Sanggahan dan Batasan Tanggung Jawab · or Public Company, Circular Letter of Financial Services...

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Laporan Tahunan 2017 PT Indonesian Paradise Property Tbk ini diterbitkan sesuai Peraturan Otoritas

Jasa Keuangan Nomor 29/POJK.04/2016 tanggal 29 Juli 2016 tentang Laporan Tahunan Emiten atau

Perusahaan Publik, Surat Edaran Otoritas Jasa Keuangan Nomor 30/SEOJK.04/2016 Tentang Bentuk dan

Isi Laporan Tahunan Emiten Atau Perusahaan Publik, serta Keputusan Direksi PT Bursa Efek Jakarta Nomor

Kep-306/BEJ/07-2004 tentang Peraturan Nomor I-E mengenai Kewajiban Penyampaian Informasi.

Tujuan utama penyusunan Laporan Tahunan PT Indonesian Paradise Property Tbk Tahun 2017 adalah

meningkatkan keterbukaan informasi Perseroan yang ditunjukkan dalam lingkup eksternal dan internal.

Selain itu, Laporan Tahunan ini juga memberikan gambaran kinerja serta pengelolaan Perseroan selama

1 (satu) tahun beroperasi di tahun 2017 serta perbandingannya dengan tahun 2016. Melalui terbitnya

laporan ini, diharapkan seluruh Pemangku Kepentingan memperoleh informasi yang memadai terkait

kebijakan serta pencapaian Perseroan selama tahun 2017.

Laporan Tahunan 2017 PT Indonesian Paradise Property Tbk disajikan dalam dua bahasa yaitu Bahasa

Indonesia dan Bahasa Inggris dengan menggunakan jenis dan ukuran huruf yang mudah dibaca dan

dipahami serta dicetak dengan kualitas baik. Sistem penulisan angka dalam semua tabel di dalam Laporan

Tahunan ini menggunakan sistem penulisan angka dalam Bahasa Indonesia.

Laporan Tahunan ini dapat diunduh di website resmi PT Indonesian Paradise Property Tbk di alamat

www.theparadise-group.com.

Sanggahan dan Batasan Tanggung Jawab

Laporan Tahunan ini memuat pernyataan kondisi keuangan, hasil operasi, proyeksi, rencana, strategi, kebijakan serta tujuan

Perseroan, yang digolongkan sebagai pernyataan ke depan dalam pelaksanaan Peraturan Perundang-undangan yang berlaku, kecuali

hal-hal yang bersifat historis. Pernyataan-pernyataan tersebut memiliki prospek risiko, ketidakpastian, serta dapat mengakibatkan

perkembangan aktual secara material berbeda dari yang dilaporkan.

Pernyataan-pernyataan prospektif dalam Laporan Tahunan ini dibuat berdasarkan berbagai asumsi mengenai kondisi terkini dan

kondisi mendatang Perseroan serta lingkungan bisnis di mana Perseroan menjalankan kegiatan usaha. Perseroan tidak menjamin

bahwa dokumen-dokumen yang telah dipastikan keabsahannya akan membawa hasil-hasil tertentu sesuai harapan.

Laporan Tahunan ini memuat kata “Perseroan” yang didefinisikan sebagai PT Indonesian Paradise Property Tbk yang menjalankan

bisnis dalam bidang penyediaan akomodasi (hotel). Adakalanya kata “Perusahaan” digunakan atas dasar kemudahan untuk menyebut

PT Indonesian Paradise Property Tbk secara umum.

Tentang Laporan Tahunan

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The 2017 Annual Report of PT Indonesian Paradise Property Tbk is published pursuant to the Regulation

of Financial Services Authority No. 29/POJK.04/2016 dated 29 July 2016 on the Annual Report of issuer

or Public Company, Circular Letter of Financial Services Authority No. 30/SEOJK.04/2016 on the Form

and Contents of Annual Report of issuer or Public Company, and the Decision of Board of Directors of

PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004 on the Regulation No. I-E on the Obligation to Disclose

Information.

The 2017 Annual Report of PT Indonesian Paradise Property Tbk is primarily drawn up to enhance the

Company’s information disclosure within internal and external environment of the Company. In addition,

this Annual Report provides an overview on the Company’s performance and management during its

operations in 2017 and its comparison with that of 2016. With the publication of this report, it is expected

that all Stakeholders can acquire adequate information about the Company’s policy and achievements

in 2017.

This Annual Report is presented in bilingual, namely Indonesian Language (Bahasa Indonesia) and English,

uses font type and size that is easily read and understood, and is printed with good quality. All numbers

written in the tables within this Annual Report follows the numbering system applicable in Indonesia.

This Annual Report can be downloaded from the official website of PT Indonesian Paradise Property Tbk

at www.theparadise-group.com.

Disclaimer

This Annual Report contains financial conditions, operation results, projections, plans, strategies, policies, as well as the Company’s

objectives, which are classified as forward-looking statements in the implementation of the applicable laws, excluding historical

matters. Such forward-looking statements are subject to known and unknown risks (prospective), uncertainties, and other factors

that could cause actual results to differ materially from expected results.

Prospective statements in this Annual Report are prepared based on numerous assumptions concerning current conditions and

future events of the Company, and the business environment where the Company conducts business. The Company shall have no

obligation to guarantee that all the valid documents presented will bring specific results as expected.

This Annual Report contains the word “Company” hereinafter referred to PT Indonesian Paradise Property Tbk, as the Company that

runs business in accommodation (hotel) services. The word “Company” is at times used to simply refer to PT Indonesian Paradise

Property Tbk in general.

About Annual Report

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Penjelasan TemaTheme Explanation

“Sustainable Growth Through Enforcing

Pillars of Business”

Fundamental ekonomi Indonesia yang kokoh, inflasi yang terjaga, serta daya beli masyarakat

yang terus mengalami peningkatan mampu menciptakan consumer confident. Perseroan yakin

dapat menghadapi tahun-tahun yang penuh tantangan dan meraih berbagai peluang yang ada

melalui penerapan kebijakan strategis serta target peningkatan kinerja yang mampu meningkatkan

performa Perseroan. Kebijakan strategis lainnya yang diterapkan sepanjang tahun 2017 adalah

diversifikasi usaha dengan mulai memasuki wilayah operasional baru di luar Batam, Bali, Yogyakarta

dan Jakarta dengan membangun beberapa proyek hotel dan apartemen di beberapa wilayah

di Indonesia. Dalam jangka panjang, kami menargetkan untuk masuk pada sektor mixed use

property yang terdiri dari perhotelan, pusat perbelanjaan, dan apartemen dalam satu kawasan yang

terintegrasi. Dengan semangat kami optimis dapat menciptakan pertumbuhan yang berkelanjutan.

Strong national economic fundamentals, stable inflation rate as well as continuously growing public

purchasing power are the factors that contribute to the creation of consumer confidence. The

Company is optimistic to be able to overcome the challenging future and seize all opportunities

with the right strategy, in addition to achieving targets to improve the Company’s performance.

Other strategies implemented over the course of 2017 include business expansion by penetrating

new operational areas outside of Batam, Bali, Yogyakarta and Jakarta through the development

of new hotel, shopping centers and apartment projects. In the upcoming years, we aim to

enter into mixed-use property sector which consists of hotel, shopping center, and apartment

within one integrated area. With our strong commitment and spirit, as well as solid vision and

focused business strategies, we are confident in our efforts to generate sustainable growth.

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09 KILAS KINERJA/ PERFORMANCE HIGHLIGHTS09 Ikhtisar Data Keuangan Penting/ Key Financial Highlights

09 Ikhtisar Laba Rugi Konsolidasian/ Highlights on Consolidated Profit and Loss

10 Ikhtisar Posisi Keuangan Konsolidasian/ Highlights on Consolidated Financial Position

11 Ikhtisar Arus Kas Konsolidasian/ Highlights on Consolidated Cash Flow

12 Rasio Keuangan/ Financial Ratios

12 Grafik Ikhtisar Data Keuangan Penting/ Charts of Key Financial Highlights

14 INFORMASI SAHAM/ SHARE INFORMATION14 Ikhtisar Saham/ Share Highlights

15 Grafik Pergerakan Saham/ Chart of Share Movement

15 PERISTIWA PENTING 2017/ 2017 IMPORTANT EVENTS

16 PENGHARGAAN & SERTIFIKASI/ AWARDS & CERTIFICATIONS

20 LAPORAN MANAJEMEN/ MANAGEMENT REPORTS20 Laporan Dewan Komisaris/ Board of Commissioners Report

27 Laporan Direksi/ Board of Directors Report

34 PROFIL PERUSAHAAN/ COMPANY PROFILE34 Identitas Perusahaan/ Corporate Identity

35 Jejak Langkah/ Milestones

36 Sekilas Perusahaan/ Company at a Glance

38 Visi, Misi dan Nilai-Nilai Perusahaan/ Vision, Mission and Values of the Company

40 Bidang Usaha/ Line of Business

40 Kegiatan Usaha/ Business Activities

40 Jasa yang Dihasilkan/ Services

40 Unit Usaha/ Business Units

42 Profil Dewan Komisaris dan Direksi/ Board of Commissioners and Board of Directors Profile

57 Pendidikan dan Pelatihan Dewan Komisaris, Direksi, Komite-Komite, Sekretaris Perusahaan

dan Unit Internal Audit 2017/ Education and Training Activities for Board of Commissioners,

Board of Directors, Committees, Corporate Secretary and Internal Audit Unit in 2017

59 Struktur Organisasi/ Organization Structure

60 Struktur Grup Perusahaan/ Company Group Structure

62 Komposisi Pemegang Saham/ Composition of Shareholders

63 Informasi Pemegang Saham Utama dan Pengendali/ Information on Main and Controlling

Shareholders

63 Kepemilikan Saham Manajemen/ Share Ownership by Management

63 Jumlah Pemegang Saham dan Persentase Kepemilikan Berdasarkan Klasifikasi/ Number of

Shareholders and Shareholding Percentage Based on Classification

64 Kronologi Pencatatan Saham/ Share Listing Chronology

73 Informasi Aksi korporasi/ Corporate Actions Information

Daftar IsiContents

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73 Informasi Obligasi, Sukuk atau Obligasi Konversi yang Masih Beredar Dalam 2 (Dua) Tahun Buku

Terakhir/ Information on Bonds, Sukuk or Convertible Bonds that were Outstanding in the Last 2

(Two) Fiscal Years

73 Kronologi Pencatatan Efek Lainnya/ Chronology of Other Securities Listing

73 Daftar Entitas Anak Perusahaan/ List of Subsidiary Entities

93 Lembaga dan Profesi Penunjang Pasar Modal / Capital Market Supporting Institutions

and Professionals

93 Jaringan Kantor dan Wilayah Kerja/ Office Network and Operational Area

94 Informasi pada Website Perusahaan/ Information on Company Website

96 TINJAUAN PENDUKUNG BISNIS/ REVIEW ON BUSINESS SUPPORTS 96 Sumber Daya Manusia/ Human Resources

96 Profil Sumber Daya Manusia/ Human Resources Profile

98 Rekrutmen dan Pengembangan Karir/ Recruitment and Career Development

98 Pendidikan dan Pelatihan/ Education and Training Activities

101 Rencana, Fokus, dan Strategi Pengembangan Sumber Daya Manusia 2018/ Plan, Focus, and Human

Resources Strategy for 2018

101 Teknologi dan Informasi/ Information and Technology

102 Rencana, Fokus, dan Strategi Teknologi Informasi 2018/ Plan, Focus, and Informartion Technology

Informartion Technology Strategy for 2018

104 ANALISIS DAN PEMBAHASAN MANAJEMEN/ MANAGEMENT DISCUSSION AND ANALYSIS 104 Tinjauan Makroekonomi dan Industri/ Macroeconomic and Industrial Review

105 Tinjauan Operasi per Segmen Usaha/ Operational Overview per Business Segment

108 Pendapatan per Segmen Usaha/ Revenues per Business Segment

109 Profitabilitas/ Profitability

109 Analisis Kinerja Keuangan/ Analysis on Financial Performance

109 Laporan Posisi Keuangan/ Financial Position Statements

116 Laporan Laba Rugi/ Income Statements

118 Laporan Arus Kas/ Cash Flow Statements

119 Kemampuan Membayar Utang dan Tingkat Kolektibilitas Piutang/ Solvency and Receivables

Collectability

121 Struktur Modal dan Kebijakan Manajemen atas Struktur Modal/ Capital Structure and Management

Policy on Capital Structure

121 Ikatan Material untuk Investasi Barang Modal/ Material Commitment for Capital Goods Investment

122 Investasi Barang Modal yang Direalisasikan Pada Tahun Buku Terakhir/ Capital Goods Investment

Realized in the Last Fiscal Year

122 Informasi dan Fakta Material yang terjadi setelah Tanggal Laporan Akuntan/ Material Information

and Fact Subsequent to Accountant Report

122 Perbandingan antara Target, Realisasi 2017 Dan Proyeksi 2018/ Comparison between Target,

Realization in 2017, and Projection for 2018

123 Kebijakan Dividen/ Dividend Policy

123 Realisasi Penggunaan Dana Hasil Penawaran Umum/ Use of Proceeds from Public Offering

125 Informasi Material Mengenai Investasi, Ekspansi, Divestasi, Penggabungan/Peleburan Usaha, Akuisisi

atau Restrukturisasi Utang/Modal/ Material Information on Investment, Expansion, Divestment,

Business Merger/Consolidation, Acquisition or Capital/Debt Restructuring

125 Informasi Transaksi Material yang Mengandung Benturan Kepentingan dan Transaksi dengan

Pihak Afiliasi/ Information on Material Transaction Containing Conflict of Interest and Transaction

with Affiliations

126 Perubahan Peraturan Perundang-Undangan yang Berpengaruh Signifikan Terhadap Kinerja

Perusahaan/ Changes in Laws Regulations Having Significant Impact on Company Performance

126 Perubahan Kebijakan Akuntansi yang Diterapkan Pada Tahun Buku Terakhir/ Changes in Accounting

Policies Implemented in the Last Fiscal Year

127 Aspek Pemasaran/ Marketing Aspect

127 Prospek Usaha/ Business Outlook

129 Informasi Kelangsungan Usaha/ Information on Business Continuity

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133 TATA KELOLA PERUSAHAAN/ GOOD CORPORATE GOVERNANCE 133 Dasar dan Tujuan Penerapan Tata Kelola Perusahaan yang Baik/ Basis and Purpose of Good Corporate

Governance Implementation

134 Prinsip-Prinsip Tata Kelola Perusahaan/ Good Corporate Governance Principles

135 Penilaian Penerapan Tata Kelola Perusahaan untuk Tahun Buku 2017/ Assessment on Good Corporate

Governance Implementation in 2017 Fiscal Year

135 Prosedur Penilaian/ Assessment Procedures

135 Kriteria yang Digunakan dan Pihak yang Melakukan Assessment/ Assessment Criteria and Assessors

136 Rekomendasi/ Recommendation

136 Struktur Tata Kelola/ Governance Structure

137 Rapat Umum Pemegang Saham/ General Meeting of Shareholders

137 Keputusan Rapat Umum Pemegang Saham Tahunan Tahun 2017/ Resolutions of 2017 Annual General

Meeting of Shareholders

138 Keputusan Rapat Umum Pemegang Saham Tahunan Tahun 2016/ Resolutions of the 2016 Annual

General Meeting of Shareholders

139 Dewan Komisaris/ Board of Commissioners

139 Susunan Anggota Dewan Komisaris/ Composition of Board of Commissioners

140 Pedoman atau Piagam (Charter) Dewan Komisaris/ Guidelines or Charter of Board of Commissioners

140 Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris/ Implementation of Board of Commissioners

Duties and Responsibilities

141 Kebijakan Mengenai Penilaian Kinerja Dewan Komisaris/ Performance Assessment Policy for Board

of Commissioners

141 Penilaian Kinerja Komite di Bawah Dewan Komisaris/ Performance Assessment of Committees

Under Board of Commissioners

141 Komisaris Independen/ Independent Commissioner

141 Kriteria/ Criteria

142 Pernyataan Independensi/ Independency Statement

142 Direksi/ Board of Directors

142 Susunan Anggota Direksi/ Composition of Board of Directors

143 Pernyataan Mengenai Pedoman atau Piagam (Charter) Direksi/ Statement on Guidelines or Charter

of Board of Directors

143 Tugas dan Tanggung Jawab Direksi/ Duties and Responsibilities of Board of Directors

143 Ruang Lingkup Tugas dan Tanggung Jawab Masing-Masing Anggota Direksi/ Scope of Duties and

Responsibilities of Each Member of Board of Directors

144 Kebijakan Perusahaan Tentang Penilaian Terhadap Kinerja Anggota Direksi/ Performance

Assessment Policy for Members of Board of Directors

144 Keberagaman Komposisi Dewan Komisaris dan Direksi/ Diversity in Board of Commssioners and

Board of Directors Compositions

148 Remunerasi Dewan Komisaris dan Direksi/ Remuneration for Board of Commissioners and Board

of Directors

148 Prosedur dan Penetapan Remunerasi Direksi/ Procedures and Determination of Board of Directors

Remuneration

149 Jumlah Remunerasi Dewan Komisaris dan Direksi/ Amount of Board of Commissioners and Board of

Directors Remuneration

149 Pelaksanaan Rapat Dewan Komisaris, Direksi, serta Rapat Gabungan Dewan Komisaris dan Direksi/

Meetings of Board of Commissioners and Board Of Directors, and Joint Meetings of Board of

Commissioners and Board of Directors

150 Rapat Dewan Komisaris/ Board of Commissioners Meetings

150 Rapat Direksi/ Board of Directors Meetings

150 Rapat Gabungan Dewan Komisaris dan Direksi/ Board of Commissioners and Board of Directors Joint

Meetings

151 Program Pelatihan dan Pengembangan Kompetensi Dewan Komisaris dan Direksi/ Training and

Competency Development Programs of Board of Commissioners and Board of Directors

151 Hubungan Afiliasi Dewan Komisaris dan Direksi/ Affiliations of Board of Commissioners and Board of

Directors

152 Komite Audit/ Audit Committee

152 Susunan Anggota Komite Audit / Composition of Audit Committee

152 Profil Komite Audit/ Profile of Audit Committee

153 Independensi Komite Audit/ Independency of Audit Committee

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153 Tugas, Tanggung Jawab, dan Wewenang Komite Audit/ Duties, Responsibilities, and Authority of

Audit Committee

154 Piagam Komite Audit/ Charter of Audit Committee

154 Rapat Komite Audit/ Meetings of Audit Committee

155 Pelaksanaan Tugas Komite Audit 2017/ Duties of Audit Committee in 2017

156 Fungsi Komite Nominasi dan Remunerasi/ Function of Nomination and Remuneration Committee

156 Rapat Komite Nominasi dan Remunerasi serta Pelaksanaan Tugas Komite Nominasi dan Remunerasi/

Meeting and Duties of Nomination and Remuneration Committee

156 Sekretaris Perusahaan/ Corporate Secretary

157 Profil Sekretaris Perusahaan/ Profile of Corporate Secretary

157 Tugas dan Tanggung Jawab/ Duties and Responsibilities

158 Pelaksanaan Tugas dan Tanggung Jawab Sekretaris Perusahaan Tahun 2017/ Duties and

Responsibilities of Corporate Secretary in 2017

158 Internal Audit/ Internal Audit

158 Profil Kepala Internal Audit/ Profile of Chief Internal Audit

159 Kualifikasi dan Sertifikasi sebagai Profesi Internal Audit/ Qualification and Certification as Internal

Auditor

159 Piagam Internal Audit/ Internal Audit Charter

159 Struktur dan Posisi Internal Audit/ Structure and Position of Internal Audit

160 Tugas dan Tanggung jawab Internal Audit/ Duties and Responsibilities of Internal Audit

161 Wewenang/ Authority

161 Kode Etik/ Code of Conduct

162 Persyaratan/ Requirements

163 Independensi dan Objektivitas Internal Audit/ Independency and Objectivity of Internal Audit

164 Pelaksanaan Kegiatan Internal Audit Selama Tahun 2017/ Activities of Internal Audit in 2017

165 Auditor Independen/ Independent Auditor

166 Sistem Pengendalian Internal/ Internal Control System

172 Manajemen Risiko/ Risk Management

173 Perkara Penting yang Dihadapi Perusahaan Tahun 2017/ Legal Cases In 2017

174 Informasi Sanksi Administratif yang Dikenakan kepada Perusahaan/ Information on Administrative

Sanction Imposed on the Company

174 Kode Etik Perusahaan/ Company Code of Conduct

175 Sistem Pelaporan Pelanggaran/ Whistleblowing System

176 Pernyataan Pemenuhan terhadap Tata Kelola Perusahaan/ Statement of Good Corporate Governance

Fulfillment

177 Penerapan atas Pedoman Tata Kelola Perusahaan Terbuka/ Implementation of Corporate Governance

for Public Companies

183 TANGGUNG JAWAB SOSIAL PERUSAHAAN/ CORPORATE SOCIAL RESPONSIBILITY 183 Dasar Kebijakan/ Policy Basis

184 Tanggung Jawab Sosial Bidang Lingkungan Hidup/ Social Responsibility to the Environment

185 Tanggung Jawab Sosial Bidang Ketenagakerjaan, Kesehatan dan Keselamatan Kerja/ Social

Responsibility in Manpower, Occupational Health and Safety

187 Tanggung Jawab Sosial Bidang Pengembangan Sosial dan Kemasyarakatan/ Responsibility in Social

and Community Development

188 Tanggung Jawab Sosial terhadap Pelanggan/ Social Responsibility to Customers

189 Kegiatan Tanggung Jawab Sosial Perusahaan Tahun 2017/ Corporate Social Responsibility Activities in

2017

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Kilas KinerjaPerformance Highlights

IKHTISAR DATA KEUANGAN PENTING

KEy FINANCIAL HIGHLIGHTS

Ikhtisar Laba Rugi Konsolidasian / Highlights on Consolidated Profit and Loss

Uraian / Description

2017 2016 2015 2014* 2013*

Pendapatan Bersih / Net Revenues

595.692.044.724 547.492.009.881 587.087.865.753 579.474.747.358 433.708.623.954

Laba Bruto / Gross Profit

414.559.895.485 389.343.876.701 421.142.573.853 419.602.614.377 292.023.257.880

Laba Usaha/Operating Profit

89.136.338.346 39.020.545.356 123.737.090.006 121.948.487.060 78.770.081.004

Laba Tahun Berjalan / Profit for the Year

147.427.151.843 181.566.742.860 112.287.513.857 60.711.753.324 26.252.943.818

Laba Tahun Berjalan yang dapat Diatribusikan kepada: / Profit for the Year Attributable to:

Pemilik Entitas IndukOwners of the Parent

100.777.813.683 170.121.035.846 59.903.626.388 25.098.336.892 10.233.091.371

Kepentingan Non PengendaliNon-Controlling Interest

46.649.338.160 11.445.707.014 52.383.887.469 35.613.416.432 16.019.852.447

Jumlah Penghasilan Komprehensif Tahun Berjalan Setelah PajakTotal Comprehensive Income for the Year Net of Tax

144.220.164.480 180.697.292.740 113.118.531.290 59.092.980.146 26.252.943.818

Laba Komprehensif Tahun Berjalan yang dapat Diatribusikan kepada:Total Comprehensive Income for the Year Attributable to:

Pemilik Entitas IndukOwners of the Parent

98.208.548.813 169.506.434.099 60.734.643.821 23.479.563.714 10.233.091.371

Kepentingan Non PengendaliNon-Controlling Interest

46.011.615.667 11.190.858.641 52.383.887.469 35.613.416.432 16.019.852.447

Laba per SahamEarnings per Share

9,01 15,21 8,96 11,22 4,08

*Disajikan kembali berdasarkan Laporan Audit 2015 / Restated on 2015 Audit Report

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Ikhtisar Posisi Keuangan Konsolidasian Highlights on Consolidated Financial Position

Uraian / Description 2017 2016 2015 2014* 2013*

Aset LancarCurrent Assets

585.012.548.372 353.087.115.120 442.875.440.986 333.887.025.834 304.771.340.783

Aset Tidak LancarNon-Current Assets

6.082.908.928.272 4.802.666.281.863 4.458.187.088.672 1.857.352.220.562 1.850.238.763.575

Jumlah AsetTotal Assets

6.667.921.476.644 5.155.753.396.983 4.901.062.529.658 2.191.239.246.396 2.155.010.104.358

Liabilitas Jangka PendekCurrent Liabilities

799.968.546.304 106.632.977.094 313.186.382.555 169.889.733.156 129.415.625.556

Liabilitas Jangka PanjangNon-Current Liabilities

1.633.018.664.052 960.174.170.081 635.854.413.277 780.025.713.834 844.945.004.182

Jumlah LiabilitasTotal Liabilities

2.432.987.210.356 1.066.807.147.175 949.040.795.832 949.915.446.990 974.360.629.738

Jumlah EkuitasTotal Equity

4.234.934.266.288 4.088.946.249.808 3.952.021.733.826 1.241.323.799.406 1.180.649.474.620

Jumlah Investasi pada Entitas AsosiasiTotal Investments in Associate Entities 3.689.251.659.303 2.555.867.907.136 2.392.143.695.124 47.865.562.238 45.799.333.112


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Ikhtisar Arus Kas Konsolidasian Highlights on Consolidated Cash Flow

Uraian / Description

2017 2016 2015 2014* 2013*

Arus Kas Bersih dari Aktivitas Operasi Cash Flows from Operating Activities

211.480.891.922 100.067.311.679 62.130.885.734 81.648.775.493 157.304.504.840

Arus Kas Bersih untuk Aktivitas InvestasiCash Flows for Investing Activities

(579.350.891.053) (253.876.095.128) (261.166.510.079) (132.826.958.533) (111.489.160.877)

Arus Kas dari Aktivitas PendanaanCash Flows from Financing Activities

567.906.561.863 114.227.673.653 272.926.970.094 74.241.480.325 54.486.064.595

Kenaikan (Penurunan) Bersih Kas dan Setara Kas Net Increase (Decrease) Cash and Cash Equivalents

200.036.562.732 (39.581.109.796) 73.891.345.749 23.063.297.285 100.301.408.558

Kas dan Setara Kas Entitas Anak yang Baru DiakuisisiCash and Cash Equivalents from Newly Acquired Subsidiaries

- - 10.627.295.033 - -

Kas dan Setara Kas Awal TahunCash and Cash Equivalents at Beginning of the Year

247.903.815.289 287.484.925.085 202.966.284.303 179.902.987.018 79.601.578.460

Pengaruh Perubahan Kurs Mata Uang Asing terhadap Kas dan Setara KasEffect of Foreign Exchange Rate Changes on Cash and Cash Equivalents

(7.714.812.829) - - - -

Kas dan Setara Kas Akhir TahunCash and Cash Equivalents at End of Year

440.225.565.192 247.903.815.289 287.484.925.085 202.966.284.303 179.902.987.018


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Rasio Keuangan (%) Financial Ratio (%)

Uraian / Description 2017 2016 2015 2014 2013

Laba Bersih terhadap Jumlah AsetReturn On Assets

2,21 3,52 2,29 2,77 1,22

Laba Bersih terhadap EkuitasReturn On Equity

3,48 4,44 2,84 4,89 2,22

Laba Bersih terhadap PendapatanReturn On Revenues

24,75 33,16 19,13 10,48 6,05

Liabilitas terhadap EkuitasLiabilities to Equity

57,45 26,09 24,01 76,52 82,53

Liabilitas terhadap Jumlah AsetLiabilities to Assets

36,49 20,69 19,36 43,35 45,21

Rasio Imbal Hasil terhadap InvestasiReturn on Investments

4,00 7,10 4,69 126,84 57,32

Rasio Investasi terhadap AsetInvestment to Assets

55,33 49,58 48,81 2,18 2,13

Grafik Ikhtisar Data Keuangan Penting Charts of Key Financial Highlights

2013

1.000.000.000.000

2.000.000.000.000

3.000.000.000.000

4.000.000.000.000

5.000.000.000.000

6.000.000.000.000

7.000.000.000.0006.667.921.476.644

Total Aset Total Liabilitas Pendapatan bersihTotal Ekuitas

4.234.934.266.288

2.432.987.210.356

595.692.044.724

547.492.009.881547.492.009.881 587.087.865.753433.708.623.954

1.066.807.147.1751.066.807.147.175 949.040.795.832974.360.629.738

4.088.946.249.8084.088.946.249.808

1.180.649.474.6203.952.021.733.826

5.155.753.396.9835.155.753.396.983

4.901.062.529.6582.155.010.104.358

2014 2015 2016 2017

13

2013

1.000.000.000.000

2.000.000.000.000

3.000.000.000.000

4.000.000.000.000

5.000.000.000.000

6.000.000.000.000

7.000.000.000.000

Total Aset

6.667.921.476.644

4.234.934.266.288

2.432.987.210.356

595.692.044.724547.492.009.881

1.066.807.147.175

4.088.946.249.808

5.155.753.396.983

587.087.865.753

949.040.795.832

3.952.021.733.826

4.901.062.529.658

579.474.747.358

949.915.446.990

1.241.323.799.406

2.191.239.246.396

433.708.623.954

974.360.629.7381.180.649.474.620

2.155.010.104.358

2014 2015 2016 2017

Total Ekuitas Total Liabilitas Pendapatan bersih

14

IKHTISAR SAHAM SHARE HIGHLIGHTS

2017

2016

NoPeriodePeriod

Harga Saham (Rp) Share Price (Rp)

Volume Perdagangan

Trading Volume (Unit)

Jumlah Saham yang Beredar

(lembar) Total

Outstanding Shares (share)

Kapitalisasi PasarMarket

CapitalizationTertinggiHighest

TerendahLowest

PenutupanClosing

1 Triwulan 1 / 1st Quarter

630 540 615 34.082.000 11.181.971.732 6.876.912.615.180

2 Triwulan 2 / 2nd Quarter

645 595 625 20.812.000 11.181.971.732 6.988.732.332.500

3 Triwulan 3 / 3rd Quarter

630 610 610 14.273.000 11.181.971.732 6.821.002.756.520

4 Triwulan 4 / 4th Quarter

800 610 650 166.295.000 11.181.971.732 7.268.281.625.800

NoPeriodePeriod

Harga Saham (Rp) Share Price (Rp)

Volume Perdagangan

Trading Volume (Unit)

Jumlah Saham yang Beredar

(lembar) Total

Outstanding Shares (share)

Kapitalisasi PasarMarket CapitalizationTertinggi

HighestTerendah

LowestPenutupan

Closing

1 Triwulan 1 / 1st Quarter

433 314 428 27.249.000 11.181.971.732 4.785.883.901.296

2 Triwulan 2 / 2nd Quarter

495 425 450 36.103.000 11.181.971.732 5.031.887.279.400

3 Triwulan 3 / 3rd Quarter

462 440 446 10.998.000 11.181.971.732 4.987.159.392.472

4 Triwulan 4 / 4th Quarter

570 440 565 31.103.000 11.181.971.732 6.317.814.028.580

INFORMASI SAHAM

SHARE INFORMATION

Informasi Saham / Share Information

Emiten / Issuer PT Indonesian Paradise Property Tbk

Kode Saham / Ticker Code INPP

Pencatatan di Bursa Efek / Listing on Stock Ex-change

Bursa Efek Indonesia / Indonesia Stock Exchange

Biro Administrasi Efek / Share Registrar PT Adimitra Jasa Korpora

Periode / Period Tahun 2017 dan Tahun 2016 / 2017 and 2016

15

GRAFIK PERGERAKAN SAHAM CHART OF SHARE MOVEMENT

PERISTIWAPENTING

2017IMPORTANT

EVENTS

12 MAY

PENYELENGGARAAN RAPAT

UMUM PEMEGANG SAHAM

TAHUNAN

CONVENING OF ANNUAL

GENERAL MEETING OF

SHAREHOLDERS OF THE

COMPANY

4 AUGUST

PT RETZAN INDONUSA (ANAK USAHA

PERSEROAN) MEMPEROLEH PINJAMAN

DARI PT BANK CHINA CONSTRUCTION

BANK INDONESIA TBK (CCBI) SENILAI

RP91.000.000.000

PT RETZAN INDONUSA (COMPANY’S

SUBSIDIARY) OBTAINED LOANS FROM

PT BANK CHINA CONSTRUCTION BANK

INDONESIA TBK (CCBI) AMOUNTING TO

RP91,000,000,000

14 AUGUST

AKUISISI SAHAM PT PLAZA

INDONESIA REALTY TBK SENILAI

RP620.754.000.000 MILIK UNIPAC

HOLDING LIMITED

ACqUISITION OF THE SHARES OF

PT PLAZA INDONESIA REALTY TBK

AMOUNTING TO RP620,754,000,000

FROM UNIPAC HOLDING

LIMITED

19 AUGUST

PT ANUGERAH NUSARAYA (ANAK

USAHA PERSEROAN) MEMPEROLEH

PINJAMAN DARI PT BANK CHINA

CONSTRUCTION BANK INDONESIA

TBK (CCBI) SENILAI RP33.000.000.000

PT ANUGERAH NUSARAYA

(COMPANY’S SUBSIDIARY) OBTAINED

LOANS FROM PT BANK CHINA

CONSTRUCTION BANK INDONESIA

TBK (CCBI) AMOUNTING TO

RP33,000,000,000

20 OCTOBER

PERSEROAN MEMPEROLEH

FASILITAS KREDIT DARI UBS AG

CABANG SINGAPURA SENILAI

MAKSIMAL USD50.000.000

THE COMPANY OBTAINED CREDIT

FACILITY FROM UBS AG OF

SINGAPORE BRANCH AMOUNTING

TO USD50,000,000 AT MAxIMUM

1 NOVEMBER


INDONESIA REALTY TBK

SENILAI RP395.018.607.455

MILIK PT MNC SEKURITAS

ACqUISITION OF THE SHARES

OF PT PLAZA INDONESIA

REALTY TBK AMOUNTING TO

RP395,018,607,455 FROM PT

MNC SEKURITAS

12 JULY


INDONESIA REALTY TBK SENILAI

RP290.400.000.000 MILIK

BUTTINGTON ASSETS LIMITED

ACqUISITION OF THE SHARES OF

PT PLAZA INDONESIA REALTY TBK

AMOUNTING TO RP290,400,000,000

FROM BUTTINGTON

ASSETS LIMITED

16

PENGHARGAAN DAN SERTIFIKASI

AWARDS AND CERTIFICATIONS

Sepanjang 2017, Perseroan menerima

penghargaan dari berbagai instansi

sebagai berikut:

Throughout 2017, the Company received

several awards from various institutions as

follows:

Penghargaan / Awards

PERINGKAT 2 PENGHARGAAN 100

FASTEST GROWING COMPANY

AWARDS 2017 DARI INFOBANK

UNTUK SEKTOR PERDAGANGAN,

JASA-JASA, DAN INVESTASI.

2nd Place in the 100 Fastest

Growing Company Awards 2017

from Infobank for the sectors of

trade, services, and investment.

PEMENANG PENGHARGAAN

INDONESIA MOST INNOVATIVE

BUSINESS AWARDS 2017 DARI

WARTA EKONOMI KATEGORI

HOTEL, RESTORAN, DAN

PARIWISATA.

The Winner of Indonesia Most

Innovative Business Awards 2017

from Warta Ekonomi for the

category of Hotel, Restaurant, and

Tourism.

PERAIH TOP 50 COMPANIES

2017, BEST OF THE BEST

AWARDS 2017 DARI FORBES

INDONESIA.

One of the Top 50 Companies

2017 and received the Best

of the Best Awards 2017 from

Forbes Indonesia.

PERAIH TOP 50 OF MID

MARKET CAPITALIzATION

PUBLIC LISTED COMPANIES,

THE 9TH IICD CORPORATE

GOVERNANCE AWARDS 2017.

One of the Top 50 Mid-

Market Capitalization

Public Listed Companies

in the 9th IICD Corporate

Governance Awards 2017.

18

Selain itu, unit-unit usaha Perseroan juga

mendapatkan penghargaan tersendiri dari

berbagai instansi seperti:

Furthermore, the Company’s business units also

received several awards from various institutions,

as follows:

NoUnit Usaha /

Business UnitPenghargaan / Award

Pemberi Penghargaan /Awarded by

Periode / Period

BALI

1HARRIS Hotel Tuban - Bali

Silver Medal of THK Awards 2017yayasan Tri Hita Karana Bali

2017


Hygiene & Sanitation

Dinkes Kabupaten Badung / Health Department of Badung Regency

2017


Kesehatan dan Keselamatan Kerja (K3)/ Occupational Health and Safety (OHS)

Dinas Tenaga Kerja Provinsi Bali / Manpower Department of Bali Province

2017

4Sheraton Bali Kuta Resort

Best Luxury Family Lifestyle Beach Resort Worldwide 2016/2017

Hotel Of The year, UK 2017


Top 50 Resort Worldwide Hotel Of The year, UK 2017


Best Resort Hotel IndonesiaInternational Hotel Awards, UK

2017


Indonesia and International Five Star Standard

International Hotel Awards, UK

2017


Recommended on Holiday Check with rating 5.8 out of 6

Holiday Check 2017


Loved by Guest—Fabulous 2017 Hotels.com 2017


Emerald Award 2017 Tri Hita Karana 2017


Luxury Family Resort 2017World Luxury Hotels Award

2017


Luxury Ocean View Resort 2017 World Luxury Hotels Award

2017

13Maison Aurelia Sanur - Bali

Guest Review Awards 2017 Booking.com 2017

14Maison Aurelia Sanur - Bali

Luxury Boutique Hotel 2017 World Luxury Hotels Awards

2017

BATAM

15HARRIS Hotel Batam Center - Batam

Loved Hotel by Guest Hotel.com 2017

16HARRIS Resort Waterfront Batam

Penghargaan untuk Wajib Pajak Terbaik Pertama Hotel Berbintang/ The Best First Taxpayer Award for Starred Hotel

Pemerintah Kota Batam / Batam Government

2017

19

Sertifikasi Certifications

NoUnit Usaha /

Business UnitSertifikasi / Certifications

Pemberi Sertifikasi /Certified By

Tanggal /Date

JAKARTA

1HARRIS Suites fX Sudirman - Jakarta

Sertifikat Kompetensi (Penyedia Makanan & Minuman) / Certificate of Competence (Provider of Food & Beverages)

BNSP (Badan Nasional Sertifikasi Profesi)

13 September 2017


Sertifikat Kursus Hygiene Sanitasi Makanan / Certificate of Food Sanitation & Hygiene Course

Pemerintah Provinsi Dinkes DKI Jakarta / Health Department of DKI Jakarta Provincial Government

20 September 2017


Sertifikat Laik Sehat Usaha Restoran / Certificate of Good Health for Restaurant Business

PTSP Tanah Abang22 Desember 201722 December 2017


Sertifikat Kursus Hygiene Sanitasi Makanan / Certificate of Food Sanitation & Hygiene Course

Pemerintah Provinsi DKI Jakarta (Dinkes) / Health Department of DKI Jakarta Provincial Government

20 September 2017

BATAM


Certificate of Excellence Tripadvisor.com21 Juni 201721 June 2017


Certificate of Hotel Partner Traveloka20 Agustus 201720 August 2017

BALI


Certificate of Usaha Spa Tirta 1 for Shine Spa / Certificate of Business for Spa Tirta 1 for Shine Spa

Pemerintah Kabupaten Badung Dinas Pariwisata / Tourism Department of Badung Government

4 Desember 20174 December 2017

20

PT Indonesian Paradise Property Tbk

sebagai perusahaan penyedia akomodasi

(hotel), pusat perbelanjaan dan apartemen

memiliki kesadaran untuk berhati-hati dan

bijaksana dalam menjalankan kegiatan

usahanya. Dalam upaya meningkatkan

kinerjanya, Perseroan senantiasa

memposisikan diri sebagai perusahaan

yang terus menerus menerapkan

inovasi dan kreativitas serta peningkatan

kualitas Sumber Daya Manusia yang

berkesinambungan agar siap menghadapi

kompetisi yang makin ketat.

Melalui laporan ini, Dewan Komisaris

akan mendeskripsikan pandangan atas

penilaian kinerja Direksi, pengawasan

terhadap implementasi kebijakan

strategis, dan pandangan kami terhadap

prospek usaha ke depan, tata kelola

perusahaan serta langkah Perseroan ke

depan.

PENILAIAN KINERJA DIREKSI 2017

Dewan Komisaris mengakui bahwa

Direksi telah melakukan yang terbaik

atas pencapaian Perseroan di tahun

2017. Penilaian tersebut didasarkan pada

Direksi yang memiliki kompetensi yang

dibutuhkan Perseroan sehingga mampu

melalui tantangan dalam industri yang

dijalankan Perseroan. Penilaian yang baik

tersebut juga didasarkan pada pencapaian

Laba Usaha yang mengalami peningkatan

Rp50,1 miliar.

As a company engaging in the provision

of accommodation (hotel) services,

shopping centers and apartments, PT

Indonesian Paradise Property Tbk is aware

that its business must be carried out in a

prudent and wise manner. To leverage its

performance, the Company continuously

positions itself as a company that always

implements innovations and creativities

as well as quality development of

Human Resources to be able to face the

increasingly tight competition in the field.

Through this report, the Board of

Commissioners would like to describe

our opinion and assessment on Board

of Directors’ performance, supervisory

on strategic policy implementation,

opinion on business outlook, corporate

governance and future plans of the

Company.

ASSESSMENT ON BOARD OF

DIRECTORS PERFORMANCE IN 2017

The Board of Commissioners recognizes

the efforts exerted by the Board of Directors

in 2017 which resulted in a number of

achievements of the Company. This

assessment is based on the competence

demonstrated by the Board of Directors

in managing the Company so that we can

sail through all challenges arising during

the year. Moreover, our assessment is also

based on the Company’s achievement in

gaining Profit from Operations amounting

to Rp50.1 billion in 2017.

Laporan ManajemenManagement Reports

LAPORAN DEWAN KOMISARIS

BOARD OF COMMISSIONERS REPORT

22

Menurut kami, Direksi beserta seluruh karyawan

telah bekerja keras memajukan Perseroan dengan

mengembangkan mutu dan kompetensi Sumber

Daya Manusia, penerapan secara bertahap tata

kelola perusahaan yang baik (Good Corporate

Governance) serta melakukan perbaikan

sistem secara berkelanjutan untuk mencapai

hasil yang optimal. Kami juga menilai, Direksi

mampu mengelola Perseroan dengan secara

efektif menjalankan inovasi dan kreativitas, serta

peningkatan kualitas sumber daya manusia. Pada

akhirnya semua upaya tersebut memberikan

pengaruh terhadap kinerja Perseroan pada tahun

2017.

Secara berkelanjutan kami terus mengarahkan

Direksi untuk tetap disiplin dan fokus pada

pengembangan usaha melalui penerapan

kebijakan strategis dengan target pertumbuhan

pendapatan usaha yang lebih baik pada masa

mendatang dan tetap memperhatikan supply &

demand.

PENGAWASAN IMPLEMENTASI KEBIJAKAN

STRATEGIS

Sepanjang tahun 2017, Dewan Komisaris senantiasa

menjalankan fungsi pengawasan dan memberikan

saran kepada Direksi dalam mengimplementasikan

seluruh kebijakan strategis Perseroan. Pengawasan

dilakukan secara berkesinambungan, baik sebelum

maupun setelah pelaksanaan kebijakan strategis

guna evaluasi menyeluruh. Melalui pengawasan

yang berkelanjutan, kami ingin memastikan bahwa

Direksi telah mempertimbangkan berbagai faktor

secara menyeluruh.

Selain itu, Dewan Komisaris juga memastikan

bahwa manajemen risiko yang diterapkan

Perseroan mampu dikelola dengan baik. Sistem

manajemen risiko yang ada di Perseroan berfungsi

untuk mengelola risiko yang mencakup identifikasi,

pengendalian, serta evaluasi atas risiko-risiko

yang berpotensi mengganggu aktivitas bisnis dan

kelangsungan usaha yang menyebabkan tidak

tercapainya tujuan Perseroan.

We are of the opinion that the Board of Directors,

together with all employees of the Company, have

worked hard and provided their contribution to

the progress of the Company by developing the

quality and competence of all Human Resources,

implementing Good Corporate Governance (GCG)

properly and improving all systems sustainably to

give optimum results. We also observe that the

Board of Directors has been able to manage the

Company by effectively generating innovations

and creativities and enhancing Human Resources.

Ultimately, these efforts have an impact on the

Company’s performance throughout the year.

Continuously, the Board of Commissioners gives

directions to the Board of Directors to remain

disciplined and focused on business development

through the implementation of strategic policies,

with a target to score better business growth in

the future, by always taking into account supply-

and-demand aspect.

SUPERVISORY DUTY ON THE

IMPLEMENTATION OF STRATEGIC POLICIES

During the reporting year, the Board of

Commissioners has continuously performed

supervisory and advisory duties to the Board of

Directors in the implementation of Company’s

strategic policies. Supervisory activity has been

carried out continuously both before and after the

implementation of strategic policies for the sake of

thorough evaluation. By conducting continuous

supervision, we ensure that the Board of Directors

has taken into account all of the relevant factors.

Furthermore, the Board of Commissioners

also ensures that the risk management system

implemented by the Company has been

well managed. The Company’s existing risk

management system functions to manage risks

through the stages of identification, control,

and evaluation of risks that have the potential to

disrupt business process and sustainability as well

as to cause failure in achieving Company’s goals.

23

PANDANGAN PROSPEK USAHA

Dewan Komisaris setuju dengan prospek usaha

yang disusun Direksi. Dengan terwujudnya

pembangunan infrastruktur oleh pemerintah,

Perseroan melihat akan adanya peluang usaha

yang lebih besar dan mampu mengundang

wisatawan untuk datang. Hal itu juga terbukti

dari fakta Badan Pusat Statistik (BPS) yang

mencatat adanya tren positif terhadap kunjungan

wisatawan pertahunnya. Pada tahun 2017 BPS

mencatat ada 14 juta wisatawan yang datang ke

Indonesia, meningkat dibanding tahun lalu sekitar

12 juta wisatawan. Di sisi lain, dengan kompetensi

yang dimiliki manajemen, kami melihat Perseroan

mampu menempatkan usahanya pada moment

yang tepat.

Sementara pada segmen pusat perbelanjaan,

kami sependapat dengan Direksi yang melihat

Perseroan tidak terpengaruh oleh pelemahan

kinerja ritel akibat berkembangnya bisnis

e-commerce dan penurunan daya beli masyarakat

karena target market Perseroan adalah segmen

kelas middle-up.

PENERAPAN TATA KELOLA PERUSAHAAN

Bagi kami, implementasi tata kelola perusahaan

yang baik atau Good Corporate Governance

merupakan elemen penting yang dibutuhkan

untuk mewujudkan Perseroan menjadi perusahaan

penyedia akomodasi hotel, pusat perbelanjaan

dan apartemen terbaik yang mampu memberikan

nilai tambah bagi seluruh pemangku kepentingan.

Penerapan Good Corporate Governance di

lingkungan Perseroan dilakukan dengan mengacu

kepada peraturan dan perundang-undangan

yang berlaku, patuh pada norma-norma etika

bisnis yang berlaku secara universal, dan tata

nilai Perseroan. Perseroan juga mengembangkan

struktur sistem Good Corporate Governance

yang dapat meningkatkan nilai Perseroan secara

kompetitif dan berkualitas.

Dalam rangka melakukan pengawasan secara aktif

kepada Direksi, Dewan Komisaris merencanakan

untuk membentuk Komite Nominasi dan

OPINION ON BUSINESS OUTLOOK

The Board of Commissioners agrees with the

business outlook that has been prepared by the

Board of Directors. Through the realization of

government’s infrastructure development, the

Company observes great opportunity ahead that

can appeal to the tourists to come. This is reflected

on the data issued by the Statistics Indonesia (BPS)

which show positive trend in annual tourist visit.

In 2017, BPS recorded that as many as 14 million

tourists visited Indonesia, a heartening increase

compared to the total tourists visiting Indonesia in

2016 which was around 12 million tourists. Such

optimism is also supported by the management’s

competence which will enable the Company to

position its business in the right momentum to

gain profitability.

On shopping center segment, we are of the same

opinion as the Board of Directors in which we

observe that the Company is not impacted by the

weakening retail business performance due to

the major development in e-commerce business

and the declining public purchasing power, as the

target market of the Company is middle-up class

segment.

IMPLEMENTATION OF CORPORATE

GOVERNANCE

For us, the implementation of Good Corporate

Governance is a vital element that is required

to realize the Company as the best provider of

accommodation services, shopping centers and

apartments, able to generate added values for

all stakeholders. Good Corporate Governance

implementation in the Company is carried out in

reference to the prevailing laws and regulation

and in compliance with the universally applicable

business ethics as well as Corporate Values. The

Company also continuously develops a Good

Corporate Governance structure and system that

can elevate the Company’s competitive values

and quality.

In performing active supervision on the Board

of Directors, we have planned to establish a

Nomination and Remuneration Committee.

24

Remunerasi. Sepanjang tahun 2017, Komite Audit

telah memberikan pendapat secara profesional

dan independen kepada Dewan Komisaris

atas laporan yang disampaikan Direksi serta

mengidentifikasi hal-hal yang memerlukan

perhatian Dewan Komisaris. Komite Audit juga

menelaah laporan, informasi keuangan dan

keterbukaan informasi lainnya yang dikeluarkan

Perseroan; melakukan evaluasi manajemen risiko

dan sistem pengendalian internal; memberikan

masukan dalam penunjukan Kantor Akuntan Publik

kepada Dewan Komisaris; bekerja sama dengan

Audit Internal; serta membantu Dewan Komisaris

dalam melakukan pengawasan pelaksanaan

tata kelola perusahaan yang baik. Melangkah ke

depan, Perseroan akan terus menerapkan Good

Corporate Governance guna mencapai kinerja

yang bertumbuh dan mampu meraih kepercayaan

seluruh pemangku kepentingan.

PENERAPAN DAN PENGELOLAAN

WHISTLEBLOWING SYSTEM SERTA PERAN

DEWAN KOMISARIS

Perseroan memiliki sistem pelaporan pelanggaran

atau whistleblowing system yang bertujuan untuk

mendeteksi, mencegah, dan menanggulangi

setiap pelanggaran yang terjadi. Sistem pelaporan

pelanggaran ini melibatkan seluruh karyawan

sehingga memberikan rasa aman bagi seluruh

pihak yang berinteraksi dengan Perseroan. Setiap

indikasi adanya pelanggaran, disampaikan melalui

media email atau surat tertulis kepada Internal

Audit dengan tembusan kepada Human Resources.

Perseroan juga akan memberikan perlindungan

terhadap pelapor. Dalam whistleblowing system

tersebut, Dewan Komisaris mengambil peran

penting dalam memastikan penerapan dan

pengelolaan sistem tersebut berada pada jalur

yang tepat.

Frekuensi dan tata cara pemberian nasihat kepada

Angota Direksi sesuai Anggaran Dasar Perseroan,

dilaksanakan dalam Rapat Dewan Komisaris, Rapat

Gabungan Dewan Komisaris dengan Direksi, serta

melalui penyelenggaraan Rapat Umum Pemegang

Saham. Frekuensi pelaksanaan Rapat Dewan

Komisaris merujuk pada Peraturan OJK No. 33/

Over the course of 2017, the Audit Committee

has provided their professional and independent

opinion to the Board of Commissioners on reports

from the Board of Directors and has identified

matters requiring the attention of Board of

Commissioners. In addition, the Audit Committee

has reviewed financial statements, information

and other forms of disclosure by the Company;

evaluated the implementation of risk management

and internal control system; provided

recommendation for the appointment of Public

Accounting Firm to the Board of Commissioners;

cooperated with the Internal Audit and assisted

the Board of Commissioners in supervising the

implementation of Good Corporate Governance.

In the future, the Company will continue to

implement all Good Corporate Governance

principles in order to attain performance

improvement and trusts of all stakeholders.

IMPLEMENTATION AND MANAGEMENT OF

WHISTLEBLOWING SYSTEM AS WELL AS

ROLE OF BOARD OF COMMISSIONERS

The Company has established a whistleblowing

system that aims to detect, prevent and mitigate

all forms of violation against Company’s

regulations. The Whistleblowing system involves

all employees; hence, bringing security and safety

for all parties interacting with the Company. Each

indication of violation will be submitted through

email or written letter to the Internal Audit and

Human Resources Divisions. The Company

protects the confidentiality of whistleblower.

In the whistleblowing system, the Board of

Commissioners plays a significant role in ensuring

that the implementation and management of the

system has been proper.

Frequency and procedure of advisory to the Board

of Directors have been in line with the Company’s

Articles of Association and are conducted through

Board of Commissioners meetings, joint meetings

with the Board of Directors, and the General

Meeting of Shareholders. In regard to Board of

Commissioners meeting, the implementation

25

refers to OJK Regulation No. 33/POJK.04/2014

which stipulates that the Board of Commissioners

shall hold internal meeting, at the very least, once

every two months, and can be conducted at any

time necessary.

During 2017, the Board of Commissioners

meetings as well as Joint Meetings of Board of

Commissioners and Board of Directors Meetings

have been conducted according to the Company’s

Articles of Association. Advice and directives

have also been given to the Board of Directors

during the meetings and the results have been

well-documented in minutes of meeting of the

Company.

CHANGES IN BOARD OF COMMISSIONERS

COMPOSITION

There was no change in the composition of Board

of Commissioners in 2017.

APPRECIATION

The Board of Commissioners is optimistic that

the Company is able to continuously improve its

performance and work hard to grow business

and implement Good Corporate Governance

principles in a consistent manner. We would like

to extend our highest gratitude to the Board

of Directors and all employees for their strong

dedication towards the Company throughout

the year. We would also like to appreciate all

shareholders, customers, business partners and

stakeholders for their trusts given to the Company.

Thank you.

POJK.04/2014 yang menetapkan bahwa Dewan

Komisaris mengadakan Rapat minimum satu kali

dalam dua bulan. Di samping ketentuan ini, Rapat

Dewan Komisaris juga dapat diselenggarakan

setiap saat apabila diperlukan.

Selama tahun 2017, Rapat Dewan Komisaris

serta Rapat Gabungan antara Dewan Komisaris

dan Direksi telah dilaksanakan sesuai Anggaran

Dasar Perseroan. Pemberian nasihat kepada

Direksi dilakukan dalam rapat-rapat tersebut yang

hasilnya didokumentasikan dalam risalah rapat

Perseroan.

PERUBAHAN KOMPOSISI ANGOTA DEWAN

KOMISARIS

Sepanjang tahun 2017, Perseroan tidak mengubah

komposisi Dewan Komisaris

APRESIASI

Dewan Komisaris optimis bahwa Perseroan akan

mampu terus meningkatkan kinerjanya dengan

selalu bekerja keras meningkatkan pertumbuhan

bisnis serta menerapkan prinsip-prinsip Good

Corporate Governance secara konsisten. Dewan

Komisaris menyampaikan penghargaan dan

terima kasih yang setinggi-tingginya kepada

seluruh anggota Direksi dan seluruh karyawan

atas kerja keras dan dedikasi yang konsisten

sepanjang tahun 2017. Ucapan terima kasih

dan penghargaan juga kami sampaikan kepada

pemegang saham, pelanggan, mitra bisnis dan

seluruh pemangku kepentingan atas kepercayaan

yang telah diberikan.

Terima kasih.

TODO SIHOMBING Presiden Komisaris & Komisaris Independen

President Commissioner cum Independent Commissioner

27

Para pemegang saham dan seluruh pemangku

kepentingan yang terhormat,

Pada kesempatan kali ini, perkenankanlah kami

menyampaikan laporan pertanggungjawaban

Direksi atas kinerja Perseroan pada tahun 2017.

PANDANGAN DIREKSI TERHADAP

PEREKONOMIAN NASIONAL

Pertumbuhan ekonomi nasional mengalami

kenaikan tipis dari 5,03% pada tahun 2016 menjadi

5,07% di tahun 2017. Nilai tukar Rupiah sepanjang

tahun 2017 relatif stabil dengan depresiasi tipis

0,60% dibandingkan tahun sebelumnya. Stabilitas

nilai tukar tersebut dipengaruhi oleh kondisi

pasar keuangan global yang relatif kondusif dan

berakibat masuknya modal asing ke dalam negeri

mengalami peningkatan pula.

Pada segmen pariwisata Badan Pusat Statistik

(BPS) mencatat paling tidak ada 14 juta wisatawan

mancanegara datang ke Indonesia. Meskipun tidak

mencapai target 15 juta, namun jumlah wisatawan

tersebut masih mengalami peningkatan dibanding

tahun lalu yang hanya mencapai 12 juta wisatawan.

mancanegara.

Pertumbuhan bisnis perhotelan sepanjang tahun

2017 terpengaruh oleh pertumbuhan ekonomi

nasional. Kondisi ekonomi dalam negeri yang

mengarah pada perbaikan meningkatkan potensi

pertumbuhan bisnis perhotelan. BPS mencatat

Tingkat Hunian Kamar hotel klasifikasi bintang di

Indonesia pada Desember 2017 mencapai rata-

rata 59,53% atau naik 3,03 poin dibandingkan

dengan Tingkat Hunian Kamar Desember 2016

yang tercatat sebesar 56,50%.

ANALISIS KINERJA 2017

Kami bersyukur tahun 2017 dapat kita lalui dengan

baik meski menghadapi beberapa tantangan.

Dalam jangka panjang, industri perhotelan akan

Valuable shareholders and stakeholders,

On this occasion, we would like to present the

accountability report of Board of Directors’ duties

on Company’s performance during the 2017 fiscal

year.

OUR VIEW ON NATIONAL ECONOMIC

CONDITION

Domestic economic growth increased slightly

from 5.03% recorded in 2016 to 5.07% in 2017.

Rupiah exchange rate throughout 2017 was

relatively stable with a minor depreciation of 0.60%

compared to the previous year. Such stability was

influenced by the relatively conducive condition

of global financial market as well as the influx of

foreign capital into the country.

In the tourism segment, the Statistics Indonesia

(BPS) noted that at least 14 million foreign tourists

came to Indonesia in 2017. Despite not reaching

the target of 15 million, the number of tourists

demonstrated an improvement from the number

of tourists in the last year which only reached 12

million foreign tourists.

The growth of hospitality business throughout

the reporting year was also affected by domestic

economic growth. Fortunately, the domestic

economic conditions that led to recovery

increased the potential of growth in hospitality

business. BPS recorded that Room Occupancy

Rate of Starred Hotel in Indonesia in December

2017 reached an average of 59.53% or increased

by 3.03 points compared to the Occupancy Rate

of December 2016 which was recorded at 56.50%.

ANALYSIS ON 2017 PERFORMANCE

We are grateful that the Company managed

to overcome the challenging year of 2017. We

observe that in the long run, hotel industry will

LAPORAN DIREKSI

BOARD OF DIRECTORS REPORT

28

tetap menghadapi persaingan yang ketat akibat

adanya over supply kamar hotel di Bali dan

yogyakarta, disebabkan oleh banyaknya ijin usaha

baru yang diterbitkan pemerintah di masa lalu.

Pada tahun 2017, industri perhotelan juga

menghadapi kendala terkait dengan kebijakan

pemerintah menaikkan upah pekerja setiap

tahunnya yang tidak diimbangi dengan peningkatan

kinerja sehingga menambah beban usaha. Selain

itu, di akhir tahun 2017 telah terjadi bencana alam

di Bali yang menyebabkan tertahannya pendapatan

Perseroan.

Kendala tersebut tak menyurutkan komitmen kami

dalam bidang penyediaan akomodasi (hotel), pusat

perbelanjaan dan apartemen yang senantiasa kami

lakukan dengan sepenuh hati.

a. Implementasi Kebijakan Strategis

Kami menyadari bahwa dalam sebuah perusahaan,

kebijakan strategis memegang peranan yang

sangat fundamental dalam pelaksanaan proses

keputusan guna menentukan tujuan serta proses

pencapaian tujuan tersebut. Karena itu, Perseroan

mencermati setiap perubahan kondisi lingkungan

bisnis yang terjadi, baik yang bersifat internal

maupun eksternal guna mencapai sasaran bisnis

dan mewujudkan visi Perusahaan.

Pada tahun 2017, Perseroan kembali menerapkan

kebijakan strategis yang secara bertahap

menempatkan fondasi Perseroan sebagai suatu

hal yang fundamental dengan terus melakukan

rebalancing portofolio. Dari sisi internal kami

mempersiapkan dan memperkuat Sumber Daya

Manusia dengan membangun core competency

melalui pendidikan dan pelatihan yang baik.

Kebutuhan pasar diterjemahkan ke dalam

materi pendidikan dan pelatihan yang memadai

guna menghasilkan Sumber Daya Manusia

yang berkualitas. Perseroan juga menerapkan

kedisiplinan dan fokus pada industri yang dijalani

sebagai kebijakan strategis.

Pada tahun 2017, Perseroan juga menambah

continue to face intense competition due to

oversupply of hotel rooms in Bali and yogyakarta

areas, as there have been many new business

licenses issued by the government in the recent

years.

By 2017, the hospitality industry also faced a

number of obstacles, such as the ones related to the

government’s policy of increasing annual wages

but were not offset by increased performance;

thereby, operating expenses rose significantly.

In addition, a natural disaster occurred in Bali at

the end of 2017, causing stalled revenue of the

Company.

Nevertheless, all these obstacles did not dampen

our commitment to providing accommodation

services (hotels), shopping centers and apartments

which is always carried out wholeheartedly.

a. Implementation of Strategic Policies

We understand that strategic policies play a

fundamental role in a company in the decision-

making process to determine the goal and the

method to reach the goal. Hence, the Company

always considers each change that occurs

in business environment, both internally and

externally, to achieve business targets and realize

the Company’s vision.

In 2017, the Company continued to implement

strategic policies that gradually placed the

Company’s foundation as one of the fundamental

issues by continuously performing portfolio

rebalancing. On our internal front, the Company

continued to prepare and strengthen Human

Resources through the development of core

competency by providing good education and

training activities. Market needs were translated

into adequate education and training materials in

order to create high-quality Human Resources.

The Company also applied discipline principle and

focused on the engaged industry as its strategic

policies.

In 2017, the Company increased its shareholding

29

kepemilikan sahamnya di PT Plaza Indonesia

Realty Tbk. Melalui aksi korporasi tersebut,

Perseroan menjadi salah satu pemegang

saham terbesar dengan kepemilikan 36,41%

saham dan menempatkan Perseroan sebagai

salah satu perusahaan properti terbesar di

Indonesia. Sesuai visi Perseroan, kami bertekad

untuk mengembangkan dan mengoperasikan

berbagai unit usaha kami menjadi iconic lifestyle

destinations di Indonesia.

Kami percaya pertumbuhan industri pada masa

mendatang akan terus membaik. Perseroan

telah mempersiapkan berbagai hal dalam jangka

panjang yang diarahkan pada pengembangan

bisnis hotel dan pusat perbelanjaan (mall) secara

lebih baik serta mulai masuk pada pembangunan

apartemen sebagai usaha barunya. Kebijakan

strategis lainnya yang diterapkan sepanjang tahun

2017 adalah diversifikasi usaha dengan ekspansi

memasuki wilayah operasional baru di luar Batam,

Bali, yogyakarta dan Jakarta dengan membangun

beberapa proyek hotel, pusat perbelanjaan

dan apartemen. Dalam jangka panjang, kami

menargetkan untuk masuk pada sektor mixed

-use property yang terdiri dari perhotelan, pusat

perbelanjaan, dan apartemen dalam satu kawasan

yang terintegrasi.

b. Pencapaian Kinerja 2017

Target Perseroan yang ditetapkan pada awal tahun

adalah terus menciptakan pertumbuhan baik dari

sisi keuangan maupun non keuangan. Pendapatan

Bersih Perseroan sebesar Rp595,69 miliar pada

tahun 2017, mengalami kenaikan sebesar Rp48,20

miliar sebagai akibat beroperasinya 23 Paskal

Shopping Center di Bandung. Dari sisi posisi

keuangan, Jumlah Aset Perseroan pada tahun

2017 tercatat sebesar Rp6.667,92 miliar, tumbuh

29,33%.

Dari sisi operasional, pencapaian kinerja Perseroan

di tahun 2017 ditopang oleh kinerja segmen pusat

perbelanjaan yang naik 41,69% walaupun segmen

perhotelan mengalami penurunan sebesar

11,12% sebagai akibat dari adanya bencana alam

di Bali dan makin ketatnya persaingan industri

at PT Plaza Indonesia Realty Tbk. Through the

corporate actions, the Company becomes one of

the majority shareholders of PT Plaza Indonesia

Realty Tbk with share ownership of 36.41%, placing

the Company as one of the largest domestic

property companies in Indonesia. In line with

our vision, we are committed to developing and

operating our diverse business units to become

the iconic lifestyle destinations in Indonesia.

We believe that the growth of industry in the future

will be better. The Company has also prepared

various strategies to be implemented in the

long-term that are directed to the development

of hotel and shopping center (mall) business,

as well as a plan to begin penetrating into the

sector of apartment development as its new

business. Another strategic policy implemented

in 2017 was business diversification by expanding

into new operational areas outside of Batam,

Bali, yogyakarta and Jakarta, by building several

hotel, shopping center and apartment projects.

In the long run, we have targeted to take part

in the mixed-use property sector consisting of

hotels, shopping centers, and apartments in one

integrated area.

b. Performance achievement in 2017

The Company’s target set at the beginning of the

year was to create continuous growth in terms of

finance and non-finance aspects. The Company’s

Net Revenues recorded in 2017 at Rp595.69 billion,

increased by Rp48.20 billion from that of 2016 as

the result of the commencement of operations of

23 Paskal Shopping Center in Bandung. In terms

of finance, the Company managed to book Total

Assets of Rp6,667.92 billion in 2017, grew 29.33%

from total assets of the previous year.

On operational front, the Company’s performance

achievement throughout the year was supported

by the increasing performance of shopping center

segment by 41,69% which was offset by a decline

of 11.12% in the hotel segment. This decline was

caused by the natural disaster that took place in

30

perhotelan, khususnya di Bali, yogyakarta dan

Batam yang mempengaruhi tingkat hunian kamar

hotel Perseroan.

c. Tantangan dan Antisipasi

Perbaikan dan perubahan kondisi lingkungan

internal dalam rangka perbaikan berkelanjutan

senantiasa dilakukan Perseroan dan berada pada

jalur yang tepat. Dengan demikian tidak berlebihan

apabila kami sangat optimis bahwa prospek bisnis

dan pencapaian kinerja pada masa mendatang akan

semakin cemerlang. Kami juga yakin Perseroan

dapat mampu menangkap berbagai peluang

maupun beradaptasi dengan perubahan industri

yang semakin kompleks pada masa mendatang.

PROSPEK USAHA

Pembangunan infrastrusktur yang menjadi

program prioritas Pemerintah Indonesia

merupakan langkah tepat yang akan menjadikan

ekonomi Indonesia dalam jangka panjang akan

makin baik. Dengan membaiknya infrastruktur,

Perseroan semakin optimis akan terus bertumbuh.

Untuk tahun 2018-2019, Perseroan akan memiliki

tiga proyek di Batam, Bali, dan Makassar. Apartemen

di Batam akan dibangun mulai awal tahun 2018

dan diperkirakan akan selesai paling lambat akhir

2019. Perseroan akan memperluas kawasan Sahid

Kuta Lifestyle Resort di Bali dengan menambah dua

hotel baru yang terdiri dari hotel bintang 4, bintang

3, melakukan perluasan beachwalk Shopping

Center, dan membangun apartemen. Sedangkan

proyek ketiga, Perseroan membidik kota Makassar

untuk hotel sekaligus dengan apartemen mewah

yang akan selesai di kuartal pertama tahun 2020.

Target market Perseroan memang ditujukan

untuk segmen menengah atas, dan properti yang

dibangun Perseroan ditargetkan menjadi ikon

komersial di kota-kota besar. Perkembangan

ekonomi yang baik telah menjadi peluang bagi

kami sebagai perusahaan publik. Sepanjang

perjalanan bisnis Perseroan mampu menyesuaikan

Bali as well as the rising competition in hospitality

industry, especially in Bali, yogyakarta and Batam,

impacting the occupancy rate of Company’s

hotels.

c. Challenges and Anticipatory Measures

Improvement and changes in internal environment

for the sake of sustainable growth has been

carried out by the Company and has been on the

right track. Therefore, it is not an exaggeration

to say that we are highly optimistic on the bright

business outlook and performance achievement

of the Company. We are certain that the Company

is capable of seizing all opportunities as well as

adapting to the change in industry that is getting

more complex in the future.

BUSINESS OUTLOOK

Infrastructure development which has become

the priority program of the Government of

Indonesia is regarded as the right strategy to

improve the domestic economy in the long run.

With improving infrastructure, the Company is

increasingly optimistic that it will continue to

grow.

For the period of 2018-2019, the Company will

carry out three projects, namely in Batam, Bali and

Makassar. Apartment projects in Batam will begin

to be developed in early 2018 and are expected to

be completed by 2019 at the latest. The company

will also expand the Sahid Kuta Lifestyle Resort

area in Bali by adding two new hotels consisting of

4-star and 3-star hotels, extending the beachwalk

Shopping Center area and an apartment. As for the

third project, the Company is targeting the city of

Makassar to develop hotels and luxury apartments

which are projected to be completed in the first

quarter of 2020.

The Company’s target market is aimed at the upper-

middle segment while the properties developed by

the Company is targeted to become a commercial

icon in big cities. The positive economic

development has become an opportunity for us

as a public company. Throughout our business

history, the Company has always been able to

31

diri dengan tidak mengabaikan pola permintaan

masyarakat. Oleh karena itu, Perseroan dituntut

untuk mampu mengurangi efek negatif dari

kejadian penting yang akan terjadi pada masa

pemilihan umum mendatang. Kami optimis

Pemerintah mampu memelihara keamanan dan

stabilitas politik sehingga bisnis Perseroan yang

target market-nya adalah masyarakat menengah

ke atas tidak akan terpengaruh dengan kondisi

tersebut.

Pemerintah Indonesia harus dapat mengontrol

stabilitas dan keamanan politik. Di tahun 2017,

Perseroan tumbuh 10% dibandingkan tahun 2016.

Tahun 2018 manajemen optimis dapat tumbuh

hingga 20% seiring dengan adanya proyek properti

terbaru, 23 Paskal Shopping Center di Bandung

yang telah selesai pembangunannya.

PENERAPAN TATA KELOLA PERUSAHAAN

Kami meyakini bahwa pencapaian kinerja yang baik

dapat terus dipertahankan secara berkelanjutan

serta meraih prospek bisnis dalam industri

properti dapat terealisasi salah satunya dengan

cara menerapkan seluruh prinsip-prinsip tata

kelola perusahaan yang baik atau Good Corporate

Governance. Bagi kami, implementasi Good

Corporate Governance merupakan keharusan

untuk menjaga transparansi dan akuntabilitas

Perseroan kepada publik.

Perseroan mengembangkan Good Corporate

Governance sejalan dengan best practices yang

dapat memberikan perlindungan yang memadai

serta mampu meningkatkan nilai tambah bagi

seluruh pemegang saham secara maksimal. Dewan

Komisaris, Direksi beserta seluruh karyawan

berkomitmen untuk menerapkan prinsip-prinsip

Good Corporate Governance. Prinsip-prinsip

tersebut juga menjadi referensi bagi pengambilan

keputusan strategis serta optimasi kinerja

Perseroan.

MANAJEMEN RISIKO

Sistem manajemen risiko yang ada di lingkungan

adapt to the pattern of public demand instead of

ignoring them. Therefore, the Company is tasked

to minimize negative impacts that will occur in the

coming election period. We are optimistic that the

Government will be able to maintain the national

security and political stability so that our business

which target the upper middle class will not be

affected by the condition.

We agree that the Indonesian government must be

able to control the political stability and security

in the country. Observing the 10% growth of the

Company’s business in 2017, we are optimistic

that in the 2018, the Company can demonstrated

growth of up to 20% in line with our latest property

project, 23 Paskal Shopping Center in Bandung of

which the construction has been completed.


GOVERNANCE

We are certain that good performance

achievement can be continuously maintained and

that business outlook can be attained through the

implementation of Good Corporate Governance

principles. For us, the implementation of Good

Corporate Governance is a heavily required in

order to maintain the Company’s transparency

and accountability to the public.

The Company develops Good Corporate

Governance in line with the best practices that will

bring adequate protection and leverage added

values to all shareholders optimally. The Board

of Commissioners, Board of Directors and all

employees are committed to always implementing

Good Corporate Governance principles in

business environment where the principles serve

as a reference for decision-making and optimizing

the Company’s performance.

RISK MANAGEMENT

The established risk management system in the

32

Perseroan berfungsi untuk mengelola risiko yang

dilakukan melalui identifikasi, pengendalian,

serta evaluasi atas risiko-risiko yang berpotensi

mengganggu aktivitas bisnis, kelangsungan

usaha, dan menyebabkan tidak tercapainya tujuan

Perseroan.

Identifikasi risiko menjadi langkah awal dalam

penerapan sistem manajemen risiko Perseroan.

Perseroan meyakini bahwa penerapan identifikasi

risiko secara akurat dan komprehensif sangat

penting untuk dilakukan. Perseroan senantiasa

mengumpulkan data sebanyak mungkin untuk

melihat potensi risiko melalui survei, wawancara,

data historis, dan brainstorming dalam rapat antar

departemen. Risiko yang dapat terjadi dalam

aktivitas usaha umumnya bersumber dari unsur

ketidakpastian yang menyebabkan tertekannya

profitabilitas hingga dapat menimbulkan kerugian.

Proses identifikasi risiko memudahkan Perseroan

untuk mengetahui bahaya yang ditimbulkan terkait

aktivitas bisnis Perseroan.

Kami senantiasa melakukan pengendalian risiko

dengan menggunakan pendekatan terstruktur

mulai dari penilaian risiko hingga pengembangan

strategi untuk mengelola dan menyusun

mitigasi risiko. Khusus mitigasi risiko, Perseroan

menggunakan sumber daya yang dimiliki. Dalam

proses ini, kami menyusun serangkaian rencana

kegiatan penanganan yang dibutuhkan guna

memperkecil eksposur risiko. Kami juga melakukan

evaluasi atas keefektifan sistem manajemen risiko

yang dilakukan secara berkala.

PERUBAHAN KOMPOSISI DIREKSI

Sepanjang tahun 2017 tidak ada perubahan

komposisi Direksi.

APRESIASI

Atas dedikasi dan loyalitas para karyawan, kami

memberikan penghargaan setinggi-tingginya.

Kepada pemegang saham dan para pemangku

kepentingan, kami ucapkan terima kasih sebesar-

besarnya yang telah memberikan kepercayaan

Company functions to manage risks which is

conducted through the identification, control and

evaluation processes on risks with the potential

to disrupt business activities and sustainability,

causing the failure in achieving Company’s goals.

Risk identification is the initial step in the

implementation of Company’s Risk Management

system. The Company believes that accurate and

comprehensive risk identification is an essential

step to be done. The Company collects data as

much as it can to understand the potential risks

that is conducted through survey, interview,

historical data and brainstorming in the divisional

meetings. Risk that may occur in business

activities generally comes from uncertainty factor,

causing profitability to be under pressure and will

ultimately result in loss. Risk identification process

enables the Company to know the adverse impact

in relation to the Company’s business activities.

We always carry out risk control using a structured

approach starting from risk evaluation to strategy

development in order to manage and prepare

risk mitigation. In mitigating risks, the Company

utilizes its own resources where we formulate

a series of management activity plan required

to minimize risk exposure. We also perform

periodical evaluation on the effectiveness of risk

management system in the Company.

CHANGES IN BOARD OF DIRECTORS

COMPOSITION

There was no change in the composition of Board

of Directors in 2017.

APPRECIATION

We would like to extend our utmost appreciation

to all employees of the Company. We would also

like to express our gratitude to all shareholders and

stakeholders for their trusts in our management of

33

pengelolaan usaha kepada kami.

Kami akan senantiasa membangun dan

mempertahankan reputasi melalui tekad

pencapaian kesempurnaan kinerja serta kepuasan

pelanggan. Karena kami percaya bahwa setiap

langkah menjadi rekam jejak yang menciptakan

pertumbuhan usaha yang berkelanjutan.

Terima kasih.

the Company.

We are fully committed to developing and

maintaining the Company’s reputation in a

continuous manner through the relentless

determination to achieve performance excellence

and customer satisfaction. We believe that each

step made will be carved as the milestones in

creating sustainable business growth of the

Company.

Thank you.

Agoes Soelistyo Santoso Presiden Direktur

President Director

34

Profil PerusahaanCompany Profile

Identitas Perusahaan Corporate Identity

Nama Perusahaan / Name of the

Company

PT Indonesian Paradise Property Tbk

Tanggal Pendirian / Date of

Establishment

14 Juni 1996 / 14 June 1996

Informasi Perubahan Nama

Perusahaan / Information on

Company’s Name Change

Perseroan efektif berubah nama menjadi PT Indonesian

Paradise Property Tbk sejak tanggal 14 Juli 2004

yang semula bernama PT Penta Karsa Lubrindo / The

Company, which initially operated under the name of

PT Penta Karsa Lubrindo, changed its name into PT

Indonesian Paradise Property Tbk effective on 4 July

2004.

Kegiatan Usaha / Produk / Business

Activities / Products

Penyediaan Akomodasi (Hotel) / Accommodation (Hotel)

Service

Akta Pendirian / Deed of

Establishment

Akta No. 96 Tanggal 14 Juni 1996 / Deed No. 96 dated

14 June 1996

Alamat Kantor / Office Address Centennial Tower Lantai 30 / Centennial Tower, 30th

floor. Jl. Gatot Subroto Kav.24-25, Jakarta 12930,

Indonesia

Telp. / Phone :

Fax :

Email :

(62-21) 2988 0466

(62-21) 2988 0460

[email protected]

Modal Dasar / Authorized Capital Rp4.000.000.000.000

Modal Ditempatkan dan Disetor

Penuh / Issued and Fully Paid

Capital

Rp1.118.197.173.200

Pencatatan Saham di Bursa Efek /

Share Listing on Stock Exchange

1 Desember 2004 / 1 December 2004

Jumlah Saham yang Beredar / Total

Outstanding Shares

11.181.971.732

Pemegang Saham / Shareholders -PT Grahatama Kreasibaru

-UBS AG Singapore S/A Anemone Continental SA

-Standard Chartered Bank SG S/A VP Bank for A/C Star

East Development Corporation

-Elysium Investment Partners Limited

-Masyarakat / Public

Kode Saham / Ticker Code INPP

Aset 2017 / Assets in 2017 Rp6.667.921.476.644

35

Jejak Langkah Milestones

Peresmian HARRIS Hotel Tuban – Bali

Inauguration of HARRIS Hotel Tuban – Bali

• PeresmianHARRIS

Hotel Batam Center –

Batam

• PeresmianHARRIS

Suites fX Sudirman –

Jakarta

• Inaugurationof

HARRIS Hotel Batam

center – Batam

• Inaugurationof

HARRIS Suites fx

Sudirman – Jakarta

Peresmian Cikini Gold Center – Jakarta

Inauguration of Cikini Gold Center – Jakarta

• PendaftaranPTIndonesianParadise

Property Tbk menjadi perusahaan publik

• PendaftaranPTIndonesianParadise

Property Tbk ke Bursa Efek Surabaya

• PeresmianHARRISResortKutaBeach–

Bali

• PT Indonesian Paradise Property Tbk

became a Public Company

• PTIndonesianParadisePropertyTbkwas

listed in the Surabaya Stock Exchange

• InaugurationofHARRISResortKuta

Beach – Bali

2002 2005

2013

2004

• PembukaanPOP!HotelSangaji–

Yogyakarta

• PeresmiankawasanSahidKuta

Lifestyle Resort (beachwalk, SBKR,

HARRIS Resort Kuta Beach – Bali)

• GrandOpeningofPOP!Hotel

Sangaji – Yogyakarta

• InaugurationofSahidKuta

LifestyleResort(beachwalk,SBKR,

HARRIS Resort Kuta Beach – Bali)

2012

• PeresmianPark23Entertainment Center – Bali

• PerseroanmelakukanPenawaran Umum Terbatas I (PUT I)

• DariPUT1,Perseroanmembeli saham: PT Plaza Indonesia Realty Tbk, PT Sepingan Properti, PT Mitra Perdana Nuansa, PT Anugerah Nusaraya, dan PT Mitra Gemilang Mahacipta

Beroperasinya Maison Aurelia Sanur – Bali

Divestasi PT Sepingan Properti

Soft opening of Maison Aurelia Sanur – Bali

Divestment of PT Sepingan Properti

• Peresmian23PaskalShoppingCenter–Bandung

• PeletakanbatupertamaOneResidence–Batam

• Inaugurationof23PaskalShoppingCenter–Bandung

• GroundbreakingofOneResidence–Batam

2015

20162017

Peresmian HARRIS Hotel Tebet – Jakarta

Inauguration of HARRIS Hotel Tebet – Jakarta

Bursa Efek Jakarta bergabung dengan Bursa

Efek Surabaya menjadi Bursa Efek Indonesia

dan saham PT Indonesian Paradise Property

Tbk secara otomatis tercatat di Bursa Efek

Indonesia.

JakartaStockExchangemergedwithSurabaya

Stock Exchange into Indonesia Stock Exchange

and the shares of PT Indonesian Paradise

PropertyTbkwerelistedonIndonesiaStock

Exchange automatically.

20072011

Pendirian PerseroanCompany Established

• InaugurationofPark23Entertainment Center – Bali

• TheCompanycarriedoutRightIssue I

• FromRightIssueI,theCompany acquired the shares of PT Plaza Indonesia Realty Tbk, PT Sepingan Properti, PT Mitra Perdana Nuansa, PT Anugerah Nusaraya, and PT Mitra Gemilang Mahacipta

1996

36

SEKILAS PERUSAHAAN

PT Indonesian Paradise Property Tbk berdiri

pada tanggal 14 Juni tahun 1996 dengan nama

PT Penta Karsa Lubrindo. Perseroan didirikan

berdasarkan Akta Pendirian No. 96 tanggal 14 Juni

1996 yang kemudian diubah dengan Akta No. 42

tanggal 8 Januari 1997. Kedua akta tersebut dibuat

di hadapan Buntario Tigris Darmawa, NG, SH, CN.,

pengganti dari Rachmat Santoso, SH., Notaris di

Jakarta dan telah mendapatkan pengesahan dari

Menteri Kehakiman Republik Indonesia dalam

Surat Keputusan No. C21030 HT.01.01.TH.97

tanggal 12 Februari 1997 serta diumumkan dalam

Berita Negara Republik Indonesia No. 21 tanggal

12 Maret 2002 Tambahan No. 2574. Kemudian,

Perseroan melakukan perubahan nama menjadi

PT Indonesian Paradise Property Tbk berdasarkan

Akta Berita Acara No. 4 Tanggal 6 Juli 2004 yang

dibuat di hadapan Robert Purba, SH., dimana juga

dilakukan perubahan Anggaran Dasar Perseroan

yang disesuaikan dengan SK Bapepam No. Kep-

13/PM/1997 tentang pokok-pokok Anggaran

Dasar Perseroan yang melakukan Penawaran

umum Efek Ekuitas dan Perusahaan Publik.

Perubahan nama Perseroan disertai dengan

persetujuan penjualan saham, perubahan

susunan pengurus, maksud dan tujuan Perseroan

serta Peningkatan Modal Dasar Perseroan. Akta

perubahan nama Perseroan, telah diterima dan

dicatat dalam Database Sisminkum Direktorat

Jenderal Administrasi hukum umum Departemen

Kehakiman dan Hak Asasi Manusia Republik

Indonesia dengan penerimaan Laporan Akta

Perubahan Anggaran Dasar No. C-17575 HT.01.04.

TH.2004 Tanggal 14 Juli 2004. Akta tersebut

juga telah mendapat persetujuan dari Menteri

Kehakiman dan Hak Asasi Manusia dengan Surat

Keputusan No. C-17194 HT.01.04. TH.2004

Tanggal 12 Juli 2004 yang selanjutnya diumumkan

dalam Berita Negara Republik Indonesia No. 89

Tanggal 5 November 2004 Tambahan No. 11041.

Tanggal efektif perubahan nama Perseroan adalah

pada tanggal 14 Juli 2004.

PT Indonesian Paradise Property Tbk was

established on 14 June 1996 under the name

of PT Penta Karsa Lubrindo. The Company was

established pursuant to the Deed of Establishment

No. 96 dated 14 June 1996 and later was amended

by Deed No. 42 dated 8 January 1997. Both Deeds

were drawn up by Buntario Tigris Darmawa, NG,

SH, CN, substitute of Rachmat Santoso, SH., Notary

in Jakarta, and ratified by the Minister of Justice

of the Republic of Indonesia through Decree No.

C21030 HT.01.01.TH.97 dated 12 February 1997,

which was published in the State Gazette of the

Republic of Indonesia No. 21 dated 12 March

2002, Supplement to No. 2574. The Company

then changed its name to PT Indonesian Paradise

Property Tbk pursuant to Deed of Minutes No.

4 dated 6 July 2004, drawn up by Robert Purba,

SH., Notary in Jakarta. An ammendment was

made for the Company’s Articles of Association in

accordance with the decision of Head of Capital

Market Supervisory Board (Bapepam) No. Kep-13/

PM/1997 on Principals of Articles of Association of

the Company conducting Equity Securities Right

Issue and Public Companies.

The changing of Company’s name was followed

by the approval for the sales of shares, reformation

of management board, revision in the Company’s

purposes and objectives and the Increase of the

Company’s authorized capital. The deed that

stipulated the Company’s name changing has

been received and recorded in the Database of

Legal Entity Administration System, Department

of Justice and Human Rights of the Republic of

Indonesia with the receipt of the Report on the

Change of the Company’s Articles of Association

No. C-17575 HT.01.04.TH.2004 dated 14 July

2004. The change has also been approved by

the Minister of Justice and Human Rights of the

Republic of Indonesia by virtue of Decree No.

C-17194 HT.01.04.TH.2004 dated 12 July 2004,

which was accordingly published in the State

Gazette of the Republic of Indonesia No. 89 dated

5 November 2004, Supplement No. 11041. The

effective date on the Company’s name changing

was 14 July 2004.

COMPANY AT A GLANCE

37

Anggaran Dasar Perseroan telah disesuaikan

dengan Undang-Undang No. 40 Tahun 2007

tentang Perseroan Terbatas dengan Akta No.161

Tanggal 30 Juni 2008, dibuat di hadapan Robert

Purba, SH., Notaris di Jakarta dan telah mendapat

persetujuan dari Menteri Hukum dan Hak Asasi

Manusia Republik Indonesia dengan Surat

Keputusan No. AHU-70491. AH.01.01 Tahun

2008 tanggal 6 Oktober 2008 yang selanjutnya

diumumkan dalam Berita Negara Republik

Indonesia No. 40 Tanggal 19 Mei 2009 Tambahan

13231.

Anggaran Dasar Perseroan mengalami perubahan

beberapa kali dan disesuaikan dengan ketentuan

Otoritas Jasa Keuangan dengan Akta Pernyataan

Keputusan Rapat No.144, tanggal 12 Juni 2015,

dibuat di hadapan Dr. Irawan Soerodjo, SH.,

MSi., Notaris di Jakarta; yang telah memperoleh

persetujuan dari Menteri Hukum dan Hak Asasi

Manusia Republik Indonesia dengan Keputusan

No.AHU-0937288.Ah.01.02.Tahun 2015, tanggal 15

Juni 2015; dan diberitahukan dengan Penerimaan

Pemberitahuan No. AHUAH.01.03-0941518, tang-

gal 15 Juni 2015; dan terakhir diubah dengan Akta

Pernyataan Keputusan Rapat No. 206, tanggal 22

September 2015, dibuat di hadapan Dr. Irawan

Soerodjo, SH., MSi., Notaris di Jakarta; yang telah

memperoleh persetujuan dari Menteri Hukum dan

Hak Asasi Manusia Republik Indonesia dengan

Keputusan No. AHU-AH.01.03-0967133, tanggal

23 September 2015.

Pernyataan Pendaftaran Perseroan sebagai

Perusahaan Publik dinyatakan efektif oleh Badan

Pengawas Pasar Modal (Bapepam) pada tanggal

21 September 2004 dengan surat No. S-2970/

PM/2004. Kemudian, Perseroan mencatatkan

sahamnya di Bursa Efek Surabaya pada tanggal

1 Desember 2004. Merger antara Bursa Efek

Surabaya dan Bursa Efek Jakarta menjadi Bursa

Efek Indonesia pada tanggal 1 Desember 2007

membuat saham Perseroan secara otomatis juga

tercatat di Bursa Efek Indonesia.

The Company’s Articles of Association was initially

adjusted with the Law No. 40 of 2007 on Limited

Liability Companies under Deed No. 161 dated 30

June 2008, drawn up by Robert Purba, SH., Notary

in Jakarta and ratified by the Minister of Justice

and Human Rights of the Republic of Indonesia

through Decree No. AHU-70491.AH.01.01 of 2008

dated 6 October 2008, and published in the State

Gazette of the Republic of Indonesia No. 40 dated

19 May 2009, Supplement to No. 13231.

The Company’s Articles of Association had been

amended several times, whereby had been

adjusted with the provision of the Financial

Service Authority by virtue of Deed of Statement

of Meeting Resolution No. 144, dated 12 June

2015, made before Dr. Irawan Soerodjo SH., Msi.,

Notary in Jakarta; which had been approved by

the Minister of Justice and Human Rights of the

Republic of Indonesia through Decree No. AHU-

0937288.AH.01.02.TAHUN 2015, dated 15 June

2015; and had been notified through Notification

Receipt No. AHUAH.01.03-0941519, dated 15

June 2015; and last amended by virtue of Deed of

Statement of Meeting Resolution No. 206, dated

22 September 2015, made before Dr. Irawan

Soerodjo SH., MSi., Notary in Jakarta; which

had been approved by the Minister of Justice

and Human Rights of the Republic of Indonesia

through Decree No. AHU-AH.01.03-0967133,

dated 23 september 2015.

The statement of the Company’s registration as

Public Company was deemed effective by the

Capital Market Supervisory Board (Bapepam) on

21 September 2004, under letter No. S-2970/

PM/2004. Based on the letter, the Company

listed its shares on Surabaya Stock Exchange on

1 December 2004. With the merger of Surabaya

Stock Exchange and Jakarta Stock Exchange into

Indonesia Stock Exchange on 1 December 2007,

the Company’s shares were automatically listed

on Indonesia Stock Exchange.

COMPANY AT A GLANCE

38

VISI, MISI DAN NILAI-NILAI PERUSAHAAN

VISI

Selalu berupaya untuk unggul dalam

pengembangan properti melalui pencapaian yang

inovatif dan kreatif.

MISI

• Menciptakan lingkungan kerja yang dapat

memotivasi para individu dalam Perseroan

untuk bisa memunculkan ide-ide yang inovatif

dan kreatif.

• Mengembangkanproduk-produkinovatifyang

didukung oleh pelayanan yang unggul.

• Memberikankepuasankepadasiapasajayang

memiliki kepentingan terhadap Perusahaan

(stakeholders).

NILAI-NILAI PERSEROAN

Perusahaan dikelola secara professional

oleh individu-individu yang mempunyai high

commitment dan passion terhadap masing-

masing tugasnya serta mengutamakan teamwork

di atas kemampuan individual.

