annual-report-pt-smi-2018.pdf - PT Sarana Multi Infrastruktur ...

Sustaining Innovation

Across the Nationfor Sustainable Development

aNNual rePort 2018

Sustaining Innovation

across the nationfor Sustainable Development

By always innovating, Pt Sarana Multi Infrastruktur (Persero) (“Pt SMI”) continues to improve the implementation of its mandate as a catalyst for infrastructure development in Indonesia. the Company’s presence in various infrastructure sectors, the development of innovative and attractive financing schemes, continuous creation to look for alternative financing structure options, as well as the Company’s performance have made Pt SMI a trusted government institution that contributes significantly to infrastructure development.

the Company’s numerous achievements throughout 2018 are a reflection of are a reflection of Indonesia’s gradual progress in responding to challenges of development in a sustainable way.

the SDG Indonesia one initiative, the Green Bond issuance, and the access to the Green Climate Fund are some examples of the Company’s innovation intended to encourage development activities with more attention to environmental conditions, a development that is not only ‘green’ but also has sustainable impacts on various aspects of life.

through its three business pillars, in the year 2018 the Company’s financing has provided 6.03 times of multiplier effect to the total commitments and 18.14 times of multiplier effects to the paid-up capital. the Company also continues to grow strongly due to the support of innovative, unique and flexible financing products.

With its various achievements, the Company has been able to provide social and economic benefits to the community. Pt SMI is determined to continue working hard to build infrastructure throughout the country for equitable welfare and sustainable support for the communities.

#MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Annual Report 2018

PERFORMANCE HIGHLIGHTS

MANAGEMENT DISCUSSION & ANALYSISCOMPANY PROFILEMANAGEMENT REPORT

2

Achievements in 2018Commercial Financing

New Projects23 Toll Roads

9Electricity6

Transportation7

Telecommunication1

Rp200.9 trillionNew Project Value

Rp465.5 billionTotal Commitment

Electricity Generator3 (First Loss Mechanism for PLTS Ende & Maumere Solar Power Plant)

Sustainability Financing

Rp261.4 trillionTotal Project Value

Mandates13

Advisory

Regional FinancingOffering Letters20

Valued at

Rp1.7 trillionNew Commitments

Sharia Financing

First Financial Institution to:

Commitment value position

Commitment Value Position

Step Up Musyarakah Mutanaqisah (MMQ) for Paspro Toll road

Rp1.3 trillionSharia Hedging valued at

Rp4.8 trillionTotal Project Value

PPPAssignment3 Capacity Building,

Socialization & FGD Activities17

Project Development

Rp4.4 trillion

Rp2.3 trillion

International Awards from a total of7 Awards

in 2018.16

Non-Performing Loan (Net)

0.65%Cost Efficiency Ratio (CER)

18.22%Productivity

Rp 161 4.65%102.77% from RKAP

Return On Equitybillion/employee (outstanding loan value)

Annual Report 2018

CORPORATE SOCIAL RESPONSIBILITY 2018 CONSOLIDATED FINANCIAL STATEmENTSGOOD CORPORATE GOVERNANCE

3PT Sarana Multi Infrastruktur (Persero) Sustaining Innovation for Sustainable Development Across the Nation

Business Growth IncreaseTotal Assets

Rp62.49 trillionAn increase of

from 2017

Outstanding


from 2017

Net Profit


from 2017

Commitment


from 201712.83%

37%

47.85%

21.32%

The Company’s excellent performance has provided a strong foundation for the Company to grow sustainably in the future.

Sustainable GrowthFinancing Distribution Growth

37%

Asset Growth

12.83%GCG Score

96.12KPI Score

102.53

Financing Commitment Growth

47.85%

Equity Growth

3.66%

Net Profit Growth

21.32%

Total Outstanding Increase

Rp12.6 trillion


Annual Report 2018



4

Innovation 2018

A financing facility where PT SMI is committed to take over the remaining financing value from a project previously funded by other creditors.

A sharia financing scheme based on profit sharing and uses tiered pricing which matches with the client’s cash flow capacity.

To mitigate the risk of market fluctuations to the Sharia business activities, PT SMI utilizes Sharia hedging facilities from Maybank Indonesia. This is the first Sharia hedging facilities in Indonesia.

After being accredited by the Green Climate Fund (GCF) in the previous year, the Company then obtained approval to access PPF funds from the GCF for preparing sustainable transportation in the city of Semarang.

Issues the first Green Bond which is part of the part of the Green Bond Sustainable Public Offering (PUB) worth Rp3 trillion with an emission value of Rp500 billion in Phase I 2018.

Sharia financing that is used to finance leasing agreement for the benefits of an item (‘ain) and / or services (‘amal) which at the time of the contract, only the characteristics and specifications (quantity and quality) are stated.

Various innovations have been carried out by PT SMI, from creating a financing structure to close the gap, to financing activities to access new funding sources, as well as establishing a blended finance platform & knowledge management system.

Syariah

Take Out Financing Facilities

Launched the Step Up MMQ Musyaraqah Mutanaqisah

Sharia Hedging Facility

Obtaining the GCF Project Preparation Facility

First Corporate Green Bond Issuance

Ijarah al Maushufah fi al-Zimmah (IMFZ)

#MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero) 4

Annual Report 2018



SDG Indonesia One (SIO) is an integrated platform that includes 4 (four) types of facilities: Development Facilities, De-Risking Facilities, Financing Facilities, and Investment Facilities. The platform aims to raise funding from investors, donors and philanthropies to be channeled to projects in Indonesia that support the achievement of Sustainable Development Goals (SDGs).

After being introduced in March 2018, the Indonesia Infrastructure Library or Infralib Application continued to be developed by PT SMI. Development is intended to provide a knowledge reference and to provide collaboration area for stakeholders consisting of academics, infrastructure practitioners / developers who form groups in preparing outputs with significant benefits, either in the form of studies, research results, lessons learned, policy briefs or policy memo.

PT SARANA MULTI INFRASTRUKTUR (PERSERO)

The development process began in quarter IV-2018, with 3 (three) stages of the development process: 1) Development of knowledge platforms, 2) Development of collaboration platforms, and 3) Development of data platforms. The first and second platforms are targeted for completion in quarter II-2019 and the data platform is targeted to be completed in quarter IV-2019.


