kompetensi, pengembangan karir SDM seperti promosi dan rotasi, pengkajian pemberian kompensasi bagi SDM, penentuan reward kinerja, serta menjadi dasar pemberian punishment seperti surat peringatan, penundaan kenaikan pangkat, demosi sampai dengan pemutusan hubungan kerja.

KOMPENSASI DAN BENEFITDalam upaya menjaga nilai competitiveness terhadap pasar, Perseroan dengan senantiasa mengkaji total remunerasi yang diberikan kepada SDM agar dapat mempertahankan daya saingnya terhadap pasar (externally competitive) dan menjaga keseimbangan di dalam Perseroan (internally equality) serta menjaga ketaatan terhadap peraturan perundangan ketenagakerjaan yang berlaku. Pada tahun 2018 Perseroan juga melakukan beberapa program yang berkaitan dengan kompensasi dan benefit yaitu sebagai berikut:

1. Payroll Syariah Dengan semakin berkembangnya perbankan syariah di Indonesia, serta meningkatnya kebutuhan SDM Perseroan terkait produk-produk perbankan syariah, pada bulan September 2018, Perseroan melakukan kesepakatan dengan beberapa bank syariah untuk bekerjasama dalam penyediaan jasa payroll dan pembiayaan syariah.

2. Computer Operational Ownership ProgramSebagai salah satu upaya untuk memberikan motivasi kerja SDM, serta meningkatkan efisiensi dan optimalisasi pengelolaan perangkat kerja Teknologi dan Informasi di Perseroan maka di Tahun 2018 Perseroan telah memberikan program kepemilikan laptop bagi SDM Perseroan.

3. E-60FIT (Elnusa 60 Days Commit to be FIT) E-60FIT merupakan program follow up kesehatan berdasarkan hasil MCU sebagai syarat dan bahan pertimbangan kelayakan pekerja untuk melakukan kegiatan. E-60FIT juga memfasilitasi seluruh pekerja untuk melakukan perawatan kesehatan secara mandiri guna terciptanya budaya hidup sehat di lingkungan Perseroan. Dalam tahun 2018 telah dilakukan program E-60FIT sebanyak dua gelombang, yang mana pada gelombang difokuskan untuk pekerja dengan status high risk.

4. Program Kesejahteraan SDMDalam rangka menciptakan lingkungan kerja yang baik bagi SDM Perseroan telah melakukan serangkaian program Elmpoyee Welfare di lingkungan Perseroan. Program-program tersebut dilakukan secara mingguan, bulanan maupun tahunan dalam

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bentuk kegiatan olahraga dan keagamaan serta bentuk lainnya seperti pemberian bantuan kesejahteraan dalam bentuk Penghargaan Masa Kerja/Ulang Tahun Dinas (UTD), Penghargaan Karyawan Masa Persiapan Pensiun (MPP) usia 55 tahun, MCU Massal, Pemeriksaan Pap Smear Massal bagi karyawati dan keluarga karyawan, pemberian vaksinasi, fasilitas kesehatan (klinik, dokter, dan ambulance), Bantuan Melahirkan, Bantuan Pemakaman, Bantuan Ongkos Naik Haji (ONH), Beasiswa untuk anak karyawan berprestasi, dan bantuan anak yatim piatu & dhuafa, fasilitas tempat olahraga, dan fasilitas ibadah (Masjid & Musholla disetiap lantai Gedung) serta fasilitas untuk kegiatan pendalaman iman untuk umat Nasrani.

5. ESOP/MSOP Terkait dengan benefit jangka panjang bagi SDM, saat ini Perseroan tidak memiliki program kepemilikan saham oleh karyawan dan/atau manajemen yang dilaksanakan Perseroan (ESOP/MSOP). Namun sebagai informasi, program ini pernah dilaksanakan pada tahun 2008 bersamaan dengan IPO yang dilakukan oleh Perseroan.

HUMAN CAPITAL MANAGEMENT SYSTEMSelama tahun 2018, Perseroan terus melakukan improvement terhadap sistem HRIS yang dimiliki dalam bentuk penambahan fitur lainnya. Beberapa aplikasi yang telah dibuat dalam rangka mendigitalisasi proses-proses pengelolaan SDM pada tahun 2018 adalah sebagai berikut:

1. E-Learning Untuk mempermudah SDM di area operasi yang memiliki keterbatasan waktu dan lokasi kerja dalam mengikuti Pelatihan. Sejak pertengahan tahun 2018 Perseroan mengembangkan aplikasi training online dengan harapan nantinya SDM akan lebih fleksibel untuk mengikuti pelatihan dan dapat meningkatkan efisiensi biaya pelatihan.

2. Recruitment Online Aplikasi Recruitment Online dibuat dalam rangka mempercepat proses administrasi rekrutmen, meningkatkan kelengkapan data-data kandidat dalam proses rekrutmen, mengurangi biaya rekrutmen, menciptakan database kandidat yang komprehensif dan terintegrasi serta memudahkan analisa data-data rekrutmen. Selain halaman untuk para pelamar yang dapat diakses melalui alamat website recruitment.elnusa.co.id, aplikasi rekrutment online Perseroan juga memiliki fitur-fitur penting dalam yaitu sebagai berikut:

a. Pembuatan, persetujuan dan pemantauan Manpower Planning

b. Pembuatan, persetujuan dan pemantauan Permintaan Tenaga Kerja

c. Pembuatan Job Postingd. Penjadwalan dan monitoring proses rekrutmene. Pembuatan dan pemantauan kontrak kerjaf. Pemantauan proses on boardingg. Penanbahan dan penyaringan database pelamar

religious activities, as well as employee welfare assistance in the form of Work Period Awards and Birthday Assignments. They also include Employee Pension Preparation Awards for 55-year-old employees, mass medical check-ups, mass pap smear examinations for employees and employee family members, vaccinations, health facilities (clinics, doctors, and ambulances), Childbirth Assistance, Funeral Aid, Hajj Fee Assistance, scholarships for children of outstanding employees, assistance for orphans orphans and poor people, sports facilities, and worship facilities (Mosques, as well as Mushollas in every floor of a building), as well as facilities that Christians can use to deepen their levels of faith.

5. ESOP/MSOPIn regards to long-term benefits for HR, the Company currently does not have a Management Stock Option Program (MSOP) or an Employee Stock Option Program (ESOP). For reference, however, these programs were once implemented in 2008 together with an IPO conducted by the Company.

HUMAN CAPITAL MANAGEMENT SYSTEMThroughout 2018, the Company has continued to make improvements to its human resource information system (HRIS) in the form of additional features. Some of the applications that have been made and added for the purpose of digitizing HR management processes in 2018 are as follows:

1. E-LearningThis application is designed to facilitate human resources in areas of operation who are limited in their time or don’t have immediate access in their work locations for participating in training sessions. Since mid-2018, the Company has developed an online training application aimed at providing more flexibility for HR in attending training sessions. The application also aims at improving the cost efficiency of these training sessions.

2. Recruitment OnlineThe Recruitment Online application was created in order to speed up the recruitment administration process, improve the completeness of candidate data during the recruitment process, reduce recruitment costs, create a comprehensive and integrated candidate database, and facilitate the analysis of recruitment data. In addition to pages that applicants can access through recruitment.elnusa.co.id (the Company’s recruitment web address), the Company’s online recruitment application also has the following important features:

a. Manufacturing, approval and monitoring of Manpower Planning

b. Manufacturing, approval and monitoring of Labor Demand

c. Creating Job Postsd. Scheduling and monitoring the recruitment processe. Creating and monitoring work contractsf. Monitoring the on-boarding processg. Addition and filtering of applicant databases

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3. E60FIT OnlineAplikasi ini dibuat dalam rangka mendukung fit to work bagi SDM Perseroan. Aplikasi ini berbasis web dengan fitur-fitur yang dapat memantau status kesehatan SDM Perseroan berdasarkan hasil MCU, aktivitas olahraga, status indikator kesehatan serta status pelaksanaan follow up hasil MCU. Dengan adanya aplikasi ini, Perseroan dapat melakukan pemantauan status kesehatan SDM dan membuat program-program kesehatan yang tepat sasaran.

4. ECMAElnusa Coaching & Mentoring Academy Application (ECMA App), merupakan sistem online yang memfasilitasi Program Coaching dan Mentoring yang ada di Elnusa Group. Aplikasi ini mendukung proses pembelajaran dalam rangka meningkatkan kompetensi dalam suatu organisasi, diantaranya ini dapat memudahkan user dalam hal mencari coach atau mentor sesuai expertise yang dibutuhkan, menyusun jadwal, hingga aktivitas coaching and mentoring dapat terdokumentasi dengan rapi. Aplikasi ini dikembangkan oleh fungsi Elnusa Petroleum School yang berkolaborasi dengan fungsi Information System secara mandiri dari internal Perseroan. Pada bulan April 2018 diluncurkan ECMA App Versi 1.0 dan selanjutnya dilakukan beberapa perbaikan dan penyempurnaan hingga diluncurkan ECMA Versi 2.0 pada bulan Agustus 2018 yang sudah bisa diakses melalui web dan Android (mobile).

PENGELOLAAN HUBUNGAN INDUSTRIAL Dalam upaya mewujudkan budaya kerja yang baik, produktif dan tentram di lingkungan kerja PT. Elnusa Tbk, dan senantiasa memperhatikan kepentingan Perseroan, karyawan, pemegang saham dan pemerintah, maka dengan pola partnership, Perseroan memberikan kebebasan bagi SDM PERSEROAN dalam memenuhi hak nya untuk bergabung dalam serikat pekerja. Hal ini merefleksikan kepatuhan Perseroan terhadap Undang-undang No. 13 tahun 2003 tentang ketenagakerjaan yang menjamin kebebasan semua karyawan untuk masuk dalam organisasi pekerja yang dikelola profesional sebagai sarana penghubung antara karyawan dan Perseroan.

Serikat pekerja Elnusa bernama SP Elnusa (SPE) juga memberikan konsultasi kepada Perseroan dalam penyusunan Peraturan Perusahaan (PP) yang mengatur hak dan kewajiban karyawan kepada Perseroan dan sebaliknya. Dokumen Peraturan Perusahaan (PP) yang mengikat pihak Manajemen Perseroan dan SP Elnusa terakhir disahkan melalui Keputusan Direktur Jenderal Pembinaan Hubungan Industrial dan Jaminan Sosial Tenaga Kerja No. KEP.411/PHIJSK-PKKAD/PP/IV/2015 pada tanggal 17 April 2015.

Selain keberadaan Serikat Pekerja Elnusa, Perseroan juga memiliki kebijakan terkait dengan pemberian sanksi kepada karyawan. Perseroan berkomitmen menegakkan sanksi atas pelanggaran yang dilakukan sebagai bagian dari penerapan Good Corporate Governance. Penentuan jenis sanksi didasarkan pada jenis pelanggaran yang dilakukan, unsur perbuatan, serta dampak yang ditimbulkan. Jenis jenis sanksi meliputi : Surat Peringatan 1, 2, 3 & Terakhir serta skorsing. Penerapan punishment selama 3 (tiga) tahun terakhir tersaji dalam tabel berikut.

3. E60FIT OnlineThis application was created in order to support the idea of fit-to-work for the Company’s HR. This web-based application provides features that can monitor the health status of the Company’s HR based on the results of a medical check-up. It can also monitor sports activities, the status of health indicators and the status of implementation for medical check-up follow-up results. Through this application, the Company can monitor the health status of HR and make health programs that are right on target.

4. ECMAThe Elnusa Coaching & Mentoring Academy Application (ECMA App) is an online system that facilitates Elnusa Group’s Coaching and Mentoring Program. This application provides support for learning processes that can help improve competency within an organization. Its features include helping users find coaches or mentors that have the expertise they need to learn. It also allows users to arrange schedules and neatly document their coaching and mentoring activities. This application was developed by the Elnusa Petroleum School through a collaboration with the Company’s Information System function that was internally independent from the Company. In April 2018, ECMA App Version 1.0 was launched. Further improvements and perfections were then made until ECMA App Version 2.0 was later launched in August 2018. This application can be accessed via the web and through Android mobile.

MANAGEMENT OF INDUSTRIAL RELATIONSThe Company provides its human resources with the freedom to fulfill their rights to join under a trade union with a partnership pattern, as part of an effort to realize the goal of a good, productive and peaceful work culture in the work environment of PT. Elnusa Tbk, as well as to always pay attention to the interests of the Company, employees, shareholders and the government. This position reflects the Company’s compliance with Law No. 13 of 2003 on employment, which guarantees the freedom of all employees to enter into professionally managed workers’ organizations as a means of liaison between employees and the Company.

Elnusa’s trade union is named SP Elnusa (SPE). This union has in the past provided the Company with consultation during its process of preparing Company Regulations that regulate the rights and obligations of employees to the Company and vice versa. The Company Regulation document that binds the Company’s Management and SP Elnusa was last ratified through the Decree of the Director General of Industrial Relations Development and Worker Social Security No. KEP.411/PHIJSK-PKKAD/PP/IV/2015, dated April 17, 2015.

In addition to the existence of an Elnusa Workers Union, the Company also has policies related to administering sanctions to employees. The Company is committed to enforcing sanctions for violations committed as part of its implementation of Good Corporate Governance. The method of determining the types of sanctions is based on the committed violation in question. Other considerations include the element of action involved in the violation as well as the impact this violation caused. The types of sanctions include: 1, 2, 3 and Last Warning Letters, as well as suspensions. Details for the implementation of these punishments for the last 3 (three) years are presented in the following table:

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No. Jenis Surat Tindakan Disiplin / SanksiDisciplinary Action/Warning Letter 2018 2017 2016

1. Surat Peringatan 1 (pertama)Warning Letter 1 (first)

3 8 20

2. Surat Peringatan 2 (kedua)Warning Letter 2 (second)

5 4 5

3. Surat Peringatan 3 (ketiga) & TerakhirWarning Letter 3 (third) & Last Warning Letter

1 2 7

4. Surat Pembebasan Sementara (Skorsing)Temporary Exemption Letter (Suspension)

0 1 0

Jumlah Total

9 15 32

Dengan diterapkannya prinsip-prinsip hubungan industrial yang baik dan komunikasi yang terbuka antara Perseroan dengan karyawan, sejak tahun 2002 sampai dengan saat ini tidak pernah terjadi labor strike di lingkungan kerja Perseroan.

Pelaksanaan Induksi Kode Etik (Code of Conduct) dan Internalisasi Karyawan sangat penting dilakukan mengingat rentannya terjadi pelanggaran integritas jika tidak diberikan orientasi atau pengetahuan mengenai hak, kewajiban, dan sanksi yang diterima jika tidak menerima hak dan tidak menjalankan kewajiban yang semestinya. Saat ini di tahun 2018 telah dilaksanakan, yaitu Code of Conduct dilaksanakan sebanyak 15 (lima belas) kali, Peraturan Perusahaan dilaksanakan sebanyak 4 (empat) kali dan Company Profile dilaksanakan sebanyak 4 (empat) kali.

RENCANA PENGEMBANGAN SDM YANG BERKESINAMBUNGANMenyongsong tahun 2019 yang penuh dengan tantangan bisnis, maka Perseroan melanjutkan strategi pengembangan SDM pada tahun 2018 yaitu sebagai berikut:

1. Membentuk Multi Talented Employee 2. Membangun budaya kinerja tinggi3. Otomasi proses pengelolaan SDM Perseroan

Diharapkan dengan pelaksanaan strategi SDM tersebut, SDM Perseroan dapat menjadi penyokong utama atas keberhasilan Perseroan dalam mempertahankan dan meningkatkan bisnisnya di tahun-tahun yang akan datang.

Thanks to the implementation of good industrial relations principles and open communication between the Company and its employees, there has not been a single labor strike in the Company’s work environment since 2002.

The Company’s implementation of its Code of Conduct and its Internalization of Employees are both very important to carry out given how easy it would be to commit violations of integrity when there is no orientation or knowledge given as to the rights, responsibilities and the sanctions administered if an Elnusa personnel does not carry out their obligations. As of 2018, the Code of Conduct has been carried out 15 (fifteen) times, while Company Regulations have been carried out 4 (four) times. Finally, the Company Profile has been carried out 4 (four) times.

SUSTAINABLE HR DEVELOPMENT PLAN

Looking to 2019, a year full of business challenges, the Company seeks to continue its HR development strategy from 2018. The details of this plan are as follows:

1. Creating Multi-Talented Employees2. Building a high-performance culture3. Automation of the Company’s HR management process

Through the implementation of its HR strategies, the Company expects to have its HR be major supporters of the Company’s success in maintaining and improving its business in the years to come.

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Tata Kelola PerusahaanGood Corporate Governance

07

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Pernyataan Tata Kelola PerusahaanStatement of Corporate Governance

Penerapan Tata Kelola PerusahaanImplementation of Corporate Governance

Pelaksanaan tata kelola Perseroan mengacu pada peraturan perundang-undangan, antara lain Peraturan OJK Nomor 21/POJK.04/2015 tanggal 16 November 2015 berikut Surat Edaran OJK tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka; Peraturan OJK yang mengatur mengenai RUPS (POJK 32 tahun 2014); Peraturan OJK yang mengatur mengenai Direksi dan Dewan Komisaris (POJK 33 tahun 2014); Peraturan OJK yang mengatur mengenai Komite-Komite (POJK 34 tahun 2014); serta Peraturan OJK yang mengatur mengenai Sekretaris Perusahaan. Selain itu Perseroan juga mengadopsi secara komprehensif standar terbaik tata kelola yang berlaku secara Internasional yaitu ASEAN Corporate Governance Scorecard sebagai acuan rekomendasi tata kelola yang harus dipenuhi.

Tata Kelola yang dijalankan Perseroan didasari oleh prinsip-prinsip GCG, yaitu Transparency, Accountability, Responsibility, Independency dan Fairness yang merupakan komitmen kuat bagi Perseroan untuk selalu menjaga dan meningkatkan nilai Perusahaan (corporate value), mendorong pengelolaan Perusahaan yang profesional, transparan dan efisien sehingga fundamental dan daya saing Perseroan semakin kuat dan terjaga dengan baik.

Organ Perseroan masing-masing menjalankan fungsinya dengan baik, Dewan Komisaris melakukan fungsi pengawasannya atas

The implementation of the Company’s governance makes reference to laws and regulations that include Financial Services Authority (OJK) Regulation No. 21/POJK.04/2015 dated November 16, 2015 along with the OJK Circular Letter on the Implementation of Guidelines for Corporate Governance in Public Companies; OJK regulations on General Meetings of Shareholders (POJK 32 of 2014); OJK regulations governing the Board of Directors and the Board of Commissioners (POJK 33 of 2014); OJK regulations governing Committees (POJK 34 of 2014); and OJK regulations governing Corporate Secretaries. In addition, the Company has also comprehensively adopted the best standards of governance that apply internationally, namely, the ASEAN Corporate Governance Scorecard. It serves as a reference for governance recommendations that must be met.

The Company’s governance is based on the principles of Good Corporate Governance (GCG), namely, Transparency, Accountability, Responsibility, Independence and Fairness, all of which serve as strong forms of commitment that allow the Company to always maintain and enhance corporate value. It also allows the Company to encourage professional, transparent and efficient Company management so that its fundamentals and competitiveness continue to become stronger and remain well maintained.

Each of the Company’s organs is able to perform its functions well. The Board of Commissioners carries out its supervisory function on

“Upaya penerapan tata kelola yang telah dilaksanakan oleh Perseroan selama ini telah terbukti memberikan kontribusi yang positif serta manfaat bagi Perseroan dalam menghadapi persaingan dan tantangan bisnis yang bersifat dinamis. Selain itu juga secara nyata meningkatkan kepercayaan dan komitmen kepada Pemegang Saham, Dewan Komisaris serta para pemangku kepentingan.

The Company’s efforts to implement governance have been proven to provide it with positive contributions and benefits for facing dynamic business competition and challenges. In addition, it also has significantly increased trust and commitment towards Shareholders, the Board of Commissioners and various stakeholders.

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Tujuan Penerapan Tata Kelola PerusahaanThe Goals of Implementing Corporate GovernanceUntuk memuwujudkan Perusahaan yang berdaya saing tinggi dan terus tumbuh, Perseroan mengembangkan struktur dan sistem Tata Kelola Perusahaaan sesuai dengan prinsip-prinsip GCG, dengan tujuan:

1. Mengoptimalkan nilai Perusahaan untuk membangun daya saing yang kuat baik secara nasional maupun internasional, dalam menjaga etika dan integritas agar dapat menjaga eksistensi dan pertumbuhan secara berkelanjutan dalam menghadapi era perdagangan bebas Masyarakat Ekonomi ASEAN (MEA);

2. Mendorong pengelolaan perusahaan secara profesional, efisien serta efektif selain juga memberdayakan fungsi dan meningkatkan kemandirian organ-organ dalam perusahaan;

3. Memberikan jaminan rasa aman sehingga akan menumbuhkan kepercayaan dari para investor maupun calon investor;

4. Mengarahkan serta mengendalikan hubungan kerja antara antara organ Perseroan;

5. Mendorong agar setiap pengambilan keputusan maupun pelaksanaannya harus dilandasi nilai moral yang tinggi dan sesuai dengan peraturan perundang-undangan yang berlaku serta tanggung jawab sosial yang tinggi;

6. Menciptakan sumber daya manusia yang professional;7. Meningkatkan kesejahteraan seluruh Insan Elnusa serta

peningkatan kemanfaatan bagi Stakeholders;8. Mencegah terjadinya penyimpangan dalam pengelolaan

Perseroan;9. Meningkatkan Budaya Kerja Perseroan;

In order to create a company that is highly competitive and continues to grow, the Company has developed a structure and system of Corporate Governance in accordance with the principles of GCG. The aims of this structure and system are as follows:

1. Optimizing the value of the Company so as to build strong competitiveness both nationally and internationally, and maintaining ethics and integrity in order to maintain existence and sustainable growth in the face of an era of free trade in the ASEAN Economic Community (AEC);

2. Encouraging professional, efficient and effective company management, as well as empowering functions and increasing the independence of organs within the company;

3. Provide a guarantee of security so that the Company can foster trust from investors and potential investors;

4. Affirming and controlling work relations between the Company’s organs;

5. Encourage things so that every decision and implementation is based on high moral values and in accordance with applicable laws and regulations, as well as containing high social responsibility;

6. Creating professional human resources;7. Increasing the welfare of all Elnusa Individuals and increasing

benefits for Stakeholders;8. Preventing irregularities in the management of the Company;

9. Improve the Company’s Work Culture;

kebijakan pengurusan, jalannya pengurusan, baik mengenai Perseroan maupun usaha Perseroan yang dilakukan oleh Direksi, serta memberi nasehat kepada Direksi. Direksi menjalankan tugasnya secara kolegial dalam melaksanakan penguruan Perseroan dan bertanggung jawab kepada RUPS sebagai bentuk perwujudan akuntabilitas pengeloaan Perusahaan sesuai dengan prinsip-prinsip tata kelola perusahaan.

Penerapan Tata Kelola Perusahaan selama 2018 diantaranya adalah sebagai berikut:

1. Pengkinian Code of Conduct2. Pengkinian Pedoman Kepatuhan terkait tata kelola perusahaan 3. Pembenahan Sistem Whistle Blowing System

management policies and the management process when it comes to both the Company and its business, as carried out by the Board of Directors. The Board of Commissioners also advises the Board of Directors. The Board of Directors carries out its duties collegially in implementing the management of the Company and is responsible to the GMS as a manifestation of the accountability of the Company’s management, in accordance with principles of corporate governance.

The implementation of Corporate Governance throughout 2018 included the following:

1. Updating the Code of Conduct2. Updating of Compliance Guidelines related to corporate governance3. Improvement of the Whistle Blowing System

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MEKANISME TATA KELOLA PERUSAHAANMekanisme tata kelola perusahaan merupakan mekanisme atas implementasi tata kelola perusahaan yang tercermin dalam sistem yang kuat. Hal ini menjadi penting, karena implementasi tata kelola perusahaan tidak cukup hanya dengan mengandalkan pilar governance structure, melainkan dibutuhkan adanya aturan main yang jelas dalam bentuk mekanisme. Governance mechanism dapat diartikan sebagai aturan main, prosedur dan hubungan yang jelas antara pihak yang mengambil keputusan dengan pihak yang melakukan kontrol (pengawasan) terhadap keputusan tersebut.

Mekanisme tata kelola yang dimiliki Perseroan antara lain:

1. Panduan Tata Kelola Perusahaan (GCG Code)2. Panduan Perilaku (Code of Conduct)3. Buku Etika Perilaku Manajemen4. Panduan Kerja Dewan Komisaris dan Direksi (Board Manual)5. Piagam Komite Audit6. Piagam Komite Nominasi dan Remunerasi7. Piagam Komite Manajemen Risiko8. Piagam Internal Audit9. Piagam Sekretaris Perusahaan10. Berbagai kebijakan dan prosedur

Pedoman tersebut dipublikasikan dalam website serta portal internal Perseroan dalam Bahasa Indonesia dan Inggris dan selalu dilakukan pemutakhiran secara berkala untuk disesuaikan dengan kondisi dan best practices serta perubahan peraturan perundang-undangan yang berlaku.

CORPORATE GOVERNANCE MECHANISMThe mechanisms of corporate governance are mechanisms for implementing corporate governance that is reflected in a strong and detailed system. These details are important, as it is not enough to rely on just the pillars of governance structures when it comes to implementing corporate governance. Clear rules of the game are still necessary. These rules must be in the form of mechanisms. Governance mechanisms can be defined as the rules of the game, the procedures and the clearly-defined relationships between the parties that make decisions and between those who exercise control (supervision) of these decision.

The governance mechanisms owned by the Company include:

1. Good Corporate Governance Code2. Code of Conduct3. Ethical Management Behavior Manual4. Board of Commissioners and Board of Directors Board Manual5. Audit Committee Charter6. Nomination and Remuneration Committee Charter7. Risk Management Committee Charter8. Internal Audit Charter9. Corporate Secretary Charter10. Various policies and procedures

All of these guidelines are published on the Company’s internal website and portal in Indonesian and English languages. These guidelines are regularly updated in order to stay adjusted to different conditions, best practices and changes in applicable laws and regulations.

Mekanisme dan Struktur Tata Kelola PerusahaanThe Mechanism and Structure of The Corporate Governance

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The following is the Company’s policy hierarchy:Berikut hirarki kebijakan Perseroan

GCG Code

Kebijakan dan Pedoman Manajemen Management Policies and Guidelnes

• SOP dan Instruksi KerjaSOP and Work Instructions

• Bisnis proses Business process

• Manual MutuQuality Manual

Code of Conduct

• Pedoman Etika Perilaku Manajemen \Guidelines for Management Behavior Ethics

• Pedoman pemberian dan penerimaan hadiah Guidelines for the giving and receiving of prizes

• Pedoman Benturan Kepentingan Guidelines for Conflicts of Interest

• Pedoman Whistleblowing system Guidelines for Whistleblowing systems

• Anti-Fraud• Anti Suap dan Korupsi

Anti Bribery and Corruption• Pedoman Kepemilikan dan Transaksi

Bagi Orang Dalam Guidelines for Ownership and Transactions for Insiders

• Pedoman Perlindungan hak KrediturGuidelines for the Protection of Creditors’ Rights

Piagam Charter

• Board Manual• Piagam Komite Audit

Audit Committee Charter• Piagam Komite Nominasi dan

RemunerasiNomination and Remuneration Committee Charter

• Piagam Komite Manajemen RisikoRisk Management Committee Charter

• Piagam Internal AuditInternal Audit Charter

• Piagam sekretaris PerusahaanCorporate Secretary Charter

Prinsip GCG GCG Principles

Tanggung Jawab Responsibility

Independensi Independence

KewajaranFairness

TransparansiTransparency

AkuntabilitasAccountability

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CORPORATE GOVERNANCE STRUCTUREIn accordance with Law Number 40 of 2007 on Limited Liability Companies, the Company’s corporate governance structure is reflected in Organs that consist of the General Meeting of Shareholders (GMS), the Board of Commissioners and the Board of Directors. Each organ has an important role in implementing GCG and in carrying out its functions, duties and responsibilities for the benefit of the Company.

1. The General Meeting of Shareholders, hereinafter referred to as GMS, is the Organ which has authority not given to the Board of Directors or the Board of Commissioners within limits specified in Law and/or the Company’s Articles of Association.

2. Board of Commissioners is the Organ tasked with carrying out general and/or specific supervision in accordance with the Articles of Association, and is also tasked with providing advice to the Board of Directors.

3. The Board of Directors is the Organ authorized and fully responsible for the management of the Company for the interests of the Company. This is done in accordance with the purposes and objectives of the Company. It also represents the Company both inside and outside the courts in accordance with the provisions of the Company’s Articles of Association.

STRUKTUR TATA KELOLA PERUSAHAANSesuai dengan Undang Undang Nomor 40 tahun 2007 tentang Perseroan Terbatas, struktur tata kelola perusahaan tergambarkan pada Organ Perseroan yang terdiri dari Rapat Umum Pemegang Saham (RUPS), Dewan Komisaris dan Direksi. Masing-masing organ memiliki peran penting dalam penerapan GCG dan menjalankan fungsi, tugas dan tanggung jawabnya untuk kepentingan Perusahaan.

1. Rapat Umum Pemegang Saham, yang selanjutnya disebut RUPS adalah Organ Perseroan yang mempunyai wewenang yang tidak diberikan kepada Direksi atau Dewan Komisaris dalam batas yang ditentukan dalam Undang-Undang dan/atau Anggaran Dasar.

2. Dewan Komisaris adalah Organ Perseroan yang bertugas melakukan pengawasan secara umum dan/atau khusus sesuai dengan Anggaran Dasar serta memberi nasihat kepada Direksi.

3. Direksi adalah Organ Perseroan yang berwenang dan bertanggung jawab penuh atas pengurusan Perseroan untuk kepentingan Perseroan, sesuai dengan maksud dan tujuan Perseroan serta mewakili Perseroan, baik di dalam maupun di luar pengadilan sesuai dengan ketentuan Anggaran Dasar.

Rapat Umum Pemegang Saham

General Meeting of Shareholders

Dewan Komisaris

Board of Commissioners

Direksi

Board of Directors

Divisi

Divisions

Komite-Komite Dewan Komisaris Board of Commissioners Committees

1. Komite Audit Audit Committee

2. Komite Nominasi & Remunerasi Nomination & Remuneration Committe

3. Komite Manajemen RisikoRisk Management Committe

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Penilaian Penerapan Tata Kelola PerusahaanAssessment of the Implementation of Corporate Governance

PENERAPAN ASEAN CORPORATE GOVERNANCE SCORECARDSalah satu upaya Perseroan untuk mengukur tingkat implementasi GCG secara konsisten adalah dengan melakukan penilaian penerapan GCG setiap tahunnya. Perseroan melakukan penilaian penerapan GCG dengan menggunakan standar praktik praktik terbaik yang berlaku di Indonesia maupun di luar negeri, yaitu ASEAN Corporate Governance Scorecard.

Untuk tahun buku 2018, Perseroan tidak melakukan pengukuran penerapan GCG, namun Perseroan fokus pada melakukan tindak lanjut atas pengkinian pedoman-pedoman kepatuhan serta proses sosialisasinya.

Penerapan Pedoman Tata Kelola Perusahaan Sesuai Rekomendasi POJK Nomor 21/POJK.04/2015

Pedoman tata kelola perusahaan terbuka diatur dalam Peraturan Otoritas Jasa Keuangan Nomor 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka dan Surat Edaran Otoritas Jasa Keuangan (SEOJK) terkait Pedoman tata Kelola Perusahaan Terbuka.

Peraturan tersebut mengatur tentang pedoman tata kelola perusahaan terbuka yang mencakup 5 (lima) aspek, 8 (delapan) prinsip, serta 25 (dua puluh lima) rekomendasi penerapan aspek dan prinsip tata kelola perusahaan yang baik berdasarkan pendekatan “comply or explain” sebagai berikut:

IMPLEMENTATION OF THE ASEAN CORPORATE GOVERNANCE SCORECARDOne of the Company’s efforts to consistently measure its level of GCG implementation is through its annual assessment of its GCG implementation. The Company evaluates the implementation of GCG by using the standard of best practices that apply both in Indonesia and abroad, namely, the ASEAN Corporate Governance Scorecard.

For the 2018 fiscal year, the Company did not conduct a measure of GCG implementation. Instead, the Company focused on following up on its updating of its compliance guidelines and its socialization process.

Implementation of Corporate Governance Guidelines in Accordance with POJK Recommendation No. 21/POJK.04/2015

The guidelines for open corporate governance are regulated in OJK Regulation No. 21/POJK.04/2015 on the Implementation of Governance Guidelines for Public Companies. The guidelines are also regulated in the OJK’s circular letter on Public Company Governance Guidelines.

These rules regulate the guidelines for open corporate governance. The guidelines cover 5 (five) aspects, 8 (eight) principles, and 25 (twenty five) recommendations for the implementation of aspects and principles of good corporate governance based on the “comply or explain” approach. These are detailed in the following table:

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Prinsip Rekomendasi Implementasi

1. Meningkatkan nilai penyelenggaraan Rapat Umum Pemegang Saham (RUPS) Increasing the value of hosting General Meetings of Shareholders (GMS).

2. Meningkatkan kualitas komunikasi perusahaan terbuka dengan pemegang saham atau investorIncreasing the quality of communication with shareholders or investors.

1. Perusahaan terbuka memiliki cara atau prosedur teknis pengumpulan (voting) baik secara terbuka maupun tertutup yang mengedepankan independensi dan kepentingan pemegang saham.Open companies have to have technical means or procedures for voting both openly and in a closed process. These procedures must prioritize the independence and interests of shareholders.

2. Seluruh anggota Direksi dan anggota Dewan Komisaris perusahaan terbuka hadir dalam RUPS Tahunan.All members of the Board of Directors and members of the Board of Commissioners have to be present at the Annual GMS of Public Companies.

3. Ringkasan risalah RUPS tersedia dalam situs web perusahaan terbuka paling sedikit selama 1 (satu) tahun.A summary of the minutes of the GMS has to be available on a Public Company's website for at least 1 (one) year.

4. Perusahaan terbuka memiliki suatu kebijakan komunikasi dengan pemegang saham atau investor.The Public Company has to have a communication policy with shareholders or investors.

5. Perusahaan terbuka mengungkapkan kebijakan komunikasi perusahaan terbuka dengan pemegang saham atau investor dalam situs web.

The Public Company has to disclose communication policies with shareholders or investors in its website.

1. Terpenuhi/ FulfilledPerseroan telah memiliki aturan terkait penyelenggaraan RUPS dimana voting dilakukan secara terbuka dengan mengangkat tangan sesuai dengan aturan yang telah disampaikan oleh pemimpin rapat. Sedangkan voting tertutup dilakukan melalui kartu suara yang dibagikan kepada setiap peserta rapat. Hal ini disampaikan kepada pemegang saham dalam tata tertib RUPS. The Company has rules regarding the implementation of the GMS. Voting is carried out openly by raising hands in accordance with rules that have been submitted by the meeting's leader. Closed voting is done through a sound card that is distributed to each meeting participant. These rules were conveyed to shareholders in the rules of the GMS.

2. Belum Terpenuhi / Not fulfilledDalam RUPS Tahunan 2018 dihadiri oleh empat anggota Dewan Komisaris dari total lima anggota Dewan Komisaris, serta dihadiri oleh seluruh anggota Direksi.The 2018 Annual GMS was attended by four members of the Board of Commissioners out of a total of five members of the Board of Commissioners, and was attended by all members of the Board of Directors.

3. Terpenuhi/ FulfilledRingkasan risalah RUPS selama 3 (tiga) tahun terakhir tersedia dalam web Perseroan (www.elnusa.co.id)A summary of the minutes of the GMS for the last 3 (three) years is available on the Company's website (www.elnusa.co.id)

4. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan komunikasi dengan pemegang saham atau investor melalui aktivitas Non Deal Roadshow, pertemuan analyst, Conference dan public expose.The Company has a communication policy with shareholders or investors through its Non Deal Roadshow activities, its analysts, its conferences and its public expose meetings.

5. Terpenuhi / FulfilledMateri dan Informasi yang dimiliki oleh Perseroan selalu disampaikan dalam web Perseroan (www.elnusa.co.id) untuk menjamin kesetaraan penyampaian informasi kepada para pemegang saham atau investor.

The materials and information held by the Company is always submitted to the Company's website (www.elnusa.co.id) to ensure equality of information delivery to shareholders or investors

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1. Memperkuat keanggotaan dan komposisi Dewan Komisaris.Strengthening the membership and composition of the Board of Commissioners.

2. Meningkatkan kualitas pelaksanaan tugas dan tanggung jawab Dewan Komisaris.Improving the implementation quality of the duties and responsibilities of the Board of Commissioners

1. Penentuan jumlah anggota Dewan Komisaris mempertimbangkan kondisi Perusahaan Terbuka. Determining of the number of members of the Board of Commissioners has to take into account the condition of the Public Company.

2. Penentuan komposisi anggota Dewan Komisaris memperhatikan keberagaman keahlian, pengetahuan, dan pengalaman yang dibutuhkan.Determining the composition of members of the Board of Commissioners has to take into account the diversity requirements for expertise, knowledge, and experience.

3. Dewan Komisaris mempunyai kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris.The Board of Commissioners has to have a self-assessment policy to assess its performance.

4. Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris diungkapkan melalui Laporan Tahunan Perusahaan Terbuka.A self-assessment policy to assess the performance of the Board of Commissioners has to be disclosed through the Annual Report of the Public Company.

5. Dewan Komisaris memiliki kebijakan terkait dengan pengunduran diri anggota Dewan Komisaris apabila terlibat dalam kejahatan keuangan.The Board of Commissioners has to have policies related to the resignation of members of the Board of Commissioners if involved in financial crimes.

6. Dewan Komisaris atau Komite yang menjalankan fungsi Nominasi dan Remunerasi menyusun kebijakan suksesi dalam proses Nominasi anggota Direksi. The Board of Commissioners or the Committee that carries out the Nomination and Remuneration function has to prepare a succession policy in the nomination process of Board of Directors members.

1. Terpenuhi / FulfilledPenentuan jumlah anggota Dewan Komisaris telah disesuaikan dengan peraturan yang berlaku serta Anggaran Dasar Perseroan sesuai dengan kondisi dan kebutuhan. Perseroan memiliki 5 anggota Dewan Komisaris.The method of determining the number of members of the Board of Commissioners has been adjusted to applicable regulations and the Articles of Association of the Company. In accordance with the conditions and needs of the Company, it has 5 members for its Board of Commissioners.

2. Terpenuhi / FulfilledKomposisi anggota Dewan Komisaris telah memenuhi aspek keberagaman keahlian, pengetahuan dan pengalaman serta kondisi dan kompleksitas bisnis Perseroan.The composition of the members of the Board of Commissioners has fulfilled the Company's diversity requirements for of expertise, knowledge and experience. It has also taken note of the Company's conditions and business complexity.

3. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan umum terkait dengan penilaian kinerja Dewan Komisaris yang tertuang dalam Board Manual dan situs web Perseroan. The Company has a general policy related to assessments for evaluating the performance of the Board of Commissioners. This policy is contained in the Board Manual and in the Company's website.

4. Terpenuhi / FulfilledPerseroan menyampaikan kebijakan penilaian dalam laporan tahunan bagian Tata Kelola Perusahaan sub bab Penilaian kinerja Dewan Komisaris.The Company has submitted an assessment policy in its annual report. It is contained in the Board of Commissioners performance appraisal sub-section, which is contained in the Corporate Governance section.

5. Terpenuhi / FulfilledPerseroan memiliki kebijakan pengunduran diri secara umum yang tertuang dalam Anggaran Dasar dan Board Manual Perseroan.The Company has a policy related to resigning members of the Board of Commissioners. This policy is contained in the Articles of Association and the Company's Board Manual.

6. Terpenuhi / FulfilledPerseroan melalui komite Nominasi dan Remunerasi telah memiliki kebijakan dalam proses nominasi anggota Direksi sesuai dengan tujuan jangka panjang Perusahaan. Kebijakan suksesi dicantumkan dalam situs web PerseroanThe Company, through its Nomination and Remuneration committee, has a policy for its process of nominating Board of Directors members in accordance with the Company's long-term goals. Succession policies are included in the Company's website.

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1. Memperkuat keanggotaan dan komposisi Direksi.Strengthening the membership and composition of the Board of Directors.

2. Meningkatkan kualitas pelaksanaan tugas dan tanggung jawab Direksi.Improving the implementation quality of the duties and responsibilities of the Board of Directors.

1. Penentuan jumlah anggota Direksi mempertimbangkan kondisi Perusahaan Terbuka.Determining of the number of members of the Board of Directors has to take into account the condition of the Public Company.

2. Penentuan komposisi anggota Direksi memperhatikan keberagaman keahlian, pengetahuan, dan pengalaman yang dibutuhkan.Determining the composition of members of the Board of Directors has to take into account the diversity requirements for expertise, knowledge, and experience.

3. Direksi yang membawahi bidang akuntansi atau keuangan memiliki keahlian dan/atau pengetahuan di bidang akuntansiDirectors who oversee accounting or finance have to have expertise and/or knowledge in accounting

4. Direksi mempunyai kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi.The Board of Directors has to have a self-assessment policy to assess its performance.

5. Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi diungkapkan melalui Laporan Tahunan Perusahaan Terbuka. A self-assessment policy to assess the performance of the Board of Directors has to be disclosed through the Annual Report of the Public Company.

6. Direksi mempunyai kebijakan terkait dengan pengunduran diri anggota Direksi apabila terlibat dalam kejahatan keuangan. The Board of Directors has to have policies related to the resignation of members of the Board of Directors if involved in financial crimes.

1. Terpenuhi / FulfilledPenentuan jumlah anggota Direksi telah disesuaikan dengan peraturan yang berlaku serta Anggaran Dasar Perseroan sesuai dengan kondisi dan kebutuhan Perseroan memiliki 5 anggota Direksi.The method of determining the number of members of the Board of Directors has been adjusted to applicable regulations and the Articles of Association of the Company. In accordance with the conditions and needs of the Company, it has 5 members for its Board of Directors.

2. Terpenuhi / FulfilledKomposisi anggota Direksi telah memenuhi aspek keberagaman keahlian, pengetahuan dan pengalaman yang diperlukan oleh Perseroan.The composition of the members of the Board of Directors has fulfilled the Company's diversity requirements for of expertise, knowledge and experience.

3. Terpenuhi / FulfilledDirektur Keuangan Perseroan telah memiliki latar belakang pendidikan sebagai Sarjana Ekonomi Manajemen dari Universitas Diponegoro, Semarang dan Sarjana Master Manajemen Keuangan & Investasi dari Institut Pertanian Bogor, serta memiliki pengalaman kerja di bidang keuangan di Dana Pensiun Pertamina dan PT Pertamina (Persero).The Finance Director of the Company has an educational background as a Bachelor of Economics in Management from Diponegoro University, Semarang, and a Masters in Financial & Investment Management from the Bogor Agricultural Institute, and has work experience in finance at Pertamina Pension Fund and at PT Pertamina (Persero).

4. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan umum terkait dengan penilaian untuk menilai kinerja Direksi yang tertuang dalam Board Manual dan situs web Perseroan. The Company has a general policy related to assessments for evaluating the performance of the Board of Directors. This policy is contained in the Board Manual and in the Company's website.

5. Terpenuhi / FulfilledPerseroan telah menyampaikan kebijakan penilaian dalam laporan tahunan bagian Tata Kelola Perusahaan sub bab Penilaian kinerja Direksi.The Company has submitted an assessment policy in its annual report. It is contained in the Board of Directors performance appraisal sub-section, which is contained in the Corporate Governance section.

6. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan terkait dengan pengunduran diri anggota Direksi yang tertuang dalam Board Manual Perseroan. The Company has a policy related to resigning members of the Board of Directors. This policy is contained in the Company's Board Manual.

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1. Meningkatkan aspek tata kelola perusahaan melalui partisipasi pemangku kepentingan. Improving aspects of corporate governance through stakeholder participation.

1. Perusahaan terbuka memiliki kebijakan untuk mencegah terjadinya insider trading. Open companies have to have policies to prevent insider trading.

2. Perusahaan terbuka memiliki kebijakan anti korupsi dan anti-fraud. Open companies have to have anti-corruption and anti-fraud policies.

3. Perusahaan terbuka memiliki kebijakan tentang seleksi dan peningkatan kemampuan pemasok atau vendor. Open companies have to have policies regarding the selection and improvement of the ability of suppliers or vendors.

4. Perusahaan terbuka memiliki kebijakan tentang pemenuhan hak-hak kreditur.Open companies have to have policies regarding the fulfillment of creditor rights.

5. Perusahaan terbuka memiliki kebijakan sistem whistleblowing.Open companies have to have a whistle-blowing system policy.

6. Perusahaan terbuka memiliki kebijakan pemberian insentif jangka panjang kepada Direksi dan karyawan. Open companies have to have a policy of providing long-term incentives to the Board of Directors and employees.

1. Terpenuhi/ FulfilledPerseroan telah memiliki kebijakan umum terkait dengan insider trading yang tertuang dalam situs web Perseroan. The Company has a general policy related to insider trading contained in the Company's website.

2. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan umum terkait dengan anti korupsi dan anti-fraud yang tertuang dalam CoC Perseroan.The Company has a general policy related to anti corruption and anti-fraud as stated in the Company's CoC.

3. Terpenuhi / FulfilledPerseroan telah memiliki SOP terkait dengan prosedur persiapan pengadaan barang dan jasa serta syarat dan ketentuan umum pengadaan barang dan jasa untuk meningkatkan kualitas pengadaan serta kualitas vendor. Hal tersebut tercantum dalam situs web Perseroan. The Company has a standard operating procedure related to procedures for preparing goods and services as well as general terms and conditions for the procurement of goods and services to improve procurement quality and vendor quality. This is stated on the Company's website

4. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan terkait dengan kewajiban untuk memenuhi hak-hak kreditur sesuai dengan kebijakan dan ketentuan yang berlaku yang tertuang dalam Perjanjian Kredit yang telah disepakati oleh kedua belah pihak. Hal tersebut tercantum dalam situs web Perseroan. The Company has a policy related to the obligation to fulfill the rights of creditors. This policy is in accordance with applicable policies and conditions contained in Credit Agreements agreed upon by both parties. This is stated on the Company's website.

5. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan terkait dengan whistleblowing system. http://www.elnusa.co.id/idn/investor/investor-information/corporate-governance/mekanisme-pengaduan/The Company has policies related to whistle-blowing systems. http://www.elnusa.co.id/idn/investor/investor-information/corporate-governance/mekanisme-pengaduan/

6. Terpenuhi / FulfilledPerseroan telah memiliki kebijakan pemberian penghargaan terhadap masa kerja karyawan sebagai bentuk penghargaan atas loyalitas pekerja. Untuk Direksi kebijakan insentif tersebut melekat pada kebijakan remunerasi PerseroanThe Company has a policy of awarding employees with tenure as a form of appreciation for employee loyalty. For directors, the incentive policy is inherent in the Company's remuneration policy.

1. Meningkatkan pelaksanaan keterbukaan informasi. Improving the implementation of information disclosure.

2. Perusahaan terbuka memanfaatkan penggunaan tekhnologi Informasi secara lebih luas selain situs web sebagai media keterbukaan Informasi.The public company should make use of Information technology more broadly than just websites as means of information disclosure.

3. Laporan tahunan perusahaan mengungkapkan pemilik manfaat akhir dalam kepemilikan saham perusahaan terbuka sedikit 5%, selain pengungkapan pemilik manfaat akhir dalam kepemilikan saham perusahaan terbuka melalui pemegang saham Utama dan pengendali. The company's annual report has revealed that the owner of final benefits in the ownership of a public company is a small 5 percent, in addition to the disclosure of the final beneficial owner in the ownership of the shares of a public company through the Main and controlling shareholders.

4. Terpenuhi / FulfilledPerseroan telah secara rutin menyampaikan Informasi tidak hanya terbatas pada keterbukaan Informasi yang telah di atur dalam peraturan perundang-undangan, namun juga Informasi lain terkait Perseroan melalui portal internal, media situs web, news flash, teasers, intranet, Elnusa news corner. The Company has routinely conveyed information, not only limited to just the information disclosure required as per legislative regulations, but also other information related to the Company through internal portals, media websites, flash news, teasers, intranets, and through Elnusa's news corner.

5. Terpenuhi / FulfilledPerseroan telah mengungkapkan pemilik manfaat akhir atas kepemilikan saham Perseroan paling sedikit 5%, juga pengungkapkan pemilik dari manfaat akhir dari kepemilikan saham oleh pemegang saham utama dan pengendali dalam Laporan Tahunan Perseroan. The Company has revealed that the ultimate benefit owner of the Company's share ownership is at least 5 percent, and has also disclosed of the owner of the final benefit of share ownership by the major and controlling shareholders in the Company's Annual Report.

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The General Meeting of Shareholders (GMS) is the highest organ of the Company. It has exclusive authority not given to the Board of Directors or the Board of Commissioners that is within the limits determined by Limited Liability Company Laws and/or the Articles of Association of the Company. The GMS is a forum for shareholders to decide the direction of the Company. It is also a forum for the Board of Commissioners and Directors to submit reports and provide accountability for the implementation of the Company’s duties, results and performance to Shareholders.

ORGANIZING OF THE GMSThroughout 2018, the Company held one a total of Annual GMS and two Extraordinary GMS at the Udaya Room of the Graha Elnusa building located at Jl. TB. Simatupang Kav. 1B, Jakarta 12560.

The process of organizing the Annual General Meeting of Shareholders and the Extraordinary General Meeting of Shareholders was carried out based on Financial Services Authority (OJK) Regulation No. 32/POJK.04/2014 on the Planning and Implementation of the General Meeting of Shareholders of Public Companies, which was amended into Financial Services Authority Regulation No. 10/POJK.04/2017 on Amendments to Financial Services Authority Regulation No. 32/POJK.04/2014.

The process of planning and implementing the Annual GMS has been outlined in a Company letter that was submitted to the Financial Services Authority. The announcement was also delivered through advertisements in Indonesian-language newspapers. It was announced nationally through the Company’s website and through the Indonesia Stock Exchange website.

The following is a timetable of the stages concerning the implementation of the 2017 Annual GMS and the 2018 Extraordinary GMS:

Rapat Umum Pemegang SahamGeneral Meeting of Shareholders

Rapat Umum Pemegang Saham (RUPS) merupakan organ tertinggi Perusahaan yang mempunyai wewenang yang tidak diberikan kepada Direksi atau Dewan Komisaris dalam batas yang ditentukan oleh Undang-Undang Perseroan terbatas dan/atau Anggaran Dasar Perseroan. RUPS merupakan wadah bagi pemegang saham dalam memutuskan arah Perseroan dan merupakan forum bagi Dewan Komisaris dan Direksi untuk menyampaikan laporan dan pertanggungjawaban atas pelaksanaan tugas serta hasil kinerja Perusahaan kepada para Pemegang Saham.

PENYELENGGARAAN RUPSSepanjang tahun 2018, Perseroan mengadakan satu kali RUPS Tahunan dan dua kali RUPS Luar Biasa bertempat di Ruang Udaya, Graha Elnusa Jl. TB. Simatupang Kav. 1B Jakarta 12560.

RUPSGMS

TanggalDate

Kuorum KehadiranAttendance Quorum

RUPS Luar BiasaExtraordinary GMS

5 Maret 2018March 5, 2018

4.803.286.956 atau 65,811%4,803,286,956 or 65.811%

RUPS TahunanAnnual GMS

14 Mei 2018May 14, 2018

5.171.962.702 atau 70,863%5,171,962,702 or 70.863%

RUPS Luar BiasaExtraordinary GMS

31 Agustus 2018August 31, 2018

5.213.987.859 atau 71,439%5,213,987,859 or 71.439%

Proses penyelenggaraan Rapat Umum Pemegang Saham Tahunan dan Rapat Umum Pemegang Saham Luar Biasa dilaksanakan berdasarkan Peraturan Otoritas Jasa Keuangan No. 32/POJK.04/2014 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan Terbuka sebagaimana telah diubah menjadi Peraturan Otoritas Jasa Keuangan No. 10/POJK.04/2017 tentang Perubahan atas Peraturan Otoritas Jasa Keuangan No. 32/POJK.04/2014.

Proses rencana dan pelaksanaan RUPS Tahunan tersebut telah tertuang dalam surat Perseroan yang telah disampaikan kepada Otoritas Jasa keuangan (OJK) serta melakukan pemasangan iklan pada surat kabar berbahasa Indonesia dan berperadaran nasional serta diumumkan melalui website Perseroan dan website Bursa Efek Indonesia.

Berikut adalah tahapan tata waktu penyelenggaraan RUPS Tahunan Tahun Buku 2017 dan RUPS Luar Biasa tahun 2018:

187


NoAktifitasActivities

WaktuDATE

RUPSLB5 Maret 2018

EGMSMarch 5, 2018

RUPST14 Mei 2018

AGMSMay 14, 2018

RUPSLB31 Agustus 20184 EGMS

August 31, 2018

1Penyampaian rencana RUPS kepada OJK, disampaikan melalui surat tertulis.Submission of the GMS plan to the OJK via written letter.

18 Januari 2018January 18, 2018

28 Maret 2018March 28, 2018

18 Juli 2018July 18, 2018

2

Pengumuman RUPS, disampaikan melalui iklan di harian Investor Daily, Situs Web Bursa Efek Indonesia dan Situs Web OJKAnnouncement of the GMS, delivered through advertisements in the Investor Daily newspaper, the Indonesian Stock Exchange website and the OJK website.

25 Januari 2018January 25, 2018

5 April 2018April 5, 2018

25 Juli 2018July 25, 2018

3

Pemanggilan RUPS disampaikan melalui iklan di harian Investor Daily, Situs Web Bursa Efek Indonesia dan Situs Web OJKInvitations to the GMS, delivered through advertisements in the Investor Daily newspaper, the Indonesian Stock Exchange website and the OJK website.

9 Februari 2018February 9, 2018

20 April 2018April 20, 2018


4

Pelaksanaan RUPS. Bertempat di Ruang Udaya, Graha Elnusa Jl. TB. Simatupang Kav. 1B Jakarta 12560.Implementation of the GMS at the Udaya Room of the Graha Elnusa building located at Jl. TB. Simatupang Kav. 1B, Jakarta 12560.


14 Mei 2018May 14, 2018


5Penyampaian Ringkasan risalah RUPSSubmission of a Summary of the Minutes of the GMS


15 Mei 2018May 15, 2018

3 September 2018September 3, 2018

6

Penyampaian Risalah RUPS disampaikan melalui Situs Web Bursa Efek Indonesia dan Situs Web OJKThe Minutes of the GMS is submitted through the Indonesia Stock Exchange website and the OJK website

2 April 2018April 2, 2018

11 Juni 2018June 11, 2018

25 September 2018September 25, 2018

KETENTUAN KUORUMKuorum kehadiran dan kuorum keputusan RUPS untuk mata acara yang harus diputuskan dalam RUPS dilakukan dengan mengikuti ketentuan berdasarkan Peraturan Otoritas Jasa Keuangan dan Anggaran Dasar Perseroan.

RUPSGMS

Jumlah Saham dengan Hak Suara/KuorumNumber of Shares with Voting Rights/Quorum

RUPS Luar Biasa 5 Maret 2018EGMS of March 5, 2018

4.803.386.956 saham/65,89%4,803,386,956 shares/65.89%

RUPS Tahunan 14 Mei 2018AGMS of May 14, 2018

5.171.962.702 saham/ 70,86%5,171,962,702 shares/ 70.86%

RUPS Luar Biasa 31 Agustus 2018EGMS of August 31, 2018

5.213.987.859 saham/71,44%5,213,987,859 shares/71.44%

KEHADIRAN DALAM RUPSRUPS Tahunan dan RUPS Luar Biasa dihadiri oleh anggota Dewan Komisaris, Direksi, Pemegang Saham Mayoritas dan Pemegang saham lainnya dan atau kuasanya serta dihadiri juga oleh Lembaga Penunjang Pasar Modal yaitu:

Lembaga Penunjang Pasar ModalCapital Market Supporting

Institutions

RUPSLB 5 Maret 2018

EGMSMarch 5, 2018

RUPST 14 Mei 2018

AGMSMay 14, 2018

RUPSLB 31 Agustus 2018

EGMSAugust 31, 2018

NotarisNotary

Kantor Notaris Aulia Taufani, S.HNotary Office of Aulia Taufani, S.H



Kantor Akuntan PublikPublic Accounting Firm

Publik Purwantono, Sungkoro & Surja (“Ernst & Young”)

Biro Administrasi EfekSecurities Administration Bureau

PT Datindo Entrycom PT Datindo Entrycom PT Datindo Entrycom

QUORUM PROVISIONSThe quorum of attendance and quorum of decisions for GMS agendas that must be deliberated upon at the GMS is carried out in accordance to the provisions of the Financial Services Authority’s regulations and the Articles of Association of the Company.

GMS ATTENDANCE The Annual GMS and Extraordinary GMS were attended by members of the Board of Commissioners, Board of Directors, Majority Shareholders and other shareholders and/or their proxies, was also attended by Capital Market Supporting Institutions, namely:

188


Kehadiran Dewan Komisaris dan Direksi dalam RUPSAttendance of the Board of Commissioner and Board of Directors within the GMS:

NamaName

JabatanPosition

Keanggotaan pada KomiteMembership within the Committee

Kehadiran Attendance

RUPS Luar Biasa 5 Maret 2018EGMS of March 5, 2018

Syamsu AlamKomisaris UtamaPresident Commissioner

Tidak HadirAbsent

Rinaldi Firmansyah (Pemimpin Rapat)Komisaris IndependenIndependent Commissioner

Ketua Komite Nominasi & RemunerasiNomination & Remuneration Committee Chairman

HadirPresent

Pradana RamadhianKomisaris IndependenIndependent Commissioner

Ketua Komite AuditAudit Committee Chairman

HadirPresent

Budhi HimawanKomisaris Commissioner

Ketua Manajemen RisikoRisk Management Chairman

HadirPresent

Yudo IriantoKomisaris Commissioner

Anggota Komite Nominasi & RemunerasiNomination & Remuneration Committee Member

HadirPresent

Tolingul AnwarDirektur UtamaPresident Director

HadirPresent

Budi RahardjoDirektur KeuanganDirector Finance

HadirPresent

Elizar Parlindungan HasibuanDirektur OperasiDirector Operations

HadirPresent

Budhi N. PangaribuanDirektur Pengembangan UsahaBusiness Development Director

HadirPresent

RM. Happy Paringhadi JSDirektur SDM & UmumHR & General Affairs Director

HadirPresent

RUPS Tahunan 14 Mei 2018AGMS of May 14, 2018

Gigih Prakoso (Pemimpin Rapat)Komisaris UtamaPresident Commissioner

HadirPresent

Pradana Ramadhian G.Komisaris IndependenIndependent Commissioner


HadirPresent

Rinaldi FirmansyahKomisaris IndependenIndependent Commissioner

Ketua Komite Nominasi & RemunerasiNomination& Remuneration Chairman

Tidak HadirAbsent

Narendra WidjajantoKomisarisCommissioner

Ketua Komite Manajemen RisikoRisk Management Committee Chairman

HadirPresent

Yudo IriantoKomisarisCommissioner


HadirPresent


HadirPresent

Budi RahardjoDirektur KeuanganFinance Director

HadirPresent

Elizar Parlindungan HasibuanDirektur OperasiOperations Director

HadirPresent

RM Happy Paringhadi JSDirektur SDM & UmumHR & General Affairs Director

HadirPresent

189


NamaName

JabatanPosition

Keanggotaan pada KomiteMembership within the Committee

Kehadiran Attendance

RUPS Luar Biasa 31 Agustus 2018EGMS of August 31, 2018

Gigih Prakoso (Pemimpin Rapat)Komisaris UtamaPresident Commissioner

HadirPresent

Pradana RamadhianKomisaris IndependenIndependent Commissioner


HadirPresent

Lusiaga Levi SusilaKomisaris IndependenIndependent Commissioner

Ketua Komite Nominasi & RemunerasiNomination & Remuneration Committee Chairman

HadirPresent

Narendra WidjajantoKomisarisCommissioner

Ketua Komite Manajemen RisikoRisk Management Committee Chairman

HadirPresent

Yudo IriantoKomisarisCommissioner


HadirPresent


HadirPresent


HadirPresent

RM Happy Paringhadi JS

Direktur SDM & Umum merangkap Direktur KeuanganHR & General Affairs Director, and concurrently the Finance Director

HadirPresent

190


Rapat Umum Pemegang Saham

General Meeting of Shareholders

Dewan Komisaris


Direksi

Board of Directors

Divisi

Divisions

Komite-Komite Dewan Komisaris Board of Commissioners Committees

1. Komite Audit Audit Committee

2. Komite Nominasi & Remunerasi Nomination & Remuneration Committe

3. Komite Manajemen RisikoRisk Management Committe

Dalam Rapat, Pemimpin Rapat juga memberikan kesempatan kepada pemegang saham atau kuasanya untuk mengajukan pertanyaan/tanggapan dan/atau usulan pada setiap mata acara rapat.

Adapun hasil keputusan RUPS beserta keterangan realisasinya adalah sebagai berikut:

RUPS Luar Biasa 5 Maret 2018

No Mata Acara Keputusan Realisasi

1Persetujuan Perubahann Susunan Pengurus Perseroan

1. Memberhentikan dengan hormat Tuan Budhi Nugraha Pangaribuan sebagai Direktur Pengembangan Usaha Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Direktur Pengembangan Usaha Perseroan;

2. Memberhentikan dengan hormat Tuan Syamsu Alam sebagai Komisaris Utama Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Utama Perseroan;

3. Memberhentikan dengan hormat Tuan Budhi Himawan sebagai Komisaris Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Perseroan.

4. Mengangkat Tuan Gigih Prakoso sebagai Komisaris Utama Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

5. Mengangkat Tuan Narendra Widjajanto sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

Dengan demikian setelah ditutupnya Rapat ini susunan pengurus Perseroan menjadi sebagai berikut:

DEWAN KOMISARISKomisaris Utama : Gigih Prakoso Komisaris : Narendra WidjajantoKomisaris : Yudo IriantoKomisaris Independen : Rinaldi Firmansyah Komisaris Independen : Pradana Ramadhian G.

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan HasibuanDirektur Keuangan : Budi RahardjoDirektur SDM & Umum : RM Happy Paringhadi JS

B. Menyetujui memberi kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Direksi dan Dewan Komisaris Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan Direksi dan Dewan Komisaris Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.

Rapat menyetujui dengan jumlah suara sebanyak 4.700.218.256 saham atau 97,85% dari jumlah suara yang dikeluarkan secara sah dalam rapat.

Telah ditindaklanjuti

191


Dalam Rapat, Pemimpin Rapat juga memberikan kesempatan kepada pemegang saham atau kuasanya untuk mengajukan pertanyaan/tanggapan dan/atau usulan pada setiap mata acara rapat.

Adapun hasil keputusan RUPS beserta keterangan realisasinya adalah sebagai berikut:

RUPS Luar Biasa 5 Maret 2018


1Persetujuan Perubahann Susunan Pengurus Perseroan

1. Memberhentikan dengan hormat Tuan Budhi Nugraha Pangaribuan sebagai Direktur Pengembangan Usaha Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Direktur Pengembangan Usaha Perseroan;

2. Memberhentikan dengan hormat Tuan Syamsu Alam sebagai Komisaris Utama Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Utama Perseroan;

3. Memberhentikan dengan hormat Tuan Budhi Himawan sebagai Komisaris Perseroan terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Perseroan.

4. Mengangkat Tuan Gigih Prakoso sebagai Komisaris Utama Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

5. Mengangkat Tuan Narendra Widjajanto sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.


DEWAN KOMISARISKomisaris Utama : Gigih Prakoso Komisaris : Narendra WidjajantoKomisaris : Yudo IriantoKomisaris Independen : Rinaldi Firmansyah Komisaris Independen : Pradana Ramadhian G.

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan HasibuanDirektur Keuangan : Budi RahardjoDirektur SDM & Umum : RM Happy Paringhadi JS

B. Menyetujui memberi kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Direksi dan Dewan Komisaris Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan Direksi dan Dewan Komisaris Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.



During these Meetings, each Meeting Chairperson also provide opportunities for shareholders or their proxies to submit questions/responses and/or proposals for each meeting agenda.

The results of the resolutions of each GMS, alongside the realization of each of these resolutions, are as follows:

EGMS of March 5, 2018

No. Agenda Resolution Realization

1Approval of Changes in the Management Structure of the Company

1. Honorably dismissing the role of Mr. Budhi Nugraha Pangaribuan as Director of Business Development of the Company, effective from the closing date of this Meeting with gratitude for his services while serving as the Company’s Director of Business Development;

2. Honorably dismissing the role of Mr. Syamsu Alam as President Commissioner of the Company, effective from the closing date of this Meeting with gratitude for his services while serving as the Company’s President Commissioner;

3. Honorably dismissing the role of Mr. Budhi Himawan as the Commissioner of the Company, effective from the closing date of this Meeting with gratitude for his services while serving as the Company’s Commissioner.

4. Appointing Mr. Gigih Prakoso as the Company’s President Commissioner for the time frame of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

5. Appointing Mr. Narendra Widjajanto as the Company’s Commissioner for the time frame of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

With the closing of this Meeting, the new composition of the Company’s management is as follows:

BOARD OF COMMISSIONERSPresident Commissioner: Gigih PrakosoCommissioner: Narendra WidjajantoCommissioner: Yudo IriantoIndependent Commissioner: Rinaldi FirmansyahIndependent Commissioner: Pradana Ramadhian G.

BOARD OF DIRECTORSPresident Director: Tolingul AnwarOperations Director: Elizar Parlindungan HasibuanFinance Director: Budi RahardjoHR & General Affairs Director: RM Happy Paringhadi JS

B.Approving to authorize with the right of substitution for the Company’s Board of Directors to declare the Meeting’s decision regarding changes in the Directors and Board of Commissioners of the Company in a separate deed before a Notary and to provide notification to the Law and Human Rights Minister of the Republic of Indonesia regarding the above-mentioned Board of Directors and Board of Commissioners, and to conduct all actions required by applicable laws and regulations.

The meeting came to an agreement with the number of votes reaching as many as 4,700,218,256 shares or 97.85% of the number of votes issued legally at the meeting.

Has been followed through

192


RUPS Tahunan 14 Mei 2018


1

Persetujuan Laporan Tahunan 2017 termasuk di dalamnya Laporan Pengawasan Dewan Komisaris dan Pengesahan Laporan Keuangan Perseroan yang berakhir pada tanggal 31 Desember 2017.

1. Menyetujui dan mengesahkan Laporan Tahunan Perseroan Tahun Buku 2017, termasuk Laporan Pengawasan Dewan Komisaris Perseroan Tahun Buku 2017;

2. Mengesahkan Laporan Keuangan Konsolidasian Perseroan dan Entitas Anak tanggal 31 Desember 2017 dan untuk tahun yang berakhir pada tanggal tersebut yang telah diaudit oleh Kantor Akuntan Publik Purwantono, Sungkoro & Surja (“Ernst & Young”) sesuai dengan laporannya No. RPC-5687/PSS/2018 tertanggal 14 Februari 2018; dengan pendapat “wajar, dalam semua hal yang material” dan dengan demikian memberikan pelunasan dan pembebasan tanggung jawab sepenuhnya (acquit et de charge) kepada anggota Direksi dan Dewan Komisaris atas pengurusan dan pengawasan yang telah dijalankan selama Tahun Buku 2017, sepanjang:a. tindakan tersebut bukan merupakan tindakan pidana dan/atau tindakan

yang bertentangan dengan peraturan perundangan yang berlaku, serta tindakan tersebut telah tercermin dalam Laporan Tahunan dan Laporan Keuangan Perseroan.

Rapat menyetujui dengan jumlah suara bulat sebanyak 5.171.962.702 saham atau 100% dari jumlah suara yang dikeluarkan secara sah dalam rapat.


2Penetapan penggunaan Laba Bersih Perseroan Tahun Buku 2017

1. Menyetujui menetapkan penggunaan Laba Bersih Perseroan (yang diatribusikan kepada pemilik entitas induk) untuk Tahun Buku 2016 yang tercatat sebesar Rp247.140.000.000 sebagai berikut :a. Sebesar Rp12.357.000 atau 5% dari Laba Bersih Tahun Buku 2017

ditetapkan sebagai Cadangan Umum. b. Sebesar Rp37.071.000.000 atau 15% dari Laba Bersih Tahun Buku 2017

ditetapkan sebagai Dividen Tunai untuk Tahun Buku 2017. c. Sisanya sebesar Rp197.712.000.000 atau 80% dari Laba Bersih Tahun

Buku 2017 akan menjadi Laba Ditahan atau Retained Earning Perseroan.2. Memberikan kuasa dan melimpahkan keewenangan kepada Direksi

Perseroan untuk mengatur tata cara pembayaran dividen tunai termaksud.

Rapat menyetujui dengan jumlah bulat 5.171.962.702 saham atau 100% dari jumlah suara yang dikeluarkan secara sah dalam rapat.

• Tata Cara Pembayaran Dividen Tunai Tahun Buku 2017 tercantum dalam Pengumuman Hasil Keputusan RUPS Tahunan yang dipublikasikan di harian Investor Daily pada tanggal 15 Mei 2018.

• Pembayaran Dividen Tunai Tahun Buku 2017 telah dilakukan pada tanggal 8 Juni 2018.

3

Penetapan Tantiem tahun 2017 dan Remunerasi tahun 2018 bagi anggota Direksi dan Dewan Komisaris

Memberikan kuasa dan melimpahkan kewenangan kepada Dewan Komisaris Perseroan, dengan terlebih dahulu mendapat persetujuan PT Pertamina (Persero) selaku Pemegang Saham Pengendali untuk menetapkan besaran Tantiem bagi anggota Direksi & Dewan Komisaris Perseroan untuk tahun buku 2017. 1. Memberikan kuasa dan melimpahkan kewenangan kepada Dewan Komisaris

Perseroan, dengan terlebih dahulu mendapat persetujuan PT Pertamina (Persero) selaku Pemegang Saham Pengendali untuk menetapkan besaran gaji/honorarium, tunjangan dan fasilitas bagi anggota Direksi & Dewan Komisaris Perseroan untuk tahun 2018.

2. Rapat menyetujui dengan jumlah suara sebanyak 5.049.608.902 saham atau 97,634% dari jumlah suara yang dikeluarkan secara sah dalam rapat


4

Penunjukan Akuntan Publik untuk Mengaudit Perhitungan Tahunan Perseroan Tahun Buku 2018

Mendelegasikan kewenangan kepada Dewan Komisaris Perseroan untuk menunjuk Akuntan Publik Independen dari Kantor Akuntan Publik (KAP) untuk melakukan pemeriksaan atas Laporan Keuangan Perseroan untuk tahun buku yang berakhir pada tanggal 31 Desember 2017 berikut besaran nilai jasanya, sesuai ketentuan dan peraturan yang berlaku, termasuk untuk menunjuk KAP pengganti bilamana karena sebab apapun juga berdasarkan ketentuan Pasar Modal di Indonesia apabila KAP yang ditunjuk tidak dapat melakukan tugasnya, dengan kriteria bahwa:

1. KAP yang ditunjuk Perseroan sama dengan KAP yang ditunjuk oleh PT Pertamina (Persero)

2. KAP tersebut terdaftar di Otoritas Jasa Keuangan.3. KAP tersebut dalam afiliasi KAP empat besar (Big Four) di dunia.

Rapat menyetujui dengan jumlah suara sebanyak 4.903.096.602 saham atau 94,801% dari jumlah suara yang dikeluarkan secara sah dalam rapat

Berdasarkan Surat Keputusan Dewan Komisaris Nomor L8.014C-2018.028 tentang Keputusan Dewan Komisaris atas Penunjukan Kantor Akuntan Publik (KAP) dan/atau Akuntan Publik (AP) untuk Jasa Audit atas Jasa Laporan Keuangan Historis Tahunan Posisi 31 Desember 2018 PT Elnusa Tbk dan Entitas Anaknya.

Dewan Komisaris memutuskan:• Menunjuk KAP Purwantono,

Sungkoro dan Surja (anggota firma Ernst & Young) dengan AP Sdr. Sinarta untuk melakukan audit atas jasa informasi keuangan historis tahunan posisi 31 Desember 2018 pada Elnusa dan Grup dengan perkiraan imbalan jasa sebesar Rp2.200.000.000,-

• Agar Direksi mempersiapkan dokumen-dokumen terkait yang diperlukan dalam rangka pengadaan jasa KAP dan/atau AP tersebut.

193


RUPS Tahunan 14 Mei 2018


1

Persetujuan Laporan Tahunan 2017 termasuk di dalamnya Laporan Pengawasan Dewan Komisaris dan Pengesahan Laporan Keuangan Perseroan yang berakhir pada tanggal 31 Desember 2017.

1. Menyetujui dan mengesahkan Laporan Tahunan Perseroan Tahun Buku 2017, termasuk Laporan Pengawasan Dewan Komisaris Perseroan Tahun Buku 2017;

2. Mengesahkan Laporan Keuangan Konsolidasian Perseroan dan Entitas Anak tanggal 31 Desember 2017 dan untuk tahun yang berakhir pada tanggal tersebut yang telah diaudit oleh Kantor Akuntan Publik Purwantono, Sungkoro & Surja (“Ernst & Young”) sesuai dengan laporannya No. RPC-5687/PSS/2018 tertanggal 14 Februari 2018; dengan pendapat “wajar, dalam semua hal yang material” dan dengan demikian memberikan pelunasan dan pembebasan tanggung jawab sepenuhnya (acquit et de charge) kepada anggota Direksi dan Dewan Komisaris atas pengurusan dan pengawasan yang telah dijalankan selama Tahun Buku 2017, sepanjang:a. tindakan tersebut bukan merupakan tindakan pidana dan/atau tindakan

yang bertentangan dengan peraturan perundangan yang berlaku, serta tindakan tersebut telah tercermin dalam Laporan Tahunan dan Laporan Keuangan Perseroan.

Rapat menyetujui dengan jumlah suara bulat sebanyak 5.171.962.702 saham atau 100% dari jumlah suara yang dikeluarkan secara sah dalam rapat.


2Penetapan penggunaan Laba Bersih Perseroan Tahun Buku 2017

1. Menyetujui menetapkan penggunaan Laba Bersih Perseroan (yang diatribusikan kepada pemilik entitas induk) untuk Tahun Buku 2016 yang tercatat sebesar Rp247.140.000.000 sebagai berikut :a. Sebesar Rp12.357.000 atau 5% dari Laba Bersih Tahun Buku 2017

ditetapkan sebagai Cadangan Umum. b. Sebesar Rp37.071.000.000 atau 15% dari Laba Bersih Tahun Buku 2017

ditetapkan sebagai Dividen Tunai untuk Tahun Buku 2017. c. Sisanya sebesar Rp197.712.000.000 atau 80% dari Laba Bersih Tahun

Buku 2017 akan menjadi Laba Ditahan atau Retained Earning Perseroan.2. Memberikan kuasa dan melimpahkan keewenangan kepada Direksi

Perseroan untuk mengatur tata cara pembayaran dividen tunai termaksud.

Rapat menyetujui dengan jumlah bulat 5.171.962.702 saham atau 100% dari jumlah suara yang dikeluarkan secara sah dalam rapat.

• Tata Cara Pembayaran Dividen Tunai Tahun Buku 2017 tercantum dalam Pengumuman Hasil Keputusan RUPS Tahunan yang dipublikasikan di harian Investor Daily pada tanggal 15 Mei 2018.

• Pembayaran Dividen Tunai Tahun Buku 2017 telah dilakukan pada tanggal 8 Juni 2018.

3

Penetapan Tantiem tahun 2017 dan Remunerasi tahun 2018 bagi anggota Direksi dan Dewan Komisaris

Memberikan kuasa dan melimpahkan kewenangan kepada Dewan Komisaris Perseroan, dengan terlebih dahulu mendapat persetujuan PT Pertamina (Persero) selaku Pemegang Saham Pengendali untuk menetapkan besaran Tantiem bagi anggota Direksi & Dewan Komisaris Perseroan untuk tahun buku 2017. 1. Memberikan kuasa dan melimpahkan kewenangan kepada Dewan Komisaris

Perseroan, dengan terlebih dahulu mendapat persetujuan PT Pertamina (Persero) selaku Pemegang Saham Pengendali untuk menetapkan besaran gaji/honorarium, tunjangan dan fasilitas bagi anggota Direksi & Dewan Komisaris Perseroan untuk tahun 2018.

2. Rapat menyetujui dengan jumlah suara sebanyak 5.049.608.902 saham atau 97,634% dari jumlah suara yang dikeluarkan secara sah dalam rapat


4

Penunjukan Akuntan Publik untuk Mengaudit Perhitungan Tahunan Perseroan Tahun Buku 2018

Mendelegasikan kewenangan kepada Dewan Komisaris Perseroan untuk menunjuk Akuntan Publik Independen dari Kantor Akuntan Publik (KAP) untuk melakukan pemeriksaan atas Laporan Keuangan Perseroan untuk tahun buku yang berakhir pada tanggal 31 Desember 2017 berikut besaran nilai jasanya, sesuai ketentuan dan peraturan yang berlaku, termasuk untuk menunjuk KAP pengganti bilamana karena sebab apapun juga berdasarkan ketentuan Pasar Modal di Indonesia apabila KAP yang ditunjuk tidak dapat melakukan tugasnya, dengan kriteria bahwa:

1. KAP yang ditunjuk Perseroan sama dengan KAP yang ditunjuk oleh PT Pertamina (Persero)

2. KAP tersebut terdaftar di Otoritas Jasa Keuangan.3. KAP tersebut dalam afiliasi KAP empat besar (Big Four) di dunia.


Berdasarkan Surat Keputusan Dewan Komisaris Nomor L8.014C-2018.028 tentang Keputusan Dewan Komisaris atas Penunjukan Kantor Akuntan Publik (KAP) dan/atau Akuntan Publik (AP) untuk Jasa Audit atas Jasa Laporan Keuangan Historis Tahunan Posisi 31 Desember 2018 PT Elnusa Tbk dan Entitas Anaknya.

Dewan Komisaris memutuskan:• Menunjuk KAP Purwantono,

Sungkoro dan Surja (anggota firma Ernst & Young) dengan AP Sdr. Sinarta untuk melakukan audit atas jasa informasi keuangan historis tahunan posisi 31 Desember 2018 pada Elnusa dan Grup dengan perkiraan imbalan jasa sebesar Rp2.200.000.000,-

• Agar Direksi mempersiapkan dokumen-dokumen terkait yang diperlukan dalam rangka pengadaan jasa KAP dan/atau AP tersebut.

AGMS of May 14, 2018


1

Approval of the 2017 Annual Report, which includes the Board of Commissioners’ Supervision Report and Ratification of the Company’s Financial Statements that expired on December 31, 2017.

1. Approving and ratifying the Company’s Annual Report for the 2017 Fiscal Year, which includes the Company’s Board of Commissioners’ 2017 Supervisory Report;

2. Ratifying the Company and Subsidiary’s Consolidated Financial Statements for December 31, 2017 and for the year ended on that date. These statements have been audited by the Public Accounting Firm Purwantono, Sungkoro & Surja (“Ernst & Young”) in accordance with report No. RPC-5687/PSS/2018 dated February 14, 2018. The final conclusion reached with this was “reasonable, in all material respects”. Thus there shall be full repayment and release of responsibility (acquit et de charge) for members of the Board of Directors and the Board of Commissioners for the acts management and supervision that have been carried out during the 2017 Fiscal Year, as long as:a. Such actions are not criminal actions and/or actions that are contrary to

applicable laws and regulations, and as along as these actions have been reflected in the Company’s Annual Report and Financial Report.

The meeting came to an agreement, with a total number of 5,171,962,702 in voting shares or 100% of the total votes issued legally at the meeting.

Has been followed through

2

Determination of the use of the Company’s Net Profit for the 2017 Financial Year.

1. Approving the determination of the use of the Company’s Net Profit (which is attributed to the owner of the parent entity) for the 2016 Fiscal Year, which was recorded at Rp 247,140,000,000, with the breakdown of it as follows:a. Rp 12,357,000 or 5% of Net Income for the 2017 Financial Year has been

established as General Reserves.b. Rp 37,071,000,000 or 15% of Net Income for the 2017 Financial Year was

determined as Cash Dividend for the 2017 Financial Year.c. The remaining Rp 197,712,000,000 or 80% of the 2017 Net Income will be

the Retained Earnings of the Company.2. Giving power and delegating authority to the Board of Directors of the

Company to regulate the procedure for payment of cash dividends.

The Meeting came to an agreement, with a round number of 5,171,962,702 shares or 100% of the number of votes issued legally at the meeting.

• . Procedures for Payment of Cash Dividends for the Fiscal Year 2017 were listed in the Announcement of the Results of the Annual GMS Resolutions published in the newspaper Investor Daily on May 15, 2018.

• Cash Dividend Payments for the 2017 Financial Year were done on June 8, 2018.

3

Determination of 2017 Tantiem and Remuneration in 2018 for members of the Board of Directors and Board of Commissioners.

1. . Giving power and delegating authority to the Board of Commissioners of the Company, with prior approval from PT Pertamina as the Controlling Shareholder, to determine the amount of bonuses for members of the Board of Directors & Board of Commissioners of the Company for the 2017 Fiscal Year.

2. 2. Giving power and delegating authority to the Board of Commissioners of the Company, with prior approval from PT Pertamina as the Controlling Shareholder, to determine the amount of salary/honorarium, allowances and facilities for members of the Board of Directors & Board of Commissioners of the Company for 2018.

The meeting came to an agreement, with the number of votes as many as 5,049,608,902 shares or 97.634% of the number of votes issued legally at the meeting.

Has been followed through.

4

Appointment of Public Accountants to Audit the Company’s Annual Calculations for the 2018 Book year.

Delegating authority to the Board of Commissioners of the Company to appoint an Independent Public Accountant from a Public Accountant Office (KAP) to conduct an audit of the Company’s Financial Report for the year ending on December 31, 2017. This includes an evaluation of the value of the accountant’s services in accordance with applicable regulations, including designating a Replacement KAP if for any reason the appointed KAP cannot carry out its duties (also based on the provisions of the Capital Market in Indonesia), with the criteria that:

1. The KAP appointed by the Company is the KAP appointed by PT Pertamina.2. The KAP is registered with the Financial Services Authority.3. The KAP has an affiliation with the big four KAPs in the world.

The meeting came to an agreement, with the number of votes totaling 4,903,096,602 shares or 94.801% of the number of votes issued legally at the meeting.

Based on the Decree of the Board of Commissioners No. L8.014C-2018,028 concerning the Decision of the Board of Commissioners on the Appointment of a Public Accounting Firm (KAP) and/or Public Accountant (AP) for Annual Audit Services for the Financial Statements of December 31, 2018 PT Elnusa Tbk and its Subsidiaries.

The Board of Commissioners has come to the following decisions:

• . The appointment of KAP Purwantono, Sungkoro and Surja (members of the Ernst & Young firm) with AP Sinarta to conduct an audit of the annual Financial Statements of December 31, 2018 of Elnusa and the Group, with an estimated service fee of Rp 2,200,000,000.

• . The Board of Directors must prepare the relevant documents needed in order to procure KAP and/or AP services.

194



5Persetujuan Perubahan Pengurus Perseroan

1. Memberhentikan dengan hormat Sdr. Rinaldi Firmansyah sebagai Komisaris Independen Perseroan terhitung efektif sejak tanggal penutupan Rapat Umum Pemegang Saham ini, disertai dengan ucapan terima kasih dan penghargaan yang setinggi-tingginya atas jasa dan pengabdiannya kepada Perseroan selama menjabat sebagai Komisaris Independen Perseroan.

2. Mengangkat Sdr. Lusiaga Levi Susila sebagai Komisaris Independen Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

Memberhentikan dengan hormat Sdr. Budi Rahardjo sebagai Direktur Keuangan Perseroan terhitung efektif sejak tanggal penutupan Rapat Umum Pemegang Saham ini, disertai dengan ucapan terima kasih dan penghargaan yang setinggi-tingginya atas jasa dan pengabdiannya kepada Perseroan selama menjabat sebagai Direktur Keuangan Perseroan. Jabatan Direktur Keuangan Perseroan sementara dirangkap oleh Direktur SDM & Umum Perseroan sampai dengan ditetapkannya Direktur Keuangan.


DEWAN KOMISARISKomisaris Utama : Gigih PrakosoKomisaris : Narendra WidjajantoKomisaris : Yudo IriantoKomisaris Independen : Pradana Ramadhian G.Komisaris Independen : Lusiaga Levi Susila

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan Hasibuan

Direktur SDM & Umum merangkap Direktur Keuangan: RM Happy Paringhadi JS

Memberikan kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan pengurus Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan pengurus Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.



195



5Persetujuan Perubahan Pengurus Perseroan

1. Memberhentikan dengan hormat Sdr. Rinaldi Firmansyah sebagai Komisaris Independen Perseroan terhitung efektif sejak tanggal penutupan Rapat Umum Pemegang Saham ini, disertai dengan ucapan terima kasih dan penghargaan yang setinggi-tingginya atas jasa dan pengabdiannya kepada Perseroan selama menjabat sebagai Komisaris Independen Perseroan.

2. Mengangkat Sdr. Lusiaga Levi Susila sebagai Komisaris Independen Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

Memberhentikan dengan hormat Sdr. Budi Rahardjo sebagai Direktur Keuangan Perseroan terhitung efektif sejak tanggal penutupan Rapat Umum Pemegang Saham ini, disertai dengan ucapan terima kasih dan penghargaan yang setinggi-tingginya atas jasa dan pengabdiannya kepada Perseroan selama menjabat sebagai Direktur Keuangan Perseroan. Jabatan Direktur Keuangan Perseroan sementara dirangkap oleh Direktur SDM & Umum Perseroan sampai dengan ditetapkannya Direktur Keuangan.


DEWAN KOMISARISKomisaris Utama : Gigih PrakosoKomisaris : Narendra WidjajantoKomisaris : Yudo IriantoKomisaris Independen : Pradana Ramadhian G.Komisaris Independen : Lusiaga Levi Susila

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan Hasibuan

Direktur SDM & Umum merangkap Direktur Keuangan: RM Happy Paringhadi JS

Memberikan kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan pengurus Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan pengurus Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.




5Approval of Changes in Management of the Company.

1. 1. Dismissing with honor the role of Mr. Rinaldi Firmansyah as an Independent Commissioner of the Company, effective from the closing date of this General Meeting of Shareholders, accompanied with the highest gratitude and appreciation for his services and dedication to the Company while serving as the Company’s Independent Commissioner.

2. Appointing Mr. Lusiaga Levi Susila as an Independent Commissioner of the Company for a time frame of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

Dismissing with honor the role of Budi Rahardjo as the Company’s Financial Director effective starting from the closing date of this General Meeting of Shareholders, accompanied with the highest gratitude and appreciation for his services and dedication to the Company while serving as the Company’s Finance Director. The position of the Company’s Finance Director is to be temporarily held by the HR & General Affairs Director of the Company until the appointment of the new Finance Director.

After the closing of this Meeting, the new composition of the Company’s management is as follows:

BOARD OF COMMISSIONERSPresident Commissioner: Gigih PrakosoCommissioner: Narendra WidjajantoCommissioner: Yudo IriantoIndependent Commissioner: Pradana Ramadhian G.Independent Commissioner: Lusiaga Levi Susila

BOARD OF DIRECTORSPresident Director: Tolingul AnwarOperations Director: Elizar Parlindungan HasibuanHR & General Affairs Director (concurrently Finance Director): RM Happy Paringhadi JS

The Board of Directors of the Company has been given power, with the right of substitution, to declare the decisions of this Meeting regarding changes in the Company’s management in a separate deed before a Notary and to request notification for the Law and Human Rights Minister of the Republic of Indonesia regarding the changes in the Company’s management, as per the applicable laws and regulations.

The meeting came to an agreement with the number of votes totaling at 5,143,651,002 shares or 99.453% of the number of votes issued legally at the meeting.


196


RUPS Luar Biasa 31 Agustus 2018


1Persetujuan Perubahan Susunan Pengurus Perseroan.

1. a. Memberhentikan dengan hormat Sdr. Gigih Prakoso dari jabatannya sebagai Komisaris Utama Perseroan, dengan alasan penugasan lain, terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Utama Perseroan.

b. Memberhentikan dengan hormat Sdr. Yudo Irianto dari jabatannya sebagai Komisaris Perseroan, dengan alasan penyegaran pejabat Dewan Komisaris Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Perseroan.

c. Mengangkat Sdr. Narendra Widjajanto sebagai Komisaris Utama Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

d. Mengangkat Sdr. Eman Salman Arief sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

e. Mengangkat Sdr. Afdal Martha sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

f. Mengangkat Sdr. Hery Setiawan sebagai Direktur Keuangan Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

g. Mengangkat Sdr. Arief Riyanto sebagai Direktur Pengembangan Usaha dan merangkap sebagai Direktur Independen Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.


DEWAN KOMISARISKomisaris Utama : Narendra WidjajantoKomisaris : Eman Salman AriefKomisaris : Afdal MarthaKomisaris Independen : Lusiaga Levi SusilaKomisaris Independen : Pradana Ramadhian G

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan HasibuanDirektur Keuangan : Hery SetiawanDirektur SDM & Umum : RM Happy Paringhadi JSDirektur Pengembangan Usaha merangkap Direktur Independen : Arief Riyanto

2. Menyetujui memberi kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Direksi dan Dewan Komisaris Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan Direksi dan Dewan Komisaris tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.



197


RUPS Luar Biasa 31 Agustus 2018


1Persetujuan Perubahan Susunan Pengurus Perseroan.

1. a. Memberhentikan dengan hormat Sdr. Gigih Prakoso dari jabatannya sebagai Komisaris Utama Perseroan, dengan alasan penugasan lain, terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Utama Perseroan.

b. Memberhentikan dengan hormat Sdr. Yudo Irianto dari jabatannya sebagai Komisaris Perseroan, dengan alasan penyegaran pejabat Dewan Komisaris Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini disertai dengan ucapan terima kasih atas jasa-jasanya selama menjabat sebagai Komisaris Perseroan.

c. Mengangkat Sdr. Narendra Widjajanto sebagai Komisaris Utama Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

d. Mengangkat Sdr. Eman Salman Arief sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

e. Mengangkat Sdr. Afdal Martha sebagai Komisaris Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

f. Mengangkat Sdr. Hery Setiawan sebagai Direktur Keuangan Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.

g. Mengangkat Sdr. Arief Riyanto sebagai Direktur Pengembangan Usaha dan merangkap sebagai Direktur Independen Perseroan untuk jangka waktu 1 (satu) periode sebagaimana dimaksud dalam Anggaran Dasar Perseroan, terhitung efektif sejak tanggal penutupan Rapat ini.


DEWAN KOMISARISKomisaris Utama : Narendra WidjajantoKomisaris : Eman Salman AriefKomisaris : Afdal MarthaKomisaris Independen : Lusiaga Levi SusilaKomisaris Independen : Pradana Ramadhian G

DIREKSIDirektur Utama : Tolingul AnwarDirektur Operasi : Elizar Parlindungan HasibuanDirektur Keuangan : Hery SetiawanDirektur SDM & Umum : RM Happy Paringhadi JSDirektur Pengembangan Usaha merangkap Direktur Independen : Arief Riyanto

2. Menyetujui memberi kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Direksi dan Dewan Komisaris Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan Direksi dan Dewan Komisaris tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.



EGMS of August 31, 2018


1Approval of Changes in the Management Structure of the Company.

1.a. A. Dismissing with honors the role of Mr. Gigih Prakoso from his position

as President Commissioner of the Company, with other assignment reasons, effective from the closing date of this Meeting, accompanied with gratitude for his services while serving as the President Commissioner of the Company.

b. Dismissing with honors the role of Mr. Yudo Irianto from his position as Commissioner of the Company, on the grounds of refreshing the officers of the Company’s Board of Commissioners, effective from the closing date of this Meeting, accompanied with gratitude for his services while serving as Commissioner of the Company.

c. Appointing Mr. Narendra Widjajanto as the President Commissioner of the Company for the time frame of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

d. Appointing Mr. Eman Salman Arief as the Company’s Commissioner for the timeframe of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

e. Appointing Mr. Afdal Martha as the Company’s Commissioner for the timeframe of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

f. Appointing Mr. Hery Setiawan as the Company’s Finance Director for a timeframe of 1 (one) period as referred to in the Company’s Articles of Association, effective from the closing date of this Meeting.

g. Appointing Mr. Arief Riyanto as Director of Business Development (and concurrently as Independent Director of the Company) for a time frame of 1 (one) period as referred to in the Articles of Association of the Company, effective from the closing date of this Meeting.

After the closing of this Meeting, the new composition of the Company’s management is as follows:

BOARD OF COMMISSIONERSPresident Commissioner: Narendra WidjajantoCommissioner: Eman Salman AriefCommissioner: Afdal MarthaIndependent Commissioner: Lusiaga Levi SusilaIndependent Commissioner: Pradana Ramadhian G

BOARD OF DIRECTORSPresident Director: Tolingul AnwarOperations Director: Elizar Parlindungan HasibuanFinance Director: Hery SetiawanHR & General Affairs Director: RM Happy Paringhadi JSBusiness Development Director (concurrently Independent Director): Arief Riyanto

2.Approving the authorization of the Company’s Board of Directors, with the right of substitution, to declare the Meeting’s decision regarding changes in the Directors and Board of Commissioners of the Company in a separate deed before aNotary and to request notification to the Law and Human Rights Minister of the Republic of Indonesia regarding changes in the Board of Directors and Board of Commissioners, all of which actions required by applicable laws and regulations.

The meeting came to an agreement with the number of votes totaling 4,978,914,159 shares or 95.49% of the total votes issued legally at the meeting.


198



2Persetujuan Perubahan Anggaran Dasar Perseroan

1. Menyetujui perubahan pasal 3 ayat (3) dalam Anggaran Dasar Perseroan, yang semula berbunyi:“Untuk mencapai maksud dan tujuan serta menunjang kegiatan usaha Perseroan tersebut di atas, Perseroan melaksanakan juga kegiatan usaha penunjang di bidang jasa, perdagangan, pertambangan, pembangunan, dan perindustrian lainnya yang menunjang kegiatan usaha Utama Perseroan” Menjadi berbunyi:“Untuk mencapai maksud dan tujuan serta menunjang kegiatan usaha utama perseroan tersebut diatas, Perseroan melaksanakan juga kegiatan usaha penunjang di bidang Jasa, Pengelolaan Air dan Air limbah, perdagangan, pertambangan, pembangunan, dan perindustrian lainnya yang menunjang kegiatan usaha Utama Perseroan”.

2. Memberikan kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Pasal 3 ayat (3) Anggaran Dasar Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan Pasal 3 ayat (3) Anggaran Dasar Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.


Telah ditindaklanjuti. Perubahan Anggaran Dasar telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan Nomor AHU-0019251.AH.01.02. tahun 2018 tanggal 18 September 2018.

Sedangkan untuk RUPS Tahunan tahun buku 2016 yang dilaksanakan pada tanggal 19 Mei 2017, seluruh keputusannya telah direalisasikan dan dilaksanakan pada tahun 2017 dan 2018.

199



2Persetujuan Perubahan Anggaran Dasar Perseroan

1. Menyetujui perubahan pasal 3 ayat (3) dalam Anggaran Dasar Perseroan, yang semula berbunyi:“Untuk mencapai maksud dan tujuan serta menunjang kegiatan usaha Perseroan tersebut di atas, Perseroan melaksanakan juga kegiatan usaha penunjang di bidang jasa, perdagangan, pertambangan, pembangunan, dan perindustrian lainnya yang menunjang kegiatan usaha Utama Perseroan” Menjadi berbunyi:“Untuk mencapai maksud dan tujuan serta menunjang kegiatan usaha utama perseroan tersebut diatas, Perseroan melaksanakan juga kegiatan usaha penunjang di bidang Jasa, Pengelolaan Air dan Air limbah, perdagangan, pertambangan, pembangunan, dan perindustrian lainnya yang menunjang kegiatan usaha Utama Perseroan”.

2. Memberikan kuasa kepada Direksi Perseroan dengan hak substitusi untuk menyatakan keputusan Rapat mengenai perubahan Pasal 3 ayat (3) Anggaran Dasar Perseroan dalam akta tersendiri dihadapan Notaris dan untuk memohon pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sehubungan dengan perubahan Pasal 3 ayat (3) Anggaran Dasar Perseroan tersebut diatas, serta melakukan segala tindakan yang diperlukan dan disyaratkan oleh peraturan perundang-undangan yang berlaku.


Telah ditindaklanjuti. Perubahan Anggaran Dasar telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan Nomor AHU-0019251.AH.01.02. tahun 2018 tanggal 18 September 2018.

Sedangkan untuk RUPS Tahunan tahun buku 2016 yang dilaksanakan pada tanggal 19 Mei 2017, seluruh keputusannya telah direalisasikan dan dilaksanakan pada tahun 2017 dan 2018.


2Approval of Amendments to the Company’s Articles of Association.

1. Approved the amendment to article 3 paragraph (3) in the Articles of Association of the Company, which originally read: “To achieve the aforementioned goals and objectives and to support the Company’s business activities mentioned above, the Company also carries out supporting business activities in the fields of services, trade, mining, development and other industries that support the Company’s main business activities.” This statement has been changed to the following: “To achieve the aforementioned aims and objectives and to support the company’s main business activities above, the Company also carries out supporting business activities in the areas of Services, Water and Waste Water Management, trade, mining, development, and other industries that support the Company’s main business activities.”

2. Giving power to the Board of Directors of the Company, with the right of substitution, to declare the Meeting’s decision regarding changes to Article 3 paragraph (3) of the Company’s Articles of Association in a separate deed before a Notary and to request notification to the Law and Human Rights Minister of the Republic of Indonesia in connection with these amendments, and to take all necessary actions and requirements required by applicable laws and regulations.

The meeting came to an agreement with the number of votes totaling 5,012,719,659 shares or 96.14% of the number of votes issued legally at the meeting.

Has been followed up. Amendments to the Articles of Association have been approved by the Law and Human Rights Minister of the Republic of Indonesia through Decree No. AHU-0019251.AH.01.02.2018 on September 18, 2018.

For the 2016 Annual GMS held on May 19, 2017, all decisions arrived upon during that meeting have been followed through and implemented in 2017 and 2018.

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Dewan KomisarisThe Board of Commissioners

Kami memiliki Dewan Komisaris yang bertugas dan bertanggung jawab secara kolektif dalam mengawasi pelaksanaan tugas dan tanggung jawab Direksi. Selain itu, Dewan Komisaris juga memberi nasihat kepada Direksi dalam pelaksanaan usaha dan menerapkan prinsip-prinsip Good Corporate Governance (GCG).

Dewan Komisaris secara terus-menerus memantau efektivitas kebijakan perusahaan, kinerja dan proses pengambilan keputusan oleh Direksi, termasuk pelaksanaan strategi untuk memenuhi harapan para pemegang saham dan pemangku kepentingan lainnya. Hasil pengawasan disertai kajian dan pendapat Dewan Komisaris disampaikan pada RUPS sebagai bagian dari penilaian kinerja Direksi. Dewan Komisaris juga mengevaluasi dan menyetujui business plan perusahaan yang disusun Direksi.

Dasar Hukum Pengangkatan Dewan Komisaris:

1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas

2. Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

3. Anggaran Dasar Perusahaan Perseroan sebagaimana telah diubah dengan Akta Nomor 37 tanggal 31 Agustus tahun 2018.

MASA JABATAN DEWAN KOMISARISBerdasarkan Anggaran Dasar Perseroan, anggota Dewan Komisaris menjabat untuk jangka waktu terhitung sejak tanggal ditetapkan oleh RUPS dan berakhir pada penutupan RUPS Tahunan yang ke-3 setelah pengangkatannya, namun dengan tidak mengurangi hak dari RUPS untuk sewaktu-waktu dapat memberhentikan para anggota Dewan Komisaris sebelum masa jabatannya berakhir.

KOMPOSISI DEWAN KOMISARISKomposisi dan jumlah anggota Dewan Komisaris ditetapkan oleh RUPS dengan memperhatikan visi, misi dan rencana strategi Perseroan untuk memungkinkan pengambilan keputusan yang efektif, tepat dan cepat serta dapat bertindak secara independen.

Berdasarkan Anggaran Dasar Perseroan dan Keputusan RUPS Luar Biasa yang dilaksanakan tanggal 31 Agustus 2018 yang tertuang dalam Akta Notaris Nomor 36 tanggal 31 Agustus 2018 yang dibuat oleh Notaris Aulia Taufani, SH ditetapkan lima orang sebagai anggota Dewan Komisaris yang bertugas untuk melakukan Pengawasan.

We have the Board of Commissioners that has tasks and responsibilities in supervising the work and responsibilities of the Board of Directors. Other than that, the Board of Commissioners also gives advice to the Board of Directors in their work and in the implementation of Good Corporate Governance (GCG) principles.

The Board of Comissioners continually monitors the effectiveness of the Company’s policies, performance, and the Board of Directors’ decision making process, including the implementation of the strategy to fulfil the expectation of shareholders and other stakeholders. The results of the monitoring activities, together with the examination and opinions of the Board of Commissioners, are delivered in the AGM as part of the evaluation of the Board of Directors. The Board of Commissioners also evaluates and gives approval for the Company’s business plan developed by the Board of Directors.

The underlying regulations of the appointment of the Board of Commissioners:

1. Indonesian Law No. 40 year 2007 on limited liability Company

2. Financial Service authority Regulation (OJK) No. 33/POJK.04/2014 on Board of Directors and Board of Commissioners of publicly listed Company.

3. Articles of Association of the Company as updated with Act No. 37 dated 31 August year 2018.

TENURE OF THE BOARD OF COMMISSIONERSBased on the Articles of Association, members of the Board of commissioners are appointed for a period as specified in AGM which ended at the closing of the Annual AGM of the third year after the appointment, but this does not reduce the rights of the AGM to at any time dismiss the appointment of members of the Board of Commissioners before their tenure.

THE COMPOSITION OF THE BOARD OF COMMISSIONERSThe composition and the total members of the Board of Commissioners have been set by AGM with the consideration of the vision, mission, and the strategic plan of the Company in order to potentially take effective, correct, and timely decisions as well as able to act independently.

Based on the Articles of Association and the Decision of Extraordinary AGM that was held on 31 August 2018 as noted in the Notary Deed No. 36 dated 31 August 2018 by Notary Aulia Taufani, SH indicated that there are five members of the Board of Commissioners that are tasked with monitoring.

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Berikut komposisi Dewan Komisaris per tanggal 31 Desember 2018 sebagai berikut:

NamaName

JabatanPosition

Dasar PengangkatanAppointment

Narendra WidjajantoKomisaris UtamaPresident Commissioner

Keputusan RUPS Luar Biasa Tanggal 31 Agustus 2018Extraordinary AGM Decision dated 31 August 2018

Pradana Ramadhian G.Komisaris IndependenCommissioner Independent

Keputusan RUPS Tahunan Tanggal 28 April 2016Annual AGM Decision dated 28 April 2016

Lusiaga Levi SusilaKomisaris IndependenCommissioner Independent

Keputusan RUPS Tahunan Tanggal 14 Mei 2018Annual AGM Decision dated 14 May 2018

Afdal MarthaKomisarisCommissioner


Eman Salman AriefKomisarisCommissioner


KRITERIA DAN PERSYARATAN DEWAN KOMISARISSeluruh anggota Dewan Komisaris yang diangkat dan diberhentikan oleh RUPS telah sesuai dengan Anggaran Dasar Perseroan serta sesuai dengan persyaratan yang terdapat dalam Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

Dewan Komisaris harus memenuhi syarat umum dan syarat khsusus yang juga tertuang dalam Board Manual Perseroan, yang mencakup antara lain:

1. Persyaratan umum:a. Orang perseorangan;b. Memiliki akhlak, moral dan integritas yang baik;c. Mampu melaksanakan perbuatan hukum;d. Tidak pernah dinyatakan pailit oleh pengadilan dalam

waktu lima tahun terakhir sebelum pencalonan;e. Tidak pernah menjadi Direktur yang dinyatakan bersalah

oleh Pengadilan dalam waktu lima tahun terakhir sebelum pencalonan;

f. Tidak boleh ada hubungan keluarga sedarah sampai dengan derajat ketiga, baik menurut garis lurus maupun garis ke samping atau hubungan semenda (menantu atau ipar) dengan Direktur lain dan/atau Anggota Dewan Komisaris;

g. Tidak boleh merangkap jabatan lain yang dapat menimbulkan benturan kepentingan secara langsung atau tidak langsung dengan Perseroan dan atau yang bertentangan dengan ketentuan peraturan perundang-undangan yang berlaku;

h. Memiliki integritas dan moral yang baik;i. Berwatak baik dan mempunyai kemampuan untuk

mengembangkan usaha guna kemajuan Perseroan;

Below is the composition of the Board of Commissioners as of 31 December 2018:

CRITERIA AND REQUIREMENTS OF THE BOARD OF COMMISSIONERSAll members of the Board of Commissioners who are appointed and dismissed by AGM have been done in accordance to the Articles of Association, as well as based on the prerequisites from the Indonesian Financial Service Authority Regulations No. 33/POJK.04/2014 on Board of Directors and Board of Commissioners of a publicly listed company.

The Board of Commissioners should fulfill the following general and specific requirements, which are also stated in the Company’s Board Manual, including:

1. General requirements:a. Individual;b. Of a good character and moral value and with integrity;c. Able to carry out legal actions;d. Has never been declared bankrupt in court in the past

five years prior to the appointment;e. Has never been a Director who was found guilty in court

in the past five years prior to the appointment;

f. Does not have family relationship up to the third degree, either linearly or horizontally or a relationship due to marriage (in-laws) with other Directors or members of Board of Commissioners;

g. Does not have other appointments that may have the potential to be in direct or indirect conflict with the Company’s interest and/or against the prevailing regulations;

h. Has good integrity and moral stature;i. Has good characters and has the capability to grow the

business of the Company;

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j. Memiliki kompetensi, yaitu kemampuan dan pengalaman dalam bidang-bidang yang menunjang pelaksanaan tugas dan kewajiban Direksi;

k. Memiliki komitmen untuk mematuhi peraturan perundang-undangan yang berlaku;

l. Bukan pengurus partai politik dan/atau calon anggota legislatif.

m. Tidak sedang menduduki jabatan yang berpotensi menimbulkan benturan kepentingan dengan Perusahaan atau bersedia mengundurkan diri jika terpilih sebagai Anggota Dewan Komisaris

2. Persyaratan khusus:a. Memiliki pengalaman menangani korporasi sebagai senior

management dan dapat memberikan rekomendasi serta solusi yang diperlukan;

b. Mampu dengan cepat memahami serta bersedia menerapkan prinsip-prinsip GCG dan ketentuan-ketentuan terkait dengan perusahaan terbuka dan pasar modal;

c. Memiliki kemampuan analisa dan selalu sistematis di dalam pengambilan keputusan;

d. Mempunyai rekam jejak yang bersih dari aspek integritas;

e. Memiliki kemampuan leadership yang baik serta sense of enterpreneurship;

f. Memiliki kemampuan komunikasi, networking dan interpersonal skill yang baik.

3. Pertimbangan lainnya:Keberagaman komposisi anggota Dewan Komisaris dapat digunakan sebagai salah satu bahan pertimbangan dalam proses nominasi anggota Dewan Komisaris dengan memperhatikan pengetahuan, keahlian dan pengalaman yang sesuai dengan kebutuhan dan kondisi perusahaan sehingga mendapatkan komposisi yang optimal serta efektifitas dalam pengambilan keputusan.

Dewan Komisaris Perseroan diwajibkan untuk menandatangani surat pernyataan terkait dengan pemenuhan persyaratan tersebut di atas dan didokumentasikan oleh Perseroan.

KRITERIA DAN PERSYARATAN KOMISARIS INDEPENDENSelain mengacu pada kriteria dan persyaratan Dewan Komisaris, dalam menunjuk Komisaris Independen Perseroan mengacu pada kriteria tambahan antara lain:

1. Bukan merupakan orang yang bekerja atau mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan Perusahaan tersebut dalam waktu 6 (enam) bulan terakhir, kecuali untuk pengangkatan kembali sebagai Komisaris Independen Perusahaan pada periode berikutnya.

2. Tidak mempunyai saham baik langsung maupun tidak langsung pada Perusahaan.

j. Has the competence, that is an ability and experience in the fields, so as to support the implementation of tasks and responsibilities of the Board of Directors;

k. Has the commitment to comply with the prevailing regulations;

l. Does not have any functional positions in the political party and/or is not a candidate of house of representative.

m. Is not appointed to a position that might have conflict of interests with the Company or willing to resign from such a position if appointed as a member of the Board of Commissioners

2. Specific requirements:a. Has an experience in managing a company at a senior

management level and is able to give appropriate recommendations and solutions;

b. Is able to quickly understand and is willing to apply the GCG principles and other regulations related to publicly listed company and the capital market;

c. Has the ability to analyse and to systematically make decisions;

d. Has a clean track record in the aspect of integrity;

e. Has a good leadership capability and a sense of entrepreneurship;

f. Has good communication, networking, and interpersonal skills.

3. Other considerations:The diversity of composition of the Board of Commissioners can also be considered as one of the requirements for the nomination of the member of the Board of Commissioners, by considering the knowledge, expertise, and experience needed by the Company and in line with the Company’s conditions, so as to get the optimal composition as well as to enable effective decision making.

The members of the Board of Commissioners of the Company are required to sign a letter of declaration that they fulfill the requirements as stated above and will be documented by the Company.

CRITERIA AND REQUIREMENTS FOR THE INDEPENDENT COMMISSIONERSOther than the criteria and requirements for the Board of Commissioners, the appointment of the Independent Commissioners should be in line with the following additional criteria:

1. Is not an individual who works or has the rights and responsibilities of planning, leading, controlling, and monitoring Company’s activities in the past 6 (six) months, unless for re-appointment as Independent Commissioners of the Company in the subsequent periods.

2. Does not have Company’s shares both directly and indirectly.

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3. Tidak memiliki hubungan afiliasi dengan Direktur dan/atau Anggota Dewan Komisaris lainnya atau pemegang saham utama Perusahaan.

4. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha Perusahaan.

Persyaratan tersebut wajib dipenuhi secara penuh oleh semua Komisaris Independen selama menjabat.

Berdasarkan Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perubahaan Publik pada pasal 20 ayat (3) mengatur bahwa Perseroan minimal menempatkan sekurang-kurangnya 30% dari jumlah anggota Dewan Komisaris. Saat ini Perseroan memiliki dua orang Komisaris Independen atau lebih dari 30% dari jumlah anggota Dewan Komisaris.

PERNYATAAN INDEPENDENSI KOMISARIS INDEPENDENDalam menjalankan tugas dan tanggung jawabnya, independensi dari Komisaris Independen sangat penting dan peru dijaga. Bapak Pradana Ramadhian G. dan Bapak Lusiaga Levi Susila selaku Komisaris Independen merupakan pihak independen yang dipilih sesuai dengan kemampuan dan latar belakangnya, serta telah memenuhi syarat yang ditetapkan dalam POJK Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisairs Emiten atau Perusahaan Publik sebagaimana dijabarkan pada bagian sebelumnya.

Adapun pernyataan independensi masing-masing Komisaris Independen sebagai berikut:

NoNama Name

JabatanPosition

Tanggal PernyataanDate Status

1 Pradana Ramadhian G.Komisaris Independen Independent Commisioner

14 Mei 2018DiperbaharuiRenewed

2 Lusiaga Levi SusilaKomisaris IndependenIndependent Commisioner

14 Mei 2018

Pertama kali sebagai Komisaris IndependenFirst appointment as Independent Commisioner

Dengan demikian, Bapak Pradana Ramadhian G. dan Bapak Lusiaga Levi Susila dapat menjalankan tugas dan tanggung jawabnya secara independen tanpa ada konflik kepentingan.

3. Does not have affiliated relationship with the Directors and/or other members of Board of Commissioners as well as the controlling shareholders of the Company.

4. Does not have business activities both directly and indirectly that are linked to the Company’s business.

These requirements are required to be fulfilled as a whole by all Independent Commissioners during their tenure.

Based on the Financial Service Authority Regulation No. 33/POJK.04/2014 on the Board of Directors and the Board of Commissioners of a publicly listed company Section 20 point (3) set that in the composition of the Board of Commissioners of Company, the number of Independent Commissioners is at least 30% of the total number of members of the Board of Commissioners. At present, the Company has two independent Commissioners or more than 30% of the total number of the Board of Commissioners.

STATEMENT OF INDEPENDENCY OF THE INDEPENDENT COMMISSIONERSIn carrying out their tasks and responsibilities, the independency of the Independent Commissioners is very important and needs to be maintained. Mr. Pradana Ramadhian G. And Mr. Lusiaga Levi Susila as Independent Commissioners are independent parties who are appointed in accordance to their capabilities and backgrounds, and they have fulfilled the requirements indicated in the OJK Regulations No. 33/POJK.04/2014 on the Board of Directors and the Board of Commissioners of a publicly listed company as previously described.

The statement of independency of each Independent Commissioners is as follows:

As such, Mr. Pradana Ramadhian G. And Mr. Lusiaga Levi Susila can carry out their tasks and responsibilities independently without conflict of interests.

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SURAT PERNYATAAN KOMISARIS INDEPENDENSaya yang bertanda tangan di bawah ini :Nama Lengkap : Lusiaga Levi SusilaTempat/tanggal lahir : Cianjur, 21 April 1956Jabatan : Komisaris IndependenTanggal pengangkatan : 14 Mei 2018

Dalam rangka memenuhi kewajiban dalam Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tanggal 8 Desember 2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik, bersama ini saya menyatakan bahwa saya:1. Bukan merupakan orang yang bekerja atau mempunyai

wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan atau mengawasi perusahaan ini dalam waktu 6 (enam) bulan sebelum diangkat sebagai Komisaris Independen PT Elnusa Tbk *)

2. Tidak memiliki saham baik langsung maupun tidak langsung pada PT Elnusa Tbk.

3. Tidak mempunyai hubungan afiliasi dengan PT Elnusa Tbk, anggota Dewan Komisaris, anggota Direksi atau pemegang saham utama PT Elnusa Tbk.

4. Tidak mempunyai hubungan keluarga sedarah sampai derajat ke-3, baik menurut garis lurus maupun garis ke samping ataupun hubungan yang timbul karena perkawinan dengan anggota Dewan Komisaris lainnya atau dengan anggota Direksi.

5. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha PT Elnusa Tbk.

6. Dalam melaksanakan aktivitas fungsi pengawasan operasional perusahaan akan bertindak secara independen terutama dalam hal proses pengambilan keputusan, termasuk tetapi tidak terbatas pada hal-hal yang tertulis di atas.

7. Apabila di kemudian hari ditemukan bahwa saya memiliki hubungan-hubungan sebagaimana dimaksud pada butir 2-5 di atas, maka saya bersedia untuk melepaskan jabatan Komisaris Independen dan bersedia untuk diganti.

* Kecuali untuk pengangkatan kembali

STATEMENT OF INDEPENDENT COMMISSIONERI, the undersigned:Full Name : Lusiaga Levi SusilaPlace/ date of birth : Cianjur, April 21st 1956Position : Independent CommissionerDate of Appointment : May 14, 2018

In order to meet the obligation stipulated in the Regulation of Financial Services Authority No. 33/POJK.04/2014 dated December 8, 2014, regarding the Board of Directors and Board of Commissioners of Issuers or Public Companies, with this letter, I hereby state that I:1. Am not an individual who works or has the authority

and responsibility to plan, lead, control or supervise this company in the last 6 (six) months before being appointed as the Independent Commissioner of PT Elnusa Tbk *)

2. Do not have any share, both directly and indirectly, in PT Elnusa Tbk.

3. Do not have any affiliation with the PT Elnusa Tbk, members of Board of Commissioners, members of Board of Directors or main shareholder of PT Elnusa Tbk.

4. Do not have family relationship until the third degree, both vertically and horizontally, or relationship that arise due to marriage with other members of Board of Commissioners or Board of Directors.

5. Do not have business relationship, both directly and indirectly related to the business activities of PT Elnusa Tbk.

6. Shall conduct the activities related to the supervisory function on the Company’s operations in an independent manner, particularly in the decision-making process, including but not limited to the above-mentioned matters.

7. If, in the future, I am found to have all the relationships mentioned in points 2-5 I am willing to release the position of Independent Commissioner and am willing to be replaced.

* Except for the reappointment purpose

Jakarta, 14 Mei 2018Jakarta, May 14th 2018

Lusiaga Levi Susila

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SURAT PERNYATAAN KOMISARIS INDEPENDENSaya yang bertanda tangan di bawah ini :Nama Lengkap : Pradhana Ramadhian G.Tempat/tanggal lahir : Purwokerto, 17 Januari 1965Jabatan : Komisaris IndependenTanggal pengangkatan : 14 Mei 2018

Dalam rangka memenuhi kewajiban dalam Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tanggal 8 Desember 2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik, bersama ini saya menyatakan bahwa saya:1. Bukan merupakan orang yang bekerja atau mempunyai

wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan atau mengawasi perusahaan ini dalam waktu 6 (enam) bulan sebelum diangkat sebagai Komisaris Independen PT Elnusa Tbk *)

2. Tidak memiliki saham baik langsung maupun tidak langsung pada PT Elnusa Tbk.

3. Tidak mempunyai hubungan afiliasi dengan PT Elnusa Tbk, anggota Dewan Komisaris, anggota Direksi atau pemegang saham utama PT Elnusa Tbk.

4. Tidak mempunyai hubungan keluarga sedarah sampai derajat ke-3, baik menurut garis lurus maupun garis ke samping ataupun hubungan yang timbul karena perkawinan dengan anggota Dewan Komisaris lainnya atau dengan anggota Direksi.

5. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha PT Elnusa Tbk.

6. Dalam melaksanakan aktivitas fungsi pengawasan operasional perusahaan akan bertindak secara independen terutama dalam hal proses pengambilan keputusan, termasuk tetapi tidak terbatas pada hal-hal yang tertulis di atas.

7. Apabila di kemudian hari ditemukan bahwa saya memiliki hubungan-hubungan sebagaimana dimaksud pada butir 2-5 di atas, maka saya bersedia untuk melepaskan jabatan Komisaris Independen dan bersedia untuk diganti.

* Kecuali untuk pengangkatan kembali

STATEMENT OF INDEPENDENT COMMISSIONERI, the undersigned:Full Name : Pradhana Ramadhian G.Place/ date of birth : Purwokerto, Januari 17th 1965Position : Independent CommissionerDate of Appointment : May 14, 2018

In order to meet the obligation stipulated in the Regulation of Financial Services Authority No. 33/POJK.04/2014 dated December 8, 2014, regarding the Board of Directors and Board of Commissioners of Issuers or Public Companies, with this letter, I hereby state that I:1. Am not an individual who works or has the authority

and responsibility to plan, lead, control or supervise this company in the last 6 (six) months before being appointed as the Independent Commissioner of PT Elnusa Tbk *)

2. Do not have any share, both directly and indirectly, in PT Elnusa Tbk.

3. Do not have any affiliation with the PT Elnusa Tbk, members of Board of Commissioners, members of Board of Directors or main shareholder of PT Elnusa Tbk.

4. Do not have family relationship until the third degree, both vertically and horizontally, or relationship that arise due to marriage with other members of Board of Commissioners or Board of Directors.

5. Do not have business relationship, both directly and indirectly related to the business activities of PT Elnusa Tbk.

6. Shall conduct the activities related to the supervisory function on the Company’s operations in an independent manner, particularly in the decision-making process, including but not limited to the above-mentioned matters.

7. If, in the future, I am found to have all the relationships mentioned in points 2-5 I am willing to release the position of Independent Commissioner and am willing to be replaced.

* Except for the reappointment purpose

Jakarta, 14 Mei 2018Jakarta, May 14th 2018

Pradhana Ramadhian G.

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PEDOMAN DAN TATA TERTIB KERJA DEWAN KOMISARISDewan Komisaris Perseroan memiliki Pedoman Kerja (Board Manual) yang menjadi acuan bagi Dewan Komisaris dalam menjalankan tugasnya agar selaras dengan praktik-praktik GCG. Pedoman Kerja Dewan Komisaris telah ditandatangani oleh Dewan Komisaris pada tanggal 2 Januari 2018 yang merupakan pemutakhiran dari pedoman yang sebelumnya tanggal 1 Januari 2015 dan telah dipublikasikan di situs web Perseroan dalam dua bahasa yaitu Bahasa Indonesia dan Bahasa Inggris. Pedoman Kerja tersebut dievaluasi secara berkala agar sejalan dengan prinsip-prinsip hukum perusahaan, ketentuan anggaran dasar, peraturan perundang-undangan yang berlaku, arahan dari pemegang saham serta best practices tata kelola perusahaan.

Adapun ruang lingkup pedoman kerja Dewan Komisaris, meliputi sebagai berikut:

Cakupan Pedoman dan Tata Tertib Kerja Dewan Komisaris

1. Fungsi Dewan Komisaris2. Tugas dan Kewajiban Dewan Komisaris3. Hak dan Wewenang Dewan Komisaris4. Pembagian Kerja Dewan Komisaris5. Persyaratan Dewan Komisaris6. Pengangkatan Dewan Komisaris7. Keanggotaan Dewan Komisaris8. Rangkap Jabatan9. Masa Jabatan Dewan Komisaris10. Pemberhentian Anggota Dewan Komisaris11. Pengunduran Diri Anggota Dewan Komisaris12. Pengisian Jabatan Lowong Anggota Dewan Komisaris.13. Keadaan Seluruh Anggota Dewan Komisaris Lowong14. Komisaris Independen15. Pengungkapan Kepemilikan Saham dan Hubungan Afiliasi16. Program Pengenalan dan Peningkatan Kapabilitas 17. Waktu Kerja Dewan Komisaris18. Etika Jabatan Dewan Komisaris19. Rapat Dewan Komisaris20. Evaluasi Kinerja Dewan Komisaris21. Pertanggungjawaban Dewan Komisaris22. Organ Pendukung Dewan Komisaris23. Evaluasi Kinerja Komite Dewan Komisaris

TUGAS, KEWAJIBAN DAN WEWENANG DEWAN KOMISARISDewan Komisaris bertugas mengawasi dan memberikan nasihat kepada Direksi sebagai pengurus Perseroan yang pelaksanaan tugas, tanggung jawab dan kewenangannya dilaporkan kepada RUPS. Untuk melaksanakan tugas dan tanggung jawabnya, lingkup pekerjaan Dewan Komisaris antara lain:

1. Memberikan putusan terhadap usulan perbuatan hukum Direksi yang memerlukan persetujuan tertulis.

2. Memberikan tanggapan tertulis, untuk memberikan pendapat dan saran kepada RUPS atau usulan perbuatan hukum yang akan dilaksanakan oleh Direksi yang diajukan kepada RUPS untuk mendapatkan persetujuan.

GUIDELINES AND MANUAL OF THE BOARD OF COMMISSIONERSThe Board of Commissioners of the Company has a Board Manual that serves as a guideline for the Board of Commissioners in carrying out their tasks in accordance to the GCG practices. The Board Manual of the Board of Commissioners has been signed by the Board of Commissioners on 2 January 2018, which is an updated version of the previous manual dated 1 January 2015, and has been published in the Company’s website in two languages Indonesian and English. The Manual is periodically evaluated according to the legal principles of the Company, Articles of Association, prevailing law, and direction from the shareholders, as well as best practices in corporate governance.

The scope of the Manual of the Board of Commissioners includes the following:

The scope of the Manual of the Board of Commissioners include the following

1. Functions of the the Board of Commissioners 2. Tasks and responsibilities of the Board of Commissioners 3. Rights and authorities of the Board of Commissioners4. Work division of the Board of Commissioners5. Requirements of the Board of Commissioners6. Appointment of the Board of Commissioners7. Membership of the Board of Commissioners8. Dual appointment9. Tenure of the Board of Commissioners10. Dismissal of a member of the Board of Commissioners11. Resignation of a member of the Board of Commissioners12. Vacancy of a member of the Board of Commissioners.13. The state of vacancy of all members of the Board of Commissioners14. Independent Commissioners15. Disclosure of shares ownership and affiliation16. Introductory and capability improvement program17. Working time of the Board of Commissioners18. Ethical aspect of the position of the Board of Commissioners19. Meetings of the Board of Commissioners20. Performance evaluation of the Board of Commissioners21. Accountability of the Board of Commissioners22. Supporting structure of the Board of Commissioners23. Performance evaluation of the the Board of Commissioners

Committee

ROLES, RESPONSIBILITIES, AND AUTHORITIES OF THE BOARD OF COMMISSIONERSThe Board of Commissioners is tasked in monitoring and providing advice to the Board of Directors, as the management team of the Company in which their roles, responsibilities, and authorities are reported in the AGM. In carrying out its roles and responsibilities, the scope of work of the Board of Commissioners includes the following:

1. Give their decisions on proposed legal actions by the Board of Directors that required written approval.

2. Give written answers, in order to give opinions and suggestions to AGM or on proposed legal actions by the Board of Directors that are proposed in AGM for approval.

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3. Ensure the effectiveness of the internal control system.4. Carry out evaluation of performance of each member of the

Board of Directors and report the result of evaluation in AGM.

5. Give directions on important matters pertaining to changes in the business environment that potentially have significant impacts to the business and performance of the Company in timely manner and of relevance, as well as other strategic directions.

Other than their obligation in carrying out its roles and responsibilities, the Board of Commissioners also has the rights to the following:

1. Access to books, letters, and other documents, check cash for verification and other purposes, check securities and wealth of the Company.

2. Request for explanation from the Board of Directors and/or other appointed employees on all aspects that pertain to the management of the Company.

3. Know all policies and actions that have been carried out by the Board of Directors

4. Temporarily suspend one or more members of the Board of Directors based on the reasons stated in the Articles of Association.

5. Appoint a member of the Board of Directors to do the role of other member of the Board of Directors, when a director position is vacant.

6. Obtain information on the conditions of the subsidiary from the Board of Directors of the Subsidiary.

7. Give approval or rejection in writing on the plan of the Board of Directors, including setting up subsidiaries and sales of fixed assets based on the set limit.

THE DIVISION OF ROLES OF THE BOARD OF COMMISSIONERSThe Board of Commissioners arranges the tasks division among its members for the smooth operations of its tasks. The Board of Commissioners is obliged to form an Audit Committee, a Nomination and Remuneration Committee, as well as other Committees. If deemed necessary in order to implement its role, the Board of Commissioners can also obtain help from the expert for specific tasks and period at the expense of the Company.

However, the focus of the monitoring of each member of the Board of Commissioners is based on the division of roles as the Head and members of the Supporting Committees, according to each person’s competences and experiences.

THE IMPLEMENTATION OF THE ROLES AND OBLIGATIONS OF THE BOARD OF COMMISSIONERS IN 2018In 2018, the Board of Commissioners has carried out its monitoring roles of the Company’s operational activities including:

3. Memastikan efektivitas sistem pengendalian internal.4. Melakukan penilaian kinerja Direksi dan dilaporkan kepada

RUPS.

5. Memberikan arahan hal-hal penting mengenai perubahan lingkungan bisnis yang diperkirakan akan berdampak besar pada usaha dan kinerja Perusahaan, secara tepat waktu dan relevan, maupun arahan strategis lainnya yang diperlukan.

Kemudian, selain wajib melaksanakan tugas dan tanggung jawabnya, Dewan Komisaris juga memiliki wewenang antara lain:

6. Melihat buku, surat serta dokumen lainnya, memeriksa kas untuk keperluan verifikasi dan lain-lain, surat berharga dan pemeriksaan kekayaan Perseroan.

7. Meminta penjelasan Direksi dan/atau pejabat lainnya mengenai segala persoalan yang menyangkut pengelolaan Perseroan.

8. Mengetahui segala kebijakan dan tindakan yang telah dan akan dijalankan oleh Direksi.

9. Memberhentikan untuk sementara waktu seorang atau lebih anggota Direksi dengan alasan tertentu sesuai dengan Anggaran Dasar.

10. Menunjuk salah seorang anggota Direksi untuk menjalankan pekerjaan anggota Direksi lainnya, dalam hal jabatan salah seorang anggota Direksi lowong sesuai dengan Anggaran Dasar.

11. Mendapatkan informasi mengenai kondisi Anak Perusahaan dari Direksi Anak Perusahaan.

12. Memberikan persetujuan atau penolakan secara tertulis terhadap rencana Direksi, diantaranya untuk mendirikan Anak Perusahaan dan melepaskan aktiva tetap sesuai batasan kewenangan yang telah ditetapkan.

PEMBAGIAN TUGAS DEWAN KOMISARIS

Dewan Komisaris mengatur sendiri pembagian kerja diantara para anggota dan untuk kelancaran tugasnya, Dewan Komisaris wajib membentuk Komite Audit, Komite Nominasi dan Remunerasi serta membentuk Komite lainnya. Jika dianggap perlu dalam melaksanakan tugasnya Dewan Komisaris dapat memperoleh bantuan tenaga ahli untuk hal tertentu dan jangka waktu tertentu atas beban Perseroan.

Namun demikian, fokus bidang pengawasan masing-masing anggota Dewan Komisaris mengacu pada pembagian peran sebagai ketua dan anggota dari Komite Penunjang Dewan Komisaris sesuai kompetensi dan pengalaman yang dimiliki.

PELAKSANAAN TUGAS DAN KEWAJIBAN DEWAN KOMISARIS TAHUN 2018

Selama tahun buku 2018, Dewan Komisaris telah melaksanakan tugas pengawasan atas kegiatan operasional Perusahaan diantaranya:

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1. Membuat Rencana Kerja dan Anggaran Dewan Komisaris Tahun Buku 2019.

2. Membuat laporan pelaksanaan pengawasan Dewan Komisaris Tahun Buku 2018.

3. Melakukan kajian dan memonitor kinerja Perseroan setiap bulan.

4. Mengevaluasi dan memberikan keputusan atas proposal investasi yang diajukan Direksi.

5. Mengevaluasi dan memberikan persetujuan Rencana Kerja dan Anggaran Perusahaan Tahun Buku 2019.

6. Melakukan evaluasi terhadap kinerja KAP atas audit 31 Desember 2017.

7. Menetapkan KAP untuk melakukan audit 31 Desember 2018.

PENILAIAN ATAS KINERJA KOMITE DI BAWAH DEWAN KOMISARIS

Evaluasi terhadap kinerja anggota komite di bawah Dewan Komisaris dilakukan melalui penilaian antara lain meliputi kehadiran dalam rapat, kemampuan bekerja sama dan berkomunikasi secara aktif sesama anggota komite, integritas, kemampuan memahami visi, misi dan rencana strategis Perseroan serta kualitas atas saran/rekomendasi yang diberikan terkait program kerja masing-masing komite.

Dalam melaksanakan tugasnya, Dewan Komisaris dibantu tiga Komite sebagai organ pendukung Dewan Komisaris yaitu:

1. Komite Audit yang dalam melaksanakan tugas dan tanggung jawab serta kewenangannya dilakukan sesuai dengan Piagam Komite Audit.

2. Komite Nominasi dan Remunerasi yang berfungsi membantu Dewan Komisaris dalam pelaksanaan penetapan nominasi dan remunerasi Dewan Komisaris dan Direksi Perseroan.

3. Komite Manajemen Risiko yang berfungsi membantu Dewan Komisaris memberikan masukan serta melakukan evaluasi sistem pengelolaan risiko, pengawasan internal dan menyediakan informasi kepada Dewan Komisaris mengenai masalah-masalah terkait untuk mengantisipasi risiko yang mungkin akan terjadi.

Dewan Komisaris memandang bahwa setiap komite tersebut telah menjalankan tugas dan tanggung jawabnya sesuai dengan ketentuan Tata Kelola Perusahaan yang Baik dan memberikan masukan yang bernilai tambah bagi Dewan Komisaris dalam menjalankan fungsi pengawasannya. Sesuai dengan piagam komite masing-masing, setiap komite bekerja aktif membantu Dewan Komisaris dalam melakukan analisis, evaluasi dan kajian dalam rangka menyiapkan masukan sebagai pertimbangan Dewan Komisaris terkait dengan permintaan persetujuan, dukungan, saran dan tanggapan dari Direksi.

1. To make a plan of work and budget of the Board of Commissioners for the fiscal year of 2019.

2. To make a report of the implementation of monitoring activities of the Board of Commissioners for the fiscal year of 2018.

3. To make monthly examination and monitoring of performance of the Company.

4. To evaluate and provide decision on the investment proposal by the Board of Directors.

5. To evaluate and give approval for the plan of work and budget of the Company for the fiscal year of 2019.

6. To conduct an evaluation on the performance of the public accounting firm as of 31 December 2017.

7. To appoint public accounting firm that will conduct an audit as of 31 December 2018.

THE EVALUATION OF THE PERFORMANCE OF THE SUPPORTING COMMITTEES OF THE BOARD OF COMMISSIONERSThe evaluation of the performance of the members of the supporting committees of the Board of Commissioners is done based on items such as attendance rate, their ability to work together and to communicate actively between members of the committees, their integrity, their ability to understand vision, missions, and strategic plans of the Company as well as the quality of advice/recommendations that are given according to the work of each committee.

In carrying out its tasks, the Board of Commissioners are supported by three committees which serve as a support for the Board of Commissioners, namely:

1. The Audit Committee, which in carrying out its tasks and responsibilities as well as its authorities, is based on the Audit committee Charter.

2. The Nomination and Remuneration Committee, which is tasked in supporting the Board of Commissioners in conducting a nomination and remuneration for the Board of Commissioners and Board of Directors of the Company.

3. The Risk Management Committee which is tasked in supporting Board of Commissioners in giving inputs as well as in evaluating risk management system, internal control, and providing information for the Board of Commissioners on related matters so as to anticipate the occurrence of possible risks.

The Board of Commissioners views that each committee has done its tasks and responsibilities in accordance to the good corporate governance and has provided valuable inputs to the Board of Commissioners in carrying out its control functions. In accordance to the Charter of each respective Committee, each Committee actively works to support the Board of Commissioners on the analysis, evaluation and examination of activities so as to prepare inputs for consideration of the Board of Commissioners based on the approval, support, recommendations, and responses from the Board of Directors.