KEUNGULAN KOMPETITIF

Perseroan merupakan salah satu pengembang

hotel dan iconic lifestyle destinations yang telah

bertahan lebih dari satu dasawarsa menerapkan

langkah-langkah yang konsisten untuk dapat

bersaing diantara banyaknya pesaing di industri

perhotelan nasional. Perseroan juga dihadapkan

pada semakin ketatnya aturan pemerintah dan

keterbatasan lahan. Dengan demikian, penerapan

strategi yang tepat sangat dibutuhkan Perseroan

untuk dapat bertahan dan bersaing, sehingga

dapat meningkatkan keunggulan kompetitif

Perseroan di industri perhotelan.

Di sisi lain seluruh kegiatan operasional Perseroan

harus dapat meningkatkan efisiensi operasional

serta mampu mengatasi hambatan dan ancaman

yang dihadapi. Dengan menganalisis strategi

VISION, MISSION AND VALUES OF THE

COMPANY

VISION

Striving for excellence in property development

through innovative and creative achievements.

MISSION

• Creatingaworkingenvironmentwhichisable

to motivate individuals within the Company to

emerge their innovative and creative ideas.

• Developing innovativeproductssupportedby

excellent service.

• GivingsatisfactiontotheStakeholders.

CORPORATE VALUES

The Company is professionally managed by

individuals with high commitment and passion

towards their duties and prioritizes on teamwork

over individual capabilities.

COMPETITIVE ExCELLENCE

The Company is one of the developers of hotel

and iconic lifestyle destination with more than

twenty years of experience. During that period,

the Company has consistently implemented

various strategies in order to compete with other

domestic players in hospitality industry. The

Company also faces other challenges in the form

of government regulations that have become

stricter as well as the limited availability of land.

Thus, correct strategy implementation is highly

required to sustain Company’s business and

compete with other companies so as to enhance

its competitive advantage in hospitality industry.

On the other hand, all operational activities of the

Company must be able to leverage its efficiency

and overcome various challenges and threats. By

analyzing the strategies to be implemented to

40

apa yang dapat diterapkan Perseroan dalam

menghadapi permasalahan yang telah disebutkan,

Perseroan juga dapat menganalisis apakah strategi

yang diterapkan tersebut membuat Perseroan

dapat meningkatkan keunggulan bersaing.

BIDANG USAHA

KEGIATAN USAHA

Berdasarkan Anggaran Dasar terakhir, yakni Akta

Pernyataan Keputusan Rapat No. 271 Tanggal 24

Juni 2011 yang dibuat oleh Dr. Irawan Soerodjo,

SH, MSi., Notaris di Jakarta dan telah disetujui oleh

Menteri hukum dan hak Asasi Manusia Republik

Indonesia dengan keputusan No. AHU-41199.

AH.01.02 Tahun 2011 tanggal 15 Agustus 2011

menyebutkan bahwa Perseroan bergerak dalam

bidang penyediaan akomodasi (hotel). Bidang

usaha Perseroan tersebut telah dicantumkan

dalam Daftar Perseroan No. AHU-0067558.

AH.01.09 Tahun 2011 tanggal 15 Agustus 2011

mengenai Perubahan Pasal 3 yaitu Maksud dan

Tujuan serta Kegiatan usaha. Hingga akhir periode

31 Desember 2017, Perseroan telah menjalankan

kegiatan usaha yang tercantum dalam anggaran

dasar terakhir.

JASA YANG DIHASILKAN

Perseroan senantiasa melakukan langkah-

langkah strategis guna mewujudkan visi, misi,

serta menjadi salah satu perusahaan properti

terkemuka di Indonesia. Salah satunya adalah

dengan mengembangkan bisnis yang tidak hanya

dalam perhotelan tetapi juga pusat perbelanjaan

dan apartemen.

UNIT USAHA

Informasi mengenai unit-unit usaha Perseroan

yang telah beroperasi per 31 Desember 2017

adalah sebagai berikut:

Bali

• HARRISHotelTuban–Bali

• beachwalkShoppingCenter–Bali

• SheratonBaliKutaResort

face the challenges, the Company shall also be

capable of analyzing whether the applied strategy

will bring advantages and advance its competitive

edge.

LINE OF BUSINESS

BUSINESS ACTIVITIES

Based on the most recent Articles of Association

and Activity Conducted based on the most

recent articles of Associations, namely the Deed

of Meeting Decision No. 271 dated 24 June

2011, prepared and presented before Dr. Irawan

Soerodjo, SH, Msi., Notary in Jakarta and has been

approved by the Minister of Justice and Human

Rights of the Republic of Indonesia under Decree

No. AHU-41199.AH.01.02 of 2011 dated 15 August

2011, the Company is engaged in the provision of

accommodation (hotel) service. The Company’s

line of business has been stated in the Company

Registry No. AHU-0067558.AH.01.09 of 2011

dated 15 August 2011, concerning Amandment

of Article 3 about business purposes, Objectives,

and Activities. Up until 31 December 2017, the

Company has carried out business activities as

stipulated in the last amendment to the articles of

association.

SERVICES

The Company continues to carry out strategic

measures to manifest its vision and mission, as well

as its goal to become one of the leading property

companies in Indonesia. One of the strategies

conducted is by developing business that is not

only related to hotel business, but also shopping

centers and apartments.

BUSINESS UNITS

Information on the Company’s business units that

have been operating as per 31 December 2017 is

as follows:

Bali

• HARRISHotelTuban–Bali

• beachwalkShoppingCenter–Bali

• SheratonBaliKutaResort–Bali

41

• Park23EntertainmentCenter–Bali

• MaisonAureliaSanur–Bali

Jakarta

• WismaMilenia–Jakarta

• HARRISHotelTebet–Jakarta

• HARRISSuitesfXSudirman–Jakarta

• CikiniGoldCenter–Jakarta

• PlazaIndonesiaShoppingCenter–Jakarta

• GrandHyatt–Jakarta

• fXSudirman–Jakarta

• KeratonatthePlaza(KeratonLuxuryCollection

Hotel & Keraton Private Residence)

• ThePlazaOfficeTower–Jakarta

Batam

• HARRISHotelBatamCenter–Batam

• HARRISResortWaterfrontBatam

yogyakarta

• POP!HotelSangaji–Yogyakarta

Bandung

• 23PaskalShoppingCenter–Bandung

• Park23EntertainmentCenter–Bali

• MaisonAureliaSanur–Bali

Jakarta

• WismaMilenia–Jakarta

• HARRISHotelTebet–Jakarta

• HARRISSuitesfXSudirman–Jakarta

• CikiniGoldCenter–Jakarta

• PlazaIndonesiaShoppingCenter–Jakarta

• GrandHyattJakarta

• fXSudirman–Jakarta

• KeratonatThePlaza(KeratonLuxuryCollection

Hotel & Keraton Private Residence)

• ThePlazaOfficeTower–Jakarta

Batam

• HARRISHotelBatamCenter–Batam

• HARRISResortWaterfrontBatam

yogyakarta

• POP!HotelSangaji–Yogyakarta

Bandung

• 23PaskalShoppingCenter–Bandung

42

Profil Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors Profile

43

Warga Negara Indonesia, lahir di

Pematang Siantar pada tanggal 23

Februari 1941. Berdomisili di Indonesia.

Menempuh pendidikan di Akademi

MiliterNasionalpadatahun1961–1964.

Pada 1976 -1977 menempuh pendidikan

SESKOAD, selanjutnya menempuh

pendidikan SESKOGAB pada tahun

1981. Pada tahun 1987 menempuh

pendidikan LEMHANAS, dan tahun 1992

menyelesaikan pendidikan di Defense

Resources Management Course (DRMC).

Beliau mengawali kariernya pada tahun

1965 di dunia militer dengan pangkat

terakhir Mayor Jenderal TNI sampai

dengan tahun 1997. Pada tahun 1994 –

1995 menjabat sebagai Koordinator Staf

Ahli Panglima ABRI. Tahun 1995 – 1997

menjabat sebagai Wakil Ketua Fraksi TNI

DPR RI Koordinator Bidang umum.

Todo Sihombing

Presiden Komisaris merangkapKomisaris Independen, 77 tahunPresident Commissioner cum Independent Commissioner, 77 years old

PROFIL DEWAN KOMISARIS

BOARD OF COMMISSIONERS PROFILE

An Indonesian citizen born in Pematang

Siantar on 23 February 1941 and

currently lives in Indonesia. He studied

at the National Military Academy in 1961-

1964, at the Army Command and Staff

School (SESKOAD) in 1976-1977 and

at the Integrated Staff and Command

College (SESKOGAB) in 1981. In 1987, he

graduated from the National Defense

Institute (LEMHANAS) and in 1992 from

the Defense Resources Management

Course (DRMC). He started his career at

the military in 1965, holding the latest

rank as Major General of National Military

(TNI) in 1997. He served as an Expert

Staff Coordinator of Indonesian Military

Commander in 1994-1995, and as a

Deputy Chairman for Indonesian Military

Fraction, General Affairs Coordinator, at

the House of Representatives (DPR RI) in

1995-1997.

44

Diangkat pertama kali sebagai Presiden

Komisaris Perseroan berdasarkan Akta

Berita Acara Nomor 4 Tanggal 6 Juli 2004

yang dibuat di hadapan Robert Purba, SH.,

Notaris di Jakarta dan telah dilaporkan

dengan Penerimaan Pelaporan Nomor

C-17575.HT.01.04.TH.2004 Tanggal 14

Juli 2004. Kemudian diangkat kembali

sebagai Presiden Komisaris merangkap

Komisaris Independen berdasarkan Akta

Pernyataan Keputusan Rapat Nomor

144 Tanggal 12 Juni 2015 yang dibuat di

hadapan Dr. Irawan Soerodjo, SH., MSi.,

Notaris di Jakarta dengan Penerimaan

Pemberitahuan Perubahan Data

Perseroan No. AHU-AH.01.03-0941519

Tanggal 15 Juni 2015.

Hubungan Afiliasi:

Todo Sihombing tidak memiliki hubungan

afiliasi dengan anggota Direksi dan

anggota Dewan Komisaris lainnya

maupun Pemegang Saham Perseroan.

He was appointed as the President

Commissioner of the Company for the

first time pursuant to the Deed of Minutes

No. 4 dated 6 July 2004, drawn up by

Robert Purba, SH., Notary in Jakarta,

with the Receipt of Report No. C-17575.

HT.01.04.TH.2004 dated 14 July 2004.

Then, he was reappointed as the President

Commissioner cum Independent

Commissioner pursuant to the Deed of

Meeting Resolution No. 144 dated 12

June 2015 prepared and presented before

Dr. Irawan Soerodjo, SH., MSi., Notary in

Jakarta with the Receipt of Notification of

Data Change No. AHU-AH.01.03-0941519

dated 15 June 2015.

Affiliation:

Todo Sihombing has no affiliation with

members of Board of Directors, Board

of Commissioners and the Company’s

Shareholders.

45

Warga Negara Indonesia, lahir di Teluk

Betung pada tanggal 2 Juli 1966. Berdomisili

di Indonesia. Mendapatkan gelar Business

Administration (MBA) dari University of

Houston-Clear Lake serta gelar Master Degree

in Corporate Law (MCL) dari Royal Melbourne

Institute of Technology (RMIT). Gelar Sarjana

Akuntansi diperolehnya dari Universitas

Tarumanagara. Mengawali karirnya tahun 1989

sebagai Auditor di Kantor Arthur Andersen,

Jakarta. Beliau kemudian menempati berbagai

posisi manajerial di bidang keuangan termasuk

di KPMG, Ernst and young dan Deloitte Touche

dan meninggalkan jabatan terakhir beliau

sebagai Partner di Management Consultant

and Financial Advisory Services Prijohandojo,

Boentoro & Co. (PB&Co) sebelum akhirnya

mendirikan Helios Capital.

Hadi Cahyadi

Wakil Presiden Komisaris merangkapKomisaris Independen, 51 tahunVice President Commissioner cum Independent Commissioner, 51 years old

An Indonesian citizen born in Teluk Betung on

2 July 1966 and currently lives in Indonesia. He

received his Master of Business Administration

(MBA) degree from University of Houston-

Clear Lake and Master of Corporate Law

degree (MCL) from the Royal Melbourne

Institute of Technology (RMIT), while his

Bachelor’s degree in Accounting was obtained

from Tarumanagara University. His career

started in 1989 when he worked as an auditor

at Arthur Andersen Office, Jakarta. Since then,

he served in several managerial positions in

financial sector, including at KPMG, Ernst and

young, and Deloitte Touche. His last position

was as a Partner in Management Consultant

and Financial Advisory Services, Prijohandojo,

Boentoro & Co. (PB&Co) prior to establishing

Helios Capital.

46

Diangkat pertama kali sebagai Komisaris

Independen berdasarkan Akta Pernyataan

Keputusan Rapat No. 144, tanggal 12 Juni 2015,

dibuat di hadapan Dr. Irawan Soerodjo, SH.,

MSi., Notaris di Jakarta. Selain menjabat sebagai

Komisaris Independen, beliau menjabat juga

sebagai Ketua Komite Audit di Perseroan sejak

Mei 2015, Komisaris Independen di PT Lippo

Cikarang Tbk, Managing Partner di Helios Capital

dengan spesialisasi di bidang Corporate Finance

dan merupakan Dosen Tetap di Fakultas Ekonomi,

Universitas Tarumanagara untuk bidang Strategic

Management.

Hubungan Afiliasi:

Hadi Cahyadi tidak memiliki hubungan afiliasi

dengan anggota Direksi dan anggota Dewan

Komisaris lainnya maupun Pemegang Saham

Perseroan.

He was appointed as an Independent

Commissioner of the Company for the first time

pursuant to the Deed of Meeting Resolution No.

144 dated 12 June 2015, drawn up by Dr. Irawan

Soerodjo, SH., MSi., Notary in Jakarta. In addition

to serving his position at the Company, he has

been serving as the Head of Audit Committee

of the Company since May 2015. Currently, he

also serves as an Independent Commissioner at

PT Lippo Cikarang Tbk, a Managing Partner at

Helios Capital with specialization in Corporate

Finance and as a permanent lecturer of Strategic

Management study at the Faculty of Economics of

Tarumanagara University.

Affiliation:

Hadi Cahyadi has no affiliation with members of

Board of Directors, Board of Commissioners and

the Company’s Shareholders.

47

Warga Negara Indonesia, lahir di

Singapura pada tanggal 6 Maret 1985.

Berdomisili di Indonesia. Mendapatkan

gelar Bachelor of Business Administration,

Marketing – Honors dari University of

Southern California, Marshall School of

Business, Los Angeles, CA tahun 2006.

Mengawali karir tahun 2004 – 2005

sebagai Marketing di Starbucks, Jakarta;

Phelps Group, Santa Monica, CA; dan

World Harvest, Arcadia, CA. tahun 2006

-2007 bekerja di Merril Lynch, Global

Private Wealth Management, Beverly Hills,

Los Angeles. Pada tahun 2007 – 2008,

menjabat Business Analyst di A.T. Kearney

Consultants, Jakarta. Sejak tahun 2014

menjabat CEO PT Pop Properti Indonesia

yang bergerak di bidang manajemen ritel

properti.

Diangkat pertama kali sebagai

Wakil Presiden Komisaris Perseroan

berdasarkan Akta Pernyataan Keputusan

Rapat Nomor 75 Tanggal 25 Mei 2010

yang dibuat di hadapan Robert Purba, SH.,

Notaris di Jakarta dengan Penerimaan

Pemberitahuan Perubahan Data No.

AHU-AH.01.10-13275 Tanggal 1 Juni

2010. Kemudian diangkat kembali sebagai

Komisaris berdasarkan Akta Pernyataan

Keputusan Rapat Nomor 15 Tanggal 10 Juni

2016 yang dibuat di hadapan Dr. Irawan

Soerodjo, SH, MSi., Notaris di Jakarta

dengan Penerimaan Pemberitahuan

Perubahan Data Perseroan No. AHU-

AH.01.03-0063183 Tanggal 30 Juni 2016.

An Indonesian citizen born in Singapore

on 6 March 1985 and currently lives in

Indonesia. She graduated with a Bachelor

of Business Administration degree,

Marketing – Honors, from University of

Southern California, Marshall School of

Business, Los Angeles, CA in 2006. She

started her career in 2004-2005 in the

Marketing division at Starbucks Jakarta;

Phelps Group, Santa Monica, CA; and

World Harvest, Arcadia, CA. In 2006-

2007, she worked at Merril Lynch, Global

Private Wealth Management, Beverly Hills,

Los Angeles. In 2007-2008, she served

as a Business Analyst at A.T. Kearney

Consultants, Jakarta. Since 2014, she

has been serving as the CEO of PT Pop

Property Indonesia, a company that runs

in property retail management sector.

She was appointed as the Vice President

Commissioner of the Company for the

first time pursuant to the Deed of Meting

Resolution No. 75 dated 25 May 2010,

drawn up by Robert Purba, SH., Notary in

Jakarta, with the Receipt of Notification

of Data Change No. AHU-AH.01.10-13275

dated 1 June 2010. Then, she was

reappointed as a Commissioner pursuant

to the Deed of Meeting Resolution No.

15 dated 10 June 2016 drawn up by

Dr. Irawan Soerodjo, SH, MSi, Notary in

Jakarta, with the Receipt of Notification of

Data Change No. AHU-AH.01.03-0063183

dated 30 June 2016.

Amelia Gozali

Komisaris, 33 tahunCommissioner, 33 years old

48

Warga Negara Indonesia, lahir di Jakarta

pada tanggal 19 Maret 1958. Berdomisili

di Indonesia. Pada tahun 1979 -1998

menjabat sebagai Operation Manager

PT Schlumberger Geophisic Nusantara

dan PT Ometraco Realty. Tahun 1998 –

2004 menjabat sebagai Direktur PT Inti

InsanSantosa.Tahun2001–2004pernah

menjabat sebagai Presiden Direktur

PT Marina City Development, tahun

2004–2014menjabat sebagai Presiden

Direktur PT Senimba Bay Resort (dahulu

PT Marina City Development), dan tahun

2000 hingga sekarang menjabat sebagai

Komisaris PT Sinar Harapan Persada.

Diangkat pertama kali sebagai Komisaris

Perseroan berdasarkan Akta Pernyataan

Keputusan Rapat Nomor 1 Tanggal 1 Juni

2005 yang dibuat di hadapan Robert

Purba, SH., Notaris di Jakarta dengan

Penerimaan Pemberitahuan Perubahan

Data No.C-UM.02.01.7973 Tanggal 9 Juni

2005. Kemudian diangkat kembali sebagai

Komisaris berdasarkan Akta Pernyataan

Keputusan Rapat Nomor 144 Tanggal

Karel Patipeilohy

Komisaris,60 tahunCommissioner, 60 years old

An Indonesian citizen born in Jakarta

on 19 March 1958 and currently lives in

Indonesia. In 1979-1998, he served as

Operation Manager at PT Schlumberger

Geophysics Nusantara and PT Ometraco

Realty. In 1998-2004, he served as a

Director at PT Inti Insan Santosa. In 2001-

2004 he served as the President Director

at PT Marina City Development, and in

2004-2014 as the President Director at

PT Senimba Bay Resort (previously PT

Marina City Development). Since 2000 he

has been serving as a Commissioner at PT

Sinar Harapan Persada.

He was appointed as a Commissioner of

the Company for the first time pursuant

to the Deed of Meting Resolution No. 1

dated 1 June 2005, drawn up by Robert

Purba, SH., Notary in Jakarta, with the

Receipt of Notification of Data Change

No. C-UM.02.01.7973 dated 9 June

2005. Then, he was reappointed as a

Commissioner pursuant to the Deed of

Meeting Resolution No. 144 dated 12 June

Hubungan Afiliasi:

Amelia Gozali adalah Pemegang Saham PT

Grahatama Kreasibaru yang merupakan

Pemegang Saham Pengendali Perseroan.

Amelia Gozali juga memiliki hubungan

afiliasi dengan salah satu anggota Direksi,

yaitu Anthony Prabowo Susilo.

Affiliation:

Amelia Gozali is a Shareholder of PT

Grahatama Kreasibaru which is the

Company’s Controlling Shareholder. She

also has an affiliation with one of the

members of Board of Directors, Anthony

Prabowo Susilo.

49

12 Juni 2015 yang dibuat di hadapan Dr. Irawan

Soerodjo, SH., MSi., Notaris di Jakarta, dengan

Penerimaan Pemberitahuan Perubahan Data

Perseroan No. AHU-AH.01.03-0941519 Tanggal

15 Juni 2015. Selain menjabat sebagai Komisaris

Perseroan, beliau juga anggota Komisaris beberapa

entitas anak dan afiliasi Perseroan, yaitu Komisaris

PT Grahatama Kreasibaru, Wakil Komisaris Utama

PT Cakra Guna Dharma Eka, Komisaris Utama PT

Kega Property Utama, dan Komisaris PT Mega Biru

Selaras serta PT Graha Pradipta Pratama.

Hubungan Afiliasi:

Karel Patipeilohy juga merupakan Komisaris

PT Grahatama Kreasibaru yang merupakan

Pemegang Saham Pengendali Perseroan.

2015 drawn up by Dr. Irawan Soerodjo, SH, MSi.,

Notary in Jakarta, with the Receipt of Notification

of Data Change No. AHU-AH.01.03-0941519

dated 15 June 2015. In addition to serving as

the Company’s Commissioner, he also holds

a strategic position at several subsidiaries and

affiliates of the Company, namely a Commissioner

at PT Grahatama Kreasibaru, Vice President

Commissioner at PT Cakra Guna Dharma Eka,

President Commissioner at PT Kega Property

Utama, and Commissioner at PT Mega Biru Selaras.

Affiliation:

Karel Patipeilohy is a Commissioner of PT

Grahatama Kreasibaru which is the Company’s

Controlling Shareholder.

50

PROFIL DIREKSI

BOARD OF DIRECTORS PROFILE

Agoes Soelistyo Santoso

Presiden Direktur, 56 tahunPresident Director, 56 years old

Warga Negara Indonesia, lahir di Semarang

pada tanggal 26 September 1961. Berdomisili

di Indonesia. Meraih gelar sarjana dari Fakultas

Ekonomi, Universitas Katolik Parahyangan

tahun1985.Dalamkurunwaktu tahun1985–

1992 menjabat sebagai Finance & Accounting

Manager di beberapa perusahaan, yaitu PT Daya

Knitto, Indomobil Group, dan Sinar Mas Group.

Pada tahun 1992 – 1996 menjabat sebagai

Direktur PTBudi Acid Jaya Tbk, tahun 1996–

2000 menjabat sebagai Presiden Direktur PT

Ometraco Corporation Tbk. Sejak tahun 2000

menjabat sebagai Direksi di berbagai perusahaan

di bawah The Paradise group.

An Indonesian citizen born in Semarang on 26

September 1961 and currently lives in Indonesia.

He graduated with a Bachelor’s degree from the

Faculty of Economics, Parahyangan Catholic

University in 1985. During the period of 1985-

1992, he served as a Finance & Accounting

Manager at several companies, namely PT Daya

Knitto, Indomobil Group and Sinar Mas Group.

In 1992-1996, he served as a Director at PT

Budi Acid Jaya Tbk and as President Director at

PT Ometraco Corporation Tbk in 1996-2000.

He has been serving as a member of Board

of Directors at several companies under The

Paradise Group since 2000.

51

Anthony Prabowo Susilo

Wakil Presiden Direktur, 34 tahunVice President Director, 34 years old

Diangkat pertama kali sebagai Presiden Direktur

Perseroan berdasarkan Akta Pernyataan Keputusan

Rapat Nomor 1 Tanggal 1 Juni 2005 yang dibuat

di hadapan Robert Purba, SH., Notaris di Jakarta

dengan Penerimaan Pemberitahuan Perubahan

Data No. C-UM.02.01.7973 Tanggal 9 Juni 2005.

Kemudian diangkat kembali sebagai Presiden

Direktur berdasarkan Akta Pernyataan Keputusan

Rapat Nomor 144 Tanggal 12 Juni 2015 yang

dibuat di hadapan Dr. Irawan Soerodjo, SH, MSi


Data Perseroan No. AHU-AH.01.03-0941519

Tanggal 15 Juni 2015. Selain menjabat sebagai

Presiden Direktur Perseroan, beliau juga Direktur

beberapa entitas anak dan afiliasi Perseroan, yaitu

PT Indonesian Paradise Island, PT Java Paradise

Island, PT Eka Ilalang Suryadinamika, dan Direktur

Utama PT Kega Property Utama.

Hubungan Afiliasi:

Agoes Soelistyo Santoso tidak memiliki hubungan

afiliasi dengan anggota Direksi dan anggota

Dewan Komisaris lainnya maupun Pemegang

Saham Perseroan.

He was appointed as the President Director of the

Company for the first time pursuant to the Deed

of Meeting Resolution No. 1 dated 1 June 2005,

drawn up by Robert Purba, SH., Notary in Jakarta,

with the Receipt of Notification of Data Change

No. C-UM.02.01.7973 dated 9 June 2005. Then,

he was reappointed as the President Director

pursuant to the Deed of Meeting Resolution No.

144 dated 12 June 2015 drawn up by Dr. Irawan

Soerodjo, SH, MSi., Notary in Jakarta, with the

Receipt of Notification of Data Change No.

AHU-AH.01.03-0941519 dated 15 June 2015. In

addition to serving as President Director, he serves

as a Director at several Company’s subsidiaries

and affiliates, namely PT Indonesian Paradise

Island, PT Java Paradise Island and PT Eka Ilalang

Suryadinamika, and as a President Director at PT

Kega Property Utama.

Affiliation:

Agoes Soelistyo Santoso has no affiliation

with members of Board of Directors, Board of

Commissioners and the Company’s Shareholders.

Warga Negara Indonesia, lahir pada tanggal 24

April 1984. Berdomisili di Indonesia. Meraih gelar

Bachelor of Science in Business Administration

Concentration in Finance and Accounting dari

Georgetown University, Washington D.C., USA.

Menjabat sebagai Vice President di PT Principia

Management Group tahun 2008 – 2015, Vice

President of Business Development di PT

Cardig Air tahun 2008 – 2015, Director di PT

Nusantara Steelmills Indonesia tahun 2012 –

2015, Associate di Altus Shipping & Logistics Pte.

An Indonesian citizen born on 24 April 1984

and currently lives in Indonesia. He obtained

his Bachelor of Science degree, majoring in

Business Administration Concentration in Finance

and Accounting from Georgetown University,

Washington D.C., USA. Prior to serving his current

position, he held the post of Vice President of

PT Principia Management Group in 2008-2015,

Vice President of Business Development of PT

Cardig Air in 2008-2015, Director at PT Nusantara

Steelmills Indonesia in 2012-2015, Associate at

52

Ltd. (Singapore) tahun2011–2013,Directordi

PTGordaPrimaSteelworkstahun2012–2015,

serta Director di PT Sitasa Energi tahun 2013

– 2015. Diangkat pertama kali sebagai Wakil

Presiden Direktur Perseroan berdasarkan Akta

Pernyataan Keputusan Rapat Nomor 15 Tanggal

10 Juni 2016 yang dibuat di hadapan Simon

yos Sudarso, S.H., LL.M. dengan Penerimaan

Pemberitahuan Perubahan Data Perseroan No.

AHU-AH.01.03-0063183. Beliau juga menjadi

Direktur untuk beberapa entitas anak Perseroan,

yaitu PT Segara Biru Kencana, PT Padma Suasa,

PT Karsa Citra Unggul, dan PT Praba Kumala

Sajati, serta menjabat sebagai Direktur Utama PT

Retzan Indonusa.

Hubungan afiliasi:

Anthony Prabowo Susilo tidak memiliki

hubungan afiliasi dengan Direksi, namun

memiliki hubungan afiliasi dengan Pemegang

Saham utama Perseroan dan salah satu anggota

Dewan Komisaris yakni Amelia Gozali.

Altus Shipping & Logistics Pte. Ltd. (Singapore)

in 2011-2013, Director at PT Gorda Prima

Steelworks in 2012-2015, and Director at PT Sitasa

Energi in 2013-2015. He was appointed as a Vice

President Director of the Company for the first

time pursuant to the Deed of Meeting Resolution

No. 15 dated 10 June 2016, drawn up by Simon

yos Sudarso, S.H., LL.M., Notary in Jakarta, with

Receipt of Notification of Data Change No. AHU-

AH.01.03-0063183. He also serves as a Director

at several Company’s subsidiaries, namely PT

Segara Biru Kencana, PT Padma Suasa, PT Karsa

Citra Unggul, and PT Praba Kumala Sajati, and as

the President Director of PT Retzan Indonusa.

Affiliation:

Anthony Prabowo Susilo has no affiliation with

members of Board of Directors and; however, he is

affiliated with the Company’s Main Shareholders

and a member of Board of Commissioners of the

Company, Amelia Gozali.

53

Warga Negara Filipina, lahir pada tanggal

26 Januari 1954. Berdomisili di Indonesia.

Beliau merupakan lulusan University of

Santo Tomas tahun 1986 serta Colegio

deSanJuandeLetran–Intramurospada

tahun 1975. Menjabat sebagai Control

Dept di Texas Instruments Philippines Inc.,

tahun 1979 – 1988, Corporate Finance

and Corporate Affairs di PT Arwana

CitramuliaTbkpadatahun2002–2004,

Head - Corporate Finance and Investor

Relations di PT Kawasan Industri Jababeka

Tbkpadatahun2005–2014sertaDireksi

PT Indonesian Paradise Property Tbk pada

tahun 2015 hingga sekarang.

Alexander Nartates Nartates

Direktur Independen, 64 tahunIndependent Director, 64 years old

A citizen of Philippines born in 26 January

1954 and currently lives in Indonesia.

He graduated from University of Santo

Tomas in 1986 and Colegio de San Juan

de Letran– Intramuros in 1975. Prior to

serving his current post, he served as

a staff of Control Department at Texas

Instruments Philippines Inc. (1979-1988),

Corporate Finance and Corporate Affairs

at PT Arwana Citramulia Tbk (2002-

2004), Head - Corporate Finance and

Investor Relations at PT Kawasan Industri

Jababeka Tbk (2005-2014) and Director

of PT Indonesian Paradise Property Tbk

(2015 up to present).

54

Diangkat pertama kali sebagai Direktur Perseroan

berdasarkan Akta Pernyataan Keputusan Rapat

Nomor 15 Tanggal 10 Juni 2016 yang dibuat di

hadapan Simon yos Sudarso, S.H., LL.M. dengan

Penerimaan Pemberitahuan Perubahan Data

Perseroan No. AHU-AH.01.03-0063183 tanggal

30 Juni 2016.

Hubungan Afiliasi:

Alexander Nartates Nartates tidak memiliki

hubungan afiliasi dengan anggota Direksi dan

anggota Dewan Komisaris lainnya maupun

Pemegang Saham Utama Perseroan.

He was appointed as a Director of the Company

for the first time pursuant to the Deed of Meeting

Resolution No. 15 dated 10 June 2016, drawn up by

Simon yos Sudarso, S.H., LL.M., Notary in Jakarta,

with Receipt of Notification of Data Change No.

AHU-AH.01.03-0063183 dated 30 June 2016.

Affiliation:

Alexander Nartates Nartates has no affiliation

with members of Board of Directors, Board

of Commissioners and the Company’s main

Shareholders.

Warga Negara Indonesia, lahir di Banjarmasin pada

tanggal 9 Januari 1959. Berdomisili di Indonesia.

Mendapat gelar Master of Science in Architecture

dari Delft Technical University, Netherland tahun

1986. Dalam kurun waktu tahun 1989 – 2000

bekerja sebagai arsitek di Atelier 6 Group, Jakarta

dan Project Coordinator Lippo City Development,

Jakarta; Ometraco Realty, Jakarta; serta Bentala

Sanggrahan Group, Jakarta. Sejak tahun 1999

menjabat sebagai Direktur di berbagai perusahaan

di bawah The Paradise Group.




hadapan Robert Purba, SH., Notaris di Jakarta


Data No.C-UM.02.01.7973 Tanggal 9 Juni 2005.

Kemudian diangkat kembali sebagai Direktur



hadapan Dr. Irawan Soerodjo, SH, MSi., Notaris

Patrick Santosa Rendradjaja

Direktur, 59 tahunDirector, 59 years old

An Indonesian citizen born in Banjarmasin on 9

January 1959 and currently lives in Indonesia.

He graduated with a Master of Science degree

inArchitecture fromDelftTechnicalUniversity–

the Netherlands in 1986. In the period of 1989-

2000, he worked as an Architect at Atelier 6 Group

in Jakarta and as a Project Coordinator at Lippo

City Development in Jakarta, Ometraco Realty in

Jakarta and Bentala Sanggrahan Group in Jakarta.

Since 1999 he has been serving as the Director for

companies under The Paradise Group.

He was appointed as a Director of the Company

for the first time pursuant to the Deed of Meeting

Resolution No. 1 dated 1 June 2005, drawn up

by Robert Purba, SH., Notary in Jakarta, with

the Receipt of Notification of Data Change No.

C-UM.02.01.7973 dated 9 June 2005. Then, he was

reappointed as a Director pursuant to the Deed of

Meeting Resolution No. 144 dated 12 June 2015

drawn up by Dr. Irawan Soerodjo, SH, MSi., Notary

in Jakarta, with the Receipt of Notification of Data

55

di Jakarta dengan Penerimaan Pemberitahuan

Perubahan Data Perseroan No. AHUAH. 01.03-

0941519 Tanggal 15 Juni 2015. Beliau juga menjadi

Direktur untuk beberapa entitas anak Perseroan

yaitu PT Anugerah Nusaraya, PT Indonesian

Paradise Island dan PT Kega Property Utama.

Hubungan Afiliasi:

Patrick Santosa Rendradjaja tidak memiliki

hubungan afiliasi dengan anggota Direksi dan

anggota Dewan Komisaris lainnya maupun

Pemegang Saham Utama Perseroan.

Change No. AHU-AH.01.03-0941519 dated 15

June 2015. He currently also serves as a Director

at several subsidiaries of the Company, namely

PT Anugerah Nusaraya, PT Indonesian Paradise

Island and PT Kega Property Utama.

Affiliation:

Patrick Santosa Rendradjaja has no affiliation

with members of Board of Directors, Board

of Commissioners and the Company’s Main

Shareholders.

Diana Solaiman

Direktur, 48 tahunDirector, 48 years old

Warga Negara Indonesia, lahir di Jakarta pada

tanggal 4 Oktober 1969. Berdomisili di Indonesia.

Meraih gelar Master in Business Administration

dari Philipine Christian University, Manila tahun

1992. Dalam kurun waktu tahun 1992 – 2001

pernah menjabat sebagai Finance & Accounting

Manager di beberapa perusahaan yaitu PT Putera

Ometraco Electric dan PT Ometraco Corporation

Tbk.

56

An Indonesian citizen born in Jakarta on 4 October

1969 and currently lives in Indonesia. She graduated

with a Master’s degree in Business Administration from

Philippine Christian University, Manila in 1992. During

the period of 1992-2001, she worked as a Finance &

Accounting Manager at several companies such as PT

Putera Ometraco Electric and PT Ometraco Corporation

Tbk.

She was appointed as a Director of the Company for the

first time pursuant to the Deed of Meeting Resolution

No. 1 dated 1 June 2005, drawn up by Robert Purba, SH.,

Notary in Jakarta, with the Receipt of Notification of Data

Change No. C-UM.02.01.7973 dated 9 June 2005. Then,

she was reappointed as a Director pursuant to the Deed

of Meeting Resolution No. 144 dated 12 June 2015 drawn

up by Dr. Irawan Soerodjo, SH, MSi., Notary in Jakarta,

with the Receipt of Notification of Data Change No. AHU-

AH.01.03-0941519 dated 15 June 2015. She currently also

serves as a Commissioner at several subsidiaries of the

Company, namely PT Indonesian Paradise Island and PT

Retzan Indonusa, as well as a Director at PT Grahatama

Kreasibaru.

Affiliation:

Diana Solaiman is a Director at PT Grahatama Kreasibaru

which is the Company’s Controlling Shareholder.


berdasarkan Akta Pernyataan Keputusan Rapat Nomor

1 Tanggal 1 Juni 2005 yang dibuat di hadapan Robert

Purba, SH., Notaris di Jakarta dengan Penerimaan

Pemberitahuan Perubahan Data No.C-UM.02.01.7973

Tanggal 9 Juni 2005. Kemudian diangkat kembali

sebagai Direktur Perseroan berdasarkan Akta Pernyataan

Keputusan Rapat Nomor 144 Tanggal 12 Juni 2015

yang dibuat di hadapan Dr. Irawan Soerodjo, SH, MSi.,

Notaris di Jakarta dengan Penerimaan Pemberitahuan

Perubahan Data Perseroan No. AHU-AH.01.03-0941519

Tanggal 15 Juni 2015. Beliau juga menjabat di beberapa

entitas anak Perseroan yaitu Komisaris PT Indonesian

Paradise Island, PT Retzan Indonusa, serta Direktur PT

Grahatama Kreasibaru.

Hubungan Afiliasi:

Diana Solaiman merupakan Direktur PT Grahatama

Kreasibaru yang merupakan Pemegang Saham

Pengendali Perseroan.

57

PENDIDIKAN DAN PELATIHAN DEWAN KOMISARIS, DIREKSI, KOMITE-KOMITE, SEKRETARIS PERUSAHAAN, DAN UNIT INTERNAL AUDIT 2017 EDUCATION AND TRAINING ACTIVITIES FOR BOARD OF COMMISSIONERS, BOARD OF DIRECTORS, COMMITTEES, CORPORATE SECRETARY, AND INTERNAL AUDIT UNIT IN 2017

Nama / NameJabatan / Position

Jenis Pelatihan / TrainingPenyelenggara /

OrganizerWaktu / Date


Presiden Direktur / President Director

Sosialisasi Undang-Undang Persaingan Usaha / Dissemination of Laws on Business Competition

Asosiasi Emiten Indonesia / Indonesian Public Listed Companies Association

19 Juni 2017 / 19 June 2017

CEO Focus 2017: Tantangan Dunia Usaha dan Pengembangan Pasar Modal / CEO Focus 2017: Challenges in Business and Development of Capital Market


6 November 2017

Diana Solaiman Direktur / Director

Value Creation for Business Resilience in the era of Neo-Protectionism

Ikatan Akuntan Indonesia / Indonesian Institute of Accountants

30 Maret 2017 / 30 March 2017



19 Juni 2017 / 19 June 2017

Tax Issues Related to Public Company in Indonesia dan Sosialisasi Perubahan Klasifikasi Sektor di Bursa Efek Indonesia / Tax Issues Related to Public Company in Indonesia and Dissemination of Changes in Sector Classification in Indonesia Stock Exchange


19 Oktober 2017 /19 October 2017

Ispandiati Makmur

Sekretaris Perusahaan / Corporate Secretary

Sosialisasi POJK No. 10/POJK.04/2017 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan Terbuka / Dissemination of POJK No. 10/POJK.04/2017 on Plan and Convention of General Meeting of Shareholders for Public Companies

Bursa Efek Indonesia dan Indonesia Corporate Secretary Association / Indonesia Stock Exchange and Indonesia Corporate Secretary Association

13 April 2017

Sosialisasi POJK No. 07/POJK.04/2017 tentang Dokumen Pernyataan Pendaftaran dalam Rangka Penawaran Umum Efek Bersifat Ekuitas, Efek Bersifat Hutang dan Sukuk / Dissemination of POJK No. 07/POJK.04/2017 on Statement of Registration Document within the Framework of Public Offering of Equity Securities, Debt Securities and Sukuk


15 Mei 2017 /15 May 2017

58

Nama / NameJabatan / Position

Jenis Pelatihan / TrainingPenyelenggara /

OrganizerWaktu / Date

Ispandiati Makmur

Sekretaris Perusahaan / Corporate Secretary



19 Juni 2017 / 19 June 2017

Seminar POJK No. 32/POJK.04/2014 dan POJK No. 13/POJK.03/2017 / Dissemination of POJK No. 32/POJK.04/2014 and POJK No. 13/POJK.03/2017

Otoritas Jasa Keuangan / Financial Services Authority

20 Juli 2017 / 20 July 2017

Seminar Sosialisasi Peraturan OJK No. 13/POJK.03/2017 / Seminar on the Dissemination of OJK Regulation No. 13/POJK.03/2017


26 Juli 2017 / 26 July 2017

Seminar POJK 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka melalui Pendekatan Terapkan atau Jelaskan (Comply or Explain) / Seminar on POJK 21/POJK.04/2015 on Implementation of Governance Guidelines for Public Companies through Comply-or-Explain Approach


16 Agustus 2017 / 16 August 2017

Sosialisasi POJK No. 13/POJK.03/2017 dan POJK No. 51/POJK.03/2017 / Dissemination of POJK No. 13/POJK.03/2017 and POJK No. 51/POJK.03/2017

Otoritas Jasa Keuangan / Financial Services Authority

6 September 2017

Peraturan Konversi dan Revisi Peraturan Lama menjadi POJK serta Panduan Registrasi Online / Regulation on Conversion and Revision of Old Regulations into POJK as well as Guidelines for Online Registration


5 Oktober 2017 / 5 October 2017

59

Struktur Organisasi Organization Structure

DEWAN KOMISARISBoard of Commissioners

Presiden Komisaris & Komisaris Independen

President Commissioner cumIndependent Commissioner

TODO SIHOMBING

Wakil Presiden Komisaris& Komisaris Independen

Vice President Commissioner cumIndependent Commissioner

HADI CAHYADI

KomisarisCommissioner

AMELIA GOzALI

KomisarisCommissioner

KAREL PATIPEILOHY

KOMITE AUDITAudit Committee

Ketua–KomisarisIndependen

Chairman cum Independent Commissioner

HADI CAHYADI

Anggota | Member

ANANG YUDIANSYAH

KURNIADI

DIREKSI | Board of Directors

Presiden DirekturPresident Director

AGOES SOELISTYO SANTOSO

Wakil Presiden DirekturVice President Director

ANTHONY PRABOWO SUSILO

Direktur IndependenIndependent Director

ALExANDER NARTATES NARTATES

Direktur | Director

PATRICK SANTOSA RENDRADJAJA

Direktur | Director

DIANA SOLAIMAN

Corporate Secretary

ISPANDIATI MAKMUR

Owner Representative

DJOKO B. SANTOSO

Internal Audit

ANDRIYONO ADI NUGROHO

Office Support

SITI UTAMI

Operation

LUSIANA MOCHTAR

- Sales & Marketing- Room & Housekeeping- Food & Beverage- Engineering- Front Office

- Personnel - Administration - Training

- Finance

- Accounting

- Legal

- License

Development

DJATIKESUMO SUBAGIO

Finance & Accounting

TAUFIK LIE

Legal

ISPANDIATI MAKMUR

Human Resources

VERONICA PRASTIWI

- Business Development

- Project Development

60

STRUKTUR GRUP PERUSAHAANCOMPANY GROUP STRUCTURE

PT Grahatama Kreasibaru

Masyarakat / Public

Elysium Investment Partners Ltd

UBS AG Singapore S/A Anemone Continental SA

Standard Chartered Bank SG S/A VP Bank for A/C Star East Development

Corporation

PT IndonesianParadise Property Tbk

HARRIS Hotel Tuban - Bali

37,00%

20,64%

22,12%

18,00%

2,24%

61

PT Aneka Bina LarasHARRISSuitesfXSudirman–Jakarta

PT Dinamika Putra Perkasa

PT Karsa Citra Unggul

PT Saranausaha Jaya

PT Mitra Gemilang Mahacipta

PT Indonesia Gemilang Mahasentosa

PT Anugerah NusarayaHARRISResortWaterfront–Batam

PT Mitra Perdana Nuansa23 Paskal Shopping Center - Bandung

PT Omega PropertindoWisma Millenia - Jakarta

PT Retzan IndonusaHARRIS Hotel Batam Center - Batam

PT Java Paradise IslandHARRIS Hotel Tebet - Jakarta

PT Eka Ilalang Suryadinamika

PT Indonesian Paradise Island HARRIS Resort Kuta Beach Bali

beachwalk Shopping Center - Bali Sheraton Bali Kuta Resort

PT Plaza Indonesia Realty Tbk Plaza Indonesia Shopping Center - Jakarta

Grand Hyatt - JakartafX Sudirman - Jakarta

Keraton at The Plaza (Keraton Luxury Collection Hotel & Keraton Private

Residence)The Plaza Office Tower - Jakarta

PT Padma Suasa HARRIS Suites fX

Sudirman–Jakarta

PT Magna Terra Cikini Gold Center -

Jakarta

PT Trimurti Tunggal Sejahtera

PT Paloma Suasa Manajemen

PT Kega Property Utama

POP!HotelSangaji-yogyakarta

PT Praba Kumala Sajati

Park23 Entertainment Center - Bali

PT Segara Biru Kencana

Hotel Maison Aurelia - Bali

51%

51%

92,73%

55%

51%

75%

55%

99,98%

99,99%

99,90%

99,90%

75,00%

0,10%

99,90%99,90%

27,50%

55%

55%

51%

33,34%

36,41%

60%

62

Pemegang Saham Shareholders

Saham / Shares

Lembar Saham / SharesNominal (Rp100/saham) /

Nominal Values (Rp100/share) %

Modal DasarAuthorized Capital

40.000.000.000 4.000.000.000.000

Modal Ditempatkan dan Disetor /Issued and Paid Up Capital

PT Grahatama Kreasibaru 4.136.971.279 413.697.127.900 37,00


2.473.154.873 247.315.487.300 22,12

Standard Chartered Bank SG S/A VP Bank for A/C Star East Development Corporation

2.307.593.000 230.759.300.000 20,64

Elysium Investment Partners Limited

2.012.754.912 201.275.491.200 18,00

Masyarakat / Public 251.497.668 25.149.766.800 2,24

Jumlah Modal Ditempatkan & Disetor Penuh / Total Issued & Paid Up Capital

11.181.971.732 1.118.197.173.200 100,00

INFORMASI PEMEGANG SAHAM UTAMA DAN PENGENDALIINFORMATION ON MAIN AND CONTROLLING SHAREHOLDERS

KOMPOSISI PEMEGANG SAHAMCOMPOSITION OF SHAREHOLDERS

PT Grahatama Kreasibaru

Elysium Investment Partners Ltd

Masyarakat / Public


Standard Chartered Bank SG S/A VP Bank for A/C Star East Development

Corporation

PT Indonesian Paradise Property Tbk HARRIS Hotel Tuban - Bali

37,00%

20,64%

22,12%

18,00%

2,24%

Informasi mengenai nama pemegang saham

terbesar, pemegang saham yang memiliki saham

lebih dari 5%, serta pemegang saham masyarakat

dengan kepemilikan saham masing-masing

kurang dari 5% sebagai berikut:

Information on the name of majority shareholders,

shareholders with more than 5% of shares and

public shareholders with less than 5% of shares is

as follows:

63

NamaName

JabatanPosition

Jumlah SahamTotal Shares %

Todo SihombingPresiden Komisaris dan Komisaris Independen / President Commissioner cum Independent Commissioner

0 0,00

Hadi CahyadiWakil Presiden Komisaris dan Komisaris Independen / Vice President Commissioner cum Independent Commissioner

0 0,00

Karel PatipeilohyKomisarisCommissioner

1.000.000 0,01

Amelia GozaliKomisarisCommissioner

0 0,00

Agoes Soelistyo SantosoPresiden DirekturPresident Director

0 0,00

Anthony Prabowo SusiloWakil Presiden DirekturVice President Director

0 0,00


Direktur IndependenIndependent Director

0 0,00


DirekturDirector

5.000.000 0,04

Diana SolaimanDirekturDirector

3.750.000 0,03

KEPEMILIKAN SAHAM MANAJEMENSHARE OWNERSHIP By MANAGEMENT

JUMLAH PEMEGANG SAHAM DAN PERSENTASE KEPEMILIKAN BERDASARKAN KLASIFIKASI NUMBER OF SHAREHOLDERS AND SHAREHOLDING PERCENTAGE By MANAGEMENT

Nominal %Kepemilikan Institusi Lokal / Local Institution Shareholding 423.105.164.500 37,84

Kepemilikan Institusi Asing / Foreign Institution Shareholding 689.441.278.500 61,66

Kepemilikan Individu Lokal / Local Individual Shareholding 5.550.730.200 0,49

Kepemilikan Individu Asing / Foreign Individual Shareholding 100.000.000 0,01

TOTAL 1.118.197.173.200 100

64

KRONOLOGI PENCATATAN SAHAM

Kronologi pencatatan dan perubahan jumlah

saham sejak awal pencatatan sampai akhir tahun

buku per 31 Desember 2017 adalah sebagai

berikut:

Pada tanggal 1 Desember 2004, Perseroan

pertama kali mencatatkan sahamnya di Bursa Efek

Surabaya sejumlah 240 juta lembar dengan jumlah

nilai nominal Rp24.000.000.000. Sesuai dengan

keterbukaan informasi yang telah disampaikan

Perseroan dalam Pernyataan Pendaftaran

Perusahaan Publik yang telah disetujui oleh Badan

Pengawas Pasar Modal (BAPEPAM).

- Selanjutnya obligasi Perseroan dikonversikan

menjadi saham Perseroan oleh Premiere

Estates Limited sebanyak 330 juta lembar

dengan nilai nominal Rp33.000.000.000.

Konversi ini resmi dicatatkan di Bursa Efek

Surabaya pada tanggal 17 Desember 2004.

- Perseroan melakukan transaksi tukar-menukar

saham (share swap) dengan Anemone

Continental S.A. sebanyak 949 juta lembar


Transaksi ini resmi tercatat di Bursa Efek

Surabaya pada tanggal 27 Desember 2004.

Sehingga, total jumlah saham Perseroan

meningkat menjadi 1.519.000.000 lembar


Perseroan melakukan Penambahan Modal Tanpa

Hak Memesan Efek Terlebih Dahulu dengan

menerbitkan saham baru sejumlah 75 juta lembar

dengan nilai nominal Rp7.500.000.000. Langkah

ini resmi tercatat di Bursa Efek Surabaya pada

tanggal 14 Juli 2005. Dengan demikian, total

jumlah saham Perseroan meningkat menjadi

1.594.000.000 lembar dengan nilai nominal

Rp159.400.000.000.

Sehubungan dengan proses merger antara Bursa

Efek Jakarta dengan Bursa Efek Surabaya yang

kemudian membentuk Bursa Efek Indonesia,

perdagangan saham Perseroan dihentikan

sementara sejak tanggal 1 Desember 2007.

SHARE LISTING CHRONOLOGY

The share listing chronology and changes in the

number of share since the start of listing up to

the end of fiscal year of 31 December 2017 is as

follows:

On 1 December 2004, the Company first

listed its shares of 240 million shares on

Surabaya Stock Exchange with nominal value

of Rp24,000,000,000. In accordance with

information disclosure submitted by the Company

in Registration Statement of Public Company,

approved by Capital Market Supervisory Board

(BAPEPAM):

- The Company’s Bonds were converted into

Company shares by Premiere Estates Limited

of 330 million shares with nominal value

of Rp33,000,000,000. This conversion was

officially listed on Surabaya Stock Exchange on

17 December 2004.

- The Company conducted share swap with

Anemone Continental S.A of 949 million shares

with nominal value of Rp94,900,000,000. This

transaction was officially listed on Surabaya

Stock Exchange on 27 December 2004.

The Company’s total shares increased to

1,519,000,000 shares with nominal value of

Rp151,900,000,000. The Company conducted

Capital Addition Without Pre-Emptive Rights

by issuing 75 million new shares with nominal

value of Rp7,500,000,000. This action was listed

on Surabaya Stock Exchange on 14 July 2015.

Therefore, the Company’s total shares increased

to 1,594,000,000 shares with nominal value of

Rp159,400,000,000.

On the merger between Jakarta Stock Exchange

with Surabaya Stock Exchange into Indonesia

Stock Exchange, the Company temporarily

suspended its share trading activity since 1

December 2007. The temporary trade suspension

65

Pemberhentian perdagangan sementara ini

dilakukan dengan pertimbangan saham Perseroan

tidak aktif diperdagangkan dan jumlah Pemegang

Saham Publik Perseroan masih di bawah jumlah

minimal yang disyaratkan Bursa Efek Indonesia.

Agar perdagangan bisa dibuka kembali, pada

tahun 2009, PT Grahatama Kreasibaru, sebagai

Pemegang Saham Pengendali Perseroan,

melaksanakan Penawaran Umum Atas Kepemilikan

Saham PT Grahatama Kreasibaru pada Perseroan.

Penawaran umum Perdana Saham ini mencakup

sejumlah 180.000.000 (seratus delapan puluh juta)

Saham Biasa Atas Nama yang merupakan saham

lama dengan nilai nominal Rp100 (seratus Rupiah)

per saham. Harga yang ditawarkan ke masyarakat

adalah Rp115 (seratus lima belas Rupiah) setiap

saham.

Adapun hasil Penawaran Umum Saham yang

dilaksanakan pada 19–21 Oktober 2009 adalah

sebagai berikut:

was conducted in consideration of the Company’s

inactive traded shares and the number of Public

Shareholders, which was below the minimum

requirements of Indonesia Stock Exchange.

In order to reopen the trade, in 2009, PT

Grahatama Kreasibaru, as Controlling Shareholder

of the Company, conducted Right Issue for

Shares Ownership of PT Grahatama Kreasibaru

to the Company. The Initial Right Issue consisted

of 180,000,000 (one hundred eighty million)

Registered Shares, which was considered as old

share with nominal value of Rp100 (one hundred

Rupiah) per share. The price offered to the public

was Rp115 (one hundred fifteen Rupiah) per share.

The Proceeds of Right Issue on 19-21 October

2009 was as follows:

66

Dengan dilaksanakannya Penawaran umum

Saham tersebut, Perseroan telah mampu

meningkatkan kepemilikan saham guna

memenuhi ketentuan persyaratan jumlah saham

yang dimiliki oleh Pemegang Saham Minoritas.

Sehingga, berdasarkan surat No. S-05577/BEI.

PSJ/10-2009 tanggal 29 Oktober 2009, Bursa Efek

Indonesia telah mencabut penghentian sementara

(suspensi) perdagangan Efek Perseroan.

Pada tahun 2010, Perseroan melakukan

pengembangan usaha dengan melaksanakan

penggabungan usaha (Merger) dengan PT Tirta

Saga Wangi yang masih merupakan perusahaan

afiliasi Perseroan. PT Tirta Saga Wangi meleburkan

diri ke dalam Perseroan, sehingga semua

perusahaan anak dan perusahaan asosiasi PT

Tirta Saga Wangi menjadi perusahaan anak dan

perusahaan asosiasi Perseroan. Usai proses

penggabungan usaha dilakukan, PT Tirta Saga

Wangi bubar demi hukum tanpa harus didahului

proses likuidasi.

Atas Pernyataan Pendaftaran untuk Penggabungan

Usaha tersebut, telah diperoleh pernyataan efektif

dari Badan Pengawas Pasar Modal dan Lembaga

Keuangan berdasarkan Surat Ketua Bapepam

dan LK No. S-4500/BL/2010 tanggal 20 Mei 2010

Perihal Pemberitahuan Efektifnya Pernyataan

Penggabungan Usaha.

Penggabungan usaha tersebut juga telah

mendapat persetujuan dari Rapat Umum

Pemegang Saham Luar Biasa Perseroan pada 25

Mei 2010. Pelaksanaannya dilakukan pada 1 Juni

2010. Dalam penggabungan usaha tersebut,

With the execution of Right Issue, the Company

successfully increased its shares ownership to

meet the required total shares owned by Minority

Shareholders. Pursuant to letter No.S-05577/BEI.

PSJ/10-2009 on 29 October 2009, Indonesia

Stock Exchange revoked the suspension of the

Company’s Securities trade.

In 2010, the Company developed its business

through Merger with PT Tirta Saga Wangi, which

was an affiliated company. PT Tirta Saga Wangi

merged with the Company, thus making all

subsidiaries and associated companies of PT Tirta

Saga Wangi as the Company’s subsidiaries and

associated companies. Following the merger, PT

Tirta Saga Wangi was dissolved by law without

liquidation process.

Based on the Registration Statement for Business

Merger above, the Company received effective

statement from Capital Market Supervisory Board

and Financial Institution based on Letter from

Chairman of Bapepam-LK No. S-4500/BL/2010

on 20 May 2010 on the Effective Statement of

Business Merger.

The merger had been approved by the

Extraordinary General Meeting of Shareholders on

25 May 2010 and conducted on 1 June 2010. In the

merger, each 1 (one) share of PT Tirta Saga Wangi

was exchanged with 4.7 shares of the Company.

KeteranganDescription

Jumlah PemesananTotal Subscriber

Jumlah SahamTotal Shares

Jumlah Uang Pemesanan (Rp)

Amount of Subscription (Rp)

%

Total PenawaranTotal Offering

- 180.000.000 20.700.000.000 100

Total PemesananTotal Subscription

534 179.639.000 20.658.485.000 99,80

Sisa PenawaranUnsubscribed Shares

- 361.000 41.515.000 0,20

67

Pada 2012, Perseroan melaksanakan Penambahan

Modal Tanpa Hak Memesan Efek Terlebih Dahulu

dengan mengikuti ketentuan Peraturan Bapepam

dan LK Nomor IX.D.4 tentang Penambahan

Modal Tanpa Hak Memesan Efek Terlebih Dahulu,

Lampiran Keputusan Ketua Bapepam dan LK

Nomor Kep-429/BL/2009 tanggal 9 Desember

2009 dan Peraturan Bursa Efek Indonesia Nomor

I-A tentang Pencatatan Saham dan Efek Bersifat

Ekuitas Selain Saham yang diterbitkan oleh

Perusahaan Tercatat.

Penambahan Modal Tanpa hak Memesan Efek

Terlebih Dahulu Perseroan berupa penerbitan

sebanyak-banyaknya 241.080.360 (dua ratus

empat puluh satu juta delapan puluh ribu tiga

ratus enam puluh) saham biasa pada harga

pelaksanaan sebesar Rp350 (tiga ratus lima puluh

setiap 1 (satu) saham PT Tirta Saga Wangi ditukar

dengan 4,7 saham Perseroan.

Berikut adalah tabel susunan Pemegang Saham

Perseroan sebelum dan setelah Penggabungan

usaha pada tanggal 1 Juni 2010:

The following is the table of the Company’s

Shareholders composition before and after

Business Merger on 1 June 2010:

In 2012, the Company conducted Capital Increase

Without Pre-Emptive Rights in conjunction to the

Regulation of Capital Market Supervisory Board

and Financial Institution (Badan Pengawas Pasar

Modal/Bapepam and LK) No. IX D.4 on Capital

Increase Without Pre-Emptive Rights, Appendix

of Decree of Bapepam and LK Chairman Decision

No. Kep.429/BL/2009 dated 9 December 2009

and Indonesia Stock Exchange Regulation

Number I-A on Shares Listing and Non Shares

Equity type of Marketable Securities issued by the

Listed Company.

The Company’s Capital Increase Without Pre-

Emptive Rights was conducted through the

issuance of 241,080,360 (two hundreds forty

one million eighty thousands three hundred

and sixty) shares with execution price of Rp350

(three hundred and fifty Rupiah) per share.

Pemegang Saham

Shareholders

Sebelum Konversi

Before Merger

Setelah Konversi

After Merger

Perseroan | The Company PT Tirta Saga Wangi Perseroan | The Company

Jumlah Saham

Total Shares%

Jumlah Saham

Total Shares%

Jumlah Saham

Total Shares%

Modal Dasar

Authorized Capital5.000.000.000 100,00 250.000.000 100,00 5.000.000.000 100,00

Modal Ditempatkan dan Disetor Penuh

Issued and Paid Up Capital

Anemone Continental

SA

949.000.000 59,54 - - 949.000.000 39,3645

PT Grahatama

Kreasibaru

129.861.000 8,15 173.785.500 99,999 946.652.850 39,2671

CB London S/A BSI SA 223.000.000 13,99 - - 223.000.000 9,2500

Masyarakat 242.139.000 15,19 - - 292.139.000 12,1179

yayasan Bunga Kasih 50.000.000 3,13 2.500 0,001 11.750 0,0005

Total Modal

Ditempatkan dan

Disetor Penuh

Total Issued and

Paid Up Capital

1.594.000.000 100,00 173.788.000 100,00 2.410.803.600 100,00

68

Jumlah saham baru yang diterbitkan Tahap-1The amount of new shares issued on Stage-1

71.000.000 lembar saham71,000,000 shares

Harga Nominal per sahamNominal Value per share

Rp100 (seratus Rupiah)Rp100 (one hundred Rupiah)

Harga Pelaksanaan per sahamExecution Price per share

Rp350 (tiga ratus lima puluh Rupiah)Rp350 (three hundreds and fifty Rupiah)

Nama Pemegang SahamName of Shareholder

PT Saka Guna Lestari

Jumlah Saham Biasa PT Indonesian Paradise Property Tbk sebelum Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-1Number of Common Shares of PT Indonesian Paradise Property Tbk before Capital Increase With-out Pre-Emptive Rights Stage-1

2.410.803.600

2,410,803,600

Jumlah Saham Biasa PT Indonesian ParadiseProperty Tbk setelah Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-1Number of Common Shares of PT Indonesian Paradise Property Tbk after Capital Increase With-out Pre-Emptive Rights Stage-1

2.481.803.600

2,481,803,600

Capital Increase Without Pre-Emptive Rights was

conducted in stages, adjusted with demands from

time to time within the period of 2 (two) years and

had been approved in the Extraordinary General

Meeting of Shareholders on 19 June 2012.

Until the end of 2014, the Company has conducted

3 (three) stages of Capital Increase Without Pre-

Emptive Rights:

- Stage-1 was conducted on 24 July 2012 that

has received the approval letter of Share

Listings from Indonesian Stock Exchange No.

S-04996/BEI. PPJ /07-2012 dated 12 July 2012,

where the party exercising the shares was PT

Saka Guna Lestari. The result of the Company

Capital Increase Without Pre-Emptive Rights

Stage-1 was as follows:

Rupiah) per saham. Pelaksanaannya dilakukan

secara bertahap, disesuaikan dengan kebutuhan

dari waktu ke waktu dalam jangka waktu 2 (dua)

tahun dan telah mendapat persetujuan dalam

Rapat Umum Pemegang Saham Luar Biasa pada

19 Juni 2012.

Sampai dengan akhir tahun 2014, Perseroan telah

melaksanakan 3 (tiga) tahap Penambahan Modal

Tanpa Hak Memesan Efek Terlebih Dahulu:

- Tahap-1 dilakukan pada 24 Juli 2012 dan telah

mendapat surat Persetujuan Pencatatan Efek

dari PT Bursa Efek Indonesia Nomor: S-04996/

BEI.PPJ/07-2012 tanggal 12 Juli 2012.

Pengambil saham Tahap 1 ini adalah PT Saka

Guna Lestari. Hasil Pelaksanaan Penambahan

Modal Tanpa Hak Memesan Efek Terlebih

Dahulu Perseroan Tahap-1 adalah sebagai

berikut:

69

- Stage-2 was conducted on 19 April 2013 that

has received the approval letter of Shares

Listing from PT Bursa Efek Indonesia No.

S-0810/BEI.PPJ/04-2013 dated 9 April 2013,

where the party excercising the shares was PT




- Stage-3 was conducted on 2 June 2014 that

has received the approval letter of Shares

Listing from Indonesian Stock Exchange No.

S-01943/BEI.Pg2/05-2014 dated 19 May 2014

where the party exercising the shares was PT




- Tahap-2 dilakukan pada 19 April 2013 dan

telah mendapat surat Persetujuan Pencatatan

Efek dari PT Bursa Efek Indonesia Nomor:

S-0810/BEI.PPJ/04-2013 tanggal 9 April 2013.

Pengambil saham Tahap-2 adalah PT Saka

Guna Lestari. Hasil Pelaksanaan Penambahan

Modal Tanpa Hak Memesan Efek Terlebih

Dahulu Perseroan Tahap-2 adalah sebagai

berikut:

- Tahap-3 dilakukan pada 2 Juni 2014 dan telah

mendapat surat Persetujuan Pencatatan Efek

dari PT Bursa Efek Indonesia Nomor: S-01943/

BEI.Pg2/05-2014 tanggal 19 Mei 2014.

Pengambil saham Tahap 3 adalah PT Saka Guna

Lestari. Hasil Pelaksanaan Penambahan Modal

Tanpa Hak Memesan Efek Terlebih Dahulu

Perseroan Tahap-3 adalah sebagai berikut:






Rp380 (tiga ratus delapan puluh Rupiah)Rp380 (three hundreds and eighty Rupiah)



Jumlah Saham Biasa PT Indonesian Paradise Property Tbk sebelum Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-2Number of Common Shares of PT Indonesian Paradise Property Tbk before Capital Increase Without Pre-Emptive Rights Stage-2

2.481.803.600

2,481,803,600

Jumlah Saham Biasa PT Indonesian Paradise Property Tbk setelah Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-2Number of Common Shares of PT Indonesian Paradise Property Tbk after Capital Increase Without Pre-Emptive Rights Stage-2

2.518.803.600

2,518,803,600

70






Rp350 (tiga ratus lima puluh Rupiah)Rp350 (three hundreds and fifty Rupiah)



Jumlah Saham Biasa PT Indonesian ParadiseProperty Tbk sebelum Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-3Number of Common Shares of PT Indonesian Paradise Property Tbk before Capital Increase Without Pre-Emptive Rights Stage-3

2.518.803.600

2,518,803,600

Jumlah Saham Biasa PT Indonesian ParadiseProperty Tbk setelah Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu Tahap-3Number of Common Shares of PT Indonesian Paradise Property Tbk after Capital Increase Without Pre-Emptive Rights Stage-3

2.558.803.600

2,558,803,600

PT Saka Guna Lestari, sebagai pihak yang

mengambil saham Perseroan dalam rangkaian

ketiga tahapan pelaksanaan Penambahan Modal

Tanpa Hak Memesan Efek Terlebih Dahulu

Perseroan tersebut di atas, adalah pihak yang tidak

memiliki keterkaitan dengan Perseroan. PT Saka

Guna Lestari juga bukan merupakan Pemegang

Saham Utama Perseroan maupun pihak terafiliasi

dengan anggota Direksi, Dewan Komisaris, dan

Pemegang Saham Utama Perseroan. Oleh karena

itu, transaksi pengambilan saham baru Perseroan

oleh PT Saka Guna Lestari ini bukan merupakan

transaksi afiliasi dan tidak mengandung benturan

kepentingan sebagaimana dimaksud dalam

Peraturan Bapepam dan LK IX.E.1, Lampiran

Keputusan Ketua Bapepam dan LK Nomor:

Kep-412/BL/2009 tanggal 25 November 2009

mengenai Transaksi Afiliasi dan Benturan

Kepentingan Transaksi Tertentu.

Pada 2015, Perseroan melaksanakan Penawaran

Umum Terbatas I dengan cara menerbitkan

Hak Memesan Efek Terlebih Dahulu kepada

Para Pemegang Saham Perseroan, dan telah

As the shares subscriber in all stages of the

Company Capital Increase Without Pre-Emptive

Rights, PT Saka Guna Lestari is not associated with

the Company and is neither the major shareholders

nor affiliated with members of Board of Directors,

Board of Commissioners and the Company’s

Major Shareholders. Therefore, the new shares

subscription transaction by PT Saka Guna Lestari

is not considered as the affiliated transactions

as well as a conflict of interest as referred in the

Bapepam and LK Regulation IX.E.1 Appendix of

Chairman Bapepam and LK’s Decision No. Kep-

412/BL/2009 dated 25 November 2009 regarding

Affiliated Transaction and Conflict of Interest on

Certain Transaction.

In 2015, the Company conducted Right Issue I

with Pre-Emptive Rights to the Shareholders, and

had received effective statement from Financial

Services Authority pursuant to OJK letter No:

71

mendapat pernyataan efektif dari Otoritas

Jasa Keuangan berdasarkan surat dari OJK

Nomor: S-253/D.04/2015, tanggal 12 Juni 2015,

perihal: Pemberitahuan Efektifnya Pernyataan

Pendaftaran, serta telah mendapat persetujuan

dalam Rapat Umum Pemegang Saham Luar Biasa

Perseroan yang dilaksanakan pada Penawaran

Umum Terbatas I tanggal 12 Juni 2015.

Uraian Pelaksanaan Penawaran Umum Terbatas I

Perseroan adalah sebagai berikut:

S-253/D.04/2015 dated 12 June 2015, on:

Notification of Effective Registration Statement,

and had been approved in the Extraordinary

General Meeting of Shareholders conducted

during the Rights Issue I on 12 June 2015.

The description of Right Issue I Implementation is

as follows:

Jenis efek yang ditawarkanSecurities type offered

Hak Memesan Efek Terlebih DahuluPre-Emptive Rights

Jumlah Hak Memesan Terlebih Dahulu

Total Pre-Emptive Rights

Sebanyak 8.623.168.132 (delapan miliar enam ratus dua puluh tiga juta seratus enam puluh delapan ribu seratus tiga puluh dua) saham yang merupakan Saham Baru yang dikeluarkan dari portepel Perseroan yang memiliki hak yang sama dan sederajat dalam segala hal dengan Saham Biasa Atas Nama lainnya yang telah ditempatkan dan disetor penuh.Around 8,623,168,132 (eight billion six hundred twenty three million one hundred sixty eight thousand one hundred thirty two) New Shares issued by the company’s portfolio with fair and equal rights in all aspects with issued and fully paid Registeres Shares.

Nilai Nominal

Nominal Value

Rp100 (seratus rupiah) per saham atau seluruhnya dengan nilai nominal Rp 862.316.813.200 (delapan ratus enam puluh dua miliar tiga ratus enam belas juta delapan ratus tiga belas ribu dua ratus rupiah)Rp100 (one hundred rupiah) per share or as whole with nominal value of Rp862,316,813,200 (eight hundred sixty two billion three hundred sixteen million eight hundred thirteen thousand two hundred Rupiah)

Harga Pelaksanaan Hak Memesan Terlebih Dahulu per saham

Pre-Emptive Rights Impementation price per share

Rp325 (tiga ratus dua puluh lima Rupiah), sehingga keseluruhan dana yang akan diterima Perseroan sebesar Rp2.802.529.642.900 (dua triliun delapan ratus dua miliar lima ratus dua puluh sembilan juta enam ratus empat puluh dua ribu sembilan ratus Rupiah)Rp325 (three hundred and twenty five Rupiah), making the total proceeds received by the Company at Rp2,802,529,642,900 (two trillion eight hundred and two billion five hundred twenty nine million six hundred forty two thousand nine hundred Rupiah)

Rasio Konversi

Convertion Ratio

100 (seratus) Saham lama berhak atas 337 (tiga ratus tiga puluh tujuh) Hak Memesan Terlebih Dahulu100 (one hundred) Rights Issue on 337 (three hundred thirty seven) Pre-Emptive Rights

Maksimum dilusi kepemilikan saham perseroanMaximum diluted shares ownership

77,12% (tujuh puluh tujuh koma dua belas persen)

77.12% (seventy seven point twelve percent)

72

Jumlah saham baru yang diterbitkan Penawaran Umum TerbatasThe amount of new shares issued on Right Issue I

8.623.168.132 lembar saham8,623,168,132 shares




Rp325 (tiga ratus dua puluh lima Rupiah)Rp325 (three hundred and twenty five Rupiah)

Jumlah saham biasa PT Indonesian Paradise Property Tbk sebelum Penawaran Umum TerbatasThe Amount of Ordinary Share of PT Indonesian Paradise Property before Rights Issue I

2.558.803.600

2,558,803,600

Jumlah saham biasa PT Indonesian Paradise Property Tbk setelah Penawaran Umum TerbatasThe Amount of Ordinary Share of PT Indonesian Paradise Property after Rights Issue I

11.181.971.732

11,181,971,732

Atas Saham Baru tersebut telah dicatatkan di Bursa

Efek Indonesia merupakan saham biasa atas nama

yang akan memberikan kepada pemegangnya

semua hak yang dapat dijalankan oleh setiap

Pemegang Saham Perseroan serta merupakan

saham yang sama dan sederajat dengan saham-

saham yang telah dicatatkan sebelumnya oleh

Perseroan.

Pihak yang bertindak selaku Pembeli Siaga adalah

Penta Pacific Holdings Limited dan Elysium

Investment Partners Limited, di mana para Pembeli

Siaga tersebut bukan merupakan pihak yang

terafiliasi dengan Perseroan. Dalam Penawaran

Umum Terbatas I ini, PT Grahatama Kreasibaru

selaku Pemegang Saham Perseroan sebesar 37%,

guna mempertahankan kepemilikannya dalam

Perseroan, telah menyatakan kesanggupan dan

melaksanakan Hak Memesan Efek Terlebih Dahulu

yang menjadi haknya.

Seluruh Hak Memesan Efek Terlebih Dahulu

tersebut telah dilaksanakan sehingga jumlah

saham Perseroan yang dicatatkan menjadi

sebesar 11.181.971.732 (sebelas miliar seratus

delapan puluh satu juta sembilan ratus tujuh

puluh satu ribu tujuh ratus tiga puluh dua) Saham

Biasa Atas Nama yang terdiri dari 2.558.803.600

(dua miliar lima ratus lima puluh delapan juta

delapan ratus tiga ribu enam ratus) Saham Lama

dan 8.623.168.132 (delapan miliar enam ratus dua

puluh tiga juta seratus enam puluh delapan ribu

seratus tiga puluh dua) Saham Baru yang berasal

dari Penawaran Umum Terbatas I, masing-masing

dengan nilai nominal Rp100 (seratus Rupiah)

setiap lembar saham.

The New Shares that were listed on Indonesia

Stock Exchange were registered shares that would

grant rights to be implemented by the Company’s

Shareholders. The registered shares had fair and

equal values with other previously-listed shares of

the Company.

The parties acting as Standby Buyers were: Penta

Pacific Holdings Limited and Elysium Investment

Partners Limited. The Standby Buyers had no

affiliation with the Company. In this Right Issue I, in

order to maintain its ownership in the Company, PT

Grahatama Kreasibaru as the Shareholder of 37%

of the Company’s shares declared its capability

and implemented its rightful Pre-Emptive Rights.

The Pre-Emptive Rights has been performed,

resulting in the Company’s total listed share of

11,181,971,732 (eleven billion one hundred eighty

one million nine hundred seventy one thousand

seven hundred thirty two) Registered Common

Stocks which consist of 2,558,803,600 (two billion

five hundred fifty eight million eight hundred

three thousand six hundred) issued shares and

8,623,168,132 (eight billion six hundred twenty

three million one hundred sixty eight thousand

one hundred thirty two) New Shares derived

from Right Issue I, each share valued Rp100 (one

hundred Rupiah) per share.

73

INFORMASI AKSI KORPORASI

Dalam 2 (dua) tahun buku terakhir yaitu untuk

tahun buku 2017 dan tahun buku 2016 Perseroan

tidak melaksanakan aksi korporasi yang

berhubungan dengan pemecahan saham (stock

split), penggabungan saham (reverse stock),

dividen saham, saham bonus maupun penurunan

nilai saham.

INFORMASI OBLIGASI, SUKUK ATAU

OBLIGASI KONVERSI YANG MASIH BEREDAR

DALAM 2 (DUA) TAHUN BUKU TERAKHIR

Perseroan tidak memiliki informasi mengenai

obligasi, sukuk atau obligasi konversi yang

masih beredar dalam 2 (dua) tahun buku

terakhir. Sehingga, informasi mengenai jumlah

obligasi/sukuk/obligasi konversi yang beredar

(outstanding); tingkat bunga/imbalan; tanggal

jatuh tempo; dan peringkat obligasi/sukuk tahun

2016 dan 2017 tidak dapat dibahas dalam Laporan

Tahunan ini.

KRONOLOGI PENCATATAN EFEK LAINNYA

Pada 2017, Perseroan tidak mencatatkan efek lain

di pasar modal sehingga informasi ini tidak dapat

disajikan.

CORPORATE ACTIONS INFORMATION

In the last 2 (two) fiscal years, namely 2017 and

2016, the Company did not execute any corporate

action that is related to stock split, reverse

stock, share dividend, bonus shares and value

depreciation

INFORMATION ON BONDS, SUKUK

OR CONVERTIBLE BONDS THAT WERE

OUTSTANDING IN THE LAST 2 (TWO) FISCAL

YEARS

The Company has no information on bonds,

sukuk or convertible bonds that were outstanding

in the last 2 (two) fiscal years. Hence, information

on total outstanding bonds/sukuk/convertible

bonds; interest/benefit rate; maturity date; and

bonds/sharia bonds rating in 2016 and 2017 is not

available in this Annual Report.

CHRONOLOGY OF OTHER SECURITIES

LISTING

In 2017, the Company did not execute other

securities listing; hence, information on this

matter is not available in this Annual Report.

Anak Perusahaan/ Perusahaan

Asosiasi Subsidiary/

Associate Entities

Bidang usahaBusiness Line

Persentase Kepemilikan Saham Perseroan (%)

Company Shareholding Percentage (%)

Total Aset 2017 Total Assets in 2017

Status OperasionalOperational

Status

PT Aneka Bina Laras

Pembangunan dan JasaDevelopment and Service

51 88.339.285.870 BeroperasiOperating

PT Anugerah Nusaraya

Penyedia akomodasi (hotel)Accommodation (hotel) service


PT Dinamika Putra Perkasa

Perdagangan umum dan investasiGeneral trading and investment


PT Eka Ilalang Suyadinamika

PerhotelanHospitality

51 24.408.645.560 Belum Beroperasi Standby

DAFTAR ENTITAS ANAK PERUSAHAAN LIST OF SUBSIDIARY ENTITIES

74

PT Indonesia Gemilang Mahasentosa

Perdagangan, pembangunan, real estate, industri percetakan, pertanian, bengkel, dan jasa angkutanTrading, development, real estate, printing industry, agriculture, workshop, transportation service

75 997.064.065 Belum Beroperasi Standby

PT Indonesian Paradise Island

Penyediaan akomodasi (hotel) dan Perdagangan UmumAccommodation (hotel) service and General Trading

55 1.336.130.115.890 BeroperasiOperating

PT Java Paradise Island

penyediaan akomodasi (hotel)Accommodation (hotel) service

27,5 88.977.186.244 BeroperasiOperating

PT Karsa Citra Unggul



PT Kega Property Utama

penyediaan akomodasi (hotel) Accommodation (hotel) service

92,73 melalui PT Karsa Citra Unggul92.73 through PT Karsa Citra Unggul

45.716.304.945 BeroperasiOperating

PT Magna Terra

Perdagangan umumGeneral trading

51,00 melalui PT Dinamika Putra Perkasa51.00 through PT Dinamika Putra Perkasa


PT Mitra Gemilang Mahacipta

Perdagangan, pembangunan, perindustrian, pertanian, bengkel, dan jasa angkutanDevelopment, trading, industry, land transportation, farming, workshop and service


PT Mitra Perdana Nuansa

pembangunan, jasa dan perdaganganDevelopment service and trading


PT Omega Propertindo

perdagangan umum, pembangunan, jasa, dan lain-lainGeneral trading, development,service and others


PT Padma Suasa


99,99 melalui PT Aneka Bina Laras 99.99 through PT Aneka Bina Laras


PT Paloma Suasa Manajemen

Perdagangan, pembangunan, real estate, industri percetakan, pertanian, bengkel, dan jasa angkutanTrading, development, real estate, printing industry, agriculture, workshop, transportation service

99,90 dan 0,10 melalui PT Retzan Indonusa dan PT Karsa Citra Unggul99.90 and 0.10 through PT Retzan Indonusa and PT Karsa Citra Unggul

100.000.000 Belum Beroperasi Standby

PT Plaza Indonesia Realty Tbk

Perhotelan, pusat perbelanjaan, perkantoran dan apartemenHospitality, shopping center, office and apartment

36,41 4.639.438.405.000 BeroperasiOperating

PT Praba Kumala Sejati

Perdagangan UmumGeneral Trading



PT Retzan Indonusa

Perhotelan dan real estat Hospitality and real estate


PT Saranausaha Jaya

Perdagangan UmumGeneral Trading


PT Segara Biru Kencana

Penyediaan akomodasi (hotel)Accommodation (hotel) service



PT Trimurti Tunggal Sejahtera

Perdagangan, Keagenan, Perwakilan, Pembangunan, Perindustrian, Jasa, Pengangkutan, Perbengkelan, dan PercetakanTrading, Agency, Representative, Development, Industry, Service, Transportation, Workshop, And Printing


401.073.030 Belum Beroperasi Standby

75

Pemegang SahamShareholders

Saham | Shares

SahamShares

Nominal (Rp500/saham)Nominal value(Rp500/shares)

%

Modal Dasar | Authorized Capital:

Modal Ditempatkan dan Disetor Penuh:

Issued and Paid Up Capital:

•PT Indonesian Paradise Property Tbk

•PT Plaza Nusantara Realti

120.000.000

41.626.200

39.993.800

60.000.000.000

20.813.100.000

19.996.900.000

51,00

49,00

Jumlah Modal Ditempatkan

& Disetor Penuh

Amount of Issued and Paid Up Capital

81.620.000 40.810.000.000 100,00

PT Aneka Bina Laras didirikan pada

tanggal 15 Februari 2010 dengan bidang

usaha pembangunan dan jasa terkait. Unit

usaha PT Aneka Bina Laras adalah HARRIS

Suites fX Sudirman– Jakarta yang telah

beroperasi sejak bulan April 2011 dan

memiliki 147 kamar. Hotel ini menyatu

dengan fX Sudirman & Residences yang

berlokasi di Jalan Jenderal Sudirman,

Jakarta.

Struktur Permodalan dan Susunan

Pemegang Saham PT Aneka Bina Laras


PT Aneka Bina Laras was established

on 15 February 2010, and operates in

construction and related services. The

business unit of PT Aneka Bina Laras is

HARRIS Suites fX Sudirman – Jakarta

that has been operating since April 2011

and has 147 condotel rooms. The hotel is

integrated with fX Sudirman & Residences

which is located on Jalan Jenderal

Sudirman, Jakarta.

The Capital Structure and Shareholder

Composition of PT Aneka Bina Laras are

as follows:

PT ANEKA BINA LARAS

ALAMAT / ADDRESS :

Apartemen fX Residences, lantai 10

Jl.JenderalSudirman–PintuISenayan.Jakarta10270,Indonesia

T (62-21) 25554333 F (62-21) 25554321

76

PT Anugerah Nusaraya didirikan pada tanggal

29 November 2006 dan saat ini memiliki bidang

PT Anugerah Nusaraya was established on 29

November 2006 and presently engages in the

PT ANUGERAH NUSARAYA

ALAMAT KANTOR KORESPONDENSI / ADDRESS OF CORRESPONDENCE OFFICE:

Centennial Tower, 30th Floor. Jl. Gatot Subroto Kav. 24 -25. Jakarta 12930, Indonesia

T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares

Nominal (Rp1.000/saham)Nominal value

(Rp1.000/shares)%




•PT Aneka Bina Laras

•PT Grahatama Kreasibaru

400.000

99.990

10

400.000.000

99.990.000

10.000

99,99

0,01

Jumlah Modal Ditempatkan & Disetor Penuh

Amount of Issued and Paid Up Capital100.000 100.000.000 100,00

PT Padma Suasa didirikan pada 12 Agustus 2010

dengan bidang usaha penyediaan akomodasi

(hotel). PT Padma Suasa mengoperasikan HARRIS

Suites fX Sudirman – Jakarta sejak bulan April

2011 yang berlokasi menyatu dengan fX Sudirman

& Residences di Jalan Jenderal Sudirman, Jakarta.

Struktur Permodalan dan Susunan Pemegang

Saham PT Padma Suasa adalah sebagai berikut:

PT Padma Suasa was established on 12 August

2010 to provide accommodation (hotel) services.

PT Padma Suasa operates HARRIS Suites fX

Sudirman-Jakarta since April 2011 which is

integrated with fX Sudirman & Residences on

Jalan Jenderal Sudirman, Jakarta.


Composition of PT Padma Suasa are as follows:

PT PADMA SUASA (Entitas Anak PT Aneka Bina Laras / A Subsidiary of PT Aneka Bina Laras)



T (62-21) 2988 0466 F (62-21) 2988 0460

77


Saham | Shares

SahamShares


(Rp1.000/shares)%





•PT Andalan Karya Property

•Jeffrie Geovanie

•Karel Pattipeilohy

100.000.000

44.434.001

28.276.183

4.039.454

4.039.454

100.000.000.000

44.434.001.000

28.276.183.000

4.039.454.000

4.039.454.000

55,00

35,00

5,00

5,00


Amount of Issued and Paid Up Capital80.789.092 80.789.092.000 100,00

usaha penyediaan akomodasi (hotel). PT Anugerah

Nusaraya memiliki lahan seluas 68.141 m² di Jalan

Kyai Haji Ahmad Dahlan, Marina Waterfront,

Batam, Kepulauan Riau, Indonesia. Pada lahan

tersebut PT Anugerah Nusaraya memiliki hotel

HARRIS Resort Waterfront – Batam, dengan

kapasitas 308 kamar dan berada dalam kompleks

Marina Waterfront City, Batam, serta berada di tepi

pantai menghadap selat Singapura.


Saham PT Anugerah Nusaraya adalah sebagai

berikut:

business of accommodation (hotel). PT Anugerah

Nusaraya has a 68,141 m2 land bank on Jalan

Kyai Haji Ahmad Dahlan, Marina Waterfront,

Batam, Riau Islands, Indonesia. On this location,

PT Anugerah Nusaraya possesses HARRIS Resort

Waterfronthotel–Batam,withtotalroomsof308

and situated within the Marina Waterfront City

complex, Batam, as well as on the shore facing the

Singapore strait.


Composition of PT Anugerah Nusaraya are as

follows:

PT Dinamika Putra Perkasa didirikan pada 4 Januari

2006 dengan bidang usaha perdagangan umum

sekaligus perusahaan investasi yang memiliki 1

(satu) entitas anak yaitu PT Magna Terra.


Saham PT Dinamika Putra Perkasa adalah sebagai

berikut:

PT Dinamika Putra Perkasa was established on 4

January 2006 to conduct general trading business.

PT Dinamika Putra Perkasa is an investment

company that has 1 (one) subsidiary, PT Magna

Terra.


Composition of PT Dinamika Putra Perkasa are as

follows:

PT DINAMIKA PUTRA PERKASA



T (62-21) 2988 0466 F (62-21) 2988 0460

78

PT Magna Terra didirikan pada 7 Juli 2006 dengan

bidang usaha perdagangan umum. PT Magna

Terra merupakan pemilik proyek peremajaan

Pasar Perhiasan Cikini dengan luas lahan 3.679

m2, dan telah mendapatkan hak membangun dan

memasarkan unit peremajaan Pasar Cikini sejak

tahun 2007. Proyek peremajaan pasar perhiasan

yang diberi nama Cikini Gold Center tersebut

dimulai pada Juni 2011 dan sudah beroperasi

diawal tahun 2013.


Saham PT Magna Terra adalah sebagai berikut:

PT Magna Terra was established on 7 July 2006 in

the business of general trading. PT Magna Terra

is the owner of Cikini Gold Center restoration

project that is developed on a 3,679 m2 of land.

The Rights to restore Cikini Gold Market was

obtained in 2007. The restoration project of gold

market which was later named as “Cikini Gold

Center” was started on June 2011, and has been

operating since early 2013.


Composition of PT Magna Terra are as follows:

PT MAGNA TERRA (Entitas Anak PT Dinamika Putra Perkasa / A Subsidiary of PT Dinamika Putra Perkasa)


Saham | Shares

SahamShares


(Rp1.000.000/shares)%





•PT Sejahtera Karya Bersama

10.000

4.200

2.800

10.000.000.000

4.200.000.000

2.800.000.000

60,00

40,00


Amount of Issued and Paid Up Capital7.000 7.000.000.000 100,00


Saham | Shares

SahamShares


(Rp1.000/shares)%




•PT Dinamika Putra Perkasa

•PT Arthandy Capitals

15.000.000

3.999.930

3.843.070

15.000.000.000

3.999.930.000

3.843.070.000

51,00

49,00



ALAMAT / ADDRESS:

Wisma Aldiron, Lantai Dasar, Suite 038.

Jl. Gatot Subroto Kav, 72, Pancoran

Jakarta Selatan, Indonesia

ALAMAT KANTOR KORESPONDENSI / ADDRESS

OF CORRESPONDENCE OFFICE:

Jl. Pegangsaan Timur Raya, Cikini, Menteng

Jakarta Pusat 10310, Indonesia

T (62-21) 31909088 F (62-21) 31900505

79

PT Eka Ilalang Suryadinamika didirikan pada 27

Oktober 1995 dengan bidang usaha perhotelan,

memiliki lahan seluas 18.668 m2 di Sentul, Bogor,

Jawa Barat. Di atas lahan tersebut, akan dibangun

hotel dan apartemen yang saat ini sedang dalam

tahap perencanaan dan pengurusan perizinan

pembangunan.


Saham PT Eka Ilalang Suryadinamika adalah

sebagai berikut:

PT Eka Ilalang Suryadinamika was established

on 27 October 1995 and operates in hospitality

industry (hotel). PT Eka Ilalang Suryadinamika has

a 18,668 m2 land bank in Sentul, Bogor, West Java

on which a hotel and an apartment will be built.

The planning of the development is still being

worked on, along with the building permit.


Composition of PT Eka Ilalang Suryadinamika are

as follows:

PT EKA ILALANG SURYADINAMIKA



T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares

Nominal(Rp1.000.000/saham)

Nominal value(Rp1.000.000/shares)

%





•PT Dinamika Langgeng Pratama

25.000

5.100

4.900

25.000.000.000

5.100.000.000

4.900.000.000

51,00

49,00



PT Indonesia Gemilang Mahasentosa didirikan

pada 28 Juni 2016 dengan bidang usaha

perdagangan, pembangunan, real estat, industri,

PT Indonesia Gemilang Mahasentosa was

established on 28 June 2016 and engages in the

business of trading, development, real estate,

PT INDONESIA GEMILANG MAHASENTOSA



T (62-21) 2988 0466 F (62-21) 2988 0460

80

ALAMAT KANTOR KORESPONDENSI

ADDRESS OF CORRESPONDENCE OFFICE:

Centennial Tower, 30th Floor. Jl. Gatot Subroto Kav.

24 -25. Jakarta 12930, Indonesia

T (62-21) 2988 0466 F (62-21) 2988 0460

ALAMAT / ADDRESS:

HARRISHotelTebet–Jakarta

Jl. Dr. Saharjo No. 191

Jakarta 12960, Indonesia

T (62-21) 8303355 F(62-21) 8295533

SHERATON BALI KUTA RESORT

Sahid Kuta Lifestyle Resort

Jl. Pantai Kuta, Bali, 80361, Indonesia

T (0361) 8465555 F (0361) 8465577

beachwalk SHOPPING CENTER



T (0361) 8464 888 F (0361) 8465 000

PT Indonesian Paradise Island didirikan pada 22

Januari 1985. Awalnya diberi nama PT Sahid Bali

Seaside Cottage yang bergerak di bidang usaha

penyediaan akomodasi (hotel).