Mandate asthe Catalyst

01

02

0304

05

06

Infrastructureacceleration

enabler

Optimization of fundraising

Support SDGs andClimate Change

Optimization of Strategic Partnership.

Municipal Financing accelerates regional

infrastructure development.

Innovative FinancingProducts

Fulfill the enabler role through Project Preparation and Advisory Services.

Leveraging from bilateral, multilateral, the capital market, and banking (conventional and sharia).

SDG Indonesia One as an integrated platform that supports sustainable development.

Partnership with various bilateral

/ multilateral institutions.

Accelerate regional

infrastructure development.

Diverse and Flexiblefinancing products to

close the gap


Implementation of PT SMI’s mandate as a catalyst to accelerate National Infrastructure Development

Multiplier Effect

Multiplier effect to total financing commitment;

6.03 times

Multiplier effect to paid-up capital;

18.14 times

Total Project Costrp553.6 triliun* total project cost from Financing and Investment Business Pillar

rp51.6 triliun* total project cost from Project Development Business Pillar

rp546.6 triliun* total project cost from advisory Services Business Pillar


*) there are projects which overlaps between business pillars with a total project cost

rp28.5 trillion


Annual Report 2018



8

PT SMI at a glancePT SMI is an infrastructure financing company whose 100% shares are owned by the Government through the Ministry of Finance.

the Government of the republic of Indonesia

100%

Minister of Finance Regulation No.100/PMK.010/2009 as an Infrastructure Financing Company (containing business scope and infrastructure financing sector)

Regulation Acting as a catalyst in the acceleration of national infrastructure development

Vision

1. Become a strategic partner that provides added value in infrastructure development in Indonesia

2. Creating flexible financing products

3. Providing quality services with good governance

Mission

100% owned by the Government of the Republic of Indonesia

Ownership

• PP No. 66/2007 jo PP No. 75/2008 as an Infrastructure Financing Company

• KMK No. 396 / KMK.01 / 2009 as an Infrastructure Financing Company (Non-Bank Financial Industry (IKNB)

Legality


Annual Report 2018



PT SMI Business Pillars


SOURcE OF FUNdINGFINANcING & INvESTMENT

AdvISORy SERvIcES

PROjEcT dEvELOPMENT

PILLAR#1 PILLAR#2 PILLAR#3

capital Injection from Government Infrastructure

FinancingPPP Project

development

Fund Management for Geothermal

Infrastructredevelopment

Renewable EnergyProject development & Energy Efficiency

Project development for Municipal

Financing

capacity Building andTechnical Assistance

Financial Advisory

Investment Advisory

Financing Arranger

Investment Advisory

& Financial Advisory (Sharia)

cash deficiency Support (cdS)

Sharia Financing

� Investment Financing � takeout Financing � Promoter Financing � Working Capital Financing � Bridge loan � Subordinated/Junior loan � Mezzanine � equity Investment � regional/Municipal Financing arranger & underwriter Service

� IMBt/lease with option for own

� Murabahah/Installment sale with Deferred Payment

� MMQ/Dimishing Partnership

� Musyarakah/Joint Partnership

� IMFZ*/Indent lease with option to own

� MMoB*

capital Market (Bonds, Notes, Securitization, Green Bond)

Sharia capital Market (Sukuk, Sharia Hedging)

BPjS/Sharia Insurance

Hajj & Syirkah Funds

Sovereign Wealth Fund

Loans and Grants

SEcTORAL FOcUS

Social Infrastructure

Electricity Transportation

Road & BridgeWater Supply

Rolling StockTelecommunication Oil & Gas

Waste Water & Waste ManagementIrrigationEnergy

Efficiency

Tourism Infrastructure

Education InfrastructureHospital

Regional Infrastructure

correctional Infrastructure

Market

cO

Nv

ENTI

ON

AL

SHA

RIA



Annual Report 2018



10

FirstBusines Pillar

Equity Investment

Rp600 billionInvestment

Rp62.5 billionInvestment

Rp2.4 trillionInvestment

Rp640.5 billion2018 Equity Value

Rp77.3 billion2018 Fair Value

Rp2.8 trillion2018 Fair Value

PT Indonesia Infrastruktur Finance PT Jasa Marga Pandaan Malang PT Waskita Toll Road


Annual Report 2018



Financing and Investment

Total Financing & Investments

infrastructure financing commitment

Rp77.19 trillion

The Company’s financing and investment activities are carried out through Commercial Financing, Municipal Financing, Sharia Financing, Sustainable Financing and Equity Investment.

Financing Sector DistributionPT PLN (ex PIP) Oil and GasToll Roads TransportationElectricity Jalan

Social Infrastructure Water SupplyRolling StockTelecommunication Irrigation Renewable

Energy

with a total outstanding of

Rp46.71 trillion

As of 2018, total commitment of infrastructure financing by PT SMI amounted to Rp77.19 trillion

Most commitments are in the form of investment credit which amounted to

Rp66.5 trillion

The Company also undertakes equity investment in companies engaged in the infrastructure sector: PT Indonesia Infrastructure Finance (IIF), PT Jasa Marga Pandaan Malang and PT Waskita Toll Road.


Total Nilai Proyek BaruRp205.38 trillion

*) New financing or other facilities effective in 2018


Annual Report 2018



12

Through the Advisory Services business pillar, the Company plays its role as an enabler for accelerating infrastructure development in Indonesia. The company is involved both in national strategic projects (PSN) and Non PSN.

In 2018, PT SMI received mandates for 13 advisory projects with a total project value of Rp261.4 trillion. The thirteen mandates consisted of 4 Investment Advisory projects, 5 Financial Advisory projects, and 4 Financing Arranger projects.

In addition, there were a total of 6 mandates that support the National Strategic Project (PSN), namely the Trans Sumatra Phase II Toll Road Project, the Multifunctional Government Satellite Project (SMF) and the Mandalika Special Economic Zone Development Project.

SecondBusiness Pillar

Advisory ServicesThe Company’s role and performance in providing advisory services on infrastructure projects.


Annual Report 2018



Total Project Value supported through Advisory Services in 2018 is

Rp261.4 trillion from 13 mandated Advisory projects, 6 of which are National Strategic Projects (PSN).