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PROGRAM PENGENALAN DEWAN KOMISARIS

Perseroan melaksanakan program pengenalan bagi anggota Dewan Komisaris yang baru dengan tujuan memberikan gambaran atas aktivitas bisnis, rencana perusahaan ke depan, pedomana kerja dan hal lainnya yang menjadi tanggung jawab Dewan Komisaris. Program pengenalan disusun dan disampaikan oleh Corporate Secretary dalam bentuk tampilan presentasi serta hard copy, meliputi:

1. Profil Perseroan.2. Health, Safety, Security & Environment (HSSE)3. Update Kinerja dan Corporate Issues4. Code of Conduct (Standar Etika Perusahaan)5. Board Manual (Pedoman dan Tata Tertib Kerja Dewan

Komisaris dan Direksi)6. Regulasi terkait dengan Perusahaan Publik7. Rencana Kerja & Anggaran Perusahaan (RKAP) tahun 20188. Rencana Jangka Panjang Perusahaan (RJPP) tahun 2017-2021

NoNama Name

JabatanPosition

Tanggal PelaksanaanDate of implementation

1 Gigih Prakoso*Komisaris UtamaPresident Commissioner

22 Maret 201822 March 2018

2 Narendra Widjajanto**KomisarisCommissioner

22 Maret 201822 March 2018

3 Lusiaga Levi SusilaKomisaris IndependenIndependent Commissioner

23 Mei 201823 May 2018

4 Afdal MarthaKomisarisCommissioner

27 September 201827 September 2018

5 Eman Salman AriefKomisarisCommissioner

27 September 201827 September 2018

* Menjabat sebagai Komisaris Utama Perseroan sampai RUPS Luar Biasa tanggal 31 Agustus 2018* Appointed as President Commissioner of the Company until the EGMS on 31 August 2018

** Menjabat sebagai Komisaris Utama sejak RUPS Luar Biasa tanggal 31 Agustus 2018** Appointed as President Commissioner of the Company since the EGMS on 31 August 2018

INTRODUCTORY PROGRAM FOR THE BOARD OF COMMISSIONERSThe Company carries out introductory program for new members of the Board of Commissioners with an objective to provide understanding of the Company’s business activities, future plan, guidelines and other responsibilities of the Board of Commissioners. The introductory program is developed and delivered by the Corporate Secretary in a form of presentation and hard copy, and it contains:

1. Company Profile.2. Health, Safety, Security & Environment (HSSE)3. Performance Update and Corporate Issues4. Code of Conduct (CoC)5. Board Manual

6. Regulations pertaining to its status as a publicly listed company7. Work plan and Budget of the Company (RKAP) for 20188. Long term plan of the Company (RJPP) for period 2017-2021

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Direksi merupakan organ Perseroan yang bertugas dan bertanggung jawab penuh secara kolegial dalam melaksanakan pengurusan Perseroan. Dalam melaksanakan tugasnya Direksi bertanggung jawab kepada RUPS sebagi bentuk perwujudan akuntabilitas pengelolaan perusahaan sesuai dengan prinsip-prinsip tata kelola perusahaan.

DASAR HUKUM PENGANGKATAN DIREKSI

1. Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas

2. Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

3. Anggaran Dasar Perseroan sebagaimana telah diubah dengan Akta Nomor 37 tanggal 31 Agustus tahun 2018.

MASA JABATAN DIREKSI

Berdasarkan Anggaran Dasar Perseroan, anggota Direksi menjabat untuk jangka waktu terhitung sejak tanggal ditetapkan oleh RUPS dan berakhir pada penutupan RUPS Tahunan yang ke-3 setelah pengangkatannya.

KOMPOSISI DIREKSIBerdasarkan Anggaran Dasar Perseroan dan Keputusan RUPS Luar Biasa yang dilaksanakan tanggal 31 Agustus 2018 yang tertuang dalam Akta Notaris Nomor 36 tanggal 31 Agustus 2018 yang dibuat oleh Notaris Aulia Taufani, SH ditetapkan lima orang sebagai anggota Direksi yang bertugas untuk melakukan pengurusan Perseroan.

Berikut komposisi Direksi per tanggal 31 Desember 2018 sebagai berikut:

NamaName

JabatanOffice

Dasar PengangkatanBasis of Appointment


Keputusan RUPS Tahunan Tanggal 28 April 2016Decision made during the Annual GMS of April 28, 2016


Keputusan RUPS Tahunan Tanggal 19 Mei 2017Decision made during the Annual GMS of May 19, 2017

Hery SetiawanDirektur KeuanganFinance Director

Keputusan RUPS Luar Biasa Tanggal 31 Agustus 2018Decision made during the Extraordinary GMS of August 31, 2018

Arief Riyanto

Direktur Pengembangan Usaha sekaligus Direktur IndependenBusiness Development Director & Independent Director

Keputusan RUPS Luar Biasa Tanggal 31 Agustus 2018Decision made during the Extraordinary GMS of August 31, 2018

RM Happy Paringhadi JSDirektur Sumber Daya Manusia & Umum HR & General Affairs Director

Keputusan RUPS Tahunan Tanggal 19 Mei 2017Decision made during the Annual GMS of May 19, 2017

The Board of Directors is the organ of the Company tasked with, and fully responsible for, carrying out the management of the Company. In carrying out its duties, the .Board of Directors is responsible to the GMS as a manifestation of its accountability for the management of the company, in accordance with the principles of corporate governance.

LEGAL BASIS FOR THE APPOINTMENT OF THE BOARD OF DIRECTORS1. Law No. 40/2007 on Limited Liability Companies

2. Financial Services Authority Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies

3. The Company’s Basic Budget as amended by Deed No. 37 dated August 31, 2018

TERMS OF OFFICE OF BOARD OF DIRECTORS MEMBERSIn accordance to the Articles of Association of the Company, members of the Board of Directors are to hold office for a period commencing from a date stipulated by the GMS and ending at the closing of the 3rd Annual GMS held after the board’s appointment.

BOARD OF DIRECTORS COMPOSITIONIn accordance to the Articles of Association of the Company and the Extraordinary GMS decision held on August 31, 2018 -- which is contained in Notary Deed No. 36 dated August 31, 2018, and was made by Notary Aulia Taufani, SH -- it was determined that five people would serve as members of the Board of Directors, whose task is to manage the Company.

The following is the composition of the Directors as of December 31, 2018:

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KRITERIA DAN PERSYARATAN DIREKSI

Seluruh anggota Direksi yang diangkat dan diberhentikan oleh RUPS telah sesuai dengan Anggaran Dasar Perseroan serta sesuai dengan persyaratan yang terdapat dalam Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

Direksi harus memenuhi syarat umum dan syarat khsusus yang juga tertuang dalam Board Manual Perseroan, yang mencakup antara lain:

1. Persyaratan umum:a. Orang perseorangan;b. Memiliki akhlak, moral dan integritas yang baik;c. Mampu melaksanakan perbuatan hukum;d. Tidak pernah dinyatakan pailit oleh pengadilan dalam

waktu lima tahun terakhir sebelum pencalonan;e. Tidak pernah menjadi Direktur yang dinyatakan bersalah

oleh Pengadilan dalam waktu lima tahun terakhir sebelum pencalonan;

f. Tidak boleh ada hubungan keluarga sedarah sampai dengan derajat ketiga, baik menurut garis lurus maupun garis ke samping atau hubungan semenda (menantu atau ipar) dengan Direktur lain dan/atau Anggota Dewan Komisaris;

g. Tidak boleh merangkap jabatan lain yang dapat menimbulkan benturan kepentingan secara langsung atau tidak langsung dengan Perseroan dan atau yang bertentangan dengan ketentuan peraturan perundang-undangan yang berlaku;

h. Memiliki integritas dan moral yang baik;i. Berwatak baik dan mempunyai kemampuan untuk

mengembangkan usaha guna kemajuan Perseroan; j. Memiliki kompetensi, yaitu kemampuan dan pengalaman

dalam bidang-bidang yang menunjang pelaksanaan tugas dan kewajiban Direksi;

k. Memiliki komitmen untuk mematuhi peraturan perundang-undangan yang berlaku;

l. Bukan pengurus partai politik dan/atau calon anggota legislatif.

2. Persyaratan khusus:a. Memiliki pengalaman menangani korporasi sebagai senior

management dan dapat memberikan rekomendasi dan solusi yang diperlukan;

b. Memahami ketentuan-ketentuan terkait dengan perusahaan terbuka dan pasar modal;

c. Berani dan cepat (less bureaucracy) di dalam pengambilan keputusan;

d. Mempunyai rekam jejak yang bersih dari aspek integritas; e. Memiliki leadership, sense of enterpreneurship dan

pengalaman; f. Networking yang memadai dan interpersonal skill.

CRITERIA AND REQUIREMENTS FOR BOARD OF DIRECTORS MEMBERSHIPThe appointments and dismissals of all members of the Board of Directors are done in accordance with the Articles of Association of the Company and in accordance with requirements contained in Financial Services Authority Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies.

Members of the Board of Directors must fulfill general requirements and special conditions which are also contained in the Company’s Manual Board, which include:

1. General requirements:a. They must be individual persons;b. Have good morals and integrity;c. Be able to carry out legal actions;d. Never have declared bankruptcy by the courts within the

last five years before being nominated;e. Never have been a Board of Director member who was

found guilty by the courts in the last five years before being nominated;

f. There must be no family relationships up to the third degree, either in a straight line or a side line, or a relationship of marriage (son-in-law or brother-in-law) with another Board of Directors and/or Board of Commissioners member;

g. They may not hold concurrent positions which may cause a direct or indirect conflict of interest with the Company and/or one that is contrary to the provisions of applicable laws and regulations;

h. Have good morals and integrity;i. Good character and the ability to develop business for

the progress of the Company;j. Have competence, namely, abilities and experience in

fields that support the implementation of the duties and obligations of the Board of Directors;

k. Have a commitment to comply with applicable laws and regulations;

l. They must not be part of the management of political parties and/or legislative candidates.

2. Special requirements:a. Have experience dealing with corporations as senior

management and can provide recommendations and solutions as needed;

b. Understand provisions related to public companies and capital markets;

c. Be brave and fast (less bureaucracy) when it comes to decision making;

d. Have a clean track record in integrity;e. Have leadership, a sense of entrepreneurship and

experience;f. Networking that is adequate and interpersonal skills.

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3. Pertimbangan lainnya:Keberagaman komposisi anggota Direksi dapat digunakan sebagai salah satu bahan pertimbangan dalam proses nominasi dan suksesi anggota Direksi dengan memperhatikan pengetahuan, keahlian dan pengalaman yang sesuai dengan kebutuhan dan kondisi perusahaan sehingga mendapatkan komposisi yang optimal serta efektifitas dalam pengambilan keputusan. Direksi Perseroan diwajibkan untuk menandatangani surat pernyataan terkait dengan pemenuhan persyaratan tersebut di atas dan didokumentasikan oleh Perseroan.

Pengangkatan Direksi Perseroan telah melalui proses fit & proper test (uji kemampuan dan kepatutan) yang dilakukan oleh pemegang saham pengendali sesuai dengan peraturan perundangan-undangan yang berlaku dan ketentuan tata kelola perusahaan, untuk kemudian diajukan kepada RUPS untuk dilakukan proses selanjutnya.

Berikut adalah status uji kemampuan dan kepatutan Direksi Perseroan yang menjabat sampai dengan akhir Desember 2018:

NamaName

JabatanOffice

Hasil fit & proper testFit & Proper Test Results


LulusPassed


LulusPassed

Hery SetiawanDirektur KeuanganFinance Director

LulusPassed

Arief Riyanto

Direktur Pengembangan Usaha sekaligus Direktur IndependenBusiness Development Director (and Independent Director)

LulusPassed

RM Happy Paringhadi JSDirektur Sumber Daya Manusia & UmumHR & General Affairs Director

LulusPassed

Keterangan terkait dengan keberagaman dalam pendidikan, pengalaman kerja dan usia dapat dilihat secara rinci pada Bab Profil Perusahaan, Sub Bab Identitas dan riwayat hidup singkat anggota Direksi.

PEDOMAN DAN TATA TERTIB KERJA DIREKSI

Direksi Perseroan memiliki Pedoman Kerja (Board Manual) yang digunakan sebagai acuan dalam menjalankan tugas, tanggung jawab dan wewenangnya, Direksi berpedoman pada Board Manual. Board Manual tersebut berisi tentang petunjuk tata laksana kerja Direksi serta menjelaskan tahapan aktivitas secara terstruktur, sistematis, mudah dipahami dan dapat dijalankan dengan konsisten untuk menjadi acuan bagi Direksi dalam melaksanakan tugas sesuai dengan standar prinsip tata kelola perusahaan untuk mencapai visi misi Perusahaan. Board Manual tersebut senantiasa dilakukan evaluasi secara berkala agar sejalan dengan perubahan peraturan perundang-undangan yang berlaku dan praktik terbaik tata kelola Perusahaan yang disesuaikan dengan kebutuhan Perseroan.

3. Other considerations:The diversity of the composition of the members of the Board of Directors can be used as one of the considerations in the nomination and succession process for members of the Board of Directors. This can be done by paying attention to knowledge, expertise and experience in accordance with the needs and conditions of the company. This is done in order to obtain optimal composition and effectiveness in decision making. The members of the Board of Directors of the Company are required to sign a statement regarding the fulfillment of the above requirements. These statements must be documented by the Company.

Members appointed to the Company’s Board of Directors have gone through a “fit & proper test” process carried out by the controlling shareholders in accordance with prevailing laws and regulations and the provisions of corporate governance. The results are then submitted to the GMS for further processing.

The following is the “fit & proper” test results for members the Board of Directors of the Company that have served until the end of December 2018:

Information related to diversity in education, work experience and age can be seen in detail in the in the Identity sub-chapter of the Company Profile chapter. It contains brief curriculum vitae of members of the Board of Directors.

BOARD OF DIRECTORS GUIDELINES AND WORK REGULATIONSThe Board of Directors of the Company has a Board Manual that serves as a reference for carrying out its duties, responsibilities and authorities. The Board Manual contains instructions for managing the Board of Directors as well as explaining the stages of activities in a structured, systematic, easy to understand manner and can be implemented consistently to become a reference for the Board of Directors in carrying out their duties in accordance with the principles of corporate governance to achieve the Company’s vision and mission. The Board Manual is always regularly evaluated so that it is in line with changes in applicable laws and regulations and best practices of corporate governance that are tailored to the needs of the Company.

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Board Manual disusun berdasarkan prinsip-prinsip hukum perusahaan, ketentuan anggaran dasar, peraturan perundang-undangan yang berlaku, arahan dari pemegang saham serta best practices tata kelola perusahaan.

Adapun ruang lingkup pedoman kerja Direksi, meliputi sebagai berikut:

1. Fungsi Direksi2. Tugas dan Kewajiban Direksi3. Hak dan Wewenang Direksi4. Persyaratan Direksi5. Proses Pengangkatan Direksi6. Keanggotaan Direksi7. Rangkap Jabatan Direksi8. Masa Jabatan Direksi9. Pemberhentian Anggota Direksi10. Pengunduran Diri Anggota Direksi11. Keadaan Anggota Direksi Lowong12. Pengalihan Tugas Sementara Anggota Direksi13. Rencana Pergantian atau Perubahan Direksi14. Independensi Direksi15. Pengungkapan Kepemilikan Saham dan Hubungan Afiliasi16. Program Pengenalan dan Peningkatan Kapabilitas 17. Waktu Kerja Anggota DIreksi18. Etika Jabatan Direksi19. Penetapan Kebijakan Pengurusan Perusahaan oleh Direksi

20. Pendelegasian Wewenang Diantara Direktur Perusahaan21. Komposisi dan Pembagian Tugas Direksi

22. Rapat Direksi23. Organ Pendukung Direksi24. Hubungan Kerja antara Dewan Komisaris dan Direksi

25. Evaluasi Kinerja Direksi26. Pertanggungjawaban Direksi

TUGAS, KEWAJIBAN DAN WEWENANG DIREKSI

Direksi menjalankan tugas dan kewenangan pengurusan Perseroan untuk tujuan dan kepentingan Perseroan termasuk mewakili Perseroan baik di dalam maupun di luar pengadilan.

1. Prinsip dasar pelaksanaan tugas dan kewajiban Direksi Perseroan sebagai berikut:

a. Bertanggungjawab penuh dalam melaksanakan tugasnya untuk kepentingan dan usaha Perseroan dalam mencapai maksud dan tujuannya;

b. Memimpin dan mengurus Perseroan sesuai dengan maksud dan tujuan Perseroan dan senantiasa berusaha meningkatkan efisiensi dan efektifitas Perseroan;

c. Menguasai, memelihara, dan mengurus kekayaan Perseroan;

d. Dalam setiap pengambilan keputusan/tindakan, harus mempertimbangkan risiko usaha.

The Board Manual is prepared based on the principles of corporate law, provisions of the articles of association, applicable laws and regulations, tue direction of shareholders and the best practices of corporate governance.

The scope of the Board of Directors’ work guidelines includes the following: (to be illustrated)

1. Board of Directors: Functions2. Board of Directors: Duties and Obligations3. Board of Directors: Rights and Authority4. Board of Directors: Requirements5. Board of Directors: Appointment Process6. Board of Directors Membership7. Board of Directors: Multiple Positions8. Board of Directors: Terms of Office9. Board of Directors: Dismissal of Members10. Board of Directors: Resignation of Members11. Board of Directors: Member Vacancy12. Board of Directors: Transfer of Temporary Duties of Members13. Board of Directors: Change of Plan or Change of Directors14. Board of Directors: Independence15. Disclosures of Share Ownership and Affiliated Relationships16. Introductory and Capacity Boosting Programs17. Board of Directors: Working Time18. Board of Directors: Ethics19. Determination of the Company’s Management Policy by

Directors20. Delegation of Authority Between Company Directors21. Composition and Division of Labor for Board of Directors

Members22. Board of Directors: Meetings23. Board of Directors: Supporting Units24. Working Relationship Between the Board of Commissioners

and the Board of Directors25. Board of Directors: Performance Evaluation26. Board of Directors: Accountability

BOARD OF DIRECTORS DUTIES, OBLIGATIONS AND AUTHORITY The Board of Directors performs the duties and authorities and management of the Company for the purposes and interests of the Company. This includes representing the Company both inside and outside of court.

1. The basic principles for the implementation of the duties and obligations of the Board of Directors of the Company are as follows:a. It is fully responsible in performing its duties for the

Company’s interests and business in achieving its aims and objectives;

b. To guide and manage the Company in accordance with the purposes and objectives of the Company and to continuously strive to improve the efficiency and effectiveness of the Company;

c. To control, maintain and manage the Company’s assets;

d. In any decision-making/action, the Board of Directors should always be considerate of business risks.

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2. Dalam melaksanakan tugas dan kewajiban tersebut, Direksi Perseroan wajib memperhatikan kebijakan umum yang diatur dalam pedoman kerja (board manual) Perseroan sebagai berikut:a. Dengan itikad baik dan penuh tanggung jawab menjalankan

tugas untuk kepentingan Perseroan;

b. Tunduk pada ketentuan peraturan perundang-undangan yang berlaku, Anggaran Dasar dan keputusan RUPS serta memastikan seluruh aktivitas Perseroan telah sesuai dengan ketentuan peraturan perundang-undangan yang berlaku, Anggaran Dasar dan keputusan RUPS;

c. Menerapkan good corporate governance secara konsisten;d. Mematuhi peraturan internal Perseroan; e. Melaksanakan pengurusan Perseroan untuk kepentingan

dan tujuan Perseroan; f. Menetapkan susunan organisasi Perseroan lengkap

dengan pelaksanaan tugasnya; g. Bertindak selaku pimpinan dalam pengurusan Perseroan; h. Memelihara dan mengurus kekayaan Perseroan; i. Bertanggungjawab penuh dalam melaksanakan tugasnya

untuk kepentingan Perseroan dalam mencapai maksud dan tujuannya;

j. Mewakili Perseroan baik di dalam maupun di luar pengadilan;

k. Memperhatikan masukan-masukan yang diberikan oleh Dewan Komisaris;

l. Melakukan segala tindakan dan perbuatan, baik mengenai pengurusan maupun pemilikan kekayaan Perseroan serta mengikat Perseroan dengan pihak lain dengan pembatasan tertentu;

m. Wajib menyelenggarakan dan menyimpan Daftar Khusus yang memuat keterangan mengenai kepemilikan saham Direktur dan Komisaris beserta keluarganya dalam Perusahaan dan/atau pada perusahaan lain serta tanggal saham itu diperoleh;

n. Bertanggung jawab penuh secara pribadi atas kerugian Perseroran apabila yang bersangkutan bersalah atau lalai menjalankan tugasnya untuk kepentingan dan usaha Perseroan.

3. Tugas Terkait Rapat Umum Pemegang Saham a. Direksi wajib menyelenggarakan dan menyimpan Daftar

Pemegang Saham dan dokumen-dokumen terkait dengan RUPS sesuai ketentuan peraturan perundang-undangan.

b. Memberikan informasi material secara accurate, reliable, timely, consistent dan useful yang memungkinkan bagi pemegang saham untuk membuat keputusan.

c. Menyediakan bahan RUPS dan disampaikan kepada pemegang saham Perseroan.

d. Memberikan laporan berkala kepada pemegang saham menurut cara dan waktu sesuai dengan ketentuan yang berlaku.

e. Memberikan pertanggungjawaban dan segala keterangan tentang keadaan dan jalannya Perseroan, terutama laporan keuangan baik dalam bentuk laporan tahunan

2. In performing these duties and obligations, the Board of Directors of the Company shall pay attention to general policies as set forth in the Company’s board manual as follows:

a. In good faith and with full responsibility, the Board of Directors shall perform its duties for the benefit of the Company;

b. The board is subject to the provisions of applicable laws and regulations, Articles of Association and resolutions of the GMS. It must ensure that all activities of the Company are in compliance with applicable laws and regulations, Articles of Association and resolutions of the GMS;

c. To apply good corporate governance consistently;d. Comply with the Company’s internal regulations;e. Carry out the management of the Company for the

interests and purposes of the Company;f. Establish the Company’s organizational structure complete

with the execution of its duties;g. Acting as the leaders in the management of the Company;h. To maintain and manage the Company’s assets;i. The board is responsible for carrying out its duties in

the interest of the Company in achieving its aims and objectives;

j. The board must represent the Company both inside and outside of court;

k. The board must take into account the inputs provided by the Board of Commissioners;

l. Conduct all actions and deeds, whether regarding the management or ownership of the Company’s assets and bind the Company with others with specific restrictions;

m. It is mandatory for the board to organize and maintain a Special Register containing information on the ownership of shares of Director and Commissioner members and their families in the Company and/or to other companies and the date on which the shares were obtained;

n. Be personally liable for losses of the Company if the person in question is guilty or negligent in performing his duties for the Company’s business and interests.

3. Duties related to the General Meeting of Shareholdersa. The Board of Directors shall hold and maintain a

Shareholder Register and documents relating to the GMS in accordance with legal provisions.

b. Provide accurate, reliable, timely, consistent and useful material information that allows shareholders to make informed decisions.

c. Making GMS materials available and submitting them to shareholders of the Company.

d. Provide periodic reports to shareholders in a manner and time in accordance with applicable regulations.

e. Providing accountability and all information about the circumstances and the course of the Company, particularly in regards to financial statements, in the form of annual

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reports or in the form of other periodical reports in the manner and time specified in the Articles of Association.

f. Signing the Annual Report. In the event of a Director not signing the Annual Report, the concerned must state the reason in a separate letter attached to the Annual Report. In the case of a Director who has not signed the Annual Report and has not provided a written reason, the person concerned shall be deemed to have approved the contents of the annual report.

g. Call and hold an Annual GMS and/or Extraordinary GMS.

h. Create and maintain the minutes of the GMS.

4. Tasks Related to Company SubsidiariesThe following is the established appointment procedure for members of the Board of Directors and Board of Commissioners of Subsidiaries:a. The Board of Directors shall establish an Evaluation Team

for candidates for the Board of Directors and Board of Commissioners of the Subsidiary, chaired by the Director of Human Resources and General Affairs.

b. The Evaluation Team appoints a specialist or Professional Institute to undertake an assessment (if required), performs a candidate selection and then submits the results to the Board of Directors for approval.

c. The Evaluation Team reviews the candidates included in the list of candidates approved by the Board of Directors.

d. In case an appraisal is performed by a designated professional or institute, the Evaluation Team evaluates based on the results of the assessment by an expert or professional institution.

e. The Evaluation Team submits the results of the assessment to the Board of Directors for the determination of the candidates for the Board of Directors/Board of Commissioners of selected subsidiaries.

f. The Board of Directors shall conduct a final evaluation of the results of the assessment to determine the elected Directors and Commissioners for each of the members of the Board of Directors and Board of Commissioners of the Subsidiaries in question.

5. Duties related to the Strategy and Work Plana. Prepare the Company’s vision, mission, objectives, strategy

and culture, including the Company’s logo.b. Undertake and ensure the implementation of the

Company’s business and activities in accordance with its purpose and objectives and business activities.

c. Prepare the Company’s development plan on time.

d. Seek to achieve the long-term goals listed in the Company’s Long Term Plan (RJPP).

e. Submit a Work Plan containing the Company’s annual budget to the Board of Commissioners no later than 30 (thirty) days prior to the subsequent fiscal year.

f. Strive to achieve the short-term targets listed in the Corporate Work Plan & Budget (RKAP).

maupun dalam bentuk laporan berkala lainnya menurut cara dan waktu yang ditentukan dalam Anggaran Dasar.

f. Menandatangani Laporan Tahunan, dalam hal terdapat Direktur yang tidak menandatangani Laporan Tahunan, maka yang bersangkutan harus menyebutkan alasannya dalam surat tersendiri yang dilekatkan dalam Laporan Tahunan. Dalam hal terdapat Direktur yang tidak menandatangani Laporan Tahunan dan tidak memberikan alasan secara tertulis, maka yang bersangkutan dianggap menyetujui isi laporan tahunan tersebut.

g. Memanggil dan menyelenggarakan RUPS Tahunan dan/atau RUPS Luar Biasa.

h. Membuat dan memelihara Risalah RUPS.

4. Tugas terkait dengan Anak PerusahaanMenetapkan Prosedur Pengangkatan anggota Direksi dan Dewan Komisaris Anak Perusahaan, sebagai berikut:

a. Direksi membentuk Tim Evaluasi calon Anggota Direksi dan Dewan Komisaris Anak Perusahaan yang diketuai oleh Direktur SDM dan Umum.

b. Tim Evaluasi menunjuk tenaga ahli atau Lembaga Profesional untuk melakukan penilaian (jika diperlukan), melakukan penjaringan calon kemudian diserahkan kepada Direksi untuk memperoleh persetujuannya.

c. Tim Evaluasi melakukan penilaian terhadap calon-calon yang masuk dalam daftar bakal calon yang telah disetujui Direksi.

d. Dalam hal penilaian dilakukan oleh ahli atau lembaga profesional yang ditunjuk, Tim Evaluasi mengevaluasi berdasarkan hasil penilaian oleh ahli atau lembaga profesional.

e. Tim Evaluasi menyampaikan hasil penilaian tersebut kepada Direksi untuk penetapan calon Anggota Direksi/Dewan Komisaris anak Perusahaan terpilih.

f. Direksi melakukan evaluasi akhir atas hasil penilaian untuk menetapkan Direksi dan Komisaris terpilih untuk masing-masing jabatan Anggota Direksi dan Dewan Komisaris Anak Perusahaan.

5. Tugas terkait dengan Strategi dan Rencana Kerja a. Menyiapkan visi, misi, tujuan, strategi dan budaya

Perseroan, termasuk logo Perseroan. b. Mengusahakan dan menjamin terlaksananya usaha dan

kegiatan Perseroan sesuai dengan maksud dan tujuan serta kegiatan usahanya.

c. Menyiapkan rencana pengembangan Perseroan tepat pada waktunya.

d. Mengupayakan tercapainya sasaran-sasaran jangka panjang yang tercantum dalam RJPP.

e. Menyampaikan Rencana Kerja yang memuat juga anggaran tahunan Perseroan kepada Dewan Komisaris selambatnya 30 (tiga puluh) hari sebelum tahun buku berikutnya dimulai.

f. Mengupayakan tercapainya target-target jangka pendek yang tercantum dalam RKAP.

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6. Terkait dengan Manajemen Risiko a. Menyusun kebijakan dan strategi manajemen risiko secara

tertulis dan komprehensif di tingkat korporat termasuk penetapan dan persetujuan limit risiko secara keseluruhan, per jenis risiko dan per aktivitas fungsional (kegiatan usaha) Perseroan.

b. Mengembangkan budaya manajemen risiko pada seluruh jenjang organisasi, antara lain meliputi komunikasi yang memadai kepada seluruh jenjang organisasi tentang pentingnya pengendalian intern yang efektif.

c. Bertanggung jawab atas pelaksanaan kebijakan manajemen risiko dan paparan risiko yang diambil oleh Perseroan secara keseluruhan, termasuk mengevaluasi dan memberikan arahan strategi manajemen risiko berdasarkan laporan yang disampaikan oleh pejabat Risk Management yang ditunjuk.

d. Mengevaluasi dan memutuskan transaksi yang melampaui kewenangan pejabat satu level di bawah Direksi atau transaksi yang memerlukan persetujuan sesuai dengan kebijakan dan prosedur intern yang berlaku.

e. Memastikan peningkatan kompetensi sumber daya manusia yang terkait dengan penerapan manajemen risiko, antara lain dengan cara program pendidikan dan latihan secara berkesinambungan terutama yang berkaitan dengan sistem dan proses manajemen risiko.

f. Memastikan bahwa fungsi manajemen risiko telah diterapkan secara independen yang dicerminkan antara lain adanya hubungan antara unit Manajemen Risiko yang melakukan identifikasi, pengukuran, pemantauan dan pengendalian risiko dengan Satuan Kerja yang melakukan dan menyelesaikan transaksi.

g. Melaksanakan kaji ulang secara berkala dengan frekuensi sesuai dengan kebutuhan Perseroan untuk memastikan: i. Keakuratan metodologi manajemen risiko; ii. Kecukupan implementasi sistem informasi manajemen

risiko;iii. Ketepatan kebijakan, prosedur dan penetapan limit

risiko. 7. Terkait dengan Pemberantasan Korupsi

Direksi dilarang untuk memberikan atau menawarkan atau menerima baik langsung ataupun tidak langsung sesuatu yang berharga kepada pejabat pemerintah dan pihak-pihak lain yang mempengaruhi atau sebagai imbalan atas apa yang telah dilakukannya dan tindakan lainnya sesuai peraturan perundang-undangan yang berlaku.

8. Terkait dengan Sistem Pengendalian Internal Sistem Pengendalian Intern yang efektif merupakan komponen penting dalam manajemen dan menjadi dasar bagi kegiatan operasional Perseroan. Sistem Pengendalian Intern harus dapat memastikan seluruh aktivitas bisnis mematuhi peraturan perundang-undangan, pedoman good corporate governance maupun kebijakan Perseroan.

Sistem Pengendalian Internal harus dapat mendayagunakan informasi-informasi yang meliputi:

6. Duties Related to Risk Managementa. Establish written and comprehensive risk management

policies and strategies at the corporate level, including the establishment and approval of overall risk limits, per type of risk and per functional activities (business activities) of the Company.

b. Develop a risk management culture at all levels of the organization, including adequate communication to all levels of the organization on the importance of effective internal control.

c. Be responsible for the implementation of risk management policies and risk exposures taken by the Company as a whole, including evaluating and providing guidance on risk management strategies based on reports submitted by Risk Management appointed officials.

d. Evaluate and terminate transactions that exceed the authority of a single level official under the Board of Directors or transactions that require approval in accordance with applicable internal policies and procedures.

e. Ensure increased competence of human resources related to the implementation of risk management, by means of continuous education and training programs, especially those related to risk management systems and processes.

f. Ensure that the risk management function has been applied independently. This is to be reflect through the relationship between the Risk Management unit (that identifies, measures, monitors and controls risks) with the Work Unit (that conducts and completes the transaction).

g. Conduct periodic reviews with frequencies that are in accordance with the needs of the Company to ensure:i. Accuracy of risk management methodology;ii. Adequacy of risk management information system

implementation;iii. Accuracy of policies, procedures and determination

of risk limits.

7. Duties Related to the Eradication of CorruptionThe Board of Directors is prohibited from giving or offering or receiving directly or indirectly anything of value to government officials and other parties in return for what they have done, in accordance with applicable laws and regulations.

8. Duties Related to Internal Control SystemsAn Internal Control System is an important component of management and serves as a basis for the Company’s operational activities. The Internal Control System must ensure that all business activities comply with laws and regulations, good corporate governance guidelines and Company policies.

An Internal Control System should be able to utilize information that includes:

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a. Laporan manajemen;b. Laporan auditor internal; c. Opini dan laporan auditor eksternal;d. Laporan dan pendapat aktuaris mengenai tingkat risiko

dan premi; e. Hal-hal lain yang dianggap perlu.

9. Terkait dengan Keterbukaan dan Kerahasiaan Informasi

a. Direksi wajib mengungkapkan informasi penting dalam Laporan Tahunan dan Laporan Keuangan kepada pihak lain sesuai peraturan perundang-undangan yang berlaku.

b. Informasi yang disampaikan berupa: i. Informasi/data non publik yaitu informasi/data

yang diberikan atau disampaikan untuk keperluan intern Perseroan baik yang bersifat reguler maupun insidental;

ii. Informasi/data publik yaitu informasi/data yang diberikan atau disampaikan sebagai laporan kepada Pemegang Saham dalam rangka memenuhi kewajiban rutin maupun keterbukaan informasi yang bersifat insidental.

c. Direksi harus mengungkapkan pelaksanaan prinsip good corporate governance yang telah dilaksanakan dalam Laporan Tahunan.

d. Informasi rahasia yang diperoleh sewaktu menjabat sebagai Direksi Perseroan, termasuk rahasia Perseroan harus tetap dijaga sesuai dengan peraturan perundang-undangan yang berlaku.

e. Dalam hal menjaga kerahasiaan informasi Perseroan, Direksi dituntut untuk mengutamakan kepentingan Perseroan daripada kepentingan individu atau kelompok.

10. Terkait dengan Hubungan dengan Para Pemangku Kepentingana. Memastikan terjaminnya hak-hak para pemangku

kepentingan (stakeholders) yang timbul berdasarkan peraturan perundang- undangan yang berlaku dan atau perjanjian yang dibuat oleh Perseroan dengan karyawan, rekanan, mitra kerja, pemasok, pelanggan dan stakeholders lainnya.

b. Memastikan Perseroan melakukan tanggung jawab sosialnya (corporate social responsilibility) secara konsisten dan berkesinambungan.

c. Memastikan Perseroan memperhatikan kepentingan stakeholders.

d. Memastikan bahwa aset-aset dan lokasi usaha serta fasilitas Perseroan lainnya memenuhi peraturan perundang-undangan yang berlaku berkenaan dengan pelestarian lingkungan hidup, kesehatan dan keselamatan kerja.

e. Dalam mempekerjakan, menetapkan besarnya gaji, memberikan pelatihan, menetapkan jenjang karir, serta menentukan persyaratan kerja lainnya untuk karyawan, Perseroan tidak melakukan diskriminasi karena latar belakang etnik seseorang, agama, jenis kelamin, usia, cacat tubuh yang dipunyai seseorang atau keadaan khusus lainnya yang dilindungi oleh peraturan perundang-undangan.

f. Direksi wajib menyediakan lingkungan kerja yang bebas dari segala bentuk tekanan (pelecehan/harrasment).

a. Management reports;b. Internal auditor reports;c. Opinions and reports of external auditors;d. Actuarial statements and opinions on risk and premium

levels;e. Other things that are considered necessary.

9. Duties Related to Disclosure and Confidentiality of Informationa. The Board of Directors shall disclose important information

in the Annual Report and the Financial Report to other parties in accordance with applicable laws and regulations.

b. Information is to be conveyed in the form of:i. Non-public information/data (i.e. information)/data

provided or submitted for internal purposes of the Company, both regular and incidental;

ii. Information/public data (i.e. information)/data provided or submitted as a report to the Shareholders in order to fulfill routine obligations and incidental information disclosure.

c. The Board of Directors must disclose good corporate governance principles that have been implemented within the Annual Report.

d. Confidential information obtained while serving as the Board of Directors of the Company, including Company secrets, must be maintained in accordance with applicable laws and regulations.

e. In the case of maintaining the confidentiality of the Company’s information, the Board of Directors is required to prioritize the interests of the Company rather than individual or group interests.

10. Related to Stakeholder Relationsa. Ensure the rights of all stakeholders that arise under

applicable laws and regulations or agreements made by the Company with employees, partners, partners, suppliers, customers and other stakeholders.

b. Ensuring the Company performs its corporate social responsibility (responsibilities) consistently and continuously.

c. Ensure that the Company takes into account the interests of stakeholders.

d. Ensure that the Company’s assets and other business locations and facilities comply with applicable laws and regulations regarding environmental conservation, occupational health and safety.

e. In employing, determining salaries, providing training, establishing career paths, and determining other employment requirements for employees, the Company does not discriminate because of the ethnic background of a person, religion, sex, age, disability of a person, or other special circumstances protected by laws and regulations.

f. The Board of Directors is to provide a working environment free from all forms of pressure (harassment).

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11. Terkait dengan Teknologi Informasia. Menetapkan tata kelola informasi yang efektif.b. Menyampaikan laporan pelaksanaan tata kelola teknologi

informasi secara periodik kepada Dewan Komisaris.c. Menjaga dan mengevaluasi kualitas fungsi tata kelola

informasi di Perseroan.

12. Terkait Sistem Akuntansi dan Keuangan a. Menyusun sistem akuntansi berdasarkan prinsip-prinsip

standar akuntansi keuangan yang berlaku.b. Memastikan kehandalan data yang mencakup kelengkapan,

akurasi, klasifikasi dan otorisasi yang memadai sehingga laporan keuangan yang dihasilkan tepat waktu, tepat guna dan bebas dari salah saji material.

c. Mengadakan dan memelihara pembukuan dan administrasi Perseroan untuk menghasilkan penyelenggaraan pembukuan yang tertib, kecukupan modal kerja dengan biaya modal yang efisien, struktur neraca yang baik dan kokoh.

13. Terkait dengan Tugas dan Kewajiban Lain

Menjalankan kewajiban-kewajiban lainnya sesuai dengan ketentuan-ketentuan yang diatur dalam Anggaran Dasar dan yang ditetapkan oleh RUPS berdasarkan peraturan perundang-undangan yang berlaku.

PEMBAGIAN TUGAS DIREKSIRincian tugas dan tanggung jawab masing-masing anggota Direksi sebagai berikut:

Direktur UtamaMenentukan, memutuskan dan menetapkan strategi perencanaan serta pelaksanaan seluruh kegiatan Perseroan di antaranya Internal Audit, Legal and Contract, HSSE dan Corporate Secretary di mana seluruh kegiatan tersebut dikaitkan dengan usaha pencapaian visi dan misi Perusahaan.

Direktur KeuanganMenentukan, memutuskan, menetapkan dan mengendalikan pembuatan kebijakan dan strategi keuangan Perseroan untuk meningkatkan profitabilitas, likuiditas Perseroan guna mencapai tujuan dan sasaran Perseroan secara efektif dan efisien.

Direktur OperasiMenentukan, memutuskan, menetapkan dan mengendalikan pembuatan kebijakan operasi Perseroan meliputi Divisi Geoscience & Reservoir Services; Divisi Production, Operation & Maintenance Services; dan Divisi Asset Reliability & Productivity serta mengevaluasi dan mengkaji kinerja operasi unit usaha dan anak Perseroan.

Direktur Pengembangan UsahaMenentukan, memutuskan, menetapkan dan mengendalikan kebijakan kegiatan Pengembangan usaha Perseroan, melalui pemantauan dan evaluasi baik operasi di dalam Perseroan maupun di luar Perseroan, guna meningkatkan dan melakukan upaya-upaya

11. Duties Associated with Information Technologya. Establish effective information governance.b. Submitting reports on the implementation of information

technology governance periodically to the Board of Commissioners.

c. Maintain and evaluate the quality of corporate governance functions.

12. Duties Related Accounting and Finance Systema. Establish an accounting system based on the principles

of applicable financial accounting standards.b. Ensure data reliability that includes adequate

completeness, accuracy, classification and authorization so that the financial statements are timely, appropriate and free from material misstatements.

c. Conduct and maintain the Company’s books and administration to produce orderly bookkeeping, adequacy of working capital with efficient capital cost, and a balance sheet structure that is good and robust.

13. Duties Related to Other Duties and ObligationsCarry out other obligations in accordance with the provisions set forth in the Articles of Association and which are stipulated by the General Meeting of Shareholders pursuant to the prevailing laws and regulations.

BOARD OF DIRECTORS DUTIES ALLOCATION The details of the duties and responsibilities of each member of the Board of Directors are as follows:

President DirectorDetermine, decide and establish the strategy of planning and implementation of all activities of the Company, including internal audit, legal and contract, HHSE and corporate secretary in which all activities are associated with the effort to achieve the vision and mission of the Company.

Finance DirectorDetermine, decide, establish and control the Company’s financial policy and strategy making to improve profitability and liquidity of the Company in order to achieve the Company’s objectives and objectives effectively and efficiently.

Operations DirectorDetermine, decide, establish and control the Company’s operation policies, including the Geoscience and Reservoir Divisions; the Production, Operation and Maintenance Services Division; and the Asset Reliability and Productivity Division, and evaluate and review the operating performance of the Company’s and Subsidiaries’ business units.

Business Development DirectorDetermine, decide, establish and control the Company’s business development policies, through monitoring and evaluations both inside and outside the Company. This is done to enhance and

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optimize business development activities in the oil and gas sector so as to achieve the established targets.

Human Resources & General Affairs DirectorDetermine, decide, establish and control human resource and general activities. This covers human capital, supply chain management, property management and general affairs, information systems and the Elnusa Petroleum School in order to prepare reliable human resources to support routine operations on time, in an accountable manner and on an auditable basis.

The powers of the Board of Directors of the Company are as follows:

1. Binding the Company with others with a number of restrictions;

2. Carry out all actions and good deeds concerning management or ownership;

3. Establish policies in the leadership and stewardship of the Company;

4. Arranging the transfer of power of the Board of Directors to represent the Company within and outside of Court;

5. Arrange the provisions on employment of the Company;

6. Appoint and dismiss the Company’s employees;7. Rewarding and sanctioning to employees;8. Ensuring the Company’s human resources have competence

and abilities in accordance with their respective duties;

9. Conducting activities outside the Company that are not directly related to the interests of the Company;

10. Obtaining leave in accordance with applicable provisions;11. Using professional advice;12. Receiving incentives and tantiem if the Company reaches a

profit level;13. Receiving salary along with benefits;14. Establishing and adjusting the organizational structure of

the Company.

IMPLEMENTATION OF THE DUTIES AND OBLIGATIONS OF THE BOARD OF DIRECTORS 2018Broadly speaking, throughout 2018 the Board of Directors has performed its obligations and duties in accordance with its position description, which are:

1. Formulating a corporate vision, mission and strategy, including the Company Long Term Plan.

2. Ensuring that all corporate activities run smoothly and that performance results reach targets, including in subsidiaries.

3. Reviewing investment needs in order to increase capacity, replacement and business development.

4. Providing direction and reviewing efforts for enterprise business development and conducting exploration for strategic partnerships.

5. Performing improvements to company systems and procedures, and formulating the policies required by the company.

optimalisasi kegiatan pengembangan usaha di bidang migas dalam rangka mencapai target yang telah ditetapkan.

Direktur SDM & UmumMenentukan, memutuskan, menetapkan dan mengendalikan kegiatan sumber daya manusia & umum meliputi Human Capital, Supply Chain Management, Property Management & General Affair, Information System dan Elnusa Petroleum School dalam rangka menyiapkan sumber daya manusia yang handal mendukung kegiatan operasi rutin secara tepat waktu, accountable dan auditable.

Wewenang Direksi Perseroan sebagai berikut:

1. Mengikat Perseroan dengan pihak lain dengan sejumlah pembatasan;

2. Melakukan segala tindakan dan perbatan baik mengenai pengurusan maupun pemilikan;

3. Menetapkan kebijakan dalam kepemimpinan dan kepengurusan Perseroan;

4. Mengatur penyerahan kekuasaan Direksi untuk mewakili Perseroan di dalam dan di luar Pengadilan;

5. Mengatur ketentuan-ketentuan tentang kepegawaian Perseroan;

6. Mengangkat dan memberhentikan karyawan Perseroan;7. Memberi penghargaan dan sanksi kepada karyawan;8. Memastikan sumber daya manusia Perseroan memiliki

kompetensi dan kemampuan yang handal sesuai dengan bidang tugasnya;

9. Melakukan aktivitas di luar Perseroan yang tidak secara langsung berhubungan dengan kepentingan Perseroan;

10. Memperoleh cuti sesuai dengan ketentuan yang berlaku;11. Mempergunakan saran professional;12. Menerima insentif dan tantiem apabila Perseroan mencapai

tingkat keuntungan ;13. Menerima gaji berikut tunjangan;14. Menetapkan dan menyesuaikan struktur organisasi Perseroan.

PELAKSANAAN TUGAS DAN KEWAJIBAN DIREKSI TAHUN 2018Secara garis besar, sepanjang tahun 2018 Direksi telah melaksanakan kewajiban dan tugas sesuai dengan deskripsi jabatannya, yaitu diantaranya :

1. Merumuskan visi, misi dan strategi korporasi, termasuk Rencana Jangka Panjang Perusahaan.

2. Memastikan seluruh aktivitas perusahaan berjalan lancar dan hasil kinerja mencapai target, termasuk di anak perusahaan.

3. Mereview kebutuhan investasi dalam rangka meningkatkan kapasitas, penggantian maupun pengembangan usaha.

4. Memberikan arahan dan mereview upaya untuk pengembangan usaha perusahaan dan penjajakan untuk kemitraan strategis termasuk didalamnya pelaksanaan program digitalisasi.

5. Melakukan perbaikan sistem dan prosedur perusahaan, dan merumuskan kebijakan yang diperlukan perusahaan.

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6. Merumuskan kebutuhan untuk pengembangan sumber daya manusia dan memberikan arahan untuk implementasi dan transformasi budaya perusahaan.

7. Menyampaikan keterbukaan informasi kepada publik mengenai update kinerja perusahaan.

8. Memberikan arahan strategis terkait perencanaan, pengelolaan aset dan proyek, serta penanganan kasus perusahaan,

9. Menetapkan organisasi perusahaan.

PENILAIAN ATAS KINERJA KOMITE DI BAWAH DIREKSIDireksi tidak memiliki komite yang berada di bawah Direksi. Pelaksanaan tugas dan tanggung jawab Direksi didukung langsung oleh fungsi-fungsi yang dipimpin oleh Vice president/Senior Manager.

PROGRAM PENGENALAN DIREKSI

Perseroan memiliki dan menjalankan program pengenalan Perseroan bagi anggota Dewan Komisaris dan Direksi yang baru menjabat dengan tujuan memberikan gambaran kondisi Perseroan secara umum. Program pengenalan disusun dan disampaikan oleh Corporate Secretary dalam bentuk tampilan presentasi serta hard copy, meliputi:

1. Profil Perseroan.2. Health, safety & Environment (HSE)3. Update Kinerja dan Corporate Issues4. Code of Conduct (Standar Etika Perusahaan)5. Board Manual (Pedoman Kinerja Dewan Komisaris dan Direksi)

6. Regulasi terkait dengan Perusahaan Publik7. Rencana Kerja & Anggaran Perusahaan (RKAP) tahun 20188. Rencana Jangka Panjang Perusahaan (RJPP) tahun 2017-2021

NoNama Name

JabatanPosition

Tanggal PelaksanaanDate Carried Out

1 Hery SetiawanDirektur KeuanganFinance Director

3 September 20183 September 2018September 27, 2018

2 Arief RiyantoDirektur Pengembangan UsahaBusiness Development Director

3 September 20183 September 2018September 27, 2018

DIREKTUR INDEPENDENSesuai dengan peraturan BEI Nomor I-A Kep-00001/BEI/01-2014 tanggal 20 Januari 2014, bahwa setiap Perusahaan Tercatat wajib untuk memiliki Direktur Independen yang berjumlah paling kurang 1 (satu) orang dari jajaran anggota Direksi, pada RUPS Luar Biasa tanggal 31 Agustus 2018 Perseroan mengangkat Arief Riyanto sebagai Direktur Independen dengan masa jabatan sama dengan anggota Direksi lainnya dan dapat diangkat kembali setelah masa jabatannya selesai.

Sebagai Direktur Independen maka wajib untuk memenuhi kewajiban membuat untuk Surat Pernyataan Independensi yang menyatakan bahwa sebagai Direktur Independen tidak mempunyai hubungan afiliasi dengan Perusahaan Tercatat yang bersangkutan paling kurang 6 (enam) bulan sebelum penunjukan

6. Formulating the need for human resource development and providing direction for the implementation and transformation of corporate culture.

7. Delivering information disclosure to the public regarding company performance updates.

8. Providing strategic direction related to planning, asset and project management, as well as handling corporate cases,

9. Establishing the Company’s organization.

ASSESSMENT OF COMMITTEE PERFORMANCE UNDER THE BOARD OF DIRECTORSThe Board of Directors has no committees under it. The implementation of the duties and responsibilities of the Board of Directors is directly supported by functions led by the Vice President/Senior Manager.

INTRODUCTION PROGRAMS OF THE BOARD OF DIRECTORSThe Company owns and operates its own introduction program for newly appointed members of the Board of Directors. The goal is to provide an overview of the general condition of the Company. The introduction program is prepared and submitted by the Corporate Secretary in the form of a presentation and a hard copy of presentation. Its contents include:

1. Company Profile.2. Health, Safety & Environment (HSE)3. Performance Update and Corporate Issues4. Code of Conduct (company’s ethical standards)5. Board Manual (Code of Conduct and Working Guidelines of

the Board of Commissioners and Board of Directors)6. Regulations related to Public Companies7. Corporate Work Plan & Budget (RKAP) in 20188. Company’s Long Term Plan (RJPP) 2017-2021

INDEPENDENT DIRECTORSIn accordance with IDX Regulation No. IA Kep-00001 / BEI / 01-2014 dated January 20, 2014, each Listed Company is required to have an Independent Director comprise at least 1 (one) member of the Board of Directors. At the EGMS of August 31, 2018, the Company appointed Arief Riyanto as an Independent Director with a term of office equal to the other members of the Board of Directors.

As an Independent Director, it is mandatory to fulfill the obligation that requires such a director to make an Independence Statement stating that the Independent Director has no affiliated relationship with the Listed Company concerned at least 6 (six) months prior to appointment as Independent Director. The Independent Director

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sebagai Direktur Independen, tidak mempunyai hubungan afiliasi dengan Komisaris atau Direksi lainnya, tidak bekerja rangkap sebagai Direksi perusahaan lain, tidak menjadi orang dalam pada lembaga atau Profesi Penunjang Pasar Modal yang jasanya digunakan oleh calon perusahaan tecatat selama 6 (enam) bulan sebelum penunjukan dan telah memenuhi persyaratan sebagai Direktur Independen sebagaimana yang diatur dalam peraturan perundang-undangan yang berlaku.

PERNYATAAN INDEPENDENSISTATEMENT OF INDEPENDENCE

must also not have an affiliate relationship with the Commissioners or other Directors. The Independent Director must not work as a Board of Directors of another company or serve as an insider at the Capital Market Supporting Institution or have its services used by prospective companies recorded for 6 (six) months prior to appointment. Finally the Independent Director must have fulfilled the requirements of Independent Director as stipulated in the applicable legislation.

Saya yang bertanda tangan di bawah ini:Nama Lengkap : Arief RiyantoTempat/tanggal lahir : Magelang/17 Juni 1962Jabatan : Direktur IndependenTanggal pengangkatan : 31 Agustus 2018

Dalam rangka memenuhi kewajiban dalam Peraturan Bursa Efek Indonesia Nomor I-A Tanggal 20 Januari 2014 tentang Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham yang Diterbitkan oleh Perusahaan Tercatat, Lampiran Keputusan Direksi PT Bursa Efek Indonesia Nomor: Kep-00001/BEI/01-2014, bersama ini saya menyatakan bahwa saya:1. Tidak mempunyai hubungan afiliasi dengan Pengendali

PT Elnusa Tbk paling kurang selama 6 (enam) bulan sebelum penunjukan sebagai Direktur Independen.

2. Tidak mempunyai hubungan afiliasi dengan anggota Dewan Komisaris lainnya atau dengan anggota Direksi PT Elnusa Tbk.

3. Tidak bekerja rangkap sebagai Direksi di Perusahaan lain.

4. Tidak menjadi Orang Dalam pada lembaga atau Profesi Penunjang Pasar Modal yang jasanya digunakan oleh PT Elnusa Tbk selama 6 (enam) bulan sebelum penunjukan sebagai Direktur Independen.

5. Apabila di kemudian hari ditemukan bahwa saya memiliki hubungan-hubungan sebagaimana dimaksud pada butir 1-4 diatas, maka saya bersedia untuk melepaskan jabatan Direktur Independen dan bersedia untuk diganti.

I, the undersigned:Full Name : Arief RiyantoPlace/date of birth : Magelang/ June 17, 1962Position : Independent DirectorData of Appointment : August 31, 2018

In order to meet the obligation stipulated in the Regulation of Indonesia Stock of Change No.I-A dated January 20, 2014, regarding Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies, Attachment of Decision of Board of Directors of PT Bursa Efek Indonesia No. Kep-00001/ BEI/01-2014, I hereby state that I:

1. Do not have any affiliation with the Controller of PT Elnusa Tbk in the last 6 (six) months, at minimum, before being appointed as the Independent Director

2. Do not have any affiliation with other members of Board of Commisioners or members of Board Directors of PT Elnusa Tbk.

3. concurrent position as member of Board of Directors at other companies.

4. Am not an insider of an Institution or Capital Market Supporting Profesionals whose service is employed by PT Elnusa Tbk during 6 (six) months beore being appointed as the Independent Director.

5. If, in the future, I am found to have all te relationship mentioned in points 1-4, I Am willing to release the position of Independent Director and willing to be replaced.

Jakarta, 31 Agustus 2018 Jakarta, August 31 2018

Arief Riyanto

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Penilaian Kinerja Dewan Komisaris dan DireksiPerformance Evaluation of the Board of Commissioners and

the Board of Directors

PENILAIAN KINERJA DEWAN KOMISARIS

Dewan Komisaris melakukan pengukuran dan penilaian terhadap kinerja Dewan Komisaris baik secara kolegial maupun individu melalui mekanisme mandiri setiap tahunnya berdasarkan atas tingkat pencapaian Perseroan dibandingkan dengan target (Key Performance Indicator) yang telah disepakati. Hal ini sebagaimana tertuang dalam Board Manual (Pedoman Kerja).

Proses Pelaksanaan Evaluasi Kinerja:1. Evaluasi secara kolegial

Evaluasi kinerja Dewan Komisaris secara kolegial dilakukan berdasarkan kriteria penilaian antara lain meliputi:a. Struktur dan komposisi Dewan Komisaris.

Sesuai Peraturan Otoritas Jasa keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik pada pasal 20 yakni Komisaris Independen wajib paling kurang 30% (tiga puluh persen) dari jumlah seluruh anggota Dewan Komisaris, saat ini jumlah Komisaris Independen Perusahaan mencapai 40% (empat puluh persen). Komposisi Dewan Komisaris juga memperhatikan keberagaman keahlian, pengalaman dan latar belakang pendidikan.

b. Pencapaian kinerja Perseroan sesuai dengan target yang telah ditetapkan.Tahun 2018 pencapaian kinerja Perseroan menunjukkan hasil yang baik yani mencapai 103% dari target yang telah ditetapkan.

c. Ketaatan terhadap peraturan perundang-undangan yang berlaku serta kebijakan Perseroan.Selama tahun 2018 Perseroan telah melakukan kewajibannya secara baik dan telah melakukan sejumlah pemutakhiran atas kebijakan-kebijakan Perseroan yang disesuaikan dengan peraturan perundang-undangan.

d. Komitmen dalam memajukan kepentingan Perseroan.Dewan Komisaris menunjukkan komitmen yang besar untuk kemajuan dan kepentingan Perseroan melalui pengawasan dan pemberian nasihat kepada Direksi yang rutin dilakukan setiap bulannya. Untuk tahun 2018, Dewan Komisaris telah mengadakan 13 (tiga belas) kali Rapat Dewan Komisaris dan 12 (dua belas) kali Rapat Gabungan Dewan Komisaris dan Direksi.

e. Penerapan Good Corporate Governance di Perusahaan.Sepanjang tahun 2018 pelaksanaan tata kelola Perseroan mengacu pada peraturan perundang-undangan antara lain Peraturan OJK Nomor 21/POJK.04/2015 berikut

PERFORMANCE EVALUATION OF THE BOARD OF COMMISSIONERSThe Board of Commissioners measures and evaluates the performance of the Board of Commissioners both collectively or individually based on independent mechanism every year according to the Company’s achievement as compared to the agreed upon Key Performance Indicators. This is as stated in the Board Manual (Work guideline).

The Implementation of the performance evaluation:1. Collective evaluation

The collective performance evaluation of the Board of Commissioners is done based on the following criteria, including:a. The structure and composition of the Board of Commissioners.

Based on the Indonesian Financial Service Authority Regulation No. 33/POJK.04/2014 on the Board of Directors and the Board of Commissioners of a publicly listed company, in Section 20, specifically indicates that the number of Independent Commissioners should at least be 30% (Thirty percent) of the total number of the Board of Commissioners. At present, the number of Independent Commissioners of the Company are at 40% (forty percent). The composition of the Board of Commissioners also considers the diversity of skills, experience, and education backgrounds

b. The Company’s performance is in line with the set target.In 2018, the Company’s performance shows positive result, reaching 103% of the set target.

c. Compliance to the prevailing law and the Company’s policy.In 2018, the Company has fulfilled its obligation and has updated its policies according to the prevailing law.

d. Commitment to further the Company’s interestThe Board of Commissioners shows its commitment to the progress and interest of the Company, by routinely monitoring and giving advice to the Board of Directors every month. In 2018, the Board of Commissioners has held 13 (thirteen) meetings of the Board of Commissioners and 12 (twelve) combined meetings of the Board of Commissioners and the Board of Directors.

e. The implementation of Good Corporate Governance in the CompanyIn 2018, the implementation of the Company’s corporate governance is done according to regulations, including OJK

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Surat Edaran OJK tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka dan Peraturan OJK Nomor 32/POJK.04/2014 yang mengatur mengenai RUPS. Selain itu Perseroan juga mengadopsi secara komprehensif standar terbaik tata kelola yang berlaku secara Internasional yaitu ASEAN Corporate Governance Scorecard sebagai acuan rekomendasi tata kelola yang harus dipenuhi.

2. Evaluasi secara individuEvaluasi dilakukan oleh masing-masing anggota Dewan Komisaris, dengan kriteria antara lain meliputi:a. Tingkat kehadiran dalam masing-masing rapat internal

maupun rapat gabungan Dewan Komisaris dengan Direksi beserta rapat dengan Komite-Komite Penunjang di bawah Dewan Komisaris.

b. Kontribusi dalam proses pengawasan dan pemberian nasihat terhadap Jajaran Manajemen

Untuk tingkat kehadiran rata-rata sebesar 82% diyakini anggota Dewan Komisaris telah memberikan waktu yang lebih dari memadai untuk menyelenggarakan rapat dan mendapatkan suatu putusan yang komprehensif terbaik buat perusahaan serta memenuhi ketentuan dan aturan yang berlaku dalam pengambilan keputusan.

Evaluasi kinerja Dewan Komisaris ini juga disampaikan secara umum sebagai bentuk pertanggungjawaban pelaksanaan tugas dan tanggung jawab pada saat RUPS Tahunan dan laporan tahunan Perseroan.

PENILAIAN KINERJA DIREKSI

Perseroan melakukan evaluasi kinerja Direksi baik secara kolegial maupun individu melalui mekanisme mandiri setiap tahunnya berdasarkan atas tingkat pencapaian Perseroan dibandingkan dengan target (Key Performance Indicators) yang disepakati. Evaluasi kinerja Direksi juga dilakukan dengan mempertimbangkan tugas dan tanggung jawab Direksi sesuai dengan peraturan perundang-undangan dan/atau Anggaran Dasar Perseroan.

Proses Pelaksanaan Evaluasi Kinerja

1. Evaluasi secara kolegial Evaluasi kinerja Direksi secara kolegial dilakukan berdasarkan pencapaian secara keseluruhan, antara lain mencakup kriteria:

a. Financial;b. Operational Execellence;c. Growth;d. HSSE & People Management;

2. Evaluasi secara individuPenilaian kinerja dilakukan oleh masing-masing anggota Direksi, dengan kriteria target kinerja yang dituangkan dalam kertas kerja sesuai dengan tugas dan tanggung jawab masing-masing anggota Direksi. Evaluasi Direktur Utama telah

Regulation No. 21/POJK.04/2015 as well as Circular Letter OJK on the implementation of the corporate governance of a publicly listed company, and OJK Regulation No. 32/POJK.04/2014 on AGM. Other than that, the Company also adopts internationally recognized governance standard, such as the ASEAN Corporate Governance Scorecard as the recommended governance standard.

2. Individual evaluationIndividual evaluation is done by each member of Board of Commissioners, with criteria such as:a. Attendance rate in each internal meeting and combined

meeting of the Board of Commissioners and the Board of Directors, as well as meetings with Supporting Committees of the Board of Commissioners.

b. Contribution to the monitoring process and in giving advice to the Management.

The average attendance rate is around 82% and it is believed that each member of the Board of Commissioners has allocated more time than necessary to hold meetings and to make the best comprehensive decisions for the Company as well as to fulfil the requirements of the prevailing regulations in making decision.

The performance evaluation of the Board of Commissioners has also been delivered publicly as part of its responsibility for carrying out of its tasks and responsibilities at the annual AGM and Annual Report of the Company.

THE EVALUATION OF PERFORMANCE OF THE BOARD OF DIRECTORSThe Company evaluates the performance of the Board of Directors both collectively and individually, based on the independent mechanism every year according to the Company’s achievement in comparison to the set target (Key Performance Indicators). The performance evaluation of the Board of Directors is also based on tasks and responsibilities of the Board of Directors as specified by the prevailing Law and/or the Company’s Articles of Association.

The implementation of performance evaluation process

1. Collective Evaluation The collective performance evaluation of the Board of Directors is done based on the overall performance, according to the following criteria:a. Financial;b. Operational Execellence;c. Growth;d. HSSE & People Management;

2. Individual EvaluationThe individual performance evaluation for each member of the Board of Directors is done based on the criteria stated in the performance target according to their respective tasks and responsibilities. The evaluation of the President Director

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tercermin dalam penilaian kinerja Direksi secara kolegial yang telah disebutkan sebelumnya.

Pencapaian dari hasil evaluasi kinerja Direksi untuk tahun buku 2018 mencapai 103%. Hasil evaluasi kinerja Direksi tersebut disampaikan kepada Dewan Komisaris dan evaluasi akhir penilaian akan dilakukan oleh Komisaris Utama berdasarkan rekomendasi dari Komite Nominasi dan Remunerasi. Hasil penilaian kinerja anggota Direksi menjadi bahan pertimbangan dalam memberikan arahan untuk meningkatkan efektivitas kinerja Direksi dan merupakan salah satu dasar pertimbangan bagi Komite Nominasi dan Remunerasi memberikan rekomendasi kepada Dewan Komisaris untuk mengangkat kembali anggota Direksi dan untuk menyusun struktur remunerasi Direksi.

Selain itu, penilaian kinerja Direksi disampaikan secara umum sebagai bentuk pertanggungjawaban pelaksanaan tugas dan tanggung jawab pada saat RUPS Tahunan dan laporan tahunan Perseroan.

is captured in the collective performance evaluation of the Board of Directors as stated before.

The performance evaluation of the Board of Directors in 2018 shows an achievement of 103% from the set target. The result of the performance evaluation of the Board of Directors’ work has been delivered to the Board of Commissioners, in which the final evaluation will be done by the President Commissioner based on recommendations from the Nomination and Remuneration Committee. The result of the performance evaluation of members of the Board of Directors will be used as consideration in giving advice for improving the effectiveness of their performance and as an important aspect of the Nomination and Remuneration Committee’s recommendation to the Board of Commissioners for matters pertaining to the re-appointment of members of the Board of Directors and the remuneration structure for the Board of Directors.

Other than that, the performance evaluation of the Board of Directors is delivered publicly as part of its responsibility for carrying out of its tasks and responsibilities at the annual AGM and Annual Report of the Company.

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PROSEDUR PENETAPAN REMUNERASIUndang-Undang Nomor 40 tahun 2017 tentang Perseroan Terbatas (UUPT) menyatakan bahwa besarnya remunerasi Dewan Komisaris dan Direksi ditetapkan oleh RUPS, namun RUPS dapat memberikan kewenangan kepada Dewan Komisaris untuk menetapkan remunerasi Direksi dan Dewan Komisaris.

Dewan Komisaris melalui perangkat komitenya yakni Komite Nominasi dan Remunerasi secara berkala mengevaluasi kebijakan, besaran dan struktur remunerasi. Prosedur remunerasi dilaksanakan sesuai dengan perundang-undangan yang berlaku.

Pendelegasian RUPS kepada Dewan Komisaris

GMS delegation to the Board of Commissioners

Keputusan decision

Usulan Komite Nominasi dan Remunerasi atau Direksi kepada Dewan

Komisaris Proposals from the Nomination

and Remuneration Committee or the Board of Directors to the


Dewan Komisaris menyampaikan usulan

kepada Pemegang Saham Utama

The Board of Commissioners submits a proposal to the Main

ShareholdersPengkajian oleh Komite Nominasi dan

Remunerasi (jika diusulkan dari Direksi)

Assessment by the Nomination and Remuneration Committee (if proposed by the Board of

Directors)

STRUKTUR REMUNERASI DEWAN KOMISARIS DAN DIREKSI Berdasarkan surat dari Pemegang Saham Utama Nomor R-152/C00000/2017-S4 tanggal 12 Juli 2017, struktur remunerasi Dewan Komisaris dan Direksi terdiri atas gaji/honorarium, tunjangan, fasilitas dan tantiem.

INDIKATOR PENETAPAN REMUNERASI DEWAN KOMISARIS DAN DIREKSI

Penetapan penghasilan berupa gaji/ honorarium, tunjangan dan fasilitas yang bersifat tetap dilakukan dengan mempertimbangkan faktor pendapatan, kondisi dan kemampuan keuangan Perseroan serta tingkat inflasi dan faktor-faktor lain yang relevan serta tidak bertentangan dengan peraturan perundang-undangan. Sedangkan tunjangan dan tantiem yang bersifat variabel dilakukan dengan

Kebijakan Remunerasi Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors

Remuneration Policy

PROCEDURE FOR DETERMINING REMUNERATIONLaw No. 40 of 2017 on Limited Liability Companies states that remuneration amounts for members of the Board of Commissioners and Board of Directors are determined by the General Meeting of Shareholders (GMS). However, the GMS can also provide the Board of Commissioners the authority to determine remuneration for both of the Board of Directors and Board of Commissioners.

The Board of Commissioners, through the the Nomination and Remuneration Committee, periodically evaluates policies, amounts and structures related to remuneration. Remuneration procedures are carried out in accordance with applicable laws.

BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS REMUNERATION STRUCTUREIn accordance with a Letter from Main Shareholder Number R-152/C00000/2017-S4 dated July 12, 2017, the remuneration structure of the Board of Commissioners and Directors consists of salaries/honorariums, allowances, facilities, and bonuses.

INDICATORS FOR DETERMINING THE REMUNERATION OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORSThe process of determining income that is constant (in the form of salaries/honorariums, allowances and facilities) is carried out by means of considering indicators such as the Company’s income, conditions and financial capabilities, as well as factors such as inflation and other relevant factors so as to prevent conflict with laws and regulations. Meanwhile, the process of determining income that is variable (such as allowances and bonuses) is

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mempertimbangkan faktor realisasi pencapaian kinerja Perseroan, tingkat kesehatan, kondisi dan kemampuan keuangan Perseroan serta faktor-faktor lainnya.

Remunerasi Aktual 2018 (Rp)Actual Remuneration in 2018 (in Rupiah)

Dewan KomisarisBoard of Commissioners 2018 2017 2016

Honorarium, THRHonorarium, Idul Fitri Bonus (THR)

1.767.295.840 2.022.602.400 1.746.360.000

Tantiem 2.538.769.687 2.507.563.252 1.861.186.454

Purna JabatanPosthumous Compensation

683.552.627 - 413.459.507

PajakTaxes

1.783.048.180 1.584.259.454 1.269.561.305

Lain-lain Others

71.964.016 43.376.534 -

Sub Total 6.844.630.350 6.157.801.640 5.290.567.266

DireksiBoard of Directors 2018 2017 2016

Gaji, THRSalary, Idul Fitri Bonus (THR)

8.633.505.000 10.009.860.000 8.539.974.943

Tantiem 5.695.215.930 5.287.698.754 3.774.748.427

Purna JabatanPosthumous Compensation

1.355.537.939 914.636.066 1.106.191.781

PajakTaxes

5.669.815.421 5.952.856.853 4.739.934.522

Lain-lain Others

649.805.707 514.662.752 228.778.929

Sub Total 22.003.879.997 22.679.714.425 18.389.628.603

carried out by means of taking into account Company-related indicators such as its performance, health, condition and financial capabilities, as well as other factors.

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Sesuai dengan Anggaran Dasar Perseroan dan Pedoman Kerja Dewan Komisaris dan Direksi (Board Manual) setiap anggota Dewan Komisaris dan Direksi dilarang untuk memiliki hubungan keluarga sedarah sampai dengan derajat ketiga, baik menurut garis lurus maupun garis ke samping atau hubungan semenda (menantu atau ipar) dengan Anggota Dewan Komisaris dan/atau Direktur lainnya.

Setiap anggota Dewan Komisaris dan Direksi yang baru menjabat juga diwajibkan untuk membuat surat pernyataan terkait dengan pemenuhan persyaratan yang wajib dipenuhi oleh setiap anggota Dewan Komisaris dan Direksi, dimana diantaranya adalah menyatakan status hubungan afiliasi, dan hubungan kepengurusan di perusahaan lain. Hal ini untuk memastikan tidak adanya rangkap jabatan yang dapat menimbulkan benturan kepentingan secara langsung atau tidak langsung dengan Perseroan atau yang bertentangan dengan ketentuan peraturan perundang-undangan yang berlaku dan Anggaran Dasar Perseroan.

Per 31 Desember 2018, tidak terdapat anggota Dewan Komisaris dan Direksi yang memiliki rangkap jabatan di perusahaan terbuka lainnya, tidak ada potensi benturan kepentingan yang dihadapi dalam pengambilan keputusan dan tidak ada yang memiliki hubungan afiliasi baik dengan sesama anggota Direksi lainnya, Dewan Komisaris ataupun Pemegang Saham Utama atau Pengendali.

Potensi Benturan KepentinganPotential Conflict of Interest

NamaName

Hubungan Keluarga Dengan Organ Perseroan

Family Relations with Company Organ

Hubungan Kepengurusan di Perusahaan Terbuka Lain

Management Relationships at Other Publicly Listed Companies

Dewan KomisarisBoard of

Commissioners

DireksiDirector

Pemegang SahamShareholder

Sebagai Dewan KomisarisKomisaris

As Board of Commissioners

Sebagai DireksiAs Director

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

Dewan Komisaris Board of Commissioners

Narendra Widjajanto 9 9 9 9 9

Pradana Ramadhian G. 9 9 9 9 9

Lusiaga Levi Susila 9 9 9 9 9

Afdal Martha 9 9 9 9 9

Eman Salman Arief 9 9 9 9 9

Hubungan Afiliasi Antara Anggota Dewan Komisaris, Direksi dan Pemegang Saham Utama dan/atau PengendaliAffiliate Relationship Between Members of the Board of

Commissioners, Directors and Major and/or Controlling Shareholders

In accordance with the Company’s Articles of Association and the Board of Commissioners and Board of Directors Work Guidelines, each member of the Board of Commissioners and Directors is prohibited to have bloodline family relationship up to the third degree, either in a straight line or sideways line or a relationship due to the marriage (children-in-law or sibling-in-law) with Members of the Board of Commissioners and /or other Directors.

Each new member of the Board of Commissioners and Directors is also required to make a statement regarding the fulfillment of requirements of each member of the Board of Commissioners and Directors, including the statement of the status of affiliate relationship, and management relationship in other companies. It aims to ensure the inexistence of concurrent position that may cause a direct or indirect conflict of interest with the Company or the conflict against the provisions of the prevailing laws and regulations and the Company’s Articles of Association.

As of 31 December 2018, there were no members of the Board of Commissioners and Directors who held concurrent positions in other publicly listed companies. There was also no potential conflict of interest faced in decision making and no affiliation with other fellow Directors, the Board of Commissioners or the Main or Controlling Shareholders.

228


NamaName

Hubungan Keluarga Dengan Organ Perseroan

Family Relations with Company Organ

Hubungan Kepengurusan di Perusahaan Terbuka Lain

Management Relationships at Other Publicly Listed Companies

Dewan KomisarisBoard of

Commissioners

DireksiDirector

Pemegang SahamShareholder

Sebagai Dewan KomisarisKomisaris

As Board of Commissioners

Sebagai DireksiAs Director

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

Direksi Director

Tolingul Anwar 9 9 9 9 9

Elizar Parlindungan Hasibuan 9 9 9 9 9

Hery Setiawan 9 9 9 9 9

Arief Riyanto 9 9 9 9 9

RM Happy Paringhadi JS 9 9 9 9 9

229


Independensi & Kepemilikan SahamIndependence & Shares Ownership

INDEPENDENSI Setiap anggota Dewan Komisaris dan Direksi wajib membuat pernyataaan mengenai status independesinya agar anggota Dewan Komisaris dan Direksi dapat bertindak sebaik-baiknya demi kepentingan Perseroan secara keseluruhan. Selain itu Anggota Dewan Komisaris dan Direksi juga berkewajiban untuk mengisi Daftar Khusus yang memuat informasi mengenai kepemilikan sahamnya dan/atau keluarganya di Perseroan maupun di perusahaan lain. Surat Pernyataan dan Daftar Khusus tersebut disimpan dan diadministrasikan oleh Corporate Secretary.

Jika terjadi perubahan status yang dapat mempengaruhi independensinya termasuk apabila terdapat perubahan kepemilikan saham baik pribadi dan/atau keluarganya pada Perseroan dan/atau perusahaan lain, anggota Dewan Komisaris dan Direksi wajib untuk melaporkannya kepada Perseroan.

Pernyataan Kepemilikan Saham Pribadi dan KeluargaStatement Regarding Share Ownership by Person or Family

NamaName

JabatanPosition

Pribadi pada Perusahaan

Person at the Company

Keluarga pada Perusahaan

Family at the Company

Pribadi pada perusahaan LainPerson at other

companies

Keluarga pada perusahaan LainFamily at other

companies

Ya Tidak Ya Tidak Ya Tidak Ya Tidak

Dewan Komisaris / Board of Commissioners

Narendra WidjajantoKomisaris UtamaPresident Commissioner 9 9 9 9

Lusiaga Levi SusilaKomisaris IndependenIndependentCommissioner

9 9 9 9

Pradana Ramadhian G.Komisaris IndependenIndependentCommissioner

9 9 9 9

Eman Salman AriefKomisaris Commissioner 9 9 9 9

Afdal MarthaKomisaris Commissioner 9 9 9 9

Direksi / Board of Directors

Tolingul AnwarDirektur UtamaPresident Director 9 9 9 9

Elizar Parlindungan Hasibuan

Direktur OperasiOperations Director 9 9 9 9

Hery SetiawanDirektur KeuanganFinance Director 9 9 9 9

Arief Riyanto

Direktur Pengembangan UsahaBusiness Development Director

9 9 9 9

RM Happy Paringhadi JSDirektur SDM & UmumHR & General AffairsDirector

9 9 9 9

INDEPENDENCEEach member of the Board of Commissioners and the Board of Directors is required to sign a written statement about his or her status of independence, so that they can perform their duties accordingly for the benefit of the Company. Moreover, members of the Board of Commissioners and the Board of Directors are required to fill in Special List containing information regarding the share ownership of the member’s and/or the member’s family or relatives in the Company or other companies. The statement letter and the Special List are kept and archived by the Corporate Secretary.

Should any change occur that may affect their independence, including changes in the share ownership of the member’s and/or family at the Company and/or at other companies, the member of either the Board of Commissioners or the Board of Directors is required to report it to the Company.

230


Keberagaman Komposisi Dewan Komisaris dan DireksiDiversity in the composition of the Board of Commissioners

and DirectorsPerseroan berupaya untuk menjaga bauran keragaman komposisi Dewan Komisaris dan Direksi. Perseroan meyakini bahwa keberagaman keahlian, pengalaman dan latar belakang pendidikan sangat diperlukan untuk efektivitas tugas pengawasan Dewan Komisaris dan pengurusan Perusahaan oleh Direksi. Dewan Komisaris dan Direksi yang ditunjuk berdasarkan Keputusan RUPS memiliki komposisi yang cukup beragam baik berdasarkan usia, latar belakang pendidikan, keahlian serta pengalaman yang dibutuhkan dalam pelaksanaan tugas dan tanggung jawabnya.

Per 31 Desember 2018, Perseroan belum memiliki aturan tertulis yang mengatur keberagaman komposisi Dewan Komisaris dan Direksi. Dalam mengangkat anggota Dewan Komisaris dan Direksi, Perseroan mempertimbangkan kompetensi kandidat dan mengacu pada peraturan perundangan yang berlaku.

Adapun keberagaman komposisi Dewan Komisaris dan Direksi Perseroan adalah sebagai berikut:

NamaName

Tingkat Pendidikan Terakhir

Educational Background

BidangField

UsiaAge

Jenis Kelamin

Sex


Dewan Komisaris Board of Commissioners

Narendra WidjajantoS2

Postgraduate

Ekonomi & AkuntansiEconomic & Accounting

55LM

Berpengalaman 28 tahun di Pertamina Grup dengan berbagai posisi strategis di bidang keuangan dan treasury.28 years of experience in Pertamina Group with various strategic positions in finance and treasury sector.

Pradana Ramadhian G.S2

Postgraduate

Ekonomi & ManajemenEconomic & Accounting

53LM

Memilliki pengalaman 26 tahun di industri perbankan, keuangan dan manajemen.26 years of experience working in industry of banking, finance and management

Lusiaga Levi SusilaS1

UndergraduateFisikaPhysics

62LM

Lebih dari 37 tahun berkiprah di industri migasMore than 37 years experience working in the oil and gas industry

Afdal MarthaS1

UndergraduateTeknik MesinEngineering

55LM

Berkarir lebih dari 28 tahun di Pertamina Grup dengan berbagai posisi strategis di bidang pengolahanBuilding career for more than 28 years in Pertamina Group with various strategic positions in the refinery sector

Eman Salman AriefS2

Postgraduate

Teknik Kimia & ManajemenChemistry Engineering & Management

53LM

Berpengalaman 28 tahun di Pertamina Grup dengan berbagai posisi strategis di bidang pengolahan28 years of experience in Pertamina Group with various strategic positions in the refinery sector

The Company attempts to maintain a diversity in the composition of the Board of Commissioners and Directors. The Company believes that the diversity of expertise, experience and educational background is very needed for the effectiveness of supervisory and management function of Company’s Board of Commissioners and Directors. The Board of Commissioners and Directors are appointed pursuant to GMS resolutions and have a diversed composition based on age, educational background, expertise and experience required in carrying out their duties and responsibilities.

As of 31 December 2018, the Company does not have any written rules regulating the composition diversity of the Board of Commissioners and Directors. In appointing the members of the Board of Commissioners and Directors, the Company considers the candidate competence and always refers to the applicable laws and regulations.

The composition diversity of the Company’s Board of Commissioners and Directors is described as follows:

231


NamaName

Tingkat Pendidikan Terakhir

Educational Background

BidangField

UsiaAge

Jenis Kelamin

Sex


Direksi Directors

Tolingul AnwarS2

Postgraduate

Teknik & EkonomiEngineering & Economics

55 L

25 tahun berkarir di Pertamina untuk berbagai posisi (bidang Procurement, SCM)25 years career at Pertamina in various positions (Procurement, SCM)

Elizar Parlindungan HasibuanS2

Postgraduate

Teknik & EkonomiEngineering & Economics

54 L

Lebih dari 26 tahun berkarir di Pertamina diantaranya di bidang supply chain, SCM.Building career for more than 26 years at Pertamina including in the supply chain sector, SCM

Hery SetiawanS2

PostgraduateKeuanganFinance

51 L

25 tahun berkarir di Keuangan Pertamina & Dana Pensiun PertaminaBuilding career for more than 25 years in Pertamina Finance & Pertamina Pension Fund

Arief RiyantoS1

Undergraduate

Teknik MesinMechanical Engineering

56 L

Lebih dari 30 tahun berkarir di berbagai industri migas dan infrastrukturBuilding career for more than 30 years in various industries of oil, gas, and infrastructure

RM Happy Paringhadi JSS1

Undergraduate

Teknik KimiaChemistry Engineering

56 L

Lebih dari 25 tahun berkarir di Pertamina untuk berbagai posisi (Kepala Perencanaan dan pengembangan, HR Area Manager, Manpower Planning & Development Manager, Leadership & People Development Manager)Building career for more than 25 years at Pertamina in various positions (Head of Planning and development, HR Area Manager, Manpower Planning & Development Manager, Leadership & People Development Manager)

232


Frekuensi dan Tingkat Kehadiran Rapat Dewan Komisaris dan DireksiFrequency and Attendance Level of Board of Commissioners

and Directors Meetings

BOARD OF COMMISSIONERS MEETINGThe Board of Commissioners’ meeting has been scheduled before the current year as stated in the 2018 Board of Commissioners work program. In accordance with the Company’s Articles of Association, the Board of Commissioners meeting is held minimum once every 2 (two) months. The call for meeting are conducted by the President Commissioner and submitted no later than 3 (three) days before the holding meeting, without taking into account the calling meeting date and date of the meeting, or in a shorter time if in an urgent situation. The Board of Commissioners meeting is legal and has the right to make decision if attended or represented by more than ½ (one half) of the total members of the Board of Commissioners or the representative in the meeting.

In accordance with the Board of Commissioners’ Work Program in 2018, the Board of Commissioners held the internal meetings once a month, attended by all the Board of Commissioners members. In 2018, the Board of Commissioners held 13 (thirteen) meetings.

Attendance of the Board of Commissioners in Board of Commissioners Meetings

RAPAT DEWAN KOMISARISRapat Dewan Komisaris telah diagendakan sebelum tahun berjalan seperti tercantum dalam program kerja Dewan Komisaris tahun 2018. Sesuai Anggaran Dasar Perseroan, rapat Dewan Komisaris diadakan sekurang-kurangnya sekali setiap 2 (dua) bulan. Pemanggilan rapat dilakukan oleh Komisaris Utama dan disampaikan paling lambat 3 (tiga) hari sebelum rapat diadakan, dengan tidak memperhitungkan tanggal pemanggilan dan tanggal rapat, atau dalam waktu yang lebih singkat jika dalam keadaan mendesak. Rapat Dewan Komisaris adalah sah dan berhak mengambil keputusan yang mengingat apabila dihadiri atau diwakili oleh lebih dari ½ (satu per dua) dari jumlah anggota Dewan Komisaris atau diwakili dalam rapat.

Sesuai Program Kerja Dewan Komisaris tahun 2018 dijelaskan bahwa Rapat Internal Dewan Komisaris dilaksanakan 1 (satu) kali dalam sebulan yang dihadiri oleh seluruh anggota Dewan Komisaris. Selama tahun 2018 Dewan Komisaris menyelenggarakan 13 (tiga belas) kali Rapat Dewan Komisaris.

Kehadiran Dewan Komisaris Dalam Rapat Dewan Komisaris

Tanggal RapatDate of Meeting

Syamsu Alam Gigih PrakosoNarendra

WidjajantoPradana

Ramadhian G.Rinaldi

FirmansyahLusiaga Levi

SusilaBudhi

HimawanYudo Irianto Afdal Martha

Eman Salman Arief

Komisaris Utama

(sampai dengan 5

Maret 2018)President

Commissioner (until March 5

2018)

Komisaris Utama

(sampai dengan 31

Agustus 2018)President

Commissioner (until August

31 2018)

Komisaris Utama (sejak

31 Agustus 2018)

President Commissioner (since August

31 2018)

Komisaris Independen

(sejak 28 April 2016)

Independent Commissioner (since April 28

2016)


(sampai dengan 14 Mei 2018)Independent

Commissioner (until May 14

2018)


(sejak 14 Mei 2018)

Independent Commissioner (since May 14

2018)

Komisaris (sampai

dengan 5 Maret 2018)


2018)

Komisaris (sampai

dengan 31 Agustus 2018)Commissioner (until August

31 2018)

Komisaris (sejak 31 Agustus

2018)Commissioner (since August

31 2018)



31 2018)

26-Jan-2018 √ √ √ √

19-Feb-2018 √ √ √

22-Mar-2018 √ √ √ √ √

25-Apr-2018 √ √ √ √

28-Mei-2018 √ √ √ √ √

28-Jun-2018 √ √ √ √

30-Jul-2018 √ √ √ √ √

20-Ags-2018 √ √ √ √ √

27-Sep-2018 √ √ √

17-Okt-2018 √ √ √ √ √

16-Nov-2018 √ √ √ √ √

22-Nov-2018 √ √ √ √

233



Syamsu Alam Gigih PrakosoNarendra

WidjajantoPradana

Ramadhian G.Rinaldi

FirmansyahLusiaga Levi

SusilaBudhi

HimawanYudo Irianto Afdal Martha

Eman Salman Arief

Komisaris Utama

(sampai dengan 5

Maret 2018)President


2018)

Komisaris Utama

(sampai dengan 31

Agustus 2018)President

Commissioner (until August

31 2018)

Komisaris Utama (sejak

31 Agustus 2018)

President Commissioner (since August

31 2018)


(sejak 28 April 2016)

Independent Commissioner (since April 28

2016)


(sampai dengan 14 Mei 2018)Independent

Commissioner (until May 14

2018)


(sejak 14 Mei 2018)

Independent Commissioner (since May 14

2018)

Komisaris (sampai

dengan 5 Maret 2018)


2018)

Komisaris (sampai

dengan 31 Agustus 2018)Commissioner (until August

31 2018)



31 2018)



31 2018)

18-Des-2018 √ √ √ √ √

Jumlah Rapat

Total Meeting2 6 11 13 4 9 2 8 5 5

Jumlah

Kehadiran

Number of Attendantce

1 5 11 13 3 9 1 7 3 4

(%) Kehadiran

(%) of Attendance

50% 83% 100% 100% 75% 100% 50% 88% 60% 80%

Rata-rata kehadiran Dewan Komisaris

Average Meeting Attendance of The Board of Commissioners79%

Agenda Rapat Dewan Komisaris

No.Tanggal

DateAgendaAgenda

1 26-Jan-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Board Manual dan GCG Code / Board Manual dan GCG Code• Program Kerja Dewan Komisaris / Board of Comissioners work program

2 19-Feb-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Laporan Tahunan / Annual Report• RUPS Luar Biasa / Extraordinary GMS

3 22-Mar-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Komite Penunjang Dewan Komisaris / Board of Commissioners Supporting Committee• RUPS Tahunan / Year Annual GMS

4 25-Apr-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Tahunan / Year Annual GMS

5 28-Mei-2018 • RUPS Luar Biasa / Extraordinary GMS• Komite Penunjang Dewan Komisaris / Board of Commissioners Supporting Committee

6 28-Jun-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Tahunan / Year Annual GMS

7 30-Jul-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Kerja dan Anggaran Perusahaan / Work Plan and Company Budget• RUPS Luar Biasa / Extraordinary GMS

8 20-Ags-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Kerja dan Anggaran Perusahaan / Work Plan and Company Budget• RUPS Luar Biasa / Extraordinary GMS

9 27-Sep-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Komite Penunjang Dewan Komisaris / Board of Commissioners Supporting Committee

10 17-Okt-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Komite Penunjang Dewan Komisaris / Board of Commissioners Supporting Committee• Penunjukan Kantor Akuntan Publik dan Akuntan Publik / Appointment of the Office of Public Accountants and Public Accountants

11 16-Nov-2018 • Kinerja Anak Perusahaan / Performance of Subsidiaries

12 22-Nov-2018 • Laporan Bulanan Kinerja / Monthly Performance Report

13 18-Des-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Kerja dan Anggaran Perusahaan / Work Plan and Company Budget

Board of Commissioners Meeting Agenda

234


RAPAT DIREKSISesuai dengan ketentuan pada Anggaran Dasar Perseroan dan Board Manual, Direksi wajib mengadakan rapat internal paling kurang 1 (satu) kali dalam setiap bulan. Rapat dilakukan untuk membicarakan mengenai hal-hal strategis atau operasional. Strategis artinya adalah hal-hal yang diputuskan dengan memerlukan diterbitkannya surat keputusan Direksi atau memo Direksi yang berdampak pada semua unit kerja. Sedangkan operasional, artinya hal-hal yang berkenaan dengan tindak lanjut yang diperlukan untuk pelaksanaan keputusan strategis.

Materi rapat disiapkan oleh Sekretaris Perusahaan dan disampaikan paling lambat lima hari sebelum rapat diselenggarakan. Materi rapat disampaikan bersamaan dengan penyampaian undangan rapat.

Semua keputusan dalam rapat Direksi diambil dengan musyawarah untuk mufakat. Apabila tidak tercapai musyawarah mufakat, maka keputusan diambil dengan pemutuan suara berdasarkan suara setuju paling sedikit ½ (satu per dua) dari jumlah suara yang dikeluarkan dalam rapat.

Kehadiran Direksi dalam Rapat Direksi

Tanggal RapatMeeting Date

Tolingul Anwar Budi Raharjo Elizar P Hasibuan RM Happy Paringhadi Budhi N Pangaribuan Hery Setiawan Arief Riyanto


Direktur Keuangan (sampai dengan 14

Mei 2018)Finance Director

(until May 14, 2018)

Direktur OperasiOperations Director

Direktur SDM & UmumHR & General Affairs

Director

Direktur Pengembangan Usaha

(sampai dengan 5 Maret 2018)

Business Development Director (until March

5, 2018)

Direktur Keuangan (sejak 31 Agustus 2018)

Finance Director (since August 31, 2018)

Direktur Pengembangan Usaha (sejak 31 Agustus 2018)Business Development

Director (since August 31, 2018)

16-Jan-18 √ √ √ √

23-Jan-18 √ √ √ √ √

30-Jan-18 √ √ √ √ √

6-Feb-18 √ √ √

13-Feb-18 √ √ √ √

27-Feb-18 √ √ √ √

13-Mar-18 √ √ √

27-Mar-18 √ √ √

17-Apr-18 √ √ √

24-Apr-18 √ √ √

25-May-18 √ √

5-Jun-18 √ √

26-Jun-18 √ √

4-Jul-18 √ √ √

10-Jul-18 √ √

17-Jul-18 √ √ √

24-Jul-18 √ √ √

30-Jul-18 √ √ √

15-Aug-18 √ √ √

21-Aug-18 √ √

4-Sep-18 √ √ √ √ √

6-Sep-18 √ √ √ √

17-Sep-18 √ √ √ √ √

18-Sep-18 √ √ √ √ √

26-Sep-18 √ √ √ √

2-Oct-18 √ √ √ √

9-Oct-18 √ √ √ √

19-Oct-18 √ √ √ √ √

30-Oct-18 √ √ √ √

6-Nov-18 √ √ √ √

14-Nov-18 √ √ √ √ √

DIRECTORS MEETINGIn accordance with the provisions of the Company’s Articles of Association and the Board Manual, the Board of Directors is required to hold the internal meetings minimum 1 (one) time in each month. The meeting aims to discuss the strategic or operational matters. The strategic matter means the one that are decided by requiring the issuance of a Board of Directors decree or a Board of Directors memo that affects all work units. Meanwhile, the operational matters mean the one related to follow-up needed for the implementation of strategic decisions.

The meeting materials are prepared by the Corporate Secretary and submitted no later than five days before the holding meeting. The meeting material was presented along with the meeting invitation.

All decisions in the Board of Directors meeting are taken by deliberation to reach consensus. If no consensus is reached, the decision is taken by voting based on the ‘agree’ vote at least ½ (one-half) of the total votes issued in the meeting.

The Attendance in Directors’ Meetings

235


Tanggal RapatMeeting Date

Tolingul Anwar Budi Raharjo Elizar P Hasibuan RM Happy Paringhadi Budhi N Pangaribuan Hery Setiawan Arief Riyanto


Direktur Keuangan (sampai dengan 14

Mei 2018)Finance Director

(until May 14, 2018)

Direktur OperasiOperations Director

Direktur SDM & UmumHR & General Affairs

Director

Direktur Pengembangan Usaha

(sampai dengan 5 Maret 2018)

Business Development Director (until March

5, 2018)

Direktur Keuangan (sejak 31 Agustus 2018)

Finance Director (since August 31, 2018)

Direktur Pengembangan Usaha (sejak 31 Agustus 2018)Business Development

Director (since August 31, 2018)

3-Dec-18 √ √ √ √ √

4-Dec-18 √ √ √ √ √

11-Dec-18 √ √ √ √ √

18-Dec-18 √ √ √ √

26 Dec 2018 √ √ √ √

Jumlah Rapat

Total Meeting36 10 36 36 6 16 16

Jumlah Kehadiran

Number of Attendantce

33 9 28 30 4 16 14

(%) Kehadiran

(%) of Attendance92% 90% 78% 83% 67% 100% 88%

Rata-rata kehadiran Direksi

Average Meeting Attendance of The Board of Director

85%

Agenda Rapat Direksi

NoTanggal

DateAgenda Agenda

1 16-Jan-18 • Target Kinerja World Class tahaun 2018 / Target of World Class Performance in 2018

2 23-Jan-18 • Evaluasi Kinerja konsolidasi per Desember 2017 / Consolidated Performance Evaluation as of December 2017

3 30-Jan-18 • Evaluasi Strategi Anak Perusahaan / Evaluation of the Strategy of the Subsidiary

4 6-Feb-18 • Assesment GCG / GCG Assessment• Rencana Jangka Panjang Perusahaan / Company Long Term Plan

5 13-Feb-18 • Rencana Jangka Panjang Perusahan / Company Long Term Plan• Evaluasi Kinerja konsolidasi per Januari 2018 / Consolidated Performance Evaluation as of January 2018

6 27-Feb-18 • Persiapan RUPS Tahunan / Preparation of the Annual GMS• Evaluasi Bisnis Anak Perusahaan / Subsidiary Business Evaluation

7 13-Mar-18 • Evaluasi Kinerja Operasi / Evaluation of Operational Performance• Evaluasi Kinerja konsolidasi per Februari 2018 / Consolidated Performance Evaluation as of February 2018

• Persiapan RUPS Tahunan / Preparation of the Annual GMS

8 27-Mar-18 • Update program digitalisasi / Preparation of the Annual GMS

9 17-Apr-18 • Evaluasi Kinerja konsolidasi per Maret 2018 / Consolidated Performance Evaluation as of March 2018

10 24-Apr-18 • Rencana Pengembangan Anak Perusahaan / Subsidiary Development Plan• Evaluasi Kinerja Keuangan Perseroan / Evaluation of the Company’s Financial Performance

12 9-May-18 • Update Bisnis Proses / Business Process Update• Rencana Investasi / Investment Plan

13 22-May-18 • Rencana Kegiatan Operasi / Plan of Operation Activities• Update bisnis proses / Business process update

14 5-Jun-18 • Rencana Kerja Anggaran Perusahaan 2018 / 2018 Corporate Budget Work Plan• Evaluasi Kinerja Marketing / Marketing Performance Evaluation

15 26-Jun-18 • Evaluasi Kinerja konsolidasi per Mei 2018 / Consolidated Performance Evaluation as of May 2018

16 4-Jul-18 • Evaluasi Kinerja konsolidasi per Juni 2018 / Consolidated Performance Evaluation as of June 2018

17 10-Jul-18 • Persiapan RUPS Tahunan / Preparation of the Annual GMS

18 17-Jul-18 • Evaluasi Strategi Anak Perusahaan / Evaluation of the Strategy of the Subsidiary

19 24-Jul-18 • Evaluasi Kinerja HSSE Anak Perusahaan / Evaluation of HSSE Performance of Subsidiaries

20 30-Jul-18 • Evaluasi Kinerja Konsolidasi Semester Satu / First Semester Consolidation Performance Evaluation• Evaluasi Bisnis Proses / Business Evaluation Process

21 15-Aug-18 • Rencana Pengembangan Usaha / Business Development Plan

22 21-Aug-18 • Evaluasi Kebijakan GCG / Evaluation of GCG Policy• Evaluasi Kinerja Asset / Evaluation of Asset Performance

23 3-Sep-18 • Pengembangan Organisasi / Organizational Development

24 4-Sep-18 • Rencana Pengembangan Usaha dan Potensi Kerjasama / Business Development Plan and Potential Cooperation

25 6-Sep-18 • Rencana Pengembangan Usaha / Business Development Plan

26 17-Sep-18 • Tindak Lanjut Pertemuan Direksi / Follow-up of Directors’ Meetings

Directors Meeting Agenda

236


NoTanggal

DateAgenda Agenda

27 18-Sep-18 • Evaluasi Kinerja konsolidasi per Agustus 2018 / Consolidated Performance Evaluation as of August 2018• Rencana Pengembangan Usaha/ Business Development Plan

28 26-Sep-18 • Rencana Kegiatan Operasi / Plan of Operation Activities• Evaluasi Bisnis Proses / Process Business Evaluation

29 2-Oct-18 • Rencana Pengembangan Usaha / Business Development Plan• Rencana Pengembangan Asset / Asset Development Plan

30 9-Oct-18 • Rencana Pengembangan Usaha / Business Development Plan

31 19-Oct-18 • Evaluasi Asset Perusahaan 2018 / Evaluation of Company Asset 2018

32 30-Oct-18 • Rencana Pengembangan Usaha / Business Development Plan• Continous Improvement Program

33 6-Nov-18 • Evaluasi Kinerja Operasi / Evaluation of Operational Performance

34 14-Nov-18 • Evaluasi Bisnis Proses / Process Business Evaluation• Evaluasi Kerjasama (Partnership) / Collaborative Evaluation (Partnership)

35 3-Dec-18 • Rencana Pengembangan Usaha / Business Development Plan• Update Kinerja Keuangan Perseroan / Update on the Company’s Financial Performance

36 4-Dec-18 • Pembahasan Rencana Kerja & Anggaran Perusahaan 2019 / Discussion of 2019 Corporate Budget & Work Plan

37 11-Dec-18 • Evaluasi Kinerja Operasi / Evaluation of Operational Performance

38 18-Dec-18 • Evaluasi Kinerja konsolidasi Perseroan / Evaluation of the Company’s consolidated performance

39 26 Dec 2018 • Evaluasi Kinerja Operasi / Evaluation of Operational Performance

RAPAT GABUNGAN DEWAN KOMISARIS DAN DIREKSISesuai dengan Anggaran Dasar Perseroan, Rapat Gabungan Dewan Komisaris dan Direksi diadakan secara berkala paling kurang 1 (satu) kali dalam 4 (empat) bulan seperti membahas kinerja Perusahaan, isu-isu strategis korporasi dan corporate action yang perlu diketahui Dewan Komisaris untuk ditindaklanjuti segera.

Kehadiran Dewan Komisaris dan Direksi dalam Rapat Gabungan

NamaName

JabatanPosition

Rapat Gabungan Dewan Komisari-DireksiJoint Meeting of The Board of Commissioners and Directors


Jumlah Rapat

Number of Meetings

KehadiranAttendance

%26/01 19/02 22/03 25/04 18/05 28/06 30/07 20/08 27/09 17/10 22/11 18/12

Dewan Komisaris

The Board of Commissioners

Syamsu Alam* Komisaris Utama


- √ 2 1 50%

Gigih Prakoso** Komisaris Utama


- √ √ - √ √ 6 4 67%

Narendra

Widjajanto***

Komisaris Utama


√ √ √ √ √ √ √ √ √ √ 10 10 100%

Pradana

Ramadhian G.

Komisaris

Independen


√ √ √ √ √ √ √ √ √ √ √ √ 12 12 100%

Lusiaga Levi Susila

****

Komisaris

Independen


√ √ √ √ √ √ √ 7 7 100%

Afdal MarthaKomisaris

Commissioner- √ - √ 4 2 50%

Eman Salman AriefKomisaris

Commissioner- √ √ √ 4 3 75%

JOINT MEETING OF THE BOARD OF COMMISSIONERS AND DIRECTORSIn accordance with the Articles of Association of the Company, the Joint Meetings of the Board of Commissioners and Directors are held regularly at least 1 (one) time in 4 (four) months, discussing the Company’s performance, corporate strategic issues and corporate actions that need to be known by the Board of Commissioners for immediate action.

Attendance of the Board of Commissioners and Directors in the Joint Meeting

237


NamaName

JabatanPosition

Rapat Gabungan Dewan Komisari-DireksiJoint Meeting of The Board of Commissioners and Directors


Jumlah Rapat

Number of Meetings

KehadiranAttendance

%26/01 19/02 22/03 25/04 18/05 28/06 30/07 20/08 27/09 17/10 22/11 18/12

Rinaldi Firmansyah

*****

Komisaris

Independen


√ √ √ - 4 3 75%

Budhi Himawan

******

Komisaris

Commissioner√ - 2 2 100%

Yudo Irianto

*******

Komisaris

Commissioner√ √ √ √ √ √ √ √ 8 8 100%

Rata-rata Kehadiran Dewan Komisaris

Average Meeting Attendance of The Board of Commissioners82%

Direksi


President Director√ √ √ √ √ √ √ √ √ √ √ √ 12 12 100%

Elizar P. HasibuanDirektur Operasi

Operation Director√ √ √ - √ √ √ √ - √ √ - 12 9 75%

Hery Setiawan

********

Direktur Keuangan

Finance Director√ √ √ √ 4 4 100%

Arief Riyanto

*********

Direktur

Pengembangan

Usaha (sekaligus

Direktur

Independen)

Business Development Director (and Independent Director)

√ √ - √ 4 3 75%

RM. Paringhadi J.S.

Direktur SDM &

Umum

HR & General Affairs Director

√ √ √ √ √ - √ - √ √ √ √ 12 10 83%

Budi Rahardjo

**********

Direktur Keuangan

Finance Director√ √ √ √ 4 4 100%

Budhi N.

Pangaribuan

***********

Direktur

Pengembangan

Usaha (sekaligus

Direktur

Independen)

Business Development Director (and Independent Director)

√ √ 2 2 100%

Rata-rata Kehadiran Direksi

Average Meeting Attendance of The Board of Directors90%

Menjabat sebagai Komisaris Utama sampai RUPS Luar Biasa tanggal 5 Maret 2018Menjabat sebagai Komisaris Utama sampai RUPS Luar Biasa tanggal 31 Agustus 2018Menjabat sebagai Komisaris Utama sejak RUPS Luar Biasa tanggal 31 Agustus 2018Menjabat sebagai Komisaris Independen sejak RUPS Tahunan tanggal 14 Mei 2018Menjabat sebagai Komisaris Independen sampai RUPS Tahunan tanggal 14 Mei 2018Menjabat sebagai Komisaris sampai RUPS Luar Biasa tanggal 5 Maret 2018Menjabat sebagai Komisaris sampai RUPS Luar Biasa tanggal 31 Agustus 2018Menjabat sebagai Direktur Keuangan sejak RUPS Luar Biasa tanggal 31 Agustus 2018Menjabat sebagai Direktur Pengembangan Usaha sejak RUPS Luar Biasa tanggal 31 Agustus 2018Menjabat sebagai Direktur Keuangan sampai RUPS Tahunan tanggal 14 Mei 2018Menjabat sebagai Direktur Pengembangan Usaha sampai RUPS Luar Biasa tanggal 5 Maret 2018

Served as President Commissioner until the Extraordinary GMS of March 5, 2018Served as President Commissioner until the Extraordinary GMS of August 31, 2018Serving as President Commissioner since the Extraordinary GMS of August 31, 2018Serving as Independent Commissioner since the Annual General Meeting of Shareholders of May 14, 2018Served as Independent Commissioner until the Annual General Meeting of Shareholders of May 14, 2018Served as Commissioner until the Extraordinary GMS of March 5, 2018Served as Commissioner until the Extraordinary GMS of August 31, 2018Serving as Director of Finance since the Extraordinary GMS of August 31, 2018Serving as Director of Business Development since the Extraordinary GMS of August 31, 2018Served as Director of Finance until the Annual General Meeting of Shareholders of May 14, 2018Served as Director of Business Development until the Extraordinary GMS of March 5, 2018

*)

**)

***)

****)

*****)

******)

*******)

********)

*********)

**********)

***********)

*)

**)

***)

****)

*****)

******)

*******)

********)

*********)

**********)

***********)

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Agenda Rapat Gabungan

No.Tanggal

DateAgendaAgenda

1 26-Jan-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Key Performance Indicator / Key Performance Indicator

• Update Pengelolaan Risiko / Risk Management Update

2 19-Feb-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Luar Biasa / Extraordinary GMS

3 22-Mar-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Tahunan / Year Annual GMS• Laporan Hasil Assessment GCG / Report on GCG Assessment Results

4 25-Apr-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Pengembangan Usaha / Business Development Plan

5 18-Mei-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Key Performance Indicator

6 28-Jun-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Kerja dan Anggaran Perusahaan / Work Plan and Company Budget

7 30-Jul-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Luar Biasa / Extraordinary GMS

8 20-Ags-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• RUPS Luar Biasa / Extraordinary GMS

9 27-Sep-2018 • Laporan Bulanan Kinerja / Monthly Performance Report

10 17-Okt-2018 • Laporan Bulanan Kinerja / Monthly Performance Report

11 22-Nov-2018 • Laporan Bulanan Kinerja / Monthly Performance Report

12 18-Des-2018 • Laporan Bulanan Kinerja / Monthly Performance Report• Rencana Kerja dan Anggaran Perusahaan / Business Development Plan

Dengan kehadiran rata-rata anggota Dewan Komisaris sebesar 82% dan Direksi sebesar 90% diyakini Dewan Komisaris dan Direksi telah memberikan waktu yang memadai dan memenuhi ketentuan serta aturan yang berlaku dan mendapatkan suatu putusan yang komprehensif dan terbaik untuk Perseroan serta memenuhi ketentuan dan aturan yang berlaku dalam pengambilan keputusan.

KEPUTUSAN DAN TINDAK LANJUT RAPATSeluruh keputusan hasil Rapat Diresi, Rapat Dewan Komisaris dan Rapat Gabungan Dewan Komisaris dan Direksi tertuang dalam notulen rapat yang ditandatangani oleh Direksi dan/atau Dewan Komisaris. Sekretaris Dewan Komisaris ditugaskan untuk memonitor pelaksanaan keputusan dan rekomendasi Dewan Komisaris, sedangkan Sekretaris Perusahaan ditugaskan untuk memonitor pelaksanaan dan rekomendasi Direksi. Hal yang perlu ditindaklanjuti harus dilaporkan kembali dalam rapat selanjutnya.

Rencana Rapat Direksi dan Dewan Komisaris Tahun Buku 2019

KegiatanJanuari Februari Maret April Mei Juni Juli Agustus September Oktober November Desember

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Rapat Direksi

Rapat Dewan Komisaris

Rapat Gabungan Dewan Komisaris-Direksi

Joint Meeting Agenda

With the average attendance of Board of Commissioners of 82% and a Board of Directors of 90%, the Board of Commissioners and Directors have set the time and fulfilled the prevailing rules and regulations to obtain a comprehensive and best resolution for the Company thus fulfilling the prevailing rules and regulations in decision making.

RESOLUTION AND MEETING FOLLOW-UPAll resolutions from the Directors Meetings, the Board of Commissioners Meetings, and the Board of Commissioners and Directors Joint Meetings are stated in the minutes of meetings signed by the Board of Directors and/or the Board of Commissioners. The Board of Commissioners secretary is assigned to monitor the implementation of the resolutions and recommendation of the Board of Commissioners. Meanwhile, the Corporate Secretary is assigned to monitor the implementation and recommendation of the Board of Directors. The follow-up actions are required to be reported back in the next meeting.

Board Of Directors And Board Of Commissioners Meeting Book 2019

239


Komite AuditAudit Committee

LAPORAN KOMITE AUDIT Sesuai dengan Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015 tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit dan dalam rangka pemenuhan prinsip Good Corporate Governance serta peraturan lainnya, kami memiliki Komite Audit yang menjalankan fungsinya dengan baik.

Komite Audit membantu Dewan Komisaris dalam melaksanakan tugas dan fungsi pengawasan, memastikan Perseroan dikelola dengan manajemen yang sehat secara konsisten sesuai dengan prinsip-prinsip GCG serta membantu dalam memberikan nasihat dalam pelaksanaan pengendalian internal dan audit Perseroan.

Terkait Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015 tanggal 23 Desember 2015 dan Nomor 13/POJK.03/2017 tanggal 27 Maret 2017 tentang Penggunaan Jasa Kantor Akuntan Publik dan Kantor Akuntan Publik Dalam Kegiatan Jasa Keuangan, Komite Audit telah melakukan kajian internal mengenai Pedoman Kerja (PIagam) Komite Audit dan sejauh ini belum menemukan perubahan hal-hal signifikan yang perlu disesuaikan kembali meski Piagam Komite Audit terakhir kali disesuaikan pada tahun 2017.

AUDIT COMMITTEE REPORT In accordance to the Indonesian Financial Service Authority (OJK) Regulation No. 55/POJK.04/2015 on the establishment and work guidelines of the Audit Committee, and in order to fulfil the Good Corporate Governance principles as well as other regulations, we have established an Audit Committee that has worked well in its functions.

The Audit Committee supports the Board of Commissioners in carrying out their monitoring and control functions, in ensuring that the Company is well-managed and consistent with the GCG principles, as well as in providing support and advice regarding the internal management and audit of the Company.

Related to the OJK Regulation No. 55/POJK.04/2015 dated 23 December 2015 and No.13/POJK.03/2017 dated 27 March 2017 pertaining to the use of Public accounting firm services and public accounting firm within the financial service, the Audit Committee has conducted internal examination on the work guideline (Charter) of the Audit Committee and so far has not found significant changes that require adjustments of the items in the latest Audit Committee Charter, although the previous adjustment of the Audit Committee’s Charter has been done in 2017.

3

2

1

123

REYNOLD M. BATUBARAAnggota Member

EDDY RACHMADIAnggota Member

PRADANA RAMADHIAN G.Ketua Head

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KOMPOSISI KOMITE AUDITMengacu kepada Peraturan OJK, Komite Audit sedikitnya harus terdiri dari tiga orang anggota dan satu diantaranya adalah Komisaris Independen yang bertindak sebagai ketua. Dua anggota Komite Audit lainnya merupakan pihak dari luar Perseroan yang diangkat dan diberhentikan oleh Dewan Komisaris. Dengan demikian mayoritas anggota Komite Audit merupakan pihak independen.

Selama tahun 2018 tidak terjadi perubahan keanggotaan Komite Audit yakni masih sesuai dengan Surat Keputusan Dewan Komisaris Nomor 006/SK-DK/ELSA/XI/2016 Komposisi Komite Audit adalah sebagai berikut:

JabatanRole

NamaName

Status Rangkap JabatanDual position status

Periode JabatanTenure

UsiaAge

KewarganegaraanNationality

KetuaHead

Pradana Ramadhian G. Komisaris Independen Independent Commissioner

2016-2019 53 Indonesia

AnggotaMember

Reynold M. Batubara Anggota IndependenIndependent member


AnggotaMember

Eddy Rachmadi Anggota IndependenIndependent member


PROFIL KEANGGOTAAN KOMITE AUDIT YANG BUKAN KOMISARIS

Reynold M. Batubara, Anggota Beliau menjabat sebagai Anggota Komite Audit untuk periode kedua sejak September 2016. Beliau adalah lulusan Fakultas Ekonomi Universitas Indonesia jurusan Akuntansi tahun 1983 dengan kualifikasi sebagai Registered Public Accountant, Certified Internal Audit dan Certified Quality Assessment dari the Institute of Internal Auditor (IIA).

Memiliki pengalaman panjang sebagai auditor di berbagai perusahaan terkemuka. Beliau pernah bergabung dengan Arthur Young International (1980-1987) sebagai Senior Auditor, lalu dengan Moret, Ernst & Young Netherland, Amsterdam (1987-1990) sebagai Senior Auditor, Audit Manager di Ernst & Young International (1990-1993) dan Head of Internal Audit di Standard Chartered Bank (1993-1994) dan ABN AMRO Bank (1994-2007). Beliau juga saat ini menduduki posisi sebagai Komisaris dan anggota Komite Audit di sejumlah perusahaan, seperti PT Maybank Syariah Indonesia (sejak 2008), PT Mobile 8 Telecom Tbk (2009 - 2011), PT Smartfren Telecom Tbk (sejak 2011), PT Paramitra Alfa Sekuritas (sejak 2009), PT Atlas Resources Tbk (sejak 2012) dan PT Chandra Asri (sejak September 2015). Selain itu, beliau juga diangkat sebagai anggota Komite Tatakelola Perusahaan Terpadu (Integrated Corporate Governance) di BNP Paribas (sejak 2016).

Eddy Rachmadi, AnggotaBeliau menjabat sebagai Anggota Komite Audit untuk periode kedua sejak September 2016. Eddy Rachmadi memiliki pengalaman yang luas di bidang audit di berbagai perusahaan terkemuka. Beliau meraih gelar Sarjana dari Fakultas Ekonomi Manajemen UPN Veteran Jakarta. Beliau juga memiliki kualifikasi sebagai Qualified Internal Auditor dan Certified Assessor Competencies.

AUDIT COMMITTEE STRUCTUREBased on the OJK Regulations, the Audit Committee should at least comprise of three members and one of them is the Independent Commissioner, who will also act as the head of the Committee. The other two members of the Audit Committee are external parties who are appointed and dismissed by the Board of Commissioners. As such, the majority of the members of Audit Committee are independent parties.

In 2018, there have been no changes in the membership of the Audit Committee, and thus its membership continues to be based on the Decision of the Board of Commissioners No. 006/SK-DK/ELSA/XI/2016 on the membership of the Audit Committee as follows:

PROFILES OF NON-COMMISIONER MEMBER OF THE AUDIT COMMITTEE

Reynold M. Batubara, MemberMr. Batubara is appointed as the member of the Audit Committee for the second term since September 2016. He graduated from the Faculty of Economy of Universitas Indonesia with a degree in Accountancy in 1983 and qualifications as a Registered Public Accountant, Certified Internal Audit and Certified Quality Assessment from the Institute of Internal Auditor (IIA).

He has extensive experience as auditor in various well-known companies. He worked in Arthur Young International (1980-1987) as Senior Auditor, as well as in Moret, Ernst & Young Netherland, Amsterdam (1987-1990) as Senior Auditor, as Audit Manager in Ernst & Young International (1990-1993) and as Head of Internal Audit in Standard Chartered Bank (1993-1994) and ABN AMRO Bank (1994-2007). At present, He holds a position as a Commissioner and member of Audit Committee in several organizations, such as PT Maybank Syariah Indonesia (since 2008), PT Mobile 8 Telecom Tbk (2009 - 2011), PT Smartfren Telecom Tbk (since 2011), PT Paramitra Alfa Sekuritas (since 2009), PT Atlas Resources Tbk (since 2012) and PT Chandra Asri (since September 2015). Other than that, he is also appointed as the member of the Integrated Corporate Governance Committee in BNP Paribas (since 2016).

Eddy Rachmadi, MemberMr. Rachmadi is appointed as a member of the Audit Committee for the second term since September 2016. He has extensive experience in audit functions in several well-known companies. He obtained his bachelor’s degres from the Faculty of Economy and Management, UPN Veteran Jakarta. He also has qualifications as a Qualified Internal Auditor and Certified Assessor Competencies.

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Beliau saat ini menjabat sebaga Komite Audit di PT Heksa Solution Insurance dan pernah menjabat sebagai Head Audit di Kresna Group (2015). Sebelumnya beliau juga pernah menjabat sebagai Department Head Audit Distribution di PT Bank Mandiri (Persero) Tbk (2013).

INDEPENDENSI KOMITE AUDITSeluruh anggota Komite Audit merupakan pihak independen dan eksternal yang dipilih sesuai dengan kemampuan dan latar belakang pendidikannya serta telah memenuhi syarat yang ditetapkan dalam Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015 tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit, antara lain tidak mempunyai hubungan afiliasi dengan Dewan Komisaris, Direksi dan pemegang saham pengendali Perseroan.

Independensi Independency

Pradana Ramadhian G.

Reynold M. Batubara Eddy Rachmadi

Bukan merupakan orang dalam Kantor Akuntan Publik, Kantor Konsultan Hukum, Kantor Jasa Penilai Publik atau pihak lain yang memberi jasa assurance, jasa non-assurance, jasa penilai dan/atau jasa konsultasi lain kepada Perusahaan dalam waktu 6 (enam) bulan terakhir. Is not a personnel of a public accounting firm, law firm, public appraisal office, or other parties that provide assurance, non-assurance, appraisal and/or other consultancy services to the Company in the last 6 (six) months.

√ √ √

Bukan merupakan orang yang bekerja atau mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan Perusahaan dalam waktu 6 (enam) bulan terakhir kecuali Komisaris Independen.Is not a personnel who has rights and responsibilities in planning, leading, controlling, or monitoring the Company’s activities in the last 6 (six) months, except as Independent Commissioner.

√ √ √

Tidak mempunyai saham langsung maupun tidak langsung pada Perusahaan.Does not own shares of the Company whether directly or indirectly.

√ √ √

Tidak mempunyai hubungan Afiliasi dengan anggota Dewan Komisaris, anggota Direksi, atau Pemegang Saham Utama Perusahaan.Does not have relationship with or is affiliated to members of Board of Commissioners, Board of Directors, or the controlling shareholders of the Company.

√ √ √

Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha Perusahaan.Does not have any commercial ties whether directly or indirectly with the Company.

√ √ √

PEDOMAN KERJA (PIAGAM) KOMITE AUDITAgar Komite Audit dapat berperan secara efisien dan efektif, maka disusun Pedoman Kerja (Piagam) Komite Audit yang dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris pada tanggal 18 Desember 2017 serta telah dipublikasikan di situs Perseroan. Pedoman Kerja (Piagam) tersebut mencakup struktur keanggotan, persyaratan keanggotaan termasuk persyaratan kompetensi dan independensi, tugas, tanggung jawab dan wewenang serta rapat dan pelaporan.

TUGAS DAN TANGGUNG JAWAB KOMITE AUDIT

Komite Audit bertugas dan bertanggung jawab memberikan pendapat profesional dan independen membantu Dewan Komisaris dan menjalankan tugas serta tanggungjawabnya antara lain sebagai berikut:

1. Melakukan penelaahan atas informasi keuangan yang akan dikeluarkan Perseroan.

2. Melakukan penelaahan atas ketaatan terhadap peraturan perundang undangan.

He was appointed as member of Audit Committee in PT Heksa Solution Insurance, and as the Head Audit in Kresna Group (2015). Prior, he was the Department Head Audit Distribution in PT Bank Mandiri (Persero) Tbk (2013).

THE INDEPENDENCY OF THE AUDIT COMMITTEEAll members of the Audit Committee are independent and external persons that have been selected based on their capabilities and education, and they have fulfilled the requirements as determined in the OJK Regulations. No. 55/POJK.04/2015 regarding the establishment and the work guideline of the Audit Committee, which also specify that members should not have affiliation with the Board of Commissioners, Board of Directors, and the Controlling shareholders of the Company.

GUIDELINE (CHARTER) OF THE AUDIT COMMITTEEIn order for the Audit Committee to carry out its role in efficient and effective manner, the Charter of the Audit Committee was developed and renewed, in which the last renewal of the Charter has been approved by the Board of Commissioners on 18 December 2017 and has been published in the Company’s website. The Charter comprised of the membership, prerequisites of membership, including prerequisites related to competence and independency, roles, responsibilities, and rights, as well as meetings and reporting.

ROLES AND RESPONSIBILITY OF THE AUDIT COMMITTEEThe Audit Committee is tasked with and responsible for providing professional and independent opinions so as to support the Board of Commissioners and also conducts its roles and responsibilities among others as follows:

1. Examining financial information that is published by the Company.

2. Examining the compliance to the law and regulations.

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3. Memberikan pendapat independen kepada Dewan Komisaris dalam hal terjadi perbedaan pendapat antara Manajemen dan Akuntan atas jasa yang diberikannya.

4. Memberikan rekomendasi kepada Dewan Komisaris mengenai penunjukan Akuntan yang didasarkan pada independensi, ruang lingkup penugasan, dan fee.

5. Melakukan penelaahan atas pemeriksaan yang dilaksanakan oleh auditor internal dan mengawasi tindak lanjutnya oleh Direksi atas temuan auditor internal.

6. Menelaah pengaduan yang berkaitan dengan proses akuntansi dan pelaporan keuangan Perseroan.

7. Menelaah dan memberikan saran kepada Dewan Komisaris terkait dengan adanya potensi benturan kepentingan Perusahaan.

8. Menjaga kerahasiaan dokumen, data dan informasi Perseroan.

9. Melaksanakan tugas lain yang diberikan oleh Dewan Komisaris berdasarkan ketentuan peraturan perundang-undangan yang berlaku.

PELAKSANAAN KEGIATAN KOMITE AUDIT

Selama tahun 2018, Komite Audit telah melaksanakan tugas dan tanggung jawabnya sesuai Pedoman Kerja (Piagam) Komite Audit serta Rencana Kegiatan Komite Audit Tahun 2018. Realisasi pelaksanaan kegiatan Komite Audit di tahun 2018 diantaranya:

1. Melakukan penunjukan dan pengawasan terhadap pekerjaan auditor independen.

2. Menelaah dan membahas dengan auditor independen terkait dengan kualitas dan akseptabilitas dari standar akuntansi keuangan yang diterapkan oleh Perseroan.

3. Menelaah rancangan Program Kerja Audit Tahunan (PKAT) Unit Internal Audit tahun 2018 yang disusun berdasarkan tingkat risiko perusahaan (risk based audit).

4. Menelaah dan membahas hasil temuan atau konsultasi internal termasuk rekomendasinya terhadap pelaksanaan PKAT dan melakukan monitoring tindak lanjutnya.

REKOMENDASI KOMITE AUDIT KEPADA DEWAN KOMISARISSesuai dengan Piagam Komite Audit yang telah disahkan pada tanggal 18 Desember 2017, salah satu tugas Komite Audit adalah memberikan rekomendasi kepada Dewan Komisaris terkait pemberian jasa audit oleh Kantor Akuntan Publik dan/atau Akuntan Publik.

Beberapa rekomendasi yang diberikan oleh Komite Audit sepanjang tahun 2018 antara lain sebagai berikut:

1. Tentang penunjukan Kantor Akuntan Publik dan/atau Akuntan Publik dengan persyaratan minimal mempertimbangkan aspek independensi, ruang lingkup penugasan, imbalasan jasa audit dan keahlian serta pengalaman.

2. Tentang evaluasi pelaksanaan pemberian jasa audit tahun buku yang berakhir 31 Desember 2017.

3. Providing independent opinions to the Board of Commissioners, when there are differing opinions between the Management and the Accountant on the provided service.

4. Providing recommendations to the Board of Commissioners on the appointment of Accountant based on the independency, scope of work, and the cost of service.

5. Examining the audit results by the Internal Audit and monitoring the follow-up actions by the Board of Directors on these findings.

6. Investigating reports linked to the accounting process and the financial reporting of the Company.

7. Examining and providing recommendations to the Board of Commissioners on potential conflict of interests within the Company.

8. Ensuring the Security of confidential Company’s documents, data, and information.

9. Carrying out other tasks as determined by the Board of Commissioners in accordance to the prevailing regulations.

IMPLEMENTATION OF ACTIVITIES OF THE AUDIT COMMITTEEIn 2018, Audit committee has carried out its roles and responsibilities in accordance to the Charter and the plan of activities of the Audit Committee for 2018. The realization of the implementation of activities of the Audit Committee in 2018, include:

1. Appointing and monitoring the work of independent auditors.

2. Examining and discussing with the independent auditors the quality and acceptability of the financial accounting standard of the Company.

3. Examining the annual plan of audit program (PKAT) of the Internal Audit Unit in 2018 that has been developed based on the risk level of the Company (risk based audit).

4. Examining and discussing findings or internal consultancy including related recommendations on the implementation of the audit program and the subsequent monitoring activities.

AUDIT COMMITTEE’S RECOMMENDATIONS TO THE BOARD OF COMMISSIONERSIn accordance to the Charter of the Audit Committee that has been approved on 18 December 2017, one of the roles of the Audit Committee is to give recommendations to the Board of Commissioners on the audit service provided by the Public Accounting Firm and/or Public Accountants.

Several recommendations that have been given by the Audit Committee in 2018 include, among others, the followings:

1. The appointment of a Public Accounting Firm and/or Public Accountant that considers, at the minimum, the aspects of independence, scope of work, service fee, and expertise as well as experience.

2. Evaluating the implementation of audit service for the fiscal year ending on the 31 December 2017.

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RAPAT KOMITE AUDIT Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015 tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit pada pasal 13 dinyatakan bahwa Komite Audit melaksanakan rapat secara berkala paling sedikit satu kali dalam tiga bulan. Sejalan dengan ketentuan tersebut, Komite Audit telah melaksanakan rapat sebanyak 12 kali sepanjang tahun 2018. Rapat diselenggarakan sesuai dengan persyaratan dalam Pedoman Kerja (Piagam) Komite Audit dan bertujuan untuk memfasilitasi pelaksanaan tugas dan tanggung jawab bagi setiap anggota Komite Audit.

Nama Jabatan Jumlah Rapat Jumlah Kehadiran Presentase Kehadiran

Pradana Ramadhan G. Ketua 12 12 100%

Reynold M. Batubara Anggota 12 12 100%

Eddy Rachmadi Anggota 12 12 100%

Rata-rata Kehadiran Rapat 100%

Ketua Komite AuditHead of the Audit Committee

Pradana Ramadhian G.

AUDIT COMMITTEE’S MEETINGS OJK Regulation No. 55/POJK.04/2015 on the establishment and the work guideline of the Audit Committee Section 13 stated that the Audit Committee must conduct regular meetings, at least once every three months. In accordance to this regulation, the Audit Committee has conducted 12 meetings in 2018. These meetings are held according to the requirements stated in the Charter of the Audit Committee and are aimed to facilitate the implementation of tasks and responsibilities of each member of the Audit Committee.

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Komite Manajemen RisikoRisk Management Committee

LAPORAN KOMITE MANAJEMEN RISIKO

Komite Manajemen Risiko dibentuk untuk membantu tugas Dewan Komisaris dalam upaya melakukan identifikasi, pemetaan, analisis dan mitigasi risiko pada Perseroan yang ditujukan untuk mencegah dan meminimalisasi risiko. Selain itu, Komite Manajemen Risiko membuat laporan secara tertulis atas setiap penugasan yang diberikan oleh Dewan Komisaris. Laporan pelaksanaan kegiatan Komite Manajemen Risiko diungkapkan dalam Laporan Tahunan Perseroan.

KOMPOSISI KOMITE MANAJEMEN RISIKO

Sesuai Pedoman Kerja (Piagam) Komite Manajemen Risiko, anggota Komite Manajemen Risiko paling sedikit terdiri dari tiga orang anggota yang berasal dari anggota Dewan Komisaris dan Pihak dari luar Perseroan. Komite Manajemen Risiko diangkat dan diberhentikan oleh Dewan Komisaris.

Berdasarkan Piagam Komite tersebut, Dewan Komisaris mengeluarkan Keputusan Dewan Komisaris Nomor 006/SK-DK/ELSA/X/2018 tentang Susunan Komite Manajemen Risiko adalah sebagai berikut:

REPORT OF THE RISK MANAGEMENT COMMITTEEThe Risk Management Committee is established to assist the Board of Commissioners in its effort to identify, map, analyze, and mitigate risks so as to prevent and minimize the Company’s exposure to risks. Other than that, the Risk Management Committee makes a written report of every assignment given by the Board of Commissioners. The report of the Risk Management Committee activities is reported in the Company’s Annual Report.

THE COMPOSITION OF THE RISK MANAGEMENT COMMITTEEAccording to the Work Guideline (Charter) of the Risk Management Committee, members of the Risk Management Committee should comprise of at least three members from the Board of Commissioners or external party. The Risk Management Committee is appointed and dismissed by the Board of Commissioners

Based on the Charter of the Committee, the Board of Commissioners issues a Decision of the Board of Commissioners No. 006/SK-DK/ELSA/X/2018 on the structure of the Risk Management Committee, as follows:

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AFDAL MARTHAKetuaHead

LUSIAGA LEVI SUSILAAnggota Member

ADIL NUSYIRWANAnggota Member

SERENA KARLITA F.Anggota Member

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NamaName

JabatanPosition

UsiaAge


KeteranganRemarks

Afdal Martha* KetuaHead

55 Indonesia Komisaris Commissioner

Lusiaga Levi Susila** AnggotaMember

62 Indonesia Komisaris IndependenIndependent Commissioner


61 Indonesia Pihak IndependenIndependent party


58 Indonesia Pihak IndependenIndependent party

*Menjabat sebagai Ketua Komite Manajemen Risiko sejak tanggal 31 Agustus 2018**Menjabat sebagai Anggota Komite Manajemen Risiko sejak tanggal 14 Mei 2018*Appointed as the Head of the Risk Management Committee since 31 August 2018** Appointed as the member of the Risk Management Committee since 14 May 2018

PROFIL KOMITE MANAJEMEN RISIKO YANG BUKAN KOMISARIS

Adil Nusyirwan, AnggotaWarga Negara Indonesia, umur 61 tahun. Menjabat sebagai anggota Komite Manajemen Risiko Perseroan sejak 1 Agustus 2016. Beliau memperoleh gelar Sarjana Akuntansi dari Universitas Sumatera Utara dan gelar Master Bidang Akuntansi dari University of Illinois at Urbana Champaign, Amerika Serikat.

Mengawali karir di PT Perkebunan VIII dan bergabung dengan Pertamina sejak 1987 dengan menduduki berbagai macam posisi jabatan antara lain Direktur Keuangan & Administrasi di PT Elnusa Harapan (2003-2005) dan di PT Patra Niaga (2005-2009) serta sebagai Direktur Keuangan di PT Patra Jasa (2009-2013).

Serena Karlita Ferdinandus, AnggotaWarga Negara Indonesia, umur 58 tahun. Beliau adalah lulusan Fakultas Ekonomi Universitas Indonesia jurusan Akuntansi tahun 1986.

Beliau saat ini menduduki beberapa posisi jabatan antara lain Anggota Komite Audit PT Blue Bird Tbk, Komisar i s Independen dan Ketua Komite Aud i t PT CIMB Niaga Auto Finance (2012-sekarang), Komisaris PT Anpa International (2012-2018) dan Chief Audit Executive PT Ithaca Resources. Sebelumnya beliau pernah menduduki posisi sebagai Anggota Komite Audit PT Chandra Asri Petrochemical Tbk (2009-2015) dan PT Barito Pacific Tbk (2009-2013), Senior Vice President of Investment Banking Division PT NC Securities (2002-2009), Vice President of Investment Banking Division PT Danareksa Persero, Vice President of Direct Investment Division PT Danareksa Finance (1996-2001) dan pernah menjabat sebagai Manager of Audit Division Ernst & Young Indonesia.

INDEPENDENSI KOMITE MANAJEMEN RISIKO

Komite Manajemen Risiko tidak diatur oleh regulator. Meski demikian kami tetap mensyaratkan Komite ini untuk memiliki integritas yang baik dan menjaga independensi seperti yang diatur dalam Pedoman Kerja (PIagam) Komite Manajemen Risiko. Selain itu, saat ini 75% dari anggota Komite Manajemen Risiko merupakan pihak independen dan eksternal Perseroan yang dipilih sesuai dengan kapabilitas yang dibutuhkan serta memenuhi syarat sebagaimana yang tertuang dalam Pedoman Kerja (Piagam) Komite Manajemen Risiko.

PROFILE OF NON-COMMISSIONER MEMBERS OF THE RISK MANAGEMENT COMMITTEE

Adil Nusyirwan, MemberIndonesian, age 61 years old. He has been appointed as member of the Company’s Risk Management Committee since 1 August 2016. He obtained his Bachelor degree in Accountancy from Universitas Sumatera Utara and his Master degree in Accountancy from University of Illinois at Urbana-Champaign, the U.S.

Started his career at PT Perkebunan VIII, thereafter he joined Pertamina from 1987 onwards and held various positions including Finance & Administration Director in PT Elnusa Harapan (2003-2005) and in PT Patra Niaga (2005-2009) as well as Finance Director in PT Patra Jasa (2009-2013).

Serena Karlita Ferdinandus, MemberIndonesian, age 58 years old. She obtained her Bachelor degree in Accountancy from Faculty of Economy at Universitas Indonesia in 1986.

Presently, she held several positions, including a member of the Audit Committee of PT Blue Bird Tbk, an Independent Commissioner and the Head of the Audit Committee of PT CIMB Niaga Auto Finance (2012-now), a Commissioner of PT Anpa International (2012-now) and the Chief Audit Executive of PT Ithaca Resources. Previously, she was a member of the Audit Committee of PT Chandra Asri Petrochemical Tbk (2009-2015) and PT Barito Pacific Tbk (2009-2013), Senior Vice President of Investment Banking Division of PT NC Securities (2002-2009), Vice President of Investment Banking Division of PT Danareksa Persero, Vice President of Direct Investment Division of PT Danareksa Finance (1996-2001) and Manager of Audit Division of Ernst & Young Indonesia.