PT Indonesian Paradise Island merupakan pemilik

kawasan destinasi wisata, Sahid Kuta Lifestyle

Resort yang terdiri dari beachwalk Shopping

Center dan Sheraton Bali Kuta Resort. Pada

PT Indonesian Paradise Island was established on

22 January 1985, under the name PT Sahid Bali

Seaside Cottage, which engages in the provision

of accommodation (hotel).

PT Indonesian Paradise Island is the owner of

tourism destination area, Sahid Kuta Lifestyle

Resort which consists of beachwalk Shopping

Center and Sheraton Bali Kuta Resort. At present,

PT INDONESIAN PARADISE ISLAND


Saham | Shares

SahamShares

Nominal(Rp1.000/saham)

Nominal value(Rp1.000/shares)

%





•PT Ormand Capital International

400.000

75.000

25.000

400.000.000

75.000.000

25.000.000

75,00

25,00



percetakan, pertanian, perbengkelan, jasa dan

angkutan.

Struktur permodalan dan Susunan Pemegang

Saham PT Indonesia Gemilang Mahasentosa


industry, printing, agriculture, workshop, service

and transportation.


Composition of PT Indonesia Gemilang

Mahasentosa are as follows

81

SHERATON BALI KUTA RESORT



T (0361) 8465555 F (0361) 8465577

beachwalk SHOPPING CENTER



T (0361) 8464 888 F (0361) 8465 000


Saham | Shares

SahamShares



%





•Vision Lead Finance Limited

•PT Bimantara Citra

•Dr. H. Sukamdani Sahid Gitosardjono

•Hj. yuliah Sukamdani

•PT Indonesian Paradise Island

300.000.000

134.566.667

55.050.000

24.466.667

11.010.000

7.340.000

12.233.333

300.000.000.000

134.566.667.000

55.050.000.000

24.466.667.000

11.010.000.000

7.340.000.000

12.233.333.000

55,00

22,50

10,00

4,50

3,00

5,00



kawasan yang sama, Perseroan sedang melakukan

pengembangan hotel bintang 4, bintang 3, dan

apartemen.

Komposisi lengkap Pemegang Saham PT

Indonesian Paradise Island adalah sebagai berikut:

the Company is developing 4-star and 3-star

hotels as well as apartments within the same area.

The full composition of Shareholders of PT

Indonesian Paradise Island is as follows:

PT Java Paradise Island didirikan pada tanggal 31

Juli 1995. Tahun 2004, Perseroan berpatungan

dengan beberapa strategic partners melakukan

penyertaan saham pada PT Java Paradise Island

guna membangun hotel berbintang empat di atas

lahan seluas 5.580 m2 yaitu HARRIS Hotel Tebet

–Jakarta.

HARRIS Hotel Tebet – Jakarta berlokasi dekat

dengan pusat bisnis, pertokoan, dan perkantoran

yaitu di Jalan Dr. Saharjo No. 191, Jakarta Selatan.

PT Java Paradise Island was established on 31 July

1995. In 2004, the Company, jointly with several

strategic partners, invested shares in PT Java

Paradise Island to develop a four-star hotel on

the 5,580m2 landnamedHARRISHotel Tebet–

Jakarta.

HARRISHotelTebet–JakartaislocatedonJalanDr.

Saharjo No. 191, South Jakarta, close to business

districts, shopping centers, and offices. HARRIS

PT JAVA PARADISE ISLAND


HARRISHotelTebet–Jakarta.Jl.Dr.SaharjoNo.191.Jakarta,12960,Indonesia

T (62-21) 8303355 F (62-21) 8295533

82

PT Karsa Citra Unggul didirikan pada 14 Februari

2007 dengan bidang usaha penyediaan akomodasi

(hotel), memiliki lahan seluas 2.144 m2 di Manado,

Sulawesi Utara yang rencananya akan dibangun

apartemen. PT Karsa Citra unggul memiliki 5 (lima)

entitas anak, yaitu PT Kega Property Utama, PT

Praba Kumala Sajati, PT Segara Biru Kencana, PT

Trimurti Tunggal Sejahtera, dan PT Paloma Suasa

Manajemen.


Saham PT Karsa Citra unggul adalah sebagai

berikut:

PT Karsa Citra Unggul was established on

14 February 2007, and operates to provide

accommodation (hotel) service. PT Karsa Citra

Unggul owns a 2,144 m2 land in Manado, North

Sulawesi, on which an apartment will be built. PT

Karsa Citra Unggul has 5 (five) subsidiaries, namely

PT Kega Property Utama, PT Praba Kumala Sajati,

PT Segara Biru Kencana, PT Trimurti Tunggal

Sejahtera, and PT Paloma Suasa Manajemen.


Composition of PT Karsa Citra Unggul are as

follows:

PT KARSA CITRA UNGGUL



T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares



%




•PT Caraka Investama


100.000.000

45.675.000

17.325.000

100.000.000.000

45.675.000.000

17.325.000.000

72,50

27,50



HARRISHotelTebet–JakartadikelolaolehTauzia

Hotel Management dan telah beroperasi sejak

bulan September 2005. Hotel ini memiliki fasilitas

seperti function hall, meeting room, business

center, restaurant & bar, fitness center & spa, dan

lain-lain.

Komposisi lengkap Pemegang Saham PT Java

Paradise Island adalah sebagai berikut :

HotelTebet–JakartaismanagedbyTauziaHotel

Management and commenced is operations in

September 2005. The facilities available include

function hall, meeting room, business center,

restaurant & bar, fitness center & spa, and others.

The full composition of Shareholders of PT Java

Paradise Island is as follows

83

PT KEGA PROPERTY UTAMA((Entitas Anak PT Karsa Citra Unggul) / A Subsidiary of PT Karsa Citra Unggul)


Saham | Shares

SahamShares



%





•yayasan Bunga Kasih

112.000.000

27.995.000

5.000

112.000.000.000

27.995.000.000

5.000.000

99,98

0,02



POP! HOTEL SANGAJI – YOGYAKARTA

Jl.AM. Sangaji Kav. 16-18, Jetis

yogyakarta, 55000, Indonesia

T (0274) 4469399

F (0274) 4469398


/ ADDRESS OF CORRESPONDENCE OFFICE:

Centennial Tower, 30th Floor.

Jl. Gatot Subroto Kav. 24 -25.

Jakarta 12930, Indonesia

T (62-21) 2988 0466 F (62-21) 2988 0460

PT Kega Property Utama didirikan pada tanggal

1 Juli 2008 dengan bidang usaha penyediaan

akomodasi (hotel). PT Kega Property Utama

memiliki perjanjian kerja sama dengan Induk

Koperasi TNI Angkatan Udara (Inkopau-Pukadara)

terkait pemanfaatan tanah TNI AU eks Mess

Jetis seluas 3.094 m2 di yogyakarta, selanjutnya

lahan tersebut dibangun POP! Hotel Sangaji –

yogyakarta yang resmi beroperasi sejak tanggal

1 Juli 2012. POP! Hotel Sangaji – Yogyakarta

mengusung konsep minimalis ‘A place to stay for

smart and eco friendly travelers’, dikelola oleh

Tauzia Hotel Management dan merupakan hotel

bintang dua yang memiliki 151 kamar, berlokasi di

pusat kota yogyakarta.


Saham PT Kega Property Utama adalah sebagai

berikut:

PT Kega Property Utama was established on 1 July

2008, and operates to provide accommodation

(hotel) service. PT Kega Property Utama has an

Agreement with central Cooperative of Indonesian

Air Force (Inkopau-Pukadara) to make use 3,094

m2 land in Yogyakarta, on which POP! Hotel

Sangaji –Yogyakarta has been developed and

commerciallyopenedonJuly1,2012.POP!Hotel

Sangaji – Yogyakarta brings up the minimalist

style with the tagline ‘A place to stay for smart and

eco-friendly travelers’. It is a two-star hotel with

151 rooms managed by Tauzia Hotel Management

and located at the heart of yogyakarta.


Composition of PT Kega Property Utama are as

follows:

84

PT Praba Kumala Sajati didirikan pada 28 Februari

2012 dengan bidang usaha perdagangan

umum. PT Praba Kumala Sajati memiliki Park23

Entertainment Center Bali yang telah beroperasi

sejak September 2015.


Saham PT Praba Kumala Sajati adalah sebagai

berikut:

PT Praba Kumala Sajati was established on 28

February 2012, and operates in general trading. PT

Praba Kumala Sajati owns Park23 Entertainment

Center Bali, which has been operating since

September 2015.


Composition of PT Praba Kumala Sajati are as

follows:


Saham | Shares

SahamShares


(Rp1.000/shares)%




•PT Karsa Citra Unggul

•PT Kega Purna Bakti

•Wida Nurwati

•Seno Hadi Utomo

•Harry Rahayu Gamdani

22.000.000

10.200.000

450.000

250.000

50.000

50.000

22.000.000.000

10.200.000.000

450.000.000

250.000.000

50.000.000

50.000.000

92,73

4,09

2,26

0,46

0,46



PT PRABA KUMALA SAJATI((Entitas Anak PT Karsa Citra Unggul) / A Subsidiary of PT Karsa Citra Unggul)


/ ADDRESS OF CORRESPONDENCE OFFICE:


T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

Saham

Shares

Nominal (Rp100.000/saham)

Nominal value

(Rp100.000/shares)

%





•Galuh Niken PS

300.000

74.925

75

30.000.000.000

7.492.500.000

7.500.000

99,90

0,10



85

PT Segara Biru Kencana didirikan pada tanggal 18

Oktober 2010 dengan bidang usaha penyediaan

akomodasi (hotel). PT Segara Biru Kencana telah

membangun Maison Aurelia, yaitu sebuah hotel di

atas lahan seluas 2.696 m2 di Sanur, Bali. Maison

Aurelia–SanurtelahberoperasisejakSeptember

2016.


Saham PT Segara Biru Kencana adalah sebagai

berikut:

PT Segara Biru Kencana was established on 18

October 2010, and engaged in the provision of

accommodation (hotel) service. PT Segara Biru

Kencana has developed a hotel on a 2,696 m2

oflandinSanur,Bali.MaisonAurelia–Sanurhas

been operating since September 2016.


Composition of PT Segara Biru Kencana are as

follows:

PT SEGARA BIRU KENCANA((Entitas Anak PT Karsa Citra Unggul) / A Subsidiary of PT Karsa Citra Unggul)



T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares


(Rp1.000/shares)%






400.000

99.900

100

400.000.000

99.900.000

100.000

99,90

0,10



PT Trimurti Tunggal Sejahtera didirikan pada 27

November 2015 dengan bidang-bidang usaha

PT Trimurti Tunggal Sejahtera was established on

27 November 2015 and engages in the general

PT TRIMURTI TUNGGAL SEJAHTERA((Entitas Anak PT Karsa Citra Unggul) / A Subsidiary of PT Karsa Citra Unggul)



T (62-21) 2988 0466 F (62-21) 2988 0460

86

PT Paloma Suasa Manajemen didirikan pada

tanggal 28 Juni 2016, dengan fokus pada bidang

usaha perdagangan, pembangunan, real estat,

industri, percetakan, pertanian, perbengkelan,

jasa dan angkutan.

Struktur Permodalan dan susunan pemegang

saham PT Paloma Suasa Manajemen adalah

sebagai berikut:

PT Paloma Suasa Manajemen was established

on 28 June, 2016 and focuses on the business

of trading, development, real estate, industry,

printing, agriculture, workshop, service and

transportation.


Composition of PT Paloma Suasa Manajemen are

as follows


Saham | Shares

SahamShares



%





•Putu Pasek Sandoz

•I Gusti Oka Suryawan

2.000.000

375.000

100.000

25.000

2.000.000.000

375.000.000

100.000.000

25.000.000

75,00

20,00

5,00



umum yaitu perdagangan, keagenan, perwakilan,

pembangunan, perindustrian, jasa, pengangkutan,

perbengkelan dan percetakan. Perseroan memiliki

PT Trimurti Tunggal Sejahtera melalui kepemilikan

dalam PT Karsa Citra Unggul. Saat ini, PT Trimurti

Tunggal Sejahtera belum beroperasi.


Saham PT Trimurti Tunggal Sejahtera adalah

sebagai berikut:

line of businesses of trade, agency, representative,

construction, industry, service, transportation,

workshop and printing. The Company acquires

PT Trimurti Tunggal Sejahtera through ownership

in PT Karsa Citra Unggul. Currently, PT Trimurti

Tunggal Sejahtera is on standby status.


Composition of PT Trimurti Tunggal Sejahtera are

as follows:

PT PALOMA SUASA MANAJEMEN(Entitas Anak PT Retzan Indonusa dan PT Karsa Citra Unggul) / A Subsidiary of

PT Retzan Indonusa and PT Karsa Citra Unggul)



T (62-21) 2988 0466 F (62-21) 2988 0460

87

PT Mitra Gemilang Mahacipta didirikan pada 8

Mei 2012 dengan bidang-bidang usaha umum

yaitu pembangunan, perdagangan, perindustrian,

pengangkutan darat, pertanian, perbengkelan dan

jasa. PT Mitra Gemilang Mahacipta memiliki lahan

seluas 84.000 m² di Jalan Manuntung, Kelurahan

Sepinggan, Kecamatan Balikpapan Selatan, Provinsi

Kalimantan Timur. Di atas lahan tersebut PT Mitra

Gemilang Mahacipta berencana membangun

proyek Central Business District (CBD) Balikpapan

yang terdiri dari pusat perbelanjaan, perkantoran,

kondominium, ruko, hotel dan sekolah. Saat ini, PT

Mitra Gemilang Mahacipta sedang berada dalam

tahap perencanaan dan pengurusan perizinan

pembangunan tersebut.


Saham PT Mitra Gemilang Mahacipta adalah

sebagai berikut:

PT Mitra Gemilang Mahacipta was established

on 8 May 2012 and engages in general line of

businesses of construction, trade, industrial, land

transportation, farming, workshop and service. PT

Mitra Gemilang Mahacipta has a land bank in the

area of 84.000 m² in Jalan Manuntung, Kelurahan

Sepinggan, Kecamatan Balikpapan Selatan,

East Kalimantan Province. On the location,

PT Mitra Gemilang Mahacipta plans to build a

project of Central Business District (CBD) of

Balikpapan consisting of shopping center office,

condominium, shop-office, hotel and school.

Currently, PT Mitra Gemilang Mahacipta is in the

process of planning and permits processing for

the development.


Composition of PT Mitra Gemilang Mahacipta are

as follows:

PT MITRA GEMILANG MAHACIPTA



T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares



%




•PT Retzan Indonusa


400.000

99.900

100

400.000.000

99.900.000

100.000

99,90

0,10



88


Saham | Shares

SahamShares



%





•PT Gama Narayana Sakti

•Suyanto Chandra

100.000

13.888

7.322

4.040

100.000.000.000

13.888.000.000

7.322.000.000

4.040.000.000

55,00

29,00

16,00



PT Mitra Perdana Nuansa didirikan pada 31 Mei

2006 dengan bidang usaha pembangunan, jasa

dan perdagangan. PT Mitra Perdana Nuansa

memiliki lahan kerja sama seluas 30.000 m² di

Ciroyom dan Kebon Jeruk, Kota Bandung, Jawa

Barat. PT Mitra Perdana Nuansa memiliki 23 Paskal

Shopping Center - Bandung yang telah dibuka

dan beroperasi sejak April 2017.


Saham PT Mitra Perdana Nuansa adalah sebagai

berikut:

PT Mitra Perdana Nuansa was established on

31 May 2006 and engages in the businesses of

construction, service and trade. PT Mitra Perdana

Nuansa has a 30.000 m² cooperation land bank

in Ciroyom and Kebon Jeruk areas of Kota

Bandung, West Java. On the location, PT Mitra

Perdana Nuansa owns 23 Paskal Shopping Center

- Bandung that has been opened and operating

since April 2017.


Composition of PT Mitra Perdana Nuansa are as

follows:

PT MITRA PERDANA NUANSA



T (62-21) 2988 0466 F (62-21) 2988 0460


Saham | Shares

SahamShares



%





•PT Ekanusa Sandhitama Persada

190.000

31.815

30.568

190.000.000.000

31.815.000.000

30.568.000.000

51,00

49,00



89

Pada mulanya, PT Omega Propertindo

didirikan dengan nama PT Mapalus

Bestari pada tanggal 10 Maret 1989

yang bergerak di bidang perdagangan

umum, pembangunan, jasa, dan lain-

lain. PT Omega Propertindo merupakan

pemilik dan pengelola Wisma Millenia

yang dibangun di atas lahan seluas 3.700

m2. Bangunan ini merupakan gedung

perkantoran 10 lantai yang beroperasi

sejak tahun 1993, dengan penyewa

utama: BCA, Japfa Comfeed Group, dan

SMS Finance.

Struktur Permodalan dan Susunan

Pemegang Saham PT Omega Propertindo


PT Omega Propertindo was initially

established under the name PT Mapalus

Bestari on 10 March 1989, and engages

in general trading, construction,

services, and other business. PT Omega

Propertindo is the owner and operator

of Wisma Millenia that is built on a 3,700

m2 land. It is a 10-storey office building

that has been operating since 1993. Major

tenants of Wisma Millenia are BCA, Japfa

Comfeed Group and SMS Finance.


Composition of PT Omega Propertindo

are as follows:

PT OMEGA PROPERTINDO


Wisma Millenia Lantai 3. Jl. MT Haryono Kav.16. Jakarta Selatan, Indonesia

T (62-21) 8310352 F (62-21) 8310330


Saham | Shares

SahamShares

Nominal (Rp1.000.000/saham)


%





•PT Intijaya Kreasiperkasa

•PT Millenia Prosperindo Optima

125.000

16.668

16.666

16.666

125.000.000.000

16.668.000.000

16.666.000.000

16.666.000.000

33,34

33,33

33,33

Jumlah Modal Ditempatkan

& Disetor Penuh

Amount of Issued and Paid Up Capital

50.000 50.000.000.000 100,00

90

PT Plaza Indonesia Realty Tbk didirikan pada

5 November 1983 dengan nama PT Bimantara

Eka Santosa dan berubah menjadi nama yang

sekarang pada tanggal 31 Mei 1991. PT Plaza

Indonesia Realty Tbk melakukan pencatatan

saham pada Bursa Efek Jakarta dan Bursa Efek

Surabaya (sekarang Bursa Efek Indonesia) sejak 15

Juni 1992. PT Plaza Indonesia Realty Tbk memiliki

bidang-bidang usaha terutama meliputi bidang

perhotelan, pusat perbelanjaan, perkantoran dan

apartemen.

PT Plaza Indonesia Realty Tbk adalah pemilik

hotel Grand Hyatt Jakarta (hotel), Plaza Indonesia

Shopping Center, The Plaza (gedung perkantoran)

dan Keraton at The Plaza (Keraton Luxury

Collection hotel dan Keraton Private Residence)

dan secara tidak langsung memiliki fX Sudirman

(lifestyle center).


Saham PT Plaza Indonesia Realty Tbk adalah

sebagai berikut:

PT Plaza Indonesia Realty Tbk was established on

5 November 1983 with the name of PT Bimantara

Eka Santosa and changed to its current name on

31 May 1991. PT Plaza Indonesia Realty Tbk listed

its shares on the Jakarta Stock Exchange and

Surabaya Stock Exchange (now Indonesia Stock

Exchange) on 15 June 1992. PT Plaza Indonesia

Realty Tbk primarily engages in the businesses of

hospitality, shopping centre, office and apartment.

PT Plaza Indonesia Realty Tbk is the owner of

Grand Hyatt Jakarta (Hotel), Plaza Indonesia

Shopping Center, The Plaza (office building) and

Keraton at The Plaza (Keraton Luxury Collection

Hotel and Keraton Private Residence) as well as

the indirect owner of fX Sudirman (lifestyle center).


Composition of PT Plaza Indonesia Realty Tbk are

as follows:

PT PLAzA INDONESIA REALTY Tbk


The Plaza Office Tower, 10th Floor. Jl. M.H. Thamrin Kav. 28-30. Jakarta 10350

T (62-21) 2992 0000 F (62-21) 2992 1111


Saham | Shares

SahamShares

Nominal(Rp200/saham)Nominal value(Rp200/shares)

%




•PT Bumi Serpong Damai Tbk


•PT Plaza Indonesia Realty Tbk

•Masyarakat / Public

5.000.000.000

1.421.195.766

1.292.525.034

512.200.000

324.079.200

1.000.000.000.000

284.239.153.200

158.505.006.800

102.440.000.000

64.815.840.000

40,03

36,41

14,43

9,13


Amount of Issued and Paid Up Capital3.550.000.000 710.000.000.000 100,00

91

PT Retzan Indonusa didirikan pada tanggal 18 Juli

1988 dengan bidang usaha perhotelan dan resor,

termasuk dengan segala sarana dan prasarananya.

PT Retzan Indonusa memiliki lahan seluas 9.221

m2 di Batam Center, Batam. Lahan tersebut

selanjutnya digunakan untuk pembangunan

HARRISHotelBatamCenter–Batamyangterdiri

atas 171 kamar dengan sejumlah fasilitas hotel

berbintang empat. Hotel ini telah beroperasi

sejak bulan November 2011. Selain itu, PT Retzan

Indonusa sedang membangun apartemen

eksklusif di kawasan yang sama dengah HARRIS

Hotel Batam Center dengan perencanaan selesai

dibangun pada tahun 2019.


Saham PT Retzan Indonusa adalah sebagai berikut:

PT Retzan Indonusa was established on 18 July

1988, and engages in the business of hospitality

and resort with its facilities and infrastructure. PT

Retzan Indonusa has a 9,221 m2 land in Batam

which is used for the construction of HARRIS

Hotel Batam Center – Batam, consisting of 171

rooms and four-star hotel facilities. This hotel has

been operating since November 2011. At present

PT Retzan Indonusa is developing an exclusive

apartment within the same area as HARRIS Hotel

Batam Center. The apartment is planned to be

completed in 2019


Composition of PT Retzan Indonusa are as follows:

PT RETzAN INDONUSA

ALAMAT / ADDRESS:

Jl. Engku Putri, Batam Center

Batam 29641, Indonesia

T (62-778) 749 8991

F (62-778) 749 8890

HARRIS HOTEL BATAM CENTER

Jl. Engku Putri, Batam Center

Batam 29641, Indonesia

Telp. (62-778) 749 8888

Fax. (62-778) 749 9999


Saham | Shares

SahamShares



%






40.000

29.970

30

40.000.000.000

29.970.000.000

30.000.000

99,90

0,10



92

PT Saranausaha Jaya didirikan pada tanggal 13

Agustus 1992 dengan bidang usaha perdagangan

umum. PT Saranausaha Jaya berencana

menangani peremajaan Pasar Obat dan Burung

Pramuka, Jakarta, yang saat ini sedang dalam

tahap perencanaan dan pengurusan perizinan.


Saham PT Saranausaha Jaya adalah sebagai

berikut:

PT Saranausaha Jaya was established on 13 August

1992, and operates in general trading business. PT

Saranausaha Jaya plans to manage the restoration

of Pasar Obat dan Burung Pramuka, Jakarta, which

is currently in the stage of planning and licensing

process.


Composition of PT Saranausaha Jaya are as

follows:

PT SARANAUSAHA JAYA


Jl. H. Agus Salim No, 132, Menteng. Jakarta Pusat, 10310, Indonesia


Saham | Shares

SahamShares



%





•PT Sejahtera Karya Bersama

20.000.000

8.250.000

6.750.000

20.000.000.000

8.250.000.000

6.750.000.000

55,00

45,00



93

NAMA LEMBAGA DAN PROFESI

/ NAME OF INSTITUTIONS

AND PROFESSIONALS

ALAMAT / ADDRESSJASA YANG DIBERIKAN / SERVICE RENDERED

PERIODE PENUGASAN / PERIOD OF ASSIGNMENT

BIAYA / FEE

Notaris:Dr. Irawan Soerodjo,SH. MSi.

Jl. KH. Zainul Arifin No. 2, Komp. Ketapang Indah Blok B-2, No. 4-5, Jakarta, 11140, IndonesiaTelp. (62-21) 6301511Fax. (62-21) 63378511

Pembuatan Akta Berita Acara Rapat umumPemegang Saham Tahun 2017 / Drafting Deed of Minutes of General Meeting of Shareholders of 2017

2017 11.000.000

Kantor AkuntanPublik:Tanubrata SutantoFahmi dan Rekan

Prudential Tower,Lantai 17, Jl. Jendral Sudirman Kav. 79Jakarta, 12910, IndonesiaTelp. (62-21) 57957300Fax. (62-21) 57957301

Audit Tahunan atas Laporan Keuangan PTIndonesian Paradise Property Tbk dan Entitas Anak untuk tahun yang berakhir pada tanggal 31 Desember 2017 / Annual Audit on the Financial Statements of PT Indonesian Paradise Property Tbk and Subsidiaries for the fiscal year ended on 31 December 2017

2017 269.500.000

Biro Administrasi Efek:PT Adimitra Jasa Korpora

Rukan Kirana Avenue III Blok F3 No.5KelapaGading–JakartaUtara 14250Telp. (62-21) 29745222, (62-21) 29365287,(62-21) 29365298Fax. (62-21) 29289961Email. [email protected]

Pengadministrasian Saham Perseroan / Administration of the Company’s Shares

2017 22.550.000

LEMBAGA DAN PROFESI PENUNJANG PASAR MODALCAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONALS

JARINGAN KANTOR DAN WILAYAH KERJA OFFICE NETWORK AND OPERATIONAL AREA

KANTOR PUSATHEAD OFFICE

KANTOR CABANG / BRANCH OFFICE

CENTENNIAL TOWER,

30TH FLOOR

JL. GATOT SUBROTO KAV. 24-25,

JAKARTA 12930, INDONESIA

TEL. (62-21) 2988 0466

FAX. (62-21) 2988 0460

OWNER REPRESENTATIVE - BATAM:

HARRIS HOTEL BATAM CENTER

JL. ENGKU PUTRI, BATAM CENTER,

BATAM 29641, INDONESIA

TEL. (62-778) 749 8991

FAX. (62-778) 749 8890

OWNER REPRESENTATIVE - BALI

SAHID KUTA LIFESTyLE CENTER

JL. PANTAI KUTA, BALI 80361,

INDONESIA

TEL. (62-361) 754884

FAX. (62-361) 753866

94

INFORMASI PADA WEBSITE PERSEROAN

Sebagai salah satu sarana dalam memenuhi

prinsip keterbukaan informasi, Perseroan

memiliki website yang dapat diakses oleh

seluruh pemangku kepentingan melalui alamat

www.theparadise-group.com. Website tersebut

menampilkan informasi yang secara berkala

diperbaharui dengan berbagai informasi terkait

Perseroan. Adapun isi website Perseroan antara

lain meliputi:

1. Informasi pemegang saham sampai dengan

pemilik akhir individu;

2. Isi Kode Etik;

3. Informasi Rapat Umum Pemegang Saham

meliputi bahan mata acara yang dibahas dalam

Rapat Umum Pemegang Saham, ringkasan

risalah Rapat Umum Pemegang Saham,

dan informasi tanggal penting yaitu tanggal

pengumuman Rapat Umum Pemegang Saham,

tanggal pemanggilan Rapat Umum Pemegang

Saham, tanggal Rapat Umum Pemegang

Saham, tanggal ringkasan risalah Rapat Umum

Pemegang Saham 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 ON COMPANY WEBSITE

As one of the medium to meet the principle of

information disclosure, the Company provides

a website that is accessible by all stakeholders

through www.theparadise-group.com. On the

website, the Company provides information

related to its business that is regularly updated.

The contents of the Company’s website are,

among others:

1. Information on shareholders until the

individual final-shareholders;

2. Code of Conduct;

3. Information on General Meeting of

Shareholders, covering General Meeting of

Shareholders agenda, minutes of General

Meeting of Shareholders, and information on

important dates, such as General Meeting of

Shareholders announcement, General Meeting

of Shareholders summons, and General

Meeting of Shareholders convention, as well

as the date the summary of General Meeting

of Shareholders minutes are announced;

4. Separate Annual Financial Statements (of the

last 5 years);

5. Profiles of Board of Commissioners and Board

of Directors; and

6. Charters of Board of Commissioners, Board

of Directors, Committees, and Internal Audit

Unit.

96

SUMBER DAYA MANUSIA / HUMAN RESOURCES

PROFIL SUMBER DAYA MANUSIA / HUMAN RESOURCES PROFILE

Tinjauan Pendukung BisnisReview On Business Supports

Keselarasan dalam pengembangan Sumber

Daya Manusia dengan kebutuhan dan tuntutan

perkembangan bisnis masih menjadi komitmen

Perseroan. Perseroan mengembangkan sekaligus

mempertahankan Sumber Daya Manusia

berkualitas yang dimiliki dengan kebijakan

formulasi kompensasi dan benefit yang tepat

sesuai kebutuhan karyawan dan kemampuan

Perseroan. Melalui kerangka pengembangan

Sumber Daya Manusia yang dimilik Perseroan,

melihat produktivitas Sumber Daya Manusia

pada tahun 2017 meningkat dengan baik.

Secara berkelanjutan, Perseroan terus berupaya

membentuk Sumber Daya Manusia yang tangguh,

profesional, dan mampu mewujudkan visi untuk

“Selalu Berupaya unggul dalam Pengembangan

Properti Melalui Pencapaian yang inovatif dan

kreatif”.

Seiring peningkatan kinerja Sumber Daya

Manusia Perseroan, jenjang karir terbuka luas

sehingga jabatan diatasnya dapat diisi dari

internal dibawahnya berdasarkan penilaian secara

berkelanjutan sehingga profesionalitas Sumber

Daya Manusia Perseroan dapat meningkat.

Perseroan akan terus mengevaluasi proses

kinerja dan operasional ke arah yang lebih baik,

agar setiap bagian bersinergi dalam mendukung

strategi dan tujuan Perseroan baik dalam jangka

panjang maupun jangka pendek.

The Company is continuously committed to

creating harmony between the development of

its Human Resources and the needs of business

development. The Company develops its Human

Resources while simultaneously also maintains

its high-quality employees by setting up various

policies and formulating proper compensation

and benefits in line with employees’ needs.

Based on this, the Company observed that

Human Resources’ capabilities during the year

experienced a commendable improvement.

Continuously, the Company endeavors to create

tough and professional Human Resources capable

of realizing the vision of “Striving for excellence

in property development through innovative and

creative achievements.”

Along with the improvement in the performance

of Company’s Human Resources, career

opportunity becomes more apparent and the

top-level positions are expected to be filled by

the Company’s internal organization on the basis

of continuous assessment, aiming at leveraging

the professionalism of Human Resources. The

Company will continue to evaluate the operational

and performance processes towards a better

direction so that all divisions will be synergized

in supporting its strategies and goals, both in the

Up to 31 December 2017, total employees of the

Company reached 97 employees, declined by

3 employees compared to the 100 employees

Hingga 31 Desember 2017, jumlah karyawan

Perseroan mencapai 97 karyawan, berkurang 3

orang dibandingkan pada tahun 2016 sebanyak 100

97

KOMPOSISI KARYAWAN BERDASARKAN TINGKAT PENDIDIKANEMPLOYEE COMPOSITION BASED ON EDUCATION

KOMPOSISI KARYAWANBERDASARKAN LEVEL JABATAN EMPLOYEE COMPOSITION BASED ON POSITION

KOMPOSISI KARYAWAN BERDASARKAN JENJANG USIA EMPLOYEE COMPOSITION BASED ON AGE

Deskripsi / Description 2017 2016

S3 / Doctorate Degree - -

S2 / Master’s Degree 3 4

S1 / Bachelor’s Degree 18 22

Akademi / Academy 33 34

SMA / High School 43 40

Jumlah / Total 97 100


Manajemen PuncakTop Management

8 6

Manajemen Tingkat MenengahMid Management

8 12

Manajemen Tingkat PertamaFirst Line Management

81 73



20–24tahun/20 – 24 years old 20 17

25–29tahun/25 – 29 years old 24 22

30–34tahun/30 – 34 years old 20 23

35–39tahun/35 – 39 years old 18 23

40–44tahun/40 – 44 years old 2 1




60 tahun ke atas / 60 years old and above 1 2


KOMPOSISI KARYAWAN BERDASARKAN STATUS KEPEGAWAIAN EMPLOYEE COMPOSITION BASED ON EMPLOYMENT STATUS


Karyawan TetapPermanent Employee

59 38

Karyawan KontrakContract Employee

38 62


KOMPOSISI KARYAWAN BERDASARKAN JENIS KELAMINEMPLOYEE COMPOSITION BASED ON GENDER


Pria / Male 70 74

Wanita / Female 27 26


orang. Peningkatan ini telah disesuaikan dengan

kebutuhan bisnis Perseroan baik dari sisi kualitas

maupun kuantitas. Berikut adalah komposisi

karyawan berdasarkan tingkat pendidikan, level

jabatan, tingkat usia, status kepegawaian dan jenis

kelamin.

recorded in 2016. The number of employees

owned by the Company in 2017 has been in line

with business needs, both in terms of quality

and quantity. The following tables describe the

employee composition based on education,

position, age, employment status and gender.

98

Perseroan melakukan proses rekrutmen

berasaskan prinsip keterbukaan, kewajaran,

dan kesetaraan. Proses seleksi atas kandidat

dilakukan sesuai dengan kebutuhan kuantitas dan

kompetensi yang dimiliki oleh calon karyawan.

Perseroan mengisi posisi yang vacant diutamakan

melalui promosi secara internal dan berjenjang

kemudian menjaring kandidat melalui berbagai

media antara lain meliputi situs Perseroan, iklan,

job fair, serta media lainnya. Perseroan merekrut

dan memberikan orientasi kepada karyawan

baru guna mempercepat proses adaptasi dengan

pekerjaan di lapangan.

Setiap karyawan diberikan kesempatan yang

setara untuk mencapai level atau jabatan tertentu

dalam struktur organisasi Perseroan. Perseroan

mempersiapkan program pengembangan karir

yang sistematis berdasarkan penilaian kinerja

masing-masing individu karyawan.

Perseroan menyadari bahwa sebagai faktor

penting dalam pertumbuhan bisnis, Sumber Daya

Manusia membutuhkan pengembangan kualitas,

wawasan, dan kompetensi yang baik dalam meraih

keunggulan kompetitif. Bentuk pengembangan

Sumber Daya Manusia ini dilakukan melalui

pendidikan dan pelatihan dengan materi yang

diterjemahkan dari kebutuhan bisnis di lapangan.

Selain itu, Perseroan juga melakukan program

pelatihan bagi calon pemimpin masa depan

yang disiapkan melalui program pengembangan

manajemen.

Informasi mengenai pendidikan dan pelatihan

Sumber Daya Manusia yang dilakukan Perseroan

beserta Entitas Anak Perusahaan pada tahun 2017


The Company carries out recruitment process

on the basis of transparency, fairness and

equality principles. The selection process for the

candidates is conducted in accordance with the

needs for quantity and the employee candidates’

competency. The Company fills the vacant

position by prioritizing internal promotion based

on the organizational levels before seeking for

candidates through various media, such as the

Company’s website, advertisements, job fairs,

and so on. The Company recruits and provides

orientation to the new employees to accelerate

adaptation process with the work on the field.

Each employee is provided with equal opportunity

to reach certain level or position in the Company’s

organization structure. Therefore, the Company

prepares a systematic career development

program based on the performance evaluation of

each individual.

The Company understands that as one of the

essential factors for business growth, Human

Resources requires quality, education and

competency development in order to reach

competitive advantage. Human Resources

development in the Company is conducted

through education and training activities with

training materials based on the business needs on

the field. In addition, the Company also organizes

training program for future leaders through the

management development program.

Information on the training activities for Human

Resources carried out by the Company and its

Subsidiaries in 2017 is as follows:

REKRUTMEN DAN PENGEMBANGAN KARIR

RECRUITMENT AND CAREER DEVELOPMENT

PENDIDIKAN DAN PELATIHAN

EDUCATION AND TRAINING ACTIVITIES

99

Unit Bisnis / Business Unit

Jenis Pelatihan / Training

Jumlah Pelatihan / Number of

Training

Tujuan / ObjectiveJabatan / Position

Peserta / Total Participants

Biaya / Cost

Jakarta

Kantor Pusat

Head Office

Pelatihan Coaching

Counseling -

Performance

Management

Coaching

Counseling Training

– Performance

Management

2Pembekalan teknik /

Technical mentorship

Office, Manager,

Dept. Head

28 orang /

people-

Kantor Pusat

Head Office

The Power of Soft

Skill2

Memberikan kesadaran

pentingnya soft skill dalam

dunia kerja / Provision

of materials to improve

awareness of the importance

of soft skills in working

Office, Manager,

Dept. Head

40 orang /

peopleRp40.000.000

HARRIS Suites

fX Sudirman -

Jakarta, HARRIS

Hotel Tebet -

Jakarta

Pembekalan bagi

Manajer dan pegawai

di bawahnya

Mentorship for

Managers and their

employees

7

Memberikan pengetahuan

tentang operasional hotel

/ Provision of knowledge

regarding hotel operations

Setingkat

manager

dan pegawai

dibawahnya

/ Manager

levels and their

employees

12 orang /

peopleRp22.642.000

Yogyakarta

POP!Hotel

Sangaji

yogyakarta

Pembekalan bagi

seluruh operator

hotel Mentorship for

all hotel operators

146





Setingkat

manager

dan pegawai

dibawahnya

/ Manager

levels and their

employees

30 orang /

peopleRp5.000.000

Batam

HARRIS Resort

Waterfront

Batam

Pembekalan bagi

seluruh operator

hotel Mentorship for

all hotel operators

151


produk, kemampuan dan

pelayanan pelanggan /

Provision of knowledge

regarding products,

capabilities and customer

service

Range File, SPV,

Assistant HOD,

HOD

1.641 orang /

people-

HARRIS Hotel

Batam Center -

Batam

Soft Skill & Hard Skill 454


tentang soft skill dan hard

skill operasional hotel /


regarding soft skill and hard

skills in hotel operations

Rank & File,

Supervisor

5.890 orang /

people-

Bali

beachwalk

Shopping Center

- Bali

Pembekalan

operasional hotel /

Mentorship in hotel

operations

6





Manager, SPV,

Staff

370 orang /

peopleRp430.000.000

100

HARRIS Hotel

Tuban - BaliSoft Skill & Hard Skill 384







Semua

pegawai

2.831 orang /

peopleRp34.752.594

Maison Aurelia

Sanur - BaliSoft Skill & Hard Skill 224







Semua Operator919 orang /

peopleRp6.750.000

Park23

Entertainment

Center - Bali

Coaching &

Counseling dan

Superior Service

Culture / Coaching

& Counseling and

Superior Service

Culture

2

Meningkatkan pengetahuan

tentang soft skill di

lingkungan hotel /

Knowledge improvement

about soft skills in hotel

operations

SPV, HOD, GM

& Customer

Service

29 orang /

peopleRp13.765.600

Sheraton Bali

Kuta ResortSoft Skill & Hard Skill 45







Semua

pegawai

2260 orang /

peopleRp10.499.800

Bandung

23 Paskal

Shopping Center

- Bandung

Hospitality Customer

Service 1

Membangun mindset

hospitality / Developing the

mindset of hospitality

GM,

Manager,SPV

28 orang /

peopleRp41.518.456

23 Paskal

Shopping Center

- Bandung

ERT Training 1

Membangun kesiapan tim

ERT dalam menghadapi

situasi emergency / Building

ERT team’s readiness in

facing emergency situations

GM,

Manager,SPV

24 orang /

peopleRp300.000

23 Paskal

Shopping Center

- Bandung

Basic First Aid 1

Membangun Skill Basic First

Aid / Enhancing the skill of

basic first aid

Manager,SPV22 orang /

peopleRp8.245.563

23 Paskal

Shopping Center

- Bandung

Leadership Modul 1

Coaching &

Counselling

1

Membangun Skill Coaching

& Counselling pada level

managerial / Developing

the skill of Coaching &

Counseling at managerial

level

GM,

Manager,SPV

26 orang /

peopleRp59.666.240

23 Paskal

Shopping Center

- Bandung

Kick Off Service

Culture1

Membangun pemahaman

mengenai pentingnya

budaya layanan / Building

an understanding of the

importance of service culture

GM,

Manager,SPV

77 orang /

peopleRp21.798.000

23 Paskal

Shopping Center

- Bandung

Leadership Modul 2 -

Team Building1

Membangun pemahaman

mengenai konsep dalam

membangun tim yang

konstruktif / Building an

understanding of concepts in

constructive Team building

GM Center,

Manager,SPV

26 orang /

peopleRp58.976.240

23 Paskal

Shopping Center

- Bandung

Service Culture

Leadership Program1

Membangun budaya

layanan - untuk level leader /

Improving a service culture -

to the leader level

GM,

Manager,SPV,

Staff

93 orang /

peopleRp302.280.000

101

IMPLEMENTASI TEKNOLOGI

INFORMASI TAHUN 2017

Pada industri perhotelan dan pusat perbelanjaan,

peningkatan nilai tambah bagi para tamu

menjadi hal yang penting untuk dilakukan,

dengan penerapan teknologi informasi terkini

dapat mengakomodasi kebutuhan tersebut.

Teknologi yang langsung melayani para tamu

hotel sudah selayaknya menjadi sebuah fokus

baru pada industri perhotelan. Secara historis,

teknologi informasi hotel sebelumnya berfokus

untuk memberikan solusi kepada karyawan saja.

Sekarang ini terdapat sebuah perkembangan

dimana dampak sebuah perubahan bisa didektesi

secara cepat. Perkembangan ini mampu

meningkatkan persaingan di era digitalisasi.

Sepanjang 2017, Perseroan akan terus

meningkatkan kualitas dan kuantitas fasilitas

sarana dan prasarana penunjang dengan fasilitas

video conference, mengingat letak unit usaha

Perseroan dan Entitas Anaknya tersebar di Batam,

Jakarta, Bandung, yogyakarta, dan Bali.

Perseroan yang bergerak di bidang hospitality

akan mengalami persaingan usaha yang semakin

ketat di masa yang akan datang. Oleh karena itu,

peningkatan kualitas dengan jaminan pengalaman

menuju Sumber Daya Manusia yang profesional

masih menjadi fokus dan strategi pengelolaan

Sumber Daya Manusia pada tahun 2018. Hal ini

dilakukan dalam rangka peningkatan kepuasan

konsumen sehingga menimbulkan image khusus

yang positif bagi Perseroan. Kegiatan-kegiatan

refleksi yang mendukung kebersamaan karyawan

seperti futsal, senam kesehatan, kegiatan

keagamaan dan lain-lain, tetap kami laksanakan

agar karyawan termotivasi untuk selalu berinovasi

dan kreatif dalam melakukan pekerjaan mereka.

IMPLEMENTATION OF INFORMATION

TECHNOLOGY IN 2017

In the industry of hospitality, shopping center

and property, improvement of added values for

guests is crucial to support the business. With the

application of the latest information technology,

such needs can be properly accommodated.

Technology that immediately caters to hotel’s

guests should be a new focus on the hospitality

industry. Historically, the previous information

technology applied in hotel industry focused

on only providing employees with solutions.

However, as the current trend for a company

that can understand and handle the change

management, it will certainly be able to respond

quickly to issues of hotel-related information

technology development in order to improve

competitiveness in this age of digitalization.

Throughout the year, the Company will continue

to improve the quality and quantity of its IT facilities

and infrastructure, such as video conference. This

was done in consideration to the locations of the

Company and its subsidiaries which are spread out

in Batam, Jakarta, Bandung, yogyakarta and Bali.

The Company is engaged in the industry of

hospitality and will continue to face even tighter

business competition in the future. To that end,

the improvement of quality with experience

assurance towards professional Human Resources

remain as the focus and strategy of the Company

in managing its Human Resources in 2018. This

is conducted in order to enhance customer’s

satisfaction so as to create positive, special image

of the Company. Other recreational activities that

boost employee’s togetherness, such as futsal,

gathering, physical exercise, religious activities,

etc., are continuously carried out so that all

employees are motivated to always innovate and

be creative in carrying out their duties.

TEKNOLOGI DAN INFORMASI

INFORMATION AND TECHNOLOGy

RENCANA, FOKUS, DAN STRATEGI PENGEMBANGAN SUMBER DAYA MANUSIA 2018

PLAN, FOCUS, AND HUMAN RESOURCES DEVELOPMENT STRATEGy FOR 2018

102

Perseroan juga senantiasa melakukan

pembaharuan sarana dan prasarana penunjang

dalam bidang teknologi informasi. Perseroan

selalu memperbarui informasi-informasi yang

terkait dengan Perseroan melalui situs www.

theparadise-group.com.

The Company has also been continuously

updating supporting facilities and infrastructures

in the field of information technology. The

Company keeps updating information related to

its business and operations through its website at

www.theparadise-group.com.

Penerapan perangkat lunak (software/application)

dan perangkat keras (hardware) mendukung

produktivitas kerja melalui penyediaan aplikasi

finance accounting, aplikasi sales & marketing, dan

lainnya terus dikembangkan. Di era globalisasi,

teknologi sangat dibutuhkan untuk mendapatkan

daya saing yang kuat.

Untuk itu, Perseroan berkomitmen untuk

menyediakan prasarana yang mendukung

kegiatan usaha yang berbasiskan teknologi dan

informasi, sebagai berikut:

• TransactionProcessingSystems(TPS)

Sistem informasi yang mendukung transaksi

bisnis. Sistem ini berperan menyiapkan,

memproses, mengirim, dan menerima reservasi

dari tamu, persiapan dokumen pembayaran,

pemantauan persediaan kamar, pengelolaan

daftar produk dan layanan yang digunakan

tamu, dan hal-hal berbasis operasi lainnya.

• ManagementInformationSystems(MIS)

Sistem ini mengamankan laporan dan akses

langsung ke data transaksi hotel yang sekarang

dan yang lampau. Fitur utama sistem ini adalah

mendukung pengenalan keputusan bisnis

dengan menggunakan prosedur-prosedur,

peraturan pembuatan keputusan, dan arus

informasi.

• OfficeAutomationSystems(OAS)

Sistem yang memberi dukungan untuk

berbagai aktivitas bisnis dan fungsi manajemen

The application of software and hardware

supporting work productivity, such as through

the provision of finance and accounting, as

well as sales and marketing applications, will

always be improved. This is conducted as the

Company understands that in this globalization

era, technology is extremely required to gain

competitive advantage.

For that matter, the Company commits to providing

infrastructures that can support business activities

that are based on technology and information as

follows:

• TransactionProcessingSystems(TPS)

This is an information system that supports

business transactions and functions to prepare,

process, send and receive guests’ reservations,

prepare payment document, monitor room

availability, manage product and service list

to be used by the guests, and monitor other

operational-based issues.

• ManagementInformationSystems(MIS)

This system secures report and direct access

to the current and previous hotel’s transaction

data. The main feature of this system is to

support business decision through several

procedures, preparation of decision-making

and maintain information flow.

• OfficeAutomationSystems(OAS)

This system provides support for various

business activities and management functions

RENCANA, FOKUS, DAN STRATEGI TEKNOLOGI INFORMASI 2018

PLAN, FOCUS, AND INFORMATION TECHNOLOGy STRATEGy FOR 2018

103

di seluruh tingkat pemangku kebijakan.

Teknologi yang digunakan sistem ini bervariasi

mulai dari pemrosesan dokumen (pemrosesan

teks dan gambar), komunikasi (e-mail),

telekonferensi, dan sistem pendukung lain

seperti job organizer.

at all levels of stakeholders. Technologies

used in this system is varied, from document

processing (text and picture), communication

(e-mail), teleconference, to other supporting

systems, such as job organizer.

104

TINJAUAN MAKROEKONOMI DAN INDUSTRI

MACROECONOMIC AND INDUSTRIAL REVIEW

Analisis dan Pembahasan ManajemenManagement Discussion and Analysis

Pada tahun 2017, berdasarkan data Biro Pusat

Statistik (BPS) perekonomian Indonesia tumbuh

stabil yakni 5,07% dibanding pada tahun 2016

sebesar 5,03% dan diperkirakan akan meningkat

pada tahun depan. Perbaikan perekonomian

tersebut didukung oleh peningkatan investasi dari

hasil pembangunan proyek-proyek infrastruktur

yang mulai terlihat hasilnya. Sementara itu,

perbaikan perekonomian tidak diimbangi oleh

tingkat konsumsi masyarakat dan kinerja ekspor

ditengah meningkatnya impor yang cukup tinggi.

Selain itu, pergerakan nilai tukar Rupiah sepanjang

tahun 2017 juga relatif stabil dengan depresiasi tipis

0,60%. Stabilitas nilai tukar tersebut dipengaruhi

oleh kondisi pasar keuangan global yang relatif

kondusif dan berakibat masuknya modal asing

ke dalam negeri. Dari sisi keuangan, cadangan

devisa per akhir Desember 2017 tercatat sebesar

USD130,2 miliar.

Pertumbuhan bisnis perhotelan sepanjang tahun

2017 sangat dipengaruhi oleh pertumbuhan

ekonomi nasional. Kondisi ekonomi dalam negeri

yang mengarah pada perbaikan meningkatkan

potensi pertumbuhan bisnis perhotelan. BPS

mencatat Tingkat Hunian Kamar hotel klasifikasi

bintang di Indonesia pada Desember 2017

mencapai rata-rata 59,53% atau naik 3,03 poin

dibandingkan dengan Tingkat Hunian Kamar

Desember 2016 yang tercatat sebesar 56,50%.

Di sisi lain, selama tahun 2017, jumlah kunjungan

wisatawan mancanegara atau wisman ke Indonesia

Based on the data released by the Statistics

Indonesia (BPS), domestic economy in 2017 grew

steady at 5.07% compared to the growth recorded

in 2016 at 5.03%, and is expected to increase in

the following year. The economic growth was

supported by an increase in investment from the

development of infrastructure projects that are

beginning to show results. On the other hand,

economic improvement was not offset by the level

of public consumption and export performance

amidst the rising import activity.

In addition, the movement of Rupiah exchange

rate throughout 2017 was relatively stable with

a slight depreciation of 0.60%. The stability of

exchange rate was influenced by the relatively

conducive condition of global financial market

due to the influx of foreign capital into the country.

On financial side, foreign exchange reserves at the

end of December 2017 were recorded at USD130.2

billion.

Over the course of the year, the growth of

hospitality business was strongly influenced by

the growth of national economy. The domestic

economic condition which has been on the path

to recovery impacted positively on the potential of

hospitality business. BPS recorded that Occupancy

Rate of starred hotel in Indonesia per December

2017 reached an average of 59.53% or increased

by 3.03 points compared to the occupancy rate

recorded in December 2016 which was 56.50%.

The number of foreign tourists visiting Indonesia

reached 14.04 million visits this year, an increase

105

mencapai 14,04 juta kunjungan atau naik 21,88

persen dibanding jumlah kunjungan wisman pada

tahun 2016 yang berjumlah 11,52 juta kunjungan.

Sementara itu, berdasarkan data Bank Indonesia

terjadi perbaikan pada indeks harga properti di

tahun 2017 secara triwulan. Hal itu juga terjadi

pada indeks pasokan properti. Indeks permintaan

properti juga mengalami peningkatan, didorong

oleh permintaan segmen apartemen dan

perkantoran, sementara terjadi penurunan

permintaan pada segmen convention hall dan

hotel.

Indeks harga properti komersial pada triwulan IV

tahun 2017 tercatat sebesar 172,42 atau tumbuh

0,09% dibanding pada triwulan sebelumnya yang

mengalami penurunan sebesar 0,04%.

Pertumbuhan ekonomi yang terjaga dan didukung

dengan stabilitas keamanan dapat mendorong

pertumbuhan bisnis perhotelan dan pariwisata

dalam negeri. Hal ini juga turut berpengaruh pada

kinerja dan pertumbuhan bisnis Perseroan.

of 21.88% compared to the number of foreign

tourists in 2016 which amounted to 11.52 million

visits.

Meanwhile, data from Bank Indonesia stated that

there was an improvement in the index of property

prices in 2017 on a quarterly basis which also

occurred in the index of property supply. In The

property demand index also increased as driven

by demand for apartment and office segments. On

the other hand, there was a decrease in demand in

the convention hall and hotel segments.

Commercial property price index in Q4/2017 was

recorded at 172.42 or grew 0.09% compared to

the previous quarter which decreased by 0.04%.

The stable economic growth and security condition

are the factors believed to boost the growth of

hospitality and tourism business in Indonesia.

Hence, it will also affect the performance and

growth of the Company’s business in the future.

TINJAUAN OPERASI PER SEGMEN USAHA

OPERATIONAL OVERVIEW PER BUSINESS SEGMENT

TINJAUAN OPERASI PER SEGMEN USAHA

Perseroan bergerak di bidang penyediaan

akomodasi (hotel) dan melakukan penyertaan

dalam bentuk saham pada entitas lain, memiliki

segmen usaha yang terdiri dari hotel dan pusat

perbelanjaan.

HOTEL

HARRIS Hotel Tuban – Bali

Pembangunan dan kepemilikan HARRIS Hotel

Tuban – Bali yang mulai beroperasi pada bulan

Oktober 2002 menjadi kegiatan usaha pertama

Perseroan.HARRISHotelTuban–Balimerupakan

hotel di Bali yang terletak di Jalan Dewi Sartika,

Tuban, Bali. Dengan lokasi yang sangat strategis,

berdampingan dengan Bandara Internasional

OPERATIONAL OVERVIEW PER BUSINESS

SEGMENT

The Company engages in the provision of

accommodation (hotel) service and makes

investments in the form of shares in other entities.

Its business segments comprise hotels and

shopping centers.

HOTELS


The development and ownership of HARRIS

Hotel Tuban – Bali, which began to operate in

October 2002, is the initial business activity of the

Company.HARRISHotel Tuban– Bali is a hotel

located on Jalan Dewi Sartika, Bali, in a strategic

situation next to Ngurah Rai International Airport,

close to Tuban Beach in South Kuta and just a

106

Ngurah Rai, berdekatan dengan Pantai Tuban di

Kuta Selatan, serta terletak tidak jauh dari pusat

perbelanjaan Kuta menjadi pilihan paling tepat

bagi turis domestik maupun internasional.

Dibangun di atas lahan seluas 4.500 m2, Perseroan

memberikan jasa akomodasi hotel dengan nuansa

modern minimalis dengan 147 kamar yang

dilengkapi dengan berbagai fasilitas, seperti kolam

renang, coffee shop, gym & spa, ruang rapat dan

lain-lain menjadi nilai tambah yang menarik. Selain

cocok untuk tamu-tamu yang sedang melakukan

perjalananbisnis,HARRISHotelTuban–Balijuga

menjadi pilihan tepat bagi keluarga yang ingin

berlibur dengan nyaman.

Pada tahun 2017, persentase hunian HARRIS Hotel

Tuban–Balimampumencapai 69,21% , sedikit

lebih rendah dibandingkan pada tahun 2016

sebesar 70,01%, dengan tingkat average room rate

pada tahun 2017 sebesar Rp359.518.

Sheraton Bali Kuta Resort

Sheraton Bali Kuta Resort dilengkapi dengan

203 kamar dengan suite yang luas dan teletak di

lokasi yang sangat strategis. Dengan keunggulan

tersebut, Sheraton Bali Kuta Resort – Bali

pada tahun 2017 mampu mencatatkan tingkat

persentase hunian sebesar 81,30% sedikit lebih

rendah dari tahun 2016 sebesar 83,23%, dengan

tingkat average room rate pada tahun 2017

sebesar Rp1.772.566.

Maison Aurelia, Sanur – Bali

Maison Aurelia, Sanur – Bali merupakan salah

satu tujuan favorit penginapan di Sanur, Bali.

Pada tahun 2017, Maison Aurelia, Sanur – Bali

mencatatkan tingkat persentase hunian sebesar

67,54% naik dibanding tahun 2016 sebesar

29,88%, dengan tingkat average room rate pada

tahun 2017 sebesar Rp940.653.

HARRIS Suites fx Sudirman – Jakarta

Berdiri di tengah kota Jakarta, dengan akses

ke fX Sudirman Mall, Bursa Efek, Senayan Sport

Complex, Senayan Golf Course, Plaza Senayan,

Senayan City, HARRIS Suites fX Sudirman –

few minutes away from Kuta shopping center;

such a perfect spot to stay for both domestic and

international tourists.

Built on 4,500 m2land,HARRISHotelTuban–Bali

is a hotel conceptually designed in a modern-

minimalist style that has 147 rooms and various

facilities, such as swimming pool, coffee shop, gym

& spa, meeting rooms, and others, to complement

its value and attractiveness. HARRIS Hotel Tuban

–Baliissuitableforbusinesstravelersandagreat

choice for family who wish to enjoy comfortable

experience on vacation.

In 2017, the occupancy rate of HARRIS Hotel

Tuban–Balireached69.21%,slightly lowerthan

the rate of 2016 at 70.01%, with average room rate

of 2017 at Rp359,518.

Sheraton Bali Kuta Resort – Bali

SheratonBali Kuta Resort– Bali has 203 rooms

featuring extensive suites and is strategically

located in Bali. With such competitive excellence,

Sheraton Bali Kuta Resort – Bali managed to

record occupancy rate of 81.30%, showing a

slight decline from the rate of 2016 at 83.23%,

with average room rate in 2017 amounted to

Rp1,772,566.

Maison Aurelia, Sanur – Bali

MaisonAurelia,Sanur–Baliisoneofthefavorite

accommodation destinations in Sanur area in Bali.

In 2017, the property recorded occupancy rate of

67.54%, a significant increase compared to the

rate of 2016 which was 29.88%, and average room

rate of Rp940,653.

HARRIS Suites fx Sudirman – Jakarta

Situated in Jakarta city center with access to fX

Sudirman Mall, Stock Exchange, Senayan Sport

Complex, Senayan Golf Course, Plaza Senayan

and Senayan City malls, HARRIS Suites fX Sudirman

107

Jakarta menjadi tempat sempurna untuk menetap

dalam jangka pendek maupun jangka panjang.

Pada tahun 2017, HARRIS Suites fX Sudirman –

Jakarta mencatatkan tingkat persentase hunian

sebesar 81,48% naik dari tahun 2016 sebesar

76,74%, dengan tingkat average room rate pada

tahun 2017 sebesar Rp747.971.

HARRIS Hotel Batam Center – Batam

Menghadap laut, satu menit dari terminal Ferry

Internasional Batam Centre, dan dapat berjalan

kaki ke pusat perbelanjaan dan kantor-kantor

pemerintahan, HARRIS Hotel Batam Center –

Batam merupakan tempat yang nyaman untuk

bekerja dan liburan. Pada tahun 2017, HARRIS

HotelBatamCenter–Batammencatatkantingkat

persentase hunian sebesar 74,30% sedikit lebih

rendah dari tahun 2016 sebesar 75,38%, dengan


sebesar Rp408.121.

HARRIS Resort Waterfront Batam

HARRIS Resort Waterfront Batam menawarkan

berbagai fasilitas favorit bagi para pengunjung

hotel dengan memberi kehidupan nyata bagi

keluarga. Pada tahun 2017, HARRIS Resort

Waterfront Batam mencatatkan tingkat persentase

hunian sebesar 50,79% naik dibanding tahun 2016

yang hanya mencapai 45,04%, dengan tingkat

average room rate pada tahun 2017 sebesar

Rp403.740.

POP! Hotel Sangaji – Yogyakarta

POP! Hotel Sangaji – Yogyakarta menjadi salah

satu destinasi hotel bagi para wisatawan. Pada

tahun 2017, POP! Hotel Sangaji – Yogyakarta

meraih tingkat persentase hunian sebesar 71,90%

naik dari tahun 2016 sebesar 55,90%, dengan


sebesar Rp280.022.

PUSAT PERBELANJAAN

beachwalk Shopping Center – Bali

beachwalk Shopping Center – Bali merupakan

pusat perbelanjaan yang antara lain meliputi

Fashion Apparel & Accessories, Lifestyle &

Entertainment, Food & Beverage dan lain-lain.

–Jakartaisaperfectaccommodationchoicefor

both short and long stay. This year, HARRIS Suites

fX Sudirman–Jakarta recordedoccupancy rate

of 81.48% grew from the rate of 2016 recorded at

76.74%. The average room rate of HARRIS Suites

fXSudirman–Jakartain2017wasRp747,971.

HARRIS Hotel Batam Center – Batam

HARRISHotel BatamCenter – Batamoffers sea

vista and is situated 1 minute from the International

Ferry Terminal of Batam Centre as well as within

walking distance to several shopping centers

and government offices. With such convenience,

HARRISHotelBatamCenter–Batamiscertainly

a comfortable accommodation suitable for

working and having a vacation. In 2017, the hotel’s

occupancy rate was 74.30%, decreased slightly

from that of 2016 which was 75.38%, with average

room rate of Rp408,121.

HARRIS Resort Waterfront Batam

HARRIS Resort Waterfront Batam offers an array

of favorite facilities with a real-life experience

for its guests. In 2017, HARRIS Resort Waterfront

Batam recorded an occupancy rate of 50.79%,

demonstrated a growth from the rate of 2016

recorded at 45.04%, and average room rate

reaching Rp403,740.

POP! Hotel Sangaji – Yogyakarta

One of the accommodation destinations in

Yogyakarta is POP! Hotel Sangaji – Yogyakarta

which, in 2017, recorded occupancy rate of

71.90%, an increase compared to that of 2016

at55.90%.TheaverageroomrateofPOP!Hotel

Sangaji–Yogyakartain2017wasRp280,022.

SHOPPING CENTERS

beachwalk Shopping Center – Bali

beachwalkShoppingCenter–Bali isaShopping

center for Fashion Apparel & Accessories, lifestyle

& Entertainment, Food & Beverage, and so on. In

2016, the occupancy rate of beachwalk Shopping

108

beachwalk ShoppingCenter–Balimencatatkan

tingkat hunian pada tahun 2017 sebesar 88,39%

lebih rendah dari tahun 2016 sebesar 95,04%,

dengan tarif sewa rata-rata per bulan sebesar

Rp278.607.

23 Paskal Shopping Center – Bandung

23 Paskal Shopping Center (dikenal 23 Paskal)

adalah pusat perbelanjaan yang terletak di

kompleks Paskal Hyper Square, Bandung dengan

luas Nett Leasable Area sebesar 40.000 m2. Mal

ini dibangun pada tahun 2016 dan dibuka pada

April 2017. Pada tahun 2017, 23 Paskal Shopping

Center – Bandung mencatatkan tingkat hunian

sebesar 84,71% dengan tarif sewa rata-rata per

bulan sebesar Rp147.924.

Park23 Entertainment Center – Bali

Park23 Entertainment Center – Bali menyajikan

desain ruangan yang bersih dan unik, dengan

penyewa mulai dari international fashion,

olahraga dan label surfing. Pada tahun 2017,

Park23EntertainmentCenter–Balimencatatkan

tingkat hunian sebesar 75,53% naik dari tahun

2016 sebesar 67,96%, dengan tarif sewa rata-rata

per m2 per bulan sebesar Rp64.609.

Cikini Gold Center – Jakarta

Cikini Gold Center – Jakarta, merupakan salah

satu tempat penjualan emas terbesar di Indonesia.

Pada tahun 2017, Cikini Gold Center – Jakarta

mencatatkan tingkat hunian sebesar 60,61% turun

dari tahun 2016 sebesar 68,05%, dengan tarif jual-

beli rata-rata sebesar Rp22.953.309.

PENDAPATAN PER SEGMEN USAHA

Informasi pendapatan per segmen usaha pada

tahun 2017 sebagai berikut:

Center–Balireached88.39%,slightlylowerthan

the rate of 2016 recorded at 95.04%, with average

lease rate per month reached Rp278,607.

23 Paskal Shopping Center – Bandung

23 Paskal Shopping center (renowned as 23

Paskal) is a shopping center situated in the Paskal

Hyper Square complex, Bandung with total NLA

of 40,000 m2. This mall was developed in 2016

and commenced its operations in April 2017. As of

theendoftheyear,23PaskalShoppingCenter–

Bandung recorded an occupancy rate of 84.71%

with average lease rate per month of Rp147,924.

Park23 Entertainment Center - Bali

Park23EntertainmentCenter–Balioffersaunique

and clean space with tenants from international

brands of fashion, sports, and surfing labels. In

2017,Park23EntertainmentCenter–Balirecorded

an occupancy rate of 75.53%, an increase from

that of 2016 at 67.96%, and average lease rate per

square per month at Rp64,609.

Cikini Gold Center – Jakarta

CikiniGoldCenter–Jakartaisoneofthelargest

gold markets in Indonesia. In 2017, Cikini Gold

Center – Jakarta’s occupancy rate reached

60,61%, showing a decrease compared to the

rate of 2016 at 68.05%, with average saleable rate

amounted to Rp22,953,309.

REVENUES PER BUSINESS SEGMENT

The following table describes the information of

the Company’s revenues per business segment:

Deskripsi / Description 2017 2016Perubahan /

ChangePersentase /

Percentage (%)

Hotel 303.065.120.656 340.972.495.184 (37.907.374.528) (11,12)

Pusat Perbelanjaan / Shopping Center

292.626.924.068 206.519.514.697 86.107.409.371 41,69

Pendapatan / Revenue 595.692.044.724 547.492.009.881 48.200.034.843 8,80

109

PROFITABILITAS

Profitabilitas merupakan kemampuan Perseroan

untuk menghasilkan laba selama tahun 2017,

dengan menggunakan aset atau modal usaha.

Kemampuan ini digambarkan dengan rasio

profitabilitas. Informasi mengenai profitabilitas

usaha Perseroan dalam 3 (tiga) tahun terakhir


ANALISIS KINERJA KEUANGAN

Analisis dan pembahasan kinerja keuangan berikut

disusun berdasarkan informasi yang diperoleh dari

Laporan Keuangan Perseroan yang berakhir pada

tanggal 31 Desember 2017 dan telah diaudit oleh

Kantor Akuntan Publik Tanubrata Sutanto Fahmi

Bambang dan Rekan yang ditunjuk Perseroan.

Laporan Keuangan Perseroan telah memperoleh

pendapat wajar tanpa pengecualian.

LAPORAN POSISI KEUANGAN / FINANCIAL POSITION STATEMENTS

PROFITABILITY

This section describes the capability of each

business to generate income during the year,

utilizing each asset or capital. This capability is

reflected on the ratio of profitability. The following

table describes the Company’s profitability in the

last 3 (three) years:

ANALYSIS ON FINANCIAL PERFORMANCE

The following analysis and discussion on

financial performance are composed based on

the information obtained from the Company’s

Financial Statements ended on 31 December 2017,

which have been audited by Public Accounting

Firm Tanubrata Sutanto Fahmi Bambang &

Rekan appointed by the Company. The Financial

Statements of the Company have obtained

unmodified fair opinion.


Margin Laba Bersih / Net Profit Margin 24,75% 33,16%

Imbal Hasil Aset / Return on Assets 2,21% 3,52%

Imbal Hasil Ekuitas / Return on Equity 3,48% 4,44%

Earnings per Share 9,01 15,21

DeskripsiDescription

2017 2016Perubahan

Change %Aset Lancar / Current Assets 585.012.548.372 353.087.115.120 231.925.433.252 69,00

Kas dan Setara Kas / Cash and Cash Equivalents

440.225.565.192 247.903.815.289 192.321.749.903 77,58

Aset Lancar Lainnya / Other Current Assets

3.762.328.832 4.229.728.832 (467.400.000) (11,05)

Piutang Usaha / Trade Receivables

35.635.677.080 22.946.479.940 12.689.197.140 55,30

Piutang Non Usaha / Non-Trade Receivables

19.055.289.177 26.417.937.123 (7.362.647.946) (27,87)

Persediaan / Inventories 38.401.944.499 4.460.382.213 33.941.562.286 760,96

Pajak Dibayar Dimuka / Prepaid Taxes

33.376.524.434 34.655.024.716 (1.278.500.282) (3,69)

Beban Dibayar Dimuka dan Uang Muka / Prepaid Expenses and Advances

14.555.219.158 12.473.747.007 2.081.472.151 16,69

110

Aset Tidak Lancar / Non-Current Assets

6.082.908.928.272 4.802.666.281.863 1.280.242.646.409 26,66

Investasi Saham / Investment In Shares

3.689.251.659.303 2.555.967.907.136 1.133.283.752.167 44,34

Aset Pajak Tangguhan / Deferred Tax Assets

56.116.848.951 24.432.941.672 31.683.907.279 129,68

Aset Tetap / Property And Equipment

1.471.525.505.819 1.490.722.373.782 (19.196.867.963) (1,29)

Properti Investasi / Investment Properties

762.486.736.161 649.729.617.911 112.757.118.250 17,35

Hak Sewa Jangka Panjang / Long-Term Lease Rights

59.559.142.277 62.187.207.136 (2.628.064.859) (4,23)

Aset Tidak Lancar Lain / Other Non-Current Assets

43.969.035.761 19.626.234.226 24.342.801.535 124,03

Total Aset / Total Assets 6.667.921.476.644 5.155.753.396.983 1.512.168.079.661 29,33

Liabilitas Jangka Pendek / Current Liabilities

799.968.546.304 106.632.977.094 693.335.569.210 650,21

Utang Usaha / Trade Payables 31.088.992.728 15.918.518.085 15.170.474.643 95,30

Utang Non-Usaha / Non-Trade Payables

555.393.486.695 19.338.669.657 536.054.817.038 2.771,93

Utang Pajak / Taxes Payable 11.349.460.057 9.004.651.106 2.344.808.951 26,04

Beban Akrual / Accruals 32.627.045.158 30.122.966.917 2.504.078.241 8,31

Uang Muka Pelanggan dan Pendapatan Diterima Di Muka Bagian yang Direalisasikan Dalam Satu Tahun / Advance From Customers and Unearned Revenues – Realized Within One Year

161.196.493.625 15.499.574.169 145.696.919.456 940,01

Liabilitas Jangka Panjang yang Jatuh Tempo Dalam Satu Tahun / Current Maturities Of Long-Term Liabilities

8.313.068.041 16.748.597.160 (8.435.529.119) (50,37)

Liabilitas Jangka Panjang / Non-Current Liabilities

1.633.018.664.052 960.174.170.081 672.844.493.971 70,08

Uang Muka Pelanggan dan Pendapatan Diterima Di Muka Setelah Dikurangi Bagian yang Direalisasikan Dalam Satu Tahun / Advance From Customers and Unearned Revenues - Net Of Realization Within One Year

101.141.614.556 134.183.980.607 (33.042.366.051) (24,62)

Jaminan Pelanggan / Tenants’ Deposit

47.958.703.925 35.934.224.365 12.024.479.560 33,46

Liabilitas Imbalan Pasca-Kerja / Post-Employment Benefit Liabilities

19.015.849.420 20.631.890.115 (1.616.040.695) (7,83)

111

Liabilitas Jangka Panjang –SetelahDikurangiBagianyang Jatuh Tempo Dalam Satu Tahun / Long-Term Liabilities – Net Of Current Maturities

1.464.902.496.151 769.424.074.994 695.478.421.157 90,39

Total Liabilitas / Total Liabilities

2.432.987.210.356 1.066.807.147.175 1,366.180.063.181 128,06

Total Ekuitas / Total Equity 4.234.934.266.288 4.088.946.249.808 145.988.016.480 3,57

Modal Saham / Share Capital 1.118.197.173.200 1.118.197.173.200 0 0,00

Tambahan Modal Disetor / Additional Paid-In Capital

1.965.683.784.934 1.965.683.784.934 0 0,00

Selisih Nilai Transaksi Ekuitas Dengan Kepentingan Nonpengendali / Difference In Value Of Equity Transaction With Non-Controlling Interests

(10.786.251.345) (10.786.251.345) 0 0,00

Saldo Laba / Retained Earnings

606.594.832.416 508.386.283.603 98.208.548.813 19,32

Jumlah Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk / Total Equity Attributable To Owners Of The Parent

3.679.689.539.205 3.581.480.990.392 98.208.548.813 2,74

Kepentingan Nonpengendali / Non-Controlling Interests

555.244.727.083 507.465.259.416 47.779.467.667 9,42

Total Aset

Pada 2017, total aset Perseroan tercatat sebesar

Rp6,66 triliun, terdiri dari 8,77% aset lancar

dan 91,23% aset tidak lancar. Nilai total aset

mengalami kenaikan 29,33% atau sebesar Rp1,51

triliun dibandingkan pada tahun 2016.

Aset Lancar

Aset lancar mengalami kenaikan Rp231,92 miliar

atau sebesar 65,69% menjadi Rp585,01 miliar

dibandingkan pada 2016 sebesar Rp353,08

miliar. Kenaikan ini terutama disebabkan oleh

meningkatnya piutang usaha dari pihak ketiga,

persediaan, dan nilai kas & setara kas.

• Kas dan setara kas mengalami kenaikan

Rp192,32 miliar atau sebesar 77,58% menjadi

Rp440,22 miliar dibandingkan pada 2016

sebesar Rp247,90 miliar. Kenaikan ini terutama

disebabkan oleh meningkatnya jumlah

simpanan di bank dan deposito berjangka.

Total Assets

In 2017, total assets of the Company were

recorded at Rp6.66 trillion, comprising 8.77% of

current assets and 91.23% of non-current assets.

This value of total assets increased by 29.33% or at

Rp1.51 trillion compare to 2016.

Current Assets

Current assets grew by Rp231.92 billion or

65.69%, from Rp353.08 billion recorded in 2016 to

Rp585.01 billion in 2017. This growth was mainly

caused by the rising trade receivables from third

parties, inventories and the value of cash and cash

equivalents.

• Cash and cash equivalents increased by

Rp192.32 billion or 77.58%, from Rp247.90

billion recorded in 2016 to Rp440.22 billion,

due to the increase in cash in banks and time

deposits.

112

• Piutang usaha mengalami kenaikan Rp12,69

miliar atau sebesar 55,30% menjadi Rp35,63

miliar dibandingkan pada 2016 sebesar Rp22,94


meningkatnya piutang usaha yang berasal dari

bisnis Pusat Perbelanjaan.

• Persediaan mengalami kenaikan Rp33,94

miliar atau sebesar 760,96% menjadi Rp38,40

miliar dibandingkan pada 2016 sebesar Rp4,46


meningkatnya persediaan aset real estat yang

masih dalam pembangunan.

Aset Tidak Lancar

Aset tidak lancar mengalami kenaikan Rp1,28

triliun atau sebesar 26,66% menjadi Rp6,08 triliun

dibandingkan pada 2016 sebesar Rp4,80 triliun.

Kenaikan ini terutama disebabkan oleh naiknya

nilai investasi pada entitas asosiasi.

• Investasi saham mengalami kenaikan Rp1,13

triliun atau sebesar 44,34% menjadi Rp3,68

triliun dibandingkan pada 2016 sebesar Rp2,55

triliun. Kenaikan ini terutama disebabkan oleh

peningkatan kepemilikan saham dan juga atas

laba entitas asosiasi di tahun 2017.

• Aset pajak tangguhan mengalami kenaikan




disebabkan oleh naiknya nilai aset pajak

tangguhan pada Perseroan dan entitas anak.

• Properti investasi mengalami kenaikan




disebabkan oleh beroperasinya 23 Paskal

Shopping Center di Bandung.

Total Liabilitas

Total liabilitas pada 2017 tercatat sebesar Rp2,43

triliun, naik 128,06% atau sebesar Rp1,36 triliun

dibandingkan pada 2016 sebesar Rp1,06 triliun.

Komposisi total liabilitas terdiri dari 32,88% dari

• Trade receivables grew Rp12.69 billion or

55.30%, from Rp22.94 billion in 2016 to Rp35.63

billion. Such growth was mainly caused by the

increasing trade receivables from Shopping

Center business.

• Inventories in 2017 amounted to Rp38.40

billion, grew significantly by Rp33.94 billion

or 760.96% from that of 2016 recorded at

Rp4.46 billion. This increase was contributed

by the rising real estate asset inventories in

construction.

Non-Current Assets

The Company’s non-current assets rose by Rp1.28

trillion or 26.66%, from Rp4.80 trillion to Rp6.08

trillion, due to the growth of investments in

associates.

• ThepostofinvestmentinsharesrosebyRp1.13

trillion or 44.34%, from Rp2.55 trillion recorded

in 2016 to Rp3.68 trillion. This was particularly

caused by an increase in share ownership as

well as profit from associates in 2017.

• Deferred tax assets in 2017 were Rp56.11

billion, an increase of Rp31.68 billion or

129.68% from that of 2016 which amounted to

Rp24.43 billion. This was mainly attributable to

the rising deferred tax assets of the Company

and subsidiaries.

• InvestmentpropertiesgrewbyRp112.75billion

or 17.35%, from Rp649.72 billion in 2016 to

Rp762,.48 billion, due to the operations of 23

Paskal Shopping Center in Bandung.

Total Liabilities

The Company’s total liabilities in 2017 amounted to

Rp2.43 trillion, a 128.06% increase or Rp1.36 trillion

compared to the total liabilities of the previous

year recorded at Rp1.06 trillion. Total liabilities of

113

the Company comprised 32.88% current liabilities

and 67.12% non-current liabilities.

Current Liabilities

In 2017, current liabilities of the Company

amounted to Rp799.96 billion, grew significantly

by Rp693.33 billion or 650.21% from current

liabilities of 2016 recorded at Rp106.63 billion. This

increase was contributed by the rising amount of

non-trade payables of third parties.

• Trade payables grew by Rp15.17 billion or

95.30%, from Rp15.91 billion in 2016 to Rp31.08

billion. This increase was particularly caused

by an increase in trade payables from related

parties in association with the opening of 23

Paskal Shopping Center in Bandung.

• Non-trade Payables grew substantially by

Rp536.05 billion or 2,771.93%, from Rp19.33

billion recorded in 2016 to Rp555.39 billion.

This growth was caused by the increase in

non-trade payables of third parties related to

the purchase of shares in associate entities.

• Advance from customers and unearned

revenues–realizedwithinoneyearincreased

by Rp145.69 billion or 940.01%, from Rp15.49

billion in 2016 to Rp161.19 billion. This was

mainly caused by the operations of 23 Paskal

Shopping Center in Bandung.

Non-Current Liabilities

The post of non-current liabilities in 2017 grew by

Rp672.84 billion or 70.08%, from Rp960.17 billion

recorded in the previous year to Rp1.63 trillion.

This increase was mainly attributable to the rising

value of bank loans.

• Advance from customers and unearned

liabilitas jangka pendek dan 67,12% merupakan

liabilitas jangka panjang.

Liabilitas Jangka Pendek

Liabilitas jangka pendek mengalami kenaikan

sebesar Rp693,33 miliar atau sebesar 650,21%

menjadi Rp799,96 miliar dibandingkan 2016

sebesar Rp106,63 miliar. Kenaikan liabilitas jangka

pendek ini terutama disebabkan oleh besarnya

utang non usaha dari pihak ketiga.

• Utang usaha mengalami kenaikan sebesar


Rp31,08 miliar dibandingkan 2016 sebesar

Rp15,91 miliar. Kenaikan ini terutama

disebabkan oleh meningkatnya utang usaha

dari pihak berelasi sehubungan dengan

pembukaan 23 Paskal Shopping Center di

Bandung.

• Utangnonusahamengalamikenaikansebesar

Rp536,05 miliar atau sebesar 2.771,93%



disebabkan oleh besarnya utang non-usaha

pihak ketiga sehubungan dengan pembelian

saham di entitas asosiasi.

• Uang muka pelanggan dan pendapatan

diterima di muka - bagian yang direalisasikan

dalam satu tahun mengalami kenaikan sebesar



Rp15,49 miliar. Hal ini terutama disebabkan

oleh telah beroperasinya 23 Paskal Shopping

Center di Bandung.

Liabilitas Jangka Panjang

Liabilitas jangka panjang mengalami kenaikan


menjadi Rp1,63 triliun dibandingkan 2016

sebesar Rp960,17 miliar. Peningkatan liabilitas

jangka panjang ini terutama disebabkan oleh

meningkatnya utang bank.

• Uang muka pelanggan dan pendapatan

114

diterima di muka – setelah dikurangi

bagian yang direalisasikan dalam satu tahun

mengalami penurunan sebesar Rp33,04 miliar

atau sebesar 24,62% menjadi Rp101,14 miliar

dibandingkan 2016 sebesar Rp134,18 miliar.

• Jaminan pelanggan mengalami kenaikan



sebesar Rp35,93 miliar.

• Liabilitas jangka panjang – setelah dikurangi

bagian yang jatuh tempo dalam satu tahun

mengalami kenaikan sebesar Rp695,47 miliar

atau sebesar 90,39% menjadi Rp1,46 triliun

dibandingkan 2016 sebesar Rp769,42 miliar.

Total Ekuitas

Total Ekuitas Perseroan pada tahun 2017 tercatat

sebesar Rp4,23 triliun, naik 3,57% atau sebesar


sebesar Rp4,08 triliun. Kenaikan ini berasal dari

peningkatan saldo laba tahun berjalan.

• Modalsahampadatahun2017tidakmengalami

perubahan dari tahun 2016 sebesar Rp1,11

triliun.

• Saldo laba mengalami kenaikan sebesar



Rp508,38 miliar. Peningkatan ini terutama

disebabkan oleh laba tahun berjalan.

• Jumlah ekuitas yang dapat diatribusikan

kepada pemilik entitas induk mengalami

kenaikan sebesar Rp98,20 billion atau sebesar

2,74% menjadi Rp3,67 triliun dibandingkan

2016 sebesar Rp3,58 triliun.

• Kepentingan nonpengendali mengalami

kenaikan sebesar Rp47,77 miliar atau sebesar

9,42% menjadi Rp555,24 miliar dibandingkan

2016 sebesar Rp507,46 miliar.

revenues–netof realizationwithinoneyear

declined by Rp33.04 billion or 24.62%, from

Rp134.18 billion in 2016 to Rp101.14 billion.

• Tenant’s deposits grew to Rp47.95 billion in

2017 from Rp35.93 billion recorded in 2016;

demonstrating an increase of Rp12.02 billion

or 33.46%.

• Long-termliabilities–netofcurrentmaturities

increased by Rp695.47 billion or 90.39%, from

Rp769.42 billion in 2016 to Rp1.46 trillion.

Total Equity

The Company’s total equity in 2017 recorded

at Rp4.23 trillion, up 3.57% or Rp145.98 billion

compared to the position of 2016 at Rp4.08 trillion

which was contributed by the increase in retained

earnings for the year.

• TheamountofsharecapitaloftheCompanyin

2017 was the same as the amount recorded in

2016, which was Rp1.11 trillion.

• Retained earnings grew by Rp98.20 billion

or 19.32%, from Rp508.38 billion recorded

in 2016 to Rp606.59 billion, due to the rising

profit for the year.

• Total equity attributable to owners of the

parent increased by Rp98.20 billion or 2.74%,

from Rp3.58 trillion in 2016 to Rp3.67 trillion.

• Non-controlling interests roseRp47.77billion

or 9.42%, from Rp507.46 billion in 2016 to

Rp555.24 billion.

116

LAPORAN LABA RUGI / INCOME STATEMENTS

Pendapatan

Pada 2017, Perseroan mencatat pendapatan

sebesar Rp595,69 miliar, naik 8,80% atau sebesar

Rp48,20 miliar dibandingkan pada 2016 sebesar

Rp547,49 miliar. Kenaikan ini terutama disebabkan

oleh meningkatnya kinerja usaha pusat

perbelanjaan yang terkait dengan beroperasinya

23PaskalShoppingCenter–Bandung.

Beban Pokok Pendapatan

Beban pokok pendapatan mengalami kenaikan

Revenues

Over the course of 2017, the Company recorded

revenues amounting to Rp595.69 billion, grew

8.80% or Rp48.20 billion compared to that

of 2016 recorded at Rp574.49 billion. The

increase was mainly due to the rising business

performance of shopping center in relation to

the commencement of operation of 23 Paskal

Shoppingcenter–Bandung.

Cost of Revenues

In 2017, cost of revenues grew by 14.53%, from


2017 2016Perubahan

Change %Pendapatan / Revenues 595.692.044.724 547.492.009.881 48.200.034.843 8,80

Beban Pokok Pendapatan / Cost of Revenues

(181.132.149.239) (158.148.133.180) (22.984.016.059) 14,53

Laba Bruto / Gross Profit 414.559.895.485 389.343.876.701 25.216.018.784 6,48

Laba Usaha / Profit from Operations 89.136.338.346 39.020.545.356 50.115.792.990 128,43

Laba Sebelum Pajak / Profit Before Tax

116.706.345.435 167.018.926.362 (50.312.580.927) (30,12)

Manfaat Pajak Penghasilan / Income Tax Benefit

30.720.806.408 14.547.816.498 16.172.989.910 111,117

Laba Bersih Tahun Berjalan / Net Profit for the Year

147.427.151.843 181.566.742.860 (34.139.591.017) (18,80)

Jumlah Penghasilan Komprehensif Tahun Berjalan Setelah Pajak / Total Comprehensive Income for the Year – Net of Tax

144.220.164.480 180.697.292.740 (36.477.128.260) (20,19)

Laba Tahun Berjalan yang dapat Diatribusikan kepada: / Profit for the Year Attributable to:

Pemilik entitas induk/ Owners of the parent

100.777.813.683 170.121.035.846 (69.343.222.163) (40,76)

Kepentingan nonpengendali / Non-controlling interests

46.649.338.160 11.445.707.014 35.203.631.146 307,57

Jumlah / Total 147.427.151.843 181.566.742.860 (34.139.591.017) (18,80)

Laba Komprehensif Tahun Berjalan yang dapat Diatribusikan kepada:Comprehensive Income for the Year Attributable to:

Pemilik entitas induk/ Owners of the parent

98.208.548.813 169.506.434.099 (71.297.885.286) (42,06)

Kepentingan nonpengendali / Non-controlling interests

46.011.615.667 11.190.858.641 34.820.757.026 311,15

Jumlah / Total 144.220.164.480 180.697.292.740 (36.477.128.260) (20,19)

Laba per Saham / Earnings per Share 9,01 15,21 (6,20) (40,76)

117

dari Rp158,14 miliar pada 2016 menjadi Rp181,13

miliar pada 2016, atau naik 14,53%. Kenaikan

ini terutama disebabkan oleh meningkatnya

pendapatan pada segmen usaha pusat

perbelanjaan seiring dengan pembukaan 23

PaskalShoppingCenter–Bandung.

Laba Bruto

Laba bruto tahun 2017 tercatat sebesar Rp414,55

miliar, naik 6,48% atau sebesar Rp25,21 miliar

dibandingkan pada 2016 sebesar Rp389,34 miliar.

Hal ini terutama disebabkan oleh meningkatnya

pendapatan pada segmen usaha pusat

perbelanjaan yang terkait dengan beroperasinya

23PaskalShoppingCenter–Bandung.

Laba Usaha

Laba usaha tahun 2017 tercatat sebesar Rp89,13

miliar, naik 128,43% atau sebesar Rp50,11 miliar


Hal ini terutama disebabkan oleh menurunnya

beban umum dan administrasi serta meningkatnya

laba kotor.

Laba Sebelum Pajak

Laba sebelum pajak tahun 2017 tercatat sebesar

Rp116,70 miliar, turun 30,12% atau sebesar


Rp167,01 miliar. Hal ini terutama disebabkan oleh

menurunnya laba entitas asosiasi.

Manfaat Pajak Penghasilan

Manfaat pajak penghasilan tahun 2017 tercatat

sebesar Rp30,72 miliar, naik 111,17% atau sebesar


Rp14,54 miliar. Hal ini terutama disebabkan oleh

meningkatnya pajak tangguhan Perseroan.

Laba Tahun Berjalan

Laba tahun berjalan pada tahun 2017 tercatat

sebesar Rp147,42 miliar, mengalami penurunan

18,80% atau sebesar Rp34,13 miliar dibandingkan

pada tahun 2016 sebesar Rp181,56 miliar. Hal

ini disebabkan karena menurunnya laba entitas

asosiasi.

Rp158.14 billion in 2016 to Rp181.13 billion. Such

increase was mainly caused by the rising income

from shopping center segment in line with

the operations of 23 Paskal Shopping center –

Bandung.

Gross Profit

Gross profit of the Company in 2017 was recorded

at Rp414.55 billion, up 6.48% or Rp25.21 billion

compared to the gross profit booked at the end of

2016 at Rp389.34 billion. This was mainly caused

by the rising income from shopping center

segment in line with the operations of 23 Paskal

ShoppingCenter–Bandung

Profit from Operations

Profit from operations in 2017 amounted to

Rp89.13 billion, grew significantly by Rp50.11

billion or 128.43% from that of 2016 recorded

at Rp39.02 billion. Such growth was due to the

decline in general and administrative expenses as

well as the increase in the amount of gross profit.

Profit Before Tax

The Company’s profit before tax was booked at

Rp116.70 billion in 2017, dropped by 30.12% or

Rp50.31 billion from Rp167.01 billion recorded

in 2016. This was mainly due to the decrease in

profit from associates.

Income Tax Benefit

In 2017, the post of income tax benefit reached

Rp30.72 billion, increased by 111.17% or Rp16.17

billion compared to that of 2016 recorded

at Rp14.54 billion, due to the increase in the

Company’s deferred tax.

Profit for the Year

The Company’s profit for the year was recorded

at Rp147.42 billion, declined by Rp34.13 billion or

18.80% from that of 2016 at Rp181.56 billion. This

decline was contributed by the decrease in profit

from associates.

118

Penghasilan Komprehensif Tahun Berjalan

Laba komprehensif periode berjalan pada tahun

2017 tercatat sebesar Rp144,22 miliar, mengalami

penurunan 20,19% atau sebesar Rp36,47 miliar


Comprehensive Income for the Year

The comprehensive income for 2017 was recorded

at Rp144.22 billion, a 20.19% decrease or Rp36.47

billion from Rp180.69 billion recorded in 2016.

LAPORAN ARUS KAS / CASH FLOW STATEMENTS

Arus Kas dari Aktivitas operasi

Pada 2017, Perseroan mencatat arus kas dari

aktivitas operasi sebesar Rp211,48 miliar, naik

Rp111,41 miliar atau 111,34% dibandingkan

arus kas dari aktivitas operasi pada 2016

sebesar Rp100,06 miliar. Kenaikan ini terjadi

seiring dengan meningkatnya penerimaan dari

pelanggan ditopang oleh pembukaan mall 23


Arus Kas untuk Aktivitas investasi

Arus kas untuk aktivitas investasi tercatat sebesar

Rp579,35 miliar, mengalami kenaikan 128,20%

atau sebesar Rp325,47 miliar dibandingkan

Cash Flow from Operating Activities

In 2017, the company recorded cash flow from

operating activities amounted to Rp211.48 billion,

grew by Rp111.41 billion or 111.34% from that of

2016 recorded at Rp100.06 billion. Such increase

was in line with the rising income from customers

due to the commencement of operations of 23


Cash Flow used in Investing Activities

Meanwhile, cash flows used in investing activities

reached Rp579.35 billion in 2017, showing a

growth of 128.20% or Rp325.47 billion from the


2017 2016Perubahan

Change %Arus kas dari aktivitas operasi /Cash flow from operating activities

211.480.891.922 100.067.311.679 111.413.580.243 111,34

Arus kas untuk aktivitas investasi / Cash flow used in investing activities

(579.350.891.053) (253.876.095.128) (325.474.795.925) 128,20

Arus kas dari aktivitas pendanaan / Cash flow from financing activities

567.906.561.863 114.227.673.653 453.678.888.210 397,17

Kenaikan (penurunan) bersih kas dan setara kas / Net increase (decrease) in cash and cash equivalents

200.036.562.732 (39.581.109.796) 239.617.672.528 605,38

Pengaruh perubahan kurs mata uang asing terhadap kas dan setara kas / Effect of foreign exchange changes on cash and cash equivalents

(7,714.812.829) - (7,714.812.829) 100,00

Kas dan setara kas awal tahun / Cash and cash equivalents at beginning of year

247.903.815.289 287.484.925.085 (39.581.109.796 (13,77)

Kas dan setara kas akhir tahun / Cash and cash equivalents at end of year

440.225.565.192 247.903.815.289 (192.321.749.903) 77,58

119

KEMAMPUAN MEMBAYAR UTANG DAN TINGKAT KOLEKTIBILITAS PIUTANG

SOLVENCy AND RECEIVABLES COLLECTABILITy

KEMAMPUAN MEMBAYAR UTANG DAN

TINGKAT KOLEKTIBILITAS PIUTANG

Kemampuan Membayar Utang

Kemampuan Perusahaan dalam membayar

utang dapat diukur dengan menggunakan

rasio likuiditas, sedangkan kemampuan dalam

memenuhi kewajibannya diukur menggunakan

rasio solvabilitas.