Annual Report 2018



14

ThirdBusiness Pillar


Annual Report 2018



Project DevelopmentPT SMI provides support in PPP project preparation through the Project

Development Facility (PDF) and continues to support the Government for

other projects structured as municipal financing as well as other models.

Project PDF Drinking water includes, West Semarang SPAM and Pekanbaru SPAM with a total project value of

Rp5.0 trillion

Project Transportation value amounted to:

for LRT and BRT in City of Medan and Hang Nadim Airport.

Rp20.9 trillion

Rp7.75 trillion

Telecommunications projects include the

construction of the Western Palapa Ring Package,

the Central Palapa Ring Package and the East Palapa

Ring Package with a project value ofRp1.58 trilliuon

PDF Hospital the value is equal to

Rp36.6 trillion

The total project value in the Project Development Pillar for 2018 amounted to:

Throughout 2018, through the Project Development business pillar, PT SMI prepared PPP projects through project preparation facilities (PDF) in the Water, Telecommunications, Transportation and Hospital projects.

Total Project supported by Project Development Pillar

which spans across the Water Supply , Telecommunications, Public Transportation and Hospital Sector.

The total project value that have been supported through project development activities as of end 2018 amounted to

Rp51.6trillion


for the project of Dr.Pirngadi Medan Hospital, Krian Hospital and Sam Ratulangi University Hospital


Annual Report 2018



16

Contributions

Investors

Product

SdG PROjEcTS

Contributions:Grant, Technical Assistance

Objective:Pre-construction project development support

SDG Development FacilitiesGrant (Project Preparation, Technical Assistance, Research)

Contributions:Concessional Loan, Grant

Objective:Project de-risking (improving bankability)

SDG De-Risking FacilitiesConcessional Loan, First-Loss Facility, Interest Subsidy, Guarantee Premium Subsidy, VGF etc

Contributions:Loan, Bond, Sukuk

Objective:Construction / post-construction finance

SDG Financing FacilitiesSenior Loan, Subordinated Loan

Contributions:Equity

Objective:Investment in high impact / new frontier SDG sector

SDG Equity FacilitiesEquity, Equity-LinkedInvestment

dONOR (PHILANTHROPIST)

ANd IMPAcT/cLIMATE FUNdS

dONOR, IMPAcT/cLIMATE FUNdS ANd

dEvELOPMENT BANKS

cOMMERcIAL BANKS ANd INSTITUTIONAL

INvESTORS

INSTITUTIONAL INvESTORS ANd

dEvELOPERS

SdG INdONESIA ONE (MANAGEd By PT SMI)

SDG Indonesia One Provides End-to-End Financing Support to Project Development

Supports for SdGs


PT SMI as the Implementing Agency for SDG Indonesia One Platform


Annual Report 2018



Integrated Platform

Impact Maximizing

Risk Mitigation Creating Leverage

The integrated funding comes from a variety of sources including the private sector, philanthropists, donor agencies, multilateral and bilateral financial institutions, banking, insurance, and investors.

USD2.46 billion

In 2018, SDG Indonesia One managed to raise a funding commitment as much as

(around Rp34.5 trillion).

PT SMI receives a mandate from the Ministry of Finance to manage SDG Indonesia One, an integrated funding cooperation platform to support infrastructure development oriented towards Sustainable Development Goals or SDGs.



Annual Report 2018



18

The role of PT SMI in Realizing Sustainable Development Goals (SDG)

Green BondPT SMI is committed to support the achievement of the SDGs, one of which is climate change. The commitments in anticipating climate change is realized among other things through the issuance of Green Bond in the amount of

Rp500 billion

Rp3trillion

and is part of the Green Bond Sustainable Public Offering (PUB) valued at:

at the Phase I 2018

In addition, other support in the form of climate change mitigation and adaptation programs by strengthening the role of the Sustainable Financing Division, the Company supports the achievement of SDG by establishing a Sustainable Financing Division which focuses on developing financing for renewable energy projects, energy efficiency and projects in the context of change mitigation and adaptation climate.

PT SMI also continues to maintain the consistency of the standard Environmental & Social Safeguard (ESS) application which is a guideline in complying with awareness of the social and environmental impacts of infrastructure projects’ construction. The discipline in the application is inherent in the main process of the Company, which is in the making of financial decisions.

GCF Funding AccessThis further strengthens the commitment to achieving SDGS, after PT SMI was accredited by the Green Climate Fund (GCF) in 2017. In 2018 a Project Preparation Facility (PPF) was developed for the construction of the Semarang City BRT, PPF, and the preparation of a financing framework for Mitigating Exploration of Geothermal Development (GREM) Risk.


Sustainable Financing Division in Achieving SDG

Implementasi Environmental & Social Safeguard (ESS)

Annual Report 2018



PT SMI’s role in realizing the Sustainable Development Goals (SDG)

An actual step towards Climate ActionExample of PT SMI Business Pillar activities

Financing and Investments

Sumba PLTS Project

1.

Location: East Sumba, NTT

Role in Project:Working capital financing for project completion

Application of 10 Elements of Environmental and Social Protection

4.

Advisory Service

Kertajati Airport

2.Location: Majalengka, West Java

Role in Projectas the Mandated lead arranger

Project Development

Umbulan Drinking Water Supply System

3.

Location: Umbulan, East Java

Role in ProjectHaving a role in project preparation for PPP Business entity auction process

Activities Related ToClimate Action

5.

1. accreditation by the Green Climate Fund (GCF)

2. Financing & project development in Central & eastern Indonesia

3. establishment of the Sustainable Financing Division

4. Collaboration on green financing for renewable energy projects with the French Development Bank (aFD)

5. Financing Geothermal (geothermal) a. Wae Sano (Geothermal drilling) b. Jailolo (Geothermal drilling)

Pembentukan platform SDG Indonesia One

6.