THE INDEPENDENCY OF THE RISK MANAGEMENT COMMITTEEThe Risk Management Committee is not regulated by the regulator. However, we require this Committee to have high integrity and to maintain independency, as stated in the work guideline (Charter) of the Risk Management Committee. Other than that, presently, 75% of the members of the Risk Management Committee are independent and external parties who are appointed based on the necessary capabilities and the requirements specified in the Charter of the Risk Management Committee

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PEDOMAN KERJA (PIAGAM) KOMITE MANAJEMEN RISIKOAgar Komite Manajemen Risiko dapat berperan secara efisien dan efektif, maka disusun Pedoman Kerja (Piagam) Komite Manajemen Risiko yang dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris pada tanggal 22 Mei 2015 serta telah dipublikasikan di situs Perseroan. Pedoman Kerja (Piagam) tersebut mencakup struktur keanggotan, persyaratan keanggotaan termasuk persyaratan kompetensi dan independensi, tugas, tanggung jawab dan wewenang serta rapat dan pelaporan.

TUGAS DAN TANGGUNG JAWAB KOMITE MANAJEMEN RISIKOTugas dan tanggung jawab Komite Manajemen Risiko berpedoman pada Pedoman Kerja (Piagam) Komite Manajemen Risiko diantaranya adalah:

1. Melakukan evaluasi kebijakan dan strategi manajemen risiko baik operasional dan pengembangan usaha Perseroan.

2. Memantau dan melakukan evaluasi penerapan manajemen risiko dan mitigasinya atas rencana bisnis dan investasi Perseroan serta pelaksanaan operasional ditinjau dari sisi keuangan dan legal.

3. Melaporkan hasil pemantauan dan evaluasi serta memberikan rekomendasi atas hal-hal yang perlu mendapat perhatian Dewan Komisaris.

4. Melakukan review atas permohonan persetujuan Direksi kepada Dewan Komisaris atas rencana corporate actions.

PELAKSANAAN KEGIATAN KOMITE MANAJEMEN RISIKO Sepanjang tahun 2018, Komite Manajemen Risiko telah melaksanakan tugas dan tanggung jawabnya sesuai Pedoman Kerja (Piagam) Komite Manajemen Risiko. Adapun realisasi pelaksanaan tugas Komite Manajemen Risiko di tahun 2018 diantaranya:

1. Melakukan review atas kebijakan dan sistem manajemen risiko yang diterapkan di Perseroan.

2. Menyampaikan rekomendasi berkaitan dengan aspek manajemen risiko kepada Dewan Komisaris atas kebijakan yang telah diterapkan dan akan diambil oleh Direksi.

3. Melakukan monitoring dan review terhadap usulan investasi Direksi dan selanjutnya memberikan masukan kepada Dewan Komisaris sebagai bahan dalam penyusunan rekomendasi kepada Direksi.

4. Melakukan review RKAP Perseroan Tahun 2019.

5. Melaksanakan tugas dan tanggung jawab lain yang diberikan oleh Dewan Komisaris dari waktu ke waktu.

WORK GUIDELINE (CHARTER) OF THE RISK MANAGEMENT COMMITTEEIn order for the Risk Management Committee to undertake its role efficiently and effectively, the work guideline (Charter) of the Risk Management Committee is developed and thereafter renewed. The final version of the Charter is approved by the Board of Commissioners on 22 May 2015 and has been published in the Company’s website. The Charter includes the membership structure, membership requirements including competency and independency requirements, roles, responsibilities, and rights, as well as meeting and reporting rules.

ROLES AND RESPONSIBILITIES OF THE RISK MANAGEMENT COMMITTEERoles and responsibilities of the Risk Management Committee are based on the Charter of the Risk Management Committee that, among others, include:

1. Conducting Evaluation of risk management policies and strategy, both for operational and business development activities of the Company.

2. Monitoring and evaluating the implementation of risk management and mitigation strategy on the Company’s business and investment plans, as well as the implementation of operational activities as reviewed from financial and legal perspectives.

3. Reporting the monitoring and evaluation results, as well as providing recommendation on matters that require the attention of the Board of Commissioners.

4. Reviewing requests of approval from the Board of Directors to the Board of Commissioners on the planned corporate actions.

THE IMPLEMENTATION OF RISK MANAGEMENT COMMITTEE ACTIVITIESIn 2018, the Risk Management Committee has carried out its roles and responsibilities according to the Charter of the Risk Management Committee. As such, the realization of the activities of the Risk Management Committee in 2018 include:

1. Conducting Reviews on the risk management policies and system implemented in the Company.

2. Delivering recommendations related to the risk management aspects to the Board of Commissioners on the policies that have been implemented and will be taken by the Board of Directors.

3. Monitoring and reviewing investment suggestions from the Board of Directors and thereafter providing inputs to the Board of Commissioners in providing recommendations to the Board of Directors.

4. Reviewing the work plan and budget (RKAP) of the Company for 2019.

5. Carrying out other roles and responsibilities given by the Board of Commissioners from time to time.

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REKOMENDASI KOMITE MANAJEMEN RISIKO KEPADA DEWAN KOMISARIS

Sesuai dengan Piagam Komite Manajemen Risiko yang telah disahkan pada tahun 2015, salah satu tugas Komite Manajemen Risiko adalah memberikan masukan kepada Dewan Komisaris sebagai bahan dalam penyusunan rekomendasi kepada Direksi.

Untuk itu pada tahun 2018, rekomendasi yang diberikan Komite Manajemen Risiko antara lain rekomendasi atas RKAP Tahun 2019, rencana investasi Perseroan dan evaluasi penerapan kebijakan pengelolaan manajemen risiko Perseroan.

RAPAT KOMITE MANAJEMEN RISIKO

Selama tahun 2018, Komite Manajemen Risiko telah melaksanakan tujuh kali rapat Komite yang dihadiri oleh anggota yang merupakan Komisaris dan non Komisaris dengan perincian kehadiran tiap anggota sebagai berikut:

NamaName

JabatanPosition

Jumlah RapatNumber of meetings

Jumlah KehadiranAttendance

Persentase KehadiranPercentage of attendance

Afdal Martha* KetuaHead

4 3 75%

Lusiaga Levi Susila** AnggotaMember

5 4 80%


7 7 100%


7 6 86%

Rata-rata kehadiran rapatAverage meeting attendance

92%

*Menjabat sebagai Ketua Komite Manajemen Risiko sejak tanggal 31 Agustus 2018**Menjabat sebagai Anggota Komite Manajemen Risiko sejak tanggal 14 Mei 2018*Appointed as the Head of the Risk Management Committee since 31 August 2018** Appointed as the member of the Risk Management Committee since 14 May 2018

Ketua Komite Manajemen RisikoHead of the Risk Management Committee

Afdal Martha

RECOMMENDATIONS OF THE RISK MANAGEMENT COMMITTEE TO THE BOARD OF COMMISSIONERSBased on the Charter of the Risk Management Committee that have been approved in 2015, one of the tasks of the Risk Management Committee is to give inputs to the Board of Commissioners in providing recommendations to the Board of Directors

Therefore, in 2018, recommendations that were given by the Risk Management Committee include recommendations on the work plan and budget for (RKAP) 2019, the Company’s investment plan, and the evaluation of the risk management policy of the Company.

MEETINGS OF THE RISK MANAGEMENT COMMITTEEIn 2018, the Risk Management Committee has conducted seven meetings that were attended by both Commissioner and non-Commissioner members, with the following details of attendance for each member:

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Komite Nominasi dan RemunerasiNomination and Remuneration Committee

LAPORAN KOMITE NOMINASI DAN REMUNERASI Perseroan memiliki Komite Nominasi dan Remunerasi yang membantu Dewan Komisaris dalam melaksanakan tugas pengawasan untuk fungsi nominasi dan remunerasi Dewan Komisaris dan Direksi. Komite ini berperan penting dalam penerapan prinsip-prinsip GCG dan juga transparansi proses serta kebijakan nominasi dan remunerasi. Hal ini sebagaimana diatur dalam Peraturan Otoritas Jasa Keuangan Nomor 34/POJK.04/2014 tentang Komite Nominasi dan Remunerasi Emiten atau Perusahaan Publik.

Komite Nominasi dan Remunerasi telah menyusun Piagam Komite Nominasi dan Remunerasi yang dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris pada 18 Desember 2017 serta telah dipublikasikan di situs web Perseroan.

KOMPOSISI KOMITE NOMINASI DAN REMUNERASIPeraturan Otoritas Jasa Keuangan Nomor 34/POJK.04/2014 tentang Komite Nominasi dan Remunerasi Emiten atau Perusahaan Publik menetapkan bahwa anggota Komite Nominasi dan Remunerasi paling sedikit adalah tiga orang dan salah satunya adalah Komisaris Independen yang merangkap sebagai Ketua Komite Nominasi dan Remunerasi. Dua anggota lainnya dapat

REPORT OF THE NOMINATION AND REMUNERATION COMMITTEEThe Company has a Nomination and Remuneration Committee that supports the Board of Commissioners in carrying out its tasks on monitoring the nomination and remuneration of the Board of Commissioners and Board of Directors. This committee has an important role in the implementation of GCG principles and the transparency of the nomination and remuneration process, as well as in the determination of policy related to nomination and remuneration. This is in accordance to the OJK Regulations No. 34/POJK.04/2014 on the Nomination and Remuneration Committee of a publicly-listed company.

The Nomination and Remuneration Committee has developed and renewed the Charter of the Nomination and Remuneration Committee, in which the last renewal of the Charter has been approved by the Board of Commissioners on 18 December 2017 and has been published in the Company’s website.

COMPOSITION OF THE NOMINATION AND REMUNERATION COMMITTEEThe Indonesian Financial Service Authority Regulations No. 34/POJK.04/2014 on the Nomination and Remuneration Committee of a publicly listed company indicates that the Nomination and Remuneration Committee has at least three members, one of whom is the Independent Commissioner, who also will act as the head. The other two members can be assigned from the Board of

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LUSIAGA LEVI SUSILAKetuaHead

EMAN SALMAN ARIEFAnggota Member

MUHAMMAD FAHMI EL MUBARAKAnggota Member

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Commissioners, external parties, or from the management below the Board of Directors. As of now, this committee does not have member from the external party.

Based on the stated regulations, the Board of Commissioners issued a Board of Commissioners Decision No. 005/DK-ELSA/X/2018 on the structure of the Nomination and Remuneration Committee, which states that members of the committee are:

PROFILE OF NON-COMMISSIONER MEMBERS OF THE NOMINATION AND REMUNERATION COMMITTEE

Muhammad Fahmi El Mubarak, memberIndonesian nationals, age 41 years old. Appointed as a member of the Nomination and Remuneration Committee since 4 December 2017. He graduated from the Medical school of Universitas Padjadjaran in 2001.

Started his career at PT Pertamina (Persero) since 2003 and held various positions including Unit Manager HR RU III (2014-2015), Unit Manager HR RU II (2015-2016), Recruitment Manager (2016-2017), and served as Division Head of Human Capital of the Company since December 2017 up to early 2019.

THE INDEPENDENCY OF THE NOMINATION AND REMUNERATION COMMITTEEThe Nomination and Remuneration Committee is headed by Mr Lusiaga Levi Susila as the Independent Commissioner, who is not affiliated to the Board of Commissioners, Board of Directors, and the controlling shareholders of the Company.

THE CHARTER OF THE NOMINATION AND REMUNERATION COMMITTEEIn order for the Nomination and Remuneration Committee to have efficient and effective role, the Charter of the Nomination and Remuneration Committee has been updated and approved by the Board of Commissioners on the 18 December 2017 and has been published in the Company’s website. The guideline (Charter) includes the membership structure, prerequisite of membership including the requirements of competence and independence, roles, responsibilities, and rights as well as meetings and reporting.

berasal dari anggota Dewan Komisaris, pihak dari luar Perseroan, maupun pihak manajemen di bawah Direksi. Sampai dengan saat ini, Komite tidak memiliki anggota yang berasal dari pihak eksternal Perseroan.

Berdasarkan peraturan tersebut, Dewan Komisaris mengeluarkan Keputusan Dewan Komisaris Nomor 005/DK-ELSA/X/2018 tentang Susunan Komite Nominasi dan Remunerasi yang menyatakan bahwa anggota Komite adalah sebagai berikut:

NamaName

JabatanPosition

UsiaAge


KeteranganRemark

Lusiaga Levi Susila* KetuaHead

62 Indonesia Komisaris IndependenIndependent Commissioner

Eman Salman Arief** AnggotaMember

53 Indonesia KomisarisCommissioner


41 Indonesia Internal PerseroanInternal Perseroan

*Menjabat sebagai Ketua Komite Nominasi dan Remunerasi sejak tanggal 14 Mei 2018**Menjabat sebagai Anggota Komite Nominasi dan Remunerasi sejak tanggal 31 Agustus 2018*Appointed as the Head of the Nomination and Remuneration Committee until 14 May 2018** Appointed as member of the Nomination and Remuneration Committee as of 31 August 2018

PROFIL ANGGOTA KOMITE NOMINASI DAN REMUNERASI YANG BUKAN KOMISARIS

Muhammad Fahmi El Mubarak, Anggota Warga Negara Indonesia, umur 41 tahun. Menjabat sebagai anggota Komite Nominasi dan Remunerasi Perseroan sejak 4 Desember 2017. Beliau adalah lulusan Fakultas Kedokteran Universitas Padjadjaran tahun 2001.

Mengawali karier di PT Pertamina (Persero) sejak 2003 dan menduduki berbagai macam posisi jabatan di antaranya Unit Manager HR RU III (2014-2015), Unit Manager HR RU II (2015-2016), Recruitment Manager (2016-2017) dan menjabat sebagai Division Head of Human Capital Perseroan sejak Desember 2017 sampai dengan awal 2019.

INDEPENDENSI KOMITE NOMINASI DAN REMUNERASIKomite Nominasi dan Remunerasi diketuai oleh Bapak Lusiaga Levi Susila sebagai Komisaris Independen, yang tidak memiliki hubungan afiliasi dengan Dewan Komisaris, Direksi dan pemegang saham pengendali Perseroan.

PEDOMAN KERJA (PIAGAM) KOMITE NOMINASI DAN REMUNERASI Agar Komite Nominasi dan Remunerasi dapat berperan secara efisien dan efektif, maka disusun Pedoman Kerja (Piagam) Komite Nominasi dan Remunerasi yang dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris pada tanggal 18 Desember 2017 serta telah dipublikasikan di situs Perseroan. Pedoman Kerja (Piagam) tersebut mencakup struktur keanggotan, persyaratan keanggotaan termasuk persyaratan kompetensi dan independensi, tugas, tanggung jawab dan wewenang serta rapat dan pelaporan.

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TUGAS DAN TANGGUNG JAWAB KOMITE NOMINASI DAN REMUNERASI

Berdasarkan Piagam Komite Nominasi dan Remunerasi tugas dan tanggung jawab Komite di antaranya adalah sebagai berikut:

1. Terkait dengan Nominasia. Mengkaji dan mengevaluasi setiap kinerja anggota

Direksi dan Dewan Komisaris yang berkaitan antara lain dengan pencapaian aktual kinerja Perseroan, ketaatan terhadap peraturan perundang-undangan yang berlaku serta kebijakan Perseroan, pelaksanaan pengawasan dan pengelolaan Perusahaan, penerapan Good Corporate Governance dan pelaksanaan operasional perusahaan secara menyeluruh.

b. Memberikan usulan calon yang memenuhi syarat sebagai anggota Direksi dan Dewan Komisaris.

c. Melaksanakan tugas-tugas lainnya yang berhubungan dengan nominasi yang diberikan oleh Dewan Komisaris.

2. Terkait dengan Remunerasia. Mengkaji dan mengevaluasi pelaksanaan setiap kinerja

anggota Direksi dan Dewan Komisaris dengan kesesuaian Remunerasi yang diterima masing-masing Anggota Direksi dan Dewan Komisaris.

b. Melaksanakan tugas-tugas lainnya yang berhubungan dengan remunerasi yang diberikan oleh Dewan Komisaris.

PELAKSANAAN KEGIATAN KOMITE NOMINASI DAN REMUNERASISepanjang tahun 2018, Komite Nominasi dan Remunerasi telah memberikan saran kepada Dewan Komisaris berupa:

1. Pengawasan dan Pemberian Saran/Nasihat di bidang nominasi di antaranya dilakukan dengan cara melakukan kajian untuk merumuskan saran dan masukan kepada Dewan Komisaris terkait usulan nominasi calon Direksi Perseroan. Saran dan masukan tersebut menjadi bahan masukan Dewan Komisaris dalam menjalankan fungsi pengawasan dan pemberian nasihat di bidang nominasi.

2. Melakukan review atas kebijakan remunerasi bagi pengurus Perseroan melalui benchmarking dan berdasarkan kinerja yang dicapai. Selanjutnya merumuskan usulan penyesuaian remunerasi pengurus Perseroan kepada Dewan Komisaris.

KEBIJAKAN SUKSESI DIREKSIGuna mempersiapkan regenerasi kepemimpinan di masa yang akan datang, Komite Nominasi dan Remunerasi telah memiliki Kebijakan Suksesi Direksi sebagaimana tercantum dalam Piagam Komite Nominasi dan Remunerasi tanggal 18 Desember 2017 yang memuat antara lain:

ROLES AND RESPONSIBILITIES OF THE NOMINATION AND REMUNERATION COMMITTEE According to the Charter of the Nomination and Remuneration Committee, the roles and responsibilities of the Committee include the following:

1. Regarding Nominationa. Examining and evaluating the performance of each

member of the Board of Directors and Board of Commissioners that are linked to among others the actual performance of the Company, the compliance to the prevailing regulations and the Company’s policies, the implementation of the monitoring and control of the management of the Company, the application of Good Corporate Governance and the implementation of the entire Company’s operations.

b. Providing suggestions of candidates with appropriate qualifications to be members of the Board of Directors and Board of Commissioners.

c. Conducting other tasks related to the nomination given by the Board of Commissioners.

2. Regarding remunerationa. Examining and evaluating the implementation of the

performance of every Board of Directors and Board of Commissioners with the appropriateness of the remuneration received by each member of the Board of Directors and the Board of Commissioners.

b. Conducting other tasks related to the remuneration given by the Board of Commissioners.

IMPLEMENTATION OF ACTIVITIES OF THE NOMINATION AND REMUNERATION COMMITTEEIn 2018, the Nomination and Remuneration Committee has provided advice to the Board of Commissioners, namely:

1. Monitoring and providing advice/suggestions related to nomination, including carrying out an examination to provide advice and inputs to the Board of Commissioners on the nomination of candidate of the Company’s directors. The advice and inputs are parts of suggestions that are considered by the Board of Commissioners in carrying out its monitoring functions and in providing advice for nomination.

2. Conducting reviews on the remuneration policy of the management of the Company based on the benchmark and the achieved performance. Thereafter, the Committee formulates suggestions for remuneration adjustment for the management of the Company to the Board of commissioners.

SUCCESSION POLICY OF THE DIRECTORSIn order to prepare for future leaders of the Company, the Nomination and Remuneration Committee has developed a succession policy for the Board of Directors, as indicated in the Charter of the Nomination and Remuneration Committee dated 18 December 2017, which state, among others, the followings:

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FasePhase

OtorisasiAuthorization Aktivitas

I Komite Nominasi dan RemunerasiThe Nomination and Remuneration Committee

Menyiapkan dan memberikan rekomendasi proposal kandidat Calon Anggota Direksi berdasarkan pemenuhan persyaratan, hasil Uji Kompetensi & Kelayakan serta evaluasi.Prepare and provide proposal of recommendations for candidates for members of the Board of Directors, based on prerequisites, result of the fit and proper test, and evaluation.

II Dewan KomisarisBoard of Commissioners

• Melakukan evaluasi proposal kandidat Calon Anggota Direksi, termasuk Dewan Komisaris dapat melakukan wawancara terhadap calon yang disampaikan dalam proposal tersebut.

• Mengambil keputusan atas kandidat Calon Anggota Direksi.• Menyampaikan keputusan tersebut kepada Pemegang Saham Utama sebagai Usulan Pengangkatan Calon

Anggota Direksi.• Evaluate proposal of candidates for members of the Board of Directors, in which the Board of Commissioners, if

deemed necessary, can conduct an interview on the proposed candidates.• Make decisions on the nomination of candidates for the role as members of the Board of Directors.• Deliver their decisions to the controlling shareholders for the appointment of the member of the Board of

Directors

III Rapat Umum Pemegang SahamGeneral meeting of Shareholders

Penunjukan dan Pengangkatan Anggota DireksiAppointing members of the Board of Directors

RAPAT KOMITE NOMINASI DAN REMUNERASI

Ketentuan mengenai rapat Komite tercantum dalam Pedoman Kerja (Piagam) Komite Nominasi dan Remunerasi, dimana Komite melakukan rapat secara berkala sekurang-kurangnya sekali dalam empat bulan atau sesuai kebutuhan. Rapat tersebut dapat mengundang divisi terkait dari manajemen ataupun pihak terkait lainnya sesuai kebutuhan. Selama tahun 2018, Komite Nominasi dan Remunerasi telah melaksanakan lima kali rapat dengan tingkat kehadiran sebagai berikut:

NamaName

JabatanPosition

Jumlah RapatNumber of meetings

Jumlah KehadiranAttendance

Persentase KehadiranPercentage of attendance

Lusiaga Levi Susila* KetuaHead

3 3 100%

Eman Salman Arief** AnggotaMember

1 1 100%


5 5 100%

Rinaldi Firmansyah*** KetuaHead

2 2 100%

Yudo Irianto**** AnggotaMember

4 4 100%

Rata-rata kehadiran rapatAverage meeting attendance

100%

*Menjabat sebagai Ketua Komite Nominasi dan Remunerasi sejak tanggal 14 Mei 2018**Menjabat sebagai Anggota Komite Nominasi dan Remunerasi sejak tanggal 31 Agustus 2018***Menjabat sebagai Ketua Komite Nominasi dan Remunerasi sampai tanggal 14 Mei 2018****Menjabat sebagai Anggota Komite Nominasi dan Remunerasi sampai tanggal 31 Agustus 2018*Served as Chair of the Nomination and Remuneration Committee since May 14, 2018** Serves as a Member of the Nomination and Remuneration Committee since 31 August 2018*** Serves as Chair of the Nomination and Remuneration Committee until May 14, 2018**** Serves as a member of the Nomination and Remuneration Committee until 31 August 2018

MEETINGS OF THE NOMINATION AND REMUNERATION COMMITTEE The requirements for the meetings of the committee are stated in the Charter of the Nomination and Remuneration Committee, in which the Committee is required to conduct regular meetings, at least once every four months or as needed. Invitation for meetings can be extended to related divisions or other parties as needed. In 2018, the Nomination and Remuneration Committee has conducted five meetings with the rate of attendance as described below:

Ketua Komite Nominasi dan Remunerasi Head of Nomination and Remuneration Committee

Lusiaga Levi Susila

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As a publicly listed company, the Company is required to have a corporate secretary in accordance to the Indonesian financial service authority (OJK) Regulation Number 35/POJK.04/2014 on corporate secretary of a publicly listed company. Corporate Secretary has roles and responsibilities in facilitating communication across different functions in the Company, developing policies, plans as well as ensuring the effectiveness and transparency of the Company’s communication, insitutional relations, investor relations and relationship with other parties in the capital market by upholding the Company’s ethical standards, corporate governance, and the Company’s values.

Corporate Secretary is directly responsible to the Company’s Board of Directors, as well as appointed and replaced based on the Board ofDirectors’ Decision based on the Company’s internal mechanism with the agreement from the Board of Commissionary.

THE STRUCTURE OF CORPORATE SECRETARY FUNCTIONBased on the Board of Directors’ Decision Number 085/EN/KPTS/005D/2015 on the organizational structure of the Corporate Secretary function, Corporate Secretary is responsible directly to the President Director with the following structure:

Sekretaris PerusahaanCorporate Secretary

Sebagai Perusahaan Terbuka, Perseroan wajib memiliki Sekretaris Perusahaan sesuai dengan Peraturan Otoritas Jasa Keuangan Nomor 35/POJK.04/2014 tentang Sekretaris Perusahaan Emiten atau Perusahaan Publik. Sekretaris Perusahaan mempunyai tugas dan tanggung jawab dalam memfasilitasi komunikasi antara organ Perseroan, bertanggung jawab dalam penyusunan kebijakan, perencanaan serta memastikan efektivitas dan transparansi komunikasi perusahaan, hubungan kelembagaan, hubungan investor dan pelaku pasar modal lainnya dengan tetap memperhatikan prinsip standar etika Perusahaan, prinsip tata kelola Perusahaan, dan nilai-nilai Perusahaan.

Sekretaris Perusahaan bertanggung jawab langsung kepada Direksi serta diangkat dan diberhentikan berdasarkan Keputusan Direksi berdasarkan mekanisme internal Perusahaan dengan persetujuan Dewan Komisaris.

STRUKTUR SEKRETARIS PERUSAHAAN

Berdasarkan keputusan Direksi Nomor 085/EN/KPTS/005D/2015 tentang Struktur Organisasi Corporate Secretary, Sekretaris Perusahaan bertanggung jawab langsung kepada Direktur Utama dengan struktur sebagai berikut:

Direktur Utama President Directors

Corporate Secretary

Investor Relations Specialist

Graphic Designer

Corporate Governance Specialist

Manager of Corporate Communications

Corporate Communications Officer

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TUGAS DAN TANGGUNG JAWAB SEKRETARIS PERUSAHAANTugas dan tanggung jawab Sekretaris Perusahaan tercantum dalam Uraian Jabatan tanggal 26 Mei 2015 di mana Sekretaris Perusahaan memiliki lima fungsi utama dalam mendukung hubungan Perusahaan dengan stakeholders, yaitu:

1. Sebagai pejabat penghubung.2. Sebagai komunikator perusahaan.3. Sebagai pelaksana GCG.4. Sebagai penatausahaan dokumen perusahaan.5. Sebagai pusat informasi dan publikasi resmi perusahaan.

Tugas dan tanggung jawab Sekretaris Perusahaan telah disesuaikan dengan Peraturan Otoritas Jasa Keuangan Nomor 35/POJK.04/2014, sebagai berikut:

1. Persiapan, penyelenggaraan, penyediaan untuk Rapat Direksi, Rapat Dewan Komisaris, Rapat Umum Pemegang Saham (RUPS), serta monitoring pelaksanaan keputusan dalam Rapat Direksi, rapat Dewan Komisaris dan RUPS dan mengelola dan mengkoordinasikan sumber daya yang ada terkait hal tersebut.

2. Menjadi gerbang informasi perusahaan dan pengelolaan berbagai communications channel (email blast, internal magazine, website, intranet, press release) baik untuk kepentingan internal maupun eksternal.

3. Penyusunan strategi untuk peningkatan citra (image) dan kinerja perusahaan serta meredam isu negatif yang mungkin atau telah timbul dan mempunyai dampak terhadap citra, dan kinerja perusahaan.

4. Memastikan perusahaan melakukan kepatuhan terhadap peraturan pasar modal dan melakukan review terhadap seluruh keterbukaan informasi yang dikeluarkan perusahaan terkait dengan ketentuan pasar modal tersebut.

5. Penanggungjawab GCG (Good Corporate Governance) dengan pengaturan terkait pengawalan terhadap penerapan GCG Code dan CoC (Code of Conduct) Perusahaan.

6. Pendamping kegiatan CSR (Corporate Social Responsibility) untuk komunitas internal maupun eksternal agar mendukung kegiatan operasi maupun pembentukan/ pengembangan citra positif perusahaan.

7. Mengarahkan, mengelola, memonitor dan mengevaluasi seluruh kegiatan yang terkait dengan corporate event khususnya yang akan mempengaruhi citra perusahaan sesuai kebutuhan perusahaan.

8. Bertanggung jawab atas pelaksanaan program pengenalan perusahaan bagi Dewan Komisaris dan Direksi yang baru diangkat.

ROLES AND RESPONSIBILITIES OF CORPORATE SECRETARY The roles and responsibilities of Corporate Secretary are described in the Job Descriptions dated 26 May 2015 in which Corporate Secretary is tasked with the following five main functions in order to support the relationship of the Company with its stakeholders, as follows:

1. As the Company’s official which connects relevant parties. 2. As the main communication source of the Company.3. As the implementer of GCG.4. As the administrator of the Company’s documents.5. As the official source of information and publication of the

Company.

The roles and responsibilities of Corporate Secretary have been made in line with the Indonesian financial service authority Regulation Number 35/POJK.04/2014, as follows:

1. Preparing, organizing, provisioning for the meetings of the Board of Directors, Board of Commissioners, General shareholders meeting (AGM), as well as monitoring the implementation of the decisions made in these meetings of the Board of Directors, Board of Commissioners and AGM, as well as managing and coordinating the needed resource for these purposes.

2. Being the Company’s point of information by managing various communications channels (email blasts, internal magazine, website, intranet, press releases) both for internal and external purposes.

3. Preparing strategy to increase the image and performance of the Company as well as dampening negative issues that might arise or have arisen which have impacts on the Company’s image and performance.

4. Ensuring the Company is in compliance with the capital market regulations and reviewing all aspects of the information transparency that are released by the Company in relation to the stated capital market regulations.

5. Being responsible for the GCG (Good Corporate Governance) by managing the implementation of the Company’s GCG Code and CoC (Code of Conduct).

6. Providing assistance in CSR (Corporate Social Responsibility) activities for internal and external communities so as to support operational activities and the improvement of the Company’s image.

7. Directing, managing, monitoring, and evaluating all activities pertaining to corporate events as needed, especially those that influence the Company’s image.

8. Being responsible to the implementation of introductory program for the newly appointed members of the Board of Commissioners and Board of Directors.

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CORPORATE SECRETARY PROFILE

THE REALIZATION OF THE IMPLEMENTATION OF THE FUNCTIONS AND DUTIES OF THE CORPORATE SECRETARYIn 2018, the Corporate Secretary based on the functions under his control has performed the following duties:

Corporate GovernanceThe focus of the implementation of the duties of the Corporate Governance function in 2018 is to continue fulfilling all mandatory reports as required by the Regulator, both that are regular and eventual. Other than that, the Company also tried to strengthen the basis of the governance activities by updating several of its guidelines as needed by the Company as a publicly listed company.

PROFIL SEKRETARIS PERUSAHAAN

Dipa MuliaSekretaris PerusahaanCorporate Secretary

UsiaAge

54 tahun54 years

Tanggal LahirDate of birth

6 Juni 19646 June 1964


Indonesia

Riwayat PendidikanEducation

• Sarjana Fisika, Institut Teknologi BandungBachelor of Physics, Institut Teknologi Bandung

• 1997: Magister Manajemen Bisnis Internasional, Universitas Indonesia1997: Master in Management of International Business, Universitas Indonesia

• 1997: Magister Manajemen Marketing, Universite de Montpellier Perancis1997: Master in Marketing Management, Universite de Montpellier Perancis

• 2009: Doktor bidang Ekonomi, Universitas Padjajaran Bandung2009: Doctor of Economics, Universitas Padjajaran Bandung

• 2012: Magister Hukum Bisnis, Universitas Padjajaran Bandung2012: Master in Business Law, Universitas Padjajaran Bandung

Dasar Hukum Penunjukan Sekretaris PerusahaanLegal Basis for Appointment of Corporate Secretary

SK MUTASINo. 027/EN/M/KPTS/024H/2018

Riwayat JabatanPrevious experience

• 2004-2009: Direktur Utama PT Patra Nusa Data2004-2009: President Director of PT Patra Nusa Data

• 2009-2010: Deputy Director Geoscience Services PT Elnusa Tbk2009-2010: Deputy Director of Geoscience Services PT Elnusa Tbk

• 2011-2012: Direktur Utama PT Elnusa Fabrikasi Konstruksi2011-2012: President Director of PT Elnusa Fabrikasi Konstruksi

• 2013-2014: Commercial & Strategic Project PT Elnusa Tbk2013-2014: Commercial & Strategic Project PT Elnusa Tbk

• 2013-2014 Ketua Komite Audir dan Komisaris PT Patra Nusa Data2013-2014 Chairman of the audit committee and member of Board of Commissioners of PT Patra Nusa Data

• 2014-2018: Kepala Internal Audit PT Elnusa Tbk2014-2018: Head of Interal Audit of PT Elnusa Tbk

DomisiliDomicile

Bekasi, Jawa BaratBekasi, West Java

REALISASI PELAKSANAAN FUNGSI DAN TUGAS SEKRETARIS PERUSAHAAN

Selama tahun 2018 Sekretaris Perusahaan melalui fungsi-fungsi di bawahnya telah melaksanakan tugas sebagai berikut:

Corporate GovernanceFokus pelaksanaan tugas fungsi Corporate Governance di tahun 2018 adalah tetap melakukan pemenuhan atas segala laporan kepatuhan yang diwajibkan oleh Regulator baik yang bersifat reguler maupun yang bersifat eventual. Selain itu Perseroan juga selalu berusaha memperkuat fundamental tata kelola dengan melakukan update beberapa pedoman kepatuhan sesuai dengan kebutuhan Perseroan sebagai Perusahaan Terbuka.

255


The followings are the summary of the realization of the activities of the Corporate Secretary functions related to Corporate Governance:

The Implementation of Information Disclosure and Compliance Reporting on Capital Market RegulationsTo fulfil the requirements in Compliance report, Corporate Secretary of the Company is continuously fulfiling and ensuring that the Company is compliant with the prevailing regulations as a publicly listed company. As such, Corporate Secretary regularly discloses information to the public, Financial Service Authority, and the Indonesian Stock Exchange as the capital market authority, in accordance to the prevailing regulations, both for regular and incidental reports. In 2018, PT Elnusa Tbk has never received any formal complaint or sanction from the capital market regulator related to information disclosure.

Berikut adalah ringkasan realisasi kegiatan Corporate Secretary yang terkait dengan Corporate Governance:

NoAktivitasActivities

KeteranganRemarks

I

Pelaksanaan Keterbukaan Informasi dan Laporan Kepatuhan terhadap Peraturan Pasar Modal (Laporan Tahunan, laporan keuangan, laporan terkait RUPS, laporan registrasi pemegang efek dll).Implementation of information disclosure and compliance report on the capital market regulations (Annual report, financial report, reports related to AGM, Securities holder registration report, etc).

Bertujuan untuk memenuhi dan memastikan bawah Perseroan mematuhi peraturan yang berlaku untuk Perseroan sebagai public & listed company sesuai dengan peraturan yang ditetapkan oleh OJK dan BEI.These activities are done to fulfil and to ensure that the Company complies with the prevailing regulations by OJK and BEI as a publicly listed company.

IIManajemen registrasi pemegang saham.Shareholders registration management.

Melakukan manajemen registrasi pemegang saham dibantu dengan BAE Perseroan.Conducting shareholders registration management with support from the Company’s BAE (Securities administration bureau).

III

Penyusunan program pengenalan Perusahaan kepada Dewan Komisaris dan Direksi baru.The development of introductory program for newly appointed members of the Board of Commissioners and Board of Directors.

Melaksanakan program pengenalan Perusahaan kepada Dewan Komisaris dan Direksi yang baru diangkat mengenai profil Perusahaan secara umum.Conducting the introductory program for the newly appointed members of the Board of Commissioners and Board of Directors on the Company’s profile

IVPelaksanaan RUPS.Administration of Shareholders’ meeting.

Selama tahun buku 2018, Perseroan menyelenggarakan satu kali RUPS Tahunan dan dua kali RUPSLB.Detail terkait dengan penjelasan RUPS akan disampaikan pada sub bab RUPS.In the fiscal year of 2018, the Company held an annual AGM and two Extraordinary General meetings of shareholders (EGMS).The details pertaining to the AGM will be provided in the subsection related to AGM.

V

Manajemen dan administrasi pembayaran dividen tahun buku 2018.The management and administration of dividend payment for the fiscal year of 2018.

Melakukan manajemen proses administrasi pembayaran dividen sesuai dengan peraturan yang berlaku.Detail terkait dengan pembayaran dividen disampaikan dalam Bab Pembahasan & Anisis Manajemen sub bab: Kebijakan Dividen dan Pembagian Dividen.Managing the administration process of the dividend payment in accordance to the prevailing regulations.The details regarding the dividend payment will be provided in the Section Management Discussion & Analysis, sub section: Dividend policies and distribution.

VIMelakukan update atas beberapa pedoman kepatuhanUpdating several compliance guidelines

• Pedoman penerimaan dan pemberian Hadiah/HiburanGuideline on receiving and giving of gifts/entertainment

• Pedoman Whistleblowing systemGuideline on the Whistleblowing system

• Pedoman Anti Suap dan KorupsiGuideline on anti-bribery and corruption

• Pedoman Konflik KepentinganGuideline on conflict of interests

VII

Berpartisipasi dalam rapat Dewan Komisaris dan rapat Direksi.Participating in the meetings of the Board of Commissioners and Board of Directors.

Melakukan persiapan dan penyelenggaraan, termasuk menyediakan Informasi/data untuk keperluan rapat tersebut, melakukan monitor terhadap pelaksanaan keputusan dalam rapat dan mengintegrasikan resources untuk dapat menyelesaikan pending matters terkait hal tersebut.Detail terkait dengan pelaksanaan rapat Direksi dan rapat gabungan Dewan Komisaris dengan Direksi disampaikan dalam sub bab Frekuensi dan tingkat kehadiran rapat Dewan Komisaris dan Direksi.Preparing and organizing, including providing, information/data as needed for the meetings, monitoring the implementation of the decision made during the meeting and integrating resources to complete any pending matters.The details related to the meetings of the Board of Directors, and the combined meetings of the Board of Commissioners and Board of Directors are provided in the subsection Frequency and attendance rate of the meetings of the Board of Commissioners and Board of Directors.

Pelaksanaan Keterbukaan Informasi dan Laporan Kepatuhan Terhadap Peraturan Pasar ModalDalam hal pemenuhan atas laporan kepatuhan, Corporate Secretary Perseroan senantiasa memenuhi dan memastikan Perusahaan mematuhi peraturan yang berlaku untuk Perseroan sebagai public & listed company. Karenanya, Corporate Secretary secara teratur memberikan keterbukaan informasi kepada publik, Otoritas Jasa Keuangan dan Bursa Efek Indonesia sebagai otoritas pasar modal, sesuai dengan ketentuan yang berlaku, baik untuk pelaporan berkala maupun insidentil. Selama tahun 2018, PT Elnusa Tbk tidak pernah mendapatkan teguran maupun sanksi dari regulator pasar modal terkait keterbukaan informasi tersebut.

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The following is the list of information disclosure activities that have been provided by the Company, under the management of the Corporate Secretary and has been formally delivered by letter to the Financial Service Authority (OJK) and by e-reporting to Indonesian Stock Exchange (www.idx.co.id)

Berikut adalah daftar Keterbukaan Informasi yang telah disampaikan oleh Perseroan, yang dikelola oleh Corporate Secretary dan disampaikan melalui surat kepada Otoritas Jasa Keuangan (OJK) dan e-reporting Bursa Efek Indonesia (www.idx.co.id)

Jenis InformasiTypes of Information

JumlahNo. of

Document

Judul InformasiTitle of Information

TanggalDate

Laporan Tahunan Annual Report

1Laporan Tahunan 2017 2017 Annual Report

20 April 20 April

Laporan Keuangan Audit Audited Financial Report

1Laporan Keuangan Konsolidasian Audit per 31 Desember 2017Consolidated Financial Report (audited) as of 31 December 2017

20 Februari 20 February

Iklan publikasi laporan keuanganAdvertisement and publications of the Financial Report

2

• Iklan Laporan keuangan audit per 31 Desember 2017. Surat kabar: Bisnis Indonesia • Iklan Laporan keuangan interim per 30 Juni 2018. Surat kabar: Bisnis Indonesia• Advertisement on audited financial report as of 31 December 2017. Newspaper: Bisnis

Indonesia • Advertisement on interim financial report as of 30 June 2018. Surat kabar: Bisnis

Indonesia

20 Februari20 February30 Juli

30 July

Laporan keuangan interim Interim Financial Reports

3

• Laporan Keuangan per 31 Maret 2018 • Laporan Keuangan interim per 30 Juni 2018• Laporan Keuangan interim per 30 September 2018 • Financial report as of 31 March 2018 • Interim Financial report as of 30 June 2018• Interim Financial report as of 30 September 2018

27 April 27 Juli29 Oktober27 April 27 July29 October

Laporan terkait RUPSReports related to Shareholders’ meetings

15

RUPS Luar Biasa I• Pemberitahuan RUPS Luar Biasa • Pengumuman RUPS Luar Biasa (termasuk iklan publikasi) • Pemanggilan RUPS Luar Biasa (termasuk iklan publikasi) • Ringkasan Risalah RUPS Luar Biasa (termasuk iklan publikasi) • Risalah RUPS Luar Biasa Extraordinary AGM I• Notification on Extraordinary AGM • Announcement of Extraordinary AGM (including advertisement)• Call for Extraordinary AGM (including advertisement) • Summary of minutes of Extraordinary AGM (including advertisement) • Minutes of meeting of Extraordinary AGM

18 Januari 25 Januari 9 Februari6 Maret2 April

18 January 25 January 9 February6 March2 April

RUPS Tahunan• Pemberitahuan RUPS Tahunan • Pengumuman RUPS Tahunan (termasuk iklan publikasi) • Pemanggilan RUPS Tahunan (termasuk iklan publikasi) • Ringkasan Risalah RUPS Tahunan & Jadwal pembayaran dividen (termasuk iklan

publikasi) • Risalah RUPS Tahunan AGMS• Notification on AGMS• Announcement of AGMS (including advertisement)• Call for AGMS (including advertisement) • Summary of minutes of GMS & schedule of dividend payment (including advertisement) • Minutes of meeting of AGMS

28 Maret5 April20 April15 Mei

11 Juni

28 March5 April20 April15 May

11 June

RUPS Luar Biasa II• Pemberitahuan RUPS Luar Biasa • Pengumuman RUPS Luar Biasa (termasuk iklan publikasi) • Pemanggilan RUPS Luar Biasa (termasuk iklan publikasi) • Ringkasan Risalah RUPS Luar Biasa (termasuk iklan publikasi) • Risalah RUPS Luar BiasaExtraordinary GMS II• Notification on Extraordinary GMS• Announcement of Extraordinary GMS (including advertisement)• Call for Extraordinary GMS (including advertisement) • Summary of minutes of Extraordinary GMS (including advertisement) • Minutes of meeting of Extraordinary GMS

18 Juli25 Juli9 Agustus3 September25 September

18 July25 July9 August3 September25 September

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JumlahNo. of

Document


TanggalDate

Press Release 11

• Perbaiki Performa 2017, Elnusa Siap Akselerasi Kinerja dengan Total Solution• Siap Genjot Pertumbuhan 2018, Elnusa Tandatangani Kredit Sindikasi Senilai USD80

Juta• RUPSLB Tetapkan Susunan Baru Pengurus Elnusa• Kuartal I 2018: Elnusa Awali Kinerja dengan Capaian Cemerlang• Lakukan Respon Cepat Pertahankan Kinerja, Elnusa Bagikan Dividen Rp37 Miliar• Dukung Pengembangan Keilmuan Seismik, Elnusa Hibahkan Peralatan Survei Seismik

Kepada Universitas.• Paparan Publik 2018: Elnusa Capai Kinerja Gemilang dengan Keunggulan Jasa Layanan

Menyeluruh• RUPSLB Setujui Susunan Baru Pengurus dan Perubahan Anggaran Dasar Elnusa• Raih Kontrak Baru Jasa Hulu Migas, Elnusa Optimis Kinerja Akan Semakin Positif• Bekerja sama dengan BAZNAS, Elnusa dirikan Hunian Tetap untuk Korban Gempa di

Sulawesi Tengah• Gandeng Schlumberger, Elnusa Perkuat Lini Service Hulu Migas Terintegrasi• Improving 2017 performance, Elnusa is ready to accelarate performance with Total

Solution• Ready to push growth in 2018, Elnusa signs syndicated loan in the amount of USD80

million• EGMS set new appointments of leadership positions in Elnusa • Quarter I 2018: Elnusa started off its performance with an excellent achievements • Quick response to maintain performance, Elnusa make a Rp37 billion dividend payment.• Supporting studies on Seismology, Elnusa grant sesmic survey equipment to university.• Public expose 2018: Elnusa has high performance with its excellent comprehensive

services • EGMS decides on the new appointments in leadership positions and the amendment of

Elnusa’s Article of Association• Obtain new contract on upstream oil and gas service, Elnusa is optimistic on its

continued positive performance• Cooperate with BAZNAS, Elnusa builds permanent houses for earthquake victims in

Central Sulawesi• Together with Schlumberger, Elnusa strengthens its integrated upstream oil and gas

service business Line.

20 Februari23 Februari

5 Maret30 April 14 Mei7 Juni

28 Agustus

31 Agustus18 Oktober 29 November

10 Desember20 February

23 February

5 March30 April 14 May7 June 28 August

31 August

18 October

29 November

10 December

Keterbukaan Informasi LainnyaOther information disclosure

2

Laporan Hasil Evaluasi Jasa Audit Tahun Buku 2017Perubahan Sekretaris Perusahaan PT Elnusa Tbk Perubahan Kepala Internal Audit PT Elnusa TbkLaporan Penunjukan AP dan/atau KAP PT Elnusa TbkThe change of Corporate Secretary of PT Elnusa Tbk The change of the Head of Internal Audit of PT Elnusa TbkReport on the appointment of Public Accountant and/or Public Accounting firm of PT Elnusa Tbk

27 April31 Mei 31 Mei29 Oktober27 April31 May 31 May29 October

Laporan Bulanan Registrasi Pemegang EfekMonthly reports on Securities Holder Registration

12

• Laporan per 31 Januari 2018 • Laporan per 28 Februari 2018• Laporan per 31 Maret 2018• Laporan per 30 April 2018• Laporan per 31 Mei 2018• Laporan per 30 Juni 2018 • Laporan per 31 Juli 2018• Laporan per 31 Agustus 2018• Laporan per 30 September 2018• Laporan per 31 Oktober 2018• Laporan per 30 November 2018• Laporan per 31 Desember 2018• Report as of 31 January 2018 • Report as of 28 February 2018• Report as of 31 March 2018• Report as of 30 April 2018• Report as of 31 May 2018• Report as of 30 June 2018 • Report as of 31 July 2018• Report as of 31 August 2018• Report as of 30 September 2018• Report as of 31 October 2018• Report as of 30 November 2018• Report as of 31 December 2018

12 Februari 7 Maret 10 April 8 Mei 7 Juni 10 Juli 9 Agustus 5 September10 Oktober 9 November5 Desember8 Januari 201912 February 7 March 10 April 8 May 7 June 10 July 9 August 5 September10 October 9 November5 December8 January 2019

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JumlahNo. of

Document


TanggalDate

Laporan data utang/kewajiban perusahaan dalam valuta asing Reports on debts/obligations of the Company in foreign exchange

12

• Laporan per Januari 2018 • Laporan per Februari 2018 • Laporan per Maret 2018• Laporan per April 2018• Laporan per Mei 2018• Laporan per Juni 2018 • Laporan per Juli 2018• Laporan per Agustus 2018• Laporan per September 2018• Laporan per Oktober 2018• Laporan per November 2018• Laporan per Desember 2018• Report as of January 2018 • Report as of February 2018 • Report as of March 2018• Report as of April 2018• Report as of May 2018• Report as of June 2018 • Report as of July 2018• Report as of August 2018• Report as of September 2018• Report as of October 2018• Report as of November 2018• Report as of December 2018

9 Februari 10 Maret 10 April 8 Mei 6 Juni 9 Juli 9 Agustus 5 September5 Oktober 6 November5 Desember8 Januari 20199 February 10 March 10 April 8 May 6 June 9 July 9 August 5 September5 October 6 November5 December8 January 2019

Penyebaran informasi merupakan bagian penting dari perwujudan prinsip transparansi informasi. Untuk itu selain pelaporan di atas, Perseroan juga menyediakan akses informasi seluas-luasnya bagi para stakeholders dan shareholders melalui situs Perseroan di www.elnusa.co.id dalam Bahasa Indonesia dan Bahasa Inggris.

Manajemen Registrasi Pemegang SahamSelama 2018, terdapat akktivitas pengurusan administrasi saham pribadi sebagai berikut:

AktivitasActivities

JumlahNumber

Pengurusan Sertifikat Saham HilangAdministration of the lost shares certificate

1

Pengurusan Penjualan Saham WarkatAdministration of scripted shares

2

Pengurusan Dividen SahamAdministration of share dividend

3

Perubahan Saham Warkat menjadi ScriptlessThe change of scripted to Scriptless shares

1

Program Pengenalan Dewan Komisaris dan Direksi

Pada 2018 Corporate Secretary juga telah melaksanakan program pengenalan kepada anggota Dewan Komisari dan Direksi yang baru diangkat pada RUPS Luar Biasa dan RUPS Tahunan, adapun materi dari program pengenalan tersebut adalah:

1. Profil Perseroan2. Update Kinerja Perseroan3. Code of Conduct4. Board Manual5. HSE6. Rencana Kerja dan Anggaran (RKAP)7. Rencana Jangka Panjang Perusahaan (2017-2021)

Information dissemination is an important part of the implementation of the information transparency principle. As such, other than the stated reports, the Company also provides access to as much information as possible for all stakeholders and shareholders through the Company’s website at www.elnusa.co.id in Indonesian and English.

Management of Shareholders RegistrationsThroughout 2018, there are activities related to the administration of personal shares, as follows:

Introduction Program for Board of Commissioners and Board of DirectorsIn 2018, Corporate Secretary has also held introduction program for new members of the Board of Commissioners and Board of Directors, who were appointed in EGMs and AGM, using the following materials:

1. Company Profile2. Update on Company’s performance3. Code of Conduct4. Board Manual5. HSE6. Planned activities and Budget (RKAP)7. Company’s long term plan (2017-2021)

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investor RelationsInvestor Relations is a function under the Corporate Secretary which is tasked with disclosure, financial performance, and Company’s strategy. Specifically, Investor Relations is required to give accurate, trustworthy, and timely information to internal and external parties, including shareholders, investors, analysts, government, and regulators.

The tasks of the Investor Relations function in 2018 are as follows:

The followings are the list of communications means that are coordinated and used by Corporate Communications :

NoNama Name

JabatanRole

Tanggal PelaksanaanAppointment date

1 Gigih PrakosoKomisaris UtamaPresident Commissioner

22 Maret22 March

2 Narendra WidjajantoKomisarisCommissioner

22 Maret22 March

3 Lusiaga Levi SusilaKomisarisCommissioner

23 Mei23 May

4 Afdal MarthaKomisarisCommissioner

27 September27 September

5 Eman Salman AriefKomisarisCommissioner


6 Hery SetiawanDirektur KeuanganFinance Director


7 Arief RiyantoDirektur Pengembangan UsahaBusiness Development Director


Investor RelationsInvestor Relations merupakan fungsi pada Corporate Secretary yang tugasnya melingkupi aspek keterbukaan, kinerja keuangan serta strategi perusahaan. Secara khusus Investor Relations bertugas untuk memberikan informasi yang akurat, terpercaya dan tepat waktu kepada pihak-pihak baik internal maupun eksternal termasuk diantaranya pemegang saham, investor, analis, pemerintah serta regulator.

Berikut tugas fungsi Investor Relation di tahun 2018:

IPaparan Publik Public Expose

Melakukan 1 (satu) kali paparan publik, bertempat di Bursa Efek Indonesia untuk menyampaikan update kinerja Perseroan 2018 dan strategi serta rencana kerja yang akan datang.Holding 1 (one) time public expose located in the Indonesian stock exchange to deliver updates on the Company’s performance in 2018 and strategy as well as planned activities.

II

Pertemuan tatap muka dan conference call dengan AnalisFace-to-face meetings and conference call with Analysts

Selama tahun 2018 melakukan 44 pertemuan tatap muka dan conference call dengan analis/investor/fund manager baik lokal maupun luar negeri untuk memberikan informasi mengenai Perseroan.In 2018, there were 44 face-to-face meetings and conference calls with local and foreign analysts/investors/fund managers to distribute information regarding the Company.

IIIRoadshow dan konferensi Roadshow and conference

Partisipasi dalam berbagai deal dan non-deal roadshow serta konferensi yang diadakan oleh beberapa perusahaan sekuritas ternama dengan tujuan memberikan informasi mengenai kinerja serta tantangan dan strategi yang dilakukan Persroan. Participated in various deal and non-deal roadshows as well as several conferences that were held by well-known securities firms with the goal of providing information on the Company’s performance, challenges and strategic actions.

IV Research ReportSelama 2018 terdapat 4 Sekuritas yang membuat research report terkait dengan ELSA.In 2018, there are 4 securities firms that published report on ELSA.

Berikut adalah daftar media komunikasi yang dikoordinasi dan diselenggarakan oleh Corporate Communications :

Alat KomunikasiCommunication means

KeteranganRemarks

Jumlah PublikasiNumber of publications

News Flash

Informasi semi detail terkini perkembangan/event korporasi.Semi-detailed information on the latest development/event within the Company.

35 news publikasii.e : TOWNHALL MEETING “Townhall Meeting : Merajut Komitmen dan Kebersamaan di Awal 2018”35 news publicationsi.e : TOWNHALL MEETING “Townhall Meeting : building commitment and togetherness at the start of 2018”

TeasersE-teaser kreatif seputar informasi korporasi.Creative E-teaser on information about the Company.

127 temai.e : Drilling for water untuk Gempa Lombok127 themesi.e : Drilling for water for Lombok’s Earthquake

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For activities that were done in 2018, the lists are as follows:

Alat KomunikasiCommunication means

KeteranganRemarks


Media MonitoringRekam jejak pemberitaan Elnusa.Elnusa news track record

Daily recorded92% positive news coverage : 272 positive tone, 23 negative tone *sampai dengan tanggal 21 Desember 2018Daily recorded92% positive news coverage : 272 positive tone, 23 negative tone *up to 21 December 2018

VideoKonten video video contents

41 video content editingi.e : Elnusa Digital Transformation Journey41 video contents editingi.e : Elnusa Digital Transformation Journey

Media Komunikasi Communication means

KeteranganRemarks

Intranet

Informasi semi detail terkini serta rekam jejak pemberitaan Elnusa secara internal maupun external. Didalamnya mengolah dan melakukan pemeliharaan data-data terkait dengan media monitoring, news update, Annual Report, Logo Perusahaan.Most recent semi-detailed information and the track record of the news reports on Elnusa both internally and externally. This includes the preparation and maintenance of data related to media monitoring, news update, Annual Report, the Company’s Logo.

Email

Surel (Surat Elektronik) yang bertujuan untuk menyebarkan pesan-pesan/ Informasi corporate, program kegiatan corporate, berita duka, news maupun lainnya yang terkait dengan internalEmails that were sent with the objective to convey corporate messages/information, corporate program, obituary, news, as well as other internal matters

Digital Media

Display Digital Media yang di tampilkan di Lift Graha Elnusa. Konten dari Digital Media tersebut diantaranya adalah Video Safety Induction, Video Profile Elnusa, Video Operation, Elnusa Digital Transformation Journey, Culture dan lainnya.Digital Media Display that was shown on the elevators of Graha Elnusa. The contents of the Digital Media include, among others, Safety Induction Video, Video of Elnusa Profile, Operation Video, Elnusa Digital Transformation Journey, Culture and others.

Untuk kegiatan yang dilaksanakan selama tahun 2018 adalah sebagai berikut:

KegiatanActivities

KeteranganDetails

Jumlah KegiatanNumber of Activities

Town Hall MeetingInternal meeting untuk seluruh karyawanInternal meeting with all employees

1 kaliOnce

Halal bi HalalInternal meeting dengan seluruh karyawan setelah lebaran iedul fitriInternal meeting with all employees after the Eid Al-Fitr holiday

1 kaliOnce

Elnusa’s AnniversaryMembantu pelaksanaan acara perayaan hari ulang tahun Perseroan Supporting the Company’s anniversary event

1 kaliOnce

HSSE ForumPertemuan berkala HSSE Pertamina Hulu\Periodic meetings with HSSE Pertamina Hulu

1 kaliOnce

Elnusa Digital Transformation Journey

Forum Internal Elnusa yang menampilkan perubahan budaya digital di ElnusaInternal forum in Elnusa that shows the transformation to digital culture in Elnusa

1 kaliOnce

Elnusa CIP 2018Kompetisi CIP Elnusa GroupCIP Elnusa Group competition

1 kaliOnce

Induksi untuk karyawan baru/tamu perusahaanIntroductory program for new employees/ guests

Presentasi Company ProfileCompany Profile presentation

4 kali4 times

ELSA Management MeetingPertemuan management Elnusa dengan membahas tema tertentuElnusa Management meetings with specific theme of discussion

1 kaliOnce

Signing CeremonyCeremony penandatanganan Loan maupun Perjanjian kerjasama antar korporasiSigning Ceremony of Loan as well as Agreement between companies

4 kali4 times

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External Communications & CSRExternal Communications bertujuan untuk terciptanya hubungan yang baik dan harmonis antara perseroan dan publik eksternal (media massa, community, government, customer/client, vendors) guna mendukung program-program Perseroan, membangun citra positif dan reputasi perusahaan melalui berbagai aktivitas komunikasi dan event.

Berikut adalah daftar media komunikasi yang dikoordinasi dan diselenggarakan oleh Corporate Communications:

External Communications & CSRExternal Communications bertujuan untuk terciptanya hubungan yang baik dan harmonis antara perseroan dan publik eksternal (media massa, community, government, customer/client, vendors) guna mendukung program-program Perseroan, membangun citra positif dan reputasi perusahaan melalui berbagai aktivitas komunikasi dan event.

Berikut adalah daftar media komunikasi yang dikoordinasi dan diselenggarakan oleh Corporate Communications:

External Communications KeteranganRemarks


Website www.elnusa.co.id 12 kali12 times

Email Corporate [email protected] daily

Siaran PersPress Releases

Drafting & distribusi Siaran Pers ke media-media Nasional & LokalDrafting & distribution of press releases to national and local media

11 siaran pers terdistribusii.e : “Perbaiki Performa 2017, Elnusa Siap Akselerasi Kinerja dengan Total Solution”11 distributed press releases i.e : “improving 2017 performance, Elnusa is ready to accelerate its performance with Total Solution”

Pembuatan MementoMaking of souvenirs

Pembuatan Memento Souvenir sebagai cinderamata ElnusaMaking of souvenirs by Elnusa

1 kaliOnce

Informal Activity dengan Media EnergyInformal Activity with the journalists specializing in Energy business

Aktivitas informal dalam menjalin serta menjaga komunikasi baik dengan Media EnergiInformal activity to maintain good communications with journalists specializing in energy business

1 kaliOnce

Support Penyelenggaraan Event RUPS TahunanSupport the organization of AGM’s event

Rapat Umum Pemegang Saham TahunanAnnual General Meeting of Shareholders

1 kaliOnce

Support Penyelenggaraan Event RUPSLBSupport the organization of EGM’s event

Rapat Umum Pemegang Saham Luar BiasaExtraordinary General Meeting of Shareholders

2 kali

Door Stop MediaRUPST, PUBEX dengan MediaAGM, PUBEX with Media

3 kali

CSR

Elnusa Tebar Kurban Donor DarahBidang EdukasiBidang EkonomiBidang KesehatanEERElnusa Tebar Kurban Blood donationIn education fieldIn economic fieldIn health fieldEER

1 kali3 kali12 kali1 kali12 kali3 kaliOnce 3 times12 timesOnce 12 times3 times

Pembuatan Kalender CorporateCorporate calendar making

Communication Tools melalui channel kalender dalam menyampaikan informasi mengenai “Representation of our spirit to deliver digital values”Communication Tools through calendar to provide information regarding the “Representation of our spirit to deliver digital values”

1 kaliOnce

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Unit Audit InternalInternal Audit Unit

Internal audit merupakan bagian dari organisasi perusahaan yang memiliki peranan penting dalam perkembangan perusahaan yaitu bertugas dan bertanggung jawab untuk memberikan pendapat profesional dan independen serta rekomendasi perbaikan kepada Direktur Utama serta manajemen terkait mengenai kegiatan atau operasional perusahaan.

Kegiatan Internal Audit dilakukan mengacu kepada standar yang telah ditetapkan secara nasional ataupun internasional dan menjadikan standar tersebut sebagai acuan atau pedoman dalam melaksanakan aktivitas audit.

Internal Audit berdasarkan standar yang berlaku didefinisikan sebagai suatu kegiatan pemberian keyakinan (assurance) dan konsultasi yang bersifat independen dan obyektif, dengan tujuan untuk memberikan nilai tambah dan memperbaiki operasional perusahaan, melalui pendekatan yang sistematis, dengan cara mengevaluasi dan meningkatkan efektivitas manajemen risiko, pengendalian, dan proses tata kelola perusahaan.

STRUKTUR INTERNAL AUDITInternal Audit dipimpin oleh seorang kepala yang disebut Kepala Internal Audit atau Chief of Internal Audit yang diangkat dan diberhentikan oleh Direksi dengan persetujuan Dewan Komisaris. Penunujukan Chief of Internal Audit ditetapkan berdasarkan Surat Keputusan Direksi No.022/EN/KPTS/000D/2018. Secara struktural bertanggungjawab kepada Direktur Utama Perusahaan dan mempunyai hubungan fungsional dengan Komite Audit. Chief of Internal Audit wajib menyampaikan Laporan Hasil Audit (LHA) kepada Direktur Utama, Komite Audit, dan Auditee.8

Internal audit as part of the organization of the Company has an important role in the development of the Company through its tasks and responsibilities in giving professional and independent opinions as well as recommendations of improvement to the President Director and related Management teams regarding the Company’s activities or operations.

The activities within the Internal Audit function are done based on the national and international standards, which are then used as guidelines in conducting the audit.

Internal Audit, based on the prevailing standards, are defined as activities related to giving assurance and independent and objective consultations, which are intended to add value and improve the Company’s operations through systematic approach, by evaluating and improving the effectiveness of risk management, control, and corporate governance process.

STRUCTURE OF INTERNAL AUDIT DEPARTMENTInternal Audit is chaired by a leader, with a title of Head of Internal Audit or Chief of Internal Audit, and the individual is appointed and dismissed by the Board of Directors with the approval of the Board of Commissioners. The Chief of Internal Audit is appointed based on the Decision of the Board of Directors No.022/EN/KPTS/000D/2018. Structurally, the Chief of Internal Audit is responsible to the President Director and has functional relationship with the Audit Committee. The Chief of Internal Audit is obliged to provide Audit reports (LHA) to the President Director, Audit Committee, and Auditees.

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CHIEF OF INTERNAL AUDIT PROFILE

INTERNAL AUDIT CHARTERIn 2018, Internal Audit has evaluated the Internal Audit Charter, which has been revised several times. The improvement of the Internal Audit Charter in 2018 will take effect in 2019. The improvement of the Internal Audit Charter is based on the prevailing regulations and laws as well as the International Standards for the Professional Practice of Internal Auditing (Standards).

HUMAN RESOURCE AND INTERNAL AUDIT CERTIFICATES There are 9 (nine) employees in the Internal Audit Division, comprised of 1 (one) Chief of Internal Audit, 7 (seven) auditors, and 1 (one) secretary. Auditors have the adequate qualifications and competence to conduct their tasks and functions, as shown by the certifications that have been obtained by most of the auditors and will also be obtained by the rests.

Auditors are obliged to have the qualification and requirements, including: (1) Having the integrity and act in professional manner, as well as being objective in doing their tasks, (2) having the knowledge on the regulations pertaining to the oil and gas

PROFIL KEPALA INTERNAL AUDIT

Satya GrahaChief of Internal Audit

UsiaAge

55 tahun55 years

Tanggal LahirDate of birth

14 april 196314 april 1963


Indonesia

Riwayat PendidikanEducation

• Teknik Geodesi (S1) dari Institut Teknologi Bandung (1989)Geodetic Engineering (bachelor’s degree) from the Institut Teknologi Bandung (1989)

• Melanjutkan Pendidikan Doktor Ilmu Manajemen Universitas Negeri JakartaContinued his education in Doctor of Management, State University of Jakarta

Dasar Hukum Penunjukan Sekretaris PerusahaanLegal Basis for Appointment of Corporate Secretary

SK Mutasi No. 028/EN/M/KPTS/024H/2018

Riwayat JabatanPrevious experience

• Deputy Director of Geoscience Service (2015-2018)Deputy Director of Geoscience Service (2015-2018)

• General Manager of Geoscience Service (2015) General Manager of Geoscience Service (2015)

• Department head of Geodata Acquisition (2011-2015)Department head of Geodata Acquisition (2011-2015)

DomisiliDomicile

Bekasi, Jawa BaratBekasi, West Java

PIAGAM INTERNAL AUDITPada tahun tahun 2018, Internal Audit telah mengevaluasi Piagam Internal Audit (Audit Charter) yang telah beberapa kali dilakukan revisi. Perbaikan Piagam Internal Audit di tahun 2018 akan diberlakukan secara efektif di tahun 2019. Perbaikan Piagam Internal Audit mengacu pada Peraturan dan Perundang-undangan yang berlaku maupun International Standards for the Professional Practice of Internal Auditing (Standards).

SDM DAN SERTIFIKASI INTERNAL AUDIT

Jumlah SDM di Divisi Internal Audit sebanyak 9 (sembilan) orang yang terdiri dari 1 (satu) orang Chief of Internal Audit, 7 (tujuh) orang auditor dan 1 (satu) orang sekertaris. Auditor memiliki kualifikasi dan kompetensi yang memadai dalam melaksanakan fungsi dan tugasnya, hal ini ditandai dengan sertifikasi yang dimilki oleh sebagian besar Auditor dan akan diikuti oleh auditor lainnya.

Auditor wajib memenuhi kualifikasi dan persyaratan antara lain: (1) memiliki integritas dan perilaku yang profesional, serta obyektif dalam pelaksanaan tugasnya, (2) memiliki pengetahuan tentang peraturan perundang-undangan yang terkait dengan proses

264


bisnis migas, (3) memiliki pengalaman mengenai teknis audit dan disiplin ilmu lain yang relevan dengan bidang tugasnya, (4) cakap dalam berinteraksi dan berkomunikasi baik lisan maupun tertulis secara efektif, (5) mematuhi standar profesi dan kode etik yang dikeluarkan oleh asosiasi Audit Internal, (6) menjaga kerahasiaan informasi dan/atau data Perusahaan terkait pelaksanaan tugas dan tanggung jawabnya, serta (7) memahami prinsip-prinsip tata kelola perusahaan yang baik dan memiliki pengetahuan manajemen risiko yang memadai. Untuk itu seluruh auditor dilengkapi dengan pengetahuan yang perlu ditingkatkan secara berkelanjutan.

LAPORAN PELAKSANAAN KEGIATAN AUDIT TAHUN 2018Dalam menjalankan tugasnya, Fungsi Internal Audit memiliki Program Kerja Audit Tahunan (PKAT) tahun 2018 yang disusun dengan menggunakan pendekatan audit berbasis risiko (risk based audit). PKAT 2018 disampaikan kepada Komite Audit dan Direktur Utama untuk dimintakan persetujuan. Berikut gambaran aktivitas Audit tahun 2018:

NoTema Audit/ Objek Audit

Theme of Audit/ Audit ObjectCakupan Audit

Audit reachJumlah LaporanNo. of reports

1. Marketing Process

Audit untuk menilai risiko pada aktivitas marketing beserta mitigasi, pada bisnis unit Geodata Marine (GDM) & Drilling Rig Service (DRS).Audit was done to assess the risks related to marketing activities and the mitigation schemes for Geodata Marine (GDM) & Drilling Rig Service (DRS) business units.

2 Report

2. Operational Process

Audit untuk menilai risiko- risiko operasional beserta mitigasi, pada bisnis unit GDL (Geodata Land) dan Operation Maintenance (OM) Audit was done to assess operational risks and the mitigation schemes for GDL (Geodata Land) dan Operation Maintenance (OM) business units

2 Report

3. Finance

Audit yang dilakukan untuk menilai efisiensi dan efektivitas keuangan terkait Account Receivable, Unbilled Receivable dan Advance Payment.Audit was done to assess the efficiency and effectiveness of financial activities related to Account Receivable, Unbilled Receivable dan Advance Payment.

4 Report

4. Special Audit

Audit atas kegiatan bisnis unit Drilling Fluid Services(DFS) dilakukan berdasarkan permintaan Direksi maupun Auditee, terkait governance, risk management, dan internal control.Audit was done on the business activities in Drilling Fluid Services(DFS) business unit based on the request from the Directors and Auditee, for aspects pertaining to governance, risk management, and internal control.

1 Report

5. ITAudit konsutasi Implementasi Dashboard Consultative audit was done for the implementation of Dashboard

2 Report

6.Anak - anak PerusahaanSubsidiaries

Audit untuk menilai risiko Marketing,Operasional dan Keuangan pada Elnusa Fabrikasi Konstruksi (EFK) & Elnusa Petrofin (EPN)Audit was done to assess the Marketing, Operational dan financial risks on Elnusa Fabrikasi Konstruksi (EFK) & Elnusa Petrofin (EPN)

7 Report

HASIL TEMUAN AUDITHasil pelaksanaan audit tertuang dalam Laporan Hasil Audit (LHA) yang antara lain memuat rekomendasi dari auditor atas temuan hasil audit. Rekomendasi tersebut harus ditindaklanjuti oleh auditee sesuai dengan waktu yang telah ditentukan. Monitoring tindak lanjut dilaksanakan oleh auditor secara berkala. Hasil pelaksanaan tindak lanjut dilaporkan oleh auditee kepada Chief of Audit untuk dievaluasi implementasinya. Tindak lanjut yang belum selesai dan masih berstatus “open” diminta untuk memberikan progress report.

business processes, (3) Having technical experience on audit and other relevant knowledge related to their tasks, (4) Having the capability to effectively interact and communication verbally and in writing, (5) following the standards and the ethical code of the profession as determined by the Internal Audit Association, (6) maintaining confidentiality of Company’s information and/or data in conducting their tasks and responsibilities, (7) Having an understanding on the good corporate governance principles and an adequate knowledge on risk management. As such, all auditors are continuously provided with the necessary knowledge.

REPORT ON IMPLEMENTATION OF AUDIT ACTIVITIES IN 2018In doing its tasks, Internal Audit function has an Annual Audit Work plan (PKAT) of the year 2018, that were developed based on the risk based audit approach. PKAT 2018 were delivered to the Audit Committee and President Director for their approval. The following portrays the audit activities in 2018:

AUDIT FINDINGSThe results of the audit were written in the Audit Report (LHA) that, among others, contained recommendations from auditors based on the audit findings. These recommendations have to be followed up by the auditee in a pre-specified time period. Monitoring of the corrective actions is done periodically by the auditor. The report of the corrective actions is provided by the auditee to the Chief of Audit for further evaluation. Corrective actions that have not been completed and are still considered as “open” will be followed up in progress report.

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Akuntan PublikPublic Accountants

Dalam RUPS Tahunan Tahun Buku 2017, pemegang saham Perseroan menyetujui untuk mendelegasikan kewenangan kepada Dewan Komisaris Perseroan untuk menunjuk Akuntan Publik Independen dari Kantor Akuntan Publik (KAP) untuk melakukan pemeriksaan atas Laporan Keuangan Perseroan untuk tahun buku yang berakhir pada tanggal 31 Desember 2018 berikut besaran nilai jasanya.

Berdasarkan Surat Keputusan Dewan Komisaris Nomor L8.014C-2018.028 tentang Keputusan Dewan Komisaris atas Penunjukan Kantor Akuntan Publik (KAP) dan/atau Akuntan Publik (AP) untuk Jasa Audit atas Jasa Laporan Keuangan Historis Tahunan Posisi 31 Desember 2018 PT Elnusa Tbk dan Entitas Anaknya, maka Dewan Komisaris memutuskan Menunjuk KAP Purwantono, Sungkoro dan Surja (anggota firma Ernst & Young) dengan AP Sdr. Sinarta untuk melakukan audit atas jasa informasi keuangan historis tahunan posisi 31 Desember 2018 pada Elnusa dan Grup.

Adapun Informasi Auditor Eksternal/KAP yang digunakan oleh Perseroan selama lima tahun terakhir adalah sebagai berikut:

TahunYear

AkuntanAccountant

Kantor Akuntan PublikPublic Accounting Firm (KAP)

Fee AuditAudit Fee

2018 Sinarta KAP Purwantono, Sungkoro dan Surja Rp2.000.000.000,-

2017 Moch. Dadang Syachruna KAP Purwantono, Sungkoro dan Surja Rp2.984.000.000,-

2016 per 31 Desember2016 as of December 31 Widya Arijanti KAP Purwantono, Sungkoro dan Surja

Rp1.900.000.000,-

2016 per 30 Juni2016 as of June 30

Rp1.850.000.000,-

2015 Moch. Dadang Syachruna KAP Purwantono, Sungkoro dan Surja Rp2.590.312.000,-

2014 Yusron Fauzan, SE., Ak., CPAKAP Tanudiredja, Wibisana & Rekan (affiliated with PWC)

Rp3.150.000.000,-

Laporan yang dihasilkan oleh Kantor Akuntan Publik Purwantono, Sungkoro dan Surja adalah Laporan Keuangan Konsolidasian per 31 Desember 2018.

JASA LAIN YANG DIBERIKAN KANTOR AKUNTAN PUBLIK SELAIN JASA AUDIT LAPORAN KEUANGAN TAHUNANPihak yang ditunjuk Perseroan sebagai Akuntan Publik tidak memberikan jasa lain selain lingkup audit sebagaimana tersebut di atas.

During the 2017 Annual GMS, the Company’s shareholders agreed to delegate authority to the Board of Commissioners of the Company to appoint an Independent Public Accountant from a Public Accountant Office (KAP) to conduct an examination of the Company’s Financial Report for the year ended December 31, 2018, and to provide compensation for the accountant’s services.

In accordance to the Board of Commissioners Decree No. L8.014C-2018.028 concerning the Decision of the Board of Commissioners on the Appointment of a Public Accounting Firm (KAP) and/or Public Accountant (AP) for Annual Audit Services for the Financial Statements of PT Elnusa Tbk and its Subsidiaries for December 31, 2018, the Board of Commissioners decided to appoint public accounting firm Purwantono, Sungkoro & Surja (members of the Ernst & Young firm) alongside public accountant Sinarta to conduct an audit of the annual historical financial information services of Elnusa and Group on December 31, 2018.

A breakdown of the information for External Auditors/KAP used by the Company for the past five years is as follows:

The report produced by the Purwantono, Sungkoro & Surja public accounting firm was in the form of a “Consolidated Financial Report as of December 31, 2018”.

OTHER SERVICES PROVIDED BY PUBLIC ACCOUNTING FIRMS IN ADDITION TO ANNUAL FINANCIAL REPORT AUDIT SERVICESThe party appointed by the Company as a Public Accountant did not provide other services other than the scope of the audit as mentioned above.

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Manajemen RisikoRisk Management

SISTEM MANAJEMEN RISIKO YANG DITERAPKAN PERUSAHAANElnusa sebagai perusahaan yang bergerak pada jasa minyak dan gas yang mana kegiatan operasinya dihadapkan dengan sejumlah risiko, yang diantaranya diluar kendali Perseroan dan dapat mempengaruhi kelangsungan usahanya jika tidak dikelola dengan bijaksana. Proses tata kelola manajemen risiko di dalam Perseoran dirancang untuk menentukan tingkat risiko yang bersedia diambil oleh Perseroan dalam mengejar tujuan strategis dan untuk memberikan tingkat kepastian yang lebih tepat dalam setiap risiko yang Perseroan ambil. Penerapan Enterprise Risk Management (ERM) membantu dalam melakukan pendekatan secara sistematis dalam mengidentifikasi dan mengelola risiko-risiko kompleks Perseroan, anak perusahaan, unit bisnis dan departemen atau divisi. Sebagai bagian dari proses ERM, Perseroan melakukan pengkajian ulang secara berkala terhadap sejumlah risiko yang ada. Perseroan telah berupaya untuk mengelola serta mengambil langkah-langkah yang diperlukan dalam upaya memitigasi risiko yang teridentifikasi melalui proses ERM.

Perseroan telah mengadopsi prisip dan pedoman ISO 31000:2009 sebagai kerangka kerja manajemen risiko. Perseoran telah melakukan penyesuaian dalam penerapan ISO 31000 sesuai dengan karakteristik bisnis, organisasi dan tata kelola Perusahaan sehingga dapat meningkatkan risk awareness hingga membentuk suatu budaya sadar risiko di dalam Perusahaan.

HASIL REVIEW YANG DILAKUKAN ATAS SISTEM MANAJEMEN RISIKO PADA TAHUN BUKU

Secara kontinu, Perseroan berupaya dalam meningkatkan sistem pengelolaan risiko. Perseroan melakukan peningkatan sistem, infrastruktur dan proses manajemen risiko melalui pengelolaan dan perbaikan berkelanjutan kerangka, prosedur dan instruksi kerja manajemen risiko. Peningkatan sistem yang dimaksud adalah manajemen risiko telah menjadi salah satu item Key Performance Indicator (KPI) di setiap fungsi operasi dan shared service Perseroan. Dari segi infrastruktur, semakin pesatnya perkembangan era digital mendorong Perseroan untuk melakukan digitalisasi termasuk dalam pengelolaan risiko. Perseroan akan membentuk sistem yang dapat diakses secara realtime oleh Risk Owner dan mendaftarkan risiko tersebut sebagai “Risk Bank Elnusa”. Sebagai realisasi komitmen dan sasaran pengelolaan risiko, Perseroan juga akan menyusun roadmap pengembangan berkelanjutan implementasi manajemen risiko untuk memastikan Perseroan dapat mencapai rencana jangka panjangnya. Dengan peningkatan sistem penglolaan risiko ini diharapkan budaya risiko akan membaik dan melekat di setiap insan Perseroan.

RISK MANAGEMENT SYSTEM APPLIED IN THE COMPANYElnusa, as a company that operates in the oil and gas service sector, faces various risks in its operations. Some of these risks are beyond the control of the Company and can have an impact on the continuity of the Company, if they are not managed properly. The governance of the risk management process in the Company is designed to determine the risk level of activities that the Company are planning to do in its effort to further its strategic goals and to appropriately assign level of certainty in every risk taken by the Company. The implementation of the Enterprise Risk Management (ERM) supports a systematic approach in identifying and managing complex risks faced by the Company, its subsidiaries, business units, and departments or divisions. As part of the ERM process, the Company re-evaluates risks periodically. The Company has attempted to manage and undertake risk mitigation actions for risks that are identified through the ERM process.

The Company has adopted the principles and guidelines of the ISO 31000:2009 as its risk management framework. The Company has adapted the implementation of ISO 31000 in accordance to its business, organization, and governance characteristics so as to increase risk awareness as well as to develop a culture of risk awareness in the Company.

RESULTS OF THE REVIEW OF THE RISK MANAGEMENT SYSTEM AT THE CURRENT FISCAL YEARContinuously, the Company tries to improve the risk management system. The Company improves the system, infrastructure, and the process of risk management through the continuous improvement of the framework, procedures, and work guidelines related to risk management. The aforementioned system improvements mean that risk management has become one of the items in Key Performance Indicator (KPI) of every operational function and shared services of the Company. From infrastructural standpoint, the trend in digitalization has pushed the Company to incorporate digitalization as part of the risk management activities. The Company is planning to develop a system that can be accessed in real time by Risk Owners, allowing them to register risks in “Risk Bank Elnusa”. As a realization of its commitment and risk management objective, the Company will also develop a roadmap of continuous development of the implementation of risk management process to ensure that the Company can attain its long term goals. With the improvement of its risk management system, it is hoped that the culture of risk awareness of every employee of the Company will improve.

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RISIKO YANG DIHADAPI PERSEROANKemampuan Elnusa dalam mencapai target bisnis dan bertahan dalam lingkungan bergantung pada bagaimana Elnusa menanggapi sejumlah risiko yang timbul. Secara internal, Elnusa memantau dan memitigasi risiko yang lebih komprehensif melalui risk register, yang akan terus menjadi perangkat penting dalam proses manajemen risiko. Elnusa akan tetap mempertimbangkan lingkungan eksternal dan internal untuk mengevaluasi perubahan dalam model kompetisi dan bisnis. Tahun 2018 merupakan tahun yang cukup baik bagi perseroan. Peningkatan harga minyak secara kontinu hingga kuartal III 2018 memberikan dampak penguatan revenue Perseroan pada sektor jasa pemiliharaan lapangan migas dan jasa distribusi & logistik energi. Namun dalam keberjalanannya, Perseroan dihadapkan oleh eksposur risiko ekonomi yang meningkat akibat kebijakan the FED dalam menaikan suku bunga serta risiko – risiko lainnya.

Pengukuran signifikansi risiko pada Perusahaan didasarkan pada hal-hal berikut:

1. Controllable/Uncontrollable2. Dampak terhadap finansial (value)3. Core competence4. strategis (time horizon)

Profil risiko Elnusa sebagai sebuah Perusahaan (corporate risks) dilihat dalam konteks hubungannya dengan lingkungan eksternal dan internal dijelaskan pada Gambar 1. Risiko-risiko utama Elnusa dijelaskan secara rinci dalam bentuk tabel dan peta risiko pada Tabel 1 dan Gambar 2.

ENTERPRISE RISK MANAGEMENT

INTERNAL FAILURES

EXTERNAL FAILURES

Support Function Failures

Macroeconomic External Parties

Market Technology

Politics Security

Law/Regulatory

Product/Service Delivery Failures

• Finance• Compliance• Equipment, Assets & Infrastructure• Legal• Information Technology• Human Capital• Health, Safety & Environment

• Supply Chain• Sales & Marketing• Product/Service Development• Quality

Objectives

Organization

Resource

ValueStrategy

ValueStrategy

Gambar 1. Hubungan Risiko Elnusa dengan Lingkungan Eksternal dan InternalThe relationship of Elnusa’s risk with the external and internal environment

RISKS FACED BY THE COMPANYElnusa’s ability to attain its business targets and to survive depend on how the Company handles various risks that it is exposed to. Internally, Elnusa monitors and mitigates risks in a more comprehensive manner through the risk register, which will be used as an important tool in the risk management process. Elnusa will also consider the external and internal environment to evaluate the change in competition and business models. 2018 is a relatively good year for the Company. The oil price continues to increase from the start of the year to Quarter III 2018, giving a positive impact to the Company’s revenue from its oil and gas field maintenance services and energy distribution & logistics services. However, the Company was also exposed to economic risks from the Fed’s policy to increase interest rate, as well as other risks.

The measurement of the significance of a particular risk to the Company is done based on the following:

1. Controllable/Uncontrollable2. Financial impact (value)3. Core competence4. strategic (time horizon)

The risk profile of the Company (corporate risks) can be seen in the context of its relationship with external and internal environment, as shown in Gambar 1. The main risks for Elnusa are elaborated in detail on Tabel 1 and Gambar 2.

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Tabel 1. Risiko-Risiko Utama ElnusaMain risks for Elnusa

NoRisikoRisk

Deskripsi RisikoDescription of risk

KontrolControl

Mitigasi RisikoMitigation strategy

R1Risiko EkonomiEconomic risks

Elnusa sebagai perusahaan jasa di bidang migas yang menggunakan valuta asing dalam melakukan transaksi bisnis sehari-hari dihadapkan oleh risiko fluktuasi nilai tukar Rupiah terhadap valuta asing dan perubahan kondisi makroekonomi seperti inflasi, selisi kurs, dan devaluasi.

Langkah the FED dalam menaikan suku bunga berpengaruh pada menguatnya nilai mata uang amerika (USD) terhadap mata uang lain termasuk Indonesia (IDR). Adanya asset dan kewajiban moneter dalam mata uang USD berpotensi menyebabkan terjadinya loss FOREX.

Elnusa, as an oil and gas service company, uses foreign currency in its day-to-day business transactions and faces the currency fluctuation risks, especially fluctuation in Rupiah to other foreign currencies, as well as other risks related to changes in macroeconomic conditions, such as inflation, exchange rate gap, and devaluation

The Fed’s move to increase interest rate led to an appreciation of USD to other currencies, including Indonesia Rupiah (IDR). The fact that the Company has assets and obligations in USD potentially exposes the Company to a FOREX loss.

1. Penggunaan referensi Jakarta Interbank Spot Dollar Rate (JISDOR) untuk cash-in dari klien

2. Optimalisasi local content

1. Using Jakarta Interbank Spot Dollar Rate (JISDOR) as reference for cash-in from clients

2. Optimization of local content

Program hedging baik natural maupun dengan instrumentHedging program both natural or instrument-based

R2

Risiko Kontrak Pekerjaan dan Harga JasaContractual risks related to work and price of services

Bisnis Elnusa secara langsung dipengaruhi oleh pengeluaran modal klien dalam bentuk proyek. Efisiensi pengeluaran modal terhadap harga jasa yang menggerus keuntungan perusahaan jasa migas tidak hanya dapat terjadi pada proyek yang akan atau sedang proses tender tetapi juga dapat terjadi pada proyek yang sudah dimenangkan atau bahkan sudah berjalan. Pada beberapa proyek yang ditangani Elnusa, pihak pemberi kerja meminta dilakukan renegosiasi (penurunan/diskon) harga jasa. Hal ini berdampak langsung pada berkurangnya margin keuntungan yang didapatkan perusahaan.Elnusa’s business is directly influenced by the capital expenditure of our clients in their projects. The efficiency of capital expenditure to the price of the service that reduces the profitability of oil and gas service companies does not only occur in those projects that will or are at the process of tender, but also for those projects that have been won and in operations. In several projects, the buyer asked for renegotiation (reduction/discount) of service price.This has direct negative impact on the profit margin of the Company.

1. Negosiasi dengan pihak klien2. Menyiapkan klausul

kontingensi

1. Negotiating with clients 2. Preparing contingency clauses

Menawarkan jasa secara solusi total (bundling) dengan paket jasa lainnyaOffering total solution services (bundling) with other service packages

R3

Risiko Operasional dan HSSEOperational and HSSE risks

Sifat operasi dan tempat/komunitas elnusa bekerja menghadapkan Elnusa pada berbagai macam risiko kesehatan, keselamatan, keamanan dan lingkungan. Industri minyak dan gas bumi serta industri jasa migas dikenal sebagai industri yang highly regulated terhadap aturan Health, Safety, Security, and Environment. Setiap kegiatan/aktivitas/pekerjaan Elnusa grup harus selaras dengan prinsip Operation Excellence, yakni HSE Is My Culture, Equipment Is My Life & Cost Awareness. Pada tahun 2018, Pertamina dan Anak Perusahaan di Direktorat Hulu berkomitmen untuk menegakkan, implementasi dan perbaikan berkelanjutan kebijakan HSSE dan Leadership Safety CommitmentThe nature of the operations and the locations/communities where Elnusa operates is full of risks related to health, safety, securities, and environment. Oil and gas industry and oil and gas service industry are known as highly regulated industries, especially regarding Health, Safety, Security, and Environment. Every activity/work that Elnusa group is doing has to be in line with the principles of Operation Excellence, which is HSE Is My Culture, Equipment Is My Life & Cost Awareness. In 2018, Pertamina and its subsidiaries in the Upstream divisions are committed to enforce, implement, and continuously improve HSSE policies and Leadership Safety Commitment

1. Menerapkan kebijakan dan aturan HSSE secara ketat

2. Menerapkan aturan medical check-up (MCU) karyawan

3. Meningkatkan safety awareness karyawan dan pihak eskternal baik melalui program training maupun tool box meeting secara rutin

1. Strict Implementation of policies and regulations on HSSE

2. Implementing regulations on medical check-up (MCU) for employees

3. Improving safety awareness of employees and external parties by training program and routine tool box meeting

1. Melakukan deep investigation dan tindak lanjut terhadap insiden yang terjadi

2. Negosiasi kepada pihak klien

1. Conducting deep investigation and follow-up when incidents occur

2. Negotiating with clients

269


NoRisikoRisk


KontrolControl


R4Risiko KemitraanPartnership risks

Sebagai salah satu bentuk mitigasi risiko, Elnusa menerapkan strategi kemitraan dengan pihak pemberi jasa lain, dalam rangka mengoptimalkan peluang bisnis pada sektor jasa yang belum dimiliki pengalamannya. Namun, kemitraan, di samping merupakan strategi mitigasi risiko, ternyata dapat menimbulkan potensi risiko baru yakni kemungkinan bahwa pihak mitra tidak kapabel dan reliable baik secara teknis maupun keuangan. Selain itu , aturan mengenai bentuk-bentuk kemitraan dan konsekuensi terhadap hukum dan keuangan (perpajakan), juga belum benar-benar dipahami dengan baik oleh banyak kalangan pelaku bisnis. Elnusa terus berupaya melakukan pembenahan dan peningkatan guna memperbaiki kualitas kemitraan yang mengutamakan win-win solution untuk semua pihak.As part of its risk mitigation strategy, Elnusa engages in partnership with other service providers, in order to optimize business opportunities in service segment that the Company has less experience. However, aside from its positive contribution as risk mitigation strategy, partnership can also introduce potential risks from the possibility that partners are not capable or unreliable, both in terms of technical and financial aspects. Other than that, regulations on the types of partnerships and their legal and financial (tax) consequences are not entirely understood by businesses. Elnusa continues to make adjustment and improvement in order to improve the quality of its partnerships, with a priority for a win-win solution for all parties.

Due diligence (DD) terhadap semua partner kerja dan manajemen kontrak secara prudent Due diligence (DD) on all partners and prudent management of contracts

Mitra kerja menyatakan kesanggupan secara teknis maupun finansial melalui bank guarantee terhadap ElnusaPartners agreeing to technical capabilities and financial assurance based on bank guarantee to Elnusa

R5Risiko Persaingan UsahaCompetition risks

Karakteristik bisnis Elnusa merupakan bisnis di bidang jasa migas berbasis proyek yang diperoleh melalui proses tender dari client.

Para kompetitor Elnusa tentunya tidak diam menanggapi hal ini. Kompetitor menyikapinya dengan melakukan cost evaluation dan tidak jarang menerapkan strategi perang harga dengan mengurangi margin keuntungan guna mendapatkan harga yang kompetitif dalam setiap keikutsertaan tender dari client.

Elnusa’s business characteristics are a business of services in oil and gas projects, which heavily rely on tender process of the clients.

Elnusa’s competitors of course do not stop responding to this competition. They conduct cost evaluation and sometimes engage in price war strategy by reducing profit margin to provide competitive price for clients in the tender process.

1. Melakukan pendekatan ke klien untuk mengamankan pemenangan tender

2. Melakukan pengamatan khusus terhadap kompetitor utama

3. Melakukan persiapan tender lebih seksama

4. Mematangkan perencanaan aspek komersial (cost evaluation) dan administrasi tender yang lebih baik

5. Melakukan market research (direct/indirect)

1. Approaching clients to secure the tender

2. Special monitoring of main competitors

3. Preparing detailed tender documents

4. Improving planning of commercial aspects (cost evaluation) and tender administration

5. Conducting market research (direct/indirect)

1. Melakukan strategic partnership untuk mendapat experience baru

2. Menyiapkan prospek pengganti (dalam/luar negeri)

1. Engage in strategic partnership to gain new experience

2. Prepare potential replacements (domestically/ internationally)

270


NoRisikoRisk


KontrolControl


R6

Risiko Tren Harga Minyak Mentah DuniaGlobal crude oil price fluctuation risks

Elnusa sebagai perusahaan di bidang jasa eksplorasi dan pemeliharaan lapangan migas bergantung pada banyaknya aktivitas pelanggan yang tertuang pada perencanaan kerja masing-masing (PoD dan WP&B).

Kecendurungan dalam harga minyak mentah dunia mempengaruhi tingkat eksplorasi, pengembangan dan aktivitas produksi dari pelanggan (client) dan permintaan untuk layanan dan produk Elnusa. Tingkat kegiatan bisnis pelanggan Elnusa dipengaruhi secara langsung oleh tren harga minyak dunia yang secara historis telah berfluktutatif dan kemungkinan akan terus mengalami ketidakpastian.

Harga minyak mentah dunia mengalami fluktuasi sebagai respons terhadap perubahan yang relatif kecil dalam pasokan dan permintaan minyak dan gas, ketidakpastian pasar dan berbagai faktor makroekonomi serta geopolitik lainnya yang berada di luar kendali Elnusa dan pelanggan.

Elnusa as a company in the exploration and maintenance of oil and gas field services rely on a number of activities of its clients as stated in their respective work plans (PoD dan WP&B).

The trend in the global crude oil price has an impact on the exploration, development and production activities of its clients and their demand for Elnusa’s products and services. The level of business activities of Elnusa’s clients is directly impacted by the trend in global oil price that historically tend to fluctuate and remain uncertain.

The global crude oil price fluctuates as a response to small changes in the supply and demand of oil and gas, uncertainty in the market, and other macroeconomics and geopolitics factors that are beyond Elnusa’s or its clients’ control.

1. Menyiapkan prospek pengganti (dalam/luar negeri)

2. Penetrasi ke market/bisnis baru (diversifikasi bisnis)

1. Prepare potential replacement (domestically/internationally)

2. Penetrate new market/business (business diversification

271


NoRisikoRisk


KontrolControl


R7Risiko InvestasiInvestment risks

Perusahaan terus mencari peluang untuk memaksimalkan efisiensi dan nilai melalui berbagai transaksi termasuk pembelian atau penjualan asset bisnis, investasi atau kepentingan usaha bersama. Transaksi yang dimaksud untuk (tetapi mungkin tidak) perluasan pangsa pasar dengan menawarkan produk atau jasa baru, peningkatan pendapatan, atau pengurangan risiko.

Selain memerlukan pendanaan yang signifikan, investasi asset di bidang jasa migas juga dihadapkan dengan ketidakpastian perolehan proyek yang didedikasikan, profitabilitas proyek, kelancaraan pelaksanaan pekerjaan dan kendala operasional yang dapat mempengaruhi konsolidasi keuangan Perusahaan.

The Company continues to search for opportunities to maximize efficiency and values from various transactions, including the purchase and sales of assets, investment or other joint business interests. These transactions that are (but may not be) meant for market expansion through the offering of new products or services, increasing income, and reducing risks.

Other than the significant financing requirements, investment in assets in oil and gas service is also faced with the uncertainty of the gain from the dedicated projects, profitability of the project, the smooth operations or work, and from operational issues that can impact the Company’s financial.

1. Due diligence (DD)/Feasibility study (FS) pada setiap rencana investasi

2. Menyiapkan data intelligent yang lengkap

3. Mekanisme pengambilan keputusan investasi sampai ke Direksi/Komisaris pada nominal investasi tertentu

4. Menjaga alat selalu dalam kondisi siap pakai setiap saat diperlukan, dengan merencanakan dan merealisasikan program preventive maintenance yang disiplin;

5. Secara aktif berkomunikasi dengan pihak klien, dan secara kreatif menawarkan solusi total

1. Due diligence (DD)/Feasibility study (FS) for every investment plan

2. Preparing complete data intelligent

3. Decision making mechanism for each investment decision that involves the Board of Directors/Commissioners for certain size of investment.

4. Ensure that tools are always in ready-to-use conditions by strict planning and realization of the preventive maintenance program;

5. Actively communicating with clients and proposing total solution in creative manners

1. Menggunakan jasa konsultan yang paham terhadap investasi terkait

2. Menyiapkan contingency plan terhadap investasi yang tidak sesuai harapan (dijual/sewa)

1. Using consultancy service that have expertise in the related investment

2. Preparing contingency plan for investments that do not pay off (sales/lease options)

R8Risiko TeknologiTechnological risks

Karakteristik bisnis Elnusa dipengaruhi oleh perkembangan teknologi dan produk terbaru dalam rangka mendukung penyediaan layanan dan performa yang lebih baik. Penemuan teknologi dan produk baru terutama di era digital saat ini mengharuskan Elnusa memiliki kemampuan untuk mengikuti perkembangan zaman dan berinovasi dalam mendesain, mengembangkan, dan menyediakan produk yang dapat bersaing secara komersial serta mampu mengaplikasikannya secara komersial guna memberikan kepuasan kepada pelanggan/klien. Ketidakmampuan Elnusa dalam hal perkembangan teknologi dan produk baru dapat menghambat Elnusa dalam bersaing dengan perusahaan lain dan menghasilkan ketidakpuasan pelanggan/klien atas pekerjaan yang dilakukan.Elnusa’s business characteristics are influence by the development of new technology and products that support the provision of services and improve performance. Invention of technology and products, especially in this digital era, forces Elnusa to have the ability to follow the trend and to innovate in the design, development, and provision of products that are commercially competitive, as well as implementable in order to give satisfaction to clients. Elnusa’s inability to develop new technology and products can prevent the Company to compete with other companies, leading to dissatisfaction from clients.

Melakukan riset dan evaluasi secara kontinu terhadap pengembangan produk dan jasa baru dan existingEngaging in continuous research and evaluation of new and existing product and service development

Melakukan strategic alliance/partnership dengan pemilik teknologiEngaging in strategic alliance/partnership with technology owners

272


NoRisikoRisk


KontrolControl


R9Risiko ReputasiReputational risks

Elnusa merupakan perusahaan publik yang terdaftar dan terbuka. Reputasi Elnusa merupakan asset yang sangat penting. Elnusa terdaftar pada bursa saham sehingga kinerja perusahaan dimonitor oleh khalayak umum. Kinerja perusahaan dapat mempengaruhi kinerja saham. Selain itu, kegagalan Elnusa dalam menjalankan prinsip operation excellence dapat menyebabkan efek buruk secara tidak langsung pada penghasilan (marketing) dan cashflow perusahaan. Elnusa is a publicly listed company. Elnusa’s reputation is its most important asset. Elnusa is registered in the stock exchange so its performance is monitored by the public. The Company’s performance can impact its shares performance. Other than that, failure to apply the operation excellence principles can lead to negative indirect effect to income (marketing) and the Company’s cashflow.

1. Patuh terhadap peraturan dan kebijakan yang berlaku

2. Menjalankan setiap proyek dengan prinsip operation excellence

3. Membangun dan mempererat hubungan dengan masyarakat dan media relation

4. Melakukan public expose5. Melakukan perspective survey

1. Comply with prevailing regulations and policies

2. Conducting each project based on the operation excellence principles

3. Building and strengthening relationship with the public and media

4. Conducting public expose5. Conducting perspective

survey

Menyampaikan klarifikasi hak jawabMaking use of the rights for clarification

R10Risiko KepatuhanCompliance risks

Kegiatan operasi Elnusa berada dalam payung hukum, undang-undang regulasi di berbagai aspek dari HSSE hingga finansial yang dikeluarkan oleh sejumlah otoritas. Perubahan kebijakan dan hukum operasi dan keuangan (termasuk pajak) menimbulkan interpretasi yang berbeda-beda seperti biaya kepatuhan, kewajiban pajak penghasilan (income tax liabilities) yang dapat berdampak material maupun imateril pada kondisi keuangan konsolidasi Perusahaan. Kegagalan Perusahaan untuk mematuhi hukum dan memenuhi prasyarat operasi dapat mengakibatkan:1. Hukum perdata dan pidana2. Pencabutan izin usaha 3. Tindakan korektif dari pemerintah

Elnusa’s operational activities are within the scope of the law and regulations related to HSSE as well as finance that were issued by various authorities. Changes in policies and regulations related to the Company’s operations and finance (including tax) may lead to multiple interpretations on the costs of compliance, income tax liabilities. These have material and immaterial impacts to the Company’s consolidated financial position. Failure to comply to the law and the requirements for operations may lead to:1. Civil and Criminal punishment2. Revocation of business licenses3. Corrective actions from the government

1. Due diligence (DD) terhadap semua mitra kerjva dan manajemen kontrak

2. Melakukan audit secara berkala

3. Implementasi whistle blowing system (WBS)

1. Due diligence (DD) to all partners and management of contracts

2. Conducting periodical audit 3. Implementing whistle blowing

system (WBS)

Sosialisasi dan implementasi GCG secara menyeluruh dengan pendekatan top-downSocialization and implementation of GCG as a whole based on the top-down approach

273


R6

R4

R10

R9 R8

R5 R7

R1

R2 R3

Dampak

TOP RISK ELNUSA GROUPPr

obab

ilita

sNo Risiko

R1 Risiko Ekonomi

R2Risiko Kontrak Pekerjaan dan Harga Jasa

R3 Risiko Operasional dan HSSE

R4 Risiko Kemitraan

R5 Risiko Persaingan Usaha

R6Risiko Tren Harga Minyak Mentah Dunia

R7 Risiko Investasi

R8 Risiko Teknologi

R9 Risiko Reputasi

R10 Risiko Kepatuhan

274


Sistem Pengendalian InternalInternal Control System

Pengendalian internal adalah merupakan salah satu bentuk implementasi tata kelola perusahaan yang baik dalam mencegah terjadinya kecurangan dalam proses bisnis. Penerapan sistem pengendalian internal diarahkan untuk memastikan bahwa Perseroan telah memiliki suatu sistem yang handal terhadap ketaatan atas peraturan perundang-undangan, pelaporan keuangan, dan pengamanan asset.

Perseroan terus berupaya meningkatkan sistem pengendalian internal yang efektif dengan melibatkan Dewan Komisaris, Direksi dan seluruh karyawan yang mengacu pada prinsip-prinsip Internal Control-Intregated Framework yang diterbitkan oleh The Committee of Sponsoring Organization (COSO) of the Treadway Commission.

Perseroan melakukan evaluasi atau penilaian atas efektivitas pengendalian internal pada tingkat korporat maupun tingkat operasional dengan menerapkan dan memelihara sistem pengendalian internal dan prosedur pelaporan keuangan yang memadai sesuai ketentuan berlaku melalui fungsi internal audit dan Manajemen risiko.

Internal control is a form of implementation of good corporate governance to prevent fraud in business processes. The implementation of the internal control system is directed to ensure that the Company has established a reliable system of compliance with laws, financial reporting and asset safeguards.

The Company continues to work on improving its effective internal control system by involving the Board of Commissioners, the Board of Directors and all employees referring to the principles of the Internal Control-Intregated Framework published by The Committee of Sponsoring Organizations (COSO) of the Treadway Commission.

The Company conducts an evaluation or assessment of the effectiveness of internal control at the corporate and operational levels by implementing and maintaining an adequate internal control system and financial reporting procedures as applicable through the internal audit function and risk Management.

275


Teknologi InformasiInformation Technology

Di 2018 penerapan TI di perseroan tetap melanjutkan pengembangan dari tahun 2017 yaitu di bidang IoT, BigData dan perbaikan bisnis proses yang terintegrasi dengan memanfaatkan teknologi digital. Peran TI dalam meningkatkan value proposition perusahaan juga semakin kuat dengan digunakannya produk internal TI dalam kegiatan operasi.

Untuk membantu proses pengambilan keputusan sehingga tercipta budaya yang bersifat Data Driven, dilakukan perbaikan dan pengembangan TI untuk pengumpulan dan pengolahan data menjadi informasi sehingga dapat dilakukan analisa lanjutan dengan bantuan BigData dan BI Tools.

Beberapa highlight keberhasilan yang telah diimplementasi seperti;

1. Elnusa IoT LoRaWAN Modem Device telah selesai di manufaktur dan telah dilakukan uji coba lapangan dan berfungsi dengan baik. Device dapat bekerja dengan low power sehingga dengan menggunakan baterai dapat bertahan sampai 7 tahun.

2. Menjadi pengurus di Asosiasi IoT Indonesia (AIOTI).

3. Dimulainya project E-Quanta sebagai solusi pengembangan core business aplikasi yang lebih terstruktur, ter-integrasi dan searah dengan strategi perusahaan. Pengembangan aplikasi di dalam project E-Quanta menggunakan Agile project management methodology (SCRUM), yang sejak akhir tahun 2017 sudah mulai diimplemen di lingkungan TI. Methode pengembangan menggunakan methode SCRUM ini menjadikan kualitas lebih sesuai dengan harapan dan pekerjaan jadi lebih cepat.

The Company’s implementation of information technology (IT) in 2018 has continued to develop since 2017, specifically, in the fields of IoT, Big Data and various improvements in the Company’s business process that are integrated through the use of digital technology. The role of IT in boosting the Company’s value proposition is also becoming stronger thanks to the use of internal IT products during Company operations.

In order to assist in the decision-making process and create a Data-Driven Culture, the Company works to improve and develop its IT for collecting and processing data and turning it into information that can allow for further analysis with the help of BigData and BI Tools.

Some highlights of the Company’s successful implementations of IT include:

1. The “Elnusa IoT LoRaWAN Modem Device”, which has completed its manufacturing process, has been tested through field tests and functions well. The device can work under low-power conditions using a battery that can last up to 7 years.

2. Becoming an administrator in the Indonesian IoT Association (AIOTI).

3. The commencing of the “E-Quanta” project as a solution for the development of core business applications that are more structured, integrated and in line with the Company’s strategy. Application development in the E-Quanta project uses an Agile project management methodology (SCRUM), which has been implemented since the end of 2017 in the Company’s IT environment. The SCRUM method allows for quality to be more in line with expectations and for work to become faster.

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Pengelolaan Benturan Kepentingan dan Hubungan dengan Pihak BerelasiManaging Conflicts of Interest and Relations with Related Parties

Benturan kepentingan adalah terjadinya konflik antara kepentingan ekonomis Perseroan dengan kepentingan ekonomis pribadi, pemilik, anggota Dewan Komisaris, anggota Direksi, Pejabat Eksekutif, Pegawai dan/atau pihak terafiliasi dengan Perseroan. Pencegahan dan mekanisme terkait dengan benturan kepentingan diatur dalam: Anggaran Dasar, Board Manual, GCG Code, CoC serta pedoman khusus mengenai konflik kepentingan.

Prinsip dasar dari Benturan kepentingan adalah Seluruh Insan Elnusa yang karena jabatannya, apabila menemui potensi atau kondisi/situasi Konflik Kepentingan DILARANG meneruskan kegiatan/melaksanakan kewajiban terkait jabatannya tersebut.

Implementasi atas pelaksanaan ketentuan terkait dengan benturan kepentingan adalah sebagai barikut:

1. Mencantumkan ketentuan terkait konflik kepentingan sebagai bagian dari Code of Conduct Perusahaan.

2. Menyampaikan informasi terkait ketentuan ini dalam sosialisasi kepada seluruh pekerja maupun pihak ketiga secara reguler.

3. Anggota Dewan Komisaris dan Direksi wajib menyampaikan daftar khusus dan daftar hubungan afiliasi untuk dipublikasikan dalam laporan tahunan dan website Perseroan.

4. Jika terjadi kondisi Konflik Kepentingan, yang tidak terdapat/tidak diatur dalam ketentuan ini maka Insan Elnusa wajib membuat Surat Pernyataan Konflik Kepentingan terhadap kondisi tersebut disertai dengan disertai penjelasan yang disampaikan kepada atasan langsung atau pimpinan tertinggi setempat dan pihak ketiga apabila diperlukan.

A conflict of interest is a clash of interests between the economic interests of the Company and the interests of individuals, owners, Board of Commissioners members, Board of Directors members, executive officers, employees and/or any parties affiliated with the Company. Prevention of conflicts of interests and the mechanisms involved for dealing with such interests are regulated in the Company’s Articles of Association, Board Manual, GCG Code, CoC and in other specific guidelines regarding conflicts of interest.

The basic principle when it comes to dealing with conflicts of interest is that any personnel of Elnusa is PROHIBITED from continuing any activities or carrying out any obligations related to their positions within the Company should they come upon the potential for conflicts of interests or encounter conditions/situations of conflicting interests.

Implementation of this above-mentioned principle takes the following forms:

1. Including a provision related to conflicts of interest as part of the Company’s Code of Conduct.

2. Delivering information related to this provision through socialization sessions for all workers or third parties on a regular basis.

3. Members of the Board of Commissioners and the Board of Directors are obligated to provide a special list as well as an affiliate relations list that is to be published in the Company’s annual report and in the Company’s website.

4. If a conflict of interest occurs that is not of a type categorized within the above-mentioned provision, then the Elnusa personnel in question who is caught within the conflict of interest must make a Conflict of Interest Statement on the conditions of the conflict involved with an explanation submitted to their direct supervisor or the highest-ranked leader and third party, if need be.

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Apabila terjadi situasi konflik kepentingan, maka Insan Elnusa wajib melaporkan hal tersebut melalui:

1. Atasan LangsungPelaporan melalui atasan langsung dilakukan apabila pelapor adalah Insan Elnusa yang terlibat atau memiliki potensi untuk terlibat secara langsung dalam situasi konflik kepentingan. Pelaporan dilaksanakan dengan menyampaikan Surat Pernyataan Konflik Kepentingan.

2. Sistem Pelaporan Pelanggaran (Whistleblowing System)Pelaporan melalui Sistem Pelaporan Pelanggaran (Whistleblowing System) dilakukan apabila pelapor adalah Insan Elnusa atau pihak-pihak lainnya (Pelanggan, Mitra Kerja dan Masyarakat) yang tidak memiliki keterlibatan secara langsung, namun mengetahui adanya atau potensi adanya konflik kepentingan di Perusahaan. Pelaporan melalui Sistem Pelaporan Pelanggaran (Whistleblowing System) dilaksanakan sesuai dengan mekanisme dan syarat-syarat yang tercantum di dalam pedoman Sistem Pelaporan Pelanggaran (Whistleblowing System).

Setiap Insan Elnusa yang terbukti melakukan tindakan Konflik Kepentingan akan ditindaklanjuti berdasarkan peraturan dan ketentuan yang berlaku di Perusahaan.

Pada 2018, tidak terjadi peristiwa terkait benturan kepentingan yang dilakukan oleh Dewan Komisaris dan Direksi Perseroan.

When a conflict of interest occurs, Elnusa personnel must report the matter through:

1. Direct SupervisorsA report filed to direct supervisors in the case of conflict of interest is done whenever the reporting entity is an Elnusa personnel member directly involved in the matter at hand or has the potential to be directly involved. The report shall be made by submitting a Conflict of Interest Statement.

2. The Whistle-blowing SystemA report made through the Whistle-blowing System is done whenever the reporting entity (whether they are of Elnusa personnel or are Customers, Business Partners or Communities from a different party) does not have any direct involvement in the conflict of interest but has information about or is aware of a potentially brewing conflict of interest in the Company. Reports filed through this system are carried out in accordance with the terms and conditions set forth in the Whistle-blowing System’s regulations.

Any Elnusa employee deemed to have taken part in a Conflict of Interest will receive follow-ups based on applicable Company rules and regulations.

In 2018, there were no incidents involving conflicts of interest carried out by the Company’s Board of Commissioners or Board of Directors.

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Dalam rangka menjaga kinerja operasionalnya Perseroan, memberikan perhatian besar kepada seluruh mitra kerja pemasok agar dapat memberikan pelayanan terbaik untuk mendukung seluruh kegiatan operasional Elnusa. Dimulai sejak pendaftaran untuk menjadi mitra kerja Elnusa, Perusahaan menerapkan kriteria khusus guna memilih hanya perusahaan yang berkualitas saja yang dapat bermitra dengan Elnusa.

Setelah mendapatkan informasi yang cukup tentang profil suatu perusahaan yang akan mendaftar sebagai rekanan Elnusa, tim Elnusa melakukan visit kepada perusahaan tersebut guna memastikan legalitas dan kompetensi yang dimiliki sesuai dengan standard yang dibutuhkan. Selain itu, juga memastikan fasilitas penunjang yang dimiliki apakah sudah sesuai dengan bisnis yang ditawarkan.

Sebelum menjadi mitra Elnusa yang melakukan pekerjaan dengan resiko tinggi, perusahaan harus melalui tahapan prakualifikasi Contractor Safety Management System (CSMS) & Contractor Quality Management System (CQMS) dan memiliki nilai cukup untuk tercatat mendapatkan nomor identifikasi dan menjadi Approved Vendor List Elnusa. Prakulifikasi CSMS adalah suatu metode pengukuran bagaimana suatu perusahaan mengelola day to day operasional mereka sesuai dengan prinsip-prinsip Kesehatan dan Keselamatan Kerja (K3) dan memenuhi persyaratan kinerja K3 yang diterapkan oleh Elnusa. Sedangkan Prakualifikasi CQMS adalah suatu metode pengukuran bagaimana suatu perusahaan mengelola day to day operasional mereka sesuai dengan prinsip-prinsip kualitas kerja dan memenuhi persyaratan kinerja yang diterapkan oleh Elnusa.

CONTRACT REVIEW MEETING (CRM) Contract Review Meeting (CRM) dilakukan dengan tujuan melakukan review secara strategic terhadap kinerja mitra Elnusa dalam memenuhi Service Level Agreement (SLA) yang disepakati sesuai kontrak yang sudah didapatkan. CRM dapat dilakukan maksimum per 3 bulan sesuai dengan kompleksitas pekerjaannya, sehingga diharapkan mitra kerja melakukan pekerjaan sesuai prinsip-prinsip kualitas agar pekerjaan dapat selesai tepat waktu dan memberikan kinerja yang optimal sesuai kontrak.

WORK IN PROGRESS (WIP)Setelah melalui proses pengadaan dan mitra kerja mendapatkan award untuk menjalankan suatu pekerjaan di lingkungan Elnusa, dalam jangka waktu tertentu Elnusa melakukan review atas pekerjaan yang dilakukan perusahaan dengan melihat secara langsung pelaksanaan pekerjaan di lapangan. Review tersebut akan memastikan perusahaan melakukan pekerjaan sesuai prinsip-prinsip kualitas yang sudah di tentukan oleh QCMS dan K3 agar pekerjaan dapat selesai tanpa kecelakaan dan mendapatkan hasil yang sesuai dengan rencana operasional. Pelaksanaan WIP ini dihadiri oleh perwakilan dari Operations, SCM dan CQMS dan HSSE.

Pengadaan Barang & JasaGoods and Services Procurement

In order to maintain its good performance, the Company gives great attention to all supplier partners in order to provide the best service and support for Elnusa operational activities. Starting from the registration to become Elnusa’s working partner, the Company applies special criteria to select only qualified companies that can partner with Elnusa.

After getting enough information about the profile of a company that will register as the partner, Elnusa team visits the company to ensure the legality and competency they have in accordance with the required standards. In addition, the Company also ensures that the supporting facilities owned are in accordance with the business being offered.

Prior to becoming Elnusa partner that does high-risk work, the company must go through the Contractor Safety Management System (CSMS) and Contractor Quality Management System (CQMS) stages and have sufficient value to be recorded as getting an Elnusa Approved Vendor List. CSMS Prequalification is a method of measuring how a company manages their day to day operations based on the principles of Occupational Health and Safety and meets the requirements applied by Elnusa. Meanwhile, CQMS Prequalification is a measurement method of how a company manages their day to day operations in accordance with the principles of quality work applied by Elnusa.

CONTRACT REVIEW MEETING (CRM)Contract Review Meeting (CRM) is carried out with the aim of conducting a strategic review of the performance of Elnusa partners in fulfilling the Service Level Agreement (SLA) according to the contract. CRM can be done for a maximum of 3 months depending on the complexity of the work, so it is expected that the work partners do work according to the quality principles. This way, the work can be completed on time and provide optimal performance according to the contract.

WORK IN PROGRESS (WIP)After going through the procurement process and the partners get an award for running a job in Elnusa, within a certain period Elnusa reviews the work done by the company. The review is conducted by directly getting down to the field. The review will ensure the company carries out work in accordance with the quality principles that have been determined by QCMS and Occupational Health and Safety. This is done so that the work can be completed without accident and get results based on the operational plan. The WIP implementation was attended by representatives from Operations, SCM and CQMS and HSSE.

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DEMAND & SUPPLY ANALISYSDari waktu ke waktu Elnusa selalu melakukan analisa terhadap demand dan kinerja supply yang terjadi dalam operasionalnya. Analisa tersebut digunakan untuk menentukan kebijakan pengadaan yang tepat untuk semua kebutuhan operasional Elnusa, sehingga tujuan kinerja SCM yang semakin baik, cepat, murah, dan dekat (better, faster, cheaper, closer) dapat tercapai.

TRANSPORTATIONDalam hal proses custom clearance, Elnusa membuat perbaikan atau improvement sehingga proses lead time custom clearance dapat dipercepat. Dampaknya adalah cost untuk storage menjadi berkurang dan pengiriman dapat di reduce lead time nya.

INVENTORY MANAGEMENTElnusa menerapkan manajemen persediaan yang tepat, guna melayani kebutuhan operasional perusahaan tanpa harus menumpuk banyak stok. Secara total nilai inventori 2018 dibandingkan dengan tahun sebelum nya mengalami kenaikan sebesar 12%. Hal ini lebih disebabkan oleh meningkat nya aktifitas bisnis unit EWL yang membutuhkan bahan peledak sebagai material utama. Tetapi material non handak mengalami penurunan yang signifikan. Salah satu penyebab nya karena Elnusa sudah menerapkan penyimpanan barang di vendor sehingga level inventory dapat ditekan.

WAREHOUSE MANAGEMENTPada tahun 2019, Elnusa melakukan optimalisasi warehouse dengan mengurangi lahan sewa dan lebih mengoptimalkan lahan milik sendiri. Peningkatan Implementasi 5R di setiap area warehouse menjadi supporting tools dari proses optimalisasi ini.

SCM ONLINESalah satu program pengembangan dari SCM adalah sudah dibuat kan sistem terintegrasi dalam satu platform yaitu SCM Online. Dimana di dalam tools ini semua kegiatan pengadaan barang dan jasa dari awal request sampai closing dapat dilakukan dalam satu pintu saja, yaitu SCM Online. Dasboard di dalam SCM online dapat mengidentifikasi segala kegiatan di dalam SCM.

VENDOR PERFORMANCE EVALUATIONMitra Kerja di Elnusa di kelompokan menjadi 3 segment sesuai dengan kompetensi nya yaitu Strategic (memiliki kontrak jangka panjang), Preffered (biasa digunakan untuk kegiatan operasional) dan Indirect Operation (bersifat transaksi tidak rutin atau one time PO). Sepanjang perjalanan operasionalnya mitra kerja elnusa selalu dilakukan penilaian atas performance kinerja mereka. Pengukuran kinerja dilakukan sejak perusahaan mendapatkan pekerjaan hingga selama menyelesaikan pekerjaan dari elnusa.

VENDOR ANNUAL MEETINGDalam waktu sekali dalam satu tahun seluruh mitra kerja elnusa berkumpul untuk mendapatkan insight dari top management Elnusa mengenai kinerja perusahaan dan strategi bisnis Perusahaan kedepan. Sehingga diharapkan mitra kerja bisa menangkap potensi bisnis tersebut, memberikan pelayanan terbaik, dan bersama elnusa meraih kesuksesan ditahun-tahun mendatang. Pada event ini Elnusa juga memberikan award kepada mitra kerja yang sudah memberikan kinerja terbaik, sesuai kualifikasi bidang masing-masing.

DEMAND & SUPPLY ANALYSISFrom time to time, Elnusa analyzes the supply and demand performances that occur in its operations. The analysis is used to determine the right procurement policy for all Elnusa operational needs, so that the SCM’s better, faster, more affordable, and closer performance goals can be achieved.

TRANSPORTATIONIn the case of the custom clearance process, Elnusa makes repairment or improvements so that the custom clearance lead-time process can be accelerated. The impact is the reduced cost for storage and delivery can be reduced lead time.

INVENTORY MANAGEMENTElnusa applies the right inventory management, to serve the operational needs of the company without having to accumulate a lot of stocks. In total, the inventory value of 2018 compared to the previous year increased by 12%. This is due to the increased business activities of the EWL unit which requires explosives as the main material. However, the non explosive material experienced a significant decrease. One reason is because Elnusa has implemented storage of goods in vendors so that inventory levels can be suppressed.

WAREHOUSE MANAGEMENTIn 2019, Elnusa optimizes the warehouse by reducing rental land and optimizing its own land. Increasing the implementation of 5R in each warehouse area becomes a supporting tool of this optimization process.

SCM ONLINEOne of the development programs of SCM is that an integrated system has been created in one platform, SCM Online. Where in this tool all goods and services procurement activities from the beginning of the request to closing can be done in one door, SCM Online. The dashboard in online SCM can identify all activities within the SCM.

VENDOR PERFORMANCE EVALUATIONPartners of Elnusa are grouped into 3 segments according to their competencies, namely Strategic (having long-term contracts), Preffered (commonly used for operational activities) and Indirect Operations (non-routine transactions or one time PO). Throughout its operational journey Elnusa’s work partners are always assessed for their performance. Performance measurement is carried out since the company gets a job until it completes work from Elnusa.

VENDOR ANNUAL MEETINGWithin one year, all partners of Elnusa gathered to gain insight from Elnusa’s top management regarding the company’s performance and the Company’s business strategy going forward. So that it is expected that working partners can capture the potential of the business, provide the best service, and with Elnusa achieve success in the years to come. In this event Elnusa, also conferred awards to work partners that have given their best performance, according to their respective field qualifications.

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Akses Informasi dan Data PerusahaanAccess to Company’s Information and Data

Perseroan senantiasa memberikan kemudahan akses Informasi dan data Perseroan secara tepat waktu, akurat dan lengkap kepada seluruh pemangku kepentingan. Penyebaran Informasi kepada seluruh pemangku kepentingan merupakan bagian penting dari implementasi prinsip transparansi Informasi. Oleh karena itu Perseroan menyediakan akses Informasi seluas-luasnya melalui berbagai media.

Selain itu, sebagai bentuk kepatuhan atas prinsip keterbukaan Informasi kepada Regulator, Perseroan juga selalu melakukan pelaporan Informasi baik melalui media surat tercatat maupun melalui e-reporting kepada Otoritas Jasa Keuangan (www.spe.ojk.go.id) dan Bursa Efek Indonesia (www.idxnet.co.id).

Berikut akses/media Informasi disediakan oleh Perseroan sebagai berikut:

Website:Melalui situs Perseroan www.elnusa.co.id sebagai pusat publikasi informasi kepada pihak eksternal, yang telah sesuai dengan peraturan POJK Nomor 8/POJK.04/2015 tentang Situs Web Emiten atau Perusahaan Publik, disajikan dalam Bahasa Indonesia maupun Bahasa Inggris. Informasi yang tersedia dalam situs Perseroan adalah meliputi:

1. Informasi Bagi Investor & Pemegang Saham, diantaranya; Struktur Pemegang Saham, Komposisi Pemegang Saham, Rapat Umum Pemegang Saham, Aksi Korporasi, Informasi Dividen, Harga Saham dan Pertemuan Analyst.

2. Standar Etika Perusahaan3. Informasi Rapat Umum Pemegang Saham (RUPS), diantaranya;

Ringkasan Risalah RUPS, Tata Tertib RUPS, Form Surat Kuasa (Badan Hukum), Form Surat Kuasa (Perorangan), Material Agenda RUPS, Pemanggilan RUPS dan Pengumuman RUPS.

4. Laporan Keuangan Tahunan Terpisah (10 Tahun Terakhir).5. Struktur Manajemen, diantaranya; Profil Dewan Komisaris,

Profil Direksi, Profil Komite dan Profil Sekretaris Perusahaan.

6. Kebijakan & Arahan, diantaranya; Board Manual, Piagam Komite Audit, Piagam Komite Manajemen Risiko, Piagam Komite Nominasi & Remunerasi, Piagam Sekretaris Perusahaan dan Piagam Unit Audit Internal

E-mail:Email resmi Perseroan untuk mengakomodir berbagai pertanyaan dan informasi terkait dengan Perseroan, yaitu dengan menghubungi Corporate Secretary pada email: [email protected]

The Company continued to provide easy access to information and Company’s data in a timely manner, accurate and complete to all stakeholders. Information dissemination to all stakeholders is an important part of the implementation of the information transparancy principle. Therefore, the Company provides the widest possible access to Information through various media.

In addition, as a form of compliance with information transparency principal to the regulators, the Company always submits information report through registered letter as well as in the form of e-reporting to the Financial Services Authority (www.spe.ojk.go.id) and Indonesia Stock Exchange (www.idxnet.co.id)

The following access / media information is provided by the Company as follows :

Website :Through the Company’s website www.elnusa.co.id as the center for the publication of information to external parties, which are in accordance with POJK regulations Number 8 / POJK.04 / 2015 concerning the Issuer’s or Public Company Website and presented in Indonesian and English. The information available on the Company’s website includes:

1. Information for Investor & Shareholder, including; Shareholder Structure, Composition of Shareholder, General Meeting of Shareholder, Corporate Action, Dividend Information, Stock Prices and Analyst Meeting.

2. Code of Conduct3. Information on the General Meeting of Shareholders (GMS),

including; Summary of Minutes of GMS, GMS Rules, Power of Attorney Form (Legal Entity), Power of Attorney Form (Individual), AGM Agenda Materials, GMS Summons and GMS Announcements.

4. Separate Annual Financial Report (Last 10 Years).5. Management Structure, including; Profile of Board of

Commissioner, Profile of Board of Director, Profile of Committee and Profile of Corporate Secretary.

6. Policies & Guidelines, including; Board Manual, Audit Committee Charter, Risk Management Committee Charter, Nomination & Remuneration Committee Charter, Corporate Secretary Charter and Internal Audit Unit Charter.

E-mail:Company’s official e-mail to accommodate various questions related to the Company, by contacting Corporate Secretary at [email protected]

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Media Massa:Perseroan selalu memuat Informasi penting yang perlu diketahui oleh publik sebagai bentuk transparansi bagi para pemangku kepentingan dalam surat kabar berperedaran nasional. Selain itu Perseroan juga selalu menjaga hubungan baik dengan beberapa media massa untuk memberikan update Informasi penting Perseroan dengan melakukan media visit.

Siaran Pers:Perseroan konsisten secara aktif mempublikasikan setiap kejadian atau kegiatan penting dalam bentuk siaran pers yang disampaikan melalui media, situs Perseroan, dan regulator. Sepanjang tahun 2018, Perseroan menerbitkan 11 (sebelas)siaran pers.

Sarana Penyampaian Informasi lainnya:Selain daripada akses Informasi yang telah disebutkan di atas, Perseroan juga senantiasa menyampaikan Informasi-informasi penting dalam forum-forum tertentu, seperti RUPS, paparan publik, non-deal roadshow, conference call, site visit, dan media gathering.

Mass Media:The Company always publishes significant information to the public as a form of transparency to stakeholders, on a national scale newspaper. In addition, the Company maintains good relationship with several mass media in order to update significant information of the Company which is mainly conducted through media visit.

Press Release:The Company consistently and actively publishes every event or key activities by means of press releases to be covered by mass media and uploaded to the Company’s and regulator’s website. Throughout 2018, the Company published eleven press releases.

Other Information Distribution Media:Other than the above-mentioned access to information, the Company also distributes key information in several forums, such as GSM, public exposes, non-deal road show, conference call, site visit and media gatherings.

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Perkara HukumLawsuits

Pada Tahun 2018, terdapat dua perkara atau gugatan hukum oleh dan terhadap Perseroan sebagai berikut:

No. Perkara Pengadilan Posisi Perseroan

Materi Perkara Status Perkara Kuasa Hukum

1. Perkara GugatanPT. Saptawell Tehnicatama (“Saptawell”) terhadap Perseroan .

No. Perkara: 1458/Pdt. G/2009/PN.Jkt.Sel. tanggal 15 September 2009.

Pengadilan Negeri Jakarta Selatan dan Pengadilan Tinggi DKI Jakarta.

Tergugat. Gugatan perbuatan melawan hukum yang ditujukan kepada Perseroan atas penyewaan peralatan 1 set BOP (Blow Out Preventer) 4 1/16”, 2 set Pipe RAM 4 1/16-BOP (Dun Stack), 1 set Stripper Bowl dan 2 Riser Spool 4 1/16” 10 M – 6 Ft milik Saptawell yang mengalami kerusakan setelah disewa oleh Perseroan.

Saptawell mengajukan tuntutan ganti rugi atas perbuatan melawan hukum yang dilakukan Perseroan dengan tuntutan pembayaran ganti kerugian.

Sidang Pengadilan Negeri Jakarta Selatan telah selesai dan diputuskan bahwa gugatan Saptawell tidak dikabulkan. Saptawell telah mengajukan Banding ke Pengadilan Tinggi DKI Jakarta.

Pengadilan Tinggi DKI Jakarta telah memberikan Putusan yaitu menguatkan putusan Pengadilan Negeri Jakarta Selatan.

Saptawell mengajukan upaya hukum Kasasi ke Mahkamah Agung terhadap Putusan Pengadilan Tinggi DKI Jakarta, kemudian pada tanggal 13 April 2012 Perseroan selaku Termohon Kasasi telah mengajukan Kontra Memori Kasasi kepada Mahkamah Agung

Mahkamah Agung telah memberikan Putusan yaitu mengabulkan permohonan Saptawell, membatalkan Putusan Pengadilan Tinggi DKI Jakarta yang menguatkan Putusan Pengadilan Negeri Jakarta Selatan.

Terhadap Putusan Kasasi Perseroan melakukan upaya hukum Peninjauan Kembali dan mengajukan Memori Peninjauan Kembali tanggal 19 Maret 2015 kepada Mahkamah Agung kemudian pada tanggal 22 Mei 2015 Saptawell selaku Termohon Peninjauan Kembali telah mengajukan Kontra Memori Peninjauan Kembali ke MA melalui Pengadilan Negeri Jakarta Selatan.

Mahkamah Agung telah mengeluarkan Putusan No. 522 PK/Pdt/2015 tanggal 10 Februari 2016 yaitu mengabulkan permohonanPeninjauan Kembali dan membatalkan Putusan Kasasi MA sebelumnya sehingga dengan demikian Perusahaan tidak lagi memiliki kewajiban pembayaran ganti kerugian kepada Saptawell

A. Hakim G. Nusantara, Harman & Partners

Address: Office 8, Lt 12, Jl. Senopati Raya No.8 B, Jakarta 12190.

Contact Person:Haykel Widiasmoko, SH, MH.T: (62-21) 29333122, 29333123, 29333124,

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In 2018, there were two cases or lawsuits by and against the Company, the details of which are as follows:

No. Case Court Company’s Position Case Material Case Status Attorney

1 The Case of PT. Saptawell Tehnicatama (“Saptawell”) towards the Company.

Case No.: 1458/Pdt.G/2009/PN.Jkt.Sel. September 15, 2009.

South Jakarta District Court and DKI Jakarta High Court.

Defendant Lawsuit directed at the Company for leasing 1 set of BOP (Blow Out Preventer) 4 1/16” equipment, 2 sets of Pipe RAM 4 1/16-BOP (Dun Stack), 1 set of Stripper Bowl and 2 Riser Spool 4 1/16 “10 M - 6 Ft owned by Saptawell which was damaged after being rented by the Company.

Saptawell filed a claim for compensation for illegal acts committed by the Company with claims for payment of compensation.

The trial at the South Jakarta District Court was completed and it was decided that Saptawell’s claim was not granted. Saptawell has submitted an appeal to the DKI Jakarta High Court.

The DKI Jakarta High Court has given a Decision to strengthen the decision of the South Jakarta District Court.

Saptawell filed a court appeal to the Supreme Court against the Decision of the DKI Jakarta High Court. Then, on April 13, 2012 the Company as the Cassation Respondent had submitted a Counter Memory of Cassation to the Supreme Court

The Supreme Court has given a Verdict which granted the request of Saptawell, which overturned the Decision of the DKI Jakarta High Court which upheld the Decision of the South Jakarta District Court.

Against the Cassation Decision, the Company made a legal effort to review and submit a Judicial Review dated March 19, 2015 to the Supreme Court. Then, on May 22, 2015, Saptawell as the Respondent of the Judicial Review has submitted a Counter Memory of Judgment to the Supreme Court through the South Jakarta District Court.

The Supreme Court issued Decision No. 522 PK/Pdt/2015 dated February 10, 2016 to grant a request for a Judgment and canceling the previous Supreme Court Cassation Decision so that the Company no longer has the obligation to pay compensation to Saptawell.

A. Hakim G. Nusantara, Harman & Partners

Address: Office 8, Lt 12, Jl. Senopati Raya No.8 B, Jakarta 12190.

Contact Info:Haykel Widiasmoko, SH, MH.T: (62-21) 29333122, 29333123, 29333124,

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No. Perkara Pengadilan Posisi Perseroan

Materi Perkara Status Perkara Kuasa Hukum

2. Perkara gugatan Perseroan terhadap PT Bank Mega Tbk (“Tergugat”). No. Perkara: 284/PDT.G/2011/PN.JKT.SEL. Tanggal 18 Mei 2011.

Pengadilan Negeri Jakarta Selatan.

Penggugat. Gugatan perbuatan melawan hukum yang ditujukan kepada Bank Mega sehubungan penempatan dana deposito berjangka milik Perseroan di Bank Mega. Perseroan menuntut ganti rugi agar Bank Mega mengembalikan dana deposito berjangka Perseroan berikut bunganya.

Majelis Hakim Pengadilan Negeri Jakarta Selatan telah mengeluarkan Putusan No.284/PDT.G/2011/PN.JKT.SEL. tanggal 22 Maret 2012, dalam Putusan tersebut Majelis Hakim Pengadilan Negeri Jakarta Selatan memutuskan dalam amar putusannya antara lain sebagai berikut:1. Menolak eksepsi Tergugat;2. Mengabulkan gugatan Penggugat untuk sebagian;3. Menyatakan Penggugat beritikad baik;4. Menyatakan penempatan deposito berjangka yang dilakukan

oleh Penggugat sebesar Rp.111.000.000.000,- pada tergugat adalah sah mempunyai kekuatan hukum;

5. Menyatakan secara hukum bahwa Tergugat telah melakukan perbuatan melawan hukum;

6. Menyatakan sah dan berharga sita jaminan terhadap benda tidak bergerak (Consenvatoir Beslag) milik Tergugat yang dilakukan oleh Pengadilan Negeri Jakarta Selatan pada tanggal 21 Juli 2011;

7. Menghukum Tergugat untuk membayar ganti kerugian materiil kepada Penggugat secara tunai yakni pencairan dana deposito pokok sebesar Rp.111.000.000.000,- dan bunga 6% per tahun terhadap Deposito Berjangka tersebut terhitung sejak tanggal gugatan perkara ini didaftarkan hingga Tergugat melakukan penggantian kerugian;

8. Memerintahkan Tergugat untuk melaksanakan putusan ini;9. Menghukum Tergugat untuk membayar biaya perkara.

Tergugat yakni Bank Mega mengajukan upaya hukum Banding terhadap Putusan Pengadilan Negeri Jakarta Selatan, kemudian pada tanggal 11 Mei 2012, Perseroan selaku Terbanding telah mengajukan Kontra Memori Banding kepada Pengadilan Tinggi DKI Jakarta.