1. Rasio Likuiditas

Rasio likuiditas merupakan tingkat kemampuan

Perusahaan dalam memenuhi seluruh

kewajiban jangka pendek yang diukur dengan

perbandingan antara aset lancar dengan

liabilitas jangka pendek. Per 31 Desember 2017

dan 2016, rasio likuiditas Perseroan masing-

masing adalah sebesar 0,73 dan 3,31. Aset

lancar Perusahaan pada tahun 2017 tercatat

Rp585.012,5 juta, sedangkan liabilitas jangka

pendek tercatat sebesar Rp799.968,5 juta.

SOLVENCY AND RECEIVABLES

COLLECTABILITY

Solvency

The Company’s ability to pay its debt can be

measured using the liquidity ratio, while the

ability to fulfill its liabilities is measured using the

solvability ratio.

1. Liquidity Ratio

Liquidity ratio shows the Company’s capability

in paying all of its current liabilities measured

by comparing its current assets with current

liabilities. As of December 31, 2017 and 2016, the

Company’s liquidity ratios were 0.73 and 3.31,

respectively. The Company’s current assets in

2017 were booked at Rp585,012.5 million while

its current liabilities were Rp799,968.5 million.

pada 2016 sebesar Rp253,87 miliar. Kenaikan ini

terutama disebabkan oleh peningkatan investasi

pada entitas asosiasi.

Arus Kas dari Aktivitas Pendanaan

Pada 2017, arus kas dari aktivitas pendanaan

Perseroan tercatat Rp567,90 miliar, sedangkan

pada 2016 tercatat Rp114,22 miliar. Kenaikan arus

kas dari aktivitas pendanaan terutama disebabkan

oleh besarnya penerimaan utang bank.

Kas dan Setara Kas Akhir Tahun

Kas dan setara kas akhir tahun Perseroan tercatat

Rp440,22 miliar, sedangkan pada 2016 tercatat

Rp247,90 miliar. Kenaikan Kas dan setara kas akhir

tahun terutama disebabkan oleh kenaikan kas dari

aktivitas pendanaan terkait penerimaan utang

bank

previous year’s cash flow recorded at Rp253.87

billion. Such increase was contributed by the

growth of investment in associate entities.

Cash Flow from Financing Activities

The Company’s cash flows from financing

activities in 2017 reached Rp567.90 billion, while

the cash flows from financing activities of 2016

were recorded at Rp114.22 billion. The increase

was particularly caused by the growth of bank

loans.

Cash and cash equivalents at end of year

Cash and cash equivalents of the Company at the

end of the year amounted to Rp440.22 billion,

rose from the cash and cash equivalents recorded

at the end of 2016 at Rp247.90 billion. Such

growth was mainly attributable to the rising cash

from financing activities in relation to the receipt

of bank loans.

120

2. Rasio Solvabilitas

Rasio Solvabilitas menunjukkan kemampuan

Perusahaan dan entitas anak untuk melunasi

seluruh kewajibannya yang diukur dengan

membandingkan jumlah liabilitas konsolidasi

terhadap jumlah ekuitas konsolidasi dan

jumlah liabilitas konsolidasi terhadap jumlah

aset konsolidasi.

Pada 2017, rasio utang terhadap ekuitas adalah

sebesar 0,57 sedangkan pada tahun 2016,

rasio utang terhadap ekuitas adalah sebesar

0,26. Dengan nilai rasio utang terhadap ekuitas

berada di bawah 2, hal tersebut menunjukkan

komitmen pemegang saham yang terus berusaha

mengakomodir kebutuhan permodalan Perseroan

melalui proporsi pembiayaan utang dan saham

yang optimal.

Pada 2017, rasio utang terhadap aset adalah

sebesar 0,36 sedangkan pada tahun 2016, rasio

utang terhadap aset adalah sebesar 0,21. Terlihat

selama periode-periode tersebut Perseroan

memiliki rasio utang terhadap aset yang baik

dimana nilai rasio di bawah 0,5 menunjukkan

Perseroan memiliki cukup aset untuk dapat

menutupi utang jangka panjangnya.

Kolektibilitas Piutang

Salah satu cara untuk mengukur tingkat

kolektibilitas piutang adalah melalui rasio

perputaran piutang (receivable turnover). Rasio

perputaran piutang Perseroan untuk tahun 2017

adalah 18 hari, sedangkan pada tahun 2016

adalah selama 24 hari. Hal ini masih sesuai dengan

kebijakan Perseroan yaitu 1-30 hari.

2. Solvability Ratio

The Solvability Ratio represents the ability of

the Company and its subsidiaries to settle all

liabilities. This ratio is measured by comparing

the total consolidated amount of liabilities to

total consolidated amount of equity, and the

total consolidated amount of liabilities to total

consolidated amount of assets of the Company.

In 2017, the debt to equity ratio reached 0.57, while

debt to equity ratio of 2016 was 0.26. With the

value of debt ratio to equity ratio below 2, it shows

the commitment of shareholders to continuously

strive to accommodate the Company’s capital

needs through optimizing the proportion of debt

financing and shares.

In 2017, the debt to asset ratio was 0.36 whereas in

2016, the debt to asset ratio was 0.21. In regard to

the ratios recorded at those years, the Company

is observed to have a good debt to asset ratio, in

which the ratio value below 0.5 indicates that the

Company has enough assets to cover its long-

term debt.

Receivables Collectability

One of the ways to measure receivables

collectability rate is through receivable turnover

ratio. The Company’s receivable turnover ratio in

2017 was 18 days, while in 2016 it was 24 days.

These rates were still within the threshold set in

the Company’s policy, namely 1-30 days.

Uraian / Description 2017 2016

Aset Lancar / Current Assets 585.012.548.372 353.087.115.120

Liabilitas Jangka Pendek / Current Liabilities 799.968.546.304 106.632.977.094

Rasio Likuiditas / Liquidity Ratio 0,73 3,31

Rasio Utang Terhadap Ekuitas /Debt to Equity Ratio

2017 2016

Total Liabilitas / Total Liabilities 2.432.987.210.356 1.066.807.147.175

Total Ekuitas / Total Equity 4.234.934.266.288 4.088.946.249.808

Rasio Utang terhadap Ekuitas / Debt to Equity Ratio 0,57 0,26

121

Struktur Modal

Struktur modal Perseroan yang terdiri dari utang

berbasis bunga/sukuk dan ekuitas, sebagai

berikut:

Capital Structure

The Company’s capital structure consisting of

interest bearing debt/sharia bonds and equity is

described below:

STRUKTUR MODAL DAN KEBIJAKAN MANAJEMEN ATAS STRUKTUR MODAL

CAPITAL STRUCTURE AND MANAGEMENT POLICy ON CAPITAL STRUCTURE


Pinjaman / Loans 1.473.215.564.192 786.172.672.154

Kas dan Setara Kas dan Aset Keuangan Jangka Pendek Lainnya / Cash and Cash Equivalents as well as Other Short-Term Financial Assets

(443.987.894.024) (252.133.544.121)

Pinjaman–Bersih/Loans – Net 1.029.227.670.168 534.039.128.033

Ekuitas / Equity 4.234.934.266.288 4.088.946.249.808

RasioPinjaman–BersihterhadapModal/Ratio of Net Loans to Equity

0,24 0,13

Dasar Pemilihan dan Kebijakan Manajemen

atas Struktur Modal

Dalam mengelola permodalannya, Perseroan

senantiasa mempertahankan kelangsungan usaha

serta memaksimalkan Manfaat bagi pemegang

saham dan pemangku kepentingan lainnya.

Perseroan secara aktif dan rutin menelaah dan

mengelola permodalan untuk memastikan

struktur modal dan pengembalian yang

optimal bagi pemegang saham, dengan

mempertimbangkan efisiensi penggunaan modal

berdasarkan arus kas operasi dan belanja modal,

serta mempertimbangkan kebutuhan modal di

masa yang akan datang.

IKATAN MATERIAL UNTUK INVESTASI

BARANG MODAL

Secara berkelanjutan, Perseroan menerapkan

kebijakan investasi yang berfokus pada

kelancaran operasional dan pemenuhan sasaran

jangka panjang. Jenis investasi barang modal

yang dilakukan terutama untuk keperluan proyek

pengembangan dalam bentuk investasi pada Anak

Perusahaan.

Basis of Selection and Management Policy

on Capital Structure

In managing its capital, the Company continues

to maintain business sustainability and maximize

Benefits given to the shareholders and other

stakeholders.

The Company actively reviews and manages

its capital to ensure their capital structure and

provide optimum results for all shareholders. This

is conducted by taking into account the efficiency

in the use of capital based on the cash flows from

operations and capital expenditure, as well as the

needs for capital in the future.

MATERIAL COMMITMENT FOR CAPITAL

GOODS INVESTMENT

The Company constantly implements investment

policies that focus on the flows of operations and

the efforts to meet the long-term target. Capital

goods investment is carried out particularly for the

needs of development projects, i.e. investments in

Subsidiaries.

122

INFORMASI DAN FAKTA MATERIAL YANG

TERJADI SETELAH TANGGAL LAPORAN

AKUNTAN

Perseroan tidak mencatatkan informasi dan fakta

material yang terjadi setelah tanggal laporan

akuntan pada periode tahun buku 2017.

MATERIAL INFORMATION AND FACT

SUBSEQUENT TO ACCOUNTANT REPORT

The Company did not record any material

information and fact occurring subsequent to

the date of public accountant’s report in the 2017

fiscal year.

PERBANDINGAN ANTARA TARGET, REALISASI 2017 DAN PROYEKSI 2018

COMPARISON BETWEEN TARGET, REALIzATION IN 2017, AND PROJECTION FOR 2018

Tujuan investasi barang modal untuk keperluan

pengembangan Perseroan adalah dalam rangka

meningkatkan nilai Perseroan melalui ekspansi.

Sepanjang tahun 2017 Perseroan melakukan

investasi kepada Entitas Asosiasi sebesar

Rp767.102,3 juta, sedangkan pada tahun 2016

sebesar Rp15.041,9 juta.

INVESTASI BARANG MODAL YANG

DIREALISASIKAN PADA TAHUN BUKU

TERAKHIR

Investasi barang modal (capital expenditure) yang

direalisasikan Perseroan pada tahun 2017 adalah

sebagai berikut:

Capital goods investment for the development

of the Company aims to improve the Company’s

values through business expansion. Throughout

the year, the Company carried out investment

activities on the Associate Entities amounting to

Rp767,102.3 million while in 2016 amounting to

Rp15,041.9 million.

CAPITAL GOODS INVESTMENT REALIzED IN

THE LAST FISCAL YEAR

Capital goods investment (capital expenditure)

realized by the Company in 2017 is as follows:

Keterangan / DescriptionJenis Investasi /

Types of InvestmentTujuan / Goals Nilai / Value

Bangunan & Prasarana / Buildings & Infrastructure

Barang modal / Capital goodsEkspansi & operasional / Expansion & operations

153.519.550.728

Peralatan & Perlengkapan / Equipment

Barang modal / Capital goods Operasional / Operations 15.361.684.606

Kendaraan / Vehicles Barang modal / Capital goods Operasional / Operations 575.350.000

Keterangan /Description

TargetRealisasi 2017 /

Realization in 2017Pencapaian /

Achievement (%)Proyeksi 2018 /

Projection for 2018

Pendapatan / Revenues 650.073 595.692 91,63% 694.720

Laba Usaha / Profit from Operations

46.332 89.136 192,39% 113.991

Ekuitas / Equity 4.094.554 4.234.934 103,43% 4.353.033

123

KEBIJAKAN DIVIDEN

Perseroan melalui persetujuan dari Rapat umum

Pemegang Saham Tahunan dalam hal pembagian

dividen dengan rasio pembayaran dividen yang

ditetapkan pada pelaksanaan Rapat umum

Pemegang Saham Tahunan setelah tahun buku.

Selama periode tahun buku 2017, Rapat Umum

Pemegang Saham Tahunan telah setuju untuk

tidak melakukan pembagian dividen. Informasi

mengenai pembagian dividen pada tahun 2016

sebagai berikut:

DIVIDEND POLICY

The Company’s dividend policy is stipulated

through the approval of Annual General Meeting

of Shareholders on the payment of dividend, with

ratio of dividend payment shall be determined in

the Annual General Meeting of Shareholders after

the current fiscal year. During the 2017 fiscal year,

the Annual General Meeting of Shareholders has

approved not to distribute dividend. Information

on dividend payment in 2016 is as follows:

Keterangan / Description 2017 2016

Tanggal Pembayaran Dividen / Date of Dividend Payment Tidak ada pembagian dividen

/ No Dividend payment

14 Juli 2016 /

14 July 2016

Jumlah Dividen Kas per Saham / Total Cash Dividend per Share- Rp1,50

Jumlah Dividen per Tahun yang Dibayar

/ Total Dividend Payment for the Year - Rp16.772.957.598

REALISASI PENGGUNAAN DANA HASIL

PENAWARAN UMUM

Dana hasil Penawaran Umum Saham yang

dilaksanakan pada 19-21 Oktober 2009 adalah

sebagai berikut:

USE OF PROCEEDS FROM PUBLIC OFFERING

Proceeds from the Public Offering of Shares

conducted on 19-21 October 2009 are as follows:

KeteranganDescription

Jumlah Pemesan

Total Subscriber

Jumlah Saham

Total Shares

Jumal Uang Pemesanan (Rp)

Ampount of Subscription (Rp)

%(Perseratus)(Perscent)

Total Penawaran / Total Offering - 180.000.000 20.700.000.000 100,00

Total Pemesanan / Total Subscription 534 179.639.000 20.658.485.000 99,80

Sisa Penawaran / Unsubsribed Shares - 361.000 41.515.000 0,20

Seluruh dana hasil penawaran umum Perseroan

telah digunakan sebagaimana yang tercantum

dalam prospektus.

Sedangkan dana hasil Penawaran Umum

Terbatas I tahun 2015 yang dilakukan dengan

cara menerbitkan Hak Memesan Efek Terlebih

Dahulu kepada Para Pemegang Saham Perseroan,

dan telah mendapat pernyataan efektif dari

Otoritas Jasa Keuangan berdasarkan surat dari

OJK Nomor: S-253/D.04/2015, telah digunakan

sebagaimana yang tercantum dalam prospektus,

sebagai berikut:

All proceeds from public offering of the Company

have been used for the purposes as recorded in

the prospectus.

Meanwhile, proceeds from Rights Issue I of

2015 conducted through Pre-emptive Rights

of the Company’s Shareholders, which have

gained effective statement from the Financial

Services Authority based on the letter of OJK No.

S-253/D.04/2015, have been used for the purposes

as recorded in the prospectus, as follows:

124

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125

Seluruh dana hasil penawaran umum dialokasikan

dan digunakan untuk pengembangan usaha.

Penggunaan dana tersebut juga telah dilaporkan

kepada bursa efek dan Otoritas Jasa Keuangan.

All proceeds from public offering have been

allocated and used for business expansion. The

use of proceeds have been reported to the stock

exchange and Financial Services Authority.

INFORMASI MATERIAL MENGENAI

INVESTASI, EKSPANSI, DIVESTASI,

PENGGABUNGAN/PELEBURAN USAHA,

AKUISISI ATAU RESTRUKTURISASI UTANG/

MODAL

Pada tanggal 28 Februari 2017, berdasarkan akta

notaris No. 12 dari Laurens Gunawan, S.H., M.KN,

Notaris di Tangerang, Perseroan menjual 20.000

saham pemilikan atas PT Indonesia Gemilang

Mahasentosa dengan nilai nominal Rp1.000 per

lembar kepada PT Ormand Capital International,

pihak ketiga.

Pada tahun 2017, Perseroan melakukan pembelian

368.625.034 saham PT Plaza Indonesia Realty

Tbk dengan total harga pembelian sebesar

Rp1.307.956.317.265.

INFORMASI TRANSAKSI MATERIAL YANG

MENGANDUNG BENTURAN KEPENTINGAN

DAN TRANSAKSI DENGAN PIHAK AFILIASI

Pada tahun 2017, Perseroan tidak melakukan

transaksi material yang mengandung benturan

kepentingan. Sedangkan informasi transaksi

dengan pihak afiliasi adalah sebagai berikut:

MATERIAL INFORMATION ON INVESTMENT,

ExPANSION, DIVESTMENT, BUSINESS

MERGER/CONSOLIDATION, ACQUISITION

OR CAPITAL/DEBT RESTRUCTURING

On 28 February 2017, based on notarial deed No.

12 of Laurens Gunawan, S.H., M.KN, Notary in

Tangerang, the Company sold 20,000 shares of PT

Indonesia Gemilang Mahasentosa with nominal

value of Rp1,000 per share to PT Ormand Capital

International, a third party.

In 2017, the Company purchased 368,625,034

shares of PT Plaza Indonesia Realty Tbk with total

price of Rp1,307,956,317,265.

INFORMATION ON MATERIAL TRANSACTION

CONTAINING CONFLICT OF INTEREST AND

TRANSACTION WITH AFFILIATIONS

The Company did not carry out material

transactions containing conflict of interest in

2017. Meanwhile, information on transactions

conducted with affiliated parties is as follows:

Pihak-Pihak yang Terlibat / Parties Involved in the

Transaction

Obyek dan Nilai Transaksi / Object and Value of Transaction Hubungan Afiliasi / Affiliation

PT Mega Biru Selaras Rp552.517.689Entitas anak PT Grahatama Kreasibaru / Subsidiary of PT Grahatama Kreasibaru

PT Java Paradise Island Rp3.700.600 Entitas asosiasi / Associate entity

PT Pop Properti Indonesia Rp2.199.900Entitas anak PT Grahatama Kreasibaru / Subsidiary of PT Grahatama Kreasibaru

126

Dengan menelaah secara seksama latar belakang

serta manfaat dilakukannya transaksi, seluruh

transaksi tersebut telah disetujui oleh para

anggota Direksi dan Dewan Komisaris Perseroan

baik secara bersama-sama maupun sendiri-

sendiri.

PERUBAHAN PERATURAN PERUNDANG-

UNDANGAN YANG BERPENGARUH

SIGNIFIKAN TERHADAP KINERJA

PERUSAHAAN

Sepanjang tahun 2017, tidak ada dampak yang

signifikan terhadap Perseroan dan laporan

keuangan terkait perubahan peraturan dan

perundang-undangan.

PERUBAHAN KEBIJAKAN AKUNTANSI YANG

DITERAPKAN PADA TAHUN BUKU TERAKHIR

Laporan keuangan konsolidasian telah disajikan

sesuai dengan Standar Akuntansi Keuangan di

Indonesia yang mencakup Pernyataan Standar

Akuntansi Keuangan dan Interpretasi Standar

Akuntansi Keuangan yang dikeluarkan oleh

Dewan Standar Akuntansi Keuangan Ikatan

Akuntan Indonesia.

Penerapan dari perubahan interpretasi standar

akuntasi berikut yang berlaku efektif sejak tanggal

1 Januari 2017, tidak menyebabkan perubahan

signifikan atas kebijakan akuntansi Perusahaan

dan tidak memberikan dampak yang material

terhadap jumlah yang dilaporkan di laporan

keuangan konsolidasian tahun berjalan.

Adapun perubahan kebijakan akuntansi yang

diterapkan pada tahun 2017, sebagai berikut:

• Amandemen PSAK 1 “Penyajian Laporan

Keuangan”

By meticulously reviewing the background as well

as benefit of each transaction, the Company’s

Board of Directors and Board of Commissioners

have collectively and individually approved all

transactions.

CHANGES IN LAWS REGULATIONS HAVING

SIGNIFICANT IMPACT ON COMPANY

PERFORMANCE

There was no significant impact due to the

changes in laws and regulations on the Company

and its financial statements in 2017.

CHANGES IN ACCOUNTING POLICIES

IMPLEMENTED IN THE LAST FISCAL YEAR

The presentation of the Company’s Consolidated

Financial Statements has been adjusted to

the prevailing Financial Accounting Standards

in Indonesia, including the Statements and

Interpretations of Financial Accounting Standard,

issued by the Board of Financial Accounting

Standards of the Indonesian Institute of

Accountants.

The implementation of changes in the

interpretations of accounting standard, which

were effective since 1 January 2017, did not

result in significant changes on the Company’s

accounting policies or provided material impacts

on the amount reported in the consolidated

financial statements for the year.

Several accounting policies implemented in 2017

were as follows:

• Amendment to PSAK 1 “Presentation of

Financial Statements”

Pihak-Pihak yang Terlibat / Parties Involved in the Transaction

Obyek dan Nilai Transaksi / Object and Value of Transaction

Hubungan Afiliasi / Affiliation

PT Pop Properti Indonesia Rp15.465.254.161Entitas anak PT Grahatama Kreasibaru / Subsidiary of PT Grahatama Kreasibaru

Utang Usaha / Trade Payables

127

• PSAK 3 (revisi 2016) “Laporan Keuangan

Interim”

• PSAK24(revisi2016)“ImbalanKerja”

• PSAK 58 (revisi 2016) “Aset Tidak Lancar

yang Dimiliki untuk Dijual dan Operasi yang

Dihentikan”

• PSAK 60 (revisi 2016) “Instrumen Keuangan:

Pengungkapan”

• ISAK31“InterpretasiatasRuangLingkupPSAK

13 : Properti Investasi”

• ISAK32“DefinisidanHierarkiStandarAkuntansi

Keuangan”

ASPEK PEMASARAN

Strategi Pemasaran

Guna meraih peluang yang ada, Perseroan

menerapkan beberapa strategi pemasaran

secara berkelanjutan dengan lebih aktif

menyelenggarakan promosi baik melalui media

cetak maupun menyelenggarakan event-event.

Fokus utama juga dilakukan Perseroan yang

mengarah pada penciptaan inovasi-inovasi

bisnis, agar dapat menghasilkan kinerja prima

yang berkesinambungan sehingga peluang

pertumbuhan dapat diraih.

Selain itu, Perseroan juga melakukan ekspansi ke

wilayah-wilayah baru dengan fokus bisnis kepada

pengembangan mixed-use properties yang terdiri

dari hotel, pusat perbelanjaan, dan apartemen.

Pangsa Pasar

Pasar utama Perseroan tersebar di berbagai

wilayah di Indonesia yang menjadi pusat bisnis

dan tujuan wisata, seperti Bali, Batam, Jakarta,

yogyakarta, Bandung, Manado dan Balikpapan,

dengan Pendapatan Usaha pada tahun 2017

mencapai Rp595.692.044.724.

PROSPEK USAHA

Dalam Laporan tiga tahun Pemerintahan Jokowi

disebutkan bahwa tahun 2017 merupakan tahun

kerja dalam rangka pemerataan ekonomi setelah

• PSAK 3 (revised 2016) “Interim Financial

Statement”

• PSAK24(revised2016)“EmployeeBenefits”

• PSAK 58 (revised 2016) “Non-current Assets

Held for Sale and Discontinued Operation”

• PSAK60(revised2016)“FinancialInstruments:

Disclosure”

• ISAK31 “Interpretationon theScopeofPSAK

13 : Investment Property”

• ISAK32“DefinitionandHierarchyofFinancial

Accounting Standards”

MARKETING ASPECT

Marketing Strategy

To seize the existing opportunities, the Company

implements several marketing strategies in a

sustainable manner by aggressively organizing

promotions, either through printed media,

or through events. The main focus of the

Company is directed on the creation of better

business innovations so as to continuously

produce premium performance in order to seize

opportunity for growth.

Moreover, the Company also expanded its

business to various new tourism destinations with

the primary focus on the development of mixed-

use properties, consisting of hotel, shopping

center and apartment.

Market Share

The primary market share of the Company is

spread across various regions in Indonesia that

become the business centers as well as tourism

destinations, such as Bali, Batam, Jakarta,

yogyakarta, Bandung, Manado and Balikpapan,

with Total Revenues of Rp595,692,044,724

recorded in 2017.

BUSINESS OUTLOOK

In the three-year report of Jokowi’s Government,

it is stated that 2017 was the year of work to

create economic equity following the period

128

masa percepatan dan peletakan fondasi Nawacita

di awal pemerintahan Jokowi. Melalui paket-paket

kebijakan ekonomi, pemerintah berkomitmen

untuk menciptakan pusat pertumbuhan ekonomi

baru dan peningkatan produktivitas.

Pemerintah Indonesia mengakui bahwa ada lima

indikator yang menjadi tolok ukur keberhasilan

kinerjanya yakni:

• Stabilitaspertumbuhanekonomipadakisaran

5% semasa pemerintahan Jokowi.

• Inflasiyangterkendalipadakisaran3%

• Penurunanketimpanganpendapatan

• Penurunantingkatpengangguran

• Peningkatandayasaingglobal

Selain itu, Pada tahun 2017 Indonesia dikategorikan

sebagai negara dengan peringkat Layak Investasi

Khusus penilaian oleh Standard and Poor’s (S&P)

dan program Wonderful Indonesia mendapatkan

21 penghargaan dari 10 negara.

Kinerja pemerintah tersebut berdampak pada

industri pariwisata nasional sehingga dari tahun

ke tahun sektor pariwisata terus menjadi andalan

Pemerintah dalam memberikan kontribusi positif

untuk menggerakkan perekonomian nasional.

Dengan berbagai upaya komprehensif, mulai dari

peningkatan pelayanan hingga promosi destinasi-

destinasi baru pariwisata, maka daya saing

pariwisata kita pun terus membaik.

Dengan menggeliatnya industri pariwisata, maka

kinerja Perseroan semakin baik. Perseroan yakin

dapat menghadapi tahun 2018 melalui berbagai

kebijakan strategis serta target peningkatan kinerja

akan mampu meningkatkan performa Perseroan.

Perseroan juga optimis dapat menciptakan

pertumbuhan pada angka yang realistis di masa

mendatang.

Di tengah menurunnya kinerja retail akibat

berkembangnya bisnis e-commerce, Perseroan

tak terkena dampak atas hal tersebut. Perseroan

of acceleration and foundation laying for the

Nawacita concept declared at the beginning of

Jokowi’s administration. Through the economic

stimulus packages, the government is committed

to realizing new centers of economic growth and

increasing productivity.

The Government of Indonesia acknowledges that

there are five indicators that serve as a benchmark

for the success of its performance, namely:

• Stabilityofeconomicgrowthwithintherange

of 5% during Jokowi’s administration.

• Controlledinflationwithintherangeof3%

• Decreaseinincomeinequality

• Decreaseinunemploymentrate

• Improvedglobalcompetitiveness

In 2017, Indonesia managed to be categorized as

one of the countries with a Specialized Investment

Worth rating by Standard and Poor’s (S&P) while

the Wonderful Indonesia program succeeded in

obtaining 21 awards from 10 countries.

These Government’s efforts provide an impact

on the national tourism industry; so that over

the years, the tourism sector continues to be

the mainstay of the Government in creating

positive contribution to drive domestic economy.

Through various comprehensive efforts, ranging

from service upgrades to the promotion of

new tourism destinations, the nation’s tourism

competitiveness continues to improve.

Along with the rising tourism industry, the

Company’s performance is getting better.

The Company is optimistic to be able to face

2018 through various strategic policies ready

to be implemented, as well as performance

improvement targets which will spur the

Company’s personnel to leverage productivity.

In addition, the Company believes that it can

maintain and improve its operations based on the

realistic figures that have been established.

In the midst of declining retail performance due

to the development of e-commerce business,

the Company observes that such condition will

129

masih fokus pada target middle-up di setiap

aktivitas usahanya karena segmen tersebut tak

berpengaruh pada sektor ritel.

Optimisme Perseroan didukung oleh pertumbuhan

ekonomi dalam negeri serta pertumbuhan industri

pariwisata yang berdampak langsung pada

sektor perhotelan yang diperkirakan mengalami

peningkatan karena didorong oleh jumlah

wisatawan asing maupun domestik yang datang.

INFORMASI KELANGSUNGAN USAHA

Hal-Hal yang Berpotensi Berpengaruh

Signifikan terhadap Kelangsungan Usaha

Perseroan

Kondisi perekonomian dalam negeri berperan

penting terhadap pertumbuhan bisnis sektor

perhotelan. Pada tahun 2017, pertumbuhan

ekonomi Indonesia tercatat sebesar 5,07%

mengalami kenaikan dibandingkan pada tahun

2016 yang mencapai 5,03%. Selain itu, terjadinya

beberapa bencana alam yang melanda Indonesia,

khususnya pada peristiwa meletusnya Gunung

Agung telah cukup memberikan pengaruh

terhadap kinerja Perseroan.

Di tengah tahun yang penuh tantangan,

Perseroan berhasil membukukan Laba Bersih

sebesar Rp147.427.151.843, turun 18,80% atau

sebesar Rp34.139.591.017 dibandingkan dengan

tahun sebelumnya sebesar Rp181.566.742.860.

Pertumbuhan ekonomi nasional diperkirakan

terus mengalami peningkatan. Hal ini tentunya

akan berpengaruh positif pada kinerja dan

kelangsungan usaha Perseroan. Meski demikian,

manajemen Perseroan meyakini bahwa tidak

terdapat hal-hal yang berpotensi berpengaruh

signifikan terhadap kelangsungan usaha

Perseroan.

Assessment Manajemen atas Hal-Hal

yang Berpengaruh Signifikan terhadap

Kelangsungan Usaha Perseroan

not have direct impact on its core business. The

company will continue its focus on the middle-up

segment as the target, since this segmentation is

not affected by the retail sector.

The Company optimism is supported by the growth

of domestic economy and tourism industry which

has a direct impact on the hospitality sector. The

Company expects that this sector will experience

improvement due to the rising number of foreign

and domestic tourists visiting Indonesia’s tourism

destinations in the following year.

INFORMATION ON BUSINESS CONTINUITY

Issues with Potentials to Significantly

Influence Company Business Continuity

The domestic economic condition plays a

crucial role in supporting the business growth

of hospitality sector. In 2017, the domestic

economy grew to the level of 5.07%, showing an

increase in comparison to the growth of 2016 at

5.03%. Natural disasters occurring throughout

the year, such as the eruption of Mount Agung,

also provided less-than-positive impact on the

Company’s performance.

Nonetheless, amidst this challenging year,

the Company’s Profit for the year reached

Rp147,427,151,843, while in 2016 was recorded at

Rp181,566,742,860 billion compared, or a decrease

of 18.80% or Rp34,139,591,017. Fortunately, due

to the recovery occurring in domestic economy, it

is predicted that the Company’s performance and

business will also positively improve in years to

come. To that end, the Company’s management

is of the opinion that there are no issues that

have the potential to significantly influence the

Company’s business continuity.

Management Assessment on Issues with

Significant Influence on Company Business

Continuity

130

The management has assessed the Company’s

capacity to sustain its business and believes

that the Company has the resources to improve

its business in the future. The management is

unaware of any material uncertainty that can

cause significant doubts on the Bank’s ability

to maintain its operations. To that end, the

consolidated financial statements have been

prepared on the basis of sustainable business of

the Company.

Assumptions Used by Management in

Conducting Assessment

Several factors that are taken into account by the

management in assessing the Company’s business

continuity encompass financial performance,

solvency, internal issues, and legal cases.

Manajemen telah melakukan penilaian atas

kemampuan Perseroan untuk melanjutkan

kelangsungan usahanya dan berkeyakinan

bahwa Perseroan memiliki sumber daya untuk

melanjutkan usahanya di masa mendatang.

Selain itu, manajemen tidak melihat adanya

ketidakpastian material yang dapat menimbulkan

keraguan yang signifikan terhadap kemampuan

Bank untuk mempertahankan kelangsungan

hidupnya. Oleh karena itu, laporan keuangan

konsolidasian telah disusun atas dasar usaha yang

berkelanjutan.

Asumsi yang Digunakan Manajemen dalam

Melakukan Assessment

Beberapa faktor yang menjadi pertimbangan

manajemen dalam melakukan assessment

terhadap kelangsungan usaha meliputi kinerja

keuangan, solvabilitas, masalah internal, serta

perkara hukum.

133

Tata Kelola PerusahaanGood Corporate Governance

Tata kelola perusahaan yang baik atau Good

Corporate Governance merupakan elemen

penting yang mengarahkan dan mengendalikan

Perseroan agar memberikan nilai tambah bagi

seluruh pemangku kepentingan dan menjadi

perusahaan terbaik. Bagi Perseroan, Good

Corporate Governance menjadi perangkat standar

yang bertujuan untuk memperbaiki citra, efisiensi,

efektivitas dan tanggung jawab sosial Perusahaan.

Perseroan mengembangkan struktur sistem Good

Corporate Governance yang dapat meningkatkan

nilai Perseroan yang kompetitif dan berkualitas.

Penerapan Good Corporate Governance Perseroan

mengacu pada:

• Undang-UndangRepublikIndonesiaNomor40

Tahun 2007 Tentang Perseroan Terbatas

• Undang-UndangRepublikIndonesiaNomor14

Tahun 2008 Tentang Keterbukaan Informasi

Perseroan senantiasa menerapkan best practices

secara konsisten sehingga berimplikasi positif

bagi Perseroan demi memberikan nilai lebih.

Nilai lebih tersebut diciptakan melalui sikap dan

perilaku yang sejalan dengan budaya Perusahaan;

memberikan pelayanan prima, inovatif, efisien

dan efektif; menyelenggarakan riset dan

pengembangan bisnis yang tepat; menyediakan

sistem pengendalian internal yang dapat menjamin

akuntabilitas; menciptakan iklim usaha yang sehat;

serta senantiasa memelihara keberlanjutan bisnis

Perseroan.

Good Corporate Governance is an essential el-

ement that directs and governs the Company in

order to provide added values for all stakeholders

and become the leading company in the nation.

For the Company, Good Corporate Governance

serves as a standard tool aiming at improving the

image, efficiency, effectiveness and social respon-

sibility of the Company. The structure of Compa-

ny’s Good Corporate Governance system is con-

tinuously developed as well in order to elevate the

Company’s values so as to be more competitive

and qualified. In implementing Good Corporate

Governance in its business, the Company refers

to:

• Law of the Republic of Indonesia No. 40 of

2007 regarding Limited Liability Companies

• Law of the Republic of Indonesia No. 14 of

2008 regarding Information Disclosure

The Company continuously implements the best

practices of Good Corporate Governance so

as to have positive impact on its operations and

business in order to provide added values. These

added values are created through behavior and

attitude that are in line with Company’s culture

so that the Company can provide premium, in-

novative, effective and efficient services; conduct

proper business research and development; pro-

vide internal control system that can guarantee

accountability; and create sound business climate

and maintain the Company’s business in a sustain-

able manner.

DASAR DAN TUJUAN PENERAPAN TATA KELOLA PERUSAHAAN YANG BAIK

BASIS AND PURPOSE OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION

134

TRANSPARANSI

Perseroan menerapkan prinsip transparansi de-

ngan menyediakan sarana komunikasi yang efektif

dan responsif dalam memperoleh informasi me-

ngenai perusahaan, sehingga seluruh Pemangku

Kepentingan mampu memahami kinerja dan tin-

dakan Perseroan.

AKUNTABILITAS

Perseroan menerapkan prinsip akuntabilitas de-

ngan mengoptimalkan kinerja dan peran setiap

individu Perseroan sehingga seluruh aksi dan

kegiatan Perseroan berjalan dengan efektif dan

efisien.

PERTANGGUNGJAWABAN

Perseroan menerapkan prinsip pertanggung-

jawaban dengan bertanggung jawab terhadap

masyarakat dan lingkungan terkait, mematuhi

peraturan yang berlaku, serta menghindari sega-

la transaksi yang dapat merugikan pihak ketiga

maupun pihak lain di luar ketentuan yang telah di-

sepakati.

INDEPENDENSI

Perseroan menerapkan prinsip independensi de-

ngan mengelola peran dan fungsi yang dimiliki

secara mandiri tanpa ada tekanan dari pihak mana

pun yang tidak sesuai dengan peraturan yang ber-

laku dan prinsip serta tata nilai perusahaan.

KEWAJARAN DAN KESETARAAN

Perseroan menerapkan prinsip kesetaraan dengan

memperhatikan hak setiap Pemangku Kepenting-

an secara adil sesuai dengan peraturan per-

undang-undanganyang berlaku. Perseroan me-

nerapkan prinsip kewajaran dengan memenuhi

hak setiap Pemangku Kepentingan dengan tetap

memperhatikan kaidah dan peraturan perusahaan.

TRANSPARENCY

The Company implements transparency principle

by providing effective and responsive communi-

cation methods in acquiring information about

the Company. By doing so, all stakeholders may

study the Company’s performance and actions.

ACCOUNTABILITY

The Company implements accountability princi-

ple by optimizing performance and roles of each

individual for an effective and efficient Company’s

actions and activities.

RESPONSIBILITY

The Company implements responsibility principle

by taking responsibility to the public and the en-

vironment, complying with the prevailing regula-

tions and avoiding any transaction that disadvan-

tage any third party or other parties outside of the

stipulated regulations.

INDEPENDENCY

The Company implements independency prin-

ciple by managing its roles and functions inde-

pendently, without pressure from other parties

that violates the prevailing regulations and the

company’s principles and ethic codes.

FAIRNESS AND EQUALITY

The Company implements equality principle by

taking into account the stakeholders’ rights in

accordance with the prevailing regulations. The

Company implements fairness principle by meet-

ing the stakeholders’ rights, in consideration of

the company’s rules and regulations.

PRINSIP-PRINSIP TATA KELOLA PERUSAHAAN

GOOD CORPORATE GOVERNANCE PRINCIPALS

135

PROSEDUR PENILAIAN

Sebagai bagian dari proses penerapan Good Cor-

porate Governance yang berkelanjutan, Perseroan

melaksanakan assessment penerapan Good Cor-

porate Governance dari tahun ke tahun, baik yang

dilakukan oleh konsultan independen maupun

self assessment. Assessment tersebut dilakukan

dalam rangka memperoleh gambaran mengenai

kondisi penerapan Good Corporate Governance

terhadap praktik terbaik di lingkungan Perseroan

serta mengidentifikasi bidang-bidang yang me-

merlukan perbaikan lebih lanjut.

KRITERIA YANG DIGUNAKAN DAN PIHAK

YANG MELAKUKAN ASSESSMENT

Penilaian penerapan Good Corporate Govern-

ance Perseroan dilakukan secara internal (self

assessment) berdasarkan kriteria yang digunakan

sesuai dengan Peraturan Otoritas Jasa Keuangan

No. 21 tahun 2015 tentang Penerapan Pedoman

Tata Kelola Perusahaan Terbuka.

Hasil Penilaian Penerapan Tata Kelola PerusahaanResult of Good Corporate Governance Implementation Assessment

ASSESSMENT PROCEDURES

As a part of sustainable implementation process of

Good Corporate Governance, the Company con-

ducts assessment on its implementation of Good

Corporate Governance annually, either through

self-assessment or by utilizing the service on an

independent consultant. Such assessment is per-

formed in order to obtain understanding on the

condition of Good Corporate Governance imple-

mentation in regard to its best practices within the

Company as well as to identify the fields requiring

further improvement.

ASSESSMENT CRITERIA AND ASSESSORS

Assessment of Good Corporate Governance im-

plementation in the Company is conducted in-

ternally (self-assessment) using criteria that refer

to the Regulation of Financial Services Authority

No. 21 of 2015 on Implementation of Governance

Guidelines for Public Companies.

PENILAIAN PENERAPAN TATA KELOLA PERUSAHAAN

UNTUK TAHUN BUKU 2017

ASSESSMENT OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION

IN 2017 FISCAL yEAR

No Aspek Tata Kelola / Governance AspectBobot / Value

Capaian / AchievementPenjelasan / DescriptionSkor /

Score(%)

I Komitmen Terhadap Penerapan Tata Kelola secara Berkelanjutan / Commitment to Sustainable Good Corporate Governance Implementation

35% 85 29,75 Baik / Good

II Pemegang Saham dan RUPS/Pemilik Modal / Shareholders and GMS/Investors

30% 80 24 Baik / Good

III Dewan Komisaris/Dewan Pengawas / Board of Commissioners/Supervisory Board

10% 80 8 Baik / Good

IV Direksi / Board of Directors 10% 80 8 Baik / Good

V Pengungkapan Informasi dan Transparansi / Information Disclosure and Transparency

10% 85 8,50 Baik / Good

VI Faktor Lainnya / Other Factors 5% 80 4 Baik / Good

TOTAL 100,00 82,25 BAIK / GOOD

136

Berdasarkan hasil Assessment Good Corporate

Governance, penerapan Good Corporate Gov-

ernance Perseroan pada tahun buku 2017 mem-

peroleh skor Good Corporate Governance sebe-

sar 82,25 (100 merupakan nilai sempurna). Hal ini

membuktikan bahwa Perseroan secara konsisten

terus menerapkan prinsip-prinsip Good Corpo-

rate Governance di Perseroan dan selalu berupaya

untuk melakukan inovasi-inovasi di bidang Good

Corporate Governance.

REKOMENDASI

Assessment terhadap penerapan Good Corpo-

rate Governance di Perseroan menjadi masukan

yang penting bagi penerapan Good Corporate

Governance pada masa yang akan datang. Pener-

apan Good Corporate Governance menjadi lebih

bermakna dan rencana perbaikan/penyempur-

naannya senantiasa dilakukan secara berkala. Tin-

dak lanjut atas rencana aksi yang didasari dengan

komitmen semua pihak terkait akan meningkat-

kan performance dan good corporate image PT

Indonesian Paradise Property Tbk.

Sesuai dengan Undang-undang No. 40 tahun

2007 Bab I Mengenai Ketentuan Umum Pasal 1,

Organ Perseroan terdiri dari Rapat Umum Pe-

megang Saham, Dewan Komisaris dan Direksi.

• RapatUmumPemegangSahamadalahorgan

Perseroan yang mempunyai wewenang yang

tidak diberikan kepada Direksi atau Dewan

Komisaris dalam batas yang ditentukan dalam

Undang Undang dan/atau Anggaran Dasar.

• Dewan Komisaris adalah organ Perseroan

yang bertugas melakukan pengawasan secara

umum dan/atau khusus sesuai dengan Angga-

ran Dasar serta memberi saran kepada Direksi.

• Direksi adalah organ Perseroan yang ber-

wenang dan bertanggung jawab penuh atas

pengurusan Perseroan untuk kepentingan Per-

Based on the results of Good Corporate Govern-

ance Assessment, the Company’s Good Corpo-

rate Governance implementation in the 2017 fis-

cal year obtained a score of 82 (out of the perfect

score of 100). This proves that the Company con-

sistently applies the principles of Good Corporate

Governance and always strives to make innova-

tions in the field of Good Corporate Governance.

RECOMMENDATION

Assessment on Good Corporate Governance im-

plementation in the Company becomes an im-

portant input for the implementation of Good

Corporate Governance in the future. Good Cor-

porate Governance implementation becomes

more meaningful and its improvement plan is

always conducted regularly. Follow-up of action

plan that is based on the commitment of all re-

lated parties will improve performance and good

corporate image of PT Indonesian Paradise Prop-

erty Tbk.

Pursuant to the Chapter I, Article I of Law No. 40

of 2007 regarding General Provision, the Compa-

ny’s organs consist of General Meeting of Share-

holders, Board of Commissioners and Board of

Directors.

• GeneralMeeting of Shareholders is an organ

of the Company with an authority that is not

granted to the Board of Directors and Board of

Commissioners within the limit set in the Laws

and/or Articles of Association.

• Board of Commissioners is an organ of the

Company with a function to conduct general

and/or specific supervision in accordance with

the Articles of Association and to provide ad-

vice to the Board of Directors.

• BoardofDirectorsisanorganoftheCompa-

ny with the full authority and responsibility for

managing the Company, for the Company’s

STRUKTUR TATA KELOLA

GOVERNANCE STRUCTURE

137

RAPAT UMUM PEMEGANG SAHAM

GENERAL MEETING OF SHAREHOLDERS

seroan, sesuai dengan maksud dan tujuan Per-

seroan serta mewakili Perseroan, baik di dalam

maupun di luar pengadilan sesuai dengan ke-

tentuan Anggaran Dasar.

Rapat Umum Pemegang Saham merupakan or-

gan Perseroan menjadi wadah Para Pemegang

Saham untuk mengambil keputusan penting yang

berkaitan dengan operasional Perseroan, dengan

memerhatikan ketentuan Anggaran Dasar Perse-

roan dan peraturan perundang-undangan, ter-

utama Peraturan Otoritas Jasa Keuangan Nomor

32/POJK.04/2014 tentang Rencana Dan Penye-

lenggaraan Rapat Umum Pemegang Saham Pe-

rusahaan Terbuka. Keputusan yang diambil da-

lam Rapat Umum Pemegang Saham didasarkan

pada kepentingan usaha Perseroan dalam jangka

panjang.

Pada tahun 2017, Perseroan menyelenggarakan

Rapat Umum Pemegang Saham Tahunan yang

dilaksanakan pada tanggal 12 Mei 2017 bertempat

di HARRIS Hotel, Tebet – Jakarta, Jalan Doktor

Saharjo nomor 191, Jakarta 12960.

interest in accordance with its objectives and

purposes, and for representing the Company

both inside and outside the court in accord-

ance with the Articles of Association.

General Meeting of Shareholders is the Compa-

ny’s instruments that serves as a medium for the

shareholders to make important decision on the

Company’s operations. The decision-making

process is conducted by taking into account the

Company’s Articles of Association and the regu-

lations, particularly Financial Services Authority

Regulation Number 32/POJK.04/2014 on the Plan

and Holding of General Meeting of Sharehold-

ers for Public Companies. Decisions made in the

General Meeting of Shareholders are based on the

Company’s business interests in the long term.

On 12 May 2017, the Company convened Annual

General Meeting of Shareholders at HARRIS Hotel,

Tebet–Jakarta,JalanDoktorSaharjonomor191,

Jakarta 12960.

KEPUTUSAN RAPAT UMUM PEMEGANG

SAHAM TAHUNAN TAHUN 2017

Selama tahun 2017, Perseroan telah mengadakan

satu kali Rapat Umum Pemegang Saham Tahunan

yang telah dinyatakan dan diaktakan di hadapan

Notaris melalui berita acara sebagai berikut:

1. Akta Berita Acara Rapat Umum Pemegang Sa-

ham Tahunan No. 71, tanggal 12 Mei 2017, di-

buat dihadapan Doktor Irawan Soerodjo, SH.,

MSi., Notaris di Jakarta.

Akta secara garis besar mengatur dan menyetu-

jui hal-hal sebagai berikut:

• Persetujuan dan pengesahan Laporan Ta-

hunan Perseroan tahun buku 2016, ter-

RESOLUTIONS OF 2017 ANNUAL GENERAL

MEETING OF SHAREHOLDERS

During 2017, the Company has convened one An-

nual General Meetings of Shareholders which has

been stated and notarized before a Notary in the

following records:

1. Deed of Minutes of Annual General Meeting of

Shareholders No. 71, dated 12 May 2017, drawn

up before Doktor Irawan Soerodjo, SH., MSi.,

Notary in Jakarta.

The deed regulates and approves the following

points:

• Approval and validation of the Company’s

Annual Report for 2016 fiscal year, includ-

138

masuk Laporan Kegiatan Perseroan, Lapo-

ran Tugas Pengawasan Dewan Komisaris

dan Laporan Keuangan tahun buku 2016

dan pembebasan tanggung jawab sepenuh-

nya (acquit et de charge) kepada Direksi dan

Dewan Komisaris Perseroan.

• Penetapan penggunaan laba bersih tahun

buku 2016.

• Penentuangaji,honorariumdantunjangan

lainnya bagi anggota Direksi dan Dewan

Komisaris.

• Penunjukan Akuntan Publik Independen

yang akan mengaudit laporan keuangan

dan pemberian wewenang kepada Direksi

Perseroan untuk menetapkan honorarium

Akuntan Publik Independen tersebut serta

persyaratan lainnya.

• Penyajian laporan realisasi penggunaan

dana Penawaran Umum Terbatas I kepada

para pemegang saham.

KEPUTUSAN RAPAT UMUM PEMEGANG

SAHAM TAHUNAN TAHUN 2016

Pada tahun 2016, agenda, keputusan dan realisa-

si keputusan Rapat Umum Pemegang Saham Ta-

hunan 2016 adalah sebagai berikut:

ing Report on the Company’s Activity, Re-

port Board of Commissioners Supervisory

Duties and Financial Statements for 2016

fiscal year, as well as the granting of full re-

lease and discharge (acquit et de charge) to

Board of Directors and Board of Commis-

sioners.

• Determinationofnetprofitusagefor2016

fiscal year.

• Determination of salary, honorarium and

other allowances for members of Board of

Directors and Board of Commissioners.

• Appointment of Independent Public Ac-

countant that will audit financial statements

and authority granting to Board of Directors

to determine the honorarium for Independ-

ent Public Accountant and other require-

ments.

• Presentation of the report on the use of

proceeds from Right Issue I to the Share-

holders.

RESOLUTIONS OF THE 2016 ANNUAL

GENERAL MEETING OF SHAREHOLDERS

The agenda, resolutions and realization of the res-

olutions of the 2016 Annual General Meeting of

Shareholders are as follows:

Agenda dan Keputusan / Agenda and ResolutionRealisasi /

Realization

Persetujuan dan pengesahan Laporan Tahunan Perseroan tahun buku 2015, termasuk Laporan Kegiatan Perseroan, Laporan Tugas Pengawasan Dewan Komisaris dan Laporan Keuangan tahun buku 2015 dan pembebasan tanggung jawab sepenuhnya (acquit et de charge) kepada Direksi dan Dewan Komisaris Perseroan.Approval and validation of the Company’s Annual Report for 2015 fiscal year, including Report on Company Activities, Report on Board of Commissioners Monitoring Duties and Financial Statements for 2015 fiscal year and the granting of full release and discharge (acquit et de charge) to the Board of Directors and Board of Commissioners.

TerealisasiRealized

Penetapan penggunaan laba bersih tahun buku 2015.Determination of net profit usage for 2015 fiscal year.

TerealisasiRealized

Penunjukan Akuntan Publik Inpenden yang akan mengaudit laporan keuangan dan pemberian wewenang kepada Direksi Perseroan untuk menetapkan honorarium Akuntan Publik Independen tersebut serta persyaratan lainnya.Appointment of Independent Public Accountant that will audit financial statements and authority granting to Board of Directors to determine the honorarium for Independent Public Accountant and other requirements.

TerealisasiRealized

139

Dewan Komisaris merupakan organ Perseroan

yang mewakili Pemegang Saham. Dewan

Komisaris bertanggung jawab dalam melakukan

pengawasan serta memberikan saran kepada

Direksi dalam menjalankan kegiatan kepengurusan

Perseroan sesuai dengan Anggaran Dasar yang

ditetapkan dan peraturan perundang-undangan

yang berlaku.

Dewan Komisaris juga berwenang dalam

mengawasi serta memastikan bahwa Direksi selalu

mengedepankan kepentingan Pemegang Saham

dan kebutuhan Perseroan, serta memastikan

terlaksananya prinsip-prinsip Tata Kelola

Perusahaan yang baik secara efektif dan efisien.

SUSUNAN ANGGOTA DEWAN KOMISARIS

Dewan Komisaris diangkat melalui Rapat Umum

Pemegang Saham. Tercatat hingga 31 Desember

2017, komposisi Dewan Komisaris terdiri dari

Board of Commissioners is the Company’s

instrument that represents the shareholders. Board

of Commissioners is responsible to monitor and

provide advice to Board of Directors in engaging

the Company’s management activities pursuant

to the Articles of Association and regulations in

force.

Board of Commissioners is also responsible

to monitor and ensure that Board of Directors

puts forward the Shareholders’ interests and the

Company’s needs and the effective and efficient

implementation of Good Corporate Governance

principles.

COMPOSITION OF BOARD OF

COMMISSIONERS

Board of Commissioners is appointed through the

General Meeting of Shareholders. As of 31 December

2017, Board of Commissioners’ composition

DEWAN KOMISARIS

BOARD OF COMMISSIONER

Agenda dan Keputusan / Agenda and ResolutionRealisasi /

Realization

Menjadikan jaminan utang kekayaan Perseroan yang merupakan lebih dari 50% (lima puluh persen) jumlah kekayaan bersih Perseroan dalam 1 (satu) transaksi atau lebih, baik yang berkaitan satu sama lain maupun tidak.To encumber the Company’s net asset with value of more than 50% (fifty percent) of the Company’s net asset in 1 (one) transaction or more which either correlates or does not correlate with each other.

TerealisasiRealized

Penentuan gaji, honorarium dan tunjangan lainnya bagi anggota Direksi dan Dewan Komisaris.Determination of salary, honorarium and other allowances for the members of Board of Directors and Board of Commissioners.

TerealisasiRealized

Laporan Realisasi Penggunaan Dana Penawaran Umum Terbatas IReport on the Realization of Use of Proceeds from Rights Issue I Terealisasi

Realized

Sedangkan realisasi keputusan Rapat Umum Pe-

megang Saham Luar Biasa pada tahun 2016 ada-

lah sebagai berikut:

Meanwhile the realization of resolutions of 2016

Extraordinary General Meeting of Shareholders is

as follows:

140

GUIDELINES OR CHARTER OF BOARD OF

COMMISSIONERS

The duties and responsibilities of Board of

Commissioners are conducted in reference to the

Company’s Articles of Association and prevailing

laws and regulations, which serve as the Guidelines

or Charter of Board of Commissioners. This charter

is continuously improved and adjusted according

to the regulations that prevail in Indonesia and

binds each member of the Company’s Board of

Commissioners.

IMPLEMENTATION OF BOARD OF

COMMISSIONERS DUTIES AND

RESPONSIBILITIES

Pursuant to the Articles of Association and

regulations of Good Corporate Governance, the

Board of Commissioners functions to monitor

Board of Directors’ action and provide advice on

operational management.

In details, Board of Commissioners’ key duties

are regulated in Law No. 40 of 2007 on Limited

PEDOMAN ATAU PIAGAM (CHARTER)

DEWAN KOMISARIS

Pelaksanaan tugas dan tanggung jawab Dewan

Komisaris mengacu Anggaran Dasar Perseroan

serta peraturan perundang-undangan yang

berlaku dan menjadi Pedoman Tata Tertib Kerja

Dewan Komisaris. Pedoman Tata Tertib Kerja

Dewan Komisaris senantiasa disempurnakan

dan disesuaikan sesuai dengan peraturan dan

ketentuan yang berlaku di Indonesia yang

mengikat bagi setiap anggota Dewan Komisaris.

PELAKSANAAN TUGAS DAN TANGGUNG

JAWAB DEWAN KOMISARIS

Sesuai dengan Anggaran Dasar Perseroan serta

peraturan terkait tata kelola perusahaan yang

baik, Dewan Komisaris bertugas untuk mengawasi

tindakan Direksi dan memberikan nasihat kepada

Direksi terkait pengurusan operasional Perseroan.

Secara lebih terperinci, tugas pokok Dewan

Komisaris Perseroan diatur dalam Undang-

seorang Presiden Komisaris, dengan 3 (tiga)

orang anggota Komisaris. Adapun komposisi

Dewan Komisaris Perseroan berdasarkan Akta

Pernyataan Keputusan Rapat No. 144, tanggal 12

Juni 2015, dibuat di hadapan Dr. Irawan Soerodjo,

SH., MSi., Notaris di Jakarta, sebagaimana telah

diterima pemberitahuannya oleh Menteri Hukum

dan Hak Asasi Manusia melalui Surat Penerimaan

Pemberitahuan Perubahan Data Perseroan No.

AHU-AH.01.03-0941519, tanggal 15 Juni 2015,


consists of one President Commissioner and a

total of 3 (three) Commissioners. Based on Deed

of Meeting Resolution No. 144, dated 12 June

2015, drawn up before Dr. Irawan Soerodjo,

SH., MSi., Notary in Jakarta, of which the

notification has been received by the Ministry

of Justice and Human Rights through Receipt

of Notification of the Company’s Data Change

No. AHU-AH.01.03-0941519, dated 15 June

2015, the composition of Company’s Board of

Commissioners is as follows:

Nama / Name Jabatan / Position

Todo Sihombing Presiden Komisaris merangkap Komisaris Independen / President Commissioner cum Independent Commissioner

Hadi Cahyadi Wakil Presiden Komisaris merangkap Komisaris Independen / Vice President Commissioner cum Independent Commissioner

Amelia Gozali Komisaris / Commissioner

Karel Patipeilohy Komisaris / Commissioner

141

Undang Nomor 40 tahun 2007 tentang Perseroan

Terbatas, Peraturan Otoritas Jasa Keuangan

Nomor 33 /POJK.04/2014 tentang Direksi Dan

Dewan Komisaris Emiten Atau Perusahaan Publik

dan Anggaran Dasar Perseroan. Anggaran Dasar

Perseroan sendiri mewajibkan Direksi untuk

meminta persetujuan terlebih dahulu dari Dewan

Komisaris sebelum melakukan tindakan-tindakan

yang penting dan material. Pemberian persetujuan

dari Dewan Komisaris tertuang dalam Persetujuan

Dewan Komisaris yang khusus dibuat terkait hal

tersebut.

KEBIJAKAN MENGENAI PENILAIAN KINERJA

DEWAN KOMISARIS

Penilaian kinerja Dewan Komisaris dilakukan

dengan metode self assessment yang akan

dilakukan setiap tahun. Kriteria penilaian yang

digunakan adalah pengkajian pelaksanaan tugas

dan tanggung jawab berdasarkan pedoman kerja

Dewan Komisaris.

PENILAIAN KINERJA KOMITE DI BAWAH

DEWAN KOMISARIS

Perseroan memiliki komite yang bertugas

membantu pengawasan Dewan Komisaris,

sepanjang 2017 komite sangat membantu Dewan

Komisaris melalui saran dan rekomendasinya

untuk mengarahkan pengelolaan Perseroan.

Komite telah menjalankan tugasnya dengan baik

berdasarkan pembahasan dalam rapat Dewan

Komisaris.

Liability Companies, Regulation of Financial

Services Authorities No. 33/POJK.04/2014 on

Board of Directors and Board of Commissioners

of Issuers or Public Companies and Company’s

Articles of Association. As stipulated in the Articles

of Association, the Board of Directors must request

for Board of Commissioners’ approval prior to

performing significant and material actions.

Approval granting from Board of Commissioners

is stated in Board of Commissioners Approval,

which is particularly drafted for such purpose.

PERFORMANCE ASSESSMENT POLICY FOR

BOARD OF COMMISSIONERS

The Board of Commissioners’ performance is

assessed using self-assessment method that is

conducted annually. Assessment criteria include

reviewing the duties and responsibilities based on

the Charter for Board of Commissioners.

PERFORMANCE ASSESSMENT OF

COMMITTEES UNDER BOARD OF

COMMISSIONERS

The Company has established several committees

that are tasked to assist the supervisory function

of Board of Commissioners. In 2017, these

committees provided remarkable assistance

through their inputs and recommendations in

directing the Company’s management. The

Committees have also conducted their duties

properly based on the discussion in the meetings

of Board of Commissioners.

KOMISARIS INDEPENDEN

INDEPENDENT COMMISSIONER

KRITERIA

Anggota Komisaris Independen dipilih berdasarkan

kriteria sesuai dengan peraturan dan perundang-

undangan yang berlaku. Dari sisi kuantitas, jumlah

Komisaris Independen Perseroan juga telah

memenuhi kriteria yang ditetapkan yakni sebanyak

CRITERIA

The Independent Commissioner is appointed

based on the criteria stipulated in accordance with

the prevailing laws and regulations. In terms of

quantity, total Independent Commissioners in the

Company have met the set criteria, namely 30%,

142

paling kurang 30% dari total anggota Dewan

Komisaris. Berikut kriteria Komisaris Independen:

- tidak mempunyai saham baik langsung mau-

pun tidak langsung pada Perseroan;

- tidak mempunyai hubungan afiliasi dengan

Perseroan, anggota Dewan Komisaris, anggota

Direksi, atau pemegang saham utama; dan

- tidak mempunyai hubungan usaha baik

langsung maupun tidak langsung yang ber-

kaitan dengan kegiatan usaha Perseroan.

PERNYATAAN INDEPENDENSI

Komisaris Independen adalah anggota Dewan

Komisaris yang berasal dari luar Perseroan

dan memenuhi persyaratan sebagai Komisaris

Independen sebagaimana dimaksud dalam

Peraturan Otoritas Jasa Keuangan.

Direksi merupakan organ Tata Kelola Perusahaan

yang bertugas dan bertanggung jawab secara

kolegial dalam melaksanakan pengurusan

Perseroan sesuai dengan kepentingan dan tujuan

Perseroan serta bertindak selaku pimpinan dalam

pengurusan tersebut.

SUSUNAN ANGGOTA DIREKSI

Berdasarkan Akta Pernyataan Keputusan Rapat

No. 15, tanggal 10 Juni 2016, komposisi Direksi

Perseroan pada tanggal 31 Desember 2017 adalah

sebagai berikut:

DIREKSI

BOARD OF DIRECTORS

at the minimum, of the total members of Board

of Commissioners. The criteria for Independent

Commissioner are as follows:

- possess no shares, either directly or indirectly

in the Company;

- have no affiliated with the Company, members

of Board of Commissioners, Board of Directors

or majority shareholders; and

- have no business relations, either directly or

indirectly, with the Company’s business activi-

ties.

INDEPENDENCY STATEMENT

Independent Commissioner is a member of Board

of Commissioners who originates from outside

of the Company and meets the requirements for

Independent Commissioner as stipulated in the

Financial Services Authority Regulation.

Board of Directors is the Company’s instrument

that collectively serves and takes responsibilities

in managing the Company in accordance with the

Company’s interests and goals and to take actions

as head of the management.

COMPOSITION OF BOARD OF DIRECTORS

Pursuant to the Deed of Meeting Resolution

No. 15, dated 10 June 2016, the composition of

Company’s Board of Directors as of 31 December

2017 is as follows:


Agoes Soelistyo Santoso Presiden Direktur / President Director

Anthony Prabowo Susilo Wakil Presiden Direktur / Vice President Director

Alexander Nartates Nartates Direktur Independen / Independent Director

Patrick Santosa Rendradjaja Direktur / Director

Diana Solaiman Direktur / Director

143

PERNYATAAN MENGENAI PEDOMAN ATAU

PIAGAM (CHARTER) DIREKSI

Pelaksanaan tugas dan tanggung jawab Direksi

mengacu pada Anggaran Dasar Perseroan dan

peraturan perundang-undangan yang berlaku

di Indonesia serta mengikat bagi setiap anggota

Direksi. Hal itu menjadi Pedoman dan Tata Tertib

kerja Direksi yang harus dipatuhi dan dijalankan

dengan penuh tanggung jawab.

TUGAS DAN TANGGUNG JAWAB DIREKSI

Secara umum, tugas dan tanggung jawab Direksi

adalah:

• Bertanggung jawab atas pengurusan Perse-

roan untuk kepentingan Perseroan sesuai dan

dalam mencapai maksud dan tujuan Perse-

roan.

• BertanggungjawabatasseluruhtindakanPer-

seroan dan memiliki kuasa, kewenangan dan

tugas yang melekat pada dirinya sesuai dengan

hukum terkait dan Anggaran Dasar Perseroan.

• Memperhatikan kepentingan Perseroan se-

cara keseluruhan, termasuk para pemegang

saham, karyawan, pelanggan, serta tanggu-

ng jawab sosial dan hukum Perseroan kepada

masyarakat tempat Perseroan beroperasi dan

lingkungan nya.

• Menerapkan Tata Kelola Perseroan yang baik

pada seluruh tingkat organisasi.

• Bertanggungjawabatasmanajemen,danpen-

capaian kinerja Perseroan.

• Bertanggung jawab penuh atas manajemen

risiko dan untuk meninjau keefektifan sistem

pengendalian internal dan manajemen risiko.

• MewakiliPerseroandidalamdandiluarpeng-

adilan.

RUANG LINGKUP TUGAS DAN TANGGUNG

JAWAB MASING-MASING ANGGOTA DIREKSI

Agoes Soelistyo Santoso – Presiden Direktur

● Mengkoordinasikan semua fungsi Direksi.

STATEMENT ON GUIDELINES OR CHARTER

OF BOARD

The duties and responsibilities of Board of

Directors are conducted in reference to the

Company’s Articles of Association and prevailing

laws and regulations, which bind each member

of the Company’s Board of Directors. The Charter

also serves as the Guidelines or Charter of Board of

Directors that must be obeyed and implemented

responsibly.

DUTIES AND RESPONSIBILITIES OF BOARD

OF DIRECTORS

In general, the duties and responsibilities of Board

of Directors are as follows:

• Beingresponsibleforthemanagementofthe

Company, for the interest of the Company

in accordance with and in order to attain the

goals and purposes of the Company.

• BeingresponsibleforallactionsoftheCompa-

ny and having the power, authority and duties

that are incorporated in their positions in ac-

cordance with the related laws and Articles of

Association.

• Takingintoaccounttheoverallinterestsofthe

Company, including those of the shareholders,

employees, customers, and social responsibil-

ity and legal aspect to the community and en-

vironment in which the Company operates.

• Implementing good corporate governance

within all organization levels.

• Being responsible for the management and

performance achievement of the Company/

• Havingthefull responsibilityonriskmanage-

ment and the obligation to review the effec-

tiveness of internal control system and risk

management.

• Representing the Company both inside and

outside the court.

SCOPE OF DUTIES AND RESPONSIBILITIES

OF EACH MEMBER OF BOARD OF DIRECTORS

Agoes Soelistyo Santoso – President Director

● Coordinating all functions of the Board of

Directors.

144


– Wakil Presiden Direktur

● Bertanggung jawab atas pengawasan operasi

perusahaan & unit-unit usaha.


– Direktur Independen

● Bertanggung jawab dalam bidang Investor Re-

lations & Business Development.

Patrick Santosa Rendrajaja – Direktur

● Bertanggung jawab dalam bidang Project De-

velopment.

Diana Solaiman – Direktur

● Melakukan fungsi dan pengawasan dalam bi-

dang Keuangan dan Akuntansi.

KEBIJAKAN PERUSAHAAN TENTANG

PENILAIAN TERHADAP KINERJA ANGGOTA

DIREKSI

Penilaian kinerja Direksi dilakukan dengan metode

self assessment yang akan dilakukan setiap

tahun. Kriteria penilaian yang digunakan adalah

pengkajian pelaksanaan tugas dan tanggung jawab

berdasarkan pedoman Direksi yang telah disusun

Perseroan, antara lain meliputi kinerja keuangan

dan usaha, penerapan Tata Kelola Perseroan

yang baik dan kepatuhan atas peraturan yang

berlaku. Evaluasi tersebut, baik secara perorangan

maupun kolektif selanjutnya akan disampaikan

kepada Dewan Komisaris untuk dievaluasi Dewan

Komisaris.

KEBERAGAMAN KOMPOSISI DEWAN

KOMISARIS DAN DIREKSI

Seluruh anggota Dewan Komisaris dan Direksi

mempunyai beragam keahlian, pengetahuan

dan pengalaman yang dibutuhkan Perseroan.

Uraian kebijakan tertulis Perusahaan mengenai

keberagaman komposisi Dewan Komisaris dan

Direksi dalam keahlian, pengalaman, serta

kualifikasi personal tercantum dalam Piagam

Dewan Komisaris dan Piagam Direksi .


– Vice President Director

● Being responsible for monitoring the

operations of the Company and business units.


– Independent Director

● Being responsible in the field of Investor

Relations & Business Development.

Patrick Santosa Rendrajaja – Director

● Being responsible in the field of Project

Development.

Diana Solaiman – Director

● Conducting the function and monitoring

activity in the field of Finance and Accounting.

PERFORMANCE ASSESSMENT POLICY FOR

MEMBERS OF BOARD OF DIRECTORS

The Board of Directors’ performance is assessed

using self-assessment method that is conducted

annually. Assessment criteria include reviewing

the duties and responsibilities based on the

guideline for Board of Directors drafted by the

Company, which covers, among others, financial

and business performance, implementation of

Good Corporate Governance and compliance

with the prevailing regulations. The assessment,

both individually and collectively is then submitted

to the Board of Commissioners to be evaluated.

DIVERSITY IN BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS COMPOSITIONS

All members of Board of Commissioners and Board

of Directors possess varied expertise, knowledge

and experience required by the Company.

Policies on the diversity in the composition of

Board of Commissioners and Board of Directors

in terms of expertise, experience, and personal

qualifications are stipulated in the Charters of

Board of Commissioners and Charters of Board of

Directors

145

Informasi mengenai keberagaman komposisi

Direksi dan Dewan Komisaris sebagai berikut:

Information on the diversity of Company’s Board

of Directors and Board of Commissioners is as

follows:

NAMA / NAMEJABATAN / POSITION

PENDIDIKAN/BIDANG STUDI / EDUCATION/FIELD OF STUDY

PENGALAMAN KERJA /WORK EXPERIENCE

USIA / AGE

JENIS KELAMIN/ GENDER

Todo Sihombing

Presiden Komisaris merangkap Komisaris Independen / President Commissioner cum Independent Commissioner

Akademi Militer Nasional pada tahun1961–1964.Pada1976-1977 menempuh pendidikan SESKOAD, selanjutnya menempuh pendidikan SESKOGAB pada tahun 1981. Pada tahun 1987 menempuh pendidikan LEMHANAS, dan tahun 1992 menyelesaikan pendidikan di Defense Resources Management Course (DRMC) / The National Military Academy in 1961 – 1964, Army Command and Staff School (SESKOAD) in 1976 – 1977 and at the Integrated Staff and Command College (SESKOGAB) in 1981. In 1987, he graduated from the National Defense Institute (LEMHANAS) and in 1992 from the Defense Resources Management Course (DRMC)

Mayor Jenderal TNI tahun 1965 sampai dengan tahun 1997. Pada tahun 1994 –1995menjabatsebagaiKoordinatorStaf Ahli Panglima ABRI. Tahun 1995 –1997menjabatsebagaiWakilKetuaFraksi TNI DPR RI Koordinator Bidang umum. / Major General of National Military (TNI) in 1997. He served as an Expert Staff Coordinator of Indonesian Military Commander in 1994 – 1995, and as a Deputy Chairman for Indonesian Military Fraction, General Affairs Coordinator, at the House of Representatives (DPR RI) in 1995 – 1997.

77 tahun / years old

Laki-laki / Male

Hadi Cahyadi

Wakil Presiden Komisaris merangkap Komisaris Independen / Vice President Commissioner cum Independent Commissioner

Mendapatkan gelar Business Administration (MBA) dari University of Houston-Clear Lake serta gelar Master Degree in Corporate Law (MCL) dari Royal Melbourne Institute of Technology (RMIT) / Master of Business Administration (MBA) degree from University of Houston-Clear Lake and Master of Corporate Law degree (MCL) from the Royal Melbourne Institute of Technology (RMIT)

Sarjana Akuntansi Universitas Tarumanagara / Bachelor’s degree in Accounting from Tarumanagara UniversityMengawali karirnya tahun 1989 sebagai Auditor di Kantor Arthur Andersen, Jakarta. Beliau kemudian menempati berbagai posisi manajerial di bidang keuangan termasuk di KPMG, Ernst and young dan Deloitte Touche dan meninggalkan jabatan terakhir beliau sebagai Partner di Management Consultant and Financial Advisory Services, Prijohandojo, Boentoro & Co. (PB&Co) sebelum akhirnya mendirikan Helios Capital. / His career started in 1989 when he worked as an auditor at Arthur Andersen Office, Jakarta. Since then, he served in several managerial positions in financial sector, including at KPMG, Ernst and Young, and Deloitte Touche. His latest position was as a Partner in Management Consultant and Financial Advisory Services, Prijohandojo, Boentoro & Co. (PB&Co) prior to establishing Helios Capital.


Laki-laki / Male

146

Amelia Gozali

Komisaris / Commissioner

Mendapatkan gelar Bachelor of Business Administration, Marketing –HonorsdariuniversitasofSouthern California, Marshall School of Business, Los Angeles, CA tahun 2006 / Bachelor of Business Administration degree, Marketing – Honors, from University of Southern California, Marshall School of Business, Los Angeles, CA in 2006

Mengawalikarirtahun2004–2005sebagai Marketing di Starbucks, Jakarta; Phelps Group, Santa Monica, CA; dan World Harvest, Arcadia, CA. tahun 2006 -2007 bekerja di Merril Lynch, Global Private Wealth Management, Beverly Hills, Los Angeles.Padatahun2007–2008,menjabat Business Analyst A.T. Kearney Consultants, Jakarta. Sejak tahun 2014 menjabat CEO PT Pop Properti Indonesia yang bergerak di bidang manajemen ritel properti. / started her career in 2004 -2005 in the Marketing division at: Starbucks Jakarta; Phelps Group, Santa Monica, CA; and World Harvest, Arcadia, CA. In 2006 – 2007, she worked at Merril Lynch, Global Private Wealth Management, Beverly Hills, Los Angeles. In 2007 – 2008, she served as a Business Analyst at A.T. Kearney Consultants, Jakarta. Since 2014, she has been serving as the CEO of PT Pop Property Indonesia, a company that runs in property retail management sector.


Perem puan / Female

Karel Patipeilohy

Komisaris / Commissioner

- Pada tahun 1979 -1998 menjabat sebagai Operation Manager PT Schlumberger geophisic Nusantara dan PT Ometraco Realty. Tahun 1998 –2004menjabatsebagaiDirekturPTIntiInsanSantosa.Tahun2001–2004pernah menjabat sebagai Presiden Direktur PT Marina City Development, tahun2004–2014menjabatsebagaiPresiden Direktur PT Senimba Bay Resort (dahulu PT Marina City Development). Dan tahun 2000 hingga sekarang menjabat sebagai Komisaris PT Sinar Harapan Persada. / In 1979 – 1998, he served as Operation Manager at PT Schlumberger Geophysics Nusantara and PT Ometraco Realty. In 1998 – 2004, he served as a Director at PT Inti Insan Santosa. In 2001 – 2004 he served as the President Director at PT Marina City Development, and in 2004 – 2014 as the President Director at PT Senimba Bay Resort (previously PT Marina City Development). Since 2000 he has been serving as a Commissioner at PT Sinar Harapan Persada.


Laki-laki / Male



Sarjana dari Fakultas Ekonomi, Universitas Katolik Parahyangan tahun 1985 / Bachelor’s degree from Faculty of Economic of Parahyangan Catholic university in 1985

Dalamkurunwaktutahun1985–1992 menjabat sebagai Finance & Accounting Manager di beberapa perusahaan, yaitu PT Daya Knitto, Indomobil Group, dan Sinar Mas Group.Padatahun1992–1996menjabat sebagai Direktur PT Budi AcidJayaTbk,tahun1996–2000menjabat sebagai Presiden Direktur PT Ometraco Corporation Tbk. Sejak tahun 2000 menjabat sebagai Direksi di berbagai perusahaan di bawah The Paradise group. / During the period of 1985 – 1992, he served as a Finance & Accounting Manager at several companies, namely PT Daya Knitto, Indomobil Group and Sinar Mas Group. In 1992 – 1996, he served as a Director at PT Budi Acid Jaya Tbk and as President Director at PT Ometraco Corporation Tbk in 1996 – 2000. He has been serving as a Director at several companies under The Paradise Group since 2000.


Laki-laki / Male

147


Wakil Presiden Direktur / Vice President Director

Bachelor of Science in Business Administration concentration in Finance and Accounting dari Georgetown University, Washington D.C., USA

Vice President di PT Principia ManagementGroup(2008–2015), Vice President of Business Development di PT Cardig Air (2008 –2015),DirectordiPTNusantaraSteelmillsIndonesia(2012–2015),Associate di Altus Shipping & Logistics Pte.Ltd.(Singapore)(2011–2013),Director di PT Gorda Prima Steelworks (2012–2015),sertaDirectordiPTSitasaEnergi(2013–2015)./Vice President of PT Principia Management Group in 2008 – 2015, Vice President of Business Development of PT Cardig Air in 2008 – 2015, Director at PT Nusantara Steelmills Indonesia in 2012 – 2015, Associate at Altus Shipping & Logistics Pte. Ltd. (Singapore) in 2011 – 2013, Director at PT Gorda Prima Steelworks in 2012 – 2015, and Director at PT Sitasa Energi in 2013 – 2015.


Laki-laki / Male


Direktur Independen/ Independent Director

Lulusan University of Santo Tomas tahun 1986 serta Colegio de San JuandeLetran–Intramurospadatahun 1975 / Graduated from the University of Santo Tomas in 1986 and Colegio de San Juan de Letran – Intramuros in 1975

Control Dept di Texas Instruments PhilippinesInc.,(1979–1988),Corporate Finance and Corporate Affairs di PT Arwana Citramulia Tbk (2002–2004),Head-CorporateFinance and Investor Relations di PT Kawasan Industri Jababeka Tbk (2005–2014)sertaDirekturPTIndonesian Paradise Property Tbk (2015-2016). / Control Department at Texas Instruments Philippines Inc. (1979 – 1988), Corporate Finance and Corporate Affairs at PT Arwana Citramulia Tbk (2002 – 2004), Head - Corporate Finance and Investor Relations at PT Kawasan Industri Jababeka Tbk (2005 – 2014) and Director of PT Indonesian Paradise Property Tbk (2015 up to present).


Laki-laki / Male


Direktur / Director

Master of Science in Architecture dari Delft Technical University, Netherland tahun 1986 / Master of Science degree in Architecture from Delft Technical University – the Netherlands in 1986

Dalam kurun waktu tahun 1989 –2000bekerjasebagaiarsitekdiAtelier 6 Group, Jakarta dan Project Coordinator Lippo City Development, Jakarta; Ometraco Realty, Jakarta; serta Bentala Sanggrahan Group, Jakarta. Sejak tahun 1999 menjabat sebagai Direktur di berbagai perusahaan di bawah The Paradise Group. / In the period of 1989-2000, he worked as an Architect at Atelier 6 Group in Jakarta and as a Project Coordinator at Lippo City Development in Jakarta, Ometraco Realty in Jakarta and Bentala Sanggrahan Group in Jakarta. Since 1999 he serves as the Director for companies under The Paradise Group.


Laki-laki / Male

Diana Solaiman

Direktur / Director

Master in Business Administration dari Philippines Christian University, Manila tahun 1992 / Master’s degree in Business Administration from Philippine Christian University, Manila in 1992

Dalamkurunwaktutahun1992–2001pernah menjabat sebagai Finance & Accounting di beberapa perusahaan yaitu PT Putera Ometraco Electric dan PT Ometraco Corporation Tbk. / During the period of 1992 – 2001, she worked as a Finance & Accounting Manager at several companies such as PT Putera Ometraco Electric and PT Ometraco Corporation Tbk.


Perem puan / Female

148

REMUNERASI DEWAN KOMISARIS

DAN DIREKSI

Remunerasi bagi anggota Dewan Komisaris dan

Direksi dilakukan dengan basis formula yang

ditetapkan oleh Rapat Umum Pemegang Saham

serta telah melalui kajian oleh Dewan Komisaris

melalui pendalaman yang dilakukan oleh

pemegang saham.

PROSEDUR DAN PENETAPAN REMUNERASI

DIREKSI

Pada 2017, prosedur dan penetapan remunerasi

Dewan Komisaris dan Direksi dilakukan

berdasarkan Pasal 96 ayat (1) Undang–undang

Perseroan Terbatas No. 40 tahun 2007 yang

mengatur besarnya gaji dan tunjangan Direksi

ditetapkan berdasarkan keputusan Rapat Umum

Pemegang Saham. Kewenangan tersebut

berdasarkan Pasal 96 ayat (2) dapat dilimpahkan

kepada Dewan Komisaris. Bentuk Tunjangan dan

Fasilitas, serta komponen lain yang termasuk

di dalam komponen penghasilan (selain gaji)

mengacu pada ketentuan Pasal 113 Undang-

Undang No. 40 tahun 2007 tentang Perseroan

Terbatas, besarnya gaji dan tunjangan anggota

Dewan Komisaris ditetapkan dalam Rapat Umum

Pemegang Saham Perseroan melalui Akta Berita

Acara Rapat Umum Pemegang Saham Tahunan

No. 71, tanggal 12 Mei 2017, dibuat di hadapan

Dr. Irawan Soerodjo S.H., MSi., Notaris di Jakarta,

untuk tahun buku yang berjalan dalam jumlah

yang sama dengan jumlah yang ditetapkan pada

tahun buku yang lalu dan/atau dengan kenaikan

maksimal 10% (sepuluh persen) dari jumlah yang

ditetapkan pada tahun buku yang lalu. Rapat

tersebut juga memberikan kuasa dan wewenang

kepada Presiden Komisaris untuk menetapkan

dan mengatur alokasinya.

Penetapan remunerasi Direksi terdiri dari beberapa

komponen seperti:

• Honorarium

• Tunjangan

• Fasilitas

REMUNERATION FOR BOARD OF COMMIS-

SIONERS AND BOARD OF DIRECTORS

Remuneration for members of Board of

Commissioners and Board of Directors is

calculated based on the formula stipulated in the

General Meeting of Shareholders and through

review by the Board of Commissioners and

shareholders.

PROCEDURES AND DETERMINATION OF

BOARD OF DIRECTORS REMUNERATION

Procedures and determination of remuneration

for Board of Commissioners and Board of

Directors in 2017 are conducted based on Article

96 paragraph (1) of the Law of Limited Liability

Company No. 40 of 2007 which stipulates that

the amount of salary and allowance for the

Board of Commissioners are to be determined

based on the Resolution of General Meeting of

Shareholders. This authority can be granted to the

Board of Commissioners pursuant to the article

96 paragraph (2). The forms of Salary and Facilities

as well as other components including in the

income composition (other than salary) refers to

the provisions of Article 113 of the Law No. 40 of

2007 regarding Limited Liability Companies. The

amount of salary and allowance for the members

of Board of Commissioners is determined by the

General Meeting of Shareholders of the Company

through Deed of Minutes of General Meeting of

Shareholders No. 71, dated 12 May 2017, drawn

up before Dr. Irawan Soerodjo S.H., MSi., Notary

in Jakarta, for the current fiscal year, with the

same amount as that of the previous fiscal year

and/or with an increase of 10% (ten percent) at

the maximum of the set amount determined

in the previous fiscal year. The meeting also

granted power and authority to the President

Commissioners to determine and regulate the

allocation.

Determination of remuneration for Board

of Directors is composed of the following

components:

• Honorarium

• Allowance

• Facilities

149

• Tantiem/InsentifKinerja

• IndikatorKinerja

Remunerasi Dewan Komisaris dan Direksi

mengacu pada indikator-indikator sebagai

berikut:

- Remunerasi diberikan dalam hal perusahaan

memperoleh keuntungan dalam tahun buku

yang bersangkutan.

- Remunerasi diberikan dengan mengacu pada

perkembangan pasar properti.

- Remunerasi diberikan melalui hasil pengukuran

kinerja Dewan Komisaris dan Direksi yang

sesuai dengan tugas dan tanggung jawab.

- Kinerja keuangan dan pencapaian Key

Performance Indicator (KPI) Perseroan.

- Prestasi kerja individu.

- Kewajaran dengan peer Perseroan lainnya.

- Pertimbangan sasaran dan strategi jangka

panjang Perseroan.

JUMLAH REMUNERASI DEWAN KOMISARIS

DAN DIREKSI

Pada 2017, Perseroan memberikan kompensasi

jangka pendek kepada Dewan Komisaris sebesar

Rp4.179.470.500. Sementara, kompensasi jangka

pendek yang diberikan kepada Direksi sebesar

Rp6.027.825.000. Remunerasi tersebut telah

disesuaikan dengan kinerja masing-masing pada

tahun buku.

PELAKSANAAN RAPAT DEWAN KOMISARIS,

DIREKSI, SERTA RAPAT GABUNGAN DEWAN


Pada tahun 2017, Perseroan telah

menyelenggarakan rapat Dewan Komisaris

sebanyak 6 kali dengan tingkat kehadiran masing-

masing anggota mencapai 100%, yang dihadiri

oleh Anggota Dewan Komisaris dan dipimpin

oleh Presiden Komisaris. Sedangkan rapat Direksi

sebanyak 13 (tiga belas) kali dengan tingkat

kehadiran masing-masing anggota mencapai

100% selama periode jabatan.

• Tantiem/PerformanceIncentive

• PerformanceIndicators

Remuneration for the Board of Commissioners

and Board of Directors refers to the following

indicators:

- Remuneration is given according to the

profit received by the Company during the

concerned fiscal year.

- Remuneration is given by referring to the

development in property market.

- Remuneration is given based on the result of

performance measurement of the Board of

Commissioners and Board of Directors that is

in line with their duties and responsibilities.

- Financial performance and achievement of Key

Performance Indicators (KPIs) of the Company.

- Achievement of individual performance.

- Fairness with other peer companies.

- Consideration of the long-term targets and

strategies of the Company.

AMOUNT OF BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS

REMUNERATION

In 2017, the Company provided short-term

compensation to the Board of Commissioners

amounting to Rp4,179,470,500, meanwhile short-

term compensation for the Board of Directors

reached Rp6,027,825,000. The remuneration

given has been adjusted with their performance

during the current fiscal year.

MEETINGS OF BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS, AND JOINT

MEETINGS OF BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS

In 2017, the Company held the Board of

Commissioners held 6 (six) meetings with

attendance rate of each member reaching

100%. The meetings of Board of Commissioners

were attended by all members of Board of

Commissioners and chaired by the President

Commissioner. Meanwhile, 13 (thirteen) Board of

Directors meetings with attendance rate of each

member reaching 100% during their term of office.

150

RAPAT DEWAN KOMISARIS / BOARD OF COMMISSIONERS MEETINGS

RAPAT DIREKSI / BOARD OF DIRECTORS MEETINGS

RAPAT GABUNGAN DEWAN KOMISARIS DAN DIREKSI

BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS JOINT MEETINGS

Secara keseluruhan, rapat-rapat tersebut

membahas berbagai hal mengenai kinerja

Perseroan sepanjang tahun 2017.

In general, the meetings discussed various matters

related to the Company’s performance during the

year.

Tanggal / Date Agenda Kehadiran / Attendance

Februari 2017 / February 2017Laporan Keuangan Tahunan 2016 / 2016 Annual Financial Report

100%

Maret 2017 / March 2017 Laporan Tahunan 2016 / 2016 Annual Report 100%

April 2017 Laporan Keuangan 3 Bulanan / 3-month Financial Statements 100%

Juli 2017 / July 2017 Laporan Keuangan 6 Bulanan / 6-month Financial Statements 100%

Oktober 2017 / October 2017 Laporan Keuangan 9 Bulanan / 9-month Financial Statements 100%

Desember 2017 / December 2017 Annual Plan 2018 100%


Januari 2017 / January 2017 One Residence Batam 100%

Februari 2017 / February 2017 Project Sahid Kuta Lifestyle Resort 2 100%

Maret 2017 / March 2017 Hyatt Place and Residence 100%

April 2017 One Residence Batam 100%

Mei 2017 / May 2017 23 Paskal Extention 100%

Juni 2017 / June 2017 Renovation HARRIS Resort Waterfront Batam 80%

Juli 2017 / July 2017 One Residence Batam 80%

Agustus 2017 / August 2017 Project Sahid Kuta Lifestyle Resort 2 100%

September 2017 Hyatt Place and Residence 100%

Oktober 2017 / October 2017 23 Paskal Extention 100%

November 2017 One Residence Batam 100%

Desember 2017 / December 2017 All Project 100%



Maret 2017 / March 2017 Laporan Tahunan 2016 / 2016 Annual Report 100%

April 2017 Laporan Keuangan 3 Bulanan / 3-month Financial Statements 100%

Juli 2017 / July 2017 Laporan Keuangan 6 Bulanan / 6-month Financial Statements 100%

Oktober 2017 / October 2017 Laporan Keuangan 9 Bulanan / 9-month Financial Statements 100%


151

PROGRAM PELATIHAN DAN

PENGEMBANGAN KOMPETENSI DEWAN


Secara khusus, Perseroan tidak memprogramkan

pelatihan baik untuk Dewan Komisaris dan Direksi.

Namun untuk tetap mendapatkan informasi dan

perkembangan terkini, Dewan Komisaris dan

Direksi secara aktif mengikuti berbagai seminar

baik didalam maupun luar negeri yang relevan

dengan bidang usaha Perseroan maupun keahlian

masing-masing anggota.

TRAINING AND COMPETENCY

DEVELOPMENT PROGRAMS OF BOARD

OF COMMISSIONERS AND BOARD OF

DIRECTORS

The Company has not specifically programmed

trainings for the Board of Commissioners and

Board of Directors. However, to keep abreast of

the information and development, the Board of

Commissioners and Board of Directors actively

participate in various seminars, both in the country

and overseas, that are relevant to each of their

fields and expertise

HUBUNGAN AFILIASI DEWAN KOMISARIS DAN DIREKSI

AFFILIATIONS OF BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS


Hubungan Afiliasi Dengan / Affiliated With

Pemegang Saham /

Shareholders

Dewan Komisaris / Board of

Commissioners

Direksi / Board of Directors

Todo Sihombing Presiden Komisaris merangkap Komisaris Independen / President Commissioner cum Independent Commissioner

- - -

Hadi Cahyadi Wakil Presiden Komisaris merangkap Komisaris Independen / Vice President Commissioner cum Independent Commissioner

- - -

Amelia Gozali Komisaris / Commissioner PT Grahatama Kreasibaru

- Anthony Prabowo Susilo

Karel Patipeilohy Komisaris / Commissioner PT Grahatama Kreasibaru

- -



- - -


Wakil Presiden Direktur / Vice President Director

- Amelia Gozali -


Direktur Independen / Independent Director

- - -


Direktur / Director - - -

Diana Solaiman Direktur / Director PT Grahatama Kreasibaru

- -

152

KOMITE AUDIT

Dalam rangka membantu pelaksanaan tugas

Dewan Komisaris, Perseroan memiliki Komite

Audit yang dibentuk dengan memenuhi ketentuan

Peraturan Otoritas Jasa Keuangan No. 55 tahun

2015 tentang Pembentukan Dan Pedoman

Pelaksanaan Kerja Komite Audit.

PROFIL KOMITE AUDIT

Hadi Cahyadi

Profil Ketua Komite Audit dapat dilihat di bab Profil

Dewan Komisaris.