With its 3 Business Pillars, the Company supports 17 goals of Sustainable Development Goals (2 Goals through CSR)



Annual Report 2018



20

Socio-Economic Benefits of Funded ProjectsBetter access

2.0 millionshouseholds with access to clean water (8.1 million people)

3.2 millionshouseholds with access to electricity (12 million people)

21 thousandshouseholds with natural gas networks

14,140 I/S

Additional production of clean water

31,000 I/S

Additional 31,000 bpd of fuel production

2,884 MW

Additional electric power capacity

10,000 MT

Increased gas supply capacity

Production increase


Annual Report 2018



Climate Change Mitigation Support

920 ton/year

CO2 emission reducti

JobCreation

1,97 millions

Labor during construction

Socio-Economic Benefits of Infrastructure Project Portfolio

Rp553.6 TrillionsInfrastructure project value

18.1 timesof paid-up capital

Multiplier Effect as much as

6.0 timesof commitment

Multiplier Effect as much as

Community Service Improvement

7.6 Millionsusers of telecommunications services throughout Indonesia

185 Thousands

agricultural land irrigation

2.3 MillionsPort goods flow service capacity (TEUs)

37.5 Millionsairport passengers per year

1,031Additional facilities

new beds

720new patients per year

Improvement of Infrastructure and Rolling Stock

52 Thousands

telecommunication towers

7.3 Thousands

Trans city passengers per year

2,181 KmRoads and Toll Roads

2,700 KmFiber optic in Central Indonesian



Annual Report 2018



22

Table of Contents

24 Performance Highlights

26 2018 Performance Summary

30 Financial Highlights

34 Bonds Highlights

39 events Highlights

02 achievements in 2018

04 Innovations 2018

06 Mandate as the Catalyst

10 First Business Pillar

12 Second Business Pillar

14 third Business Pillar

16 Pt SMI as the Implementing agency for SDG Indonesia one Platform

18 the role of Pt SMI in realizing Sustainable Development Goals (SDG)

20 Socio-economic Benefits of Funded Projects

88 company Profile

91 Corporate Identity

95 the Meaning of the logo

96 the Company at a Glance

99 line of Business

100 Product and Services

104 Infrastructure Project Distribution

106 Milestones

108 organizaitonal Structure

110 Vision, Mission, and Corporate Culture

112 Board of Commissioners’ Profile

117 Board of Director’s Profile

122 Sharia Supervisory Board’s Profile

124 Division Head

126 employees Demography

128 Shareholders Composition

129 Corporate Structure

130 Joint Venture and associates

131 other Securities listing Chronologym

134 Name and address of Supporting Institutions & Profession

136 awards and Certifications

52 Management Report

54 Board of Commissioners’ report

64 report of the Sharia Supervisory Board

68 Board of Directors’ report

86 Statement of accountability 2018 annual report by the Board of Commissioners and Board of Directors

146 Management discussion & Analysis

148 General Highlights

156 operational review

166 Business Segment review

169 Pillar I Business Segment

177 Commercial Financing

182 Municipal Financing

186 Sharia Financing

188 Sustainable Financing

194 equity Investment

197 Pillar II Business Segment

207 Pillar III Business Segment

212 Project Development assignment and assistance

218 the Socio-economics Benefits of Business Pillar III – Project Development

219 Partnership and Business Development

232 Financial review

249 Human resources Management and Development

269 Information technology Implementation and Development

138 office address and Branch office or representative office

139 Corporate Website Information

140 Workshops & trainings of the Board of Commissioners, Board of Directors, Committees, Corporate Secretary & Internal audit.

Annual Report 2018



416 corporate Social Responsibility

422 environmental Management

430 labor, occupational Health and Safety

448 2018 consolidated Financial Statements

274 corporate Governance

274 Corporate Governance

286 General Meeting of Shareholders (GMS)

297 Board of Commissioners

313 Independent Commissioners

316 Sharia Supervisory Board

320 Board of Directors

328 2018 GCG assessment

332 remuneration Policy of the Board of Commissioners and Board of Directors

334 Meetings of the Board of Commissioners adn Board of Directors

339 Information on the Main Shareholders and the Controlling Shareholders

340 affilition betweeen Members of the Board of Directors, the Board Commissioners and the Main and/or Controlling Shareholders

342 Committees of the Board of Commissioners

358 Committees of the Board of Directors

378 Secretary of the Board of Commissioners

379 Corporate Secretary

384 Internal audit

390 Internal Control System

391 Public accountant

394 risk Management

404 Compliance

406 litigation

406 administrative Sanctions

407 Information access and Corporate Data

408 Code of Conduct

410 Corporate Culture

410 Whistleblowing System

412 Diversity Policy of the Board of Directors and Commissioners

413 GCG Guidelines application

414 GCG report on Sharia Business 2018

436 Social and Community Development

444 responsibility to the Consumer

Performance Highlights

PT SMI RECORDED POSITIVE DEVELOPMENTS IN THE THREE PILLARS OF ITS BUSINESS ACTIVITIES, AND SUCCEEDED IN MOBILIZING MULTILATERAL COOPERATION TO SUPPORT FINANCING OF ENVIRONMENTALLy FRIENDLy PROjECTS AND SUBSTANTIAL SOCIAL AND ENVIRONMENTAL IMPACTS ACCORDING TO THE SDGS.


Annual Report 2018


26


Maintaining AAA Domestic Ranking and BBB Global Ranking (Sovereign equivalent)

2018 Performance Summary

PT SMI’s financing during 2018 has created multiplier effects as much as

The GCG score of 96.12, with GCG application continued

to improve along with a score that increased from 90.10 of the previous year.

6.03 times

18.14 times

NPL 0.65%

on commitment

on paid-up capital and

Asset quality is well-maintained in growing business conditions

Annual Report 2018



Until 2018, PT SMI managed to register financial close with a total accumulated project value of

Rp553.6 trillionwith the total commitment of 2018 reaching Rp77.19 trillion from the realization of Rp46.71 trillion of outstanding financing.

CER 18.22% the Company’s level of operational efficiency can be maintained at a very good level.

Rp 161.5 billion employee productivity at a very good level, which greatly supports business growth.

Excellent corporate performance provides an overview of the Company’s strong foundation for sustainable growth.


Annual Report 2018


28


Partnerships with project developers, financing institutions, Multilateral Financial Institutions, KPPIP, and other Government agencies.

Funding and support for projects in the Central and east regions.