Pada tanggal 10 Januari 2013, Pengadilan Tinggi DKI Jakarta telah memutuskan dengan putusan No. 237/Pdt/PT.DKI jo. No. 284/PDT.G/2011/PN.JKT.SEL dimana Pengadilan Tinggi DKI Jakarta menguatkan putusan Pengadilan Negeri Jakarta Selatan No. 284/PDT.G/2011/ PN.JKT.SEL tanggal 22 Maret 2012

Atas putusan Pengadilan Tinggi tersebut, Tergugat yakni Bank Mega mengajukan Kasasi ke Mahkamah Agung dan telah mengajukan Memori Kasasi pada tanggal 13 Maret 2013 dan pada tanggal 26 Maret 2013 Elnusa mengajukan Kontra Memori Kasasi ke MA melalui Pengadilan Negeri Jakarta Selatan.

Pada tanggal 12 Februari 2014 Mahkamah Agung telah memutuskan dengan Putusan Nomor 1111 K/PDT/ 2013 dimana Mahkamah Agung menolak permohonan kasasi Bank Mega.

Terhadap Putusan Kasasi, pada tanggal 25 Maret 2015 Bank Mega mengajukan upaya hukum Peninjauan Kembali ke Mahkamah Agung dan telah mengajukan Memori Peninjauan Kembali pada tanggal 25 Maret 2015 dan pada tanggal 25 Mei 2015 Elnusa mengajukan Kontra Memori Peninjauan Kembali ke MA melalui Pengadilan Negeri Jakarta Selatan.

Pada tanggal 31 Maret 2016 Elnusa mengajukan permohonan lelang eksekusi atas dua bidang tanah milik Bank Mega berdasarkan Penetapan Ketua Pengadilan Negeri Jakarta Selatan No. 10/Eks.Pdt/2016 jo. No. 284/Pdt.G/2011/PN.Jkt.Sel. tanggal 12 April 2016 dan saat ini masih dalam proses di Pengadilan Negeri Jakarta Selatan.

MR & Partners

Address:Grand Wijaya Centre Blok B No. 8-9 Jl. Wijaya II, Kebayoran Baru, Jakarta Selatan - 12160

Contact Person:DR. Dodi S. Abdulkadir, BSc, SE, SH, MHT. +62 21 726 8378

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No. Case Court Company’s Position Case Material Case Status Attorney

2 The Case of the Company’s lawsuit against PT Bank Mega Tbk (“Defendant”).

Case No.: 284/PDT.G/2011/PN.JKT.SEL. May 18, 2011.

South Jakarta District Court.

Plaintiff A lawsuit was addressed to Bank Mega in connection with the placement of the Company’s time deposit funds at Bank Mega. The Company demanded compensation so that Bank Mega would return the Company’s time deposit funds and interest.

The Panel of Judges of the South Jakarta District Court has issued Decision No.284/PDT.G/2011/PN.JKT.SEL. on March 22, 2012. In the Decision, the Panel of Judges of the South Jakarta District Court made the following decisions:1. Refuse the Defendant’s exception;2. Grant part of the Plaintiff’s claim;3. Declare the Plaintiff in good faith;4. Declare the placement of time deposits made by the Plaintiff

in the amount of Rp 111,000,000,000, - that the defendant is legally authorized;

5. State legally that the Defendant has committed an unlawful act;6. Declare the confiscation of legitimate and valuable immovable

property (Consenvatoir Beslag) owned by the Defendant, conducted by the South Jakarta District Court on July 21, 2011;

7. The Defendant’s was to pay material compensation to the Plaintiff in cash, namely, the disbursement of principal deposit funds in the amount of Rp 111,000,000,000.- and 6% interest per annum on the Time Deposit starting from the date the claim was registered until the Defendant made compensation;

8. Order the Defendant to implement this decision;9. Order the Defendent to pay court fees.

The defendant, Bank Mega, filed an appeal against the Decision of the South Jakarta District Court. Then on May 11, 2012, the Company in an Appeal submitted a Memorandum of Appeal to the DKI Jakarta High Court.

On January 10, 2013, the DKI Jakarta High Court made a judgement on Decision No. 237/Pdt/PT.DKI jo. No. 284/PDT.G/2011/PN.JKT.SEL where the DKI Jakarta High Court upheld the decision of the South Jakarta District Court No. 284/PDT.G/2011/PN.JKT.SEL dated March 22, 2012.

Upon the decision of the High Court, the Defendant, namely Bank Mega, filed an appeal to the Supreme Court and submitted a Memory of Cassation on March 13, 2013. On March 26, 2013, Elnusa submitted a Memorandum of Cassation to the Supreme Court through the South Jakarta District Court.

On February 12, 2014 the Supreme Court ruled with Decision No. 1111 K/PDT/2013 where the Supreme Court rejected the appeal of Bank Mega.

Against the Cassation Decision, on March 25, 2015 Bank Mega submitted a Judicial Review to the Supreme Court and submitted a Judicial Review on March 25, 2015. On May 25, 2015, Elnusa handed over the Memory of the Judgment Counter to the Supreme Court through the South Jakarta District Court.

On March 31, 2016 Elnusa submitted an application for the auction of two land parcels owned by Bank Mega based on the Determination of the Chairperson of the South Jakarta District Court No. 10/Eks.Pdt/2016 jo. 284/Pdt.G/2011/PN.Jkt.Sel. April 12, 2016 and is currently being processed at the South Jakarta District Court.

MR & Partners

Address:Grand Wijaya Centre Blok B No. 8-9 Jl. Wijaya II, Kebayoran Baru, Jakarta Selatan - 12160

Contact Info:DR. Dodi S. Abdulkadir, BSc, SE, SH, MHT. +62 21 726 8378

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PERKARA HUKUM ANAK PERUSAHAANPada tahun 2018, tidak terdapat perkara hukum yang dihadapi oleh Anak Perusahaan Elnusa.

PENGARUH TERHADAP KONDISI PERUSAHAAN

Bahwa terhadap perkara hukum yang dihadapi oleh Perseroan, oleh karena Perseroan masih melakukan upaya hukum maka perkara hukum tersebut di atas sampai saat ini belum mempengaruhi operasional Perseroan.

LEGAL CASES FOR SUBSIDIARIESIn 2018, there were no legal cases faced by Elnusa’s Subsidiaries.

INFLUENCE ON THE CONDITION OF THE COMPANYDespite the legal cases faced by the Company, these cases have not yet affected the Company’s operations, as the Company is still making legal efforts.

Standar Etika PerusahaanCode of Conduct

Perseroan memiliki Standar Etika Perusahaan atau Code of Conduct (CoC) yang disusun sejak tahun 2008 memuat prinsip-prinsip GCG, yaitu transparansi, akuntabilitas, responsibilitas, independensi dan kewajaran (fairness) dalam pengelolaan bisnis Perusahaan dengan mengedepankan etika bisnis serta pelaksanaan etika kerja di lingkungan Perusahaan agar setiap individu Perusahaan mampu bersikap, berperilaku, berinteraksi dan melakukan proses kerja baik di dalam dan di luar Perusahaan.

CoC terkini yang telah ditandatangani oleh Komisaris Utama dan Direktur Utama pada tanggal 1 September 2015 merupakan bentuk pembaharuan yang senantiasa dilakukan sesuai dengan perkembangan hukum, peraturan perundang-undangan serta praktik terbaik Perseroan.

STANDAR ETIKA

Obyek Standar Etika PerusahaanStandar Etika ini waji dipatuhi dan dilaksanakan oleh:

1. Insan Elnusa, di semua level termasuk Dewan komisaris, Direksi dan Organ penunjang Dewan Komisaris.

2. Pihak Eksternal yang bertindak untuk dan atas nama Elnusa3. Seluruh entitas Anak Perusahaan4. Mitra Kerja yang bekerja sama dengan Elnusa, seperti

Konsultan, Media partner, Lawyer serta rekanan kerja lainnya.

Pokok-Pokok Standar Etika PerusahaanPerseroan memegang komitmen pada standar etika dan perilaku bisnis tertinggi. Ini meliputi hubungan Perusahaan dengan para pelanggan, para pemasok, para pemegang saham dan investor, komunitas masyarakat dimana Perusahaan beroperasi, serta antar pekerja di semua tingkatan organisasi Perseroan. Setiap unit kerja dan Anak Perusahaan dalam lingkup Grup Perseroan harus beroperasi sesuai dengan kebijakan dan prosedur yang konsisten dengan nilai-nilai dalam standar etika ini.

The Company has a Code of Conduct (CoC) that has been developed since 2008 and contained GCG principles, namely transparency, accountability, responsibility, independency, and fairness in the management of the Company’s business and that put priority to the ethical business practices and their implementation at work so as to every employee is able to act, behave, interact, and conduct business process well within and outside of the Company.

The latest CoC has been signed by the President Commissioner and President Director on 1 September 2015 and is part of the continuous evaluation of the CoC to fit with changes in the prevailing law and regulations as well as Company’s best practices.

CODE OF CONDUCT

Object of the Company’s code of conduct This Code of Conduct is required to be followed and acted upon by:

1. All employees of Elnusa at all level, including the Board of Commissioners, Board of Directors, and Committees supporting the Board of Commissioners.

2. External parties that act on behalf of Elnusa3. All subsidiaries4. Partners that cooperate with Elnusa, such as consultants,

Media partner, Lawyer and other partners.

Principles of the Code of ConductThe Company is committed to its Code of Conduct and best business practices. This pertains to the relationships that the Company has with customers, suppliers, shareholders and investors, communities where the Company operates, as well as between employees at all level of the organization. Every business unit and subsidiary within the Company’s holding group must conduct its operations in accordance to the policies and procedures that are consistent with the principles set forth in the Code of Conduct.

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Perseroan tidak akan mentolerir hal-hal terkait dengan integritas. Itu sebabnya beberapa aspek kritikal yang dipandang perlu diatur dalam Standar Etika Perusahaan sebagai pedoman perilaku dalam berhubungan dengan stakeholders, baik internal maupun eksternal. Oleh karena ini Standar etika Perusahaan memuat hal-hal sebagai berikut:

Bab I: Pendahuluan1. Latar belakang2. Visi, Misi dan Nilai Perusahaan3. Budaya Perusahaan4. Tujuan CoC5. Manfaat6. Prinsip-prinsip GCG7. Istilah-istilah yang digunakanBab II: Etika Kerja & Bisnis Elnusa1. Pedoman Perilaku2. Perilaku Integritas3. Patuh Hukum4. Benturan Kepentingan5. Hadiah, Jamuan dan Hiburan6. Hubungan dengan Petugas Pemerintahan atau Lembaga

Pemerintahan7. Sikap Profesional

Bab III: Whistleblowing System

Bab IV: Petunjuk Pelaksanaan1. Prinsip dasar pelaksanaan2. Sosialisasi3. Pelaporan pelanggaran4. Sanksi atas pelanggaran

Lampiran: Lembar pernyataan kepatuhan

Sosialisasi & Upaya Penegakan Standar EtikaGuna memberikan pemahaman kepada seluruh Insan Perseroan, Perseroan secara berkala melakukan sosialisasi standar etika ini kepada seluruh jajaran karyawan mulai dari jajaran Dewan Komisaris dan Direksi, Manajemen, karyawan baik yang berada di kantor pusat maupun yang berada di wilayah operasi. Sosialisasi materi CoC dilanjutkan dengan melakukan penandatanganan pernyataan kepatuhan atas CoC & komitmen integritas.

Perseroan juga menempatkan informasi mengenai Standar Etika melalui website Perseroan dan portal internal. Jika terdapat hal-hal yang kurang lengkap, karyawan dapat sewaktu-waktu bertanya kepada atasan langsung masing-masing atau kepada Dewan Etika & GCG sebagai penanggung jawab atas implementasi GCG.

Penerapan standar etika merupakan salah satu bentuk penguatan budaya Perusahaan yang bertujuan untuk membangun fondasi yang kuat bagi kelanjutan eksistensi bisnis Perusahaan. Budaya Perusahaan merupakan kombinasi yang terintegrasi dan selaras dari nilai Perusahaan (clean, respectful, synergy) serta semangat dan prinsip yang harus dimiliki oleh setiap insan Elnusa.

The Company will not tolerate activities that may harm its integrity. As such, there are several aspects that need to be regulated in the Code of Conduct as a guideline for behaviors related to the relationship with internal and external stakeholders. Therefore, the Code of Conduct of the Company contains the following items:

Section I : Introduction1. Background2. Vision, Mission and Values of the Company3. Company’s Culture4. Objectives of CoC5. Benefits6. GCG Principles7. Terms usedSection II : Work & Business ethics of Elnusa1. Code of conduct2. Integrity behaviors3. Complying with the Law4. Conflict of Interests5. Gifts, dining, and entertainment6. Relationships with Government officials

7. Professional conduct

Section III : Whistleblowing System

Section IV: Instructions1. Underlying principles of the implementation2. Socialization3. Reports of violations 4. Punishment for violations

Appendix : Form of statement of Compliance

Socialization and effort to uphold Code of ConductIn order to ensure all employees of the Company understand, the Company regularly conduct socialization of the Code of Conduct to employees of all level starting from members of Board of Commissioners and Board of Directors, management, head office employees and employees in areas of operations. The socialization of the CoC materials is then followed up by the statement of compliance to CoC and commitment to integrity.

The Company also provides information on its Code of Conduct through the Company’s website and internal portal. If there are incomplete aspects, employees can at any time ask their superior or to the Ethics and GCG committee that is responsible for the implementation of GCG.

The implementation of Code of Conduct is a way to strengthen the Company’s culture that is aimed at building a strong foundation for the continuity of the Company’s business. The Company’s culture is an integrated part and in line with the Company’s values (clean, respectful, synergy) as well as the spirit and principles that should be upheld by each employee.

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1. Standar perilaku yang tertuang dalam standar etika Perusahaan:Perseroan tidak akan mentolerir hal-hal terkait dengan itegritas. Itu sebabnya beberapa aspek kritikal yang dipandang perlu diatur dalam standar etika Perusahaan sebagai pedoman perilaku dalam berhubungan dengan stakeholders, baik internal maupun eksternal antara lain mencakup:

a. Sikap kerja professional baik sebagai pimpinan maupun bawahan

b. Selalu melakukan tes etika jika berhadapan dengan situasi dilematika

c. Berani mengungkapkan masalahd. Menghindari diskriminasie. Kesempatan karir yang samaf. Bebas Narkotika dan obat-obatan terlarangg. Saling menghargai satu sama lainh. Batasan dalam aktivitas politiki. Menjaga rahasia Perusahaanj. Menjaga citra Perusahaank. Pengambilan keputusan berdasarkan atas kepentingan

Perusahaan

Untuk mengawal implementasi dari standar etika Perusahaan ini, Perseroan menerapkan sanksi secara tegas dan konsisten atas pelanggaran yang dilakukan, dimana jika terbukti telah terjadi pelanggaran atas standar etika Perusahaan akan diberikan sanksi oleh fungsi SDM sesuai dengan Peraturan Perusahaan yang berlaku yaitu dimulai dari berupa teguran lisan maupun tulisan dalam bentuk surat peringatan hingga pemecatan.

Sanksi Pelanggaran Standar EtikaSelama tahun 2018 terdapat 3 (tiga) pelanggaran disiplin kategori ringan, 1 (satu) pelanggaran disiplin kategori sedang dan 5 (lima) pelanggaran kategori berat. Sanksi atas pelanggaran telah diberikan dengan mengacu pada ketentuan internal Perusahaan dan Perjanjian Kerja Bersama.

NoKategori PelanggaranCategory of violation

Jumlah PelanggaranNo. of violation

Jenis SanksiType of punishment

1RinganMild

3Surat Peringatan PertamaFirst written notice

2SedangMedium

1Surat Peringatan ketigaThird written notice

3BeratHeavy

5Surat Pembebasan Sementara (Skorsing)Notice of temporary suspension

1. The standard conducts that are specified in the Code of Conducts are:The Company will not tolerate activities that may harm integrity. As such, there are several aspects that need to be regulated in the Code of Conduct as a guideline for behaviors related to the relationship with internal and external stakeholders. Therefore, the Code of Conduct of the Company contains the following items:

a. The professional work attitude as leaders and subordinates

b. The use of the ethics test when faced with ethical dilemma

c. The Willing to reveal problemsd. The knowledge to avoid discriminatione. An equal career opportunityf. Free of drugsg. Respectful to each otherh. A Limited political involvementi. Maintaining Company’s secretj. Maintaining Company’s imagek. Making decision based on the Company’s interests

To monitor the implementation of the Company’s Code of Conduct, the Company gives strict and consistent punishments for the violations, and in case whereby it is proven that violation to the Code of Conduct occurs, the offenders will be given punishment by the Human Resource Department according to the Company’s regulations starting from verbal reprimand and written notice to termination of employment

Punishments on violations of Code of CoductIn 2018, there were 3 (three) mild violations, 1 (one) medium violation, and 5 (five) heavy violations. Punishments for these violations have been given in accordance to the internal Company’s policy and on the Agreement.

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Sistem Pelaporan PelanggaranWhistleblowing System

Sistem pelaporan pelanggaran/Whistleblowing System (WBS) Perseroan adalah sistem yang mengelola pengaduan atas pelanggaran dan atau penyimpangan kode etik, hukum, standar prosedur, kebijakan manajemen serta aturan lainnya yang dipandang perlu, dimana dapat merugikan dan/atau membahayakan Perseroan seperti kerugian finansial, lingkungan, kondisi kerja, reputasi organisasi, pemangku kepentingan dan lainnya.

Informasi yang diperoleh dari WBS akan ditindaklanjuti baik dengan pengenaan sanksi yang tegas dan konsisten agar dapat menimbulkan efek jera bagi pelaku pelanggaran maupun bagi mereka yang berniat melakukan hal sama dan dapat menjadi masukan untuk perbaikan sistem bagi Perusahaan kedepannya.

MEKANISME PENYAMPAIAN PELAPORANPerseroan telah menyediakan berbagai media untuk mengakomodir para pemangku kepentingan dalam menyampaikan laporannya jika diduga telah terjadi pelanggaran yang dilakukan oleh karyawan Perseroan dengan mekanisme sebagai berikut:

1. Website Perseroan: Whistleblower System Center (https://whistleblower.elnusa.co.id/)

2. Telepon: 021.78830850 ext 16233. Menyampaikan surat resmi kepada:

PT Elnusa Tbk up. Ketua Dewan Etika & GCGGraha Elnusa Lantai 16, Jl. TB Simatupang Kav. 1B, Cilandak, Jakarta Selatan

Berikut ini adalah ketentuan pelapor:

1. Pelaporan dapat dilakukan secara anonim maupun dilengkapi dengan identitas pelapor dengan memberikan rekomendasi atau bukti awal dugaan sementara praktik pelanggaran.

2. Pelapor dapat membatasi identifikasi mengenai identitas yang bersangkutan dengan tetap menyertakan bukti yang berkaitan dengan dugaan sementara praktik pelanggaran.

3. Tidak ada hukuman yang dijatuhkan kepada pihak pelapor jika pelanggaran tersebut terbukti benar terjadi. Apabila yang bersangkutan juga terlibat dalam pelanggaran, laporan yang disampaikan dapat dipertimbangkan untuk mengurangi/meniadakan hukuman.

4. Kerahasiaan pelapor akan dijaga kecuali apabila pengungkapan tersebut diperlukan dalam kaitan dengan penyelidikan yang dilakukan oleh pihak yang berwenang atau diperlukan untuk mempertahankan posisi Perusahaan di depan hukum.

5. Mekanisme di atas tidak dimaksudkan untuk menyampaikan keluhan pribadi.

Whistleblowing System (WBS) is a system that manages complaints of violations and/or misconducts related to ethics, legal, standard procedures, management policies, and other relevant rules, which may cost and damage the Company due to financial loss, environmental damage, unsatisfactory working conditions, reputational damage to the organization, stakeholders, and others.

Information that are received from WBS will be followed up by severe and consistent punishments so as to create deterrent to the offenders or to others that have similar intentions, and as input for the improvement of the system of the Company.

MECHANISM OF FILING A COMPLAINTThe Company has provided various means to accommodate stakeholders in filing their reports on possible violations by an employee of the Company, as follows:

1. Company’s Website: Whistleblower System Center (https://whistleblower.elnusa.co.id/)

2. Telephone: 021.78830850 ext 16233. Formal letter to:

PT Elnusa Tbk up. Head of Ethical and GCG committeeGraha Elnusa Lantai 16, Jl. TB Simatupang Kav. 1B, Cilandak, Jakarta Selatan

The followings are the conditions to file a complaint:

1. The complaint can be done anonymously or with identity of the filer by providing recommendations or initial proof of violations.

2. The complaint filer can limit the identification of his/her identity by still providing initial proof of violations.

3. There is no punishment for the complaint filer if the report proves to be wrong. If the person is involved in the violation, the report can be considered to reduce/negate the punishment.

4. The confidentiality of the complaint filer will be secured, except if it is required by the law enforcement agencies or if it is necessary to protect the Company’s position in front of the law.

5. The abovementioned mechanism is not meant for personal complaint.

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PENGELOLAAN PELAPORAN PELANGGARANSistem pelaporan pelanggaran Perseroan dikelola oleh fungsi Corporate Secretary selaku sekretaris Dewan Etika & GCG dengan mekanisme sebagai berikut:

1. Pengelola WBS menerima laporan pelanggaran dan melakukan verifikasi atas laporan yang masuk.

2. Pengelola WBS akan menentukan apakah masih diperlukan informasi atau bukti tambahan lebih lanjut.

3. Laporan yang telah diverifikasi selanjutnya diserahkan kepada Dewan Etika & GCG

PENANGANAN PELAPORAN1. Dewan Etika & GCG akan melakukan investigasi atas laporan

pengaduan yang telah diverifikasi oleh Pengelola WBS.2. Jika pengaduan tidak terbukti benar, maka tidak dilakukan

proses lebih lanjut.3. Apabila laporan atas pelanggaran valid dan telah terbukti,

maka Dewan Etika & GCG akan memberikan laporan serta rekomendasi kepada pihak yang berwenang (manajemen terkait atasan Terlapor untuk melaksanakan tindakan koreksi.

PERLINDUNGAN PELAPOR1. Pelapor dapat dilakukan secara anonim maupun dilengkapi

dengan identitas pelapor dengan memberikan rekomendasi atau bukti awal dugaan sementara praktik pelanggaran.

2. Pelapor dapat membatasi identifikasi mengenai identitas yang bersangkutan dengan tetap menyertakan bukti yang berkaitan dengan dugaan sementara praktik pelanggaran.

3. Tidak ada hukuman yang dijatuhkan kepada pihak pelapor jika pelanggaran tersebut terbukti benar terjadi. Apabila yang bersangkutan juga terlibat dalam pelanggaran, laporan yang disampaikan dapat dipertimbangkan untuk mengurangi/meniadakan hukuman.

4. Kerahasiaan pelapor akan dijaga kecuali apabila pengungkapan tersebut diperlukan dalam kaitan dengan penyelidikan yang dilakukan oleh pihak yang berwenang atau diperlukan untuk mempertahankan posisi Perusahaan di depan hukum.

SANKSI ATAS PELANGGARAN1. Sanksi terdiri dari dua jenis, yaitu sanksi moral dan sanksi

administratif.2. Bentuk sanksi moral meliputi:

a. Diumumkan secara terbuka;b. Meminta maaf secara terbatas dan/atau terbuka;

c. Mengundurkan diri dari jabatannya.3. Bentuk sanksi administratif adalah sebagaimana ditetapkan

dalam Kebijakan Human Resources Management dan Peraturan Perusahaan yang berlaku

4. Jika terdapat indikasi pelanggaran pidana, akan diteruskan sesuai dengan ketentuan hukum yang berlaku.

JUMLAH PELAPORAN PELANGGARAN DAN TINDAK LANJUTSepanjang tahun 2018 tidak terdapat pelaporan pelanggaran yang diterima oleh Perseroan.

MANAGEMENT OF REPORT HANDLING PROCESS The Company’s whistleblowing system is managed by the Corporate Secretary function in his/her role as the secretary to the Ethics & GCG Committee with the following mechanism:

1. WBS administrator receives report of violation and verify the incoming report.

2. WBS administrator will determine whether there is a need for additional information of proof.

3. Verified reports will then be given to the Ethics & GCG Committee

REPORT HANDLING PROCESS1. Ethics & GCG Committee will investigate the report of violation

that has been verified by the WBS administrator.2. If it is not proven right, the process will not be continued

further.3. If the report is valid and proven right, the Ethics & GCG

Committee will give a report and recommendations to the authorized person (related manager or direct supervisor) to make the corrective action.

PROTECTION OF THE COMPLAINT FILER1. The complaint can be done anonymously or with identity

of the filer by providing recommendations or initial proof of violations.

2. The complaint filer can limit the identification of his/her identity by still providing initial proof of violations.

3. There is no punishment for the complaint filer if the report proves to be wrong. If the person is involved in the violation, the report can be considered to reduce/negate the punishment.

4. The confidentiality of the complaint filer will be secured, except if it is required by the law enforcement agencies or if it is necessary to protect the Company’s position in front of the law.

PUNISHMENT FOR VIOLATIONS1. There are two types of punishment: moral punishment and

administrative punishment.2. Moral punishment includes the following:

a. The violations are being announced publicly;b. The offenders are required to request apology both

privately and/or publicly;c. The offenders are asked to resigned from his/her position.

3. Administrative punishment will be done based on the the Human Resources Management policies and prevailing Company’s regulations

4. If there is a case for possible criminal offense, the violation will be dealt with according to the prevailing law.

NUMBER OF REPORTS AND THE FOLLOW-UPS

In 2018, there were no reports of violations that were received by the Company.

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Pengungkapan Sanksi Administratif oleh Otoritas Pasar Modal dan Otoritas LainnyaDisclosure of Administrative Sanctions by the Capital Market

Authority and Other Authorities

Sampai dengan akhir periode pelaporan, tidak ada sanksi administratif yang dikenakan terhadap Perseroan maupun anggota Dewan Komisaris dan Direksi Perseroan oleh otoritas pasar modal maupun pihak berwenang lainnya.

Neither the capital market authorities nor any other authorities have imposed any administrative sanctions on the Company or on any members of the Board of Commissioners and Board of Directors of the Company as of the end of the reporting period.

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Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility


08

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Sebagai perusahaan yang bergerak dalam jasa energi, Perseroan memahami bahwa kegiatan operasi yang dilakukan dapat menimbulkan dampak positif maupun negatif terhadap lingkungan, ekonomi maupun sosial. Oleh karena itu, Perseroan melaksanakan tanggung jawab sosial sebagai upaya untuk memastikan keberlanjutan bisnis. Konsep tanggung jawab sosial yang dianut oleh Perseroan yakni 5P people, planet, partnership, peace dan prosperity. Perhatian ini diupayakan dalam berbagai program sesuai dengan peluang dan tantangan kinerja pada tahun berjalan.

KEBIJAKAN & PEDOMANKomitmen pelaksanaan CSR Perseroan terdapat pada kebijakan Corsec-K.1.3 (Rev.01) dan diatur dalam Pedoman Corsec - K1.1 (Rev.02). Komitmen ini berpedoman pada ISO 26000: Social Responsibility, Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas dan Peraturan Pemerintah Nomor 47 Tahun 2012 tentang Tanggung Jawab Sosial dan Lingkungan Perseroan Terbatas dalam pelaksanaannya. Sedangkan dalam pelaporan ini, Perseroan mengadopsi Peraturan OJK Nomor 29/POJK.04/2016 mengenai laporan tahunan Emiten atau perusahaan publik

Aspek yang dilaporkan meliputi tanggung jawab terhadap lingkungan hidup, ketenagakerjaan, kesehatan dan keselamatan kerja, pengembangan sosial dan kemasyarakatan serta tanggung jawab terhadap konsumen. Informasi yang disajikan merupakan ringkasan dari kinerja keberlanjutan Perseroan. Informasi yang lebih mendalam dengan berpedoman pada Peraturan OJK Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan dan GRI Standards dapat dibaca pada Laporan Keberlanjutan.

STRUKTUR ORGANISASI PENGELOLAANPelaksanaan subjek CSR dilaksanakan secara koordinatif antar fungsi baik di Perseroan maupun grup. Fungsi yang terlibat meliput Divisi Operasi, Human Capital, HSSE, Engineering Center & Quality Management, Corporate Secretary dan fungsi terkait lain. Namun, tanggung jawab pengelolaan CSR terkait pelibatan dan pengembangan masyarakat berada dalam koordinasi fungsi Corporate Secretary.

As a business engaged in energy services, the Company understands that the operations it carries out can have a positive or even a negative impact on the environment, on the economy and on society. As such, the Company has carried out social responsibility efforts as ways to ensure business sustainability. The concept of social responsibility adopted by the Company is called “5P” -- people, planet, partnership, peace and prosperity. This concept is implemented in various programs in accordance with the various opportunities and performance challenges presented throughout the year.

POLICY & GUIDELINEThe Company’s commitment to implementing its corporate social responsibility (CSR) efforts are contained in its Corsec-K.1.3 (Rev.01) policy and is governed by the Corsec-K1.1 Guidelines (Rev.02). This commitment is guided by ISO 26000: Social Responsibility, Law No. 40 of 2007 on Limited Liability Companies, and Government Regulation No. 47 of 2012 on Social and Environmental Responsibilities of Limited Liability Companies. For this report, the Company has adopted OJK Regulation No. 29/POJK.04/2016 regarding annual report for Emiten our public company.

Reported aspects include responsibility for the environment, employment, health and safety, social and community development, and responsibility towards consumers. The information presented is a summary of the Company’s sustainability performance. More in-depth information based on OJK Regulation No. 51/POJK.03/2017 on Implementation of Sustainable Finance and GRI Standards can be found in the Company’s Sustainability Report.

MANAGEMENT ORGANIZATIONAL STRUCTURECorporate social responsibility is carried out in a coordinated manner between functions in both the Company and the group. The functions involved include the Operations Division, Human Capital, HSSE, Engineering Center & Quality Management, Corporate Secretary and other related functions. Specifically, CSR management responsibilities related to community involvement and development are in the hands of the Corporate Secretary function.

“Berbagai upaya dalam memaksimalkan sumber daya yang dimiliki secara bertanggung jawab terus dilakukan. Praktik bisnis pada aspek lingkungan hidup, K3, pengembangan komunitas maupun tanggung jawab terhadap pelanggan merupakan komitmen Perseroan untuk memastikan pertumbuhan jangka panjang.

Efforts that maximize resource usage are responsibly implemented. Business practices in responsible for environment, OHS, community development and customers are the Company’s commitment to ensure long term growth.


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Tanggung Jawab Terhadap Lingkungan HidupResponsibility to Environment

KEBIJAKANPerseroan menyadari bahwa aktivitas operasional yang dilakukan dapat memberikan dampak positif maupun negatif bagi lingkungan hidup. Oleh karena itu, Perseroan melaksanakan manajemen lingkungan untuk mengurangi dampak negatif dari kegiatan yang dilakukan. Sebagai landasan dari penerapan pengelolaan lingkungan hidup ini adalah Undang-Undang Nomor 32 Tahun 2009 tentang Perlindungan dan Pengelolaan Lingkungan Hidup, Undang-Undang Nomor 18 Tahun 2008 mengenai Pengelolaan Sampah, Undang-Undang Nomor 7 Tahun 2004 tentang Sumber Daya Air, Peraturan Pemerintah Nomor 27 Tahun 1999 tentang Analisis Mengenai Dampak Lingkungan Hidup (AMDAL), Peraturan Pemerintah Nomor 27 Tahun 2012 tentang Izin Lingkungan, Peraturan Pemerintah Nomor 101 Tahun 2014 tentang Pengelolaan Limbah Berbahaya dan Beracun.

Upaya untuk mengimplementasikan manajemen lingkungan hidup ini dituangkan dalam kebijakan sebagai berikut:

1. Memastikan pengelolaan lingkungan sesuai dengan regulasi dan memenuhi standar industri yang berlaku

2. Menggunakan teknologi dan sarana-prasarana yang ramah lingkungan

3. Pemanfaatan sumber daya energi secara bertanggung jawab

4. Melaksanakan perbaikan berkelanjutan untuk mengurangi risiko dan dampak pencemaran lingkungan

KEGIATAN YANG DILAKUKAN1. Pemanfaatan Material/ Chemical secara Efektif

Perseroan menggunakan berbagai material/ chemical dalam melaksanakan berbagai layanan jasa energinya. Diversifikasi jasa yang dilakukan mempengaruhi penggunaan jenis material/ chemical ini berbeda-beda tiap tahunnya. Namun demikian, Perseroan menjamin bahwa penggunaan material/ chemical tersebut digunakan secara efektif dan efisien.

2. Efisiensi Pemanfaatan Sumber EnergiPerseroan menggunakan tiga jenis sumber energi dalam menunjang kegiatan operasional, yaitu solar, bensin dan listrik. Upaya penghematan dilakukan dengan menerapkan kebijakan-kebijakan efisiensi energi, seperti kebijakan night driving di area operasi, kebijakan efisiensi pencahayaan gedung pada area kurang produktif dan lain-lain.

POLICYThe Company realizes that the operational activities is carries out can have positive or even negative effects on the environment. As such, the Company has implemented environmental management efforts to reduce any negative environmental impacts from the activities it carries out. The bases of implementing this environmental management come from Law No. 32 of 2009 on Environmental Protection and Management, Law No. 18 of 2008 on Waste Management, Law No. 7 of 2004 on Water Resources, Government Regulation No. 27 of 1999 on Environmental Impact Analysis (AMDAL), Government Regulation No. 27 of 2012 on Environmental Permits, and Government Regulation No. 101 of 2014 on Management of Hazardous and Toxic Waste.

Efforts to implement the Company’s environmental management are outlined in the following policies:

1. Ensure that environmental management is in accordance with regulations and that they line up with applicable industry standards

2. Use technology and facilities that meet with environmental management standards

3. Responsible use of energy resources4. Minimize the risks and impacts of environmental pollution

that arise due to compa ny activities through continuous improvement

ACTIVITIES PERFORMED1. Effective Material/Chemical Use

The Company uses various materials/chemicals to carry out various energy services. Diversification of services carried out affects the use of the types of material/chemical each year. However, the Company guarantees that these materials/chemicals are used effectively and efficiently.

2. Efficiency in Utilizing Energy SourcesThe Company uses three types of energy sources to support its operational activities: solar, gasoline and electricity. The company’s energy-saving efforts are carried out implementing energy-efficiency policies such as night driving in operations areas and lighting efficiency policies for buildings in less productive areas, and others.

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3. Standarisasi Pengelolaan LimbahPerseroan menerapkan standarisasi pengelolaan limbah meliputi pengelolaan sampah biasa atau limbah padat non B3, pengelolaan limbah padat B3, serta pengelolaan limbah cair. Pengelolaan limbah padat diimplementasikan melalui pemilahan organik, anorganik serta wadah khusus untuk limbah B3 baik di kantor pusat, kantor cabang maupun area operasi. Perseroan bekerja sama dengan pihak ketiga untuk pengangkutan, pengelolaan limbah B3 hingga proses disposal akhir.

Untuk pengelolaan limbah cair, Perseroan mengolah limbah yang dihasilkan di Kantor Pusat menggunakan sewage treatment plant sehingga menjadi layak buang. Limbah yang telah diolah, dapat dimanfaatkan kembali dan/ atau dibuang pada saluran umum.

4. Pengukuran Kualitas Lingkungan KerjaSesuai dengan regulasi dan standar industri, komitmen Perseroan terhadap kualitas lingkungan kerja diterapkan dalam bentuk pemantauan atas kualitas lingkungan kerja, baik di kantor pusat, kantor cabang, maupun warehouse tempat perusahaan beroperasi. Melalui fungsi Property Management, HSSE dan Asset Management menyelenggarakan pengukuran maupun evaluasi kualitas lingkungan kerja secara rutin.

SERTIFIKASI BIDANG LINGKUNGANPengelolaan sistem manajemen lingkungan di Perseroan telah dilakukan sesuai dengan Undang-Undang Nomor 32 tahun 2009 tentang Perlindungan dan Pengelolaan Lingkungan Hidup dan ISO 14001:2015 Sistem Manajemen Lingkungan. Sertifikasi ISO ini telah berlaku untuk semua lingkup bisnis Perseroan dan beberapa anak perusahaan.

DAMPAK DARI KEGIATANPerseroan telah melaksanakan tanggung jawab lingkungan hidup dengan hasil tidak adanya kerusakan lingkungan maupun dampak negatif lain yang ditimbulkan dari aktivitas operasional. Tidak ada pengaduan resmi terkait aktivitas bisnis ataupun denda yang harus dikeluarkan Perseroan terhadap kerusakan lingkungan.

3. Waste Management StandardizationThe Company’s standardization of waste management includes management of ordinary waste or non-B3 solid waste, management of B3 solid waste, and management of liquid waste. Solid waste management is implemented through organic and inorganic sorting as well as special containers for B3 waste at the Company’s headquarters, its branch offices and its areas of operation. The Company cooperates with third parties for the transportation, management and final disposal of B3 waste.

For the management of liquid waste, the Company processes waste produced at the Head Office using a sewage treatment plant that allows disposal to be a feasible option. Waste that have been processed can be reused and/or disposed of in public channels.

4. Quality Measurement of Work Environment In accordance with regulations and industry standards, the Company’s commitment to the quality of its work environment is implemented in the form of monitoring its work environment quality. This process is done at the head office, branch offices and at warehouses where the company operates. The Company’s Property Management, HSSE and Asset Management functions carry out regular measurements and evaluations of work environment quality.

ENVIRONMENTAL CERTIFICATIONSThe management of the Company’s environmental management system has been carried out in accordance with Law No. 32 of 2009 on Environmental Protection and Management and ISO 14001: 2015 Environmental Management Systems. This ISO certification has been applied to all of the Company’s business scope and to several of its subsidiaries.

IMPACT OF ACTIVITIESThe Company has carried out its environmental responsibility efforts in a way that has resulted in no environmental damage or any other kind of negative impacts arising from its operational activities. There have been no formal complaints made of the Company regarding its business activities, nor have there been any fines incurred by the Company for environmental damage.

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Tanggung Jawab Terhadap Kesehatan dan Keselamatan KerjaResponsibility to Occupational Health and Safety

KEBIJAKANKinerja kesehatan dan keselamatan kerjanya (K3) sangat mempengaruhi Keberlangsungan bisnis Perseroan. Oleh karenanya, Perseroan menempatkan aspek kesehatan dan keselamatan kerja sebagai aspek utama dalam setiap kegiatan operasional. Hal ini merupakan komitmen untuk memitigasi maupun meminimalisasi risiko terjadinya kecelakaan, penyakit ataupun absensi kerja yang dapat terjadi pada karyawan, pelanggan, mitra kerja ataupun pemangku kepentingan lainnya.

Landasan dasar Perseroan dalam pengelolaan kesehatan dan keselamatan kerja adalah Undang-Undang Nomor 1 Tahun 1970 tentang Keselamatan Kerja, Undang-Undang Nomor 13 Tahun 2003 tentang Ketenagakerjaan, Undang-Undang Nomor 36 Tahun 2009 tentang Kesehatan, Peraturan Pemerintah Nomor 50 Tahun 2012 tentang Penerapan Sistem Manajemen Keselamatan & Kesehatan Kerja, dan Occupational Health & Safety Assessment Systems (OHSAS) 18001: 2007.

Komitmen Perseroan dalam memprioritaskan aspek kesehatan dan keselamatan kerja dikenal dengan slogan PUT 5M, yaitu dengan menjadikan HSE sebagai 1) Prioritas utama setiap melakukan kegiatan, 2) Ukuran untuk menilai kualitas pekerjaan dan pekerja, dan 3) Tanggung jawab manajemen dan seluruh pekerja. Untuk memastikan PUT, Perseroan memiliki kebijakan Quality, Health, Safety, Security, & Environment untuk:

1. Menerapkan standar QHSSE yang memenuhi peraturan perundangan, persyaratan pelanggan dan standar industri yang berlaku.

2. Menyiapkan organisasi dan sumber daya manusia yang kompeten dan profesional.

3. Menggunakan teknologi dan sarana-prasarana kerja yang tepat dan memenuhi standar QHSSE.

4. Menetapkan, mengukur, mengaudit dan melaporkan kinerja QHSSE untuk melakukan perbaikan secara berkesinambungan.

5. Menghilangkan bahaya dan meminimalkan risiko keselamatan, kesehatan, keamanan dan lingkungan, mencegah pencemaran dan kerugian akibat aktifitas perusahaan dengan melakukan perbaikan berkelanjutan

Kebijakan yang diterapkan Perseroan dalam memitigasi risiko kerja adalah tetap melanjutkan kebijakan sebelumnya, yaitu 9 HSE Golden Rules dan Elnusa Zero Tolerance dalam seluruh aktivitas operasional di lingkungan kerja Elnusa Group dan berlaku untuk semua level.

POLICYOccupational health and safety (OHS) performance greatly influences the Company’s business continuity, which is why the Company places occupational health and safety as central focus points in each of its operational activities. This represents a commitment to mitigate and minimize the risk of accidents, illness or absenteeism that can occur among employees, customers, work partners or other stakeholders.

The Company’s basic foundations for managing occupational health and safety are Law No. 1 of 1970 on Occupational Safety, Law No. 13 of 2003 on Labor, Law No. 36 of 2009 on Health, Government Regulation No. 50 of 2012 on the Application of Systems Management for Occupational Safety & Health, and Occupational Health & Safety Assessment Systems (OHSAS) 18001: 2007.

The Company’s commitment to prioritizing the occupational health and safety aspects of its operations is encapsulated in its “PUT 5M” slogan. The slogan’s name refers to how the Company always makes OHS as 1) its main priority for each activity, 2) a measure for assessing the quality of its work and its workers, and 3) the responsibility of management and all workers. As a means of ensuring the implementation of PUT 5M, the Company makes use of the following Quality, Health, Safety, Security, & Environment policies:

1. Implementing Quality, Health, Safety, Security, Environment (QHSSE) standards that are in line with applicable laws and regulations, customer requirements and industry standards.

2. Preparing competent and professional organizations and human resources.

3. Using appropriate technology and work facilities and meet QHSSE standards.

4. Establishing, measuring, auditing and reporting on QHSSE implementation in order to make continuous improvements.

5. Eliminating hazards and minimizing health, safety and environmental risks, and preventing pollution and losses due to company activities by carrying out continuous repairs.

The Company’s policy for mitigating work risk is to continue with its previous policies, namely, its 9 HSE Golden Rules and its Elnusa Zero Tolerance, and to do so in all of its operational activities within the work environment of Elnusa Group, and to apply this policy to all levels of the Company.

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The details of the 9 HSE Golden Rules and of Elnusa Zero Tolerance are as follows:

Kebijakan 9 HSE Golden Rules dan Elnusa Zero Tolerance adalah sebagai berikut:

Setiap pekerja wajib mengenakan Alat Pelindung Diri (APD) yang sesuai saat

bekerja.Each worker must wear the appropriate

Personal Protective Equipment (PPE) while working

Prosedur dan program kerja harus dipatuhi dan dijalankan oleh pekerja

Work procedures and programs must be obeyed and carried out by workers.

Setiap perubahan, prosedur dan proses kerja harus dicatat dalam manajemen

perubahan.Each change as well as work procedure and program must be recorded in the

management of change.

Setap pekerjaan berisiko tinggi harus mendapatkan izin kerja

Any kind of high-risk work must require a work permit

Sanksi tegas terhadap pekerja yang mengkonsumsi miras dan narkoba

saat bekerjaThere are strict sanctions for workers who consume alcohol and drugs while

working.

Setiap operasi pengangkatan harus memenuhi ketentuan persyaratan keselamatan pengangkatan yang

ditetapkanEach lifting operation must meet the

stipulated safety requirements.

Kalibrasi dan sertifikasi harus selalu dilakukan pada setiap peralatan yang akan digunakan untuk pekerjaan berisiko tnggiCalibration and certification must always be carried out on any equipment that will

be used for high-risk work.

Setiap peralatan atau sistem yang menyimpan energi harus sudah

dipastikan isolasi energinyaAny equipment or system that stores

energy must be ensured that its energy has been properly isolated.

Pekerja berkewajiban mematuhi standar keselamatan transportasi yang berlaku.

Workers are obliged to comply with applicable transportation safety

standards.

9 HSE GOLDEN RULES

Wajib menggunakan APD sesuai pekerjaan dan area kerja.

Must use the appropriate PPE in accordance to the nature of the work

and work areas involved.

Tidak madat, mabuk, miras narkoba & obat-obatan terlarang.

Must not be inebriated or consume alcoholic drinks or illegal drugs.

Elnusa Zero Tolerance

Wajib menggunakan sabuk pengaman saat berkendara (pengemudi dan

penumpang).Must use a seat belt when driving (both

driver and passengers).

Wajib menggunakan life jacket saat menggunakan alat transportasi air.

Must use a life jacket when using water transportation.

Tidak menggunakan alat komunikasi saat berkendara (pengemudi).

Don’t use communication tools when driving (driver).

Tidak merokok saat berada di kendaraan atau perahu (pengemudi dan

penumpang).Don’t smoke while in a vehicle or boat

(both driver and passengers).

Tidak mengemudi di atas batas kecepatan yang ditetapkan.

Don’t drive above specified speed limits.

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TIM TASK FORCE HSEDi dalam melakukan pengelolaan HSE, Perseroan membentuk Tim Task Force HSE PT Elnusa Tbk dan Anak Perusahaan. Tugas dan tanggung jawab pokoknya antara lain:

1. Menetapkan dan mengevaluasi strategi dan milestone HSE secara korporasi,

2. Melakukan review kinerja HSE,3. Membuat program kerja tim task force HSE tahunan, 4. Melakukan rapat tim task force secara periodik minimal 4

kali setahun,5. Memantau progress tindak lanjut hasil keputusan rapat

sebelumnya.

Jumlah tenaga terdaftar sebagai Komite HSE dan/ atau bagian dari Komite QHSSE lebih dari 10% dari total pekerja Perseroan.

Selain membentuk Tim Task Force HSE, untuk menjamin pemenuhan aspek HSE bagi pekerja, Perseroan juga menegaskan komitmen ini dalam Peraturan Perusahaan (PP). Pemenuhan aspek HSE bagi pekerja tercantum dalam PP Bab VI Pasal 32 hingga Pasal 45, atau 20% dari keseluruhan pasal yang terdapat pada PP. Hal ini merupakan bentuk kepatuhan dan komitmen terhadap HSE yang menjadi tanggung jawab bersama baik pihak manajemen maupun karyawan.

KEGIATAN YANG DILAKUKAN1. Implementasi Program HSE di Seluruh Area Operasi

Program ini merupakan komitmen Perseroan dalam memastikan zero fatality dan kinerja HSE ekselen di setiap area operasi. Upaya ini dilakukan dengan:

a. Melaksanakan dan mengembangkan program kerja HSE operasi yang mengacu pada rencana & target perusahaan, sistem manajemen, persyaratan klien serta perundang-undangan yang berlaku,

b. Melakukan kampanye QHSSE, induksi, pelatihan kompetensi dan program pendukung QHSSE lain,

c. Memonitor dan memastikan implementasi HSE operasi telah sesuai dengan standar manajemen HSE Perseroan, dan

d. Menjalankan, mengawasi, mengkoordinasikan serta menyiapkan sarana dan prasarana serta SDM yang dibutuhkan untuk menunjang implementasi program kerja QHSSE.

2. Cascading Arahan Direktur Hulu Pertamina Sebagai bagian dari grup, Perseroan mengikuti arahan yang ditetapkan oleh Pertamina. Pada 2018, Perseroan melakukan cascading arahan Direktur Hulu Pertamina untuk semua level, dari level manajemen, karyawan, mitra kerja maupun project support.

HSE TASK FORCE TEAMIn carrying out its HSE management, the Company has formed a PT Elnusa Tbk and Subsidiaries HSE Task Force Team. Its main tasks and responsibilities include:

1. Establishing and evaluating strategies and HSE milestones in a corporation,

2. Reviewing HSE performance,3. Making an annual work program for the HSE task force team,4. Holding task force team meetings periodically at least 4 times

a year,5. Monitoring the progress on follow-ups to decisions made

during previous meetings.

The number of employees registered as HSE Committee members and/or parts of the QHSSE Committee are more than 10% from total employees of the Company.

In addition to forming the HSE Task Force Team, the Company has also made use of Corporate Regulations (PP) to affirm its commitment to guarantee the fulfillment of HSE for workers. This commitment is listed in Articles 32 to 45 of PP Chapter VI, or 20% of all articles contained in within this PP. This is a form of compliance and a commitment to HSE that is a shared responsibility for both management and employees.

ACTIVITIES PERFORMED1. HSE Program Implementation at All Operational Areas

The Company’s HSE efforts represent its commitment to ensuring zero fatalities and excellent HSE performance in each of its areas of operations. This effort is carried out through the following means:

a. Carrying out and developing a work program for HSE operations in accordance with company plans and targets, management systems, client requirements and applicable legislation,

b. Conducting QHSSE campaigns, inductions, competency training activities and other QHSSE support programs,

c. Monitoring and ensuring the implementation of HSE operations are in accordance with the Company’s HSE management standards, and

d. Conducting, supervising, coordinating and preparing the facilities and infrastructure as well as the human resources needed to support the implementation of the Company’s QHSSE work program.

2. Cascading Directions from Pertamina’s Upstream DirectorThe Company follows the directions set by Pertamina. In 2018, the Company cascaded directions from Pertamina’s Upstream Directors to all of its levels of operations, from management levels, employees, work partners and project support.

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3. Kampanye dan Evaluasi Budaya QHSSEDalam mensosialisasikan program dan informasi terkait HSE, Perseroan memiliki HSE Online, QHSSE Focus, SMS Alert dan teaser yang menjadi bagian dari program kampanye rutin sepanjang tahun.

4. Manajemen Pelaporan Kinerja HSE Secara Daring

Perseroan mengembangkan sistem daring pemantauan kinerja operasi dan HSE secara terintegrasi. Pada sistem ini kinerja HSE Perseroan dan anak perusahaan telah dapat dipantau dengan baik melalui dashboard kinerja.

5. Penerapan Sistem Manajemen Keselamatan Kerja Kontraktor (CSMS). Sistem ini merupakan standar wajib untuk dipenuhi mitra kerja Perseroan dengan risiko pekerjaan pada level medium - tinggi. Melalui sistem ini, Perseroan melakukan penilaian dan perbaikan kinerja K3 mitra kerja sebelum memulai pekerjaan. Hal ini untuk memastikan bahwa mitra kerja layak untuk melakukan pekerjaan dan mendukung tercapainya target kinerja HSE Perseroan.

6. Pelatihan Kompetensi HSEPerseroan menyelenggarakan pelatihan kepada seluruh karyawan untuk mendukung penerapan HSE. Topik pelatihan wajib yang diikuti karyawan antara lain basic safety training dan basic first aid. Pelatihan mandatori lainnya adalah manajemen QHSSE berbasis ISO 9001, ISO 14001 serta OHSAS 18001 level manajemen dan personel operasi.

7. Manajemen Krisis secara Terintegrasi. Perseroan mengintegrasikan seluruh fungsi terkait dalam penanggulangan krisis HSE sebagai bentuk tanggap darurat untuk mempercepat proses penanganan dengan berpusatkan di Crisis Management Center.

8. Pelayanan Kesehatan dan Penanganan Evakuasi Medis Perseroan menjalin kerja sama dengan klinik eksternal untuk menyediakan pelayanan medis dan penanganan evakuasi medis untuk seluruh karyawan Elnusa. Klinik ini juga berfungsi dalam memantau pelaksanakan pemeriksaan kesehatan karyawan secara rutin.

9. Pemeriksaan Kesehatan Rutin dan Berkala. Perseroan berkomitmen menerapkan medical check-up (MCU) rutin untuk meminimalkan risiko kecelakaan kerja akibat faktor kesehatan. Program ini juga di monitor secara langsung tindak lanjutnya oleh Klinik Elnusa dan dilakukan pemantauan kesehatan terhadap personel yang membutuhkan. Program ini merupakan komitmen Perseroan yang tercantum dalam Peraturan Perusahaan untuk senantiasa memeriksakan kesehatan para karyawannya dan meminimalisasi risiko kecelakaan kerja akibat faktor kesehatan.

3. QHSSE Culture Campaign and EvaluationAs part of its efforts to disseminate programs and information related to HSE, the Company has established HSE Online and QHSSE Focus, as well as SMS alerts and teasers that have become routine campaign programs for the Company throughout the year.

4. Online HSE Performance Reporting ManagementThe Company has developed an integrated online performance and HSE monitoring system. Through this system, the HSE performance of the Company and its subsidiaries can be monitored through a performance dashboard.

5. Implementation of the Contractor Work Safety Management System (CSMS)This system is a mandatory standard that the Company’s business partners have to meet when it comes to work-related risks at medium-to-high levels. The Company uses this system to evaluate and improve the performance of K3 partners before starting work. This is to ensure that work partners do the right work and support the achievement of the Company’s HSE performance targets.

6. HSE Competence TrainingThe company organizes training for all employees as a way of supporting its implementation of HSE. The list of mandatory training topics for employees include basic safety training and basic first aid. Other mandatory training is QHSSE management based on ISO 9001, ISO 14001 and OHSAS 18001 for management levels and for operational personnel.

7. Integrated Crisis ManagementThe Company integrates all functions related to HSE-related crisis responses. This is done as a form of emergency response that helps to accelerate the crisis-handling process by having the focus be on Crisis Management Centers.

8. Health Services and Medical Evacuation HandlingThe Company cooperates with external clinics to provide medical services and medical evacuation handling for all Elnusa employees. The clinic also functions as a means for monitoring the implementation of routine employee health checks.

9. Regular and Periodical Health ExaminationsThe Company is committed to implementing routine medical check-ups (MCU) to minimize the risk of workplace accidents that come as a result of health-related factors. The implementation of this effort is monitored directly by Elnusa Clinic. They see to it that personnel in need get health monitoring. This program represents the Company’s commitment, as stated in Company Regulations, to always monitor the health of its employees and minimize the risk of workplace accidents that may come as a result of health-related factors.

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10. Standarisasi Manajemen HSE Anak PerusahaanPerseroan menyelaraskan standar HSE Perseroan dengan Anak Perusahaan guna meningkatkan implementasi standar HSE konsolidasi. Upaya ini diimplementasikan dengan melaksanakan audit baik secara prosedur maupun implementasinya di area operasi. Pelaksanaan audit ini dilakukan secara rutin setiap tahunnya.

11. Audit Sistem Manajemen TerintegrasiPerseroan mengadopsi Integrated Management System (IMS), yang terdiri dari ISO 9001:2018 dan ISO 14001:2015 serta OHSAS 18001:2007 dalam melakukan standarisasi manajemen terintegrasi. Pada tahun ini, Perseroan telah melaksanakan audit terhadap tiga standar tersebut yang dilaksanakan oleh tim internal dan eksternal pada pertengahan tahun 2017. Tujuan audit ini adalah untuk meningkatkan kepatuhan dan penaatan standar HSE.

12. Stop Work AuthorityProgram ini merupakan pemberian kewenangan kepada karyawan, mitra kerja, pelanggan, maupun tamu untuk melakukan pemberhentian aktivitas kerja apabila menemukan kondisi atau tindakan tidak aman dalam suatu pekerjaan yang sedang berlangsung. Bentuk implementasinya adalah dengan menyediakan kartu penghentian kerja (SWA Card) untuk setiap individu yang berkunjung ke lingkungan kerja Perseroan.

13. HSE ChampionProgram ini merupakan penghargaan atas kinerja karyawan operasional dalam mempromosikan program HSE, menjadi role model implementasi standar HSE yang benar serta menjadi moral force dalam peningkatan budaya HSE.

KINERJA HSEMelalui berbagai upaya yang telah dilakukan Perseroan untuk mencapai kinerja HSE ekselen, pada 2018 ini tercapai 43,2 juta jam kerja. Secara keseluruhan, kinerja HSE tahun ini bila dibandingkan dengan pencapaian dua tahun terakhir menunjukkan tren peningkatan dan penurunan. Detail informasi dapat dilihat pada tabel di bawah ini.

IndikatorIndicators 2018 2017 2016

Fatality 1 0 0

Lost Time Injury 2 1 1

Restricted Work Case 0 1 0

Medical Treatment Case 1 3 5

First Aid Case 7 28 8

Environmental Damage 0 1 2

Property Damage 2 8 10

10. Standardization of HSE Management for SubsidiariesThe Company harmonizes its HSE standards with its Subsidiaries in order to improve the implementation of its consolidated standards for HSE. This effort is done through the carrying out of audits for procedures and implementations in the Company’s areas of operations. This audit is carried out routinely every year.

11. Integrated Management System AuditThe Company has adopted an Integrated Management System (IMS) -- which consists of ISO 9001: 2018 and ISO 14001: 2015 and OHSAS 18001: 2007 -- in standardizing its integrated management. This year, the Company has carried out an audit of the three aforementioned standards that have been carried out by internal and external teams in mid-2017. The purpose of this audit is to improve compliance with HSE standards.

12. Stop Work AuthorityThis program is a way of giving employees, business partners, customers, and guests the authority to terminate work activities if they observe unsafe conditions or actions in an ongoing job. The Company implements this program by providing work termination cards (SWA Card) for each individual who visits the Company’s work environments.

13. HSE ChampionThis program is an award for operational employees who promote the Company’s HSE program and who have become true role models for implementing HSE standards. The awards also recognize these individuals for being a moral force in improving HSE culture.

HSE PERFORMANCEThrough its various efforts to achieve excellent HSE performance, the Company has managed to reach 43.2 million in total working hours. Overall, this year’s HSE performance has shown trends for both increases and decreases when compared to performance from the past two years. Detailed information about this can be seen in the table below.

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Near Miss 0 21 1

Man-hours 43,228,982 35,855,207 23,479,465

Lost Time Injury Frequency Rate (LTIFR) 0.04 0.14 0.26

Total Recordable Injury Frequency Rate (TRIFR) 0.09 0.03 0.04

* data konsolidasi dengan anak perusahaan / consolidated data with subsidiaries

IndikatorIndicators

Target 2018Targets

Hasil KinerjaWork Performance

Fatality 0 1

Lost Time Injury Frequency Rate (LTIFR) Maks. 0.02 0.04

Total Recordable Injury Frequency Rate (TRIFR) Maks. 0.11 0.09

Environmental Damage (Oil Spill) 0 case 0

Kinerja HSE 2018 menunjukkan tren positif dengan capaian jumlah jam kerja yang meningkat 21% dibandingkan tahun sebelumnya. Hal ini utamanya dikarenakan peningkatan pekerjaan pada jasa logistik dan distribusi energi. Namun, karena adanya satu kecelakaan kerja, capaian kinerja ini menjadi belum maksimal. Oleh karena itu, secara korporasi Perseroan telah mulai memitigasi kembali dan merencanakan perbaikan kinerja HSE ke depannya.

DAMPAK DARI KEGIATANTidak ada pengaduan resmi yang disampaikan oleh para pemangku kepentingan lainnya akan dampak negatif dari kegiatan operasi yang dijalankan. Tidak ada nilai moneter denda maupun sanksi yang diberikan atas ketidakpatuhan terhadap hukum maupun peraturan.

The Company’s HSE performance in 2018 has shown a positive trend in the number of working hours, which has increased 21% compared to the previous year. This is mainly due to increased employment in logistics services and energy distribution. However, due to one work accident, the Company’s has not been properly maximized. As a result, the corporation has begun plans to improve HSE performance in the future.

IMPACT OF ACTIVITIESThere have been no official complaints submitted by stakeholders regarding any negative impacts from the operations the company has carried out. There has been no monetary value for fines or sanctions given to the Company for non-compliance with laws or regulations.

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Pengembangan Sosial dan KemasyarakatanSocial and Community Development

KEBIJAKANPerseroan memandang bahwa dalam pengembangan sosial dan kemasyarakatan (CID) merupakan bagian terpadu dan tidak terpisahkan dalam proses bisnis dengan mengutamakan manfaat bagi masyarakat sekitar wilayah kerja. Upaya ini kami lakukan sebagai bagian investasi sosial dari corporate citizenship yang mengacu pada Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas dan Peraturan Pemerintah Nomor 47 Tahun 2012 tentang Tanggung Jawab Sosial dan Lingkungan Perseroan Terbatas.

Dalam melaksanakan komitmen ini, kebijakan utama yang dilaksanakan Perseroan adalah sebagai berikut :

1. Kegiatan CID berlandaskan nilai-nilai dan standar etika Perseroan yang berlaku dengan berprinsip pada tata kelola perusahaan yang baik, yaitu transparansi, akuntabilitas, tanggung jawab, independen, dan kewajaran;

2. Kegiatan CID memenuhi kriteria yaitu memiliki strategi yang selaras dengan strategi korporasi baik jangka pendek maupun jangka panjang dan merupakan bagian dari investasi sosial serta strategi bisnis untuk menjamin keberlanjutan pertumbuhan usaha.

Strategi Perseroan dalam tanggung jawab pengembangan sosial dan kemasyarakatan adalah :

1. Melibatkan masyarakat maupun stakeholders terkait lain di area kerja sebagai bagian dalam kegiatan operasional;

2. Berpartisipasi aktif dalam kepedulian sosial dengan menerapkan pemberdayaan komunitas atau community involvement & development melalui aspek three fundamentals for a better life;

3. Berorientasi terhadap Sustainable Development Goals dan delapan kategori Asnaf.

KEGIATAN YANG DILAKUKANPada tahun ini, Perseroan memfokuskan kegiatan CID pada tiga perhatian utama. Hal ini didasari atas faktor operasional, bencana alam yang terjadi di Indonesia maupun berbagai faktor lainnya. Tiga fokus perhatian ini adalah:

1. Pemberdayaan tenaga kerja lokal dalam aktivitas operasi2. Pengembangan komunitas berkelanjutan3. Tanggap darurat atas bencana alam

POLICYThe Company believes that social and community development (CID), which provides benefits for communities surrounding the Company’s working areas, is an inseparable and integrated part of its business process. CID is carried out as part of a social investment system based on corporate citizenship that uses Law No. 40 of 2007 on Limited Liability Companies as well as Government Regulation No. 47 of 2012 on the Social and Environmental Responsibilities of Limited Liability Companies as references for action.

The Company’s main policies for following through with its commitment for community involvement and development efforts are as follows:

1. Its CID activities are based on the Company’s values and ethical standards, which are based on the principles of good corporate governance, namely, transparency, accountability, responsibility, independence, and fairness;

2. Its CID activities are designed in such a way that their strategies are aligned with the Company’s corporate short and long term strategies. These activities are part of the Company’s social investment and business strategy for ensuring sustainability of business growth.

The Company’s strategy for responsibility in its CID efforts are the following:

1. Involve the community and other related stakeholders in the Company’s work areas as part of operational activities;

2. Participate actively in social care by applying community involvement & development through the three fundamentals for A better life principle;

3. Be oriented towards Sustainable Development Goals and the eight Asnaf categories.

ACTIVITIES PERFORMEDThis year, the Company focused its CID activities on three main areas of concern. It based its focuses on operational factors, on natural disasters that occur in Indonesia and on various other factors. The three focus areas in question are:

1. Empowering local workers in operational activities2. Development of sustainable communities3. Emergency response to natural disasters

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PEMBERDAYAAN TENAGA KERJA LOKAL DALAM AKTIVITAS OPERASIPelibatan masyarakat sebagai tenaga kerja lokal bertujuan untuk mendukung kesejahteraan hidup masyarakat di sekitar daerah operasi. Pelibatan diawali dengan pelatihan teknis hingga pelaksanaan pekerjaan dengan tetap memperhatikan aspek QHSSE. Upaya ini merupakan bisnis inklusif yang dilakukan Perseroan di berbagai area operasional. Posisi yang dipekerjakan antara lain: asisten humas, tim pengeboran, tim topografi, signal man, wakar personel, waterline crew dan lain-lain untuk berbagai proyek Perseroan.

PENGEMBANGAN KOMUNITAS BERKELANJUTANDalam pengembangan komunitas berkelanjutan, Perseroan terus melanjutkan berbagai aktivitas pengembangan dengan mengacu pada tiga tujuan, yaitu peningkatan kualitas pendidikan, pengembangan ekonomi lokal, serta peningkatan kualitas layanan kesehatan. Aktivitas pada berbagai bidang adalah sebagai berikut:

Bidang Pendidikan1. Beasiswa Tepadu (BEST)

Secara Konsisten, Perseroan memberikan Beasiswa Terpadu melalui aktivitas yang dilengkapi dengan pendampingan prestasi pada bidang akademik, pembangunan karakter kepemimpinan serta pembimbing spiritual kepada siswa/siswi yang berasal dari keluarga berpenghasilan rendah sebagai bentuk kepedulian terhadap dunia pendidikan.

2. Taman Belajar Elnusa (TBE)Kegiatan TBE merupakan pendidikan tanpa dipungut biaya yang difasilitasi oleh Perseroan dengan menerapkan sistem pembelajaran berdasarkan gabungan dari beberapa kurikulum terakreditasi secara nasional. Kegiatan ini terdiri dari PAUD (Pendidikan Anak Usia Dini) dalam bentuk TKIT (Taman Kanak-kanak Islam Terpadu), TK Umum Patra, dan TPA (Taman Pendidikan Al-Quran).

3. Beasiswa Operasi dan BerprestasiBertepatan pada hari ulang tahun ke-49 Perseroan memberikan beasiswa kepada putra/putri karyawan maupun office service berprestasi.

4. Ramadhan di ElnusaKegiatan Ramadhan di Elnusa merupakan salah satu kegiatan preferensi karyawan muslim Perseroan yang diadakan selama sebulan penuh pada bulan suci Ramadhan. Melalui program ini Perseroan berupaya memperbaiki perilaku maupun kinerja

EMPOWERMENT OF LOCAL WORKERS IN OPERATIONAL ACTIVITIESThe involvement of the community as a local workforce is done with the aim of supporting the welfare of communities surrounding the Company’s areas of operation. This involvement begins with technical training and goes all the way to carrying out work, all while taking aspects of QHSSE into account. This effort is a form of inclusive business that is carried out by the Company in various operational areas. Employment positions for community members include public relations assistant, drilling team members, topography team members, signal men, personnel, waterline crew, and others for various Company projects.

DEVELOPMENT OF SUSTAINABLE COMMUNITIESIn its sustainable community development efforts, the Company has continued to develop various activities with reference to three objectives. These objectives are improving education quality, local economy development, and improving the quality of healthcare services. The Company’s activities for meeting these objectives are as follows:

Education1. Integrated Scholarships (BEST)

The Company has consistently delivered its Integrated Scholarships through activities that include performance assistance efforts in academics, leadership development and spiritual guidance for students from low-income families as its way of showing its concern for the world of education.

2. Elnusa Learning Park (TBE)TBE activities are forms of education provided free of charge. The education delivered is based on a combination of several nationally-accredited curricula. The list of activities consists of Early Childhood Education (PAUD) in the form of Integrated Islamic Kindergartens (TKIT), Patra General Kindergartens, and Al-Quran Education Parks (TPA).

3. Operational and Achievement ScholarshipsIn conjunction with its 49th anniversary, the Company has also given out scholarships to the children of employees as well as to accomplished officers who have served the Company.

4. Ramadhan at ElnusaThe Ramadhan activities of the Company’s Muslim employees at Elnusa are held for a full month during the holy month of Ramadhan. It is through these activities that the Company strives to improve employee behavior and performance based

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karyawan berdasarkan nilai-nilai agama islam. Kegiatan tersebut tentunya bukan hanya terbatas pada edukasi keislaman dalam bentuk pengajian maupun majelis ilmu, namun juga dengan kegiatan lain seperti buka puasa bersama masyarakat di sekitar Graha Elnusa, Sholat tarawih berjamaah dan bahkan berdiam diri (I’tikaf) di Masjid Baitul Hikmah pada sepuluh malam terakhir.

5. Pengembangan Sekolah MandiriPerseroan dan Grup selalu berupaya untuk mendukung dan mengutamakan dunia pendidikan melalui pengembangan sekolah mandiri di berbagai daerah. Bentuk dari dukungan yang dilakukan adalah pengembangan dengan peningkatan kualitas maupun kuantitas dari sarana dan prasarana yang ada.

Bidang Ekonomi1. Tabungan Hikmah Mandiri (THM)

Kegiatan ini merupakan salah satu bentuk pemberdayaan ekonomi masyarakat dengan mengadopsi prinsip lembaga keuangan mikro syariah Baitul Maal Wat Tamwil (BMT) untuk meningkatkan kemampuan para pelaku usaha mikro dan kecil di lingkungan sekitar kantor pusat. Program ini diwujudkan dengan memberikan pinjaman modal usaha disertai dengan pendampingan serta pembinaan guna menjadikan para pelaku usaha yang mandiri.

2. Aksi Tebar Hewan KurbanProgram ini merupakan program rutin tahunan Perseroan yang digelar setiap hari raya islam Idul Adha. Perseroan dan Grup melakukan aksi tebar hewan kurban di berbagai area kerja di seluruh Indonesia.

3. Elnusa Berbagi KasihProgram dari kegiatan ini merupakan aktivitas kepedulian sosial Perseroan dan Grup yang dilakukan dengan membagikan paket bantuan kepada masyarakat kurang mampu di berbagai area kerja Perseroan. Momen berbagi ini biasanya dilakukan menjelang Idul Fitri, HUT Perseroan maupun Grup, maupun momen lainnya. Penerima manfaat kegiatan ini adalah keluarga dalam kriteria delapan Asnaf.

Bidang Kesehatan1. Forum Posyandu

Perseroan mendukung peningkatan layanan Posyandu dengan memfasilitasi forum pertemuan untuk 12 Posyandu di sekitar kantor pusat. Kegiatan ini merupakan dukungan Perseroan terhadap SDG Nomor 3: Kehidupan sehat dan sejahtera.

on the religious values of Islam. These activities are not only limited to Islamic education in the form of recitation and assemblies, but also include other activities such as breaking the fast with people around Graha Elnusa, “tarawih” prayers in congregation and observing silence (I’tikaf) at Baitul Hikmah Mosque during the last ten nights of the month

5. Development of Independent SchoolsThe Company and the Group always strive to support and prioritize the world of education through the development of independent schools in various regions. This form of support is carried out through development that seeks to improve the quality and quantity of existing educational facilities and infrastructure.

Economics1. Hikmah Mandiri Savings (THM)

This activity is a form of community economic empowerment that adopts the Islamic microfinance principles of the Baitul Maal Wat Tamwil (BMT) institution as a way of improving the capabilities of micro and small business actors in areas surrounding the Company’s head office. This program is carried out through the provision of business capital loans as well as through assistance and guidance to help turn these business owners into self-sufficient businesses.

2. Distribution of Sacrificial AnimalsThis program is something the Company does routinely and annually during the Islamic holiday of Eid al-Adha. Through it, the Company and the Group take action to distribute sacrificial animals in its various operational areas throughout the country.

3. Elnusa Caring ConcernThis program consists of a series of social care activities designed to demonstrate the Company’s and Group’s concern for social issues. It consists of the distribution of aid packages to underprivileged people throughout the Company’s areas of operations. These sharing activities are usually done in the period leading up to Eid Al-Fitr, or in the lead-up to the Company’s and the Group’s anniversary, and during other moments as well. The beneficiaries of this activity are families that are categorized as being within the eight Asnaf criteria.

Healthcare1. Posyandu Forums

The Company supports the improvement of Posyandu services by facilitating meeting forums for 12 of these service posts located around its head office. This activity represents the Company’s support for the third Sustainable Development Goal, which is healthy and prosperous living.

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2. Pos SehatSelain adanya fasilitas layanan posyandu, Perseroan dan Grup juga memfasilitasi layanan kesehatan kepada masyarakat di wilayah sekitar Graha Elnusa dengan Pos Sehat. Adapun aktivitas dari Pos Sehat ini berbeda dengan Posyandu. Aktivitas di Pos Sehat ini berupa pemeriksaan, pengobatan, serta penyuluhan kesehatan lainnya.

3. Donor DarahKegiatan rutin tiga bulanan ini merupakan wujud preferensi dan kepedulian karyawan, penyewa Gedung Graha Elnusa dan masyarakat umum di sekitar Graha Elnusa untuk turut serta berdonor darah dan membantu sesama.

TANGGAP DARURAT ATAS BENCANA ALAM

Perseroan memiliki Emergency Response Team yang bersiap-siaga pada berbagai keadaan darurat. Atas bencana alam yang terjadi di Indonesia, Perseroan langsung mengaktifkan tim ini untuk melakukan berbagai tanggung jawab maupun kepedulian sosial baik pasca bencana, maupun saat pemulihan. Aksi tanggap darurat ini dilaksanakan pasca bencana alam baik di Nusa Tenggara Barat, Sulawesi Tengah maupun di Banten.

Bentuk tanggap darurat yang dilaksanakan meliputi pengumpulan donasi, pemberian bantuan sandang, pangan maupun papan, pengiriman relawan untuk pemulihan trauma, penyediaan fasilitas air bersih, maupun pendirian hunian tetap bagi para korban bencana alam. Aktivitas ini bekerja sama dengan berbagai pihak baik Grup Pertamina, Kementrian ESDM maupun SKK Migas. Atas kontribusi ini, Perseroan mendapatkan berbagai apresiasi, salah satunya berasal dari Kementrian ESDM.

NILAI INVESTASIPada 2018, Perseroan mengkontribusikan nilai investasi sosial sebesar Rp16,4 miliar. Nilai ini merupakan nilai investasi sosial pelibatan dan pengembangan masyarakat yang telah dikonsolidasikan pencatatannya dengan Anak Perusahaan

DAMPAK DARI KEGIATANSepanjang kegiatan CID yang dilakukan oleh Perseroan dan Anak Perusahaan, tidak ada dampak negatif, pelanggaran maupun pengaduan atas pelanggaran hak asasi masyarakat lokal yang dilaporkan terjadi baik di kantor pusat, cabang, warehouse maupun di area operasi. Tidak ada sanksi moneter maupun non-moneter yang diberikan atas ketidakpatuhan terhadap hukum dan peraturan.

2. Health PostsIn addition to its Posyandu service facilities, the Company and the Group has also facilitated health services for the community in the area around Graha Elnusa through its Health Posts. The activities of these Health Post are different from those of the Posyandu. They include examinations, treatment, and various forms of health counseling.

3. Blood DonorsThis quarterly routine serves a manifestation of the preferences and concerns of employees, of Graha Elnusa building tenants, and of the general public surrounding Graha Elnusa, all of whom want to participate in donating blood and helping others.

EMERGENCY RESPONSE TO NATURAL DISASTERSThe Company has an Emergency Response Team prepared for various emergencies. The Company uses this team for natural disasters that occur in Indonesia. The team carries out various forms of social responsibility and social care both after the disasters have taken place and during the recovery process for communities afflicted by these disasters. Emergency response activities were made for natural disasters in West Nusa Tenggara, Central Sulawesi and Banten.

The forms of emergency response carried out included fund raising, providing clothing, food and shelter assistance, sending volunteers for trauma recovery, providing clean water facilities, and establishing permanent housing for victims of natural disasters. This activity saw the Company working with various parties, including Pertamina Group, the Energy and Mineral Resources Ministry, and the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas). For these efforts, the Company has received various awards, one of which came from the Energy and Mineral Resources Ministry.

INVESTMENT VALUEIn 2018, the Company contributed Rp16.4 billion in social investment value. This value represents the value of social investment in engagement and community development that has been consolidated with the Company’s Subsidiaries.

IMPACT OF ACTIVITIESThroughout these CID activities carried out by the Company and its Subsidiaries, there have been no reports of negative impacts or complaints regarding violations of local human rights, whether at the Company’s headquarters, branches, warehouses and in any of its operational areas. There have been no monetary or non-monetary sanctions for any of kind of non-compliance with laws and regulations for the Company.

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Tanggung Jawab Kepada PelangganResponsibility to Customers

KEBIJAKANKualitas layanan jasa energi Perseroan merupakan kunci utama kepuasan para pelanggan. Oleh karena itu, Perseroan berkomitmen untuk memberikan layanan terbaiknya. Hal ini didasari bahwa pelanggan adalah pemangku kepentingan yang mempunyai peran strategis dalam menjamin keberlangsungan usaha. Kesuksesan pelanggan merupakan kesuksesan Perseroan. Realisasi komitmen ini dilaksanakan Perseroan dengan menerapkan kebijakan-kebijakan sebagai berikut:1. Mengadopsi standarisasi yang berlaku secara internasional

dan memperbaharuinya secara rutin & berkala2. Mendorong inovasi berkelanjutan pada setiap fungsi Perseroan

3. Mengimplementasikan sosialiasi, monitor dan evaluasi terhadap mutu dari fungsi Perseroan

INFORMASI JASA LAYANAN Perseroan memiliki tiga segmen bisnis jasa energi yaitu 1) Jasa hulu migas, 2) Jasa distribusi dan logistik energi, dan 3) Jasa penunjang. Detail informasi mengenai segmen bisnis ini dapat dibaca pada subbab bidang usaha, bab Profil Perusahaan. Komunikasi pemasaran atas jasa melalui berbagai aktivitas maupun media pemasaran secara business to business kepada pelanggan.

Peran Perseroan dalam memberikan jasa dilakukan dengan menyediakan sumber daya profesional, peralatan maupun material yang diperlukan untuk memberikan solusi atas permasalahan pelanggan. Proses penunjukkan Perseroan sebagai kontraktor jasa dilakukan sesuai dengan prosedur tender yang berlaku di Indonesia. Tidak ada insiden ketidakpatuhan terhadap peraturan dalam hal ini.

KEGIATAN YANG DILAKUKAN1. Project Quality Plan

Perseroan membuat PQP sebelum memulai suatu pekerjaan. Perencanaan ini meliputi aspek sumber daya manusia, QHSSE, teknologi, target pelanggan dan lain-lain. Melalui PQP, Perseroan berupaya memitigasi risiko yang mungkin terjadi, sehingga dapat mencegah hal-hal yang berdampak negatif dalam pelaksanaan pekerjaan yang dapat berakibat ketidakpuasan pelanggan terhadap jasa yang diberikan.

POLICYThe quality of the Company’s energy services is the key to customer satisfaction. As such, the Company is committed to providing the best in services. This commitment is based on the fact that customers are stakeholders who have a strategic role in ensuring business continuity. Customer success is equivalent to the company’s success. The realization of this commitment was carried out by the Company through implementing the following policies:1. Adopting standards that apply internationally and renewing

these standards regularly and periodically2. Encouraging continuous innovation in every function of the

Company3. Implementing socialization, monitoring and evaluation of the

quality of the Company’s functions.

INFORMATION ON COMPANY SERVICESThe Company has three business segments for its energy services. They are 1) Upstream oil and gas services, 2) Energy logistics distribution and services, and 3) Ssupporting services. Detailed information about these business segments can be found in the Business Section sub-section of the Company Profile chapter. Marketing communication for services is done through various activities and through business-to-business media marketing to customers.

The role of the Company in providing services is done by means of providing professional resources, equipment and materials needed to provide solutions to customer problems. The Company’s appointment process as a service contractor is carried out in accordance with tender procedures applicable in Indonesia. There have been no incidents of Company non-compliance with regulations on this matter.

ACTIVITIES PERFORMED1. Project Quality Plan

The Company makes PQPs before starting a job. This plan covers aspects that include human resources, QHSSE, technology, target customers and others. Through PQP, the Company seeks to mitigate risks that might occur. Doing so allows the Company to prevent things that have a negative impact on the implementation of work that can result in customer dissatisfaction with the services being provided.

308


2. Continuous Improvement Program Perseroan menetapkan CIP sebagai Key Performance Indicator 2018 untuk semua divisi dan anak perusahaan. Pada tahun ini terkumpul 152 dari target 137 risalah inovasi dari berbagai fungsi. Dari inovasi yang terkumpul, Perseroan mengkompetisikannya dalam berbagai ajang baik internal Perseroan, Grup Pertamina maupun Internasional. Estimasi value creation yang dihasilkan dari inovasi mencapai Rp1,6 triliun.

3. Penerapan Audit Internal & EksternalPerseroan menerapkan audit terpadu secara internal dan eksternal atas implementasi ISO 9001:2018, ISO 14001:2015 dan OHSAS 18001:2007. Total obyek audit internal adalah 9 fungsi shared services dan 12 area operasi. Sedangkan obyek audit eksternal adalah 8 fungsi di kantor pusat dan 6 di area operasi. Berdasarkan hasil audit internal terdapat 156 temuan yang kemudian telah ditindaklanjuti dengan capaian 98%, sedangkan hasil audit eksternal menyatakan bahwa tidak ada ketidaksesuaian yang bersifat mayor. Perseroan tercatat baik menerapkan sistem manajemen QHSSE terintegrasi di atas.

4. Survei Kepuasan PelangganTingkat kepuasan pelanggan terhadap kinerja Elnusa meningkat bila dibandingkan tahun sebelumnya. Tecatat indeks kepuasan pelanggan sebesar 91,24% dari sebelumnya 86,29% pada tahun 2017. Perseroan terus berupaya untuk melakukan berbagai perbaikan ke depannya.

5. Quality Management AssessmentKegiatan ini merupakan salah satu bentuk audit silang yang dijalankan antara Perseroan dengan Pertamina Grup setiap dua tahun sekali. Dasar audit ini adalah empat fokus peluang perbaikan (OFI), yaitu kepemimpinan & keberlanjutan bisnis, operasional ekselen, fokus tenaga kerja dan fokus pelanggan. Berdasarkan hasil QMA pada 2018 terdapat 18 OFI yang kemudian telah ditindaklanjuti 100%.

6. Knowledge ManagementProgram sharing knowledge untuk seluruh karyawan atas inovasi dan perbaikan yang telah dilakukan oleh insan mutu Elnusa. Sharing dilakukan dengan menyelenggarakan pertemuan yang difasilitasi oleh EPS, dan direkapitulasi dalam bank data yang dapat diakses melalui dms.elnusa.co.id.

2. Continuous Improvement ProgramsThe Company uses CIP as a Key Performance Indicator 2018 for all its divisions and subsidiaries. This year saw a gathering of 152 of its targeted 137 innovation treatises obtained from various functions. The Company uses these innovation treatises that have been collected for competitions in various events, whether internally, or within Pertamina Group, or internationally. The estimated value creation resulting from these innovation treatises reached IDR 1.6 trillion.

3. Implementing Internal & External AuditsThe company implements integrated internal and external audits. These audits are ways of implementing ISO 9001: 2018, ISO 14001: 2015 and OHSAS 18001: 2007. The total number of objects for internal audits is composed of 9 shared service functions and 12 areas of operations. Meanwhile, the total number of objects for external audit is made up of 8 functions at the head office and 6 in operating areas. Based on the results of internal audits, there were 156 findings which were then followed up with 98 % achievement rates, while the results of external audits found that there were no major non-conformities. The company is noted to have well implemented its above-mentioned integrated QHSSE management system.

4. Customer Satisfaction SurveyCustomer satisfaction levels for Elnusa’s performance has increased compared to the previous year, with a registered increase in customer satisfaction index of 91.24% in 2018, up from 86.29% in 2017. The Company continues to strive to make various improvements in the future.

5. Quality Management AssessmentThis assessment is a type of cross audit that is carried out between the Company and Pertamina Group every two years. The basis of this audit is the Company’s four Opportunities for Improvement (OFI) focuses: leadership & business sustainability, excellent operations, workforce focus, and customer focus. Based on the results of its QMA from 2018, there were 18 OFIs that saw 100% follow-up rates.

6. Knowledge ManagementElnusa has conducted knowledge sharing programs on its innovations and improvements for all of its employees. This sharing is done through the holding of meetings facilitated by EPS and recapitulated in a data bank that can be accessed through dms.elnusa.co.id

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KINERJA MUTUQUALITY PERFORMANCE

IndikatorIndicator

PencapaianAchievements

Risalah inovasiInnovation treatises

• 152 Risalah terkumpul dari target 137.152 treatises collected from a target of 137.

• 75 Risalah dikompetisikan pada level Perseroan 11 Risalah dikompetisikan pada level Direktorat Hulu Pertamina (Upstream Innovation & Improvement Award) dan menghasilkan 3 Platinum, 7 Gold, dan 1 Silver. Selain itu, salah satu inovasi mendapatkan penghargaan Best Innovation III.75 treatises were used at Company-level competitions. Another 11 of the treatises were used at the Pertamina Upstream Directorate’s Upstream Innovation & Improvement Awards, which resulted in 3 Platinum, 7 Gold and 1 Silver awards. In addition, one of the innovations received the Best Innovation III award.

• 4 Risalah dikompetisikan pada level Pertamina Group (Annual Pertamina Quality Award). Perseroan mendapatkan penghargaan The Most Inspiring Leader, 2 Platinum dan 2 Gold.4 treatises were used at the Pertamina Group’s Annual Pertamina Quality Awards. The Company received an award for The Most Inspiring Leader, as well as 2 Platinum and 2 Gold awards.

Value creation

• Aktual Rp344,6 miliar Actual: Rp344.6 billion

• Proyeksi Rp13,2 miliarProjected: Rp13.2 billion

• Potensi Rp1.247,3 miliarPotential: Rp1,247.3 billion

• Total value creation Rp1.605,2 miliarTotal value creation of Rp1,605.2 billion

Quality Management Assesment (QMA)

Skor 546 (emerging) pada 2017 penilaian kriteria Kinerja Ekselen Pertamina (KKEP). Hasil ini lebih tinggi dibandingkan skor dua tahun lalu yaitu 489, dan 12% lebih tinggi dari target. Penilaian KKEP merupakan bentuk evaluasi atas kinerja seluruh anak perusahaan Pertamina. Pada 2018 tidak dilakukan asesmen, melainkan perbaikan atas temuan hasil asesmen 2017A score of 546 (emerging) during the 2017 “Excellent Pertamina Performance Criteria” (KKEP) assessments. This result was better than the result of 489 the company received for this same assessment back in 2017. The score also was 12% higher than this year’s targeted expectations. This KKEP assessment is a form of evaluation used to measure the performance of all Pertamina subsidiaries.In 2018 there is no assessment, otherwise improvement on finders of assessment result in 2017

Temuan Findings

Internal 98% terselesaikanInternal: 98% resolvedEksternal 100% terselesaikanExternal: 100% resolved

DAMPAK DARI KEGIATANPerseroan memperoleh berbagai penghargaan atas inovasi yang dilakukan serta tidak adanya sanksi ataupun denda yang diberikan kepada Perseroan atas ketidakpatuhan terhadap hukum dan peraturan terkait penyediaan jasa yang dilakukan.

IMPACT OF ACTIVITIESThe Company has received various awards for the innovations it has carried out. There have been no sanctions or fines given to the Company for non-compliance with laws and regulations relating to the provision of services it has carried out.

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Laporan KeuanganFinancial Report

09

Laporan KeuanganFinancial Statement

PT Elnusa Tbkdan ent itas anaknya/ and its subsidiaries

Laporan keuangan konsolidasiantanggal 31 Desember 2018dan untuk tahun yang berakhir pada tanggal tersebutbeserta laporan auditor independen/Consolidated financial statementsas of December 31, 2018and for the year then endedwith independent auditors’ report

312


313


The original consolidated financial statements included hereinare in the Indonesian language.

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN KEUANGAN KONSOLIDASIAN

TANGGAL 31 DESEMBER 2018DAN UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL TERSEBUTBESERTA LAPORAN AUDITOR INDEPENDEN

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018AND FOR THE YEAR THEN ENDED

WITH INDEPENDENT AUDITORS’ REPORT

Daftar Isi Table of Contents

Halaman/Page

Laporan Auditor Independen Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian........................ 1-2 ............Consolidated Statement of Financial Position

Laporan Laba Rugi dan Penghasilan Consolidated Statement of Profit or LossKomprehensif Lain Konsolidasian............................ 3 .......................and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian .................... 4 ...........Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian .................................... 5 ..................... Consolidated Statement of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian............. 6-109 ....... Notes to the Consolidated Financial Statements

**************************

314

315


PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN KEUANGAN KONSOLIDASIAN

TANGGAL 31 DESEMBER 2018DAN UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL TERSEBUTBESERTA LAPORAN AUDITOR INDEPENDEN

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018AND FOR THE YEAR THEN ENDED

WITH INDEPENDENT AUDITORS’ REPORT

Daftar Isi Table of Contents

Halaman/Page

Laporan Auditor Independen Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian........................ 1-2 ............Consolidated Statement of Financial Position

Laporan Laba Rugi dan Penghasilan Consolidated Statement of Profit or LossKomprehensif Lain Konsolidasian............................ 3 .......................and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian .................... 4 ...........Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian .................................... 5 ..................... Consolidated Statement of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian............. 6-109 ....... Notes to the Consolidated Financial Statements

**************************




Catatan atas laporan keuangan konsolidasian terlampirmerupakan bagian yang tidak terpisahkan dari laporan keuangan

konsolidasian ini secara keseluruhan.

The accompanying notes to the consolidated financial statementsform an integral part of these consolidated financial statements

taken as a whole.

1

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN POSISI KEUANGAN

KONSOLIDASIANTanggal 31 Desember 2018

(Disajikan dalam jutaan Rupiah,kecuali dinyatakan lain)

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF

FINANCIAL POSITIONAs of December 31, 2018

(Expressed in millions of Rupiah,unless otherwise stated)

31 Desember/ 31 Desember/December 31, Catatan/ December 31,

2018 Notes 2017

ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan setara kas 719.457 2f,2g,4,29a 902.563 Cash and cash equivalentsPiutang usaha - neto: 2g,5 Trade receivables - net:

Pihak ketiga 286.007 395.378 Third partiesPihak berelasi 1.285.836 2i,29b 863.147 Related parties

Aset keuangan lancar lainnya - neto 21.090 2g,2i,6,29c 9.030 Other current financial assets - netPersediaan - neto 167.065 2h,7 96.508 Inventories - netUang muka 89.952 8 45.799 AdvancesPajak dibayar di muka - bagian lancar 574.087 2t,18a 51.567 Prepaid taxes - current portionBiaya dibayar di muka 15.013 9 15.473 Prepaid expenses

Total Aset Lancar 3.158.507 2.379.465 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSAset keuangan tidak lancar 2f,2g,3b Other non-current financial

lainnya - neto 163.961 10,29d 143.360 assets - netInvestasi pada saham - neto 8.946 11 6.521 Investments in shares - netUang muka 22.123 2g,8 7.735 AdvancesAset tetap - neto 1.735.854 2j,3b,12 1.569.071 Fixed assets - netAset takberwujud - neto 18.267 2k,2n,13 14.091 Intangible assets - netProperti investasi - neto 51.993 2m,3b,14 52.113 Investment properties - netPajak dibayar di muka - Prepaid taxes - non-current

bagian tidak lancar 327.212 18a 543.969 portionAset pajak tangguhan 109.684 2t,3b,18d 99.976 Deferred tax assetsAset lain-lain 60.780 39.068 Other assets

Total Aset Tidak Lancar 2.498.820 2.475.904 Total Non-current Assets

TOTAL ASET 5.657.327 4.855.369 TOTAL ASSETS

316

317






taken as a whole.

1


KONSOLIDASIANTanggal 31 Desember 2018


PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF

FINANCIAL POSITIONAs of December 31, 2018



2018 Notes 2017

ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan setara kas 719.457 2f,2g,4,29a 902.563 Cash and cash equivalentsPiutang usaha - neto: 2g,5 Trade receivables - net:

Pihak ketiga 286.007 395.378 Third partiesPihak berelasi 1.285.836 2i,29b 863.147 Related parties

Aset keuangan lancar lainnya - neto 21.090 2g,2i,6,29c 9.030 Other current financial assets - netPersediaan - neto 167.065 2h,7 96.508 Inventories - netUang muka 89.952 8 45.799 AdvancesPajak dibayar di muka - bagian lancar 574.087 2t,18a 51.567 Prepaid taxes - current portionBiaya dibayar di muka 15.013 9 15.473 Prepaid expenses

Total Aset Lancar 3.158.507 2.379.465 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSAset keuangan tidak lancar 2f,2g,3b Other non-current financial

lainnya - neto 163.961 10,29d 143.360 assets - netInvestasi pada saham - neto 8.946 11 6.521 Investments in shares - netUang muka 22.123 2g,8 7.735 AdvancesAset tetap - neto 1.735.854 2j,3b,12 1.569.071 Fixed assets - netAset takberwujud - neto 18.267 2k,2n,13 14.091 Intangible assets - netProperti investasi - neto 51.993 2m,3b,14 52.113 Investment properties - netPajak dibayar di muka - Prepaid taxes - non-current

bagian tidak lancar 327.212 18a 543.969 portionAset pajak tangguhan 109.684 2t,3b,18d 99.976 Deferred tax assetsAset lain-lain 60.780 39.068 Other assets

Total Aset Tidak Lancar 2.498.820 2.475.904 Total Non-current Assets

TOTAL ASET 5.657.327 4.855.369 TOTAL ASSETS





taken as a whole.

2


KONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2018


PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)

As of December 31, 2018(Expressed in millions of Rupiah,

unless otherwise stated)


2018 Notes 2017

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIESPinjaman bank jangka pendek 608.865 2f,2g,15,30e 695.012 Short-term bank loansUtang usaha: 2g,16 Trade payables:

Pihak ketiga 257.084 194.319 Third partiesPihak berelasi 260.386 2i,29f 114.002 Related parties

Liabilitas jangka pendek lainnya 54.673 2g,17 45.960 Other current liabilitiesLiabilitas imbalan kerja Short-term employee

jangka pendek 85.031 21d 56.157 benefits liabilityUtang pajak 28.780 2g,18b 47.501 Taxes payableBeban akrual 822.079 3b,19 602.574 Accrued expensesPinjaman bank jangka panjang - Long-term bank loans -

bagian lancar - 20,29g 2.256 current portion

Total Liabilitas Jangka Pendek 2.116.898 1.757.781 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESUtang pihak berelasi - 1.014 Due to related partiesPinjaman bank jangka panjang -

setelah dikurangi bagian Long-term bank loans -lancar 212.550 20,29g - net of current portion

Liabilitas imbalan kerja 27.679 2r,3b,21 44.654 Employee benefits liability

Total Liabilitas Jangka Panjang 240.229 45.668 Total Non-current Liabilities

TOTAL LIABILITAS 2.357.127 1.803.449 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan Equity attributable tokepada pemilik entitas induk owners of the parent

Modal saham - nilai nominal Share capital - Rp100 (full amount)Rp100 (nilai penuh) per saham par value per shareModal dasar - 22.500.000.000 saham Authorized - 22,500,000,000 sharesModal ditempatkan dan disetor penuh - Issued and fully paid -

7.298.500.000 saham 729.850 22a,34e 729.850 7,298,500,000 sharesTambahan modal disetor 435.691 2e,2w,22b 435.688 Additional paid-in capitalSaldo laba: Retained earnings:

Dicadangkan 134.229 2b,22c 121.872 AppropriatedTidak dicadangkan 2.043.161 1.816.275 Unappropriated

Penghasilan komprehensif lain (44.436) 2c,22d (56.195) Other comprehensive income

Ekuitas yang dapat diatribusikan Equity attributable tokepada pemilik entitas induk - neto 3.298.495 3.047.490 owners of the parent - net

Kepentingan nonpengendali 1.705 2b,23 4.430 Non-controlling interests

EKUITAS - NETO 3.300.200 3.051.920 EQUITY - NET

TOTAL LIABILITAS DAN EKUITAS 5.657.327 4.855.369 TOTAL LIABILITIES AND EQUITY





taken as a whole.

3

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN LABA RUGI DAN PENGHASILAN

KOMPREHENSIF LAIN KONSOLIDASIANUntuk Tahun yang Berakhir pada

Tanggal 31 Desember 2018(Disajikan dalam jutaan Rupiah,

kecuali dinyatakan lain)

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOMEFor the Year EndedDecember 31, 2018


Tahun yang berakhir padatanggal 31 Desember/

Year ended December 31,

Catatan/2018 Notes 2017

PENDAPATAN 6.624.774 2q,24,29i 4.978.986 REVENUES

BEBAN POKOK PENDAPATAN (5.972.680) 2q,25,29j (4.400.484) COST OF REVENUES

LABA BRUTO 652.094 578.502 GROSS PROFIT

Beban penjualan (2.579) (1.451) Selling expensesBeban umum dan administrasi (268.740) 26 (232.511) General and administrative expensesPenghasilan bunga 18.605 20.395 Interest incomeBeban keuangan (90.092) 27 (17.070) Finance costsPenghasilan (beban) lain-lain - neto 67.530 28 (11.056) Other income (charges) - net

LABA SEBELUM PAJAK FINAL PROFIT BEFORE FINAL TAXDAN PAJAK PENGHASILAN 376.818 336.809 AND INCOME TAX

Beban pajak final (25.011) 2t (10.443) Final tax expense

LABA SEBELUM PAJAK PENGHASILAN 351.807 326.366 PROFIT BEFORE INCOME TAX

Beban pajak penghasilan (75.491) 2t,18c (75.612) Income tax expense

LABA TAHUN BERJALAN 276.316 250.754 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos-pos yang tidak akan direklasifikasi Items that will not be reclassified toke laba rugi profit or lossPengukuran kembali program Remeasurements of defined

imbalan pasti 15.679 2r (16.374) benefit plansPajak tangguhan terkait (3.920) 2t,18d 4.093 Related deferred tax

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOMESETELAH PAJAK 11.759 22d (12.281) AFTER TAX

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN 288.075 238.473 FOR THE YEAR

LABA TAHUN BERJALAN YANG PROFIT FOR THE YEARDAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:Pemilik entitas induk 276.314 247.140 Owners of the parentKepentingan nonpengendali 2 3.614 Non-controlling interests

Total 276.316 250.754 Total

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN YANG FOR THE YEARDAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:Pemilik entitas induk 288.073 234.865 Owners of the parentKepentingan nonpengendali 2 3.608 Non-controlling interests

Total 288.075 238.473 Total

LABA PER SAHAM EARNINGS PER SHARE(NILAI PENUH) 37,86 2v,32 33,86 (FULL AMOUNT)

318


319






taken as a whole.

3

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN LABA RUGI DAN PENGHASILAN

KOMPREHENSIF LAIN KONSOLIDASIANUntuk Tahun yang Berakhir pada

Tanggal 31 Desember 2018(Disajikan dalam jutaan Rupiah,


PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOMEFor the Year EndedDecember 31, 2018





PENDAPATAN 6.624.774 2q,24,29i 4.978.986 REVENUES

BEBAN POKOK PENDAPATAN (5.972.680) 2q,25,29j (4.400.484) COST OF REVENUES

LABA BRUTO 652.094 578.502 GROSS PROFIT

Beban penjualan (2.579) (1.451) Selling expensesBeban umum dan administrasi (268.740) 26 (232.511) General and administrative expensesPenghasilan bunga 18.605 20.395 Interest incomeBeban keuangan (90.092) 27 (17.070) Finance costsPenghasilan (beban) lain-lain - neto 67.530 28 (11.056) Other income (charges) - net

LABA SEBELUM PAJAK FINAL PROFIT BEFORE FINAL TAXDAN PAJAK PENGHASILAN 376.818 336.809 AND INCOME TAX

Beban pajak final (25.011) 2t (10.443) Final tax expense

LABA SEBELUM PAJAK PENGHASILAN 351.807 326.366 PROFIT BEFORE INCOME TAX

Beban pajak penghasilan (75.491) 2t,18c (75.612) Income tax expense

LABA TAHUN BERJALAN 276.316 250.754 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos-pos yang tidak akan direklasifikasi Items that will not be reclassified toke laba rugi profit or lossPengukuran kembali program Remeasurements of defined

imbalan pasti 15.679 2r (16.374) benefit plansPajak tangguhan terkait (3.920) 2t,18d 4.093 Related deferred tax

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOMESETELAH PAJAK 11.759 22d (12.281) AFTER TAX

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN 288.075 238.473 FOR THE YEAR

LABA TAHUN BERJALAN YANG PROFIT FOR THE YEARDAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:Pemilik entitas induk 276.314 247.140 Owners of the parentKepentingan nonpengendali 2 3.614 Non-controlling interests

Total 276.316 250.754 Total

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN YANG FOR THE YEARDAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:Pemilik entitas induk 288.073 234.865 Owners of the parentKepentingan nonpengendali 2 3.608 Non-controlling interests

Total 288.075 238.473 Total

LABA PER SAHAM EARNINGS PER SHARE(NILAI PENUH) 37,86 2v,32 33,86 (FULL AMOUNT)


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

The accompanying notes to the consolidated financial statements form an integral part ofthese consolidated financial statements taken as a whole.

4

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

Untuk Tahun yang Berakhir pada Tanggal 31 Desember 2018(Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year Ended December 31, 2018(Expressed in millions of Rupiah, unless otherwise stated)

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent

Saldo laba/Retained earnings PenghasilanTambahan komprehensif Kepentingan

modal disetor/ Tidak lain/Other nonpengendali/ Ekuitas -Catatan/ Modal saham/ Additional Dicadangkan/ dicadangkan/ comprehensive Neto/ Non-controlling neto/

Notes Share capital paid-in capital Appropriated Unappropriated income Net Interest Equity - net

Saldo 31 Desember 2016 729.850 431.422 106.326 1.615.773 (43.920) 2.839.451 38.292 2.877.743 Balance as of December 31, 2016

Dividen kas 22c - - - (31.092) - (31.092) (595) (31.687) Cash dividend

Cadangan umum 22c - - 15.546 (15.546) - - - - Appropriation for general reserve

Kenaikan persentasekepemilikan pada Increase in percentageentitas anak 1d - 4.266 - - - 4.266 (36.875) (32.609) of ownership in subsidiary

Laba komprehensif - - - 247.140 (12.275) 234.865 3.608 238.473 Comprehensive income




Kenaikan persentasekepemilikan pada Increase in percentageentitas anak 1d - 3 - - - 3 (2.644) (2.641) of ownership in subsidiary

Laba komprehensif - - - 276.314 11.759 288.073 2 288.075 Comprehensive income


320


321



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

The accompanying notes to the consolidated financial statements form an integral part ofthese consolidated financial statements taken as a whole.

4

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

Untuk Tahun yang Berakhir pada Tanggal 31 Desember 2018(Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year Ended December 31, 2018(Expressed in millions of Rupiah, unless otherwise stated)

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent

Saldo laba/Retained earnings PenghasilanTambahan komprehensif Kepentingan

modal disetor/ Tidak lain/Other nonpengendali/ Ekuitas -Catatan/ Modal saham/ Additional Dicadangkan/ dicadangkan/ comprehensive Neto/ Non-controlling neto/

Notes Share capital paid-in capital Appropriated Unappropriated income Net Interest Equity - net




Kenaikan persentasekepemilikan pada Increase in percentageentitas anak 1d - 4.266 - - - 4.266 (36.875) (32.609) of ownership in subsidiary

Laba komprehensif - - - 247.140 (12.275) 234.865 3.608 238.473 Comprehensive income




Kenaikan persentasekepemilikan pada Increase in percentageentitas anak 1d - 3 - - - 3 (2.644) (2.641) of ownership in subsidiary

Laba komprehensif - - - 276.314 11.759 288.073 2 288.075 Comprehensive income






taken as a whole.

5

PT ELNUSA TBK DAN ENTITAS ANAKNYALAPORAN ARUS KAS KONSOLIDASIAN

Untuk Tahun yang Berakhir padaTanggal 31 Desember 2018


PT ELNUSA TBK AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS

For the Year EndedDecember 31, 2018


Tahun yang berakhir padatanggal 31 Desember /



ARUS KAS DARI CASH FLOWS FROMAKTIVITAS OPERASI OPERATING ACTIVITIESPenerimaan dari pelanggan 6.458.067 4.510.541 Receipts from customersPembayaran kepada pemasok Payments to suppliers

dan kontraktor (5.044.707) (3.352.976) and contractorsPembayaran untuk karyawan (913.226) (825.300) Payments to employees

Kas yang dihasilkan dari operasi 500.134 332.265 Cash generated from operationsPenerimaan penghasilan bunga 19.345 20.328 Receipts of interest incomePembayaran beban keuangan (46.504) (20.459) Payments of finance costsPembayaran pajak penghasilan (214.552) (140.185) Payments of income taxesPenerimaan restitusi pajak 78.625 18e 200.502 Receipts of tax refundsPenerimaan lainnya - neto 7.708 3.008 Other receipts - net

Kas neto diperoleh dari Net cash provided byaktivitas operasi 344.756 395.459 operating activities

ARUS KAS DARI CASH FLOWS FROMAKTIVITAS INVESTASI INVESTING ACTIVITIESPenerimaan dividen kas dari Receipts of cash dividends from

perusahaan asosiasi 2.100 - associatesPembelian aset tetap (539.195) (279.356) Purchases of fixed assetsPembelian aset takberwujud (11.734) (4.209) Purchases of intangible assetsPembelian barang konsumsi Purchases of long-life

tahan lama (38.578) (41.706) consumable goodsPenerimaan dari penjualan aset tetap 2.348 12 1.147 Proceeds from sale of fixed assetsPenambahan investasi di entitas anak (1.000) (33.317) Addition of investment in subsidiaryPenempatan atas aktivitas Placement for other

investasi lainnya (612) (1.065) investing activities

Kas neto digunakan untuk Net cash used in investingaktivitas investasi (586.671) (358.506) activities

ARUS KAS DARI CASH FLOWS FROMAKTIVITAS PENDANAAN FINANCING ACTIVITIESPenerimaan dari pinjaman bank 1.437.165 1.446.887 Proceeds from bank loansPembayaran pinjaman bank (1.358.273) 15,20 (1.305.212) Payments of bank loansPembayaran dividen kas (37.071) 22c (31.687) Payments of cash dividendsPenarikan (penempatan) kas yang Withdrawal (placement) of

dibatasi penggunaannya - neto (4.447) 9.710 restricted cash - net

Kas neto yang diperoleh dari Net cash provided byaktivitas pendanaan 37.374 119.698 financing activities

Dampak perubahan selisih kurs Effect of exchange rate changesterhadap kas dan setara kas 21.435 1.525 on cash and cash equivalents

KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) INKAS DAN SETARA KAS (183.106) 158.176 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSPADA AWAL TAHUN 902.563 4 744.387 AT THE BEGINNING OF THE YEAR

KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTSAKHIR TAHUN 719.457 4 902.563 AT THE END OF THE YEAR


PT ELNUSA Tbk DAN ENTITAS ANAKNYACATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIANTanggal 31 Desember 2018 dan untuk

Tahun yang Berakhir pada Tanggal Tersebut(Disajikan dalam jutaan Rupiah,


PT ELNUSA Tbk AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTSAs of December 31, 2018 and

For the Year Then Ended(Expressed in millions of Rupiah,


6

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Elnusa Tbk (“Perusahaan”) didirikan dengannama PT Electronika Nusantara berdasarkanAkta Notaris No. 18 tanggal 25 Januari 1969dari Tan Thong Kie, S.H., sebagaimana diubahmelalui Akta Notaris No. 10 tanggal 13 Februari1969 dari notaris yang sama. Akta pendirian ini,yang merupakan Anggaran Dasar Perusahaan,telah mendapat pengesahan dari MenteriKehakiman Republik Indonesia melalui SuratKeputusan No. J.A.5/18/24 tanggal 19 Februari1969, serta telah diumumkan dalam BeritaNegara Republik Indonesia No. 35, TambahanNo. 58 tanggal 2 Mei 1969. Anggaran DasarPerusahaan telah beberapa kali mengalamiperubahan, terakhir untuk menyesuaikandengan peraturan Otoritas Jasa Keuanganyang terkait dengan penyelenggaraan RapatUmum Pemegang Saham, Direksi dan DewanKomisaris Perusahaan, berdasarkan AktaNotaris No. 101 tanggal 29 April 2015 dariAryanti Artisari, S.H., M.Kn., yang telahdiberitahukan kepada Menteri Hukum dan HakAsasi Manusia Republik Indonesia danmemperoleh surat penerimaan pemberitahuanNo. AHU-AH.01.03-0935264 tanggal 28 Mei2015.

PT Elnusa Tbk (the “Company”) was establishedunder the name of PT Electronika Nusantarabased on Notarial Deed No. 18 dated January 25,1969 of Tan Thong Kie, S.H., which wassubsequently amended by Notarial Deed No. 10dated February 13, 1969 of the same notary. TheDeed of Establishment, which is the Company’sArticles of Association, was approved by theMinister of Justice of the Republic of Indonesia inits Decision Letter No. J.A.5/18/24 datedFebruary 19, 1969, and was published inSupplement No. 58 of State Gazette of theRepublic of Indonesia No. 35 dated May 2, 1969.The Company’s Articles of Association have beenamended several times, the latest of which wasmade to adjust to the Financial ServicesAuthority’s regulation concerning themanagement of Shareholders’ General Meeting,Directors and Board of Commissioners, underNotarial Deed No. 101 dated April 29, 2015 ofAryanti Artisari, S.H., M.Kn., which has beenreported to the Minister of Law and Human Rightsof the Republic of Indonesia and has beenacknowledged through its letter ofacknowledgement No. AHU-AH.01.03-0935264dated May 28, 2015.

Berdasarkan Anggaran Dasar Perusahaan,ruang lingkup kegiatan Perusahaan adalahbergerak di bidang jasa, perdagangan,pertambangan, pembangunan danperindustrian. Saat ini, Perusahaan beroperasidi bidang jasa hulu migas dan penyertaansaham pada entitas anak serta venturabersama yang bergerak dalam berbagai bidangusaha jasa penunjang migas dan jasa distribusidan logistik energi. Perusahaan juga beroperasidi bidang penyediaan barang dan jasa termasukpenyediaan dan pengelolaan ruangperkantoran kepada entitas anak, pihak berelasidan pihak ketiga.

In accordance with the Company’s Articles ofAssociation, the scope of its activities is in thebusiness of services, trading, mining, constructionand industry. Currently, the Company is engagedin upstream oil and gas services and investing inshares of stock of subsidiaries and joint venturesthat are engaged in various businesses in oil andgas support services and energy distribution andlogistics services. The Company also providesgoods and services including providing andmanaging office space for its subsidiaries, relatedparties and third parties.

Perusahaan berdomisili di Graha Elnusa,Lantai 16, Jl. T.B. Simatupang Kav. 1B, JakartaSelatan, dan mulai beroperasi secara komersialpada bulan September 1969.

The Company is located at Graha Elnusa,16th Floor, Jl. T.B. Simatupang Kav. 1B, SouthJakarta, and started its commercial operations inSeptember 1969.

Entitas induk Perusahaan adalahPT Pertamina (Persero) dan entitas indukterakhirnya adalah Pemerintah RepublikIndonesia.

The Company’s parent is PT Pertamina (Persero)and its ultimate parent is the Government of theRepublic of Indonesia.

322


323











6

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Elnusa Tbk (“Perusahaan”) didirikan dengannama PT Electronika Nusantara berdasarkanAkta Notaris No. 18 tanggal 25 Januari 1969dari Tan Thong Kie, S.H., sebagaimana diubahmelalui Akta Notaris No. 10 tanggal 13 Februari1969 dari notaris yang sama. Akta pendirian ini,yang merupakan Anggaran Dasar Perusahaan,telah mendapat pengesahan dari MenteriKehakiman Republik Indonesia melalui SuratKeputusan No. J.A.5/18/24 tanggal 19 Februari1969, serta telah diumumkan dalam BeritaNegara Republik Indonesia No. 35, TambahanNo. 58 tanggal 2 Mei 1969. Anggaran DasarPerusahaan telah beberapa kali mengalamiperubahan, terakhir untuk menyesuaikandengan peraturan Otoritas Jasa Keuanganyang terkait dengan penyelenggaraan RapatUmum Pemegang Saham, Direksi dan DewanKomisaris Perusahaan, berdasarkan AktaNotaris No. 101 tanggal 29 April 2015 dariAryanti Artisari, S.H., M.Kn., yang telahdiberitahukan kepada Menteri Hukum dan HakAsasi Manusia Republik Indonesia danmemperoleh surat penerimaan pemberitahuanNo. AHU-AH.01.03-0935264 tanggal 28 Mei2015.

PT Elnusa Tbk (the “Company”) was establishedunder the name of PT Electronika Nusantarabased on Notarial Deed No. 18 dated January 25,1969 of Tan Thong Kie, S.H., which wassubsequently amended by Notarial Deed No. 10dated February 13, 1969 of the same notary. TheDeed of Establishment, which is the Company’sArticles of Association, was approved by theMinister of Justice of the Republic of Indonesia inits Decision Letter No. J.A.5/18/24 datedFebruary 19, 1969, and was published inSupplement No. 58 of State Gazette of theRepublic of Indonesia No. 35 dated May 2, 1969.The Company’s Articles of Association have beenamended several times, the latest of which wasmade to adjust to the Financial ServicesAuthority’s regulation concerning themanagement of Shareholders’ General Meeting,Directors and Board of Commissioners, underNotarial Deed No. 101 dated April 29, 2015 ofAryanti Artisari, S.H., M.Kn., which has beenreported to the Minister of Law and Human Rightsof the Republic of Indonesia and has beenacknowledged through its letter ofacknowledgement No. AHU-AH.01.03-0935264dated May 28, 2015.

Berdasarkan Anggaran Dasar Perusahaan,ruang lingkup kegiatan Perusahaan adalahbergerak di bidang jasa, perdagangan,pertambangan, pembangunan danperindustrian. Saat ini, Perusahaan beroperasidi bidang jasa hulu migas dan penyertaansaham pada entitas anak serta venturabersama yang bergerak dalam berbagai bidangusaha jasa penunjang migas dan jasa distribusidan logistik energi. Perusahaan juga beroperasidi bidang penyediaan barang dan jasa termasukpenyediaan dan pengelolaan ruangperkantoran kepada entitas anak, pihak berelasidan pihak ketiga.

In accordance with the Company’s Articles ofAssociation, the scope of its activities is in thebusiness of services, trading, mining, constructionand industry. Currently, the Company is engagedin upstream oil and gas services and investing inshares of stock of subsidiaries and joint venturesthat are engaged in various businesses in oil andgas support services and energy distribution andlogistics services. The Company also providesgoods and services including providing andmanaging office space for its subsidiaries, relatedparties and third parties.

Perusahaan berdomisili di Graha Elnusa,Lantai 16, Jl. T.B. Simatupang Kav. 1B, JakartaSelatan, dan mulai beroperasi secara komersialpada bulan September 1969.

The Company is located at Graha Elnusa,16th Floor, Jl. T.B. Simatupang Kav. 1B, SouthJakarta, and started its commercial operations inSeptember 1969.

Entitas induk Perusahaan adalahPT Pertamina (Persero) dan entitas indukterakhirnya adalah Pemerintah RepublikIndonesia.

The Company’s parent is PT Pertamina (Persero)and its ultimate parent is the Government of theRepublic of Indonesia.










7

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

b. Penawaran umum saham b. Public offering of shares

Pada tanggal 25 Januari 2008, BadanPengawas Pasar Modal dan LembagaKeuangan (“Bapepam-LK”) menerbitkan SuratPemberitahuan Efektif Pernyataan Pendaftaransehubungan dengan Penawaran Umum SahamPerdana Perusahaan sebanyak 1.460.000.000saham. Pada tanggal 6 Februari 2008, sahamPerusahaan mulai diperdagangkan di BursaEfek Indonesia dengan harga penawaranperdana sebesar Rp400 (nilai penuh) persaham.

On January 25, 2008, the Capital Market andFinancial Institutions Supervisory Agency(“Bapepam-LK”) issued the Effective StatementLetter in accordance with the Company’s InitialPublic Offering of 1,460,000,000 shares. OnFebruary 6, 2008, the Company’s shares werelisted on the Indonesia Stock Exchange at aninitial offering price of Rp400 (full amount) pershare.

Ringkasan tindakan Perusahaan (corporateactions) yang mempengaruhi saham yangditerbitkan sejak tanggal penawaran umumperdana sampai dengan tanggal 31 Desember2018, adalah sebagai berikut:

The summary of the Company’s corporate actionsaffecting its capital stock from the date of its initialpublic offering up to December 31, 2018 is asfollows:

Tanggal/DateKeterangan/Description

Jumlah sahamditempatkandan disetor

penuh/Number of

shares issuedand fully paid

Nilai nominalper saham

dalam Rupiah(angka penuh)/Par value per

share in Rupiah(full amount)

29-31 Januari 2008/January 29-31, 2008

Penawaran umum perdana sebanyak 20%dari Modal Dasar atau sebanyak1.460.000.000 saham/Initial public offering amounting to 20% ofAuthorized Capital or equivalent to1,460,000,000 shares 7.298.500.000 100

6 Februari 2008/February 6, 2008

Mencatatkan saham Perseroan yang beredarsebanyak 7.298.500.000 saham di BEIdengan kode perdagangan “ELSA”/Listed 7,298,500,000 shares issued at IDXunder “ELSA” ticker 7.298.500.000 100

13 Oktober 2008 -12 Januari 2009/October 13, 2008 -January 12, 2009

Pembelian kembali 99.738.000 saham danmencatatkannya sebagai saham treasury/Buy back of 99,738,000 shares and recordedas treasury stocks 7.298.500.000 100

16 Desember 2011/December 16, 2011

Menerbitkan Keterbukaan Informasi untukmelakukan penjualan kembali atas sahamtreasury efektif mulai 2 Januari 2012/Published an information disclosure regardingsell back program on the treasury stockseffective on January 2, 2012 7.298.500.000 100

28 Juni 2013/June 23, 2013

Menerbitkan Keterbukaan Informasi bahwaPerusahaan telah melakukan pengalihan ataupenjualan atas seluruh saham hasil pembeliankembali/Published an information disclosure regardingsell back of the Company’s shares on the buyback program 7.298.500.000 100

Pada tanggal 31 Desember 2018 dan 2017,seluruh saham Perseroan tercatat di Bursa EfekIndonesia.

As of December 31, 2018 and 2017, all of theCompany’s shares are listed on the IndonesiaStock Exchange.










8


c. Dewan Komisaris, Direksi, Komite Audit dankaryawan

c. Board of Commissioners, Directors, AuditCommittee and employees

Pada tanggal 31 Desember 2018 dan 2017,susunan Dewan Komisaris dan DireksiPerusahaan adalah sebagai berikut:

As of December 31, 2018 and 2017, thecomposition of the Company’s Boards ofCommissioners and Directors is as follows:

31 Desember 2018 December 31, 2018Dewan Komisaris Board of CommissionersKomisaris Utama Narendra Widjajanto President CommissionerKomisaris Independen Lusiaga Levi Susila Independent CommissionerKomisaris Independen Pradana Ramadhian G. Independent CommissionerKomisaris Afdal Martha CommissionerKomisaris Eman Salman Arief Commissioner

Direksi DirectorsDirektur Utama Tolingul Anwar President DirectorDirektur Operasi Elizar Parlindungan Hasibuan Operations DirectorDirektur Pengembangan Usaha Business Development Director (Direktur Independen) Arief Riyanto (Independent Director)Direktur Keuangan Hery Setiawan Finance DirectorDirektur Sumber Daya Manusia Human Resources Director

& Umum RM Happy Paringhadi J.S & General

31 Desember 2017 December 31, 2017Dewan Komisaris Board of CommissionersKomisaris Utama Syamsu Alam President CommissionerKomisaris Independen Rinaldi Firmansyah Independent CommissionerKomisaris Independen Pradana Ramadhian G. Independent CommissionerKomisaris Yudo Irianto CommissionerKomisaris Budhi Himawan Commissioner

Direksi DirectorsDirektur Utama Tolingul Anwar President DirectorDirektur Operasi Elizar Parlindungan Hasibuan Operations DirectorDirektur Pengembangan Usaha Business Development Director (Direktur Independen) Budhi Nugraha Pangaribuan (Independent Director)Direktur Keuangan Budi Rahardjo Finance DirectorDirektur Sumber Daya Manusia RM Happy Paringhadi J.S Human Resources Director

Personil manajemen kunci Perusahaan adalahDewan Komisaris dan Direksi sebagaimanadisebutkan di atas (Catatan 29h).

Key management personnel of the Company arethe above mentioned Boards of Commissionersand Directors (Note 29h).

Pada tanggal 31 Desember 2018 dan 2017,susunan Komite Audit Perusahaan adalahsebagai berikut:

As of December 31, 2018 and 2017, thecomposition of the Company’s Audit Committee isas follows:

Ketua Pradana Ramadhian G. ChairmanAnggota Reynold M. Batubara MemberAnggota Eddy Rachmadi Member

Grup memiliki 2.090 karyawan (1.414 karyawantetap dan 676 karyawan kontrak) dan 1.719karyawan (1.378 karyawan tetap dan 341karyawan kontrak) masing-masing padatanggal 31 Desember 2018 dan 2017.

The Company and its subsidiaries have 2.090employees (1,414 permanent employees and 676contractual employees) and 1,719 employees(1,378 permanent employees and 341 contractualemployees) as of December 31, 2018 and 2017,respectively.

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325











8


c. Dewan Komisaris, Direksi, Komite Audit dankaryawan

c. Board of Commissioners, Directors, AuditCommittee and employees

Pada tanggal 31 Desember 2018 dan 2017,susunan Dewan Komisaris dan DireksiPerusahaan adalah sebagai berikut:

As of December 31, 2018 and 2017, thecomposition of the Company’s Boards ofCommissioners and Directors is as follows:

31 Desember 2018 December 31, 2018Dewan Komisaris Board of CommissionersKomisaris Utama Narendra Widjajanto President CommissionerKomisaris Independen Lusiaga Levi Susila Independent CommissionerKomisaris Independen Pradana Ramadhian G. Independent CommissionerKomisaris Afdal Martha CommissionerKomisaris Eman Salman Arief Commissioner

Direksi DirectorsDirektur Utama Tolingul Anwar President DirectorDirektur Operasi Elizar Parlindungan Hasibuan Operations DirectorDirektur Pengembangan Usaha Business Development Director (Direktur Independen) Arief Riyanto (Independent Director)Direktur Keuangan Hery Setiawan Finance DirectorDirektur Sumber Daya Manusia Human Resources Director

& Umum RM Happy Paringhadi J.S & General

31 Desember 2017 December 31, 2017Dewan Komisaris Board of CommissionersKomisaris Utama Syamsu Alam President CommissionerKomisaris Independen Rinaldi Firmansyah Independent CommissionerKomisaris Independen Pradana Ramadhian G. Independent CommissionerKomisaris Yudo Irianto CommissionerKomisaris Budhi Himawan Commissioner

Direksi DirectorsDirektur Utama Tolingul Anwar President DirectorDirektur Operasi Elizar Parlindungan Hasibuan Operations DirectorDirektur Pengembangan Usaha Business Development Director (Direktur Independen) Budhi Nugraha Pangaribuan (Independent Director)Direktur Keuangan Budi Rahardjo Finance DirectorDirektur Sumber Daya Manusia RM Happy Paringhadi J.S Human Resources Director

Personil manajemen kunci Perusahaan adalahDewan Komisaris dan Direksi sebagaimanadisebutkan di atas (Catatan 29h).

Key management personnel of the Company arethe above mentioned Boards of Commissionersand Directors (Note 29h).

Pada tanggal 31 Desember 2018 dan 2017,susunan Komite Audit Perusahaan adalahsebagai berikut:

As of December 31, 2018 and 2017, thecomposition of the Company’s Audit Committee isas follows:

Ketua Pradana Ramadhian G. ChairmanAnggota Reynold M. Batubara MemberAnggota Eddy Rachmadi Member

Grup memiliki 2.090 karyawan (1.414 karyawantetap dan 676 karyawan kontrak) dan 1.719karyawan (1.378 karyawan tetap dan 341karyawan kontrak) masing-masing padatanggal 31 Desember 2018 dan 2017.

The Company and its subsidiaries have 2.090employees (1,414 permanent employees and 676contractual employees) and 1,719 employees(1,378 permanent employees and 341 contractualemployees) as of December 31, 2018 and 2017,respectively.










9


d. Entitas anak d. Subsidiaries

Laporan keuangan konsolidasian meliputilaporan keuangan Perusahaan dan entitasanaknya (secara kolektif disebut sebagai“Grup”) sebagai berikut:

The consolidated financial statements include thefinancial statements of the Company and itssubsidiaries (collectively referred to as the“Group”) as follows:

Mulai Persentase kepemilikan Total aset sebelumberoperasi efektif/ eliminasi/

secara Effective percentage of Total assets beforeTempat komersial/ ownership elimination

kedudukan/ Start ofNama entitas anak/ Kegiatan usaha/ Place of commercial 31 Desember/December 31, 31 Desember/December 31,

Name of subsidiaries Business activities domicile operations 2018 2017 2018 2017

Kepemilikan langsung/Direct ownership

PT Sigma Cipta Utama Manajemen data, teknologi Jakarta 1980 99,99 99,99 137.532 124.533(“SCU”) informasi dan

telekomunikasi/Data management,information technologyand telecommunications

PT Elnusa Fabrikasi Jasa penguliran, perdagangan Batam 1983 99,97 97,35 109.430 58.407Konstruksi (“EFK”) dan pabrikasi pipa/

Pipe threading, trading andmanufacturing services

PT Elnusa Petrofin SPBU, depo, transportasi dan Jakarta 1996 99,99 99,99 1.378.949 953.548(“EPN”) perdagangan BBM dan

bahan kimia/Retail gas station, fuelstorage, oil and chemicalsdistribution and trading

PT Elnusa Patra Ritel Saat ini tidak beroperasi/ Jakarta 1996 -*) 99,99 -*) 40.696(“EPR”) *) Currently not in operation

PT Patra Nusa Data Jasa perolehan dan Jakarta 1998 99,50 99,50 149.381 136.195(“PND”) pengelolaan data eksplorasi

dan produksi migas/Oil and gas exploration andproduction data acquisitionand management services

PT Elnusa Trans Samudera Jasa penyewaan kapal laut Jakarta 2014 99,99 99,99 416.776 429.017(“ETSA”) dan agen perkapalan

perusahaan pelayaran/Ship rental services andshipping agent ofshipping company

PT Elnusa Geosains Belum beroperasi/ Jakarta - 99,99 99,99 12.270 11.865Indonesia (“EGI”) Pre-operating

PT Elnusa Oilfield Services Belum beroperasi/ Jakarta - 99,99 99,99 35.576 34.139(“EOS”) Pre-operating

KSO Elnusa - RAGA Jasa pemeliharaan mekanik/Mechanical maintenance

service Jakarta 2016 100,00 100,00 23.280 13.773

Kepemilikan melalui EFK(dahulu EPR)/Ownership through EFK(formerly EPR) *)

PT Elnusa Daya Kreatif Belum beroperasi/ Jakarta - 99,99 99,99 10.001 10.001(“EDK”) Pre-operating

*) Efektif tanggal 30 Juni 2018, EPR digabung ke EFK/Effective starting June 30, 2018, EPR was merged to EFK

Pada tanggal 9 Desember 2016, Perusahaantelah menandatangani Perjanjian PengikatanJual Beli Saham atas 30% kepemilikan sahamPND yang dikuasai oleh PT KreasindoResource Indonesia (KRI). Pada tanggal8 Maret 2017, Perusahan telah melakukanpembayaran kepada KRI. Selisih sebesarRp4.266 antara biaya perolehan danpenyesuaian kepentingan nonpengendalidicatat sebagai “Tambahan Modal Disetor”dalam laporan posisi keuangan konsolidasianPerusahaan.

On December 9, 2016, the Company has enteredinto Sale and Purchase of Shares Agreement toacquire additonal 30% ownership interest in PNDowned by PT Kreasindo Resource Indonesia(KRI). On March 8, 2017 the Company has madethe payment to KRI. The difference of Rp4,266between the cost and adjustment in non-controlling interest was recorded as “AdditionalPaid in Capital” in the Company’s consolidatedstatement of financial position.










10


d. Entitas anak (lanjutan) d. Subsidiaries (continued)

Pada tanggal 18 Januari 2016, Perusahaantelah menandatangani Perjanjian KerjasamaOperasi dengan PT Raga Perkasa Ekagunaterkait proyek “Jasa Pemeliharaan MekanikalMaintenance Services”, Perusahaan memilikikepemilikan sebesar 51%. Selanjutnya, padatanggal 22 Desember 2017, berdasarkanperjanjian perubahan No. 2 atas perjanjiankerjasama operasi, Perusahaan melakukanperubahan kepemilikan menjadi sebesar 100%.

On January 18, 2016, the Company has enteredinto a Joint Operation Agreement with PT RagaPerkasa Ekaguna related to “Jasa PemeliharaanMekanikal Maintenance Services”, the Companyhas 51% ownership. Furthermore, onDecember 22, 2017, pursuant to the amendmentNo.2 under the joint operation agreement, theCompany changed its ownership to 100%.

Pada tanggal 30 April 2018, Perusahaan telahmenandatangani Perjanjian Pengikatan JualBeli Saham atas 2,62% kepemilikan sahamEFK yang dikuasai oleh PT Multi Guna Laksindo(MGL) dengan harga Rp1.000. Pada tanggal30 April 2018, Perusahaan telah melakukanpembayaran kepada MGL. Selisih rugi sebesarRp792 (saldo debit) antara biaya perolehan danpenyesuaian kepentingan nonpengendalidicatat sebagai “Tambahan Modal Disetor”dalam laporan posisi keuangan konsolidasianPerusahaan.

On April 30, 2018, the Company has entered into

Sale and Purchase of Shares Agreement to

acquire additonal 2,62% ownership interest in

EFK owned by PT Multi Guna Laksindo (MGL)

amounted to Rp1,000. On April 30, 2018 the

Company has made the payment to MGL. The

loss difference of Rp792 (debit balance) between

the cost and adjustment in non-controlling interest

was recorded as “Additional Paid in Capital” in the

Company’s consolidated statement of financial

position.

Pada tanggal 4 Juni 2018, Perusahaan telahmenandatangani Perjanjian Pengikatan JualBeli Saham atas 2% kepemilikan saham EPRyang dikuasai oleh PT Sigma Cipta Utama(SCU) dengan harga Rp30. Pada tanggal21 Juni 2018, Perusahan telah melakukanpembayaran kepada SCU. Selisih laba sebesarRp795 antara biaya perolehan danpenyesuaian kepentingan nonpengendalidicatat sebagai “Tambahan Modal Disetor”dalam laporan posisi keuangan konsolidasianpada tanggal 31 Desember 2018.

On June 4, 2018, the Company has entered into


acquire additonal 2% ownership interest in SCU

owned by PT Sigma Cipta Utama (SCU)

amounted to Rp30. On June 21, 2018 the

Company has made the payment to SCU. The

gain difference of Rp795 between the cost and

adjustment in non-controlling interest was

recorded as “Additional Paid in Capital” in

consolidated statement of financial position as of

December 31, 2018.

Berdasarkan Rapat Umum Pemegang SahamLuar biasa EFK pada tanggal 26 Juni 2018 yangdiaktakan melalui Akta Notaris Aulia TaufaniS.H No. 43 tanggal 26 Juni 2018 dan telahditerima oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia melalui SuratPenerimaan Pemberitahuan PenggabunganEFK No. AHU-AH.01.10-0006497 tanggal29 Juni 2018, pemegang saham EFKmenyetujui penggabungan EFK dengan EPRyang berlaku efektif sejak tanggal 30 Juni 2018.Sebagai hasil penggabungan usaha, EFKsebagai entitas yang menerima penggabungandan EPR bubar demi hukum.

Based on the Extraordinary Shareholders’

General Meeting of EFK dated June 26, 2018

which was notarised throughNotarial Deed No. 43

Aulia Taufani S.H, dated June 26, 2018 and was

received by the Minister of Law and Human Rights

of the Republic of Indonesia through Receipt of

Notification for Merger of EFK No. AHU-AH.01.10-

0006497 dated June 29, 2018, the EFK’s

shareholders approved EFK’s merger with EPR,

which was effective starting Juni 30, 2018. As a

result of the merger, EFK as the surviving entity

and EPR was dissolved by the law.

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d. Entitas anak (lanjutan) d. Subsidiaries (continued)

Pada tanggal 18 Januari 2016, Perusahaantelah menandatangani Perjanjian KerjasamaOperasi dengan PT Raga Perkasa Ekagunaterkait proyek “Jasa Pemeliharaan MekanikalMaintenance Services”, Perusahaan memilikikepemilikan sebesar 51%. Selanjutnya, padatanggal 22 Desember 2017, berdasarkanperjanjian perubahan No. 2 atas perjanjiankerjasama operasi, Perusahaan melakukanperubahan kepemilikan menjadi sebesar 100%.

On January 18, 2016, the Company has enteredinto a Joint Operation Agreement with PT RagaPerkasa Ekaguna related to “Jasa PemeliharaanMekanikal Maintenance Services”, the Companyhas 51% ownership. Furthermore, onDecember 22, 2017, pursuant to the amendmentNo.2 under the joint operation agreement, theCompany changed its ownership to 100%.

Pada tanggal 30 April 2018, Perusahaan telahmenandatangani Perjanjian Pengikatan JualBeli Saham atas 2,62% kepemilikan sahamEFK yang dikuasai oleh PT Multi Guna Laksindo(MGL) dengan harga Rp1.000. Pada tanggal30 April 2018, Perusahaan telah melakukanpembayaran kepada MGL. Selisih rugi sebesarRp792 (saldo debit) antara biaya perolehan danpenyesuaian kepentingan nonpengendalidicatat sebagai “Tambahan Modal Disetor”dalam laporan posisi keuangan konsolidasianPerusahaan.

On April 30, 2018, the Company has entered into


acquire additonal 2,62% ownership interest in

EFK owned by PT Multi Guna Laksindo (MGL)

amounted to Rp1,000. On April 30, 2018 the

Company has made the payment to MGL. The

loss difference of Rp792 (debit balance) between

the cost and adjustment in non-controlling interest

was recorded as “Additional Paid in Capital” in the

Company’s consolidated statement of financial

position.

Pada tanggal 4 Juni 2018, Perusahaan telahmenandatangani Perjanjian Pengikatan JualBeli Saham atas 2% kepemilikan saham EPRyang dikuasai oleh PT Sigma Cipta Utama(SCU) dengan harga Rp30. Pada tanggal21 Juni 2018, Perusahan telah melakukanpembayaran kepada SCU. Selisih laba sebesarRp795 antara biaya perolehan danpenyesuaian kepentingan nonpengendalidicatat sebagai “Tambahan Modal Disetor”dalam laporan posisi keuangan konsolidasianpada tanggal 31 Desember 2018.