Anang Yudiansyah

Warga Negara Indonesia, lahir di Malang, 18 April

1969. Beliau menyelesaikan pendidikannya di

Universitas Indonesia bidang Akuntansi pada 1994.

Beliau mengawali karirnya sebagai Senior Auditor

Ernst & Young (September 1992 –Maret 1996),

Head of Internal Audit pada PT Semen Cibinong

Tbk (Maret 1996 – Maret 2000), Komite Audit

pada PT Sarana Menara Nusantara Tbk (Desember

2011–Juni2013).KomiteAuditpadaPTAncora

Resources Tbk (November 2009 – April 2014).

Senior Advisor (consulting & auditing) pada PT

DEXSolutionsIndonesia(April2009–sekarang).

Kurniadi

Warga Negara Indonesia, lahir di Bogor pada 8

Oktober 1970. Beliau menamatkan pendidikannya

di Universitas Tarumanagara bidang akuntansi

pada tahun 1993. Beliau mengawali karirnya

sebagai auditor di Kantor Akuntan Publik Johan

Malonda & Rekan (Juli 1992 – Oktober 1993),

AUDIT COMMITTEE

In order to assist the duties of Board of

Commissioners, the Company has an Audit

Committee which is established by meeting

provisions of the Regulation of Financial Services

Authority No. 55 of 2015 on Establishment and

Work Guidelines of Audit Committee.

PROFILE OF AUDIT COMMITTEE

Hadi Cahyadi

Profile of the Head of Audit Committee can be

seen under the sub-chapter of Profile of Board of

Commissioners.

Anang Yudiansyah

An Indonesian citizen born in Malang on 18 April

1969. He graduated from the Accounting Study

Program of the University of Indonesia in 1994. Mr.

yudiansyah began his career as a Senior Auditor at

Ernst & Young (September 1992–March 1996),

Head of Internal Audit at PT Semen Cibinong

Tbk (March 1996 – March 2000), Member of

Audit Committee at PT Sarana Menara Nusantara

Tbk (December 2011 – June 2013), Member of

Audit Committee at PT Ancora Resources Tbk

(November2009–April2014),andSeniorAdvisor

(consulting & auditing) at PT DEXSolutions

Indonesia(April2009–present).

Kurniadi

An Indonesian citizen born in Bogor on 8 October

1970. He graduated from the Accounting Study

Program of Tarumanagara University in 1993. Mr.

Kurniadi began his career as an Auditor at Johan

Malonda & Partners Public Accounting Firm (July

1992 – October 1993), Auditor & Consultant at


Hadi Cahyadi Ketua Komite Audit / Head of Audit Committee

Anang yudiansyah Anggota / Member

Kurniadi Anggota / Member

SUSUNAN ANGGOTA KOMITE AUDIT / COMPOSITION OF AUDIT COMMITTEE

153

Prasetio Utomo & Co. – Public Accountant &

Consultation (October 1993 –November 1996),

Corporate Secretary at PT Intikeramik Alamasri

IndustriTbk(November1996–July2010),Member

of Audit Committee at PT Indostraits Tbk (January

2012–present),MemberofAuditCommitteeat

PT Kobexindo Tractors Tbk (December 2012 –

present), and Member of Audit Committee at PT

BaritoPacificTbk(June2013–present).

INDEPENDENCY OF AUDIT COMMITTEE

All members of the Audit Committee are persons

who are professional, experienced, and have no

business relations both directly and indirectly

related to the Company’s business activities, to

maintain its independence in implementation

of idts duties and responsibilities. All members

of the Audit Committee have met the criteria of

independence, expertise, experience and integrity

conditioned in prevailing provisions.

DUTIES, RESPONSIBILITIES, AND

AUTHORITY OF AUDIT COMMITTEE

The Audit Committee has duties and responsibilities

to provide professional and independent opinions

to the Board of Commissioners regarding reports

of matters submitted by the Board of Directors to

the Board of Commissioners; to assist the Board

of Commissioners in conducting their supervisory

duty, including identifying matters that require

Board of Commissioners’ attention; and other

duties relevant to the Board of Commissioners,

such as:

• Reviewingthefinancialinformationpublished

by the Company to the public or authorities,

such as financial statements, projections and

other statements relevant to the Company’s

financial information;

• Reviewing the Company’s compliance with

the prevailing regulations in capital market

and other regulations relevant to Company’s

activities;

• Providing independent opinions should there

be dissenting views between the management

Auditor&ConsultantpadaPrasetioUtomo&Co.–

Public Accountant & Consultation (Oktober 1993

– November 1996). Corporate Secretary pada

PT Intikeramik Alamasri Industri Tbk (November

1996 – Juli 2010), Anggota Komite Audit pada

PT Indostraits Tbk (Januari 2012 – sekarang),

Anggota Komite Audit pada PT Kobexindo Tractors

Tbk (Desember 2012 – sekarang), dan Anggota

Komite Audit pada PT Barito Pacific Tbk (Juni 2013

–sekarang).

INDEPENDENSI KOMITE AUDIT

Seluruh anggota Komite Audit merupakan pribadi

yang profesional, berpengalaman, dan tidak

memiliki hubungan bisnis baik langsung maupun

tidak langsung yang berkaitan dengan kegiatan

usaha Perseroan, untuk menjaga independensi

dalam pelaksanaan tugas dan tanggung jawabnya.

Seluruh anggota Komite Audit telah memenuhi

kriteria independensi, keahlian, pengalaman dan

integritas yang dipersyaratkan dalam ketentuan

yang berlaku.

TUGAS, TANGGUNG JAWAB, DAN

WEWENANG KOMITE AUDIT

Komite Audit memiliki tugas dan tanggung

jawab untuk memberikan pendapat independen

dan profesional kepada Dewan Komisaris

terhadap laporan atau hal-hal yang disampaikan

oleh Direksi kepada Dewan Komisaris; untuk

membantu Dewan Komisaris pada tanggung

jawab pengawasan, termasuk mengidentifikasi

hal-hal yang memerlukan perhatian Dewan

Komisaris; dan tugas lain yang berkaitan dengan

Dewan Komisaris, antara lain:

• Mereviewinformasikeuanganyangditerbitkan

oleh Perseroan kepada publik atau pihak yang

berwenang, seperti laporan keuangan, proyeksi

dan pernyataan lainnya yang berkaitan dengan

informasi keuangan Perseroan;

• Mereview tingkat kepatuhan/ketaatan

Perseroan terhadap peraturan yang berlaku di

bidang Pasar Modal dan peraturan lain yang

berkaitan dengan kegiatan Perseroan;

• Memberikan opini independen dalam kasus

perbedaan pendapat antara manajemen dan

154

penyedia jasa akuntansi;

• Memberikan rekomendasi kepada Dewan

Komisaris mengenai penunjukan Akuntan

berdasarkan independensi, ruang lingkup

tugas dan biaya;

• Mereview pelaksanaan audit oleh auditor

internal dan mengawasi pelaksanaan tindak

lanjut oleh Direksi atas hasil temuan auditor

internal.

• Mereview pelaksanaan kegiatan manajemen

risiko yang dilakukan oleh Direksi, apabila

Perseroan tidak memiliki fungsi pemantauan

risiko dalam Dewan Komisaris;

• Memeriksa keluhan terkait proses akuntansi

keuangan Perseroan;

• Mereview dan memberikan saran kepada

Dewan Komisaris sehubungan dengan potensi

konflik kepentingan di Perseroan

• Menjaga kerahasiaan dokumendan informasi

Perseroan.

PIAGAM KOMITE AUDIT

Perseroan telah memiliki piagam Komite Audit,

Pedoman Pelaksanaan Kerja Komite Audit merujuk

pada POJK No. 55/POJK.04/2015 tentang

Pedoman Pelaksanaan Kerja Komite Audit.

RAPAT KOMITE AUDIT

Pada tahun 2017, Komite Audit telah

menyelenggarakan rapat yang membahas dan

mengevaluasi kinerja Perseroan sepanjang tahun

2017. Tingkat kehadiran seluruh anggota Komite

Audit adalah 100%.

and accounting service provider;

• Providing recommendations to the Board

of Commissioners on the appointment of

Accountants based on the independency,

scope of duties and fees;

• Reviewing audit activities conducted by the

internal auditors and monitoring the follow-up

actions conducted by the Board of Directors

on the internal auditors’ findings.

• Reviewing risk management activities

conducted by the Board of Directors, if the

Company does not have risk monitoring

function under the Board of Commissioners;

• ExaminingcomplaintsrelatedtotheCompany’s

financial accounting process;

• Reviewingandproviding advice to theBoard

of Commissioners on matters that have the

potential of conflict of interest in the Company

• Maintaining the confidentiality of the

Company’s documents and information.

CHARTER OF AUDIT COMMITTEE

The Company has establish Audit Committee

Charter. The Company’s Work Guideline of Audit

Committee refer to POJK No. 55/POJK.04/2015

on Work Guidelines of Audit Committee.

MEETINGS OF AUDIT COMMITTEE

In 2017, Audit Committee carried out meetings to

discuss and evaluate the Company’s performance

during the year. The attendance rate of members

of Audit Committee in the meetings reached

100%.

TanggalDate

Agenda Rapat Meeting Agenda

Peserta RapatMeeting Participants

16 Maret 2017 /16 March 2017

Finalisasi audit laporan keuangan 31 Desember 2016 / Finalization audit on Financial Statements for the year ended on 31 December 2016

Hadi Cahyadi (Ketua Komite Audit / Head of Audit Committee)Anang yudiansyah (Anggota Komite Audit / Member of Audit Committee)Kurniadi (Anggota Komite Audit / Member of Audit Committee)

155

26 April 2017 1. Laporan kegiatan Internal Audit / Report on Internal Audit’s activities

2. Pembahasan laporan keuangan Perusahaan Q1 2017 / Discussion of Company’s Financial Statements of Q1 2017

(Periode yang berakhir 31 Maret 2017) / (For the period ended on 31 March 2017)


25 Juli 2017 /25 July 2017

1. Laporan kegiatan Internal Audit / Internal Audit’s Activity Report

2. Pembahasan laporan keuangan Perusahaan Q2 2017 / Discussion of Company’s Financial Statements of Q2 2017

(Periode yang berakhir 30 Juni 2017) / (For the period ended on 30 June 2017)


27 Oktober 2017 /27 October 2017

1. Presentasi Auditor Eksternal (BDO) mengenai rencana audit untuk tahun yang berakhir 31 Desember 2017 beserta pembahasannya / Presentation of External Auditors (BDO) regarding audit plan for the year ended on 31 December 2017 and the discussion on audit plan

2. Laporan kegiatan Internal Audit / Internal Audit’s Activity Report

3. Pembahasan laporan keuangan Perusahaan Q3 2017 (Periode yang berakhir 30 September 2017) / Discussion of Company’s Financial Statements of Q3 2017 (For the period ended on 30 September 2017)


PELAKSANAAN TUGAS KOMITE AUDIT 2017

Sepanjang tahun 2017, Komite Audit telah

memberikan pendapat secara profesional

dan independen kepada Dewan Komisaris

mengenai laporan yang disampaikan Direksi

serta mengidentifikasi hal-hal yang memerlukan

perhatian Dewan Komisaris. Komite Audit juga

menelaah laporan, informasi keuangan dan

keterbukaan informasi lainnya yang dikeluarkan

Perseroan; melakukan evaluasi manajemen risiko

dan sistem pengendalian internal; memberikan

masukan perihal penunjukkan Kantor Akuntan

Publik kepada Dewan Komisaris; bekerja sama

dengan Internal Audit; serta membantu Dewan

Komisaris perihal pengawasan pelaksanaan tata

kelola perusahaan yang baik.

DUTIES OF AUDIT COMMITTEE IN 2017

During the course of 2017, the Audit Committee

has provided professional and independent

opinions to the Board of Commissioners on reports

submitted by the Board of Directors and identifies

all matters that require Board of Commissioners’

attention. The Audit Committee has reviewed all

reports, financial information and other disclosure

of information by the Company; evaluated

risk management and internal control system;

provided inputs on the appointment of Public

Accounting Firm to the Board of Commissioners;

cooperated with the Internal Audit; and assisted

the Board of Commissioners in implementing

Good Corporate Governance in the Company.

156

FUNGSI KOMITE NOMINASI DAN

REMUNERASI

Berdasarkan POJK Nomor 34/POJK.04/2014

pasal 2 angka (1) menyebutkan bahwa Emiten atau

Perusahaan Publik wajib memiliki fungsi nominasi

dan remunerasi. Pasal 2 angka (2) menyebutkan

bahwa fungsi nominasi dan remunerasi tersebut

wajib dilaksanakan oleh Dewan Komisaris.

Berdasarkan pasal 2 angka (3) menyebutkan bahwa

Dewan Komisaris dalam melaksanakan fungsi

nominasi dan remunerasi dapat membentuk

Komite Nominasi dan Remunerasi, sedangkan

pada pasal 2 angka (4) menyebutkan bahwa

Komite Nominasi dan Remunerasi tersebut dapat

dibentuk secara terpisah.

Merujuk pada ketentuan pasal 2 angka (1) s.d.

(4) tersebut di atas, Dewan Komisaris dapat

melaksanakan sendiri fungsi nominasi dan

remunerasi tersebut atau membentuk Komite

Nominasi dan Remunerasi secara terpisah. Dengan

demikian, Dewan Komisaris Perseroan tidak wajib

membentuk Komite Nominasi dan Remunerasi

secara terpisah. Oleh karena Dewan Komisaris

Perseroan tidak membentuk Komite Nominasi

dan Remunerasi, fungsi nominasi dan remunerasi

Perseroan dilaksanakan secara langsung oleh

Dewan Komisaris Perseroan.

RAPAT KOMITE NOMINASI DAN

REMUNERASI SERTA PELAKSANAAN TUGAS

KOMITE NOMINASI DAN REMUNERASI

Seluruh aktivitas Komite Nominasi dan

Remunerasi dijalankan oleh Dewan Komisaris.

Agenda dan pelaksanaan tugas fungsi Nominasi

dan Remunerasi telah dibahas dalam Rapat Dewan

Komisaris.

SEKRETARIS PERUSAHAAN

Berdasarkan Anggaran Dasar Perseroan, Direksi

berwenang mengangkat dan memberhentikan

Sekretaris Perusahaan, dalam hal ini Presiden

Direktur bertindak atas nama Direksi untuk

mengangkat dan memberhentikan Sekretaris

FUNCTION OF NOMINATION AND

REMUNERATION COMMITTEE

Based on POJK No. 34/POJK.04/2014 article

2 number (1), Issuers or Public Companies are

required to have nomination and remuneration

function. Meanwhile, article 2 number (2) of

the same POJK states that the nomination and

remuneration function must be carried out by the

Board of Commissioners.

Article 2 number (3) of the same POJK also

states that in conducting the nomination

and remuneration function, the Board of

Commissioners may establish a Nomination

and Remuneration Committee. Finally, Article

2 number (4) of the same POJK states that the

Nomination and Remuneration Committee may

be established separately.

In compliance with the article 2 number (1) to (4)

mentioned above, the Board of Commissioners

may carry out the nomination and remuneration

function on their own or establish a Nomination and

Remuneration Committee separately. Therefore,

the Company’s Board of Commissioners is not

required to establish a separate Nomination and

Remuneration Committee. As the Company does

not establish a Nomination and Remuneration

Committee, the function of nomination and

remuneration in the Company is directly

conducted by the Board of Commissioners.

MEETING AND DUTIES OF NOMINATION

AND REMUNERATION COMMITTEE

All activities of the Nomination and Remuneration

Committee are carried out by the Board of

Commissioners. Agenda and duty implementation

of Nomination and Remuneration function have

been discussed in the Meetings of Board of

Commissioners.

CORPORATE SECRETARY

Based on the Company’s Articles of Association,

the Board of Directors is authorized to appoint

and dismiss Corporate Secretary; in this regard,

the President Director acts on behalf of the Board

of Directors to appoint and dismiss the Corporate

157

Perusahaan. Pihak yang ditunjuk dan diangkat

oleh Direksi dengan memenuhi Peraturan Otoritas

Jasa Keuangan Nomor 35/POJK.04/2014 tentang

Sekretaris Perusahaan Emiten Atau Perusahaan

Publik.

PROFIL SEKRETARIS PERUSAHAAN

Ispandiati Makmur

Ispandiati Makmur diangkat sebagai Sekretaris

Perusahaan pada tanggal 12 Juni 2017 berdasarkan

Surat Keputusan Direksi No. 002/SKD-INPP/

VI/2017 menggantikan Diana Solaiman.

Ispandiati Makmur memulai karirnya sebagai

Associate di Arie S. Hutagalung & Partner, Law

Firm di Jakarta. Sebelum bergabung dengan

Perseroan, menjabat sebagai Senior Corporate

Legal di PT Jakarta Setiabudi Internasional Tbk.

sejak tahun 2012 - 2017, Senior Associate di Makes

& Partners Law Firm 2008 - 2012, dan Corporate

Legal di PT Lafarge Cement Indonesia tahun 2004

–2008.IspandiatiMakmurmenempuhpendidikan

di Fakultas Hukum Universitas Indonesia.

TUGAS DAN TANGGUNG JAWAB

Sekretaris Perusahaan berperan penting

dalam memfasilitasi komunikasi antara organ

Perseroan, hubungan antara Perseroan dengan

stakeholders, serta kepatuhan terhadap peraturan

dan perundangan-undangan yang berlaku.

Guna mendukung peranan tersebut, Sekretaris

Perusahaan diangkat dan bertanggung jawab

kepada Direktur utama.

Tugas dan tanggung jawab Sekretaris Perusahaan

sebagai berikut:

• Mengikuti perkembangan pasar modal

khususnya peraturan perundang-undangan

yang berlaku di bidang pasar modal di

Indonesia.

• Memberikan masukan kepada Direksi dan

Dewan Komisaris Perseroan untuk mematuhi

ketentuan dan peraturan pasar modal di

Indonesia.

• Membantu Direksi dan Dewan Komisaris

Perseroan dalam pelaksanaan tata kelola

perusahaan yang meliputi:

Secretary. A Corporate Secretary is appointed

by the Board of Directors by complying with the

Financial Services Authority Regulation No. 35/

POJK.04/2014 on Corporate Secretary of Issuers

or Public Companies.

PROFILE OF CORPORATE SECRETARY

Ispandiati Makmur

Ispandiati Makmur was appointed as the

Corporate Secretary on 12 June 2017, replacing

Diana Solaiman, based on the Decision Letter of

Board of Directors No. 002/SKD-INPP/VI/2017.

Ispandiati Makmur began her career as an

Associate at Arie S. Hutagalung & Partner, Law

Firm in Jakarta. Prior to joining the Company, she

served as a Senior Corporate Legal at PT Jakarta

Setiabudi Internasional Tbk (2012-2017), a Senior

Assoiate at Makes & Partners Law Firm (2008-

2012), and Corporate Legal at PT Lafarge Cement

Indonesia (2004-2008). She graduated from the

Faculty of Laws of the University of Indonesia.

DUTIES AND RESPONSIBILITIES

The Corporate Secretary plays an important role

in facilitating the communication between the

Company’s organs, relationship between the

Company and stakeholders, and compliance to

the prevailing legislation. In order to support this

role, the Corporate Secretary is appointed by and

is responsible to the President Director.

The duties and responsibilities of the Corporate

Secretary are as follows:

• Keepingabreastofcapitalmarketdevelopment,

particularly the laws and regulations applicable

in capital market in Indonesia.

• Giving inputs to the Company’s Board of

Directors and Board of Commissioner on the

compliance with the provisions and regulations

of capital market in Indonesia.

• AssistingtheCompany’sBoardofDirectorsand

Board of Commissioners in the implementation

of corporate governance which covers:

158

- Keterbukaan informasi kepada masyarakat,

termasuk pada website Perseroan.

- Penyampaian laporan kepada Otoritas Jasa

Keuangan (OJK) tepat waktu.

- Penyelenggaraan dan dokumentasi Rapat

Umum Pemegang Saham dari Perseroan.

- Penyelenggaraan dan dokumentasi

rapat Direksi dan/atau Dewan Komisaris

Perseroan.

- Pelaksanaan program orientasi tentang

Perseroan bagi Direksi dan/atau Dewan

Komisaris.

- Penghubung antara Perseroan dengan

Pemegang Saham Perseroan, Otoritas Jasa

Keuangan dan pemangku kepentingan

lainnya.

PELAKSANAAN TUGAS DAN TANGGUNG

JAWAB TAHUN SEKRETARIS PERUSAHAAN

TAHU 2017

Beberapa kegiatan yang dilakukan oleh Sekretaris

Perusahaan sebelumnya sepanjang tahun 2017


• Menyelenggarakan Rapat Umum Pemegang

Saham Tahunan

• Partisipasi pada seminar-seminar yang

diselenggarakan oleh Otoritas Jasa Keuangan

INTERNAL AUDIT

Audit Internal dibentuk berdasarkan POJK No.

56/POJK.04/2015 tentang Pembentukan dan

Pedoman Penyusunan Piagam Unit Audit Internal.

Berdasarkan resolusi Dewan Komisaris dan

Keputusan Presiden Direktur tanggal 6 September

2016, Perseroan mengangkat Andriyono Adi

Nugroho sebagai Kepala Internal Audit Perseroan.

PROFIL KEPALA INTERNAL AUDIT

Andriyono Adi Nugroho

Warga Negara Indonesia, lahir di Surakarta 1

Agustus 1982. Beliau menamatkan pendidikannya

di Universitas Gadjah Mada jurusan Akuntansi

pada tahun 2004. Beliau mengawali karirnya

sebagaiauditordiErnst&Young(Oktober2004–

November 2007) kemudian menjabat Accounting

Manager PT Kurnia Insurans Indonesia (2007).

- Information disclosure to the public,

including on the Company’s website.

- Timely submission of reports to Financial

Services Authority (OJK).

- Convention and documentation of

the Company’s General Meeting of

Shareholders.

- Convention and documentation of

meetings of Company’s Board of Directors

and/or Board of Commissioners.

- Implementation of orientation program

for the Board of Directors and/or Board of

Commissioners.

- As the liaison for the Company to the

Shareholders, Financial Services Authority

and other stakeholders.

DUTIES AND RESPONSIBILITIES OF

CORPORATE SECRETARY IN 2017

Several activities conducted by the Corporate

Secretary in 2017 are as follows:

• Convention of Annual General Meeting of

Shareholders

• Participation in seminars organized by the

Financial Services Authority

INTERNAL AUDIT

The Company’s Internal Audit is established based

on POJK No. 56/POJK.04/2015 on Establishment

and Work Guidelines of Internal Audit Unit. Based

on the decisions of Board of Commissioners and

President Director dated 6 September 2016, the

Company appointed Andriyono Adi Nugroho as

the Chief Internal Audit.

PROFILE OF CHIEF INTERNAL AUDIT

Andriyono Adi Nugroho

An Indonesian citizen born in Surakarta on 1 August

1982. He obtained his Bachelor’s degree from

Gadjah Mada University, majoring in Accounting in

2004. Mr. Nugroho began his career as an auditor

at Ernst & young (October 2004-November

2007) before serving as an Accounting Manager

at PT Kurnia Insurans Indonesia (2007). Return to

159

Ernst & young with the last position was Auditor

Manager (2007 - 2016)

QUALIFICATION AND CERTIFICATION AS

INTERNAL AUDITOR

In 2017, the Internal Audit of the Company

consisted of 3 members and a Head of Internal

Audit with the following qualifications and

certifications:

• Chartered Accountant (CA) from the

Indonesian Institute of Accountants, in 2014.

• Certified Professional Auditor of Indonesia

(CPAI) from the Indonesian Institute of Certified

Public Accountants, in 2015.

INTERNAL AUDIT CHARTER

Internal Audit is an independent and objective

assurance and consultation activity designed to

add value and improve the Company’s operation,

by utilizing systematic methodology of risk

management, and improving the effectiveness

of risk management, control and governance

process. Internal audit is concerned with controls

that ensure:

• Reliability and integrity of financial and

operating information

• Effectivenessandefficiencyofoperation

• SafeguardingofAssets

• Compliance with laws, regulations and

contracts

The Company’s Internal Audit Charter contains:

• StructureandPositionofInternalAudit

• DutiesandResponsibilitiesofInternalAudit

• AuthorityofInternalAudit

• CodeofConduct

• RequirementsandIndependency

STRUCTURE AND POSITION OF INTERNAL

AUDIT

The Board of Directors has overall responsibility for

the Company’s internal control. Internal controls

are designed to manage, rather than eliminate

business risk; to help safeguard the Company’s

Kembali bergabung dengan Ernst & young dengan

posisi terakhir sebagai Auditor Manager (2008 -

2016).

KUALIFIKASI DAN SERTIFIKASI SEBAGAI

PROFESI INTERNAL AUDIT

Pada tahun 2017, Internal Audit memiliki 3 pegawai

dan Kepala Internal Audit dengan kualifikasi dan

sertifikasi sebagai berikut:

• CharteredAccountant(CA)dariIkatanAkuntan

Indonesia, tahun 2014.

• Certified Professional Auditor of Indonesia

(CPAI) dari Institut Akuntan Publik Indonesia,

tahun 2015.

PIAGAM INTERNAL AUDIT

Internal Audit adalah sebuah kegiatan yang bersifat

assurance dan konsultasi yang independen dan

objektif yang dirancang untuk menambah nilai

dan meningkatkan operasi Perseroan dengan

memanfaatkan metodologi sistematis untuk

mengevaluasi serta meningkatkan efektivitas

manajemen risiko, pengendalian, dan proses tata

kelola. Internal Audit berkaitan dengan kontrol

yang memastikan :

• Kehandalandanintegritasinformasikeuangan

dan operasional

• Efektivitasdanefisiensioperasional

• PerlindunganatasAset

• Kepatuhan terhadap hukum, peraturan dan

kontrak.

Piagam Internal Audit Perseroan memuat tentang:

• StrukturdanPosisiInternalAudit

• TugasdanTanggungJawabInternalAudit

• WewenangInternalAudit

• KodeEtik

• PersyaratandanIndependensi

STRUKTUR DAN POSISI INTERNAL AUDIT

Direksi memiliki tanggung jawab atas keseluruhan

pengendalian Perseroan. Pengendalian internal

dirancang untuk mengelola bukan untuk

menghilangkan risiko bisnis. Untuk membantu

melindungi aset perusahaan terhadap penipuan

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dan penyimpangan lainnya; dan untuk

memberikan assurance yang wajar, namun tidak

mutlak terhadap kesalahan atau kehilangan.

Internal Audit di bawah arahan Komite Audit,

membantu Direksi dengan meninjau operasional

dan efektivitas sistem pengendalian internal

perusahaan dan prosedur-prosedur dimana

sistem ini dimonitor.

Internal Audit bertanggung jawab langsung

kepada Presiden Direktur dan dalam melaksanakan

tugasnya Internal Audit melaporkan kegiatannya

kepada Presiden Direktur dan Dewan Komisaris

melalui Komite Audit.

Fungsi Internal Audit dikelola oleh Kepala

Internal Audit. Kepala Internal Audit diangkat dan

diberhentikan oleh Presiden Direktur dengan

persetujuan Dewan Komisaris seperti yang

disarankan oleh Komite Audit. Pengangkatan

dan pemberhentian Kepada Internal Audit harus

segera diinformasikan kepada Otoritas Jasa

Keuangan (OJK).

Auditor yang merupakan anggota dari Internal

Audit bertanggung jawab langsung kepada Kepala

Internal Audit. Kepala Internal Audit dan staff

Internal Audit lainnya tidak diperkenankan untuk

memegang fungsi operasional lainnya didalam

Perusahaan.

TUGAS DAN TANGGUNG JAWAB INTERNAL

AUDIT

• Mengembangkan dan melaksanakan rencana

Internal Audit tahunan Perseroan.

• Meninjau dan mengevaluasi pelaksanaan

pengendalian internal dan manajemen risiko

sesuai dengan kebijakan Perusahaan.

• Melakukan audit dan menilai efisiensi dan

efektivitas semua fungsi di Perusahaan.

• Memberikanrekomendasidan informasiyang

obyektif tentang kegiatan yang diperiksa pada

semua tingkat manajemen.

• Melaporkan hasil kegiatan audit dan

menyampaikan laporan kepada Presiden

Direktur dan Komisaris (melalui Komite Audit).

assets against fraud and other irregularities; and

to give reasonable, but not absolute assurance,

against misstatement or loss.

Internal Audit, under the guidance of the audit

committee, assists the Board of Directors by

reviewing the operation and effectiveness of the

Company’s system of internal control and the

procedures by which this is monitored.

Internal Audit directly responsible to the President

Director and in performing their duties report

to the President Director and the Board of

Commissioners through the Audit Committee.

The Internal Audit function is managed by the Chief

Internal Audit. Chief Internal Audit is appointed

and dismissed by President Director with Board

of Commissioners approval as advised by Audit

Committee. The appointment and dismissal of the

Chief Internal Audit must be immediately informed

to the Indonesia Financial Service Authority (OJK).

Auditors who are members of the Internal Audit

are responsible directly to the Chief Internal Audit.

Chief Internal Audit and other Internal Audit staff

shall not hold any other operational function

within the Company.

DUTIES AND RESPONSIBILITIES OF

INTERNAL AUDIT

• Develop and execute the Company’s annual

Internal Audit plan.

• Reviewandevaluatetheoperationofinternal

control and risk management in accordance

with the Company’s policy.

• Perform audit and assess the efficiency and

effectiveness of all functions in the Company.

• Provide recommendations and objective

information about the activities under review

at all management levels.

• Reporttheauditresultanddeliverthereportto

President Director and Commissioner (through

Audit Committee).

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• Memonitor, menganalisa, dan melaporkan

kemajuan rekomendasi audit.

• BekerjasamadenganKomiteAudit.

• Mengembangkanprogramdalamrangkauntuk

mengevaluasi internal audit yang dilakukan.

• Melakukanauditkhususjikadiperlukan.

WEWENANG

• Mengakses semua informasi yang relevan

mengenai perusahaan yang berkaitan

dengan tugas dan tanggung jawabnya. Setiap

perselisihan yang signifikan mengenai akses

tersebut akan dilaporkan kepada Presiden

Direktur untuk resolusi.

• Melakukan komunikasi secara langsung

dengan Direktur, Komisaris, dan/atau Komite

Audit serta anggota Direksi, Komisaris, dan/

atau Komite Audit.

• Mengadakanrapatsecaraberkaladanadhoc

dengan Direksi, Dewan Komisaris dan atau

Komite Audit.

• Mendapatkandukungandari semua staffdan

Manajemen dengan menyediakan informasi

dan penjelasan yang diperlukan dalam rangka

melakukan tugasnya.

• Melakukan koordinasi antara kegiatannya

dengan kegiatan Auditor Eksternal.

KODE ETIK

Semua auditor internal harus menegakkan prinsip-

prinsip sebagai berikut ini:

Integritas

- Auditor Internal harus melakukan pekerjaan

mereka dengan kejujuran, ketekunan, dan

tanggung jawab.

- Auditor Internal harus mematuhi hukum dan

membuat pengungkapan yang diharapkan

sesuai dengan hukum dan profesi.

- Auditor Internal tidak akan dengan sengaja

menjadi pihak dari aktivitas ilegal, atau

terlibat dalam tindakan-tindakan yang

mendiskreditkan profesi Internal Audit atau

terhadap Organisasi.

- Auditor Internal harus menghormati dan

berkontribusi pada tujuan yang sah dan Etis

dari Organisasi.

• Monitor, analyze, and report the progress of

the audit recommendation.

• WorktogetherwiththeAuditCommittee.

• Develop programs to evaluate the quality of

internal audit performed.

• Performspecialaudit,ifnecessary.

AUTHORITY

• To access all relevant information regarding

the Company related to its duties and

responsibilities. Any significant disagreement

regarding such access will be reported to the

President Director for resolution.

• To communicate directly with the Director,

Commissioner, and/or Audit Committee and

the members of Board of Directors, Board of

Commissioners and/or Audit Committee.

• Toconductperiodicandadhocmeetingswith

the Board of Directors, Board of Commissioners

and/or the Audit Committee.

• Togetsupportfromallstaffsandmanagement

by providing information and explanations

necessary in order to perform its duty.

• Tocoordinateitsactivitywiththeactivitiesof

external auditors.

CODE OF CONDUCT

All internal auditors should uphold the following

principles:

Integrity

- Internal Auditors shall perform their work with

honesty, diligence and responsibility.

- Internal Auditors shall observe the law and

make disclosures expected by the law and the

profession.

- Internal Auditors shall not knowingly be a party

to any illegal activity, or engage in acts that

are discreditable to the profession of Internal

Auditor or to the organization.

- Internal Auditors shall respect and contribute

to the legitimate and ethical objectives of the

organization.

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Objektivitas

- Auditor Internal tidak boleh berpartisipasi

dalam kegiatan atau hubungan apapun, yang

dapat, atau patut diduga dapat, menghalangi

penilaian Auditor Internal yang adil. Termasuk

dalam hal ini adalah kegiatan atau hubungan

apapun yang mengakibatkan timbulnya

pertentangan kepentingan dengan organisasi.

- Auditor Internal tidak boleh menerima apa pun

yang dapat, atau diduga dapat, mengganggu

pertimbangan profesionalnya.

- Auditor Internal harus mengungkapkan semua

fakta material yang diketahuinya, yang apabila

tidak diungkapkan, dapat mendistorsi laporan

atas kegiatan yang direviu.

Kerahasiaan

- Auditor Internal harus berhati-hati dalam

menggunakan dan menjaga informasi yang

diperoleh selama melaksanakan tugasnya.

- Auditor Internal tidak boleh menggunakan

informasi untuk memperoleh keuntungan

pribadi, atau dalam cara apapun, yang

bertentangan dengan hukum atau merugikan

tujuan organisasi yang sah dan etis.

Kompetensi

- Auditor Internal hanya terlibat dalam pemberian

jasa yang memerlukan pengetahuan,

kecakapan dan pengalaman yang dimilikinya.

- Auditor Internal harus memberikan jasa internal

audit sesuai dengan Standar Internasional

Praktik Profesional Audit Internal (Standar).

- Auditor Internal harus senantiasa meningkatkan

keahlian, keefektifan dan kualitas jasanya

secara berkelanjutan.

PERSYARATAN

Seseorang dapat ditunjuk sebagai Auditor Internal

hanya jika memenuhi persyaratan sebagai berikut

ini:

- Memiliki integritas dan perilaku profesional,

independen, jujur dan obyektif dalam

melaksanakan tugasnya.

- Memiliki pengetahuan teknis yang memadai

tentang audit serta memiliki pengalaman dan

Objectivity

- Internal Auditors shall not participate in any

activity or relationship that may impair or be

presumed to impair their unbiased assessment.

This participation includes those activities or

relationship that may be in conflict with the

interests of the organization.

- Internal Auditors shall not accept anything

that may impair or be presumed to impair their

professional judgment.

- Internal Auditors shall disclose all material

facts known to them that, if not disclosed, may

distort the reporting of activities under review.

Confidentiality

- Internal Auditors shall be prudent in the use

and protection of information acquired in the

course of their duties.

- Internal Auditors shall not use information

for any personal gain or in any manner that

would be contrary to the law or detrimental

to the legitimate and ethical objectives of the

organization.

Competency

- Internal Auditors shall engage only in those

services for which they have the necessary

knowledge, skills and experience.

- Internal Auditors shall perform internal audit

services in accordance with the International

Standards for the Professional Practice of

Internal Auditing (Standards).

- Internal Auditors shall continuously improve

their proficiency and the effectiveness and

quality of their services.

REQUIREMENTS

Internal auditor can be appointed as Internal

Auditor if only meet the requirements as below:

- Has integrity and professional behavior,

independent, honest and objective in

performing his or her duties.

- Has adequate technical knowledge on auditing

and experiences and other related knowledge

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to his or her duties.

- Has adequate knowledge regarding applicable

regulations in capital market and other related

regulations.

- Has competence to interact and communicate

effectively both in spoken and written.

- Shall comply with the professional standards

issued by the Internal Audit Association.

- Shall comply with the code of ethics of the

Internal Audit.

- Shall maintain confidentiality of the Company’s

information and/or data related to the

implementation of the duties and responsibility

of Internal Audit except as required by

regulation or court rulings.

- Understand good corporate governance and

risk management principles.

- Is willing to enhance his or her professional

knowledge, expertise and skill in ongoing basis.

INDEPENDENCY AND OBJECTIVITY OF

INTERNAL AUDIT

- The Internal Audit activity will remain free from

interference by any element in the organization,

including matters of audit selection, scope,

procedures, frequency, timing, or report

content to permit maintenance of a necessary

independent and objective mental attitude.

- Internal Auditors will have no direct operational

responsibility or authority over any of the

activities audited.

- Internal Auditors will exhibit the highest level of

professional objectivity in gathering, evaluating

and communicating information about the

activity or process being examined. Internal

Auditors will make balanced assessment of all

the relevant circumstances and not be unduly

influenced by their own interest or by others in

forming judgments.

- Chief Internal Audit will confirm to the Board of

Directors, at least annually, the organizational

independence of the internal audit activity.

pengetahuan professi terkait dengan tugas-

tugasnya.

- Memiliki pengetahuan yang memadai tentang

peraturan yang berlaku dipasar modal dan

peraturan terkait lainnya.

- Memiliki kompetensi untuk berinteraksi dan

berkomunikasi secara aktif baik lisan maupun

tulisan.

- Harus mematuhi standar professional yang

dikeluarkan oleh Asosiasi Audit Internal.

- Harus mematuhi kode etik Internal Audit.

- Harus menjaga kerahasian informasi dan/atau

data yang terkait dengan pelaksanaan tugas

dan tanggung jawab Internal Audit kecuali

diwajibkan oleh peraturan atau keputusan

pengadilan.

- Memahami prinsip-prinsip tata kelola

perusahaan yang baik dan rofessio risiko.

- Bersedia untuk meningkatkan pengetahuan,

keahlian dan kemampuan profesionalismenya

secara terus menerus.

INDEPENDENSI DAN OBJEKTIVITAS

INTERNAL AUDIT

- Kegiatan Internal Audit akan tetap bebas dari

campur tangan setiap elemen dalam organisasi,

termasuk dalam hal-hal seleksi audit, ruang

lingkup, prosedur, frekuensi, pemilihan waktu,

atau isi laporan untuk memelihara sikap mental

yang independen dan obyektif yang diperlukan.

- Auditor Internal tidak memiliki tanggung jawab

operasional atau otoritas secara langsung atas

kegiatan-kegiatan yang diaudit.

- Auditor Internal akan menunjukkan

tingkat objektivitas proposional tertinggi

dalam mengumpulkan, mengevaluasi dan

mengkomunikasikan informasi tentang

kegiatan atau proses yang diperiksa. Auditor

Internal akan membuat penilaian yang

seimbang dari semua keadaan yang relevan

dan tidak terlalu dipengaruhi oleh kepentingan

mereka sendiri atau oleh orang lain dalam

membentuk penilaian.

- Kepala Internal Audit akan mengkonfirmasi

kepada Direksi, setidaknya setiap tahun,

independensi secara organisasi kegiatan

internal audit.

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PELAKSANAAN KEGIATAN INTERNAL AUDIT

SELAMA TAHUN 2017

Sepanjang tahun 2017, Internal Audit telah

melaksanakan tugas dan tanggung jawab sejalan

dengan tujuan bisnis Perseroan. Pelaksanaan

kegiatan Internal Audit pada tahun 2017, telah

melakukan audit di berbagai departemen di

Perseroan, dengan rincian informasi sebagai

berikut:

ACTIVITIES OF INTERNAL AUDIT IN 2017

During the course of 2017, the Internal Audit has

carried out their duties and responsibilities in

line with the Company’s business purposes. The

Internal Audit performed audit activities in 2017 in

various departments of the Company with details

as follows:

No Departemen / Department Tanggal Pelaksanaan / Date of Implementation

1 Legal 20-24 Februari 2017 / 20-24 February 2017

2 Human Resources 20-24 Maret 2017 / 20-24 March 2017

3 Project Development 2-5 Mei 2017 / 2-5 May 2017

4 Owner Representative - Bali 17-19 Mei 2017 / 17-19 May 2017

5 Corporate Development - Bali 17-19 Mei 2017 / 17-19 May 2017

6 Office Support 10-21 Juli 2017 / 10-21 July 2017

7 Owner Representative - Batam 21-25 Agustus 2017 / 21-25 August 2017

8 Project Marketing - Batam 21-25 Agustus 2017 / 21-25 August 2017

9 Procurement 4-8 September 2017

10 Finance 16-20 Oktober 2017 / 16-20 October 2017

11 Accounting 20-24 November 2017

No Nama Anak Perusahaan / Name of Subsidiary Tanggal Pelaksanaan / Date of Implementation

1 PT Kega Property Utama 27-31 Maret 2017 / 27-31 March 2017

2 PT Eka Ilalang Suryadinamika 20-24 Maret 2017 / 20-24 March 2017

3 PT Dinamika Putra Perkasa 17-22 April 2017

4 PT Indonesian Paradise Property Tbk(Parent Only)

22-26 Mei 2017 / 22-26 May 2017

5 PT Segara Biru Kencana 22-26 Mei 2017 / 22-26 May 2017

6 PT Padma Suasa 19-23 Juni 2017 / 19-23 June 2017

7 PT Aneka Bina Laras 19-23 Juni 2017 / 19-23 June 2017

8 PT Mitra Gemilang Mahacipta 17-19 Juli 2017 / 17-19 July 2017

9 PT Mitra Perdana Nuansa 31 Juli - 4 Agustus 2017 / 31 July - 4 August 2017

10 PT Retzan Indonusa 21-25 Agustus 2017 / 21-25 August 2017

11 PT Anugerah Nusaraya 21-25 Agustus 2017 / 21-25 August 2017

12 PT Indonesian Paradise Island 23-27 Oktober 2017 / 23-27 October 2017

13 PT Praba Kumala Sajati 20-24 November 2017

Audit Departemen / Department Audit

Audit Anak Perusahaan / Subsidiaries Audit

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No Nama Unit Usaha / Name of Business Unit Tanggal Pelaksanaan / Date of Implementation

1 POP!HotelSangaji-Yogyakarta 20-22 Maret 2017 / 20-22 March 2017

2 HARRIS Hotel Tuban - Bali 15-19 Mei 2017 / 15-19 May 2017

3 Maison Aurelia - Bali 15-19 Mei 2017 / 15-19 May 2017

4 HARRIS Suites fX Sudirman - Jakarta 12-16 Juni 2017 / 12-16 June 2017

5 23 Paskal Shopping Center - Bandung 25-28 Juli 2017 / 25-28 July 2017

6 HARRIS Hotel Batam Center - Batam 21-25 Agustus 2017 / 21-25 August 2017

7 One Residence - Batam 21-25 Agustus 2017 / 21-25 August 2017

8 HARRIS Resort Waterfront - Batam 21-25 Agustus 2017 / 21-25 August 2017

9 beachwalk Shopping Center 25-29 September 2017

10 Sheraton Bali Kuta Resort - Bali 16-19 Oktober 2017 / 16-19 October 2017

11 Park23 Entertainment Center - Bali 13-18 November 2017

Audit Unit Usaha / Business Units Audit

Periode / Period

Kantor Akuntan Publik /Public Accounting Firm

Jenis Jasa /Type of Service

Akuntan Publik / Public Accountant

2017KAP Tanubrata Sutanto Fahmi Bambang & Rekan

Audit Keuangan tahun 2017 / Financial Audit for 2017

Ledo Ekodianto

2016KAP Tanubrata Sutanto Fahmi Bambang & Rekan

Audit Keuangan tahun 2016 / Financial Audit for 2016

Ledo Ekodianto

2015KAP Tanubrata Sutanto Fahmi & Rekan Audit Keuangan tahun 2015 /

Financial Audit for 2015Susanto Bong


Financial Audit for 2014Susanto Bong


Financial Audit for 2013Fahmi

AUDITOR INDEPENDEN

Mekanisme Penunjukan Kantor Akuntan

Publik

Pelaksanaan audit Laporan Keuangan Perseroan

dilakukan dengan menunjuk Kantor Akuntan

Publik. Penunjukan Kantor Akuntan Publik

diputuskan melalui Rapat Umum Pemegang

Saham berdasarkan rekomendasi dari Dewan

Komisaris yang mendapatkan masukan Komite

Audit. Tidak ada jasa lain yang diberikan oleh

Kantor Akuntan Publik selain melakukan audit

Laporan Keuangan Perseroan.

Informasi Kantor Akuntan Publik dan Jasa

yang Diberikan

Informasi Kantor Akuntan Publik Perseroan pada 5

(lima) tahun terakhir adalah sebagai berikut:

INDEPENDENT AUDITOR

Mechanism of Appointment of Public

Accounting Firm

The implementation of audit on the Company’s

Financial Statement is conducted by appointing a

Public Accounting Firm. The appointment of Public

Accounting Firm is decided in the General Meeting

of Shareholders based on the recommendations

from the Board of Commissioners who obtained

advice from the Audit Committee. Aside from audit

activity on the Company’s Financial Statements,

there was no other service provided by the Public

Accounting Firm.

Information on Public Accounting Firm and

Their Services

Information on the Company’s Public Accounting

Firm in the last 5 (five) years is as follows:

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Biaya Audit 2017

Untuk biaya jasa audit keuangan tahun buku

2017, Perseroan mengeluarkan biaya sebesar

Rp269.500.000.

SISTEM PENGENDALIAN INTERNAL

Sistem pengendalian internal yang ada di

Perseroan berfungsi sebagai pencegah terjadinya

kecurangan (fraud) dalam proses bisnis dengan

meningkatkan dan memperkuat lingkup

pengendalian internal. Sistem pengendalian

Internal yang diterapkan di Perseroan merupakan

proses penyatuan tindakan serta kegiatan

secara berkesinambungan baik oleh pimpinan

perusahaan maupun pegawai untuk memberikan

keyakinan atas tercapainya tujuan melalui kinerja

yang efektif dan efisien, kehandalan pelaporan

keuangan, pengamanan aset, serta ketaatan

terhadap peraturan perundang-undangan.

Sistem Pengendalian Operasional dan

Keuangan

Sistem pengendalian keuangan dan operasional

Perseroan diselenggarakan secara berjenjang yang

meliputi organ tata kelola yang ada di Perseroan

seperti Dewan Komisaris, Direksi, Komite Audit,

serta Audit Internal.

• DewanKomisaris,melakukanpengawasandan

memberikan saran terkait proses pengelolaan

Perseroan, pengembangan usaha, serta

pengelolaan risiko dengan menerapkan prinsip

kehati-hatian.

• Direksimengembangkansistempengendalian

internal perusahaan agar dapat berfungsi

secara efektif untuk mengamankan investasi

dan aset Perseroan.

• Audit Internal membantu Presiden Direktur

dalam melaksanakan audit intern keuangan

dan operasional Perseroan serta menilai

pengendalian, pengelolaan dan pelaksanannya

serta memberikan saran-saran perbaikan.

• Komite Audit menilai pelaksanaan kegiatan

serta hasil audit yang dilakukan Audit Internal,

memberikan rekomendasi penyempurnaan

sistem pengendalian manajemen serta

Audit Fee in 2017

The Company spent Rp269,500,000 for the fee of

audit activity in 2017 fiscal year.

INTERNAL CONTROL SYSTEM

The Company’s internal control system functions

to prevent fraud activities from occurring in its

business process by improving and strengthening

internal control scope. The internal control system

implemented in the Company is a combination

of action and activities in a sustainable manner,

conducted by either the management or the

employees. The aim is to provide assurance on

target achievement through an effective and

efficient performance, reliability of financial

reporting, asset security and compliance with the

laws and regulations.

Operational and Financial Control System

The financial and operational control system of

the Company is conducted in a gradual manner

covering the Company’s governance organs,

Board of Commissioners, Board of Directors,

Audit Committee and Internal Audit.

• BoardofCommissionersprovidessupervisory

and advisory activities related to the Company’s

management process, business development

and risk management by always implementing

prudent principle.

• Board of Directors develops internal control

system so as to function effectively to secure

the Company’s investment and assets.

• InternalAuditassiststhePresidentDirectorin

implementing the Company’s internal audit

on finance and operations, and evaluates the

control, management and implementation

in addition to providing improvement

recommendations.

• AuditCommitteeevaluatestheimplementation

of audit activities and results conducted by the

Internal Audit, provides recommendations on

management control system and identifies

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matters requiring the attention of Board of

Commissioners.

Conformity of Internal Control System with

COSO Framework

The Company’s financial and operational control

system is in line with the internal control system

standards issued by the Committee of Sponsoring

Organization of the Treadway Commission

(COSO) and covers various issues such as policies,

procedures, monitoring and communication

activities, as well as behavior standards and

various initiatives aiming at:

• Securingassets(securityobjectives)

• Improving efficiency and effectiveness of

Company’s operations (operational objectives)

• Developing information reliability and

completeness on accounting/finance and

management (information objectives); and

• Ensuring compliance with policies and

procedures as well as prevailing regulations

(compliance objectives)

Evaluation on the Effectiveness of Internal

Control System

The Company believes that an effective internal

control system begins with compliance with

the ethical standards in the Company, both in

oral and written forms. Given the importance of

internal control system in business continuity, the

Company requires an effective Internal control

system to safeguard its assets and investments

and conduct periodical examination.

The effectiveness of internal control system is

continuously evaluated by the Company using

the Internal Control - Integrated Framework

criteria issued by the Committee of Sponsoring

Organizations of the Treadway Commission

(COSO). Based on this assessment, the Board of

Commissioners and Board of Directors conclude

that as of December 31, 2017, the Company’s

internal control system over the financial

statements has been effective.

mengidentifikasi hal-hal yang memerlukan

perhatian Dewan Komisaris.

Kesesuaian Sistem Pengendalian Internal

dengan Kerangka COSO

Sistem pengendalian keuangan dan operasional

Perseroan sejalan dengan sistem pengendalian

internal menurut Committee of Sponsoring

Organization of the Treadway Commission (COSO).

Sistem pengendalian tersebut mencakup berbagai

kebijakan, prosedur, kegiatan pemantauan dan

komunikasi, serta standar perilaku dan berbagai

inisiatif yang ditujukan untuk:

• Mengamankanaset(securityobjectives)

• Mengupayakanefisiensidanefektivitasoperasi

Perseroan (operational objectives)

• Mengembangkankeandalandankelengkapan

informasi akuntansi/finansial dan manajemen

(information objectives); serta

• Menjamin kepatuhan terhadap kebijakan dan

prosedur serta peraturan perundangan yang

berlaku (compliance objectives).

Evaluasi atas Efektivitas Sistem

Pengendalian Internal

Perseroan meyakini bahwa sistem pengendalian

internal yang efektif dimulai dengan kepatuhan

terhadap standar-standar perilaku etika yang

belaku di Perseroan, baik dalam bentuk lisan

maupun tulisan. Mengingat pentingnya sistem

pengendalian internal dalam kelangsungan usaha

suatu bisnis, maka Perseroan mewajibkan adanya

sistem pengendalian Internal yang efektif guna

mengamankan aset dan investasi Perseroan serta

melakukan pengujian secara berkala.

Perseroan melakukan evaluasi atas efektivitas

sistem pengendalian internal dengan

menggunakan kriteria Internal Control –

Integrated Framework yang telah dikeluarkan

oleh Committee of Sponsoring Organization of

the Treadway Commission (COSO). Berdasarkan

penilaian ini, Dewan Komisaris dan Direksi

menyimpulkan bahwa hingga tanggal 31

Desember 2017, sistem pengendalian internal atas

laporan keuangan telah berjalan dengan efektif.

168

Pengujian sistem pengendalian internal

Perseroan, sejalan dengan kerangka yang diakui

secara internasional melalui COSO, dilakukan

dalam rangka melihat tingkat efektivitasnya yang

meliputi:

A. Pengujian Pengendalian Lingkungan

Pengujian lingkungan pengendalian dilakukan

untuk memberikan keyakinan yang memadai

bahwa lingkungan organisasi mendukung

Sistem Pengendalian Internal yang memadai

dan praktik manajemen yang cermat. Pengujian

ini penting karena pengendalian lingkungan

mempengaruhi komponen-komponen Sistem

Pengendalian Internal lainnya.

Pokok-pokok pengujian yang meliputi integritas

dan etika; komitmen terhadap kompetensi;

gaya operasi dan filosofi manajemen; struktur

organisasi; tanggung jawab dan wewenang;

kebijakan dan praktik sumber daya manusia;

serta kegiatan pengawasan di seluruh unit kerja

dan kantor pusat untuk tahun yang berakhir 31

Desember 2017 sudah cukup memadai.

B. Pengujian Atas Penilaian Risiko

Pengujian atas penilaian risiko ini bertujuan

untuk membantu pimpinan unit kerja dan

penilai lainnya dalam menentukan seberapa

baik pengendalian internal suatu unit kerja atau

perusahaan, khususnya yang berkaitan dengan

penilaian risiko telah didesain, dan berfungsi

serta untuk membantu menentukan hal-hal

yang memerlukan perbaikan.

Alat untuk melakukan pengujian ini adalah

berupa faktor-faktor yang merupakan hal-hal

penting yang terkandung di dalamnya. Faktor-

faktor tersebut adalah untuk membantu

pengguna dalam mempertimbangkan apakah

suatu pengendalian internal khususnya yang

berkaitan dengan penilaian risiko telah berjalan

secara efektif atau tidak. Perlu dipertimbangkan

pula faktor-faktor tersebut dalam kaitannya

dengan aplikasi masing-masing faktor sesuai

dengan keadaan, kemungkinan kelemahan

pengendalian yang ada, dan sejauh mana

The examination of Company’s internal control

system, conducted in line with the internationally

recognized framework through COSO, is carried

out to see its effectiveness level which includes:

A. Examination of Control Environmental

The examination of control environment is

conducted to provide reasonable assurance

that the organization’s environment supports

an adequate Internal Control System and

thorough management practices. This test is

significant as environmental control affects the

other components of Internal Control System.

Examination principals covering integrity and

ethics; commitment to competence; style

of operation and management philosophy;

organizational structure; responsibility and

authority; human resources policies and

practices; and monitoring activities in all work

units and head office for the year ended on 31

December 2017 is relatively sufficient.

B. Examination of Risk Assessment

Risk assessment aims to assist the head of

work units and other assessors in determining

the extent of internal control effectiveness

of a work unit or company, particularly those

related to risk assessment that has been

designed, and its functions, as well as to help

determine matters requiring improvement.

Tools to perform this examination are factors

containing crucial matters in them which

are utilized to assist the users in considering

whether an internal control, particularly the

one related to risk assessment, has been

effective. It is also important to consider that

these factors, in relation to each application,

are in accordance with the circumstances,

possible weaknesses of existing controls, and

the extent to which these factors influence

the achievement of the organization’s vision,

mission, goals, and objectives.

169

faktor-faktor tersebut mempengaruhi

pencapaian visi, misi, tujuan, dan sasaran

organisasi.

Dari pokok-pokok atas penilaian risiko, baik

penetapan tujuan organisasi; penetapan

tujuan operasional; identifikasi risiko; analisis

risiko dan pengelolaan risiko akibat perubahan

selama 2017 dari unit kerja yang telah dilakukan

pengujiannya, menurut pendapat Audit Internal

dinilai cukup memadai.

C. Pengujian Aktivitas Pengendalian

Penilaian/pengujian aktivitas pengendalian

bertujuan memastikan adanya pengendalian

yang dikelola oleh manajemen sehingga

efektif untuk menjaga arah tujuan organisasi.

Dalam menilai/menguji aktivitas pengendalian,

perlu dipertimbangkan apakah aktivitas

pengendalian telah sesuai, jumlahnya memadai

dan telah beroperasi secara efektif.

Bentuk pengujian yang dilakukan berbeda-

beda, tergantung pada pengendalian yang

dievaluasi dan lingkup pengendalian. Jika

tujuan peninjauan adalah untuk menetapkan

apakah seluruh pembayaran telah diotorisasi,

maka pengujian akan dititikberatkan/

difokuskan pada pengendalian yang digunakan

oleh entitas sehubungan dengan otorisasi

pembayaran. Sehingga, pengujian spesifik akan

tergantung pada aktivitas pengendalian spesifik

yang digunakan. Pengujian pengendalian

selama proses pemeriksaan pada 2017 di

Perseroan sudah sangat memadai.

D. Pengujian Informasi dan Komunikasi

Pengujian komponen Sistem Pengendalian

Internal informasi dan komunikasi bertujuan

memberikan keyakinan yang memadai bahwa

informasi yang relevan dan dapat dipercaya

telah dimiliki, dicatat, dan dikomunikasikan

secara efektif kepada pimpinan entitas dan

pihak lain yang memerlukannya dalam bentuk

dan jangka waktu untuk melaksanakan

tanggung jawab pengendalian internal dan

Based on the principals of risk assessment,

the determination of organizational goals and

operational objectives; risk identification; risk

analysis and management due to changes

during 2017 from the work units that have

been examined, the assessment in the opinion

of Internal Audit is considered sufficient.

C. Examination of Control Activities

Assessment/examination of control activities

aims to ensure controls by management has

been effective in safeguarding the direction

of organization’s objectives. In assessing/

examining control activities, it is necessary

to consider whether control activities are

appropriate or the number of activities has

been sufficient and effectively operated.

The forms of examination conducted are

different depending on the evaluated control

and the scope of control. If the purpose of

review is to establish whether all payments

have been authorized, the examination will be

focused on the controls used by the entity in

connection with the payment authorization.

Thus, specific examination will be subject to

the specific control activities implemented.

Control examination during the inspection

process in 2017 in the Company was highly

adequate.

D. Examination of Information and

Communication

Examination of the information and

communication components of Internal

Control System aims to provide adequate

assurance that the relevant and reliable

information has been established, recorded

and communicated effectively to the

leaders of entity and other parties requiring

the information, in a form and period to

conduct internal control responsibility and

170

operasionalnya. Proses informasi

dan komunikasi dari jajaran tertinggi,

yaitu pemegang saham sampai level

karyawan telah berjalan sangat baik.

Laporan-laporan yang berjalan, rapat

koordinasi dengan pembahasan

pengambilan keputusan atas semua

hasil laporan yang telah dibuat serta

media informasi dan komunikasi telah

disusun dengan baik, sehingga dapat

disimpulkan sistem pengendalian

internal pengujian atas informasi

dan komunikasi ini berjalan sangat

memadai.

E. Pengujian Pemantauan

Pengujian komponen Sistem

Pengendalian Internal dilakukan

untuk mendapatkan keyakinan

yang memadai dan dilaksanakan

secara efektif. Hasil pengujian akan

mempengaruhi langkah-langkah

pemeriksaan selanjutnya. Pengujian

pemantauan meliputi pemantauan

berkelanjutan tentang seluruh aktivitas

operasional di unit kerja, pemantauan

berkelanjutan tentang hasil proses

audit internal maupun eksternal, yakni

penyelesaian permasalahan dilakukan

sampai tuntas serta adanya tanggung

jawab yang jelas atas setiap hal yang

perlu mendapatkan perhatian. Hasil

observasi dan wawancara yang telah

dilakukan sepanjang 2017, menyatakan

bahwa pengujian pemantauan

(monitoring) di Perseroan telah cukup

memadai.

Evaluasi yang telah dilakukan

menjadi salah satu fondasi bagi

perusahaan untuk terus melaksanakan

perbaikan dan penyempurnaan

sistem pengendalian yang dapat

meningkatkan pertumbuhan per-

usahaan.

its operations. Information and

communication process from the

highest level, namely the shareholders,

to the employee level has been well

implemented. The ongoing reports,

coordinating meetings to discuss

decisions to be made on all prepared

reports, as well as the information

and communication media have been

properly formulated. Hence it can

be concluded that internal control

system to examine the information

and communication component has

been adequately implemented.

E. Examination of Monitoring

The examination of internal control

system components is conducted

in an effective manner to obtain

adequate assurance. Examination

results will, in turn, affect its next steps.

Monitoring examination includes

continuous monitoring activity of all

operational activities in work units,

internal and external audit results; i.e.

completion of the problem, and a clear

responsibility for all matters requiring

attention. The results of observations

and interviews conducted throughout

the year, stated that the monitoring

examination in the Company has been

relatively sufficient.

Evaluation that has been conducted

become one of the foundations for

the Company to continuously perform

improvements of control system that

can support the Company’s business

growth.

172

MANAJEMEN RISIKO

Gambaran Umum Manajemen Risiko

Perusahaan

Sistem manajemen risiko Perseroan berfungsi

untuk mengelola risiko perusahaan yang

mencakup identifikasi, pengendalian, serta

evaluasi atas risiko-risiko yang berpotensi

mengganggu aktivitas bisnis, kelangsungan

usaha, dan menyebabkan tidak tercapainya tujuan

Perseroan.

Identifikasi risiko menjadi langkah awal dalam

penerapan sistem manajemen risiko Perseroan.

Perseroan meyakini bahwa penerapan identifikasi

risiko secara akurat dan komprehensif sangat

penting untuk dilakukan. Perseroan senantiasa

mengumpulkan data sebanyak mungkin

untuk melihat potensi risiko yang dilakukan

melalui survei, wawancara, data historis, dan

brainstorming dalam rapat antar departemen.

Risiko yang dapat terjadi dalam aktivitas usaha

umumnya bersumber dari unsur ketidakpastian

yang menyebabkan tertekannya profitabilitas

hingga dapat menimbulkan kerugian. Proses

identifikasi risiko memudahkan Perseroan untuk

mengetahui bahaya yang ditimbulkan terkait

aktivitas bisnis Perseroan.

Setelah itu, Perseroan melakukan pengendalian

risiko dengan menggunakan pendekatan

terstruktur mulai dari penilaian risiko hingga

pengembangan strategi untuk mengelola dan

menyusun mitigasi risiko. Khusus mitigasi risiko,

Perseroan menggunakan sumber daya yang

dimiliki perusahaan. Dalam proses ini, Perseroan

menyusun serangkaian rencana kegiatan

penanganan guna memperkecil eksposur risiko.

Perseroan juga melakukan evaluasi atas keefektifan

sistem manajemen risiko yang dilakukan secara

berkala.

Jenis Risiko dan Pengelolaannya

Sejalan dengan bidang usaha Perseroan, yaitu

properti yang terutama berfokus pada perhotelan,

terdapat faktor-faktor risiko yang harus dihadapi,

terutama:

RISK MANAGEMENT

General Description on Company Risk

Management

The Company’s risk management system

serves to manage company risks that include

identification, control, and evaluation of risks

that could potentially disrupt business activity,

business continuity, and lead to failure to achieve

objectives of the Company.

Risk identification becomes the first step

in implementation of the Company’s risk

management system. The Company believes that

an accurate and comprehensive implementation

of risk identification is very important to be

conducted. The Company always gathers data as

much as possible to view risk potentials which is

conducted through surveys, interviews, historic

data, and brainstorming in division meetings. Risks

that can happen in business activities generally

come from uncertainty that causes pressure

on profitability that can cause losses. The risk

identification process facilitates the Company

to determine the dangers posed related to the

Company’s business activities.

After that, the Company conducts risk control by

using structured approach from risk assessment

to strategy development to manage and compile

risk mitigation. Specifically for risk mitigation,

the Company utilizes resources owned by the

Company. In this process, the Company complies

with a series of plans of handling programs

to minimize risk exposure. The Company also

evaluates the effectiveness of the risk management

system which is conducted regularly.

Types and Management of Risks

In accordance with the Company business, that is

the property sector focusing on hotels, some risk

factors that must be faced are:

173

Business Competition Risk

In facing the competition, the Company attempts

to improve the service quality to the guests with

competitive price. In addition, the Company

also continues conducting unique innovations in

managing the hotels.

Security Disturbance Risk

The Company’s business is very much related

to the domestic security condition. The travel

warning issued by several countries to their

citizens who wish to travel to Indonesia affect

the number of tourists travelling to Indonesia.

Domestic tourists also feel unsafe to travel that it

impacts the occupancy rate.

To minimize the risks, the Company has covered

all risk insurance for company assets, including

building, vehicles, machines, furniture and others

covering the damage caused by fire, natural

disasters, riots and others as well from a Third-

Party claim (Public Liabilities).

Overview on the Effectiveness of Risk

Management System

Periodically, the company evaluates the

effectiveness of risk management system in its

environment through:

• Innovation and development efforts that

have been conducted, for example better

development of hotel and shopping center

businesses and initiative to enter into

apartment devlopment as thr new business.

• TheCompany actions to insure assets in all-

risk scheme as well as against third party claims

that are also quite effective to minimize extra

expenditure of the Company.

LEGAL CASES IN 2017

In 2017, the Company had no legal cases.

Risiko Persaingan usaha

Untuk menghadapi persaingan usaha, Perseroan

berusaha meningkatkan kualitas pelayanan tamu

dengan harga yang bersaing. Perseroan juga

selalu berusaha melakukan inovasi-inovasi yang

unik dalam pengelolaan hotel-hotelnya.

Risiko Gangguan Keamanan

Usaha Perseroan erat kaitannya dengan kondisi

keamanan dalam negeri. Adanya beberapa negara

yang mengeluarkan peringatan (Travel Warning)

bagi warganya untuk bepergian ke Indonesia juga

mempengaruhi jumlah wisatawan yang akan ke

Indonesia. Demikian pula dengan wisatawan lokal

yang merasa tidak aman sehingga berdampak

pada penurunan tingkat hunian (Occupancy Rate).

Guna meminimalisasi risiko, Perseroan juga telah

mengasuransikan keseluruhan aset Perseroan

seperti Gedung, kendaraan bermotor, mesin,

peralatan, furnitur, dan lain-lain dari kerusakan

akibat kebakaran, bencana alam, kerusuhan, serta

klaim Pihak Ketiga (Public Liabilities).

Tinjauan atas Efektivitas Sistem Manajemen

Risiko

Secara berkala, Perseroan melakukan evaluasi atas

efektivitas sistem manajemen risiko perusahaan

antara lain dilakukan melalui:

• Inovasi dan pengembangan usaha telah

dilakukan, misalnya dengan pengembangan

bisnis hotel dan pusat perbelanjaan secara

lebih baik serta mulai masuk pembangunan

apartemen sebagai usaha barunya.

• TindakanPerseroandenganmengasuransikan

secara all risk aset-asetnya maupun terhadap

klaim Pihak ketiga juga cukup efektif

meminimalkan pengeluaran ekstra Perseroan.

PERKARA PENTING YANG DIHADAPI

PERUSAHAAN TAHUN 2017

Pada tahun 2017, Perseroan tidak memiliki perkara

hukum.

174

INFORMASI SANKSI ADMINISTRATIF YANG

DIKENAKAN KEPADA PERUSAHAAN

Sepanjang tahun 2017, tidak terdapat sanksi

administratif yang dikenakan kepada Perseroan,

anggota Dewan Komisaris dan Direksi, oleh

otoritas Pasar Modal dan otoritas lainnya.

KODE ETIK

Pokok-Pokok Kode Etik

Perseroan memiliki kode etik Perusahaan

yang menjadi bagian yang tidak terpisahkan

dari peraturan internal Perseroan, dan wajib

diaplikasikan di seluruh lapisan Perseroan, dimana

merupakan perangkat dalam mendukung visi dan

misi Perseroan. Adapun isi dari kode etik Perseroan

adalah panduan bagi jajaran Direksi, karyawan,

dan wakil-wakil perusahaan dalam menjalankan

aktivitas bisnis agar senantiasa sesuai dengan

aturan yang berlaku.

Secara rinci, informasi mengenai pokok-pokok

kode etik sebagai berikut:

• KewajibanindividudalamPerseroan

• Panduan hubungan Perseroan dengan

karyawan

• Panduanantikorupsidanpenyuapan

• Panduanmengenaibenturankepentingan

• Etika bisnis hubungan Perseroan dengan

pesaing


Pemerintah


masyarakat

• EtikabisnishubunganPerseroandenganmitra

bisnis


pemegang saham, kreditur, dan investor lain

Semua isi kode etik wajib ditaati dan berlaku

bagi seluruh level organisasi meliputi anggota

Dewan Komisaris, anggota Direksi, dan karyawan

Perseroan.

INFORMATION ON ADMINISTRATIVE

SANCTION IMPOSED ON THE COMPANY

During the year, there has been no administrative

sanction imposed on the Company, Board of

Commissioners and Board of Directors by the

Capital Market Authorities or other authorities.

COMPANY CODE OF CONDUCT

Code of Conduct Principals

The Company has corporate codes of conduct

which becomes an inseparable part of the

Company’s internal regulations, and must be

applied in all of the Company’s levels which

are instruments of support to the Company’s

vision and mission. The contents of the Code of

Conduct are guidelines for the Board of Directors,

employees, and the Company’s representatives in

conducting their business activities in order to be

always in accordance with prevailing regulations.

In details, information on code of conduct

principals is as follows:

• Individual’sobligationintheCompany

• Relationship between the Company and

employees

• Guidelineforanti-corruptionandgratification

• Guidelineforconflictofinterest

• Business ethics on the relationship of the

Company with competitors


Company with the government


Company with the public


Company with business partners


Company with shareholders, creditors and

other investors

All contents of code of ethics must be adhered

to and are applicable for all organization levels,

covering the Board of Directors, Board of

Commissioners and employees.

175

Dissemination of Code of Conduct and

Enforcement

The dissemination and enforcement of code

on conduct is conducted by the Company to

all employees through training activities and

other information distribution media, such as

Company’s website and so on.

Types of Sanction for the Violation Against

Code of Conduct

Sanctions imposed on the violators are in line

with the prevailing processes and procedures,

such as reprimand, warning letter, temporary

suspension, and, if the violation may cause fatal

loss, employment termination.

Throughout 2017, no violations conducted by

employees against the Company’s codes of

conduct.

WHISTLEBLOWING SYSTEM

The Company has established a whistleblowing

system that aims to detect, prevent and handle

each violation that occurs. The whistleblowing

system of the Company involves all employees in

order to provide safety for all parties interacting

with the Company.

Procedures to Submit Report and Parties

Managing the Report

Each indication of violation is submitted through

emails or written letters to the Internal Audit,

with a copy delivered to the Human Resources.

The report shall provide early indication on the

violation, such as the reported issue, parties

involved, time and the event of the violation. The

whistleblower needs to also indicate on how they

shall be contacted so that the Company may gain

further information regarding the violation.

Protection for Whistleblower

The Company provides protection for

whistleblower for their reports. The protection

covers:

Penyebarluasan Kode Etik dan

Penegakannya

Sosialisasi kode etik dan penegakannya dilakukan

Perseroan kepada seluruh karyawan melalui

training, serta media penyaluran informasi lainnya

seperti website perusahaan, dan lain-lain.

Jenis Sanksi Setiap Pelanggaran Kode Etik

Sanksi yang akan dikenakan oleh pelanggar akan

melalui proses dan prosedur yang berlaku, seperti

teguran, peringatan, dan skorsing dan apabila

pelanggaran berakibat fatal maka dikenakan

pemutusan hubungan kerja.

Sepanjang tahun 2017, tidak terdapat pelanggaran

yang dilakukan oleh karyawan terhadap kode etik

Perseroan.

SISTEM PELAPORAN PELANGGARAN

Perseroan memiliki sistem pelaporan pelanggaran

yang bertujuan untuk mendeteksi, mencegah, dan

menanggulangi setiap pelanggaran yang terjadi.

Sistem pelaporan pelanggaran ini melibatkan

seluruh pegawai sehingga memberikan rasa aman

bagi seluruh pihak yang berinteraksi dengan

Perseroan.

Prosedur dan Tata Cara Penyampaian dan

Pihak yang Mengelola Laporan Pelanggaran

Setiap indikasi adanya pelanggaran, disampaikan

melalui media email atau surat tertulis kepada

Internal Audit dengan tembusan kepada Human

Resources. Laporan harus memberikan indikasi

awal mengenai pelanggaran yang terjadi. Indikasi-

indikasi tersebut termasuk diantaranya masalah

yang dilaporkan, pihak yang terlibat, waktu

kejadian, dan bagaimana terjadinya kejadian

tersebut. Pelapor juga harus mengindikasikan

tentang bagaimana pelapor dapat dihubungi

untuk permintaan keterangan lebih lanjut.

Perlindungan bagi Pelapor

Perseroan akan memberikan perlindungan

terhadap pelapor atas laporan-laporan yang

masuk. Perlindungan tersebut meliputi:

176

- Jaminan kerahasiaan identitas pelapor dan isi

laporan yang disampaikan

- Jaminan perlindungan terhadap perlakuan

yang merugikan pelapor

- Jaminan perlindungan dari kemungkinan

adanya tindakan balas dendam, pemecatan

atau perilaku diskriminatif lainnya.

Penanganan Pengaduan

Laporan akan diteliti oleh tim khusus yang ditunjuk

Perseroan. Laporan yang akan ditindaklanjuti

adalah laporan-laporan yang masuk pada kriteria

yang dinyatakan dalam lingkup kebijakan. Laporan-

laporan yang ditindaklanjuti akan dilaporkan

perkembangannya secara periodik kepada pelapor

dan Direksi dan/atau Dewan Komisaris Perseroan.

Tindak lanjut akan dihentikan jika diketahui bahwa

laporan yang disampaikan merupakan laporan

palsu dan/atau tidak didukung bukti-bukti yang

kuat.

Hasil dari Penanganan Pengaduan

Selama tahun 2017, tidak terdapat laporan

pengaduan atas pelanggaran yang terjadi di

lingkungan bisnis Perseroan.

PERNYATAAN PEMENUHAN TERHADAP TATA

KELOLA PERUSAHAAN

Perseroan senantiasa menerapkan praktik terbaik

dalam sistem tata kelola yang ada di Perseroan.

Oleh karena itu, Perseroan menerapkan peraturan

atau ketentuan tata kelola perusahaan di bidang

pasar modal dan international best practices. Di

sisi lain, dengan diterbitkannya Peraturan Otoritas

Jasa Keuangan No. 51/POJK.03/2017 tentang

Penerapan Keuangan Berkelanjutan Bagi Lembaga

Jasa Keuangan, Emiten, Dan Perusahaan Publik,

Perseroan berkomitmen untuk secara bertahap

mengimplementasikannya.

Sementara dalam kaitannnya dengan Bad

Corporate Governance, Perseroan memastikan

bahwa setiap kegiatan operasional bisnis dilakukan

dengan standar dan prosedur operasional yang

berlaku. Sepanjang tahun 2017, Perseroan tidak

melakukan berbagai hal yang berkaitan dengan

Bad Corporate Governance, sebagai berikut:

- Confidentiality guarantee of the identity of

whistleblower and contents of the report

- Protection guarantee against any conduct that

may cause harm or loss to the whistleblower.

- Protection guarantee against the possibility of

revenge, termination of work contract or other

discriminatory actions.

Management of Whistleblowing

Each incoming report shall be examined by a

special team appointed by the Company. The

reports to be followed-up are those that meet

the criteria stated in the scope of policy and the

development shall be reported periodically to

the whistleblower and Board of Directors and/or

Board of Commissioners of the Company. Follow-

up action shall end if the report is known as a fake

report and/or does not have supporting and string

evidence.

Result of Whistleblowing Management

During 2017, there has been no report on the

violations that took place in the Company’s

business environment.

STATEMENT OF GOOD CORPORATE

GOVERNANCE FULFILLMENT

The Company continues to implement the best

practices of corporate governance system. Hence,

the Company has established rules or provisions

of corporate governance in capital market field

as well as the international best practices. On the

other hand, with the issuance of OJK Regulation

No. 51/POJK.03/2017 on Implementation

of Sustainable Finance for Financial Services

Institutions, Issuers, and Public Companies, the

Company is committed to gradually implementing

this regulation.

Meanwhile, in relation to Bad Corporate

Governance, the Company ensures that each of

its business and operational activity is carried out

in compliance with the prevailing operational

standards and procedures. Throughout the year,

the Company has not performed actions related

to Bad Corporate Governance, which encompass

177

the following issues:

1) There are no reports as a company

that pollutes the environment;

2) Legal cases faced by the Company,

subsidiaries, and members of

Board of Directors and/or Board of

Commissioners in office, have been

disclosed thoroughly in the Annual

Report;

3) Compliance with its responsibility to

meet tax obligations;

4) Conformity in the presentation of

annual reports and financial statements

with the applicable regulations and

SAK;

5) Absence of case related to labor and

employees;

6) Thiere is a non-conformity between

the hardcopy and softcopy annual

report.


GOVERNANCE FOR PUBLIC

COMPANIES

The Company always adheres to the

prevailing provisions and regulations.

As a public company, the Company

also implements corporate governance

guidelines for public companies issued by

the Financial Services Authority (OJK).

Several recommendations in guidelines

of corporate governance for public

companies implemented by the Company

are as follows:

A. Relationship of Public Company

with Shareholders in Ensuring

Shareholders’ Rights

Principle 1

Improving the Convention Value of

General Meeting of Shareholders

1) Tidak terdapat laporan sebagai perusahaan

yang mencemari lingkungan;

2) Perkara penting yang sedang dihadapi oleh

Perusahaan, entitas anak, anggota Direksi dan/

atau anggota Dewan Komisaris yang sedang

menjabat, seluruhnya telah diungkapkan

dalam Laporan Tahunan;

3) Kepatuhan dalam memenuhi kewajiban

perpajakan;

4) Kesesuaian penyajian Laporan Tahunan dan

Laporan Keuangan dengan peraturan yang

berlaku dan Standar Akuntansi Keuangan;

5) Tidak adanya kasus terkait dengan buruh dan

karyawan;

6) Ketidaksesuaian antara Laporan Tahunan

hardcopy dengan laporan tahunan softcopy.

PENERAPAN ATAS PEDOMAN TATA KELOLA

PERUSAHAAN TERBUKA

Perseroan senantiasa tunduk dan patuh terhadap

ketentuan dan peraturan yang berlaku. Sebagai

perusahaan publik, Perseroan juga menerapkan

pedoman tata kelola perusahaan terbuka yang

diterbitkan oleh Otoritas Jasa Keuangan (OJK).

Beberapa rekomendasi penerapan pedoman

tata kelola perusahaan terbuka yang telah

diimplementasikan oleh Perseroan sebagai

berikut:

A. Hubungan Perusahaan Terbuka Dengan

Pemegang Saham Dalam Menjamin Hak-Hak

Pemegang Saham

Prinsip 1

Meningkatkan Nilai Penyelenggaraan Rapat

Umum Pemegang Saham.

178

No Rekomendasi / Recommendation Keterangan / Description

1 Perusahaan Terbuka memiliki cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun tertutup yang mengedepankan independensi, dan kepentingan pemegang saham. / Public Companies have a technical method or procedure for voting, either openly or in a closed manner, that prioritizes independency and shareholders’ interest.

Sudah memenuhi. / Implemented.

Tata cara pengumpulan suara (voting) diatur dalam tata tertib Rapat Umum Pemegang Saham. / Procedures for voting are contained in General Meeting of Shareholders’ rules.

2 Seluruh anggota Direksi dan anggota Dewan Komisaris Perusahaan Terbuka hadir dalam Rapat Umum Pemegang Saham Tahunan. / All members of the Board of Directors and Board of Commissioners attend the Annual General Meeting of Shareholders.


Seluruh anggota Direksi dan Dewan Komisaris menghadiri Rapat Umum Pemegang Saham 2017. / All members of the Board of Directors and Board of Commissioners attend the Annual General Meeting of Shareholders.

3 Ringkasan risalah Rapat Umum Pemegang Saham tersedia dalam Situs Web Perusahaan Terbuka paling sedikit selama 1 (satu) tahun. / Summary of GMS is available on the Company’s official website at least for 1 (one) year.


Risalah Rapat Umum Pemegang Saham telah tersedia dalam situs web Perseroan. / Minutes of General Meeting of Shareholders are available on the Company’s website.

Prinsip 2

Meningkatkan Kualitas Komunikasi Perusahaan

Terbuka dengan Pemegang Saham atau Investor.

B. Fungsi dan Peran Dewan Komisaris

Prinsip 3

Memperkuat Keanggotaan dan Komposisi Dewan

Komisaris.

Principle 2

Improving the Communication Quality of Public

Companies with Shareholders or Investors.

B. Functions and Roles of Board of

Commissioners

Principle 3

Strengthening the Membership and Composition



1 Perusahaan Terbuka memiliki suatu kebijakan komunikasi dengan Pemegang Saham atau Investor. / Public Company has a policy on communication with Shareholders or Investors.


Kebijakan komunikasi dengan Pemegang Saham atau Investor termasuk dalam kode etik Perseroan. / Policy on communication with Shareholders or Investors is stipulated in the Company’s Code of Conduct.

2 Perusahaan Terbuka mengungkapkan kebijakan komunikasi Perusahaan Terbuka dengan Pemegang Saham atau Investor dalam situs web. / Public Company discloses policy on communication with Shareholders or Investors on a website.


Penyampaian informasi Perseroan telah memenuhi syarat Keterbukaan Informasi bagi pemegang saham dan investor. /

179

Prinsip 4

Meningkatkan Kualitas Pelaksanaan Tugas dan

Tanggung Jawab Dewan Komisaris.

Principle 4

Improving the Quality of Duties and Responsibilities



1 Penentuan jumlah anggota Dewan Komisaris mempertimbangkan kondisi Perusahaan Terbuka. / Determination of members of the Board of Commissioners considers Public Company’s condition.


Saat ini Dewan Komisaris perusahaan beranggotakan 4 orang. Jumlah ini telah disesuaikan dengan karakteristik, kapasitas, dan ukuran perusahaan. / The current Board of Commissioners is composed of 4 people. The quantity has been adjusted to the Company’s characteristics, capacity and size.

2 Penentuan komposisi anggota Dewan Komisaris memperhatikan keberagaman keahlian, pengetahuan dan pengalaman yang dibutuhkan. / Determination of composition of members of the Board of Commissioners considers the diversity of the required expertise, knowledge, and experience.


Anggota Dewan Komisaris mempunyai beragam keahlian, pengetahuan dan pengalaman yang dibutuhkan Perseroan. / Members of Board of Commissioners have various expertise, knowledge and experience required by the Company.


1 Dewan Komisaris mempunyai kebijakan penilaian sendiri (self assessment) untuk menilai kinerja Dewan Komisaris. / The Board of Commissioners has self- assessment to assess the performance of the Board of Commissioners.


Self Assessment atas kinerja Dewan Komisaris telah diungkapkan sebagaimana mengacu pada self assessment Good Corporate Governance. / Self-assessment on the performance of Board of Commissioners has been disclosed in reference to the self-assessment of Good Corporate Governance.

2 Kebijakan penilaian sendiri (self assessment) untuk menilai kinerja Dewan Komisaris, diungkapkan melalui Laporan Tahunan Perusahaan Terbuka. / Policy on self assessment to assess the performance of the Board of Commissioners is disclosed in Annual Report.


Perseroan mengungkapkan kebijakan ini dalam laporan tahunan. / The policy is affirmed in the Company’s annual report.

3 Dewan Komisaris mempunyai kebijakan terkait pengunduran diri anggota Dewan Komisaris apabila terlibat dalam kejahatan keuangan. / The Board of Commissioners has policy on resignation of member of the Board of Commissioners if he is involved in financial crime.


Piagam Komisaris telah menyatakan bahwa anggota Dewan Komisaris wajib berkomitmen untuk mematuhi peraturan perundang-undangan yang berlaku. Pemberhentian anggota Dewan Komisaris diatur dalam Piagam Komisaris dan anggaran dasar. / The Board of Commissioners’ Charter states that members of Board of Commissioners are obliged to commit themselves to complying with the prevailing laws and regulations. Dismissal of members of Board of Commissioners is stipulated in the Board of Commissioners’ Charter and Articles of Association.

180

C. Fungsi dan Peran Direksi

Prinsip 5

Memperkuat Keanggotaan dan Komposisi Direksi.

C. Functions and Roles of Board of Directors

Principle 5

Strengthening Membership and Composition of

Board of Directors


1 Penentuan jumlah anggota Direksi mempertimbangkan kondisi Perusahaan Terbuka serta efektivitas dalam pengambilan keputusan. / Determination of members of the Board of Directors considers the Company’s condition and effectiveness in making decisions.


Saat ini Direksi perusahaan beranggotakan 5 orang. Jumlah ini telah disesuaikan dengan karakteristik, kapasitas, dan ukuran Perseroan. / The current Board of Directors is composed of 5 people. The quantity has been adjusted to the Company’s characteristics, capacity and size.

2 Penentuan komposisi anggota Direksi memperhatikan, keberagaman keahlian, pengetahuan, dan pengalaman yang dibutuhkan. / Determination of composition of the Board of Directors considers the diversity of the required expertise, knowledge, and experience.


Anggota Direksi mempunyai beragam keahlian, pengetahuan dan pengalaman yang dibutuhkan Perseroan. / Members of Board of Directors have various expertise, knowledge and experience required by the Company.

3 Anggota Direksi yang membawahi bidang akuntansi atau keuangan memiliki keahlian dan/atau pengetahuan di bidang akuntansi. / Members of the Board of Directors who are in charge of accounting or finance have expertise and/or knowledge in accounting field.


Direktur yang membawahi bidang akuntansi dan keuangan mempunyai latar belakang pendidikan akuntansi dan keuangan. / Director who is in charge of accounting and finance has educational background in accounting and finance.

Prinsip 6

Meningkatkan Kualitas Pelaksanaan Tugas dan

Tanggung Jawab Direksi.

Principle 6

Improving the Quality of Duties and Responsibilities

of Board of Directors.

4 Dewan Komisaris atau komite yang menjalankan fungsi nominasi dan remunerasi menyusun kebijakan suksesi dalam proses nominasi anggota Direksi. / The Board of Commissioners or Committee running the Nomination and Remuneration functions shall prepare policy of succession in Nomination process of the Board of Directors.


Piagam Komisaris telah menyatakan bahwa Dewan Komisaris bertanggung jawab membuat rekomendasi dalam kaitan dengan pencalonan dan pengupahan Direksi dan Dewan Komisaris. / The Boardof Commissioners’ Charter states that the Board of Commissioners is responsible for making recommendations in relation to the nomination and remuneration of the Board of Directors and Board of Commissioners.

181

D. Partisipasi Pemangku Kepentingan

Prinsip 7

Meningkatkan Aspek Tata Kelola Perusahaan

melalui Partisipasi Pemangku Kepentingan.

D. Participation of Stakeholders

Principle 7

Improving Corporate Governance Aspect through

Stakeholders’ Participation.


1 Perusahaan Terbuka memiliki kebijakan untuk mencegah terjadinya insider trading. / Public Company has policy to prevent insider trading.


Kebijakan ini merupakan bagian dari kode etik perusahaan. / The policy is a part of the Company’s code of conduct.

2 Perusahaan Terbuka memiliki kebijakan anti korupsi dan anti fraud. / Public Company has anti-corruption and anti-fraud policies.



3 Perusahaan Terbuka memiliki kebijakan tentang seleksi dan peningkatan kemampuan pemasok atau vendor. / Public Company has policy on selection and improvement of capability of suppliers or vendors.




1 Direksi mempunyai kebijakan penilaian sendiri (self assessment) untuk menilai kinerja Direksi. / The Board of Directors has self-assessment to assess the performance of the Board of Directors.


Hal ini tertuang dalam piagam Direksi dan telah dikemukakan dalam laporan tahunan / This has been stipulated in the Board of Directors’ Charter and has been stated in the annual report.

2 Kebijakan penilaian sendiri (self assessment) untuk menilai kinerja Direksi diungkapkan melalui Laporan Tahunan Perusahaan Terbuka. / Policy on self assessment to assess the performance of the Board of Directors is disclosed in annual report of the Company.


Perseroan menegaskan kebijakan ini dalam laporan tahunan perseroan. / The policy is affirmed in the Company’s annual report

3 Direksi mempunyai kebijakan terkait pengunduran diri anggota Direksi apabila terlibat dalam kejahatan keuangan. / The Board of Directors has policy on resignation of members of the Board of Directors if he/she is involved in financial crime.


Piagam Direksi telah menyatakan bahwa anggota Direksi wajib berkomitmen untuk mematuhi peraturan perundang-undangan yang berlaku. Pemberhentian anggota Direksi diatur dalam piagam Direksi dan anggaran dasar. / The Board of Directors’ Charter states that members of Board of Directors are obliged to commit themselves to complying with the prevailing laws and regulations. Dismissal of members of Board of Directors is stipulated in the Board of Directors’ Charter and Articles of Association.

182

Prinsip 8

Meningkatkan Pelaksanaan Keterbukaan

Informasi.

Principle 8

Improving the Implementation of Information

Disclosure.


1 Perusahaan Terbuka memanfaatkan penggunaan teknologi informasi secara lebih luas selain Situs Web sebagai media keterbukaan informasi. / Public Company utilizes information technology in a broader way in addition to Website as media for information disclosure.


Perusahaan telah menggunakan teknologi informasi sebagai media keterbukaan informasi, seperti surat kabar, web, dan lain-lain. / The Company uses information technology as information disclosure media, such as newspaper, website and so on.

2 Laporan Tahunan Perusahaan Terbuka mengungkapkan pemilik manfaat akhir dalam kepemilikan saham Perusahaan Terbuka paling sedikit 5% (lima persen), selain pengungkapan pemilik manfaat akhir dalam kepemilikan saham Perusahaan Terbuka melalui pemegang saham utama dan pengendali. / The Annual Report of Public Company discloses the ultimate beneficiary owner in share ownership in the Company at least 5% (five percent), in addition to disclosure of ultimate beneficiary owner in share ownership in the Company through major and controlling shareholders

Belum memenuhi. / Has not been implemented.

Perusahaan telah mengungkapkan pemegang saham dengan kepemilikan diatas 5% sesuai dengan peraturan yang berlaku. Namun, perusahaan tidak mempunyai data manfaat akhir dari setiap pemegang saham tersebut. / The Company has disclosed the shareholder with ownership of more than 5% in accordance with the prevailing regulations. However, the Company has no data on ultimate beneficiary owner of each shareholder.

4 Perusahaan Terbuka memiliki kebijakan tentang pemenuhan hak-hak kreditur. / Public Company has policy on fulfillment of rights of creditors.



5 Perusahaan Terbuka memiliki kebijakan system whistle blowing. / Public Company has whistle blowing system and policy.


Perusahaan telah mempunyai kebijakan system whistle-blowing dan telah diungkapkan dalam laporan tahunan. / The Company has established a whistle blowing system and policy

6 Perusahaan Terbuka memiliki kebijakan pemberian insentif jangka panjang kepada Direksi dan Karyawan. / Public Company has policy on long-term incentive provision to the Board of Directors and employees.


Kebijakan ini sudah termasuk dalam kebijakan internal Perusahaan. / The policy is a part of the Company’s internal policy.

183

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Perseroan menerapkan prinsip Tata Kelola

Perusahaan yang Baik dengan menyasar pada

Pemangku Kepentingan secara luas, yakni

konsumen Perseroan, masyarakat sekitar, dan

juga terhadap lingkungan. Kebijakan Perseroan

mengenai Tanggung Jawab Sosial Perusahaan

(Corporate Social Responsibility) terangkum di

dalam Kode Etik Perseroan yang diberlakukan

kepada seluruh elemen di dalam Perseroan demi

mendukung tujuan Corporate Social Responsibility

Perseroan untuk membangun kepercayaan para

pemangku kepentingan terhadap Perseroan.