Development of new financing products includes:

• Standby Financing• together with consulting services,

develop innovative financing products for Staple Financing & Product Guarantee

• Collaboration with multilateral / bilateral institutions in the creation of innovative and thematic financing products in the field of climate change for adaptation and mitigation.

• Good corporate governance in accordance with GCG principles

• Prudent risk management: creation of risk management guidelines, risk & Compliance Manager (urCM), implementation of environmental Social Safeguard

• enhancement of enterprise risk Management Governance Process (including gap analysis)

• the effectiveness of internal control through the making of guidelines for various activities of the Company, the assessment process and self assessment control

• risk mitigation to suppress NPls includes: process improvements on the front-end (revised financing guidelines & Sla, eWS), middle-end (strengthening monitoring), back-end (restructuring, establishment of adequate CKPN)

• Develop project preparation facilities through & pool experts (consultant)

• acting as the main guard in the formulation of outcome-based performance indicators (KPI) and linking them with SDG targets;

• Strengthening capacity building programs for regional Financing & Business entity Cooperation (PPP) in this case so that the person in charge of the project can cooperate with the private sector in the future.

commercial Financing Project development Risk Management @ Audit

Integrity - Service Excellence -Partnerships - Resilience - Innovation - Trust

Grand Strategy

Annual Report 2018



• Conformity between assets - liability• Suppressing the Cost of Fund - Gapping Strategy• Diversification of funding sources• alM optimization• asset re-allocation• Product Development• Mobilization of long-term sources of domestic funds

• Sharia products cross-selling

• Dual engine booking• Syndicated financing• alternative leveraging of

Sharia funding• tapping the funds of

multilateral / bilateral institutions

• Product development includes: Credit guarantee, Ijarah indent and MMoB

• together with Financing and Investment, developing Staple Financing financing products, primarily striving for risk mitigation for project preparation which will become a financing pipeline;

• Increasing the focus of service on the social infrastructure sector;

• Development of credit enhancement for crowding in the market

• establishment of investment management unit..

• adjustment of organizational structure to support business needs

• Hr planning and development program (Career Path Development)

• training & recruitment• reward management & retention

program• Shared KPI• Development of a management

information system unit, automation, e-procurement

• Scriptless business process

Sharia Business Advisory Operasional & Human capital

• Increasing the regional Financing project pipeline and expanding the scope of the debtor (Blu, PtNBH and Foundation);

• Maintain lending rates in order to remain competitive primarily through the use of Government Guarantee support.

Local Financing Funding & Treasury Fund Management

Integrity - Service Excellence -Partnerships - Resilience - Innovation - Trust


Annual Report 2018


30


Financial Highlights2018 2017 2016 2015 2014

revenue*) 3,810,445 3,032,699 2,178,715 719,355 571,412

operating expense 1,990,573 1,483,310 794,476 367,747 313,798

Profit (loss) from JointlyControlled entities

(12,885) (24,487) 30,538 18,294 33,950

Profit Before Income tax 1,815,295 1,534,694 1,426,292 365,327 290,129

Net Profit 1,531,110 1,262,008 1,212,803 305,389 244,663

Comprehensive Income 1,525,737 1,728,004 1,243,035 289,906 239,725

Project DevelopmentFinance revenue

45,697 21,134 34,686 11,616 31,818

loan receivables - Nett**) 45,611,115 33,323,778 32,648,418 19,708,455 6,577,242

Investments 3,498,777 2,759,169 690,751 662,422 644,983

total assets 62,493,191 55,385,896 44,332,137 32,714,276 9,169,501

total liabilities***) 26,917,301 21,064,743 13,496,427 7,281,601 4,383,332

total equity 35,575,890 34,321,153 30,835,710 25,432,674 4,786,168

Cash Flow from (used in)operating activities

(10,012,815) 425,535 (11,952,395) (3,730,926) (592,725)

In rp millions, except Financial ratios

Annual Report 2018



Financial Highlights

2018 2017 2016 2015 2014

Cash Flow from (used in)Investing activities

(2,222,194) (2,293,696) 3,940,347 (6,090,653) 135,909

Cash Flow from (used in)Financing activities

4,435,961 9,176,793 10,329,406 14,108,217 1,368,538

Cash and Cash equivalents 7,599,091 15,398,139 8,089,506 5,772,147 1,485,509

Financial Ratios

return on Investment 2.96% 2.91% 3.57% 3.01% 3.21%

return on assets 2.45% 2.36% 3.01% 2.47% 2.67%

return on equity****) 4.50% 4.06% 4.75% 6.40% 5.39%

Cost efficiency ratio (Cer) 18.22% 18.65% 15.50% 32.23% 30.20%

Productivity (Net Profit/employee) - rp million

5,354 4,835 5,117 1,829 2,845

*) operating Income is presented net after deducting Final tax

**) Position in the Financial Position report, after deducting reserves for Impairment losses (CKPN)

***) total liabilities in 2018 include temporary Syirkah Funds - Sukuk Mudharabah amounting to rp1 trillion

****) returns on equity are totally different from calculations with return on equity on KPI


Annual Report 2018


32


Total AssetsIn rp million

62,493,191

55,385,896

44,332,137

32,714,276

9,169,501

2018

2017

2016

2015

2014

Net ProfitIn rp million

1,531,110

1,262,008

1,212,803

305,389

244,663

2018

2017

2016

2015

2014


RevenuesIn rp million

3,810,445

3,032,699

2,178,715

719,355

571,412

2018

2017

2016

2015

2014

Total EquityIn rp million

35,575,890

34,321,153

30,835,710

25,432,674

4,786,168

2018

2017

2016

2015

2014

Annual Report 2018



Financing Commitment*)

In rp million

77,187

52,205

47,583

23,322

8,065

2018

2017

2016

2015

2014

Financing Outstanding*)

In rp million

46,706

34,092

33,060

18,599

6,697

2018

2017

2016

2015

2014

InvestmentsIn rp million

3,498

2,759

691

662

645

2018

2017

2016

2015

2014

*) Gross / not including CKPN and includes Subordinated Financing

Shares HighlightsPt SMI is not a listed company hence until the publication of this 2018 annual report the Company does not submit reports on the Share Highlights.