On June 4, 2018, the Company has entered into


acquire additonal 2% ownership interest in SCU

owned by PT Sigma Cipta Utama (SCU)

amounted to Rp30. On June 21, 2018 the

Company has made the payment to SCU. The

gain difference of Rp795 between the cost and

adjustment in non-controlling interest was

recorded as “Additional Paid in Capital” in

consolidated statement of financial position as of

December 31, 2018.

Berdasarkan Rapat Umum Pemegang SahamLuar biasa EFK pada tanggal 26 Juni 2018 yangdiaktakan melalui Akta Notaris Aulia TaufaniS.H No. 43 tanggal 26 Juni 2018 dan telahditerima oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia melalui SuratPenerimaan Pemberitahuan PenggabunganEFK No. AHU-AH.01.10-0006497 tanggal29 Juni 2018, pemegang saham EFKmenyetujui penggabungan EFK dengan EPRyang berlaku efektif sejak tanggal 30 Juni 2018.Sebagai hasil penggabungan usaha, EFKsebagai entitas yang menerima penggabungandan EPR bubar demi hukum.

Based on the Extraordinary Shareholders’

General Meeting of EFK dated June 26, 2018

which was notarised throughNotarial Deed No. 43

Aulia Taufani S.H, dated June 26, 2018 and was

received by the Minister of Law and Human Rights

of the Republic of Indonesia through Receipt of

Notification for Merger of EFK No. AHU-AH.01.10-

0006497 dated June 29, 2018, the EFK’s

shareholders approved EFK’s merger with EPR,

which was effective starting Juni 30, 2018. As a

result of the merger, EFK as the surviving entity

and EPR was dissolved by the law.










11


e. Penerbitan laporan keuangan konsolidasian e. Issuance of consolidated financial statements

Laporan keuangan konsolidasian inidiselesaikan dan diotorisasi untuk terbit olehDireksi Perusahaan pada tanggal14 Februari 2019. Direksi Perusahaan yangmenandatangani Surat Pernyataan Direksibertanggung jawab atas penyusunan danpenyajian wajar laporan keuangankonsolidasian tersebut.

These consolidated financial statements arecompleted and authorized for issuance by theCompany’s Directors on February 14, 2019. TheCompany’s Directors who signed the Directors’Statement are responsible for the fair preparationand presentation of such consolidated financialstatements.

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Berikut ini adalah kebijakan akuntansi signifikanyang diterapkan dalam penyusunan laporankeuangan konsolidasian Grup yang sesuai denganStandar Akuntansi Keuangan di Indonesia. Laporankeuangan konsolidasian ini juga disusunsesuai dengan ketentuan yang ditetapkandalam Keputusan Ketua Bapepam-LKNo. KEP-347/BL/2012 tertanggal 25 Juni 2012tentang Penyajian dan Pengungkapan LaporanKeuangan Emiten atau Perusahaan Publik.Kebijakan ini telah diterapkan secara konsistenterhadap seluruh periode yang disajikan, kecuali jikadinyatakan lain.

Presented below are the significant accountingpolicies adopted in preparing the Group’s consolidatedfinancial statements, which are in conformity withIndonesian Financial Accounting Standards. Theconsolidated financial statements have also beenprepared in conformity with Decree of the Chairman ofBapepam-LK No. KEP-347/BL/2012 dated June 25,2012 regarding the Presentation and Disclosure ofFinancial Statements of an Issuer or a PublicCompany. These policies have been consistentlyapplied to all periods presented, unless otherwisestated.

a. Dasar penyajian laporan keuangankonsolidasian

a. Basis of preparation of the consolidatedfinancial statements

Laporan keuangan konsolidasian, kecualilaporan arus kas konsolidasian, disusunberdasarkan konsep akrual dan biayaperolehan historis, kecuali beberapa akuntertentu yang diukur dengan cara sebagaimanayang diuraikan dalam kebijakan akuntansi diakun yang bersangkutan.

The consolidated financial statements, except forthe consolidated statement of cash flows, areprepared using the accrual basis and based onhistorical costs, except for certain accounts whichare measured on the bases described in therelated accounting policies of those accounts.

Laporan arus kas konsolidasian disajikandengan menggunakan metode langsung yangmengelompokkan penerimaan danpengeluaran kas dan setara kas ke dalamaktivitas operasi, investasi dan pendanaan.Untuk tujuan penyajian laporan arus kaskonsolidasian, kas dan setara kas terdiri darikas dan bank, simpanan yang sewaktu-waktubisa dicairkan dan investasi likuid jangkapendek lainnya yang jatuh tempo dalam waktu3 (tiga) bulan atau kurang, dikurangi dengancerukan.

The consolidated statement of cash flows ispresented using the direct method by classifyingthe receipts and disbursements of cash and cashequivalents into operating, investing and financingactivities. For the purpose of the consolidatedstatement of cash flows, cash and cashequivalents include cash on hand and in banks,deposits held at call with banks and other short-term highly liquid investments with originalmaturities of 3 (three) months or less, net of bankoverdrafts.

Seluruh angka dalam laporan keuangankonsolidasian ini, dibulatkan dan disajikandalam jutaan Rupiah (“Rp”), kecuali dinyatakanlain.

All figures in the consolidated financial statementsare rounded to and expressed in millions ofRupiah (“Rp”), unless otherwise stated.










12

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

b. Prinsip-prinsip konsolidasi b. Principles of consolidation

Laporan keuangan konsolidasian meliputilaporan keuangan Perusahaan dan entitasanaknya seperti yang diungkapkan dalamCatatan 1d. Entitas anak merupakan semuaentitas dimana Perusahaan terekspos ataumemiliki hak atas imbal hasil variabel dariketerlibatannya dengan entitas tersebut danmemiliki kemampuan untuk mempengaruhiimbal hasil tersebut melalui kekuasaannya atasentitas tersebut. Dengan demikian, suatuentitas dianggap sebagai entitas anak jika danhanya jika Perusahaan memiliki kekuasaanatas entitas tersebut, eksposur atau hak atasimbal hasil variabel dari keterlibatannya denganentitas tersebut dan kemampuan untukmenggunakan kekuasaannya atas entitastersebut untuk mempengaruhi jumlah imbalhasil Perusahaan.

The consolidated financial statements include thefinancial statements of the Company and itssubsidiaries as disclosed in Note 1d. Subsidiariesare all entities over which the Company isexposed, or has rights, to variable returns from itsinvolvement with the entities and has the ability toaffect those returns through its power over theentities. Thus, an entity is considered a subsidiaryif and only if the Company has power over theentity, exposure or rights to variable returns fromits involvement with the entity and the ability touse its power over the investee to affect theamount of the Company’s returns.

Semua saldo dan transaksi antar entitas yangmaterial, termasuk keuntungan atau kerugianyang belum direalisasi, jika ada, dieliminasiuntuk mencerminkan posisi keuangan dan hasiloperasi Grup sebagai satu kesatuan usaha.Kebijakan akuntansi di entitas anak telahdiubah seperlunya agar konsisten dengankebijakan akuntansi yang diterapkan oleh Grup.

All material intercompany accounts andtransactions, including unrealized gains or losses,if any, are eliminated to reflect the financialposition and the results of operations of the Groupas a single business entity. Accounting policies ofsubsidiaries have been changed where necessaryto ensure consistency with the policies adopted bythe Group.

Entitas anak dikonsolidasikan mulai dari tanggalpengendalian beralih kepada Perusahaan dantidak lagi dikonsolidasikan dari tanggalhilangnya pengendalian.

Subsidiaries are fully consolidated from the dateon which control is transferred to the Company.They are deconsolidated from the date on whichthat control ceases.

Kepentingan nonpengendali (“KNP”)mencerminkan bagian atas laba rugi,penghasilan komprehensif lain dan aset netodari entitas anak yang tidak dapat diatribusikansecara langsung maupun tidak langsungkepada pemilik entitas induk, yang masing-masing disajikan dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasiandan sebagai ekuitas dalam laporan posisikeuangan konsolidasian, terpisah dari bagianyang dapat diatribusikan kepada pemilik entitasinduk.

Non-controlling interest (“NCI”) represents theportion of profit or loss, other comprehensiveincome and net assets of the subsidiary notattributable directly or indirectly to the owners ofthe parent entity, which are presented in theconsolidated statement of profit or loss and othercomprehensive income and under the equitysection of the consolidated statement of financialposition, respectively, separately from thecorresponding portion attributable to the ownersof the parent entity.

Rugi entitas anak yang tidak dimiliki secarapenuh diatribusikan kepada KNP, bahkan jikahal ini mengakibatkan KNP mempunyai saldodefisit.

Losses of a non-wholly owned subsidiary areattributed to NCI even if such losses result in adeficit balance for the NCI.

328


329











12



b. Prinsip-prinsip konsolidasi b. Principles of consolidation

Laporan keuangan konsolidasian meliputilaporan keuangan Perusahaan dan entitasanaknya seperti yang diungkapkan dalamCatatan 1d. Entitas anak merupakan semuaentitas dimana Perusahaan terekspos ataumemiliki hak atas imbal hasil variabel dariketerlibatannya dengan entitas tersebut danmemiliki kemampuan untuk mempengaruhiimbal hasil tersebut melalui kekuasaannya atasentitas tersebut. Dengan demikian, suatuentitas dianggap sebagai entitas anak jika danhanya jika Perusahaan memiliki kekuasaanatas entitas tersebut, eksposur atau hak atasimbal hasil variabel dari keterlibatannya denganentitas tersebut dan kemampuan untukmenggunakan kekuasaannya atas entitastersebut untuk mempengaruhi jumlah imbalhasil Perusahaan.

The consolidated financial statements include thefinancial statements of the Company and itssubsidiaries as disclosed in Note 1d. Subsidiariesare all entities over which the Company isexposed, or has rights, to variable returns from itsinvolvement with the entities and has the ability toaffect those returns through its power over theentities. Thus, an entity is considered a subsidiaryif and only if the Company has power over theentity, exposure or rights to variable returns fromits involvement with the entity and the ability touse its power over the investee to affect theamount of the Company’s returns.

Semua saldo dan transaksi antar entitas yangmaterial, termasuk keuntungan atau kerugianyang belum direalisasi, jika ada, dieliminasiuntuk mencerminkan posisi keuangan dan hasiloperasi Grup sebagai satu kesatuan usaha.Kebijakan akuntansi di entitas anak telahdiubah seperlunya agar konsisten dengankebijakan akuntansi yang diterapkan oleh Grup.

All material intercompany accounts andtransactions, including unrealized gains or losses,if any, are eliminated to reflect the financialposition and the results of operations of the Groupas a single business entity. Accounting policies ofsubsidiaries have been changed where necessaryto ensure consistency with the policies adopted bythe Group.

Entitas anak dikonsolidasikan mulai dari tanggalpengendalian beralih kepada Perusahaan dantidak lagi dikonsolidasikan dari tanggalhilangnya pengendalian.

Subsidiaries are fully consolidated from the dateon which control is transferred to the Company.They are deconsolidated from the date on whichthat control ceases.

Kepentingan nonpengendali (“KNP”)mencerminkan bagian atas laba rugi,penghasilan komprehensif lain dan aset netodari entitas anak yang tidak dapat diatribusikansecara langsung maupun tidak langsungkepada pemilik entitas induk, yang masing-masing disajikan dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasiandan sebagai ekuitas dalam laporan posisikeuangan konsolidasian, terpisah dari bagianyang dapat diatribusikan kepada pemilik entitasinduk.

Non-controlling interest (“NCI”) represents theportion of profit or loss, other comprehensiveincome and net assets of the subsidiary notattributable directly or indirectly to the owners ofthe parent entity, which are presented in theconsolidated statement of profit or loss and othercomprehensive income and under the equitysection of the consolidated statement of financialposition, respectively, separately from thecorresponding portion attributable to the ownersof the parent entity.

Rugi entitas anak yang tidak dimiliki secarapenuh diatribusikan kepada KNP, bahkan jikahal ini mengakibatkan KNP mempunyai saldodefisit.

Losses of a non-wholly owned subsidiary areattributed to NCI even if such losses result in adeficit balance for the NCI.










13



b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)

Jika kehilangan pengendalian atas suatu entitasanak, maka Perusahaan:

In case it loses control over a subsidiary, theCompany:

- menghentikan pengakuan aset (termasukgoodwill) dan liabilitas entitas anak;

- derecognizes the assets (including goodwill)and liabilities of the subsidiary;

- menghentikan pengakuan jumlah tercatatsetiap KNP;

- derecognizes the carrying amount of anyNCI;

- menghentikan pengakuan akumulasiselisih penjabaran, yang dicatat di ekuitas,bila ada;

- derecognizes the cumulative translationdifferences, recorded in equity, if any;

- mengakui nilai wajar pembayaran yangditerima;

- recognizes the fair value of the considerationreceived;

- mengakui setiap sisa investasi pada nilaiwajarnya;

- recognizes the fair value of any investmentretained;

- mengakui setiap surplus dan defisit dalamlaba rugi;

- recognizes any surplus or deficit in profit orloss;

- mereklasifikasi bagian Perusahaan ataskomponen yang sebelumnya diakuisebagai penghasilan komprehensif lain kelaba rugi atau saldo laba, mana yangsesuai.

Perubahan dalam bagian kepemilikan Gruppada entitas anak yang tidak mengakibatkanhilangnya pengendalian dicatat sebagaitransaksi ekuitas.

- reclassifies the Company’s share ofcomponents previously recognized in othercomprehensive income to profit or loss orretained earnings, as appropriate.

A change in the ownership interest of a subsidiary,without a loss of control, is accounted for as anequity transaction.

c. Investasi pada ventura bersama c. Investment in joint ventures

Ventura bersama adalah semua entitas yangdikendalikan bersama oleh Grup bersamadengan venturer lain dimana Grup memilik hakatas aset neto ventura bersama tersebut.Investasi pada ventura bersama dicatat denganmenggunakan metode ekuitas yang padaawalnya diakui pada harga perolehannya.

Joint ventures are all entities which are jointlycontrolled by the Group and other venturers, inwhich the Group has rights to only the net assetsof the joint ventures. Investments in joint venturesare accounted for using the equity method ofaccounting and initially recognized at cost.

Bagian Grup atas laba rugi ventura bersamapasca akuisisi diakui dalam laba rugi dan bagianatas mutasi penghasilan komprehensif lainpasca akuisisi diakui di dalam penghasilankomprehensif lain dan diikuti denganpenyesuaian pada jumlah tercatat investasi.Dividen yang akan diterima dari venturabersama diakui sebagai pengurang jumlahtercatat investasi. Jika bagian Grup ataskerugian ventura bersama sama dengan ataumelebihi nilai kepemilikannya di venturabersama, Grup menghentikan pengakuanbagian kerugiannya, kecuali Grup memilikikewajiban hukum atau harus melakukanpembayaran tertentu atas nama venturabersama tersebut.

The Group’s share of the joint ventures’ post-acquisition profits or losses is recognized in profitor loss, and its share of post-acquisitionmovements in other comprehensive income isrecognized in other comprehensive income with acorresponding adjustment to the carrying amountof the investment. Dividends receivable from jointventures are recognized as reductions in thecarrying amount of the investment. When theGroup’s share of losses in a joint venture equalsor exceeds its interest in the joint venture, theGroup does not recognize further losses, unlessthe Group has incurred legal or constructiveobligations or made payments on behalf of thejoint venture.










14



c. Investasi pada ventura bersama (lanjutan) c. Investment in joint ventures (continued)

Laba rugi yang dihasilkan dari transaksi antaraGrup dengan ventura bersama diakui dalamlaporan keuangan konsolidasian Grup hanyasebesar bagian venturer lain yang tidak berelasidalam ventura bersama. Pada setiap tanggalpelaporan, Grup menentukan apakah terdapatbukti obyektif bahwa telah terjadi penurunannilai pada investasi di ventura bersama. Jikademikian, maka Grup menghitung besarnyapenurunan nilai sebagai selisih antara jumlahyang terpulihkan dan jumlah tercatat investasipada ventura bersama dan mengakui selisihtersebut pada “bagian atas laba (rugi) venturabersama” dalam laba rugi.

Profits and losses resulting from transactionsbetween the Group and its joint ventures arerecognized in the Group’s consolidated financialstatements only to the extent of unrelatedventurer’s interest in the joint ventures. The Groupdetermines at each reporting date whether thereis any objective evidence that the investment inthe joint venture is impaired. If this is the case, theGroup calculates the amount of impairment as thedifference between the recoverable amount of thejoint venture and its carrying amount andrecognizes the amount adjacent to “shares ofprofit (loss) of joint ventures” in profit or loss.

d. Kombinasi bisnis d. Business combination

Kombinasi bisnis dicatat dengan menggunakanmetode akuisisi. Biaya perolehan dari sebuahakuisisi diukur pada nilai agregat imbalan yangdialihkan, diukur pada nilai wajar pada tanggalakuisisi dan jumlah setiap KNP pada pihak yangdiakuisisi. Untuk setiap kombinasi bisnis, Grupmengukur KNP pada entitas yang diakuisisi,baik pada nilai wajar ataupun pada proporsikepemilikan KNP atas aset neto yangteridentifikasi dari entitas yang diakuisisi. Biaya-biaya akuisisi yang timbul dibebankan langsungdan dimasukkan dalam “beban umum danadministrasi”.

Business combinations are accounted for usingthe acquisition method. The cost of an acquisitionis measured as the aggregate of the considerationtransferred, measured at acquisition date fairvalue and the amount of any NCI in the acquiree.For each business combination, the Groupmeasures the NCI in the acquiree either at fairvalue or at the proportionate share of theacquiree’s identifiable net assets. Acquisitioncosts incurred are directly expensed and includedin “general and administrative expenses”.

Ketika melakukan akuisisi atas sebuah bisnis,Grup mengklasifikasikan dan menentukan asetkeuangan yang diperoleh dan liabilitaskeuangan yang diambil alih berdasarkan padapersyaratan kontraktual, kondisi ekonomi dankondisi terkait lain yang ada pada tanggalakuisisi. Hal ini termasuk pemisahan derivatifmelekat dalam kontrak utama oleh pihak yangdiakuisisi.

When the Group acquires a business, it assessesthe financial assets acquired and liabilitiesassumed for appropriate classification anddesignation in accordance with the contractualterms, economic circumstances and pertinentconditions as at the acquisition date. This includesthe separation of embedded derivatives in hostcontracts by the acquiree.

Pada tanggal akuisisi, goodwill awalnya diukurpada biaya perolehan yang merupakan selisihlebih nilai agregat dari imbalan yang dialihkandan jumlah setiap KNP atas selisih jumlah dariaset neto teridentifikasi yang diperoleh danliabilitas yang diambil alih. Jika imbalan tersebutkurang dari nilai wajar aset neto entitas yangdiakuisisi, selisih tersebut diakui dalam laba rugisebagai keuntungan dari pembelian dengandiskon setelah sebelumnya manajemenmeninjau kembali identifikasi dan nilai wajar dariaset yang diperoleh dan liabilitas yang diambilalih.

At acquisition date, goodwill is initially measuredat cost being the excess of the aggregate of theconsideration transferred and the amountrecognized for NCI over the net identifiable assetsacquired and liabilities assumed. If thisconsideration is lower than the fair value of the netassets of the acquiree, the difference isrecognized in profit or loss as gain on bargainpurchase after revisiting the identification and fairvalue measurement of the acquired assets andthe assumed liabilities.

330


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14



c. Investasi pada ventura bersama (lanjutan) c. Investment in joint ventures (continued)

Laba rugi yang dihasilkan dari transaksi antaraGrup dengan ventura bersama diakui dalamlaporan keuangan konsolidasian Grup hanyasebesar bagian venturer lain yang tidak berelasidalam ventura bersama. Pada setiap tanggalpelaporan, Grup menentukan apakah terdapatbukti obyektif bahwa telah terjadi penurunannilai pada investasi di ventura bersama. Jikademikian, maka Grup menghitung besarnyapenurunan nilai sebagai selisih antara jumlahyang terpulihkan dan jumlah tercatat investasipada ventura bersama dan mengakui selisihtersebut pada “bagian atas laba (rugi) venturabersama” dalam laba rugi.

Profits and losses resulting from transactionsbetween the Group and its joint ventures arerecognized in the Group’s consolidated financialstatements only to the extent of unrelatedventurer’s interest in the joint ventures. The Groupdetermines at each reporting date whether thereis any objective evidence that the investment inthe joint venture is impaired. If this is the case, theGroup calculates the amount of impairment as thedifference between the recoverable amount of thejoint venture and its carrying amount andrecognizes the amount adjacent to “shares ofprofit (loss) of joint ventures” in profit or loss.

d. Kombinasi bisnis d. Business combination

Kombinasi bisnis dicatat dengan menggunakanmetode akuisisi. Biaya perolehan dari sebuahakuisisi diukur pada nilai agregat imbalan yangdialihkan, diukur pada nilai wajar pada tanggalakuisisi dan jumlah setiap KNP pada pihak yangdiakuisisi. Untuk setiap kombinasi bisnis, Grupmengukur KNP pada entitas yang diakuisisi,baik pada nilai wajar ataupun pada proporsikepemilikan KNP atas aset neto yangteridentifikasi dari entitas yang diakuisisi. Biaya-biaya akuisisi yang timbul dibebankan langsungdan dimasukkan dalam “beban umum danadministrasi”.

Business combinations are accounted for usingthe acquisition method. The cost of an acquisitionis measured as the aggregate of the considerationtransferred, measured at acquisition date fairvalue and the amount of any NCI in the acquiree.For each business combination, the Groupmeasures the NCI in the acquiree either at fairvalue or at the proportionate share of theacquiree’s identifiable net assets. Acquisitioncosts incurred are directly expensed and includedin “general and administrative expenses”.

Ketika melakukan akuisisi atas sebuah bisnis,Grup mengklasifikasikan dan menentukan asetkeuangan yang diperoleh dan liabilitaskeuangan yang diambil alih berdasarkan padapersyaratan kontraktual, kondisi ekonomi dankondisi terkait lain yang ada pada tanggalakuisisi. Hal ini termasuk pemisahan derivatifmelekat dalam kontrak utama oleh pihak yangdiakuisisi.

When the Group acquires a business, it assessesthe financial assets acquired and liabilitiesassumed for appropriate classification anddesignation in accordance with the contractualterms, economic circumstances and pertinentconditions as at the acquisition date. This includesthe separation of embedded derivatives in hostcontracts by the acquiree.

Pada tanggal akuisisi, goodwill awalnya diukurpada biaya perolehan yang merupakan selisihlebih nilai agregat dari imbalan yang dialihkandan jumlah setiap KNP atas selisih jumlah dariaset neto teridentifikasi yang diperoleh danliabilitas yang diambil alih. Jika imbalan tersebutkurang dari nilai wajar aset neto entitas yangdiakuisisi, selisih tersebut diakui dalam laba rugisebagai keuntungan dari pembelian dengandiskon setelah sebelumnya manajemenmeninjau kembali identifikasi dan nilai wajar dariaset yang diperoleh dan liabilitas yang diambilalih.

At acquisition date, goodwill is initially measuredat cost being the excess of the aggregate of theconsideration transferred and the amountrecognized for NCI over the net identifiable assetsacquired and liabilities assumed. If thisconsideration is lower than the fair value of the netassets of the acquiree, the difference isrecognized in profit or loss as gain on bargainpurchase after revisiting the identification and fairvalue measurement of the acquired assets andthe assumed liabilities.










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d. Kombinasi bisnis (lanjutan) d. Business combination (continued)

Setelah pengakuan awal, goodwill diukur padajumlah tercatat dikurangi akumulasi penyisihanpenurunan nilai. Untuk tujuan pengujianpenurunan nilai, goodwill yang diperoleh darisuatu kombinasi bisnis, sejak tanggal akuisisidialokasikan kepada setiap unit penghasil kas(“UPK”) dari Grup yang diharapkan akanmemberikan manfaat dari sinergi kombinasitersebut, terlepas dari apakah aset atauliabilitas lain dari pihak yang diakuisisiditetapkan atas UPK tersebut.

After initial recognition, goodwill is measured atcost less any accumulated allowance forimpairment. For the purpose of impairmenttesting, goodwill acquired in a businesscombination is, from the acquisition date,allocated to each of the Group’s cash-generatingunits (“CGU”) that are expected to benefit from thecombination, irrespective of whether other assetsor liabilities of the acquiree are assigned to thoseCGUs.

Jika goodwill telah dialokasikan pada suatuUPK dan operasi tertentu atas UPK tersebutdihentikan, maka goodwill yang diasosiasikandengan operasi yang dihentikan tersebuttermasuk dalam jumlah tercatat operasitersebut ketika menentukan keuntungan ataukerugian dari pelepasan. Goodwill yangdilepaskan tersebut diukur berdasarkan nilairelatif operasi yang dihentikan dan porsi UPKyang ditahan.

Where goodwill forms part of a CGU and part ofthe operation within that CGU is disposed of, thegoodwill associated with the operation disposed ofis included in the carrying amount of the operationwhen determining the gain or loss on disposal ofthe operation. Goodwill disposed of in thiscircumstance is measured based on the relativevalues of the operation disposed of and theportion of the CGU retained.

e. Kombinasi bisnis entitas sepengendali e. Business combination of entities undercommon control

Kombinasi bisnis entitas sepengendali, berupapengalihan bisnis yang dilakukan dalam rangkareorganisasi entitas-entitas yang berada dalamsuatu kelompok usaha yang sama, bukanmerupakan perubahan kepemilikan dalam artisubstansi ekonomi, sehingga transaksi tersebuttidak dapat menimbulkan laba atau rugi bagikelompok usaha secara keseluruhan ataupunbagi entitas individual dalam kelompok usahatersebut. Oleh karena itu, transaksi tersebutdiakui pada jumlah tercatat berdasarkanmetode penyatuan kepemilikan. Laporankeuangan entitas yang bergabung disajikansedemikian rupa seolah-olah penggabungantersebut telah terjadi sejak awal periode entitasyang bergabung berada dalam sepengendalian.

Business combination of entities under commoncontrol, represents the transfer of business whichis carried out within the framework of reorganizingentities under the same group, does not constitutea change of ownership based on the economicsubstance of such transaction, hence it does notresult in gain or loss to the group as a whole or tothe individual entity within the group. Hence, suchtransaction is recognized at carrying amountusing the pooling-of-interests method. Thefinancial statements of the combined entities arepresented as if they had been combined from thebeginning of the period they were under commoncontrol.

Selisih antara imbalan yang diberikan/diterimadan jumlah tercatat bisnis yang diterima/dilepasdalam kombinasi bisnis entitas sepengendalidicatat pada akun tambahan modal disetordalam laporan posisi keuangan konsolidasian.

Difference between the considerationtransferred/received and the carrying amount ofthe acquired/disposed business in a businesscombination of entities under common control isrecorded in additional paid-in capital account inthe consolidated statement of financial position.










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f. Kas dan setara kas f. Cash and cash equivalents

Kas dan setara kas terdiri dari kas, bank dandeposito berjangka yang jatuh tempo dalam3 (tiga) bulan atau kurang dari tanggalpenempatannya dan tidak digunakan sebagaijaminan atau dibatasi penggunaannya.

Cash and cash equivalents are cash on hand,cash in banks and time deposits with maturityperiods of 3 (three) months or less at the time ofplacement and which are not used as collateral ornot restricted.

Deposito berjangka dengan jangka waktu lebihdari 3 (tiga) bulan tapi tidak melebihi 1 (satu)tahun dari tanggal penempatannya disajikansebagai bagian dari “aset keuangan lancarlainnya”.

Time deposits with maturities of more than3 (three) months but not exceeding 1 (one) yearat the time of placement are presented as part of“other current financial assets”.

Kas dan setara kas yang dibatasipenggunaannya yang akan digunakan untukmembayar liabilitas yang akan jatuh tempodalam waktu 1 (satu) tahun disajikan sebagai“kas yang dibatasi penggunaannya” sebagaibagian dari ”aset keuangan lancar lainnya”. Kasdan setara kas yang dibatasi penggunaannyauntuk membayar liabilitas yang akan jatuhtempo dalam waktu lebih dari 1 (satu) tahundisajikan sebagai bagian dari “aset keuangantidak lancar lainnya”.

Cash and cash equivalents which are restrictedfor repayment of current maturing obligations arepresented as “restricted cash” under “othercurrent financial assets”. Cash and cashequivalents which are restricted for repayment ofobligations maturing after 1 (one) year arepresented as part of “other non-current financialassets”.

g. Instrumen keuangan g. Financial instruments

i. Aset keuangan i. Financial assets

Pengakuan awal Initial recognition

Aset keuangan diklasifikasikan sebagaiaset keuangan yang diukur pada nilai wajarmelalui laba rugi, pinjaman yang diberikandan piutang, investasi dimiliki hingga jatuhtempo, dan aset keuangan tersedia untukdijual, mana yang sesuai. Grupmenetapkan klasifikasi aset keuangansetelah pengakuan awal dan, jikadiperbolehkan dan sesuai, akan melakukanevaluasi atas klasifikasi ini pada setiaptanggal pelaporan.

Financial assets are classified as financialassets at fair value through profit or loss,loans and receivables, held-to-maturityinvestments, or available-for-sale financialassets, as appropriate. The Groupdetermines the classification of its financialassets after initial recognition and, whereallowed and appropriate, re-evaluates thisdesignation at each reporting date.

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f. Kas dan setara kas f. Cash and cash equivalents

Kas dan setara kas terdiri dari kas, bank dandeposito berjangka yang jatuh tempo dalam3 (tiga) bulan atau kurang dari tanggalpenempatannya dan tidak digunakan sebagaijaminan atau dibatasi penggunaannya.

Cash and cash equivalents are cash on hand,cash in banks and time deposits with maturityperiods of 3 (three) months or less at the time ofplacement and which are not used as collateral ornot restricted.

Deposito berjangka dengan jangka waktu lebihdari 3 (tiga) bulan tapi tidak melebihi 1 (satu)tahun dari tanggal penempatannya disajikansebagai bagian dari “aset keuangan lancarlainnya”.

Time deposits with maturities of more than3 (three) months but not exceeding 1 (one) yearat the time of placement are presented as part of“other current financial assets”.

Kas dan setara kas yang dibatasipenggunaannya yang akan digunakan untukmembayar liabilitas yang akan jatuh tempodalam waktu 1 (satu) tahun disajikan sebagai“kas yang dibatasi penggunaannya” sebagaibagian dari ”aset keuangan lancar lainnya”. Kasdan setara kas yang dibatasi penggunaannyauntuk membayar liabilitas yang akan jatuhtempo dalam waktu lebih dari 1 (satu) tahundisajikan sebagai bagian dari “aset keuangantidak lancar lainnya”.

Cash and cash equivalents which are restrictedfor repayment of current maturing obligations arepresented as “restricted cash” under “othercurrent financial assets”. Cash and cashequivalents which are restricted for repayment ofobligations maturing after 1 (one) year arepresented as part of “other non-current financialassets”.

g. Instrumen keuangan g. Financial instruments

i. Aset keuangan i. Financial assets


Aset keuangan diklasifikasikan sebagaiaset keuangan yang diukur pada nilai wajarmelalui laba rugi, pinjaman yang diberikandan piutang, investasi dimiliki hingga jatuhtempo, dan aset keuangan tersedia untukdijual, mana yang sesuai. Grupmenetapkan klasifikasi aset keuangansetelah pengakuan awal dan, jikadiperbolehkan dan sesuai, akan melakukanevaluasi atas klasifikasi ini pada setiaptanggal pelaporan.

Financial assets are classified as financialassets at fair value through profit or loss,loans and receivables, held-to-maturityinvestments, or available-for-sale financialassets, as appropriate. The Groupdetermines the classification of its financialassets after initial recognition and, whereallowed and appropriate, re-evaluates thisdesignation at each reporting date.










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g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)

i. Aset keuangan (lanjutan) i. Financial assets (continued)

Pengakuan awal (lanjutan) Initial recognition (continued)

Aset keuangan Grup yang meliputi kas dansetara kas, piutang usaha, aset keuanganlancar lainnya, piutang pihak berelasi danaset keuangan tidak lancar lainnyadiklasifikasikan sebagai pinjaman yangdiberikan dan piutang, sementara investasipada saham dengan persentasekepemilikan di bawah 20% diklasifikasikansebagai aset keuangan tersedia untukdijual.

Pada tanggal 31 Desember 2018 dan2017, Grup tidak memiliki aset keuanganyang diukur pada nilai wajar melalui labarugi dan investasi dimiliki hingga jatuhtempo.

The Group’s financial assets which includecash and cash equivalents, tradereceivables, other current financial assets,due from related parties and other non-current financial assets are classified asloans and receivables, while investments inshares with percentage of ownership interestless than 20% are classified as available-for-sale financial assets.

As of December 31, 2018 and 2017, theGroup does not have any financial assets atfair value through profit or loss and held-to-maturity investments.

Pada saat pengakuan awalnya, asetkeuangan diukur pada nilai wajar ditambahdengan biaya transaksi yang dapatdiatribusikan secara langsung.

When financial assets are recognized initially,they are measured at fair value plus directlyattributable transaction costs.

Pengukuran setelah pengakuan awal Subsequent measurement

Pinjaman yang diberikan dan piutangadalah aset keuangan nonderivatif denganpembayaran tetap atau telah ditentukandan tidak memiliki kuotasi di pasar aktif.Setelah pengakuan awal, aset tersebutdicatat pada biaya perolehan yangdiamortisasi dengan menggunakanmetode suku bunga efektif (SBE) dankeuntungan atau kerugian terkait diakuidalam laba rugi ketika aset tersebutmengalami penurunan nilai atau melaluiproses amortisasi. Arus kas terkait denganpinjaman yang diberikan dan piutangjangka pendek tidak didiskontokan apabilaefek diskonto tidak material.

Loans and receivables are non-derivativefinancial assets with fixed or determinablepayments that are not quoted in an activemarket. After initial recognition, such assetsare carried at amortized cost using theeffective interest (EIR) method and therelated gains or losses are recognized inprofit or loss when the assets are impaired or through amortization process. Cash flowsrelating to short-term loans and receivablesare not discounted if the effect of discountingis immaterial.

Aset keuangan tersedia untuk dijual adalahaset keuangan nonderivatif yangditetapkan sebagai tersedia untuk dijualatau yang tidak diklasifikasikan dalam3 (tiga) kategori lainnya. Setelahpengukuran awal, aset keuangan tersediauntuk dijual diukur dengan nilai wajardengan keuntungan atau kerugian yangbelum terealisasi diakui dalam ekuitassampai aset tersebut dihentikanpengakuannya.

Available-for-sale financial assets are non-derivative financial assets that aredesignated as available-for-sale or are notclassified in any of the 3 (three) precedingcategories. After initial measurement,available-for-sale financial assets aremeasured at fair value with unrealized gainsor losses recognized in equity until the assetsare derecognized.










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Penghentian pengakuan Derecognition

Penghentian pengakuan atas suatu asetkeuangan, atau, bila dapat diterapkanuntuk bagian dari aset keuangan ataubagian dari kelompok aset keuanganserupa, terjadi bila:

A financial asset, or, where applicable a partof a financial asset or part of a group of similarfinancial assets, is derecognized when:

i. hak kontraktual atas arus kas yangberasal dari aset keuangan tersebutberakhir; atau

i. the contractual rights to receive cashflows from the financial asset haveexpired; or

ii. Grup mentransfer hak kontraktualuntuk menerima arus kas yang berasaldari aset keuangan tersebut ataumenanggung kewajiban untukmembayar arus kas yang diterimatersebut tanpa penundaan yangsignifikan kepada pihak ketiga melaluisuatu kesepakatan penyerahan danapabila (a) secara substansialmentransfer seluruh risiko danmanfaat atas kepemilikan asetkeuangan tersebut, atau (b) secarasubstansial tidak mentransfer dantidak mempertahankan seluruh risikodan manfaat atas kepemilikan asetkeuangan tersebut, namun telahmentransfer pengendalian atas asetkeuangan tersebut.

ii. The Group has transferred itscontractual rights to receive cash flowsfrom the financial asset or has assumedan obligation to pay them in full withoutmaterial delay to a third party under a“pass-through” arrangement and either(a) has transferred substantially all therisks and rewards of the financial asset,or (b) has neither transferred norretained substantially all the risks andrewards of the financial asset, but hastransferred control of the financial asset.

Apabila Grup mentransfer hak untukmenerima arus kas yang berasal dari asetkeuangan atau mengadakan kesepakatanpenyerahan, atau tidak mentransfermaupun tidak mempertahankan secarasubstansial seluruh risiko dan manfaat atasaset keuangan tersebut namun telahmentransfer pengendalian atas asetkeuangan tersebut, maka suatu asetkeuangan baru diakui oleh Grup sebesarketerlibatannya yang berkelanjutan denganaset keuangan tersebut.

Where the Group has transferred its rights toreceive cash flows from a financial asset orhas entered into a pass-througharrangement, or has neither transferred norretained substantially all the risks andrewards of the financial asset but hastransferred control of the financial asset, anew financial asset is recognized to theextent of the Group’s continuing involvementin the asset.

Pada saat penghentian pengakuan atasaset keuangan secara keseluruhan, makaselisih antara nilai tercatat dan jumlah dari(i) pembayaran yang diterima, termasukaset baru yang diperoleh dikurangi denganliabilitas baru yang ditanggung; dan(ii) keuntungan atau kerugian kumulatifyang telah diakui secara langsung dalamekuitas, harus diakui dalam laba rugi.

On derecognition of a financial asset in itsentirety, the difference between the carryingamount and the sum of (i) the considerationreceived, including any new asset obtainedless any new liability assumed; and (ii) anycumulative gain or loss that has beenrecognized directly in equity, is recognized inprofit or loss.

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Penghentian pengakuan atas suatu asetkeuangan, atau, bila dapat diterapkanuntuk bagian dari aset keuangan ataubagian dari kelompok aset keuanganserupa, terjadi bila:

A financial asset, or, where applicable a partof a financial asset or part of a group of similarfinancial assets, is derecognized when:

i. hak kontraktual atas arus kas yangberasal dari aset keuangan tersebutberakhir; atau

i. the contractual rights to receive cashflows from the financial asset haveexpired; or

ii. Grup mentransfer hak kontraktualuntuk menerima arus kas yang berasaldari aset keuangan tersebut ataumenanggung kewajiban untukmembayar arus kas yang diterimatersebut tanpa penundaan yangsignifikan kepada pihak ketiga melaluisuatu kesepakatan penyerahan danapabila (a) secara substansialmentransfer seluruh risiko danmanfaat atas kepemilikan asetkeuangan tersebut, atau (b) secarasubstansial tidak mentransfer dantidak mempertahankan seluruh risikodan manfaat atas kepemilikan asetkeuangan tersebut, namun telahmentransfer pengendalian atas asetkeuangan tersebut.

ii. The Group has transferred itscontractual rights to receive cash flowsfrom the financial asset or has assumedan obligation to pay them in full withoutmaterial delay to a third party under a“pass-through” arrangement and either(a) has transferred substantially all therisks and rewards of the financial asset,or (b) has neither transferred norretained substantially all the risks andrewards of the financial asset, but hastransferred control of the financial asset.

Apabila Grup mentransfer hak untukmenerima arus kas yang berasal dari asetkeuangan atau mengadakan kesepakatanpenyerahan, atau tidak mentransfermaupun tidak mempertahankan secarasubstansial seluruh risiko dan manfaat atasaset keuangan tersebut namun telahmentransfer pengendalian atas asetkeuangan tersebut, maka suatu asetkeuangan baru diakui oleh Grup sebesarketerlibatannya yang berkelanjutan denganaset keuangan tersebut.

Where the Group has transferred its rights toreceive cash flows from a financial asset orhas entered into a pass-througharrangement, or has neither transferred norretained substantially all the risks andrewards of the financial asset but hastransferred control of the financial asset, anew financial asset is recognized to theextent of the Group’s continuing involvementin the asset.

Pada saat penghentian pengakuan atasaset keuangan secara keseluruhan, makaselisih antara nilai tercatat dan jumlah dari(i) pembayaran yang diterima, termasukaset baru yang diperoleh dikurangi denganliabilitas baru yang ditanggung; dan(ii) keuntungan atau kerugian kumulatifyang telah diakui secara langsung dalamekuitas, harus diakui dalam laba rugi.

On derecognition of a financial asset in itsentirety, the difference between the carryingamount and the sum of (i) the considerationreceived, including any new asset obtainedless any new liability assumed; and (ii) anycumulative gain or loss that has beenrecognized directly in equity, is recognized inprofit or loss.










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Penurunan nilai Impairment

Pada setiap tanggal pelaporan, Grupmengevaluasi apakah terdapat bukti yangobyektif bahwa aset keuangan ataukelompok aset keuangan mengalamipenurunan nilai. Penurunan nilai atas asetkeuangan atau kelompok aset keuangandianggap telah terjadi, jika dan hanya jika,terdapat bukti yang obyektif mengenaipenurunan nilai sebagai akibat dari satuatau lebih peristiwa yang terjadi setelahpengakuan awal aset tersebut (“peristiwakerugian”), dan peristiwa kerugian tersebutberdampak pada estimasi arus kas masadepan aset keuangan atau kelompok asetkeuangan yang dapat diestimasi secaraandal.

The Group assesses at each reporting datewhether there is any objective evidence thata financial asset or a group of financial assetsis impaired. A financial asset or a group offinancial assets is deemed to be impaired if,and only if, there is an objective evidence ofimpairment as a result of one or more eventsthat has occurred after the initial recognitionof the asset (an incurred “loss event”) andthat loss event has an impact on theestimated future cash flows of the financialasset or the group of financial assets that canbe reliably estimated.

Bukti penurunan nilai dapat meliputiindikasi pihak peminjam atau kelompokpeminjam mengalami kesulitan keuangansignifikan, wanprestasi atau tunggakanpembayaran bunga atau pokok, terdapatkemungkinan bahwa pihak peminjam akandinyatakan pailit atau melakukanreorganisasi keuangan lainnya, dan padasaat data yang dapat diobservasimengindikasikan adanya penurunan yangdapat diukur atas estimasi arus kas masadepan, seperti meningkatnya tunggakanatau kondisi ekonomi yang berkorelasidengan wanprestasi.

Evidence of impairment may includeindications that the debtors or a group ofdebtors are experiencing significant financialdifficulty, default or delinquency in interest orprincipal payments, the probability that theywill enter bankruptcy or other financialreorganization, and when observable dataindicate that there is a measurable decreasein the estimated future cash flows, such aschanges in arrears or economic conditionsthat correlate with defaults.

Untuk pinjaman yang diberikan dan piutangyang dicatat pada biaya perolehan yangdiamortisasi, Grup pertama kali secaraindividual menentukan bahwa terdapatbukti obyektif mengenai penurunan nilaiatas aset keuangan yang signifikan secaraindividual, atau secara kolektif untuk asetkeuangan yang tidak signifikan secaraindividual. Jika Grup menentukan tidakterdapat bukti obyektif mengenaipenurunan nilai atas aset keuangan yangdinilai secara individual, terlepas asetkeuangan tersebut signifikan atau tidak,maka Grup memasukkan aset tersebut kedalam kelompok aset keuangan yangmemiliki karakteristik risiko kredit yangsejenis dan menilai penurunan nilaikelompok tersebut secara kolektif. Asetyang penurunan nilainya dinilai secaraindividual dan untuk itu kerugianpenurunan nilai diakui atau tetap diakui,tidak termasuk dalam penilaian ataupenurunan nilai secara kolektif.

For loans and receivables carried atamortized cost, the Group first assessesindividually whether objective evidence ofimpairment exists individually for financialassets that are individually significant, orcollectively for financial assets that are notindividually significant. If the Groupdetermines that no objective evidence ofimpairment exists for an individuallyassessed financial asset, whether significantor not, it includes the asset in a group offinancial assets with similar credit riskcharacteristics and collectively assessesthem for impairment. Assets that areindividually assessed for impairment and forwhich an impairment loss is, or continues tobe, recognized are not included in a collectiveassessment or impairment.










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Penurunan nilai (lanjutan) Impairment (continued)

Jika terdapat bukti obyektif bahwa kerugianpenurunan nilai telah terjadi, maka jumlahkerugian tersebut diukur berdasarkanselisih antara nilai tercatat aset dengannilai kini estimasi arus kas masa depan(tidak termasuk ekspektasi kerugian kreditmasa depan yang belum terjadi). Nilai kiniestimasi arus kas masa depan didiskontomenggunakan SBE awal dari asetkeuangan tersebut. Jika pinjaman yangdiberikan atau piutang memiliki suku bungavariabel, tingkat diskonto untuk mengukurkerugian penurunan nilai adalah SBEterkini.

When there is objective evidence that animpairment loss has occurred, the amount ofthe loss is measured as the differencebetween the asset’s carrying amount and thepresent value of estimated future cash flows(excluding future expected credit losses thathave not been incurred). The present value ofthe estimated future cash flows is discountedat the financial asset’s original EIR. If a loanor receivable has a variable interest rate, thediscount rate for measuring impairment lossis the current EIR.

Nilai tercatat aset keuangan dikurangimelalui penggunaan akun penyisihan danjumlah kerugian tersebut diakui secaralangsung dalam laba rugi. Pendapatanbunga terus diakui atas nilai tercatat yangtelah dikurangi tersebut berdasarkan sukubunga yang digunakan untukmendiskontokan arus kas masa depandengan tujuan untuk mengukur kerugianpenurunan nilai. Pinjaman yang diberikandan piutang beserta dengan penyisihanterkait dihapuskan jika tidak terdapatkemungkinan yang realistis atas pemulihandi masa mendatang dan seluruh agunan,jika ada, sudah direalisasi atau ditransferkepada Grup.

The carrying amount of the asset is reducedthrough the use of an allowance account andthe amount of the loss is directly recognizedin profit or loss. Interest income continues tobe accrued on the reduced carrying amountbased on the rate of interest used to discountfuture cash flows for the purpose ofmeasuring impairment loss. Loans andreceivables, together with the associatedallowance are written off when there is norealistic prospect of future recovery and allcollateral, if any, has been realized or hasbeen transferred to the Group.

Ketika penurunan nilai wajar asetkeuangan tersedia untuk dijual telah diakuidalam ekuitas dan terdapat bukti obyektifbahwa aset tersebut mengalami penurunannilai, maka kerugian kumulatif yangsebelumnya diakui dalam ekuitas harusdikeluarkan dari ekuitas dan diakui dalamlaba rugi meskipun aset keuangan tersebutbelum dihentikan pengakuannya. Jumlahkerugian kumulatif yang dikeluarkan dariekuitas dan diakui dalam laba rugimerupakan selisih antara biaya perolehandengan nilai wajar kini, dikurangi kerugianpenurunan nilai aset keuangan yangsebelumnya telah diakui dalam laba rugi.

When a decline in the fair value of anavailable-for-sale financial asset has beenrecognized in equity and there is objectiveevidence that the assets are impaired, thecumulative loss that had been recognized inequity will be reclassified from equity to profitor loss even though the financial asset hasnot been derecognized. The amount of thecumulative loss that is reclassified fromequity to profit or loss is the differencebetween the acquisition cost and the currentfair value, less any impairment loss on thatfinancial asset previously recognized in profitor loss.

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Jika terdapat bukti obyektif bahwa kerugianpenurunan nilai telah terjadi, maka jumlahkerugian tersebut diukur berdasarkanselisih antara nilai tercatat aset dengannilai kini estimasi arus kas masa depan(tidak termasuk ekspektasi kerugian kreditmasa depan yang belum terjadi). Nilai kiniestimasi arus kas masa depan didiskontomenggunakan SBE awal dari asetkeuangan tersebut. Jika pinjaman yangdiberikan atau piutang memiliki suku bungavariabel, tingkat diskonto untuk mengukurkerugian penurunan nilai adalah SBEterkini.

When there is objective evidence that animpairment loss has occurred, the amount ofthe loss is measured as the differencebetween the asset’s carrying amount and thepresent value of estimated future cash flows(excluding future expected credit losses thathave not been incurred). The present value ofthe estimated future cash flows is discountedat the financial asset’s original EIR. If a loanor receivable has a variable interest rate, thediscount rate for measuring impairment lossis the current EIR.

Nilai tercatat aset keuangan dikurangimelalui penggunaan akun penyisihan danjumlah kerugian tersebut diakui secaralangsung dalam laba rugi. Pendapatanbunga terus diakui atas nilai tercatat yangtelah dikurangi tersebut berdasarkan sukubunga yang digunakan untukmendiskontokan arus kas masa depandengan tujuan untuk mengukur kerugianpenurunan nilai. Pinjaman yang diberikandan piutang beserta dengan penyisihanterkait dihapuskan jika tidak terdapatkemungkinan yang realistis atas pemulihandi masa mendatang dan seluruh agunan,jika ada, sudah direalisasi atau ditransferkepada Grup.

The carrying amount of the asset is reducedthrough the use of an allowance account andthe amount of the loss is directly recognizedin profit or loss. Interest income continues tobe accrued on the reduced carrying amountbased on the rate of interest used to discountfuture cash flows for the purpose ofmeasuring impairment loss. Loans andreceivables, together with the associatedallowance are written off when there is norealistic prospect of future recovery and allcollateral, if any, has been realized or hasbeen transferred to the Group.

Ketika penurunan nilai wajar asetkeuangan tersedia untuk dijual telah diakuidalam ekuitas dan terdapat bukti obyektifbahwa aset tersebut mengalami penurunannilai, maka kerugian kumulatif yangsebelumnya diakui dalam ekuitas harusdikeluarkan dari ekuitas dan diakui dalamlaba rugi meskipun aset keuangan tersebutbelum dihentikan pengakuannya. Jumlahkerugian kumulatif yang dikeluarkan dariekuitas dan diakui dalam laba rugimerupakan selisih antara biaya perolehandengan nilai wajar kini, dikurangi kerugianpenurunan nilai aset keuangan yangsebelumnya telah diakui dalam laba rugi.

When a decline in the fair value of anavailable-for-sale financial asset has beenrecognized in equity and there is objectiveevidence that the assets are impaired, thecumulative loss that had been recognized inequity will be reclassified from equity to profitor loss even though the financial asset hasnot been derecognized. The amount of thecumulative loss that is reclassified fromequity to profit or loss is the differencebetween the acquisition cost and the currentfair value, less any impairment loss on thatfinancial asset previously recognized in profitor loss.










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Jika, dalam periode pelaporan berikutnya,nilai estimasi kerugian penurunan nilai asetkeuangan bertambah atau berkurang yangdikarenakan peristiwa yang terjadi setelahpenurunan nilai diakui, maka kerugianpenurunan nilai yang sebelumnya diakuiditambahkan atau dikurangi (dipulihkan)dengan menyesuaikan akun penyisihan.Pemulihan tersebut tidak bolehmengakibatkan nilai tercatat asetkeuangan melebihi biaya perolehan yangdiamortisasi yang seharusnya jikapenurunan nilai tidak diakui pada tanggalpemulihan dilakukan. Jika penghapusannantinya terpulihkan, jumlah pemulihanaset keuangan diakui dalam laba rugi.

If, in the subsequent reporting period, theamount of the estimated impairment lossincreases or decreases because of eventoccurring after the impairment wasrecognized, the previously recognizedimpairment loss is increased or reduced byadjusting the allowance account. Thereversal shall not result in a carrying amountof the financial asset that exceeds what theamortized cost would have been had theimpairment not been recognized at the datethe impairment is reversed. If a future write-off is later recovered, the recovery isrecognized in profit or loss.

ii. Liabilitas keuangan ii. Financial liabilities


Liabilitas keuangan diklasifikasikansebagai liabilitas keuangan yang diukurpada nilai wajar melalui laba rugi, utangdan pinjaman, atau derivatif yangditetapkan sebagai instrumen lindung nilaidalam lindung nilai yang efektif, mana yangsesuai. Grup menetapkan klasifikasi atasliabilitas keuangan pada saat pengakuanawal.

Financial liabilities are classified as financialliabilities at fair value through profit or loss,loans and borrowings, or derivativesdesignated as hedging instruments in aneffective hedge, as appropriate. The Groupdetermines the classification of its financialliabilities at initial recognition.

Liabilitas keuangan Grup yang meliputipinjaman bank jangka pendek, utangusaha, liabilitas jangka pendek lainnya -utang lain-lain dan titipan pelanggan,beban akrual, utang pihak berelasi danpinjaman bank jangka panjangdiklasifikasikan sebagai utang danpinjaman.

The Group’s financial liabilities which includeshort-term bank loans, trade payables, othercurrent liabilities - other payables andcustomer deposits, accrued expenses, due torelated parties and long-term bank loans areclassified as loans and borrowings.

Pada tanggal 31 Desember 2018 dan2017, Grup tidak memiliki liabilitaskeuangan yang diukur pada nilai wajarmelalui laba rugi dan derivatif yangditerapkan sebagai instrumen lindung nilaidalam lindung nilai yang efektif.

As of December 31, 2018 and 2017, theGroup does not have any financial liabilitiesat fair value through profit or loss andderivatives designated as hedginginstruments in an effective hedge.

Pada saat pengakuan awalnya, liabilitaskeuangan diukur pada nilai wajar dikurangidengan biaya transaksi yang dapatdiatribusikan secara langsung.

When financial liabilities are recognizedinitially, they are measured at fair value lessdirectly attributable transaction costs.

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Jika, dalam periode pelaporan berikutnya,nilai estimasi kerugian penurunan nilai asetkeuangan bertambah atau berkurang yangdikarenakan peristiwa yang terjadi setelahpenurunan nilai diakui, maka kerugianpenurunan nilai yang sebelumnya diakuiditambahkan atau dikurangi (dipulihkan)dengan menyesuaikan akun penyisihan.Pemulihan tersebut tidak bolehmengakibatkan nilai tercatat asetkeuangan melebihi biaya perolehan yangdiamortisasi yang seharusnya jikapenurunan nilai tidak diakui pada tanggalpemulihan dilakukan. Jika penghapusannantinya terpulihkan, jumlah pemulihanaset keuangan diakui dalam laba rugi.

If, in the subsequent reporting period, theamount of the estimated impairment lossincreases or decreases because of eventoccurring after the impairment wasrecognized, the previously recognizedimpairment loss is increased or reduced byadjusting the allowance account. Thereversal shall not result in a carrying amountof the financial asset that exceeds what theamortized cost would have been had theimpairment not been recognized at the datethe impairment is reversed. If a future write-off is later recovered, the recovery isrecognized in profit or loss.

ii. Liabilitas keuangan ii. Financial liabilities


Liabilitas keuangan diklasifikasikansebagai liabilitas keuangan yang diukurpada nilai wajar melalui laba rugi, utangdan pinjaman, atau derivatif yangditetapkan sebagai instrumen lindung nilaidalam lindung nilai yang efektif, mana yangsesuai. Grup menetapkan klasifikasi atasliabilitas keuangan pada saat pengakuanawal.

Financial liabilities are classified as financialliabilities at fair value through profit or loss,loans and borrowings, or derivativesdesignated as hedging instruments in aneffective hedge, as appropriate. The Groupdetermines the classification of its financialliabilities at initial recognition.

Liabilitas keuangan Grup yang meliputipinjaman bank jangka pendek, utangusaha, liabilitas jangka pendek lainnya -utang lain-lain dan titipan pelanggan,beban akrual, utang pihak berelasi danpinjaman bank jangka panjangdiklasifikasikan sebagai utang danpinjaman.

The Group’s financial liabilities which includeshort-term bank loans, trade payables, othercurrent liabilities - other payables andcustomer deposits, accrued expenses, due torelated parties and long-term bank loans areclassified as loans and borrowings.

Pada tanggal 31 Desember 2018 dan2017, Grup tidak memiliki liabilitaskeuangan yang diukur pada nilai wajarmelalui laba rugi dan derivatif yangditerapkan sebagai instrumen lindung nilaidalam lindung nilai yang efektif.

As of December 31, 2018 and 2017, theGroup does not have any financial liabilitiesat fair value through profit or loss andderivatives designated as hedginginstruments in an effective hedge.

Pada saat pengakuan awalnya, liabilitaskeuangan diukur pada nilai wajar dikurangidengan biaya transaksi yang dapatdiatribusikan secara langsung.

When financial liabilities are recognizedinitially, they are measured at fair value lessdirectly attributable transaction costs.










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ii. Liabilitas keuangan (lanjutan) ii. Financial liabilities (continued)

Pengukuran setelah pengakuan awal Subsequent measurement

Setelah pengakuan awal, utang danpinjaman diukur pada biaya perolehanyang diamortisasi dengan menggunakanmetode SBE dan keuntungan ataukerugian terkait diakui dalam laba rugimelalui proses amortisasi. Biaya perolehanyang diamortisasi diukur denganmenggunakan metode SBE dikurangipenyisihan penurunan nilai danpembayaran atau pengurangan pokok.Perhitungan ini mencakup seluruh premiatau diskonto pada saat perolehan danmencakup biaya transaksi serta komisiyang merupakan bagian tak terpisahkandari SBE. Arus kas terkait dengan pinjamandan utang jangka pendek tidakdidiskontokan apabila efek diskonto tidakmaterial.

Subsequent to initial recognition, loans andborrowings are measured at amortized costsusing the EIR method and the related gainsand losses are recognized in profit or lossthrough amortization process. Amortized costis computed using the EIR method less anyallowance for impairment and principalrepayment or reduction. The calculationtakes into account any premium or discounton acquisition and includes transaction costsand fees that are an integral part of the EIR.Cash flows relating to short-term loans andborrowings are not discounted if the effect ofdiscounting is immaterial.


Suatu liabilitas keuangan dihentikanpengakuannya pada saat kewajiban yangditetapkan dalam kontrak dihentikan,dibatalkan atau kadaluwarsa.

A financial liability is derecognized when theobligation under the contract is discharged,cancelled or expired.

Ketika suatu liabilitas keuangan ditukardengan liabilitas keuangan lain daripemberi pinjaman yang sama ataspersyaratan yang secara substansialberbeda, atau bila persyaratan dariliabilitas keuangan tersebut dimodifikasisecara substansial, pertukaran ataumodifikasi persyaratan tersebut dicatatsebagai penghentian pengakuan liabilitaskeuangan awal dan pengakuan liabilitaskeuangan baru, dan selisih antara nilaitercatat masing-masing liabilitas keuangantersebut diakui dalam laba rugi.

When an existing financial liability is replacedby another from the same lender onsubstantially different terms, or the terms ofan existing liability are substantially modified,such an exchange or modification is treatedas derecognition of the original liability andthe recognition of a new liability, and thedifference in the respective carrying amountsis recognized in profit or loss.










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iii. Saling hapus instrumen keuangan iii. Offsetting of financial instruments

Aset keuangan dan liabilitas keuangansaling hapus dan nilai netonya disajikandalam laporan posisi keuangankonsolidasian jika, dan hanya jika, terdapathak yang berkekuatan hukum untukmelakukan saling hapus atas jumlah yangtelah diakui dari aset keuangan danliabilitas keuangan tersebut dan terdapatintensi untuk menyelesaikan denganmenggunakan dasar neto, atau untukmerealisasikan aset dan menyelesaikanliabilitasnya secara bersamaan.

Financial assets and financial liabilities areoffset and the net amount reported in theconsolidated statement of financial position if,and only if, there is a currently enforceablelegal right to offset the recognized amountsand there is an intention to settle on a netbasis, or to realize the assets and settle theliabilities simultaneously.

iv. Nilai wajar instrumen keuangan iv. Fair value of financial instruments

Nilai wajar instrumen keuangan yang tidakdiperdagangkan di pasar aktif ditentukandengan menggunakan teknik penilaian.Teknik penilaian tersebut meliputipenggunaan transaksi pasar terkini yangdilakukan secara wajar oleh pihak-pihakyang berkeinginan dan memahami (recentarm’s-length market transaction), referensiatas nilai wajar terkini dari instrumen lainyang secara substansial sama, analisisarus kas yang didiskonto, atau modelpenilaian lainnya.

The fair value of financial instruments that arenot traded in active markets is determinedusing valuation techniques. Such techniquesmay include using recent arm’s-length markettransaction, reference to the current fair valueof another instrument that is substantially thesame, discounted cash flow analysis, or othervaluation models.

h. Persediaan h. Inventories

Persediaan dinyatakan sebesar nilai terendahantara biaya perolehan atau nilai realisasi neto.Biaya perolehan ditentukan dengan metoderata-rata tertimbang dan termasuk semuapengeluaran untuk memperoleh persediaan,biaya produksi atau konversi, dan biaya lainnyayang timbul untuk membawa persediaan ketempat dan kondisi saat ini. Biaya tersebut tidaktermasuk biaya pinjaman. Nilai realisasi netoadalah estimasi harga penjualan dalamkegiatan usaha normal dikurangi dengan biayapenyelesaian dan penjualannya.

Inventories are stated at the lower of cost or netrealizable value. Cost is determined using theweighted average cost method and includesexpenditure incurred in acquiring the inventories,production or conversion costs and other costsincurred in bringing the inventory to its existinglocation and condition. It excludes borrowingcosts. Net realizable value is the estimated salesamount in the ordinary course of business less thecosts of completion and selling expenses.

Penyisihan persediaan usang dibentuk untukmengurangi jumlah tercatat persediaan ke nilairealisasi netonya yang ditentukan melaluipengujian berkala atas estimasi penggunaanatau penjualan masing-masing jenis persediaandi masa yang akan datang.

Allowance for inventory obsolescence is providedto reduce the carrying amount of inventories totheir net realizable value based on the periodicreview of the estimated future usage or sale ofindividual inventory items.










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i. Transaksi dengan pihak-pihak berelasi i. Transactions with related parties

Grup mempunyai transaksi dengan pihakberelasi sebagaimana didefinisikan pada PSAKNo. 7 (Penyesuaian 2015) “PengungkapanPihak-pihak Berelasi”.

The Group has transactions with related partiesas defined in PSAK No. 7 (Improvement 2015),“Related Party Disclosures”.

Transaksi ini dilakukan berdasarkanpersyaratan yang disetujui oleh kedua belahpihak, dimana persyaratan tersebut mungkintidak sama dengan transaksi lain yangdilakukan dengan pihak-pihak yang tidakberelasi.

The transactions are made based on termsagreed by the parties, in which such terms maynot be the same as those of the transactionsbetween unrelated parties.

Saldo dan transaksi signifikan dengan pihak-pihak berelasi diungkapkan dalam Catatan 29.

All significant balances and transactions withrelated parties are disclosed in Note 29.

j. Aset tetap j. Fixed assets

Seluruh aset tetap awalnya diakui sebesarbiaya perolehan, yang terdiri atas hargaperolehan dan biaya-biaya tambahan yangdapat di atribusikan langsung untuk membawaaset ke lokasi dan kondisi yang diinginkansupaya aset tersebut siap digunakan sesuaidengan maksud manajemen.

All fixed assets are initially recognized at cost,which comprises the purchase price and anycosts directly attributable in bringing the assets tothe location and condition necessary for theassets to be capable of operating in the mannerintended by management.

Aset tetap dinyatakan sebesar biaya perolehandikurangi dengan akumulasi penyusutan danpenyisihan penurunan nilai. Tanah tidakdisusutkan. Termasuk juga ke dalam biayaperolehan adalah biaya-biaya penggantianbagian dari aset tetap jika biaya itu terjadi, danapabila terdapat kemungkinan yang besarbahwa Grup akan mendapat manfaat ekonomisdi masa depan dari bagian aset tersebut sertabiaya perolehannya dapat diukur secara andal.Demikian pula, pada saat inspeksi yangsignifikan dilakukan, biaya inspeksi itu diakui kedalam jumlah tercatat (carrying amount) asettetap sebagai suatu penggantian jika memenuhikriteria pengakuan. Semua biaya pemeliharaandan perbaikan yang tidak memenuhi kriteriapengakuan diakui dalam laba rugi pada saatterjadinya.

Fixed assets are stated at cost less accumulateddepreciation and allowance for impairment. Landis not depreciated. The cost includes the cost ofreplacing part of the fixed assets when that cost isincurred, only when it is probable that futureeconomic benefits associated with the item willflow to the Group and the cost of the item can bemeasured reliably. Likewise, when a majorinspection is performed, its cost is recognized inthe carrying amount of the fixed assets as areplacement if the recognition criteria aresatisfied. All other repairs and maintenance coststhat do not meet the recognition criteria arerecognized in profit or loss as incurred.

Biaya legal awal yang terjadi untuk memperolehhak atas tanah diakui sebagai bagian dari biayaakuisisi.

Initial legal costs incurred to obtain legal rights ofland are recognized as part of the acquisitioncosts.

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i. Transaksi dengan pihak-pihak berelasi i. Transactions with related parties

Grup mempunyai transaksi dengan pihakberelasi sebagaimana didefinisikan pada PSAKNo. 7 (Penyesuaian 2015) “PengungkapanPihak-pihak Berelasi”.

The Group has transactions with related partiesas defined in PSAK No. 7 (Improvement 2015),“Related Party Disclosures”.

Transaksi ini dilakukan berdasarkanpersyaratan yang disetujui oleh kedua belahpihak, dimana persyaratan tersebut mungkintidak sama dengan transaksi lain yangdilakukan dengan pihak-pihak yang tidakberelasi.

The transactions are made based on termsagreed by the parties, in which such terms maynot be the same as those of the transactionsbetween unrelated parties.

Saldo dan transaksi signifikan dengan pihak-pihak berelasi diungkapkan dalam Catatan 29.

All significant balances and transactions withrelated parties are disclosed in Note 29.

j. Aset tetap j. Fixed assets

Seluruh aset tetap awalnya diakui sebesarbiaya perolehan, yang terdiri atas hargaperolehan dan biaya-biaya tambahan yangdapat di atribusikan langsung untuk membawaaset ke lokasi dan kondisi yang diinginkansupaya aset tersebut siap digunakan sesuaidengan maksud manajemen.

All fixed assets are initially recognized at cost,which comprises the purchase price and anycosts directly attributable in bringing the assets tothe location and condition necessary for theassets to be capable of operating in the mannerintended by management.

Aset tetap dinyatakan sebesar biaya perolehandikurangi dengan akumulasi penyusutan danpenyisihan penurunan nilai. Tanah tidakdisusutkan. Termasuk juga ke dalam biayaperolehan adalah biaya-biaya penggantianbagian dari aset tetap jika biaya itu terjadi, danapabila terdapat kemungkinan yang besarbahwa Grup akan mendapat manfaat ekonomisdi masa depan dari bagian aset tersebut sertabiaya perolehannya dapat diukur secara andal.Demikian pula, pada saat inspeksi yangsignifikan dilakukan, biaya inspeksi itu diakui kedalam jumlah tercatat (carrying amount) asettetap sebagai suatu penggantian jika memenuhikriteria pengakuan. Semua biaya pemeliharaandan perbaikan yang tidak memenuhi kriteriapengakuan diakui dalam laba rugi pada saatterjadinya.

Fixed assets are stated at cost less accumulateddepreciation and allowance for impairment. Landis not depreciated. The cost includes the cost ofreplacing part of the fixed assets when that cost isincurred, only when it is probable that futureeconomic benefits associated with the item willflow to the Group and the cost of the item can bemeasured reliably. Likewise, when a majorinspection is performed, its cost is recognized inthe carrying amount of the fixed assets as areplacement if the recognition criteria aresatisfied. All other repairs and maintenance coststhat do not meet the recognition criteria arerecognized in profit or loss as incurred.

Biaya legal awal yang terjadi untuk memperolehhak atas tanah diakui sebagai bagian dari biayaakuisisi.

Initial legal costs incurred to obtain legal rights ofland are recognized as part of the acquisitioncosts.










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j. Aset tetap (lanjutan) j. Fixed assets (continued)

Penyusutan dihitung dengan menggunakanmetode garis lurus selama estimasi masamanfaat aset tetap yang bersangkutan yaitusebagai berikut:

Depreciation is calculated using the straight-linemethod over the estimated useful lifes of theassets as follows:

Tahun/Year

Bangunan, prasarana dan instalasi 4-20 Buildings, improvements and installationsMesin dan peralatan 2-10 Machinery and equipmentPerabotan dan perlengkapan kantor 2-5 Office furniture, fixtures and equipmentAlat transportasi 2-5 Transportation equipmentKonstruksi baja 10 Steel constructions

Aset dalam penyelesaian merupakan biaya-biaya yang berhubungan langsung denganpembangunan dan akuisisi aset tetap, termasukbiaya pendanaan, jika ada. Biaya-biayatersebut akan dipindahkan ke aset tetap yangbersangkutan pada saat pembangunannyatelah selesai. Penyusutan mulai dibebankanpada saat aset tersebut siap digunakan.

Construction in progress represents costs directlyattributable to the construction and acquisition offixed assets, including financial costs, if any.These costs are transferred to the relevant assetaccount when the construction is complete.Depreciation is charged from the date the assetsare ready for use.

Jumlah tercatat aset tetap dihentikanpengakuannya pada saat dilepaskan atau saattidak ada manfaat ekonomis di masa depanyang diharapkan dari penggunaan ataupelepasannya. Laba atau rugi yang timbul daripenghentian pengakuan aset, yang merupakanperbedaan antara jumlah neto hasil pelepasandengan jumlah tercatatnya, disajikan dalamlaba rugi.

An item of fixed asset is derecognized upondisposal or when no future economic benefits areexpected from its use or disposal. Any gain or lossarising from derecognition of the asset, calculatedas the difference between the net disposalproceeds and the carrying amount of the asset, isincluded in profit or loss.

Nilai residu, umur manfaat dan metodepenyusutan ditinjau ulang dan, jika diperlukan,akan disesuaikan secara prospektif pada setiaptanggal pelaporan.

The residual values, useful lifes and methods ofdepreciation are reviewed, and adjustedprospectively, if appropriate, at each reportingdate.

k. Aset takberwujud k. Intangible assets

Biaya terkait dengan pembaruan hak atas tanahdiakui sebagai aset takberwujud dandiamortisasi sepanjang umur hukum hak yangberkisar antara 20 (dua puluh) sampai30 (tiga puluh) tahun.

Cost related to renewal of land rights arerecognized as intangible assets and amortizedduring the period of the land rights which areranging from 20 (twenty) to 30 (thirty) years.

Biaya yang terkait dengan pemeliharaanprogram piranti lunak komputer diakui sebagaibeban pada saat terjadinya. Biaya perolehanatau pengembangan yang dapat secaralangsung diatribusikan kepada desain danpengujian produk piranti lunak diakui sebagaiaset takberwujud.

Costs associated with maintaining computersoftware programs are recognized as an expenseas incurred. Acquisition and development coststhat are directly attributable to the design andtesting of software products are recognized asintangible assets.










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k. Aset takberwujud (lanjutan) k. Intangible assets (continued)

Biaya-biaya yang dapat diatribusikan secaralangsung dan dikapitalisasi sebagai bagian dariproduk piranti lunak mencakup beban pekerjapengembang piranti lunak dan overhead yangrelevan.

Directly attributable costs that are capitalized aspart of the software product include the softwaredevelopment employee costs and an appropriateportion of the relevant overheads.

Biaya perolehan dan pengembangan pirantilunak diamortisasi dengan menggunakanmetode garis lurus selama 2 (dua) tahun.

The acquisition and development costs isamortized using the straight-line method over2 (two) years.

l. Sewa l. Lease

Penentuan apakah suatu perjanjianmerupakan, atau mengandung, sewa dibuatberdasarkan substansi perjanjian itu sendiri danpenilaian apakah pemenuhan atas perjanjianbergantung dari penggunaan aset tertentu atauaset, dan apakah perjanjian memberikan hakuntuk menggunakan aset.

Determination whether an arrangement is, orcontains, a lease is made based on the substanceof the arrangement and assessment of whetherfulfilment of the arrangement is dependent on theuse of a specific asset or assets, and whether thearrangement conveys a right to use the asset.

Sewa yang secara substansial mengalihkanseluruh risiko dan manfaat yang terkait dengankepemilikan aset, diklasifikasikan sebagai sewapembiayaan. Sedangkan suatu sewadiklasifikasikan sebagai sewa operasi, jika sewatidak mengalihkan secara substansial seluruhrisiko dan manfaat yang terkait dengankepemilikan aset tersebut.

Leases that transfer substantially to the lessee allthe risks and rewards incidental to ownership ofthe leased item are classified as finance leases.Leases which do not transfer substantially all therisks and rewards incidental to ownership of theleased item are classified as operating leases.

Grup terlibat dalam transaksi sewa sebagaipihak yang menyewakan.

The Group is involved in lease transactions as thelessor.

Dalam sewa pembiayaan, Grup tidak mengakuiaset yang disewakan dalam laporan posisikeuangan konsolidasian dan menyajikannyasebagai piutang sewa pembiayaan sebesarjumlah yang sama dengan investasi sewa neto.Penerimaan piutang sewa diperlakukansebagai pembayaran pokok dan pendapatanpembiayaan. Pengakuan pendapatanpembiayaan ditetapkan berdasarkan suatu polatertentu yang mencerminkan tingkatpengembalian periodik yang konstan atasinvestasi neto Grup dalam sewa pembiayaantersebut.

Under a finance lease, the Group derecognizesassets held under a finance lease in itsconsolidated statement of financial position andpresents them as a finance lease receivable at anamount equal to the net investment in the lease.Receipt of a lease receivable is treated asrepayment of principal and finance income. Therecognition of finance income shall be based on a pattern reflecting a constant periodic rate of returnon the Group’s net investment in the financelease.

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k. Aset takberwujud (lanjutan) k. Intangible assets (continued)

Biaya-biaya yang dapat diatribusikan secaralangsung dan dikapitalisasi sebagai bagian dariproduk piranti lunak mencakup beban pekerjapengembang piranti lunak dan overhead yangrelevan.

Directly attributable costs that are capitalized aspart of the software product include the softwaredevelopment employee costs and an appropriateportion of the relevant overheads.

Biaya perolehan dan pengembangan pirantilunak diamortisasi dengan menggunakanmetode garis lurus selama 2 (dua) tahun.

The acquisition and development costs isamortized using the straight-line method over2 (two) years.

l. Sewa l. Lease

Penentuan apakah suatu perjanjianmerupakan, atau mengandung, sewa dibuatberdasarkan substansi perjanjian itu sendiri danpenilaian apakah pemenuhan atas perjanjianbergantung dari penggunaan aset tertentu atauaset, dan apakah perjanjian memberikan hakuntuk menggunakan aset.

Determination whether an arrangement is, orcontains, a lease is made based on the substanceof the arrangement and assessment of whetherfulfilment of the arrangement is dependent on theuse of a specific asset or assets, and whether thearrangement conveys a right to use the asset.

Sewa yang secara substansial mengalihkanseluruh risiko dan manfaat yang terkait dengankepemilikan aset, diklasifikasikan sebagai sewapembiayaan. Sedangkan suatu sewadiklasifikasikan sebagai sewa operasi, jika sewatidak mengalihkan secara substansial seluruhrisiko dan manfaat yang terkait dengankepemilikan aset tersebut.

Leases that transfer substantially to the lessee allthe risks and rewards incidental to ownership ofthe leased item are classified as finance leases.Leases which do not transfer substantially all therisks and rewards incidental to ownership of theleased item are classified as operating leases.

Grup terlibat dalam transaksi sewa sebagaipihak yang menyewakan.

The Group is involved in lease transactions as thelessor.

Dalam sewa pembiayaan, Grup tidak mengakuiaset yang disewakan dalam laporan posisikeuangan konsolidasian dan menyajikannyasebagai piutang sewa pembiayaan sebesarjumlah yang sama dengan investasi sewa neto.Penerimaan piutang sewa diperlakukansebagai pembayaran pokok dan pendapatanpembiayaan. Pengakuan pendapatanpembiayaan ditetapkan berdasarkan suatu polatertentu yang mencerminkan tingkatpengembalian periodik yang konstan atasinvestasi neto Grup dalam sewa pembiayaantersebut.

Under a finance lease, the Group derecognizesassets held under a finance lease in itsconsolidated statement of financial position andpresents them as a finance lease receivable at anamount equal to the net investment in the lease.Receipt of a lease receivable is treated asrepayment of principal and finance income. Therecognition of finance income shall be based on a pattern reflecting a constant periodic rate of returnon the Group’s net investment in the financelease.










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l. Sewa (lanjutan) l. Lease (continued)

Dalam sewa operasi, Grup tetap mengakui asetyang disewakan dalam laporan posisikeuangan konsolidasian sesuai dengan sifatdari aset tersebut. Biaya langsung awalsehubungan proses negosiasi sewa operasiditambahkan ke jumlah tercatat aset yangdisewakan dan diakui sebagai pendapatanselama masa sewa aset yang bersangkutan.Sewa kontinjen, jika ada, diakui sebagaipendapatan pada tahun terjadinya.Penghasilan sewa operasi diakui sebagaipendapatan dengan menggunakan metodegaris lurus sepanjang masa sewanya.

Under an operating lease, the Group presentsassets subject to operating leases in theconsolidated statement of financial positionaccording to the nature of the asset. Initial directcosts incurred in negotiating an operating leaseare added to the carrying amount of the leasedasset and recognized over the lease term on thesame basis as rental income. Contingent rents, ifany, are recognized as revenue in the years inwhich they are earned. Lease income fromoperating leases is recognized as income on astraight-line basis over the lease term.

m. Properti investasi m. Investment property

Properti investasi terdiri dari tanah, bangunanprasarana dan instalasi, yang dikuasai Grupuntuk disewakan atau untuk mendapatkankeuntungan dari kenaikan nilai atau kedua-duanya dan tidak untuk digunakan dalamproduksi atau penyediaan barang atau jasaatau untuk tujuan administratif atau dijual dalamkegiatan usaha normal. Properti investasidinyatakan sebesar biaya perolehan termasukpengeluaran yang dapat diatribusikan secaralangsung untuk perolehan properti investasi.

Investment property consists of land, buildings,facilities and installations, which are held by theGroup to earn rentals or for capital appreciation orboth, rather than for use in the production orsupply of goods or services or for administrativepurposes or sale in the ordinary course ofbusiness. Investment property is stated at cost,including expenditure that is directly attributable toacquisition of the investment property.

Selanjutnya, properti investasi diukurberdasarkan biaya perolehan dikurangiakumulasi penyusutan (kecuali tanah yangtidak disusutkan) dan penyisihan penurunannilai. Jumlah tercatat termasuk bagian biayapenggantian properti investasi yang ada padasaat terjadinya biaya, jika kriteria pengakuanterpenuhi dan tidak termasuk biaya harianpenggunaan properti investasi. Nilai wajarproperti investasi ditentukan berdasarkanacuan harga pasar untuk properti sejenis.

Investment property is subsequently measured atcost less accumulated depreciation (except forland which is not depreciated) and allowance forimpairment. The carrying amount includes thecost of replacing part of an existing investmentproperty at the time that cost is incurred if therecognition criteria are met and excludes the costsof day to day servicing of an investment property.Fair value of the investment property isdetermined with reference to market value for thesame type of property.

Penyusutan bangunan, prasarana dan instalasidihitung dengan menggunakan metode garislurus selama estimasi umur manfaat asetantara 4 (empat) sampai 20 (dua puluh) tahun.

Depreciation of buildings, facilities andinstallations are calculated using the straight-linemethod based on the estimated useful lifes of theassets between 4 (four) and 20 (twenty) years.

Properti investasi dihentikan pengakuannyapada saat pelepasan atau ketika propertiinvestasi tersebut tidak digunakan lagi secarapermanen dan tidak memiliki manfaat ekonomisdi masa depan yang dapat diharapkan padasaat pelepasannya. Laba atau rugi yang timbuldari penghentian pengakuan atau pelepasanproperti investasi diakui dalam laba rugi padasaat terjadinya penghentian atau pelepasantersebut.

Investment property is derecognized either whenit has been disposed of or when the investmentproperty is permanently withdrawn from use andno future benefit is expected from its disposal. Anygains or losses on the derecognition or disposalof an investment property are recognized in profitor loss on the date of derecognition or disposal.










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m. Properti investasi (lanjutan) m. Investment property (continued)

Transfer ke properti investasi dilakukan jika,dan hanya jika, terdapat perubahanpenggunaan yang ditunjukkan denganberakhirnya pemakaian oleh pemilik,dimulainya sewa operasi ke pihak lain atauselesainya pembangunan atau pengembangan.Transfer dari properti investasi dilakukan jikadan hanya jika terdapat perubahanpenggunaan yang ditunjukkan dengandimulainya penggunaan oleh pemilik ataudimulainya pengembangan yang bertujuanuntuk dijual.

Transfers to investment property are made when,and only when, there is a change in use,evidenced by the end of owner occupation,commencement of an operating lease to anotherparty or completion of construction ordevelopment. Transfers from investment propertyare made when, and only when, there is a changein use, evidenced by commencement of owneroccupation or commencement of developmentwith a view to sale.

Untuk transfer dari properti investasi ke asetyang digunakan dalam operasi, Grupmenggunakan metode biaya pada tanggalperubahan penggunaan. Jika aset yangdigunakan Grup menjadi properti investasi,Grup mencatat aset tersebut sesuai dengankebijakan aset tetap sampai dengan tanggalterakhir perubahan penggunaannya.

For a transfer from investment property to anasset used in operations, the Group uses the costmethod at the date of change in use. If the assetused by the Group becomes an investmentproperty, the Group accounts for the asset inaccordance with the policy stated under fixedassets up to the date of change in use.

n. Penurunan nilai aset nonkeuangan n. Impairment of non-financial assets

Aset yang memiliki umur manfaat tidakterbatas, sebagai contoh goodwill atau asettakberwujud yang belum siap digunakan, tidakdiamortisasi dan dilakukan pengujianpenurunan nilai secara tahunan, atau lebihsering apabila terdapat peristiwa atauperubahan pada kondisi yang mengindikasikankemungkinan penurunan nilai.

Assets that have an indefinite useful life - forexample, goodwill or intangible assets not readyfor use - are not subject to amortization and aretested annually for impairment, or more frequentlyif events or changes in circumstances indicatethat they might be impaired.

Aset yang diamortisasi atau disusutkan ditinjauulang ketika terdapat indikasi bahwa jumlahtercatatnya mungkin tidak dapat dipulihkan.Penurunan nilai diakui jika jumlah tercatat asetmelebihi jumlah terpulihkan. Jumlah terpulihkanadalah nilai yang lebih tinggi antara nilai wajaraset dikurangi biaya untuk menjual dan nilaipakai aset. Dalam menentukan penurunan nilai,aset dikelompokkan sampai tingkat yang palingrendah dimana arus kasnya dapat diidentifikasi(“UPK”). Aset nonkeuangan selain goodwillyang mengalami penurunan nilai ditinjau ulangpada setiap tanggal pelaporan untukmenentukan apakah terdapat kemungkinanpemulihan penurunan nilai.

Assets that are subject to amortization ordepreciation are reviewed for impairmentwhenever events or changes in circumstancesindicate that the carrying amount may not berecoverable. An impairment loss is recognized forthe amount by which the asset’s carrying amountexceeds its recoverable amount. The recoverableamount is the higher of an asset’s fair value lesscosts to sell and value in use. For the purposes ofassessing impairment, assets are grouped at thelowest levels for which there are separatelyidentifiable cash flows (“CGU”). Non-financialassets other than goodwill that suffer animpairment are reviewed for possible reversal ofthe impairment at each reporting date.

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m. Properti investasi (lanjutan) m. Investment property (continued)

Transfer ke properti investasi dilakukan jika,dan hanya jika, terdapat perubahanpenggunaan yang ditunjukkan denganberakhirnya pemakaian oleh pemilik,dimulainya sewa operasi ke pihak lain atauselesainya pembangunan atau pengembangan.Transfer dari properti investasi dilakukan jikadan hanya jika terdapat perubahanpenggunaan yang ditunjukkan dengandimulainya penggunaan oleh pemilik ataudimulainya pengembangan yang bertujuanuntuk dijual.

Transfers to investment property are made when,and only when, there is a change in use,evidenced by the end of owner occupation,commencement of an operating lease to anotherparty or completion of construction ordevelopment. Transfers from investment propertyare made when, and only when, there is a changein use, evidenced by commencement of owneroccupation or commencement of developmentwith a view to sale.

Untuk transfer dari properti investasi ke asetyang digunakan dalam operasi, Grupmenggunakan metode biaya pada tanggalperubahan penggunaan. Jika aset yangdigunakan Grup menjadi properti investasi,Grup mencatat aset tersebut sesuai dengankebijakan aset tetap sampai dengan tanggalterakhir perubahan penggunaannya.

For a transfer from investment property to anasset used in operations, the Group uses the costmethod at the date of change in use. If the assetused by the Group becomes an investmentproperty, the Group accounts for the asset inaccordance with the policy stated under fixedassets up to the date of change in use.

n. Penurunan nilai aset nonkeuangan n. Impairment of non-financial assets

Aset yang memiliki umur manfaat tidakterbatas, sebagai contoh goodwill atau asettakberwujud yang belum siap digunakan, tidakdiamortisasi dan dilakukan pengujianpenurunan nilai secara tahunan, atau lebihsering apabila terdapat peristiwa atauperubahan pada kondisi yang mengindikasikankemungkinan penurunan nilai.

Assets that have an indefinite useful life - forexample, goodwill or intangible assets not readyfor use - are not subject to amortization and aretested annually for impairment, or more frequentlyif events or changes in circumstances indicatethat they might be impaired.

Aset yang diamortisasi atau disusutkan ditinjauulang ketika terdapat indikasi bahwa jumlahtercatatnya mungkin tidak dapat dipulihkan.Penurunan nilai diakui jika jumlah tercatat asetmelebihi jumlah terpulihkan. Jumlah terpulihkanadalah nilai yang lebih tinggi antara nilai wajaraset dikurangi biaya untuk menjual dan nilaipakai aset. Dalam menentukan penurunan nilai,aset dikelompokkan sampai tingkat yang palingrendah dimana arus kasnya dapat diidentifikasi(“UPK”). Aset nonkeuangan selain goodwillyang mengalami penurunan nilai ditinjau ulangpada setiap tanggal pelaporan untukmenentukan apakah terdapat kemungkinanpemulihan penurunan nilai.

Assets that are subject to amortization ordepreciation are reviewed for impairmentwhenever events or changes in circumstancesindicate that the carrying amount may not berecoverable. An impairment loss is recognized forthe amount by which the asset’s carrying amountexceeds its recoverable amount. The recoverableamount is the higher of an asset’s fair value lesscosts to sell and value in use. For the purposes ofassessing impairment, assets are grouped at thelowest levels for which there are separatelyidentifiable cash flows (“CGU”). Non-financialassets other than goodwill that suffer animpairment are reviewed for possible reversal ofthe impairment at each reporting date.










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n. Penurunan nilai aset nonkeuangan(lanjutan)

n. Impairment of non-financial assets(continued)

Pemulihan kerugian penurunan nilai untuk asetselain goodwill, diakui jika, terdapat perubahanestimasi yang digunakan dalam menentukanjumlah terpulihkan aset sejak peninjauan ulangpenurunan nilai yang terakhir. Pembalikankerugian penurunan nilai tersebut diakui segeradalam laba rugi, kecuali untuk aset yangdisajikan pada jumlah revaluasian yang diaturPSAK lain. Kerugian penurunan nilai yangdiakui atas goodwill tidak dibalik kembali.

Reversal on impairment loss for assets other thangoodwill would be recognized if there had been achange in the estimates used to determine theasset’s recoverable amount since the lastimpairment test was carried out. Reversal onimpairment loss will be immediately recognized inprofit or loss, except for assets measured usingthe revaluation model as required by other PSAK.Impairment loss relating to goodwill would not bereversed.

o. Biaya pinjaman o. Borrowing costs

Biaya pinjaman yang terjadi untuk konstruksiaset kualifikasian, dikapitalisasi selama waktuyang dibutuhkan untuk menyelesaikankonstruksi. Untuk pinjaman yang dapatdiatribusikan secara langsung pada suatu asetkualifikasian, jumlah yang dikapitalisasi adalahsebesar biaya pinjaman yang terjadi selamatahun berjalan dikurangi pendapatan investasijangka pendek dari pinjaman tersebut. Untukpinjaman yang tidak dapat diatribusi secaralangsung pada suatu aset kualifikasian, jumlahbiaya pinjaman yang dikapitalisasi ditentukandengan mengalikan tingkat kapitalisasi denganpengeluaran untuk aset kualifikasian. Tingkatkapitalisasi adalah rata-rata tertimbang biayapinjaman dibagi dengan jumlah pinjamanselama tahun tertentu, tidak termasuk pinjamanyang dapat diatribusikan secara langsung untukmembiayai aset kualifikasian.

Borrowing cost for a qualifiying asset should becapitalized over the asset construction years. Forborrowings directly attributable to a qualifyingasset, the amount to be capitalized is determinedas the actual borrowing costs incurred during theyear, less any income earned on the temporaryinvestment of such borrowings. For borrowingsthat are not directly attributable to a qualifyingasset, the amount to be capitalized is determinedby applying a capitalization rate to the amountexpended on the qualifying asset. Thecapitalization rate is the weighted-average of theborrowing costs applicable to the total borrowingsoutstanding during the year, excluding borrowingsdirectly attributable to finance the qualifying asset.

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n. Penurunan nilai aset nonkeuangan(lanjutan)

n. Impairment of non-financial assets(continued)

Pemulihan kerugian penurunan nilai untuk asetselain goodwill, diakui jika, terdapat perubahanestimasi yang digunakan dalam menentukanjumlah terpulihkan aset sejak peninjauan ulangpenurunan nilai yang terakhir. Pembalikankerugian penurunan nilai tersebut diakui segeradalam laba rugi, kecuali untuk aset yangdisajikan pada jumlah revaluasian yang diaturPSAK lain. Kerugian penurunan nilai yangdiakui atas goodwill tidak dibalik kembali.

Reversal on impairment loss for assets other thangoodwill would be recognized if there had been achange in the estimates used to determine theasset’s recoverable amount since the lastimpairment test was carried out. Reversal onimpairment loss will be immediately recognized inprofit or loss, except for assets measured usingthe revaluation model as required by other PSAK.Impairment loss relating to goodwill would not bereversed.

o. Biaya pinjaman o. Borrowing costs

Biaya pinjaman yang terjadi untuk konstruksiaset kualifikasian, dikapitalisasi selama waktuyang dibutuhkan untuk menyelesaikankonstruksi. Untuk pinjaman yang dapatdiatribusikan secara langsung pada suatu asetkualifikasian, jumlah yang dikapitalisasi adalahsebesar biaya pinjaman yang terjadi selamatahun berjalan dikurangi pendapatan investasijangka pendek dari pinjaman tersebut. Untukpinjaman yang tidak dapat diatribusi secaralangsung pada suatu aset kualifikasian, jumlahbiaya pinjaman yang dikapitalisasi ditentukandengan mengalikan tingkat kapitalisasi denganpengeluaran untuk aset kualifikasian. Tingkatkapitalisasi adalah rata-rata tertimbang biayapinjaman dibagi dengan jumlah pinjamanselama tahun tertentu, tidak termasuk pinjamanyang dapat diatribusikan secara langsung untukmembiayai aset kualifikasian.

Borrowing cost for a qualifiying asset should becapitalized over the asset construction years. Forborrowings directly attributable to a qualifyingasset, the amount to be capitalized is determinedas the actual borrowing costs incurred during theyear, less any income earned on the temporaryinvestment of such borrowings. For borrowingsthat are not directly attributable to a qualifyingasset, the amount to be capitalized is determinedby applying a capitalization rate to the amountexpended on the qualifying asset. Thecapitalization rate is the weighted-average of theborrowing costs applicable to the total borrowingsoutstanding during the year, excluding borrowingsdirectly attributable to finance the qualifying asset.










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p. Provisi p. Provision

Provisi diakui jika, sebagai akibat peristiwamasa lalu, Grup memiliki kewajiban kini, baikbersifat hukum maupun bersifat konstruktif yangdapat diukur secara andal dan kemungkinanbesar penyelesaian kewajiban tersebutmengakibatkan arus keluar sumber daya yangmengandung manfaat ekonomi. Jika dampaknilai waktu uang cukup material, maka provisidinyatakan pada estimasi nilai kini dari jumlahkewajiban yang harus diselesaikan.

A provision is recognized if, as a result of a pastevent, the Group has a present legal orconstructive obligation that can be estimatedreliably, and it is probable that an outflow ofeconomic benefits will be required to settle theobligation. Where the time value of money ismaterial, provision is stated at the present valueof the expenditure expected to be required tosettle the obligation.

q. Pengakuan pendapatan dan beban q. Revenues and expenses recognition

i. Penjualan barang i. Sales of goods

Pendapatan dari penjualan barang dalamkegiatan usaha normal Grup diukur padanilai wajar imbalan yang diterima atau akanditerima, setelah dikurangi PajakPertambahan Nilai, retur, diskon danpotongan harga.

Revenue from the sale of goods in theordinary course of the Group’s activities ismeasured at the fair value of theconsideration received or receivable, net ofValue Added Tax, returns, discounts andrebates.

Pendapatan penjualan barang diakui padasaat terpenuhinya seluruh kondisi berikut:

Revenue from sales of goods is recognizedwhen all of the following conditions are met:

- Grup telah memindahkan risiko danmanfaat kepemilikan barang secarasignifikan kepada pembeli;

- the Group has transferred to the buyerthe significant risks and rewards ofownership of the goods;

- Grup tidak lagi melanjutkanpengelolaan yang biasanya terkaitdengan kepemilikan atas barangmaupun melakukan pengendalianefektif atas barang yang dijual;

- the Group retains neither continuingmanagerial involvement to the degreeusually associated with ownership noreffective control over the goods sold;

- jumlah pendapatan dapat diukursecara andal;

- the amount of revenue can be measuredreliably;

- kemungkinan besar manfaat ekonomiyang terkait dengan transaksi tersebutakan mengalir ke Grup; dan

- it is probable that the economic benefitsassociated with the transaction will flowto the Group; and

- biaya yang terjadi atau akan terjadisehubungan transaksi penjualantersebut dapat diukur secara andal.

- the costs incurred or to be incurred inrelation to the sales transaction can bemeasured reliably.

ii. Penjualan jasa ii. Sales of services

Pendapatan dari penjualan jasa diakuidalam laba rugi pada saat jasa diberikan.Untuk penjualan jasa yang mengacu padatingkat penyelesaian dari transaksi padatanggal pelaporan, tingkat penyelesaiantransaksi ditentukan denganmemperhatikan survei pekerjaan yangtelah dilaksanakan.

Revenue from sales of services is recognizedin profit or loss when the services arerendered. For sales of services in which theservice are rendered by reference to thestage of completion of the transaction at thereporting date, the stage of completion isassessed by reference to surveys of workperformed.










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q. Pengakuan pendapatan dan beban(lanjutan)

q. Revenues and expenses recognition(continued)

ii. Penjualan jasa (lanjutan) ii. Sales of services (continued)

Pendapatan dari penjualan jasa diakuipada saat terpenuhinya seluruh kondisiberikut:

Revenue from rendering of services isrecognized when all of the followingconditions are met:



- besar kemungkinan manfaat ekonomisehubungan dengan transaksitersebut akan mengalir ke Grup;

- it is probable that the economic benefitsassociated with the transaction will flowto the Group;

- tingkat penyelesaian dari suatutransaksi pada tanggal pelaporandapat diukur secara andal; dan

- the stage of completion of thetransaction at the reporting date can bemeasured reliably; and

- biaya yang timbul untuk transaksi danbiaya untuk menyelesaikan transaksitersebut dapat diukur dengan andal.

- the costs incurred for the transaction andthe costs to complete the transaction canbe measured reliably.

Bila hasil transaksi penjualan jasa tidakdapat diestimasi dengan andal,pendapatan yang diakui hanya sebesarbeban yang telah diakui yang dapatdiperoleh kembali. Taksiran rugi pada jasasegera diakui dalam laba rugi.

When the outcome of a transaction involvingthe rendering of services cannot be estimatedreliably, revenue is recognized only to theextent of the expenses recognized that arerecoverable. An expected loss on a service isrecognized immediately in profit or loss.

iii. Penghasilan sewa iii. Rental income

Penghasilan sewa (sewa operasi) dari asetdiakui dalam laba rugi dengan dasar garislurus selama jangka waktu sewa.

Rental income from assets (operating lease)is recognized in profit or loss on a straight-line basis over the term of the lease.

iv. Beban iv. Expenses

Beban diakui pada saat terjadinyaberdasarkan konsep akrual.

Expenses are recognized when incurred onan accrual basis.

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q. Pengakuan pendapatan dan beban(lanjutan)

q. Revenues and expenses recognition(continued)

ii. Penjualan jasa (lanjutan) ii. Sales of services (continued)

Pendapatan dari penjualan jasa diakuipada saat terpenuhinya seluruh kondisiberikut:

Revenue from rendering of services isrecognized when all of the followingconditions are met:



- besar kemungkinan manfaat ekonomisehubungan dengan transaksitersebut akan mengalir ke Grup;

- it is probable that the economic benefitsassociated with the transaction will flowto the Group;

- tingkat penyelesaian dari suatutransaksi pada tanggal pelaporandapat diukur secara andal; dan

- the stage of completion of thetransaction at the reporting date can bemeasured reliably; and

- biaya yang timbul untuk transaksi danbiaya untuk menyelesaikan transaksitersebut dapat diukur dengan andal.

- the costs incurred for the transaction andthe costs to complete the transaction canbe measured reliably.

Bila hasil transaksi penjualan jasa tidakdapat diestimasi dengan andal,pendapatan yang diakui hanya sebesarbeban yang telah diakui yang dapatdiperoleh kembali. Taksiran rugi pada jasasegera diakui dalam laba rugi.

When the outcome of a transaction involvingthe rendering of services cannot be estimatedreliably, revenue is recognized only to theextent of the expenses recognized that arerecoverable. An expected loss on a service isrecognized immediately in profit or loss.

iii. Penghasilan sewa iii. Rental income

Penghasilan sewa (sewa operasi) dari asetdiakui dalam laba rugi dengan dasar garislurus selama jangka waktu sewa.

Rental income from assets (operating lease)is recognized in profit or loss on a straight-line basis over the term of the lease.

iv. Beban iv. Expenses

Beban diakui pada saat terjadinyaberdasarkan konsep akrual.

Expenses are recognized when incurred onan accrual basis.










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r. Imbalan kerja r. Employee benefits

i. Program imbalan pasti i. Defined benefit plans

Liabilitas program pensiun imbalan pastiyang diakui dalam laporan posisi keuangankonsolidasian adalah nilai kini kewajibanimbalan pasti pada tanggal pelaporandikurangi nilai wajar aset program.Perhitungan tersebut dilakukan olehaktuaris independen denganmenggunakan metode projected unit credit.Nilai kini kewajiban imbalan pastiditentukan dengan mendiskontokanestimasi arus kas keluar di masa depanmenggunakan tingkat bunga obligasipemerintah dengan pertimbangan bahwapada saat ini tidak terdapat pasar aktifuntuk obligasi korporasi yang berkualitastinggi yang memiliki periode jatuhtemponya berdekatan dengan periodeliabilitas tersebut.

The liability recognized in the consolidatedstatement of financial position in respect ofdefined benefit pension plans is the presentvalue of the defined benefit obligation at thereporting date less the fair value of planassets. The calculation is performed by anindependent actuary using the projected unitcredit method. The present value of thedefined benefit obligation is determined bydiscounting the estimated future cashoutflows using government bond interestrates considering currently there is no deepmarket for high quality corporate bonds thathave terms to maturity approximating theterms of the related liability.

Beban yang diakui di laba rugi termasukbiaya jasa kini, beban/pendapatan bunga,biaya jasa lalu dan keuntungan/kerugianpenyelesaian.

Expense charged to profit or loss includescurrent service costs, interestexpense/income, past-service cost and gainsand losses on settlements.

Pengukuran kembali program imbalanpasti diakui dalam penghasilankomprehensif lain. Pengukuran kembaliterdiri dari keuntungan dan kerugianaktuaria, imbal hasil aset program (diluarpendapatan bunga yang sudahdiakumulasi dalam perhitungan bunganeto/aset) dan setiap perubahan atasdampak batas atas aset (diluar pendapatanbunga yang sudah diakumulasi dalamperhitungan bunga neto/aset).

Remeasurements of defined benefit plansare recognized in other comprehensiveincome. Remeasurements compriseactuarial gains and losses, the return on planassets (excluding amounts included in netinterest on the net defined benefitliability/asset) and any change in the effect of the asset ceiling (excluding amounts includedin net interest on the net defined benefitliability/asset).

Biaya jasa lalu diakui segera dalam labarugi, kecuali perubahan pada programpensiun tergantung pada kondisi karyawanmemberikan jasanya selama periodetertentu (periode vesting). Dalam hal ini,biaya jasa lalu diamortisasi denganmenggunakan metode garis lurussepanjang periode vesting.

Past-service costs are recognizedimmediately in profit or loss, unless thechanges to the pension plan are conditionalon the employees remaining in service for aspecified period of time (the vesting period).In this case, the past-service costs areamortized on a straight-line basis over thevesting period.










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r. Imbalan kerja (lanjutan) r. Employee benefits (continued)

i. Program imbalan pasti (lanjutan) i. Defined benefit plans (continued)

Keuntungan dan kerugian atas kurtailmendiakui ketika terdapat komitmen untukmengurangi jumlah karyawan yangtercakup dalam suatu program secarasignifikan atau ketika terdapat perubahanketentuan dalam program imbalan pastiyang menyebabkan bagian yang materialdari jasa masa depan, karyawan tidak lagimemberikan imbalan atau memberikanimbalan yang lebih rendah.

Gains and losses on curtailment arerecognized when there is a commitment tomake a material reduction in the number ofemployees covered by a plan or when thereis an amendment of defined benefit planterms such as that a material element offuture services to be provided by currentemployees will no longer qualify for benefits,or will qualify only for reduced benefits.

Program imbalan pasti yangdiselenggarakan oleh Grup meliputipensiun imbalan pasti dan kewajibanimbalan pasti berdasarkan Undang-Undang (“UU”) KetenagakerjaanNo. 13/2003 atau Kontrak Kerja Bersama(“KKB”), mana yang lebih tinggi.

The defined benefit plans provided by theGroup cover defined benefit pension anddefined benefit obligation under Labour LawNo. 13/2003 (“Labour Law”) or the CollectiveLabour Agreement (the “CLA”), whichever ishigher.

ii. Program iuran pasti ii. Defined contribution plans

Program iuran pasti merupakan programimbalan pasca kerja, dimana entitasmembayar iuran tetap kepada suatu entitasterpisah dan tidak memiliki kewajibanhukum ataupun konstruktif untukmembayar iuran lebih lanjut. Kewajibanuntuk membayar iuran secara regulermerupakan biaya imbalan kerja karyawanuntuk tahun dimana jasa diberikan olehkaryawan.

A defined contribution plan is a post-employment benefit plan under which theentity pays fixed contributions into a separateentity and will have no legal or constructiveobligation to pay further amounts. Obligationsfor the regular contributions constituteemployee benefit costs for the year duringwhich services are rendered by employees.

iii. Imbalan kerja jangka panjang lainnya iii. Other long-term benefits

Karyawan Grup memiliki hak untukmenerima penghargaan masa kerja untukjangka waktu tertentu dalam bentuk kasdalam jumlah tertentu atau barang, yangdisebut Ulang Tahun Dinas (“UTD”) ataucuti berimbalan jangka panjang (“cutibesar”) dalam bentuk jumlah hari cutiberdasarkan periode jasa yangdipersyaratkan.

Employees of the Group are entitled toreceive long service awards, namely UlangTahun Dinas (“UTD”) in the form of certaincash awards or goods and long-service paidleave (“LSL”) in the form of a certain numberof days of leave benefits based on the lengthof service requirements.

Kewajiban terkait dengan UTD dihitungoleh aktuaris independen denganmenggunakan metode projected unit creditdan dibayarkan pada saat karyawanmencapai UTD tertentu selama masakerjanya.

The obligation with respect to UTD iscalculated by an independent actuary usingthe projected unit credit method, and paid atthe time the employees reach certainanniversary dates during employment.

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i. Program imbalan pasti (lanjutan) i. Defined benefit plans (continued)

Keuntungan dan kerugian atas kurtailmendiakui ketika terdapat komitmen untukmengurangi jumlah karyawan yangtercakup dalam suatu program secarasignifikan atau ketika terdapat perubahanketentuan dalam program imbalan pastiyang menyebabkan bagian yang materialdari jasa masa depan, karyawan tidak lagimemberikan imbalan atau memberikanimbalan yang lebih rendah.

Gains and losses on curtailment arerecognized when there is a commitment tomake a material reduction in the number ofemployees covered by a plan or when thereis an amendment of defined benefit planterms such as that a material element offuture services to be provided by currentemployees will no longer qualify for benefits,or will qualify only for reduced benefits.

Program imbalan pasti yangdiselenggarakan oleh Grup meliputipensiun imbalan pasti dan kewajibanimbalan pasti berdasarkan Undang-Undang (“UU”) KetenagakerjaanNo. 13/2003 atau Kontrak Kerja Bersama(“KKB”), mana yang lebih tinggi.

The defined benefit plans provided by theGroup cover defined benefit pension anddefined benefit obligation under Labour LawNo. 13/2003 (“Labour Law”) or the CollectiveLabour Agreement (the “CLA”), whichever ishigher.

ii. Program iuran pasti ii. Defined contribution plans

Program iuran pasti merupakan programimbalan pasca kerja, dimana entitasmembayar iuran tetap kepada suatu entitasterpisah dan tidak memiliki kewajibanhukum ataupun konstruktif untukmembayar iuran lebih lanjut. Kewajibanuntuk membayar iuran secara regulermerupakan biaya imbalan kerja karyawanuntuk tahun dimana jasa diberikan olehkaryawan.

A defined contribution plan is a post-employment benefit plan under which theentity pays fixed contributions into a separateentity and will have no legal or constructiveobligation to pay further amounts. Obligationsfor the regular contributions constituteemployee benefit costs for the year duringwhich services are rendered by employees.

iii. Imbalan kerja jangka panjang lainnya iii. Other long-term benefits

Karyawan Grup memiliki hak untukmenerima penghargaan masa kerja untukjangka waktu tertentu dalam bentuk kasdalam jumlah tertentu atau barang, yangdisebut Ulang Tahun Dinas (“UTD”) ataucuti berimbalan jangka panjang (“cutibesar”) dalam bentuk jumlah hari cutiberdasarkan periode jasa yangdipersyaratkan.

Employees of the Group are entitled toreceive long service awards, namely UlangTahun Dinas (“UTD”) in the form of certaincash awards or goods and long-service paidleave (“LSL”) in the form of a certain numberof days of leave benefits based on the lengthof service requirements.

Kewajiban terkait dengan UTD dihitungoleh aktuaris independen denganmenggunakan metode projected unit creditdan dibayarkan pada saat karyawanmencapai UTD tertentu selama masakerjanya.

The obligation with respect to UTD iscalculated by an independent actuary usingthe projected unit credit method, and paid atthe time the employees reach certainanniversary dates during employment.










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iii. Imbalan kerja jangka panjang lainnya(lanjutan)

iii. Other long-term benefits (continued)

Cuti besar merupakan imbalan sejumlahhari cuti tertentu, yang tergantung padapersetujuan manajemen, diberikan kepadakaryawan yang telah memenuhipersyaratan jumlah tahun memberikanjasa.

LSL is a certain number of days leave benefit,subject to approval by management,provided to employees who have met therequisite number of years of service.

Biaya jasa lalu dan keuntungan ataukerugian aktuarial yang timbul daripenyesuaian akibat perbedaan antaraasumsi aktuarial dan kenyataan danperubahan asumsi-asumsi aktuarialdibebankan secara langsung ke laba rugi.

Past service cost and actuarial gains orlosses arising from experience adjustmentsand changes in actuarial assumptions arecharged immediately to profit or loss.

s. Mata uang s. Currency

i. Mata uang fungsional dan penyajian i. Functional and presentation currency

Pos-pos dalam laporan keuangankonsolidasian dari setiap entitas dalamGrup diukur dalam mata uang padalingkungan ekonomi utama dimana entitasberoperasi (“mata uang fungsional”).Laporan keuangan konsolidasian disajikandalam Rupiah, yang merupakan mata uangfungsional dan penyajian Perusahaan.

Items included in the consolidated financialstatements of each of the Group’s entities aremeasured using the currency of the primaryeconomic environment in which the entityoperates (the “functional currency”). Theconsolidated financial statements arepresented in Rupiah, which is the Company’sfunctional and presentation currency.

ii. Transaksi dan saldo dalam mata uangasing

ii. Transactions and balances in foreigncurrencies

Transaksi dalam mata uang selain matauang Rupiah dijabarkan menjadi matauang Rupiah dengan menggunakan kursyang berlaku pada tanggal transaksi.

Transactions denominated in currenciesother than Rupiah are converted into Rupiahat the rates prevailing as of the date of thetransaction.

Pada tanggal pelaporan, aset dan liabilitasmoneter dalam mata uang asing dijabarkanke mata uang Rupiah dengan kurs tengahBank Indonesia yang berlaku pada tanggaltersebut. Kurs yang digunakan untuk matauang asing utama adalah sebagai berikut(nilai penuh):

At the reporting date, monetary assets andmonetary liabilities denominated in foreigncurrencies are translated into Rupiah usingthe Bank of Indonesia middle rate prevailingas of that date. The exchange rates of themajor foreign currencies used are as follows(full amount):

31 Desember/ 31 Desember/December 31, December 31,

2018 2017

Dolar AS (“$AS”) 14.481 13.548 US Dollar (“US$”)Dolar Singapura (“$SG”) 10.603 10.134 Singapore Dollar (“SG$”)Euro (“€”) 16.560 16.174 Euro (“€”)










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s. Mata uang (lanjutan) s. Currency (continued)

ii. Transaksi dan saldo dalam mata uangasing (lanjutan)

ii. Transactions and balances in foreigncurrencies (continued)

Keuntungan atau kerugian dari selisih kurs,yang sudah terealisasi maupun yangbelum, baik yang berasal dari transaksidalam mata uang asing maupunpenjabaran aset dan liabilitas moneterdibebankan dalam laba rugi, kecuali jikaditangguhkan dalam penghasilankomprehensif lain sebagai lindung nilaiarus kas dan lindung nilai investasi netoyang memenuhi syarat.

Realized or unrealized foreign exchangegains or losses arising from transactions inforeign currency and from the translation offoreign currency monetary assets andliabilities are recognized in profit or loss,except when deferred in othercomprehensive income as qualifying cashflow hedges and qualifying net investmenthedges.

t. Perpajakan t. Taxation

Pajak final Final tax

Peraturan perpajakan di Indonesia mengaturbeberapa jenis penghasilan dikenakan pajakyang bersifat final. Pajak final yang dikenakanatas nilai bruto transaksi tetap dikenakanwalaupun atas transaksi tersebut pelakutransaksi mengalami kerugian.

Tax regulation in Indonesia determined thatcertain income is subject to final tax. Final taxapplied to the gross value of transactions isapplied even when the parties carrying thetransaction are recognizing losses.

Grup menyajikan beban pajak final ataspendapatan dari jasa penyewaan ruangankantor dan tongkang serta penjualan bahanbakar sebagai pos tersendiri, sementara bebanpajak final atas penghasilan bunga disajikansebagai bagian dari “lain-lain - neto” dalam labarugi.

The Group presents final tax expense onrevenues arising from rental of office space andbarges and sales of fuel as a separate line item,while final tax expense on interest income ispresented as part of “others - net” in profit or loss.

Pajak kini Current tax

Aset dan liabilitas pajak kini untuk periodeberjalan diukur sebesar jumlah yang diharapkandapat direstitusi dari atau dibayarkan kepadaotoritas perpajakan. Beban pajak kini ditentukanberdasarkan estimasi penghasilan kena pajakperiode berjalan yang dihitung berdasarkan tarifpajak yang berlaku.

Current tax assets and liabilities for the currentperiod are measured at the amount expected tobe recovered from or paid to the taxationauthority. Current tax expense is determinedbased on the estimated taxable income for theperiod computed using the prevailing tax rates.

Kekurangan pembayaran pajak penghasilandicatat sebagai bagian dari beban pajak kinidalam laba rugi. Grup juga menyajikanbunga/denda, jika ada, sebagai bagian daribeban pajak kini.

Underpayment of income tax are presented aspart of current tax expense in profit or loss. TheGroup also presented interest/penalty, if any, aspart of current tax expense.

Koreksi terhadap liabilitas perpajakan diakuipada saat surat ketetapan pajak diterima atau,jika diajukan keberatan, pada saat keputusanatas keberatan ditetapkan.

Amendments to tax obligations are recordedwhen a tax assessment letter is received or, ifappealed against, when the result of the appeal isdetermined.










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t. Perpajakan (lanjutan) t. Taxation (continued)

Pajak tangguhan Deferred tax

Aset dan liabilitas pajak tangguhan diakuimenggunakan metode liabilitas ataskonsekuensi pajak pada masa mendatang yangtimbul dari perbedaan jumlah tercatat aset danliabilitas menurut laporan keuangankonsolidasian dengan dasar pengenaan pajakaset dan liabilitas pada setiap tanggalpelaporan. Liabilitas pajak tangguhan diakuiuntuk semua perbedaan temporer kena pajakdan aset pajak tangguhan diakui untuk semuaperbedaan temporer yang boleh dikurangkandan akumulasi rugi fiskal, sepanjang besarkemungkinan perbedaan temporer yang bolehdikurangkan dan akumulasi rugi fiskal tersebutdapat dimanfaatkan untuk mengurangipenghasilan kena pajak pada masa depan.

Deferred tax assets and liabilities are recognizedusing the liability method for the future taxconsequences attributable to differences betweenthe carrying amounts of existing assets andliabilities in the consolidated financial statementsand their respective tax bases at each reportingdate. Deferred tax liabilities are recognized for alltaxable temporary differences and deferred taxassets are recognized for all deductible temporarydifferences and accumulated fiscal losses to theextent that it is probable that taxable income willbe available in future years against which thedeductible temporary differences andaccumulated fiscal losses can be utilized.

Jumlah tercatat aset pajak tangguhan ditelaahulang pada akhir setiap periode pelaporan danditurunkan apabila penghasilan kena pajakmungkin tidak memadai untukmengkompensasi sebagian atau semuamanfaat aset pajak tangguhan tersebut. Padaakhir setiap periode pelaporan, Grup menilaikembali aset pajak tangguhan yang tidak diakui.Grup mengakui aset pajak tangguhan yangsebelumnya tidak diakui apabila besarkemungkinan bahwa penghasilan kena pajakpada masa depan akan tersedia untukpemulihannya.

The carrying amount of a deferred tax asset isreviewed at the end of each reporting period andreduced to the extent that it is no longer probablethat sufficient taxable income will be available toallow the benefit of part or all of that deferred taxasset to be utilized. At the end of each reportingperiod, the Group reassesses unrecognizeddeferred tax assets. The Group recognizes apreviously unrecognized deferred tax assets tothe extent that it has become probable that futuretaxable income will allow the deferred tax assetsto be recovered.

Pajak tangguhan dihitung denganmenggunakan tarif pajak yang berlaku atausecara substansial telah berlaku pada tanggalpelaporan. Perubahan nilai tercatat aset danliabilitas pajak tangguhan yang disebabkan olehperubahan tarif pajak dibebankan pada labarugi periode berjalan, kecuali untuk transaksi-transaksi yang sebelumnya telah langsungdibebankan atau dikreditkan ke ekuitas.

Deferred tax is calculated at the tax rates thathave been enacted or substantively enacted atthe reporting date. Changes in the carryingamount of deferred tax assets and liabilities dueto a change in tax rates are charged to currentperiod profit or loss, except to the extent that theyrelate to items previously charged or credited toequity.

Aset dan liabilitas pajak tangguhan disajikansecara saling hapus dalam laporan posisikeuangan konsolidasian, kecuali aset danliabilitas pajak tangguhan untuk entitas yangberbeda, sesuai dengan penyajian aset danliabilitas pajak kini.

Deferred tax assets and liabilities are offset in theconsolidated statement of financial position,except if they are for different legal entities,consistent with the presentation of current taxassets and liabilities.

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t. Perpajakan (lanjutan) t. Taxation (continued)

Pajak tangguhan Deferred tax

Aset dan liabilitas pajak tangguhan diakuimenggunakan metode liabilitas ataskonsekuensi pajak pada masa mendatang yangtimbul dari perbedaan jumlah tercatat aset danliabilitas menurut laporan keuangankonsolidasian dengan dasar pengenaan pajakaset dan liabilitas pada setiap tanggalpelaporan. Liabilitas pajak tangguhan diakuiuntuk semua perbedaan temporer kena pajakdan aset pajak tangguhan diakui untuk semuaperbedaan temporer yang boleh dikurangkandan akumulasi rugi fiskal, sepanjang besarkemungkinan perbedaan temporer yang bolehdikurangkan dan akumulasi rugi fiskal tersebutdapat dimanfaatkan untuk mengurangipenghasilan kena pajak pada masa depan.

Deferred tax assets and liabilities are recognizedusing the liability method for the future taxconsequences attributable to differences betweenthe carrying amounts of existing assets andliabilities in the consolidated financial statementsand their respective tax bases at each reportingdate. Deferred tax liabilities are recognized for alltaxable temporary differences and deferred taxassets are recognized for all deductible temporarydifferences and accumulated fiscal losses to theextent that it is probable that taxable income willbe available in future years against which thedeductible temporary differences andaccumulated fiscal losses can be utilized.

Jumlah tercatat aset pajak tangguhan ditelaahulang pada akhir setiap periode pelaporan danditurunkan apabila penghasilan kena pajakmungkin tidak memadai untukmengkompensasi sebagian atau semuamanfaat aset pajak tangguhan tersebut. Padaakhir setiap periode pelaporan, Grup menilaikembali aset pajak tangguhan yang tidak diakui.Grup mengakui aset pajak tangguhan yangsebelumnya tidak diakui apabila besarkemungkinan bahwa penghasilan kena pajakpada masa depan akan tersedia untukpemulihannya.

The carrying amount of a deferred tax asset isreviewed at the end of each reporting period andreduced to the extent that it is no longer probablethat sufficient taxable income will be available toallow the benefit of part or all of that deferred taxasset to be utilized. At the end of each reportingperiod, the Group reassesses unrecognizeddeferred tax assets. The Group recognizes apreviously unrecognized deferred tax assets tothe extent that it has become probable that futuretaxable income will allow the deferred tax assetsto be recovered.

Pajak tangguhan dihitung denganmenggunakan tarif pajak yang berlaku atausecara substansial telah berlaku pada tanggalpelaporan. Perubahan nilai tercatat aset danliabilitas pajak tangguhan yang disebabkan olehperubahan tarif pajak dibebankan pada labarugi periode berjalan, kecuali untuk transaksi-transaksi yang sebelumnya telah langsungdibebankan atau dikreditkan ke ekuitas.

Deferred tax is calculated at the tax rates thathave been enacted or substantively enacted atthe reporting date. Changes in the carryingamount of deferred tax assets and liabilities dueto a change in tax rates are charged to currentperiod profit or loss, except to the extent that theyrelate to items previously charged or credited toequity.

Aset dan liabilitas pajak tangguhan disajikansecara saling hapus dalam laporan posisikeuangan konsolidasian, kecuali aset danliabilitas pajak tangguhan untuk entitas yangberbeda, sesuai dengan penyajian aset danliabilitas pajak kini.

Deferred tax assets and liabilities are offset in theconsolidated statement of financial position,except if they are for different legal entities,consistent with the presentation of current taxassets and liabilities.










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u. Segmen operasi u. Operating segments

Segmen operasi adalah suatu komponen dariGrup yang melaksanakan aktivitas bisnisdimana komponen tersebut memperolehpendapatan dan menimbulkan beban, termasukpendapatan yang diperoleh dan beban yangtimbul dari transaksi dengan komponen laindalam Grup yang sama.

An operating segment is a component of theGroup that engages in business activities fromwhich it may earn revenues and incur expenses,including revenues and expenses that relate totransactions with other components within theGroup.

Hasil operasi dari segmen operasi tersebut,dimana tersedia informasi keuangan terpisahuntuk segmen tersebut, dikaji ulang secarareguler oleh Pengambil Keputusan Operasional(“PKO”) untuk mengambil keputusan mengenaipengalokasian sumber daya dan untuk menilaikinerja segmen operasi. PKO Grup adalahDireksi.

The operating results of the operating segments,for which discrete financial information isavailable, are reviewed regularly by the ChiefOperating Decision Maker (“CODM”) to makedecisions about resource allocation and to assessperformance. The Group’s CODM are theDirectors.

Kinerja segmen yang dilaporkan kepada Direksimeliputi unsur-unsur yang dapat diatribusikansecara langsung kepada segmen operasitersebut serta yang dapat dialokasikan secaraandal.

Segment results that are reported to the Directorsinclude items directly attributable to a segment aswell as those that can be allocated on areasonable basis.

Pelaporan segmen primer atas informasikeuangan disajikan berdasarkan bisnis utamadari setiap segmen yang dilaporkan. Pelaporansegmen sekunder ditentukan berdasarkankelompok pelanggan.

The primary segment reporting of financialinformation is presented based on the corebusiness of each of the reporting segments. Thesecondary segment reporting is defined based oncustomer grouping.

v. Laba per saham v. Earnings per share

Laba per saham dihitung dengan membagi labaperiode berjalan yang dapat diatribusikankepada pemilik entitas induk dengan jumlahrata-rata tertimbang saham yang beredarsepanjang tahun berjalan.

Earnings per share are calculated by dividing theprofit for the period attributable to owners of theparent by the weighted average number of sharesoutstanding during the year.

w. Biaya emisi saham w. Shares issuance cost

Biaya langsung yang berkaitan denganpenerbitan saham baru disajikan dalam akun“tambahan modal disetor” sebagai pengurang,setelah dikurangi pajak, dari jumlah yangditerima.

Costs directly attributable to the issuance of newshares are shown in “additional paid-in-capital”account as a deduction, net of tax, from theproceeds.










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x. Penerapan standar akuntansi baru x. Adoption of new accounting standards

Efektif tanggal 1 Januari 2018, Grupmenerapkan beberapa standar akuntansi baruyang relevan terhadap Grup berikut ini:

Effective January 1, 2018, the Group adoptedseveral new accounting standards which arerelevant to the Group as follows:

- Amandemen PSAK 2: Laporan Arus Kastentang Prakarsa Pengungkapan.

Amandemen ini mensyaratkan entitasuntuk menyediakan pengungkapan yangmemungkinkan pengguna laporankeuangan untuk mengevaluasiperubahan pada liabilitas yang timbul dariaktivitas pendanaan, termasukperubahan yang timbul dari arus kasmaupun perubahan non-kas.

- Amendments to PSAK 2: Statement of CashFlows on the Disclosures Initiative.

These amendments require entities toprovide disclosures that enable the financialstatements users to evaluate the changes inliabilities arising from financing activities,including changes from cash flow and non-cash.

- Amandemen PSAK 46: PajakPenghasilan tentang Pengakuan AsetPajak Tangguhan untuk Rugi yang BelumDirealisasi.

Amandemen ini mengklarifikasi bahwauntuk menentukan apakah laba kenapajak akan tersedia sehingga perbedaantemporer yang dapat dikurangkan dapatdimanfaatkan; estimasi ataskemungkinan besar laba kena pajak masadepan dapat mencakup pemulihanbeberapa aset entitas melebihi jumlahtercatatnya.

- Amendments to PSAK 46: Income Taxes onthe Recognition of Deferred Tax Assets forUnrealized Losses.

These amendments clarify that to determinewhether the taxable income will be availableso that the deductible temporary differencescan be utilized; estimates of the most likelyfuture taxable income can include recovery ofcertain assets of the entity that exceeds itscarrying amount.

- PSAK 15 (Penyesuaian 2017): Investasipada Entitas Asosiasi dan VenturaBersama.

Penyesuaian ini mengklarifikasi bahwapada saat pengakuan awal entitas dapatmemilih untuk mengukur investasinyapada nilai wajar atas dasar investasi-per-investasi.

- PSAK 15 (2017 Improvement): Investmentsin Associates and Joint Ventures.

This improvement clarifies that at initialrecognition an entity may elect to measure itsinvestee at fair value on the basis of aninvestment-by-investment.

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x. Penerapan standar akuntansi baru x. Adoption of new accounting standards

Efektif tanggal 1 Januari 2018, Grupmenerapkan beberapa standar akuntansi baruyang relevan terhadap Grup berikut ini:

Effective January 1, 2018, the Group adoptedseveral new accounting standards which arerelevant to the Group as follows:

- Amandemen PSAK 2: Laporan Arus Kastentang Prakarsa Pengungkapan.

Amandemen ini mensyaratkan entitasuntuk menyediakan pengungkapan yangmemungkinkan pengguna laporankeuangan untuk mengevaluasiperubahan pada liabilitas yang timbul dariaktivitas pendanaan, termasukperubahan yang timbul dari arus kasmaupun perubahan non-kas.

- Amendments to PSAK 2: Statement of CashFlows on the Disclosures Initiative.

These amendments require entities toprovide disclosures that enable the financialstatements users to evaluate the changes inliabilities arising from financing activities,including changes from cash flow and non-cash.

- Amandemen PSAK 46: PajakPenghasilan tentang Pengakuan AsetPajak Tangguhan untuk Rugi yang BelumDirealisasi.

Amandemen ini mengklarifikasi bahwauntuk menentukan apakah laba kenapajak akan tersedia sehingga perbedaantemporer yang dapat dikurangkan dapatdimanfaatkan; estimasi ataskemungkinan besar laba kena pajak masadepan dapat mencakup pemulihanbeberapa aset entitas melebihi jumlahtercatatnya.

- Amendments to PSAK 46: Income Taxes onthe Recognition of Deferred Tax Assets forUnrealized Losses.

These amendments clarify that to determinewhether the taxable income will be availableso that the deductible temporary differencescan be utilized; estimates of the most likelyfuture taxable income can include recovery ofcertain assets of the entity that exceeds itscarrying amount.

- PSAK 15 (Penyesuaian 2017): Investasipada Entitas Asosiasi dan VenturaBersama.

Penyesuaian ini mengklarifikasi bahwapada saat pengakuan awal entitas dapatmemilih untuk mengukur investasinyapada nilai wajar atas dasar investasi-per-investasi.

- PSAK 15 (2017 Improvement): Investmentsin Associates and Joint Ventures.

This improvement clarifies that at initialrecognition an entity may elect to measure itsinvestee at fair value on the basis of aninvestment-by-investment.










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x. Penerapan standar akuntansi baru (lanjutan) x. Adoption of new accounting standards(continued)

- PSAK 67 (Penyesuaian 2017):Pengungkapan Kepentingan dalamEntitas Lain.

Penyesuaian ini mengklarifikasi bahwaPersyaratan pengungkapan dalamPSAK 67, selain yang dideskripsikandalam paragraf PP10-PP16 jugaditerapkan pada setiap kepentingandalam entitas yang diklasifikasikan sesuaiPSAK 58.

- PSAK 67 (2017 Improvement): Disclosure ofInterests in Other Entities.

This improvement clarifies the disclosurerequirements in PSAK 67, in addition to thosedescribed in paragraphs PP10-PP16, alsoapplied to any interest in the entity that isclassified in accordance with PSAK 58.

- Amandemen PSAK 13 - PropertiInvestasi: Pengalihan Properti Investasi.

Amandemen ini mencerminkan prinsipbahwa perubahan penggunaan asetmencakup penilaian atas apakah propertimemenuhi, atau berhenti memenuhi,definisi properti investasi.

- Amendments to PSAK 13 - InvestmentProperty: Transfer of Investment Property.

These amendments reflect the principle thatasset usage changes include an assessmentof whether the property meets, or ceases tomeet, the definition of investment property.

Penerapan ini tidak memberikan dampak yangbesar terhadap pelaporan keuangan danpengungkapan dalam laporan keuangankonsolidasian.

The adoption has no significant impact on thefinancial reporting and disclosures in theconsolidated financial statements.

y. Standar akuntansi yang telah disahkannamun belum berlaku efektif

Standar akuntansi dan interpretasi yang telahdisahkan oleh Dewan Standar AkuntansiKeuangan (DSAK), tetapi belum berlaku efektifuntuk laporan keuangan tahun berjalandiungkapkan di bawah ini. Perusahaanbermaksud untuk menerapkan standartersebut, jika dipandang relevan, saat telahmenjadi efektif.

y. Accounting standards issued but not yeteffective

The standards and interpretations that are issuedby the Indonesian Financial AccountingStandards Board (DSAK), but not yet effective forcurrent financial statements are disclosed below.The Company intends to adopt these standards,if applicable, when they become effective.

- PSAK 71: Instrumen Keuangan, yangdiadopsi dari IFRS 9, berlaku efektif1 Januari 2020 dengan penerapan dinidiperkenankan.

- PSAK 71: Financial Instruments, adoptedfrom IFRS 9, effective January 1, 2020 withearlier application is permitted.










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y. Standar akuntansi yang telah disahkannamun belum berlaku efektif (lanjutan)

y. Accounting standards issued but not yeteffective (continued)

PSAK ini mengatur klasifikasi danpengukuran instrumen keuanganberdasarkan karakteristik dari arus kaskontraktual dan model bisnis entitas;metode kerugian kredit ekspektasianuntuk penurunan nilai yang menghasilkaninformasi yang lebih tepat waktu, relevandan dimengerti oleh pemakai laporankeuangan; akuntansi untuk lindung nilaiyang merefleksikan manajemen risikoentitas lebih baik denganmemperkenalkan persyaratan yang lebihumum berdasarkan pertimbanganmanajemen.

This PSAK provides for classification andmeasurement of financial instruments basedon the characteristics of contractual cashflows and business model of the entity;expected credit loss impairment model thatresulting information more timely, relevantand understandable to users of financialstatements; accounting for hedging thatreflect the entity's risk management betterby introducing a more general requirementsbased on management's judgment.

- PSAK 72: Pendapatan dari Kontrakdengan Pelanggan, yang diadopsi dariIFRS 15, berlaku efektif 1 Januari 2020dengan penerapan dini diperkenankan.

PSAK ini adalah standar tunggal untukpengakuan pendapatan yang merupakanhasil dari joint project yang sukses antaraInternational Accounting Standards Boarddan Financial Accounting StandardsBoard, mengatur model pengakuanpendapatan dari kontrak denganpelanggan, sehingga entitas diharapkandapat melakukan analisis sebelummengakui pendapatan.

- PSAK 72: Revenue from Contracts withCustomers, adopted from IFRS 15, effectiveJanuary 1, 2020 with earlier application ispermitted.

This PSAK is a single standard that a jointproject between the InternationalAccounting Standards Board (IASB) and theFinancial Accounting Standards Board(FASB), provides revenue recognition fromcontracts with customers, and the entity isexpected to analyze before recognizing therevenue.

- PSAK 73: Sewa, yang diadopsi dari IFRS16, berlaku efektif 1 Januari 2020 denganpenerapan dini diperkenankan untukentitas yang juga telah menerapkanPSAK 72: Pendapatan dari Kontrakdengan Pelanggan.

PSAK ini menetapkan prinsip pengakuan,pengukuran, penyajian, danpengungkapan atas sewa denganmemperkenalkan model akuntansitunggal dengan mensyaratkan untukmengakui aset hak-guna (right-of-useassets) dan liabilitas sewa. Terdapat 2pengecualian opsional dalam pengakuanaset dan liabilitas sewa, yakni untuk: (i)sewa jangka-pendek dan (ii) sewa yangaset pendasarnya (underlying assets)bernilai-rendah.

- PSAK 73: Leases, adopted from IFRS 16,effective January 1, 2020 with earlierapplication is permitted, but not before anentity applies PSAK 72: Revenue fromContracts with Customers.

This PSAK establishes the principles ofrecognition, measurement, presentation,and disclosure of the lease by introducing asingle accounting model, with therequirement to recognize the right-of-useassets and liability of the lease; there are 2optional exclusions in the recognition of thelease assets and liabilities: (i) short-termlease and (ii) lease with low-valueunderlying assets.

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y. Accounting standards issued but not yeteffective (continued)

PSAK ini mengatur klasifikasi danpengukuran instrumen keuanganberdasarkan karakteristik dari arus kaskontraktual dan model bisnis entitas;metode kerugian kredit ekspektasianuntuk penurunan nilai yang menghasilkaninformasi yang lebih tepat waktu, relevandan dimengerti oleh pemakai laporankeuangan; akuntansi untuk lindung nilaiyang merefleksikan manajemen risikoentitas lebih baik denganmemperkenalkan persyaratan yang lebihumum berdasarkan pertimbanganmanajemen.

This PSAK provides for classification andmeasurement of financial instruments basedon the characteristics of contractual cashflows and business model of the entity;expected credit loss impairment model thatresulting information more timely, relevantand understandable to users of financialstatements; accounting for hedging thatreflect the entity's risk management betterby introducing a more general requirementsbased on management's judgment.

- PSAK 72: Pendapatan dari Kontrakdengan Pelanggan, yang diadopsi dariIFRS 15, berlaku efektif 1 Januari 2020dengan penerapan dini diperkenankan.

PSAK ini adalah standar tunggal untukpengakuan pendapatan yang merupakanhasil dari joint project yang sukses antaraInternational Accounting Standards Boarddan Financial Accounting StandardsBoard, mengatur model pengakuanpendapatan dari kontrak denganpelanggan, sehingga entitas diharapkandapat melakukan analisis sebelummengakui pendapatan.

- PSAK 72: Revenue from Contracts withCustomers, adopted from IFRS 15, effectiveJanuary 1, 2020 with earlier application ispermitted.

This PSAK is a single standard that a jointproject between the InternationalAccounting Standards Board (IASB) and theFinancial Accounting Standards Board(FASB), provides revenue recognition fromcontracts with customers, and the entity isexpected to analyze before recognizing therevenue.

- PSAK 73: Sewa, yang diadopsi dari IFRS16, berlaku efektif 1 Januari 2020 denganpenerapan dini diperkenankan untukentitas yang juga telah menerapkanPSAK 72: Pendapatan dari Kontrakdengan Pelanggan.

PSAK ini menetapkan prinsip pengakuan,pengukuran, penyajian, danpengungkapan atas sewa denganmemperkenalkan model akuntansitunggal dengan mensyaratkan untukmengakui aset hak-guna (right-of-useassets) dan liabilitas sewa. Terdapat 2pengecualian opsional dalam pengakuanaset dan liabilitas sewa, yakni untuk: (i)sewa jangka-pendek dan (ii) sewa yangaset pendasarnya (underlying assets)bernilai-rendah.