Berdasarkan ketentuan Otoritas Jasa Keuangan

(OJK) melalui Surat Edaran Otoritas Jasa keuangan

No. 30/POJK.04/2016 tentang Bentuk dan Isi

Laporan Tahunan Emiten atau Perusahaan Publik,

kegiatan Corporate Social Responsibility Perseroan

meliputi:

• Ketenagakerjaan,Kesehatan,danKeselamatan

Kerja;

• LingkunganHidup;

• Pengembangan Sosial dan Kemasyarakatan;

dan

• TanggungJawabterhadapKonsumen.

DASAR KEBIJAKAN

Seluruh Kebijakan Corporate Social Responsibility

Perseroan berlandaskan kebijakan umum dan

peraturan yang berlaku di Indonesia, antara lain:

• Undang-Undang No. 40 Tahun 2007 tentang

Perseroan Terbatas (UUPT):

• Pasal1angka3UUPT,TanggungJawabSosial

dan Lingkungan (TJSL) adalah komitmen

perseroan untuk berperan serta dalam

pembangunan ekonomi berkelanjutan

The Company implements the principles of Good

Corporate Governance by targeting the stake-

holders in general, i.e. consumers of the Compa-

ny, surrounding communities, as well as the en-

vironment. The Corporate Social Responsibility

policy of the Company is summarized in its Code

of Conduct applied to all elements within the

Company, in order to support the achievement of

Corporate Social Responsibility objectives to build

trust with stakeholders towards the Company.

Based on the provisions of Financial Services Au-

thority (OJK) through Financial Services Authori-

ty Circular Letter No. 30/POJK.04/2016 on Form

and Contents of Annual Report of Issuers or Public

Companies, the Company’s Corporate Social Re-

sponsibility activities include:

• Manpower and Occupational Health and

Safety;

• Environment;

• SocialandCommunityDevelopment;and

• ResponsibilitytoConsumers.

POLICY BASIS

The policies of Company’s Corporate Social Re-

sponsibility are based on the prevailing general

policies and regulations in Indonesia, among oth-

ers:

• Law No. 40 of 2007 on Limited Liability

Company (UUPT):

• Article 1 number 3 of UUPT, Social and

Environmental Responsibility is the company’s

commitment to actively participating in

184

guna meningkatkan kualitas kehidupan

dan lingkungan yang bermanfaat, baik bagi

perseroan sendiri, komunitas setempat,

maupun masyarakat pada umumnya.

• Pasal 74 butir b UUPT, Tanggung Jawab

Sosial dan Lingkungan (TJSL) ini merupakan

kewajiban perseroan yang dianggarkan dan

diperhitungkan sebagai biaya perseroan

yang pelaksanaannya dilakukan dengan

memperhatikan kepatutan dan kewajaran.

• Pasal 6 Peraturan Pemerintah Nomor 47

Tahun 2012 tentang Tanggung Jawab

Sosial dan Lingkungan Perseroan Terbatas

bahwa pelaksanaan TJSL tersebut dimuat

dalam laporan tahunan perseroan dan

dipertanggungjawabkan kepada RUPS.

Dampak Kuantitatif

Sepanjang 2017, Perseroan telah mengeluarkan

biaya sebesar Rp149,23 juta untuk pelaksanaan

kegiatan Corporate Social Responsibility .

Target Kegiatan

Pada tahun 2017, Perseroan telah melakukan

beberapa efisiensi terkait penggunaan energi dan

berkontribusi dalam pelestarian lingkungan. Oleh

karena itu, Perseroan akan lebih meningkatkan

kontribusinya terkait tanggung jawab sosial

terhadap lingkungan di masa mendatang.

Kegiatan yang Dilakukan

Perseroan memiliki instruksi kerja untuk proses

dan prosedur kegiatan pembuangan sampah

dan pengelolaan sampah. Kegiatan ini mencakup

pemilihan dan pengelolaan sampah daur ulang

dan tidak dapat didaur ulang, serta pengelolaan

tempat pembuangan sampah sementara.

Penanaman Pohon

Perseroan juga memberikan kepedulian terhadap

lingkungan melalui program penanaman pohon

yang berfungsi sebagai netralisir kadar CO2 di

sustainable economic development in order

to improve life quality and benefit for the

environment, either for the company itself,

local community, or public in general.

• Article 74 point b of UUPT, Social and

Environmental Responsibility is the obligation

of the company that is budgeted and calculated

as company’s expenses. The implementation is

conducted by taking into account the feasibility

and fairness aspects.

• Article 6 of the Government Regulation No.

47 of 2012 on Social and Environmental

Responsibility of Limited Liability Companies,

which states that the Social and Environmental

Responsibility shall be included in the

company’s annual report and held accountable

in the GMS.

Quantitative Impact

Over the course of 2017, the Company has ex-

pended Rp149.23 million for the implementation

of CSR activities.

Target of Activity

The Company has carried out several efficiency

activities in 2017 in relation to energy utilization

and contributed to the preservation of the envi-

ronment. The Company will continue to improve

its contribution regarding social responsibility to

the environment in the future.

Activities

The Company has established a work instruction

for waste disposal process and procedure, which

includes selection and management of recyclable

and non- recyclable waste, as well as manage-

ment of temporary waste disposal area.

Tree Planting

The Company also provides environmental

awareness activity through tree planting programs

which aim to neutralize the level of CO2 in the air.

TANGGUNG JAWAB SOSIAL BIDANG LINGKUNGAN HIDUP

SOCIAL RESPONSIBILITy TO THE ENVIRONMENT

185

udara. Selain itu, penanaman pohon juga berfungsi

sebagai penahan abrasi pantai di wilayah Batam.

Program penanaman pohon dilakukan di setiap

unit usaha Perseroan setiap tahunnya sebagai

agenda rutin.

Target Kegiatan

Corporate Social Responsibility terkait dengan

ketenagakerjaan pada tahun 2017 adalah

melaksanakan pengelolaan Human Capital dengan

menerapkan sistem kesetaraan kesempatan dalam

pelaksanaan program rekrutmen, kesempatan

kerja dan program-program pengembangan

pegawai serta implementasi hubungan industrial.


Pengembangan Kompetensi

Perseroan melaksanakan program pengembangan

kompetensi kepada segenap karyawan sebagai

sarana dalam peningkatan kompetensi Sumber

Daya Manusia sesuai dengan standar kerja yang

ditetapkan Perseroan. Kegiatan ini dilaksanakan

karena Perseroan memahami bahwa kompetensi

individual Sumber Daya Manusia dapat

mendukung pelaksanaan visi dan misi Perseroan

melalui kinerja strategis Perusahaan. Oleh karena

itu, peningkatan kompetensi karyawan menjadi

salah satu tanggung jawab Perseroan.

Perseroan senantiasa berupaya meningkatkan

kapasitas dan kapabilitas karyawan melalui

serangkaian program pelatihan yang diikuti

oleh seluruh karyawan. Program pelatihan yang

dilakukan dengan pendekatan komprehensif ini

memberikan dampak positif kepada karyawan

dengan adanya peningkatan motivasi, kepatuhan,

dan loyalitas para peserta program.

Hubungan Industrial

Berdasarkan Undang-Undang No. 13 tahun 2013

In Batam area, tree planting activity also serves as

a coastal abrasion retainer. This program is con-

ducted annually in every Company’s business unit

as a routine agenda.

Target of Activity

Corporate Social Responsibility activity related to

manpower aspect in 2017 was conducted through

Human Capital management by applying an equal

opportunity system in the implementation of re-

cruitment programs, employment opportunities

and employee development programs as well as

in the implementation of industrial relations.

Activities

Competency Development

The Company conducts competency develop-

ment programs to all employees as a means of

increasing Human Resources’ competence, in

accordance with the standards established by the

Company. This activity is carried out as the Com-

pany understands that individual competencies

of Human Resource of the Company can support

the achievement of vision and mission through

its strategic performance. Therefore, employee

competence improvement becomes one of the

Company’s responsibilities.

The Company strives to improve employees’ ca-

pacity and capability through a series of training

programs attended by all employees. These train-

ing programs are conducted with comprehensive

approach and have a positive impact on employ-

ees as demonstrated by increased motivations,

compliances, and loyalties of program partici-

pants.

Industrial Relations

Based on the Law No. 13 of 2013 on Manpower,

TANGGUNG JAWAB SOSIAL BIDANG KETENAGAKERJAAN,

KESEHATAN DAN KESELAMATAN KERJA

SOCIAL RESPONSIBILITy IN MANPOWER, OCCUPATIONAL HEALTH AND SAFETy

186

tentang Ketenagakerjaan, Perseroan bekerja

sama dengan serikat pekerja untuk memastikan

Keselamatan dan Kesehatan Kerja yang diatur

dalam Perjanjian Kerja Bersama (PKB) dan

Peraturan Perusahaan.

Kegiatan Keagamaan

Perseroan mengadakan kegiatan-kegiatan

keagamaan sebagai wadah kebersamaan karyawan

di lingkungan kerja. Kegiatan ini dilakukan di

lingkungan kerja guna menjaga hubungan antara

kebutuhan fisik dan kebutuhan rohani ditengah

kondisi kerja yang penuh tekanan dan kelelahan,

sehingga kegiatan ini dapat berdampak pada

relaksasi karyawan dalam bekerja.

Kesehatan dan Keselamatan Kerja (K3)

Penerapan program K3 dimaksudkan untuk

mewujudkan lingkungan kerja yang aman,

nyaman, dan sehat bagi segenap karyawan.

Kesehatan karyawan yang terjaga menjadi salah

satu sebab terjaganya kinerja Perseroan. Potensi

kecelakaan kerja dapat terjadi selama bekerja, baik

dari segi teknis maupun non-teknis.

Di samping itu, Perseroan juga mengikutsertakan

karyawannya dalam program Badan

Penyelenggara Jaminan Sosial (BPJS) Kesehatan

dan asuransi kesehatan tambahan melalui Asuransi

Kesehatan Komersial (Non-BPJS) sebagai bentuk

jaminan kesehatan dan keselamatan kerja bagi

karyawan Perseroan. Perseroan juga memberikan

bantuan biaya melahirkan dan bantuan pembelian

kacamata kepada karyawannya.

Sertifikasi

Pada 2017, Perseroan mendapatkan beberapa

sertifikasi terkait kegiatan usaha yang

dijalankannya, antara lain;

- Sertifikasi Kompetensi Penyedia Makanan &

Minuman dari BNSP (Badan Nasional Sertifikasi

Profesi).

- Sertifikat Kursus Hygiene Sanitasi Makanan

dari Pemerintah Provinsi Dinas Kesehatan DKI

Jakarta.

the Company cooperates with labor union to en-

sure the Occupational Health and Safety aspect is

stipulated in the Collective Labor Agreement and

Company’s Regulations.

Religious Activities

The Company conducts religious activities as a

forum for employees’ togetherness in the work-

place. This activity is conducted in the work en-

vironment to maintain the balance between em-

ployees’ physical needs and spiritual needs amidst

the stressful and tiring working conditions, and to

give relaxation for employees in their work.

Occupational Health and Safety (OHS)

The implementation of Occupational Health and

Safety program is intended to create a safe, com-

fortable and healthy work environment for all em-

ployees. Employee’s health is one of the crucial

reasons to maintain the Company’s performance.

The potential for accidents can occur during work,

both in terms of technical and non-technical.

In addition, the Company also engages its em-

ployees in Badan Penyelenggara Jaminan Sosial

(BPJS) Kesehatan (Health Social Security Admin-

istrative Bodies) and additional health insurance

through Commercial Health Insurance (Non-BP-

JS) program as a form of health and safety insur-

ance for the Company’s employees. The Compa-

ny also provides helps for childbirth expenses and

eyeglasses to its employees.

Certifications

In 2017, the Company obtained several certifi-

cations related to its business activities, among

others :

- Certificate of Competence for Food &

Beverages Provider from BNSP (Badan Nasional

Sertifikasi Profesi).

- Certificate of Food Sanitation & Hygiene

Course from the Health Department of DKI

Jakarta Provincial Government.

187

Target Kegiatan

Kegiatan Corporate Social Responsibility yang

terkait dengan sosial kemasyarakatan pada tahun

2017 adalah memberikan bantuan pendidikan,

dan bantuan sosial kemasyarakatan dalam rangka

membantu korban bencana alam gunung meletus

di Bali. Ke depannya, Perseroan berkomitmen

untuk terus meningkatkan anggaran kegiatan

Corporate Social Responsibility seiring dengan

tuntutan keseimbangan antara kebutuhan

masyarakat dengan profit Perseroan.


Kegiatan yang dilaksanakan Perseroan didasari

oleh kode etik Perseroan dalam menjaga

kesinambungan antara aktivitas bisnis dan

kepedulian kepada masyarakat. Perseroan

menugaskan setiap manajemen operasional di tiap

wilayah untuk mencanangkan program-program

yang relevan dan bermanfaat bagi masyarakat

sekitar.

Bantuan Korban Bencana Alam

Dengan meletusnya Gunung Agung di Bali, unit

usaha Perseroan memberikan bantuan bagi korban

dan masyarakat sekitar letusan Gunung Agung.

Bantuan diberikan berupa kebutuhan sehari-

hari, donasi yang diharapkan dapat meringankan

beban korban bencana alam.

Kegiatan Keagamaan

Sebagai warga korporasi yang baik, Perseroan

senantiasa menjaga hubungan dengan

seluruh pemangku kepentingan guna tercipta

keseimbangan antara kegiatan usaha dan

lingkungan sekitar. Perseroan aktif berperan

serta dalam kegiatan keagamaan di masyarakat

diantaranya dengan memberikan hewan kurban

di masjid sekitar lokasi usaha.

Kegiatan Pendidikan Masyarakat

Perseroan sangat peduli pada peningkatan kualitas

Target of Activity

Corporate Social Responsibility activities relat-

ed to social community conducted in 2017 were,

among others, provisions of educational assis-

tances as well as social assistances, such as help-

ing the natural disaster victims of volcano eruption

in Bali. Going forward, the Company is committed

to continuously increasing its budget for Corpo-

rate Social Responsibility activities in line with the

demand for a balance between public needs and

Company’s profit.

Activities

Activities undertaken by the Company are based

on the Company’s code of conduct to maintain

the sustainability of business activities and com-

munity awareness. The Company assigns oper-

ational management in each region to launch

programs that are relevant and beneficial to the

surrounding community.

Support for Natural Disaster Victims

With the eruption of Mount Agung in Bali, the

Company’s business units provide donation to the

victims and communities around the area impact-

ed by Mount Agung eruption in the form of daily

necessities. The Company expects that through

these donations, the burden of natural disaster

victims can be lessened.

Religious Activity

As a good corporate citizen, the Company always

maintains good relationships with all stakeholders

in order to create a balance between business ac-

tivities and environmental awareness. The Com-

pany actively participates in religious activities in

the community, among others, by providing sacri-

ficial animals in the mosques around the business

location.

Community Education Activities

The Company is extremely aware of the needs to

TANGGUNG JAWAB SOSIAL BIDANG PENGEMBANGAN SOSIAL DAN KEMASYARAKATAN

RESPONSIBILITy IN SOCIAL AND COMMUNITy DEVELOPMENT

188

improve the intellectual quality of the community.

Therefore, the Company actively participates in

public education activities, among others, by pro-

viding assistances and donating books to Elemen-

tary School students in Bali.

Blood Donation

The Company routinely conducts blood donation

activities in business units. The donated blood is

then collected in the blood bank to be used by

those in need. Blood donation activities are con-

ducted jointly with the Indonesian Red Cross by

involving the Company’s employees.

Target of Activity

The Company is committed to improving custom-

er satisfaction with strict standard operating pro-

cedures.

Activities

As a company engaging in the service of accom-

modation (hotel), the Company is required to

always maintain its customers’ comfort. Hence,

every employee is obliged to attend training ac-

tivities on customer service in order to provide

satisfaction for all customers. The results of train-

ing are reviewed and tested by the authorities,

and certified as evidence that the Company has

implemented standard operating procedures in

the hospitality field.

Certification

In 2017, the Company obtained the Certification

of Good Health for Restaurant Business from

PTSP Tanah Abang.

intelektual masyarakat, oleh karena itu Perseroan

aktif dalam kegiatan pendidikan masyarakat

dengan memberikan bantuan dan buku kepada

siswa Sekolah Dasar di Bali.

Donor Darah

Perseroan rutin mengadakan donor darah di

unit-unit usaha dan dikumpulkan di bank darah

untuk diteruskan pada yang membutuhkan.

Kegiatan ini dilakukan bersama dengan Palang

Merah Indonesia dengan melibatkan karyawan

Perseroan.

Target Kegiatan

Perseroan memiliki komitmen untuk meningkatkan

kepuasan pelanggan dengan standar operasional

prosedur yang ketat.


Perseroan yang bergerak di bidang pelayanan

akomodasi (hotel) dituntut untuk selalu menjaga

kenyamanan pelanggannya, oleh karena itu setiap

karyawan diikutsertakan dalam pelatihan tentang

pelayanan pelanggan yang dapat memberikan

kepuasan. Hasil pelatihan itu kemudian ditinjau

dan diuji oleh pihak yang berwenang dan diberikan

sertifikasi sebagai bukti bahwa Perseroan telah

menerapkan standar operasional kerja di bidang

hospitality.

Sertifikasi

Pada 2017, Perseroan mendapatkan Sertifikasi Laik

Sehat Usaha Restoran dari PTSP Tanah Abang.

TANGGUNG JAWAB SOSIAL TERHADAP PELANGGAN

SOCIAL RESPONSIBILITy TO CUSTOMERS

189

KEGIATAN TANGGUNG JAWAB PERUSAHAAN TAHUN 2017 / CSR ACTIVITIES IN 2017

HARRIS Hotel Batam Center-Batam

Tanggal Kegiatan / Date

of Activity

Jenis Kegiatan / Type of Activity

Nama Penerima Bantuan / Name of Recipient

Lokasi Kegiatan / Location

Bentuk Bantuan / Form of Support

20-11-2017 Sosialisasi Kanker Serviks & Pemeriksaan Pap Smear / Dissemination of Cervical Cancer and Pap Smear Examination

Seluruh Karyawan HARRIS Suites fX Sudirman - Jakarta, tamu-tamu hotel & peserta umum lainnya / All employees of HARRIS Suites fx Sudirman - Jakarta, hotel guests and other public participants

Meeting Room F5

Sosialisasi & Pemeriksaan Gratis / Dissemination & Free Examination

5-12-2017 Donor darah / Blood donation

Seluruh Karyawan HARRIS Suites fX Sudirman - Jakarta, tamu-tamu hotel & peserta umum lainnya / All employees of HARRIS Suites fx Sudirman - Jakarta, hotel guests and other public participants

F5 Lobby HARRIS

Café

Donor Darah dengan target 70 kantong darah / Blood Donationwiththetarget of 70 blood bags


of ActivityJenis Kegiatan / Type of Activity




11-4-2017, 21-8-2017, 4-10-2017

Komitmen kesetaraan / Equality commitment

ISCO (Indonesian Street Children Organization) melalui TAUZIA Hotel Management

Jakarta Bantuan keuangan / Financial support

6-3-2017 Festival Hijau ATB - BP Batam / Green Festival ATB - BP Batam

Masyarakat lingkungan duriangkang / Community of duriangkang

Batam Bibit pohon / Tree seeds

22-8-2017 Penanaman Sejuta Pohon Mangrove dengan Kantor Dinas Lingkungan Hidup Kota Batam / Planting of One Million Mangrove Trees in cooperation withEnvironmentOfficeofBatam

Kantor Dinas Lingkungan Hidup Kota Batam / Environment Office of Batam

Sei Bedug Batam

Bibit pohon mangrove / Mangrove tree seeds

2-10-2017 Penyemprotan Nyamuk Demam Berdarah di Kampung Utama bersama panitia 6th HARRIS Hotel Batam Center Anniversary / Fogging Activity to Eliminate Dengue Fever at KampungUtamatogetherwithorganization team of the 6th HARRIS Hotel Batam Center Anniversary

Masyarakat penghuni rumah liar di Kampung Belian, Batam Center / People living in Kampung Belian area of Batam Center

Batam Fogging Massal / Mass fogging activity

JAKARTA

BATAM

HARRIS Suites fx Sudirman - Jakarta

190


of Activity





11-8-2017 HARRIS Resort Waterfront Batam Anniversary 15th, Charity program will be visiting “Mengkada Island”

Anak-anak Mengkada Island / Children of Mengkada Island

Mengkada Island, Batam

Alat Tulis dan Buku / Stationery and Books

10-12-2017 HARRIS Day 2017 Anak terlantar / Homeless children HARRIS Resort

Barelang

Education donation for homeless children

6-Mar-17 ATB-BP Batam Green festival

Warga Duriangkang, Batam / Community at Duriangkang, Batam

Duriangkang, Batam

Bibit Pohon / Tree seeds

22-Jul-17 Penanaman Pohon Bakau / Mangrove Tree Planting

Warga Sei Beduk, Batam / Community at Sei Beduk, Batam

Sei Beduk Batam

Bibit Pohon Mangrove / Mangrove Tree Seeds

Harris Resort Waterfront Batam







Monthly TAUZIA Equal Chance ISCO Jakarta Bantuan Keuangan / Financial Support

Maret-17 CSR Book Donation SDN 2 Dauh Puri Bali 194 buku & 23 alat tulis / 194 books & 23 stationery

Maret-17 BHA Orphanages Visit Klungkung & Bangli

Panti Asuhan di Bangli & Klungkung / Orphanage in Bangli & Klungkung

Bangli & Klungkung,

Bali

30 selimut, 30 bantal, 30 handuk / 30 blankets,30pillowsand30towels

Juni-17 Tirta Yatra Pura Mekori and Pura Siwa

Tabanan, Bali

Bantuan Keuangan / Financial Support

BALI

191

Park 23 Entertainment Center

Maison Aurelia Sanur – Bali






21-3-2017 Membangun perpustakaan Sekolah / Developing school’s library

SDN 2 Kauh Puti Denpasar Books

5&6-10-2017 Membantu korban Gunung Agung / Donation for victims of Mount Agung disaster

Korban letusan Gunung Agung / Victims of Mount Agung Eruption

Badung Sembako / Daily Staples


of Activity





15-9-2017 Spread Love with Yayasan Cahaya Mutiara Ubud-Bali / Spread Love withCahayaMutiaraUbud Foundation-Bali

Yayasan Cahaya Mutiara Ubud (Ketut Budiarsa-Ketua Yayasan) / Cahaya Mutiara Ubud Foundation (Ketut Budiarsa-Chairman)

Gedung Yayasan Cahaya Mutiara

Ubud, Jalan Sasibrata, Br. Kawan

Tengah, Tampak Siring, Gianyar-Bali

Pemberian kebutuhan pokok dan hiburan / Provision of staple needs and entertainment

25-9-2017 200 Bibit Mangrove untuk Masa Depan / 200 Mangrove Seeds for the Future

Masyarakat dan lingkungan Pulau Bali / Community in Bali Island

Kampung Kepiting, Jalan Bypass

Ngurah Rai, Kelan, Tuban, Kuta

200 Bibit Mangrove / 200 Mangrove Seeds

4-10-2017 Sumbangan Kemanusiaan Untuk Gunung Agung / Donation for Victims of Mount Agung

Dinas Sosial Kabupaten Badung Drh I. Ketut Sudarsana M.M.A, dan di teruskan ke Pos pengungsian yang ada di Sempidi – Badung / Social Department of Badung Regency, Drh I. Ketut Sudarsana M.M.A,tobeforwardedto evacuation posts in Sempidi, Badung

Posko Pengumpulan dan

Penyaluran Bantuan Dinas Sosial Kab

Badung / Command Post for Donation

Gathering and Distribution of

Social Department of Badung Regency

4 unit Kompor Gas / 4 units of Gas Stove

192







17-1-2017 Donor Darah / Blood Donation PMI Indonesia / Indonesian Red Cross


Beberapa kantong darah / A number of blood bags

20-1-2017 Kebersihan pantai / Beach cleaning

Desa Adat Kuta Pantai Kuta / Kuta Beach

Layanan kebersihan / Cleaning service

17-2-2017 Bantuan untuk Desa Soongan / Donation for Desa Soongan

Warga Desa Songan / People of Desa Songan

Desa Songan Bangli

Kebutuhan pokok dan bantuan keuangan / Staple needs and financial support

17-3-2017 Kebersihan kuil Batu Bolong / Batu Bolong temple cleaning

Desa Adat Kuta Pura Batu Bolong /

Batu Bolong Temple


24-3-2017 Amal / Donation Mount Agung Refugees Sheraton Bali Kuta Resort

Kebutuhan pokok dan makanan / Staple needs and food

11-6-2017 Kebersihan pantai oleh LPM Kuta / Beach cleaning by LPM Kuta



8-6-2017 Bantuan Pembangunan Toilet Sekolah / Donation for School’s Toilet Renovation

SD Negeri 3 Munduk Munduk Bantuan keuangan / Financial Support

13-8-2017 Pembersihan sampah di Jimbaran Asri / Waste cleaning in Jimbaran Asri

Warga Lingkungan Jimbaran Asri / CommunitywithintheJimbaran Asri Area

Perumahan Ling.

Jimbaran Asri / Residential

Area of Jimbaran Asri

Makanan / Food

193

POP! Hotel Sangaji - Yogyakarta






10-3-2017 Bersih-bersih kota Yogyakarta / Cleaning activity of Yogyakarta city

Wilayah Yogyakarta / Yogyakarta Area

Jl. Mangkubumi Alat-Alat kebersihan / Cleaning tools

13-4-2017 Pertunjukan musik gamelan oleh wargadankaryawanPOP!HotelSangaji Yogyakarta / Gamelan music performance by the employeesofPOP!HotelSangajiYogyakarta and people living nearby the hotel

Warga Cokrodiningratan / People of Cokrodiningratan

Warga Cokrodiningratan

/ People of Cokrodiningratan

Uang, Tempat dan Konsumsi / Money, Venue and Food

19-4-2017 Menyumbang bibit tanaman ke media Yogyakarta / Donation of plant seeds to Yogyakarta media

Harjo, Tribun, KR, Jawa Pos

Media Yogyakarata Tanaman / Plants

3-6-2017 Pengecatan Becak milik warga cokrodiningratan / Painting of Becakownedbythepeopleofcokrodiningratan

Komunitas becak cokrodiningratan / Cokrodiningratan Becak Community

Becak Cokrodiningratan

Tenaga dan Cat / PeoplepowerandPaint

5-8-17 Bersih bersih Pantai Wediombo Yogyakarta / Cleaning activity at Wediombo Beach of Yogyakarta

Pantai Wedi Ombo / Wedi Ombo Beach

Pantai Wedi Ombo / Wedi Ombo Beach

Alat-Alat kebersihan / Cleaning tools

YOGYAKARTA

9-9-2017 International Coastal Cleanup Ocean Concervancy Pantai Kuta / Kuta Beach


25-11-2017 Kunjungan ke SDN Ababi & House Building Karangasem / Visit to Ababi Elementary School & House Building Karangasem

SDN Ababi & Warga Karangasem / Ababi State Elementary School & People of Karangasem

Karangasem Bantuan keuangan / Financial support

Juni-17 Kebersihan pantai oleh LPM Kuta / Beach cleaning by LPM Kuta



194

Kami yang bertanda tangan di bawah ini

menyatakan bahwa semua informasi dalam

Laporan Tahunan PT Indonesian Paradise Property

Tbk tahun 2017 telah dimuat secara lengkap dan

bertanggung jawab penuh atas kebenaran isi

Laporan Tahunan Perusahaan.

Demikian pernyataan ini dibuat dengan

sebenarnya.

We, the undersigned, testify that all information

in the Annual Report of PT Indonesian Paradise

Property Tbk for 2017 is presented in its entirety

and we are fully responsible for the correctness of

the contents in the Annual Report of the Company.

This statement is hereby made in all truthfulness.

DEWAN KOMISARIS

BOARD OF COMMISSIONERS

SURAT PERNYATAAN ANGGOTA DEWAN KOMISARIS DAN DIREKSI TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN 2017 PT INDONESIAN PARADISE PROPERTY Tbk

STATEMENT OF MEMBERS OF BOARD OF COMMISSIONERS AND DIRECTORS

ON THE RESPONSIBILITY FOR THE 2017 ANNUAL REPORT OF PT INDONESIAN PARADISE PROPERTY Tbk

Todo Sihombing Presiden Komisaris & Komisaris Independen

President Commissioner

cum Independent Commissioner

Amelia Gozali Komisaris

Commissioner

Hadi Cahyadi Wakil Presiden Komisaris & Komisaris Independen

Vice President Commissioner

cum Independent Commissioner

Karel Patipeilohy Komisaris

Commissioner

Jakarta, 20 April 2018

195

DIREKSI

BOARD OF DIRECTORS

Agoes Soelistyo Santoso Presiden Direktur

President Director

Alexander Nartates Nartates Direktur Independen

Independent Director

Anthony Prabowo Susilo Wakil Presiden Direktur

Vice President Director

Patrick Santosa Rendradjaja Direktur

Director

Diana SolaimanDirektur

Director

PT INDONESIAN PARADISE PROPERTY TBK DAN ENTITAS ANAKNYA/ AND ITS SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIAN/ CONSOLIDATED FINANCIAL STATEMENTS

TAHUN YANG BERAKHIR 31 DESEMBER 2017/ THE YEAR ENDED 31 DECEMBER 2017

DAN/ AND

LAPORAN AUDITOR INDEPENDEN/ INDEPENDENT AUDITORS’ REPORT

PT INDONESIAN PARADISE PROPERTY Tbk DAN ENTITAS ANAKNYA

LAPORAN KEUANGAN KONSOLIDASIAN TAHUN YANG BERAKHIR 31 DESEMBER 2017

PT INDONESIAN PARADISE PROPERTY Tbk AND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS THE YEAR ENDED 31 DECEMBER 2017

DAFTAR ISI CONTENTS

Pernyataan Direksi Laporan Posisi Keuangan Konsolidasian Laporan Laba Rugi dan Penghasilan Komprehensif Lain

Konsolidasian Laporan Perubahan Ekuitas Konsolidasian Laporan Arus Kas Konsolidasian Catatan atas Laporan Keuangan Konsolidasian Laporan Auditor Independen

Ekshibit/ Exhibit

A B

C

D E

Directors’ Statement

Consolidated Statement of Financial Position

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Independent Auditors’ Report

These consolidated financial statements are originally issued in Indonesian language

Ekshibit A Exhibit A

PT INDONESIAN PARADISE PROPERTY Tbk

DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN

PER 31 DESEMBER 2017 (Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

31 Desember 2017/ Catatan/ 31 Desember 2016/

31 December 2017 Notes 31 December 2016

A S E T ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 440.225.565.192 4 247.903.815.289 Cash and cash equivalents

Aset keuangan lancar lainnya 3.762.328.832 5 4.229.728.832 Other current financial assets

Piutang usaha - Pihak ketiga - setelah Trade receivables - Third parties -

dikurangi cadangan kerugian penurunan net of allowance for impairment

nilai sebesar Rp 2.189.373.954 of Rp 2,189,373,954 as

tanggal 31 Desember 2017 dan 2016 35.635.677.080 6 22.946.479.940 of 31 December 2017 and 2016

Piutang non-usaha Non-trade receivables

Pihak berelasi 558.418.189 30 559.061.598 Related parties

Pihak ketiga 18.496.870.988 25.858.875.525 Third parties

Persediaan 38.401.944.499 7 4.460.382.213 Inventories

Pajak dibayar di muka 33.376.524.434 15a 34.655.024.716 Prepaid taxes

Beban dibayar di muka

dan uang muka 14.555.219.158 8 12.473.747.007 Prepaid expenses and advances

Jumlah Aset Lancar 585.012.548.372 353.087.115.120 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Investasi saham 3.689.251.659.303 9 2.555.967.907.136 Investments in shares of stocks

Aset pajak tangguhan 56.116.848.951 15d 24.432.941.672 Deferred tax assets

Aset tetap - setelah dikurangi Property and equipment - net of

akumulasi penyusutan sebesar accumulated depreciation

Rp 379.373.247.958 pada of Rp 379,373,247,958 as

tanggal 31 Desember 2017 of 31 December 2017 and

dan Rp 418.414.206.202 pada Rp 418,414,206,202 as of

tanggal 31 Desember 2016 1.471.525.505.819 10 1.490.722.373.782 31 December 2016

Properti investasi - setelah dikurangi Investment properties - net of

akumulasi penyusutan sebesar accumulated depreciation

Rp 134.242.845.754 pada of Rp 134,242,845,754 as

tanggal 31 Desember 2017 dan of 31 December 2017 and

Rp 120.755.482.878 pada Rp 120,755,482,878 as of

tanggal 31 Desember 2016 762.486.736.161 11 649.729.617.911 31 December 2016

Hak sewa jangka panjang 59.559.142.277 12 62.187.207.136 Long-term lease rights

Aset tidak lancar lainnya 43.969.035.761 19.626.234.226 Other non-current assets

Jumlah Aset Tidak Lancar 6.082.908.928.272 4.802.666.281.863 Total Non-Current Assets

JUMLAH ASET 6.667.921.476.644 5.155.753.396.983 TOTAL ASSETS

Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to the Consolidated Financial Statements on Exhibit E which are integral part

of the Consolidated Financial Statements taken as a whole


Ekshibit A/2 Exhibit A/2


DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN

PER 31 DESEMBER 2017 (Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2017


31 Desember 2017/ Catatan/ 31 Desember 2016/

31 December 2017 Notes 31 December 2016

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha Trade payables

Pihak ketiga 15.623.738.567 13 14.562.796.234 Third parties

Pihak berelasi 15.465.254.161 30 1.355.721.851 Related party

Utang non-usaha Non-trade payables

Pihak berelasi - 30 28.952.911 Related parties

Pihak ketiga 555.393.486.695 14 19.309.716.746 Third parties

Utang pajak 11.349.460.057 15b 9.004.651.106 Taxes payables

Beban akrual 32.627.045.158 16 30.122.966.917 Accruals

Uang muka pelanggan dan pendapatan diterima Advance from customer and unearned

di muka - bagian yang direalisasi dalam revenues - realizable within

satu tahun 161.196.493.625 17 15.499.574.169 one year

Liabilitas jangka panjang yang jatuh Current maturities of

tempo dalam satu tahun long-term liabilities

Utang bank 8.105.020.000 19 16.558.391.740 Bank loans

Utang pembiayaan konsumen 208.048.041 18 190.205.420 Consumer financing loans

Jumlah Liabilitas Jangka Pendek 799.968.546.304 106.632.977.094 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Uang muka pelanggan dan pendapatan diterima Advance from customer and unearned

di muka - setelah dikurangi bagian yang revenues - net of realizable within

direalisasi dalam satu tahun 101.141.614.556 17 134.183.980.607 one year

Uang jaminan penyewa 47.958.703.925 35.934.224.365 Tenants' deposit

Liabilitas imbalan pasca-kerja 19.015.849.420 31 20.631.890.115 Post-employment benefits liabilities

Liabilitas jangka panjang - setelah

dikurangi bagian yang jatuh Long-term liabilities - net of

tempo dalam satu tahun current maturities

Utang bank 1.464.776.657.817 19 769.256.592.741 Bank loans

Utang pembiayaan konsumen 125.838.334 18 167.482.253 Consumer financing loans

Jumlah Liabilitas Jangka Panjang 1.633.018.664.052 960.174.170.081 Total Non-Current Liabilities

JUMLAH LIABILITAS 2.432.987.210.356 1.066.807.147.175 TOTAL LIABILITIES






Ekshibit B Exhibit B


DAN ENTITAS ANAKNYA LAPORAN LABA RUGI DAN PENGHASILAN

KOMPREHENSIF LAIN KONSOLIDASIAN TAHUN YANG BERAKHIR 31 DESEMBER 2017

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

THE YEAR ENDED 31 DECEMBER 2017 (Expressed in Rupiah, unless otherwise stated)

Catatan/

2 0 1 7 Notes 2 0 1 6

PENDAPATAN BERSIH 595.692.044.724 24 547.492.009.881 NET REVENUES

BEBAN POKOK PENDAPATAN 181.132.149.239)( 25 158.148.133.180)( COST OF REVENUES

LABA BRUTO 414.559.895.485 389.343.876.701 GROSS PROFIT

Beban penjualan dan pemasaran 29.374.644.460)( 26 30.721.737.571)( Selling and marketing expenses

Beban umum dan administrasi 267.685.017.060)( 27 292.360.228.655)( General and administrative expenses

Beban pajak final 28.688.266.571)( 20.991.226.567)( Final tax expense

Beban operasi lainnya 14.412.332.009)( 20.430.896.103)( Other operating expenses

Pendapatan operasi lainnya 14.736.702.961 14.180.757.551 Other operating income

LABA USAHA 89.136.338.346 39.020.545.356 PROFIT FROM OPERATIONS

Penghasilan keuangan 19.652.718.778 28 7.826.089.988 Finance income

Beban keuangan 91.213.240.737)( 29 68.070.044.144)( Finance cost

Bagian atas laba entitas asosiasi, neto 99.130.529.048 9 188.242.335.162 Share in net profit of associates, net

LABA SEBELUM PAJAK 116.706.345.435 167.018.926.362 PROFIT BEFORE TAX

MANFAAT PAJAK PENGHASILAN 30.720.806.408 15c 14.547.816.498 INCOME TAX BENEFIT

LABA TAHUN BERJALAN 147.427.151.843 181.566.742.860 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAINNYA OTHER COMPREHENSIVE INCOME

Pos-pos yang tidak akan direklasifikasi ke Items that will not be reclassified to

laba rugi profit or loss

Pengukuran kembali atas Remeasurement of employee

liabilitas imbalan kerja 1.897.251.228)( 31 938.834.174)( benefit liability

Bagian rugi komprehensif lain dari Share of other comprehensive

entitas asosiasi 2.272.837.006)( 9 - losses of associates

Pajak penghasilan terkait 963.100.871 15d 69.384.054 Related income tax

JUMLAH PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN SETELAH PAJAK 144.220.164.480 180.697.292.740 FOR THE YEAR NET OF TAX






Ekshibit C Exhibit C


DAN ENTITAS ANAKNYA LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017 (Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY THE YEAR ENDED 31 DECEMBER 2017


Selisih nilai transaksi

ekuitas dengan kepentingan

nonpengendali/

Modal ditempatkan Tambahan modal Difference in value of Kepentingan

dan disetor penuh/ disetor/ equity transactions nonpengendali/

Issued and fully Additional with non-controlling Saldo laba/ Jumlah/ Non-controlling Jumlah ekuitas/

paid paid-in capital interests Retained earnings Total interests Total equity

Saldo per 1 Januari 2016 1.118.197.173.200 1.968.378.073.268 10.786.251.345)( 355.652.807.102 3.431.441.802.225 520.579.931.601 3.952.021.733.826 Balance as of 1 January 2016

Dividen tunai - - - 16.772.957.598)( 16.772.957.598)( - 16.772.957.598)( Cash dividend

Pembagian dividen oleh entitas anak Dividend distributed by subsidiaries

kepada kepentingan nonpengendali - - - - - 9.210.000.000)( 9.210.000.000)( to non-controlling interests

Bagian nonpengendali atas setoran Non-controlling portion of

modal entitas anak - - - - - 5.000.000 5.000.000 share capital of subsidiary

Entitas anak yang dijual - - - - - 12.944.819.160)( 12.944.819.160)( Disposal of subsidiary

Selisih nilai transaksi antara Difference in value of transactions between

entitas sepengendali - 2.694.288.334)( - - 2.694.288.334)( 2.155.711.666)( 4.850.000.000)( entities under common control

Jumlah laba komprehensif tahun Total comprehensive income

berjalan - - - 169.506.434.099 169.506.434.099 11.190.858.641 180.697.292.740 for the year

Saldo per 31 Desember 2016 1.118.197.173.200 1.965.683.784.934 10.786.251.345)( 508.386.283.603 3.581.480.990.392 507.465.259.416 4.088.946.249.808 Balance as of 31 December 2016

Catatan 20/ Catatan 21/ Catatan 22/

Note 20 Note 21 Note 22

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/

Equity attributable to owner of the Parent






Ekshibit C/2 Exhibit C/2


DAN ENTITAS ANAKNYA LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017 (Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY THE YEAR ENDED 31 DECEMBER 2017


Selisih nilai transaksi

ekuitas dengan kepentingan

non-pengendali/

Modal ditempatkan Tambahan modal Difference in value of Kepentingan

dan disetor penuh/ disetor/ equity transactions nonpengendali/

Issued and fully Additional with non-controlling Saldo laba/ Jumlah/ Non-controlling Jumlah ekuitas/

paid paid-in capital interests Retained earnings Total interests Total equity

Saldo per 1 Januari 2017 1.118.197.173.200 1.965.683.784.934 10.786.251.345)( 508.386.283.603 3.581.480.990.392 507.465.259.416 4.088.946.249.808 Balance as of 1 January 2017

Pembagian dividen oleh entitas anak Dividend distributed by subsidiaries

kepada kepentingan nonpengendali - - - - - 4.800.000.000)( 4.800.000.000)( to non-controlling interests

Bagian non-pengendali atas uang muka Non-controlling portion of

setoran modal entitas anak - - - - - 6.547.852.000 6.547.852.000 advance share capital of subsidiary

Transaksi perubahan kepemilikan entitas Transaction of ownership of subsidiary

anak dengan non-pengendali - - - - - 20.000.000 20.000.000 with non-controlling interests

Jumlah laba komprehensif tahun Total comprehensive income

berjalan - - - 98.208.548.813 98.208.548.813 46.011.615.667 144.220.164.480 for the year

Saldo per 31 Desember 2017 1.118.197.173.200 1.965.683.784.934 10.786.251.345)( 606.594.832.416 3.679.689.539.205 555.244.727.083 4.234.934.266.288 Balance as of 31 December 2017

Catatan 20/ Catatan 21/ Catatan 22/

Note 20 Note 21 Note 22

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/

Equity attributable to owner of the Parent






Ekshibit D Exhibit D


DAN ENTITAS ANAKNYA LAPORAN ARUS KAS KONSOLIDASIAN

TAHUN YANG BERAKHIR 31 DESEMBER 2017 (Dinyatakan dalam Rupiah, kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF CASH FLOW THE YEAR ENDED 31 DECEMBER 2017


2 0 1 7 2 0 1 6

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan dari pelanggan 707.681.880.549 557.423.005.043 Receipts from customers

Pembayaran kepada pemasok dan lainnya 424.640.466.668)( 398.813.626.387)( Cash paid to suppliers and others

Penghasilan keuangan 19.652.718.778 7.826.109.764 Finance income

Pembayaran beban keuangan 91.213.240.737)( 66.368.176.741)( Financial cost paid

Arus kas bersih dari aktivitas operasi 211.480.891.922 100.067.311.679 Net cash flows from operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Penerimaan dividen tunai 271.430.257.140 39.560.000.000 Cash dividend received

Penjualan aset tetap 4.504.000.000 12.000.000 Sale of property and equipment

Pencairan investasi keuangan lancar lainnya, neto 400.000.000 84.820.000 Redeem of other current financial assets, net

Penurunan investasi entitas anak 20.000.000 - Decrease on investment in subsidiary

Peningkatan properti investasi 21.047.925.185)( 233.017.252.404)( Increase in investment properties

Peningkatan aset tidak lancar lainnya 24.342.801.535)( - Increase in other non-current assets

Perolehan aset tetap 43.212.104.208)( 55.023.783.997)( Acquisition of property and equipment

Peningkatan investasi entitas asosiasi 767.102.317.265)( 15.041.876.850)( Increase in investment in associates

Penjualan investasi entitas anak setelah Sale of investment in subsidiary net-of

dikurangi kas yang dikeluarkan - 14.799.998.119 cash out from related subsidiary

Peningkatan investasi entitas anak - 4.850.000.000)( Increase in investment in subsidiary

Kenaikan hak sewa jangka panjang - 399.999.996)( Increase in long-term lease rights

Arus kas bersih untuk aktivitas investasi 579.350.891.053)( 253.876.095.128)( Net cash flows used in investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Penerimaan utang bank 823.193.006.448 438.384.201.203 Drawdowns of bank loans

Penerimaan setoran modal entitas anak dari Proceeds capital contribution in

kepentingan nonpengendali 6.547.852.000 5.000.000 subsidiary from non-controlling interests

Penerimaan dari (pembayaran ke) pihak ketiga 2.691.774.486 62.442.715.378)( Receipt from (payment to) third parties

Pembayaran kepada pihak berelasi 28.309.502)( 38.414.706)( Payment to related parties

Pembayaran utang sewa pembiayaan 233.499.829)( 125.525.983)( Payments of finance lease payables

Pembayaran dividen kepada kepentingan Payment of dividend to

nonpengendali 4.800.000.000)( 9.210.000.000)( non-controlling interests

Pembayaran utang bank 259.464.261.740)( 235.571.913.885)( Payment of bank loan

Pembayaran dividen tunai - 16.772.957.598)( Payment of cash dividend

Arus kas bersih dari aktivitas pendanaan 567.906.561.863 114.227.673.653 Net cash flows from financing activities

KENAIKAN (PENURUNAN) BERSIH KAS NET INCREASE (DECREASE) IN CASH AND

DAN SETARA KAS 200.036.562.732 39.581.109.796)( CASH EQUIVALENTS

KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS

AWAL TAHUN 247.903.815.289 287.484.925.085 AT BEGINNING OF YEAR

Pengaruh perubahan kurs mata uang asing Effect of foreign exchange rate changes

terhadap kas dan setara kas 7.714.812.829)( - on cash and cash equivalents

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AKHIR TAHUN 440.225.565.192 247.903.815.289 AT END OF YEAR

Lihat Catatan atas Laporan Keuangan Konsolidasian pada

Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan




Ekshibit E Exhibit E


DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS THE YEAR ENDED 31 DECEMBER 2017


1. U M U M 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Indonesian Paradise Property Tbk (“Perusahaan”) didirikan dengan nama PT Penta Karsa Lubrindo berdasarkan akta Notaris No. 96 tanggal 14 Juni 1996 dari Buntario Tigris Darmawa, NG, S.H., CN., pengganti dari Rachmat Santoso, S.H., Notaris di Jakarta. Akta pendirian ini telah diubah dengan akta No. 42 tanggal 8 Januari 1997 dari Notaris yang sama dan telah mendapat pengesahan dari Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-1030 HT.01.01.TH.97 tanggal 12 Februari 1997 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 21 tanggal 12 Maret 2002 Tambahan No. 2574.

PT Indonesian Paradise Property Tbk (“the Company”) was established as PT Penta Karsa Lubrindo based on Notarial deed No. 96 dated 14 June 1996 of Buntario Tigris Darmawa, NG, S.H., CN., substitute notary of Rachmat Santoso, S.H., Notary in Jakarta. The Deed of Establishment was amended with Notarial deed No. 42 dated 8 January 1997 of the same Notary and was approved by the Minister of Justice of the Republic of Indonesia in Decision Letter No. C2-1030 HT.01.01.TH.97 dated 12 February 1997 and was published in the State Gazette of the Republic of Indonesia No. 21 dated 12 March 2002, Supplement No. 2574.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta Notaris No. 206 tanggal 22 September 2015 dari DR. Irawan Soerodjo, S.H., M.Si., Notaris di Jakarta Barat, mengenai penerbitan modal saham ditempatkan dan disetor. Perubahan anggaran dasar ini telah diterima dan dicatat oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-AH.01.03-0967133 tanggal 23 September 2015.

The Company’s articles of association have been amended several times, most recently by Notarial deed No. 206 dated 22 September 2015 of DR. Irawan Soerodjo, S.H., M.Si., Notary in West Jakarta, concerning the issuance of issued and fully paid capital. The deed has been received and acknowledged by the Ministry of Law and Human Rights of the Republic of Indonesia through Decision Letter No. AHU-AH.01.03-0967133 dated 23 September 2015.

Sesuai dengan Pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan adalah dalam bidang penyediaan akomodasi (hotel) dan melakukan penyertaan dalam bentuk saham pada entitas lain. Perusahaan adalah pemilik Hotel HARRIS Tuban Bali. Perusahaan, melalui PT Indonesian Paradise Island, entitas anak, secara tidak langsung memiliki Hotel Sheraton Bali Kuta Resort, Hotel HARRIS Resort Kuta Bali dan pusat perbelanjaan beachwalk Kuta Bali, melalui PT Retzan Indonusa, entitas anak, secara tidak langsung memiliki Hotel HARRIS Batam Center, melalui PT Karsa Citra Unggul, entitas anak, secara tidak langsung memiliki hotel POP! Hotel Sangaji Yogyakarta, pusat perbelanjaan Park23 Entertainment Center Bali, dan hotel Maison Aurelia Sanur Bali, melalui PT Aneka Bina Laras, entitas anak, secara tidak langsung, memiliki hotel HARRIS fX-Suite SUDIRMAN Jakarta, melalui PT Anugerah Nusaraya, entitas anak, secara tidak langsung memiliki Hotel HARRIS Resort Waterfront Batam, melalui PT Dinamika Putra Perkasa, entitas anak, secara tidak langsung memiliki Cikini Gold Center (pusat perbelanjaan) dan melalui PT Mitra Perdana Nuansa, entitas anak, secara tidak langsung, memiliki pusat perbelanjaan 23Paskal Bandung.

In accordance with Articles 3 of the Company’s articles of association, the scope of activities is mainly engaged in hotel accommodation and investment in shares on other entities. The Company owns Hotel HARRIS Tuban Bali. The Company, through PT Indonesian Paradise Island, a subsidiary, indirectly owns Hotel Sheraton Bali Kuta Resort, Hotel HARRIS Resort Kuta Bali and shopping center beachwalk Kuta Bali, through PT Retzan Indonusa, a subsidiary, indirectly owns Hotel HARRIS Batam Center, through PT Karsa Citra Unggul, a subsidiary, indirectly owns Hotel POP! Hotel Sangaji Yogyakarta, shopping center Park23 Entertainment Center Bali, and hotel Maison Aurelia Sanur Bali, through PT Aneka Bina Laras, a subsidiary, indirectly, owns hotel HARRIS fX-Suite SUDIRMAN Jakarta, through PT Anugerah Nusaraya, a subsidiary, indirectly owns Hotel HARRIS Waterfront Batam, through PT Dinamika Putra Perkasa, a subsidiary, indirectly, owns Cikini Gold Center (shopping center), and through PT Mitra Perdana Nuansa, a subsidiary, indirectly owns shopping center 23Paskal Bandung.


Ekshibit E/2 Exhibit E/2







1. U M U M (Lanjutan) 1. GENERAL (Continued)

a. Pendirian Perusahaan (Lanjutan) a. Establishment of the Company (Continued)

Kantor pusat Perusahaan berkedudukan di Centennial Tower Lantai 30, Jalan Gatot Subroto Kav 24-25, Jakarta 12930.

The Company’s head office is located at at Centennial Tower 30th Floor, Jalan Gatot Subroto Kav 24-25, Jakarta 12930.

Perusahaan memulai kegiatan operasi komersialnya pada bulan Oktober 2002.

The Company started its commercial operations in October 2002.

b. Dewan Komisaris, Direksi, Komite Audit dan

Karyawan b. Board of Commissioners, Directors, Audit

Committee and Employees

Susunan Dewan Komisaris dan Direksi serta Komite Audit Perusahaan pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

The Company’s Board of Commissioners and Directors and Audit Committee as of 31 December 2017 and 2016 are as follows:

Dewan Komisaris Board of Commissioners Presiden Komisaris merangkap Komisaris Independen : Todo Sihombing

:

President Commissioner cum Independent Commissioner

Wakil Presiden Komisaris merangkap Komisaris Independen

:

Hadi Cahyadi

:

Vice President Commissioner cum Independent Commissioner

Komisaris : Karel Patipeilohy : Commissioner Komisaris : Amelia Gozali : Commissioner

Dewan Direksi Board of Commissioners Presiden Direktur : Agoes Soelistyo Santoso : President Director Wakil Presiden Direktur : Anthony Prabowo Susilo : Vice Precident Director Direktur : Patrick Santosa Rendradjaja : Director Direktur : Diana Solaiman : Director Direktur Independen : Alexander Nartates Nartates : Independent Director

Komite Audit Audit Committee Ketua : Hadi Cahyadi : Chairman Anggota : Anang Yudiansyah Setiawan : Member Anggota : Kurniadi : Member

Pada tanggal 31 Desember 2017 dan 2016, Perusahaan dan entitas anaknya mempekerjakan masing-masing 459 dan 535 karyawan tetap (Tidak diaudit).

As of 31 December 2017 and 2016, the Company and its subsidiaries employed 459 and 535 permanent employees, respectively (Unaudited).










c. Penawaran Umum Saham Perusahaan c. Public Offering of the Company’s Shares

Pada tanggal 21 September 2004, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal (BAPEPAM, sekarang Otoritas Jasa Keuangan (OJK)) berdasarkan Surat No. S-2970/PM/2004 dalam rangka pendaftaran sebagai Perusahaan Publik. Selanjutnya saham-saham Perusahaan dicatatkan pada Bursa Efek Indonesia (dahulu Bursa Efek Surabaya) pada tanggal 1 Desember 2004.

On 21 September 2004, the Company obtained noticed of effectivity from the Chairman of the Securities and Exchange Commission (BAPEPAM, now Financial Service Authority (OJK)) in his Decision Letter No. S-2970/ PM/2004 for Public Company. The Company’s shares are listed in Indonesian Stock Exchange (previously Surabaya Stock Exchanges) on 1 December 2004.

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa Perusahaan pada tanggal 26 Mei 2005, para pemegang saham Perusahaan menyetujui untuk melakukan Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (sesuai Peraturan BAPEPAM-LK No. IX.D.4) sejumlah 75.000.000 saham dengan nilai nominal Rp 100 per saham yang diambil bagian oleh Premiere Estates Limited. Penambahan saham tersebut telah disetujui oleh Direksi Bursa Efek Surabaya melalui surat No. JKT-027/LIST-EMITEN/BES/VII/2005 tanggal 13 Juli 2005.

Based on the Extraordinary Shareholders’ General Meeting held on 26 May 2005, the Company shareholders’ approved Capital Increase Without Preemptive Rights (in accordance with the BAPEPAM regulation No. IX.D.4) amounting to 75,000,000 shares par value Rp 100 per share which was taken by Premiere Estates Limited. The addition shares has been approved by the Directors of Surabaya Stock Exchange through his letter No. JKT-027/LIST-EMITEN/BES/VII/2005 dated 13 July 2005.

Berdasarkan Akta No. 144 tanggal 12 Juni 2015, dari notaris Irawan Soerodjo, S.H., M.Si., notaris di Jakarta, tentang Berita Acara Rapat Umum Pemegang Saham Luar Biasa (RUPSLB), dimana para pemegang saham Perusahaan menyetujui untuk menerbitkan 8.623.168.132 lembar saham pada harga Rp 325 (dalam Rupiah penuh per saham) melalui Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (PMTHMETD). Sejak tanggal 26 Juni 2015 sampai tanggal 9 Juli 2015, Perusahaan melaksanakan PMTHMETD dengan jumlah dana yang diperoleh adalah sebesar Rp 2.802.529.642.900.

Based on notarial deed No. 144 dated 12 June 2015, of Irawan Soerodjo, S.H., M.Si., public notary in Jakarta, concerning an Extraordinary Stockholders’ Meeting wherein the Company’s stockholders approved the issuance of 8,623,168,132 shares at a price of Rp 325 (in full Rupiah per share) to shareholder through “Rights Issue Without Pre-Emptive Rights”. In the period of exercise shares from 26 June 2015 to 9 July 2015, the total funds received in relation to this “Rights Issue Without Pre-Emptive Rights” amounted to Rp 2,802,529,642,900.

Pada tanggal 12 Juni 2015, Perusahaan memperoleh Pernyataan Efektif dari Kepala Otoritas Jasa Keuangan (OJK) melalui surat No. S-253/D.04/2015 untuk Penawaran Umum Terbatas I (PUT I) kepada Pemegang Saham dengan Hak Memesan Efek Terlebih Dahulu (HMETD) atas 8.623.168.132 lembar Saham Biasa Atas Nama dengan nilai nominal Rp 100 (dalam Rupiah penuh) per saham yang ditawarkan dengan harga pelaksanaan Rp 325 (dalam Rupiah penuh) per saham.

On 12 June 2015, the Company obtained the Notice of Effectivity from the Chairman of Otoritas Jasa Keuangan (OJK) in his letter No. S-253/D.04/2015 for the Limited Public Offering I (PUT I) with pre-emptive rights to Stockholders for 8,623,168,132 common shares with par value of Rp 100 (in full Rupiah) per share at exercise price of Rp 325 (in full Rupiah) per share.

Pada tanggal 31 Desember 2017 dan 2016, seluruh saham Perusahaan atau sejumlah 11.181.971.732 saham telah tercatat di Bursa Efek Indonesia.

As of 31 December 2017 and 2016, all of the Company’s shares totaling to 11,181,971,732 shares are listed in the Indonesia Stock Exchange.










d. Entitas Anak d. Subsidiaries

Perusahaan memiliki kepemilikan langsung dan tidak langsung pada entitas-entitas anak berikut ini:

The Company has direct and indirect ownership in the following subsidiaries:

Tahun

beroperasi

komersial/

Year of Persentase kepemilikan/ Jumlah Aset (dalam Rp juta)

Entitas anak/ Jenis Usaha/ Domisili/ commercial Percentage of ownership Total assets (in Rp million)

Subsidiary Nature of business Domicile operations 2 0 1 7 2 0 1 6 2 0 1 7 2 0 1 6

Kepemilikan langsung/

Direct acquisition

PT Karsa Citra Unggul dan Hotel/Hotel Jakarta 2012 99,98% 99,98% 235.633 251.016

entitas anaknya/ and

its subsidiaries (KCU)

PT Retzan Indonusa dan Hotel dan real estat/ Batam 2011 99,90% 99,90% 140.938 79.877

entitas anaknya/ and Hotel and real estate

its subsidiary (RIN)

PT Indonesia Gemilang Perdagangan dan Jakarta Belum beroperasi/ 75,00% 95,00% 997 100

Mahasentosa (IGM) pembangunan/ Dormant

Trading

and development

PT Dinamika Putra Perdagangan Jakarta 2012 60,00% 60,00% 19.699 18.345

Perkasa dan entitas umum/ General

anaknya/ and its trading

subsidiary (DPP)

PT Indonesian Paradise Hotel dan Jakarta 2004 57,89% 57,89% 1.336.130 1.285.678

Island (IPI) pembangunan/Hotel

and development

PT Saranausaha Jaya (SJ) Perdagangan dan Jakarta Belum beroperasi/ 55,00% 55,00% 13.527 13.459

pembangunan/ Dormant

Trading

and development

PT Anugerah Nusaraya (AN) Hotel/Hotel Jakarta 2007 55,00% 55,00% 84.542 89.417

PT Mitra Gemilang Mahacipta Hotel dan Balikpapan Belum beroperasi/ 55,00% 55,00% 111.173 112.755

(MGM) pembangunan/Hotel Dormant

and development

PT Aneka Bina Laras dan Hotel/Hotel Jakarta 2011 51,00% 51,00% 88.339 81.259

entitas anaknya/ and

its subsidiary (ABL)

PT Eka Ilalang Hotel/Hotel Bogor Belum beroperasi/ 51,00% 51,00% 24.409 24.615

Suryadinamika (EIS) Dormant

PT Mitra Perdana Nuansa (MPN) 1) Perdagangan umum/ Bandung 2017 51,00% 51,00% 531.740 358.999

General trading

Pemilikan tidak langsung/

Indirect Acquisition

PT Segara Biru Kencana Hotel/Hotel Jakarta 2016 99,90% 99,90% 67.323 72.569

(SBK) (melalui/ through KCU)

PT Praba Kumala Sajati Perdagangan umum/ Jakarta 2015 99,90% 99,90% 109.772 119.305

(PKS) (melalui/ through General trading

KCU)

PT Kega Property Utama Hotel/Hotel Jakarta 2012 92,73% 92,73% 45.716 46.540

(KPU) (melalui/ through KCU)

PT Trimutri Tunggal Sejahtera Perdagangan dan Jakarta Belum beroperasi/ 75,00% 75,00% 401 455

(TTS) (melalui/ through pembangunan/ Dormant

KCU) Trading

and development

PT Padma Suasa (PS) Hotel/Hotel Jakarta 2011 99,99% 99,99% 26.029 22.375

(melalui/ through ABL)

PT Paloma Suasa Manajemen Perdagangan dan Batam Belum beroperasi/ 99,90% 99,90% 100 100

(PSM) (melalui/ through RIN) pembangunan/ Dormant

Trading

and development

PT Magna Terra (MT) Perdagangan dan Jakarta 2012 51,00% 51,00% 14.723 13.588

(melalui/ through DPP) pembangunan/

Trading

and development

1) Beroperasi komersial pada September 2017/ Started commercial operation on September 2017










d. Entitas Anak (Lanjutan) d. Subsidiaries (Continued)

Berikut adalah ringkasan informasi keuangan dari entitas anak yang signifikan. Jumlah-jumlah tersebut sebelum dieliminasi dengan transaksi antar entitas dalam Perusahaan.

The summarized financial information of significant subsidiaries is provided below. This information is based on amounts before inter-company elimination.

Ringkasan laporan posisi keuangan pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

Summarized statement of financial position as of 31 December 2017 and 2016 are as follows:

IPI MPN KCU RIN

Aset lancar 202.094.690.912 78.826.958.980 21.084.891.636 73.839.423.831 Current assets

Aset tidak lancar 1.134.035.424.978 452.912.877.857 214.548.449.805 67.098.472.505 Non-current assets

Jumlah Aset 1.336.130.115.890 531.739.836.837 235.633.341.441 140.937.896.336 Total Assets

Liabilitas jangka pendek 113.835.171.306 91.759.372.310 11.784.169.783 6.310.516.861 Current liabilities

Liabilitas jangka panjang 323.424.741.070 334.464.046.776 171.560.585.793 121.561.233.563 Noncurrent liabilities

Jumlah Liabilitas 437.259.912.376 426.223.419.086 183.344.755.576 127.871.750.424 Total Liabilities

Jumlah Ekuitas 898.870.203.514 105.516.417.751 52.288.585.865 13.066.145.912 Total Equity

IPI MPN KCU RIN

Aset lancar 160.052.183.587 34.334.515.496 26.154.037.709 10.321.689.119 Current assets

Aset tidak lancar 1.125.625.835.093 324.664.377.277 224.861.577.236 69.555.393.684 Non-current assets

Jumlah Aset 1.285.678.018.680 358.998.892.773 251.015.614.945 79.877.082.803 Total Assets

Liabilitas jangka pendek 56.437.984.829 40.641.134.434 8.930.003.146 4.742.014.642 Current liabilities

Liabilitas jangka panjang 394.528.534.842 256.904.734.684 41.255.171.414 59.671.654.978 Noncurrent liabilities

Jumlah Liabilitas 450.966.519.671 297.545.869.118 50.185.174.560 64.413.669.620 Total Liabilities

Jumlah Ekuitas 834.711.499.009 61.453.023.655 200.830.440.385 15.463.413.183 Total Equity

2 0 1 7

2 0 1 6

Ringkasan laporan laba rugi dan penghasilan komprehensif lain untuk tahun yang berakhir 31 Desember 2017 dan 2016 adalah sebagai berikut:

Summarized statement of profit or loss and other comprehensive income the year ended 31 December 2017 and 2016 are as follows:

IPI MPN KCU RIN

Pendapatan 310.888.038.392 104.431.567.924 40.722.369.400 36.530.300.741 Revenues

Laba (rugi) sebelum pajak 64.237.413.701 30.745.263.915 4.411.810.491)( 2.974.313.688)( Profit (loss) before tax

Jumlah penghasilan komprehensif 75.558.704.507 30.700.542.096 3.841.854.521)( 2.397.267.273)( Total comprehensive income

IPI MPN KCU RIN

Pendapatan 360.808.887.924 - 31.685.084.381 37.195.635.181 Revenues

Laba (rugi) sebelum pajak 47.958.293.938 3.449.432.978)( 19.660.904.182)( 3.306.716.333 Profit (loss) before tax

Jumlah penghasilan komprehensif 58.438.535.167 3.453.774.548)( 16.431.845.509)( 2.482.263.679 Total comprehensive income

2 0 1 7

2 0 1 6










d. Entitas Anak (Lanjutan) d. Subsidiaries (Continued)

Akuisisi Entitas Anak Acquisition of Subsidiaries

Pada tanggal 5 April 2016, Perusahaan melakukan akuisisi atas 4% saham AN dari PT Andalan Karya Property (AKP), pihak berelasi, dengan melakukan pembayaran sebesar Rp 4.850.000.000, sehingga persentase kepemilikan saham AN sebesar 55% pada tanggal 31 Desember 2016.

On 5 April 2016, the Company acquired 4% equity interest in AN from PT Andalan Karya Property (AKP), a related party, with payment amounting to Rp 4,850,000,000 which percentage of AN share ownership 55% on 31 December 2016.

Pendirian Entitas Anak Establishment of Subsidiaries

Pada tanggal 28 Juni 2016, Perusahaan mendirikan PT Indonesia Gemilang Mahasentosa dengan nilai investasi awal sejumlah Rp 95.000.000 untuk kepemilikan 95%.

On 28 June 2016, the Company established PT Indonesia Gemilang Mahasentosa with an initial investment of Rp 95,000,000 for percentage share ownership of 95%.

Pada tanggal 28 Juni 2016, Perusahaan melalui RIN dan KCU mendirikan PT Paloma Suasa Manajemen dengan nilai investasi awal sejumlah Rp 100.000.000 untuk kepemilikan 99,9% pada RIN dan 0,1% pada KCU.

On 28 June 2016, the Company through RIN and KCU established PT Paloma Suasa Manajemen with an initial investment of Rp 100,000,000 for percentage share ownership of 99.9% in RIN and 0.1% in KCU.

Pelepasan Entitas Anak Deconsolidation of Subsidiary

Pada tanggal 23 Desember 2016, berdasarkan akta notaris No. 53 dari Laurens Gunawan, S.H., M.Kn, notaris di Tangerang, Perusahaan menjual 8.974.499 saham pemilikan atas SP dengan nilai nominal Rp 1.000 per lembar kepada Kokos Leo Lim dan Angela Ningsih, pihak ketiga, dengan pembayaran sebesar Rp 14.800.000.000.

On 23 December 2016, based on notarial deed No. 53 of Laurens Gunawan, S.H., M.Kn, notary in Tangerang, the Company sells 8,974,499 shares of SP with nominal value of Rp 1,000 per share to Kokos Leo Lim and Angela Ningsih, third parties, with sale consideration of Rp 14,800,000,000.

Perubahan Persentase Kepemilikan Change of Ownership

Pada tanggal 28 Februari 2017, berdasarkan akta notaris No. 12 dari Laurens Gunawan, S.H., M.Kn, notaris di Tangerang, Perusahaan menjual 20.000 saham pemilikan atas IGM dengan nilai nominal Rp 1.000 per lembar kepada PT Ormand Capital International, pihak ketiga.

On 28 February 2017, based on notarial deed No. 12 of Laurens Gunawan, S.H., M.Kn, notary in Tangerang, the Company sells 20,000 shares of IGM with nominal value of Rp 1,000 per share to PT Ormand Capital International, third party.

e. Entitas Asosiasi e. Associates

Informasi mengenai Entitas Asosiasi yang dimiliki Perusahaan pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

Information about Associates entities owned by the Company as of 31 December 2017 and 2016 are as follows:

Tahun beroperasi

komersial/ Persentase kepemilikan/

Entitas asosiasi/ Kegiatan usaha/ Kedudukan/ Year of commercial Percentage of ownership

Associates Business activity Domicile operates 2 0 1 7 2 0 1 6

PT Plaza Indonesia Realty Tbk Perhotelan, pusat perbelanjaan, Jakarta 1990 42,55% 26,03%

dan entitas anaknya/ perkantoran, dan apartemen/

and its subsidiaries (PLIN) Hotel, shopping center,

office, and apartment

PT Omega Propertindo (OP) Perdagangan dan Jakarta 1993 33,34% 33,34%

pembangunan/

Trading

and development

PT Java Paradise Island (JPI) Hotel/Hotel Jakarta 2005 27,50% 27,50%










e. Entitas Asosiasi (Lanjutan) e. Associates (Continued)

Pada tanggal 21 September 2016, Perusahaan melakukan pembelian 3.900.000 saham PLIN dengan harga pembelian sebesar Rp 15.041.876.850, sehingga meningkatkan kepemilikan efektif Perusahaan pada PLIN dari 25,92% menjadi sebesar 26,03%.

On 21 September 2016, the Company purchased 3,900,000 shares of PLIN stock with purchase price Rp 15,041,876,850, thus increasing the Company’s effective ownership in PLIN from 25.92% to 26.03%.

Pada tahun 2017, Perusahaan melakukan pembelian 368.625.034 saham PLIN dengan total harga pembelian sebesar Rp 1.307.956.317.265, dan PLIN sampai dengan 31 Desember 2017 telah melakukan pembelian kembali atas saham beredarnya sehingga meningkatkan kepemilikan efektif Perusahaan pada PLIN dari 26,03% menjadi sebesar 42,55%.

In 2017, the Company purchased 368,625,034 shares of PLIN stock with total purchase price of Rp 1,307,956,317,265, and PLIN until 31 December 2017 has repurchased its share of stock thus increasing the Company’s effective ownership in PLIN from 26.03% to 42.55%.

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Laporan keuangan konsolidasian telah disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (SAK), dan peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) Nomor VIII.G.7 yang merupakan lampiran Keputusan Ketua BAPEPAM-LK No. KEP-347/BL/2012 tanggal 25 Juni 2012 tentang “Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik”.

The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (SAK) and Capital Market and Financial Institution Supervisory Agency (BAPEPAM-LK) regulation Number VIII.G.7 Attachment to Decision of BAPEPAM Chairman of BAPEPAM-LK No. KEP-347/BL/ 2012 dated 25 June 2012 on the “Presentations and Disclosures of Financial Statements of Listed Entity”.

Laporan keuangan konsolidasian Perusahaan dan entitas anaknya disetujui oleh Direksi pada tanggal 12 Maret 2018.

The consolidated financial statements of the Company and its subsidiaries were authorized by the Directors on 12 March 2018.

a. Dasar Penyusunan Laporan Keuangan Konsolidasian

a. Basis of Preparation of the Consolidated Financial Statements

Laporan keuangan konsolidasian, kecuali untuk laporan arus kas konsolidasian, disusun berdasarkan konsep harga perolehan dan dasar akrual, kecuali untuk beberapa akun tertentu yang diukur berdasarkan pengukuran sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, have been prepared under historical cost concept and accrual basis, except for certain accounts which are measured on the bases described in the related accounting policies of each account.

Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengklasifikasikan arus kas sebagai aktivitas operasi, investasi dan pendanaan.

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

Transaksi-transaksi yang termasuk dalam laporan keuangan konsolidasian pada tiap entitas diukur dengan mata uang lingkungan ekonomi utama di mana entitas beroperasi (mata uang fungsional).

Items included in the consolidated financial statements of each entities are measured using the currency of primary economic environment in which the entity operates (the functional currency).









2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN

(Lanjutan) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Continued)

a. Dasar Penyusunan Laporan Keuangan Konsolidasian (Lanjutan)

a. Basis of Preparation of the Consolidated Financial Statements (Continued)

Laporan keuangan konsolidasian disajikan dalam Rupiah, yang merupakan mata uang fungsional dan penyajian Perusahaan dan entitas anaknya.

The consolidated financial statements are presented in Rupiah, which is the Company and its subsidiaries’ functional and presentation currency.

Perubahan atas Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Keuangan Baru (ISAK)

Changes to Statements of Financial Accounting Standards (PSAK) and Interpretations Financial Accounting Standards (ISAK)

Penerapan dari perubahan interpretasi standar akuntasi berikut yang berlaku efektif sejak tanggal 1 Januari 2017, tidak menyebabkan perubahan signifikan atas kebijakan akuntansi Perusahaan dan entitas anaknya dan tidak memberikan dampak yang material terhadap jumlah yang dilaporkan di laporan keuangan konsolidasian tahun berjalan:

The adoption of the following revised interpretation of the accounting standards, which are effective from 1 January 2017, did not result in substantial changes to the Company and its subsidiary’s accounting policies and had no material effect on the amounts reported for the current year consolidated financial statements:

- Amandemen PSAK 1 “Penyajian Laporan

Keuangan” - PSAK 3 (revisi 2016) “Laporan Keuangan Interim” - PSAK 24 (revisi 2016) “Imbalan Kerja” - PSAK 58 (revisi 2016) “Aset Tidak Lancar yang

Dimiliki untuk Dijual dan Operasi yang Dihentikan”

- PSAK 60 (revisi 2016) “Instrumen Keuangan: Pengungkapan”

- ISAK 31 “Interpretasi atas Ruang Lingkup PSAK 13 : Properti Investasi”

- ISAK 32 “Definisi dan Hierarki Standar Akuntansi Keuangan”

- Amandment to PSAK 1 : Presentation of Financial Statements

- PSAK 3 (revised 2016) “Interim Financial Statement”

- PSAK 24 (revised 2016) “Employee Benefits” - PSAK 58 (revised 2016) “Non-current Assets Held

for Sale and Discount Operation” - PSAK 60 (revised 2016) “Financial Instruments:

Disclosure” - ISAK 31 “Interpretation on the Scope of

PSAK 13 : Investment Property” - ISAK 32 “Definition and Hierarchy of Financial

Accounting Standards”

Standar baru, amandemen dan interpretasi yang telah diterbitkan, namun baru berlaku efektif untuk tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2018 dan relevan terhadap operasional Perusahaan dan entitas anaknya adalah:

New standards, amendments and interpretations issued and not yet effective for the financial year begin or after 1 January 2018 and relevant to the Company and its subsidiary’s operational are as follows:

- Amandemen PSAK 2 “Laporan Arus Kas – Prakarsa Pengungkapan”

- Amandemen PSAK 16 “Aset Tetap”

- Amandemen PSAK 46 “Pajak Penghasilan – Pengakuan Aset Pajak Tangguhan untuk Rugi yang Belum Direalisasi”

- Amandemen PSAK 62 “Kontrak Asuransi” - PSAK 71 “Instrumen Keuangan” - PSAK 72 “Pendapatan dari Kontrak dengan

Pelanggan” - PSAk 73 “Sewa”

- - Amendment to PSAK 2 “Cash Flows Statements – Disclosure Initiative”

- Amendment to PSAK 16 “Property, Plant and Equipment”

- Amendment to PSAK 46 “Taxation – Recognition of Deferred Tax Asset for Unrealised Losses”

- Amendment to PSAK 62 “Insurance Contract” - PSAK 71 “Financial Instrument” - PSAK 72 “Revenue from Contract with

Customers” - PSAK 73 “Leases”











(Continued)

a. Dasar Penyusunan Laporan Keuangan Konsolidasian (Lanjutan)

a. Basis of Preparation of the Consolidated Financial Statements (Continued)

Perubahan atas PSAK dan ISAK (Lanjutan) Changes to PSAK and ISAK (Continued)

Pada tanggal pengesahan laporan keuangan konsolidasian, Perusahaan dan entitas anaknya masih mempelajari dampak yang mungkin timbul dari penerapan PSAK baru dan revisi tersebut terhadap laporan keuangan konsolidasian.

As at the authorization date of these consolidated financial statements, the Company and its subsidiary is still evaluating the potential impact of these new and revised PSAK to its consolidated financial statements.

b. Dasar Konsolidasi b. Basis of Consolidation

Laporan keuangan konsolidasian meliputi laporan keuangan Perusahaan dan entitas-entitas anak dimana Perusahaan memiliki pengendalian.

The consolidated financial statements incorporate the financial statements of the Company and entities in which the Company has control.

Entitas anak dikonsolidasi secara penuh sejak Perusahaan memperoleh pengendalian atas entitas anak tersebut dan tidak mengkonsolidasikan entitas anak ketika kehilangan pengendaliannya. Pengendalian dianggap ada apabila Perusahaan memiliki secara langsung atau tidak langsung melalui Entitas Anak, lebih dari setengah kekuasaan suatu entitas.

Subsidiaries are fully consolidated when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Control is presumed to exist if the Company owns, directly or indirectly through subsidiaries, more than a half of the voting rights of an entity.

Laporan keuangan Entitas anak disusun untuk periode pelaporan yang sama dengan Perusahaan, menggunakan kebijakan akuntansi yang konsisten.

The financial statements of the Subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.

Kombinasi bisnis dihitung dengan menggunakan metode akuisisi pada tanggal akuisisi, yaitu tanggal pengendalian beralih kepada Entitas. Biaya perolehan termasuk nilai wajar imbalan kontinjensi pada tanggal akuisisi. Biaya terkait akusisi dibebankan ketika terjadi. Aset, liabilitas dan liabilitas kontinjensi dalam suatu kombinasi bisnis diukur pada awalnya sebesar nilai wajar pada tanggal akuisisi. Untuk setiap akuisisi, Perusahaan mengakui kepentingan nonpengendali pada pihak yang diakuisisi baik sebesar nilai wajar atau sebagian proporsional kepentingan nonpengendali atas aset neto pihak yang diakuisisi.

Business combinations are accounted using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Entity. The cost of an acquisition includes the fair value of any contingent consideration at the acquisition date. Acquisition-related costs are expensed as incurred. Assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. On an acquisition-by-acquisition basis, the Company recognizes any non-controlling interest in the acquiree either at fair value or at non-controlling interest’s proportionate share of the acquiree’s net assets.

Imbalan yang dialihkan tidak termasuk jumlah yang terkait dengan penyelesaian pada hubungan yang sebelumnya ada. Jumlah tersebut, umumnya diakui di dalam laba rugi.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss.

Semua imbalan kontinjensi diakui pada nilai wajar pada saat tanggal akuisisi. Apabila imbalan kontinjensi diklasifikasikan sebagai ekuitas, maka hal tersebut tidak diukur kembali dan penyelesaiannya dicatat di dalam ekuitas. Selain itu, perubahan berikutnya terhadap nilai wajar imbalan kontinjensi diakui di laporan laba rugi.

Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss.











(Continued)

b. Dasar Konsolidasi (Lanjutan) b. Basis of Consolidation (Continued)

Saldo dan transaksi antar Perusahaan dan entitas anaknya dan semua pendapatan dan beban yang belum terealisasi yang timbul dari transaksi antar Perusahaan dan entitas anaknya, dieliminasi di dalam penyusunan dan penyajian laporan keuangan konsolidasian.

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing and presenting the consolidated financial statements.

Investasi pada entitas asosiasi Investments in associates

Jika Perusahaan dan entitas anaknya memiliki pengaruh signifikan (namun bukan mengendalikan) terhadap kebijakan keuangan dan kebijakan operasi suatu entitas, entitas tersebut diklasifikasikan sebagai entitas asosiasi. Entitas asosiasi dicatat dengan menggunakan metode ekuitas (equity-accounted investees) dan diakui sebesar harga perolehan pada saat awal perolehan.

Where the Company and its subsidiaries has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are recorded by equity-accounted investees method and initially recognized in the consolidated statement of financial position at cost.

Keuntungan dan kerugian yang timbul dari transaksi antara Perusahaan dan entitas anaknya dengan perusahaan asosiasi diakui hanya sebatas kepentingan investor terkait dalam asosiasi. Bagian keuntungan dan kerugian penanam modal yang timbul dari transaksi asosiasi itu dihilangkan terhadap nilai tercatat asosiasi.

Profits and losses arising on transactions between the Company and its subsidiaries and its associates are recognized only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associates.

Laporan keuangan konsolidasian mencakup bagian laba rugi Perusahaan dan entitas anaknya dan penghasilan komprehensif lain dari investee yang dicatat dengan menggunakan metode ekuitas, setelah dilakukan penyesuaian untuk menyelaraskan kebijakan akuntansi investee yang dicatat dengan menggunakan metode ekuitas dengan kebijakan Perusahaan dan entitas anaknya, sejak tanggal dimulainya pengaruh signifikan sampai dengan pengaruh signifikan berakhir.

The consolidated financial statements includes equity in profit or loss of the Company and its subsidiaries and other comprehensive income from investee under equity method, therefore adjustment shall be made to adjust accounting polices on investee which has been recorded using the equity method with the Company and its subsidiaries’ policies starting from the date of significant control until its ended.

c. Transaksi dengan Pihak Berelasi c. Transactions with Related Party

Pihak berelasi adalah orang atau entitas yang terkait dengan entitas pelapor: (a) Orang atau anggota keluarga terdekat

mempunyai relasi dengan entitas pelapor jika orang tersebut: (i) memiliki pengendalian atau pengendalian

bersama atas entitas pelapor; (ii) memiliki pengaruh signifikan atas entitas

pelapor; atau

A related party represents a person or an entity who is related to the reporting entity:

(a) A person or a close member of the person’s

family is related to a reporting entity if that person: (i) has control or joint control over the

reporting entity; (ii) has significant influence over the

reporting entity; or (iii) personil manajemen kunci entitas pelapor

atau entitas induk entitas pelapor. (iii) is a member of the key management

personnel of the reporting entity or of a parent of the reporting entity.











(Continued)

c. Transaksi dengan Pihak Berelasi (Lanjutan) c. Transactions with Related Party (Continued)

(b) Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut: (i) entitas dan entitas pelapor adalah

anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain).

(b) An entity is related to a reporting entity if any of the following conditions applies: (i) the entity and the reporting entity are

members of the same Group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya).

(iii) kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama

(ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) both entities are joint ventures of the

same third party. (iv) satu entitas adalah ventura bersama dari

entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga.

(v) entitas tersebut adalah suatu program imbalan pasca-kerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor.

(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) the entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.

(vi) entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a).

(vii) orang yang diidentifikasi dalam huruf (a)(i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).

(vi) the entity is controlled or jointly controlled by a person identified in (a).

(vii) a person identified in (a)(i) has

significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

d. Transaksi dan Penjabaran Mata Uang Asing d. Foreign Currency Transactions and Translations

Transaksi-transaksi dalam mata uang asing dijabarkan ke dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal transaksi. Pada tanggal pelaporan, aset dan liabilitas moneter dalam mata uang asing dijabarkan ke dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal laporan posisi keuangan konsolidasian. Keuntungan dan kerugian selisih kurs yang timbul dari transaksi dalam mata uang asing dan dari penjabaran aset dan liabilitas moneter dalam mata uang asing diakui pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian tahun berjalan.

Transactions denominated in foreign currencies are translated into Rupiah at the exchange rates prevailing at the date of the transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translate into Rupiah using the exchange rates prevailing at the consolidated statements of financial position date. Exchange gains and losses arising from transactions in foreign currencies and from the translation of foreign currency monetary assets and liabilities are recognized in the current year consolidated statements of profit or loss and other comprehensive income.











(Continued)

d. Transaksi dan Penjabaran Mata Uang Asing (Lanjutan)

d. Foreign Currency Transactions and Translations (Continued)

Kurs yang digunakan untuk menjabarkan aset dan liabilitas moneter dalam mata uang asing pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

The exchange rates used to translate the monetary assets and liabilities denominated in foreign currencies as of 31 December 2017 and 2016 are as follows:

2 0 1 7 2 0 1 6

Dolar Amerika Serikat (USD) 13.548,00 13.436,00 United States Dollar (USD)

Dolar Singapura (SGD) 10.133,53 9.298,92 Singapore Dollar (SGD)

Ringgit Malaysia (MYR) 3.335,31 2.996,11 Malaysia Ringgit (MYR)

e. Kas dan Setara Kas e. Cash and Cash Equivalents

Kas terdiri dari kas dan bank. Setara kas adalah semua investasi yang bersifat jangka pendek dan sangat likuid yang dapat segera dikonversikan menjadi kas penuh dengan jatuh tempo dalam waktu tiga bulan atau kurang sejak tanggal penempatannya, dan yang tidak dijaminkan serta tidak dibatasi penggunaannya.

Cash consists of cash on hand and cash in banks. Cash equivalents are liquid short term investments which can be converted immediately into cash with an original maturity of three months or less from the date of placement, as long as they are not being pledged as collateral for borrowings nor restricted to use.

f. Piutang Usaha dan Non-usaha f. Trade and Non-trade Receivables

Piutang usaha dan non-usaha pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, kecuali efek diskontonya tidak material, setelah dikurangi provisi atas penurunan nilai.

Trade and non-trade receivables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial, less provision for impairment.

Manajemen membentuk akun penyisihan kerugian penurunan nilai dengan menelaah saldo piutang secara individual pada saat terdapat bukti objektif bahwa saldo piutang tidak dapat ditagih. Ketika piutang yang rugi penurunan nilainya telah diakui, tidak dapat ditagih pada periode selanjutnya, maka piutang tersebut dihapusbukukan dengan mengurangi akun penyisihan. Piutang yang diketahui tidak tertagih, dihapuskan dengan secara langsung mengurangi nilai tercatatnya.

Management established an allowance account for impairment by reviewing receivables balances individually when there is objective evidence that the outstanding amounts may not be collected. When receivable for which an impairment allowances had been recognized becomes uncollectible in a subsequent period, it is written off against the allowances account. Receivable which are known to be uncollectible are written off by reducing the carrying amount directly.

g. Beban Dibayar di Muka g. Prepaid Expenses

Beban dibayar di muka diamortisasi selama masa manfaat masing-masing biaya dengan menggunakan metode garis lurus.

Prepaid expenses are amortized over their beneficial periods using the straight-line method.











(Continued)

h. Persediaan h. Inventories

Persediaan diakui sebesar nilai terendah antara biaya perolehan atau nilai realisasi neto. Biaya perolehan terdiri dari biaya pembelian, dan biaya-biaya lain yang timbul sampai persediaan berada dalam kondisi dan lokasi saat ini.

Inventories are recognized at the lower of cost and net realisable value. Cost comprises all costs of purchase, and other costs incurred in bringing the inventories to their present location and condition.

Nilai realisasi neto adalah taksiran harga jual dalam kegiatan usaha normal setelah dikurangi dengan taksiran biaya penyelesaian dan taksiran biaya yang diperlukan untuk melaksanakan penjualan.

Net realisable value is the estimated sales price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale.

Penyisihan kerugian penurunan nilai untuk persediaan usang dan yang perputarannya lambat ditentukan berdasarkan estimasi penggunaan atau harga jual masing-masing persediaan dimaksud di masa yang akan datang.

Allowance for impairment losses of obsolete and slow moving inventory is determined on the basis of estimated future usage or sale of individual inventory items.

Persediaan real estat terdiri dari bangunan apartemen yang siap untuk dijual, dinyatakan sebesar biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan bangunan dalam proses pembangunan meliputi biaya konstruksi ditambah biaya lainnya yang dapat diatribusikan pada aktivitas pengembangan real estat dan biaya pinjaman, serta dipindahkan ke bangunan yang siap dijual pada saat selesai dibangun dan siap dijual.

Real estate inventories consisting of strata unit building ready for sale, stated at cost or net realisable value, whichever is lower. The cost of building under construction consist of construction costs, other costs related to the development of real estate and borrowing costs, and is transferred to the building when it is completed and ready for sale.

i. Aset Tetap i. Property and Equipment

Perusahan dan entitas anaknya mengadopsi metode biaya, dimana aset tetap, kecuali tanah, dinyatakan sebesar harga perolehan, dikurangi akumulasi penyusutan dan akumulasi penurunan nilai, jika ada.

The Company and its subsidiaries adopts the cost model, in which property and equipment, except land, are stated at cost less accumulated depreciation and any impairment value, if any.

Penyusutan aset tetap, kecuali tanah, dihitung berdasarkan metode garis lurus selama masa manfaat ekonomis aset tetap sebagai berikut:

Depreciation of property and equipment, except land, is computed on a straight-line basis over the property and equipment’s estimated useful lives, as follows:

Masa manfaat (tahun)/ Jenis Aset Tetap Useful lives (years) Type of Property and Equipment

Bangunan dan prasarana 20 - 40 Buildings and improvement Peralatan dan perlengkapan 4 - 8 Equipment and supplies Kendaraan 8 Vehicles

Tanah dan hak atas tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.

Land and landrights are stated at cost and is not depreciated.

ISAK 25, “Hak Atas Tanah”, menetapkan bahwa biaya pengurusan legal hak atas tanah dalam bentuk Hak Guna Usaha (“HGU”), Hak Guna Bangunan (“HGB”) dan Hak Pakai (“HP”) ketika tanah diperoleh pertama kali diakui sebagai bagian dari biaya perolehan tanah pada akun “Aset Tetap” dan tidak diamortisasi.

ISAK 25, “Land Rights,” pescribes that the legal cost of land right in the form of Business Usage Rights (“Hak Guna Usaha” or “HGU”), Building Usage Right (Hak Guna Bangunan or “HGB”) and Usage Rights (“Hak Pakai” or “HP”) when the land was acquired initially are recognized as part of the cost of the land under the “Property and Equipment” account and not amortized.











(Continued)

i. Aset Tetap (Lanjutan) i. Property and Equipment (Continued)

Sementara biaya pengurusan atas perpanjangan atau pembaruan legal hak atas tanah dalam bentuk HGU, HGB dan HP diakui sebagai bagian dari akun “Aset tidak lancar lainnya” pada laporan posisi keuangan konsolidasian dan diamortisasi sepanjang mana yang lebih pendek antara umur hukum dan umur ekonomis tanah.

Meanwhile the extension or the legal renewal costs of land rights in the form of HGU, HGB and HP are recognized as part of “Other non-current assets” account in the consolidated statements of financial position and are amortized over the shorter of the rights’ legal life and land’s economic life.

Estimasi masa manfaat aset tetap ditentukan berdasarkan ekspektasi pemakaian dan pengalaman historis atas aset sejenis.

Estimated useful life of property and equipment are determined based on expected usage and historical experience on the similar asset.

Biaya perolehan awal aset tetap meliputi harga perolehan, termasuk bea impor dan pajak pembelian yang tidak boleh dikreditkan dan biaya-biaya yang dapat diatribusikan secara langsung untuk membawa aset ke lokasi dan kondisi yang diinginkan sesuai dengan tujuan penggunaan yang ditetapkan.

The initial cost of property and equipment consists of its purchase price, including import duties and taxes and any directly attributable costs in bringing the property and equipment to its working condition and location for its intended use.

Beban-beban yang timbul setelah aset tetap digunakan, seperti beban perbaikan dan pemeliharaan, dibebankan ke laba rugi pada saat terjadinya.

Expenditures incurred after the property and equipment have been put into operations, such as repairs and maintenance costs, are normally charged to the operations in the year such costs are incurred.

Apabila beban-beban tersebut menimbulkan peningkatan manfaat ekonomis di masa datang dari penggunaan aset tetap tersebut yang dapat melebihi kinerja normalnya, maka beban-beban tersebut dikapitalisasi sebagai tambahan biaya perolehan aset tetap.

In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the property and equipment beyond its originally assessed standard of performance, the expenditures are capitalized as additional costs of property and equipment.

Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Aset tetap yang dijual atau dilepaskan, dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutan serta akumulasi penurunan nilai yang terkait dengan aset tetap tersebut. Laba atau rugi yang timbul dari penghentian pengakuan aset tetap ditentukan sebesar perbedaan antara jumlah neto hasil pelepasan, jika ada, dengan jumlah tercatat dari aset tetap tersebut, dan diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian pada tahun terjadinya penghentian pengakuan.