Annual Report 2018


34


Bonds HighlightsBonds Highlights 2014

Bonds Outstanding Tenure (years) coupon Maturity

dateBonds Rating Objectives

Sarana Multi Infrastruktur Bond I Serie a rp100 billion 3 9.60% June 11,

2017 idaa+Financing for infrastructureprojects

Sarana Multi Infrastruktur Bond I Serie B rp900 billion 5 10% June 11,

2019 idaa+Financing forinfrastructureprojects

5 Largest Bond HoldersNo. Name %1 BPJS Ketenagakerjaan 29.0%2 Pt taspen (Persero) 17.4%3 Pt Bank rakyat Indonesia (Persero)-Divisi treasury 6.6%4 DP Bank Indonesia 4.8%5 BrI retirement Funds 3.6%

Bond Holders by Investor TypesNo. Name %1 Jamsostek 29.0%2 Pension Fund 27.7%3 taspen 17.4%4 Bank 9.9%5 Mutual Fund 5.5%6 Insurance 5.0%7 limited liability Companies 3.0%8 Foundations 2.4%9 Individual 0.1%

Total 100.0%

Bonds Highlights 2016

Bonds OutstandingTenure (year)

couponMaturity

dateBonds Rating

Objectives

Sarana Multi Infrastruktur Bond I Phase I 2016 Serie a

rp2,298billion

3 7.85%Nov 18, 2019

idaaaFinancing for infrastructure projects

Sarana Multi Infrastruktur Bond I Phase I 2016 Serie B

rp1,328billion

5 8.20%Nov 18, 2021


Sarana Multi Infrastruktur Bond I Phase I 2016 Serie C

rp700 billion

10 8.65%Nov 18, 2026


Sarana Multi Infrastruktur Bond I Phase I 2016 Serie D

rp674 billion

15 8.90%Nov 18, 2031


Annual Report 2018



5 Largest Bond Holders No. Name %1 Pt Maybank Indonesia 22.0%2 BPJS Ketenagakerjaan 19.6%3 Pt taspen (Persero) 8.6%4 Pt Bank Central asia 6.0%5 Citibank Singapore S/a Monetary authority of

Singapore5.4%

Bond Holders by Investor Types No. Name %1 Bank 40.2%2 Jamsostek 16.8%3 Foreign 8.8%4 taspen 8.6%5 Mutual Fund 7.8%6 Insurance 7.2%7 Pension Fund 6.4%8 limited liability Companies 2.2%9 Indonesian Government 1.5%10 Individuals 0.3%11 Co-operatives 0.2%

Total 100.0%


Bonds OutstandingTenure (year)

couponMaturity

dateBonds Rating

Objectives

Sarana Multi Infrastruktur Bond I Phase II 2017 Serie a

rp1.2 trillion 1 6.15%Nov 25, 2018 idaaa

augmenting Nationalinfrastructure projectscapacity

Sarana Multi Infrastruktur Bond I Phase II 2017 Serie B

rp4.5 trillion 3 7.40%Nov 15, 2020

idaaaaugmenting Nationalinfrastructure projectscapacity

Sarana Multi Infrastruktur Bond I Phase II 2017 Serie C

rp1.3 trillion 5 7.60%Nov 15, 2022 idaaa

augmenting Nationalinfrastructure projectscapacity

Bonds Highlights


Annual Report 2018


36


5 Largest Bond Holders No. Name %1 BPJS Ketenagakerjaan 21.4%2 Government of Singapore 21.4%3 eastspring Funds 5.4%4 Pt Maybank Indonesia 5.0%5 Pt Bank Central asia 4.3%

Bond Holders by Investor TypesNo. Name %1 Foreign Institutions 28.9%2 Banks 25.4%3 reksa Dana 13.2%4 BPJS & taspen 12.9%5 Insurance 12.7%6 retirement Funds 4.3%7 others 2.7%

Total 100.0%


Bonds OiutstandingTenure (year)

couponMaturity

dateBonds Rating

Objectives

Sarana Multi Infrastruktur Green Bond I Phase I 2018 Serie a

rp251.5 billion

3 7.55% July 6, 2021 idaaaFinancing or refinancing environmentally-friendly projects

Sarana Multi Infrastruktur Green Bond I Phase I 2018 Serie B

rp248.5 billion

5 7.80% July 6, 2023 idaaaFinancing or refinancing environmentally-friendly projects

Bonds Highlights

Annual Report 2018



Bonds Highlights

Sarana Multi Infrastruktur Sukuk Mudharabah I Phase I 2018 Serie a

rp680.0 billion

3 7.55% July 6, 2021 idaaa

Projects financing, Sharia-schemed infrastructure investment, and advisory activities.

Sarana Multi Infrastruktur Sukuk Mudharabah I Phase I 2018 Serie B

rp320.0 billion

5 7.80% July 6, 2023 idaaa

Projects financing, Sharia-schemed infrastructure investment, and advisory activities.

Sarana Multi Infrastruktur Bond I Phase III 2018 Serie a

rp846 billion 1 8.20%Dec 14, 2019

Financing for Infrastructure projects

Sarana Multi Infrastruktur Bond I Phase III 2018 Serie B

rp199.25 billion

3 8.70% Dec 4, 2021Financing for Infrastructure projects

5 Largest Bond HolderNo. Name %1 education Funds Management Institution 40%2 reksa Dana Insight Infra Development (I-Infra) 13%3 reksa Dana Mandiri Investa Dana Pendapatan

optimal 10%4 Pt Bank Maybank Indonesia 7%5 Pt Penjaminan Infrastruktur Indonesia (Persero) 5%


Annual Report 2018


38


Bond Holders by Investor Types No. Name %1 Indonesian Government 40.0%2 Mutual Fund 36.4%3 Banks – Domestic 9.0%4 retirement Funds 7.8%5 Infrastructure Guarantee Company 5.0%6 Insurance 1.6%7 Individuals – Domestic 0.2%

Total 100.0%

Bonds Highlights

Annual Report 2018



Event Highlightsjanuary

the signing of a Syndicated Financing agreement amounted to rp1 trillion for Salatiga Kartasura toll road Construction.

the signing of a Financing agreement between Pt SMI and Pt Petrosea tbk for the offshore Supply Base project in Sorong

Pt SMI participated as a speaker in the Green Bond technical Workshop organized by the Ministry of Finance, World Bank, oJK, and SeCo.