- PSAK 73: Leases, adopted from IFRS 16,effective January 1, 2020 with earlierapplication is permitted, but not before anentity applies PSAK 72: Revenue fromContracts with Customers.

This PSAK establishes the principles ofrecognition, measurement, presentation,and disclosure of the lease by introducing asingle accounting model, with therequirement to recognize the right-of-useassets and liability of the lease; there are 2optional exclusions in the recognition of thelease assets and liabilities: (i) short-termlease and (ii) lease with low-valueunderlying assets.










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y. Adoption of new accounting standards(continued)

- ISAK 33 - Transaksi Valuta Asing danImbalan di Muka, berlaku efektif 1 Januari2019 dengan penerapan dinidiperkenankan.

Amandemen ini mengklarifikasipenggunaan tanggal transaksi untukmenentukan kurs yang digunakan padapengakuan awal aset, beban ataupenghasilan terkait pada saat entitastelah menerima atau membayar imbalandi muka dalam valuta asing.

- ISAK 33 - Foreign currency Transaction andAdvance Consideration, effective January 1,2019 with earlier application is permitted.

These amendments clarify the use of thetransaction date to determine the exchangerate used in the initial recognition of therelated asset, expense or income at the timethe entity has received or paid advanceconsideration in the foreign currency.

- ISAK 34 - Ketidakpastian dalamPerlakuan Pajak Penghasilan, berlakuefektif 1 Januari 2019 dengan penerapandini diperkenankan.

Interpretasi ini merupakan interpretasiatas PSAK 46: Pajak Penghasilan yangbertujuan untuk mengklarifikasi danmemberikan panduan dalammerefleksikan ketidakpastian perlakuanpajak penghasilan dalam laporankeuangan.

- ISAK 34 - Uncertainty over Income TaxTreatments, effective January 1, 2019 withearlier application is permitted.

This Interpretation which is theinterpretation of PSAK 46: Income Taxes,clarifies and provides guidance to reflex theuncertainty of income tax treatments in thefinancial statements.

- Amandemen PSAK 15 - Investasi padaEntitas Asosiasi dan Ventura Bersama:Kepentingan Jangka Panjang padaEntitas Asosiasi dan Ventura Bersama,berlaku efektif 1 Januari 2020 denganpenerapan dini diperkenankan.

Amendemen ini mengatur bahwa entitasjuga menerapkan PSAK 71 atasinstrumen keuangan pada entitasasosiasi atau ventura bersama dimanametode ekuitas tidak diterapkan. Hal initermasuk kepentingan jangka panjangyang secara substansi membentukbagian investasi neto entitas pada entitasasosiasi atau ventura bersama.

- Amendments to PSAK 15 - Investments inJoint Associates and Joint Ventures: Long-term Interests in Associates and JointVentures, effective January 1, 2020 withearlier application is permitted.

These amendments provides that the entityalso applies PSAK 71 on the financialinstruments to associates or joint ventureswhere the equity method is not applied. Thisincludes long-term interests thatsubstantively form the entity's netinvestment in an associates or jointventures.










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- Amandemen PSAK 71 - InstrumenKeuangan: Fitur Percepatan Pelunasandengan Kompensasi Negatif, berlakuefektif 1 Januari 2020 dengan penerapandini diperkenankan.

Amendemen ini mengatur bahwa asetkeuangan dengan fitur percepatanpelunasan yang dapat menghasilkankompensasi negatif memenuhi kualifikasisebagai arus kas kontraktual yangberasal semata dari pembayaran pokokdan bunga dari jumlah pokok terutang.

- Amendments to PSAK 71 - FinancialInstruments: Prepayment Features withNegative Compensation, effective January1, 2020 with earlier application is permitted.

This amendments provides that a financialasset with prepayment features that mayresult in negative compensation qualifies asa contractual cash flow derived solely fromthe principal and interest of the principalamount owed.

- Amandemen PSAK 24 (2018) - ImbalanKerja tentang Amendemen, kurtailmen,atau Penyelesaian Program, berlakuefektif 1 Januari 2019 dengan penerapandini diperkenankan.

Amendemen ini memberikan panduanyang lebih jelas bagi entitas dalammengakui biaya jasa lalu, keuntungandan kerugian penyelesaian, biaya jasakini dan bunga neto setelah adanyaamendemen, kurtailmen, ataupenyelesaian program karenamenggunakan asumsi aktuarial terbaru(sebelumnya menggunakan asumsiakturial pada awal periode pelaporantahunan). Selain itu, Amendemen PSAK24 juga mengklarifikasi bagaimanapersyaratan akuntansi untukamendemen, kurtailmen, ataupenyelesaian program dapatmempengaruhi persyaratan batas atasaset yang terlihat dari pengurangansurplus yang menyebabkan dampakbatas atas aset berubah.

- Amendments to PSAK 24 (2018) -Employee Benefits on the Plan Amendment,Curtailment or Settlement, effective January1, 2019 with early application is permitted.

This amendments provides clearerguidance for entities in recognizing pastservice costs, settlement gains and losses,current service costs and net interest afterplan amendment, curtailment or settlementbecause they use the new actuarialassumptions (previously using actuaryassumptions at the beginning of the periodof annual report). In addition, Amendment toPSAK 24 also clarifies how the accountingrequirements for plan amendment,curtailment or settlement can affect theupper limit of asset requirements which canbe seen from the reduction in surplus whichcauses the impact of the asset's upper limitto change.

- Penyesuaian 2018 PSAK 22 - KombinasiBisnis, berlaku efektif 1 Januari 2019dengan penerapan dini diperkenankan.

Penyesuaian ini mengklarifikasi bahwaketika salah satu pihak dalam suatupengaturan bersama, memperolehpengendalian atas bisnis yangmerupakan suatu operasi bersama(sebagaimana didefinisikan dalam PSAK66), dan memiliki hak atas aset dankewajiban atas liabilitas terkait denganoperasi bersama tersebut sesaatsebelum tanggal akuisisi, transaksitersebut adalah kombinasi bisnis yangdilakukan secara bertahap.

- 2018 Improvement to PSAK 22 - BusinessCombinations, effective January 1, 2019with early application is permitted.

This improvement clarifies that when oneparty in a joint arrangement, obtains controlover a business which is a joint operation(as defined in PSAK 66), and has rights toassets and liabilities related to the jointoperation shortly before date of acquisition,the transaction is a business combinationthat is achieved in stages.

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- Amandemen PSAK 71 - InstrumenKeuangan: Fitur Percepatan Pelunasandengan Kompensasi Negatif, berlakuefektif 1 Januari 2020 dengan penerapandini diperkenankan.

Amendemen ini mengatur bahwa asetkeuangan dengan fitur percepatanpelunasan yang dapat menghasilkankompensasi negatif memenuhi kualifikasisebagai arus kas kontraktual yangberasal semata dari pembayaran pokokdan bunga dari jumlah pokok terutang.

- Amendments to PSAK 71 - FinancialInstruments: Prepayment Features withNegative Compensation, effective January1, 2020 with earlier application is permitted.

This amendments provides that a financialasset with prepayment features that mayresult in negative compensation qualifies asa contractual cash flow derived solely fromthe principal and interest of the principalamount owed.

- Amandemen PSAK 24 (2018) - ImbalanKerja tentang Amendemen, kurtailmen,atau Penyelesaian Program, berlakuefektif 1 Januari 2019 dengan penerapandini diperkenankan.

Amendemen ini memberikan panduanyang lebih jelas bagi entitas dalammengakui biaya jasa lalu, keuntungandan kerugian penyelesaian, biaya jasakini dan bunga neto setelah adanyaamendemen, kurtailmen, ataupenyelesaian program karenamenggunakan asumsi aktuarial terbaru(sebelumnya menggunakan asumsiakturial pada awal periode pelaporantahunan). Selain itu, Amendemen PSAK24 juga mengklarifikasi bagaimanapersyaratan akuntansi untukamendemen, kurtailmen, ataupenyelesaian program dapatmempengaruhi persyaratan batas atasaset yang terlihat dari pengurangansurplus yang menyebabkan dampakbatas atas aset berubah.

- Amendments to PSAK 24 (2018) -Employee Benefits on the Plan Amendment,Curtailment or Settlement, effective January1, 2019 with early application is permitted.

This amendments provides clearerguidance for entities in recognizing pastservice costs, settlement gains and losses,current service costs and net interest afterplan amendment, curtailment or settlementbecause they use the new actuarialassumptions (previously using actuaryassumptions at the beginning of the periodof annual report). In addition, Amendment toPSAK 24 also clarifies how the accountingrequirements for plan amendment,curtailment or settlement can affect theupper limit of asset requirements which canbe seen from the reduction in surplus whichcauses the impact of the asset's upper limitto change.

- Penyesuaian 2018 PSAK 22 - KombinasiBisnis, berlaku efektif 1 Januari 2019dengan penerapan dini diperkenankan.

Penyesuaian ini mengklarifikasi bahwaketika salah satu pihak dalam suatupengaturan bersama, memperolehpengendalian atas bisnis yangmerupakan suatu operasi bersama(sebagaimana didefinisikan dalam PSAK66), dan memiliki hak atas aset dankewajiban atas liabilitas terkait denganoperasi bersama tersebut sesaatsebelum tanggal akuisisi, transaksitersebut adalah kombinasi bisnis yangdilakukan secara bertahap.

- 2018 Improvement to PSAK 22 - BusinessCombinations, effective January 1, 2019with early application is permitted.

This improvement clarifies that when oneparty in a joint arrangement, obtains controlover a business which is a joint operation(as defined in PSAK 66), and has rights toassets and liabilities related to the jointoperation shortly before date of acquisition,the transaction is a business combinationthat is achieved in stages.










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- Penyesuaian 2018 PSAK 26 - BiayaPinjaman, berlaku efektif 1 Januari 2019dengan penerapan dini diperkenankan.

Penyesuaian ini mengklarifikasi bahwatarif kapitalisasi biaya pinjaman adalahrata-rata tertimbang biaya pinjaman atassemua saldo pinjaman selama periodenamun entitas mengecualikan dariperhitungan tersebut biaya pinjaman ataspinjaman yang didapatkan secara spesifikuntuk memperoleh aset kualifikasiansampai secara substansial seluruhaktivitas yang diperlukan untukmempersiapkan aset agar dapatdigunakan sesuai dengan intensinya ataudijual telah selesai.

- 2018 Improvement to PSAK 26 - BorrowingCosts, effective January 1, 2019 with earlyapplication is permitted.

This improvement clarifies that thecapitalization rate of borrowing costs is theweighted average of borrowing costs on allloan balances over the period but the entityexcludes from the calculation the borrowingcosts of loans obtained specifically to obtainqualifying assets up to substantially allactivities needed to prepare the assets sothat can be used according to the intensityor sold has done.

- Penyesuaian 2018 PSAK 46 - PajakPenghasilan, berlaku efektif 1 Januari2019 dengan penerapan dinidiperkenankan.

Penyesuaian ini menegaskan mengenaikonsekuensi pajak penghasilan atasdividen (sebagaimana didefinisikandalam PSAK 71: Instrumen Keuangan)timbul ketika entitas mengakui liabilitasuntuk membayar dividen. Konsekuensipajak penghasilan tersebut lebih terkaitsecara langsung dengan transaksi atauperistiwa masa lalu yang menghasilkanlaba yang dapat didistribusikan daripadadengan distribusi kepada pemilik. Olehkarena itu, entitas mengakui konsekuensipajak penghasilan tersebut dalam labarugi, penghasilan komprehensif lain atauekuitas sesuai dengan pengakuan awalentitas atas transaksi atau peristiwa masalalu tersebut.

- 2018 Improvement to PSAK 46 - IncomeTaxes, effective January 1, 2019 with earlyapplication is permitted.

This improvement affirming theconsequences of income tax on dividends(as defined in PSAK 71: FinancialInstruments) arises when an entityrecognizes liabilities to pay dividends. Theconsequences of the income tax are moredirectly related to past transactions orevents that generate profits that can bedistributed rather than distribution to theowner. Therefore, the entity recognizes theconsequences of the income tax in profit orloss, other comprehensive income or equityin accordance with the entity's initialrecognition of the past transaction or event.










44





- Penyesuaian 2018 PSAK 66 -Pengaturan Bersama, berlaku efektif1 Januari 2019 dengan penerapan dinidiperkenankan.

Penyesuaian ini mengklarifikasi bahwapihak yang berpartisipasi dalam, tetapitidak memiliki pengendalian bersamaatas, suatu operasi bersama dapatmemperoleh pengendalian bersama atasoperasi bersama dalam hal aktivitasoperasi bersama merupakan suatu bisnis(sebagaimana didefinisikan dalam PSAK22: Kombinasi Bisnis). Dalam kasusdemikian, kepentingan yang dimilikisebelumnya dalam operasi bersama tidakdiukur kembali.

- 2018 Improvement to PSAK 66 - JointArrangements, effective January 1, 2019with early application is permitted.

This improvement clarifies that the partiesparticipating in, but not having joint controlover, a joint operation can obtain jointcontrol over joint operations in the case thatjoint operating activities are a business (asdefined in PSAK 22: BusinessCombinations). In such cases, the interestsheld previously in joint operations are notmeasured again.

Grup sedang mengevaluasi dampak daristandar akuntansi tersebut dan belummenentukan dampaknya terhadap laporankeuangan konsolidasian Perusahaan.

The Group is presently evaluating and has not yetdetermined the effects of these accountingstandards on its consolidated financialstatements.

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN

3. SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTIMATES AND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasiansesuai dengan Standar Akuntansi Keuangan diIndonesia mewajibkan manajemen untuk membuatestimasi dan asumsi yang mempengaruhi jumlah-jumlah yang dilaporkan dari pendapatan, beban,aset dan liabilitas, dan pengungkapan liabilitaskontinjensi pada tanggal pelaporan. Ketidakpastianmengenai asumsi dan estimasi tersebut dapatmengakibatkan penyesuaian nilai tercatat aset danliabilitas dalam periode pelaporan berikutnya.

The preparation of consolidated financial statements,in conformity with Indonesian Financial AccountingStandards, requires management to make judgmentsof estimations and assumptions that affect theamounts reported on income, expenses, assets andliabilities and disclosures of contigent liabilities at thereporting date. The estimation uncertainty may causeadjustment to the carrying amounts of assets andliabilities within the next reporting period.

Manajemen berkeyakinan bahwa pengungkapanberikut telah mencakup ikhtisar pertimbangan,estimasi dan asumsi signifikan yang dibuat olehmanajemen, yang berpengaruh terhadap jumlah-jumlah yang dilaporkan serta pengungkapan dalamlaporan keuangan konsolidasian.

Management believes that the following represent asummary of the significant judgements, estimates andassumptions made that affected certain reportedamounts and disclosures in the consolidated financialstatements.

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44





- Penyesuaian 2018 PSAK 66 -Pengaturan Bersama, berlaku efektif1 Januari 2019 dengan penerapan dinidiperkenankan.

Penyesuaian ini mengklarifikasi bahwapihak yang berpartisipasi dalam, tetapitidak memiliki pengendalian bersamaatas, suatu operasi bersama dapatmemperoleh pengendalian bersama atasoperasi bersama dalam hal aktivitasoperasi bersama merupakan suatu bisnis(sebagaimana didefinisikan dalam PSAK22: Kombinasi Bisnis). Dalam kasusdemikian, kepentingan yang dimilikisebelumnya dalam operasi bersama tidakdiukur kembali.

- 2018 Improvement to PSAK 66 - JointArrangements, effective January 1, 2019with early application is permitted.

This improvement clarifies that the partiesparticipating in, but not having joint controlover, a joint operation can obtain jointcontrol over joint operations in the case thatjoint operating activities are a business (asdefined in PSAK 22: BusinessCombinations). In such cases, the interestsheld previously in joint operations are notmeasured again.

Grup sedang mengevaluasi dampak daristandar akuntansi tersebut dan belummenentukan dampaknya terhadap laporankeuangan konsolidasian Perusahaan.

The Group is presently evaluating and has not yetdetermined the effects of these accountingstandards on its consolidated financialstatements.

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN

3. SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTIMATES AND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasiansesuai dengan Standar Akuntansi Keuangan diIndonesia mewajibkan manajemen untuk membuatestimasi dan asumsi yang mempengaruhi jumlah-jumlah yang dilaporkan dari pendapatan, beban,aset dan liabilitas, dan pengungkapan liabilitaskontinjensi pada tanggal pelaporan. Ketidakpastianmengenai asumsi dan estimasi tersebut dapatmengakibatkan penyesuaian nilai tercatat aset danliabilitas dalam periode pelaporan berikutnya.

The preparation of consolidated financial statements,in conformity with Indonesian Financial AccountingStandards, requires management to make judgmentsof estimations and assumptions that affect theamounts reported on income, expenses, assets andliabilities and disclosures of contigent liabilities at thereporting date. The estimation uncertainty may causeadjustment to the carrying amounts of assets andliabilities within the next reporting period.

Manajemen berkeyakinan bahwa pengungkapanberikut telah mencakup ikhtisar pertimbangan,estimasi dan asumsi signifikan yang dibuat olehmanajemen, yang berpengaruh terhadap jumlah-jumlah yang dilaporkan serta pengungkapan dalamlaporan keuangan konsolidasian.

Management believes that the following represent asummary of the significant judgements, estimates andassumptions made that affected certain reportedamounts and disclosures in the consolidated financialstatements.










45

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTIMATES AND ASSUMPTIONS (continued)

a. Pertimbangan a. Judgements

Pertimbangan-pertimbangan berikut dibuat olehmanajemen dalam proses penerapan kebijakanakuntansi Grup yang memiliki dampak yangpaling signifikan terhadap jumlah-jumlah yangdiakui dalam laporan keuangan konsolidasian:

The following judgements, made by managementin the process of applying the Group’s accountingpolicies, have the most significant effects on theamounts recognized in the consolidated financialstatements:

Penentuan mata uang fungsional Determination of functional currency

Mata uang fungsional Perusahaan dan entitasanaknya adalah mata uang dari lingkunganekonomi utama dimana setiap entitasberoperasi. Mata uang tersebut adalah matauang yang terutama mempengaruhipendapatan dan beban dari jasa yangdiberikan.

The functional currency of the Company and itssubsidiaries is the currency of the primaryeconomic environment in which each entityoperates. It is the currency that mainly influencesthe revenue and cost of rendering services.

Klasifikasi aset keuangan dan liabilitaskeuangan

Classification of financial assets and financialliabilities

Grup menetapkan klasifikasi atas aset danliabilitas tertentu sebagai aset keuangan danliabilitas keuangan dengan mempertimbangkanapakah definisi yang ditetapkan PSAK No. 55(Revisi 2014) dipenuhi. Dengan demikian, asetkeuangan dan liabilitas keuangan diakui sesuaidengan kebijakan akuntansi Grup sepertidiungkapkan pada Catatan 2g.

The Group determines the classification of certainassets and liabilities as financial assets andfinancial liabilities by judging if they meet thedefinition set forth in PSAK No. 55 (Revised2014). Accordingly, the financial assets andfinancial liabilities are accounted for inaccordance with the Group’s accounting policiesdisclosed in Notes 2g.

Tagihan restitusi pajak dan keberatan atas hasilpemeriksaan pajak

Claims for tax refund and tax assessments underappeal

Berdasarkan peraturan perpajakan yangberlaku saat ini, manajemenmempertimbangkan apakah jumlah tagihanrestitusi pajak yang dicatat dalam akun pajakdibayar di muka dapat dipulihkan dan direstitusioleh Kantor Pajak.

Based on tax regulations currently enacted, themanagement judges if the amounts of claims fortax refund recorded under prepaid taxes accountare recoverable from and refundable by the TaxOffice.

b. Estimasi dan asumsi b. Estimates and assumptions

Asumsi utama mengenai masa depan dansumber utama lain dalam mengestimasiketidakpastian pada tanggal pelaporan yangmempunyai risiko signifikan yang dapatmenyebabkan penyesuaian material terhadapjumlah tercatat aset dan liabilitas dalam periodepelaporan berikutnya diungkapkan di bawah ini.Grup mendasarkan asumsi dan estimasi padaparameter yang tersedia saat laporan keuangankonsolidasian disusun. Kondisi yang ada danasumsi mengenai perkembangan masa depandapat berubah karena perubahan situasi pasaryang berada di luar kendali Grup. Perubahantersebut tercermin dalam asumsi ketikakeadaan tersebut terjadi.

The key assumptions concerning the future andother key sources of estimation uncertainty at thereporting date that have a significant risk ofcausing a material adjustment to the carryingamounts of assets and liabilities within the nextreporting period are disclosed below. The Groupbased its assumptions and estimates onparameters available when the consolidatedfinancial statements were prepared. Existingcircumstances and assumptions about futuredevelopments may change due to marketchanges on circumstances arising beyond thecontrol of the Group. Such changes are reflectedin the assumptions when they occur.










46



b. Estimasi dan asumsi (lanjutan) b. Estimates and assumptions (continued)

Penurunan nilai aset keuangan Impairment of financial assets

Penyisihan dibentuk berdasarkan pengalamanpenagihan masa lalu dan faktor-faktor lainnyayang mungkin mempengaruhi kolektibilitas,antara lain kemungkinan kesulitan likuiditasatau kesulitan keuangan yang signifikan yangdialami oleh debitur atau penundaanpembayaran yang signifikan.

The level of allowance is based on past collectionexperience and other factors that may affectcollectability such as the probability of insolvencyor significant financial difficulties of the debtor orsignificant delay in payments.

Jika terdapat bukti obyektif penurunan nilai,maka saat dan besaran total yang dapat ditagihdiestimasi berdasarkan pengalaman kerugianmasa lalu. Penyisihan penurunan nilai dibentukatas akun-akun yang diidentifikasi secaraspesifik telah mengalami penurunan nilai. Akunpinjaman dan piutang dihapusbukukanberdasarkan keputusan manajemen bahwaaset keuangan tersebut tidak dapat ditagih ataudirealisasi meskipun segala cara dan tindakantelah dilaksanakan. Suatu evaluasi ataspiutang, yang bertujuan untuk mengindentifikasitotal penyisihan yang harus dibentuk, dilakukansecara berkala sepanjang tahun. Oleh karenaitu, saat dan besaran total penyisihanpenurunan nilai yang tercatat pada setiap tahundapat berbeda tergantung pada pertimbangandan estimasi yang digunakan.

If there is objective evidence of impairment, timingand collectible amounts are estimated based onhistorical loss data. Allowance for impairment isprovided on accounts specifically identified asimpaired. Loans and receivables written off arebased on management’s decisions that thefinancial assets are uncollectible or cannot berealized regardless of actions taken. Evaluation ofreceivables to determine the total allowance to beprovided is performed periodically during the year.Therefore, the timing and amount of allowance forimpairment recorded in each year might differbased on the judgements and estimates that havebeen used.

Penentuan nilai wajar dikurangi biaya untukmenjual atau nilai pakai mengharuskanmanajemen untuk membuat estimasi danasumsi mengenai pendapatan, biaya operasi,dan pengeluaran modal di masa depan.Estimasi dan asumsi ini mengandung risiko danketidakpastian; sehingga ada kemungkinanperubahan situasi dapat mengubah proyeksi ini,yang dapat mempengaruhi nilai aset yang dapatdipulihkan kembali. Dalam keadaan seperti itu,sebagian atau seluruh jumlah tercatat asetmungkin akan mengalami penurunan nilai lebihlanjut atau terjadi pengurangan penyisihanpenurunan nilai.

The determination of fair value less costs to sell orvalue in use requires management to makeestimates and assumptions about expectedrevenue, operating costs and future capitalexpenditure. These estimates and assumptionsare subject to risk and uncertainty; hence there isa possibility that changes in circumstances willalter these projections, which may have an impacton the recoverable amount of the assets. In suchcircumstances, some or all of the carrying amountof the assets may be further impaired, or theallowance for impairment may be reduced.

362


363











46




Penurunan nilai aset keuangan Impairment of financial assets

Penyisihan dibentuk berdasarkan pengalamanpenagihan masa lalu dan faktor-faktor lainnyayang mungkin mempengaruhi kolektibilitas,antara lain kemungkinan kesulitan likuiditasatau kesulitan keuangan yang signifikan yangdialami oleh debitur atau penundaanpembayaran yang signifikan.

The level of allowance is based on past collectionexperience and other factors that may affectcollectability such as the probability of insolvencyor significant financial difficulties of the debtor orsignificant delay in payments.

Jika terdapat bukti obyektif penurunan nilai,maka saat dan besaran total yang dapat ditagihdiestimasi berdasarkan pengalaman kerugianmasa lalu. Penyisihan penurunan nilai dibentukatas akun-akun yang diidentifikasi secaraspesifik telah mengalami penurunan nilai. Akunpinjaman dan piutang dihapusbukukanberdasarkan keputusan manajemen bahwaaset keuangan tersebut tidak dapat ditagih ataudirealisasi meskipun segala cara dan tindakantelah dilaksanakan. Suatu evaluasi ataspiutang, yang bertujuan untuk mengindentifikasitotal penyisihan yang harus dibentuk, dilakukansecara berkala sepanjang tahun. Oleh karenaitu, saat dan besaran total penyisihanpenurunan nilai yang tercatat pada setiap tahundapat berbeda tergantung pada pertimbangandan estimasi yang digunakan.

If there is objective evidence of impairment, timingand collectible amounts are estimated based onhistorical loss data. Allowance for impairment isprovided on accounts specifically identified asimpaired. Loans and receivables written off arebased on management’s decisions that thefinancial assets are uncollectible or cannot berealized regardless of actions taken. Evaluation ofreceivables to determine the total allowance to beprovided is performed periodically during the year.Therefore, the timing and amount of allowance forimpairment recorded in each year might differbased on the judgements and estimates that havebeen used.

Penentuan nilai wajar dikurangi biaya untukmenjual atau nilai pakai mengharuskanmanajemen untuk membuat estimasi danasumsi mengenai pendapatan, biaya operasi,dan pengeluaran modal di masa depan.Estimasi dan asumsi ini mengandung risiko danketidakpastian; sehingga ada kemungkinanperubahan situasi dapat mengubah proyeksi ini,yang dapat mempengaruhi nilai aset yang dapatdipulihkan kembali. Dalam keadaan seperti itu,sebagian atau seluruh jumlah tercatat asetmungkin akan mengalami penurunan nilai lebihlanjut atau terjadi pengurangan penyisihanpenurunan nilai.

The determination of fair value less costs to sell orvalue in use requires management to makeestimates and assumptions about expectedrevenue, operating costs and future capitalexpenditure. These estimates and assumptionsare subject to risk and uncertainty; hence there isa possibility that changes in circumstances willalter these projections, which may have an impacton the recoverable amount of the assets. In suchcircumstances, some or all of the carrying amountof the assets may be further impaired, or theallowance for impairment may be reduced.










47




Penyusutan, estimasi nilai sisa dan masamanfaat aset tetap dan properti investasi

Depreciation, estimate of residual values anduseful lives of fixed assets and investmentproperties

Masa manfaat aset tetap dan properti investasiGrup diestimasi berdasarkan jangka waktu asettersebut diperkirakan dapat digunakan.Estimasi tersebut didasarkan pada penilaiankolektif berdasarkan bidang usaha yang sama,evaluasi teknis internal dan pengalamanterhadap aset sejenis. Taksiran masa manfaatsetiap aset ditelaah secara berkala dandiperbarui jika estimasi berbeda dari perkiraansebelumnya yang disebabkan karenapemakaian, usang secara teknis atau komersialserta keterbatasan hak atau pembatasanlainnya terhadap penggunaan aset.

The useful lifes of the Group’s fixed assets andinvestment properties are estimated based on theperiod over which the assets are expected to beavailable for use. Such estimation is based on acollective assessment of similar businesses,internal technical evaluations and experience withsimilar assets. The estimated useful life of eachasset is reviewed periodically and updated ifexpectations differ from previous estimates due tophysical wear and tear, technical or commercialobsolescence and legal or other limits on the useof the asset.

Hasil operasi di masa mendatang mungkindapat terpengaruh secara signifikan olehperubahan dalam waktu dan biaya yang terjadikarena perubahan yang disebabkan oleh faktor-faktor yang disebutkan di atas. Penurunantaksiran masa manfaat ekonomis setiap asettetap dan properti investasi akan menyebabkankenaikan beban penyusutan dan penurunannilai tercatat aset tetap dan properti investasi.

It is possible, however, that future results ofoperations could be materially affected bychanges in the amounts and timing of recordedexpenses brought about by changes in the factorsmentioned above. A reduction in the estimateduseful life of any item of fixed assets andinvestment properties would increase therecorded depreciation and decrease the carryingvalues of fixed assets and investment properties.

Beban akrual untuk bonus Accrued expense for bonuses

Beban akrual untuk bonus merupakan biayauntuk manfaat karyawan yang terdiri dari purnajabatan, bonus kinerja dan insentif karyawan.Biaya yang masih harus dibayar tersebutdidasarkan pada metode perhitungan yangdisetujui manajemen dimana tergantungpengukuran kinerja keuangan maupunnonkeuangan. Manajemen mengestimasikanjumlah yang harus diakui berdasarkan padainformasi pendukung yang ada pada tanggalpelaporan. Jumlahnya dapat berubah apabilapengukuran kinerja keuangan dannonkeuangan difinalisasi.

Accrued expense for bonuses representsexpenses from payment of employee benefitswhich consist of post-employee bonuses,performance bonuses and employee incentives.The accrual is based on a formula that wasagreed by management and which depends onfinancial and non-financial performancemeasurements. Management estimates theamount based on the existing supportinginformation at the reporting date. The amount maychange after if the actual financial and non-financial measurements of performance arefinalized.

364


365











47




Penyusutan, estimasi nilai sisa dan masamanfaat aset tetap dan properti investasi

Depreciation, estimate of residual values anduseful lives of fixed assets and investmentproperties

Masa manfaat aset tetap dan properti investasiGrup diestimasi berdasarkan jangka waktu asettersebut diperkirakan dapat digunakan.Estimasi tersebut didasarkan pada penilaiankolektif berdasarkan bidang usaha yang sama,evaluasi teknis internal dan pengalamanterhadap aset sejenis. Taksiran masa manfaatsetiap aset ditelaah secara berkala dandiperbarui jika estimasi berbeda dari perkiraansebelumnya yang disebabkan karenapemakaian, usang secara teknis atau komersialserta keterbatasan hak atau pembatasanlainnya terhadap penggunaan aset.

The useful lifes of the Group’s fixed assets andinvestment properties are estimated based on theperiod over which the assets are expected to beavailable for use. Such estimation is based on acollective assessment of similar businesses,internal technical evaluations and experience withsimilar assets. The estimated useful life of eachasset is reviewed periodically and updated ifexpectations differ from previous estimates due tophysical wear and tear, technical or commercialobsolescence and legal or other limits on the useof the asset.

Hasil operasi di masa mendatang mungkindapat terpengaruh secara signifikan olehperubahan dalam waktu dan biaya yang terjadikarena perubahan yang disebabkan oleh faktor-faktor yang disebutkan di atas. Penurunantaksiran masa manfaat ekonomis setiap asettetap dan properti investasi akan menyebabkankenaikan beban penyusutan dan penurunannilai tercatat aset tetap dan properti investasi.

It is possible, however, that future results ofoperations could be materially affected bychanges in the amounts and timing of recordedexpenses brought about by changes in the factorsmentioned above. A reduction in the estimateduseful life of any item of fixed assets andinvestment properties would increase therecorded depreciation and decrease the carryingvalues of fixed assets and investment properties.

Beban akrual untuk bonus Accrued expense for bonuses

Beban akrual untuk bonus merupakan biayauntuk manfaat karyawan yang terdiri dari purnajabatan, bonus kinerja dan insentif karyawan.Biaya yang masih harus dibayar tersebutdidasarkan pada metode perhitungan yangdisetujui manajemen dimana tergantungpengukuran kinerja keuangan maupunnonkeuangan. Manajemen mengestimasikanjumlah yang harus diakui berdasarkan padainformasi pendukung yang ada pada tanggalpelaporan. Jumlahnya dapat berubah apabilapengukuran kinerja keuangan dannonkeuangan difinalisasi.

Accrued expense for bonuses representsexpenses from payment of employee benefitswhich consist of post-employee bonuses,performance bonuses and employee incentives.The accrual is based on a formula that wasagreed by management and which depends onfinancial and non-financial performancemeasurements. Management estimates theamount based on the existing supportinginformation at the reporting date. The amount maychange after if the actual financial and non-financial measurements of performance arefinalized.










48




Imbalan kerja Employee benefits

Penentuan liabilitas imbalan kerja Grupbergantung pada pemilihan asumsi yangdigunakan oleh aktuaris independen dalammenghitung jumlah-jumlah tersebut. Asumsitersebut termasuk antara lain, tingkat diskonto,tingkat kenaikan gaji, tingkat kematian, usiapensiun dan tingkat pengunduran diri. Hasilaktual yang berbeda dari asumsi yangditetapkan Grup diakui dalam penghasilankomprehensif lain. Sementara Grupberkeyakinan bahwa asumsi tersebut adalahwajar dan sesuai, perbedaan signifikan padahasil aktual atau perubahan signifikan dalamasumsi yang ditetapkan Grup dapatmempengaruhi secara material liabilitasimbalan kerja dan beban imbalan kerja netoyang diakui dalam laba rugi dan penghasilankomprehensif lain.

The determination of the Group’s employeebenefits liability is dependent on its selection ofcertain assumptions used by the independentactuaries in calculating such amounts. Thoseassumptions include among others, discountrates, salary increase rate, mortality rate,retirement age and resignation rate. Actual resultsthat differ from the Group’s assumptions arerecognized in other comprehensive income. Whilethe Group believes that its assumptions arereasonable and appropriate, significantdifferences in the Group actual results orsignificant changes in the Group’s assumptionsmay materially affect its estimated liabilities foremployee benefits and net employee benefitsexpense recognized in profit or loss and othercomprehensive income.

Beban pajak kini Current tax expense

Grup mengakui beban pajak kini berdasarkanestimasi penghasilan kena pajak periodeberjalan yang dihitung berdasarkan tarif pajakyang berlaku.

The Group recognizes current tax expense basedon the estimated taxable income for the periodcomputed using the prevailing tax rates.

Aset pajak tangguhan Deferred tax assets

Aset pajak tangguhan diakui untuk semuaperbedaan temporer yang boleh dikurangkandan akumulasi rugi fiskal, sepanjang besarkemungkinan perbedaan temporer yang bolehdikurangkan dan akumulasi rugi fiskal tersebutdapat dimanfaatkan untuk mengurangipenghasilan kena pajak pada masa depan.Estimasi signifikan oleh manajemendisyaratkan dalam menentukan total aset pajaktangguhan yang dapat diakui, berdasarkan saatpenggunaan dan tingkat penghasilan kenapajak serta strategi perencanaan pajak masadepan.

Deferred tax assets are recognized for alldeductible temporary differences andaccumulated fiscal losses to the extent that it isprobable that taxable income will be available infuture years against which the deductibletemporary differences and accumulated fiscallosses can be utilized. Significant managementestimates are required to determine the amount ofdeferred tax assets that can be recognized, basedupon the likely timing and the level of the futuretaxable income together with future tax planningstrategies.










49

4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS

Kas dan setara kas terdiri dari: Cash and cash equivalents consist of:

31 Desember/December 31

2018 2017

Kas 2.940 3.952 Cash on hand

Bank Cash in banksRupiah Rupiah

Pihak berelasi (Catatan 29a) Related parties (Note 29a)PT Bank Mandiri (Persero) Tbk 217.166 182.451 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 108.419 43.911 (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 23.457 4.516 (Persero) TbkPT Bank BNI Syariah 1.055 495 PT Bank BNI SyariahPT Bank Syariah Mandiri 591 415 PT Bank Syariah MandiriPT Bank Rakyat Indonesia Syariah 191 - PT Bank Rakyat Indonesia Syariah

350.879 231.788

Pihak ketiga Third partiesPT Bank Maybank Indonesia Tbk 83.705 76.674 PT Bank Maybank Indonesia TbkPT Bank Muamalat Tbk 18.175 12.331 PT Bank Muamalat TbkPT Bank UOB Indonesia 14.215 35.881 PT Bank UOB IndonesiaPT Bank Central Asia Tbk 2.838 3.392 PT Bank Central Asia TbkLain-lain (masing-masing Others (each below

di bawah Rp2.000) 4.222 9.985 Rp2,000)

123.155 138.263

Subtotal 474.034 370.051 Sub-total

Dolar AS US DollarPihak berelasi (Catatan 29a) Related parties (Note 29a)

PT Bank Negara Indonesia PT Bank Negara Indonesia(Persero) Tbk 61.944 277.023 (Persero) Tbk

PT Bank Mandiri (Persero) Tbk 47.300 34.796 PT Bank Mandiri (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 2.064 5.155 (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

Agroniaga Tbk 1.785 1.517 Agroniaga Tbk

113.093 318.491

Pihak ketiga Third partiesPT Bank Maybank Indonesia Tbk 54.989 61.092 PT Bank Maybank Indonesia TbkPT Bank UOB Indonesia 5.881 26.686 PT Bank UOB IndonesiaPT Bank Sumitomo Mitsui Indonesia 5.126 6.299 PT Bank Sumitomo Mitsui IndonesiaThe Bank of Tokyo-Mitsubishi UFJ Ltd 3.773 3.532 The Bank of Tokyo-Mitsubishi UFJ LtdPT Bank ANZ Indonesia 2.996 2.793 PT Bank ANZ IndonesiaPT Bank Central Asia Tbk 2.790 2.329 PT Bank Central Asia TbkPT Bank ICBC Indonesia 2.504 2.671 PT Bank ICBC IndonesiaLain-lain (masing-masing Others (each below

di bawah Rp2.000) 4.131 4.967 Rp2,000)

82.190 110.369

Subtotal 195.283 428.860 Sub-total

Total bank 669.317 798.911 Total cash in banks










50

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)

Kas dan setara kas terdiri dari: (lanjutan) Cash and cash equivalents consist of: (continued)


2018 2017

Call deposit dan deposito berjangka Call deposits and time depositsRupiah Rupiah

Pihak berelasi (Catatan 29a) Related parties (Note 29a)PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 14.000 5.000 (Persero) TbkPT Bank Tabungan Negara PT Bank Tabungan Negara

(Persero) Tbk 12.000 10.000 (Persero) TbkPT Bank BNI Syariah 10.000 46.000 PT Bank BNI SyariahPT Bank Syariah Mandiri 200 200 PT Bank Syariah MandiriPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Syariah - 9.000 SyariahPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Nasional Tbk - 7.000 Nasional TbkPT Bank Mandiri (Persero) Tbk - 500 PT Bank Mandiri (Persero) Tbk

36.200 77.700

Pihak ketiga Third partiesPT Bank Woori Saudara Indonesia 6.000 9.000 PT Bank Woori Saudara IndonesiaPT Bank UOB Indonesia 3.000 8.000 PT Bank UOB IndonesiaPT Bank KEB Hana 2.000 5.000 PT Bank KEB Hana

11.000 22.000

Total call deposit dan deposito berjangka 47.200 99.700 Total call deposits and time deposits

Total 719.457 902.563 Total

Tingkat suku bunga kontraktual call deposit dandeposito berjangka sebesar 5,30% - 8,50% dan4,25% - 7,40% masing-masing untuk tahun yangberakhir pada tanggal 31 Desember 2018 dan 2017.

Contractual interest rates on call deposits and timedeposits are 5.30% - 8.50% and 4.25% - 7.40% for theyears ended December 31, 2018 and 2017,respectively.

5. PIUTANG USAHA 5. TRADE RECEIVABLES

Rincian piutang usaha berdasarkan pelangganadalah sebagai berikut:

The details of trade receivables based on customersare as follows:


2018 2017

Pihak berelasi (Catatan 29b) Related parties (Note 29b)Difakturkan 264.431 160.366 BilledBelum difakturkan 1.031.280 712.420 Unbilled

1.295.711 872.786Penyisihan penurunan nilai (9.875) (9.639) Allowance for impairment

Piutang usaha pihak berelasi - neto 1.285.836 863.147 Trade receivables related parties - net

Pihak ketiga Third partiesDifakturkan 303.032 324.918 BilledBelum difakturkan 125.156 199.373 Unbilled

428.188 524.291Penyisihan penurunan nilai (142.181) (128.913) Allowance for impairment

Piutang usaha pihak ketiga - neto 286.007 395.378 Trade receivables third parties - net

366


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50

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)

Kas dan setara kas terdiri dari: (lanjutan) Cash and cash equivalents consist of: (continued)


2018 2017

Call deposit dan deposito berjangka Call deposits and time depositsRupiah Rupiah

Pihak berelasi (Catatan 29a) Related parties (Note 29a)PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 14.000 5.000 (Persero) TbkPT Bank Tabungan Negara PT Bank Tabungan Negara

(Persero) Tbk 12.000 10.000 (Persero) TbkPT Bank BNI Syariah 10.000 46.000 PT Bank BNI SyariahPT Bank Syariah Mandiri 200 200 PT Bank Syariah MandiriPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Syariah - 9.000 SyariahPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Nasional Tbk - 7.000 Nasional TbkPT Bank Mandiri (Persero) Tbk - 500 PT Bank Mandiri (Persero) Tbk

36.200 77.700

Pihak ketiga Third partiesPT Bank Woori Saudara Indonesia 6.000 9.000 PT Bank Woori Saudara IndonesiaPT Bank UOB Indonesia 3.000 8.000 PT Bank UOB IndonesiaPT Bank KEB Hana 2.000 5.000 PT Bank KEB Hana

11.000 22.000

Total call deposit dan deposito berjangka 47.200 99.700 Total call deposits and time deposits

Total 719.457 902.563 Total

Tingkat suku bunga kontraktual call deposit dandeposito berjangka sebesar 5,30% - 8,50% dan4,25% - 7,40% masing-masing untuk tahun yangberakhir pada tanggal 31 Desember 2018 dan 2017.

Contractual interest rates on call deposits and timedeposits are 5.30% - 8.50% and 4.25% - 7.40% for theyears ended December 31, 2018 and 2017,respectively.

5. PIUTANG USAHA 5. TRADE RECEIVABLES

Rincian piutang usaha berdasarkan pelangganadalah sebagai berikut:

The details of trade receivables based on customersare as follows:


2018 2017

Pihak berelasi (Catatan 29b) Related parties (Note 29b)Difakturkan 264.431 160.366 BilledBelum difakturkan 1.031.280 712.420 Unbilled

1.295.711 872.786Penyisihan penurunan nilai (9.875) (9.639) Allowance for impairment

Piutang usaha pihak berelasi - neto 1.285.836 863.147 Trade receivables related parties - net

Pihak ketiga Third partiesDifakturkan 303.032 324.918 BilledBelum difakturkan 125.156 199.373 Unbilled

428.188 524.291Penyisihan penurunan nilai (142.181) (128.913) Allowance for impairment

Piutang usaha pihak ketiga - neto 286.007 395.378 Trade receivables third parties - net










51

5. PIUTANG USAHA (lanjutan) 5. TRADE RECEIVABLES (continued)

Rincian piutang usaha berdasarkan mata uangadalah sebagai berikut:

The details of trade receivables based on currenciesare as follows:


2018 2017

Rupiah 1.153.629 886.337 RupiahDolar AS 570.002 510.567 US DollarDolar Singapura 268 173 Singapore Dollar

Total 1.723.899 1.397.077 TotalPenyisihan penurunan nilai (152.056) (138.552) Allowance for impairment

Neto 1.571.843 1.258.525 Net

Piutang individual yang diturunkan nilainyadisebabkan karena faktor-faktor yangmempengaruhi kolektibilitas, antara lainkemungkinan kesulitan likuiditas atau keuanganyang dialami oleh debitur atau penundaanpembayaran yang signifikan.

The individually-impaired receivables are mainly dueto factors that may affect collectability, such asprobability of insolvency or significant financialdifficulties of the debtor or significant delay inpayments.

Mutasi penyisihan penurunan nilai adalah sebagaiberikut:

The movements in the allowance for impairment areas follows:


2018 2017

Saldo awal 138.552 130.901 Beginning balancesPenyisihan 7.113 7.018 AllowanceSelisih kurs 6.391 633 Foreign exchange differences

Saldo akhir 152.056 138.552 Ending balances

Manajemen berkeyakinan bahwa penyisihanpenurunan nilai cukup untuk menutup kemungkinankerugian yang timbul dari tidak tertagihnya piutangusaha (Catatan 34c).

Management believes that the allowance forimpairment is adequate to cover possible losses thatmay arise from the uncollectability of trade receivables(Note 34c).

Pada tanggal 31 Desember 2018, tidak terdapatpiutang usaha yang digunakan sebagai jaminan.

As of December 31, 2018, there is no tradereceivables used as collateral.

6. ASET KEUANGAN LANCAR LAINNYA 6. OTHER CURRENT FINANCIAL ASSETS

Aset keuangan lancar lainnya terdiri dari: Other current financial assets consist of:


2018 2017

Pihak ketiga : Third parties:Piutang lain-lain 16.713 15.924 Other receivables

Pihak berelasi (Catatan 29c): Related parties (Note 29c):Piutang lain-lain 3.447 - Other receivablesPiutang sewa pembiayaan - bagian lancar 13.527 5.448 Finance lease receivable - current portionBank yang dibatasi penggunaannya 876 442 Restricted cash in bank

17.850 5.890

Total 34.563 21.814 TotalPenyisihan penurunan nilai (13.473) (12.784) Allowance for impairment

Neto 21.090 9.030 Net










52

6. ASET KEUANGAN LANCAR LAINNYA (lanjutan) 6. OTHER CURRENT FINANCIAL ASSETS(continued)




2018 2017

Saldo awal 12.784 12.691 Beginning balancesSelisih kurs 689 93 Foreign exchange differences


Manajemen berkeyakinan bahwa penyisihanpenurunan nilai cukup untuk menutup kemungkinankerugian yang timbul dari tidak terpulihkannya asetkeuangan lancar lainnya.

Management believes that the allowance forimpairment is adequate to cover possible losses thatmay arise from the unrecoverability of other currentfinancial assets.

Penghasilan bunga dari sewa pembiayaan untuktahun yang berakhir pada tanggal31 Desember 2018 dan 2017 masing-masingsebesar Rp4.899 dan Rp4.587.

Interest income from finance leases for the yearsended December 31, 2018 and 2017 amounted toRp4,899 and Rp4,587, respectively.

7. PERSEDIAAN 7. INVENTORIES

Persediaan terdiri dari: Inventories consist of:


2018 2017

Barang kebutuhan proyek 121.596 94.419 Project materialsBarang dagangan 41.833 11.306 Merchandise inventoriesBarang dalam proses 12.488 5.295 Work in progressBarang jadi 11.355 14.638 Finished goodsBahan baku 56 56 Raw materials

Total 187.328 125.714 TotalPenyisihan persediaan usang (20.263) (29.206) Allowance for inventory obsolescence

Neto 167.065 96.508 Net

Mutasi penyisihan persediaan usang adalah sebagaiberikut:

The movements in the allowance for inventoryobsolescence are as follows:


2018 2017

Saldo awal 29.206 31.522 Beginning balancesPemulihan tahun berjalan (8.943) (2.316) Recoveries during the year


368


369











52

6. ASET KEUANGAN LANCAR LAINNYA (lanjutan) 6. OTHER CURRENT FINANCIAL ASSETS(continued)




2018 2017

Saldo awal 12.784 12.691 Beginning balancesSelisih kurs 689 93 Foreign exchange differences


Manajemen berkeyakinan bahwa penyisihanpenurunan nilai cukup untuk menutup kemungkinankerugian yang timbul dari tidak terpulihkannya asetkeuangan lancar lainnya.

Management believes that the allowance forimpairment is adequate to cover possible losses thatmay arise from the unrecoverability of other currentfinancial assets.

Penghasilan bunga dari sewa pembiayaan untuktahun yang berakhir pada tanggal31 Desember 2018 dan 2017 masing-masingsebesar Rp4.899 dan Rp4.587.

Interest income from finance leases for the yearsended December 31, 2018 and 2017 amounted toRp4,899 and Rp4,587, respectively.

7. PERSEDIAAN 7. INVENTORIES

Persediaan terdiri dari: Inventories consist of:


2018 2017

Barang kebutuhan proyek 121.596 94.419 Project materialsBarang dagangan 41.833 11.306 Merchandise inventoriesBarang dalam proses 12.488 5.295 Work in progressBarang jadi 11.355 14.638 Finished goodsBahan baku 56 56 Raw materials

Total 187.328 125.714 TotalPenyisihan persediaan usang (20.263) (29.206) Allowance for inventory obsolescence

Neto 167.065 96.508 Net

Mutasi penyisihan persediaan usang adalah sebagaiberikut:

The movements in the allowance for inventoryobsolescence are as follows:


2018 2017

Saldo awal 29.206 31.522 Beginning balancesPemulihan tahun berjalan (8.943) (2.316) Recoveries during the year











53

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

Manajemen berkeyakinan bahwa penyisihanpersediaan usang cukup untuk menutupkemungkinan kerugian yang timbul dari penurunannilai realisasi neto persediaan.

Management believes that the allowance for inventoryobsolescence is adequate to cover possible lossesthat may arise from a decline in the realizable value of inventories.

Biaya persediaan yang diakui sebagai beban dantermasuk dalam “beban pokok pendapatan” untuktahun yang berakhir pada tanggal31 Desember 2018 dan 2017 masing-masingsebesar Rp1.604.191 dan Rp925.177 (Catatan 25).

The cost of inventories recognized as an expense and included in “cost of revenues” for the years endedDecember 31, 2018 and 2017 amounted toRp1,604,191 and Rp925,177, respectively (Note 25).

Pada tanggal 31 Desember 2018 dan 2017,persediaan barang kebutuhan proyek telahdiasuransikan terhadap semua risiko dengan nilaipertanggungan masing-masing sebesar Rp88.737dan Rp93.510. Manajemen berkeyakinan bahwaasuransi tersebut telah memadai untuk menutupkerugian yang mungkin timbul atas persediaan yangdipertanggungkan.

As of December 31, 2018 and 2017, project materialsare insured against all risks at a total insurancecoverage of Rp88,737 and Rp93,510, respectively.Management believes that the insurance coverage isadequate to cover possible losses arising from theinsured inventories.

Pada tanggal 31 Desember 2018 dan 2017,persediaan barang jadi, barang dalam proses danbahan baku tidak diasuransikan karena manajemenmenilai risiko kerugian adalah minimal.

Pada tanggal 31 Desember 2018 dan 2017, tidakterdapat persediaan yang digunakan sebagaijaminan.

As of December 31, 2018 and 2017, finished goods,work in progress and raw materials are not covered byinsurance, as management has assessed the risk ofloss as minimal.

As of December 31, 2018 and 2017, there is noinventory used as collateral.

8. UANG MUKA 8. ADVANCES

Uang muka terdiri dari: Advances consist of:


2018 2017

Lancar CurrentUang muka operasi 88.975 45.091 Advances for operationLain-lain 977 708 Others

Total 89.952 45.799 Total

Tidak lancar Non-currentUang muka pembelian aset tetap 22.123 7.735 Advances for purchase of fixed assets

Uang muka operasi merupakan uang muka untuksewa peralatan, pembelian suku cadang, bahanbakar dan biaya operasi lainnya.

Advances for operation mainly represent advances forrental of equipment, purchases of spare parts, fuel andother operating costs.










54

9. BIAYA DIBAYAR DI MUKA 9. PREPAID EXPENSES

Biaya dibayar di muka terdiri dari: Prepaid expenses consist of:


2018 2017

Sewa 8.332 4.405 RentAsuransi 3.690 8.275 InsuranceLain-lain 2.991 2.793 Others


10. ASET KEUANGAN TIDAK LANCAR LAINNYA 10. OTHER NON-CURRENT FINANCIAL ASSETS

Aset keuangan tidak lancar lainnya terdiri dari: Other non-current financial assets consist of:


2018 2017

Pihak ketiga: Third parties:Klaim atas deposito ke Bank Mega Claim of deposits to Bank Mega

(Catatan 30a) 111.000 111.000 (Note 30a)Bank yang dibatasi penggunaannya 6.733 - Restricted cash in banks

117.733 111.000

Pihak berelasi (Catatan 29d): Related parties (Note 29d):Piutang sewa pembiayaan - Finance lease receivables -

bagian tidak lancar 53.310 34.114 non-current portionBank yang dibatasi penggunaannya - 3.304 Restricted cash in banksPiutang lain-lain - 292 Other receivables

53.310 37.710


Neto 163.961 143.360 Net

Penyisihan penurunan nilai terkait dengan efekperubahan nilai waktu uang atas klaim deposito keBank Mega (Catatan 30a). Mutasi penyisihanpenurunan nilai adalah sebagai berikut:

Allowance for impairment is related to the impact oftime value of money from claim of deposits to BankMega (Note 30a). The movements in the allowance forimpairment are as follows:


2018 2017

Saldo awal 5.350 11.183 Beginning balancePenyisihan (pemulihan) 1.732 (5.833) Allowance (recovery)

Saldo akhir 7.082 5.350 Ending balance

Pada tanggal 31 Desember 2018, manajemenmenambahkan penyisihan penurunan nilai tersebutsehubungan dengan perkembangan terbaru perkarahukum. Manajemen berkeyakinan bahwapenyisihan penurunan nilai cukup denganmempertimbangkan estimasi waktu pembayaranklaim deposito tersebut.

On December 31, 2018, management added theallowance for impairment in relation to the recentdevelopment on the legal case. Management believesthat the allowance for impairment is adequateconsidering the estimated time of payment of the claimof deposits.

370


371











54

9. BIAYA DIBAYAR DI MUKA 9. PREPAID EXPENSES

Biaya dibayar di muka terdiri dari: Prepaid expenses consist of:


2018 2017

Sewa 8.332 4.405 RentAsuransi 3.690 8.275 InsuranceLain-lain 2.991 2.793 Others


10. ASET KEUANGAN TIDAK LANCAR LAINNYA 10. OTHER NON-CURRENT FINANCIAL ASSETS

Aset keuangan tidak lancar lainnya terdiri dari: Other non-current financial assets consist of:


2018 2017

Pihak ketiga: Third parties:Klaim atas deposito ke Bank Mega Claim of deposits to Bank Mega

(Catatan 30a) 111.000 111.000 (Note 30a)Bank yang dibatasi penggunaannya 6.733 - Restricted cash in banks

117.733 111.000

Pihak berelasi (Catatan 29d): Related parties (Note 29d):Piutang sewa pembiayaan - Finance lease receivables -

bagian tidak lancar 53.310 34.114 non-current portionBank yang dibatasi penggunaannya - 3.304 Restricted cash in banksPiutang lain-lain - 292 Other receivables

53.310 37.710


Neto 163.961 143.360 Net

Penyisihan penurunan nilai terkait dengan efekperubahan nilai waktu uang atas klaim deposito keBank Mega (Catatan 30a). Mutasi penyisihanpenurunan nilai adalah sebagai berikut:

Allowance for impairment is related to the impact oftime value of money from claim of deposits to BankMega (Note 30a). The movements in the allowance forimpairment are as follows:


2018 2017

Saldo awal 5.350 11.183 Beginning balancePenyisihan (pemulihan) 1.732 (5.833) Allowance (recovery)


Pada tanggal 31 Desember 2018, manajemenmenambahkan penyisihan penurunan nilai tersebutsehubungan dengan perkembangan terbaru perkarahukum. Manajemen berkeyakinan bahwapenyisihan penurunan nilai cukup denganmempertimbangkan estimasi waktu pembayaranklaim deposito tersebut.

On December 31, 2018, management added theallowance for impairment in relation to the recentdevelopment on the legal case. Management believesthat the allowance for impairment is adequateconsidering the estimated time of payment of the claimof deposits.










55

11. INVESTASI PADA SAHAM 11. INVESTMENTS IN SHARES

a. Investasi tersedia untuk dijual a. Available-for-sale investments

Rincian investasi tersedia untuk dijual adalahsebagai berikut:

The details of available-for-sale investments areas follows:

Persentase kepemilikan/ Jumlah tercatat/Percentage of ownership Carrying amount

31 Desember/December 31 31 Desember/December 31

2018 2017 2018 2017

PT Margaraya Jawa Tol 16,7% 16,7% 36.827 36.827 PT Margaraya Jawa TolPT Bhakti Patra Nusantara 10,0% 10,0% 960 960 PT Bhakti Patra Nusantara


Neto - - Net

Investasi tersedia untuk dijual diturunkannilainya terutama terkait dengan ketidakpastianatas pengembalian investasi.

Available-for-sale investments are impairedmainly due to uncertainty of return on investment.

b. Investasi pada ventura bersama b. Investment in joint venture

PT Elnusa CGGVeritas Seismic (“ECS”) PT Elnusa CGGVeritas Seismic (“ECS”)

Investasi pada ventura bersama merupakaninvestasi Perusahaan pada 51% kepemilikansaham PT Elnusa CGGVeritas Seismic (“ECS”).Pada tanggal 31 Desember 2018 dan 2017,jumlah tercatat investasi pada ECS adalah nol,karena bagian Perusahaan atas akumulasikerugian ECS telah melebihi nilaikepemilikannya.

Investment in joint venture represents theCompany’s investment in 51% share ownership ofPT Elnusa CGGVeritas Seismic (“ECS”). As ofDecember 31, 2018 and 2017, the carryingamount of investment in ECS is zero, due to theCompany’s share of losses in ECS has exceededits interest.

Pada tahun 2017, Perusahaan telahmengajukan pembubaran ECS yang telahdiberitahukan kepada dan diterima oleh MenteriHukum dan Hak Asasi Manusia RepubilkIndonesia melalui surat penerimaanpemberitahuan No. AHU-AH.01.10-0003580tanggal 24 Mei 2017.

On 2017, the Company reported the liquidation ofthe ECS to the Minister of Law and Human Rightsof the Republic of Indonesia which has beenacknowledged through its letter ofacknowledgement No AHU-AH.01.10-0003580dated May 24, 2017.










56

11. INVESTASI PADA SAHAM (lanjutan) 11. INVESTMENTS IN SHARES (continued)

b. Investasi pada ventura bersama (lanjutan) b. Investment in joint venture (continued)

KSO Perusahaan dan PT Waskita AdhiSejahtera (“KSO Elnusa-WAS”)

KSO Perusahaan dan PT Waskita Adhi Sejahtera(“KSO Elnusa-WAS”)

Pada tanggal 12 Desember 2016, Perusahaandan WAS menandatangani PerjanjianKerjasama Operasi (“KSO”). KSO ini dibentukuntuk melakukan proyek jasa pemeliharaanelektrikal dan instrumentasi dari BP Berau Ltd.Komposisi kepemilikan pada KSO adalah 51%oleh Perusahaan dan 49% oleh WAS. Padatahun 2018 dan 2017, Perusahaan melakukanpembayaran setoran modal masing-masingsebesar Rp1.600 dan Rp2.500. Pada tanggal31 Desember 2018 dan 2017, jumlah tercatatinvestasi pada KSO Elnusa-WAS masing-masing sebesar Rp8.946 dan Rp6.521. Untuktahun yang berakhir pada tanggal 31 Desember2018 dan 2017, Perusahaan mencatat bagianlaba masing-masing sebesar Rp4.025 danRp4.547 dan disajikan sebagai bagian dari akunpenghasilan lain-lain dalam laporan laba rugidan penghasilan komprehensif lainkonsolidasian.

On December 12, 2016, the Company and WASentered into Joint Operation (“JO”) agreement.The JO is established in order to perform electricaland instrumentation maintenance services projectfrom BP Berau Ltd. The composition ofownerships in JO are 51% owned by theCompany and 49% owned by WAS. On 2018 and2017, the Company made the paid up capitalamounting to Rp1,600 and Rp2,500 respectively.As of December 31, 2018 and 2017, the carryingamount of investment in KSO Elnusa-WAS isRp8,946 and Rp6,521, respectively. For the yearsended December 31, 2018 and 2017, theCompany recorded equity income amounted toRp4,025 and Rp4,547 and are presented as partof other income account in the consolidatedstatement of profit or loss and othercomprehensive income.

Ringkasan informasi keuangan KSO Elnusa-WAS adalah sebagai berikut:

The summary of KSO Elnusa-WAS’ financialinformation is as follows:


2018 2017

Total aset 28.721 24.466 Total assetsTotal liabilitas 11.114 10.551 Total liabilitiesTotal ekuitas 17.607 13.915 Total liabilities

Tahun yang berakhir pada tanggal31 Desember/

Year ended December 31

2018 2017

Pendapatan 41.686 34.071 RevenueLaba tahun berjalan 7.891 8.915 Profit for the year

12. ASET TETAP 12. FIXED ASSETS

Seluruh aset tetap dimiliki secara langsung olehGrup. Mutasi aset tetap adalah sebagai berikut:

All fixed assets are directly owned by the Group. Themovements in fixed assets are as follows:

Tahun yang berakhir pada tanggal 31 Desember 2018/Year ended December 31, 2018

Saldo awal/ Saldo akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending

balance Additions Deductions Reclassifications balance

Biaya perolehan CostTanah 229.627 2.986 - - 232.613 LandBangunan, prasarana Buildings, improvements

dan instalasi 416.352 2.645 (5.016) 53.999 467.980 and installationsMesin dan peralatan 1.639.835 27.267 (74.337) 287.305 1.880.070 Machinery and equipmentPerabotan dan perlengkapan Office furniture, fixtures

kantor 60.055 5.386 (1.693) 273 64.021 and equipmentAlat transportasi 228.678 6.165 (3.008) 54.868 286.703 Transportation equipmentKonstruksi baja 1.679.886 7.209 (1.614) 17.751 1.703.232 Steel constructionsAset dalam penyelesaian 14.847 470.314 - (414.196) 70.965 Construction in progress

Total 4.269.280 521.972 (85.668) - 4.705.584 Total

372


373











56

11. INVESTASI PADA SAHAM (lanjutan) 11. INVESTMENTS IN SHARES (continued)

b. Investasi pada ventura bersama (lanjutan) b. Investment in joint venture (continued)

KSO Perusahaan dan PT Waskita AdhiSejahtera (“KSO Elnusa-WAS”)

KSO Perusahaan dan PT Waskita Adhi Sejahtera(“KSO Elnusa-WAS”)

Pada tanggal 12 Desember 2016, Perusahaandan WAS menandatangani PerjanjianKerjasama Operasi (“KSO”). KSO ini dibentukuntuk melakukan proyek jasa pemeliharaanelektrikal dan instrumentasi dari BP Berau Ltd.Komposisi kepemilikan pada KSO adalah 51%oleh Perusahaan dan 49% oleh WAS. Padatahun 2018 dan 2017, Perusahaan melakukanpembayaran setoran modal masing-masingsebesar Rp1.600 dan Rp2.500. Pada tanggal31 Desember 2018 dan 2017, jumlah tercatatinvestasi pada KSO Elnusa-WAS masing-masing sebesar Rp8.946 dan Rp6.521. Untuktahun yang berakhir pada tanggal 31 Desember2018 dan 2017, Perusahaan mencatat bagianlaba masing-masing sebesar Rp4.025 danRp4.547 dan disajikan sebagai bagian dari akunpenghasilan lain-lain dalam laporan laba rugidan penghasilan komprehensif lainkonsolidasian.

On December 12, 2016, the Company and WASentered into Joint Operation (“JO”) agreement.The JO is established in order to perform electricaland instrumentation maintenance services projectfrom BP Berau Ltd. The composition ofownerships in JO are 51% owned by theCompany and 49% owned by WAS. On 2018 and2017, the Company made the paid up capitalamounting to Rp1,600 and Rp2,500 respectively.As of December 31, 2018 and 2017, the carryingamount of investment in KSO Elnusa-WAS isRp8,946 and Rp6,521, respectively. For the yearsended December 31, 2018 and 2017, theCompany recorded equity income amounted toRp4,025 and Rp4,547 and are presented as partof other income account in the consolidatedstatement of profit or loss and othercomprehensive income.

Ringkasan informasi keuangan KSO Elnusa-WAS adalah sebagai berikut:

The summary of KSO Elnusa-WAS’ financialinformation is as follows:


2018 2017

Total aset 28.721 24.466 Total assetsTotal liabilitas 11.114 10.551 Total liabilitiesTotal ekuitas 17.607 13.915 Total liabilities



2018 2017

Pendapatan 41.686 34.071 RevenueLaba tahun berjalan 7.891 8.915 Profit for the year

12. ASET TETAP 12. FIXED ASSETS

Seluruh aset tetap dimiliki secara langsung olehGrup. Mutasi aset tetap adalah sebagai berikut:

All fixed assets are directly owned by the Group. Themovements in fixed assets are as follows:




Biaya perolehan CostTanah 229.627 2.986 - - 232.613 LandBangunan, prasarana Buildings, improvements


kantor 60.055 5.386 (1.693) 273 64.021 and equipmentAlat transportasi 228.678 6.165 (3.008) 54.868 286.703 Transportation equipmentKonstruksi baja 1.679.886 7.209 (1.614) 17.751 1.703.232 Steel constructionsAset dalam penyelesaian 14.847 470.314 - (414.196) 70.965 Construction in progress

Total 4.269.280 521.972 (85.668) - 4.705.584 Total










57

12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)




Akumulasi penyusutan Accumulated depreciationBangunan, prasarana Buildings, improvements

dan instalasi (291.207) (24.499) 3.629 - (312.077) and installationsMesin dan peralatan (1.282.304) (153.135) 73.268 - (1.362.171) Machinery and equipmentPerabotan dan perlengkapan Office furniture, fixtures

kantor (60.054) (5.660) 1.693 - (64.021) and equipmentAlat transportasi (73.578) (31.770) 2.992 - (102.356) Transportation equipmentKonstruksi baja (983.184) (137.165) 1.126 - (1.119.223) Steel constructions

Total (2.690.327) (352.229) 82.708 - (2.959.848) Total

Penyisihan penurunan nilai (9.882) - - - (9.882) Allowance for impairment

Nilai buku neto 1.569.071 1.735.854 Net book value




Biaya perolehan CostTanah 228.713 48 - 866 229.627 LandBangunan, prasarana Buildings, improvements


kantor 55.550 8.136 (4.512) 881 60.055 and equipmentAlat transportasi 112.555 31.408 (1.561) 86.276 228.678 Transportation equipmentKonstruksi baja 1.644.644 11.379 (675) 24.538 1.679.886 Steel constructionsAset dalam penyelesaian 74.168 169.208 (847) (227.682) 14.847 Construction in progress

Total 4.028.863 299.213 (58.796) - 4.269.280 Total



kantor (55.550) (9.016) 4.512 - (60.054) and equipmentAlat transportasi (53.483) (20.795) 700 - (73.578) Transportation equipmentKonstruksi baja (849.699) (134.108) 623 - (983.184) Steel constructions

Total (2.426.670) (320.260) 56.603 - (2.690.327) Total



Hak kepemilikan atas tanah Grup merupakan HakGuna Bangunan yang hak secara legalnya akanberakhir antara tahun 2024 sampai dengan tahun2045. Manajemen berkeyakinan bahwa hak tersebutakan dapat diperpanjang pada saat berakhirnya.

Land rights of the land owned by the Group are in theform of Building Rights Title (“Hak Guna Bangunan”)which the terms will expire between 2024 up to 2045.Management believes that these land rights can beextended upon their expiration.

Manajemen berkeyakinan bahwa penyisihanpenurunan nilai pada tanggal 31 Desember 2018dan 2017 adalah cukup.

Management believes that the allowance forimpairment as of December 31, 2018 and 2017 isadequate.

374


375











57







kantor (60.054) (5.660) 1.693 - (64.021) and equipmentAlat transportasi (73.578) (31.770) 2.992 - (102.356) Transportation equipmentKonstruksi baja (983.184) (137.165) 1.126 - (1.119.223) Steel constructions

Total (2.690.327) (352.229) 82.708 - (2.959.848) Total






Biaya perolehan CostTanah 228.713 48 - 866 229.627 LandBangunan, prasarana Buildings, improvements


kantor 55.550 8.136 (4.512) 881 60.055 and equipmentAlat transportasi 112.555 31.408 (1.561) 86.276 228.678 Transportation equipmentKonstruksi baja 1.644.644 11.379 (675) 24.538 1.679.886 Steel constructionsAset dalam penyelesaian 74.168 169.208 (847) (227.682) 14.847 Construction in progress

Total 4.028.863 299.213 (58.796) - 4.269.280 Total



kantor (55.550) (9.016) 4.512 - (60.054) and equipmentAlat transportasi (53.483) (20.795) 700 - (73.578) Transportation equipmentKonstruksi baja (849.699) (134.108) 623 - (983.184) Steel constructions

Total (2.426.670) (320.260) 56.603 - (2.690.327) Total



Hak kepemilikan atas tanah Grup merupakan HakGuna Bangunan yang hak secara legalnya akanberakhir antara tahun 2024 sampai dengan tahun2045. Manajemen berkeyakinan bahwa hak tersebutakan dapat diperpanjang pada saat berakhirnya.

Land rights of the land owned by the Group are in theform of Building Rights Title (“Hak Guna Bangunan”)which the terms will expire between 2024 up to 2045.Management believes that these land rights can beextended upon their expiration.

Manajemen berkeyakinan bahwa penyisihanpenurunan nilai pada tanggal 31 Desember 2018dan 2017 adalah cukup.

Management believes that the allowance forimpairment as of December 31, 2018 and 2017 isadequate.










58


Penyusutan aset tetap dibebankan sebagai berikut: Fixed assets depreciation is charged as follows:



2018 2017

Beban pokok pendapatan 346.942 314.670 Cost of revenuesBeban umum dan administrasi 5.287 5.590 General and administrative expenses

Total 352.229 320.260 Total

Rincian aset dalam penyelesaian adalah sebagaiberikut:

The details of construction in progress are as follows:

31 Desember/December 31, 2018

Persentase Akumulasipenyelesaian/ biaya/Percentage of Accumulated Estimasi penyelesaian/

completion costs Estimated completion

Truk tangki 90% 10.405 Maret/March 2019 Fuel transportation vehiclesGeophone string dan transition zone Geophone string and transition zone

equiptment 67% 21.454 Maret/March 2019 equiptmentDepot bahan bakar minyak 30% 19.834 Juni/June 2019 Depot fuelHydraulic Workover Unit Hydraulic Workover Unit

dan Coil Tubing Unit 40% 5.293 Maret/March 2019 and Coil Tubing UnitInstalasi gedung 39% 4.691 Maret/March 2019 Building installationLain-lain (masing-masing dibawah

Rp5.000) 75% 9.288 Maret/March 2019 Others (each below Rp5,000)

70.965


Persentase Akumulasipenyelesaian/ biaya/Percentage of Accumulated Estimasi penyelesaian/

completion costs Estimated completion

Truk tangki 68% 8.006 Januari/January 2018 Fuel transportation vehiclesTongkang 56% 4.415 Februari/February 2018 VeselHydraulic Workover Unit Hydraulic Workover Unit

dan Coil Tubing Unit 83% 1.965 Juni/June 2018 and Coil Tubing UnitInstalasi gedung 46% 461 Juni/June 2018 Building installation

14.847

Pada tanggal 31 Desember 2018 dan 2017, tidakterdapat aset tetap yang tidak dipakai sementara.

As of December 31, 2018 and 2017, there are no fixedassets temporarily not in use.

Pada tanggal 31 Desember 2018 dan 2017, jumlahtercatat bruto aset tetap yang telah disusutkanpenuh dan masih digunakan masing-masingsebesar Rp804.365 dan Rp668.406.

As of December 31, 2017 and 2016, the gross carryingamounts of fixed assets which have been fullydepreciated and are still in use amounted toRp804,365 and Rp668,406, respectively.

Pada tanggal 31 Desember 2018 dan 2017, tidakterdapat aset tetap yang diklasifikasikan sebagaitersedia untuk dijual atau yang dihentikan daripenggunaan aktif.

As of December 31, 2018 and 2017, there are no fixedassets classified as held for sale or terminated fromactive use.










59


Rincian rugi penjualan/pelepasan aset tetap adalahsebagai berikut:

Details of loss on sale/disposal of fixed assets are asfollows:



2018 2017

Harga jual 2.044 1.147 ProceedsDikurangi: Nilai buku neto (2.960) (2.193) Less: Net book value

Rugi - neto (916) (1.046) Loss - net

Pada tanggal 31 Desember 2018 dan 2017, asettetap dengan nilai buku sebesar Rp1.163.577 (2017:Rp480.732) telah diasuransikan atas semua risikodengan total nilai pertanggungan masing-masingsebesar Rp569.355 dan $AS119.523.242 danRp265.391 dan $AS24.724.207. Manajemenberkeyakinan bahwa jumlah tersebut telah memadaiuntuk menutup kerugian yang mungkin timbul terkaitdengan aset yang diasuransikan.

As of December 31, 2018 and 2017, fixed assets withnet book value of Rp1,163,577 (2017: Rp480,732) arecovered by insurance against all risks at a totalcoverage amounting to Rp569,355 andUS$119,523,242 and Rp265,391 and US$24,724,207,respectively. Management believes that the insurancecoverage is adequate to cover possible losses arisingin relation to the insured assets.

Nilai wajar aset tetap dengan nilai buku sebesarRp698.361 pada tahun yang berakhir tanggal31 Desember 2018 berdasarkan laporan dari penilaiindependen adalah sebesar Rp1.119.070. Totaljumlah nilai buku aset tetap yang tidak dilakukanpenilaian pada tahun yang berakhir pada tanggal31 Desember 2018 sebesar Rp1.037.493Manajemen berkeyakinan bahwa tidak adaperbedaan signifikan antara nilai wajar dan jumlahtercatat aset tetap yang tidak dilakukan penilaiantersebut.

The fair value of fixed assets with net book value ofRp698,361 as of December 31, 2018 based onindependent appraisal reports amounted toRp1,119,070. The total net book value of fixed assetsthat were not appraised by independent appraiser asof December 31, 2017 amounted to Rp1,037,493.Management believes that there is no significantdifference between the fair value and carrying amountof these fixed assets.

Pada tanggal 31 Desember 2018, tidak terdapataset tetap yang digunakan sebagai jaminan.

As of December 31, 2018, there is no fixed assetsused as collateral.

13. ASET TAKBERWUJUD 13. INTANGIBLE ASSETS

Mutasi aset takberwujud adalah sebagai berikut: The movements in intangible assets are as follows:




Biaya perolehan CostHak atas tanah 8.872 - - - 8.872 Land rightsPerangkat lunak dan lisensi 109.514 11.734 (587) - 120.661 Software and licenses

Total 118.386 11.734 (587) - 129.533 Total

Akumulasi amortisasi Accumulated amortizationHak atas tanah (2.241) (406) - - (2.647) Land rightsPerangkat lunak dan lisensi (102.054) (7.152) 587 (108.619) Software and licenses

Total (104.295) (7.558) 587 - (111.266) Total

Nilai buku neto 14.091 18.267 Net book value










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




Biaya perolehan CostHak atas tanah 8.872 - - - 8.872 Land rightsPerangkat lunak dan lisensi 104.507 5.007 - - 109.514 Software and licenses

Total 113.379 5.007 - - 118.386 Total

Akumulasi amortisasi Accumulated amortizationHak atas tanah (1.835) (406) - - (2.241) Land rightsPerangkat lunak dan lisensi (89.845) (12.209) - - (102.054) Software and licenses

Total (91.680) (12.615) - - (104.295) Total


Amortisasi aset takberwujud dibebankan sebagaiberikut:

Intangible assets amortization is charged as follows:



2018 2017



14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES

Mutasi properti investasi adalah sebagai berikut: The movements in investment properties are asfollows:




Biaya perolehan CostTanah 50.586 - - - 50.586 LandBangunan, prasarana dan Buildings, improvement

instalasi 14.105 - - - 14.105 and installations

Total 64.691 - - - 64.691 Total

Akumulasi penyusutan Accumulated depreciationBangunan, prasarana dan Buildings, improvement

instalasi (12.578) (120) - - (12.698) and installations







Total 64.691 - - - 64.691 Total




376


377











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




Biaya perolehan CostHak atas tanah 8.872 - - - 8.872 Land rightsPerangkat lunak dan lisensi 104.507 5.007 - - 109.514 Software and licenses

Total 113.379 5.007 - - 118.386 Total

Akumulasi amortisasi Accumulated amortizationHak atas tanah (1.835) (406) - - (2.241) Land rightsPerangkat lunak dan lisensi (89.845) (12.209) - - (102.054) Software and licenses

Total (91.680) (12.615) - - (104.295) Total


Amortisasi aset takberwujud dibebankan sebagaiberikut:

Intangible assets amortization is charged as follows:



2018 2017



14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES

Mutasi properti investasi adalah sebagai berikut: The movements in investment properties are asfollows:






Total 64.691 - - - 64.691 Total









Total 64.691 - - - 64.691 Total













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14. PROPERTI INVESTASI (lanjutan) 14. INVESTMENT PROPERTIES (continued)

Untuk tahun yang berakhir pada tanggal31 Desember 2018 dan 2017, beban penyusutanmasing-masing sebesar Rp120 dan Rp323seluruhnya dialokasikan ke “beban umum danadministrasi” dalam laba rugi.

For the years ended December 31, 2018 and 2017,depreciation expenses amounting to Rp120 andRp323, respectively, were charged to “general andadministrative expenses” in profit or loss.

Nilai wajar properti investasi pada tahun yangberakhir pada tanggal 31 Desember 2018 dan 2017dihitung berdasarkan Nilai Jual Objek Pajak(“NJOP”) masing-masing sebesar Rp399.544 danRp389.282.

The fair value of investment properties for the yearsended December 31, 2018 and 2017 are calculatedbased on taxable sale value (“NJOP”) amounting toRp399,544 and Rp389,282, respectively.

Penghasilan sewa dari properti investasi untuktahun yang berakhir pada tanggal 31 Desember2018 dan 2017 masing-masing sebesar Rp39.932dan $AS672.656 dan Rp14.857 dan $AS1.319.440.

Rental income from investment properties for theyears ended December 31, 2018 and 2017 amountedto Rp39.932 and US$672,656 and Rp14,857 andUS$1,319,440, respectively.

Pada tanggal 31 Desember 2018 dan 2017,beberapa properti investasi telah diasuransikanuntuk semua risiko dengan nilai pertanggunganmasing-masing sebesar Rp33.181. Manajemenberkeyakinan bahwa jumlah asuransi tersebut telahmemadai untuk menutup kerugian yang mungkintimbul.

As of December 31, 2018 and 2017, certaininvestment properties were covered by insuranceagainst all risks at a total coverage amounting toRp33,181, respectively. Management believes that theinsurance coverage is adequate to cover possiblelosses.

Berdasarkan penelaahan manajemen Grup, tidakterdapat kejadian-kejadian atau perubahan-perubahan keadaan yang mengindikasikan adanyapenurunan nilai properti investasi pada tanggal31 Desember 2018 dan 2017.

Based on the review of the Group’s management,there were no events or changes in circumstanceswhich indicate impairment in the value of investmentproperties as of December 31, 2018 and 2017.

15. PINJAMAN BANK JANGKA PENDEK 15. SHORT-TERM BANK LOANS

Pinjaman bank jangka pendek terdiri dari: Short-term bank loans consist of:


2018 2017

Rupiah RupiahPT Bank Sumitomo Mitsui Indonesia 174.183 - PT Bank Sumitomo Mitsui IndonesiaPT Bank Negara Indonesia (Persero) Tbk 16.268 - PT Bank Negara Indonesia (Persero) Tbk

Dolar AS US DollarPT Bank ICBC Indonesia 217.215 256.057 PT Bank ICBC IndonesiaPT Bank Mizuho Indonesia 130.329 135.480 PT Bank Mizuho IndonesiaPT Bank Sumitomo Mitsui Indonesia 43.443 135.480 PT Bank Sumitomo Mitsui IndonesiaPT Bank Rakyat Indonesia (Persero) Tbk 27.427 32.515 PT Bank Rakyat Indonesia (Persero) TbkPT Bank UOB Indonesia - 135.480 PT Bank UOB Indonesia

Total 608.865 695.012 Total










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15. PINJAMAN BANK JANGKA PENDEK (lanjutan) 15. SHORT-TERM BANK LOANS (continued)

a. PT Bank Sumitomo Mitsui Indonesia(“SMBC”)

a. PT Bank Sumitomo Mitsui Indonesia (“SMBC”)

Berdasarkan perjanjian kredit tanggal26 Oktober 2018, Perusahaan memperolehfasilitas untuk membiayai aktivitas operasionaldan modal kerja Perusahaan yang terdiri darifasilitas perdagangan (LC, Acceptance, Loanon Note - TR) dan fasilitas pinjaman (Loan onNote 1 dan 2) dengan batas maksimumgabungan sebesar $AS20.000.000.

Based on a credit agreement datedOctober 26, 2018, the Company obtainedfacilities to finance the Company’s operatingactivities and working capital consisting of tradefacilities (LC, Acceptance, Loan on Notes - TR)and loan facilities (Loan on Notes 1 and 2) with amaximum combined limit of US$20,000,000.

Fasilitas Loan on Note - TR dan Loan on Note1 dan 2 dikenakan bunga sebesar biayapendanaan SMBC ditambah marjin tertentu pertahun untuk penarikan dalam Dolar AS atauRupiah. Fasilitas ini akan jatuh tempo sampaidengan tanggal 29 Maret 2019.

The Loan on Note - TR and Loan on Notes 1 and2 facilities bear interest at the rate of cost of fundof SMBC plus certain margin per annum forwithdrawal in US Dollar or Rupiah. These facilitieswill mature up to March 29, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio utang berbungaterhadap EBITDA maksimal sebesar 4 kali danrasio utang terhadap ekuitas maksimal sebesar3 kali. Fasilitas ini diberikan tanpa jaminan(clean-basis).

These facilities require the Company, amongothers, to maintain the maximum interest-bearingdebt to EBITDA ratio at 4 times and the maximumdebt to equity ratio at 3 times. These facilities areprovided on a clean-basis.

Saldo terutang fasilitas pinjaman ini sebesar$AS3.000.000 (setara dengan Rp217.626) danRp174.183 pada tanggal 31 Desember 2018dan $AS10.000.000 (setara denganRp135.480) pada tanggal 31 Desember 2017.

The outstanding balance of these loan facilitiesamounted to US$3,000,000 (equivalent toRp217,626) and Rp174,183 as of December 31,2018 and US$10,000,000 (equivalent toRp135,480) as of December 31, 2017.

Pinjaman ini telah dilunasi pada bulan Januaridan Februari 2019.

This loan was fully paid on January andFebruary 2019.

b. PT Bank Negara Indonesia (Persero) Tbk b. PT Bank Negara Indonesia (Persero) Tbk

Berdasarkan perjanjian kredit tanggal4 Juli 2012 yang terakhir kali diubah padatanggal 28 Agustus 2018, Perusahaanmemperoleh fasilitas Kredit Tidak Langsunguntuk keperluan penjaminan dan modal kerjayang terdiri dari Standby Letter of Credit(“SBLC”)/Bank Garansi (“BG”), Letter of Credit(“LC”)/Surat Kredit Berdokumen Dalam Negeri(“SKBDN”), Trust Receipt (“TR”), dan kreditmodal kerja post-financing dengan batasmaksimum gabungan sebesar $AS50.000.000.

Based on a credit agreement dated July 4, 2012,with latest amandement on August 28, 2018, theCompany obtained an Indirect Credit facility forguarantee and working capital purposesconsisting of Standby Letter of Credit(“SBLC”)/Bank Guarantee (“BG”), Letter of Credit(“LC”)/Surat Kredit Berdokumen Dalam Negeri(“SKBDN”), Trust Receipt (“TR”), and post-financing working capital credit with a maximumcombined limit of US$50,000,000.

Fasilitas ini dapat digunakan oleh entitas anakdan grup usaha Perusahaan. Pada tanggal30 Juni 2018, EFK menggunakan fasilitas ini.

These facilities could be used by the Company’ssubsidiaries and business groups. As ofJune 30, 2018, EFK used these facilities.

378


379











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a. PT Bank Sumitomo Mitsui Indonesia(“SMBC”)

a. PT Bank Sumitomo Mitsui Indonesia (“SMBC”)

Berdasarkan perjanjian kredit tanggal26 Oktober 2018, Perusahaan memperolehfasilitas untuk membiayai aktivitas operasionaldan modal kerja Perusahaan yang terdiri darifasilitas perdagangan (LC, Acceptance, Loanon Note - TR) dan fasilitas pinjaman (Loan onNote 1 dan 2) dengan batas maksimumgabungan sebesar $AS20.000.000.

Based on a credit agreement datedOctober 26, 2018, the Company obtainedfacilities to finance the Company’s operatingactivities and working capital consisting of tradefacilities (LC, Acceptance, Loan on Notes - TR)and loan facilities (Loan on Notes 1 and 2) with amaximum combined limit of US$20,000,000.

Fasilitas Loan on Note - TR dan Loan on Note1 dan 2 dikenakan bunga sebesar biayapendanaan SMBC ditambah marjin tertentu pertahun untuk penarikan dalam Dolar AS atauRupiah. Fasilitas ini akan jatuh tempo sampaidengan tanggal 29 Maret 2019.

The Loan on Note - TR and Loan on Notes 1 and2 facilities bear interest at the rate of cost of fundof SMBC plus certain margin per annum forwithdrawal in US Dollar or Rupiah. These facilitieswill mature up to March 29, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio utang berbungaterhadap EBITDA maksimal sebesar 4 kali danrasio utang terhadap ekuitas maksimal sebesar3 kali. Fasilitas ini diberikan tanpa jaminan(clean-basis).

These facilities require the Company, amongothers, to maintain the maximum interest-bearingdebt to EBITDA ratio at 4 times and the maximumdebt to equity ratio at 3 times. These facilities areprovided on a clean-basis.

Saldo terutang fasilitas pinjaman ini sebesar$AS3.000.000 (setara dengan Rp217.626) danRp174.183 pada tanggal 31 Desember 2018dan $AS10.000.000 (setara denganRp135.480) pada tanggal 31 Desember 2017.

The outstanding balance of these loan facilitiesamounted to US$3,000,000 (equivalent toRp217,626) and Rp174,183 as of December 31,2018 and US$10,000,000 (equivalent toRp135,480) as of December 31, 2017.

Pinjaman ini telah dilunasi pada bulan Januaridan Februari 2019.

This loan was fully paid on January andFebruary 2019.

b. PT Bank Negara Indonesia (Persero) Tbk b. PT Bank Negara Indonesia (Persero) Tbk

Berdasarkan perjanjian kredit tanggal4 Juli 2012 yang terakhir kali diubah padatanggal 28 Agustus 2018, Perusahaanmemperoleh fasilitas Kredit Tidak Langsunguntuk keperluan penjaminan dan modal kerjayang terdiri dari Standby Letter of Credit(“SBLC”)/Bank Garansi (“BG”), Letter of Credit(“LC”)/Surat Kredit Berdokumen Dalam Negeri(“SKBDN”), Trust Receipt (“TR”), dan kreditmodal kerja post-financing dengan batasmaksimum gabungan sebesar $AS50.000.000.

Based on a credit agreement dated July 4, 2012,with latest amandement on August 28, 2018, theCompany obtained an Indirect Credit facility forguarantee and working capital purposesconsisting of Standby Letter of Credit(“SBLC”)/Bank Guarantee (“BG”), Letter of Credit(“LC”)/Surat Kredit Berdokumen Dalam Negeri(“SKBDN”), Trust Receipt (“TR”), and post-financing working capital credit with a maximumcombined limit of US$50,000,000.

Fasilitas ini dapat digunakan oleh entitas anakdan grup usaha Perusahaan. Pada tanggal30 Juni 2018, EFK menggunakan fasilitas ini.

These facilities could be used by the Company’ssubsidiaries and business groups. As ofJune 30, 2018, EFK used these facilities.










63


b. PT Bank Negara Indonesia (Persero) Tbk(lanjutan)

b. PT Bank Negara Indonesia (Persero) Tbk(continued)

Fasilitas ini dikenakan bunga yang sukubunganya akan ditetapkan secara negosiasipada saat realisasi dan fasilitas ini akan jatuhtempo sampai dengan tanggal 3 Juli 2019.

These facilities bear interest at the rate which willbe determined through negotiation on withdrawaland these facilities will mature up to July 3, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, mengusahakan rasio lancar minimalsebesar 1 kali dan rasio utang terhadap ekuitasmaksimal sebesar 2,5 kali. Fasilitas ini diberikantanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to reach the minimum current ratio at1 time and the maximum debt to equity ratio at 2.5times. These facilities are provided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing sebesar Rp16.268 dan RpNihil.

On December 31, 2018 and 2017, the outstandingbalance of these loan facilities amounted toRp16,268 and RpNil, respectively.

c. PT Bank ICBC Indonesia (“ICBC”) c. PT Bank ICBC Indonesia (“ICBC”)

Berdasarkan perjanjian kredit tanggal21 Oktober 2015, Perusahaan memperolehfasilitas Omnibus Uncommitted untukmembiayai keperluan Perusahaan yang terdiridari pinjaman tetap on-demand (“PTD”), LC,SKBDN, TR dan BG dengan batas maksimumgabungan sebesar $AS20.000.000.

Based on a credit agreement datedOctober 21, 2015, the Company obtainedUncommitted Ombinus facilities to finance theCompany’s expenditure consisting of on-demandfixed loan (“PTD”), LC, SKBDN, TR and BG witha maximum combined limit of US$20,000,000.

Pada tanggal 21 September 2016 dilakukanperpanjangan dan penambahan PT ElnusaTrans Samudera sebagai Co-Borrower denganmaksimal penarikan sebesar $AS5.000.000.

As of September 21, 2016, the facilities have beenextended and amended with PT Elnusa TransSamudera as Co-Borrower with maximumamount of US$5,000,000.

Fasilitas PTD dikenakan bunga sebesar biayapendanaan ICBC ditambah marjin tertentu pertahun untuk penarikan dalam Dolar AS dansebesar suku bunga tetap tertentu per tahununtuk penarikan dalam Rupiah, sementarafasilitas UPAS/UFAM dan TR dikenakan bungasebesar biaya pendanaan ICBC ditambahmarjin tertentu per tahun. Fasilitas ini akan jatuhtempo sampai dengan tanggal31 Oktober 2019.

The PTD facility bears interest at the rate of costof fund of ICBC plus certain margin per annum forwithdrawal in US Dollar and at certain fixed rateper annum for withdrawal in Rupiah, while theUPAS/UFAM and TR facilities bear interest at therate of cost of fund of ICBC plus certain marginper annum. These facilities will mature up toOctober 31, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio total utangterhadap EBITDA maksimal sebesar 4 kali.Fasilitas ini diberikan tanpa jaminan(clean-basis).

These facilities require the Company, amongothers, to maintain the maximum total debt toEBITDA ratio at 4 times. These facilities areprovided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini sebesar$AS15.000.000 dan $AS18.900.000 (masing-masing setara dengan Rp217.215 danRp256.057).

As of December 31, 2018 and 2017, theoutstanding balance of these loan facilitiesamounted to US$15,000,000 and US$18,900,000(equivalent to Rp217.215 and Rp256,057,respectively).

Pinjaman ini telah dilunasi pada bulanJanuari 2019.

This loan was fully paid on January 2019.










64


d. PT Bank Mizuho Indonesia (“Mizuho”) d. PT Bank Mizuho Indonesia (“Mizuho”)

Berdasarkan perjanjian kredit tanggal23 November 2015 yang terakhir kali diubahpada tanggal 23 November 2016, Perusahaanmemperoleh fasilitas kredit untuk keperluanpenjaminan dan modal kerja yang terdiri dariLC/SKBDN, TR, kredit modal kerja danBG/SBLC dengan batas maksimum gabungansebesar $AS10.000.000.

Based on a credit agreement datedNovember 23, 2015 which was amanded onNovember 23, 2016, the Company obtained creditfacilities for guarantee and working capitalpurposes consisting of LC/SKBDN, TR, workingcapital credit and BG/SBLC with a maximumcombined limit of US$10,000,000.

Fasilitas ini dikenakan bunga sebesar LIBORditambah marjin tertentu per tahun danberjangka waktu sampai dengan tanggal 23April 2019.

These facilities bear interest at the rate of LIBORplus certain margin per annum and are availableuntil April 23, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio utang berbungaterhadap EBITDA maksimal sebesar 4 kali,serta tidak melakukan tindakan-tindakantertentu tanpa memperoleh persetujuan tertulisterlebih dahulu dari Mizuho. Fasilitas inidiberikan tanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to maintain the maximum interest-bearingdebt to EBITDA ratio at 4 times, and not toperform certain actions without prior writtenapproval from Mizuho. These facilities areprovided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing $AS9.000.000 dan $AS10.000.000(masing-masing setara dengan Rp130.329 danRp135.480).

As of December 31, 2018 and 2017, theoutstanding balances of these loan facilitiesamounted to US$9,000,000 and US$10,000,000(equivalent to Rp130,329 and Rp135,480,respectively).



e. PT Bank Rakyat Indonesia (Persero) Tbk(“BRI”)


Berdasarkan perjanjian tanggal 27 September2017 yang terakhir kali diubah pada tanggal27 November 2018, Perusahaan memperolehfasilitas penjaminan bank yang terdiri dariBG/SBLC dengan batas maksimum sebesar$AS15.000.000 dan penangguhan jaminanimpor (“PJI”)/LC/SKBDN dengan batasmaksimum sebesar $AS5.000.000.

Based on an agreement datedSeptember 27, 2017, with latest amandment onNovember 27, 2018, the Company obtained bankguarantee facilities consisting of BG/SBLC with amaximum limit of US$15,000,000 andpreshipment import financing (“PJI”)/LC/SKBDNfacility with a maximum limit of US$5,000,000.

Berdasarkan perjanjian kredit tanggal5 Februari 2016, Perusahaan memperolehfasilitas kredit modal kerja impor/TR denganbatas maksimum sebesar $AS5.000.000 untukmem-back-up fasilitas PJI dan menampungLC/SKBDN yang telah jatuh tempo. Fasilitas inidikenakan bunga dengan suku bunga tetaptertentu. Fasilitas PJI bersifat interchangeabledengan fasilitas kredit modal kerja impor/TR.

Based on a credit agreement datedFebruary 5, 2016, the Company obtained importworking capital/TR facilities with a maximum limitof US$5,000,000 to back-up the PJI facility and toresettle the LC/SKBDN that has been due. Thesefacilities bear interest at certain fixed rate. The PJIfacility is interchangeable with the import workingcapital credit/TR facilities.

380


381











64


d. PT Bank Mizuho Indonesia (“Mizuho”) d. PT Bank Mizuho Indonesia (“Mizuho”)

Berdasarkan perjanjian kredit tanggal23 November 2015 yang terakhir kali diubahpada tanggal 23 November 2016, Perusahaanmemperoleh fasilitas kredit untuk keperluanpenjaminan dan modal kerja yang terdiri dariLC/SKBDN, TR, kredit modal kerja danBG/SBLC dengan batas maksimum gabungansebesar $AS10.000.000.

Based on a credit agreement datedNovember 23, 2015 which was amanded onNovember 23, 2016, the Company obtained creditfacilities for guarantee and working capitalpurposes consisting of LC/SKBDN, TR, workingcapital credit and BG/SBLC with a maximumcombined limit of US$10,000,000.

Fasilitas ini dikenakan bunga sebesar LIBORditambah marjin tertentu per tahun danberjangka waktu sampai dengan tanggal 23April 2019.

These facilities bear interest at the rate of LIBORplus certain margin per annum and are availableuntil April 23, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio utang berbungaterhadap EBITDA maksimal sebesar 4 kali,serta tidak melakukan tindakan-tindakantertentu tanpa memperoleh persetujuan tertulisterlebih dahulu dari Mizuho. Fasilitas inidiberikan tanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to maintain the maximum interest-bearingdebt to EBITDA ratio at 4 times, and not toperform certain actions without prior writtenapproval from Mizuho. These facilities areprovided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing $AS9.000.000 dan $AS10.000.000(masing-masing setara dengan Rp130.329 danRp135.480).

As of December 31, 2018 and 2017, theoutstanding balances of these loan facilitiesamounted to US$9,000,000 and US$10,000,000(equivalent to Rp130,329 and Rp135,480,respectively).





Berdasarkan perjanjian tanggal 27 September2017 yang terakhir kali diubah pada tanggal27 November 2018, Perusahaan memperolehfasilitas penjaminan bank yang terdiri dariBG/SBLC dengan batas maksimum sebesar$AS15.000.000 dan penangguhan jaminanimpor (“PJI”)/LC/SKBDN dengan batasmaksimum sebesar $AS5.000.000.

Based on an agreement datedSeptember 27, 2017, with latest amandment onNovember 27, 2018, the Company obtained bankguarantee facilities consisting of BG/SBLC with amaximum limit of US$15,000,000 andpreshipment import financing (“PJI”)/LC/SKBDNfacility with a maximum limit of US$5,000,000.

Berdasarkan perjanjian kredit tanggal5 Februari 2016, Perusahaan memperolehfasilitas kredit modal kerja impor/TR denganbatas maksimum sebesar $AS5.000.000 untukmem-back-up fasilitas PJI dan menampungLC/SKBDN yang telah jatuh tempo. Fasilitas inidikenakan bunga dengan suku bunga tetaptertentu. Fasilitas PJI bersifat interchangeabledengan fasilitas kredit modal kerja impor/TR.

Based on a credit agreement datedFebruary 5, 2016, the Company obtained importworking capital/TR facilities with a maximum limitof US$5,000,000 to back-up the PJI facility and toresettle the LC/SKBDN that has been due. Thesefacilities bear interest at certain fixed rate. The PJIfacility is interchangeable with the import workingcapital credit/TR facilities.










65


e. PT Bank Rakyat Indonesia (Persero) Tbk(“BRI”) (lanjutan)

e. PT Bank Rakyat Indonesia (Persero) Tbk(“BRI”) (continued)

Fasilitas-fasilitas tersebut berjangka waktusampai dengan tanggal 27 September 2019.Fasilitas-fasilitas tersebut mensyaratkanPerusahaan untuk, antara lain, tidak melakukantindakan-tindakan tertentu tanpa memperolehpersetujuan tertulis terlebih dahulu dari BRI.Fasilitas-fasilitas tersebut diberikan tanpajaminan (clean-basis).

These facilities are available until September27, 2019. These facilities require the Company,among others, not to perform certain actionswithout prior written approval from BRI. Thesefacilities are provided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing sebesar $AS1.894.000 dan$AS2.400.000 (masing-masing setara denganRp27.427 dan Rp32.515).

As of December 31, 2018 and 2017, theoutstanding balance of these loan facilitiesamounted to US$1,894,000 and US$2,400,000(equivalent Rp27,427 and Rp32,515,respectively).



f. PT Bank UOB Indonesia f. PT Bank UOB Indonesia

Berdasarkan perjanjian kredit tanggal3 Desember 2015 yang terakhir kali diubahtanggal 25 Januari 2018, Perusahaanmemperoleh fasilitas Multi Option Trade untukkeperluan modal kerja yang terdiri dariLC/SKBDN, TR, Clean Trust Receipt (“CTR”),Invoice Financing (“IF”) dan SBLC/BG denganbatas maksimum gabungan sebesar$AS20.000.000.

Based on a credit agreement datedDecember 3, 2015 which was amended onJanuary 25, 2018, the Company obtained MultiOption Trade facilities for working capitalpurposes consisting of LC/SKBDN, TR, CleanTrust Receipt (“CTR”), Invoice Financing (“IF”)and SBLC/BG with a maximum combined limit ofUS$20,000,000.

Fasilitas TR, CTR dan IF dikenakan bungasebesar LIBOR ditambah marjin tertentu pertahun untuk penarikan dalam Dolar AS danJIBOR ditambah marjin tertentu per tahun untukpenarikan dalam Rupiah. Fasilitas ini berjangkawaktu sampai dengan tanggal 3 Desember2018 dan sampai dengan tanggal penyelesaianlaporan keuangan konsolidasian masih dalamproses perpanjangan.

The TR, CTR and IF facilities bear interest at therate of LIBOR plus certain margin per annum forwithdrawal in US Dollar and JIBOR plus certainmargin per annum for withdrawal in Rupiah.These facilities are available until December 3,2018 and until the completion date of theconsolidated financial statements is still in theprocess of extension.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, memelihara rasio pengembalianutang minimal sebesar 1,25 kali dan rasio utangbruto terhadap EBITDA maksimal sebesar 4kali. Fasilitas ini diberikan tanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to maintain the minimum debt servicecoverage ratio at 1.25 times and the maximumgross debt to EBITDA ratio at 4 times. Thesefacilities are provided on a clean-basis.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing sebesar $ASNihil dan $AS10.000.000(setara dengan RpNihil dan Rp135.480).

As of December 31, 2018 and 2017, theoutstanding balances of these loan facilitiesamounted to US$Nil and US$10,000,000(equivalent to RpNil and Rp135,480),respectively.

Pinjaman ini telah dilunasi pada bulan Juli 2018. This loan was fully paid on July 2018.










66


g. PT Bank Mandiri (Persero) Tbk g. PT Bank Mandiri (Persero) Tbk

Berdasarkan perjanjian kredit tanggal16 November 2018, Perusahaan memperolehfasilitas non cash loan yang terdiri dari StandbyLetter of Credit (“SBLC”)/Bank Garansi (“BG”),dan Letter of Credit (“LC”)/Surat KreditBerdokumen Dalam Negeri (“SKBDN”) denganbatas maksimum gabungan sebesar$AS20.000.000 dan batas maksimum TrustReceipt (“TR”) sebesar $AS12.000.000.

Based on a credit agreement datedNovember 16, 2018, the Company obtained annon cash loan facility consisting of Standby Letterof Credit (“SBLC”)/Bank Guarantee (“BG”) andLetter of Credit (“LC”)/Surat Kredit BerdokumenDalam Negeri (“SKBDN”) with a maximumcombined limit of US$20,000,000 and TrustReceipt (“TR”) with a maximum limit ofUS$12,000,000.

Fasilitas ini dapat digunakan oleh entitas anakdan grup usaha Perusahaan.

These facilities could be used by the Company’ssubsidiaries and business groups.

Fasilitas ini dikenakan bunga yang sukubunganya akan ditetapkan secara negosiasipada saat realisasi dan fasilitas ini berjangkawaktu sampai dengan tanggal 15 November2019.

These facilities bear interest at the rate which willbe determined through negotiation on withdrawaland these facilities are available untilNovember 15, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, mengusahakan rasio lancar minimalsebesar 1 kali, rasio utang terhadap ekuitasmaksimal sebesar 3 kali dan rasiopengembalian utang minimal sebesar 1,1 kali.Fasilitas ini diberikan tanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to reach the minimum current ratio at1 time, the maximum debt to equity ratio at 2.5times, and the minimum debt service coverageratio at 1,1 time. These facilities are provided ona clean-basis.

Pada tanggal 31 Desember 2018, tidak terdapatsaldo terutang atas fasilitas pinjaman ini.

As of December 31, 2018, there was nooutstanding payables of these loan facilities.

Pada tanggal 31 Desember 2018 dan 2017, Gruptelah memenuhi seluruh pembatasan yang diaturdalam perjanjian pinjaman.

As of December 31 2018 and 2017, the Group hascomplied with all covenants as required by the loanagreements.

Tingkat suku bunga kontraktual pinjaman bankjangka pendek adalah sebagai berikut:

Contractual interest rates on short-term bank loans areas follows:



2018 2017

Rupiah RupiahPinjaman pada suku bunga mengambang 6,50% - 10,5% - Loans at floating interest rate

Dolar AS US DollarPinjaman pada suku bunga mengambang 1,90% - 3,15% 1,90% - 3,10% Loans at floating interest rate

382


383











66


g. PT Bank Mandiri (Persero) Tbk g. PT Bank Mandiri (Persero) Tbk

Berdasarkan perjanjian kredit tanggal16 November 2018, Perusahaan memperolehfasilitas non cash loan yang terdiri dari StandbyLetter of Credit (“SBLC”)/Bank Garansi (“BG”),dan Letter of Credit (“LC”)/Surat KreditBerdokumen Dalam Negeri (“SKBDN”) denganbatas maksimum gabungan sebesar$AS20.000.000 dan batas maksimum TrustReceipt (“TR”) sebesar $AS12.000.000.

Based on a credit agreement datedNovember 16, 2018, the Company obtained annon cash loan facility consisting of Standby Letterof Credit (“SBLC”)/Bank Guarantee (“BG”) andLetter of Credit (“LC”)/Surat Kredit BerdokumenDalam Negeri (“SKBDN”) with a maximumcombined limit of US$20,000,000 and TrustReceipt (“TR”) with a maximum limit ofUS$12,000,000.

Fasilitas ini dapat digunakan oleh entitas anakdan grup usaha Perusahaan.

These facilities could be used by the Company’ssubsidiaries and business groups.

Fasilitas ini dikenakan bunga yang sukubunganya akan ditetapkan secara negosiasipada saat realisasi dan fasilitas ini berjangkawaktu sampai dengan tanggal 15 November2019.

These facilities bear interest at the rate which willbe determined through negotiation on withdrawaland these facilities are available untilNovember 15, 2019.

Fasilitas ini mensyaratkan Perusahaan untuk,antara lain, mengusahakan rasio lancar minimalsebesar 1 kali, rasio utang terhadap ekuitasmaksimal sebesar 3 kali dan rasiopengembalian utang minimal sebesar 1,1 kali.Fasilitas ini diberikan tanpa jaminan (clean-basis).

These facilities require the Company, amongothers, to reach the minimum current ratio at1 time, the maximum debt to equity ratio at 2.5times, and the minimum debt service coverageratio at 1,1 time. These facilities are provided ona clean-basis.

Pada tanggal 31 Desember 2018, tidak terdapatsaldo terutang atas fasilitas pinjaman ini.

As of December 31, 2018, there was nooutstanding payables of these loan facilities.


As of December 31 2018 and 2017, the Group hascomplied with all covenants as required by the loanagreements.

Tingkat suku bunga kontraktual pinjaman bankjangka pendek adalah sebagai berikut:

Contractual interest rates on short-term bank loans areas follows:



2018 2017

Rupiah RupiahPinjaman pada suku bunga mengambang 6,50% - 10,5% - Loans at floating interest rate

Dolar AS US DollarPinjaman pada suku bunga mengambang 1,90% - 3,15% 1,90% - 3,10% Loans at floating interest rate










67

16. UTANG USAHA 16. TRADE PAYABLES

Rincian utang usaha berdasarkan pemasok adalahsebagai berikut:

The details of trade payables based on vendors are asfollows:


2018 2017

Pihak ketiga 257.084 194.319 Third partiesPihak berelasi (Catatan 29f) 260.386 114.002 Related parties (Note 29f)

Total 517.470 308.321 Total

Rincian utang usaha berdasarkan mata uang adalahsebagai berikut:

The details of trade payables based on currencies areas follows:


2018 2017

Rupiah 464.330 287.731 RupiahDolar AS 51.050 19.449 US DollarDolar Singapura 2.090 1.141 Singapore Dollar

Total 517.470 308.321 Total

Saldo utang usaha pada akhir tahun tidak memilikijaminan. Tidak ada surat jaminan yang diberikanmaupun diterima untuk utang usaha.

Outstanding balances of trade payables at the end ofthe year are unsecured. There have been noguarantees provided or received for any tradepayables.

17. LIABILITAS JANGKA PENDEK LAINNYA 17. OTHER CURRENT LIABILITIES

Liabilitas jangka pendek lainnya terdiri dari: Other current liabilities consist of:


2018 2017

Titipan pelanggan 23.962 27.073 Customer depositsUtang lain-lain 15.812 12.657 Other payablesPendapatan ditangguhkan 14.899 6.230 Deferred income











68

18. PERPAJAKAN 18. TAXATION

a. Pajak dibayar di muka a. Prepaid taxes

Pajak dibayar di muka terdiri dari: Prepaid taxes consist of:


2018 2017

Pajak penghasilan badan: Corporate income tax:Tahun berjalan 47.624 24.678 Current yearTahun-tahun sebelumnya 28.537 34.688 Prior years

Pajak Pertambahan Nilai: Value Added Tax:Tahun berjalan 366.535 222.844 Current yearTahun-tahun sebelumnya 458.603 313.326 Prior years

Total 901.299 595.536 Total

Bagian lancar 574.087 51.567 Current portion

Bagian tidak lancar 327.212 543.969 Non-current portion

Pada tahun 2018 dan 2017, Grup menerimasejumlah surat ketetapan pajak terkait denganrestitusi pajak yang diajukan (Catatan 18e).

In 2018 and 2017, the Group received several taxassessment letters in relation to its claims for taxrefund (Note 18e).

b. Utang pajak b. Taxes payable

Utang pajak terdiri dari: Taxes payable consists of:


2018 2017

Pajak penghasilan badan: Corporate income tax:Tahun berjalan 4.960 15.462 Current year

Pajak lain-lain: Other taxes:Pajak final pasal 4 (2) 461 374 Final tax article 4 (2)Pajak final pasal 15 298 1.035 Final tax article 15Pajak penghasilan pasal 21 3.869 10.288 Income tax article 21Pajak penghasilan pasal 22 829 128 Income tax article 22Pajak penghasilan pasal 23 2.041 2.310 Income tax article 23Pajak penghasilan pasal 25 - 185 Income tax article 25Pajak penghasilan pasal 26 323 728 Income tax article 26Pajak Pertambahan Nilai 15.999 16.991 Value Added Tax


Berdasarkan Peraturan Menteri KeuanganNo. 37/PMK.03/2015 tanggal 4 Maret 2015,Perusahaan ditunjuk sebagai pemungut PajakPertambahan Nilai (“PPN”) efektif tanggal1 April 2015. Dengan adanya peraturan ini,Perusahaan memungut, menyetor danmelaporkan PPN yang terutang ataspenyerahan barang dan jasa oleh pihak lainkepada Perusahaan.

Based on the Finance Minister RegulationNo. 37/PMK.03/2015 dated March 4, 2015, theCompany was appointed as Value Added Taxcollector effective April 1, 2015. As such, theCompany collects, pays and reports the VATarising from the sales of goods and services byother parties to the Company.

Berdasarkan Peraturan Menteri KeuanganNo. 107/PMK.10/2015 tanggal 8 Juni 2015,Perusahaan ditunjuk sebagai pemungut pajakpenghasilan pasal 22 efektif tanggal8 Agustus 2015.

Based on the Finance Minister RegulationNo. 107/PMK.10/2015 dated June 8, 2015, theCompany was appointed as income tax article 22collector effective August 8, 2015.

Saldo utang pajak termasuk PPN dan pajakpenghasilan pasal 22 yang belum disetor ke kasnegara atas kewajiban ini.

The balances of taxes payable include the VATand income tax article 22 which have not yet beenpaid to the treasury fund arising from suchobligation.

384


385











68

18. PERPAJAKAN 18. TAXATION

a. Pajak dibayar di muka a. Prepaid taxes

Pajak dibayar di muka terdiri dari: Prepaid taxes consist of:


2018 2017

Pajak penghasilan badan: Corporate income tax:Tahun berjalan 47.624 24.678 Current yearTahun-tahun sebelumnya 28.537 34.688 Prior years

Pajak Pertambahan Nilai: Value Added Tax:Tahun berjalan 366.535 222.844 Current yearTahun-tahun sebelumnya 458.603 313.326 Prior years

Total 901.299 595.536 Total

Bagian lancar 574.087 51.567 Current portion

Bagian tidak lancar 327.212 543.969 Non-current portion

Pada tahun 2018 dan 2017, Grup menerimasejumlah surat ketetapan pajak terkait denganrestitusi pajak yang diajukan (Catatan 18e).

In 2018 and 2017, the Group received several taxassessment letters in relation to its claims for taxrefund (Note 18e).

b. Utang pajak b. Taxes payable

Utang pajak terdiri dari: Taxes payable consists of:


2018 2017

Pajak penghasilan badan: Corporate income tax:Tahun berjalan 4.960 15.462 Current year

Pajak lain-lain: Other taxes:Pajak final pasal 4 (2) 461 374 Final tax article 4 (2)Pajak final pasal 15 298 1.035 Final tax article 15Pajak penghasilan pasal 21 3.869 10.288 Income tax article 21Pajak penghasilan pasal 22 829 128 Income tax article 22Pajak penghasilan pasal 23 2.041 2.310 Income tax article 23Pajak penghasilan pasal 25 - 185 Income tax article 25Pajak penghasilan pasal 26 323 728 Income tax article 26Pajak Pertambahan Nilai 15.999 16.991 Value Added Tax


Berdasarkan Peraturan Menteri KeuanganNo. 37/PMK.03/2015 tanggal 4 Maret 2015,Perusahaan ditunjuk sebagai pemungut PajakPertambahan Nilai (“PPN”) efektif tanggal1 April 2015. Dengan adanya peraturan ini,Perusahaan memungut, menyetor danmelaporkan PPN yang terutang ataspenyerahan barang dan jasa oleh pihak lainkepada Perusahaan.

Based on the Finance Minister RegulationNo. 37/PMK.03/2015 dated March 4, 2015, theCompany was appointed as Value Added Taxcollector effective April 1, 2015. As such, theCompany collects, pays and reports the VATarising from the sales of goods and services byother parties to the Company.

Berdasarkan Peraturan Menteri KeuanganNo. 107/PMK.10/2015 tanggal 8 Juni 2015,Perusahaan ditunjuk sebagai pemungut pajakpenghasilan pasal 22 efektif tanggal8 Agustus 2015.

Based on the Finance Minister RegulationNo. 107/PMK.10/2015 dated June 8, 2015, theCompany was appointed as income tax article 22collector effective August 8, 2015.

Saldo utang pajak termasuk PPN dan pajakpenghasilan pasal 22 yang belum disetor ke kasnegara atas kewajiban ini.

The balances of taxes payable include the VATand income tax article 22 which have not yet beenpaid to the treasury fund arising from suchobligation.










69

18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)

c. Beban pajak penghasilan c. Income tax expense

Beban pajak penghasilan terdiri dari: Income tax expense consists of:



2018 2017

Beban pajak kini: Current tax expenses:Tahun berjalan 89.119 86.057 Current yearPenyesuaian atas hasil surat

ketetapan pajak - 922 Adjustment for tax assessment letter

89.119 86.979Manfaat pajak tangguhan (13.628) (11.367) Deferred tax benefit


Pajak penghasilan badan dihitung untukmasing-masing perusahaan sebagai entitasyang terpisah secara hukum.

Corporate income tax is calculated for eachindividual company as a separate legal entity.

Rekonsiliasi antara beban pajak penghasilandengan jumlah teoritis beban pajak penghasilanyang dihitung berdasarkan laba sebelum pajakpenghasilan dengan menggunakan tarif pajakyang berlaku adalah sebagai berikut:

Reconciliation between income tax expenses andthe theoretical tax amount on profit before incometax using the applicable tax rate is as follows:



2018 2017

Laba sebelum pajak penghasilan -konsolidasian 351.807 326.366 Profit before income tax - consolidated

Dikurangi: Laba sebelum pajakpenghasilan - entitas anak (384.688) (338.920) Less: Profit before income tax - subsidiaries

Rugi sebelum pajak penghasilan -Perusahaan (32.881) (12.554) Loss before income tax - the Company

Ditambah (dikurangi): Rugi daripendapatan yang dikenakan Add (less): Loss from revenuepajak final - Perusahaan 9.285 3.320 subject to final tax - the Company

Rugi yang dikenakan pajak Loss subject topenghasilan - Perusahaan (23.596) (9.234) income tax - the Company

Pajak penghasilan dihitung dengan Income tax calculated attarif yang berlaku 20% (4.719) (1.847) applicable rate 20%

Dampak perbedaan permanen: Effect of permanent differences:Beban yang tidak dapat dikurangkan

untuk tujuan perpajakan 3.243 3.783 Non-deductible expensesPenghasilan bunga yang

dikenakan pajak final (1.010) (1.061) Interest income subject to final tax

Perusahaan (2.486) 875 The CompanyEntitas anak 77.977 74.737 Subsidiaries

Beban pajak penghasilan 75.491 75.612 Income tax expenses










70


c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)

Rekonsiliasi antara laba sebelum pajakpenghasilan dengan taksiran penghasilan kenapajak adalah sebagai berikut:

Reconciliation between profit before income taxand estimated taxable income is as follows:



2018 2017





Rugi yang dikenakan pajak Loss subjectpenghasilan - Perusahaan (23.596) (9.234) to income tax - the Company

Perbedaan temporer: Temporary differences:Gaji, upah dan kesejahteraan

karyawan 24.034 11.855 Salaries, wages and employee benefitsPenyisihan penurunan nilai (1.867) (1.118) Allowance for impairmentLiabilitas imbalan kerja 2.312 12.146 Employee benefits liabilityPenyusutan aset tetap 36.348 18.421 Fixed assets depreciation

Perbedaan permanen: Permanent differences:Beban yang tidak dapat dikurangkan



Taksiran penghasilan Estimated taxable income -kena pajak - Perusahaan 48.396 45.446 the Company

Perhitungan beban pajak kini - periode/tahunberjalan dan taksiran lebih bayar dan kurangbayar pajak penghasilan badan adalah sebagaiberikut:

The calculation of current tax expense - currentperiod/year and estimated overpayment andunderpayment of corporate income tax is asfollows:

386


387











70



Rekonsiliasi antara laba sebelum pajakpenghasilan dengan taksiran penghasilan kenapajak adalah sebagai berikut:

Reconciliation between profit before income taxand estimated taxable income is as follows:



2018 2017





Rugi yang dikenakan pajak Loss subjectpenghasilan - Perusahaan (23.596) (9.234) to income tax - the Company

Perbedaan temporer: Temporary differences:Gaji, upah dan kesejahteraan

karyawan 24.034 11.855 Salaries, wages and employee benefitsPenyisihan penurunan nilai (1.867) (1.118) Allowance for impairmentLiabilitas imbalan kerja 2.312 12.146 Employee benefits liabilityPenyusutan aset tetap 36.348 18.421 Fixed assets depreciation

Perbedaan permanen: Permanent differences:Beban yang tidak dapat dikurangkan



Taksiran penghasilan Estimated taxable income -kena pajak - Perusahaan 48.396 45.446 the Company

Perhitungan beban pajak kini - periode/tahunberjalan dan taksiran lebih bayar dan kurangbayar pajak penghasilan badan adalah sebagaiberikut:

The calculation of current tax expense - currentperiod/year and estimated overpayment andunderpayment of corporate income tax is asfollows:










71





2018 2017

Beban pajak kini - tahun berjalan: Current tax expenses - current year:Perusahaan 9.679 9.089 The CompanyEntitas anak 79.440 76.968 Subsidiaries

89.119 86.057

Dikurangi: Pembayaran di muka Less: Prepayment of incomepajak penghasilan: taxes:Perusahaan (46.998) (28.360) The CompanyEntitas anak (84.785) (66.913) Subsidiaries

(131.783) (95.273)

Taksiran lebih bayar Estimated overpayment ofpajak penghasilan: income tax:Perusahaan 37.319 19.271 The CompanyEntitas anak 10.305 5.407 Subsidaries

47.624 24.678

Taksiran kurang bayar Estimated underpayment ofpajak penghasilan: income tax:Entitas anak 4.960 15.462 Subsidaries

Perhitungan taksiran penghasilan kena pajakpada akhir tahun menjadi dasar dalampengisian Surat Pemberitahuan Tahunan PajakPenghasilan Badan.

The calculation of estimated taxable income at theend of year is used as a basis in filling the annualcorporate income tax return.

Berdasarkan undang-undang perpajakan yangberlaku di Indonesia, entitas-entitas di dalamGrup menghitung dan membayar sendiribesarnya jumlah pajak yang terutang. DirektoratJenderal Pajak dapat menetapkan ataumengubah liabilitas pajak dalam batas waktu 5(lima) tahun sejak saat terutangnya pajak.

Under the taxation laws of Indonesia, entitieswithin the Group calculate and pay tax on thebasis of self assessment. The Directorate Generalof Tax may assess or amend tax liabilities within5 (five) years of the time the tax becomes due.










72


d. Aset pajak tangguhan d. Deferred tax assets

Mutasi aset pajak tangguhan adalah sebagaiberikut:

The movements in deferred tax assets are asfollows:


Dibebankan ke/Charged to

PenghasilanSaldo komprehensif Saldoawal/ lain/Other akhir/

Beginning Laba (rugi)/ comprehensive Endingbalance Profit (loss) income balance

Penyisihan penurunan nilai Allowance for impairment ofaset keuangan 34.269 2.616 - 36.885 financial assets

Liabilitas imbalan kerja 11.163 (324) (3.920) 6.919 Employee benefits liabilityPenyusutan aset tetap 40.886 10.742 - 51.628 Fixed assets depreciationPenyisihan persediaan Allowance for inventory

usang 7.302 (2.236) - 5.066 obsolescenceBeban akrual untuk bonus 2.980 6.523 - 9.503 Accrued expense for bonusesLain-lain (masing-masing

di bawah Rp5.000) 3.376 (3.693) - (317) Others (each below Rp5,000)

Total 99.976 13.628 (3.920) 109.684 Total





Penyisihan penurunan nilai Allowance for impairment ofaset keuangan 35.179 (910) - 34.269 financial assets

Liabilitas imbalan kerja 3.481 3.589 4.093 11.163 Employee benefits liabilityPenyusutan aset tetap 36.180 4.706 - 40.886 Fixed assets depreciationPenyisihan persediaan Allowance for inventory

usang 7.881 (579) - 7.302 obsolescenceBeban akrual untuk bonus (145) 3.125 - 2.980 Accrued expense for bonusesLain-lain (masing-masing

di bawah Rp5.000) 1.940 1.436 - 3.376 Others (each below Rp5,000)

Total 84.516 11.367 4.093 99.976 Total

388


389











72


d. Aset pajak tangguhan d. Deferred tax assets

Mutasi aset pajak tangguhan adalah sebagaiberikut:

The movements in deferred tax assets are asfollows:





Penyisihan penurunan nilai Allowance for impairment ofaset keuangan 34.269 2.616 - 36.885 financial assets

Liabilitas imbalan kerja 11.163 (324) (3.920) 6.919 Employee benefits liabilityPenyusutan aset tetap 40.886 10.742 - 51.628 Fixed assets depreciationPenyisihan persediaan Allowance for inventory

usang 7.302 (2.236) - 5.066 obsolescenceBeban akrual untuk bonus 2.980 6.523 - 9.503 Accrued expense for bonusesLain-lain (masing-masing

di bawah Rp5.000) 3.376 (3.693) - (317) Others (each below Rp5,000)

Total 99.976 13.628 (3.920) 109.684 Total





Penyisihan penurunan nilai Allowance for impairment ofaset keuangan 35.179 (910) - 34.269 financial assets

Liabilitas imbalan kerja 3.481 3.589 4.093 11.163 Employee benefits liabilityPenyusutan aset tetap 36.180 4.706 - 40.886 Fixed assets depreciationPenyisihan persediaan Allowance for inventory

usang 7.881 (579) - 7.302 obsolescenceBeban akrual untuk bonus (145) 3.125 - 2.980 Accrued expense for bonusesLain-lain (masing-masing

di bawah Rp5.000) 1.940 1.436 - 3.376 Others (each below Rp5,000)

Total 84.516 11.367 4.093 99.976 Total










73


e. Hasil pemeriksaan pajak signifikan e. Significant tax assessment

Pada tahun 2018, Perusahaan menerimapengembalian pajak atas pajak penghasilanbadan untuk tahun pajak 2016 sebesarRp12.328. Selain itu, Perusahaan jugamenerima pengembalian atas pengajuan suratkeberatan atas Surat Ketetapan Pajak LebihBayar pajak penghasilan badan tahun 2015sebesar Rp15.768. Perusahaan mengakuibeban sebesar Rp5.652 sehubungan denganrestitusi tersebut dalam laba rugi.

In 2018, the Company received refund oncorporat income tax in fiscal year 2016 amountingto Rp12,328. Furthermore, the Company alsoreceived refund on objection letter onoverpayment of tax assessment corporate incometax letter in fiscal year 2015 amounting toRp15,768. The Company recognized expensesamounting to Rp5,652 related to such refund inprofit or loss.

Pada tahun 2018, EPN menerimapengembalian pajak atas pajak pertambahannilai untuk tahun pajak 2016. Setelahdikompensasikan dengan kurang bayar pajakpertambahan nilai untuk tahun pajak yangsama, jumlah yang diterima sebesar Rp50.529.EPN mengakui beban sebesar Rp1.013sehubungan dengan restitusi tersebut dalamlaba rugi.

In 2018, EPN received refund on overpayment ofvalue added tax in fiscal year 2016. After beingcompensated with underpayment of value addedtax for the same fiscal year, the net refundreceived amounted to Rp50,529. EPNrecognized expenses amounting to Rp1,013related to such refund in profit or loss.

Pada tahun 2017, Perusahaan, SCU dan EPNmenerima pengembalian lebih bayar pajak atasbeberapa jenis pajak untuk berbagai tahunpajak. Setelah dikompensasikan dengankurang bayar beberapa jenis pajak untuk tahunpajak yang sama, jumlah yang diterima sebesarRp200.502. Grup mengakui beban sebesarRp1.567 sehubungan dengan restitusi tersebutdalam laba rugi tahun 2017.

In 2017, the Company, SCU and EPN receivedrefund on overpayment of certain taxes forvarious fiscal year. After being compensated withunderpayment of various taxes for the same fiscalyear, the net refund received amounted toRp200,502. The Group recognized expensesamounting to Rp1,567 related to such refund inprofit or loss for 2017.

Selain itu, pada tahun 2017, Perusahaanmengajukan surat keberatan atas SuratKetetapan Pajak Lebih Bayar pajak penghasilanbadan tahun 2015 sebesar Rp15.768.

Futhermore, in 2017, the Company submitted anobjection letter on overpayment of tax assesmentcorporate income tax letter in fiscal year 2015amounting to Rp15,768.

Pada tahun 2017, PND dan EPR mengajukansurat pernyataan kepada kantor pajak untukpengampunan pajak atas tambahan aset dankantor pajak telah menerbitkan suratketerangan pengampunan pajak pada tahun2017. Sehubungan pengampunan pajaktersebut, PND dan EPR telah membebankansaldo pajak tangguhan atas kompensasi rugifiskal, pajak dibayar di muka dan utang pajakper tanggal 31 Desember 2016 serta nilaitebusan pengampunan pajak pada laporan labarugi tahun 2017.

On year 2017, PND and EPR submittedstatement letter for tax amnesty on additionalasset and tax office has issued a certificate of taxamnesty on year 2017. In connection with taxamnesty, PND dan EPR has charged the balanceof deferred tax on tax loss carry forwards, prepaidtax and tax payable as of December 31, 2016 andtax amnesty compensation in the 2017 statementof profit or loss.

f. Beban pajak final f. Final tax expense

Beban pajak final timbul dari pajak final ataspendapatan jasa penyewaan ruangan kantordan tongkang, serta penjualan bahan bakar.

Final tax expense arises from final taxes onrevenue from rental of office space and barges,and sales of fuel.










74

19. BEBAN AKRUAL 19. ACCRUED EXPENSES

Beban akrual terdiri dari: Accrued expenses consist of:


2018 2017

Jasa subkontrak 247.659 268.733 Sub-contract servicesBeban proyek 284.910 128.383 Project expensesSewa dan fasilitas kantor 143.908 65.961 Rental and office facilitiesPembelian persediaan 123.729 85.407 Purchase of inventoriesJasa profesional 1.669 14.213 Professional servicesLain-lain (masing-masing di bawah Rp5.000) 20.204 39.877 Others (each below Rp5,000)

Total 822.079 602.574 Total

20. PINJAMAN BANK JANGKA PANJANG 20. LONG-TERM BANK LOANS

Pinjaman bank jangka panjang terdiri dari: Long-term bank loans consist of:


2018 2017

Dolar AS US DollarPinjaman Sindikasi 217.215 - Syndicated Loan

Rupiah RupiahPT Bank BNI Syariah - 2.256 PT Bank BNI Syariah

Total pinjaman bank 217.215 2.256 Total bank loansBiaya pinjaman yang belum diamortisasi (4.665) - Unamortized costs of loan

Neto 212.550 2.256 Net

Bagian lancar Current portionPinjaman bank - 2.256 Bank loans

Neto - 2.256 Net

Bagian tidak lancar Non-current portionPinjaman bank 217.215 - Bank loansBiaya pinjaman yang belum diamortisasi (4.665) - Unamortized costs of loans

Neto 212.550 - Net

a. Pinjaman Sindikasi a. Syndicated Loans

Pada tanggal 22 Februari 2018, Perusahaandan entitas anak (EPN dan ETSA) memperolehfasilitas kredit sindikasi dari PT Bank SumitomoMitsui Indonesia, The Bank of Tokyo-MitsubishiUFJ Ltd., Cabang Jakarta, PT Bank ICBCIndonesia dan PT Bank UOB Indonesia, yangterbagi dalam 3 (tiga) tranche, yaitu:

Tranche ATranche A dengan batas maksimum sebesar$AS30.000.000 dan akan jatuh tempo dalamwaktu 60 (enam puluh) bulan sejak tanggalperjanjian. Pinjaman ini akan dibayarkanmelalui cicilan bulanan sebanyak 48 (empatpuluh delapan) kali dimulai setelah 13 (tigabelas) bulan sejak tanggal perjanjian ini.

As of February 22, 2018, the Company andSubsidiaries (EPN and ETSA) obtainedSyndicated Loan facilities from PT BankSumitomo Mitsui Indonesia, The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta Branch, PT BankICBC Indonesia and PT Bank UOBIndonesia,which are divided into 3 (three)tranches as follows:

Tranche A

Tranche A with a maximum limit facility ofUS$30,000,000 and will mature in 60(sixty)months since the date of agreement. The loan willbe paid through 48 (forty eight) monthlyinstallment starting 13 (thirteen) months after thedate of this agreement.

390


391











74

19. BEBAN AKRUAL 19. ACCRUED EXPENSES

Beban akrual terdiri dari: Accrued expenses consist of:


2018 2017

Jasa subkontrak 247.659 268.733 Sub-contract servicesBeban proyek 284.910 128.383 Project expensesSewa dan fasilitas kantor 143.908 65.961 Rental and office facilitiesPembelian persediaan 123.729 85.407 Purchase of inventoriesJasa profesional 1.669 14.213 Professional servicesLain-lain (masing-masing di bawah Rp5.000) 20.204 39.877 Others (each below Rp5,000)

Total 822.079 602.574 Total

20. PINJAMAN BANK JANGKA PANJANG 20. LONG-TERM BANK LOANS

Pinjaman bank jangka panjang terdiri dari: Long-term bank loans consist of:


2018 2017

Dolar AS US DollarPinjaman Sindikasi 217.215 - Syndicated Loan

Rupiah RupiahPT Bank BNI Syariah - 2.256 PT Bank BNI Syariah

Total pinjaman bank 217.215 2.256 Total bank loansBiaya pinjaman yang belum diamortisasi (4.665) - Unamortized costs of loan

Neto 212.550 2.256 Net

Bagian lancar Current portionPinjaman bank - 2.256 Bank loans

Neto - 2.256 Net

Bagian tidak lancar Non-current portionPinjaman bank 217.215 - Bank loansBiaya pinjaman yang belum diamortisasi (4.665) - Unamortized costs of loans

Neto 212.550 - Net

a. Pinjaman Sindikasi a. Syndicated Loans

Pada tanggal 22 Februari 2018, Perusahaandan entitas anak (EPN dan ETSA) memperolehfasilitas kredit sindikasi dari PT Bank SumitomoMitsui Indonesia, The Bank of Tokyo-MitsubishiUFJ Ltd., Cabang Jakarta, PT Bank ICBCIndonesia dan PT Bank UOB Indonesia, yangterbagi dalam 3 (tiga) tranche, yaitu:

Tranche ATranche A dengan batas maksimum sebesar$AS30.000.000 dan akan jatuh tempo dalamwaktu 60 (enam puluh) bulan sejak tanggalperjanjian. Pinjaman ini akan dibayarkanmelalui cicilan bulanan sebanyak 48 (empatpuluh delapan) kali dimulai setelah 13 (tigabelas) bulan sejak tanggal perjanjian ini.

As of February 22, 2018, the Company andSubsidiaries (EPN and ETSA) obtainedSyndicated Loan facilities from PT BankSumitomo Mitsui Indonesia, The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta Branch, PT BankICBC Indonesia and PT Bank UOBIndonesia,which are divided into 3 (three)tranches as follows:

Tranche A

Tranche A with a maximum limit facility ofUS$30,000,000 and will mature in 60(sixty)months since the date of agreement. The loan willbe paid through 48 (forty eight) monthlyinstallment starting 13 (thirteen) months after thedate of this agreement.










75

20. PINJAMAN BANK JANGKA PANJANG (lanjutan) 20. LONG-TERM BANK LOANS (continued)

a. Pinjaman Sindikasi (lanjutan) a. Syndicated Loans (continued)

Tranche B1Tranche B1 dalam mata uang Dolar AS denganbatas maksimum sebesar $AS25.000.000 danakan jatuh tempo dalam waktu 60 (enam puluh)bulan sejak tanggal perjanjian. Pinjaman iniakan dibayarkan melalui cicilan bulanansebanyak 36 (tiga puluh enam) kali dimulaisetelah 25 (dua puluh lima) bulan sejak tanggalperjanjian ini.

Tranche B1

Tranche B1 in US Dollar currency with maximumlimit facility of US$25,000,000 and will mature in60 (sixty) months since the date of agreement.The loan will be paid through 36 (thirty six)monthly installment starting 25 (twenty five)months after the date of this agreement.

Tranche B2

Tranche B2 dalam mata uang Rupiah denganbatas maksimum setara dengan$AS25.000.000 dan akan jatuh tempo dalamwaktu 60 (enam puluh) bulan sejak tanggalperjanjian. Pinjaman ini akan dibayarkanmelalui cicilan bulanan sebanyak 36 (tiga puluhenam) kali dimulai setelah 25 (dua puluh lima)bulan sejak tanggal perjanjian ini.

EPN dan ETSA memperoleh fasilitas TrancheB1 dan Tranche B2 dengan batas maksimummasing-masing sebesar $AS20.000.000 dan$AS8.000.000.