An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. When assets are sold or retired, the cost and related accumulated depreciation and any impairment loss are removed from the accounts. Any gains or loss arising from derecognition of property and equipment calculated as the difference between the net disposal proceed, if anys with the carrying amount of the item, is included in the consolidated statements of profit or loss and other comprehensive income in the year the item is derecognized.

Nilai tercatat aset tetap, umur manfaat, serta metode penyusutan ditelaah setiap akhir tahun dan dilakukan penyesuaian apabila hasil telaah berbeda dengan estimasi sebelumnya.

The carrying value of property and equipment, useful lives and depreciation method are reviewed and adjusted if not appropriate, at each financial year end.









2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

i. Aset Tetap (Lanjutan) i. Property and Equipment (Continued)

Aset dalam Pembangunan Construction in Progress

Aset dalam pengerjaan dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari “Aset Tetap” dalam laporan posisi keuangan konsolidasian. Akumulasi biaya perolehan akan dipindahkan ke masing-masing akun aset tetap yang bersangkutan pada saat aset tersebut selesai dikerjakan dan siap digunakan.

Assets under construction are stated at cost and presented as part of “Property and Equipment” in the consolidated statements of financial position. The accumulated costs will be reclassified to the appropriate property and equipment account when construction is completed and the assets are ready for their intended use.

j. Properti Investasi j. Investment Properties

Properti investasi adalah properti (tanah atau bangunan atau bagian dari suatu bangunan atau kedua-duanya) untuk menghasilkan sewa atau untuk kenaikan nilai atau keduanya dan aset tetap dalam rangka bangun kelola dan alih. Properti investasi diukur sebesar nilai perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai.

Investment properties are properties (land or a building – or part of buiding – or both) held to earn rentals or for capital appreciation or both and properties under Build Operate Transfer (BOT) agreements. Investment properties are measured at cost less accumulated depreciation and any accumulated impairment losses.

Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis dari properti investasi berikut ini:

Depreciation is computed using the straight-line method based on the estimated useful lives of the investment properties as follows:

Masa manfaat (tahun)/ Useful lives (years)

Bangunan 4 - 20 Buildings

Properti investasi mencakup juga properti dalam proses pembangunan yang akan digunakan sebagai properti investasi setelah selesai

Investment property includes properties in the process of development which will be used as investment property after completion.

Properti investasi dihentikan pengakuannya pada saat dilepaskan atau ketika properti investasi tidak digunakan lagi secara permanen dan dan tidak memiliki manfaat ekonomis di masa depan yang diharapkan pada saat pelepasannya. Laba rugi yang timbul dari penghentian dan pelepasan properti investasi diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian dalam tahun terjadinya penghentian atau pelepasan tersebut. Properti dalam rangka bangun kelola dan alih dihentikan pengakuannya pada saat penyerahan kepada pemilik aset pada saat berakhirnya perjanjian dengan menghapus seluruh akun yang timbul berkaitan dengan aset yang bersangkutan.

Investment properties are derecognized upon disposal or when the investment properties are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognized in the consolidated statement of profit or loss and other comprehensive income in the year of retirement or disposal. Properties under BOT agreements are derecognized upon transfer to asset holders at the end of BOT agreement period by reversing all accounts related to the assets.

k. S e w a k. Leases

Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lease. All other leases are classified as operating leases.











(Continued)

k. S e w a (Lanjutan) k. Leases (Continued)

Sebagai Lessor Dalam sewa pembiayaan, lessor mengakui aset berupa piutang sewa pembiayaan sebesar jumlah investasi sewa neto oleh Perusahaan dan entitas anaknya. Pengakuan penghasilan sewa pembiayaan dialokasikan pada periode akuntansi yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih lessor.

As Lessor In financial leases, lessor recorded amounts due from leases as receivable at the amount of the Company and its subsidiaries’ net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding of the lessor.

Pendapatan sewa dari operasi diakui sebagai pendapatan dengan dasar garis lurus selama masa sewa. Biaya langsung awal yang terjadi dalam proses negosiasi dan pengaturan sewa operasi ditambahkan dalam jumlah tercatat aset sewaan dan diakui dengan dasar garis lurus selama masa sewa.

Rental income from operating leases is recognized on the straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiation and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.

Sebagai Lessee Aset pada sewa pembiayaan dicatat pada awal masa sewa sebesar nilai wajar aset sewaan Perusahaan dan entitas anaknya yang ditentukan pada awal kontrak atau, jika lebih rendah, sebesar nilai kini dari pembayaran sewa minimum. Liabilitas kepada lessor disajikan di dalam laporan posisi keuangan konsolidasian sebagai liabilitas sewa pembiayaan.

As Lessee Assets held under finance leases are initially recognized as assets of the Company and its subsidiaries at the fair value of the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligations.

Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Sewa kontinjen diakui sebagai beban di dalam periode terjadinya.

Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where other systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai liabilitas. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.

In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

l. Hak atas Sewa Tanah l. Lease Landrights

Nilai sewa tanah diamortisasi dengan menggunakan metode garis lurus sepanjang periode sewa. Biaya amortisasi yang bersangkutan dibebankan pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian tahun berjalan.

Amount of land lease land is amortized using straight-line over their beneficial periods. Amortization expense charges to consolidated statement of profit or loss and other comprehensive income for the year.











(Continued)

m. Aset dan Liabilitas Keuangan m. Financial Assets and Liabilities

Aset Keuangan Aset keuangan diklasifikasikan ke dalam kategori (i) aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi, (ii) pinjaman yang diberikan dan piutang, (iii) aset keuangan dimiliki hingga jatuh tempo, dan (iv) aset keuangan tersedia untuk dijual.

Financial Assets Financial assets are classified in categories of (i) financial assets at fair value through profit or loss, (ii) loan and receivable, (iii) held-to-maturity financial assets, and (iv) available-for-sale financial assets.

Klasifikasi ini tergantung dari tujuan perolehan aset keuangan tersebut. Manajemen menentukan klasifikasi aset keuangan tersebut pada saat awal pengakuannya.

The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(i) Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah aset keuangan yang diperdagangkan. Aset keuangan diklasifikasikan sebagai aset keuangan yang diperdagangkan jika perolehannya ditujukan untuk dijual atau dibeli kembali dalam waktu dekat dan terdapat bukti adanya kecenderungan ambil untung dalam jangka pendek. Perusahaan dan entitas anaknya memiliki aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi yaitu meliputi aset keuangan lancar lainnya per 31 Desember 2017.

(i) Financial assets at fair value through profit or loss Financial assets measured at fair value through profit or loss and are financial assets classified as held for trading. A financial assets is classified as held for trading if it is acquired principally for the purpose of selling or repurchasing it in the near term and for which there is evidence of a recent actual pattern of short-term profit taking.

The Company and its subsidiaries’ financial assets at fair value through profit or loss include other current financial assets as of 31 December 2017.

(ii) Pinjaman yang diberikan dan piutang

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif.

(ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Pada saat pengakuan awal, pinjaman yang diberikan dan piutang diakui pada nilai wajarnya ditambah nilai transaksi dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

Loans and receivables are initially recognized at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest rate method.

Perusahaan dan entitas anaknya memiliki pinjaman yang diberikan dan piutang meliputi kas dan setara kas, piutang usaha dan non-usaha per 31 Desember 2017.

The Company and its subsidiaries’ loans and receivables include cash and cash equivalents, trade and non-trade receivables as of 31 December 2017.











(Continued)

m. Aset dan Liabilitas Keuangan (Lanjutan) m. Financial Assets and Liabilities (Continued)

Aset Keuangan (Lanjutan) Financial Assets (Continued)

(iii) Aset keuangan dimiliki hingga jatuh tempo Aset keuangan yang dimiliki hingga jatuh tempo adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan, serta manajemen mempunyai intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo, kecuali:

(iii) Held-to-maturity financial assets Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed maturity that the management has positive intention and ability to hold to maturity, other than:

a. investasi yang pada saat pengakuan awal

ditetapkan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi konsolidasian;

a. those that upon initial recognition designates as at fair value through consolidated statement of profit or loss;

b. investasi yang ditetapkan dalam kelompok

tersedia untuk dijual; dan b. those that designated as available for sale;

and

c. investasi yang memiliki definisi pinjaman yang diberikan dan piutang.

c. those that meet the definition of loan and receivable.

Perusahaan dan entitas anaknya tidak memiliki aset keuangan dimiliki hingga jatuh tempo per 31 Desember 2017.

(iv) Aset keuangan tersedia untuk dijual

Aset keuangan tersedia untuk dijual adalah aset keuangan non-derivatif yang ditetapkan sebagai tersedia untuk dijual atau yang tidak diklasifikasikan dalam tiga kategori sebelumnya.

The Company and its subsidiaries have no held-to-maturity financial assets as of 31 December 2017.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets designated as available-for-sale or not classified in the three previous categories.

Setelah pengukuran awal, aset keuangan tersedia untuk dijual diukur dengan nilai wajar dengan keuntungan atau kerugian yang belum terealisasi diakui dalam ekuitas sampai investasi tersebut dihentikan pengakuannya. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya diakui dalam ekuitas akan direklasifikasi ke laporan laba rugi sebagai penyesuaian reklasifikasi.

After initial measurement, available-for-sale financial assets are measured at fair value with unrealised gains or losses recognized in equity until the investment is derecognized. At that time, the cumulative gain or loss previously recognized in equity will be reclassified to consolidated statement of comprehensive income as a reclassification adjustment.

Perusahaan dan entitas anaknya tidak memiliki aset keuangan tersedia untuk dijual per 31 Desember 2017.

The Company and its subsidiaries have no available-for-sale financial assets as of 31 December 2017.











(Continued)


Penurunan nilai aset keuangan Aset keuangan dievaluasi terhadap indikator penurunan nilai pada setiap tanggal pelaporan. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat diestimasi secara handal.

Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Bukti objektif penurunan nilai termasuk sebagai berikut: (i) kesulitan keuangan signifikan yang dialami

penerbit atau pihak peminjam; atau (ii) pelanggaran kontrak, seperti terjadinya

wanprestasi atau tunggakan pembayaran pokok atau bunga; atau

(iii) terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan.

Objective evidence of impairment could include: (i) significant financial difficulty of the issuer or

counterparty; or (ii) default or delinquency in interest or principal

payments; or (iii) it becomes probable that the borrower

will enter bankruptcy or financial re-organization.

Penghentian pengakuan aset keuangan Perusahaan dan entitas anaknya menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset berakhir, atau Perusahaan dan entitas anaknya mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain.

Derecognition of financial assets The Company and its subsidiaries derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or the Company and its subsidiaries transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

Jika Perusahaan dan entitas anaknya tidak mengalihkan serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka Perusahaan dan entitas anaknya mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan liabilitas terkait sebesar jumlah yang mungkin harus dibayar. Jika Perusahaan dan entitas anaknya memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Perusahaan dan entitas anaknya masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima.

If the Company and its subsidiaries neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company and its subsidiaries recognizes their retained interest in the asset and an associated liability for amounts they may have to pay. If the Company and its subsidiaries retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company and its subsidiaries continues to recognize the financial asset and also recognize a collateralised borrowing for the proceeds received.

Liabilitas Keuangan Liabilitas keuangan dikelompokkan ke dalam kategori (i) liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi dan (ii) liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi.

Financial Liabilities Financial liabilities are classified in the following categories of (i) financial liabilities at fair value through profit or loss and (ii) financial liabilities measured at amortized cost.











(Continued)


Liabilitas Keuangan (Lanjutan) Financial Liabilities (Continued)

(i) Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi

(i) Financial liabilities at fair value through profit or loss

Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah liabilitas keuangan yang diperdagangkan.

Financial liabilities measured at fair value through profit or loss are financial liabilities that are held for trading.

Liabilitas keuangan diklasifikasikan sebagai liabilitas keuangan yang diperdagangkan jika perolehannya ditujukan untuk dijual atau dibeli kembali dalam waktu dekat dan terdapat bukti adanya kecenderungan ambil untung dalam jangka pendek. Utang derivatif dikategorikan sebagai liabilitas keuangan yang diperdagangkan kecuali ditetapkan dan efektif sebagai instrumen lindung nilai.

A financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term and for which there is evidence of a recent actual pattern of short-term profit-taking. Derivatives are also categorized as held for trading unless they are designated and effective as hedging instruments.

Perusahaan dan entitas anaknya tidak memiliki liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi per 31 Desember 2017.

The Company and its subsidiaries’ have no financial liabilities at fair value through profit or loss as of 31 December 2017.

(ii) Liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi

(ii) Financial liabilities at amortized cost

Liabilitas keuangan yang tidak diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi diklasifikasikan dalam kategori ini dan diukur pada biaya perolehan diamortisasi. Perusahaan dan entitas anaknya memiliki liabilitas keuangan yang diukur pada biaya perolehan diamortisasi meliputi utang usaha, utang non-usaha, utang pembiayaan konsumen, uang jaminan penyewa, beban akrual dan utang bank per 31 Desember 2017.

Financial liabilities not classified as financial liabilities at fair value through profit or loss are classified in this category and are measured at amortized cost. The Company and its subsidiaries have financial liabilities measured at amortized cost including trade payable, non-trade payable, consumer financing loans, tenant’s deposits, accruals and bank loans as of 31 December 2017.

Saling Hapus Instrumen Keuangan Aset dan liabilitas keuangan disalinghapuskan dan jumlah netonya dilaporkan pada laporan posisi keuangan konsolidasian ketika terdapat hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut dan adanya niat untuk merealisasikan aset dan menyelesaikan liabilitas secara simultan.

Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

n. Penurunan Nilai Aset Non-Keuangan n. Impairment of Non-financial Assets

Pada tanggal pelaporan, Perusahaan dan entitas anaknya menelaah nilai tercatat aset non-keuangan untuk menentukan apakah terdapat indikasi bahwa aset tersebut telah mengalami penurunan nilai. Jika terdapat indikasi tersebut, nilai yang dapat diperoleh kembali dari aset diestimasi untuk menentukan tingkat kerugian penurunan nilai.

At the reporting date, the Company and its subsidiaries reviews the carrying amount of non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the recoverable value of the asset is estimated to determine the level of impairment loss.











(Continued)

n. Penurunan Nilai Aset Non-Keuangan (Lanjutan) n. Impairment of Non-financial Assets (Continued)

Bila tidak memungkinkan untuk mengestimasi nilai yang dapat diperoleh kembali atas suatu aset individu, Perusahaan dan entitas anaknya mengestimasi nilai yang dapat diperoleh kembali dari unit penghasil kas atas aset.

If it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimates the recoverable value of the cash generating unit to an asset.

Perkiraan jumlah yang dapat diperoleh kembali adalah nilai tertinggi antara nilai wajar dikurangi biaya untuk menjual atau nilai pakai. Jika jumlah yang dapat diperoleh kembali dari aset non-keuangan (unit penghasil kas) kurang dari nilai tercatatnya, nilai tercatat aset (unit penghasil kas) dikurangi menjadi sebesar nilai yang dapat diperoleh kembali dan rugi penurunan nilai diakui langsung ke laba rugi.

Estimated recoverable amount is the higher of fair value less cost to sell or value in use. If the recoverable amount of a non-financial asset (cash generating unit) is less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount and an impairment loss is recognized immediately against earnings.

Goodwill diuji penurunan nilai setiap tahun dan ketika terdapat suatu indikasi bahwa nilai tercatatnya mungkin mengalami penurunan nilai. Penurunan nilai bagi goodwill ditetapkan dengan menentukan jumlah tercatat tiap Unit Penghasil Kas (UPK) terkait dengan goodwill tersebut. Jika jumlah terpulihkan UPK kurang dari jumlah tercatatnya, rugi penurunan nilai diakui. Rugi penurunan nilai terkait goodwill tidak dapat dibalik pada periode berikutnya.

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each Cash Generating Unit (CGU) to which goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized impairment losses relating to goodwill cannot be reversed in future period.

Manajemen berkeyakinan bahwa tidak terdapat indikasi atas kemungkinan penurunan potensial atas nilai aset non-keuangan pada tanggal laporan keuangan.

Management believes that there is no indication of potential impairment in values of non financial assets at financial statement date.

o. Kombinasi Bisnis Entitas Sepengendali o. Business Combination of entities under common

control

Kombinasi bisnis entitas sepengendali dibukukan menggunakan metode penyatuan kepemilikan.

Business combination of entities under common control are accounted for using the pooling-of-interest method.

Selisih antara harga konsiderasi yang diterima dengan nilai tercatat setiap transaksi restrukturisasi antara entitas sepengendali dibukukan sebagai bagian tambahan modal disetor dalam bagian ekuitas di laporan posisi keuangan konsolidasian.

The difference between the consideration received and the carrying value of each restructuring transaction among entities under common control is recorded as part of additional paid-in capital in the equity section of the consolidated statement of financial position.

p. Pengakuan Pendapatan dan Beban p. Revenue and Expenses Recognition

Pendapatan hotel Revenue from hotel

Pendapatan hotel diakui pada saat jasa diberikan atau pada saat hotel telah memindahkan risiko dan manfaat kepemilikan barang kepada pelanggan.

Hotel revenue is recognized when the service is rendered or when the customer takes title and assume the risks and rewards of ownership of the goods.











p. Pengakuan Pendapatan dan Beban (Lanjutan) p. Revenue and Expenses Recognition (Continued)

Pendapatan penjualan apartemen Revenue from sale of apartment

Pendapatan dari penjualan unit apartemen yang telah selesai dan siap untuk dijual diakui dengan metode akrual penuh apabila seluruh kriteria berikut ini terpenuhi:

Revenue from sale of fully constructed and ready to sale apartment is recognized using the full accrual method if all the following criteria are satisfied

proses penjualan telah selesai;

harga jual akan tertagih;

tagihan penjual tidak akan bersifat subordinasi dimasa yang akan datang terhadap pinjaman lain yang akan diperoleh pembeli; dan

penjual telah mengalihkan resiko dan manfaat kepemilikan unit bangunan kepada pembeli melalui suatu transaksi yang secara substantsi adalah penjualan dan penjual tidak lagi memiliki kewajiban atau keterlibatan signifikan dengan unit apartement tersebut.

the selling process is completed;

the selling price is collectible;

the receivable will not be subordinated to other loans which will be obtained by the buyer; and

the seller has transferred the risk and benefits of the ownerships of the building units to the buyer through a transaction which in substance is a sale and the seller has no further obligation or significant involvement with the sold unit.

Pendapatan dari penjualan apartemen yang sedang dalam tahap pembangunan diakui dengan metode persentase penyelesaian apabila seluruh kriteria berikut ini terpenuhi:

Revenue from sale of apartments under construction is recognized using the percentage of completion method, if all the following criteria are satisfied:

proses konstruksi telah melampaui tahap awal, yaitu pondasi bangunan telah selesai dan semua persayaratan untuk memulai pembangunan telah terlampaui;

jumlah pembayaran oleh pembeli telah mencapai 20% dari harga jual yang telah disepakati dan jumlah tersebut tidak dapat diminta kembali oleh pembeli; dan

jumlah pendapatan penjualan dan biaya unit properti dapat diestimasi dengan andal.

the construction process has completed the first stage, that is the building foundation has been completed and all the requirements for initiating the construction have been fulfilled;

payment from the buyer has reached 20% of the agreed selling price and the amount is not refundable to the buyer; and

the amount of sales revenue and unit cost of the property can be estimated reliably.

Apabila persyaratan tersebut di atas belum terpenuhi seluruhnya, maka pembayaran yang diterima dari pembeli diakui sebagai uang muka.

If any of the above criteria are not met, the proceeds received from the buyer are recognized as deposit.

Pendapatan sewa Revenue from rent

Pendapatan sewa diakui sejalan berlalunya waktu atau selama periode sewa atau penggunaan aset yang bersangkutan. Pendapatan lainnya diakui pada saat penyerahan barang dan jasa kepada pelanggan.

Rental revenue is recognized along the passage of time or over the lease or use of the asset. Other revenues are recognized upon delivery of goods and services to customers.

Uang muka sewa yang diterima dari penyewa dicatat ke dalam akun pendapatan diterima di muka dan akan diakui sebagai pendapatan secara berkala sesuai dengan periode kontrak sewa yang berlaku.

Rental revenue received in advance are recorded as unearned income and recognized as income regularly over the rental periods.

Beban diakui pada saat terjadinya. Expenses are recognized when incurred (accrual

basis).











(Continued)

q. Biaya pinjaman q. Borrowing cost

Biaya pinjaman yang dapat diatribusikan secara langsung dengan perolehan, konstruksi, atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian dari biaya perolehan aset tersebut. Biaya pinjaman lainnya diakui sebagai beban pada saat terjadinya.

Borrowing costs which are directly attributable to the acquisition, construction, or production of qualifying assets which are capitalized as part of the acquisition cost of the qualifying assets. Other borrowing costs are recognized as expense in the period in which they are incurred.

Jika Perusahaan dan entitas anaknya meminjam dana secara khusus untuk tujuan memperoleh aset kualifikasian, maka entitas menentukan jumlah biaya pinjaman yang layak dikapitalisasikan sebesar biaya pinjaman aktual yang terjadi selama tahun berjalan dikurangi penghasilan investasi atas investasi sementara dari pinjaman tersebut.

To the extent that the Company and its subsidiaries borrows funds specifically for the purpose of obtaining a qualifying asset, the entity determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the year less any investment income on the temporary investment of those borrowings.

Jika pengembangan aktif atas aset kualifikasian dihentikan, Perusahaan dan entitas anaknya menghentikan kapitalisasi biaya pinjaman selama periode tidak aktif.

If the active development of a qualifying assets were stopped, the Company and its subsidiaries ceased the capitalization of borrowing costs within inactive periods.

Kapitalisasi biaya pinjaman dihentikan saat selesainya secara substansi seluruh aktivitas yang diperlukan untuk mempersiapkan aset kualifikasian agar dapat digunakan atau dijual sesuai dengan maksudnya.

Capitalization of borrowing costs were ceased when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete

r. Perpajakan r. Taxation

Pajak Kini dan Pajak Tangguhan Current Tax and Deferred Tax

Beban pajak penghasilan terdiri dari pajak penghasilan kini dan pajak tangguhan. Pajak diakui dalam dalam laporan laba rugi konsolidasian, kecuali jika pajak tersebut terkait dengan transaksi atau kejadian yang diakui di pendapatan komprehensif lain atau langsung diakui ke ekuitas.

Income tax expenses comprises current and deferred income tax. Tax are recognized in the consolidated statement of profit or loss, except to the extent that it relates to item recognized in other comprehensive income or directly in equity.

Beban pajak kini ditentukan berdasarkan laba kena pajak dalam tahun yang bersangkutan yang dihitung berdasarkan tarif pajak dan undang-undang pajak yang berlaku pada tanggal pelaporan. Aset dan liabilitas pajak kini diukur sebesar nilai yang diharapkan dapat terpulihkan atau dibayar.

Current tax expense is determined based on the taxable profit for the year, using the tax rates and tax laws that have been enacted or substantially enacted at the reporting tax. Current tax assets and liabilities are measured at the amount expected to be recovered or paid.

Aset dan liabilitas pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan liabilitas menurut laporan keuangan konsolidasian dengan dasar pengenaan pajak aset dan liabilitas. Liabilitas pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa mendatang.

Deferred tax assets and liabilities are recognized as a future period tax consequences resulting from differences of carrying value between assets and liabilities based on the consolidated financial statements with tax base of assets and liabilities. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible differences, when it is probable to be used against future taxable income.











(Continued)

r. Perpajakan (Lanjutan) r. Taxation (Continued)

Pajak Kini dan Pajak Tangguhan (Lanjutan) Current Tax and Deferred Tax (Continued)

Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal pelaporan. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi konsolidasian tahun berjalan kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantially enacted at the reporting date. Deferred tax is charged or credited to the current year’s consolidated statements of profit or loss, except deferred tax which is charged or credited directly to equity.

Jumlah tercatat aset pajak tangguhan dikaji ulang pada akhir periode pelaporan dan dikurangi jumlah tercatatnya jika kemungkinan besar laba kena pajak tidak lagi tersedia dalam jumlah yang memadai untuk mengkompensasikan sebagian atau seluruh aset pajak tangguhan tersebut.

The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Pajak Final Final Tax

Peraturan pajak di Indonesia mengatur beberapa jenis penghasilan yang dikenakan pajak yang bersifat final. Pajak final yang dikenakan atas nilai bruto transaksi tetap dikenakan walaupun atas transaksi tersebut pelaku transaksi mengalami kerugian.

Tax regulation in Indonesia determined that certain taxable income is subject to final tax. Final tax applied to the gross value of transactions is applied even when the parties carrying the transaction recognizing losses.

Mengacu pada revisi PSAK 46, pajak final tersebut tidak termasuk dalam lingkup yang diatur oleh PSAK 46. Oleh karena itu, Perusahaan dan entitas anaknya meyajikan beban pajak final sehubungan dengan penghasilan yang menjadi obyek pajak final sebagai bagian dari beban usaha.

Referring to revised PSAK 46, final tax is no longer governed by PSAK 46. Therefore, the Company and its subsidiaries has decided to present all of the final tax arising from revenues subject to final tax as part of operating expenses.

Berdasarkan Peraturan Pemerintah No. 5 tanggal 23 Maret 2002, penghasilan dari sewa pusat niaga dikenakan pajak final sebesar 10% kecuali untuk kontrak sewa yang ditandatangani sebelum peraturan tersebut yang dikenakan pajak 6%.

Based on Government Regulation No. 5 dated 23 March 2002, income from shopping center rental is subject to a final tax of 10%, except for income on rental contracts signed prior to such regulation which is subject to 6%.

s. Imbalan Pasca-Kerja s. Post-employment Benefits

Imbalan kerja jangka pendek Short-term employee benefits

Imbalan kerja jangka pendek diakui pada saat terutang kepada karyawan berdasarkan metode akrual.

Short-term employee benefits which are recognized when they accrue to the employees.

Imbalan pensiun dan imbalan pasca-kerja lainnya Pension benefits and other post-employment

benefits

Perusahaan dan entitas anaknya mengakui imbalan kerja jangka pendek berdasarkan metode akrual sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003 tanggal 25 Maret 2003.

The Company and its subsidiaries recognized an unfunded employee benefits liability in accordance with Labor Law No. 13/2003 dated 25 March 2003.











(Continued)

s. Imbalan Pasca-Kerja (Lanjutan) s. Post-employment Benefits (Continued)

Imbalan pensiun dan imbalan pasca-kerja lainnya (Lanjutan)

Pension benefits and other post-employment benefits (Continued)

Liabilitas imbalan pasca-kerja merupakan nilai kini liabilitas imbalan pasti pada tanggal pelaporan dan penyesuaian atas keuntungan atau kerugian aktuarial. Perhitungan liabilitas imbalan pasca-kerja menggunakan metode Projected Unit Credit oleh aktuaris independen.

The pension benefit obligation is the present value of the defined benefit obligation at the reporting date together with adjustments for actuarial gain or losses. The cost of providing post-employment benefits obligation is determined using the Projected Unit Credit method by an independent actuary.

Nilai kini liabilitas imbalan pasti ditentukan dengan mendiskontokan estimasi arus kas di masa depan dengan menggunakan tingkat bunga obligasi pemerintah jangka panjang pada tanggal pelaporan dan memiliki jangka waktu yang sama dengan liabilitas imbalan pensiun yang bersangkutan.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using the yield at the reporting date of long-term government bonds and that have terms to maturity similar to the related pension obligation.

Keuntungan atau kerugian aktuaria yang timbul dari penyesuaian dan perubahan dalam asumsi-asumsi aktuarial yang jumlahnya dibebankan atau dikreditkan di penghasilan komprehensif lainnya sebesar nilai yang timbul pada periode tersebut.

Actuarial gains or losses arising from experience adjustment and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

Biaya jasa lalu akan diakui segera dalam laporan laba rugi konsolidasian.

The past service costs are recognized immediately in consolidated statement of profit or loss.

Keuntungan dan kerugian dari kurtailmen atau penyelesaian kewajiban imbalan pasti diakui ketika kurtailmen atau penyelesaian tersebut terjadi.

Gains or losses on the curtailment or settlement of the defined benefit obligation are recognized when the curtailment or settlement occurs.

Perusahaan dan entitas anak memberikan imbalan pasca-kerja lainnya, seperti uang penghargaan dan uang pisah. Imbalan berupa uang penghargaan diberikan apabila karyawan bekerja hingga mencapai usia pensiun. Sedangkan imbalan berupa uang pisah, dibayarkan kepada karyawan yang mengundurkan diri secara sukarela, setelah memenuhi minimal masa kerja tertentu. Imbalan ini dihitung dengan menggunakan metodologi yang sama dengan metodologi yang digunakan dalam perhitungan pensiun imbalan pasti.

The Company and its subsidiaries also provides other post-employment benefits, such as service pay and separation pay. The service pay benefit vests when the employees reach their retirement age. The separation pay benefit is paid to employees in the case of voluntary resignation, subject to a minimum number of years of services. These benefits have been accounted for using the same methodolody to compute defined benefit pension plan.

t. Provisi t. Provisions

Provisi diakui apabila Perusahaan dan entitas anaknya mempunyai kewajiban hukum atau konstruktif di masa kini sebagai akibat dari kejadian di masa lalu; dan besar kemungkinan Perusahaan dan entitas anaknya diharuskan menyelesaikan kewajiban tersebut dapat diestimasi secara handal. Provisi tidak diakui untuk kerugian operasi masa depan.

Provisions are recognized when the Company and its subsidiaries have a present legal or constructive obligation as a result of past events; it is probable that the outflow of resources will be required to settle the obligation and the amount can’t be estimated reliably. Provisions are not recognized for future operating losses.











t. Provisi (Lanjutan) t. Provisions (Continued)

Provisi diukur sebesar nilai kini pengeluaran yang diharapkan diperlukan untuk menyelesaikan kewajiban dengan menggunakan tingkat bunga sebelum pajak yang mencerminkan penilaian pasar atas nilai waktu uang dan risiko yang terkait dengan kewajiban. Peningkatan provisi karena berjalannya waktu diakui sebagai biaya keuangan.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense.

u. Kuasi-Reorganisasi u. Quasi-Reorganization

Kuasi-reorganisasi merupakan prosedur akuntansi yang mengatur entitas merestrukturisasi ekuitasnya dengan mengeliminasi defisit dan menilai kembali seluruh aset dan liabilitas pada nilai wajar. Dengan melakukan prosedur ini, entitas diharapkan dapat melanjutkan usahanya seperti baru, dengan laporan posisi keuangan konsolidasian yang menunjukkan posisi keuangan yang lebih baik tanpa defisit dari masa lampau.

A quasi-reorganization is an accounting procedure which enables an entity to restructure its equity by eliminating its deficits and reappraising all its assets and liabilities at fair value. By this procedure, the entity is expected to continue its business as if it was a fresh start, with a consolidated statement of financial position showing a better financial position with no past deficit.

Nilai wajar aset dan liabilitas ditentukan berdasarkan nilai pasar. Bila nilai pasar tidak tersedia, estimasi nilai pasar didasarkan pada informasi terbaik yang tersedia. Estimasi nilai wajar dilakukan dengan mempertimbangkan harga aset sejenis dan teknik penilaian yang paling sesuai dengan karakteristik aset dan liabilitas yang bersangkutan, antara lain metode nilai kini dan arus kas diskonto.

The fair values of assets and liabilities are determined based on market values. If the market values is unavailable, the estimated fair value is determined using the best information available. The estimates of the fair values put into consideration prices of the similar type of assets and a valuation technique most suitable to the characteristics of the related assets and liabilities, among others, presents value method and discounted cash flows method.

Perusahaan dan entitas anaknya menentukan nilai wajar aset dan liabilitas berdasarkan hasil penilaian dari penilai independen.

The Company and its subsidiaries determined the value of assets and liabilities based on the appraisal result from an independent appraiser.

Seperti yang dijelaskan pada Catatan 32, Perusahaan melakukan kuasi-reorganisasi pada tanggal 31 Juli 2009, dimana saldo defisit Perusahaan sebesar Rp 31.224 juta, dieliminasi ke saldo penilaian kembali aset dan liabilitas. PT Indonesian Paradise Island, entitas anak, melakukan kuasi-reorganisasi pada tanggal 31 Desember 2011 dengan mengeliminasi saldo defisit.

As discussed in Note 32, the conducted quasi-reorganization as of 31 July 2009, in which the deficit of the Company amounted to Rp 31,224 million, is eliminated to the revaluation increment of assets and liabilities. PT Indonesian Paradise Island, a subsidiary, conducted quasi reorganization for the financial position as at 31 December 2011 by eliminated deficit balance.

v. Laba per Saham Dasar v. Basic Earnings per Share

Laba per saham dasar dihitung dengan membagi laba bersih tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar selama tahun berjalan.

Basic earnings per share is computed by dividing net income for the year attributable to owners of the Company by the weighted average number of shares outstanding during the year.

Perusahaan dan entitas anaknya tidak mempunyai efek berpotensi saham biasa yang bersifat dilutive pada tanggal-tanggal 31 Desember 2017 dan 2016, dan oleh karenanya, laba per saham dilusian tidak dihitung dan disajikan pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian.

The Company and its subsidiaries have no outstanding dilutive potential ordinary shares as of 31 December 2017 and 2016, and accordingly, no diluted earnings per share is calculated and presented in the consolidated statements of profit or loss and other comprehensive income.











(Continued)

w. Dividen w. Dividend

Pembagian dividen final diakui saat dividen tersebut disetujui dalam Rapat Umum Pemegang Saham.

Final dividend distribution are recognized when the dividends are approved in the Company’s General Meeting of the Shareholders.

x. Informasi Segmen x. Segment information

Segmen operasi diidentifikasi berdasarkan laporan internal mengenai komponen dari Perusahaan dan entitas anaknya yang secara regular direviu oleh “pengambil keputusan operasional” dalam rangka mengalokasikan sumber daya dan menilai kinerja segmen operasi.

Operating segments to be identified on the basis of internal reports about components of the Company and its subsidiaries that are regularly reviewed by “the chief operating decision maker” in order to allocate resources to the segments and to assess their performance.

Segmen operasi adalah komponen dari entitas: An operating segment is a component of an entity: a) yang terlibat dalam aktivitas bisnis yang mana

memperoleh pendapatan dan menimbulkan beban (termasuk pendapatan dan beban terkait dengan transaksi dengan komponen lain dari entitas yang sama);

a) that engages in business activities which it may earn revenue and incur expenses (including revenue and expenses relating to the transaction with other components of the same entity);

b) yang hasil operasinya dikaji ulang secara regular oleh pengambil keputusan operasional untuk membuat keputusan tentang sumber daya yang dialokasikan pada segmen tersebut dan menilai kinerjanya; dan

b) whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decision about resources to be allocated to the segments and assess its performance; and

c) dimana tersedia informasi keuangan yang dapat dipisahkan.

c) for which discrete financial information is available.

Perusahaan dan entitas anaknya mengungkapkan segmen operasionalnya berdasarkan segmen usaha yang meliputi segmen geografis dan bisnis.

The Company and its subsidiaries discloses its operating segments based on operating segment that consist of geographical and business segment.

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSI SIGNIFIKAN

3. SIGNIFICANT ACCOUNTING JUDGMENT, ESTIMATION AND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasian Perusahaan dan entitas anaknya mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan dari pendapatan, beban, aset dan liabilitas, dan pengungkapan atas liabilitas kontijensi, pada akhir periode pelaporan. Ketidakpastian mengenai asumsi dan estimasi tersebut dapat mengakibatkan penyesuaian material terhadap nilai tercatat aset dan liabilitas dalam periode pelaporan berikutnya.

The preparation of the Company and its subsidiaries’ consolidated financial statements requires management to make judgment, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset and liability affected in future periods.









3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSI SIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENT, ESTIMATION AND ASSUMPTIONS (Continued)

Pertimbangan Judgment

Klasifikasi Properti Classification of Property

Perusahaan dan entitas anaknya menentukan properti diklasifikasikan sebagai properti investasi atau properti persediaan: (i) Properti investasi terdiri dari tanah dan bangunan

(terutama kantor, gudang komersial dan properti ritel) yang tidak digunakan secara substansial untuk digunakan oleh, atau dalam operasi Perusahaan dan entitas anaknya, atau untuk dijual dalam kegiatan usaha normal, namun diadakan terutama untuk mendapatkan pendapatan sewa dan apresiasi modal. Bangunan ini secara substansial disewakan kepada penyewa dan tidak dimaksudkan untuk dijual dalam kegiatan usaha sehari-hari.

(ii) Properti persediaan terdiri dari properti yang dimiliki untuk dijual dalam kegiatan usaha normal. Pada prinsipnya, ini adalah properti hunian yang dikembangkan Perusahaan dan entitas anaknya yang dimaksudkan untuk dijual sebelum atau pada saat penyelesaian konstruksi.

The Company and its subsidiaries determines whether a property is classified as investment property or inventory property: (i) Investment property comprises land and buildings

(principally offices, commercial warehouse and retail property) that are not occupied substantially for use by, or in the operations of, the Company and its subsidiaries, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are substantially rented to tenants and not intended to be sold in the ordinary course of business

(ii) Inventory property comprises property that is held for sale in the ordinary course of business. Principally, this is residential property that the Company and its subsidiaries develops and intends to sell before or on completion of construction.

Estimasi dan Asumsi

Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada tanggal pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun berikutnya diungkapkan di bawah ini. Perusahaan dan entitas anaknya mendasarkan asumsi dan estimasi pada parameter yang tersedia pada saat laporan keuangan konsolidasian disusun. Asumsi dan situasi mengenai perkembangan masa depan mungkin berubah akibat perubahan pasar atau situasi di luar kendali Perusahaan dan entitas anaknya. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.

Estimates and Assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. The Company and its subsidiaries based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company and its subsidiaries. Such changes are reflected in the assumptions when they occur.

Penyusutan Aset Tetap dan Properti Investasi

Depreciation of Property and Equipments and Investment Properties

Masa manfaat dari masing-masing properti investasi dan aset tetap Perusahaan dan entitas anaknya diestimasi berdasarkan jangka waktu aset tersebut diharapkan tersedia untuk digunakan. Estimasi tersebut didasarkan pada penilaian kolektif berdasarkan bidang usaha yang sama, evaluasi teknis internal dan pengalaman dengan aset sejenis.

The useful life of each of the item of the Company and its subsidiaries’ investment properties and property and equipments are estimated based on the period over which the asset is expected to be available for use. Such estimation is based on a collective assessment of similar business, internal technical evaluation and experience with similar assets.

Estimasi masa manfaat setiap aset ditelaah secara berkala dan diperbarui jika estimasi berbeda dari perkiraan sebelumnya yang disebabkan karena pemakaian, usang secara teknis atau komersial serta keterbatasan hak atau pembatasan lainnya terhadap penggunaan aset.

The estimated useful life of each asset is reviewed periodically and updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence, and legal or other limits on the use of the asset.









3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSI

SIGNIFIKAN (Lanjutan) 3. SIGNIFICANT ACCOUNTING JUDGMENT, ESTIMATION

AND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Penyusutan Aset Tetap dan Properti Investasi

Depreciation of Property and Equipments and Investment Properties

Dengan demikian, hasil operasi di masa mendatang mungkin dapat terpengaruh secara signifikan oleh perubahan dalam jumlah dan waktu terjadinya biaya karena perubahan yang disebabkan oleh faktor-faktor yang disebutkan di atas.

It is possible, however, that future results of operations could be materially affected by changes in the amounts and timing of recorded expenses brought about by changes in the factors mentioned above.

Penurunan estimasi masa manfaat ekonomis setiap aset tetap akan menyebabkan kenaikan beban penyusutan dan penurunan nilai tercatat aset tetap.

A reduction in the estimated useful life of any item of investment properties and property and equipment would increase the recorded depreciation and decrease the carrying values of these assets.

Nilai tercatat aset tetap dan properti investasi konsolidasian pada tanggal 31 Desember 2017 dan 2016 masing-masing diungkapkan pada Catatan 10 dan 11.

The carrying values of property and equipment and investment properties as of 31 December 2017 and 2016 are presented in Notes 10 and 11, respectively.

Imbalan Pasca-kerja Penentuan liabilitas imbalan pasca-kerja tergantung pada pemilihan asumsi tertentu yang digunakan oleh akutaris dalam menghitung jumlah liabilitas tersebut. Asumsi tersebut termasuk antara lain tingkat diskonto dan kenaikan gaji. Realisasi yang berbeda dari asumsi Perusahaan dan entitas anaknya diakumulasi dan diamortisasi selama periode mendatang dan akibatnya akan berpengaruh terhadap jumlah liabilitas yang diakui dimasa mendatang.

Post-employment benefit The determination of post-employment benefits liabilities depends on selection of certain assumption used by actuary for the calculation of the liability. These assumptions include discount rate and rate of increase in salaries. Different realisation from the Company and its subsidiaries’ assumptions are accumulated and amortized over the future periods and consequently will affect liabilities recognized in the future.

Pajak Penghasilan Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti dalam kegiatan usaha normal. Perusahaan dan entitas anaknya mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah akan terdapat tambahan pajak penghasilan badan.

Income Tax Significant judgment is involved in determining the provision for corporate income tax. There are certain transactions and computation for which the ultimate tax determination is uncertain during the ordinary course of business. The Company and its subsidiaries recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due.

Cadangan Kerugian Penurunan Nilai Persediaan Perusahaan dan entitas anaknya membentuk cadangan kerugian penurunan nilai persediaan berdasarkan estimasi bahwa tidak terdapat penggunaan masa depan dari persediaan tersebut, atau terdapat kemungkinan persediaan tersebut menjadi usang. Manajemen berkeyakinan bahwa asumsi-asumsi yang digunakan dalam estimasi cadangan kerugian penurunan nilai persediaan dalam laporan keuangan konsolidasian adalah tepat dan wajar.

Allowance for Decline in Value of Inventories The Company and its subsidiaries provides allowance for decline in value of inventories based on its estimation that there will be no future usage of such inventories or such inventories will be slow moving in the future. While it is believed that the assumptions used in the estimation of the allowance for decline in the value of inventories reflected in the consolidated financial statements are appropriate and reasonable.









3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSI

SIGNIFIKAN (Lanjutan) 3. SIGNIFICANT ACCOUNTING JUDGMENT, ESTIMATION

AND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Cadangan Kerugian Penurunan Nilai Persediaan (Lanjutan)

Allowance for Decline in Value of Inventories (Continued)

Namun demikian, perubahan signifikan dalam asumsi-asumsi tersebut dapat berdampak signifikan terhadap nilai tercatat persediaan dan jumlah beban kerugian penurunan nilai persediaan, yang akhirnya akan berdampak pada hasil operasi Perusahaan dan entitas anaknya.

However, significant changes in these assumptions may materially affect the assessment of the carrying value of the inventories and provision for decline in value of inventories expense, which ultimately impact the result of the Company and its subsidiaries’ operations.

4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS

2 0 1 7 2 0 1 6

K a s Cash on hand

Rupiah 468.202.401 881.040.153 Rupiah

Dolar Singapura - 5.741.619 Singapore Dollar

Ringgit Malaysia - 8.689 Malaysian Ringgit

Jumlah Kas 468.202.401 886.790.461 Total Cash on hand

B a n k Cash in banks

Rupiah Rupiah

PT Bank Negara Indonesia (Persero) Tbk 89.563.053.891 51.981.922.626 PT Bank Negara Indonesia (Persero) Tbk

PT Bank Mandiri (Persero) Tbk 14.738.179.013 9.569.995.562 PT Bank Mandiri (Persero) Tbk

PT Bank Mega Tbk 14.343.853.554 9.685.304.314 PT Bank Mega Tbk

PT Bank Central Asia Tbk 4.284.573.929 7.220.401.523 PT Bank Central Asia Tbk

PT Bank Bukopin Tbk 2.539.334.515 12.259.383.271 PT Bank Bukopin Tbk

PT Bank UOB Indonesia 1.968.237.625 6.294.937.110 PT Bank UOB Indonesia

PT Bank Permata Tbk 1.754.581.449 1.961.688.746 PT Bank Permata Tbk

PT Bank CIMB Niaga Tbk 1.482.064.218 1.129.224.697 PT Bank CIMB Niaga Tbk

PT Bank China Construction Bank PT Bank China Construction Bank

Indonesia Tbk 1.174.480.611 255.674.546 Indonesia Tbk

PT Bank Mayapada International Tbk 896.354.717 544.591.917 PT Bank Mayapada International Tbk

PT Bank Tabungan Negara (Persero) Tbk 406.465.589 - PT Bank Tabungan Negara (Persero) Tbk

PT Bank DKI 157.659.470 158.259.470 PT Bank DKI

PT Bank Rakyat Indonesia (Persero) Tbk 3.916.273 - PT Bank Rakyat Indonesia (Persero) Tbk

PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat

dan Banten Tbk 940.000 - and Banten Tbk

PT Maybank Indonesia Tbk - 660.915.543 PT Maybank Indonesia Tbk

Dolar Amerika Serikat United States Dollar

PT Bank Mega Tbk 27.382.760.847 61.843.087 PT Bank Mega Tbk

PT Bank Negara Indonesia (Persero) Tbk 11.535.641.635 15.207.921.554 PT Bank Negara Indonesia (Persero) Tbk

PT Bank Mandiri (Persero) Tbk 1.685.867.870 1.791.408.041 PT Bank Mandiri (Persero) Tbk

UBS AG, cabang Singapura 602.764.068 - UBS AG, Singapore branch

PT Bank Central Asia Tbk 64.176.475 66.398.273 PT Bank Central Asia Tbk

PT Bank Permata Tbk 9.053.316 9.784.633 PT Bank Permata Tbk

Credit Suisse AG - 4.788.590.400 Credit Suisse AG

PT Bank Rakyat Indonesia (Persero) Tbk - 3.378.856 PT Bank Rakyat Indonesia (Persero) Tbk

Dolar Singapura Singapore Dollar

PT Bank Negara Indonesia (Persero) Tbk 205.352.540 - PT Bank Negara Indonesia (Persero) Tbk

PT Maybank Indonesia Tbk 139.308.474 898.589.338 PT Maybank Indonesia Tbk


Indonesia Tbk 59.215.992 - Indonesia Tbk

PT Bank Mega Tbk 1.521.246 2.209.516 PT Bank Mega Tbk

Jumlah Bank 174.999.357.317 124.552.423.023 Total Cash in Banks

Jumlah kas dan bank (Saldo dipindahkan) 175.467.559.718 125.439.213.484 Total cash and banks (Balance carried forward)









4. KAS DAN SETARA KAS (Lanjutan) 4. CASH AND CASH EQUIVALENTS (Continued)

2 0 1 7 2 0 1 6

Jumlah kas dan bank (Saldo pindahan) 175.467.559.718 125.439.213.484 Total cash and banks (Balance brought forward)

Deposito berjangka Time deposits

Rupiah Rupiah

PT Bank Mayapada International Tbk 100.180.021.643 45.842.252.271 PT Bank Mayapada International Tbk

PT Bank Mega Tbk 53.243.499.124 38.035.310.720 PT Bank Mega Tbk


Indonesia Tbk 39.334.262.882 25.849.236.356 Indonesia Tbk

PT Maybank Indonesia Tbk 6.000.000.000 6.000.000.000 PT Maybank Indonesia Tbk

PT Bank Negara Indonesia (Persero) Tbk 3.387.000.031 - PT Bank Negara Indonesia (Persero) Tbk


PT Bank Mega Tbk 33.802.260.000 - PT Bank Mega Tbk

Credit Suisse AG 25.328.812.428 - Credit Suisse AG

PT Bank Mayapada International Tbk 3.482.149.366 3.378.802.458 PT Bank Mayapada International Tbk

PT Bank Negara Indonesia (Persero) Tbk - 3.359.000.000 PT Bank Negara Indonesia (Persero) Tbk

Jumlah Deposito berjangka 264.758.005.474 122.464.601.805 Total Time Deposits

Jumlah 440.225.565.192 247.903.815.289 T o t a l

Tingkat suku bunga deposito berjangka Interest rates per annum on

per tahun time deposits

Rupiah 6,75% - 7,50% 7,00% - 9,25% Rupiah

Dolar Amerika Serikat 1,20% - 1,25% 1,25% - 2,25% United States Dollar

Seluruh bank dan deposito berjangka ditempatkan pada pihak ketiga.

All banks and time deposits are placed into third parties.

5. ASET KEUANGAN LANCAR LAINNYA 5. OTHER CURRENT FINANCIAL ASSETS

2 0 1 7 2 0 1 6

Investasi efek tersedia untuk dijual - Investment securities available-for-sale -

Kontrak manajemen dana 3.729.728.832 4.129.728.832 Fund management contract

Efek yang diperdagangkan di bursa - Listed securities -

Pihak ketiga 32.600.000 100.000.000 Third party

Jumlah 3.762.328.832 4.229.728.832 T o t a l

Akun ini merupakan penempatan dana yang dikelola oleh perusahaan investasi dan saham, dengan rincian sebagai berikut:

This account represents investment funds managed by investment company and stocks, as follows:

2 0 1 7 2 0 1 6

Kontrak Pengelolaan dana Discretionary private fund

Future Tree Sydney Limited BVI 3.729.728.832 4.129.728.832 Future Tree Sydney Limited BVI

Saham Stocks

PT Bakrie Sumatra Plantations Tbk 32.600.000 100.000.000 PT Bakrie Sumatra Plantations Tbk

Jumlah 3.762.328.832 4.229.728.832 T o t a l









5. ASET KEUANGAN LANCAR LAINNYA (Lanjutan) 5. OTHER CURRENT FINANCIAL ASSETS (Continued)

EIS, entitas anak, memiliki kontrak dengan Future Tree Sydney Limited BVI yang akan berakhir pada tanggal 25 Desember 2018.

EIS, a subsidiary, has contract with Future Tree Sydney Limited BVI that will be expired on 25 December 2018.

Mutasi investasi efek Perusahaan dan entitas anaknya adalah sebagai berikut:

Mutation of the Company and its subsidiaries’s securities investment are as follows:

2 0 1 7 2 0 1 6

Saldo awal 4.229.728.832 18.522.728.832 Beginning balance

Penambahan - 8.180.000 Addition

Pencairan 400.000.000)( 93.000.000)( Redemption

Kerugian penurunan nilai 67.400.000)( - Impairment losses

Pelepasan entitas anak - 14.208.180.000)( Disposal of subsidiary

Saldo akhir 3.762.328.832 4.229.728.832 Ending balance

6. PIUTANG USAHA - PIHAK KETIGA 6. TRADE RECEIVABLES - THIRD PARTIES Piutang usaha terdiri dari: Trade receivables consist of:

2 0 1 7 2 0 1 6

H o t e l H o t e l

City ledger 7.394.256.639 8.367.588.438 City ledger

In-house guests 1.946.827.044 3.057.579.062 In-house guests

Kartu kredit dan lainnya 1.210.363.705 730.563.735 Credit cards and others

10.551.447.388 12.155.731.235

Pusat perbelanjaan 27.273.603.646 12.980.122.659 Shopping center

Jumlah 37.825.051.034 25.135.853.894 T o t a l

Cadangan kerugian penurunan nilai 2.189.373.954)( 2.189.373.954)( Allowance for impairment losses

Bersih 35.635.677.080 22.946.479.940 N e t

Umur piutang usaha adalah sebagai berikut: The aging of trade receivable is as follows:

2 0 1 7 2 0 1 6

Belum jatuh tempo 16.484.169.560 8.581.305.587 Not yet due

Telah jatuh tempo: Past due:

1 - 30 hari 10.521.324.285 11.260.081.725 1 - 30 days

31 - 60 hari 3.961.019.667 2.385.709.805 31 - 60 days

Lebih dari 60 hari 6.858.537.522 2.908.756.777 More than 60 days

Jumlah 37.825.051.034 25.135.853.894 Total

Cadangan kerugian penurunan nilai 2.189.373.954)( 2.189.373.954)( Allowance for impairment losses

Piutang usaha - Bersih 35.635.677.080 22.946.479.940 Trade receivable - Net









6. PIUTANG USAHA - PIHAK KETIGA (Lanjutan) 6. TRADE RECEIVABLES - THIRD PARTIES (Continued)

Mutasi cadangan kerugian penurunan nilai piutang usaha dari pihak ketiga adalah sebagai berikut:

The movements in allowance for impairment of trade receivables from third parties is as follows:

2 0 1 7 2 0 1 6

Saldo awal tahun 2.189.373.954 2.177.288.113 Beginning balance

Penambahan tahun berjalan - 274.787.924 Addition for the year

Pengurangan tahun berjalan - 262.702.083)( Deduction for the year


Berdasarkan telaah atas status dari masing-masing akun piutang usaha pada akhir tahun, manajemen Perusahaan dan entitas anaknya berkeyakinan bahwa cadangan kerugian penurunan nilai untuk piutang usaha telah memadai untuk menutup kemungkinan kerugian dari tidak tertagihnya piutang tersebut. Seluruh piutang usaha diatas dalam mata uang Rupiah.

Based on the review of the status of each of the accounts receivable at the end of the year, the Company and its subsidiaries' management believes that the allowance for impairment losses for trade receivables is adequate to cover possible losses from uncollectible accounts. All trade receivables were denominated in Rupiah.

Tidak ada piutang usaha Perusahaan dan entitas anaknya yang digunakan sebagai jaminan atas pinjaman.

None of trade receivables of the Company and its subsidiaries are pledged as collateral for any debts.

7. PERSEDIAAN 7. INVENTORIES

2 0 1 7 2 0 1 6

Aset real estat 34.635.780.545 - Real estate assets

Makanan dan minuman 1.903.891.341 2.173.165.593 Food and beverages

Perlengkapan hotel 1.042.998.900 1.161.066.782 Hotel supplies

Lainnya 819.273.713 1.126.149.838 Others

Jumlah 38.401.944.499 4.460.382.213 T o t a l

Persediaan aset real estat yang masih dalam pembangunan milik RIN, entitas anak, telah diasuransikan kepada PT Asuransi Central Asia dengan jumlah pertanggungan sebesar Rp 227.920.260.211 pada tanggal 31 Desember 2017. Manajemen berpendapat bahwa nilai pertanggungan tersebut adalah cukup untuk menutupi kemungkinan kerugian atas aset yang diasuransikan.

Real estate assets inventories in construction owns by RIN, a subsidiary, are covered with PT Asuransi Central Asia for sum insured amounted to Rp 227,920,260,211 as of 31 December 2017. Management believes that the insurance coverage is adequate to cover possible losses on the insured assets.

Manajemen Perusahaan dan entitas anaknya berkeyakinan bahwa seluruh persediaan dapat digunakan atau dijual, sehingga tidak diperlukan cadangan kerugian penurunan nilai untuk persediaan usang.

The management of the Company and its subsidiaries believe that the inventories can be either used or sold, and therefore an allowance for impairment loss of obsolete stock is not considered necessary.









8. BEBAN DIBAYAR DI MUKA DAN UANG MUKA 8. PREPAID EXPENSE AND ADVANCES

2 0 1 7 2 0 1 6

Beban dibayar di muka Prepaid expenses

Asuransi 3.016.268.223 2.747.563.141 Insurance

Iklan dan promosi 539.831.407 378.448.613 Advertising and promotion

Sewa 267.930.831 370.240.336 Rent

Perijinan 246.010.522 162.478.221 License

Lain-lain 895.437.831 1.037.925.738 Others

Uang muka Advances

Pembelian 5.997.487.125 4.448.065.728 Purchases

Lain-lain 3.592.253.219 3.329.025.230 Others

Jumlah 14.555.219.158 12.473.747.007 T o t a l

9. INVESTASI SAHAM 9. INVESTMENTS IN SHARES OF STOCKS

2 0 1 7 2 0 1 6

Investasi pada Entitas Asosiasi 3.689.251.659.303 2.555.867.907.136 Investment in Associates

Investasi pada Metode Biaya Perolehan - 100.000.000 Investment at Cost Method

Jumlah 3.689.251.659.303 2.555.967.907.136 T o t a l

a. Investasi pada Entitas Asosiasi a. Investment in Associates

Bagian laba

bersih

komprehensif

entitas asosiasi/

Presentase Share in net

pemilikan/ Saldo awal/ comprehensive Saldo akhir/

Percentage of Beginning Penambahan/ income Dividen/ Ending

Entitas asosiasi ownership balance Addition in associates Dividend balance Associates

PT Plaza Indonesia Realty Tbk (PLIN) 42,55% 2.504.038.448.459 1.307.956.317.265 95.024.930.630 271.430.257.140)( 3.635.589.439.214 PT Plaza Indonesia Realty Tbk (PLIN)

PT Omega Propertindo (OP) 33,34% 28.619.028.421 - 1.709.521.529 - 30.328.549.950 PT Omega Propertindo (OP)

PT Java Paradise Island (JPI) 27,50% 23.210.430.256 - 123.239.883 - 23.333.670.139 PT Java Paradise Island (JPI)

Jumlah 2.555.867.907.136 1.307.956.317.265 96.857.692.042 271.430.257.140)( 3.689.251.659.303 T o t a l

2 0 1 7

Bagian laba

(rugi) bersih

komprehensif

entitas asosiasi/

Presentase Share in net

pemilikan/ Saldo awal/ comprehensive Saldo akhir/

Percentage of Beginning Penambahan/ income (loss) Dividen/ Ending

Entitas asosiasi ownership balance Addition in associates Dividend balance Associates

PT Plaza Indonesia Realty Tbk (PLIN) 26,03% 2.341.870.640.106 15.041.876.850 186.685.931.503 39.560.000.000)( 2.504.038.448.459 PT Plaza Indonesia Realty Tbk (PLIN)

PT Omega Propertindo (OP) 33,34% 26.666.465.954 - 1.952.562.467 - 28.619.028.421 PT Omega Propertindo (OP)

PT Java Paradise Island (JPI) 27,50% 23.606.589.064 - 396.158.808)( - 23.210.430.256 PT Java Paradise Island (JPI)

Jumlah 2.392.143.695.124 15.041.876.850 188.242.335.162 39.560.000.000)( 2.555.867.907.136 T o t a l

2 0 1 6









9. INVESTASI SAHAM (Lanjutan) 9. INVESTMENTS IN SHARES OF STOCKS (Continued)

a. Investasi pada Entitas Asosiasi (Lanjutan) a. Investment in Associates (Continued)

Ringkasan informasi keuangan dari entitas asosiasi di atas adalah sebagai berikut:

Summarized financial information in respect of the associates are as follows:

2 0 1 7 2 0 1 6

OP OP

Jumlah aset 104.514.495.323 98.163.499.521 Total assets

Jumlah liabilitas 12.907.340.130 11.987.361.423 Total liabilities

Aset bersih 91.607.155.193 86.176.138.098 Net assets

Jumlah pendapatan tahun berjalan 22.756.271.086 21.413.656.085 Total revenue for the year

Laba komprehensif tahun berjalan 5.127.539.079 5.856.516.097 Comprehensive income for the year

2 0 1 7 2 0 1 6

JPI JPI

Jumlah aset 88.977.186.244 98.181.193.083 Total assets

Jumlah liabilitas 12.611.021.573 22.263.173.440 Total liabilities

Aset bersih 76.366.164.671 75.918.019.643 Net assets

Jumlah pendapatan tahun berjalan 39.962.761.303 36.981.770.990 Total revenue for the year

Laba (rugi) komprehensif tahun berjalan 448.145.028 1.440.577.480)( Comprehensive income (loss) for the year

2 0 1 7 2 0 1 6

PLIN PLIN

Jumlah aset 4.639.438.405.000 4.586.569.370.000 Total assets

Jumlah liabilitas 3.652.525.537.000 2.301.324.680.000 Total liabilities

Aset bersih 986.912.868.000 2.285.244.690.000 Net assets

Jumlah pendapatan tahun berjalan 1.609.456.677.000 1.659.204.584.000 Total revenue for the year

Laba komprehensif tahun berjalan 266.598.705.000 719.221.516.000 Comprehensive income for the year

Sebagian investasi saham PLIN dijadikan jaminan pinjaman bank dari Credit Suisse AG dan UBS AG (Catatan 19).

Partially investment in shares of stock in PLIN are pledged for bank loan from Credit Suisse AG and UBS AG (Note 19).

b. Investasi pada Metode Biaya Perolehan b. Investment at Cost Method

Presentase

pemilikan/ Saldo awal/ Saldo akhir/

Percentage of Beginning Penambahan/ Pengurangan/ Ending

ownership balance Addition Deduction balance

PT Toba Karya Sejahtera (TKS) 0,00% 100.000.000 - 100.000.000)( - PT Toba Karya Sejahtera (TKS)

2 0 1 7









9. INVESTASI SAHAM (Lanjutan) 9. INVESTMENTS IN SHARES OF STOCK (Continued)

b. Investasi pada Metode Biaya Perolehan (Lanjutan) b. Investment at Cost Method (Continued)

Presentase

pemilikan/ Saldo awal/ Saldo akhir/

Percentage of Beginning Penambahan/ Pengurangan/ Ending

ownership balance Addition Deduction balance

PT Toba Karya Sejahtera (TKS) 1,00% - 100.000.000 - 100.000.000 PT Toba Karya Sejahtera (TKS)

2 0 1 6

10. ASET TETAP 10. PROPERTY AND EQUIPMENT

1 Januari/ Penambahan/ Pengurangan/ Reklasifikasi/ 31 Desember/

1 January Addition Deduction Reclassification 31 December 2 0 1 7

Biaya perolehan C o s t

Pemilikan langsung Direct acquisition

Tanah dan hak atas tanah 527.099.264.899 - - - 527.099.264.899 Land and landrights

Bangunan dan prasarana 1.178.651.342.667 9.333.083.088 79.807.415.022)( - 1.108.177.010.733 Buildings and improvements

Peralatan dan perlengkapan 181.377.531.338 15.361.684.606 19.496.637.169)( - 177.242.578.775 Equipment and supplies

Kendaraan 5.591.030.850 575.350.000 1.209.470.520)( 635.250.000 5.592.160.330 Vehicles

1.892.719.169.754 25.270.117.694 100.513.522.711)( 635.250.000 1.818.111.014.737

Aset dalam pembangunan Construction in progress

Bangunan 15.782.160.230 17.941.986.514 - 936.407.704)( 32.787.739.040 Building

Sewa pembiayaan L e a s e

Kendaraan 635.250.000 - - 635.250.000)( - Vehicles

1.909.136.579.984 43.212.104.208 100.513.522.711)( 936.407.704)( 1.850.898.753.777

Accumulated

Akumulasi penyusutan depreciation


Bangunan dan prasarana 273.921.852.193 40.228.945.339 79.807.415.022)( - 234.343.382.510 Buildings and improvements

Peralatan dan perlengkapan 139.966.033.613 20.757.663.346 19.496.637.169)( - 141.227.059.790 Equipment and supplies

Kendaraan 4.403.575.596 481.355.782 1.204.870.520)( 122.744.800 3.802.805.658 Vehicles

418.291.461.402 61.467.964.467 100.508.922.711)( 122.744.800 379.373.247.958


Kendaraan 122.744.800 - - 122.744.800)( - Vehicles

418.414.206.202 61.467.964.467 100.508.922.711)( - 379.373.247.958

Nilai Tercatat 1.490.722.373.782 1.471.525.505.819 Carrying Amount

2 0 1 7





Tanah dan hak atas tanah 764.745.928.895 - - 237.646.663.996)( 527.099.264.899 Land and landrights

Bangunan dan prasarana 1.123.366.520.499 30.462.692.403 - 24.822.129.765 1.178.651.342.667 Buildings and improvements

Peralatan dan perlengkapan 162.850.264.488 18.539.266.850 12.000.000)( - 181.377.531.338 Equipment and supplies

Kendaraan 5.382.889.184 208.141.666 - - 5.591.030.850 Vehicles

2.056.345.603.066 49.210.100.919 12.000.000)( 212.824.534.231)( 1.892.719.169.754


Bangunan 140.806.714.363 5.720.583.078 - 130.745.137.211)( 15.782.160.230 Building


Kendaraan 365.250.000 270.000.000 - - 635.250.000 Vehicles

2.197.517.567.429 55.200.683.997 12.000.000)( 343.569.671.442)( 1.909.136.579.984

2 0 1 6









10. ASET TETAP (Lanjutan) 10. PROPERTY AND EQUIPMENT (Continued)



Accumulated

Akumulasi penyusutan depreciation


Bangunan dan prasarana 204.512.450.425 69.451.679.508 - 42.277.740)( 273.921.852.193 Buildings and improvements

Peralatan dan perlengkapan 118.301.540.661 21.665.742.952 1.250.000)( - 139.966.033.613 Equipment and supplies

Kendaraan 4.039.898.629 363.676.967 - - 4.403.575.596 Vehicles

326.853.889.715 91.481.099.427 1.250.000)( 42.277.740)( 418.291.461.402


Kendaraan 23.026.053 99.718.747 - - 122.744.800 Vehicles

326.876.915.768 91.580.818.174 1.250.000)( 42.277.740)( 418.414.206.202

Nilai Tercatat 1.870.640.651.661 1.490.722.373.782 Carrying Amount

2 0 1 6

Laba penjualan aset tetap adalah sebagai berikut: Gain on sale of property and equipment are as follows:

2 0 1 7 2 0 1 6

Nilai perolehan 100.513.522.711 12.000.000 C o s t

Akumulasi penyusutan 100.508.922.711)( 1.250.000)( Accumulated depreciation

Nilai tercatat 4.600.000 10.750.000 Carrying value

Harga jual 4.504.000.000 12.000.000 Selling price

Gain on sale of

Laba penjualan aset tetap 4.499.400.000 1.250.000 property and equipment

Pada tahun 2008, Perusahaan memiliki tanah yang berlokasi di Tebet, Jakarta berupa sertifikat Hak Guna Bangunan (SHGB) No. 2682 seluas 237 m2 atas nama Perusahaan. SHGB tersebut akan jatuh tempo pada tahun 2021 dan menurut Perusahaan hak tersebut dapat diperpanjang pada saat jatuh tempo.

In 2008, the Company owns land located in Tebet, Jakarta in the form of Property Use Right Title Certificate (SHGB) No. 2682 measures 237 sqm under Company name. Legal rights will be due on 2021 and the Company believes there will be no difficulty in the extension of the landrights.

Perusahaan memiliki sebidang tanah yang terletak di Tuban, Bali berupa SHGB No. 995 seluas 2.700 m2 atas nama Perusahaan. HGB tersebut akan jatuh tempo pada tahun 2034 dan menurut Perusahaan hak tersebut dapat diperpanjang pada saat jatuh tempo.

The Company own a parcel of land located in Tuban, Bali with SHGB No. 995 measures 2,700 sqm. SHGB will be due on 2034 and the Company believes there will be no difficulty in the extension of the landrights.

Pada tahun 2010, Perusahaan memperoleh tanah yang terletak di Kuta, Bali dengan SHGB No. 990/Kuta seluas 1.800 m2 atas nama Perusahaan. HGB tersebut akan jatuh tempo pada tahun 2040 dan menurut Perusahaan hak tersebut dapat diperpanjang pada saat jatuh tempo.

In 2010, the Company own a parcel of land located in Kuta, Bali with SHGB No. 990/Kuta measures 1,800 sqm under Company name. SHGB will be due on 2040 and the Company believes there will be no difficulty in the extension of the landrights.

IPI, entitas anak memiliki beberapa bidang tanah seluas 6.480 m2 dan 45.982 m2 yang terletak di Kuta, Bali dengan HGB antara 25 tahun sampai 30 tahun. Menurut manajemen IPI hak tersebut dapat diperpanjang pada saat jatuh tempo.

IPI, a subsidiary owns several parcels of land measures 6,480 sqm and 45,982 sqm located in Kuta, Bali with SHGB for the period of 25 years to 30 years Management of IPI believes there will be no difficulty in the renewal of the landrights.

EIS, entitas anak, memiliki beberapa bidang tanah seluas 18.668 m2 yang terletak di Sentul, Bogor, Jawa Barat. Sampai dengan tanggal laporan auditor independen, sebagian hak tanah masih dalam proses balik nama menjadi atas nama EIS.

EIS, a subsidiary, own several parcels of land measures 18,668 sqm located in Sentul, Bogor, West Java. As of the date of independent auditors’ report, part of landrights are still in process transfer under EIS name.










RIN, entitas anak, memiliki beberapa bidang tanah yang terletak di Kecamatan Teluk Tering, Batam, Kepulauan Riau dengan luas 5.638 m2, 1.361 m2, dan 2.222 m2 dengan hak legal berupa SHGB yang berakhir tahun 2018 dan 2041. Manajemen RIN berpendapat bahwa tidak terdapat masalah dengan perpanjangan hak atas tanah pada saat jatuh tempo.

RIN, a subsidiary, own several parcels of land located in Kecamatan Teluk Tering, Batam, Riau Island measures 5,638 sqm, 1,361 sqm, dan 2,222 sqm with legal rights SHGB will be due on 2018 and 2041. Management of RIN believes there will be no difficulties in the extension of the landrights.

KCU, entitas anak, memiliki 2 (dua) bidang tanah yang terletak di Manado Selatan, Sulawesi Utara seluas 2.144 m2 dengan hak legal SHGB, yang keduanya akan berakhir pada tahun 2038.

KCU, a subsidiary, owns 2 (two) parcels of land located in South Manado, North Sulawesi measures 2,144 sqm with legal rights SHGB, which both certificate will expire on 2038.

AN, entitas anak, memiliki sebidang tanah seluas 47.142 m2 yang terletak di Tanjung Riau, Sekupang, Kota Batam dengan hak legal berupa Hak Guna Bangunan (SHGB) selama 30 tahun dan akan jatuh tempo pada tahun 2038 serta tanah seluas 20.999 m2 yang berakhir tanggal 29 Januari 2020. Manajemen AN berpendapat tidak terdapat masalah dengan hak atas tanah saat jatuh tempo karena seluruh tanah diperoleh secara sah dan didukung dengan bukti kepemilikan yang memadai.

AN, a subdisidary, owns a parcel of land measures 47,142 sqm located in Tanjung Riau, Sekuplang, Kota Batam with property use rights (SHGB) over period of 30 years and will expire on year 2038 and a parcel of land measures 20,999 sqm which will expire on 29 January 2020. Management of AN believes that there is no issues with the extension of legal rights due to the legally acquired of land and support by sufficient evidence of ownership.

Aset tetap berupa kendaraan yang diperoleh dari utang pembiayaan konsumen digunakan sebagai jaminan atas utangnya (Catatan 18).

Pada tanggal 31 Desember 2017 dan 2016, tanah dan bangunan Perusahaan dan entitas anaknya digunakan sebagai jaminan atas utang bank (Catatan 19).

Vehicles which are acquired through consumer financing loans were pledged as collateral on its loans (Note 18).

As of 31 December 2017 and 2016, land and buildings of the Company and its subsidiaries are pledged as securities to bank loans (Note 19).

Entitas anak yang memiliki aset dalam penyelesaian pada tanggal 31 Desember 2017 dan 2016 dengan rincian sebagai berikut:

Subsidiaries have construction in progress assets as of 31 December 2017 and 2016 with details as follows:

Perkiraan tahun

penyelesaian/

Estimation

Entitas/ Entity Proyek/ Project of completion 2 0 1 7 2 0 1 6

Entitas anak/ Subsidiaries

PT Anugerah Nusaraya Renovasi hotel di Batam/

Hotel renovation at Batam 2018 4.469.077.572 -

PT Indonesian Paradise Island Pembangunan hotel di Kuta, Bali/ Hotel

Hotel construction at Kuta, Bali 2019 20.280.587.714 6.807.678.772

PT Retzan Indonusa *) Pembangunan rumah susun hunian

di Batam/ Apartment construction

at Batam 2019 - 936.407.704

PT Eka Ilalang Suryadinamika Pembangunan hotel di Sentul/

Hotel construction at Sentul 2020 7.873.073.754 7.873.073.754

PT Karsa Citra Unggul Pembangunan di Manado/

Construction at Manado 2020 165.000.000 165.000.000

Jumlah/ Total 32.787.739.040 15.782.160.230

*) Reklasifikasi ke persediaan real estat (Catatan 7)/

Reclassified to real estate inventory (Note 7)










Pada tanggal 31 Desember 2017, aset tetap Perusahaan dan entitas anaknya telah diasuransikan terhadap risiko kerugian atas kebakaran dan risiko lainnya yang diselenggarakan oleh PT Asuransi Adira Dinamika, PT Asuransi Central Asia, PT China Taiping Insurance Indonesia, PT Asuransi Allianz Utama Indonesia, PT Asuransi Sinar Mas, PT Asuransi Asoka Mas, PT Chubb General Insurance Indonesia, PT Asuransi Dayin Mitra, PT Asuransi Bintang Tbk, seluruhnya pihak ketiga, dengan nilai pertanggungan sebesar Rp 1.975.102.571.655.

As of 31 December 2017, the Company and its subsidiaries’ property and equipment are covered by insurance against comprehensive and loss risks with PT Asuransi Adira Dinamika, PT Asuransi Central Asia, PT China Taiping Insurance Indonesia, PT Asuransi Allianz Utama Indonesia, PT Asuransi Sinar Mas, PT Asuransi Asoka Mas, PT Chubb General Insurance Indonesia, PT Asuransi Dayin Mitra, all are third parties, for sum insured amounting to Rp 1,975,102,571,655.

Manajemen berpendapat bahwa nilai pertanggungan tersebut adalah cukup untuk menutupi kemungkinan kerugian atas aset yang diasuransikan.

Management believes that the insurance coverage is adequate to cover possible losses on the insured assets.

Sejak bulan April 2017, IPI melakukan pembangunan ulang bangunan hotel Harris Kuta.

Since April 2017, IPI undertook a reconstruction of hotel Harris Kuta building.

Pada tahun 2016, aset tetap tanah dan bangunan di MGM dan MPN direklasifikasi ke properti investasi. Reklasifikasi dilakukan sesuai dengan substansi peruntukan tanah dan bangunan tersebut.

In 2016, property land and building of MGM and MPN has been reclassified to investment property. The reclassification have been done in accordance to the substance of the land designation.

Biaya bunga pinjaman IPI, entitas anak, yang dikapitalisasi menjadi aset tetap dalam penyelesaian sepanjang 2017 sebesar Rp 1.001.373.139.

Borrowing cost IPI, a subsidiary, which capitalized into construction in progress – property and equipment in 2017 amounted to Rp 1,001,373,139.

Manajemen Perusahaan dan entitas anaknya berkeyakinan bahwa tidak terdapat kondisi atau peristiwa yang menimbulkan indikasi penurunan nilai atas jumlah tercatat aset tetap, sehingga tidak diperlukan cadangan kerugian penurunan nilai untuk aset tetap.

The Management of the Company and its subsidiaries believes that there were no conditions or event that indicate impairment in the carrying amount of its property and equipment, and therefore an allowance for impairment losses of property and equipment is not considered necessary.

Penyusutan yang dibebankan pada beban umum dan administrasi.

Depreciation charged to general and administration expenses.

11. PROPERTI INVESTASI 11. INVESTMENT PROPERTIES


2 0 1 7 1 January Addition Deduction Reclassification 31 December 2 0 1 7


Tanah 202.677.638.328 - - - 202.677.638.328 Land

Bangunan dan prasarana 223.598.243.007 10.954.234.880 - 409.961.613.920 644.514.091.807 Building and improvement


Bangunan 344.209.219.454 115.290.246.246 - 409.961.613.920)( 49.537.851.780 Building

770.485.100.789 126.244.481.126 - - 896.729.581.915

Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 120.755.482.878 13.487.362.876 - - 134.242.845.754 Building and improvement

Nilai buku 649.729.617.911 762.486.736.161 Carrying amount









11. PROPERTI INVESTASI (Lanjutan) 11. INVESTMENT PROPERTIES (Continued)


2 0 1 6 1 January Addition Deduction Reclassification 31 December 2 0 1 6


Tanah - - - 202.677.638.328 202.677.638.328



Bangunan 6.574.424.000 230.862.817.618 - 106.771.977.836 344.209.219.454 Building

228.018.232.221 233.017.252.404 - 309.449.616.164 770.485.100.789

Akumulasi penyusutan Accumulated depreciation


Nilai buku 121.263.478.529 649.729.617.911 Carrying amount

MT, entitas anak tidak langsung melalui DPP, entitas anak, memiliki bangunan dalam rangka “Bangun, Kelola dan Alih” yang terletak di Jakarta.

MT, indirect ownership through DPP, a subsidiary, owns buildings under “Build, Operate and Transfer” arrangements which are located in Jakarta.

Hak kelola atas bangunan tersebut, Cikini Gold Center, berakhir pada tanggal 9 Januari 2016. Sampai dengan tanggal laporan auditor independen, hak kelola tersebut masih dalam proses perpanjangan. Manajemen MT berkeyakinan bahwa hak tersebut dapat diperpanjang.

Lease management rights on the building, Cikini Gold Center, expires on 9 January 2016. As of date of independent auditor report, the lease management right are still in process. Management of MT believe those right can be extended.

MGM, entitas anak, memiliki sebidang tanah yang terdiri dari 10 (sepuluh) SHGB dengan luas 83.957 m2 yang akan jatuh tempo antara tahun 2021 sampai dengan 2043.

MGM, a subsidiary, owns a parcel of land consist of 10 (ten) SHGB with total area of 83,957 m2 and will due between 2021 to 2043.

Biaya bunga pinjaman MPN, entitas anak, yang dikapitalisasi menjadi properti investasi sepanjang 2017 sebesar Rp 34.592.626.188.

Borrowing cost MPN, a subsidiary, which capitalized into investment property in 2017 amounted to Rp 34,592,626,188.

Beban penyusutan properti investasi sebesar Rp 13.487.362.876 dan Rp 14.000.729.186 masing-masing pada tahun 2017 dan 2016 dibebankan pada beban pokok pendapatan.

Depreciation expense of investment properties amounting to Rp 13,487,362,876 and Rp 14,000,729,186 in 2017 and 2016, respectively, were charged to cost of revenues.

Nilai wajar properti investasi MPN, entitas anak, sebesar Rp 709.589.000.000 pada tanggal 31 Desember 2016, yang ditentukan berdasarkan penilaian yang dilakukan oleh penilai independen KJPP Iskandar dan rekan dalam laporannya tertanggal 28 Maret 2017 (tidak diaudit).

The fair values of investment properties MPN, a subsidiary, amounted to Rp 709,589,000,000 as of 31 December 2016, which were determined by independent apprisers KJPP Iskandar dan rekan in their reports dated 28 March 2017 (unaudited).

Nilai wajar properti investasi MGM, entitas anak, sebesar Rp 398.914.000.000 pada tanggal 9 Juli 2015, yang ditentukan berdasarkan penilaian yang dilakukan oleh penilai independen KJPP Ihot Dollar dan Raymond dalam laporannya tertanggal 6 November 2015 (tidak diaudit).

The fair values of investment properties MGM, a subsidiary, amounted to Rp 398,914,000,000 as of 9 July 2015, which were determined by independent apprisers KJPP Ihot Dollar dan Raymond in their reports dated 6 November 2015 (unaudited).

Nilai wajar properti investasi PKS, entitas anak KCU, sebesar Rp 221.292.000.000 pada tanggal 21 Maret 2017, yang ditentukan berdasarkan penilaian yang dilakukan oleh penilai independen KJPP Rengganis, Hamid dan rekan dalam laporannya tertanggal 16 Juni 2017 (tidak diaudit).

The fair values of investment properties PKS, a subsidiary of KCU, amounted to Rp 221,292,000,000 as of 21 March 2017, which were determined by independent apprisers KJPP Rengganis, Hamid dan rekan in their reports dated 16 June 2017 (unaudited).









11. PROPERTI INVESTASI (Lanjutan) 11. INVESTMENT PROPERTIES (Continued)

Entitas anak memiliki aset yang masih dalam penyelesaian pada tanggal 31 Desember 2017 dan 2016 dengan rincian sebagai berikut:

Subsidiaries have construction in progress assets as of 31 December 2017 and 2016 with details as follows:

Perkiraan tahun

penyelesaian/

Estimation

Entitas/ Entity Proyek/ Project of completion 2 0 1 7 2 0 1 6

Entitas anak/ subsidiaries

PT Mitra Gemilang Mahacipta Pusat perbelanjaan di Balikpapan/ 2020 42.309.740.280 41.697.357.785

Shopping center at Balikpapan

PT Saranausaha Jaya Peremajaan Pasar Pramuka/

Pasar Pramuka's renovation 2020 7.228.111.500 6.899.714.500

PT Mitra Perdana Nuansa Pusat perbelanjaan di Pasirkaliki,

Bandung/ Shopping Center at

Pasirkaliki, Bandung 2017 - 295.612.147.169

Jumlah/ Total 49.537.851.780 344.209.219.454

12. HAK SEWA JANGKA PANJANG 12. LONG-TERM LEASE

2 0 1 7 2 0 1 6

Resident rights apartment

Hak huni apartemen fX Sudirman (ABL) 40.810.000.000 40.810.000.000 fX Sudirman (ABL)

Hak atas tanah (KPU dan MPN) 26.811.342.668 26.811.342.668 Landrights (KPU and MPN)

Sewa tanah jangka panjang (SBK) 3.144.444.415 3.144.444.415 Long-term lease land (SBK)

Jumlah 70.765.787.083 70.765.787.083 T o t a l

Akumulasi amortisasi 11.206.644.806)( 8.578.579.947)( Accumulated amortization

Bersih 59.559.142.277 62.187.207.136 N e t

Sewa tanah jangka panjang Long-term land lease

SBK, entitas anak tidak langsung melalui KCU, memiliki sewa tanah jangka panjang atas tanah seluas 2.443 m2 untuk periode 30 tahun yang terletak di Sanur, Bali. (Catatan 35c)

SBK, indirect subsidiary of KCU, owns long-term land rental measures 2,443 sqm for period of 30 years located in Sanur, Bali. (Note 35c)

Hak atas tanah Landrights

MPN, entitas anak, memperoleh hak pemanfaatan tanah seluas 30.000 m2 yang terletak di Kelurahan Kebun Jeruk, Kecamatan Andir, Bandung, Jawa Barat, yang akan jatuh tempo ada tahun 2037.

MPN, a subsidiary, obtained land use rights measures 30,000 sqm located in Kelurahan Kebun Jeruk, Kecamatan Andir, Bandung, West Java which will expire on 2037.

KPU, entitas anak, memperoleh hak pemanfaatan tanah seluas 3.094 m2 yang terletak di Jalan AM Sangaji No. 10, Yogyakarta selama 30 tahun berdasarkan perjanjian dengan Induk Koperasi TNI Angkatan Udara (Inkopau-Pukadara) pada tanggal 9 September 2008 (Catatan 35c). Perusahaan membayar kompensasi sebesar Rp 816.816.000 yang diamortisasi selama umur hak atas tanah. Jumlah beban amortisasi sewa selama tahun 2017 dan 2016 masing-masing adalah sebesar Rp 27.227.200.

KPU, a subsidiary, obtained land use rights measures 3,094 sqm located in Jalan AM Sangaji No. 10, Yogyakarta for the period of 30 years based on agreement with Induk Koperasi TNI Angkatan Udara (Inkopau-Pukadara) on 9 September 2008 (Note 35c). The Company have to pay compensation amounting Rp 816,816,000. Land use rights is amortized using its beneficially period. Total amortization of rent expenses during 2017 and 2016 are Rp 27,227,200.









12. HAK SEWA JANGKA PANJANG (Lanjutan) 12. LONG-TERM LEASE (Continued)

Hak huni Resident rights

ABL, entitas anak, memperoleh hak atas pengelolaan dan penjualan apartemen fX Sudirman dari PT Aneka Bina Lestari (ABLI) yang mengikatkan diri melalui perjanjian Bangun Kelola Alih dengan Badan Pengelola Gelora Bung Karno (BPGBK) untuk periode yang akan berakhir pada tanggal 11 Juni 2043.

ABL, a subsidiary, obtained a rights to managed and sell apartement fX Sudirman from PT Aneka Bina Lestari (ABLI) which have bonded with a Build Operate Transfer Agreement with Badan Pengelola Bung Karno (BPGBK) for the period will expire on 11 June 2043.

13. UTANG USAHA – PIHAK KETIGA 13. TRADE PAYABLES – THIRD PARTIES

Berdasarkan pemasok By supplier

2 0 1 7 2 0 1 6

PT Jaya Sakti Mandiri Unggul 531.798.884 467.716.910 PT Jaya Sakti Mandiri Unggul

CV Warna Agung 524.289.480 - CV Warna Agung

PT Chemerlang Kenanga 485.885.450 693.919.205 PT Chemerlang Kenanga

PT Artha Kencana 459.137.475 - PT Artha Kencana

PT Tauzia International Management 410.662.200 29.121.910 PT Tauzia International Management

PT Learning Resources 379.500.000 - PT Learning Resources

PT Gunung Himun Peratama 359.683.500 - PT Gunung Himun Peratama

fX Residence 315.471.023 166.142.656 fX Residence

CV Rezeki Baru 303.941.172 537.773.659 CV Rezeki Baru

PT Suryatama Mutu Kencana 246.404.840 89.200.400 PT Suryatama Mutu Kencana

PT Sinar Jernih Sarana 244.090.000 224.840.000 PT Sinar Jernih Sarana

Liqtro Sanur Bali 236.402.319 8.168.504 Liqtro Sanur Bali

PT Woleco Amenities & Accessories 227.981.110 72.062.988 PT Woleco Amenities & Accessories

UD Sinar Jaya 147.625.175 221.321.405 UD Sinar Jaya

Dauh Bersaudara 127.439.000 255.420.000 Dauh Bersaudara

PT Surya Barutama Mandiri 20.958.080 247.832.500 PT Surya Barutama Mandiri

PT Securindo Packatama Indonesia - 842.685.280 PT Securindo Packatama Indonesia

Lain-lain (di bawah Rp 200 juta) 10.602.468.859 10.706.590.817 Others (below Rp 200 million)

Jumlah 15.623.738.567 14.562.796.234 T o t a l

Berdasarkan umur By ages

2 0 1 7 2 0 1 6

Belum jatuh tempo 6.944.866.277 2.676.505.805 Not yet due

1 - 30 hari 6.785.033.479 10.522.423.080 1 - 30 days

31 - 60 hari 951.175.079 1.038.361.480 31 - 60 days

Lebih dari 60 hari 942.663.732 325.505.869 Over 60 days

Jumlah 15.623.738.567 14.562.796.234 T o t a l

Tidak terdapat jaminan yang diberikan atas utang usaha.

There are no collaterals given for trade payables.









14. UTANG NON-USAHA – PIHAK KETIGA 14. NON-TRADE PAYABLES – THIRD PARTIES

2 0 1 7 2 0 1 6

Unipac Holdings Limited 540.754.000.000 - Unipac Holdings Limited

PT Adhitama Citra Selaras 4.600.000.000 1.000.000.000 PT Adhitama Citra Selaras

Jasa pelayanan dan cadangan Service charges and

pecah belah 3.414.167.459 4.285.630.746 loss breakage

PT Daksa Utama Mandiri 1.000.000.500 5.403.047.027 PT Daksa Utama Mandiri

Utang Kontraktor Contractor payables

PT Waskita Karya (Persero) Tbk 339.941.359 1.281.828.501 PT Waskita Karya (Persero) Tbk

PT Alre Udaya Jaya 200.191.074 200.191.074 PT Alre Udaya Jaya

PT Mukti Adhi Perkasa - 1.296.036.760 PT Mukti Adhi Perkasa

Lainnya 752.286.289 1.556.653.441 Others

Lainnya 4.332.900.014 4.286.329.197 Others

Jumlah 555.393.486.695 19.309.716.746 T o t a l

Pada tanggal 14 Agustus 2017, Perusahaan melakukan pembelian 155.188.500 saham PT Plaza Indonesia Realty Tbk (PLIN) dari Unipac Holdings Ltd dengan harga Rp 620.754.000.000. Perusahaan telah membayar sebesar Rp 80.000.000.000 pada tahun 2017 dan sisanya sebesar Rp 540.754.000.000 menggunakan surat sanggup yang akan jatuh tempo tanggal 14 Agustus 2018.

As of 14 August 2017, the Company buy 155,188,500 shares of PT Plaza Indonesia Realty Tbk (PLIN) from Unipac Holdings Ltd amounted to Rp 620,754,000,000. The Company has paid Rp 80,000,000,000 and the rest Rp 540,754,000,000 use promissory note with maturity date on 14 August 2018.

15. PERPAJAKAN 15. TAXATION

a. Pajak Dibayar di Muka a. Prepaid Taxes

2 0 1 7 2 0 1 6

Pajak penghasilan: Income taxes:

Pasal 4 (2) 15.085.864.379 10.062.482.198 Article 4 (2)

Pasal 21 55.746 20.713.226 Article 21

Pasal 23 2.072.222 - Article 23

Pasal 28a 1.357.438.125 - Article 28a

Pajak Pertambahan Nilai 16.931.093.962 24.571.829.292 Value Added Tax

Jumlah 33.376.524.434 34.655.024.716 T o t a l

b. Utang Pajak b. Taxes Payables

2 0 1 7 2 0 1 6

Pajak penghasilan: Income taxes:

Pasal 4 (2) 3.235.987.978 2.049.849.461 Article 4 (2)

Pasal 15 - 12.000 Article 15

Pasal 21 1.280.995.325 589.918.954 Article 21

Pasal 23 922.438.536 333.711.606 Article 23

Pasal 26 1.454.398.765 92.110.538 Article 26

Pajak Pertambahan Nilai 1.863.373.305 2.379.897.632 Value Added Tax

Pajak Pembangunan (PB 1) 2.592.266.148 3.559.150.915 Development Tax (PB 1)

Jumlah 11.349.460.057 9.004.651.106 T o t a l









15. PERPAJAKAN (Lanjutan) 15. TAXATION (Continued)

c. Perhitungan Fiskal c. Fiscal Computation

Rekonsiliasi antara laba sebelum pajak pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian, dengan estimasi rugi fiskal Perusahaan adalah sebagai berikut:

A reconciliation between profit before income tax as shown in the consolidated statement of profit or loss and other comprehensive income and estimated fiscal loss of the Company is as follows:

2 0 1 7 2 0 1 6

Laba sebelum pajak Profit before tax per

menurut laporan laba rugi dan consolidated statements of

penghasilan komprehensif lain profit or loss and other

konsolidasian 116.706.345.435 167.018.926.362 comprehensive income

Profit before tax

Laba entitas anak sebelum pajak 83.709.686.604)( 12.283.152.244)( of subsidiaries

Bagian atas laba neto entitas Equity in net profit of

asosiasi 99.130.529.048)( 188.242.335.162)( associates

Penurunan nilai goodwill - 6.237.781 Impairment losses of goodwill

Profit from sale of investment

Laba penjualan investasi entitas anak - 1.575.589.003)( in subsidiary

Dividen dari entitas anak 278.030.257.140 7.620.000.000 Dividend from subsidiaries

Laba (rugi) sebelum pajak Profit (loss) before tax

penghasilan Perusahaan 211.896.386.923 27.455.912.266)( of the Company

Beda temporer: Temporary differences:

Imbalan pasca-kerja 119.473.607)( 291.839.410)( Employee benefit

Penyusutan 144.701.843 66.423.666 Depreciation

Sewa pembiayaan - 48.714.216 L e a s e

Beda tetap: Permanent differences:

Pendapatan dividen bukan objek Untaxable dividend

pajak 278.030.257.140)( 7.620.000.000)( income

Jamuan dan sumbangan 202.505.010 57.978.571 Entertain and donation

Pajak final 25.000.000 - Final tax

Penghasilan bunga 1.903.113.981)( 2.318.800.918)( Interest income

Beban bunga 3.121.079.557 - Interest expense

Lain-lain 340.774.681 284.830.302 Others

Taksiran rugi fiskal - Estimated fiscal loss -

tahun berjalan 64.322.396.714)( 37.228.605.839)( current year

Kompensasi kerugian fiskal tahun: Compensated fiscal loss for:

2 0 1 6 37.228.605.839)( - 2 0 1 6

Akumulasi rugi fiskal 101.551.002.553)( 37.228.605.839)( Accumulated fiscal loss

Pajak penghasilan

dibayar di muka: Prepaid income taxes:

- Pasal 23 1.357.438.125 - Article 23 -

Taksiran pajak lebih bayar Estimated income tax payable

Pasal 28a 1.357.438.125 - Article 28a










c. Perhitungan Fiskal (Lanjutan) c. Fiscal Computation (Continued)

Manfaat Pajak Penghasilan Income Tax Benefit

2 0 1 7 2 0 1 6

Manfaat pajak penghasilan Income tax benefit

Perusahaan The Company

- Pajak kini - - Current tax -

- Pajak tangguhan 16.079.999.337 5.468.047.450 Deferred tax -

Entitas anak Subsidiaries

- Pajak kini - - Current tax -

- Pajak tangguhan 14.640.807.071 9.079.769.048 Deferred tax -

Jumlah 30.720.806.408 14.547.816.498 T o t a l

Pada tanggal penyelesaian laporan keuangan konsolidasian, Perusahaan belum menyampaikan Surat Pemberitahuan Tahunan (SPT) atas pajak penghasilan badan tahun 2017 kepada Kantor Pajak. Manajemen Perusahaan menyatakan bahwa SPT pajak penghasilan badan tahun 2017 akan dilaporkan berdasarkan perhitungan pajak di atas.