Financing agreement signing between Pt SMI and lampung Provincial Government amounted to rp600 billion for road construction.

15 23

25 16


Annual Report 2018


40


February

the signing of the assignment Implementation agreement between the Ministry of Finance and Pt SMI as well as the Facility Implementation agreement between the Mayor of Medan and Pt SMI rSuD dr. Pirngadi Medan City PPP Project.

event Highlights

7

March

the signing of the financing agreement for roads and bridges construction between Pt SMI and the regency government of abab lematang Ilir.

1

the inauguration of Desa Bakti untuk Negeri, Pt SMI’s CSr which is an integration of environmental preservation, water sources revitalization, transportation facilities constructions, and village governance, as well as the strengthening of the village economy.

23the signing of Pt SMI Financing agreement with Musi Banyuasin regency Government for the roads and bridges construction.

13 the signing of Bandar lampung SPaM PPP agreement that benefits around 300,000 residents.

14

Annual Report 2018



event Highlights

Mou signing between Pt SMI and Pt Bank uoB Indonesia to support the realization acceleration of various infrastructure projects in Indonesia.

20Financing agreement signing between Pt SMI with PtPN XI for PG assembagoes Biomass Power Plant worth rp206.506 billion.

26

the Nawabakti Celebration, 9 years Pt SMI “Membangun Negeri Kita Bisa”

15the signing of the financing agreement between Pt SMI and the Way Kanan regency government for roads and bridges constructions.

9


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42


April

event Highlights

Public Consultation on Medan City transportation PPP Project. In this project, Pt SMI provided assistance from the preparation of aMDal documents, organizing public consultations, exploring market interests until the completion of Final Business Case Documents.

5 the signing of Pt SMI Financing agreement with PtPN XI for the PG Djatiroto Biomass Power Plant worth rp263.791 billion

5

the signing of the Green Bond oJK registration I Document and 2018 Pt SMI Sukuk.23the signing of the Syndicated Financing

agreement for the Batang - Semarang toll road Construction Project of rp.7.7 trillion.

6

Annual Report 2018



May

june

the signing of the Financing agreement between Pt SMI and Pt Krakatau Bandar Samudera for the financing of a pier worth rp.217.6 billion.

Pt SMI acted as the lead transaction advisor in assisting the Ministry of Communication and Information through BaKtI (telecommunications and Information accessibility agency) for Government Multi-Function Satellite PPP Projects.

event Highlights

6

SMI Goes to School, Pt SMI employees actively participated in sharing and teaching in 9 elementary schools in Wakatobi, Southeast Sulawesi.

8 Pt SMI shares the knowledge and participates in building younger generation through the asian Financial leaders Program held by the Post-Graduate of uI.

16

8


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44


july

the listing of Pt SMI Green Bonds and Sukuk. the signing of the Financing agreement between Pt SMI and Pt Mega Hydro energy for the Mega Hydro Power Plant with 9,99MW capacity in lebong regency, Bengkulu.

the signing of the financing agreement between Pt SMI and the ogan Komering ulu regency Government for the construction of a regional hospital.

the signing of the Syndicated Credit agreement for the construction of Jakarta Cikampek II (elevated) toll road worth rp. 11,363 trillion.

event Highlights

10 5

30 31

Annual Report 2018



August

event Highlights

the signing of the financing agreement between Pt SMI and Pt Marga Sarana Jabar in the amount of rp660 billion for Section 2B Bogor ring road toll road.

2

the inauguration of Konawe General Hospital, Southeast Sulawesi Province, which uses Pt SMI regional loan facility, by the Minister of Finance of the republic of Indonesia, Sri Mulyani Indrawati.

29

the signing of Mudharabah PlN Syndication agreement amounted to rp.4.4 trillion and the Conventional Financing Facility amounted to rp9 trillion

22


Annual Report 2018


46


September

event Highlights

Mou signing between Pt SMI and Pt Geodipa in the IIGCe 2018 event.6

the acceptance of 2 award recognitions from Infobank award in BuMN category for excellent Performance 2017 and for excellent Performance for the period 2013-2017, in Jakarta.

26

the signing of Pt lintas Marga Sedaya, Cipali, Syndicated Credit agreement, amounted to rp9 trillion.

17

Corruption Prevention education, through a Gratification Prevention Workshop with KPK28

Annual Report 2018



October

event Highlights

the acceptance of 3 awards in the 2018 toP CSr award event, for the category toP leader on CSr Commitment, toP CSr Infrastructure sector, and toP CSr - Perahu Pustaka Program, Jakarta.

4

the acceptance of the award as asia’s Most influential Companies at the asia’s Corporate excellence & Sustainability award event, Singapore.

13the launch of SDG Indonesia one, as an integrated funding platform to support the development of infrastructure that is oriented towards sustainable development (Sustainable Development Goals).

5

the signing of uSD100 million of Conventional and Sharia Credit Facility agreement and Sharia Hedging Facility between Pt SMI and Pt Bank Maybank Indonesia.

3


Annual Report 2018


48


October

event Highlights

Mou signing between Pt SMI and Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH in the Framework of SutrI NaMa.

31

the signing of the Syndication Financing agreement for the construction of the trans Java toll road, Pasuruan - Probolinggo section worth rp.2.29 trillion.

5

Pt SMI participated in annual Meeting IMF-World Bank 2018.14

the signing of the Syndicated Financing agreement to Pt Hutama Karya worth rp4.5 trillion and rp14.3 trillion to support the construction of the trans Sumatra toll road.

11

Annual Report 2018



event Highlights

November

the acceptance of 2 awards at the 2018 BuMN Branding and Marketing award event, for the Best Brand Communication category and Best Ceo for Corporate reputation Development, Jakarta.

21

the signing of the Investment Financing agreement to support the development of an airport amounted to rp1.5 trillion between Pt SMI and Pt angkasa Pura II (Persero).

21

the signing of the Financing agreement between Pt SMI and Pt Brantas Cakrawala energi for the Sako 6 MW Minihidro Power Plant Project, Pesisir Selatan regency, West Sumatra.