Tranche B2

Tranche B2 in Rupiah currency with maximumlimit facility equivalent to US$25,000,000 and willmature in 60 (sixty) months since the date ofagreement. The loan will be paid through 36 (thirtysix) monthly installment starting 25 (twenty five)months after the date of this agreement.

EPN and ETSA obtained Tranche B1 and TrancheB2 facility with maximum limit of US$20,000,000and US$8,000,000, respectively.

Fasilitas-fasilitas tersebut diberikan untukkeperluan investasi dan dikenakan bungasebesar 1,68% per tahun ditambah LIBORuntuk pinjaman dalam mata uang Dólar AS dan2,85% per tahun ditambah JIBOR untukpinjaman dalam mata uang Rupiah. Dalam halJIBOR dibawah 4,65%, maka JIBOR dianggap4,65%.

These facilities obtained for investment purposesand bear interest of 1.68% per annual plus LIBORfor loan in US Dollar and 2.85% per annual plusJIBOR for loan in Rupiah. In the event whenJIBOR falls under 4.65%, JIBOR will be deemed4.65%..

Fasilitas-fasilitas tersebut mensyaratkanPerusahaan untuk, antara lain, memelihararasio utang berbunga terhadap EBITDAmaksimal sebesar 4 kali dan rasiopengembalian utang minimal sebesar 1,1 kali,serta tidak melakukan tindakan-tindakantertentu tanpa memperoleh persetujuan tertulisterlebih dahulu dari Sindikasi.

These facilities require the Company, amongothers, to maintain the maximum interet-bearingdebt to EBITDA ratio at 4 times and the minimumdebt service coverage ratio at 1.1 times, and notto perform certain actions without prior writtenapproval from Syndicated.

Fasilitas-fasilitas tersebut diberikan tanpajaminan (clean-basis).

These facilities are provided on a clean-basis.

Pada tanggal 31 Desember 2018, saldoterutang fasilitas-fasilitas pinjaman tersebutsebesar $AS15.000.000 (setara denganRp217.215).

As of December 31, 2018, the outstandingbalance of these loan facility amounted toUS$15,000,000 (equivalent to Rp217,215).










76


b. PT Bank BNI Syariah (“BNI Syariah”) b. PT Bank BNI Syariah (“BNI Syariah”)

Pada tanggal 19 September 2013, EPNmemperoleh fasilitas pembiayaan murabahahdengan batas maksimum sebesar Rp25.000.Berdasarkan akad pembiayaan murabahahtanggal 30 Desember 2013, EPN menggunakanfasilitas pembiayaan murabahah sebesarRp9.011 untuk membiayai pembelian truktangki.

On September 19, 2013, EPN obtained amurabahah financing facility with a maximum limitof Rp25,000. Based on a murahabah financingagreement dated December 30, 2013, EPN usedthe murabahah financing facility amounting toRp9,011 to finance the purchase of fueltransportation vehicles.

Fasilitas ini dikenakan bunga dengan sukubunga tetap tertentu dan akan jatuh tempodalam 60 (enam puluh) bulan sejak tanggalpenarikan.

This facility bears interest at certain fixed rate andwill mature in 60 (sixty) months since the date ofdrawing.

Fasilitas ini mensyaratkan EPN untuk, antaralain, memelihara rasio lancar minimal sebesar 1kali, rasio utang terhadap ekuitas maksimalsebesar 2,5 kali dan rasio pengembalian utangminimal sebesar 1 kali, serta tidak melakukantindakan-tindakan tertentu tanpa memperolehpersetujuan tertulis terlebih dahulu dari BNISyariah. Fasilitas ini dijamin dengan truk tangkiyang dibiayai oleh fasilitas ini senilai Rp11.264dan piutang usaha dari PT Pertamina (Persero)yang timbul atas pendapatan penyewaan truktangki tersebut.

This facility requires EPN, among others, tomaintain the minimum current ratio at 1 time, themaximum debt to equity ratio at 2.5 times and theminimum debt service coverage ratio at 1 time,and not to perform certain actions without priorwritten approval from BNI Syariah. This facility issecured by the fuel transportation vehiclesfinanced by this facility amounting to Rp11,264and trade receivables fromPT Pertamina (Persero) arising from rentalincome on such fuel transportation vehicles.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing sebesar RpNihil dan Rp2.256.

As of December 31, 2018 and 2017, theoutstanding balances of this loan facilityamounted to RpNil and Rp2,256, respectively.


As of December 31, 2018 and 2017, the Group hascomplied with all covenants as required by the loanagreements.

Tingkat suku bunga kontraktual pinjaman bankjangka panjang adalah sebagai berikut:

Contractual interest rates on long-term bank loans areas follows:



2018 2017

Rupiah RupiahPinjaman pada suku bunga tetap 12,00% 12,00% Loans at fixed interest rate

Dolar AS US DollarPinjaman pada suku bunga mengambang 3,68% - 4,53% - Loans at floating interest rate

392


393











76


b. PT Bank BNI Syariah (“BNI Syariah”) b. PT Bank BNI Syariah (“BNI Syariah”)

Pada tanggal 19 September 2013, EPNmemperoleh fasilitas pembiayaan murabahahdengan batas maksimum sebesar Rp25.000.Berdasarkan akad pembiayaan murabahahtanggal 30 Desember 2013, EPN menggunakanfasilitas pembiayaan murabahah sebesarRp9.011 untuk membiayai pembelian truktangki.

On September 19, 2013, EPN obtained amurabahah financing facility with a maximum limitof Rp25,000. Based on a murahabah financingagreement dated December 30, 2013, EPN usedthe murabahah financing facility amounting toRp9,011 to finance the purchase of fueltransportation vehicles.

Fasilitas ini dikenakan bunga dengan sukubunga tetap tertentu dan akan jatuh tempodalam 60 (enam puluh) bulan sejak tanggalpenarikan.

This facility bears interest at certain fixed rate andwill mature in 60 (sixty) months since the date ofdrawing.

Fasilitas ini mensyaratkan EPN untuk, antaralain, memelihara rasio lancar minimal sebesar 1kali, rasio utang terhadap ekuitas maksimalsebesar 2,5 kali dan rasio pengembalian utangminimal sebesar 1 kali, serta tidak melakukantindakan-tindakan tertentu tanpa memperolehpersetujuan tertulis terlebih dahulu dari BNISyariah. Fasilitas ini dijamin dengan truk tangkiyang dibiayai oleh fasilitas ini senilai Rp11.264dan piutang usaha dari PT Pertamina (Persero)yang timbul atas pendapatan penyewaan truktangki tersebut.

This facility requires EPN, among others, tomaintain the minimum current ratio at 1 time, themaximum debt to equity ratio at 2.5 times and theminimum debt service coverage ratio at 1 time,and not to perform certain actions without priorwritten approval from BNI Syariah. This facility issecured by the fuel transportation vehiclesfinanced by this facility amounting to Rp11,264and trade receivables fromPT Pertamina (Persero) arising from rentalincome on such fuel transportation vehicles.

Pada tanggal 31 Desember 2018 dan 2017,saldo terutang fasilitas pinjaman ini masing-masing sebesar RpNihil dan Rp2.256.

As of December 31, 2018 and 2017, theoutstanding balances of this loan facilityamounted to RpNil and Rp2,256, respectively.


As of December 31, 2018 and 2017, the Group hascomplied with all covenants as required by the loanagreements.

Tingkat suku bunga kontraktual pinjaman bankjangka panjang adalah sebagai berikut:

Contractual interest rates on long-term bank loans areas follows:



2018 2017

Rupiah RupiahPinjaman pada suku bunga tetap 12,00% 12,00% Loans at fixed interest rate

Dolar AS US DollarPinjaman pada suku bunga mengambang 3,68% - 4,53% - Loans at floating interest rate










77

21. IMBALAN KERJA 21. EMPLOYEE BENEFITS

Aset program imbalan pensiun (liabilitas imbalankerja) yang diakui dalam laporan posisi keuangankonsolidasian adalah sebagai berikut:

Pension benefit plan assets (employee benefitsliability) recognized in the consolidated statement offinancial position are as follows:


2018 2017

Aset program imbalan pensiun Pension benefit plan assetsProgram imbalan pensiun - Asuransi - - Pension benefits - Insurance

Liabilitas imbalan kerja Employee benefits liabilityProgram imbalan pensiun - Asuransi 10.818 27.466 Pension benefits - InsuranceImbalan kerja jangka panjang lainnya 16.861 17.188 Other long-term employee benefits


Perhitungan aktuarial untuk tahun yang berakhirpada tanggal 31 Desember 2018 dan 2017dilakukan oleh PT Sentra Jasa Aktuaria, denganmenggunakan metode Projected Unit Credit.

The actuarial calculations for the years endedDecember 31, 2018 and 2017 were performed byPT Sentra Jasa Aktuaria, using the Projected UnitCredit method.

a. Program imbalan pensiun a. Pension benefits plan

Imbalan pensiun - Asuransi Pension benefits - Insurance

Grup menyelenggarakan program pensiunimbalan pasti untuk semua karyawan tetapyang dikelola oleh beberapa perusahaanasuransi.

The Group has a defined benefit pension plan

covering all permanent employees which is

managed by several insurance companies.

Asumsi-asumsi penting yang digunakan olehaktuaris dalam laporannya adalah sebagaiberikut:

The significant assumptions used by the actuaryin its reports are as follows:

Tingkat diskonto : 8,31% pada tahun 2018 dan 7,2% pada tahun 2017 : Discount rate8.31% per annum in 2018 and 7.2% per annum in 2017

Tingkat kenaikan gaji : 7% per tahun / 7% per annum : Salary increase rateTingkat kematian : Tabel Kematian Indonesia III/ : Mortality rate

Indonesian Mortality Table IIIUsia pensiun Retirement age

Perusahaan, EPN, SCU, PND : 56 tahun / 56 years old : The Company, EPN, SCU, PNDEFK : 55 tahun / 55 years old : EFK

Tingkat pengunduran diri Resignation ratePerusahaan dan EPN : 5% untuk karyawan yang berusia di bawah 30 tahun : The Company and EPN

dan akan menurun sampai 0% pada usia 46 tahun/5% for employees younger than 30 years old which

will decrease to 0% at the age of 46 years oldSCU : 1% untuk karyawan yang berusia di bawah 30 tahun : SCU


will decrease to 0% at the age of 54 years oldPND : 1% untuk karyawan yang berusia di bawah 30 tahun : PND


will decrease to 0% at the age of 46 years oldEFK : 1% untuk karyawan yang berusia di bawah 30 tahun : EFK


will decrease to 0% at the age of 53 years old

Jumlah yang diakui dalam laporan posisikeuangan konsolidasian adalah sebagaiberikut:

Amounts recognized in the consolidated

statement of financial position are as follows:










78

21. IMBALAN KERJA (lanjutan) 21. EMPLOYEE BENEFITS (continued)

a. Program imbalan pensiun (lanjutan) a. Pension benefits plan (continued)

Imbalan pensiun - Asuransi (lanjutan) Pension benefits - Insurance (continued)

31 Desember/December 31, 2018 31 Desember/December 31, 2017_

Entitas EntitasPerusahaan/ anak/ Jumlah/ Perusahaan/ anak/ Jumlah/

Company Subsidiaries Total Company Subsidiaries Total

Nilai kini kewajiban (131.969) (30.428) (162.397) (139.443) (32.952) (172.395) Present value of obligationNilai wajar aset program 135.865 19.610 155.475 130.554 14.375 144.929 Fair value of plan assets

Surplus (Defisit) 3.896 (10.818) (6.922) (8.889) (18.577) (27.466) Surplus (Deficit)Dampak batas atas aset (3.896) - (3.896) - - - Effect of asset ceiling

Surplus (liabilitas Surplus (employeeimbalan kerja) - (10.818) (10.818) (8.889) (18.577) (27.466) benefits liability)

Mutasi nilai kini kewajiban adalah sebagaiberikut:

The movements in present value of obligation areas follows:



2018 2017

Saldo awal (172.395) (134.210) Beginning balanceBiaya jasa kini (13.955) (15.930) Current service costBiaya bunga (12.413) (10.738) Interest costKeuntungan (kerugian) actuarial 31.126 (18.479) Actuarial gains (losses)Imbalan yang dibayarkan 5.240 6.962 Benefits paid

Saldo akhir (162.397) (172.395) Ending balance

Mutasi nilai wajar aset program adalah sebagaiberikut:

The movements in fair value of plan assets are as

follows:



Saldo awal 144.929 134.858 Beginning balanceImbal hasil atas aset program 10.136 10.789 Return on plan assetsKeuntungan (kerugian) aktuarial (11.553) 2.106 Actuarial gains (losses)Iuran pemberi kerja 20.967 3.877 Employer’s contributionsImbalan yang dibayarkan (9.004) (6.701) Benefits paid


Rincian aset program adalah sebagai berikut: The details of plan assets are as follows:


2018 2017

Nilai wajar/ Nilai wajar/Fair value % Fair value %

Instrumen pasar uang 70.482 45 58.275 40 Money market instrumentsInstrumen pendapatan tetap 65.898 43 65.010 45 Fixed income instrumentsInstrumen ekuitas 19.095 12 21.644 15 Equity instruments

Total 155.475 100 144.929 100 Total

394


395











78




31 Desember/December 31, 2018 31 Desember/December 31, 2017_

Entitas EntitasPerusahaan/ anak/ Jumlah/ Perusahaan/ anak/ Jumlah/

Company Subsidiaries Total Company Subsidiaries Total

Nilai kini kewajiban (131.969) (30.428) (162.397) (139.443) (32.952) (172.395) Present value of obligationNilai wajar aset program 135.865 19.610 155.475 130.554 14.375 144.929 Fair value of plan assets

Surplus (Defisit) 3.896 (10.818) (6.922) (8.889) (18.577) (27.466) Surplus (Deficit)Dampak batas atas aset (3.896) - (3.896) - - - Effect of asset ceiling

Surplus (liabilitas Surplus (employeeimbalan kerja) - (10.818) (10.818) (8.889) (18.577) (27.466) benefits liability)

Mutasi nilai kini kewajiban adalah sebagaiberikut:

The movements in present value of obligation areas follows:



2018 2017

Saldo awal (172.395) (134.210) Beginning balanceBiaya jasa kini (13.955) (15.930) Current service costBiaya bunga (12.413) (10.738) Interest costKeuntungan (kerugian) actuarial 31.126 (18.479) Actuarial gains (losses)Imbalan yang dibayarkan 5.240 6.962 Benefits paid


Mutasi nilai wajar aset program adalah sebagaiberikut:

The movements in fair value of plan assets are as

follows:



Saldo awal 144.929 134.858 Beginning balanceImbal hasil atas aset program 10.136 10.789 Return on plan assetsKeuntungan (kerugian) aktuarial (11.553) 2.106 Actuarial gains (losses)Iuran pemberi kerja 20.967 3.877 Employer’s contributionsImbalan yang dibayarkan (9.004) (6.701) Benefits paid


Rincian aset program adalah sebagai berikut: The details of plan assets are as follows:


2018 2017

Nilai wajar/ Nilai wajar/Fair value % Fair value %

Instrumen pasar uang 70.482 45 58.275 40 Money market instrumentsInstrumen pendapatan tetap 65.898 43 65.010 45 Fixed income instrumentsInstrumen ekuitas 19.095 12 21.644 15 Equity instruments

Total 155.475 100 144.929 100 Total










79




Jumlah yang diakui dalam beban pokokpendapatan dan beban umum dan administrasiadalah sebagai berikut:

Amounts recognized in cost of revenues and

general and administrative expenses are as

follows:



2018 2017

Biaya jasa kini 13.955 15.930 Current service costBiaya bunga 12.413 10.738 Interest costImbal hasil atas aset program (10.136) (10.789) Return on plan assets


Mutasi liabilitas imbalan kerja adalah sebagaiberikut:

The movements in employee benefits liability are

as follows:

Perusahaan CompanyTahun yang berakhir pada tanggal

31 Desember/Year ended December 31

Saldo awal 8.889 (12.224) Beginning balanceBiaya diakui dalam laba rugi 14.190 11.970 Expense recognized in profit or lossBiaya (penghasilan) diakui dalam Expense (income) in

Penghasilan komprehensif lain (11.598) 11.372 recognized other comprehensive incomeIuran pemberi kerja (11.420) (2.185) Employer’s contributionsImbalan yang dibayarkan (61) (44) Benefits paid

Saldo akhir - 8.889 Ending balance

Entitas anak SubsidiariesTahun yang berakhir pada tanggal

31 Desember/Year ended December 31

Saldo awal 18.577 11.576 Beginning balanceBiaya diakui dalam laba rugi 2.042 3.909 Expense recognized in profit or lossBiaya (penghasilan) diakui dalam Expense (income) recognized

penghasilan komprehensif lain (4.080) 5.001 in other comprehensive incomeIuran pemberi kerja (9.547) (1.692) Employer’s contributionsImbalan yang dibayarkan (323) (217) Benefits paidKoreksi aset 4.149 - Asset correction











80




Jumlah yang diakui dalam penghasilankomprehensif lain adalah sebagai berikut:

Amounts recognized in other comprehensive

income are as follows:



2018 2017

(Keuntungan) kerugian aktuarial (15.679) 16.374 Actuarial (gains) losses

Analisa sensitivitas atas perubahan asumsikeuangan adalah sebagai berikut:

Sensitivity analysis on the change of financial

assumptions is as follows:


2018 2017

Kenaikan/ Penurunan/ Kenaikan/ Penurunan/Increase of Decrease of Increase of Decrease of

1% 1% 1% 1%

Perubahan tingkat diskonto Change in discount rateDampak pada nilai kini Effect on present value of

kewajiban (12.596) 14.542 (14.582) 16.965 obligationDampak pada biaya jasa

kini (1.387) 1.632 (1.706) 1.978 Effect on current service cost

Perubahan tingkat kenaikangaji Change in salary increase rateDampak pada nilai kini Effect on present value of

kewajiban 15.779 (13.756) 17.482 (15.262) obligationDampak pada biaya jasa

kini 1.763 (1.506) 2.092 (1.786) Effect on current service cost

Profil jatuh tempo pembayaran imbalan adalahsebagai berikut:

Maturity profile of benefit payments is as follows:


2018 2017

Kurang dari 1 tahun 17.784 7.688 Less than 1 yearAntara 1-5 tahun 49.557 52.804 Between 1-5 yearsLebih dari 5 tahun 784.759 1.300.929 More than 5 years

396


397











80




Jumlah yang diakui dalam penghasilankomprehensif lain adalah sebagai berikut:

Amounts recognized in other comprehensive

income are as follows:



2018 2017

(Keuntungan) kerugian aktuarial (15.679) 16.374 Actuarial (gains) losses

Analisa sensitivitas atas perubahan asumsikeuangan adalah sebagai berikut:

Sensitivity analysis on the change of financial

assumptions is as follows:


2018 2017

Kenaikan/ Penurunan/ Kenaikan/ Penurunan/Increase of Decrease of Increase of Decrease of

1% 1% 1% 1%

Perubahan tingkat diskonto Change in discount rateDampak pada nilai kini Effect on present value of

kewajiban (12.596) 14.542 (14.582) 16.965 obligationDampak pada biaya jasa

kini (1.387) 1.632 (1.706) 1.978 Effect on current service cost

Perubahan tingkat kenaikangaji Change in salary increase rateDampak pada nilai kini Effect on present value of

kewajiban 15.779 (13.756) 17.482 (15.262) obligationDampak pada biaya jasa

kini 1.763 (1.506) 2.092 (1.786) Effect on current service cost

Profil jatuh tempo pembayaran imbalan adalahsebagai berikut:

Maturity profile of benefit payments is as follows:


2018 2017

Kurang dari 1 tahun 17.784 7.688 Less than 1 yearAntara 1-5 tahun 49.557 52.804 Between 1-5 yearsLebih dari 5 tahun 784.759 1.300.929 More than 5 years










81


b. Imbalan kerja jangka panjang lainnya b. Other long-term employee benefits

Imbalan kerja jangka panjang lainnyamerupakan penghargaan tertentu yangdiberikan Perusahaan, EPN, SCU dan PNDkepada para karyawannya berdasarkanlamanya masa kerja karyawan, yangdinamakan Ulang Tahun Dinas (“UTD”).Imbalan ini dalam bentuk kas dalam jumlahtertentu atau barang yang dibayarkan pada saatkaryawan mencapai UTD tertentu selama masakerjanya.

Other long-term employee benefits representcertain awards provided by the Company, EPN,SCU and PND to their employees based on theemployees’ length of service, namely UlangTahun Dinas (“UTD”). The benefit is awarded inthe form of certain cash awards or goods which ispaid at the time the employees reach certainanniversary dates during employment.

Pada tanggal 31 Desember 2018 dan 2017,liabilitas yang diakui dalam laporan posisikeuangan konsolidasian terkait denganprogram ini masing-masing sebesar Rp16.861dan Rp17.188.

As of December 31, 2018 and 2017, liabilityrecognized in the consolidated statement offinancial position with respect to the programamounted to Rp16,861 and Rp17,188,respectively.

c. Program pensiun iuran pasti c. Defined contribution pension plan

Perusahaan, EPN, SCU dan PND menyediakanprogram pensiun iuran pasti untuk karyawantetap yang dipekerjakan sejak 1 Oktober 2002.Iuran program tersebut dikelola oleh DanaPensiun Lembaga Keuangan (”DPLK”) PT BankNegara Indonesia (Persero) Tbk dan DPLKPT Bank Rakyat Indonesia (Persero) Tbk.

The Company, EPN, SCU and PND provide adefined contribution pension plan for employeeshired with permanent status since October 1,2002. The contribution to the plan is managed byDana Pensiun Lembaga Keuangan (“DPLK”)PT Bank Negara Indonesia (Persero) Tbk andDPLK PT Bank Rakyat Indonesia (Persero) Tbk.

Untuk tahun yang berakhir pada tanggal31 Desember 2018 dan 2017,beban yang diakuiterkait dengan program tersebut masing-masing sebesar Rp3.424 dan Rp3.033.

For the years ended December 31, 2018 and2017, expenses recognized with respect to theplan amounted Rp3,424 and Rp3,033,respectively.

d. Liabilitas imbalan kerja jangka pendek d. Short-term employee benefits liability

Akun ini merupakan liabilitas imbalan kerjajangka pendek yang terdiri dari akrual untukgaji, iuran dana pensiun, jaminan sosial tenagakerja dan imbalan kerja karyawan lainnya.

This account represents short-term employeebenefits liability consisting of accounts forsalaries, contributions for pension funds,employee social security and other employeebenefits.










82

22. EKUITAS YANG DAPAT DIATRIBUSIKANKEPADA PEMILIK ENTITAS INDUK

22. EQUITY ATTRIBUTABLE TO OWNERS OF THEPARENT

a. Modal saham a. Share capital

Susunan pemegang saham Perusahaan adalahsebagai berikut:

The composition of shareholders of the Companyis as follows:


Jumlah Persentasesaham/ kepemilikan/

Number of Percentage ofshares ownership Total

PT Pertamina (Persero) 3.000.000.000 41,10% 300.000 PT Pertamina (Persero)Dana Pensiun Pertamina 1.087.407.500 14,90% 108.741 Dana Pensiun PertaminaLain-lain (masing-masing

dengan kepemilikan Others (ownershipkurang dari 5%) 3.211.092.500 44,00% 321.109 below 5% each)

Total 7.298.500.000 729.850 Total




PT Pertamina (Persero) 3.000.000.000 41,10% 300.000 PT Pertamina (Persero)Dana Pensiun Pertamina 1.087.407.500 14,90% 108.741 Dana Pensiun PertaminaBudhi Nugraha Pangaribuan Budhi Nugraha Pangaribuan

(Direktur) 37.500 0,00% 4 (Director)Lain-lain (masing-masing


Total 7.298.500.000 729.850 Total

Pada tanggal 31 Desember 2018 dan 2017,seluruh saham Perusahaan telah dicatat diBursa Efek Indonesia.

As of December 31, 2018 and 2017, the entireshares of the Company are listed on the IndonesiaStock Exchange.

b. Tambahan modal disetor b. Additional paid-in capital

Tambahan modal disetor terdiri dari: Additional paid-in capital consists of:


2018 2017

Agio saham 438.000 438.000 Share premiumBiaya emisi saham (18.042) (18.042) Shares issuance costsSelisih nilai transaksi penjualan Difference in value from

saham treasuri 9.654 9.654 sale of treasury stockDifference in value from

Selisih nilai transaksi restrukturisasi restructuring transaction ofentitas sepengendali 1.810 1.810 entities under common control

Selisih transaksi dengan Difference in transactionpihak nonpengendali 4.269 4.266 with non-controlling interestl

Total 435.691 435.688 Total

398


399











82

22. EKUITAS YANG DAPAT DIATRIBUSIKANKEPADA PEMILIK ENTITAS INDUK

22. EQUITY ATTRIBUTABLE TO OWNERS OF THEPARENT

a. Modal saham a. Share capital

Susunan pemegang saham Perusahaan adalahsebagai berikut:

The composition of shareholders of the Companyis as follows:




PT Pertamina (Persero) 3.000.000.000 41,10% 300.000 PT Pertamina (Persero)Dana Pensiun Pertamina 1.087.407.500 14,90% 108.741 Dana Pensiun PertaminaLain-lain (masing-masing


Total 7.298.500.000 729.850 Total




PT Pertamina (Persero) 3.000.000.000 41,10% 300.000 PT Pertamina (Persero)Dana Pensiun Pertamina 1.087.407.500 14,90% 108.741 Dana Pensiun PertaminaBudhi Nugraha Pangaribuan Budhi Nugraha Pangaribuan

(Direktur) 37.500 0,00% 4 (Director)Lain-lain (masing-masing


Total 7.298.500.000 729.850 Total

Pada tanggal 31 Desember 2018 dan 2017,seluruh saham Perusahaan telah dicatat diBursa Efek Indonesia.

As of December 31, 2018 and 2017, the entireshares of the Company are listed on the IndonesiaStock Exchange.

b. Tambahan modal disetor b. Additional paid-in capital

Tambahan modal disetor terdiri dari: Additional paid-in capital consists of:


2018 2017

Agio saham 438.000 438.000 Share premiumBiaya emisi saham (18.042) (18.042) Shares issuance costsSelisih nilai transaksi penjualan Difference in value from

saham treasuri 9.654 9.654 sale of treasury stockDifference in value from

Selisih nilai transaksi restrukturisasi restructuring transaction ofentitas sepengendali 1.810 1.810 entities under common control

Selisih transaksi dengan Difference in transactionpihak nonpengendali 4.269 4.266 with non-controlling interestl

Total 435.691 435.688 Total










83

22. EKUITAS YANG DAPAT DIATRIBUSIKANKEPADA PEMILIK ENTITAS INDUK (lanjutan)

22. EQUITY ATTRIBUTABLE TO OWNERS OF THEPARENT (continued)

c. Dividen dan cadangan umum c. Dividend and general reserve

Dalam Rapat Umum Pemegang SahamTahunan Perusahaan yang berita acaranyadiaktakan dengan Akta Notaris No. 72 tanggal19 Mei 2017 dari Fathiah Helmi, S.H., dan AktaNotaris No. 63 tanggal 28 April 2016 dari AryantiArtisari, S.H., M.Kn., para pemegang sahammenyetujui untuk membagikan dividen kassebesar Rp37.071 dan Rp31.092.

In the Shareholders’ Annual General Meetings ofthe Company, the minutes of which was notarizedunder Notarial Deed No. 72 dated May 19, 2017of Fathiah Helmi, S.H., and Notarial Deed No. 63dated April 28, 2016 of Aryanti Artisari, S.H.,M.Kn., the shareholders agreed to distribute cashdividends amounting to Rp37,071 and Rp31,092.

Dalam Rapat Umum Pemegang SahamTahunan Perusahaan sebagaimana disebutkandi atas, para pemegang saham juga menyetujuiuntuk membentuk cadangan umum sehinggamenjadi Rp134.229 dan Rp121.872 masing-masing pada tanggal 31 Desember 2018 dan31 Desember 2017. Cadangan umum tersebutditetapkan untuk memenuhi ketentuan Undang-undang No. 40 Tahun 2007 tentang PerseroanTerbatas yang penggunaannya sesuai denganAnggaran Dasar Perusahaan.

In the abovementioned Shareholders’ AnnualGeneral Meetings of the Company, theshareholders also agreed to allocateappropriation for general reserve so that thebalance becoming Rp134,229 and Rp121,872 asof December 31, 2018 and December 31, 2017,respectively. Such general reserve isappropriated to meet the requirement of theLimited Liability Company Law No. 40 of 2007, theuse of which is in accordance with the Company’sArticles of Association.

d. Penghasilan komprehensif lain d. Other comprehensive income

Mutasi penghasilan komprehensif lain (setelahpajak penghasilan) adalah sebagai berikut:

The movements in other comprehensive income(net of income tax) are as follows:


2018 2017

Saldo awal (56.195) (43.920) Beginning balancePenghasilan komprehensif lain Other comprehensive income

tahun berjalan 11.759 (12.281) for the period/yearDikurangi: Less:

Bagian yang dapat diatribusikan Portion attributable tokepada kepentingan nonpengendali - 6 non-controlling interests


23. KEPENTINGAN NONPENGENDALI 23. NON-CONTROLLING INTERESTS

Kepentingan nonpengendali merupakan bagianpemegang saham nonpengendali atas ekuitasentitas anak sebagai berikut:

Non-controlling interests represent the non-controllingshareholders’ portion on equity of the followingsubsidiaries:


2018 2017

PND 4.218 4.219 PNDEFK 1.053 240 EFKSCU 16 13 SCUEPR - 3.492 EPRETSA (26) (11) ETSAEPN (3.556) (3.523) EPN











84

24. PENDAPATAN 24. REVENUES

Rincian pendapatan adalah sebagai berikut: The details of revenues are as follows:



2018 2017

Pihak ketiga: Third parties:Jasa distribusi dan logistik energi 1.442.648 857.374 Energy distribution and logistics servicesJasa hulu migas terintegrasi 518.533 947.620 Integrated upstream oil and gas servicesJasa penunjang migas 204.649 153.250 Oil and gas support services

2.165.830 1.958.244

Pihak berelasi (Catatan 30i): Related parties (Note 30i):Jasa distribusi dan logistik energi 2.253.208 1.647.458 Energy distribution and logistics servicesJasa hulu migas terintegrasi 2.125.306 1.327.386 Integrated upstream oil and gas servicesJasa penunjang migas 80.430 45.898 Oil and gas support services

4.458.944 3.020.742

Total 6.624.774 4.978.986 Total

Rincian penjualan kepada pelanggan dengan jumlahlebih besar dari 10% pendapatan adalah sebagaiberikut:

Details of sales to customers that make up more than10% of revenues are as follows:



Persentase dari totalpendapatan/Percentage

Pendapatan/Revenue of total revenue

2018 2017 2018 2017

PT Pertamina (Persero) 2.277.838 1.636.388 34,4% 32,9% PT Pertamina (Persero)PT Pertamina EP 1.314.186 1.221.085 19,8% 24,5% PT Pertamina EP

Total 3.592.024 2.857.473 54,2% 57,4% Total

25. BEBAN POKOK PENDAPATAN 25. COST OF REVENUES

Rincian beban pokok pendapatan adalah sebagaiberikut:

The details of cost of revenues are as follows:



2018 2017

Jasa subkontrak 1.297.804 823.915 Sub-contract servicesGaji, upah, dan kesejahteraan karyawan 906.316 716.442 Salaries, wages, and employee benefitsSewa 631.113 490.957 RentBahan bakar 389.254 355.717 FuelPenyusutan dan amortisasi 378.816 360.416 Depreciation and amortizationBahan pembantu yang digunakan 220.548 190.107 Additional materials usedFasilitas kantor 100.346 95.025 Office facilitiesMobilisasi dan demobilisasi 96.000 74.211 Mobilization and demobilizationTransportasi dan perjalanan 73.820 62.980 Transportation and travellingPerlengkapan workshop 43.861 51.922 Workshop suppliesUtilitas 41.176 36.467 UtilitiesRepresentasi dan donasi 35.360 25.439 Representation and donation

400


401











84

24. PENDAPATAN 24. REVENUES

Rincian pendapatan adalah sebagai berikut: The details of revenues are as follows:



2018 2017

Pihak ketiga: Third parties:Jasa distribusi dan logistik energi 1.442.648 857.374 Energy distribution and logistics servicesJasa hulu migas terintegrasi 518.533 947.620 Integrated upstream oil and gas servicesJasa penunjang migas 204.649 153.250 Oil and gas support services

2.165.830 1.958.244

Pihak berelasi (Catatan 30i): Related parties (Note 30i):Jasa distribusi dan logistik energi 2.253.208 1.647.458 Energy distribution and logistics servicesJasa hulu migas terintegrasi 2.125.306 1.327.386 Integrated upstream oil and gas servicesJasa penunjang migas 80.430 45.898 Oil and gas support services

4.458.944 3.020.742

Total 6.624.774 4.978.986 Total

Rincian penjualan kepada pelanggan dengan jumlahlebih besar dari 10% pendapatan adalah sebagaiberikut:

Details of sales to customers that make up more than10% of revenues are as follows:



Persentase dari totalpendapatan/Percentage

Pendapatan/Revenue of total revenue

2018 2017 2018 2017

PT Pertamina (Persero) 2.277.838 1.636.388 34,4% 32,9% PT Pertamina (Persero)PT Pertamina EP 1.314.186 1.221.085 19,8% 24,5% PT Pertamina EP

Total 3.592.024 2.857.473 54,2% 57,4% Total

25. BEBAN POKOK PENDAPATAN 25. COST OF REVENUES

Rincian beban pokok pendapatan adalah sebagaiberikut:

The details of cost of revenues are as follows:



2018 2017

Jasa subkontrak 1.297.804 823.915 Sub-contract servicesGaji, upah, dan kesejahteraan karyawan 906.316 716.442 Salaries, wages, and employee benefitsSewa 631.113 490.957 RentBahan bakar 389.254 355.717 FuelPenyusutan dan amortisasi 378.816 360.416 Depreciation and amortizationBahan pembantu yang digunakan 220.548 190.107 Additional materials usedFasilitas kantor 100.346 95.025 Office facilitiesMobilisasi dan demobilisasi 96.000 74.211 Mobilization and demobilizationTransportasi dan perjalanan 73.820 62.980 Transportation and travellingPerlengkapan workshop 43.861 51.922 Workshop suppliesUtilitas 41.176 36.467 UtilitiesRepresentasi dan donasi 35.360 25.439 Representation and donation










85

25. BEBAN POKOK PENDAPATAN (lanjutan) 25. COST OF REVENUES (continued)



2018 2017

Jasa profesional 33.592 34.757 Professional servicePerizinan 29.448 26.706 PermitPerbaikan dan pemeliharaan 28.957 69.951 Repairs and maintenanceAsuransi 23.471 22.652 InsurancePelatihan 7.392 4.668 TrainingLain-lain (masing-masing di bawah Rp5.000) 31.215 32.975 Others (each below Rp5,000)

4.368.489 3.475.307

Persediaan awal 33.402 36.902 Beginning inventoriesPembelian 1.646.983 921.677 PurchasesPersediaan akhir (76.194) (33.402) Ending inventories

1.604.191 925.177

Total 5.972.680 4.400.484 Total

Pembelian dari pemasok dengan jumlah lebih besardari 10% pendapatan adalah dari PT Pertamina(Persero) masing-masing sebesar Rp1.804.609 danRp1.087.481 untuk tahun yang berakhir padatanggal 31 Desember 2018 dan 2017.

Purchases from vendor that make up more than 10%of revenues are arising from PT Pertamina (Persero)amounting to Rp1,804,609 and Rp1,087,481 for theyears ended December 31, 2018 and 2017,respectively.

26. BEBAN UMUM DAN ADMINISTRASI 26. GENERAL AND ADMINISTRATIVE EXPENSES

Rincian beban umum dan administrasi adalahsebagai berikut:

The details of general and administrative expenses areas follows:



2018 2017

Gaji, upah, dan kesejahteraan karyawan 188.689 162.218 Salaries, wages, and employee benefitsJasa teknik dan profesional 17.931 13.552 Technical and professional servicesTransportasi dan perjalanan dinas 9.819 9.741 Transportation and travellingFasilitas kantor 8.214 9.242 Office facilitiesPenyusutan dan amortisasi 7.629 7.840 Depreciation and amortizationOffice support 5.096 3.381 Office supportSewa 3.771 11.793 RentLain-lain (masing-masing di bawah Rp5.000) 27.591 14.744 Others (each below Rp5,000)

Total 268.740 232.511 Total

27. BEBAN KEUANGAN 27. FINANCE COSTS

Rincian beban keuangan adalah sebagai berikut: The details of finance costs are as follows:



2018 2017

Loss (gain) on foreign currencyRugi (laba) selisih kurs atas pinjaman 49.796 (2.782) exchange of loanBunga pinjaman 34.477 14.827 Interest on loanBiaya administrasi bank 5.754 4.592 Bank administration chargesAmortisasi biaya pinjaman 65 433 Amortization of costs of loan











86

28. PENGHASILAN (BEBAN) LAIN-LAIN 28. OTHER INCOME (CHARGES)

Rincian akun ini adalah sebagai berikut: The details of this account is as follows:



2018 2017

Gain (loss) on foreign currency exchangeLaba (rugi) selisih kurs mata uang asing - neto 41.948 (3.813) differences - netLain-lain - neto (masing-masing

di bawah Rp10.000) 25.582 (7.243) Miscellaneous - net (each below Rp10,000)

Neto 67.530 (11.056) Net

29. INFORMASI MENGENAI PIHAK-PIHAKBERELASI

29. RELATED PARTIES INFORMATION

Dalam kegiatan usaha normal, Grup melakukantransaksi dengan pihak-pihak berelasi. Entitasdianggap berelasi jika entitas tersebut, baik secaralangsung maupun tidak langsung, dapatmengendalikan atau mengendalikan bersama, ataumemiliki pengaruh signifikan atas Grup dalampengambilan keputusan keuangan dan operasional.Entitas juga dianggap berelasi jika entitas tersebutsepengendalian dengan Grup. Karena entitas indukterakhir Perusahaan adalah Pemerintah RepublikIndonesia, Grup mengakui hubungan berelasidengan entitas berelasi dengan Pemerintah.

In the normal course of business, the Group enters intotransactions with related parties. Entities areconsidered to be related if the entity has the ability,directly or indirectly, to control or jointly control or havesignificant influence over the Group in making financialand operating decisions. Entities are also consideredto be related if they are under common control with theGroup. Since the Company’s ultimate parent is theGovernment of the Republic of Indonesia, the Grouprecognized related party relationship withGovernment-related entities.

Transaksi dan saldo dengan pihak-pihak berelasiadalah sebagai berikut:

Transactions and balances with related parties are asfollows:

a) Kas dan setara kas (Catatan 4) a) Cash and cash equivalents (Note 4)

Persentase terhadaptotal aset/

Percentage tototal assets

(%)


2018 2017 2018 2017

Bank Cash in banksPT Bank Mandiri (Persero)

Tbk 264.466 217.247 4,7 4,5 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 170.363 320.934 3,0 6,6 (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia


Agroniaga Tbk 1.785 1.517 0,0 0,0 Agroniaga TbkPT Bank BNI Syariah 1.055 495 0,0 0,0 PT Bank BNI SyariahPT Bank Syariah Mandiri 591 415 0,0 0,0 PT Bank Syariah MandiriPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

Syariah 191 - 0,0 - Syariah

463.972 550.279 8,2 11,3

402


403











86

28. PENGHASILAN (BEBAN) LAIN-LAIN 28. OTHER INCOME (CHARGES)

Rincian akun ini adalah sebagai berikut: The details of this account is as follows:



2018 2017

Gain (loss) on foreign currency exchangeLaba (rugi) selisih kurs mata uang asing - neto 41.948 (3.813) differences - netLain-lain - neto (masing-masing

di bawah Rp10.000) 25.582 (7.243) Miscellaneous - net (each below Rp10,000)

Neto 67.530 (11.056) Net

29. INFORMASI MENGENAI PIHAK-PIHAKBERELASI

29. RELATED PARTIES INFORMATION

Dalam kegiatan usaha normal, Grup melakukantransaksi dengan pihak-pihak berelasi. Entitasdianggap berelasi jika entitas tersebut, baik secaralangsung maupun tidak langsung, dapatmengendalikan atau mengendalikan bersama, ataumemiliki pengaruh signifikan atas Grup dalampengambilan keputusan keuangan dan operasional.Entitas juga dianggap berelasi jika entitas tersebutsepengendalian dengan Grup. Karena entitas indukterakhir Perusahaan adalah Pemerintah RepublikIndonesia, Grup mengakui hubungan berelasidengan entitas berelasi dengan Pemerintah.

In the normal course of business, the Group enters intotransactions with related parties. Entities areconsidered to be related if the entity has the ability,directly or indirectly, to control or jointly control or havesignificant influence over the Group in making financialand operating decisions. Entities are also consideredto be related if they are under common control with theGroup. Since the Company’s ultimate parent is theGovernment of the Republic of Indonesia, the Grouprecognized related party relationship withGovernment-related entities.

Transaksi dan saldo dengan pihak-pihak berelasiadalah sebagai berikut:

Transactions and balances with related parties are asfollows:

a) Kas dan setara kas (Catatan 4) a) Cash and cash equivalents (Note 4)

Persentase terhadaptotal aset/

Percentage tototal assets

(%)


2018 2017 2018 2017

Bank Cash in banksPT Bank Mandiri (Persero)

Tbk 264.466 217.247 4,7 4,5 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia



Agroniaga Tbk 1.785 1.517 0,0 0,0 Agroniaga TbkPT Bank BNI Syariah 1.055 495 0,0 0,0 PT Bank BNI SyariahPT Bank Syariah Mandiri 591 415 0,0 0,0 PT Bank Syariah MandiriPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

Syariah 191 - 0,0 - Syariah

463.972 550.279 8,2 11,3










87

29. INFORMASI MENGENAI PIHAK-PIHAKBERELASI (lanjutan)

29. RELATED PARTIES INFORMATION (continued)

a) Kas dan setara kas (Catatan 4) (lanjutan) a) Cash and cash equivalents (Note 4) (continued)

Persentase terhadaptotal aset/Percentage to

total assets(%)


2018 2017 2018 2017

Call deposit dan deposito Call deposits and timeberjangka deposits

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk 14.000 5.000 0,2 0,1 (Persero) Tbk

PT Bank Tabungan Negara PT Bank Tabungan Negara(Persero) Tbk 12.000 10.000 0,2 0,2 (Persero) Tbk

PT Bank BNI Syariah 10.000 46.000 0,2 0,9 PT Bank BNI SyariahPT Bank Syariah Mandiri 200 200 0,0 0,0 PT Bank Syariah MandiriPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Syariah - 9.000 - 0,2 SyariahPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Nasional Tbk - 7.000 - 0,1 Nasional TbkPT Bank Mandiri (Persero)

Tbk - 500 - 0,0 PT Bank Mandiri (Persero) Tbk

36.200 77.700 0,6 1,5

Total 500.172 627.979 8,8 12,8 Total

b) Piutang usaha (Catatan 5) b) Trade receivables (Note 5)


total assets(%)


2018 2017 2018 2017

Difakturkan BilledPT Pertamina (Persero) 111.921 91.183 2,0 1,9 PT Pertamina (Persero)PT Pertamina Hulu Indonesia 59.351 - 1,0 - PT Pertamina Hulu IndonesiaPT Pertamina EP 45.623 42.653 0,8 0,9 PT Pertamina EPPT Pertamina Hulu Energi 8.774 1.729 0,2 0,0 PT Pertamina Hulu EnergiPT Pertamina PT Pertamina

Geothermal Energi 7.641 - 0,1 - Geothermal EnergiNusantara Regas 5.210 - 0,1 - Nusantara RegasLain-lain (masing-masing

dibawah 0,5% dari Others (each below 0.5% ofmodal disetor) 25.911 24.801 0,5 0,5 paid-in capital

264.431 160.366 4,7 3,3










88



b) Piutang usaha (Catatan 5) (lanjutan) b) Trade receivables (Note 5) (continued)


total assets(%)


2018 2017 2018 2017

Belum difakturkan UnbilledPT Pertamina EP 555.093 511.775 9,8 10,5 PT Pertamina EPPT Pertamina (Persero) 255.949 132.198 4,5 2,7 PT Pertamina (Persero)PT Pertamina Hulu Indonesia 95.111 - 1,7 - PT Pertamina Hulu IndonesiaPT Pertamina Hulu Energi 45.990 30.595 0,8 0,6 PT Pertamina Hulu EnergiPT Pertamina PT Pertamina

Geothermal Energi 27.275 - 0,5 - Geothermal EnergiPT Pertamina Drilling Services 19.108 656 0,3 0,0 PT Pertamina Drilling ServicesPerusahaan Gas Negara 13.586 - 0,2 - Perusahaan Gas NegaraPT Pertamina Gas 8.968 6.752 0,2 0,1 PT Pertamina GasNusantara Regas 4.514 - 0,1 - Nusantara RegasLain-lain (masing-masing

dibawah 0,5% dari Others (each below 0.5% ofmodal disetor) 5.686 30.444 0,1 0,6 paid-in capital)

1.031.280 712.420 18,2 14,5

Total 1.295.711 872.786 22,9 17,8 TotalPenyisihan penurunan nilai (9.875) (9.639) (0,2) (0,2) Allowance for impairment

Neto 1.285.836 863.147 22,7 17,6 Net

c) Aset keuangan lancar lainnya (Catatan 6) c) Other current financial assets (Note 6)


total assets(%)


2018 2017 2018 2017

Piutang lain-lain Others receivablePT Pertamina (Persero) 3.447 - 0,1 - PT Pertamina (Persero)

Piutang sewa pembiayaan Finance lease receivables -- bagian lancar current portion

PT Pertamina (Persero) 11.764 5.448 0,2 0,1 PT Pertamina (Persero)PT Pertamina EP 1.763 - 0,0 - PT Pertamina EP

13.527 5.448 0,3 0,1

Bank yang dibatasipenggunaannya Restricted cash in bank

PT Bank Mandiri PT Bank Mandiri(Persero) Tbk 875 442 0,0 0,0 (Persero) Tbk

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk 1 - 0,0 0,0 (Persero) Tbk

Total 17.850 5.890 0,3 0,1 Total

404


405











88



b) Piutang usaha (Catatan 5) (lanjutan) b) Trade receivables (Note 5) (continued)


total assets(%)


2018 2017 2018 2017

Belum difakturkan UnbilledPT Pertamina EP 555.093 511.775 9,8 10,5 PT Pertamina EPPT Pertamina (Persero) 255.949 132.198 4,5 2,7 PT Pertamina (Persero)PT Pertamina Hulu Indonesia 95.111 - 1,7 - PT Pertamina Hulu IndonesiaPT Pertamina Hulu Energi 45.990 30.595 0,8 0,6 PT Pertamina Hulu EnergiPT Pertamina PT Pertamina

Geothermal Energi 27.275 - 0,5 - Geothermal EnergiPT Pertamina Drilling Services 19.108 656 0,3 0,0 PT Pertamina Drilling ServicesPerusahaan Gas Negara 13.586 - 0,2 - Perusahaan Gas NegaraPT Pertamina Gas 8.968 6.752 0,2 0,1 PT Pertamina GasNusantara Regas 4.514 - 0,1 - Nusantara RegasLain-lain (masing-masing

dibawah 0,5% dari Others (each below 0.5% ofmodal disetor) 5.686 30.444 0,1 0,6 paid-in capital)

1.031.280 712.420 18,2 14,5

Total 1.295.711 872.786 22,9 17,8 TotalPenyisihan penurunan nilai (9.875) (9.639) (0,2) (0,2) Allowance for impairment

Neto 1.285.836 863.147 22,7 17,6 Net

c) Aset keuangan lancar lainnya (Catatan 6) c) Other current financial assets (Note 6)


total assets(%)


2018 2017 2018 2017

Piutang lain-lain Others receivablePT Pertamina (Persero) 3.447 - 0,1 - PT Pertamina (Persero)

Piutang sewa pembiayaan Finance lease receivables -- bagian lancar current portion


13.527 5.448 0,3 0,1

Bank yang dibatasipenggunaannya Restricted cash in bank

PT Bank Mandiri PT Bank Mandiri(Persero) Tbk 875 442 0,0 0,0 (Persero) Tbk

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk 1 - 0,0 0,0 (Persero) Tbk

Total 17.850 5.890 0,3 0,1 Total










89



d) Aset keuangan tidak lancar lainnya(Catatan 10)

d) Other non-current financial assets (Note 10)


total assets(%)


2018 2017 2018 2017

Piutang sewa pembiayaan Finance lease receivables -- bagian tidak lancar non-current portion


53.310 34.114 0,9 0,7

Bank yang dibatasipenggunaannya Restricted cash in banks

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk - 1.879 - 0,0 (Persero) Tbk

PT Bank Mandiri (Persero)Tbk - 1.425 - 0,0 PT Bank Mandiri (Persero) Tbk

- 3.304 - 0,0

Piutang lain-lain - 292 - 0,0 Other receivables

Total 53.310 37.710 0,9 0,7 Total

e) Pinjaman bank jangka pendek (Catatan 15) e) Short-term bank loans (Note 15)

Persentase terhadaptotal liabilitas/Percentage to

total liabilities(%)


2018 2017 2018 2017


PT Bank Negara Indonesia PT Bank Negara Indonesia(Persero) Tbk 16.268 - 0,7 - (Persero) Tbk

Total 43.695 32.515 1,9 1,8 Total

f) Utang usaha (Catatan 16) f) Trade payables (Note 16)




2018 2017 2018 2017

PT Pertamina (Persero) 240.266 108.319 10,2 6,0 PT Pertamina (Persero)PT Pertamina Retail 6.634 107 0,3 0,0 PT Pertamina RetailPT Pertamina Patra Niaga 5.613 210 0,2 0,0 PT Pertamina Patra NiagaLain-lain (masing-masing

di bawah 0,5% dari Others (each below 0.5% ofmodal disetor) 7.873 5.366 0,3 0,3 paid-in capital)

Total 260.386 114.002 11,0 6,3 Total

406


407











89



d) Aset keuangan tidak lancar lainnya(Catatan 10)

d) Other non-current financial assets (Note 10)


total assets(%)


2018 2017 2018 2017

Piutang sewa pembiayaan Finance lease receivables -- bagian tidak lancar non-current portion


53.310 34.114 0,9 0,7

Bank yang dibatasipenggunaannya Restricted cash in banks

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk - 1.879 - 0,0 (Persero) Tbk

PT Bank Mandiri (Persero)Tbk - 1.425 - 0,0 PT Bank Mandiri (Persero) Tbk

- 3.304 - 0,0

Piutang lain-lain - 292 - 0,0 Other receivables

Total 53.310 37.710 0,9 0,7 Total

e) Pinjaman bank jangka pendek (Catatan 15) e) Short-term bank loans (Note 15)




2018 2017 2018 2017


PT Bank Negara Indonesia PT Bank Negara Indonesia(Persero) Tbk 16.268 - 0,7 - (Persero) Tbk

Total 43.695 32.515 1,9 1,8 Total

f) Utang usaha (Catatan 16) f) Trade payables (Note 16)




2018 2017 2018 2017

PT Pertamina (Persero) 240.266 108.319 10,2 6,0 PT Pertamina (Persero)PT Pertamina Retail 6.634 107 0,3 0,0 PT Pertamina RetailPT Pertamina Patra Niaga 5.613 210 0,2 0,0 PT Pertamina Patra NiagaLain-lain (masing-masing


Total 260.386 114.002 11,0 6,3 Total










90



g) Pinjaman bank jangka panjang (Catatan 20) g) Long-term bank loans (Note 20)




2018 2017 2018 2017

PT Bank BNI Syariah - 2.256 - 0,1 PT Bank BNI Syariah

h) Kompensasi personil manajemen kunci h) Key management personnel compensation



2018 2017

Imbalan kerja jangka pendek 26.380 27.703 Short-term employee benefitsPesangon pemutusan kerja 2.469 1.136 Termination benefits


i) Pendapatan (Catatan 24) i) Revenues (Note 24)

Persentase terhadaptotal pendapatan/

Percentage tototal revenues

(%)

Tahun yang berakhir pada Tahun yang berakhir padatanggal 31 Desember/ tanggal 31 Desember/

Year ended December 31, Year ended December 31,

2018 2017 2018 2017

PT Pertamina (Persero) 2.277.838 1.636.388 34,4 32,9 PT Pertamina (Persero)PT Pertamina EP 1.314.186 1.221.085 19,8 24,5 PT Pertamina EPPT Pertamina Hulu Indonesia 489.048 - 7,4 - PT Pertamina Hulu IndonesiaPT Pertamina Drilling PT Pertamina Drilling Services

Services Indonesia 125.382 3.663 1,9 0,1 IndonesiaPT Pertamina Hulu Energi 124.325 103.877 1,9 2,1 PT Pertamina Hulu EnergiNusantara Regas 43.795 - 0,7 - Nusantara RegasPT Pertamina Geothermal 38.200 - 0,6 - PT Pertamina GeothermalPerusahaan Gas Negara 21.558 - 0,3 - Perusahaan Gas NegaraPT Pertamina Gas 3.845 3.014 0,1 0,1 PT Pertamina GasPT Pertamina Lubricant 3.398 - 0,1 - PT Pertamina LubricantLain-lain (masing-masing


Total 4.458.944 3.020.742 67,3 60,8 Total










91



j) Pembelian (Catatan 26) j) Purchases (Catatan 26)

Persentase terhadap totalbeban pokok pendapatan/

Percentage tototal cost of revenues

(%)

Tahun yang berakhir pada Tahun yang berakhir padatanggal 31 Desember/ tanggal 31 Desember/

Year ended December 31, Year ended December 31,

2018 2017 2018 2017

PT Pertamina (Persero) 1.804.609 1.087.481 30,2 24,7 PT Pertamina (Persero)Koperasi Karyawan Elnusa 251.710 42.087 4,2 1,0 Koperasi Karyawan ElnusaPT Pertamina Niaga 42.954 26.246 0,7 0,6 PT Pertamina NiagaPT Pertamina Lubricant 14.923 15.336 0,2 0,3 PT Pertamina LubricantPT Pertamina Retail 10.189 10.816 0,2 0,2 PT Pertamina RetailPT Tugu Pratama Indonesia 10.022 6.289 0,2 0,1 PT Tugu Pratama IndonesiaPT Pertamina Trans Kontinental 8.862 19.159 0,1 0,4 PT Pertamina Trans KontinentalLain-lain (masing-masing


Total 2.145.747 1.209.410 35,9 27,4 Total

Ringkasan sifat hubungan dan transaksi yangsignifikan dengan pihak-pihak berelasi adalahsebagai berikut:

Summary of the nature of the relationship andsignificant transactions with related parties is asfollows:

Pihak-pihak berelasi/ Sifat hubungan/ Sifat transaksi/No. Related parties Nature of relationship Nature of transaction

1. PT Pertamina (Persero) Entitas induk/Parent Penjualan barang dan jasa danpembelian barang dagangan/

Sales of goods and services andpurchases of merchandise

inventories

2. PT Pertamina EP Entitas sepengendali/ Penjualan jasa/Entity under common control Sales of services

3. PT Pertamina Gas Entitas sepengendali/ Penjualan barang dan jasa/Entity under common control Sales of goods and services

4. PT Pertamina Hulu Energi Entitas sepengendali/ Penjualan jasa/Entity under common control Sales of services

5. PT Pertamina Hulu Indonesia Entitas sepengendali/ Penjualan jasa/Entity under common control Sales of services

6. PT Pertamina Geothermal Energi Entitas sepengendali/ Penjualan jasa/Entity under common control Sales of services

7. PT Pertamina Drilling Services Entitas sepengendali/ Penjualan jasa/Indonesia Entity under common control Sales of services

8. PT Pertamina Lubricant Entitas sepengendali/ Penjualan barang danEntity under common control pembelian barang dagangan/

Sales of goods and purchasesof merchandise inventories

9. PT Nusantara Regas Entitas sepengendali/ Penjualan jasa/Entity under common control Sales of services

10. Perusahaan Gas Negara Entitas berelasi dengan Penjualan jasa/Pemerintah/ Sales of services

Government-related entity

11. PT Tugu Pratama Indonesia Entitas sepengendali/ Pembelian jasa asuransi/Entity under common control Purchases of insurance

services










92



Ringkasan sifat hubungan dan transaksi yangsignifikan dengan pihak-pihak berelasi adalahsebagai berikut: (lanjutan)

Summary of the nature of the relationship andsignificant transactions with related parties is asfollows: (continued)


12. PT Pertamina Retail Entitas sepengendali/ Pembelian barang dagangan/Entity under common control Purchases of merchandise

Inventories

13. PT Pertamina Patra Niaga Entitas sepengendali/ Pembelian barang dagangan/Entity under common control Purchases of merchandise

Inventories

14. PT Pertamina Trans Kontinental Entitas sepengendali/ Pembelian jasa sewa/Entity under common control Purchases of rental services

15. Koperasi Karyawan Elnusa Manajemen kunci yang sama/ Pembelian jasa sewaCommon key management dan alih daya/

Purchases of rental andoutsourcing services

16. PT Bank Mandiri (Persero) Tbk Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services

Government-related entity17. PT Bank Negara Indonesia Entitas berelasi dengan Jasa perbankan/

(Persero) Tbk Pemerintah/ Banking servicesGovernment-related entity

18. PT Bank BNI Syariah Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services


19. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/(Persero) Tbk Pemerintah/ Banking services


20. PT Bank Syariah Mandiri Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services


21. PT Bank Tabungan Negara Entitas berelasi dengan Jasa perbankan/(Persero) Tbk Pemerintah/ Banking services


22. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/Syariah Pemerintah/ Banking services


23. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/Agroniaga Tbk Pemerintah/ Banking services

Government-related entity24. PT Bank Tabungan Pensiunan Entitas berelasi dengan Jasa perbankan/

Nasional Tbk Pemerintah/ Banking servicesGovernment-related entity

25. PT Bank Tabungan Pensiunan Entitas berelasi dengan Jasa perbankan/Syariah Pemerintah/ Banking services


408


409











92



Ringkasan sifat hubungan dan transaksi yangsignifikan dengan pihak-pihak berelasi adalahsebagai berikut: (lanjutan)

Summary of the nature of the relationship andsignificant transactions with related parties is asfollows: (continued)


12. PT Pertamina Retail Entitas sepengendali/ Pembelian barang dagangan/Entity under common control Purchases of merchandise

Inventories

13. PT Pertamina Patra Niaga Entitas sepengendali/ Pembelian barang dagangan/Entity under common control Purchases of merchandise

Inventories

14. PT Pertamina Trans Kontinental Entitas sepengendali/ Pembelian jasa sewa/Entity under common control Purchases of rental services

15. Koperasi Karyawan Elnusa Manajemen kunci yang sama/ Pembelian jasa sewaCommon key management dan alih daya/

Purchases of rental andoutsourcing services

16. PT Bank Mandiri (Persero) Tbk Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services

Government-related entity17. PT Bank Negara Indonesia Entitas berelasi dengan Jasa perbankan/

(Persero) Tbk Pemerintah/ Banking servicesGovernment-related entity

18. PT Bank BNI Syariah Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services


19. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/(Persero) Tbk Pemerintah/ Banking services


20. PT Bank Syariah Mandiri Entitas berelasi dengan Jasa perbankan/Pemerintah/ Banking services


21. PT Bank Tabungan Negara Entitas berelasi dengan Jasa perbankan/(Persero) Tbk Pemerintah/ Banking services


22. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/Syariah Pemerintah/ Banking services


23. PT Bank Rakyat Indonesia Entitas berelasi dengan Jasa perbankan/Agroniaga Tbk Pemerintah/ Banking services

Government-related entity24. PT Bank Tabungan Pensiunan Entitas berelasi dengan Jasa perbankan/

Nasional Tbk Pemerintah/ Banking servicesGovernment-related entity

25. PT Bank Tabungan Pensiunan Entitas berelasi dengan Jasa perbankan/Syariah Pemerintah/ Banking services











93

30. PERJANJIAN PENTING, KOMITMEN DANKONTINJENSI

30. SIGNIFICANT AGREEMENTS, COMMITMENTSAND CONTINGENCIES

a. Perkara hukum a. Legal case

Dalam kegiatan usaha normal, Grup menjadipihak penggugat dan tergugat dalam perkarahukum termasuk dalam proses hukum yangsedang berjalan. Manajemen telah menilaikemungkinan hasil yang tidak menguntungkandari liabilitas kontinjensi terkait, tuntutan hukumatau proses hukum yang sedang berjalan, danberdasarkan penilaian tersebut, manajemenyakin bahwa tidak akan ada dampak materialyang berpotensi merugikan posisi keuangan,hasil operasi maupun arus kas dari Grup.

In the ordinary course of business, the Group is aplaintiff and defendant in several businesslawsuits as well as the named party in otherproceedings arising. Management has assessedthe likelihood of an unfavourable outcome of suchcontingencies, lawsuits or other proceedings andbased on such assessment, managementbelieves they will not have a material adverseeffect on the financial position, operating resultsor cash flows of the Group.

PT Bank Mega Tbk PT Bank Mega Tbk

Pada tanggal 18 Mei 2011, Perusahaanmengajukan gugatan perdata melaluiPengadilan Negeri Jakarta Selatan kepadaPT Bank Mega Tbk (“Bank Mega”) ataspencairan deposito senilai Rp111.000 yangdilakukan tanpa persetujuan Perusahaan.Gugatan ini terdaftar dalam PerkaraNo. 284/Pdt.G/2011/PN.Jkt.Sel. Pada tanggal21 Juli 2011, Majelis Hakim Pengadilan NegeriJakarta Selatan mengeluarkan penetapan sitajaminan atas 2 (dua) bidang tanah milik BankMega berdasarkan sertifikat sebagai berikut:

On May 18, 2011, the Company filed a civil lawsuitwith the South Jakarta District Court againstPT Bank Mega Tbk (“Bank Mega”) on liquidationof deposits worth Rp111,000without the consent of the Company.The lawsuit was registered in CaseNo. 284/Pdt.G/2011/PN.Jkt.Sel. OnJuly 21, 2011, the Panel of Judges of the SouthJakarta District Court issued an order of collateralforeclosure on 2 (two) plots of land owned byBank Mega based on the following certificates:

i. Sertifikat Hak Guna Bangunan (“HGB”) No.95/Mampang Prapatan, Jakarta Selatan,tercatat atas nama PT Bank Mega Tbk;

i. Building Rights Title (“HGB”) CertificateNo. 95/Mampang Prapatan, South Jakarta,registered under the name of PT Bank MegaTbk;

ii. Sertifikat HGB No. 97/Mampang Prapatan,Jakarta Selatan, tercatat atas namaPT Bank Mega Tbk.

ii. HGB Certificate No. 97/Mampang Prapatan,South Jakarta, registered under the name ofPT Bank Mega Tbk.

Pada tanggal 22 Maret 2012, PengadilanNegeri Jakarta Selatan mengeluarkan PutusanNo. 284/Pdt.G/2011/PN.Jkt.Sel yang isinya,antara lain, mengabulkan gugatan Perusahaanuntuk sebagian dan memerintahkan Bank Megauntuk membayar dana deposito senilaiRp111.000 dan bunga 6% per tahun kepadaPerusahaan.

On March 22, 2012, the South JakartaDistrict Court issued VerdictNo. 284/Pdt.G/2011/PN.Jkt.Sel, the decision ofwhich, among others, partially accepted thelawsuit filed by the Company and ordered BankMega to pay the deposits fund amounting toRp111,000 and interest of 6% per annum to theCompany.

Atas putusan tersebut, pada tanggal16 April 2012, Bank Mega mengajukan MemoriBanding kepada Pengadilan Tinggi DKI Jakarta.Pada tanggal 11 Mei 2012, Perusahaanmenyampaikan Kontra Memori Banding kepadaPengadilan Tinggi DKI Jakarta.

Responding to the verdict, on April 16, 2012, BankMega filed a Memorandum of Appeal to theJakarta High Court. On May 11, 2012, theCompany submitted its Counter-Memorandum ofAppeal to the Jakarta High Court.

Pada tanggal 5 Februari 2013, PengadilanTinggi DKI Jakarta mengeluarkan PutusanNo. 237/Pdt/2012/PT.DKI tertanggal10 Januari 2013 yang isinya menguatkanputusan Pengadilan Negeri Jakarta Selatanyang memerintahkan Bank Mega untukmembayar dana deposito senilai Rp111.000dan bunga 6% per tahun kepada Perusahaan.

On February 5, 2013, the Jakarta High Courtissued Verdict No. 237/Pdt/2012/PT.DKI datedJanuary 10, 2013, which reaffirmed the verdictissued by the South Jakarta District Court whichordered Bank Mega to pay the deposits fundamounting to Rp111,000 and interest of 6% perannum to the Company.










94

30. PERJANJIAN PENTING, KOMITMEN DANKONTINJENSI (lanjutan)

30. SIGNIFICANT AGREEMENTS, COMMITMENTSAND CONTINGENCIES (continued)

a. Perkara hukum (lanjutan) a. Legal case (continued)

PT Bank Mega Tbk (lanjutan) PT Bank Mega Tbk (continued)

Atas putusan banding tersebut, pada tanggal26 Februari 2013, Bank Mega mengajukanMemori Kasasi kepada Mahkamah AgungRepublik Indonesia (“MA”) yangpemberitahuannya diterima oleh Perusahaanpada tanggal 13 Maret 2013. Pada tanggal26 Maret 2013, Perusahaan menyampaikanKontra Memori Kasasi kepada MA.

Responding to the appeal verdict, onFebruary 26, 2013, Bank Mega filed aMemorandum of Cassation to the Supreme Courtof the Republic of Indonesia (the “SupremeCourt”) of which the notice was received by theCompany on March 13, 2013. On March 26, 2013,the Company submitted its Counter-Memorandum of Cassation to the Supreme Court.

Pada tanggal 8 Januari 2015, Perusahaanmenerima Surat Pemberitahuan Isi PutusanKasasi MA No. 1111 K/Pdt/2013 tertanggal12 Februari 2014 yang isinya menolakpermohonan kasasi Bank Mega. Dengandemikian, MA telah menguatkan putusanPengadilan Tinggi DKI Jakarta dan PengadilanNegeri Jakarta Selatan yang memerintahkanBank Mega untuk membayar dana depositosenilai Rp111.000 dan bunga 6% per tahunkepada Perusahaan.

On January 8, 2015, the Company received theVerdict Notification Letter from the Supreme CourtNo. 1111 K/Pdt/2013 dated February 12, 2014,which rejected the cassation filed by Bank Mega.As such, the Supreme Court has reaffirmed theverdicts issued by the Jakarta High Court and theSouth Jakarta District Court which ordered BankMega to pay the deposits fund amounting toRp111,000 and interest of 6% per annum to theCompany.

Atas putusan kasasi tersebut, pada tanggal25 Maret 2015, Bank Mega mengajukanMemori Peninjauan Kembali (“PK”) kepada MA.Pada tanggal 25 Mei 2015, Perusahaanmenyampaikan Kontra Memori PK kepada MA.Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian, Perusahaan belummenerima putusan atas PK tersebut dari MA.

Responding to the cassation verdict, onMarch 25, 2015, Bank Mega filed a Memorandumof Judicial Review to the Supreme Court. On May25, 2015, the Company submitted its Counter-Memorandum of Judicial Review to the SupremeCourt. Up to the date of completion of theconsolidated financial statements, the Companyhas not yet received the verdict on such JudicialReview from the Supreme Court.

Sehubungan dengan adanya putusan kasasitersebut, Perusahaan mengajukan permohonaneksekusi kepada Pengadilan Negeri JakartaSelatan melalui surat tertanggal 13 April 2015.Ketua Pengadilan NegeriJakarta Selatan kemudian menerbitkanPenetapan No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel tertanggal23 Februari 2016 yang memerintahkanpemberian teguran (Aanmaning) kepada BankMega agar melaksanakan putusan pengadilantersebut. Pada tanggal 23 Maret 2016, KetuaPengadilan Negeri Jakarta Selatan memberikanteguran (Aanmaning) kepada Bank Megadimana Bank Mega menolak melakukanpembayaran dengan alasan telah mengajukangugatan perlawanan dalam Perkara No.162/Pdt.G/2016/PN.Jkt.Sel.

In relation to the cassation verdict, the Companyfiled a request for execution to theSouth Jakarta District Court through a letter datedApril 13, 2015. The Head of the SouthJakarta District Court then issuedOrder No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel datedFebruary 23, 2016 which ordered the issuance ofa warning (Aanmaning) to Bank Mega toimplement the courts verdicts. OnMarch 23, 2016, the Head of the South JakartaDistrict Court issued the warning (Aanmaning) toBank Mega in which Bank Mega refused to pay onthe reason that it has filed a tierce oppositionwhich was registered in CaseNo. 162/Pdt.G/2016/PN.Jkt.Sel.

410


411











94





Atas putusan banding tersebut, pada tanggal26 Februari 2013, Bank Mega mengajukanMemori Kasasi kepada Mahkamah AgungRepublik Indonesia (“MA”) yangpemberitahuannya diterima oleh Perusahaanpada tanggal 13 Maret 2013. Pada tanggal26 Maret 2013, Perusahaan menyampaikanKontra Memori Kasasi kepada MA.

Responding to the appeal verdict, onFebruary 26, 2013, Bank Mega filed aMemorandum of Cassation to the Supreme Courtof the Republic of Indonesia (the “SupremeCourt”) of which the notice was received by theCompany on March 13, 2013. On March 26, 2013,the Company submitted its Counter-Memorandum of Cassation to the Supreme Court.

Pada tanggal 8 Januari 2015, Perusahaanmenerima Surat Pemberitahuan Isi PutusanKasasi MA No. 1111 K/Pdt/2013 tertanggal12 Februari 2014 yang isinya menolakpermohonan kasasi Bank Mega. Dengandemikian, MA telah menguatkan putusanPengadilan Tinggi DKI Jakarta dan PengadilanNegeri Jakarta Selatan yang memerintahkanBank Mega untuk membayar dana depositosenilai Rp111.000 dan bunga 6% per tahunkepada Perusahaan.

On January 8, 2015, the Company received theVerdict Notification Letter from the Supreme CourtNo. 1111 K/Pdt/2013 dated February 12, 2014,which rejected the cassation filed by Bank Mega.As such, the Supreme Court has reaffirmed theverdicts issued by the Jakarta High Court and theSouth Jakarta District Court which ordered BankMega to pay the deposits fund amounting toRp111,000 and interest of 6% per annum to theCompany.

Atas putusan kasasi tersebut, pada tanggal25 Maret 2015, Bank Mega mengajukanMemori Peninjauan Kembali (“PK”) kepada MA.Pada tanggal 25 Mei 2015, Perusahaanmenyampaikan Kontra Memori PK kepada MA.Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian, Perusahaan belummenerima putusan atas PK tersebut dari MA.

Responding to the cassation verdict, onMarch 25, 2015, Bank Mega filed a Memorandumof Judicial Review to the Supreme Court. On May25, 2015, the Company submitted its Counter-Memorandum of Judicial Review to the SupremeCourt. Up to the date of completion of theconsolidated financial statements, the Companyhas not yet received the verdict on such JudicialReview from the Supreme Court.

Sehubungan dengan adanya putusan kasasitersebut, Perusahaan mengajukan permohonaneksekusi kepada Pengadilan Negeri JakartaSelatan melalui surat tertanggal 13 April 2015.Ketua Pengadilan NegeriJakarta Selatan kemudian menerbitkanPenetapan No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel tertanggal23 Februari 2016 yang memerintahkanpemberian teguran (Aanmaning) kepada BankMega agar melaksanakan putusan pengadilantersebut. Pada tanggal 23 Maret 2016, KetuaPengadilan Negeri Jakarta Selatan memberikanteguran (Aanmaning) kepada Bank Megadimana Bank Mega menolak melakukanpembayaran dengan alasan telah mengajukangugatan perlawanan dalam Perkara No.162/Pdt.G/2016/PN.Jkt.Sel.

In relation to the cassation verdict, the Companyfiled a request for execution to theSouth Jakarta District Court through a letter datedApril 13, 2015. The Head of the SouthJakarta District Court then issuedOrder No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel datedFebruary 23, 2016 which ordered the issuance ofa warning (Aanmaning) to Bank Mega toimplement the courts verdicts. OnMarch 23, 2016, the Head of the South JakartaDistrict Court issued the warning (Aanmaning) toBank Mega in which Bank Mega refused to pay onthe reason that it has filed a tierce oppositionwhich was registered in CaseNo. 162/Pdt.G/2016/PN.Jkt.Sel.










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Pada tanggal 31 Maret 2016, Perusahaanmengajukan permohonan lelang eksekusi atas2 (dua) bidang tanah milik Bank Mega yangtelah ditetapkan sebagai sita jaminan dalamperkara ini kepada Pengadilan Negeri JakartaSelatan. Ketua Pengadilan NegeriJakarta Selatan kemudian menerbitkanPenetapan No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel tertanggal12 April 2016 yang memerintahkanpelaksanaan eksekusi pelelangan/penjualan dimuka umum atas aset-aset sita jaminantersebut.

On March 31, 2016, the Company filed a requestfor executionary auction on 2 (two) plots of landowned by Bank Mega which have beendetermined as collateral foreclosure in this case tothe South Jakarta District Court. The Head ofSouth Jakarta District Court then issuedOrder No. 10/Eks.Pdt/2016 jo.No. 284/Pdt.G/2011/PN.Jkt.Sel datedApril 12, 2016 which ordered the implementationof public executionary auction/sale on suchcollateral foreclosure assets.

Pada tanggal 6 Desember 2017, Perusahaanmenerima dari kuasa hukum PerusahaanSalinan Putusan Pengadilan Negeri JakartaSelatan terkait gugatan Perlawanan Bank MegaNo. 162/Pdt.G/2016/PN.Jkt.Sel tertanggal25 Oktober 2017, yang isinya antara lainMenolak gugatan perlawanan Bank Mega untukseluruhnya. Selanjutnya pada tanggal10 Januari 2018, Perusahaan telah menerimarelaas (surat) pemberitahuan dari PengadilanNegeri Jakarta Selatan tentang penyerahanmemori banding Bank Mega terhadap putusanperlawanan tersebut.

On December 6, 2017, the Company received theVerdict Letter from South Jakarta District Court, inrelation to the Bank Mega’s case No.162/Pdt.G/2016/PN.Jkt.Sel datedOctober 25, 2017 from the Company legalcounsels, whose contents include rejecting theBank Mega resistance lawsuit to the entirely.Subsequently, on January 10, 2018, the Companyhas received the letter of notification from SouthJakarta District Court on submission letter of BankMega memorandum appeal to the resolution’sdecision.

Terhadap Memori Banding Bank Mega, padatanggal 26 Maret 2018, kuasa hukumPerusahaan mengajukan Kontra MemoriBanding kepada Pengadilan Tinggi DKI Jakartamelalui Pengadilan Negeri Jakarta Selatan.

Responding to Bank Mega Memorandum Appeal,

on March 26, 2018, the Company filed Counter –

Memorandum Appeal to Jakarta High Court,

through South Jakarta District Court.

Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian, perkara ini masihdalam proses di Pengadilan Tinggi DKI Jakarta.

Until the completion date of the consolidated

financial statements, the case is stil in process at

DKI Jakarta High Court.

b. Perjanjian kerja sama b. Cooperation agreement

Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”)

Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”)

Pada bulan Maret 1998, PND menandatanganiPerjanjian Kerjasama dengan Direktur JenderalMinyak dan Gas (“Dirjen Migas”) No.242A/32/DJM/1998: 012/PND/KTR/X100/98untuk pengelolaan dan pemasyarakatan dataminyak dan gas bumi. Perjanjian inididasari atas Surat KeputusanNo. 176.K.702/D.DJM/1997 tanggal24 November 1997, tentang penunjukan PNDsebagai pelaksana pengelolaan danpemasyarakatan data eksplorasi daneksploitasi minyak dan gas bumi.

In March 1998, PND entered into a CooperationAgreement with the Director General of Oil andGas (“Dirjen Migas”) No. 242A/32/DJM/1998:012/PND/KTR/X100/98 to manage and socialisethe oil and gas data. This agreementwas based on the Decision LetterNo. 176.K/702/D.DJM/1997 datedNovember 24, 1997, regarding the appointmentof PND as the executor of oil and gas explorationand exploitation data management andsocialization.










96



b. Perjanjian kerja sama (lanjutan) b. Cooperation agreement (continued)

Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”) (lanjutan)

Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”) (continued)

Selanjutnya pada tanggal 4 Januari 2007, PNDbersama dengan Dirjen Migas dan PUSDATINmenandatangani Amandemen PerjanjianKerjasama. Dalam amendemen perjanjiantersebut disebutkan bahwa Dirjen Migasmengalihkan seluruh hak dan kewajibannyakepada PUSDATIN. PUSDATIN akanmemperoleh 5% hingga 15% dari penghasilanPND yang diperoleh dari pengelolaan danpemasyarakatan data dan disetorkan ke KasNegara dalam bentuk Penerimaan NegaraBukan Pajak (“PNBP”). Amandemen PerjanjianKerja Sama ini akan berlaku sampai dengantanggal 10 Maret 2018.

Furthermore, on January 4, 2007, PND togetherwith the Dirjen Migas and the PUSDATIN signedthe Amendment on the Cooperation Agreement.The amended agreement stated that the DirjenMigas transferred all of its rights and obligationsto PUSDATIN. PUSDATIN will receive a 5% to15% share from the proceeds of datamanagement and socialization obtained by PNDwhich shall be paid to the State Treasury as Non-tax State Revenues (“PNBP”). The amendedCooperation Agreement will be valid untilMarch 10, 2018.

Sejak tanggal 11 Maret 2018, PT Pertamina(Persero) ditunjuk sebagai pelaksanapengelolaan dan permasyarakatan dataeksplorasi dan eksploitasi minyak dan gasbumi. PT Pertamina (Persero) menunjuklangsung PND untuk pengelolaan danpermasyarakatan data tersebut sampai dengan11 Juli 2020.

Since March 11, 2018, PT Pertamina (Persero)

has the right as the executor of oil and gas

exploration dan exploitation data management

and socializatio. PND received direct appointment

from PT Pertamina (Persero) for those data

management and socialization valid until

July 11, 2020.

Grup Pertamina Pertamina Group

Perusahaan menandatangani berbagaiperjanjian pekerjaan jasa data seismic, drillingdan oilfield maintenance dengan GrupPertamina. Perjanjian-perjanjian ini akanberakhir pada berbagai tanggal antara tanggal12 Januari 2019 sampai 9 November 2021.

The Company signed several seismic data,drilling and oilfield maintenance servicesagreements with Pertamina Group. Theseagreements are valid up to various dates fromJanuary 12, 2019 until November 9, 2021.

EPN menandatangani beberapa perjanjiandengan PT Pertamina (Persero) mengenaipengelolaan truk tangki dan jasa sewa pakaitruk tangki di beberapa wilayah. Perjanjian iniakan berakhir pada berbagai tanggal antaratanggal 31 Januari 2019 sampai dengantanggal 6 Mei 2021. Pada tahun yang berakhirpada tanggal 31 Desember 2018 dan 2017,total penghasilan sewa dari perjanjian tersebutmasing-masing sebesar Rp8.411 danRp11.075.

EPN signed several agreements withPT Pertamina (Persero) on the management offuel transportation vehicles and also rental oftransportation vehicles services covering severalareas. The agreements will be valid up to variousdates from January 31, 2019 until May 6, 2021.For the years ended December 31, 2018 and2017, total rental income from these agreementsamounted to Rp8,411 and Rp11,075,respectively.

412


413











96




Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”) (lanjutan)

Pusat Data dan Informasi Energi dan SumberDaya Mineral (“PUSDATIN”) (continued)

Selanjutnya pada tanggal 4 Januari 2007, PNDbersama dengan Dirjen Migas dan PUSDATINmenandatangani Amandemen PerjanjianKerjasama. Dalam amendemen perjanjiantersebut disebutkan bahwa Dirjen Migasmengalihkan seluruh hak dan kewajibannyakepada PUSDATIN. PUSDATIN akanmemperoleh 5% hingga 15% dari penghasilanPND yang diperoleh dari pengelolaan danpemasyarakatan data dan disetorkan ke KasNegara dalam bentuk Penerimaan NegaraBukan Pajak (“PNBP”). Amandemen PerjanjianKerja Sama ini akan berlaku sampai dengantanggal 10 Maret 2018.

Furthermore, on January 4, 2007, PND togetherwith the Dirjen Migas and the PUSDATIN signedthe Amendment on the Cooperation Agreement.The amended agreement stated that the DirjenMigas transferred all of its rights and obligationsto PUSDATIN. PUSDATIN will receive a 5% to15% share from the proceeds of datamanagement and socialization obtained by PNDwhich shall be paid to the State Treasury as Non-tax State Revenues (“PNBP”). The amendedCooperation Agreement will be valid untilMarch 10, 2018.

Sejak tanggal 11 Maret 2018, PT Pertamina(Persero) ditunjuk sebagai pelaksanapengelolaan dan permasyarakatan dataeksplorasi dan eksploitasi minyak dan gasbumi. PT Pertamina (Persero) menunjuklangsung PND untuk pengelolaan danpermasyarakatan data tersebut sampai dengan11 Juli 2020.

Since March 11, 2018, PT Pertamina (Persero)

has the right as the executor of oil and gas

exploration dan exploitation data management

and socializatio. PND received direct appointment

from PT Pertamina (Persero) for those data

management and socialization valid until

July 11, 2020.

Grup Pertamina Pertamina Group

Perusahaan menandatangani berbagaiperjanjian pekerjaan jasa data seismic, drillingdan oilfield maintenance dengan GrupPertamina. Perjanjian-perjanjian ini akanberakhir pada berbagai tanggal antara tanggal12 Januari 2019 sampai 9 November 2021.

The Company signed several seismic data,drilling and oilfield maintenance servicesagreements with Pertamina Group. Theseagreements are valid up to various dates fromJanuary 12, 2019 until November 9, 2021.

EPN menandatangani beberapa perjanjiandengan PT Pertamina (Persero) mengenaipengelolaan truk tangki dan jasa sewa pakaitruk tangki di beberapa wilayah. Perjanjian iniakan berakhir pada berbagai tanggal antaratanggal 31 Januari 2019 sampai dengantanggal 6 Mei 2021. Pada tahun yang berakhirpada tanggal 31 Desember 2018 dan 2017,total penghasilan sewa dari perjanjian tersebutmasing-masing sebesar Rp8.411 danRp11.075.

EPN signed several agreements withPT Pertamina (Persero) on the management offuel transportation vehicles and also rental oftransportation vehicles services covering severalareas. The agreements will be valid up to variousdates from January 31, 2019 until May 6, 2021.For the years ended December 31, 2018 and2017, total rental income from these agreementsamounted to Rp8,411 and Rp11,075,respectively.










97




PT Waskita Adhi Sejahtera (“WAS”) PT Waskita Adhi Sejahtera (“WAS”)

Perusahaan dan PT Waskita Adhi Perkasa(“WAS”) menandatangani Perjanjian KerjasamaOperasi (“KSO”) dengan tanggal efektifperjanjian yaitu 12 Desember 2016. KSO inidibentuk untuk melakukan proyek jasapemeliharaan elektrikal dan instrumentasi dariBP Berau Ltd. Komposisi kepemilikan padaKSO adalah 51% oleh Perusahaan dan 49%oleh WAS.

The Company and PT Waskita Adhi Perkasa(“WAS”) entered into Joint Operation (“JO”)agreement with effective date of the agreement onDecember 12, 2016. The JO is establised in orderto perform electrical and instrumentationmaintenance services project from BP Berau Ltd.The composition of ownerships in JO are 51%owned by the Company and 49% owned by WAS.

c. Komitmen pengeluaran barang modal c. Capital expenditure commitments

Grup memiliki komitmen pengeluaran barangmodal dalam menjalankan usaha normalnya.Pada tanggal 31 Desember 2018 dan 2017,total komitmen pengeluaran barang modal Grupyang belum terealisasi masing-masing sebesarRp9.406 dan Rp15.716.

The Group has capital expenditure commitmentsin the normal course of business. As ofDecember 31, 2018 and 2017, the Group’s totaloutstanding capital expenditure commitmentsamounted to Rp9,406 and Rp15,716,respectively.

d. Fasilitas penjaminan bank d. Bank guarantee facilities

Grup memiliki beberapa fasilitas penjaminanbank yang batas maksimumnya tergabungdengan fasilitas pinjaman dari BNI, BRI, ICBC,Mizuho, UOB, SMBC dan Mandiri (Catatan 15).Pada tanggal 31 Desember 2018 dan 2017,total fasilitas penjaminan bank yang belumdigunakan masing-masing sebesar$AS44.564.273 dan $AS26.323.701 danRp43.346.

The Group has several bank guarantee facilitiesof which the maximum limits are combined withthe loan facilities from BNI, BRI, ICBC, Mizuho,UOB, SMBC, and Mandiri (Note 15). As ofDecember 31, 2018 and 2017, the total unusedbank guarantee facilities amounted toUS$44,564,273 and US$26,323,701 andRp43,346, respectively

Pada tanggal 31 Desember 2017, Perusahaanjuga memiliki fasilitas bank garansi dari BRIsebesar $AS121.372 dan Rp240. Bank garansitersebut dijamin dengan kas sebesar nilai bankgaransi yang diterbitkan.

As of December 31, 2017, the Company also hasbank guarantee facilities from BRI amounting toUS$12,372 and Rp240. Such bank guarantee aresecured by cash collateral equal to the bankguarantee amount.

31. INFORMASI SEGMEN 31. SEGMENT INFORMATION

Ringkasan berikut ini menggambarkan bisnis utamadari setiap segmen yang dilaporkan Grup:

The following summary describes the core businessesof each of the Group’s reportable segments:

a) Jasa hulu migas terintegrasi menyediakan jasapengukuran data geofisika/seismik, jasapemboran migas dan jasa oilfield.

a) Integrated upstream oil and gas services providegeophysical/seismic data services, oil and gasdrilling service and oilfield services.










98

31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)

Ringkasan berikut ini menggambarkan bisnis utamadari setiap segmen yang dilaporkan Grup: (lanjutan)

The following summary describes the core businessesof each of the Group’s reportable segments:(continued)

b) Jasa penunjang migas menyediakan jasapenguliran, perdagangan pipa OCGT (OpenCycle Gas Turbine) dan fabrikasi, pembuatanulir (threading) untuk pemboran migas, jasapengelolaan data dan informasi energi dansumber daya mineral (khususnya eksplorasidan eksploitasi minyak dan gas bumi), jasapengelolaan data migas, jasa pembangunansistem teknologi informasi terpadu, jasatelekomunikasi, jasa penyediaan jaringan,telekomunikasi satelit dan sistem komunikasiVSAT (Very-Small-Aperture Terminal).

b) Oil and gas support services provide threadingservices, OCGT (Open Cycle Gas Turbine) pipetrading and manufacturing, threading for oil andgas drilling, data and information on energy andmineral resources management services(particularly oil and gas exploration andexploitation), oil and gas data managementservices, integrated information technologydevelopment services, telecommunicationservices, network services provider, satellitecommunications, and Very-Small-ApertureTerminal-based communication systems.

c) Jasa distribusi dan logistik energi menyediakanjasa penyimpanan, perdagangan,pendistribusian dan pemasaran produk minyakdan gas di Indonesia.

c) Energy distribution and logistics services providestorage services, trading, distribution andmarketing of oil and gas products in Indonesia.

Informasi mengenai segmen yang dilaporkan danrekonsiliasi antara ukuran segmen dengan jumlahyang diakui dalam laporan keuangan konsolidasianadalah sebagai berikut:

Information about reportable segments andreconciliation between segment measures and theamounts recognized in the consolidated financialstatements are as follows:

31 Desember 2018 dan tahun yang berakhir pada tanggal tersebut/December 31, 2018 and the year then ended

JasaJasa distribusi

hulu migas Jasa dan logistikterintegrasi/ penunjang energi/ JumlahIntegrated migas/ Energy sebelumupstream Oil and gas distribution rekonsiliasi/

oil and gas support and logistics Total before Rekonsiliasi/ Konsolidasian/services services services reconciliation Reconciliation Consolidated

Pendapatan eksternal 2.636.121 292.797 3.695.856 6.624.774 - 6.624.774 External revenuesPendapatan antarsegmen 17.797 405.706 196.440 619.943 (619.943) - Inter-segment revenues

Total pendapatan 2.653.918 698.503 3.892.296 7.244.717 (619.943) 6.624.774 Total revenues

Beban pokok pendapatan (2.500.157) (577.580) (3.508.346) (6.586.083) 613.403 (5.972.680) Total cost of revenues

Laba bruto 153.761 120.923 383.950 658.634 (6.540) 652.094 Gross profit

Beban penjualan (2.094) (48) (437) (2.579) - (2.579) Selling expensesGeneral and administrative

Beban umum dan administrasi (150.617) (54.374) (75.563) (280.554) 11.814 (268.740) expensesPenghasilan bunga 5.052 5.877 7.676 18.605 - 18.605 Interest incomeBeban keuangan (84.376) (3.275) (2.441) (90.092) - (90.092) Finance costsLain-lain - neto 64.876 4.157 (1.503) 67.530 - 67.530 Others - net

Laba sebelum pajak final dan Profit before final tax andpajak penghasilan (13.398) 73.260 311.682 371.544 5.274 376.818 income tax

Beban pajak final (16.017) (4.833) (4.161) (25.011) - (25.011) Final tax expense

Laba sebelum pajak penghasilan (29.415) 68.427 307.521 346.533 5.274 351.807 Profit before income tax

Beban pajak penghasilan 5.528 (9.220) (71.799) (75.491) - (75.491) Income tax expense

Laba tahun berjalan (23.887) 59.207 235.722 271.042 5.274 276.316 Profit for the year

Penghasilan komprehensif lain 11.759 1.734 1.326 14.819 (3.060) 11.759 Other comprehensive income

Total laba komprehensif Total comprehensive incometahun berjalan (12.128) 60.941 237.048 285.861 2.214 288.075 for the year

Informasi-informasi lain Other informationTotal aset 4.127.301 884.244 1.378.949 6.390.494 (733.167) 5.657.327 Total assetsTotal liabilitas 1.660.843 172.267 715.780 2.548.890 (191.763) 2.357.127 Total liabilitiesEkuitas - neto 2.466.455 711.977 663.172 3.841.604 (541.404) 3.300.200 Equity - netPenyusutan dan amortisasi 271.776 85.625 34.930 392.331 (5.756) 386.575 Depreciation and amortizationPenambahan aset tetap 371.933 43.739 106.738 522.410 (438) 521.972 Additions of fixed assets

414


415











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Ringkasan berikut ini menggambarkan bisnis utamadari setiap segmen yang dilaporkan Grup: (lanjutan)

The following summary describes the core businessesof each of the Group’s reportable segments:(continued)

b) Jasa penunjang migas menyediakan jasapenguliran, perdagangan pipa OCGT (OpenCycle Gas Turbine) dan fabrikasi, pembuatanulir (threading) untuk pemboran migas, jasapengelolaan data dan informasi energi dansumber daya mineral (khususnya eksplorasidan eksploitasi minyak dan gas bumi), jasapengelolaan data migas, jasa pembangunansistem teknologi informasi terpadu, jasatelekomunikasi, jasa penyediaan jaringan,telekomunikasi satelit dan sistem komunikasiVSAT (Very-Small-Aperture Terminal).

b) Oil and gas support services provide threadingservices, OCGT (Open Cycle Gas Turbine) pipetrading and manufacturing, threading for oil andgas drilling, data and information on energy andmineral resources management services(particularly oil and gas exploration andexploitation), oil and gas data managementservices, integrated information technologydevelopment services, telecommunicationservices, network services provider, satellitecommunications, and Very-Small-ApertureTerminal-based communication systems.

c) Jasa distribusi dan logistik energi menyediakanjasa penyimpanan, perdagangan,pendistribusian dan pemasaran produk minyakdan gas di Indonesia.

c) Energy distribution and logistics services providestorage services, trading, distribution andmarketing of oil and gas products in Indonesia.

Informasi mengenai segmen yang dilaporkan danrekonsiliasi antara ukuran segmen dengan jumlahyang diakui dalam laporan keuangan konsolidasianadalah sebagai berikut:

Information about reportable segments andreconciliation between segment measures and theamounts recognized in the consolidated financialstatements are as follows:


JasaJasa distribusi



Pendapatan eksternal 2.636.121 292.797 3.695.856 6.624.774 - 6.624.774 External revenuesPendapatan antarsegmen 17.797 405.706 196.440 619.943 (619.943) - Inter-segment revenues




Beban penjualan (2.094) (48) (437) (2.579) - (2.579) Selling expensesGeneral and administrative

Beban umum dan administrasi (150.617) (54.374) (75.563) (280.554) 11.814 (268.740) expensesPenghasilan bunga 5.052 5.877 7.676 18.605 - 18.605 Interest incomeBeban keuangan (84.376) (3.275) (2.441) (90.092) - (90.092) Finance costsLain-lain - neto 64.876 4.157 (1.503) 67.530 - 67.530 Others - net




Beban pajak penghasilan 5.528 (9.220) (71.799) (75.491) - (75.491) Income tax expense


Penghasilan komprehensif lain 11.759 1.734 1.326 14.819 (3.060) 11.759 Other comprehensive income


Informasi-informasi lain Other informationTotal aset 4.127.301 884.244 1.378.949 6.390.494 (733.167) 5.657.327 Total assetsTotal liabilitas 1.660.843 172.267 715.780 2.548.890 (191.763) 2.357.127 Total liabilitiesEkuitas - neto 2.466.455 711.977 663.172 3.841.604 (541.404) 3.300.200 Equity - netPenyusutan dan amortisasi 271.776 85.625 34.930 392.331 (5.756) 386.575 Depreciation and amortizationPenambahan aset tetap 371.933 43.739 106.738 522.410 (438) 521.972 Additions of fixed assets










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JasaJasa distribusi



Pendapatan eksternal 2.267.287 206.867 2.504.832 4.978.986 - 4.978.986 External revenuesPendapatan antarsegmen 681 297.326 117.987 415.994 (415.994) - Inter-segment revenues




Beban penjualan (936) - (515) (1.451) - (1.451) Selling expensesGeneral and administrative

Beban umum dan administrasi (132.919) (44.676) (60.823) (238.418) 5.907 (232.511) expensesPenghasilan bunga 5.303 6.254 8.838 20.395 - 20.395 Interest incomeBeban keuangan (12.150) (2.612) (2.308) (17.070) - (17.070) Finance costsLain-lain - neto (10.050) 3.583 (5.110) (11.577) 521 (11.056) Others - net




Beban pajak penghasilan (876) (6.128) (68.608) (75.612) - (75.612) Income tax expense


Penghasilan komprehensif lain (8.529) (668) (3.084) (12.281) - (12.281) Other comprehensive income


Informasi-informasi lain Other informationTotal aset 3.708.958 807.929 994.244 5.511.131 (655.762) 4.855.369 Total assetsTotal liabilitas 1.300.493 191.223 446.146 1.937.902 (134.413) 1.803.449 Total liabilitiesEkuitas - neto 2.408.380 616.791 548.098 3.573.269 (521.349) 3.051.920 Equity - netPenyusutan dan amortisasi 277.942 73.779 21.734 373.455 (5.199) 368.256 Depreciation and amortizationPenambahan aset tetap 102.733 69.233 128.559 300.525 (1.312) 299.213 Additions of fixed assets

Informasi tentang pelanggan utama Information on major customers

Berikut ini adalah alokasi pendapatan usaha Grupberdasarkan kelompok pelanggan:

The following is the Group’s operating revenuesallocation based on customer grouping:



2018 2017

Pihak ketiga Third partiesKontraktor bagi hasil 39.054 104.109 Production sharing contractorsBahan bakar minyak 1.966.388 86.570 Fuel oilPelanggan eceran/masyarakat 101.187 1.735.823 Retail customers/publicLainnya 59.201 31.742 Others

2.165.830 1.958.244Pihak berelasi (Catatan 29i) 4.458.944 3.020.742 Related parties (Note 29i)

Total 6.624.774 4.978.986 Total

Grup tidak bergantung pada pendapatan dari suatupelanggan tertentu karena jasa-jasa yangdisediakan oleh Grup bukan merupakan jenis jasayang secara khusus diberikan untuk satu kelompokpelanggan tertentu.

The Group does not rely on revenue from any specificcustomer group due to the services provided by theGroup are not being provided exclusively to a certaingroup of customers.










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32. LABA PER SAHAM 32. EARNINGS PER SHARE

Rekonsiliasi perhitungan laba per saham adalahsebagai berikut:

The reconciliation of earnings per share calculation isas follows:



2018 2017

Laba periode berjalan yang dapatdiatribusikan kepada pemilik Profit for the period attributable toentitas induk 276.314 247.140 owners of the parent

Jumlah rata-rata tertimbang saham 7.298.500.000 7.298.500.000 Weighted average number of shares

Laba per saham (nilai penuh) 37,86 33,86 Earnings per share (full amount)

Pada tanggal 31 Desember 2018 dan 2017, tidakterdapat efek yang berpotensi dikonversi menjadisaham biasa yang dapat menimbulkan pengaruhdilusi pada laba per saham.

As of December 31, 2018 and 2017, there were nosecurities potentially converted into ordinary sharesthat would give rise to a dilution of earnings per share.

33. PENGUKURAN NILAI WAJAR 33. FAIR VALUE MEASUREMENT

Nilai wajar didefinisikan sebagai jumlah dimanainstrumen tersebut dapat dipertukarkan di dalamtransaksi jangka pendek antara pihak yangberkeinginan dan memiliki pengetahuan yangmemadai melalui suatu transaksi yang wajar, selaindi dalam penjualan terpaksa atau penjualanlikuidasi.

Fair value is defined as the amount at which aninstrument could be exchanged in a currenttransaction between knowledgeable willing parties inan arm's length transaction, other than in a forced orliquidation sale.

Instrumen keuangan yang disajikan dalam laporanposisi keuangan konsolidasian dicatat sebesar nilaiwajar, atau disajikan dalam jumlah tercatat, baikkarena jumlah tersebut mendekati nilai wajarnyaatau karena nilai wajarnya tidak dapat diukur secarahandal.

Financial instruments presented in the consolidatedstatement of financial position are carried at fair value,otherwise, they are presented at carrying amounts aseither these are reasonable approximation of fairvalues or their fair values cannot be reliably measured.

Grup menentukan pengukuran nilai wajar untuktujuan pengungkapan setiap aset keuangan danliabilitas keuangan berdasarkan metode dan asumsisebagai berikut:

The Group determined the fair value measurement fordisclosure purposes of each financial asset andfinancial liability based on the following methods andassumptions:

- Nilai wajar aset keuangan lancar dan liabilitaskeuangan jangka pendek yang mencakup,antara lain, kas dan setara kas, piutang usaha,aset keuangan lancar lainnya, pinjaman bankjangka pendek, utang usaha, liabilitas jangkapendek lainnya - utang lain-lain dan titipanpelanggan dan beban akrual, dianggapmendekati jumlah tercatatnya.

- The fair value of current financial assets andcurrent financial liabilities which includes, amongothers, cash and cash equivalents, tradereceivables, other current financial assets, short-term bank loans, trade payables, other non-current liabilities - other payables and customerdeposits and accrued expenses, are consideredto approximate their carrying amounts.

- Estimasi nilai wajar aset keuangan tidak lancarlainnya ditentukan dengan mendiskontokanarus kas masa depan menggunakan tingkatsuku bunga bebas risiko untuk instrumenserupa.

- The estimated fair values of other non-currentfinancial assets are determined by discounting thefuture cash flows using risk-free interest rates forsimilar instruments.

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32. LABA PER SAHAM 32. EARNINGS PER SHARE

Rekonsiliasi perhitungan laba per saham adalahsebagai berikut:

The reconciliation of earnings per share calculation isas follows:



2018 2017

Laba periode berjalan yang dapatdiatribusikan kepada pemilik Profit for the period attributable toentitas induk 276.314 247.140 owners of the parent

Jumlah rata-rata tertimbang saham 7.298.500.000 7.298.500.000 Weighted average number of shares

Laba per saham (nilai penuh) 37,86 33,86 Earnings per share (full amount)

Pada tanggal 31 Desember 2018 dan 2017, tidakterdapat efek yang berpotensi dikonversi menjadisaham biasa yang dapat menimbulkan pengaruhdilusi pada laba per saham.

As of December 31, 2018 and 2017, there were nosecurities potentially converted into ordinary sharesthat would give rise to a dilution of earnings per share.

33. PENGUKURAN NILAI WAJAR 33. FAIR VALUE MEASUREMENT

Nilai wajar didefinisikan sebagai jumlah dimanainstrumen tersebut dapat dipertukarkan di dalamtransaksi jangka pendek antara pihak yangberkeinginan dan memiliki pengetahuan yangmemadai melalui suatu transaksi yang wajar, selaindi dalam penjualan terpaksa atau penjualanlikuidasi.

Fair value is defined as the amount at which aninstrument could be exchanged in a currenttransaction between knowledgeable willing parties inan arm's length transaction, other than in a forced orliquidation sale.

Instrumen keuangan yang disajikan dalam laporanposisi keuangan konsolidasian dicatat sebesar nilaiwajar, atau disajikan dalam jumlah tercatat, baikkarena jumlah tersebut mendekati nilai wajarnyaatau karena nilai wajarnya tidak dapat diukur secarahandal.

Financial instruments presented in the consolidatedstatement of financial position are carried at fair value,otherwise, they are presented at carrying amounts aseither these are reasonable approximation of fairvalues or their fair values cannot be reliably measured.

Grup menentukan pengukuran nilai wajar untuktujuan pengungkapan setiap aset keuangan danliabilitas keuangan berdasarkan metode dan asumsisebagai berikut:

The Group determined the fair value measurement fordisclosure purposes of each financial asset andfinancial liability based on the following methods andassumptions:

- Nilai wajar aset keuangan lancar dan liabilitaskeuangan jangka pendek yang mencakup,antara lain, kas dan setara kas, piutang usaha,aset keuangan lancar lainnya, pinjaman bankjangka pendek, utang usaha, liabilitas jangkapendek lainnya - utang lain-lain dan titipanpelanggan dan beban akrual, dianggapmendekati jumlah tercatatnya.

- The fair value of current financial assets andcurrent financial liabilities which includes, amongothers, cash and cash equivalents, tradereceivables, other current financial assets, short-term bank loans, trade payables, other non-current liabilities - other payables and customerdeposits and accrued expenses, are consideredto approximate their carrying amounts.

- Estimasi nilai wajar aset keuangan tidak lancarlainnya ditentukan dengan mendiskontokanarus kas masa depan menggunakan tingkatsuku bunga bebas risiko untuk instrumenserupa.

- The estimated fair values of other non-currentfinancial assets are determined by discounting thefuture cash flows using risk-free interest rates forsimilar instruments.










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33. PENGUKURAN NILAI WAJAR (lanjutan) 33. FAIR VALUE MEASUREMENT (continued)

- Aset keuangan tersedia untuk dijual yang terdiridari investasi pada saham dengan persentasekepemilikan di bawah 20% dicatat pada biayaperolehan karena investasi pada instrumenekuitas tersebut tidak memiliki kuotasi harga dipasar aktif dan nilai wajarnya tidak dapat diukursecara handal.

- Available-for-sale financial asset that comprisedinvestments in shares with percentage ofownership interest less than 20% are recognizedat cost due to such investments in equityinstruments have no quoted market price in anactive market and their fair value cannot bereliably measureable.

- Estimasi nilai wajar pinjaman bank jangkapanjang ditentukan dengan mendiskontokanarus kas masa depan dengan menggunakantingkat suku bunga pasar untuk instrumendengan syarat, risiko kredit dan jatuh tempoyang serupa.

- The estimated fair values of long-term bank loansare determined by discounting the future cashflows using market interest rates for instrumentswith similar terms, credit risk and remainingmaturities.

Tabel berikut menyajikan perbandingan jumlahtercatat dengan estimasi nilai wajar instrumenkeuangan dalam laporan posisi keuangankonsolidasian.

The following table presents the comparison betweenthe carrying amounts and the estimated fair values offinancial instruments in the consolidated statement offinancial position.

31 Desember/ 31 Desember/December 31, December 31,

2018 2017

Jumlah Estimasi Jumlah Estimasitercatat/ nilai wajar/ tercatat/ nilai wajar/Carrying Estimated Carrying Estimatedamount fair value amount fair value

Aset keuangan Financial assetsKas dan setara kas 719.457 719.457 902.563 902.563 Cash and cash equivalentsPiutang usaha - neto 1.571.843 1.571.843 1.258.525 1.258.525 Trade receivables - netAset keuangan lancar lainnya - Other current financial

neto 21.090 21.090 9.030 9.030 assets - netAset keuangan tidak lancar Other non-current financial

lainnya - neto 163.961 163.961 143.360 143.360 assets - net

Total 2.476.351 2.476.351 2.313.478 2.313.478 Total

Liabilitas keuangan Financial liabilitiesPinjaman bank jangka pendek 608.865 608.865 695.012 695.012 Short-term bank loansUtang usaha 517.470 517.470 308.321 308.321 Trade payablesLiabilitas jangka pendek lainnya Other current liabilities

Utang lain-lain 15.812 15.812 12.657 12.657 Other payablesTitipan pelanggan 23.962 23.962 27.073 27.073 Customer deposits

Liabilitas imbalan kerja Short-term employeejangka pendek 85.031 85.031 56.157 56.157 benefits liability

Utang pihak berelasi - - 1.014 1.014 Due to related partiesBeban akrual 822.079 822.079 602.574 602.574 Accrued expensesPinjaman bank jangka panjang 212.550 212.550 2.256 2.256 Long-term bank loans

Total 2.285.769 2.285.769 1.705.064 1.705.064 Total

Hirarki Nilai Wajar Fair Value Hierarchy

Aset dan liabilitas keuangan diklasifikasikan secarakeseluruhan berdasarkan tingkat terendah darimasukan (input) yang signifikan terhadappengukuran nilai wajar. Penilaian dampak signifikandari suatu input tertentu terhadap pengukuran nilaiwajar membutuhkan pertimbangan dan dapatmempengaruhi penilaian dari aset dan liabilitas yangdiukur dan penempatannya dalam hirarki nilai wajar.

Financial assets and liabilities are classified in theirentirety based on the lowest level of input that issignificant to the fair value measurements. Theassessment of the significance of a particular input tothe fair value measurements requires judgement, andmay affect the valuation of the assets and liabilitiesbeing measured and their placement within the fairvalue hierarchy.










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Hirarki Nilai Wajar (lanjutan) Fair Value Hierarchy (continued)

Bukti terbaik dari nilai wajar adalah harga yangdikuotasikan (quoted prices) dalam sebuah pasaryang aktif. Jika pasar untuk sebuah instrumenkeuangan tidak aktif, entitas menetapkan nilai wajardengan menggunakan metode penilaian. Tujuandari penggunaan metode penilaian adalah untukmenetapkan harga transaksi yang terbentuk padatanggal pengukuran dalam sebuah transaksipertukaran yang wajar dengan pertimbangan bisnisnormal. Metode penilaian termasuk penggunaanharga dalam transaksi pasar yang wajar (arm’slength) terakhir antara pihak-pihak yang memahamidan berkeinginan, jika tersedia, referensi kepadanilai wajar terkini dari instrumen lain yang secarasubstansial sama, analisa arus kas yangdidiskontokan dan model harga opsi (option pricingmodels).

The best evidence of fair value is quoted prices in anactive market. If the market for a financial instrumentis not active, an entity establishes fair value by using avaluation technique. The objective of using a valuationtechnique is to establish what the transaction pricewould have been on the measurement date in an arm'slength exchange motivated by normal businessconsiderations. Valuation techniques include usingrecent arm's length market transactions betweenknowledgeable and willing parties, if available,reference to the current fair value of anotherinstrument that is substantially the same, discountedcash flow analysis and option pricing models.

Jika terdapat metode penilaian yang biasadigunakan oleh para peserta pasar untukmenentukan harga dari instrumen dan metodetersebut telah didemonstrasikan untuk menyediakanestimasi yang handal atas harga yang diperoleh daritransaksi pasar yang aktual, entitas harusmenggunakan metode tersebut. Metode penilaianyang dipilih membuat penggunaan maksimum dariinput pasar dan bergantung sedikit mungkin atasinput yang spesifik untuk entitas (entity-specificinputs). Metode tersebut memperhitungkan semuafaktor yang akan dipertimbangkan oleh pesertapasar dalam menentukan sebuah harga dan selarasdengan metode ekonomis untuk penilaian sebuahinstrumen keuangan. Secara berkala, Grupmenelaah metode penilaian dan mengujinya untukvaliditas dengan menggunakan harga dari transaksipasar terkini yang dapat diobservasi untukinstrumen yang sama (yaitu tanpa modifikasi danpengemasan kembali) atau berdasarkan data pasaryang tersedia dan dapat diobservasi.

If there is a valuation technique commonly used bymarket participants to price the instrument and thattechnique has been demonstrated to provide reliableestimates of prices obtained in actual markettransactions, the entity must uses that technique. Thechosen valuation technique makes maximum use ofmarket inputs and relies as little as possible on entity-specific inputs. It incorporates all factors that marketparticipants would consider in setting a price and isconsistent with accepted economic methodologies forpricing financial instruments. Periodically, the Groupcalibrates the valuation technique and tests it forvalidity using prices from any observable currentmarket transactions in the same instrument(i.e., without modification or repackaging) or based onany available observable market data.

Grup menggunakan hirarki di bawah untukmenentukan dan menyajikan nilai wajar dariinstrumen keuangan dalam melakukan pengukuran:

The Group uses the hierarchy to determine andpresent the fair value of financial instruments tomeasure:

• Tingkat 1 : Nilai wajar diukur berdasarkan padaharga kuotasi (tidak disesuaikan)dalam pasar aktif untuk aset atauliabilitas sejenis.

• Level 1 : Fair value measured based on quotedprices (unadjusted) in active marketsfor identical assets or liabilities.

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Bukti terbaik dari nilai wajar adalah harga yangdikuotasikan (quoted prices) dalam sebuah pasaryang aktif. Jika pasar untuk sebuah instrumenkeuangan tidak aktif, entitas menetapkan nilai wajardengan menggunakan metode penilaian. Tujuandari penggunaan metode penilaian adalah untukmenetapkan harga transaksi yang terbentuk padatanggal pengukuran dalam sebuah transaksipertukaran yang wajar dengan pertimbangan bisnisnormal. Metode penilaian termasuk penggunaanharga dalam transaksi pasar yang wajar (arm’slength) terakhir antara pihak-pihak yang memahamidan berkeinginan, jika tersedia, referensi kepadanilai wajar terkini dari instrumen lain yang secarasubstansial sama, analisa arus kas yangdidiskontokan dan model harga opsi (option pricingmodels).

The best evidence of fair value is quoted prices in anactive market. If the market for a financial instrumentis not active, an entity establishes fair value by using avaluation technique. The objective of using a valuationtechnique is to establish what the transaction pricewould have been on the measurement date in an arm'slength exchange motivated by normal businessconsiderations. Valuation techniques include usingrecent arm's length market transactions betweenknowledgeable and willing parties, if available,reference to the current fair value of anotherinstrument that is substantially the same, discountedcash flow analysis and option pricing models.

Jika terdapat metode penilaian yang biasadigunakan oleh para peserta pasar untukmenentukan harga dari instrumen dan metodetersebut telah didemonstrasikan untuk menyediakanestimasi yang handal atas harga yang diperoleh daritransaksi pasar yang aktual, entitas harusmenggunakan metode tersebut. Metode penilaianyang dipilih membuat penggunaan maksimum dariinput pasar dan bergantung sedikit mungkin atasinput yang spesifik untuk entitas (entity-specificinputs). Metode tersebut memperhitungkan semuafaktor yang akan dipertimbangkan oleh pesertapasar dalam menentukan sebuah harga dan selarasdengan metode ekonomis untuk penilaian sebuahinstrumen keuangan. Secara berkala, Grupmenelaah metode penilaian dan mengujinya untukvaliditas dengan menggunakan harga dari transaksipasar terkini yang dapat diobservasi untukinstrumen yang sama (yaitu tanpa modifikasi danpengemasan kembali) atau berdasarkan data pasaryang tersedia dan dapat diobservasi.

If there is a valuation technique commonly used bymarket participants to price the instrument and thattechnique has been demonstrated to provide reliableestimates of prices obtained in actual markettransactions, the entity must uses that technique. Thechosen valuation technique makes maximum use ofmarket inputs and relies as little as possible on entity-specific inputs. It incorporates all factors that marketparticipants would consider in setting a price and isconsistent with accepted economic methodologies forpricing financial instruments. Periodically, the Groupcalibrates the valuation technique and tests it forvalidity using prices from any observable currentmarket transactions in the same instrument(i.e., without modification or repackaging) or based onany available observable market data.

Grup menggunakan hirarki di bawah untukmenentukan dan menyajikan nilai wajar dariinstrumen keuangan dalam melakukan pengukuran:

The Group uses the hierarchy to determine andpresent the fair value of financial instruments tomeasure:

• Tingkat 1 : Nilai wajar diukur berdasarkan padaharga kuotasi (tidak disesuaikan)dalam pasar aktif untuk aset atauliabilitas sejenis.

• Level 1 : Fair value measured based on quotedprices (unadjusted) in active marketsfor identical assets or liabilities.










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• Tingkat 2 : Nilai wajar diukur berdasarkanteknik-teknik valuasi, yaitu untukseluruh input yang diketahui baiksecara langsung ataupun tidaklangsung memiliki dampaksignifikan atas nilai wajar tercatat.

• Level 2 : Fair value measured based onvaluation techniques for which allinputs which have a significant effecton the recorded fair values areobservable, either directly or indirectly.

• Tingkat 3 : Nilai wajar diukur berdasarkanteknik-teknik valuasi, yaitu untukseluruh input yang tidak dapatdiketahui baik secara langsungataupun tidak langsung memilikidampak signifikan atas nilai wajartercatat.

• Level 3 : Fair value measured based onvaluation techniques for which anyinputs which have a significant effecton the recorded fair values that are notbased on observable market data(unobservable inputs).

Hirarki nilai wajar Grup pada tanggal 31 Desember2018 dan 2017 adalah sebagai berikut:

Fair value hierarchy of the Group as of December 31,2018 and 2017 are as follows:


Total/ Level 1/ Level 2/ Level 3/Total Level 1 Level 2 Level 3

Aset yang nilai wajarnya diungkapkan Assets for which fair value are disclosedAset tidak lancar Non-current AssetsAset tetap *) 1.119.070 - 1.119.070 - Fixed assets *)Properti investasi 399.544 - 399.544 - Investment properties

*) Untuk aset tetap dengan nilai buku sebesar Rp698.361/For fixed assets with net book value of Rp698,361


Total/ Level 1/ Level 2/ Level 3/Total Level 1 Level 2 Level 3

Aset yang nilai wajarnya diungkapkan Assets for which fair value are disclosedAset tidak lancar Non-current AssetsAset tetap *) 218.998 - 218.998 - Fixed assets *)Properti investasi 389.282 - 389.282 - Investment properties

*) Untuk aset tetap dengan nilai buku sebesar Rp164.133/For fixed assets with net book value of Rp164,133

Pada tanggal 31 Desember 2018, tidak terdapatpengalihan antara pengukuran nilai wajar level 1 danlevel 2.

As of December 31, 2018, there is no transfer betweenmeasurement of fair value of level 1 and level 2.

Tidak terdapat aset dan liabilitas lain yang diukurdan diungkapkan selain yang telah dijelaskan diatas.

No other assets and liabilities have been measuredand disclosed other than above explained.

34. MANAJEMEN RISIKO KEUANGAN 34. FINANCIAL RISK MANAGEMENT

Risiko utama dari instrumen keuangan Grup adalahrisiko tingkat suku bunga, risiko mata uang, risikokredit dan risiko likuiditas. Penelaahan Direksi dankebijakan yang disetujui untuk mengelola masing-masing risiko ini dijelaskan secara detail sebagaiberikut:

The main risks arising from the Group’s financialinstruments are interest rate risk, currency risk, creditrisk and liquidity risk. The Directors review andapprove policies for managing each of these risks,which are described in more detail as follows:

a. Risiko tingkat suku bunga a. Interest rate risk

Risiko tingkat suku bunga Grup terutama timbuldari pinjaman untuk tujuan modal kerja daninvestasi. Pinjaman pada tingkat suku bungamengambang membuat Grup tereksposterhadap risiko suku bunga atas arus kas.

The Group’s interest rate risk mainly arises fromloans for working capital and investmentpurposes. Loans at floating rates expose theGroup to cash flow interest rate risk.










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34. MANAJEMEN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK MANAGEMENT (continued)

a. Risiko tingkat suku bunga (lanjutan) a. Interest rate risk (continued)

Untuk pinjaman modal kerja dan investasi, Grupberusaha mengurangi risiko tingkat sukubunganya dengan cara mendapatkan strukturpinjaman dengan suku bunga kompetitif.

For working capital and investment loans, theGroup may seek to mitigate its interest rate risk byobtaining loans structured with competitiveinterest rates.

Tabel berikut ini menunjukkan sensitivitasperubahan tingkat suku bunga pinjaman.Dampak perubahan tingkat suku bungapinjaman terhadap laba sebelum pajakpenghasilan adalah sebagai berikut:

The following table demonstrates the sensitivity tochanges in interest rates of the loans. The effectof changes in interest rates of the loans to profitbefore income tax is as follows:



2018 2017

Kenaikan 50 basis poin 4.689 3.055 Increase by 50 basis pointsPenurunan 50 basis poin (4.689) (3.055) Decrease by 50 basis points

Penurunan/kenaikan laba sebelum pajakpenghasilan tersebut terutama sebagai akibatkenaikan/penurunan biaya bunga ataspinjaman dengan tingkat bunga mengambang.Analisis mengasumsikan bahwa seluruhvariabel lain tetap tidak berubah.

Such decrease/increase in profit before incometax is mainly as a result of higher/lower interestexpense on loans with floating interest rates. Theanalysis assumes that all other variables remainconstant.

b. Risiko mata uang asing b. Foreign currency risk

Mata uang fungsional Grup adalah Rupiah.Grup dapat menghadapi risiko nilai tukar matauang asing karena pinjaman, pendapatan danbiaya beberapa pembelian utamanya dalammata uang Dolar AS atau harganya secarasignifikan dipengaruhi oleh perubahan tolakukur harganya dalam mata uang asing(terutama Dolar AS). Apabila pendapatan danpembelian Grup di dalam mata uang selainRupiah tidak seimbang dalam hal jumlahdan/atau pemilihan waktu, Grup tereksposrisiko mata uang asing.

The Group’s functional currency is the Rupiah.The Group faces foreign exchange risk as itsborrowings, revenues and the costs of certain keypurchases are either denominated in US Dollarsor their prices are significantly influenced by theirbenchmark price movements in foreign currencies(mainly US Dollars). To the extent that therevenue and purchases of the Group aredenominated in currencies other than Rupiah, andare not evenly matched in terms of amount and/ortiming, the Group has exposure to foreigncurrency risk.

Grup tidak mempunyai kebijakan lindung nilaiyang formal untuk laju pertukaran mata uangasing. Bagaimanapun, terkait dengan hal-halyang telah didiskusikan pada paragraf di atas,fluktuasi dalam nilai tukar Rupiah dan Dolar ASmenghasilkan lindung nilai natural untuk lajunilai tukar Grup.

The Group does not have any formal hedgingpolicy for foreign exchange exposure. However, inrelation to the matters discussed in the precedingparagraph, the fluctuations in the exchange ratesbetween the Rupiah and US Dollar provide somedegree of natural hedge for the Group’s foreignexchange exposure.

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a. Risiko tingkat suku bunga (lanjutan) a. Interest rate risk (continued)

Untuk pinjaman modal kerja dan investasi, Grupberusaha mengurangi risiko tingkat sukubunganya dengan cara mendapatkan strukturpinjaman dengan suku bunga kompetitif.

For working capital and investment loans, theGroup may seek to mitigate its interest rate risk byobtaining loans structured with competitiveinterest rates.

Tabel berikut ini menunjukkan sensitivitasperubahan tingkat suku bunga pinjaman.Dampak perubahan tingkat suku bungapinjaman terhadap laba sebelum pajakpenghasilan adalah sebagai berikut:

The following table demonstrates the sensitivity tochanges in interest rates of the loans. The effectof changes in interest rates of the loans to profitbefore income tax is as follows:



2018 2017

Kenaikan 50 basis poin 4.689 3.055 Increase by 50 basis pointsPenurunan 50 basis poin (4.689) (3.055) Decrease by 50 basis points

Penurunan/kenaikan laba sebelum pajakpenghasilan tersebut terutama sebagai akibatkenaikan/penurunan biaya bunga ataspinjaman dengan tingkat bunga mengambang.Analisis mengasumsikan bahwa seluruhvariabel lain tetap tidak berubah.

Such decrease/increase in profit before incometax is mainly as a result of higher/lower interestexpense on loans with floating interest rates. Theanalysis assumes that all other variables remainconstant.

b. Risiko mata uang asing b. Foreign currency risk

Mata uang fungsional Grup adalah Rupiah.Grup dapat menghadapi risiko nilai tukar matauang asing karena pinjaman, pendapatan danbiaya beberapa pembelian utamanya dalammata uang Dolar AS atau harganya secarasignifikan dipengaruhi oleh perubahan tolakukur harganya dalam mata uang asing(terutama Dolar AS). Apabila pendapatan danpembelian Grup di dalam mata uang selainRupiah tidak seimbang dalam hal jumlahdan/atau pemilihan waktu, Grup tereksposrisiko mata uang asing.

The Group’s functional currency is the Rupiah.The Group faces foreign exchange risk as itsborrowings, revenues and the costs of certain keypurchases are either denominated in US Dollarsor their prices are significantly influenced by theirbenchmark price movements in foreign currencies(mainly US Dollars). To the extent that therevenue and purchases of the Group aredenominated in currencies other than Rupiah, andare not evenly matched in terms of amount and/ortiming, the Group has exposure to foreigncurrency risk.

Grup tidak mempunyai kebijakan lindung nilaiyang formal untuk laju pertukaran mata uangasing. Bagaimanapun, terkait dengan hal-halyang telah didiskusikan pada paragraf di atas,fluktuasi dalam nilai tukar Rupiah dan Dolar ASmenghasilkan lindung nilai natural untuk lajunilai tukar Grup.

The Group does not have any formal hedgingpolicy for foreign exchange exposure. However, inrelation to the matters discussed in the precedingparagraph, the fluctuations in the exchange ratesbetween the Rupiah and US Dollar provide somedegree of natural hedge for the Group’s foreignexchange exposure.










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b. Risiko mata uang asing (lanjutan) b. Foreign currency risk (continued)

Grup memiliki aset dan liabilitas moneter dalammata uang asing sebagai berikut:

The Group’s monetary assets and liabilitiesdenominated in foreign currencies are as follows:

31 Desember/December 31, 2018 31 Desember/December 31, 2017

Dalam mata Setara dalam Dalam mata Setara dalamuang asing/ Rupiah/ uang asing/ Rupiah/In foreign Equivalent In foreign Equivalentcurrencies in Rupiah currencies in Rupiah

Aset AssetsKas dan setara kas $AS 13.485.465 195.283 $AS 31.654.931 428.860 Cash and cash equivalents

Piutang usaha $AS 39.362.061 570.002 $AS 37.685.798 510.567 Trade receivables$SG 25.276 268 $SG 17.026 173

Aset keuangan lancar lainnya $AS 674.172 9.763 $AS 674.818 9.142 Other current financial assetsPiutang pihak berelasi $AS 509 7 $AS - - Due from related parties

€ 242.500 4.016 € 242.494 3.922Aset keuangan tidak lancar

lainnya $AS - - $AS 121.027 1.640 Other non-current financial assets

Total 779.339 954.304 Total

Liabilitas LiabilitiesPinjaman bank jangka pendek $AS 28.893.999 418.414 $AS 51.300.000 695.012 Short-term bank loansUtang usaha $AS 3.525.299 51.050 $AS 1.435.565 19.449 Trade payables

$SG 197.115 2.090 $SG 112.605 1.141Liabilitas jangka pendek lainnya $AS 163.752 2.371 $AS 296.256 4.014 Other current liabilitiesBeban akrual $AS 4.333.385 62.752 $AS 10.362.801 140.395 Accrued expenses

$SG 208.533 2.211 $SG - -Pinjaman bank jangka

panjang $AS 15.000.000 217.215 $AS - - Long-term bank loans

Total 756.103 860.011 Total

Aset neto 23.236 94.293 Net assets

Apabila aset dan liabilitas moneter dalam matauang asing pada tanggal 31 Desember 2018dijabarkan ke dalam Rupiah denganmenggunakan kurs tengah transaksi yangdipublikasikan Bank Indonesia pada tanggal14 Februari 2019, maka aset moneter neto akanberkurang sebesar Rp700.

Had monetary assets and liabilities denominatedin foreign currencies as of December 31, 2018been translated to the Rupiah using the middlerate transaction published by Bank Indonesia asof February 14, 2019, the net monetary assetswould have been decreased by approximatelyRp700.

Tabel berikut ini menunjukkan sensitivitasperubahan nilai tukar mata uang asing. Dampakperubahan nilai tukar mata uang asing terhadaplaba sebelum pajak penghasilan adalahsebagai berikut:

The following table demonstrates the sensitivity tochanges in the exchange rate of foreigncurrencies. The effect of changes in the exchangerate of foreign currencies to profit before incometax is as follows:



2018 2017

Penguatan 1% 230 940 Strengthening by 1%Pelemahan 1% (230) (940) Weakening by 1%

Analisis mengasumsikan bahwa seluruhvariabel lain, khususnya tingkat suku bunga,tetap tidak berubah dan mengabaikan dampakatas perkiraan penjualan dan pembelian.

The analysis assumes that all other variables, inparticular interest rates, remain constant andignores any impact of forecasted sales andpurchases.










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c. Risiko kredit c. Credit risk

Eksposur maksimum Grup terhadap risikokredit adalah senilai dengan jumlah tercatat darisetiap aset keuangan.

The Group’s maximum exposure to credit risk isequal to the carrying amount of each financialassets.

Risiko kredit utama yang dihadapi oleh Grupberasal dari kredit yang diberikan kepadapelanggan. Untuk meringankan risiko ini, adakebijakan untuk memastikan penjualanjasa/produk hanya dibuat kepada pelangganyang dapat dipercaya dan terbukti mempunyairekam jejak atau sejarah kredit yang baik. Inimerupakan kebijakan Grup dimana semuapelanggan yang akan melakukan pembelianjasa/produk secara kredit harus melaluiprosedur verifikasi kredit. Untuk pendapatan,Grup memberikan jangka waktu kredit darifaktur yang diterbitkan. Sebagai tambahan,saldo piutang dipantau secara terus menerusuntuk mengurangi kemungkinan piutang yangtidak tertagih.

The main credit risk faced by the Group arisesfrom the credit granted to its customers. Tomitigate this risk, it has policies in place to ensurethat sales of services/products are made only tocreditworthy customers with proven track recordsor good credit history. It is the Group’s policy thatall customers who wish to trade services/productson credit are subject to credit verificationprocedures. For revenues, the Group may grantits customers credit terms from the issue ofinvoices. In addition, receivables balances aremonitored on an ongoing basis to reduceexposure to bad debts.

Tabel berikut menyajikan analisis umur piutangusaha.

The following table presents the aging analysis oftrade receivables.


2018 2017______

Belum jatuh tempo 1.168.704 911.794 Not yet overdue

Lewat jatuh tempo Overdue1-30 hari 295.428 305.774 1-30 days31-60 hari 29.683 9.885 31-60 days61-150 hari 41.173 8.436 61-150 daysLebih dari 150 hari 188.911 161.188 Over 150 days


Neto 1.571.843 1.258.525 Net

Risiko piutang usaha yang belum jatuh tempodan tidak mengalami penurunan nilai untukmengalami penurunan nilai adalah kecil karenadebitur memiliki rekam jejak yang baik denganGrup.

The risk of trade receivables that are neitheroverdue nor impaired becoming impaired is low asthe parties have a good track record with theGroup.

Tergantung pada penilaian Grup, penyisihankhusus mungkin dibuat jika piutang dianggaptidak tertagih.

Depending on the Group’s assessment, specificallowance may be made if a receivable wasdeemed uncollectible.

Aset keuangan tidak lancar lainnya tertentumengalami penurunan nilai yaitu terkait denganefek perubahan nilai waktu uang atas klaimdeposito ke Bank Mega (Catatan 10 dan 30a).

Certain other non-current financial assets havebeen impaired related to the impact of time valueof money from claim of deposits to Bank Mega(Notes 10 and 30a).

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423











106


c. Risiko kredit c. Credit risk

Eksposur maksimum Grup terhadap risikokredit adalah senilai dengan jumlah tercatat darisetiap aset keuangan.

The Group’s maximum exposure to credit risk isequal to the carrying amount of each financialassets.

Risiko kredit utama yang dihadapi oleh Grupberasal dari kredit yang diberikan kepadapelanggan. Untuk meringankan risiko ini, adakebijakan untuk memastikan penjualanjasa/produk hanya dibuat kepada pelangganyang dapat dipercaya dan terbukti mempunyairekam jejak atau sejarah kredit yang baik. Inimerupakan kebijakan Grup dimana semuapelanggan yang akan melakukan pembelianjasa/produk secara kredit harus melaluiprosedur verifikasi kredit. Untuk pendapatan,Grup memberikan jangka waktu kredit darifaktur yang diterbitkan. Sebagai tambahan,saldo piutang dipantau secara terus menerusuntuk mengurangi kemungkinan piutang yangtidak tertagih.

The main credit risk faced by the Group arisesfrom the credit granted to its customers. Tomitigate this risk, it has policies in place to ensurethat sales of services/products are made only tocreditworthy customers with proven track recordsor good credit history. It is the Group’s policy thatall customers who wish to trade services/productson credit are subject to credit verificationprocedures. For revenues, the Group may grantits customers credit terms from the issue ofinvoices. In addition, receivables balances aremonitored on an ongoing basis to reduceexposure to bad debts.

Tabel berikut menyajikan analisis umur piutangusaha.

The following table presents the aging analysis oftrade receivables.


2018 2017______

Belum jatuh tempo 1.168.704 911.794 Not yet overdue

Lewat jatuh tempo Overdue1-30 hari 295.428 305.774 1-30 days31-60 hari 29.683 9.885 31-60 days61-150 hari 41.173 8.436 61-150 daysLebih dari 150 hari 188.911 161.188 Over 150 days


Neto 1.571.843 1.258.525 Net

Risiko piutang usaha yang belum jatuh tempodan tidak mengalami penurunan nilai untukmengalami penurunan nilai adalah kecil karenadebitur memiliki rekam jejak yang baik denganGrup.

The risk of trade receivables that are neitheroverdue nor impaired becoming impaired is low asthe parties have a good track record with theGroup.

Tergantung pada penilaian Grup, penyisihankhusus mungkin dibuat jika piutang dianggaptidak tertagih.

Depending on the Group’s assessment, specificallowance may be made if a receivable wasdeemed uncollectible.

Aset keuangan tidak lancar lainnya tertentumengalami penurunan nilai yaitu terkait denganefek perubahan nilai waktu uang atas klaimdeposito ke Bank Mega (Catatan 10 dan 30a).

Certain other non-current financial assets havebeen impaired related to the impact of time valueof money from claim of deposits to Bank Mega(Notes 10 and 30a).










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d. Risiko likuiditas d. Liquidity risk

Grup mengelola profil likuiditasnya untuk dapatmendanai pengeluaran modalnya danmengelola utang yang jatuh tempo denganmenjaga kas yang cukup dan ketersediaanpendanaan melalui jumlah fasilitas kreditberkomitmen yang cukup.

The Group manages its liquidity profile to be ableto finance its capital expenditure and manage itsmaturing debts by maintaining sufficient cash andthe availability of funding through an adequateamount of committed credit facilities.

Grup secara reguler mengevaluasi proyeksiarus kas dan terus menerus menilai kondisipasar keuangan untuk mengevaluasikemungkinan mengejar inisiatif penggalangandana.

The Group regularly evaluates its projected andactual cash flow information and continuouslyassesses conditions in the financial markets toevaluate the possibility of pursuing fund-raisinginitiatives.

Tabel berikut menyajikan profil jangka waktupembayaran liabilitas keuangan Grupberdasarkan pembayaran kontraktual yangtidak didiskontokan.

The following table presents the maturity profile ofthe Group’s financial liabilities based onundiscounted contractual payments.


Biaya Jumlahpinjaman/ tercatat/

< 1 tahun/ 1-2 tahun/ 2-3 tahun/ Costs of Carrying< 1 year 1-2 years 2-3 years Total loan amounts

Pinjaman bank jangkapendek 608.865 - - 608.865 - 608.865 Short-term bank loans

Utang usaha 517.470 - - 517.470 - 517.470 Trade payablesLiabilitas jangka pendek

lainnya Other current liabilitiesUtang lain-lain 15.812 - - 15.812 - 15.812 Other payablesTitipan pelanggan 23.962 - - 23.962 - 23.962 Customer deposits

Liabilitas imbalan kerja Short-term employeejangka pendek 85.031 - - 85.031 - 85.031 benefits liability

Beban akrual 822.079 - - 822.079 - 822.079 Accrued expensesPinjaman bank jangka

panjang - - 217.215 217.215 (4.665) 212.550 Long-term bank loans

Total 2.073.219 - 217.215 2.290.434 (4.665) 2.285.769 Total


Biaya Jumlahpinjaman/ tercatat/

< 1 tahun/ 1-2 tahun/ 2-3 tahun/ Costs of Carrying< 1 year 1-2 years 2-3 years Total loan amounts

Pinjaman bank jangkapendek 695.012 - - 695.012 - 695.012 Short-term bank loans

Utang usaha 308.321 - - 308.321 - 308.321 Trade payablesLiabilitas jangka pendek

lainnya Other current liabilitiesUtang lain-lain 12.657 - - 12.657 - 12.657 Other payablesTitipan pelanggan 27.073 - - 27.073 - 27.073 Customer deposits

Liabilitas imbalan kerja Short-term employeejangka pendek 56.157 - - 56.157 - 56.157 benefits liability

Beban akrual 602.574 - - 602.574 - 602.574 Accrued expensesUtang pihak berelasi 1.014 - - 1.014 - 1.014 Due to related partiesPinjaman bank jangka

panjang 2.256 - - 2.256 - 2.256 Long-term bank loans

Total 1.705.064 - - 1.705.064 - 1.705.064 Total










108


e. Pengelolaan modal e. Capital management

Tujuan Grup dalam pengelolaan modal adalahuntuk mempertahankan kelangsungan usahaGrup guna memberikan imbal hasil kepadapemegang saham dan manfaat kepadapemangku kepentingan lainnya serta menjagastruktur modal yang optimal yang meliputi utangdan ekuitas untuk mengurangi biaya modal.