As of the date of the completion of the consolidated financial statements, the Company has not yet submitted its 2017 corporate income tax return to the Tax Office. The Company’s management has declared that the Company’s 2017 corporate income tax will be reported based on the computation above.

d. Pajak Tangguhan d. Deferred Taxes

Pengaruh pajak tangguhan atas beda temporer yang signifikan antara laporan komersial dan fiskal untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2017 dan 2016, sebagai berikut:

The deferred tax arising from the significant temporary differences between commercial and tax purposes for the years ended 31 December 2017 and 2016, are as follows:

Dikreditkan Dikreditkan ke

(dibebankan) ke penghasilan

laporan laba rugi/ komprehensif lain/

Credited Credited to other

(charged) to comprehensive

2 0 1 6 profit or loss income 2 0 1 7 Deferred tax assets

Perusahaan Company

Imbalan pasca-kerja 822.943.946 36.775.302)( 573.728.991 1.359.897.635 Post-employment benefits

Penyusutan 285.392.989)( 36.175.461 - 249.217.528)( Depreciation

Rugi fiskal 9.307.151.460 16.080.599.178 - 25.387.750.638 Fiscal loss

9.844.702.417 16.079.999.337 573.728.991 26.498.430.745


Imbalan pasca-kerja 3.794.174.986 882.949.048)( 389.371.880 3.300.597.818 Post-employment benefits

Penyusutan 5.018.621.415)( 6.640.941.504 - 1.622.320.089 Depreciation


14.588.239.255 14.640.807.071 389.371.880 29.618.418.206

Jumlah 24.432.941.672 30.720.806.408 963.100.871 56.116.848.951 T o t a l

Aset pajak tangguhan










d. Pajak Tangguhan (Lanjutan) d. Deferred Taxes (Continued)

Dikreditkan

(dibebankan) ke

Dikreditkan penghasilan

(dibebankan) ke komprehensif lain/

laporan laba rugi/ Credited

Credited (charged) to other


2 0 1 5 profit or loss income 2 0 1 6 Deferred tax assets

Perusahaan Company

Imbalan pasca-kerja 667.364.787 72.959.852)( 228.539.011 822.943.946 Post-employment benefits

Penyusutan 301.998.906)( 16.605.917 - 285.392.989)( Depreciation


4.148.115.956 5.468.047.450 228.539.011 9.844.702.417


Imbalan pasca-kerja 7.687.209.211 3.733.879.268)( 159.154.957)( 3.794.174.986 Post-employment benefits

Penyusutan 679.124.450)( 4.339.496.965)( - 5.018.621.415)( Depreciation


10.419.792.194 4.327.602.018 159.154.957)( 14.588.239.255

Jumlah 14.567.908.150 9.795.649.468 69.384.054 24.432.941.672 T o t a l

Aset pajak tangguhan

Dikreditkan Dibebankan ke

(dibebankan) ke penghasilan

laporan laba rugi/ komprehensif lain/

Credited Charged to other


2 0 1 5 profit or loss income 2 0 1 6 Deferred tax liabilities


Imbalan pasca-kerja 2.110.195.539 2.110.195.539)( - - Post-employment benefits

Sewa pembiayaan 17.702.000 17.702.000)( - - Finance lease

Penyusutan 9.443.761.874)( 9.443.761.874 - - Depreciation

Rugi fiskal 2.563.697.306 2.563.697.306)( - - Fiscal loss

Jumlah 4.752.167.029)( 4.752.167.029 - - T o t a l

Liabilitas pajak tangguhan

16. BEBAN AKRUAL 16. ACCRUALS

2 0 1 7 2 0 1 6

Pegawai 7.310.587.787 7.164.369.260 Employees

Listrik, air dan bahan bakar 5.413.138.168 4.908.200.946 Electricity, water and fuel

Penggantian utilitas 3.914.447.258 3.355.800.760 Utilities replacement

Bunga pinjaman 2.970.111.105 - Loan interests

Jasa profesional 2.031.174.125 3.141.878.475 Professional fees

Penjualan dan pemasaran 1.141.179.756 1.830.729.392 Sales and marketing

Perbaikan dan pemeliharaan 1.078.004.518 3.113.229.695 Repair and maintenance

Beban sewa kelola 944.673.340 955.298.255 Lease management fees

Lain-lain 7.823.729.101 5.653.460.134 Others

Jumlah 32.627.045.158 30.122.966.917 T o t a l









17. UANG MUKA PELANGGAN DAN PENDAPATAN DITERIMA DI MUKA

17. ADVANCE FROM CUSTOMER AND UNEARNED REVENUES

2 0 1 7 2 0 1 6

Sewa 181.400.715.687 132.200.601.812 Rent

Uang muka penjualan apartemen 65.031.040.470 - Advance from sale of apartment

Uang jaminan pelanggan 11.996.026.575 8.951.574.169 Deposit from customer

Lain-lain 3.910.325.449 8.531.378.795 Others

Jumlah 262.338.108.181 149.683.554.776 T o t a l

Dikurangi: bagian yang direalisasi

dalam satu tahun 161.196.493.625)( 15.499.574.169)( Less: realizable within one year

Bagian jangka panjang 101.141.614.556 134.183.980.607 Long-term portion

18. UTANG PEMBIAYAAN KONSUMEN 18. CONSUMER FINANCING LOANS

2 0 1 7 2 0 1 6

PT Mega Auto Finance 189.988.223 - PT Mega Auto Finance

PT CIMB Auto Niaga Finance 74.620.084 152.935.765 PT CIMB Auto Niaga Finance

PT Clipan Finance Indonesia 69.278.068 129.462.856 PT Clipan Finance Indonesia

PT Oto Multiartha - 75.289.052 PT Oto Multiartha

Jumlah 333.886.375 357.687.673 T o t a l

Dikurangi: bagian yang jatuh tempo

dalam satu tahun 208.048.041)( 190.205.420)( Less: current maturities

Bagian jangka panjang 125.838.334 167.482.253 Long-term portion

Akun ini merupakan utang sewa pembiayaan atas pembelian aset tetap berupa kendaraan, yang dikenakan bunga efektif berkisar antara 12,20% sampai dengan 16,5% per tahun dan memiliki jangka waktu rata-rata selama 2 (dua) - 4 (empat) tahun. Pembiayaan tersebut dijaminkan dengan kendaraan yang dibiayai.

This account represents consumer financing payables on the acquisition of vehicles, bearing effective interest rates of ranging between 12.20% to 16.5% per annum, with term of financing of 2 (two) - 4 (four) years. The consumer financing payables were secured by the financed vehicles.

19. UTANG BANK JANGKA PANJANG 19. LONG-TERM BANK LOANS

Rincian pinjaman bank pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

Detail of the outstanding bank loan as of 31 December 2017 and 2016 are as follows:

2 0 1 7 2 0 1 6

Rupiah Rupiah

PT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 584.475.668.092 496.437.873.891 (Persero) Tbk

PT Bank China Construction Bank Indonesia Tbk 9.547.046.560 - PT Bank China Construction Bank Indonesia Tbk


Credit Suisse AG, cabang Singapura 609.660.000.000 295.592.000.000 Credit Suisse AG, Singapore branch

UBS AG, cabang Singapura 272.314.800.000 - UBS AG, Singapore branch

1.475.997.514.652 792.029.873.891

Biaya transaksi yang belum diamortisasi 3.115.836.835)( 6.214.889.410)( Unamortized cost of transaction

Jumlah (Saldo dipindahkan) 1.472.881.677.817 785.814.984.481 T o t a l (Balance carried forward)









19. UTANG BANK JANGKA PANJANG (Lanjutan) 19. LONG-TERM BANK LOANS (Continued)

2 0 1 7 2 0 1 6

Jumlah (Saldo pindahan) 1.472.881.677.817 785.814.984.481 T o t a l (Balance carried forward)

Dikurangi: bagian yang jatuh tempo

dalam satu tahun 8.105.020.000)( 16.558.391.740)( Less: current maturities

Bagian jangka panjang 1.464.776.657.817 769.256.592.741 Long-term portion

Perusahaan The Company

Pada tanggal 18 Oktober 2017, Perusahaan menandatangani Perjanjian Fasilitas Kredit Berjangka (Term Loan) dengan UBS AG (UBS), cabang Singapura dengan fasilitas maksimum sebesar USD 50.000.000. Fasilitas pinjaman dikenakan tingkat bunga LIBOR ditambah marjin 4,5% per tahun. Jumlah fasilitas pinjaman yang telah dicairkan sampai dengan tanggal 31 Desember 2017 adalah sebesar USD 20.100.000. Pinjaman ini dijamin dengan saham PLIN (Catatan 9).

On 18 October 2017, the Company entered into Term Loan Facility Agremeent with UBS AG (UBS), Singapore Branch with maximum facilities amounted to USD 50,000,000. The facility is subject to an interest rate equal to LIBOR Rate plus an applicable margin of 4.5% per annum. Total facility drawn down on 31 December 2017 amounted to USD 20,100,000. This loan is collateralized by investment of share in PLIN (Note 9).

Pada tanggal 28 November 2016, Perusahaan menandatangani Perjanjian Fasilitas Kredit Berjangka (Term Loan) dengan Credit Suisse AG, Cabang Singapura, yang selanjutnya diubah melalui amandemen perjanjian tanggal 10 Agustus 2017, dengan fasilitas maksimum sebesar USD 50.000.000. Fasilitas pinjaman dikenakan tingkat bunga LIBOR ditambah marjin 5,5% per tahun. Jumlah fasilitas pinjaman yang telah dicairkan per tanggal 31 Desember 2017 adalah sebesar USD 45.000.000. Pinjaman ini dijamin dengan saham PLIN (Catatan 9).

On 28 November 2016, the Company entered into Term Loan Facility Agremeent with Credit Suisse AG, Singapore Branch, which was amended by amendment of agreement dated 10 August 2017, with maximum facilities amounted to USD 50,000,000. The facility is subject to an interest rate equal to LIBOR Rate plus an applicable margin of 5.5% per annum. Total facility as of 31 December 2017 amounted to USD 45,000,000. This loan is collateralized by investment of share in PLIN (Note 9).

Entitas Anak Subsidiaries

a. PT Indonesian Paradise Island (IPI) a. PT Indonesian Paradise Island (IPI)

Pada tanggal 13 Desember 2010, IPI, entitas anak, memperoleh fasilitas pinjaman Kredit Investasi (KI) dari PT Bank Negara Indonesia (Persero) Tbk dengan jumlah maksimum pinjaman sebesar Rp 463.838.265.098 yang ditujukan untuk membiayai pembangunan Sahid Kuta Lifestyle Resort (Hotel Sheraton Kuta Bali dan Pusat perbelanjaan beachwalk) di Kuta, Bali. Pinjaman ini dikenakan bunga 12% per tahun dan akan jatuh tempo pada tanggal 12 Juni 2018 termasuk masa tenggang selama 27 bulan.

On 13 December 2010, IPI, a subsidiary, obtained Installment Credit Facility loan from PT Bank Negara Indonesia (Persero) Tbk with maximum credit of Rp 463,838,265,098 which intended for financing on construction of Sahid Kuta Lifestyle Resort (Hotel Sheraton Kuta Bali and shopping center beachwalk) in Kuta, Bali. This facility bears 12% interest rate per annum and will be due on 12 June 2018 included grace period of 27 months.

Fasilitas kredit ini dijamin dengan tanah dan bangunan milik IPI, saham IPI milik Perusahaan, dan surat jaminan pembelian kembali aset yang dijaminkan, dan jaminan Perusahaan. IPI diwajibkan memenuhi beberapa persyaratan sebagaimana tercantum dalam perjanjian.

This credit facility is secured by land and building owned by IPI, shares on IPI owned by the Company, Letter of Undertaking and Letter of Guarantee for the buyback of assets secured for this facility. IPI shall complied with certain conditions as stated in the loan agreements










Entitas Anak (Lanjutan) Subsidiaries (Continued)

a. PT Indonesian Paradise Island (IPI) (Lanjutan) a. PT Indonesian Paradise Island (IPI) (Continued)

Berdasarkan surat persetujuan atas perubahan fasilitas kredit tanggal 31 Maret 2016, bunga pinjaman direvisi menjadi 12,5% per tahun dan jatuh tempo fasilitas investasi kredit investasi pokok dengan jumlah maksimum fasilitas pinjaman sebesar Rp 443.674.651.285 direvisi menjadi tanggal 30 Maret 2026, sedangkan fasilitas kredit investasi IDC dengan jumlah fasilitas maksimum pinjaman Rp 21.817.184.926, jatuh tempo tanggal 12 Juni 2018.

Based on addendum letter of loan facility dated 31 March 2016, interest rate on loan was revised to 12.5% per annum, and maturity of investment credit principal with total facility Rp 443,674,651,285 was revised to 30 March 2026, while investment credit IDC with total facility Rp 21,817,184,926, is remain to be due on 12 June 2018.

b. PT Mitra Perdana Nuansa (MPN) b. PT Mitra Perdana Nuansa (MPN)

Pada tanggal 9 Mei 2016, MPN menerima Fasilitas Kredit Investasi (KI) dari PT Bank Negara Indonesia Tbk (BNI) berupa Pinjaman Installment dengan maksimum pinjaman sebesar Rp 383.719.065.714 yang dipergunakan untuk pembangunan pusat perbelanjaan Lifestyle Mall “23Paskal” di Bandung. Pinjaman ini dikenakan bunga sebesar 12,50% per tahun dan jatuh tempo dalam waktu 120 bulan sejak tanggal penandatanganan Perjanjian Kredit (PK) termasuk 24 bulan masa tenggang.

On 9 May 2016, MPN received the Investment Credit Facility (KI) from PT Bank Negara Indonesia Tbk (BNI) form an Installment Loan with a maximum loan of Rp 383,719,065,714 used for financing the construction of the center Lifestyle shopping Mall "23Paskal" in Bandung. This loan bears interest at 12.50% per annum and a maturity of 120 months from the date of signing the Credit Agreement (PK) including a 24 month grace period.

MPN juga menerima fasilitas pinjaman kredit dari PT Bank Negara Indonesia Tbk (BNI) dengan maksimum pinjaman sebesar Rp 31.210.041.182 yang ditujukan untuk pembiayaan 70% biaya bunga fasilitas kredit Investasi Pokok selama masa konstruksi. Pinjaman ini dikenakan bunga sebesar 12,50% per tahun, dengan jangka waktu pinjaman 7 (tujuh) tahun atau jatuh tempo pada tahun 2023, termasuk masa tenggang selama 24 bulan.

MPN also obtained investment credit loan facility from PT Bank Negara Indonesia Tbk (BNI) with a maximum loan of Rp 31,210,041,182 which intended for financing 70% of the principal investment Credit Facility Loan interest during construction phase. This loan bears interest at 12.50% per annum with loan terms for 7 (seven) years that will be due in 2023, included grace period of 24 month.

Fasilitas kredit ini dijamin dengan 2 tanah dan bangunan di kota Bandung milik MPN, serta dijamin dengan saham MPN yang dimiliki oleh para pemegang saham.

The credit facility is secured by 2 plots of land and a building in Bandung city owned by MPN, and shares guaranteed by MPN owned by shareholders.

c. PT Retzan Indonusa (RIN) c. PT Retzan Indonusa (RIN)

Pada tanggal 4 Agustus 2017, RIN, entitas anak, memperoleh fasilitas Kredit Investasi (KI) dari PT Bank China Construction Bank Indonesia Tbk (CCBI) sebesar Rp 91.000.000.000 dengan tujuan untuk pembangunan Apartemen “One Residence” di Batam. Pinjaman dikenakan bunga sebesar 10,5 % per tahun, dan akan jatuh tempo selama 72 bulan sejak 4 Agustus 2017.

On 4 August 2017, RIN, a subsidiary, obtained an Investment Credit (KI) facility from PT Bank China Construction Bank Indonesia Tbk (CCBI) amounting to Rp 91,000,000,000 for the construction of Apartment “One Residence” in Batam. This facility bear interest rate each 10.5 % per annum, and will due within 72 months from 4 August 2017.

Fasilitas ini dijamin dengan 2 bidang tanah milik RIN dan bangunan yang berdiri di atas tanah tersebut yang berada di kota Batam.

This facility is secured by two plots of land belonging to RIN and the building that stands on the land located in Batam.










d. PT Anugerah Nusaraya (AN) d. PT Anugerah Nusaraya (AN)

Pada tanggal 15 September 2017, AN, entitas anak, memperoleh pinjaman dari CCBI berupa fasilitas kredit investasi dengan jumlah fasilitas maksimum sebesar Rp 33.000.000.000. Pinjaman ini dikenakan bunga sebesar 10,5% per tahun dan akan jatuh tempo pada tanggal 15 September 2026.

On 15 September 2017, AN, a subsidiary, obtained investment credit facility from CCBI with maximum facility of Rp 33,000,000,000. This loan bears annual interest rate 10.5% and will be due on 15 September 2026.

Fasilitas ini dijaminkan dengan dua bidang tanah Hak Guna Bangunan, yang keduanya terletak di Kota Batam milik AN dan seluruh saham AN milik para pemegang saham.

This facility is secured by two land with building rights which located in Batam owns by AN and the shares in AN owns by related shareholders.

Pada tanggal 31 Desember 2017 dan 2016, Manajemen Perusahaan dan entitas anaknya berkeyakinan telah memenuhi seluruh persyaratan yang dipersyaratkan dalam Perjanjian Pinjaman. Perusahaan dan entitas anaknya tidak menerima pemberitahuan keadaan wanprestasi atau pelanggaran lainnya yang diterima dari pemberi pinjaman.

As of 31 December 2017 and 2016, Management of the Company and its subsidiaries believes that they has complied with the covenants as stated in the Credit Agreements. The Company and its subsidiaries did not receipts any notices of event of default or other breach from the borrowers.

20. MODAL SAHAM 20. SHARE CAPITAL

Susunan pemegang saham Perusahaan pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

The composition of the Company’s shareholders as of 31 December 2017 and 2016 are as follows:

Jumlah saham

ditempatkan dan disetor penuh/ Persentase

Number of kepemilikan/shares issued Percentage of Jumlah/

and fully paid ownership T o t a l

Standard Chartered Bank SG S/A Standard Chartered Bank SG S/A

VP Bank A/C PT Grahatama Kreasibaru 4.136.971.279 37,00% 413.697.127.900 VP Bank A/C PT Grahatama Kreasibaru

UBS AG Singapore S/A Anemone 2.473.154.873 22,12% 247.315.487.300 UBS AG Singapore S/A Anemone

Standard Chartered Bank SG S/A Standard Chartered Bank SG S/A

VP Bank A/C Star East Development 2.307.593.000 20,64% 230.759.300.000 VP Bank A/C Star East Development

Elysium Investment Partner Ltd. 2.012.754.912 18,00% 201.275.491.200 Elysium Investment Partner Ltd.

Patrick Santosa Rendradjaja Patrick Santosa Rendradjaja

(Direktur) 5.000.000 0,04% 500.000.000 (Director)

Diana Solaiman (Direktur) 3.750.000 0,03% 375.000.000 Diana Solaiman (Director)

Karel Patipeilohy (Komisaris) 1.000.000 0,01% 100.000.000 Karel Patipeilohy (Commissioner)

Masyarakat (kurang dari 5%) 241.747.668 2,16% 24.174.766.800 Public (less than 5%)

Jumlah 11.181.971.732 100,00% 1.118.197.173.200 T o t a l

Nama pemegang saham Name of shareholders









20. MODAL SAHAM (Lanjutan) 20. SHARE CAPITAL (Continued)

Jumlah saham

ditempatkan dan disetor penuh/ Persentase

Number of kepemilikan/shares issued Percentage of Jumlah/

and fully paid ownership T o t a l

PT Grahatama Kreasibaru 4.136.971.279 37,00% 413.697.127.900 PT Grahatama Kreasibaru

UBS AG Singapore S/A Anemone 2.473.154.873 22,12% 247.315.487.300 UBS AG Singapore S/A Anemone

UBS Switzerland AG UBS Switzerland AG

Zurich - Star East Dev 2.307.593.000 20,64% 230.759.300.000 Zurich - Star East Dev

Elysium Investment Partner Ltd. 2.012.754.912 18,00% 201.275.491.200 Elysium Investment Partner Ltd.

Patrick Santosa Rendradjaja Patrick Santosa Rendradjaja

(Direktur) 5.000.000 0,04% 500.000.000 (Director)

Diana Solaiman (Direktur) 3.750.000 0,03% 375.000.000 Diana Solaiman (Director)

Karel Patipeilohy (Komisaris) 1.000.000 0,01% 100.000.000 Karel Patipeilohy (Commissioner)

Masyarakat (kurang dari 5%) 241.747.668 2,16% 24.174.766.800 Public (less than 5%)

Jumlah 11.181.971.732 100,00% 1.118.197.173.200 T o t a l

Nama pemegang saham Name of shareholders

Berdasarkan akta No. 13 tanggal 10 Juni 2016, dari notaris Simon Yos Sudarso, S.H., M.L., notaris di Jakarta, tentang Berita Acara Rapat Umum Pemegang Saham Tahunan (RUPST), dimana Dewan Komisaris dan Direksi Perusahaan mengusulkan untuk membagikan dividen tunai kepada setiap pemegang saham Perusahaan sebesar Rp 1,50 per saham.

Based on notarial deed No. 13 dated 10 June 2016, of Simon Yos Sudarso, S.H., M.L., public notary in Jakarta, concerning an Minutes of Stockholders’ General Meeting wherein the Company’s Board of Commissioners and Directors proposed to distribute cash dividend to each shareholders of the Company amounted to Rp 1.50 per share.

21. TAMBAHAN MODAL DISETOR 21. ADDITIONAL PAID-IN CAPITAL

2 0 1 7 2 0 1 6

Agio saham tanpa HMETD sebesar Additional paid-in capital 71,000,000

71.000.000 saham biasa dengan ordinary share through issue shares

Nilai nominal Rp 100 per saham without pre-emptive rights with par

dan harga pelaksanaan Rp 350 value of Rp 100 per share at offering

per saham pada tahun 2012 17.750.000.000 17.750.000.000 price of Rp 350 per share in 2012

Agio saham tanpa HMETD sebesar Additional paid-in capital 37,000,000


Nilai nominal Rp 100 per saham without pre-emptive rights with par

dan harga pelaksanaan Rp 380 value of Rp 100 per share at offering


Agio saham dengan HMETD sebesar Additional paid-in capital 40,000,000


Nilai nominal Rp 100 per saham with pre-emptive rights with par value

dan harga pelaksanaan Rp 350 of Rp 100 per share at offering


Agio saham dengan HMETD sebesar Additional paid-in capital 8,623,168,132

8.623.168.132 saham biasa dengan ordinary share through issue shares

Nilai nominal Rp 100 per saham with pre-emptive rights with par value

dan harga pelaksanaan Rp 325 of Rp 100 per share at offering

per saham pada tahun 2015 1.940.212.829.700 1.940.212.829.700 price of Rp 325 per share in 2015

Biaya emisi penerbitan saham Share issuance cost of

Penawaran Umum Terbatas I 3.495.939.910)( 3.495.939.910)( Limited Public Offering I

Selisih nilai transaksi restrukturisasi Difference in transaction value

entitas sepengendali 9.143.104.856)( 9.143.104.856)( with entities under common control

Jumlah 1.965.683.784.934 1.965.683.784.934 T o t a l









22. KEPENTINGAN NONPENGENDALI 22. NON-CONTROLLING INTEREST

Kepentingan nonpengendali atas aset bersih dan laba (rugi) komprehensif entitas anak merupakan bagian pemegang saham minoritas atas aset bersih entitas anak yang tidak seluruh sahamnya dimiliki Perusahaan dan entitas anaknya.

Non-controlling interests in net assets and in net comprehensive income (loss) of subsidiaries represents the share of minority shareholders in the net assets of subsidiaries that are not wholly owned by the Company and its subsidiaries.

2 0 1 7 2 0 1 6 2 0 1 7 2 0 1 6

PT Indonesian Paradise Island 378.508.975.292 351.494.784.021 31.814.191.271 24.605.698.944

PT Mitra Gemilang Mahacipta 47.401.947.387 48.209.800.929 807.853.542)( 1.404.949.313)(

PT Mitra Perdana Nuansa 51.703.475.202 30.112.232.317 15.043.390.885 1.692.363.620)(

PT Aneka Bina Laras dan entitas anaknya/

and its subsidiary 33.705.940.693 31.530.054.186 2.175.886.507 3.117.758.044

PT Anugerah Nusaraya 16.721.878.784 20.066.405.910 3.344.527.126)( 5.704.473.853)(

PT Eka Ilalang Suryadinamika 11.955.641.594 12.053.624.087 97.982.493)( 1.731.306

PT Saranausaha Jaya 5.657.716.727 5.557.049.727 100.667.000 35.491.803

PT Karsa Citra Unggul dan entitas

anaknya/ and its subsidiaries 475.744.146 395.360.171 80.383.975 234.046.650)(

PT Indonesia Gemilang Mahasentosa 23.016.016 5.000.000 1.983.984)( -

PT Retzan Indonusa dan entitas anaknya/

and its subsidiary 13.066.046 15.463.312 2.397.266)( 2.482.263

PT Dinamika Putra Perkasa dan entitas

anaknya/ and its subsidiary 9.077.325.196 8.025.484.756 1.051.840.440 7.536.470.283)(

Jumlah/ Total 555.244.727.083 507.465.259.416 46.011.615.667 11.190.858.641

net assets net comprehensive income (losses)

Kepentingan non-pengendali atas Kepentingan non-pengendali atas

aset bersih/ laba (rugi) komprehensif/

Non-controlling interests in Non-controlling interests in

23. LABA BERSIH PER SAHAM DASAR 23. NET EARNING PER SHARE

Pada tahun yang berakhir 31 Desember 2017 dan 2016, laba bersih yang digunakan untuk perhitungan per saham dasar masing-masing adalah Rp 100.777.813.683 dan Rp 170.121.035.846. Jumlah rata-rata tertimbang saham pada 31 Desember 2017 dan 2016 masing-masing adalah sebanyak 11.181.971.732 saham.

For the years ended 31 December 2017 and 2016, net profit used to calculate per share Rp 100,777,813,683 and Rp 170,121,035,846, respectively. Weighted average number of shares on 31 December 2017 and 2016, respectively, are 11,181,971,732 shares.

24. PENDAPATAN BERSIH 24. NET REVENUES

2 0 1 7 2 0 1 6

H o t e l H o t e l

K a m a r 217.115.321.340 246.008.665.489 R o o m


Lainnya 8.673.510.414 10.419.770.920 Others

303.379.566.709 341.296.198.945

Pusat perbelanjaan 292.626.924.068 206.519.514.697 Shopping center

Jumlah (Saldo dipindahkan) 596.006.490.777 547.815.713.642 T o t a l (Balance carried forward)









24. PENDAPATAN BERSIH (Lanjutan) 24. NET REVENUES (Continued)

2 0 1 7 2 0 1 6

Jumlah (Saldo pindahan) 596.006.490.777 547.815.713.642 T o t a l (Balance brought forward)

Dikurangi: Less:

Potongan penjualan dan

pengurangan harga 314.446.053)( 323.703.761)( Allowances and sales discount

Bersih 595.692.044.724 547.492.009.881 N e t

25. BEBAN POKOK PENDAPATAN 25. COST OF REVENUES

2 0 1 7 2 0 1 6

H o t e l H o t e l

K a m a r 39.462.728.824 44.517.189.439 R o o m


Lainnya 3.474.545.142 4.122.223.449 Others

90.596.115.461 100.530.591.797

Pusat perbelanjaan Shopping center

Listrik, air dan gas 40.258.655.166 27.417.414.419 Electricity, water and gas

Pemeliharaan dan keamanan 16.930.456.896 8.597.436.524 Maintenance dan security

Penyusutan 13.487.362.876 14.000.729.186 Depreciation

Parkir 8.993.655.072 4.756.175.087 Parking

Lainnya 10.865.903.768 2.845.786.167 Others

90.536.033.778 57.617.541.383

Jumlah 181.132.149.239 158.148.133.180 T o t a l

26. BEBAN PENJUALAN DAN PEMASARAN 26. SELLING AND MARKETING EXPENSES

2 0 1 7 2 0 1 6

Iklan dan promosi 10.269.043.611 10.975.731.815 Advertising and promotion

Gaji dan tunjangan 7.404.388.453 7.690.784.974 Salaries and allowances

Jasa penjualan dan pemasaran 6.104.369.751 7.899.688.583 Sales and marketing fee

Perjalanan dinas dan transportasi 1.587.973.769 1.907.461.948 Travel and transportation

Jamuan dan sumbangan 612.731.328 755.411.395 Entertain and donation

Jasa profesional 331.704.236 325.329.500 Professional fee

S e w a 316.177.500 221.377.287 R e n t

Telepon dan internet 142.962.405 150.240.712 Telephone and internet

Lain-lain 2.605.293.407 795.711.357 Others

Jumlah 29.374.644.460 30.721.737.571 T o t a l









27. BEBAN UMUM DAN ADMINISTRASI 27. GENERAL AND ADMINISTRATIVE EXPENSES

2 0 1 7 2 0 1 6

Gaji dan tunjangan 75.986.307.980 64.830.847.563 Salaries and allowances

Penyusutan dan amortisasi 64.388.721.661 97.312.984.684 Depreciation and amortization

Jasa manajemen 26.417.900.711 16.177.609.256 Management fees

Telepon, listrik dan air 24.346.711.823 25.836.922.414 Telephone, electricity and water

S e w a 13.668.195.027 13.542.379.998 R e n t

Perbaikan dan pemeliharaan 12.060.663.724 16.718.363.702 Repair and maintenance

Beban kantor 10.749.216.368 10.006.300.696 Office expenses

Jasa profesional 7.524.329.424 14.725.889.125 Professional fess

Asuransi 7.002.389.533 6.258.627.609 Insurances

Imbalan pasca-kerja (Catatan 31) 5.574.945.896 3.159.033.736 Post-employment benefit (Note 31)

Perjalanan dinas dan transportasi 4.103.225.168 2.897.053.245 Travel and transportation

Pajak dan perijinan 3.962.141.134 5.277.977.768 Taxes and licenses

Kebersihan dan keamanan 3.765.497.423 5.254.914.007 Cleaning and security

Jamuan dan sumbangan 1.004.415.510 933.717.348 Entertain and donation

Penghapusan piutang 183.014.171 - Bad debt expense

Penyisihan kerugian penurunan Allowance of impairment

nilai piutang - 274.787.924 losses on receivable

Lain-lain 6.947.341.507 9.152.819.580 Others

Jumlah 267.685.017.060 292.360.228.655 T o t a l

28. PENGHASILAN KEUANGAN 28. FINANCE INCOME

2 0 1 7 2 0 1 6

Bunga deposito berjangka 9.115.245.819 5.827.637.460 Interest from time deposit

Bunga jasa giro 1.560.818.793 1.961.694.528 Interest from current account

Lain-lain 8.976.654.166 36.758.000 Others

Jumlah 19.652.718.778 7.826.089.988 T o t a l

29. BEBAN KEUANGAN 29. FINANCE COST

2 0 1 7 2 0 1 6

Bunga pinjaman 84.669.254.462 63.850.895.297 Interest on loans

Provisi atas utang bank 5.992.830.761 3.809.470.803 Provision of bank loans

Beban administrasi bank 548.446.514 409.678.044 Bank charges

Lain-lain 2.709.000 - Others

Jumlah 91.213.240.737 68.070.044.144 T o t a l









30. INFORMASI MENGENAI PIHAK-PIHAK BERELASI 30. RELATED PARTIES INFORMATION Sifat Hubungan dan Transaksi Dengan Pihak-Pihak Berelasi

Nature of Transactions and Relationship With Related Parties

Sifat dari hubungan/

No. Nature of relationship

1. PT Mega Biru Selaras (MBS) Entitas anak PT Grahatama Kreasibaru (GKB), Piutang non-usaha dan utang non-usaha/

pemegang saham Perusahaan/ Subsidiary of Non-trade receivables and Non-trade payable

PT Grahatama Kreasibaru (GKB), the Company's

shareholder

2. Yayasan Bunga Kasih (YBK) Pemegang saham GKB/ Shareholders of GKB

3. PT Java Paradise Island (JPI) Entitas asosiasi / Associates

4. PT Pop Properti Indonesia (PPI) Entitas anak GKB / Subsidiary of GKB Piutang non-usaha, utang usaha dan utang non-usaha/

Non-trade receivable, trade payable and non-trade payable

Piutang non-usaha/ Non-trade receivables

Pihak-pihak berelasi/

Related parties

Sifat dari transaksi/

Nature of transactions

Piutang non-usaha/ Non-trade receivables

Saldo dengan Pihak Berelasi Balance with Related Parties Rincian saldo yang timbul dari transaksi dengan pihak berelasi adalah sebagai berikut:

The details of the balance of transactions with related parties are as follows:

Piutang non-usaha Non-trade receivables

2 0 1 7 2 0 1 6

PT Mega Biru Selaras 552.517.689 500.000.000 PT Mega Biru Selaras

PT Java Paradise Island 3.700.600 55.700.600 PT Java Paradise Island

PT Pop Properti Indonesia 2.199.900 - PT Pop Properti Indonesia

Yayasan Bunga Kasih - 3.360.998 Yayasan Bunga Kasih

Jumlah 558.418.189 559.061.598 T o t a l

Pada tanggal 31 Desember 2017 dan 2016, saldo piutang non-usaha timbul dari penggantian beban-beban operasional yang telah dibayarkan terlebih dahulu oleh pihak berelasi dan/ atau sebaliknya.

As of 31 December 2017 and 2016, the outstanding non-trade receivables were arising from the reimbursement of operational expenses that were paid in advance by related parties/ vice versa.

Piutang tersebut bersifat on-demand dan tidak dikenakan bunga.

These receivables were provided on-demand basis and non-interest bearing.

Utang usaha Trade payable

2 0 1 7 2 0 1 6

PT Pop Properti Indonesia 15.465.254.161 1.355.721.851 PT Pop Properti Indonesia

Utang non-usaha Non-trade payables

2 0 1 7 2 0 1 6

PT Mega Biru Selaras - 20.164.635 PT Mega Biru Selaras

PT Pop Properti Indonesia - 8.788.276 PT Pop Properti Indonesia

Jumlah - 28.952.911 T o t a l









30. INFORMASI MENGENAI PIHAK-PIHAK BERELASI

(Lanjutan) 30. RELATED PARTIES INFORMATION (Continued)

Kompensasi jangka pendek manajemen kunci Key management’s short-term compensation

Perusahaan dan entitas anaknya memberikan kompensasi jangka pendek kepada Dewan Komisaris dan Direksi sebesar Rp 6.027.825.000 dan Rp 4.179.470.500 untuk tahun yang berakhir 31 Desember 2017 dan 2016.

The Company and its subsidiaries provided compensation short-term benefits for the Boards of Commissioners and Directors amounting to Rp 6,027,825,000 and Rp 4,179,470,500 for the years ended 31 December 2017 and 2016.

31. LIABILITAS IMBALAN PASCA-KERJA 31. POST-EMPLOYMENT BENEFITS LIABILITIES

Rincian liabilitas atas imbalan pasca-kerja karyawan pada 31 Desember 2017 dan 2016 adalah sebagai berikut:

The details of the liability for post-employment benefits as of 31 December 2017 and 2016 are as follows:

2 0 1 7 2 0 1 6

Present value of defined

Nilai kini liabilitas imbalan pasti 19.015.849.420 20.631.890.115 benefit obligation

Mutasi liabilitas imbalan pasca-kerja yang diakui di laporan posisi keuangan konsolidasian adalah sebagai berikut:

Movements in the liability for post-employment benefits recognized in the consolidated statements of financial position are as follows:

2 0 1 7 2 0 1 6

Saldo awal 20.631.890.115 16.615.527.720 Beginning balance

Beban tahun berjalan 5.574.945.896 3.159.033.736 Expenses during the year

Pembayaran tahun berjalan 6.380.623.860)( 70.076.603)( Payment during the year

Penghasilan komprehensif lain 1.897.251.228 938.834.174 Other comprehensive income

Kelebihan pembayaran imbalan 2.707.613.959)( - Excess of benefit paids

Penyesuaian - 11.428.912)( Adjustment


Beban imbalan pasca-kerja yang diakui dalam laporan laba rugi komprehensif konsolidasian adalah:

Amounts recognized in the consolidated statements of comprehensive income in respect of the employee benefits expenses are as follows:

2 0 1 7 2 0 1 6

Biaya jasa kini 3.212.563.067 3.187.253.254 Current service costs

Biaya bunga 1.210.667.701 1.164.543.750 Interest costs

Biaya jasa lalu 326.109.609)( 1.192.763.268)( Past service costs

Dampak kurtailmen 4.128.358.012)( - Curtailment effect

Kerugian aktuaria yang diakui 2.898.568.790 - Recognised actuarial loss

Kerugian aktuaria yang belum diakui 2.707.613.959 - Unrecognised actuarial loss

Jumlah 5.574.945.896 3.159.033.736 T o t a l









31. LIABILITAS IMBALAN PASCA-KERJA (Lanjutan) 31. POST-EMPLOYMENT BENEFITS LIABILITIES

(Continued)

2 0 1 7 2 0 1 6

Tingkat diskonto 7,4% 8,0% Discount rate Tingkat kenaikan gaji 8,0% 8,0% Salary increment rate Tingkat kematian Indonesia–III (2011) Indonesia–III (2011) Mortality rate Usia pensiun normal 55 55 Normal retirement age

Sensitivitas liabilitas imbalan pasti terhadap asumsi

utama adalah:

The sensitivity of the defined benefit obligation to the changes in key assumptions:

Perubahan asumsi/

Change in

assumption

Tingkat diskonto 1% Tur un / Decrease 1.927.091.899)( Naik / Increase 2.266.397.748 Dis count rate

Tingkat kenaikan gaji 1% Naik / Increase 2.436.284.178 Tur un / Decrease 2.099.191.389)( Salary increment rate

Kenaikan asumsi/

I ncrease in assumption

Penurunan asumsi/

Decrease in assumption

Dampak terhadap liabilitas imbalan pasti/

I mpact to the defined benefit obligation

Analisis sensitivitas yang disajikan di atas mungkin

tidak mewakili perubahan yang sebenarnya dalam

kewajiban imbalan pasti mengingat bahwa perubahan

asumsi terjadinya tidak terisolasi satu sama lain karena

beberapa asumsi tersebut mungkin berkorelasi.

The sensitivity analysis presented above may not be

representative of the actual change in the defined

benefit obligation as it is unlikely that the change in

assumptions would occur in isolation of one another as

some of the assumptions may be correlated.

Perbandingan nilai kini liabilitas imbalan pasti yang timbul selama tahun berjalan dan selama 4 (empat) tahun adalah sebagai berikut:

Comparison of the present value of defined benefit liabilities during the current year and over the last 4 (four) years was as follows:

2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 4 2 0 1 3

Nilai kini liabilitas Present value of defined

imbalan pasti 19.015.849.420 20.631.890.115 16.615.527.720 13.609.663.203 8.797.023.823 benefit obligation

32. KUASI-REORGANISASI 32. QUASI-REORGANIZATION

Perusahaan melakukan kuasi-reorganisasi dengan laporan posisi keuangan tanggal 31 Juli 2009, yang disetujui oleh para pemegang saham Perusahaan melalui Rapat Umum Pemegang Saham Luar Biasa (RUPS-LB) yang diselenggarakan pada tanggal 29 Januari 2010.

The Company conducted a quasi-reorganization using the statements of financial position dated 31 July 2009, which was approved by the shareholders of the Company through an Extraordinary General Meeting of Shareholders (RUPS-LB) held on 29 January 2010.

Perusahaan berkeyakinan bahwa kuasi-reorganisasi akan memberikan dampak positif dan prospek yang baik terhadap Perusahaan di masa mendatang dengan memulai awal baru dengan laporan posisi keuangan yang menunjukkan posisi keuangan dan struktur modal yang lebih baik tanpa dibebani defisit masa lampau.

The Company believes that the quasi-reorganization will give positive effects and good prospect to the Company moving forward with a fresh start statements of financial position and capital structures without being burdened by past deficit.

Pada tahun 2012, IPI, entitas anak, melakukan kuasi reorganisasi dengan laporan posisi keuangan tanggal 31 Desember 2011.

On 2012, IPI, a subsidiary, conducted a quasi reorganization using the statements of financial position dated 31 December 2011.









33. INFORMASI SEGMEN 33. SEGMENT INFORMATION Perusahaan dan entitas anaknya mengklasifikasikan aktivitas usahanya berdasarkan lokasi usaha, dimana untuk masing-masing lokasi mempunyai pendapatan dari pelanggan yang dapat diatribusikan secara langsung per lokasi usaha, dan masing-masing wilayah mempunyai pengaruh dalam hal membuat keputusan. Tidak ada transaksi antar segmen. Informasi segmen Perusahaan dan entitas anaknya adalah sebagai berikut:

The Company and its subsidiaries classified its business activity based on business location whereas each area has revenue from customer that can be attributed in term of making decision. There were no significant transactions between segments. The Company and its subsidiaries segment information’s are as follows:

Segmen Geografis Geographical Segment

Eliminasi/ Jumlah/

Bali Batam Jawa Kalimantan Elimination Total

Pendapatan 356.997.610.425 72.188.486.368 166.505.947.931 - - 595.692.044.724 Revenues

Hasil segment (Bruto) 252.716.469.777 43.854.858.422 117.988.567.286 - - 414.559.895.485 Segment results (Gross)

Beban penjualan Selling and marketing

dan pemasaran 16.540.864.307)( 5.331.394.292)( 7.461.017.822)( 41.368.039)( - 29.374.644.460)( expenses

Beban umum dan General and

administrasi 162.676.854.280)( 52.188.376.692)( 51.039.133.408)( 1.780.652.680)( - 267.685.017.060)( administrative expenses

Pendapatan keuangan 6.168.842.106 991.312.167 12.464.004.575 28.559.930 - 19.652.718.778 Finance income

Beban keuangan 75.788.101.833)( 94.204.283)( 15.329.165.334)( 1.769.287)( - 91.213.240.737)( Finance cost

Bagian atas laba entitas Share in net profit of

asosiasi, neto - - 99.130.529.048 - - 99.130.529.048 associates, net

Beban pajak final 16.580.058.543)( 31.515.720)( 12.076.692.308)( - - 28.688.266.571)( Final tax expense

Penghasilan operasi lainnya 5.377.826.934 1.034.488.746 8.324.387.281 - - 14.736.702.961 Other operating income

Beban operasi lainnya 12.524.342.316)( 391.963.488 2.530.845.482)( - 250.892.301 14.412.332.009)( Other operating expenses

Laba (rugi) sebelum pajak 19.847.082.462)( 11.372.868.164)( 149.470.633.836 1.795.230.076)( 250.892.301 116.706.345.435 Profit (loss) before tax

Manfaat pajak 28.722.304.052 1.951.252.683 47.249.673 - - 30.720.806.408 Income tax benefit

Laba (rugi) tahun berjalan 8.875.221.590 9.421.615.481)( 149.517.883.509 1.795.230.076)( 250.892.301 147.427.151.843 Profit (loss) for the year

Informasi lainnya: Other information:

Aset segmen 6.621.564.635.719 225.480.345.608 724.426.889.999 111.173.176.030 1.014.723.570.712)( 6.667.921.476.644 Segment assets

Liabilitas segmen 2.020.765.786.690 175.254.468.656 484.291.929.503 638.031.733 247.963.006.226)( 2.432.987.210.356 Segment liabilities

Acquisitions of property and

Perolehan aset tetap 25.614.569.799 5.703.378.086 11.894.156.323 - - 43.212.104.208 equipment

31 Desember 2017/

31 December 2017

Segmen Geografis Geographical Segment

Eliminasi/ Jumlah/

Bali Batam Jawa Kalimantan Elimination Total

Pendapatan 400.446.425.515 80.542.063.495 66.503.520.871 - - 547.492.009.881 Revenues

Hasil segment (Bruto) 294.552.351.902 49.507.681.780 45.283.843.019 - - 389.343.876.701 Segment results (Gross)


dan pemasaran 23.385.023.618)( 4.424.827.766)( 2.820.776.089)( 91.110.098)( - 30.721.737.571)( expenses

Beban umum dan General and

administrasi 202.560.847.021)( 45.323.399.423)( 43.034.495.264)( 1.441.486.947)( - 292.360.228.655)( administrative expenses

Pendapatan keuangan 6.071.079.612 82.860.005 1.644.821.401 27.328.970 - 7.826.089.988 Finance income

Beban keuangan 53.847.868.620)( 9.990.974.768)( 4.228.942.903)( 2.257.853)( - 68.070.044.144)( Finance cost


asosiasi, neto 188.242.335.162 - - - - 188.242.335.162 associates, net

Beban pajak final 17.397.320.807)( - 3.593.905.760)( - - 20.991.226.567)( Final tax expense

Penghasilan operasi lainnya 8.628.716.027 4.567.447.134 2.975.844.033 100.000.000 2.091.249.643)( 14.180.757.551 Other operating income

Beban operasi lainnya 11.640.934.906)( 74.656.115)( 7.277.393.409)( 1.714.583.658)( 276.671.985 20.430.896.103)( Other operating expenses

Laba (rugi) sebelum pajak 188.662.487.731 5.655.869.153)( 11.051.004.972)( 3.122.109.586)( 1.814.577.658)( 167.018.926.362 Profit (loss) before tax

Manfaat (beban) pajak

penghasilan 17.568.841.202 4.109.959.573)( 1.088.934.869 - - 14.547.816.498 Income tax benefit (expense)

Laba (rugi) tahun berjalan 206.231.328.933 9.765.828.726)( 9.962.070.103)( 3.122.109.586)( 1.814.577.658)( 181.566.742.860 Profit (loss) for the year


Aset segmen 5.400.254.158.639 169.294.559.849 496.777.592.671 112.754.589.154 1.023.327.503.330)( 5.155.753.396.983 Segment assets

Liabilitas segmen 763.744.416.642 109.239.133.041 362.884.774.185 5.621.698.201 174.682.874.894)( 1.066.807.147.175 Segment liabilities

Acquisitions of property and

Perolehan aset tetap 50.147.827.748 4.351.451.928 696.204.321 5.200.000 - 55.200.683.997 equipment

31 Desember 2016/

31 December 2016









33. INFORMASI SEGMEN (Lanjutan) 33. SEGMENT INFORMATION (Continued)

Segmen Bisnis Business Segment

Pusat

Perbelanjaan/

Perhotelan/ Shopping Apartemen/ Eliminasi/ Jumlah/

Hospitality center Apartment Elimination Total

Pendapatan 303.065.120.656 292.626.924.068 - - 595.692.044.724 Revenues

Hasil segment (Bruto) 212.469.005.195 202.090.890.290 - - 414.559.895.485 Segment results (Gross)


dan pemasaran 21.650.811.806)( 6.430.421.868)( 1.293.410.786)( - 29.374.644.460)( expenses

Beban umum dan General and administrative

administrasi 224.604.511.534)( 42.693.011.911)( 387.493.615)( - 267.685.017.060)( expenses

Pendapatan keuangan 18.111.653.599 1.415.846.353 125.218.826 - 19.652.718.778 Finance income

Beban keuangan 75.867.325.938)( 15.331.231.921)( 14.682.878)( - 91.213.240.737)( Finance cost


asosiasi, neto 99.130.529.048 - - - 99.130.529.048 associates, net

Beban pajak final 1.408.283.880)( 27.263.635.531)( 16.347.160)( - 28.688.266.571)( Final tax expense

Penghasilan lain-lain 6.243.849.246 7.838.581.399 654.272.316 - 14.736.702.961 Other operating income

Beban lain-lain 12.170.576.493)( 1.990.850.087)( 13.112)( 250.892.317)( 14.412.332.009)( Other operating expenses

Laba (rugi) sebelum pajak 253.527.437 117.636.166.724 932.456.409)( 250.892.317)( 116.706.345.435 Profit (loss) before tax

Manfaat pajak penghasilan 30.720.806.408 - - - 30.720.806.408 Income tax benefit

Laba (rugi) tahun berjalan 30.974.333.845 117.636.166.724 932.456.409)( 250.892.317)( 147.427.151.843 Profit (loss) for the year


Aset segmen 6.880.713.957.078 732.431.693.414 69.499.396.864 1.014.723.570.712)( 6.667.921.476.644 Segment assets

Liabilitas segmen 1.929.201.519.858 681.316.843.451 70.431.853.273 247.963.006.226)( 2.432.987.210.356 Segment liabilities

Acquisition of property and

Perolehan aset tetap 43.174.325.569 37.778.639 - - 43.212.104.208 equipment

31 Desember 2017/

31 December 2017

Segmen Bisnis Business Segment

Pusat

Perbelanjaan/

Perhotelan/ Shopping Apartemen/ Eliminasi/ Jumlah/

Hospitality center Apartment Elimination Total

Pendapatan 351.111.097.026 196.380.912.855 - - 547.492.009.881 Revenues

Hasil segment (Bruto) 244.248.480.488 145.095.396.213 - - 389.343.876.701 Segment results (Gross)


dan pemasaran 24.722.798.055)( 4.694.326.025)( - - 29.417.124.080)( expenses

Beban umum dan General and administrative

administrasi 81.978.240.086)( 30.561.684.831)( - - 112.539.924.917)( expenses

Pendapatan keuangan 908.760.204 335.689.065 - - 1.244.449.269 Finance income

Beban keuangan 9.598.249.835)( 63.772.403)( - - 9.662.022.238)( Finance cost


asosiasi, neto 188.242.335.162 - - - 188.242.335.162 associates, net

Beban pajak final - 18.614.842.860)( - - 18.614.842.860)( Final tax expense

Penghasilan lain-lain 2.192.868.075 2.849.599.984 - 2.091.249.643)( 2.951.218.416 Other operating income

Beban lain-lain 4.185.617.570)( 5.559.979.467)( - 276.671.985)( 10.022.269.022)( Other operating expenses

Beban yang tidak Unallocated net

dapat dialokasikan - - - - 234.506.770.069)( operating expenses

Laba sebelum pajak 315.107.538.383 88.786.079.676 - 2.367.921.628)( 167.018.926.362 Profit before tax

Manfaat pajak penghasilan 14.547.816.498 - - - 14.547.816.498 Income tax benefit

Laba tahun berjalan 329.655.354.881 88.786.079.676 - 2.367.921.628)( 181.566.742.860 Profit for the year


Aset segmen 5.658.562.561.546 520.518.338.767 - 1.023.327.503.330)( 5.155.753.396.983 Segment assets

Liabilitas segmen 1.069.438.422.657 172.051.599.412 - 174.682.874.894)( 1.066.807.147.175 Segment liabilities

Acquisition of property and

Perolehan aset tetap 55.193.563.997 7.120.000 - - 55.200.683.997 equipment

31 Desember 2016/

31 December 2016









34. MANAJEMEN RISIKO KEUANGAN 34. FINANCIAL RISK MANAGEMENT

Mengingat bahwa penerapan praktik manajemen risiko yang baik dapat mendukung kinerja Perusahaan dan entitas anaknya, maka manajemen risiko selalu menjadi elemen pendukung penting bagi Perusahaan dan entitas anaknya dalam menjalankan usahanya. Sasaran dan tujuan utama dari diterapkannya praktik manajemen risiko di Perusahaan dan entitas anaknya adalah untuk menjaga dan melindungi Perusahaan dan entitas anaknya melalui pengelolaan risiko kerugian yang mungkin timbul dari berbagai aktivitasnya serta menjaga tingkat risiko agar sesuai dengan arahan yang sudah ditetapkan oleh manajemen Perusahaan dan entitas anaknya.

Considering that good risk management practice implementation could better support the performance of the Company and its subsidiaries, hence, the risk management would always be an important supporting element for the Company and its subsidiaries in running its business. The target and main purpose of the implementation of risk management practices in the Company and its subsidiaries is to maintain and protect the Company and its subsidiaries through managing the risk of losses, which might arise from its various activities as well as maintaining risk level in order to match with the direction already established by the management of the Company and its subsidiaries.

Perusahaan dan entitas anaknya memiliki eksposur terhadap risiko-risiko atas instrumen keuangan seperti: risiko kredit, risiko tingkat bunga dan risiko likuiditas.

The Company and its subsidiaries has exposure to the following risk from financial instruments, such as: credit risk, interest risk and liquidity risk.

a. Risiko Kredit a. Credit Risk

Perusahaan dan entitas anaknya memiliki risiko kredit yang terutama berasal dari simpanan di bank, investasi lain-lain dan piutang lain-lain, Perusahaan dan entitas anaknya mengelola risiko kredit yang terkait dengan simpanan di bank dengan memonitor reputasi bank.

The Company and its subsidiaries is exposed to credit risk primarily from deposits with banks, other investment and other receivables. The Company and its subsidiaries manages credit risk exposed from its deposits with banks by monitoring bank’s reputation.

Pengungkapan kuantitatif eksposur risiko kredit di dalam hubungannya dengan aset keuangan dijelaskan sebagai berikut.

Quantitative disclosures of the credit risk exposure in relation to financial assets are set out below.

Nilai tercatat/ Maksimum eksposur/ Nilai tercatat/ Maksimum eksposur/

Carrying value Maximum exposure Carrying value Maximum exposure

Aset Keuangan Financial Assets

Kas dan setara kas 440.225.565.192 440.225.565.192 247.903.815.289 247.903.815.289 Cash and cash equivalents

Aset keuangan lancar lainnya 3.762.328.832 3.762.328.832 4.229.728.832 4.229.728.832 Other current financial assets

Piutang usaha - Trade receivables -

Pihak ketiga 35.635.677.080 35.635.677.080 22.946.479.940 22.946.479.940 Third parties

Piutang non-usaha 19.055.289.177 19.055.289.177 26.417.937.123 26.417.937.123 Non-trade receivables

Aset tidak lancar lainnya 21.077.785.245 21.077.785.245 366.537.690 366.537.690 Other non-current assets

Jumlah 519.756.645.526 519.756.645.526 301.864.498.874 301.864.498.874 T o t a l

2 0 1 62 0 1 7

b. Risiko Tingkat Bunga b. Interest Risk

Risiko tingkat bunga yang dihadapi Perusahaan dan entitas anaknya berasal dari utang bank dan utang pembiayaan konsumen.

Kebijakan manajemen dalam mengelola risiko tingkat bunga ini dengan melakukan analisa pergerakan suku bunga dan jika diperlukan melakukan transaksi interest rate swap.

The Company and its subsidiaries interest rate arise from bank loans and consumer financing loans.

Management’s policy to manage this risk by analyzing interest rate’s movements and, if needed, enters into interest rate swaps in specific circumstances.









34. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 34. FINANCIAL RISK MANAGEMENT (Continued)

c. Risiko Likuiditas c. Liquidity Risk

Manajemen telah membentuk kerangka kerja manajemen risiko likuiditas untuk pengelolaan dana jangka pendek, menengah dan jangka panjang dan persyaratan manajemen likuiditas. Perusahaan dan entitas anaknya mengelola risiko likuiditas dengan mempertahankan cadangan yang memadai dan dengan terus memantau rencana dan realisasi arus kas dengan cara pencocokkan profil jatuh tempo aset dan liabilitas keuangan.

The management has established an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Tabel di bawah ini merupakan jadwal jatuh tempo liabilitas keuangan Perusahaan dan entitas anaknya berdasarkan pembayaran kontraktual yang tidak didiskontokan pada tanggal 31 Desember 2017 dan 2016:

The table below represents the maturity schedule of the Company and its subsidiaries financial liabilities based on undiscounted contractual payments as of 31 December 2017 and 2016:

Kurang dari Lebih dari

1 tahun/ 1 - 2 tahun/ 3 tahun/ Jumlah/

Less than 1 year 1 - 2 years More than 3 years T o t a l

Utang usaha 31.088.992.728 - - 31.088.992.728 Trade payables

Utang non-usaha 555.393.486.695 - - 555.393.486.695 Non-trade payables

Beban akrual 32.627.045.158 - - 32.627.045.158 Accruals

Uang jaminan penyewa - - 47.958.703.925 47.958.703.925 Tenant's deposit

Utang bank 8.105.020.000 1.232.332.242.182 232.444.415.635 1.472.881.677.817 Bank loans

Utang pembiayaan konsumen 208.048.041 125.838.334 - 333.886.375 Consumer financing loans

Jumlah 627.422.592.622 1.232.458.080.516 280.403.119.560 2.140.283.792.698 T o t a l

2 0 1 7

Kurang dari Lebih dari

1 tahun/ 1 - 2 tahun/ 3 tahun/ Jumlah/

Less than 1 year 1 - 2 years More than 3 years T o t a l

Utang usaha 15.918.518.085 - - 15.918.518.085 Trade payables

Utang non-usaha 19.338.669.657 - - 19.338.669.657 Non-trade payables

Beban akrual 30.122.966.917 - - 30.122.966.917 Accruals

Uang jaminan penyewa - - 35.934.224.365 35.934.224.365 Tenant's deposit

Utang bank 16.558.391.740 20.212.540.000 749.044.052.741 785.814.984.481 Bank loans

Utang pembiayaan konsumen 190.205.420 167.482.253 - 357.687.673 Consumer financing loans

Jumlah 82.128.751.819 20.380.022.253 784.978.277.106 887.487.051.178 T o t a l

2 0 1 6

Estimasi Nilai Wajar Instrumen Keuangan Fair Value of Financial Instruments Estimation

Nilai wajar aset dan liabilitas keuangan diestimasi untuk keperluan pengakuan dan pengukuran atau untuk keperluan pengungkapan.

The fair value of financial assets and liabilities must be estimated for recognition and measurement or for disclosure purpose.

PSAK 68 mensyaratkan pengungkapan atas pengukuran nilai wajar dengan tingkat hirarki nilai wajar sebagai berikut:

PSAK 68 requires disclosures of fair value measurements by level of the following fair value measurement hierarchy:

Pengukuran nilai wajar Tingkat 1 yang diperoleh dari harga kuotasian (tidak disesuaikan) dalam pasar aktif untuk aset dan liabilitas yang identik;

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;










c. Risiko Likuiditas (Lanjutan) c. Liquidity Risk (Continued)

Estimasi Nilai Wajar Instrumen Keuangan (Lanjutan)

Fair Value of Financial Instruments Estimation (Continued)

PSAK 68 mensyaratkan pengungkapan atas pengukuran nilai wajar dengan tingkat hirarki nilai wajar sebagai berikut: (Lanjutan)

PSAK 68 requires disclosures of fair value measurements by level of the following fair value measurement hierarchy: (Continued)

Pengukuran nilai wajar Tingkat 2 yang diperoleh dari input selain dari harga kuotasian yang termasuk dalam Tingkat 1 yang dapat diobservasi untuk aset dan liabilitas, baik secara langsung (misalnya harga) atau secara tidak langsung (misalnya derivasi harga); dan

Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Pengukuran nilai wajar Tingkat 3 yang diperoleh dari teknik penilaian yang memasukkan input untuk aset dan liabilitas yang bukan berdasarkan data pasar yang dapat diobservasi (input yang tidak dapat diobservasi).

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Nilai wajar aset dan liabilitas keuangan jangka pendek mendekati nilai tercatatnya, karena dampak dari diskonto tidak signifikan, adalah sebagai berikut:

The fair value of financial assets and liabilities approximates their carrying amount, as the impact of discounting is not significant, are as follows:

2 0 1 7 2 0 1 6

A S E T A S S E T S

Kas dan setara kas 440.225.565.192 247.903.815.289 Cash and cash equivalents

Aset keuangan lancar lainnya 3.762.328.832 4.229.728.832 Other current financial assets

Piutang usaha - Pihak ketiga 35.635.677.080 22.946.479.940 Trade receivable - Third parties

Piutang non-usaha 19.055.289.177 26.417.937.123 Non-trade receivables

Aset tidak lancar lainnya 21.077.785.245 366.537.690 Other non-current assets

Jumlah 519.756.645.526 301.864.498.874 T o t a l

LIABILITAS LIABILITIES

Liabilitas yang dicatat sebesar nilai

wajar atau biaya perolehan yang Liabilities carried at fair value or

diamortisasi amortised cost

Utang usaha - Pihak ketiga 15.623.738.567 14.562.796.234 Trade payables - Third parties

Utang non-usaha - Pihak Ketiga 555.393.486.695 19.309.716.746 Non-trade payables - Third parties

Utang pembiayaan konsumen 333.886.375 357.687.673 Consumer financing loans

Uang jaminan penyewa 47.958.703.925 35.934.224.365 Tenant's deposit

Beban akrual 32.627.045.158 30.122.966.917 Accruals

Utang bank 1.472.881.677.817 785.814.984.481 Bank loans

Jumlah 2.124.818.538.537 886.102.376.416 T o t a l










d. Risiko Permodalan d. Capital Risk

Dalam mengelola permodalannya, Perusahaan dan entitas anaknya senantiasa mempertahankan kelangsungan usaha serta memaksimalkan manfaat bagi pemegang saham dan pemangku kepentingan lainnya.

In managing capital, the Company and its subsidiaries safeguards its ability to continue as a going concern and to maximize benefits to the shareholders and other stakeholders.

Perusahaan dan entitas anaknya secara aktif dan rutin menelaah dan mengelola permodalannya untuk memastikan struktur modal dan pengembalian yang optimal bagi pemegang saham, dengan mempertimbangkan efisiensi penggunaan modal berdasarkan arus kas operasi dan belanja modal, serta mempertimbangkan kebutuhan modal di masa yang akan datang.

The Company and its subsidiaries actively and regularly reviews and manages its capital to ensure the optimal capital structure and return to the shareholders, taking into the consideration the efficiency of capital use based on operating cash flows and capital expenditures and also consideration of future capital needs.

Gearing ratio pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut:

The gearing ratio as of 31 December 2017 and 2016 are as follows:

2 0 1 7 2 0 1 6

Pinjaman 1.473.215.564.192 786.172.672.154 Debts

Kas dan setara kas dan aset Cash and cash equivalents and other

keuangan lancar lainnya 443.987.894.024)( 252.133.544.121)( current financial assets

Pinjaman - bersih 1.029.227.670.168 534.039.128.033 Net debt

Ekuitas 4.234.934.266.288 4.088.946.249.808 Equity

Rasio pinjaman - bersih

terhadap modal 0,24 0,13 Net debt to equity

35. PERJANJIAN PENTING DAN KONTINJENSI 35. SIGNIFICANT AGREEMENTS AND CONTINGENCY

a. Perjanjian Lisensi Merek Dagang dan Usaha a. Tradename and Trademark License Agreement

Pada tanggal 1 Oktober 2002, Perusahaan menandatangani perjanjian lisensi merek dagang dan merek usaha dengan Harris International Hotels Corportation (HIHC), British Virgin Island, untuk penggunaan merek dagang dan logo HARRIS pada pengoperasian hotel yang berlokasi di Tuban, Bali, untuk periode 15 (lima belas) tahun yang berakhir pada tanggal 31 Desember 2017 yang dapat diperpanjang sesuai kesepakatan kedua pihak. Perusahaan berkewajiban membayar royalti secara bulanan kepada HIHC. Sampai dengan tanggal laporan auditor independen, perjanjian tersebut masih dalam proses perpanjangan.

On 1 October 2002, the Company entered into Tradename and Trademark License Agreement with Harris International Hotels Corporation (HIHC), British Virgin Island, wherein HIHC agreed to grant a license to the Company to used the licensed marks of HARRIS on the operations of hotel located in Tuban, Bali, for the period 15 (fifteen) years and will be terminated on 31 December 2017 which shall be extended upon agreed by both parties. The Company has agreed to pay royalty fee in monthly to HIHC. As of the date of independent auditor’s report, the extension of the agreement is still in process.

Pada tanggal 28 April 2004, IPI, entitas anak, menandatangani perjanjian lisensi merek dagang dan merek usaha dengan HIHC, British Virgin Island, untuk penggunaan merek dagang dan logo HARRIS pada pengoperasian hotel yang berlokasi di Kuta, Bali, untuk periode 5 (lima) tahun dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. IPI berkewajiban membayar royalti kepada HIHC.

On 28 April 2004, IPI, a subsidiary, entered into Tradename and Trademark License Agreement with HIHC, British Virgin Island, wherein HIHC agreed to grant a license to used the licensed marks of HARRIS on the operations of hotel located in Kuta, Bali, for the period 5 (five) years and shall be extended for next 5 (five) years upon agreed by the parties. IPI has agreed to pay monthly royalty fee in monthly.









35. PERJANJIAN PENTING DAN KONTINJENSI (Lanjutan) 35. SIGNIFICANT AGREEMENTS AND CONTINGENCY (Continued)

a. Perjanjian Lisensi Merek Dagang dan Usaha

(Lanjutan) a. Tradename and Trademark License Agreement

(Continued)

Pada tahun 2014, IPI telah melakukan perpanjangan atas perjanjian ini untuk 5 (lima) tahun yang akan berakhir pada 31 Desember 2019.

In 2014, IPI has extended this agreement for another 5 (five) years and will be due on 31 December 2019.

Pada tahun 2012, RIN, entitas anak, menandatangani perjanjian lisensi merek dagang dan merek usaha dengan HIHC, British Virgin Island, untuk penggunaan merek dagang dan logo HARRIS pada hotel yang berlokasi di Batam Center, Batam – Kepulauan Riau, untuk periode 15 (lima belas) tahun dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. RIN berkewajiban membayar royalti secara bulanan.

In 2012, RIN, a subsidiary, entered into Tradename and Trademark License Agreement with HIHC, British Virgin Island, wherein HIHC agreed to grant a license to used the licensed marks of HARRIS on the operations of hotel located in Batam Center, Batam – Riau Islands, for the period 15 (fifteen) years and shall be extended for next 5 (five) years upon agreed by both parties. RIN has agreed to pay royalty fees in monthly.

Pada tanggal 20 Mei 2010, PS, entitas anak dari ABL, entitas anak, menandatangani perjanjian lisensi merek dagang dan merek usaha dengan HIHC, British Virgin Island, untuk penggunaan merek dagang dan logo HARRIS pada pengoperasian hotel yang berlokasi di Sudirman, Jakarta, untuk periode 33 (tiga puluh tiga) tahun dan berakhir pada tanggal 11 Juni 2043 dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. PS berkewajiban membayar royalti secara bulanan kepada HIHC.

On 20 May 2010, PS, an indirect subsidiary through ABL, entered into Tradename and Trademark License Agreement with HIHC, British Virgin Island, wherein HIHC agreed to grant a license to used the licensed marks of HARRIS on the operations of hotel located in Sudirman, Jakarta, for the period 33 (thirty three) years and will be end at 11 June 2043 and shall be extended for next 5 (five) years upon agreed by the parties. PS has agreed to pay monthly royalty fees in monthly to HIHC.

Pada tanggal 1 Mei 2007, AN, entitas anak, melakukan perjanjian merek dagang dan lisensi (Tradename and Trademark License Agreement) dengan HIHC, British Virgin Island, untuk penggunaan merek dagang dan logo HARRIS pada pengoperasian hotel di Batam yang berakhir tanggal 31 Mei 2017 dan dapat diperpanjang untuk tiap periode 5 (lima) tahun. AN berkewajiban membayar royalti secara bulanan. Sampai dengan tanggal laporan auditor independen, perjanjian tersebut masih dalam proses perpanjangan.

On 1 May 2007, AN, a subsidiary, entered into Tradename and Trademark License Agreement with HIHC, British Virgin Island, wherein HIHC agreed to grant a license to the Company to used the Licensed marks of HARRIS on the operations of hotel located in Waterfront Batam, will expire on 31 May 2017 and will be extended for next 5 (five) years. AN has agreed to pay monthly royalty fees. As of the date of independent auditor’s report, the extension of the agreement is still in process.

Pada tahun 2011, KPU, entitas anak KCU, menandatangani perjanjian lisensi merek dagang dan merek usaha dengan HIHC, British Virgin Island, untuk penggunaan merek dagang dan logo POP! Pada hotel yang berlokasi di Yogyakarta, untuk periode 15 (lima belas) tahun dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. KPU berkewajiban membayar royalti secara bulanan.

In 2011, KPU, a subsidiary of KCU, entered into Tradename and Trademark License Agreement with HIHC, British Virgin Island, where in HIHC agreed to grant a license to used the licensed marks of POP! On the operations of hotel located in Yogyakarta, for the period 15 (fifteen) years and shall be extended for the next 5 (five) years upon agreed by the parties. KPU has agreed to pay monthly royalty fees.









35. PERJANJIAN PENTING DAN KONTINJENSI (Lanjutan) 35. SIGNIFICANT AGREEMENTS AND CONTINGENCY

(Continued)

a. Perjanjian Lisensi Merek Dagang dan Usaha (Lanjutan)

a. Tradename and Trademark License Agreement (Continued)

Pada tanggal 31 Maret 2015, SBK, entitas anak KCU, menandatangani perjanjian lisensi merek dagang dan merek usaha dengan Green Oak Investment Ltd., British Virgin Island, sebagaimana telah diamandemen pada tanggal 20 Oktober 2016, untuk penggunaan merek dagang dan logo Preference pada hotel yang berlokasi di Sanur, Bali, yang berlaku sampai dengan 31 Desember pada tahun ke 15 (lima belas) tahun sejak tanggal pembukaan dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. SBK berkewajiban membayar royalti secara bulanan.

On 31 March 2015, SBK, a subsidiary of KCU, entered into Tradename and Trademark License Agreement with Green Oak Investment Ltd, British Virgin Island, whereas has been amended on 20 October 2016, where in GOI agreed to grant a license to used the licensed marks of Preference on the operations of hotel located in Sanur, Bali, until 31 December at the 15th (fifteen) anniversary of opening dated and shall be extended for the next 5 (five) years upon agreed by the parties. SBK has agreed to pay monthly royalty fees.

b. Perjanjian Konsultan Manajemen b. Management Consulting Agreement

Pada tanggal 1 Oktober 2002, Perusahaan menandatangani perjanjian manajemen dengan PT Tauzia International Management (Tauzia), dimana Tauzia setuju untuk memberikan jasa konsultasi manajemen dan teknis untuk pengoperasian HARRIS Hotel Tuban-Bali, untuk periode 15 (lima belas) tahun yang berakhir pada tanggal 31 Desember 2017 yang dapat diperpanjang sesuai kesepakatan kedua pihak. Perusahaan berkewajiban membayar jasa manajemen secara bulanan kepada Tauzia. Sampai dengan tanggal laporan auditor independen, perjanjian tersebut masih dalam proses perpanjangan.

On 1 October 2002, the Company entered into management agreement with PT Tauzia International Management (Tauzia), wherein Tauzia agreed to provide technical and management consultancy services on the operations of HARRIS Hotel Tuban, Bali, for the period 15 (fifteen) years and will be expired on 31 December 2017 which shall be extended upon agreed by the parties. The Company has agreed to pay monthly management fee. As of the date of independent auditor’s report, the extension of the agreement is still in process.

Pada tanggal 28 April 2004, IPI, entitas anak, menandatangani perjanjian manajemen dengan Tauzia, dimana Tauzia setuju untuk memberikan jasa konsultasi manajemen dan teknis untuk pengoperasian hotel HARRIS Resort Kuta-Bali, untuk periode 5 (lima) tahun yang dapat diperpanjang untuk 5 (lima) tahun berikutnya sesuai kesepakatan kedua pihak. IPI berkewajiban membayar jasa manajemen secara bulanan kepada Tauzia. Pada tahun 2014, IPI telah melakukan perpanjangan atas perjanjian ini untuk 5 (lima) tahun yang akan berakhir pada 31 Desember 2019.

On 28 April 2004, IPI, a subsidiary, entered into management agreement with Tauzia, wherein Tauzia agreed to provide technical and management consultancy services on the operations of hotel HARRIS Resort Kuta-Bali, for the period 5 (five) years which shall be extended for 5 (five) years upon agreed by the parties. IPI has agreed to pay monthly management fee. In 2014, IPI has extended this agreement for another 5 (five) years and will be due on 31 December 2019.

Pada 23 Desember 2009, IPI, entitas anak, menandatangani perjanjian hotel operating services agreement dengan Sheraton untuk mengawasi, mengarahkan dan mengontrol operasi hotel Sheraton-Kuta Bali selama 20 (dua puluh) tahun. IPI berkewajiban membayar Operating Services Fee setiap bulan berdasarkan Gross Operating Profit (GOP).

On 23 December 2009, IPI, a subsidiary, entered into an operating services agreement with Sheraton, to supervise, direct, and control the operations of the hotel Sheraton-Kuta Bali for 20 (twenty) years. IPI has agreed to pay monthly Operating Services Fee based on the Gross Operating Profit (GOP).










(Continued)

b. Perjanjian Konsultan Manajemen (Lanjutan) b. Management Consulting Agreement (Continued)

Pada tahun 2010, PS, entitas anak ABL, entitas anak, menandatangani perjanjian manajemen dengan Tauzia, dimana Tauzia setuju untuk memberikan jasa konsultasi manajemen dan teknis untuk pengoperasian hotel HARRIS fX, untuk periode 33 (tiga puluh tiga) tahun yang akan berakhir pada 11 Juni 2043. PS berkewajiban membayar jasa manajemen secara bulanan.

In 2010, PS, a subsidiary of ABL, a subsidiary, entered into management agreement with Tauzia, wherein Tauzia agreed to provide technical and management consultancy services on the operations of hotel HARRIS fX for the period 33 (thirty three) years that ended on 11 June 2043. PS has agreed to pay monthly management fee.

Pada tahun 3 April 2008, RIN, entitas anak, menandatangani perjanjian manajemen dengan Tauzia, dimana Tauzia setuju untuk memberikan jasa konsultasi manajemen dan teknis untuk pengoperasian hotel HARRIS Batam Center, untuk periode 15 (lima belas) tahun yang dapat diperpanjang untuk 5 (lima) tahun berikutnya sesuai kesepakatan kedua pihak. RIN berkewajiban membayar jasa manajemen secara bulanan kepada Tauzia.

On 3 April 2008, RIN, a subsidiary, entered into management agreement with Tauzia, wherein Tauzia agreed to provide technical and management consultancy services on the operations of hotel HARRIS Batam Center, for the period 15 (fifteen) years which shall be extended for 5 (five) years upon agreed by both parties. RIN has agreed to pay monthly management fee to Tauzia.

Pada tanggal 3 Februari 2011, KPU, entitas anak KCU, menandatangani perjanjian manajemen dengan Tauzia, dimana Tauzia setuju untuk memberikan jasa konsultasi manajemen dan teknis untuk pengoperasian hotel POP! Hotel Sangaji Yogyakarta, untuk periode 15 (lima belas) tahun yang dapat diperpanjang untuk 5 (lima) tahun berikutnya sesuai kesepakatan kedua pihak. KPU berkewajiban membayar royalti secara bulanan kepada Tauzia sesuai tertera dalam perjanjian.

On 3 February 2011, KPU, indirect subsidiary KCU, a subsidiary, entered into management agreement with Tauzia, wherein Tauzia agreed to provide technical and management consultancy services on the operations of POP! Hotel Sangaji Yogyakarta, for the period 15 (fifteen) years and shall be extended for next 5 (five) years upon agreed by both parties. KPU has agreed to pay management fee as stated in agreement.

Pada tahun 2007, AN menandatangani perjanjian konsultan manajemen (Hotel Management Consulting Agreeement) dan konsultan dengan Tauzia untuk pemberian jasa konsultan pengoperasian HARRIS Resort Waterfront Batam, yang berakhir pada tanggal 31 Mei 2017 dan dapat diperpanjang untuk tiap periode 5 (lima) tahun. Atas jasa manajemen tersebut, Perusahaan membayar biaya konsultan berupa jasa manajemen. Sampai dengan tanggal laporan auditor independen, perjanjian tersebut masih dalam proses perpanjangan.

On 2007, AN entered into a management consultant dan operating technical service agreement with Tauzia, to supervise on management and technical for the operation of HARRIS Resort Waterfront Batam, will expired on 31 May 2017 and will be extended for the next 5 (five) years. The Company has agreed to pay monthly management fee. As of the date of independent auditor’s report, the extension of the agreement is still in process.

Berdasarkan perjanjian tanggal 30 Oktober 2013 antara PKS, entitas anak KCU, dan PT Pop Properti Indonesia (PPI), pihak berelasi, PKS telah menunjuk PPI sebagai pengelola pusat perbelanjaan, dimana PKS memberikan wewenang kepada PPI untuk melakukan pengelolaan pusat perbelanjaan. Perjanjian ini berjangka waktu 5 (lima) tahun berlaku efektif saat pusat perbelanjaan sudah beroperasi dan dapat diperpanjang untuk 3 (tiga) tahun berikutnya.

Based on agreement dated 30 October 2013 between PKS, subsidiary of KCU, and PT Pop Properti Indonesia (PPI), related party, PKS appointed PPI for the management of shopping center, wherein PKS gives PPI the authority to manage the shopping centre. This agreement is valid for 5 (five) years from the date of the shopping centre operates and can be extended for the next 3 (three) years.










(Continued)

b. Perjanjian Konsultan Manajemen (Lanjutan) b. Management Consulting Agreement (Continued)

Berdasarkan perjanjian tanggal 30 Januari 2014 antara IPI, entitas anak, dan PPI, pihak berelasi, IPI telah menunjuk PPI sebagai pengelola pusat perbelanjaan, dimana IPI memberikan wewenang kepada PPI untuk melakukan pengelolaan pusat perbelanjaan Beachwalk. Perjanjian ini berjangka waktu 3 (tiga) tahun berlaku efektif terhitung sejak tanggal 1 Februari 2014 dan akan berakhir sampai dengan tanggal 31 Januari 2017, dan dapat diperpanjang dengan kesepakatan tertulis Para Pihak. Pada tanggal 1 Februari 2017, perjanjian ini diperpanjang untuk 10 tahun sampai dengan 31 Januari 2027.

Based on agreement dated 30 January 2014 between IPI, a subsidiary, and PPI, related party, IPI appointed PPI for the management of shopping center, wherein IPI gives PPI the authority to manage the shopping centre Beachwalk. This agreement is valid for 3 (three) years from 1 February 2014 and will be end until 31 January 2017, and can be extended with a written agreement of the parties. On 1 February 2017, the agreement has been extended for the next 10 years up to 31 January 2027.

Berdasarkan perjanjian tanggal 30 Oktober 2013 antara MPN, entitas anak, dan PPI, pihak berelasi, MPN telah menunjuk PPI sebagai Konsultan, dimana MPN memberikan wewenang kepada PPI untuk melakukan review atas design rencana secara keseluruhan dan design layout area sewa untuk pusat perbelanjaan, serta melakukan pengelolaan pusat perbelanjaan. Perjanjian ini berjangka waktu 2 (dua) tahun berlaku efektif terhitung sejak pusat perbelanjaan beroperasi dan dapat diperpanjang untuk 3 (tiga) tahun berikutnya.

Based on agreement dated 30 October 2013 between MPN, a subsidiary, and PPI, related party, MPN appointed PPI as Consultant, wherein MPN gives PPI the authority to review the whole design plan and rent area layout design for shopping centre, and manage the shopping centre. This agreement is valid for 2 (two) years from the date of the shopping centre operates and can be extended for the next 3 (three) years.

Pada tanggal 31 Maret 2015, SBK menandatangani perjanjian konsultan manajemen dan teknis operasi dengan Tauzia untuk pemberian jasa pengoperasian Hotel Maison Aurelia, Sanur, Bali, yang telah diamandemen pada tanggal 20 Oktober 2016, yang berlaku sampai dengan 31 Desember pada tahun ke 15 (lima belas) tahun sejak tanggal pembukaan dan dapat diperpanjang untuk 5 (lima) tahun selanjutnya sesuai kesepakatan kedua pihak. Atas jasa tersebut, SBK membayar biaya jasa manajemen.

On 31 March 2015, SBK entered into a management consultant and operating technical service agreement with Tauzia, to supervise on management and technical for the operation of Hotel Maison Aurelia, Sanur, Bali, whereas has been amended on 20 October 2016, until 31 December at the 15th (fifteen) anniversary of opening dated and shall be extended for the next 5 (five) years upon agreed by the parties. SBK has agreed to pay management fee.

c. Perjanjian Sewa Jangka Panjang c. Long-term Lease Agreement

Pada tanggal 16 Februari 2010, ABL, entitas anak, menandatangani perjanjian Pemindahan Hak Untuk Menghuni (Perjanjian Sewa) dengan PT Aneka Bina Lestari atas hak untuk menghuni 14 (empat belas) unit apartemen fX Residence yang berlokasi di Jalan Pintu Satu Senayan, Jakarta, untuk periode 33 (tiga puluh tiga) tahun yang akan berakhir pada tanggal 11 Juni 2043. Atas perjanjian ini, ABL harus memenuhi ketentuan yang tercantum dalam perjanjian.

On 16 February 2010, ABL, a subsidiary, entered into rental agreement with PT Aneka Bina Lestari of residential rights of 14 (fourteen) units of fX Residence apartment located in Jalan Pintu Satu Senayan, Jakarta, for the period of 33 (thirty three) years and will be terminated on 11 June 2043. ABL has to comply with the requirements listed in the agreement.









35. PERJANJIAN PENTING DAN KONTINJENSI (Lanjutan) 35. SIGNIFICANT AGREEMENTS AND CONTINGENCY (Continued)

c. Perjanjian Sewa Jangka Panjang (Lanjutan) c. Long-term Lease Agreement (Continued)

Pada tanggal 9 September 2008, KPU, entitas anak KCU, mengadakan perjanjian kerjasama dengan Induk Koperasi TNI Angkatan Udara (Inkopau-Pukadara) untuk pemanfaatan aset tanah TNI AU seluas 3.094 m2 yang terletak di Jalan AM Sangaji No. 10, Yogyakarta yang ditujukan untuk pembangunan hotel. Perjanjian ini berlaku untuk periode 30 (tiga puluh) tahun yang berakhir 9 September 2038. Nilai hak pemanfaatan tanah tersebut adalah sebesar Rp 816.816.000 yang dibayarkan di muka.

On 9 September 2008, KPU, indirect subsidiary through KCU, entered into joint operation agreement with Induk Koperasi TNI Angkatan Udara (Inkopau-Pukadara) regarding the use rights of land owned by TNI Airforce measures 3,094 sqm located in Jalan AM Sangaji No. 10, Yogyakarta. This agreement will be terminated after 30 (thirty) years on 9 September 2038. Value of the land use rights paid in advance amounting to Rp 816,816,000.

Pada tanggal 30 November 2011, SBK, entitas anak KCU, mengadakan perjanjian kerjasama dengan I Made Adi Astawa untuk pemanfaatan aset tanah seluas 2.443 m2 yang terletak di Kelurahan Sanur, Bali yang ditujukan untuk pembangunan hotel. Perjanjian ini berlaku untuk periode 30 (tiga puluh) tahun yang berakhir pada 31 Agustus 2041.

On 30 November 2011, SBK, indirect subsidiary through KCU, entered into joint operation agreement with I Made Adi Astawa regarding the use rights of land measures 2,443 sqm located in Kelurahan Sanur, Bali, which is intended for hotel development. This agreement will be expired after 30 (thirty) years on 31 August 2041.

MPN, entitas anak, melakukan perjanjian Pemanfaatan/Penggunaan Bangunan dan/atau tanah seluas 8.000 m2 dan 22.000 m2 dengan PT Kereta Api (Persero) dan PT Citra Buana Prasida sejak tahun 2006 dan 2010, dengan jangka waktu perjanjian yang masing-masing akan berakhir antara 2038 dan 2040. MPN telah memperoleh Sertifikat Hak Guna Bangunan sejak tahun 2010 atas hak penggunaan tersebut.

MPN, a subsidiary, entered into Utilization/Use Property Rights on Building and/or land measured 8,000 sqm and 22,000 sqm with PT Kereta Api (Persero) and PT Citra Buana Prasida since year 2006 and 2010, for the period will expire on 2038 and 2040, respectively. MPN has obtained Property Use Rights (SGHB) since 2010 on above Utilization/Use Rights.

Pada tanggal 22 Juni 2015, MPN, entitas anak, mengadakan perjanjian kerjasama bangun, operasi dan penyerahan kembali dengan Yayasan Bina Nusantara (Binus) untuk pembangunan bangunan di atas bagian dari pusat perbelanjaan di Bandung dengan luas 10.000 m2 untuk peruntukan kegiatan pendidikan dengan pemberian hak pengoperasian Bangunan sampai tanggal 30 Juni 2027 dengan hak untuk menyewa setelah periode tersebut.

On 22 June 2015, MPN, a subsidiary, entered into build operate transfer agreement (BOT) with Yayasan Bina Nusantara (Binus) to construct building as part of shopping centre at Bandung measures 10,000 sqm for education activities with rights to operate the building until 30 June 2027 and rights to lease after that period.

Pada tanggal 31 Juli 2017, MPN, entitas anak, mengadakan perjanjian kerjasama bangun, operasi dan penyerahan kembali dengan PT Prakasita Agung Mandiri (Prakasita) untuk pembangunan “Yello” hotel di lantai 4 sampai dengan lantai 9 Mall 23Paskal, yang berlokasi di Bandung. Perjanjian ini akan berakhir pada tanggal 31 Juli 2027, dimana sampai dengan tanggal tersebut Prakasita mempunyai hak pengoperasian dan pada tanggal tersebut berkewajiban untuk melakukan penyerahan kembali bangunan tersebut kepada Perusahaan. Selama jangka waktu perjanjian, Prakasita akan membayar pembagian keuntungan dari laba usaha kotor, yang akan dibayarkan saat hotel mulai beroperasi secara komersil.

On 31 July 2017, MPN, a subsidiary, signed a build operate transfer (BOT) agreement with PT Prakasita Agung Mandiri (Prakasita) to construct "Yello" Hotel in the 4th floor until 9th floor of "23 Paskal" Mall building, located in Bandung. This agreement will be expire on 31 July 2027, which Prakasita will have rights to operates the building until the expiration date and obliged to transfer it back to MPN on expiration date. During the period of agreement, Prakasita will pay profit sharing that will calculated from gross operating profit, which will be paid when the hotel commercially operated.









36. ASET DAN LIABILITAS DALAM MATA UANG ASING 36. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Mata uang Ekuivalen Mata uang Ekuivalen

asing/ Rupiah/ asing/ Rupiah/

Foreign Equivalent Foreign Equivalent

currencies in Rupiah currencies in Rupiah

A s e t Asset

Kas dan setara kas Cash and cash equivalent

U S D 7.668.547,83 103.893.486.005 2.133.605,78 28.667.127.302 U S D

S G D 40.005,67 405.398.252 97.488,84 906.540.473 S G D

M Y R - - 2,90 8.689 M Y R

Jumlah Aset 104.298.884.257 29.573.676.464 Total Assets

Liabilitas Liability

Utang bank Bank loan

U S D 65.100.000,00 881.974.800.000 22.000.000,00 295.592.000.000 U S D

Liabilitas Bersih 777.675.915.743)( 266.018.323.536)( Net Liability

2 0 1 62 0 1 7

Apabila nilai tukar pada tanggal 12 Maret 2018 (tanggal penyelesaian laporan keuangan) digunakan untuk menyajikan kembali aset dan liabilitas moneter Perusahaan dan entitas anaknya dalam mata uang asing pada tanggal 31 Desember 2017, liabilitas bersih dalam mata uang asing di atas akan naik sebesar Rp 12.621.236.338.

Had the above foreign exchange rates prevailing on 12 March 2018 (the completion date of the financial statements) been used to restate the balances of the Company and its subsidiaries’ foreign currency denominated monetary assets and liabilities as of 31 December 2017, the above foreign currency denominated net liability would have increased by approximately Rp 12,621,236,338.

37. REKLASIFIKASI AKUN 37. RECLASSIFICATION OF ACCOUNTS

Beberapa akun dalam laporan keuangan konsolidasian pada tanggal dan untuk tahun yang berakhir 31 Desember 2016 telah direklasifikasi untuk penyesuaian dengan penyajian akun dalam laporan keuangan konsolidasian pada tanggal dan untuk tahun yang berakhir 31 Desember 2017.

Certain accounts in the consolidated financial statement as of and for the year ended 31 December 2016 have been reclassified to conform with the consolidated financial statement as of and for the year ended 31 December 2017.

31 Desember 2016/ 31 December 2016

Sebelum reklasifikasi/

Before reclassification

Setelah reklasifikasi/

After reclassification

Utang non-usaha – Pihak ketiga 34.809.290.915 19.309.716.746 Non-trade payable – Third parties Pendapatan diterima di muka - 15.499.574.169 Unearned income

Dampak dari reklasifikasi akun tidak signifikan, oleh karena itu, manajemen tidak menyajikan saldo perbandingan pada tanggal 1 Januari 2016.

The impact of the reclassification of accounts is not significant, as such, the management did not present the comparative balances as of 1 January 2016.









38. INFORMASI TAMBAHAN UNTUK ARUS KAS 38. SUPPLEMENTARY INFORMATION FOR CASH FLOWS

2 0 1 7 2 0 1 6

Aktivitas yang tidak Activities not affecting

mempengaruhi arus kas: cash flows:

Peningkatan investasi entitas Increase on investment in

asosiasi melalui utang 540.754.000.000 - associates through payable

Penambahan properti investasi melalui Increase in investment property through

utang bank 105.196.555.941 - incurrence of bank loan

Penambahan aset tetap melalui Increase in property and equipment through

utang pembiayaan konsumen 209.698.531 176.900.000 incurrence of consumer financing loan

Sanggahan dan Batasan Tanggung Jawab · or Public Company, Circular Letter of Financial Services...

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