The Group’s objectives when managing capitalare to safeguard the Group’s ability to continue asa going concern in order to provide returns forshareholders and benefits to other stakeholdersand to maintain an optimum capital structurecovering debt and equity to minimise the cost ofcapital.

Secara periodik, Grup melakukan penilaianutang untuk menilai kemungkinan pembiayaankembali utang yang ada dengan utang baruyang memiliki biaya yang lebih efisien sehinggamengoptimalkan biaya utang.

Periodically, the Group conducts debt valuation toassess possibilities of refinancing existing debtswith new ones which have more efficient cost thatwill lead to more optimized cost-of-debt.

Grup dipersyaratkan oleh Undang-undangNo. 40 tahun 2007 tentang Perseroan Terbatasuntuk mengalokasikan dana cadangan yangtidak boleh didistribusikan sampai dengan 20%dari modal saham ditempatkan dan disetorpenuh. Persyaratan permodalan eksternaltersebut dipertimbangkan oleh Grup dalamRapat Umum Pemegang Saham.

The Group is required by the Limited LiabilityCompany Law No. 40 of 2007 to allocate andmaintain a non-distributable reserve fund untilsuch reserve reaches 20% of the issued and fullypaid capital stock. This externally imposed capitalrequirement is considered by the Group in theGeneral Meeting of Shareholders.

Perusahaan dan EPN dipersyaratkan untukmemelihara tingkat permodalan tertentu olehperjanjian pinjaman bank (Catatan 15 dan 20).Pada tanggal 31 Desember 2018 dan 2017,persyaratan permodalan eksternal tersebuttelah dipenuhi.

The Company and EPN are required to maintaincertain level of capital by bank loan agreements(Notes 15 and 20). As of December 31, 2018 and2017, this externally imposed capital requirementhas been complied.

Strategi Grup adalah mempertahankan rasioutang terhadap ekuitas maksimal sebesar3 kali dan rasio pengembalian utang minimalsebesar 1,1 kali.

The Group’s strategy is to maintain the maximumdebt to equity ratio at 3 times and the minimumdebt service coverage ratio at 1.1 times.

Rasio utang terhadap ekuitas dihitungberdasarkan total liabilitas dibandingkandengan ekuitas neto. Perhitungan rasio utangterhadap ekuitas adalah sebagai berikut:

Debt to equity ratio was calculated by comparingtotal liabilities to net equity. The calculation of debtto equity ratios is as follows:


2018 2017

Total liabilitas 2.357.127 1.803.449 Total liabilitiesEkuitas - neto 3.300.200 3.051.920 Equity - net

Rasio utang terhadap ekuitas 0,71 0,59 Debt to equity ratio

Rasio pengembalian utang dihitungberdasarkan laba sebelum pajak, bunga,penyusutan dan amortisasi dikurangi dividenterhadap pembayaran pokok dan bunga.Pembayaran pokok dan bunga tidak termasukpelunasan yang dipercepat. Perhitungan rasiopengembalian utang adalah sebagai berikut:

Debt service coverage ratio was calculated bycomparing earning before tax, interest,depreciation and amortization less dividend toprincipal and interest payment. Principal andinterest payment exclude early repayment made.The calculation of debt service coverage ratios isas follows:

424


425











108


e. Pengelolaan modal e. Capital management

Tujuan Grup dalam pengelolaan modal adalahuntuk mempertahankan kelangsungan usahaGrup guna memberikan imbal hasil kepadapemegang saham dan manfaat kepadapemangku kepentingan lainnya serta menjagastruktur modal yang optimal yang meliputi utangdan ekuitas untuk mengurangi biaya modal.

The Group’s objectives when managing capitalare to safeguard the Group’s ability to continue asa going concern in order to provide returns forshareholders and benefits to other stakeholdersand to maintain an optimum capital structurecovering debt and equity to minimise the cost ofcapital.

Secara periodik, Grup melakukan penilaianutang untuk menilai kemungkinan pembiayaankembali utang yang ada dengan utang baruyang memiliki biaya yang lebih efisien sehinggamengoptimalkan biaya utang.

Periodically, the Group conducts debt valuation toassess possibilities of refinancing existing debtswith new ones which have more efficient cost thatwill lead to more optimized cost-of-debt.

Grup dipersyaratkan oleh Undang-undangNo. 40 tahun 2007 tentang Perseroan Terbatasuntuk mengalokasikan dana cadangan yangtidak boleh didistribusikan sampai dengan 20%dari modal saham ditempatkan dan disetorpenuh. Persyaratan permodalan eksternaltersebut dipertimbangkan oleh Grup dalamRapat Umum Pemegang Saham.

The Group is required by the Limited LiabilityCompany Law No. 40 of 2007 to allocate andmaintain a non-distributable reserve fund untilsuch reserve reaches 20% of the issued and fullypaid capital stock. This externally imposed capitalrequirement is considered by the Group in theGeneral Meeting of Shareholders.

Perusahaan dan EPN dipersyaratkan untukmemelihara tingkat permodalan tertentu olehperjanjian pinjaman bank (Catatan 15 dan 20).Pada tanggal 31 Desember 2018 dan 2017,persyaratan permodalan eksternal tersebuttelah dipenuhi.

The Company and EPN are required to maintaincertain level of capital by bank loan agreements(Notes 15 and 20). As of December 31, 2018 and2017, this externally imposed capital requirementhas been complied.

Strategi Grup adalah mempertahankan rasioutang terhadap ekuitas maksimal sebesar3 kali dan rasio pengembalian utang minimalsebesar 1,1 kali.

The Group’s strategy is to maintain the maximumdebt to equity ratio at 3 times and the minimumdebt service coverage ratio at 1.1 times.

Rasio utang terhadap ekuitas dihitungberdasarkan total liabilitas dibandingkandengan ekuitas neto. Perhitungan rasio utangterhadap ekuitas adalah sebagai berikut:

Debt to equity ratio was calculated by comparingtotal liabilities to net equity. The calculation of debtto equity ratios is as follows:


2018 2017

Total liabilitas 2.357.127 1.803.449 Total liabilitiesEkuitas - neto 3.300.200 3.051.920 Equity - net

Rasio utang terhadap ekuitas 0,71 0,59 Debt to equity ratio

Rasio pengembalian utang dihitungberdasarkan laba sebelum pajak, bunga,penyusutan dan amortisasi dikurangi dividenterhadap pembayaran pokok dan bunga.Pembayaran pokok dan bunga tidak termasukpelunasan yang dipercepat. Perhitungan rasiopengembalian utang adalah sebagai berikut:

Debt service coverage ratio was calculated bycomparing earning before tax, interest,depreciation and amortization less dividend toprincipal and interest payment. Principal andinterest payment exclude early repayment made.The calculation of debt service coverage ratios isas follows:










109


e. Pengelolaan modal (lanjutan) e. Capital management (continued)



2018 2017

Laba sebelum pajak, bunga, Profit before tax, interest, depreciationpenyusutan dan amortisasi 738.229 718.450 and amortization

Dividen 37.071 31.092 DividendPembayaran pokok dan bunga 163.399 57.672 Principal and interest payment

Rasio pengembalian utang 4,29 11,92 Debt service coverage ratio

35. TAMBAHAN INFORMASI ARUS KAS 35. SUPPLEMENTARY CASH FLOWS INFORMATION

Aktivitas signifikan yang tidak mempengaruhi aruskas Grup adalah sebagai berikut:

Significant activities which did not affect the Group’scash flows are as follows:



2018 2017

Penambahan aset tetap melalui: Addition of fixed assets through:Utang usaha 13.187 30.409 Trade payable

Perubahan pada liabilitas yang timbul dari aktivitaspendanaan pada laporan arus kas konsolidasianadalah sebagai berikut:

Movement of liabilities arising from financing activitiesin the consolidated statement of cash flows are asfollows:

Non- arus kas/Non-cash flow

31 DesemberSelisih kurs/ 2018/

1 Januari 2018/ Arus kas/ Foreign exchange Lainnya/ December 31,January 1, 2018 Cash flow difference Others 2018

Pinjaman bank jangka pendek 695.012 (134.914) 48.643 124 608.865 Short-term bank loansPinjaman bank jangka panjang 2.256 213.806 1.153 (4.665) 212.550 Long-term bank loans

Total 697.268 78.892 49.796 (4.541) 821.415 Total

426


428

KETERANGAN / DESCRIPTION HALAMAN / PAGE

I. KETENTUAN UMUM / GENERAL PROVISIONS

1. Laporan Tahunan Emiten atau Perusahaan Publik merupakan sumber informasi penting bagi investor atau pemegang saham sebagai salah satu dasar pertimbangan dalam pengambilan keputusan investasi dan sarana pengawasan terhadap Emiten atau Perusahaan Publik.

1. Annual Report of Issuers or Public Companies is the source or important information for investors or shareholders as the basis for consideration to make decision regarding investment, as well as the supervision medium on Issuers or Public Companies.

9

2. Seiring dengan perkembangan Pasar Modal dan meningkatnya kebutuhan investor atau pemegang saham atas keterbukaan informasi, Direksi dan Dewan Komisaris dituntut untuk meningkatkan kualitas keterbukaan informasi melalui Laporan Tahunan Emiten atau Perusahaan Publik.

2. In line with the development of Capital Market and the rising needs of investors or shareholders for information disclosure, the Board of Directors and Board of Commissioners are required to improve the quality of information disclosure through the Annual Report of Issuers or Public Companies.

9

3. Laporan Tahunan yang disusun secara teratur dan informatif dapat memberikan kemudahan bagi investor atau pemegang saham dalam memperoleh informasi yang dibutuhkan.

3. Annual Report that is prepared methodically and is informative may facilitate the investors or shareholders to obtain the required information. 9

4. Surat Edaran Otoritas Jasa Keuangan ini merupakan pedoman bagi Emiten atau Perusahaan Publik yang wajib diterapkan dalam menyusun Laporan Tahunan.

4. This Circular Letter of Financial Services Authority is a guideline for Issuers or Public Companies that must be applied in preparing the Annual Report. 9

II. BENTUK LAPORAN TAHUNAN / FORM OF ANNUAL REPORT

1. Ketentuan Umum 1. General Provisions

a. Laporan Tahunan paling sedikit memuat informasi mengenai: a. Annual report at least contains information about:

1) ikhtisar data keuangan penting; 1) an overview of key financial data; 14

2) informasi saham (jika ada); 2) stock information (if any); 74

3) laporan Direksi; 3) report of the Board of Directors; 36

4) laporan Dewan Komisaris; 4) report of the Board of Commissioners; 24

5) profil Emiten atau Perusahaan Publik; 5) the profile of Issuers or Public Companies; 50

6) analisis dan pembahasan manajemen; 6) management discussion and analysis; 94

7) tata kelola Emiten atau Perusahaan Publik; 7) the profile of Issuers or Public Companies; 174

8) tanggung jawab sosial dan lingkungan Emiten atau Perusahaan Publik; 8) social and environmental responsibilities of the Issuers or Public Companies; 292

9) laporan keuangan tahunan yang telah diaudit; dan 9) the audited annual financial statements; and 310

10) surat pernyataan anggota Direksi dan anggota Dewan Komisaris tentang tanggung jawab atas Laporan Tahunan;

10) statements of members of the Board of Directors and the Board of Commissioners about responsibility for the Annual Report;

46

b. Laporan Tahunan dapat menyajikan informasi berupa gambar, grafik, tabel, dan/atau diagram dengan mencantumkan judul dan/atau keterangan yang jelas, sehingga mudah dibaca dan dipahami;

b. The Annual Report can present information in the form of pictures, charts, tables, and/or diagrams by stating clear titles and/or descriptions so as to be easy to read and understand;

9

2. Uraian Isi Laporan Tahunan 2. Contents of Annual Report

a. Ikhtisar Data Keuangan Penting Ikhtisar Data Keuangan Penting memuat informasi keuangan yang disajikan

dalam bentuk perbandingan selama 3 (tiga) tahun buku atau sejak memulai usahanya jika Emiten atau Perusahaan Publik tersebut menjalankan kegiatan usahanya kurang dari 3 (tiga) tahun, paling sedikit memuat:

a. Key Financial Data Highlights Key Financial Data Highlights contains financial information presented in the

form of comparison for 3 (three) financial years or since the commencement of business if the Issuers or Public Companies run its business activities in less than three (3) years, which at least contains:

14

1) pendapatan/penjualan; 1) revenues/sales; 14

2) laba bruto; 2) gross profit; 14

3) laba (rugi); 3) profit (loss); 14

4) jumlah laba (rugi) yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non pengendali;

4) the amount of profit (loss) that can be attributed to the owner of the parent entity and the non controlling interests;

14

5) total laba (rugi) komprehensif; 5) total comprehensive (loss) profit; 14

6) jumlah laba (rugi) komprehensif yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non pengendali;

6) the amount of comprehensive profit (loss) that can be attributed to the owner of the parent entity and the non controlling interests;

14

7) laba (rugi) per saham; 7) profit (loss) per share; 14

8) jumlah aset; 8) total assets; 14

9) jumlah liabilitas; 9) total liabilities; 14

10) jumlah ekuitas; 10) total equity; 14

11) rasio laba (rugi) terhadap jumlah aset; 11) the ratio of profit (loss) to total assets 16

12) rasio laba (rugi) terhadap ekuitas; 12) the ratio of profit (loss) to equity; 16

13) rasio laba (rugi) terhadap pendapatan/penjualan; 13) the ratio of profit (loss) to revenues/sales; 16

14) rasio lancar; 14) current ratio; 16

15) rasio liabilitas terhadap ekuitas; 15) liability to equity ratio; 16

16) rasio liabilitas terhadap jumlah aset; dan 16) liability to total assets ratio; and 16

17) informasi dan rasio keuangan lainnya yang relevan dengan Emiten atau Perusahaan Publik dan jenis industrinya;

17) information and other financial ratios that are relevant to the Issuers or Public Companies and the type of industry;

16

b. Informasi Saham b. Share Information

Informasi Saham (jika ada) paling sedikit memuat: Share information (if any) at least contains:

1) saham yang telah diterbitkan untuk setiap masa triwulan (jika ada) yang disajikan dalam bentuk perbandingan selama 2 (dua) tahun buku terakhir, paling sedikit meliputi:

1) shares that have been issued for each quarterly period (if any) presented in the form of comparison for the last 2 (two) financial years, which at least includes:

17

a) jumlah saham yang beredar; a) the number of outstanding shares; 17

Referensi SEOJK Nomor 30-SEOJK.04-2016: Laporan Tahunan Perusahaan PublikSEOJK No. 30-SEOJK.04-2016 Reference: Annual Report of Public Companies

429



b) kapitalisasi pasar berdasarkan harga pada Bursa Efek tempat saham dicatatkan;

b) market capitalization based on prices on the Stock Exchange where the shares are listed;

75

c) harga saham tertinggi, terendah, dan penutupan berdasarkan harga pada Bursa Efek tempat saham dicatatkan; dan

c) the highest, lowest, and closing share prices on the Stock Exchange where the shares are listed; and

17

d) volume perdagangan pada Bursa Efek tempat saham dicatatkan; d) trading volume on the Stock Exchange where the shares are listed; 17

Informasi pada huruf a) diungkap oleh Emiten yang merupakan Perusahaan Terbuka yang sahamnya tercatat maupun tidak tercatat di Bursa Efek;

Information in letter a) is disclosed by the Issuer that is a Public Company whose shares are listed and not listed on Stock Exchange;

Informasi pada huruf b), c), dan huruf d) hanya diungkapkan jika Emiten merupakan Perusahaan Terbuka dan sahamnya tercatat di Bursa Efek;

Information in letters b), c) and d) is disclosed only if the Issuer is a Public Company whose shares are listed on Stock Exchange;

2) dalam hal terjadi aksi korporasi, seperti pemecahan saham (stock split), penggabungan saham (reverse stock), dividen saham, saham bonus, dan perubahan nilai nominal saham, informasi saham sebagaimana dimaksud pada angka 1) ditambahkan penjelasan paling sedikit mengenai:

2) In case of corporate actions, such as stock split, reverse stock, stock dividends, bonus shares, and changes in the nominal value of the shares, stock information as outlined in Figure 1) shall be added with an explanation that at least cover:

77

a) tanggal pelaksanaan aksi korporasi; a) the date of the execution of corporate actions; 77

b) rasio pemecahan saham (stock split), penggabungan saham (reverse stock), dividen saham, saham bonus, dan perubahan nilai nominal saham;

b) stock split ratio, reverse stock, stock dividends, bonus shares, and changes to the nominal value of the shares; 77

c) jumlah saham beredar sebelum dan sesudah aksi korporasi; dan c) the number of outstanding shares before and after the corporate actions; and

77

d) harga saham sebelum dan sesudah aksi korporasi; d) the number of shares before and after the corporate actions;

3) dalam hal terjadi penghentian sementara perdagangan saham (suspension), dan/atau penghapusan pencatatan saham (delisting) dalam tahun buku, Emiten atau Perusahaan Publik menjelaskan alasan penghentian sementara perdagangan saham (suspension) dan/atau penghapusan pencatatan saham (delisting) tersebut; dan

3) In the event of temporary suspension of stock trading (suspension), and/or delisting of shares in the financial year, Issuers or Public Companies shall explain the reasons of the temporary suspension of stock trading (suspension) and/or share delisting; and

-

4) dalam hal penghentian sementara perdagangan saham (suspension) dan/atau penghapusan pencatatan saham (delisting) sebagaimana dimaksud pada angka 3) masih berlangsung hingga akhir periode Laporan Tahunan, Emiten atau Perusahaan Publik menjelaskan tindakan yang dilakukan untuk menyelesaikan penghentian sementara perdagangan saham (suspension) dan/atau penghapusan pencatatan saham (delisting) tersebut;

4) in the event of temporary suspension of stock trading (suspension), and/or delisting of shares in the financial year as referred to in number 3) still continues until the end of Annual Report period, Issuers or Public Companies shall explain the actions taken to settle the temporary suspension of stock trading (suspension) and/or share delisting;

-

c. Laporan Direksi c. Board of Directors Report

Laporan Direksi paling sedikit memuat: Report of the Board of Directors at least contains:

1) uraian singkat mengenai kinerja Emiten atau Perusahaan Publik, paling sedikit meliputi:

1) a brief description about the performance of the Issuers or Public Companies, which at least includes the following:

36

a) strategi dan kebijakan strategis Emiten atau Perusahaan Publik; a) strategy and strategic policy of Issuers or Public Companies; 36

b) perbandingan antara hasil yang dicapai dengan yang ditargetkan; dan b) comparison between the results achieved and the target; and 36

c) kendala yang dihadapi Emiten atau Perusahaan Publik; c) constraints faced by Issuers or Public Companies; 40

2) gambaran tentang prospek usaha; 2) description about business prospects;

3) penerapan tata kelola Emiten atau Perusahaan Publik; dan 3) the implementation of governance of Issuers or Public Companies; and 41

4) perubahan komposisi anggota Direksi dan alasan perubahannya (jika ada); 4) changes in the composition of the Board of Directors and the reasons thereof (if any);

42

d. Laporan Dewan Komisaris d. Board of Commissioners Report

Laporan Dewan Komisaris paling sedikit memuat: Report of the Board of Commissioners at least contain:

1) penilaian terhadap kinerja Direksi mengenai pengelolaan Emiten atau Perusahaan Publik;

1) assessment of the performance of the Board of Directors regarding the management of the Issuers or Public Companies;

24

2) pengawasan terhadap implementasi strategi Emiten atau Perusahaan Publik;

2) supervision of the implementation of the strategy of the Issuers or Public Companies;

28

3) pandangan atas prospek usaha Emiten atau Perusahaan Publik yang disusun oleh Direksi;

3) opinion on business outlook of Issuers or Public Companies prepared by the Board of Directors

29

4) pandangan atas penerapan tata kelola Emiten atau Perusahaan Publik; 4) opinion on the implementation of governance of Issuers or Public Companies; 30

5 perubahan komposisi anggota Dewan Komisaris dan alasan perubahannya (jika ada); dan

5) changes in the composition of the Board of Commissioners and the reasons thereof (if any); and

32

6) frekuensi dan cara pemberian nasihat kepada anggota Direksi; 6) the frequency and advice-giving method to members of the Board of Directors;

28

e. Profil Emiten atau Perusahaan Publik e. Profile of Issuers or Public Companies

Profil Emiten atau Perusahaan Publik paling sedikit memuat: The profile of Issuers or Public Companies at least contains: 50

1) nama Emiten atau Perusahaan Publik termasuk apabila terdapat perubahan nama, alasan perubahan, dan tanggal efektif perubahan nama pada tahun buku;

1) the name of Issuers or Public Companies including when there is a name change, the reason for the change, and the effective date of name changes in the financial year;

50

2) akses terhadap Emiten atau Perusahaan Publik termasuk kantor cabang atau kantor perwakilan yang memungkinkan masyarakat dapat memperoleh informasi mengenai Emiten atau Perusahaan Publik, meliputi:

2) access to Issuers or public companies including branch office or representative office which allows the public to obtain information regarding Issuers or Public Companies, including:

a) alamat; a) address; 50

b) nomor telepon; b) phone number; 50

c) nomor faksimile; c) fax number; 50

d) alamat surat elektronik; dan d) electronic mail address; and 50

430


e) alamat Situs Web; e) Website address; 50

3) riwayat singkat Emiten atau Perusahaan Publik; 3) brief history of Issuers of Public Companies; 51

4) visi dan misi Emiten atau Perusahaan Publik; 4) vision and mission of Issuers or Public Companies; 62

5) kegiatan usaha menurut anggaran dasar terakhir, kegiatan usaha yang dijalankan pada tahun buku, serta jenis barang dan/atau jasa yang dihasilkan;

5) business activities according to the latest articles of association, business activities implemented in the fiscal year, as well as the type of goods and/or services produced;

64

6) struktur organisasi Emiten atau Perusahaan Publik dalam bentuk bagan, paling sedikit sampai dengan struktur 1 (satu) tingkat di bawah Direksi, disertai dengan nama dan jabatan;

6) the organizational structure of the Issuers or Public Companies in the form of charts, at least up to the structure of a 1 (one) level below the Board of Directors, accompanied by the name and job title;

58

7) profil Direksi, paling sedikit memuat: 7) profile of Board of Directors, at least contains:

a) nama dan jabatan yang sesuai dengan tugas dan tanggung jawab; a) name and position in accordance with the duties and responsibilities;

69

b) foto terbaru; b) latest photos

c) usia; c) age

d) kewarganegaraan; d) citizenship

e) riwayat pendidikan; e) history of education

f) riwayat jabatan, meliputi informasi: f) career history, including:

(1) dasar hukum penunjukan sebagai anggota Direksi pada Emiten atau Perusahaan Publik yang bersangkutan;

(1) legal basis for appointment as a member of the Board of Directors in the Issuers or Public Companies concerned;

(2) rangkap jabatan, baik sebagai anggota Direksi, anggota Dewan Komisaris, dan/atau anggota komite serta jabatan lainnya (jika ada); dan

(2) the double title, both as a member of the Board of Directors, member of the Board of Commissioners, and/or members of the committee as well as other positions (if any); and

(3) pengalaman kerja beserta periode waktunya baik di dalam maupun di luar Emiten atau Perusahaan Publik;

(3) work experience and the period of time both inside and outside of Issuers or Public Companies:

g) pendidikan dan/atau pelatihan yang telah diikuti anggota Direksi dalam meningkatkan kompetensi dalam tahun buku (jika ada); dan

g) education and/or training which have been followed in improving the competence of the Board of Directors in the financial year (if any); and

h) hubungan Afiliasi dengan anggota Direksi lainnya, anggota Dewan Komisaris, dan pemegang saham utama (jika ada) meliputi nama pihak yang terafiliasi;

h) affiliation with other members of the Board of Directors, members of the Board of Commissioners, and the majority shareholders (if any), including the name of the affiliated parties;

8) profil Dewan Komisaris, paling sedikit memuat: 8) profile of the Board of Commissioners, at least contains:

a) nama; a) name;

64

b) foto terbaru; b) latest photos;

c) usia; c) age;

d) kewarganegaraan; d) citizenship;

e) riwayat pendidikan; e) history of education

f) riwayat jabatan, meliputi informasi: f) career history, including information:

(1) dasar hukum penunjukan sebagai anggota Dewan Komisaris yang bukan merupakan Komisaris Independen pada Emiten atau Perusahaan Publik yang bersangkutan;

(1) legal basis for appointment as a member of the Board of Commissioners who is not an independent Commissioner in Issuers or Public Companies concerned;

(2) dasar hukum penunjukan pertama kali sebagai anggota Dewan Komisaris yang merupakan Komisaris Independen pada Emiten atau Perusahaan Publik yang bersangkutan;

(2) legal basis for first-time appointment as a member of the Board of Commissioners who is not an independent Commissioner in Issuers or Public Companies concerned;

(3) rangkap jabatan, baik sebagai anggota Dewan Komisaris, anggota Direksi, dan/atau anggota komite serta jabatan lainnya (jika ada); dan

(3) the double title, both as a member of the Board of Directors, member of the Board of Commissioners, and/or members of the committee as well as other positions (if any); and


(4) work experience and the period of time both inside and outside of Issuers or Public Companies

g) pendidikan dan/atau pelatihan yang telah diikuti anggota Dewan Komisaris dalam meningkatkan kompetensi dalam tahun buku (jika ada);

g) education and/or training which have been followed in improving the competence of the Board of Commissioners in the financial year (if any);

h) hubungan Afiliasi dengan anggota Dewan Komisaris lainnya dan pemegang saham utama (jika ada) meliputi nama pihak yang terafiliasi; dan

h) affiliation with other members of the Board of Commissioners, and the majority shareholders (if any), including the name of the affiliated parties; and

i) pernyataan independensi Komisaris Independen dalam hal Komisaris Independen telah menjabat lebih dari 2 (dua) periode (jika ada);

i) statement of the independence of the Independent Commissioner in terms of Independent Commissioner has served for more than 2 periods.

9) dalam hal terdapat perubahan susunan anggota Direksi dan/atau anggota Dewan Komisaris yang terjadi setelah tahun buku berakhir sampai dengan batas waktu penyampaian Laporan Tahunan, susunan yang dicantumkan dalam Laporan Tahunan adalah susunan anggota Direksi dan/atau anggota Dewan Komisaris yang terakhir dan sebelumnya;

9) in the event of a change in the composition of the members of the Board of Directors and/or members of the Board of Commissioners that occurred after the end of financial year until the deadline for submission of the Annual Report, the order that is stated in the annual report is the last and previous composition of members of the Board of Directors and/or the Board of Commissioners;

32, 42

10) jumlah karyawan dan deskripsi sebaran tingkat pendidikan dan usia karyawan dalam tahun buku;

10) the number of employees and the description of any educational level and age of employees in the financial year;

159

11) nama pemegang saham dan persentase kepemilikan pada akhir tahun buku, yang terdiri dari:

11) the name of the shareholders and the percentage of ownership at the end of the fiscal year, which consists of:

a) pemegang saham yang memiliki 5% (lima persen) atau lebih saham Emiten atau Perusahaan Publik;

a) shareholders who have a 5% (five percent) or more of the shares of Issuers or Public Companies;

74b) anggota Direksi dan anggota Dewan Komisaris yang memiliki saham

Emiten atau Perusahaan Publik; danb) members of the Board of Directors and members of Board of

Commissioners who have shares of Issuers or Public Companies; and

c) kelompok pemegang saham masyarakat, yaitu kelompok pemegang saham yang masingmasing memiliki kurang dari 5% (lima persen) saham Emiten atau Perusahaan Publik;

c) a group of public shareholders, i.e. the group of shareholders that each has less than 5% (five percent) of the shares of Issuers or Public Companies;

12) jumlah pemegang saham dan persentase kepemilikan per akhir tahun buku berdasarkan klasifikasi:

12) the number of shareholders and the percentage of share ownership per end of financial year by classification:

431



a) kepemilikan institusi lokal; a) Ownership of local institutions;

74b) kepemilikan institusi asing; b) Ownership of a foreign institution;

c) kepemilikan individu lokal; dan c) Individual local ownership; and

d) kepemilikan individu asing; d) Individual foreign ownership;

13) informasi mengenai pemegang saham utama dan pengendali Emiten atau Perusahaan Publik, baik langsung maupun tidak langsung, sampai kepada pemilik individu, yang disajikan dalam bentuk skema atau bagan;

13) information regarding the majority and controlling shareholders and Issuers or Public Companies, either directly or indirectly, up to the individual owners, presented in the form of a scheme or a chart;

74

14) nama entitas anak, perusahaan asosiasi, perusahaan ventura bersama dimana Emiten atau Perusahaan Publik memiliki pengendalian bersama entitas, beserta persentase kepemilikan saham, bidang usaha, total aset, dan status operasi Emiten atau Perusahaan Publik tersebut (jika ada);

14) name of subsidiaries, associated companies, joint venture in which the Issuers or Public Companies have common control with the entity, together with their percentage of share ownership, line of business, total assets, and operating status of Issuers or Public Companies (if any);

60

Untuk entitas anak, ditambahkan informasi mengenai alamat entitas anak tersebut;

For subsidiaries, information about the address of the subsidiaries is added; 60

15) kronologi pencatatan saham, jumlah saham, nilai nominal, dan harga penawaran dari awal pencatatan hingga akhir tahun buku serta nama Bursa Efek dimana saham Emiten atau Perusahaan Publik dicatatkan (jika ada);

15) share-listing chronology, number of shares, nominal value, and the offering price from the beginning of the share listing until the end of the fiscal year as well as the name of the Stock Exchange where the shares of Issuers or Public Companies are listed (if any);

77

16) kronologi pencatatan Efek lainnya selain Efek sebagaimana dimaksud pada angka 15), yang paling sedikit memuat nama Efek, tahun penerbitan, tanggal jatuh tempo, nilai penawaran, dan peringkat Efek (jika ada);

16) other Securities listing chronology other than Securities as referred to earlier and at least contain name of securities, issuance year, maturity date, offering value, and rating of Securities (if any).

77

17) nama dan alamat lembaga dan/atau profesi penunjang pasar modal; 17) name and address of institutions and/or professionals supporting the capital market

78

18) dalam hal terdapat profesi penunjang pasar modal yang memberikan jasa secara berkala kepada Emiten atau Perusahaan Publik, diungkapkan informasi mengenai jasa yang diberikan, komisi (fee), dan periode penugasan; dan

18) in the event of a capital market professionals that provide services on a regular basis to the Issuers or Public Companies, information about services provided, the commission (fee), and the period of the assignment shall be disclosed; and

19) penghargaan dan/atau sertifikasi yang diterima Emiten atau Perusahaan Publik baik yang berskala nasional maupun internasional dalam tahun buku terakhir (jika ada), yang memuat:

19) awards and/or certification of national and international scale received by Issuers or Public Companies in the last financial year (if any), which contains:

a) nama penghargaan dan/atau sertifikasi; a) The name of the award and/or certification

b) badan atau lembaga yang memberikan; dan b) Agency or institution that grants the award; and

c) masa berlaku penghargaan dan/atau sertifikasi (kalau ada); c) The validity period of the Award and/or certification (if applicable)

F. Analisis dan Pembahasan Manajemen F. Management Discussion and Analysis

102 - 122

Analisis dan pembahasan manajemen memuat analisis dan pembahasan mengenai laporan keuangan dan informasi penting lainnya dengan penekanan pada perubahan material yang terjadi dalam tahun buku, yaitu paling sedikit memuat:

Analysis and discussion of load management analysis and discussion of the financial statements and other important information with an emphasis on material changes that occurred during the fiscal year, ie at least contain:

1) tinjauan operasi per segmen operasi sesuai dengan jenis industri Emiten atau Perusahaan Publik, paling sedikit mengenai:

1) operational overview per operating segment according to the type of industry of Issuers or Public Companies, at least about:

a) produksi, yang meliputi proses, kapasitas, dan perkembangannya; a) the production, which includes the processes, capacity, and its development;

b) pendapatan/penjualan; dan b) revenues/sales; and

c) profitabilitas; c) profitability;

2) kinerja keuangan komprehensif yang mencakup perbandingan kinerja keuangan dalam 2 (dua) tahun buku terakhir, penjelasan tentang penyebab adanya perubahan dan dampak perubahan tersebut, paling sedikit mengenai:

2) comprehensive financial performance that includes a comparison of financial performance in the last 2 (two) financial years, an explanation of the causes of changes and the impact of those changes, at least about:

123 - 142a) aset lancar, aset tidak lancar, dan total aset; a) current assets, non current assets, and total assets;

b) liabilitas jangka pendek, liabilitas jangka panjang, dan total liabilitas; b) current liabilities, non current liabilities, and total liabilities;

c) ekuitas; c) equity;

d) pendapatan/penjualan, beban, laba (rugi), penghasilan komprehensif lain, dan total laba (rugi) komprehensif; dan

d) sales/revenue, expense, profit (loss), other comprehensive income, and total comprehensive profit (loss);

e) arus kas; e) cash flow;

3) kemampuan membayar utang dengan menyajikan perhitungan rasio yang relevan;

3) the capacity to pay the debt by presenting the relevant ratio calculation;

1394) tingkat kolektibilitas piutang Emiten atau Perusahaan Publik dengan

menyajikan perhitungan rasio yang relevan;4) receivable collectability rate of Issuers or Public Companies by presenting the

relevant ratio calculation;

5) struktur modal (capital structure) dan kebijakan manajemen atas struktur modal (capital structure) tersebut disertai dasar penentuan kebijakan dimaksud;

5) the capital structure and management policy on capital structure are accompanied with the basis of determination of the policies; 140 - 141

6) bahasan mengenai ikatan yang material untuk investasi barang modal dengan penjelasan paling sedikit meliputi:

6) Discussion about material commitments for capital goods investment with explanation which at least includes:

142

a) tujuan dari ikatan tersebut; a) the purpose of the commitments;

b) sumber dana yang diharapkan untuk memenuhi ikatan tersebut; b) the expected source of funding to meet the commitments;

c) mata uang yang menjadi denominasi; dan c) the currency for the denomination; and

d) langkah yang direncanakan Emiten atau Perusahaan Publik untuk melindungi risiko dari posisi mata uang asing yang terkait;

d) the planned steps of Issuers or Public Companies to protect the risk of the position of the foreign currency;

7) bahasan mengenai investasi barang modal yang direalisasikan dalam tahun buku terakhir, paling sedikit meliputi:

7) Discussion about capital goods investment which are realized in the last financial year, at least include the following:

143a) jenis investasi barang modal; a) type of capital goods investment;

b) tujuan investasi barang modal; dan b) type of capital goods investment; and

c) nilai investasi barang modal yang dikeluarkan; c) the investment value of the capital goods spent;

8) informasi dan fakta material yang terjadi setelah tanggal laporan akuntan (jika ada);

8) Information and material facts that occur after balance sheet date (if any);147

432


9) prospek usaha dari Emiten atau Perusahaan Publik dikaitkan dengan kondisi industri, ekonomi secara umum dan pasar internasional disertai data pendukung kuantitatif dari sumber data yang layak dipercaya;

9) Business prospects of the Issuers or Public Companies associated with the condition of the industry, the economy in general and the international market accompanied by quantitative supporting data from reliable data sources;

100

10) perbandingan antara target/proyeksi pada awal tahun buku dengan hasil yang dicapai (realisasi), mengenai:

10) A comparison between the target/projections at the beginning of the year and the results achieved (realization), about:

143

a) pendapatan/penjualan; a) revenues/sales;

b) laba (rugi); b) profit (loss);

c) struktur modal (capital structure); atau c) capital structure; or

d) hal lainnya yang dianggap penting bagi Emiten atau Perusahaan Publik; d) other matters that are considered important for Issuers or Public Companies;

11) target/proyeksi yang ingin dicapai Emiten atau Perusahaan Publik untuk 1 (satu) tahun mendatang, mengenai:

11) Target/projections to be achieved by Issuers or Public Companies for 1 (one) year ahead, about:

146

a) pendapatan/penjualan; a) revenues/sales;

b) laba (rugi); b) profit (loss);

c) struktur modal (capital structure); c) capital structure;

d) kebijakan dividen; atau d) dividend policy; or

e) hal lainnya yang dianggap penting bagi Emiten atau Perusahaan Publik; e) other matters that are considered important for Issuers or Public Companies;

12) aspek pemasaran atas barang dan/atau jasa Emiten atau Perusahaan Publik, paling sedikit mengenai strategi pemasaran dan pangsa pasar;

12) Aspects of the marketing of goods and/or services of Issuers or Public Companies, at least regarding marketing strategy and market share;

101

13) uraian mengenai dividen selama 2 (dua) tahun buku terakhir (jika ada), paling sedikit:

13) Description about dividends in the last 2 (two) years (if any), of at least:

147

a) kebijakan dividen; a) dividend policy;

b) tanggal pembayaran dividen kas dan/atau tanggal distribusi dividen non kas;

b) cash dividend payment date and/or the date of distribution of non cash dividends;

c) jumlah dividen per saham (kas dan/atau non kas); dan c) the amount of the dividend per share (cash and/or non cash); and

d) jumlah dividen per tahun yang dibayar; d) the amount of dividends paid per year;

14) realisasi penggunaan dana hasil Penawaran Umum, dengan ketentuan: 14) The Realization of the Use of Funds from Public Offering, on condition that:

149

a) dalam hal selama tahun buku, Emiten memiliki kewajiban menyampaikan laporan realisasi penggunaan dana, maka diungkapkan realisasi penggunaan dana hasil Penawaran Umum secara kumulatif sampai dengan akhir tahun buku; dan

a) in the event that during the fiscal year, Issuers have the duty of submitting the report of realization of the use of the funds, then the realization of fund from public offering shall be disclosed cumulatively until the end of the financial year; and

b) dalam hal terdapat perubahan penggunaan dana sebagaimana diatur dalam Peraturan Otoritas Jasa Keuangan tentang Laporan Realisasi Penggunaan Dana Hasil Penawaran Umum, maka Emiten menjelaskan perubahan tersebut;

b) in the event there is a change in use of the funds as set forth in the Regulation of the Financial Services Authority about the Report of the Realization of Use of Fund from Public Offering, then the Issuers shall explain the changes.

15) informasi material (jika ada), antara lain mengenai investasi, ekspansi, divestasi, penggabungan/ peleburan usaha, akuisisi, restrukturisasi utang/modal, transaksi Afiliasi, dan transaksi yang mengandung benturan kepentingan, yang terjadi pada tahun buku, antara lain memuat:

15) Material information (if any), i.e. about investment, expansion, divestment, mergers/consolidation, acquisition, debt/capital restructuring, affiliated transaction, and the transaction containing conflict of interest, which happen in the financial year and contains among others:

151-153a) tanggal, nilai, dan objek transaksi; a) date, value, and the object of the transaction;

b) nama pihak yang melakukan transaksi; b) the names of the parties to the transaction;

c) sifat hubungan Afiliasi (jika ada); c) the nature of the affiliation (if any);

d) penjelasan mengenai kewajaran transaksi; dan d) description on the reasonableness of the transaction; and

e) pemenuhan ketentuan terkait; e) the fulfillment of the related provisions;

16) perubahan ketentuan peraturan perundang-undangan yang berpengaruh signifikan terhadap Emiten atau Perusahaan Publik dan dampaknya terhadap laporan keuangan (jika ada); dan

16) Changes in provisions of laws and regulations that influence significantly to Issuers or Public Companies and its impact on the financial statements (if any); and

153

17) perubahan kebijakan akuntansi, alasan dan dampaknya terhadap laporan keuangan (jika ada);

17) Accounting policy changes, reasons thereof and its impact on the financial statements (if any);

153

G. Tata Kelola Emiten atau Perusahaan Publik G. Issuers or Public Companies Governance

Tata kelola Emiten atau Perusahaan Publik paling sedikit memuat uraian singkat mengenai:

Issuers or Public Companies Governance contains, at the very least, brief description about:

1) Direksi, mencakup antara lain: 1) Board of Directors, covering among others:

a) tugas dan tanggung jawab masing-masing anggota Direksi; a) duties and responsibilities of each member of the Board of Directors; 213

b) pernyataan bahwa Direksi memiliki pedoman atau piagam (charter) Direksi;

b) a statement that the Board of Directors have guidelines or Board of Directors charter;

212

c) prosedur, dasar penetapan, struktur, dan besarnya remunerasi masing-masing anggota Direksi, serta hubungan antara remunerasi dengan kinerja Emiten atau Perusahaan Publik;

c) procedures, basis of determination, structure, and amount of remuneration of each member of the Board of Directors, as well as the relationship between the remuneration and performance of Issuers or Public Companies;

225-226

d) kebijakan dan pelaksanaan tentang frekuensi rapat Direksi, termasuk rapat bersama Dewan Komisaris, dan tingkat kehadiran anggota Direksi dalam rapat tersebut;

d) policy and implementation about the frequency of meetings of the Board of Directors, including the joint meeting of the Board of Commissioners, and attendance rates of members of the Board of Directors in these meetings;

232-238

e) informasi mengenai keputusan RUPS 1 (satu) tahun sebelumnya, meliputi:

e) information about the decision of the GMS of 1 (one) year before, including:

190-199

(1) keputusan RUPS yang direalisasikan pada tahun buku; dan (1) GMS resolutions realized in the financial year; and

(2) alasan dalam hal terdapat keputusan yang belum direalisasikan; (2) the reason in the event of a decision that has not yet been realized;

f) informasi mengenai keputusan RUPS pada tahun buku, meliputi: f) information about the decision of the GMS in the financial year, including;

(1) keputusan RUPS yang direalisasikan pada tahun buku; dan (1) GMS resolutions realized in the financial year; and

(2) alasan dalam hal terdapat keputusan yang belum direalisasikan; dan (2) the reason in the event of a decision that has not yet been realized;

g) penilaian terhadap kinerja komite yang mendukung pelaksanaan tugas Direksi;

g) assessment of the performance of the Committees that support the execution of the duties of Directors

N/A

433



2) Dewan Komisaris, mencakup antara lain: 2) Board of Commissioners, covering, among others:

a) tugas dan tanggung jawab Dewan Komisaris; a) duties and responsibilities of the Board of Commissioners; 206

b) pernyataan bahwa Dewan Komisaris memiliki pedoman atau piagam (charter) Dewan Komisaris;

b) a statement that the Board of Commissioners have guidelines or Board of Commissioners charter;

206

c) prosedur, dasar penetapan, struktur, dan besarnya remunerasi masing-masing anggota Dewan Komisaris;

c) procedures, basis of determination, structure, and amount of remuneration of each member of the Board of Commissioners;

225-226

d) kebijakan dan pelaksanaan tentang frekuensi rapat Dewan Komisaris, termasuk rapat bersama Direksi, dan tingkat kehadiran anggota Dewan Komisaris dalam rapat tersebut;

d) policy and implementation about the frequency of meetings of the Board of Commissioners, including the joint meeting of the Board of Commissioners, and attendance rates of members of the Board of commissioners in these meetings;

232-238

e) kebijakan Emiten atau Perusahaan Publik tentang penilaian terhadap kinerja anggota Direksi dan anggota Dewan Komisaris dan pelaksanaannya, paling sedikit meliputi:

e) policy of Issuers or Public Companies about their assessment of the performance of members of the Board of Directors and members of Board of Commissioners and its implementation, which at least include the following:

222-224(1) prosedur pelaksanaan penilaian kinerja; (1) performance assessment implementation procedures

(2) kriteria yang digunakan; dan (2) criteria used; and

(3) pihak yang melakukan penilaian; (3) assessor.

f) penilaian terhadap kinerja komite yang mendukung pelaksanaan tugas Dewan Komisaris; dan

f) assessment of the performance of the committees that support the execution of the duties of the Board of Commissioners; and

31

g) dalam hal Dewan Komisaris tidak membentuk Komite Nominasi dan Remunerasi, dimuat informasi paling sedikit mengenai:

g) in the event that the Board of Commissioners do not form the Nomination and Remuneration Committee, the information to be presented shall at least include:

N/A(1) alasan tidak dibentuknya komite; dan (1) the reasons for not establishing the committee; and

(2) prosedur nominasi dan remunerasi yang dilakukan dalam tahun buku;

(2) remuneration and nomination procedures done in the financial year.

3) Dewan Pengawas Syariah, bagi Emiten atau Perusahaan Publik yang menjalankan kegiatan usaha berdasarkan prinsip syariah sebagaimana tertuang dalam anggaran dasar, paling sedikit memuat:

3) Sharia Supervisory Board for Issuers or Public Companies running business activities based on sharia principles as stated in the articles of Association, which at least contain:

N/Aa) nama; a) name

b) tugas dan tanggung jawab Dewan Pengawas Syariah; dan b) duties and responsibilities of the Sharia Supervisory Board; and

c) frekuensi dan cara pemberian nasihat dan saran serta pengawasan pemenuhan Prinsip Syariah di Pasar Modal terhadap Emiten atau Perusahaan Publik;

c) the frequency and advice-giving method and suggestions as well as supervision of the fulfilment of the Sharia principles in the Capital Market to Issuers and Public Companies.

4) Komite Audit, mencakup antara lain: 4) Audit Committee, include among others:

a) nama dan jabatannya dalam keanggotaan komite; a) name and position in the membership of the committee;

240-241

b) usia; b) age;

c) kewarganegaraan; c) citizenship;

d) riwayat pendidikan; d) education history;

e) riwayat jabatan, meliputi informasi: e) career history, including:

(1) dasar hukum penunjukan sebagai anggota komite; (1) legal basis of appointment as committee's members


(2) concurrent position, either as members of Board of Commissioners, members of Board of Directors, and/or members of committees and other positions (if any); and



f) periode dan masa jabatan anggota Komite Audit; f) period and the term of office of members of the Audit Committee;

g) pernyataan independensi Komite Audit; g) statement of the independence of the Audit Committee; 241

h) kebijakan dan pelaksanaan tentang frekuensi rapat Komite Audit dan tingkat kehadiran anggota Komite Audit dalam rapat tersebut;

h) policy and implementation about the frequency of meetings of the Audit Committee and member of the Audit Committee attendance rates in such meetings;

243

i) pendidikan dan/atau pelatihan yang telah diikuti dalam tahun buku (jika ada); dan

i) education and/or training which have been attended in the financial year;90

j) pelaksanaan kegiatan Komite Audit pada tahun buku sesuai dengan yang dicantumkan dalam pedoman atau piagam (charter) Komite Audit;

j) the implementation of the activities of the Audit Committee in the financial year according to the guidelines or charter of Audit Committee.

242

434


5) komite lain yang dimiliki Emiten atau Perusahaan Publik dalam rangka mendukung fungsi dan tugas Direksi dan/atau Dewan Komisaris, seperti Komite Nominasi dan Remunerasi, mencakup antara lain:

5) other committees owned by Issuers or Public Companies in order to support the functions and duties of the Board of Directors and/or the Board of Commissioners, such as the Nomination and Remuneration Committee, which include among others:

244 & 248

a) nama dan jabatannya dalam keanggotaan komite; a) name and position in the membership of the committee;

b) usia; b) age;

c) kewarganegaraan; c) citizenship;

d) riwayat pendidikan; d) education history;

e) riwayat jabatan, meliputi informasi: e) career history, including:

(1) dasar hukum penunjukan sebagai anggota komite; (1) legal basis of appointment as committee's members;




(3) work experience and the tenure, both in and outside of the Issuers or Public Companies;

f) periode dan masa jabatan anggota komite; f) period and the term of office of members of the committee;

g) uraian tugas dan tanggung jawab; g) description of duties and responsibilities;

h) pernyataan bahwa telah memiliki pedoman atau piagam (charter) komite;

h) A statement that the Board of Directors have guidelines or committee charter;

i) pernyataan independensi komite; i) statement of the independence of the committee;

j) kebijakan dan pelaksanaan tentang frekuensi rapat komite dan tingkat kehadiran anggota komite dalam rapat tersebut;

j) the policy and implementation of meeting frequency of the committee and attendance rate of members of the committee in the meeting;

k) pendidikan dan/atau pelatihan yang telah diikuti dalam tahun buku (jika ada); dan

k) education and/or training which have been attended in the financial year (if any); and

l) uraian singkat pelaksanaan kegiatan komite pada tahun buku; l) a brief description of the implementation of the committee’s activities in the financial year.

6) Sekretaris Perusahaan, mencakup antara lain: 6) Corporate Secretary, include among others:

254

a) nama; a) name;

b) domisili; b) domicile;

c) riwayat jabatan, meliputi informasi: c) career history, including:

(1) dasar hukum penunjukan sebagai Sekretaris Perusahaan; dan (1) legal basis of appointment as Corporate Secretary; and



d) riwayat pendidikan; d) education history

e) pendidikan dan/atau pelatihan yang diikuti dalam tahun buku; dan e) education and/or training which have been attended in the financial year; and

f) uraian singkat pelaksanaan tugas Sekretaris Perusahaan pada tahun buku;

f) a brief description of the implementation of the tasks of the Corporate Secretary in the financial year;

7) Unit Audit Internal, mencakup antara lain: 7) Internal Audit Unit includes among others:

263

a) nama kepala Unit Audit Internal; a) the name of the head of Internal Audit Unit;

b) riwayat jabatan, meliputi informasi: b) career history, including:

(1) dasar hukum penunjukan sebagai kepala Unit Audit Internal; dan (1) legal basis of appointment as the Head of Internal Audit Unit; and



c) kualifikasi atau sertifikasi sebagai profesi audit internal (jika ada); c) qualification or certification in the internal audit profession (if any);

d) pendidikan dan/atau pelatihan yang diikuti dalam tahun buku; d) education and/or training which have been attended in the financial year; and

e) struktur dan kedudukan Unit Audit Internal; e) the structure and the position of the Internal Audit Unit;

f) uraian tugas dan tanggung jawab; f) description of duties and responsibilities;

g) pernyataan bahwa telah memiliki pedoman atau piagam (charter) Unit Audit Internal; dan

g) a statement that the Internal Audit Unit has guidelines or committee charter; and

h) uraian singkat pelaksanaan tugas Unit Audit Internal pada tahun buku; h) a brief description of the implementation of the tasks of the Internal Audit Unit in the financial year;

8) uraian mengenai sistem pengendalian internal (internal control) yang diterapkan oleh Emiten atau Perusahaan Publik, paling sedikit mengenai:

8) the explanation regarding the internal control system (internal control) applied by the Issuers or Public Companies, at least about:

274a) pengendalian keuangan dan operasional, serta kepatuhan terhadap peraturan perundangundangan lainnya; dan

a) financial and operational control, as well as compliance with other laws and regulations; and

b) tinjauan atas efektivitas sistem pengendalian internal; b) review on the effectiveness of internal control systems;

9) sistem manajemen risiko yang diterapkan oleh Emiten atau Perusahaan Publik, paling sedikit mengenai:

9) risk management system applied by the Issuers or Public Companies, at least about:

266a) gambaran umum mengenai sistem manajemen risiko Emiten atau

Perusahaan Publik;a) a general overview about the risk management system of Issuers or

Public Companies;

b) jenis risiko dan cara pengelolaannya; dan b) types of risk and how to manage them; and

c) tinjauan atas efektivitas sistem manajemen risiko Emiten atau Perusahaan Publik;

c) a general overview about the risk management system of Issuers or Public Companies;

435



10) perkara penting yang dihadapi oleh Emiten atau Perusahaan Publik, entitas anak, anggota Direksi dan anggota Dewan Komisaris (jika ada), antara lain meliputi:

10) legal cases faced by Issuers or Public Companies, subsidiaries, members of the Board of Directors and members of Board of Commissioners (if any), among others, include:

282a) pokok perkara/gugatan; a) the subject of case/lawsuit;

b) status penyelesaian perkara/gugatan; dan b) the status of the settlement of litigation/lawsuit; and

c) pengaruhnya terhadap kondisi Emiten atau Perusahaan Publik; c) its influence on the condition of Issuers or Public Companies;

11) informasi tentang sanksi administratif yang dikenakan kepada Emiten atau Perusahaan Publik, anggota Dewan Komisaris dan Direksi, oleh otoritas Pasar Modal dan otoritas lainnya pada tahun buku (jika ada);

11) information about administrative sanctions imposed on the Issuers or Public Companies, member of the Board of Commissioners and Board of Directors, by the Capital Market authority and other authorities in the financial year (if any);

291

12) informasi mengenai kode etik Emiten atau Perusahaan Publik meliputi: 12) information about the code of ethics of Issuers or Public Companies include:

286

a) pokok-pokok kode etik; a) points of code of ethics;

b) bentuk sosialisasi kode etik dan upaya penegakannya; dan b) the form of the dissemination of the code of ethics and efforts to enforce it; and

c) pernyataan bahwa kode etik berlaku bagi anggota Direksi, anggota Dewan Komisaris, dan karyawan Emiten atau Perusahaan Publik;

c) the statement that a code of conduct applies to members of the Board of Directors, Board of Commissioners, and employees of the Issuers or Public Companies;

13) informasi mengenai budaya perusahaan (corporate culture) atau nilai-nilai perusahaan (jika ada);

13) information about corporate culture or corporate values (if any);63

14) uraian mengenai program kepemilikan saham oleh karyawan dan/atau manajemen yang dilaksanakan Emiten atau Perusahaan Publik (jika ada), antara lain mengenai:

14) description on share ownership program by employee and/or management implemented by the Issuers or Public Companies (if any), include among others:

148a) jumlah saham dan/atau opsi; a) the number of shares and/or options;

b) jangka waktu pelaksanaan; b) period of implementation;

c) persyaratan karyawan dan/atau manajemen yang berhak; dan c) the requirements of employees and/or the management to be eligible for it; and

d) harga pelaksanaan; d) the exercise price;

15) uraian mengenai sistem pelaporan pelanggaran (whistleblowing system) di Emiten atau Perusahaan Publik (jika ada), antara lain meliputi:

15) the explanation regarding the whistleblowing system in Issuers or Public Companies (if any), among others include:

289

a) cara penyampaian laporan pelanggaran; a) how to report a violation;

b) perlindungan bagi pelapor; b) protection for reporters;

c) penanganan pengaduan; c) the handling of complaints;

d) pihak yang mengelola pengaduan; dan d) those who manage the complaint; and

e) hasil dari penanganan pengaduan, paling sedikit meliputi: e) the result of the handling of complaints, at least include:

(1) jumlah pengaduan yang masuk dan diproses dalam tahun buku; dan (1) the number of incoming and processed complaints during the financial year; and

(2) tindak lanjut pengaduan; (2) follow-up of complaints;

16) penerapan atas Pedoman Tata Kelola Perusahaan Terbuka bagi Emiten yang menerbitkan Efek Bersifat Ekuitas atau Perusahaan Publik, meliputi:

16) the application of Code of Corporate Governance of Public Companies for Issuers who issue Equity Securities or Public Companies, including:

181-185a) pernyataan mengenai rekomendasi yang telah dilaksanakan; dan/atau a) statement concerning the recommendations that have been

implemented; and/or

b) penjelasan atas rekomendasi yang belum dilaksanakan, disertai alasan dan alternatif pelaksanaannya (jika ada);

b) explanation of the recommendations not yet implemented, including the reason and the implementation alternative (if any);

H. Tanggung Jawab Sosial dan Lingkungan Emiten atau Perusahaan Publik H. Social and Environmental Responsibility of Issuers or Public Companies

294-296

1) Informasi mengenai tanggung jawab sosial dan lingkungan Emiten atau Perusahaan Publik meliputi kebijakan, jenis program, dan biaya yang dikeluarkan, antara lain terkait aspek:

1) Information about the social and environmental responsibilities of Issuers or Public Companies include policy, program type, and the cost incurred, among others related to aspects of:

a) lingkungan hidup, antara lain: a) the environment, among others:

(1) penggunaan material dan energi yang ramah lingkungan dan dapat didaur ulang;

(1) the use of materials and energy that is environmentally friendly and can be recycled;

(2) sistem pengolahan limbah Emiten atau Perusahaan Publik; (2) waste management system of Issuers or Public Companies;

(3) mekanisme pengaduan masalah lingkungan; dan (3) environmental issue complaint mechanism; and

(4) sertifikasi di bidang lingkungan yang dimiliki; (4) certifications owned in the environment field;

b) praktik ketenagakerjaan, kesehatan, dan keselamatan kerja, antara lain: b) employment, occupational health, and safety practices, among others:

297-302

(1) kesetaraan gender dan kesempatan kerja; (1) gender equality and employment opportunities;

(2) sarana dan keselamatan kerja; (2) occupational safety and facilities;

(3) tingkat perpindahan (turnover) karyawan; (3) employee turnover rates;

(4) tingkat kecelakaan kerja; (4) accident at work rate;

(5) pendidikan dan/atau pelatihan; (5) education and/or training;

(6) remunerasi; dan (6) remuneration; and

(7) mekanisme pengaduan masalah ketenagakerjaan; (7) employment issue complaint mechanism;

c) pengembangan sosial dan kemasyarakatan, antara lain: c) Social and societal development, among others:

303-306

(1) penggunaan tenaga kerja lokal; (1) the employment of local labor;

(2) pemberdayaan masyarakat sekitar Emiten atau Perusahaan Publik antara lain melalui penggunaan bahan baku yang dihasilkan oleh masyarakat atau pemberian edukasi;

(2) empowerment of communities surrounding the Issuers or Public Companies, among others, through the use of raw materials produced by the society or the provision of education;

(3) perbaikan sarana dan prasarana sosial; (3) social facilities and infrastructure improvements;

(4) bentuk donasi lainnya; dan (4) other forms of donation; and

(5) komunikasi mengenai kebijakan dan prosedur anti korupsi di Emiten atau Perusahaan Publik, serta pelatihan mengenai anti korupsi (jika ada);

(5) communication on anti-corruption policy and procedure in Issuers or public Companies, as well as training on anti-corruption (if any);

436


d) tanggung jawab barang dan/atau jasa, antara lain: d) Responsibility on Goods and/or Services, including:

307(1) kesehatan dan keselamatan konsumen; (1) the health and safety of consumers;

(2) informasi barang dan/atau jasa; dan (2) information of goods and/or services; and

(3) sarana, jumlah, dan penanggulangan atas pengaduan konsumen. (3) means, quantities, and countermeasures of consumer complaints.

2) Dalam hal Emiten atau Perusahaan Publik menyajikan informasi mengenai tanggung jawab sosial dan lingkungan sebagaimana dimaksud pada angka 1) pada laporan tersendiri seperti laporan tanggung jawab sosial dan lingkungan atau laporan keberlanjutan (sustainability report), Emiten atau Perusahaan Publik dikecualikan untuk mengungkapkan informasi mengenai tanggung jawab sosial dan lingkungan dalam Laporan Tahunan; dan

2) In the event the Issuers or Public Companies present information about social and environmental responsibility as stipulated in number 1) in a separate report such as sustainability report, the Issuers or Public Companies is exempted from having to disclose information about social and environmental responsibility in the Annual Report; and

9

3) Laporan sebagaimana dimaksud pada angka 2) disampaikan kepada Otoritas Jasa Keuangan bersamaan dengan penyampaian Laporan Tahunan;

3) Report as stipulated in number 2) is delivered to the Financial Services Authority along with the submission of Annual Report; 9

I. Laporan Keuangan Tahunan yang Telah Diaudit I. Audited Annual Financial Statements 312

Laporan keuangan tahunan yang dimuat dalam Laporan Tahunan disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia dan telah diaudit oleh Akuntan. Laporan keuangan dimaksud memuat pernyataan mengenai pertanggungjawaban atas laporan keuangan sebagaimana diatur dalam peraturan perundang-undangan di sektor Pasar Modal yang mengatur mengenai tanggung jawab Direksi atas laporan keuangan atau peraturan perundang-undangan di sektor Pasar Modal yang mengatur mengenai laporan berkala Perusahaan Efek dalam hal Emiten merupakan Perusahaan Efek; dan

The annual financial statements included in the Annual Report are prepared in accordance with the Indonesian Financial Accounting Standards and have been audited by Accountants. The financial statements shall include the statements of responsibility for financial statements as stipulated in the laws and regulations of Capital Market which regulate the responsibility of Board of Directors for financial statements or laws and regulations of Capital Market which regulate the periodic report of Securities Companies if the Issuers are Securities Companies; and

9

j. Surat Pernyataan Anggota Direksi dan Anggota Dewan Komisaris tentang Tanggung Jawab atas Laporan Tahunan

J. Statements of Members of the Board of Directors and the Board of Commissioners on the Responsibility for the Annual Report

46-47

Surat pernyataan anggota Direksi dan anggota Dewan Komisaris tentang tanggung jawab atas Laporan Tahunan disusun sesuai dengan format Surat Pernyataan Anggota Direksi dan Anggota Dewan Komisaris tentang Tanggung Jawab atas Laporan Tahunan sebagaimana tercantum dalam Lampiran yang merupakan bagian tidak terpisahkan dari Surat Edaran Otoritas Jasa Keuangan ini.

The statements of members of Board of Directors and Board of Commissioners on the responsibility for the Annual Report are prepared in accordance with the format of Statements of Members of the Board of Directors and the Board of Commissioners on the Responsibility for the Annual Report as stipulated in the Attachment that is inseparable from this Circular Letter of Financial Services Authority.

MATERI & PENJELASAN / SUBJECT AND EXPLANATION HALAMAN / PAGE

I. UMUM / GENERAL

1Laporan Tahunan disajikan dalam bahasa Indonesia yang baik dan benar dan dianjurkan menyajikan juga dalam bahasa Inggris

The Annual Report is written in good Indonesian and is recommended to have it also in English. 9

2Laporan Tahunan dicetak dengan kualitas yang baik dan menggunakan jenis dan ukuran huruf yang mudah dibaca

The Annual Report should be printed in good quality paper, using the font type and size that allow for easy reading. 9

3

Laporan Tahunan mencantumkan identitas perusahaan dengan jelas

Nama perusahaan dan tahun annual report ditampilkan di:

1. Sampul muka;

2. Samping;

3. Sampul belakang; dan

4. Setiap halaman.

The Annual Report should clearly inform the identity of the company. Name of company and year of the Annual Report are shown on: 1. The front cover; 2. The spine; 3. The back cover; and 4. Each page.

9

Kriteria Annual Report Award 20182018 Annual Report Award Criteria

4

Nama perusahaan dan tahun Laporan Tahunan ditampilkan di:

1. Sampul muka

2. Samping

3. Sampul belakang

4. Setiap halaman.

The Annual Report should clearly inform the identity of the company.

Name of company and year of the Annual Report are shown on: 1. The front cover; 2. The spine; 3. The back cover; and 4. Each page.

9

5

Laporan Tahunan ditampilkan di website perusahaan Mencakup Laporan Tahunan terkini dan paling kurang 4 tahun terakhir.

The Annual Report is made available on the company’s website. Including the latest Annual Report and at least the Annual Reports of the last four years.9

II. IKHTISAR DATA KEUANGAN PENTING / SUMMARY OF KEY FINANCIAL INFORMATION

1

Informasi hasil usaha perusahaan dalam bentuk perbandingan selama 3 (tiga) tahun buku atau sejak memulai usahanya jika perusahaan tersebut menjalankan

kegiatan usahanya selama kurang dari 3 (tiga) tahun. Information memuat antara lain:

1. Penjualan/pendapatan usaha;

2. Laba (rugi):

a. Diatribusikan kepada pemilik entitas induk; dan

b. Diatribusikan kepada kepentingan nonpengendali;

3. Total laba (rugi) dan penghasilan komprehensif periode berjalan:

a. Diatribusikan kepada pemilik entitas induk; dan

b. Diatribusikan kepada kepentingan nonpengendali; dan

4. Laba (rugi) per saham.

Catatan: Apabila perusahaan tidak memiliki entitas anak, perusahaan

menyajikan laba (rugi) dan penghasilan komprehensif periode berjalan secara total.

Information on the company’s business yield in comparative form for a period of three (3)-financial-year period or since the commencement of business if the company has run its businesses for less than three (3) years. The information contained includes: 1. Sales/income from business; 2. Profit (loss): a. Attributable to owners; and b. Attributable to non-controlling shareholders; 3. Total profit (loss) and other comprehensive income: a. Attributable to owners; and b. Attributable to non-controlling shareholders; and 4. Net profit (loss) per share. Note: Profit (loss) and other comprehensive income disclosed in total if the company doesn’t have subsidiaries.

14-15

2

Informasi posisi keuangan perusahaan dalam bentuk perbandingan selama 3 (tiga) tahun buku atau sejak memulai usahanya jika perusahaan tersebut

menjalankan kegiatan usahanya selama kurang dari 3 (tiga) tahun.

Informasi memuat antara lain:

1. Jumlah investasi pada entitas asosiasi;

2. Jumlah aset;

3. Jumlah liabilitas; dan

4. Jumlah ekuitas.

Financial information is presented in comparative form over a period of three (3) financial years or since the commencement of business if the company has been running its business activities for less than three (3) years. Information contained includes: 1. Investments in associated entities; 2. Total assets; 3. Total liabilities; and 4. Total equity.

14

3

Rasio keuangan dalam bentuk perbandingan selama 3 (tiga) tahun buku atau sejak memulai usahanya jika perusahaan tersebut menjalankan kegiatan

usahanya selama kurang dari 3 (tiga) tahun.

Informasi memuat 5 (lima) rasio keuangan yang umum dan relevan dengan industri perusahaan.

Financial Ratio in comparative form over a period of 3 (three) financial years or since the commencement ofbusiness if the company has been running its business activities for less than 3 (three) years.

The information contains 5 (five) financial ratios which are common and relevant to the industry.

16

438

4

Informasi harga saham dalam bentuk tabel dan grafik

1. Jumlah saham yang beredar;

2. Informasi dalam bentuk tabel yang memuat:

a. Kapitalisasi pasar berdasarkan harga pada Bursa Efek tempat saham dicatatkan;

b. Harga saham tertinggi, terendah, dan penutupan berdasarkan harga pada Bursa Efek tempat saham dicatatkan; dan

c. Volume perdagangan saham pada Bursa Efek tempat saham dicatatkan.

3. Informasi dalam bentuk grafik yang memuat paling kurang:

a. Harga penutupan berdasarkan harga pada Bursa Efek tempat saham dicatatkan; dan

b. Volume perdagangan saham pada Bursa Efek tempat saham dicatatkan.

untuk setiap masa triwulan dalam 2 (dua) tahun buku terakhir.

Catatan: apabila perusahaan tidak memiliki kapitalisasi pasar, information harga saham, dan volume perdagangan saham, agar diungkapkan.

Information regarding share price in the form of tables and graphs 1. Outstanding shares; 2. Information in the form of tables containing: a. Market capitalization based on the price at Stock Market where the company is listed; b. Highest, lowest and closing share price; and c. Trading volume. 3. Information presented on graphs that include at least the following: a. Closing price; and b. Trading volume; for each quarter in the last two (2) financial years. Note: If the company doesn’t have market capitalization, the information regarding the share price, and trading volume is to be disclosed.

17

5

Informasi mengenai obligasi, sukuk atau obligasi konversi yang masih beredar dalam 2 (dua) tahun buku terakhir.

Informasi memuat:

1. Jumlah obligasi/sukuk/obligasi konversi yang beredar (outstanding);

2. Tingkat bunga/imbalan;

3. Tanggal jatuh tempo; dan

4. Peringkat obligasi/sukuk tahun 2015 dan 2018.

Catatan: apabila perusahaan tidak memiliki obligasi/sukuk/obligasi konversi, agar diungkapkan.

Information regarding bonds, sharia bonds or convertible bonds issued and which are still outstanding in the last 2 financial years.

The information contained includes: 1. The amount/value of outstanding bonds/sharia bonds/convertible bonds; 2. Interest rate; 3. Maturity date; and 4. Rating of bonds in 2015 and in 2016. Note: Please disclose if the company doesn’t have bonds/sharia bonds/convertible bonds.

21

III. LAPORAN DEWAN KOMISARIS DAN DIREKSI / REPORTS OF BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS

1

Laporan Dewan Komisaris

Memuat hal-hal sebagai berikut:

1. Penilaian atas kinerja Direksi mengenai pengelolaan perusahaan dan dasar penilaiannya

2. Pandangan atas prospek usaha perusahaan yang disusun oleh Direksi dan dasar pertimbangannya

3. Pandangan atas penerapan/pengelolaan whistleblowing system (WBS) di perusahaan dan peran Dewan Komisaris dalam WBS tersebut; dan

4. Perubahan komposisi Dewan Komisaris (jika ada) dan alasan perubahannya.

Report of Board of Commissioners contains the following items: 1. Assessment on the performance of the Board of Directors in managing the company and the basis of such assessment; 2. View on the prospects of the company’s business as established by the Board of Directors, and the basis of such view; 3. View on the implementation/management of the whistleblowing system (WBS) in the company and the role of the Board of Commissioners in WBS; and 4. Changes in the composition of the Board of Commissioners (if any) and the reason for the changes.

24-33

439


2

Laporan Direksi


1. Analisis atas kinerja perusahaan, yang mencakup antara lain:

a. kebijakan strategis;

b. perbandingan antara hasil yang dicapai dengan yang ditargetkan; dan

c. kendala-kendala yang dihadapi perusahaan dan langkah-langkah penyelesaiannya;

2. Analisis tentang prospek usaha;

3. Perkembangan penerapan tata kelola perusahaan pada tahun buku; dan

4. Perubahan komposisi anggota Direksi (jika ada) dan alasan perubahannya.

Report of Board of Directors contains the following items: 1. Analysis of the company’s performance, including: a. Strategic policy; b. Comparison between results and targets; and c. Challenges faced by the company steps to overcome them. 2. Analysis of the business prospects; 3. Development of the implementation of corporate governance in the operating year; and 4. Changes in the composition of Board of Directors (if any) and the reasons for the changes.

36-43

3

Tanda tangan anggota Dewan Komisaris dan anggota Direksi


1. Tanda tangan dituangkan pada lembaran tersendiri;

2. Pernyataan bahwa Dewan Komisaris dan Direksi bertanggung jawab penuh atas kebenaran isi Laporan Tahunan;

3. Ditandatangani seluruh anggota Dewan Komisaris dan anggota Direksi dengan menyebutkan nama dan jabatannya; dan

4. Penjelasan tertulis dalam surat tersendiri dari yang bersangkutan dalam hal terdapat anggota Dewan Komisaris atau anggota Direksi yang tidak

menandatangani Laporan Tahunan, atau penjelasan tertulis dalam surat tersendiri dari anggota yang lain dalam hal tidak terdapat penjelasan tertulis dari

yang bersangkutan.

Report of Board of Directors contains the following items:

1. Analysis of the company’s performance, including: a. Strategic policy; b. Comparison between results and targets; and c. Challenges faced by the company steps to overcome them. 2. Analysis of the business prospects; 3. Development of the implementation of corporate governance in the operating year; and 4. Changes in the composition of Board of Directors (if any) and the reasons for the changes.

46-47

IV. PROFIL PERUSAHAAN / COMPANY PROFILE

1

Nama dan alamat lengkap perusahaan

Informasi memuat antara lain: nama dan alamat, kode pos, no. Telp, no. Fax, email, dan website.

Name and address of the company include information on name and address, zip code, telephone number, facsimile number, email address, and website address.

50

2

Riwayat singkat perusahaan

Mencakup antara lain: tanggal/tahun pendirian, nama, dan perubahan nama perusahaan (jika ada), dan tanggal efektif perubahan nama perusahaan.

Catatan: apabila perusahaan tidak pernah melakukan perubahan nama, agar diungkapkan

Brief history of the company includes, among others, date/year of establishment, name and name change (if any), and the effective of the name change. Note: Please disclose if the company has never had name change

51-53

3

Bidang usaha

Memuat uraian mengenai antara lain:

1. Kegiatan usaha perusahaan menurut anggaran dasar terakhir;

2. Kegiatan usaha yang dijalankan; dan

3. Produk dan/atau jasa yang dihasilkan.

Field of business The description includes the following: 1. Business activities according to the last Articles of Association; 2. Business Activities run by the company; and 3. Products and/or services.

54-57

4

Struktur Organisasi

Dalam bentuk bagan, meliputi nama dan jabatan paling kurang sampai dengan struktur satu tingkat di bawah direksi.

Organizational Structure In the form of a chart, including the names and positions, at least until one level below the directors.

58-59

440

5

Visi, Misi, dan Budaya Perusahaan

Mencakup:

1. Visi perusahaan;

2. Misi perusahaan;

3. Keterangan bahwa visi dan misi tersebut telah disetujui oleh Direksi/Dewan Komisaris; dan

4. Pernyataan mengenai budaya perusahaan (corporate culture) yang dimiliki perusahaan.

Vision, Mission, and Corporate Culture include: 1. The company’s vision; 2. Missions; 3. A note informing that the vision and missions have been approved by Board of Directors/ Board of Commissioners; and 4. Statement concerning the corporate culture.

62-63

6

Identitas dan riwayat hidup singkat anggota Dewan Komisaris


1. Nama;

2. Jabatan dan periode jabatan(termasuk jabatan pada perusahaan atau lembaga lain);

3. Umur;

4. Domisili;

5. Pendidikan (Bidang Studi dan Lembaga Pendidikan);

6. Pengalaman kerja (Jabatan, Instansi, dan Periode Menjabat); dan

7. Riwayat penunjukkan (periode dan jabatan) sebagai anggota Dewan Komisaris di Perusahaan sejak pertama kali ditunjuk.

Name, title, and brief curriculum vitae of the members of the Board of Commissioners.The information should contain: 1. Name; 2. Title and term of service (including position in other companies or institutions); 3. Age; 4. Domicile; 5. Education (Field of study and institution); 6. Work experience (Position, institution and period served); and 7. Appointment history (period and title) as the member of the Board of Commissioners and since first appointed.

64-68

7

Identitas dan riwayat hidup singkat anggota Direksi


1. Nama;

2. Jabatan dan periode jabatan (termasuk jabatan pada perusahaan atau lembaga lain);

3. Umur;

4. Domisili;

5. Pendidikan (Bidang Studi dan Lembaga Pendidikan);

6. Pengalaman kerja (Jabatan, Instansi, dan Periode Menjabat); dan

7. Riwayat penunjukkan (periode dan jabatan) sebagai anggota Direksi di Perusahaan sejak pertama kali ditunjuk.

Name, title, and brief curriculum vitae of the members of the Board of Directors The information should contain: 1. Name; 2. Title and term of service (including position in other companies or institutions); 3. Age; 4. Domicile; 5. Education (Field of study and institution); 6. Work experience (Position, institution and period served); and 7. Appointment history (period and title) as the member of the Board of Commissioners and since first appointed.

69-73

8

Jumlah karyawan (komparatif 2 tahun) dan data pengembangan kompetensi karyawan yang mencerminkan adanya kesempatan untuk masing-masing level

organisasi, yang memuat informasi antara lain:

1. Jumlah karyawan untuk masing-masing level organisasi;

2. Jumlah karyawan untuk masing-masing tingkat pendidikan;

3. Jumlah karyawan berdasarkan status kepegawaian;

4. Data pengembangan kompetensi karyawan yang telah dilakukan pada tahun buku yang terdiri dari pihak (level jabatan) yang mengikuti pelatihan, jenis

pelatihan, dan tujuan pelatihan; dan

5. Biaya pengembangan kompetensi karyawan yang telah dikeluarkan pada tahun buku.

Number of employees (comparative in two years) and description of their competence building which reflects the opportunity for each organization level.The information should contain:1. The number of employees for each level of the organization; 2. The number of employees for each level of education; 3. The number of employees based on employment status; 4. The description and data of employees’ competencies development program that has been conducted comprising the participants (position level), types of training, and objective; and 5. Expenses of employee’s competencies development program incurred.

159-172

441


9

Komposisi Pemegang saham

Mencakup antara lain:

1. Rincian nama pemegang saham yang meliputi 20 pemegang saham terbesar dan persentase kepemilikannya;

2. Rincian pemegang saham dan persentase kepemilikannya meliputi:

a. Nama pemegang saham yang memiliki 5% atau lebih saham;

b. Kelompok pemegang saham masyarakat dengan kepemilikan saham masing-masing kurang dari 5%.

Composition of shareholders.Information should include: 1. The details, including the names, of the 20 largest shareholders and their percentage of ownership; 2. The details of shareholders and the percentage of ownership include:; a. Name of shareholders who own 5% or more shares; and b. Groups of public shareholders with less than 5% ownership each.

74-76

3. Nama Direktur dan Komisaris serta persentase kepemilikan sahamnya secara langsung dan tidak langsung.

Catatan: apabila Direktur dan Komisaris tidak memiliki saham langsung dan tidak langsung, agar diungkapkan.

3. Names of directors and commissioners and the percentage of ownership either direct or indirect.Note: Please disclose if directors and commissioners don’t, directly or indirectly, own any shares.

229

10

Daftar entitas anak dan/atau entitas asosiasi


1. Nama entitas anak dan/atau asosiasi;

2. Persentase kepemilikan saham;

3. Keterangan tentang bidang usaha entitas anak dan/atau entitas asosiasi; dan

4. Keterangan status operasi entitas anak dan/atau entitas asosiasi (telah beroperasi atau belum beroperasi).

List of Subsidiaries and/or AffiliatesThe information contains, among others: 1. Names of subsidiaries/Affiliates; 2. Percentage of share ownership; 3. Information regarding the field of business of the subsidiaries and/or entities; and 4. Explanation regarding the status of the subsidiaries and/or associates (operational or not yet operational).

55-57

11

Struktur grup perusahaan

Struktur grup perusahaan dalam bentuk bagan yang menggambarkan entitas anak, entitas asosiasi, joint venture, dan special purpose vehicle (SPV).

The company’s group structure The group structure in the form of a chart that shows the subsidiaries, associates, joint venture, and special purpose vehicle (SPV).

61

12

Kronologi penerbitan saham (termasuk private placement) dan/atau pencatatan saham dari awal penerbitan sampai dengan akhir tahun buku


1. Tahun penerbitan saham, jumlah saham, nilai nominal saham, dan harga penawaran saham untuk masing-masing tindakan korporasi (corporate action);

2. Jumlah saham tercatat setelah masing-masing tindakan korporasi (corporate action); dan

3. Nama bursa dimana saham perusahaan dicatatkan.

Catatan: apabila perusahaan tidak memiliki kronologi pencatatan saham, agar diungkapkan.

Chronology of share listing (including private placement) and/or share listing from the initial listing until the end of financial year Information contained includes: 1. The year of share listing, the number of shares, share price and offering price for each corporate action; 2. Number of listed shares after each corporate action; and 3. Name of the stock exchange where the shares are listed. Note: Please disclose, if the company doesn’t have chronology of share listing.

77

13

Kronologi penerbitan dan/atau pencatatan efek lainnya dari awal penerbitan sampai dengan akhir tahun buku


1. Nama efek lainnya, tahun penerbitan efek lainnya, tingkat bunga/imbalan efek lainnya, dan tanggal jatuh tempo efek lainnya;

2. Nilai penawaran efek lainnya;

3. Nama bursa dimana efek lainnya dicatatkan; dan

4. Peringkat efek.

Catatan: apabila perusahaan tidak memiliki kronologi penerbitan dan pencatatan efek lainnya, agar diungkapkan.

Chronology of other securities offering and/or listing from the initial listing to the end of the financial year Information contained includes: 1. Name of other securities, year of listing, interest rate, and the maturity date; 2. Value; 3. Name of the stock exchange where the other securities are listed; and 4. Rating of the securities. Note: Please disclose, if the company doesn’t have the chronology of other securities offering and/or listing.

78

442

14

Nama dan alamat lembaga dan/atau profesi penunjang


1. Nama dan alamat BAE/pihak yang mengadministrasikan saham perusahaan;

2. Nama dan alamat Kantor Akuntan Publik; dan

3. Nama dan alamat perusahaan pemeringkat efek.

Name and address of capital market institutions and or supporting professions Information contained includes: 1. Name and address of Share Registrar/parties administering the company’s shares; 2. Name and address of the Public Accountants Firm; and 3. Name and address of the Securities Rating company.

78

15

Penghargaan yang diterima dalam tahun buku terakhir dan/atau

sertifikasi yang masih berlaku dalam tahun buku terakhir baik yang berskala nasional maupun internasional


1. Nama penghargaan dan/atau sertifikasi;

2. Tahun perolehan penghargaan dan/atau sertifikasi;

3. Badan pemberi penghargaan dan/atau sertifikasi; dan

4. Masa berlaku (untuk sertifikasi).

Award and/or certification received by the company in the last fiscal year, both on a national scale and international scale Information contained includes: 1. Name of the award and or certification; 2. Year of receiving the award; 3. Institution presenting the award and or certification; and 4. Period of validity (for certificates).

88-89

16

Nama dan alamat entitas anak dan/atau kantor cabang atau kantor

perwakilan (jika ada)

Memuat informasi antara lain:

1. Nama dan alamat entitas anak; dan

2. Nama dan alamat kantor cabang/perwakilan.

Catatan: apabila perusahaan tidak memiliki entitas anak, kantor cabang, dan kantor perwakilan, agar diungkapkan.

Name and address of subsidiary companies and or branch office or representative office (if any) Information contained includes: 1. Name and address of business entities; and2. Name and address of branch/representative officeNote: Please disclose if there are no business entities/branches/representatives.

60

17

Informasi pada Website Perusahaan

Meliputi paling kurang:

1. Informasi pemegang saham sampai dengan pemilik akhir individu;

2. Isi Kode Etik;

3. Information Rapat Umum Pemegang Saham (RUPS) paling kurang meliputi bahan mata acara yang dibahas dalam RUPS, ringkasan risalah RUPS, dan

information tanggal penting yaitu tanggal pengumuman RUPS, tanggal pemanggilan RUPS, tanggal RUPS, tanggal ringkasan risalah RUPS diumumkan;

4. Laporan keuangan tahunan terpisah (5 tahun terakhir);

5. Profil Dewan Komisaris dan Direksi; dan

6. Piagam/Charter Dewan Komisaris, Direksi, Komite-komite, dan Unit Audit Internal.

Information presented on Company’s website Information should include at least the following items: 1. Shareholders information including individual shareholders; 2. Code of Conduct; 3. Information on General Meeting of Shareholders (GMS), at least, regarding the agenda/minutes, summary of resolution, and information on important dates, e.g. GMS announcement date, call for GMS date, date of GMS, date of the publication of GMS resolution summary; 4. Annual Reports (of the last 5 years); 5. Profiles of Board of Commissioners and Board of Directors; and 6. The Board of Commissioners Charter, the Board of Directors Charter, committees charter and internal audit unit charter.

280

443


18.

Pendidikan dan/atau pelatihan Dewan Komisaris, Direksi, Komite-komite, Sekretaris Perusahaan, dan Unit Audit Internal

Meliputi paling kurang informasi (jenis dan pihak yang relevan dalam mengikuti):

1. Pendidikan dan/atau pelatihan untuk Dewan Komisaris;

2. Pendidikan dan/atau pelatihan untuk Direksi;

3. Pendidikan dan/atau pelatihan untuk Komite Audit;

4. Pendidikan dan/atau pelatihan untuk Komite Nominasi dan Remunerasi;

5. Pendidikan dan/atau pelatihan untuk Komite Lainnya;

6. Pendidikan dan/atau pelatihan untuk Sekretaris Perusahaan; dan

7. Pendidikan dan/atau pelatihan untuk Unit Audit Internal.

yang diikuti pada tahun buku.

Catatan: apabila tidak terdapat pendidikan dan/atau pelatihan pada tahun buku, agar diungkapkan

Training programs for the Board of Commissioners, the Board of Directors, committees, corporate secretary, and Internal Audit Unit Information includes at least the following items (types of training and parties relevant to participate): 1. Capacity development and/or training for Board of Commissioners; 2. Capacity development and/or training for Board of Directors; 3. Capacity development and/or training for Audit Committee; 4. Capacity development and/or training for Nomination and Remuneration Committee; 5. Capacity development and/or training for other committees; 6. Capacity development and/or training for Corporate Secretary; and 7. Capacity development and/or training for Internal Audit Unit held in the financial year. Note: Please disclose if there are no training and/or education programs in the financial year.

90-91

V. ANALISA DAN PEMBAHASAN MANAJEMEN / MANAGEMENT DISCUSSION AND ANALYSIS

1

Tinjauan operasi per segmen usaha

Memuat uraian mengenai:

1. Penjelasan masing-masing segmen usaha.

2. Kinerja per segmen usaha, antara lain:

a. Produksi;

b. Peningkatan/penurunan kapasitas produksi;

c. Penjualan/pendapatan usaha; dan

d. Profitabilitas.

Explanation of each business segment Information contained includes: 1. Explanation of each business segment. 2. Performance per business segment, comprising: a. Production; b. Increase/Decrease in production capacity; c. Sales/Income from business; and d. Profitability.

102-122

2

Uraian atas kinerja keuangan perusahaan

Analisis kinerja keuangan yang mencakup perbandingan antara kinerja keuangan tahun yang bersangkutan dengan tahun sebelumnya dan penyebab

kenaikan/penurunan suatu akun (dalam bentuk narasi dan tabel), antara lain mengenai:

1. Aset lancar, aset tidak lancar, dan total aset;

2. Liabilitas jangka pendek, liabilitas jangka panjang, dan total liabilitas;

3. Ekuitas;

4. Penjualan/pendapatan usaha, beban dan laba (rugi), penghasilan komprehensif lain, dan total laba (rugi) dan penghasilan komprehensif periode berjalan;

dan

5. Arus kas.

Description of company’s financial performance Financial performance analysis which includes a comparison between the financial performance of the current yearand that of the previous year, and the cause of the increase/decrease (in the form of narration and tables) concerning, among others: 1. Current assets, non-current assets, and total assets;2. Short term liabilities, long term liabilities, total liabilities; 3. Equity;4. Sales/operating revenues, expenses and profit (loss), Other comprehensive revenues, and total comprehensive profit (loss); and5. Cash flows.

123

444

3

Bahasan dan analisis tentang kemampuan membayar utang dan tingkat kolektibilitas piutang perusahaan, dengan menyajikan perhitungan rasio yang relevan

sesuai dengan jenis industri perusahaan

Penjelasan tentang :

1. Kemampuan membayar hutang, baik jangka pendek maupun jangka panjang; dan

2. Tingkat kolektibilitas piutang.

Discussion and analysis on the capacity to pay debts and the company’s accounts receivable collectability, by presenting the relevant ratios calculated in accordance with the type of industry of the company Information contained include: 1. Capacity to pay debts in long term and short term; and 2. Accounts receivable collectability.

139

4

Bahasan tentang struktur modal (capital structure) dan kebijakan

manajemen atas struktur modal (capital structure policy)

Penjelasan atas:

1. Rincian struktur modal (capital structure) yang terdiri dari utang berbasis bunga/sukuk dan ekuitas; dan

2. Kebijakan manajemen atas struktur modal (capital structure policies); dan

3. Dasar pemilihan kebijakan manajemen atas struktur modal.

Discussion on capital structure and capital structure policies Information contained include: 1. Details of capital structure consisting of subordinated bonds and equity; 2. Capital structure policies, and the basis of the policies; and 3. Basis for the choice of capital structure policy.

140

5

Bahasan mengenai ikatan yang material untuk investasi barang modal pada tahun buku terakhir

Penjelasan tentang:

1. Nama pihak yang melakukan ikatan;

2. Tujuan dari ikatan tersebut;

3. Sumber dana yang diharapkan untuk memenuhi ikatan-ikatan tersebut;

4. Mata uang yang menjadi denominasi; dan

5. Langkah-langkah yang direncanakan perusahaan untuk melindungi risiko dari posisi mata uang asing yang terkait.

Catatan: apabila perusahaan tidak mempunyai ikatan terkait investasi barang modal pada tahun buku terakhir agar diungkapkan.

Discussion on material bond for the investment of capital goods, on the last fiscal year Information contained include: 1. Names of parties involved in the bond; 2. Purpose of the bond; 3. Source of funds for bonds; 4. Currency of denomination; and 5. Steps taken by the company to protect the position of related foreign currency against risks. Note: Please disclose if the company has no bonds for the investment of capital goods in the last fiscal year.

142

6

Bahasan mengenai investasi barang modal yang direalisasikan pada tahun buku terakhir

Penjelasan tentang:

1. Jenis investasi barang modal;

2. Tujuan investasi barang modal; dan

3. Nilai investasi barang modal yang dikeluarkan pada tahun buku terakhir.

Catatan: apabila tidak terdapat realisasi investasi barang modal, agar diungkapkan.

Discussion on investment of capital goods realized in the last fiscal year Information contained include: 1. Type of the investment of capital goods;2. The purpose of the investment of capital goods; and3. Value of the investment of capital goods realized in the last fiscal year.Note: Please disclose if the company has no investments in capital goods realized.

144

7

Informasi perbandingan antara target pada awal tahun buku dengan hasil yang dicapai (realisasi), dan target atau proyeksi yang ingin dicapai untuk satu tahun

mendatang mengenai pendapatan, laba, dan lainnya yang dianggap penting bagi perusahaan


1. Perbandingan antara target pada awal tahun buku dengan hasil yang dicapai (realisasi); dan

2. Target atau proyeksi yang ingin dicapai dalam 1 (satu) tahun mendatang.

Information about the comparison between the target at the beginning of the fiscal year with the results achieved (realization), and the target or projection to be achieved for the coming year regarding revenue, earnings, or others that are considered important for the company

Information should include: 1. The comparison between the target at the beginning of the fiscal year with the results achieved (realization; and2. The target or projected to be achieved for the coming year (at least 1 year).

143

445


8

Information dan fakta material yang terjadi setelah tanggal laporan akuntan. Uraian kejadian penting setelah tanggal laporan akuntan termasuk dampaknya

terhadap kinerja dan risiko usaha di masa mendatang.

Catatan: apabila tidak ada kejadian penting setelah tanggal laporan akuntan, agar diungkapkan.

Material Information and facts that occurred after the date of the accountant’s report (subsequent events). Description of important events after the date of the accountant’s report including their impact on performance and business risks in the future.Note: Please disclose if there are no significant events after the date of accountant report.

147

9

Uraian tentang prospek usaha perusahaan

Uraian mengenai prospek perusahaan dikaitkan dengan industri dan ekonomi secara umum disertai data pendukung kuantitatif dari sumber data yang layak

dipercaya

Description of the company’s business prospects.

Information on the company prospects in connection with industry, economy in general, accompanied with supporting quantitative data from a source of data.

10

Uraian tentang aspek pemasaran

Uraian tentang aspek pemasaran atas produk dan/atau jasa perusahaan, antara lain strategi pemasaran dan pangsa pasar.

Information on marketing aspects

Information regarding the marketing of the company’s products and services, including among others, the marketing strategy and market share.

101

11

Uraian mengenai kebijakan dividen dan jumlah dividen kas per saham

dan jumlah dividen per tahun yang diumumkan atau dibayar selama 2 (dua) tahun buku terakhir


1. Kebijakan pembagian dividen;

2. Total dividen yang dibagikan;

3. Jumlah dividen kas per saham;

4. Payout ratio; dan

5. Tanggal pengumuman dan pembayaran dividen kas. untuk masing-masing tahun.

Catatan: apabila tidak ada pembagian dividen, agar diungkapkan alasannya.

Description regarding the dividend policy and the amount of cash dividend per share and the amount of dividend per year as announced or paid during the past two (2) years. The description should include: 1. Dividend policy;2. Amount of dividend;3. Cash dividend per share;4. Pay-out ratio; and5. The announcement date of cash dividend payment for each year.Note: If there is no dividend payment, disclose the reasons for not making a dividend payment.

147

12

Program kepemilikan saham oleh karyawan dan/atau manajemen yang dilaksanakan perusahaan (ESOP/MSOP)


1. Jumlah saham ESOP/MSOP dan realisasinya;

2. Jangka waktu;

3. Persyaratan karyawan dan/atau manajemen yang berhak; dan

4. Harga exercise.

Catatan: apabila tidak memiliki program dimaksud, agar diungkapkan.

Management and/or Employee Stock Ownership Program implemented by the company (ESOP/MSOP) The description should include: 1. Amount of ESOP/MSOP shares and the realization;2. Period;3. Requirements of rightful employee and/or management; and4. Exercise priceNote: Please disclose if there is no such program.

148

446

13

Realisasi penggunaan dana hasil penawaran umum (dalam hal perusahaan masih diwajibkan menyampaikan laporan realisasi penggunaan dana)


1. Total perolehan dana;

2. Rencana penggunaan dana;

3. Rincian penggunaan dana;

4. Saldo dana; dan

5. Tanggal persetujuan RUPS/RUPO atas perubahan penggunaan dana (jika ada).

Catatan: apabila tidak memiliki information realisasi penggunaan dana hasil penawaran umum, agar diungkapkan.

Use of proceeds from the public offering (in the event that the company is still obligated to report such use of proceeds).

Information contained includes:1. Total funds obtained;2. Plan for funds utilization;3. Details of funds utilization;4. Remaining balance of funds; and5. Date of General Meeting of Shareholder (or Bondholder) approval on the change in the funds utilization plan (if any). Note: Please disclose if there is no information on the realization of the funds utilization from Public Offering.

149

14

Informasi transaksi material yang mengandung benturan kepentingan dan/atau transaksi dengan pihak afiliasi


1. Nama pihak yang bertransaksi dan sifat hubungan afiliasi;

2. Penjelasan mengenai kewajaran transaksi;

3. Alasan dilakukannya transaksi;

4. Realisasi transaksi pada periode tahun buku terakhir;

5. Kebijakan perusahaan terkait dengan mekanisme review atas transaksi; dan

6. Pemenuhan peraturan dan ketentuan terkait.

Catatan: apabila tidak mempunyai transaksi dimaksud, agar diungkapkan.

Information on material transactions with conflict of interest and/or transactions with affiliates.

Information contained includes:1. Names of the transacting parties and the nature of the affiliation;2. A description of the fairness of the transaction;3. Reason for the transaction;4. Realization of transactions during the period;5. Company policies regarding the review mechanism on the transactions; and6. Compliance with related rules and regulationsNote: Please disclose if there are no such transactions.

152

15

Uraian mengenai perubahan peraturan perundang-undangan terhadap perusahaan pada tahun buku terakhir

Uraian memuat antara lain:

1.Nama peraturan perundang-undangan yang mengalami perubahan; dan

2.Dampaknya (kuantitatif dan/atau kualitatif) terhadap perusahaan (jika signifikan) atau pernyataan bahwa dampaknya tidak signifikan.

Catatan: apabila tidak terdapat perubahan peraturan perundang-undangan pada tahun buku terakhir, agar diungkapkan.

A description of changes to laws and regulations against the company in the last fiscal yearThe description includes:1. Names of laws and regulations that have changed; and2. Impact (quantitative and / or qualitative) on the company (if significant) or statement that the impact is not significant.Note: if there have been no changes to the legislation in the last fiscal year, it should be disclosed.

153

447


16

Uraian mengenai perubahan kebijakan akuntansi yang diterapkan perusahaan pada tahun buku terakhir

Uraian memuat antara lain: perubahan kebijakan akuntansi, alasan dan dampaknya terhadap laporan keuangan.

1.Perubahan kebijakan akuntansi

2.Alasan perubahan kebijakan akuntansi

3.Dampaknya secara kuantitatif terhadap laporan keuangan.

Catatan: apabila tidak terdapat perubahan kebijakan akuntansi pada tahun buku terakhir, agar diungkapkan.

A description of changes to accounting policies adopted by the company in the last financial yearThe description includes, among others: changes in accounting policies, reasons and their impact on financial statements.1. Changes in accounting policies2. The reason for changes in accounting policies3. Impact quantitatively on financial statements.Note: if there is no change in accounting policy in the last financial year, it should be disclosed.

153

17

Informasi kelangsungan usaha

Pengungkapan information mengenai:

1. Hal-hal yang berpotensi berpengaruh signifikan terhadap kelangsungan usaha perusahaan pada tahun buku terakhir;

2. Assessment manajemen atas hal-hal pada angka 1; dan

3. Asumsi yang digunakan manajemen dalam melakukan assessment.

Catatan: apabila tidak terdapat hal-hal yang berpotensi berpengaruh signifikan terhadap kelangsungan usaha perusahaan pada tahun buku terakhir,

agar diungkapkan asumsi yang mendasari manajemen dalam meyakini bahwa tidak terdapat hal-hal yang berpotensi berpengaruh signifikan terhadap

kelangsungan usaha perusahaan pada tahun buku terakhir.

Information on Business continuity

Information contained includes:1. Issues with significant potential to affect company’s business continuity in the last fiscal year;2. The management assessment on issues in described in number 1; and3. Assumptions used by the management in doing the assessment.Notes: if there are no issues of significant potential to affect the business continuity in the last fiscal year, please disclose the underlying assumption used by the management to conclude that there are no issues of significant potential to affect business continuity in the last fiscal year.

155

VI. TATA KELOLA PERUSAHAAN YANG BAIK / GOOD CORPORATE GOVERNANCE

1

Uraian Dewan Komisaris


1. Uraian tanggung jawab Dewan Komisaris;

2. Penilaian atas kinerja masing-masing komite yang berada di bawah Dewan Komisaris dan dasar penilaiannya; dan

3. Pengungkapan mengenai Board Charter (pedoman dan tata tertib kerja Dewan Komisaris).

Description about the Board of Commissioners The description should include:1. Description of the responsibility of the Board of Commissioners; 2. Training programs for improving the competence of the Board of Commissioner or orientation program for new member of Board of Commissioners; and3. Disclosing the Board Charter (guidance and work procedure of the Board of Commissioners).

200

2

Informasi mengenai Komisaris Independen (jumlahnya minimal 30% dari total Dewan Komisaris),

Meliputi antara lain:

1. Kriteria penentuan Komisaris Independen; dan

2. Pernyataan tentang independensi masing-masing Komisaris Independen.

Information about Independent Commissioners (the amount is at least 30% of the total Board of Commissioners),

The information should contain:1. The criteria of Independent Commissioner; and2. Statement about the independency of each Independent Commissioner.

202-205

3

Uraian Direksi


1. Ruang lingkup pekerjaan dan tanggung jawab masing-masing anggota Direksi;

2. Penilaian atas kinerja komite-komite yang berada di bawah Direksi (jika ada); dan

3. Pengungkapan mengenai Board Charter (pedoman dan tata tertib kerja Direksi).

Information on the Board of Directors.

The information should include:1. Scope of work and responsibility of each member of the Board of Directors; 2. Training programs for improving the competence of the Board of Directors (If exists)3. Disclosing the Board Charter (guidance and work procedure of the Board of Directors).

210

448

4

Penilaian Penerapan GCG untuk tahun buku 2018 yang meliputi paling kurang aspek Dewan Komisaris dan Direksi


1. Kriteria yang digunakan dalam penilaian;

2. Pihak yang melakukan penilaian;

3. Skor penilaian masing-masing kriteria;

4. Rekomendasi hasil penilaian; dan

5. Alasan belum/tidak diterapkannya rekomendasi.

Catatan: apabila tidak ada penilaian penerapan GCG untuk tahun buku 2018, agar diungkapkan.

Assessment of the Implementation of GCG for the 2018 fiscal year comprising at least the aspects of Board of Commissioners and Board of Directors. The description should include: 1. Criteria used in the assessment; 2. The party/parties tasked with the assessment; 3. Score of each criterion; 4. Recommendations; and 5. Reason why the recommendation was not/have not been implemented. Note: Please disclose if there is no assessment of the implementation of GCG in the 2018 fiscal year.

181

5

Uraian mengenai kebijakan remunerasi bagi Dewan Komisaris dan Direksi


1. Pengungkapan prosedur pengusulan sampai dengan penetapan remunerasi Dewan Komisaris;

2. Pengungkapan prosedur pengusulan sampai dengan penetapan remunerasi Direksi;

3. Struktur remunerasi yang menunjukkan komponen remunerasi dan jumlah nominal per komponen untuk setiap anggota Dewan Komisaris;

4. Struktur remunerasi yang menunjukkan komponen remunerasi dan jumlah nominal per komponen untuk setiap anggota Direksi;

5. Pengungkapan indikator untuk penetapan remunerasi Direksi; dan

6. Pengungkapan bonus kinerja, bonus non kinerja, dan/atau opsi saham yang diterima setiap anggota Dewan Komisaris dan Direksi (jika ada).

Catatan: apabila tidak terdapat bonus kinerja, bonus non kinerja, dan opsi saham yang diterima setiap anggota Dewan Komisaris dan Direksi, agar

diungkapkan.

Description of the remuneration policy for Board of Commissioners and Board of Directors The description should include: 1. Procedures from recommendation until determining the types and amount of remuneration for Board of Commissioners; 2. Procedures from recommendation until determining the types and amount of remuneration for Board of Directors; 3. Remuneration structure disclosing the component and amount per component for each member of Board of Commissioners; 4. Remuneration structure disclosing the component and amount per component for each member of Board of Directors; 5. Disclosure of indicators to determining the remuneration for Board of Directors; and 6. Disclosure of performance bonus, non-performance bonus, and/or share options received by each member of Board of Commissioners and Board of Directors (if any). Note: If there are no performance bonus, non-performance bonus, and share options for the members of Board of Commissioners and Board of Directors, please disclose.

225-226

6

Frekuensi dan Tingkat Kehadiran Rapat yang dihadiri mayoritas anggota pada rapat Dewan Komisaris (minimal 1 kali dalam 2 bulan), Rapat Direksi (minimal 1

kali dalam 1 bulan), dan Rapat Gabungan Dewan Komisaris dengan Direksi (minimal 1 kali dalam 4 bulan)

Information memuat antara lain:

1. Tanggal Rapat;

2. Peserta Rapat; dan

3. Agenda Rapat.

untuk masing-masing rapat Dewan Komisaris, Direksi, dan rapat gabungan.

Frequency and Rate of Attendance of the majority attending the Board of Commissioners meetings (minimum one time in two months), the Board of Directors meetings (minimum one time in one month), and joint meetings (minimum one time in four months) Information should include: 1. Date of meetings;2. Meeting participants;3. Meeting Agenda;for each Board of Commissioners meetings, Board of Directors meeting and joint meetings.

232-238

7

Informasi mengenai pemegang saham utama dan pengendali, baik langsung maupun tidak langsung, sampai kepada pemilik individu dalam bentuk skema

atau diagram yang memisahkan pemegang saham utama dengan pemegang saham pengendali.

Catatan: yang dimaksud pemegang saham utama adalah pihak yang, baik secara langsung maupun tidak langsung, memiliki sekurang-kurangnya 20%

(dua puluh perseratus) hak suara dari seluruh saham yang mempunyai hak suara yang dikeluarkan oleh suatu Perseroan, tetapi bukan pemegang saham

pengendali.

Information on the majority and controlling shareholders, either direct or indirect, up to the individual shareholders In a form of a schemata or diagram which distinguish between the majority shareholders and the controlling shareholders. Note: Majority shareholders refer to parties who directly or indirectly have at least 20% (twenty per cent) of voting right of all shares with the voting right issued by a company, but who are not controlling shareholders.

74

449


8

Pengungkapan hubungan afiliasi antara anggota Direksi, Dewan

Komisaris, dan Pemegang Saham Utama dan/atau pengendali


1. Hubungan afiliasi antara anggota Direksi dengan anggota Direksi lainnya;

2. Hubungan afiliasi antara anggota Direksi dan anggota Dewan Komisaris;

3. Hubungan afiliasi antara anggota Direksi dengan Pemegang Saham Utama dan/atau pengendali;

4. Hubungan afiliasi antara anggota Dewan Komisaris dengan anggota Komisaris lainnya; dan

5. Hubungan afiliasi antara anggota Dewan Komisaris dengan Pemegang Saham Utama dan/atau pengendali.

Catatan: apabila tidak mempunyai hubungan afiliasi dimaksud, agar diungkapkan.

Disclosure of affiliation with other members of the Board of Commissioners and Board of Directors and major and/or controlling shareholders Information should include: 1. Affiliation between member of the Board of Directors and other Board of Directors members;2. Affiliation between member of the Board of Directors and Board of Commissioners members;3. Affiliation between member of the Board of Directors and major and/or controlling shareholders;4. Affiliation between member of the Board of Commissioners and other Board of Commissioners members; and5. Affiliation between member of the Board of Commissioners and major and/or controlling shareholdersNote: Please disclose, if there are no such affiliations.

227-228

9

Komite Audit


1. Nama, jabatan, dan periode jabatan anggota komite audit;

2. Riwayat pendidikan (Bidang Studi dan Lembaga Pendidikan) dan pengalaman kerja (Jabatan, Instansi, dan Periode Menjabat) anggota komite audit;

3. Independensi anggota komite audit;

4. Uraian tugas dan tanggung jawab;

5. Uraian pelaksanaan kegiatan komite audit pada tahun buku; dan

6. Frekuensi pertemuan dan tingkat kehadiran komite audit.

Audit Committee Information should include: 1. Name and title of the members of the Audit Committee, and period of service;2. Qualification of education and work experience of Audit Committee members;3. Independence of the members of the Audit Committee;4. Description of tasks and responsibilities;5. Brief report on the activities carried out by the Audit Committee throughout the fiscal year; and6. Frequency of meetings and the attendance of the Audit Committee.

239-243

10

Komite/Fungsi Nominasi dan/atau Remunerasi


1. Nama, jabatan, dan riwayat hidup singkat anggota komite/fungsi nominasi dan/atau remunerasi;

2. Independensi komite/fungsi nominasi dan/atau remunerasi;


4. Uraian pelaksanaan kegiatan komite/fungsi nominasi dan/atau remunerasi pada tahun buku;

5. Frekuensi pertemuan dan tingkat kehadiran komite/fungsi nominasi dan/atau remunerasi;

6. Pernyataan adanya pedoman komite/fungsi nominasi dan/atau remunerasi; dan

7. Kebijakan mengenai suksesi Direksi.

Nomination and/or Remuneration Committee/Function

Information should include:1. Name, title, and brief curriculum vitae of the members of the Nomination and/or Remuneration Committee/Function;2. Independence of the members of the Nomination and/or Remuneration Committee/Function;3. Description of the tasks and responsibilities;4. Activities carried out by the Nomination and/or Remuneration Committee/Function;5. Frequency of meetings and the attendance rate of the Nomination and/or Remuneration Committee/Function;6. Statement about Nomination and/or Remuneration Committee/Function guidelines; and7. Board of Directors succession policy.

248-251

11

Komite-komite lain di bawah Dewan Komisaris yang dimiliki oleh perusahaan


1. Nama, jabatan, dan riwayat hidup singkat anggota komite lain;

2. Independensi komite lain;


4. Uraian pelaksanaan kegiatan komite lain; dan

5. Frekuensi pertemuan dan tingkat kehadiran komite lain.

Other committees of the company under the Board of Commissioners

Information should include:1. Name, title, and brief curriculum vitae of the members of the committees;2. Independence of the members of the committee;3. Description of the tasks and responsibilities;4. Activities carried out by the committees; and5. Frequency of meetings and the attendance rate of other committees.

244-247

450

12

Uraian tugas dan Fungsi Sekretaris Perusahaan


1. Nama, dan riwayat jabatan singkat sekretaris perusahaan;

2. Domisili;

3. Uraian tugas dan tanggung jawab; dan

4. Uraian pelaksanaan tugas sekretaris perusahaan pada tahun buku.

Description of tasks and functions of Corporate Secretary Information should include: 1. Name, and brief curriculum vitae of the corporate secretary; 2. Domicile; 3. Description of tasks and responsibilities; and 4. Activities carried out by the corporate secretary in the fiscal year.

252-261

13

Uraian mengenai unit audit internal


1. Nama ketua unit audit internal;

2. Jumlah pegawai (auditor internal) pada unit audit internal;

3. Sertifikasi sebagai profesi audit internal;

4. Kedudukan unit audit internal dalam struktur perusahaan;

5. Uraian pelaksanaan kegiatan unit audit internal pada tahun buku; dan

6. Pihak yang mengangkat/memberhentikan ketua unit audit internal.

Description of internal audit unit Information should include: 1. Name of head of internal audit unit; 2. Number of staff (internal auditor auditor) in the internal audit unit; 3. Certification for the profession of internal auditor; 4. Position of internal audit unit in the company structure; 5. Brief report on the activities of the internal audit unit; and 6. The party that appoint/dismiss the head of internal audit unit.

262-264

14

Akuntan Publik


1. Nama dan tahun akuntan publik yang melakukan audit laporan keuangan tahunan selama 5 tahun terakhir;

2. Nama dan tahun Kantor Akuntan Publik yang melakukan audit laporan keuangan tahunan selama 5 tahun terakhir;

3. Besarnya fee untuk masing-masing jenis jasa yang diberikan oleh Kantor Akuntan Publik pada tahun buku terakhir; dan

4. Jasa lain yang diberikan Kantor Akuntan Publik dan akuntan publik selain jasa audit laporan keuangan tahunan pada tahun buku terakhir.

Catatan: apabila tidak ada jasa lain dimaksud, agar diungkapkan.

Public Accountant Information should include: 1. Name of and the year(s) of the public accountant’s conducting the audit of the financial statement within the last five years; 2. Name and the year(s) of the Public Accounting Firm’s conducting the audit of the financial statement within the last five years; 3. The amount of fee for each type of service provided by the Public Accounting Firm in the last fiscal year; and 4. Other services provided by the Public Accounting Firm and public accountant other than the service of auditing financial statement of the last fiscal year. Note: Please disclose if there are no other services provided.

265

15

Uraian mengenai manajemen risiko perusahaan


1. Penjelasan mengenai sistem manajemen risiko yang diterapkan perusahaan;

2. Penjelasan mengenai hasil review yang dilakukan atas sistem manajemen risiko pada tahun buku;;

3. Penjelasan mengenai risiko-risiko yang dihadapi perusahaan; dan

4. Upaya untuk mengelola risiko tersebut.

Description of the company’s risk management

Description should include:1. Description of the risk management system;2. Description of evaluation on the effectiveness of risk management systems;3. Description of risks faced by the company; and4. Efforts to manage these risks.

266-273

451


16

Uraian mengenai sistem pengendalian intern


1. Penjelasan singkat mengenai sistem pengendalian intern, antara lain mencakup pengendalian keuangan dan operasional;

2. Penjelasan kesesuaian sistem pengendalian intern dengan kerangka yang diakui secara internasional (COSO – internal control framework); dan

3. Penjelasan mengenai hasil review yang dilakukan atas pelaksanaan sistem pengendalian intern pada tahun buku.

Description of internal control systems

Description should include:1. Short description of the internal control system, including financial and operational control;2. Description of compatibility between the internal control system and internationally recognized internal control framework (COSO); and3. Description of evaluation on the effectiveness of internal control system in the fiscal year.

274

17

Uraian mengenai corporate social responsibility yang terkait tatakelola Tanggung jawab sosial

1 Informasi komitmen pada tanggung jawab sosial

2 Informasi mengenai methoda dan lingkup due diligent terhadap dampak sosial, ekonomi dan lingkungan dari aktifitas perusahaan

3 Informasi tentang stakeholder penting yang terdampak atau berpengaruh pada dampak dari kegiatan perusahaan

4 Informasi tentang isu isu penting sosial ekonomi dan lingkungan terkait dampak kegiatan perusahaan

5 Informasi tentang lingkup tanggung jawab sosial perusahaan baik yang merupakankan kewajiban maupun yang melebihi kewajiban

6 Informasi tentang strategi dan program kerja perusahaan dalam menangani isu isu sosial, ekonomi dan lingkungan dalam upaya stakeholders

engagement dan meningkatkan value untuk stakeholder dan shareholder

7 Informasi tentang berbagai program yang melebihi tanggung jawab minimal perusahaan yang relevan dengan bisnis yang dijalankan

8 Informasi tentang pembiayaan dan anggaran tanggung jawab social

A description of corporate social responsibility related to social responsibility governance

1 Information on commitment to social responsibility2 Information on methods and scope of due diligence on the social, economic and environmental impacts of company activities3 Information on the main stakeholders affected or influences the impact of company activities4 Information on the important socio-economic and environmental issues related to the impact of company activities5 Information on the scope of corporate social responsibility that is both an obligation and an obligation6 Information on the company's strategies and work programs in handling social, economic and environmental issues in the effort of stakeholder engagement

and increasing value for stakeholders and shareholders7 Information on various programs that exceed the company's minimum responsibilities that are relevant to the running of business 8 Information on financing and social responsibility budgets

(Informasi ini tersaji lebih mendalam

pada Laporan Keberlanjutan

Perseroan)

(This information is presented in more depth in the Company’s Sustainability

Report)

18

Uraian mengenai corporate social responsibility yang terkait core subjeck Hak Azasi Manusia

1. Informasi tentang komitmen dan kebijakan tanggung jawab sosial core subjeck Hak Azasi Manusia

2. Informasi tentang rumusan perusahaan lingkup tanggung jawab sosial core subjeck Hak Azasi Manusia

3. Informasi tentang perencanaan corporate social responsibility bidang Hak Azasi Manusia

4. Informasi tentang pelaksanaan inisiatif CSR bidang Hak Azasi Manusia

5. Informasi tentang capaian dan penghargaan inisiatif CSR bidang Hak Azasi Manusia

A description of corporate social responsibility related to the Human Rights

1. Information on the commitment and policies of the core social responsibility subject to Human Rights2. Information on the formulation of the company's scope of social responsibility core subject to Human Rights3. Information on planning corporate social responsibility in the field of Human Rights4. Information on implementing the Human Rights CSR initiative5. Information on achievements and awards for human rights CSR initiatives



Perseroan)


Report)

19

Uraian mengenai corporate social responsibility yang terkait core subject Operasi yang adil

1. Informasi tentang komitmen dan kebijakan tanggung jawab sosial core subject Operasi yang adil

2. Informasi tentang rumusan perusahaan lingkup tanggung jawab sosial core subject operasi yang adil

3. Informasi tentang perencanaan corporate social responsibility bidang operasi yang adil

4. Informasi tentang pelaksanaan inisiatif CSR bidang operasi yang adil

5. Informasi tentang capaian dan penghargaan inisiatif CSR bidang operasi yang adil

A description of corporate social responsibility related to the core subject of a fair operation1. Information on the commitment and policy of social responsibility core subject of Fair operation2. Information on the company's formulation of the scope of social responsibility core subject fair operations3. Information on planning corporate social responsibility in the field of fair operations4. Information on implementing fair operations of CSR initiatives5. Information on achievements and awards for fair operations of CSR initiatives



Perseroan)


Report)

452

20

Uraian mengenai corporate social responsibility yang terkait dengan lingkungan hidup, penyampaian informasi tentang ;

1. Informasi tentang komitmen dan kebijakan lingkungan

2. Informasi tentang dampak dan resiko lingkungan penting yang terkait secara langsung atau tidak langsung dengan perusahaan

3. Informasi tentang target/rencana kegiatan pada tahun 2018 yang ditetapkan manajemen;

4. Informasi tentang kegiatan yang dilakukan dan terkait program lingkungan hidup yang berhubungan dengan kegiatan operasional perusahaan

5. Informasi tentang pelaksanaan inisitaif CSR terkait lingkungan hidup

6. Informasi tentang capaian dampak kuantitatif atas kegiatan tersebut; dan, seperti penggunaan material dan energi yang ramah lingkungan dan dapat

didaur ulang, sistem pengolahan limbah perusahaan, mekanisme pengaduan masalah lingkungan, pertimbangan aspek lingkungan dalam pemberian

kredit kepada nasabah, dan lain-lain.

7. Sertifikasi di bidang lingkungan yang dimiliki.

Description of corporate social responsibility related to the environment, the disclosure of information about;1. Information on environmental commitments and policies2. Information on important environmental impacts and risks that are directly or indirectly related to the company3. Information on the target / plan of activities in 2018 determined by management;4. Information on activities carried out and related to environmental programs in relation to the company's operational activities5. Information on the implementation of CSR initiatives related to the environment6. Information on the achievement of the quantitative impact on the activity; and, such as the use of materials and energy that are environmentally friendly

and can be recycled, the company's waste treatment system, complaints mechanism for environmental problems, consideration of environmental aspects in providing credit to customers, and others.

7. Certification owned by the Company in environment field.

295

21

Uraian mengenai corporate social responsibility yang terkait dengan ketenagakerjaan, kesehatan, dan keselamatan kerja, mencakup antara lain informasi

tentang:

1. Kebijakan dan komitmen tanggung jawab sosial perusahaan core subjeck ketenagakerjaan

2. Informasi lingkup dan perumusan tanggung jawab sosial bidang ketenagakerjaan

3. Informasi terkait target/rencana kegiatan pada tahun 2018 yang ditetapkan manajemen; dan

4. Kegiatan yang dilakukan dan dampak kuantitatif atas kegiatan tersebut

5. Informasi terkait praktik ketenagakerjaan, kesehatan, dan keselamatan kerja, seperti kesetaraan gender dan kesempatan kerja, sarana dan keselamatan

kerja, tingkat turnover karyawan, tingkat kecelakaan kerja, remunerasi, mekanisme pengaduan masalah ketenagakerjaan, dan lain-lain.

Description of corporate social responsibility related to the workforce, work health and safety Information should include:1. Labor policy and core corporate social responsibility commitment2. Information on the scope and formulation of social responsibility in the field of employment3. Information related to the target / plan of activities in 2018 determined by management; and4. Activities carried out and quantitative impacts on these activities5. Information related to employment, health and safety practices, such as gender equality and employment opportunities, work facilities and safety,

employee turnover rates, work accident rates, remuneration, complaints mechanism, labor issues, and others.

303-306

22

Uraian mengenai corporate social responsibility yang terkait dengan tanggung jawab kepada konsumen, Mencakup antara lain:

1. Target/rencana kegiatan yang pada tahun 2018 ditetapkan manajemen; dan

2. Kegiatan yang dilakukan dan dampak atas kegiatan tersebut

3. Terkait tanggung jawab produk, seperti kesehatan dan keselamatan konsumen, informasi produk, sarana, jumlah dan penanggulangan atas pengaduan

konsumen, dan lain-lain.

Description of corporate social responsibility activities related to customer responsibility Information should include:1. Target/Plans for 2018 set by the management;2. Activities carried out and the quantitative impact of the product-related responsibility3. such as consumer health and safety, productinformation, facility for consumer complaint, number and resolution of consumer complaint cases, etc.

307

23

Uraian mengenai corporate social responsibility yang terkait dengan pengembangan sosial dan kemasyarakatan, mencakup antara lain informasi tentang:

1. Kebijakan dan komitmen tanggung jawab sosial perusahaan core subjeck pengembangan sosial dan kemasyarakatan

2. Informasi tentang isu isu sosial yang relevan dengan perusahaan

3. Informasi tentang resiko sosial yang dikelola perusahaan

4. Informasi lingkup dan perumusan tanggung jawab sosial bidang pengembangan sosial dan kemasyarakatan

5. Target/rencana kegiatan pada tahun 2018 yang ditetapkan manajemen;

6. Kegiatan yang dilakukan dan dampak atas kegiatan tersebut; dan

7. Biaya yang dikeluarkan

8. Terkait pengembangan sosial dan kemasyarakatan, seperti penggunaan tenaga kerja lokal, pemberdayaan masyarakat sekitar perusahaan, perbaikan

sarana dan prasarana sosial, bentuk donasi lainnya, komunikasi mengenai kebijakan dan prosedur anti korupsi, pelatihan mengenai anti korupsi, dan lain-

lain.

Description of corporate social responsibility activities related to social and community development, Description should include:1. Corporate social responsibility policies and commitments related to the core subject of social and community development2. Information on social issues that are relevant to the company3. Information on social risks managed by the company4. Information on the scope and formulation of social responsibility in social and community development5. Target/plan of activities in 2018 determined by management;6. Activities carried out and impacts on these activities; and7. Costs incurred8. Related to social and community development, such as the use of local labor, empowerment of communities around the company, improvement of social

facilities and infrastructure, other forms of donations, communication on anti-corruption policies and procedures, training on anti-corruption, and others.

303

453


24

Perkara penting yang sedang dihadapi oleh perusahaan, entitas anak, serta anggota Dewan Komisaris dan anggota Direksi yang menjabat pada periode

Laporan Tahunan mencakup antara lain:

1. Pokok perkara/gugatan;

2. Status penyelesaian perkara/gugatan;

3. Risiko yang dihadapi perusahaan dan nilai nominal tuntutan/gugatan; dan

4. Sanksi administrasi yang dikenakan kepada perusahaan, anggota Dewan Komisaris dan Direksi, oleh otoritas terkait (pasar modal, perbankan dan lainnya)

pada tahun buku terakhir (atau terdapat pernyataan bahwa tidak dikenakan sanksi administrasi).

Catatan: dalam hal perusahaan, entitas anak, anggota Dewan Komisaris, dan anggota Direksi tidak memiliki perkara penting, agar diungkapkan.

Important cases that are being faced by the company, subsidiaries, and members of the Board of Commissioners and members of the Board of Directors serving in the Annual Report period include the following:1. Principal case / claim;2. Status of settlement of cases / claims;3. The risks faced by the company and the nominal value of the claim / claim; and4. Administrative sanctions imposed on companies, members of the Board of Commissioners and Directors, by the relevant authorities (capital market,

banking and others) in the last fiscal year (or there is a statement that they are not subject to administrative sanctions).Note: in the case of companies, subsidiaries, members of the Board of Commissioners, and members of the Board of Directors do not have important matters to disclose.

282-286

25

Akses informasi dan data perusahaan

Uraian mengenai tersedianya akses informasi dan data perusahaan kepada publik, misalnya melalui website (dalam bahasa Indonesia dan bahasa Inggris),

media massa, mailing list, buletin, pertemuan dengan analis, dan sebagainya.

Access company information and data

Description of the availability of access to company information and data to the public, for example through websites (in Indonesian and English), mass media, mailing lists, newsletters, meetings with analysts, and so on.

280

26

Bahasan mengenai kode etik

Memuat uraian antara lain:

1. Pokok-pokok kode etik;

2. Pengungkapan bahwa kode etik berlaku bagi seluruh level organisasi;

3. Penyebarluasan kode etik;

4. Sanksi untuk masing-masing jenis pelanggaran yang diatur dalam kode etik (normatif); dan

5. Jumlah pelanggaran kode etik beserta sanksi yang diberikan pada tahun buku terakhir.

Catatan: apabila tidak terdapat pelanggaran kode etik pada tahun buku terakhir, agar diungkapkan.

Discussion of the code of ethics

Loading descriptions include:1. Principles of the code of ethics;2. Disclosure that the code of ethics applies to all levels of the organization;3. Dissemination of the code of ethics;4. Sanctions for each type of violation stipulated in the code of ethics (normative); and5. Number of violations of the code of ethics along with sanctions given in the last fiscal year.Note: if there is no violation of the code of ethics in the last financial year, it should be disclosed.

286-288

27

Pengungkapan mengenai whistleblowing system

Memuat uraian tentang mekanisme whistleblowing system antara lain:

1. Penyampaian laporan pelanggaran;

2. Perlindungan bagi whistleblower;

3. Penanganan pengaduan;

4. Pihak yang mengelola pengaduan; dan

5. Jumlah pengaduan yang masuk dan diproses pada tahun buku terakhir serta tindak lanjutnya.

6. Sanksi/tindak lanjut atas pengaduan yang telah selesai diproses pada tahun buku.

Catatan: apabila tidak terdapat pengaduan yang masuk dan telah selesai diproses pada tahun buku terakhir, agar diungkapkan.

Disclosure on the whistleblowing system.

Description of the mechanism of the whistleblowing system, including:1. Mechanism for reporting violations;2. Protection for the whistleblower;3. Handling of report of violation;4. The unit responsible for handling the report;5. The number of complaints received and processed within the last fiscal year and their follow-up. 6. Sanction/Follow-up of the cases whose process had been completed within the fiscal year. Note: Please disclose if there are no complaints received and finished processing in the last fiscal year.

289-290

454

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Kebijakan mengenai keberagaman komposisi Dewan Komisaris dan Direksi

Uraian kebijakan Perusahaan mengenai keberagaman komposisi Dewan Komisaris dan Direksi dalam pendidikan (bidang studi), pengalaman kerja, usia,

dan jenis kelamin.

Catatan: apabila tidak ada kebijakan dimaksud, agar diungkapkan alasan dan pertimbangannya

The diversity of the Board of Commissioners and Board of Directors composition Description of the Company’s policy on diversity of the Board of Commissioners and Board of Directors composition on Education (field of study), work experience, age, and gender.

Note: The reasons and consideration should be disclosed, if there is no such policy.

230-231

VII Informasi Keuangan / Financial Information

1

Surat Pernyataan Direksi dan/atau Dewan Komisaris tentang Tanggung Jawab atas Laporan Keuangan

Kesesuaian dengan peraturan terkait tentang Tanggung Jawab atas Laporan Keuangan.

Statement by the Board of Directors concerning the Responsibility of the Board of Directors towards the Financial Statement.Compliance with regulation regarding responsibility towards the Financial Statement.

312-426

2Opini auditor independen atas laporan keuangan

Independent auditor’s opinion on the financial statement.

3

Deskripsi Auditor Independen di Opini

Deskripsi memuat tentang:

1. Nama & tanda tangan;

2. Tanggal Laporan Audit; dan

3. Nomor ijin KAP dan nomor ijin Akuntan Publik.

Description of the Independent Auditor in the Opinion.

The description contains:1. Name and signature;2. Date of the audit report; and3. License number of the Public Accounting Firm and license number of the public accountant.

4

Laporan keuangan yang lengkap

Memuat secara lengkap unsur-unsur laporan keuangan:

1. Laporan posisi keuangan;

2. Laporan laba rugi dan penghasilan komprehensif lain;

3. Laporan perubahan ekuitas;

4. Laporan arus kas;

5. Catatan atas laporan keuangan;

6. Informasi komparatif mengenai periode sebelumnya; dan

7. Laporan posisi keuangan pada awal periode sebelumnya ketika entitas menerapkan suatu kebijakan akuntansi secara retrospektif atau membuat penyajian

kembali pos-pos laporan keuangan, atau ketika entitas mereklasifikasi pos-pos dalam laporan keuangannya (jika relevan).

Comprehensive financial statement.

The statement contains all elements of the financial statement: 1. Financial Position (Balance sheet); 2. Comprehensive Profit loss statement; 3. Statement of changes in equity; 4. Statement of Cash flows; 5. Notes to the financial statement; 6. Comparative information about previous period; and 7. Financial position at the start of comparative periods when the company implement retrospective application of accounting policies, or re-stated its accounts of financial statements, or re-classified the accounts of its financial statements (if relevant).

5

Perbandingan tingkat profitabilitas

Perbandingan laba (rugi) tahun berjalan dengan tahun sebelumnya.

Comparison of profitability.Comparison of profit (loss) from operations for the year to that of the previous year.

455


6

Laporan Arus Kas

Memenuhi ketentuan sebagai berikut:

1. Pengelompokan dalam tiga kategori aktivitas: operasi, investasi, dan pendanaan;

2. Penggunaan metode langsung (direct method) untuk melaporkan arus kas dari aktivitas operasi;

3. Pemisahan penyajian antara penerimaan kas dan atau pengeluaran kas selama tahun berjalan pada aktivitas operasi, investasi dan pendanaan; dan

4. Pengungkapan transaksi non kas harus dicantumkan dalam catatan atas laporan keuangan.

Cash Flow Report.

The report should meet the following provisions:1. Grouped into three categories of activity: operational, investment, and funding;2. Uses a direct method reporting for cash flows from the operational activity;3. Separating the presentation between cash receipt and or cash expended during the current year for operational, investment, and funding activities; and4. Disclosing activities that do not influence the cash flow

312-426

7

Ikhtisar Kebijakan Akuntansi

Meliputi sekurang-kurangnya:

1. Pernyataan kepatuhan terhadap SAK;

2. Dasar pengukuran dan penyusunan laporan keuangan;

3. Pajak penghasilan;

4. Imbalan kerja; dan

5. Instrumen Keuangan.

Summary of Accounting Policy

The summary should include at least:1. Statement of compliance with Financial Accounting Standard;2. Basis for the measurement and preparation of financial statements;3. Income tax;4. Work compensation; and5. Financial instruments.

8

Pengungkapan transaksi pihak berelasi

Hal-hal yang diungkapkan antara lain:

1. Nama pihak berelasi, serta sifat dan hubungan dengan pihak berelasi;

2. Nilai transaksi beserta persentasenya terhadap total pendapatan dan beban terkait; dan

3. Jumlah saldo beserta persentasenya terhadap total aset atau liabilitas.

Disclosure on transaction with related parties.

The disclosure includes, among others:1. Names of related parties, and the nature of the relationship with the related party;2. Value of transaction and its percentage to total related revenues and expenses; and3. Total balance of transaction and its percentage to total assets or liabilities

9

Pengungkapan yang berhubungan dengan perpajakan

Hal-hal yang harus diungkapkan:

1. Rekonsiliasi fiskal dan perhitungan beban pajak kini;

2. Penjelasan hubungan antara beban (penghasilan) pajak dan laba akuntansi;

3. Pernyataan bahwa Laba Kena Pajak (LKP) hasil rekonsiliasi dijadikan dasar dalam pengisian SPT Tahunan PPh Badan tahun 2018;

4. Rincian aset dan liabilitas pajak tangguhan yang diakui pada laporan posisi keuangan untuk setiap periode penyajian, dan jumlah beban (penghasilan)

pajak tangguhan yang diakui pada laporan laba rugi apabila jumlah tersebut tidak terlihat dari jumlah aset atau liabilitas pajak tangguhan yang diakui pada

laporan posisi keuangan; dan

5. Pengungkapan ada atau tidak ada sengketa pajak.

Disclosure related to taxation

Issues that should be disclosed include:1. Fiscal reconciliation and calculation of current tax;2. Explanation on the relation between tax expenses (benefit) and accounting/book profit;3. Statement that the amount of Taxable Profit as calculated through reconciliation is in accordance with the Tax Return;4. Details of deferred tax assets and liabilities recognized on the financial position (balance sheet) for each reporting period, and the amount of deferred tax

expenses (benefit) recognized in the profit/loss statement in the event that the amount is not recognizable from the amount of deferred tax assets and liabilities presented on the financial position (balance sheet); and

5. Disclosure of whether or not there is a tax dispute.

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Pengungkapan yang berhubungan dengan aset tetap


1. Metode penyusutan yang digunakan;

2. Uraian mengenai kebijakan akuntansi yang dipilih antara model revaluasi dan model biaya;

3. Metode dan asumsi signifikan yang digunakan dalam mengestimasi nilai wajar aset tetap (untuk model revaluasi) atau pengungkapan nilai wajar aset tetap

(untuk model biaya); dan

4. Rekonsiliasi jumlah tercatat bruto dan akumulasi penyusutan aset tetap pada awal dan akhir periode dengan menunjukkan: penambahan, pengurangan

dan reklasifikasi.

Disclosure related to Fixed Assets.

Issues that should be disclosed:1. Depreciation method used;2. Description of the selected accounting policies between the revaluation model and cost model;3. The methods and significant assumptions used in estimating the fair value of fixed assets (revaluation model) or disclosure of the fair value of fixed assets

(cost model); and4. Reconciliation of the gross book value and accumulated depreciation of fixed assets at the beginning and end of the reporting period, showing any

addition, reduction and reclassification.

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Pengungkapan yang berhubungan dengan segmen operasi


1. Informasi umum yang meliputi faktor-faktor yang digunakan untuk mengidentifikasi segmen yang dilaporkan;

2. Informasi tentang laba rugi, aset, dan liabilitas segmen yang dilaporkan;

3. Rekonsiliasi dari total pendapatan segmen, laba rugi segmen yang dilaporkan, aset segmen, liabilitas segmen, dan unsur material segmen lainnya terhadap

jumlah terkait dalam entitas; dan

4. Pengungkapan pada level entitas, yang meliputi informasi tentang produk dan/atau jasa, wilayah geografis dan pelanggan utama.

Disclosures related to operating segment

Issues that should be disclosed:1. General information which includes the factors used to identify segments that are reported;2. Information about income, assets, and liabilities of the reported segment;3. Reconciliation of total segment revenues, reported segment profit or loss, segment assets, segment liabilities and other segment material elements to the

related number of the entity; and4. Disclosures at entity level, which includes information about products and/or services, geographic areas and major customers.

12

Pengungkapan yang berhubungan dengan Instrumen Keuangan


1. Rincian instrumen keuangan yang dimiliki berdasarkan klasifikasinya;

2. Nilai wajar dan hirarkinya untuk setiap kelompok instrumen keuangan;

3. Penjelasan risiko yang terkait dengan instrumen keuangan: risiko pasar, risiko kredit dan risiko likuiditas; dan

4. Kebijakan manajemen risiko;

5. Analisis risiko yang terkait dengan instrumen keuangan secara kuantitatif.

Disclosures relating to Financial Instruments

Issues that should be disclosed:1. The Detail of financial instruments based on the classification;2. The fair value and the corresponding hierarchy of each class of financial instruments;3. Explanation of the risks associated with financial instruments: market risk, credit risk and liquidity risk;4. Risk management policy; and5. Risk analysis related to financial instruments quantitatively

13

Penerbitan laporan keuangan

Hal-hal yang diungkapkan antara lain:

1. Tanggal laporan keuangan diotorisasi untuk terbit; dan

2. Pihak yang bertanggung jawab mengotorisasi laporan keuangan.

Publication of financial statements

Issues to be disclosed include:1. The date that the financial statements is authorized to be published; and2. The party responsible to authorize the published financial statement.

PT ELNUSA Tbk

HEAD OFFICEGraha Elnusa, 16th FloorJl. TB Simatupang Kav. 1 BJakarta 12560 IndonesiaPhone : 62-21 7883 0850 (Hunting)Fax : 7883 0883 7883 0907Email : [email protected]

Laporan TahunanAnnual Report

2018

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Reinforcing Method, Breaking New RecordSK Surat Keputusan/ Decision Le ©er SKK Migas Satuan Kerja...

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