30

the signing of the Financing agreement with Pt telekomunikasi Indonesia amounting to rp1 trillion to finance Satelit Merah Putih and telecommunications infrastructure in Indonesia.

14


Annual Report 2018


50


event Highlights

December

the signing of the Investment Financing agreement with Pt angkasa Pura I amounted to rp2.5 trillion.

18the GMS, Corporate Plan, and Work & Budget Plan Pt SMI 201917

the inauguration of the West Semarang SPaM project with the Minister of Finance of the republic of Indonesia,Sri Mulyani Indrawati and PuPr Minister, Basuki Hadimuljono.

12 Market Sounding of PPP Hang Nadim airport Project Batam.

13Kick-off Meeting for the preparation of the Banjarbaru City, South Kalimantan Market Project through the rIDF-PDF Facility funded by the World Bank Grants.

3

Annual Report 2018



event Highlights

the acceptance of an award from Investor Magazine as an Innovative Figure for Infrastructure Financing 2018, Jakarta.

19

the signing of the syndicates loan facility for the 2x50MW Pltu Sulut-3 project amounted to uSD157.98 million with Pt Minahasa Cahaya lestari.

21

the signing of the syndicated financing for Balikpapan-Samarinda toll road Section construction at rp6.98 trillion.

21

the signing of the Mandalika urban & tourism Infrastructure Project (MutIP) Financing agreement worth uSD248.4 million from the asian Infrastructure Investment Bank (“aIIB”) for infrastructure development in the Special economic Zone. this project has received the financial advisory services from Pt SMI for the funding process.

31


Annual Report 2018



52

ManagementReport

IN 2018, AS A MANDATE FROM THE GOVERNMENT OF REPUBLIC OF INDONESIA THROUGH THE MINISTRy OF FINANCE, THE COMPANy ENACTS AN IMPORTANT ROLE AS THE IMPLEMENTING AGENCy FOR SDG INDONESIA ONE. AN INTEGRATED PLATFORM TO COLLABORATE FUNDING FROM VARIOUS SOURCES FOR THE FINANCING OF SDG ORIENTED PROjECTS IN INDONESIA.

Annual Report 2018




Annual Report 2018


MANAGEMENT DISCUSSION & ANALYSISCOMPANY PROFILE

54

MANAGEMENT REPORT

Board of Commissioners’Report

the Company has shown more successes in playing its role as a catalyst for infrastructure development acceleration. the Company’s innovative capacity to design more bankable infrastructure financing schemes and to match the needs of projects in the field have attracted more participation from financial and banking institutions as well as investors to provide adequate financing. Furthermore, going forward the Company will have a more strategic role in sustainable development, as it is building its readiness to perform as an implementing agent of SDG Indonesia one platform.

Annual Report 2018



Board of Commissioners’Report

Mahendra Siregar*President Commissioner

& Independent Commissioner

*Served until 4 april 2019


Annual Report 2018



56

MANAGEMENT REPORT

Assalaamu’alaikum Wr. Wb.dear distinguished Shareholders and Stakeholders,

We extend our gratitude to God the almighty for His blessings that enabled Pt Sarana Multi Infrastruktur (Persero) to successfully overcome the many challenges presented in 2018 and delivered an overall solid performance. Concluding the 2018 financial year, please allow us to present the report from the Board of Commissioners on its supervisory function of the Company’s performance for the financial year ended on 31 December 2018.

the infrastructure development in Indonesia has continued to escalate, as more financing and banking institutions as well as investors are actively participated in infrastructure funding. this indicates Pt SMI’s success in acting as a fiscal tool and a catalyst for the acceleration of infrastructure development in Indonesia. Given the increasing number of infrastructure financing structure models that the Company managed to close and the strong support from all stakeholders, we view that Pt SMI has become more prepared to take a bigger role in supporting the nation development.

ECONOMIC AND INFRASTRUCTURE SECTORS CONDITION IN 2018the global economic condition in 2018 was less conducive to growth and presented many uncertainties and challenges. this was mainly due to the Fed’s continuing normalization program and trade dispute between the united States and China. as a result, growth realization in major countries in the world was corrected and the global economic growth did not meet the predicted target. Indonesia, however, continued to render a positive growth rate on the back of its domestic consumption which remained consistently strong, the continuing increase in domestic investment driven from massive infrastructure development activities, and solid national macroeconomic condition.

Indonesian economy grew by 5.17%, or higher than 5.07% in the previous year, and performed fairly well across other macroeconomic indicators compared to the other countries in the region. Inflation rate was under control at around 3.13% from 3.61% in the previous year, while BI-7 day reverse (repo) rate increased in a scalable manner to around 6.0% as a response to the Fed’s increased interest rate. Indonesia’s foreign exchange reserve remained high at uS$120.65 billion compared to uS$130.20 billion as of the end of 2017, which indicated some economic pressure.

Nevertheless, it is encouraging to see that in terms of quality, investment conditions in Indonesia kept on improving, as indicated by the Investment Grade awarded by three international rating agencies, namely Fitch ratings, Moody’s and Standard & Poor’s to Indonesian external debt. apart from these ratings, the Government’s various efforts to improve investment conditions have resulted in other qualitative improvements, namely Indonesia’s increased global competitiveness. Indonesia ranked 45th in the Global Competitiveness Index issued by the World economic Forum in october 2018, or up by two positions from 47 in the previous year. the competitiveness index was established to understand the global competitiveness landscape, in line with Industrial revolution 4.0.

these improvements in business conditions have enabled the national infrastructure sector to continued improving rapidly. In addition, the Government has been consistent in realizing the national infrastructure development programs as set forth in the 2015-2019 National Medium-term Development Plan (rPJMN). other efforts include the designing of National Strategic Project (PSN) development in line with the Presidential regulation No. 3 of 2016 and the amendment thereto in Presidential regulation No. 58 of 2017, and the assigning of 37 projects with high economic impacts as Priority Projects in accordance with the regulation of the Minister of economics No. 5 of 2017.

Board of Commissioners’ report

Annual Report 2018



COMPANy PERFORMAN 2018Pt SMI in general has continued to improve the performance of its role as a catalyst for infrastructure development in Indonesia. the Company’s contribution in initiating and facilitating the involvement of other financial institutions, banking sector, and potential investors to actively participate in developing various infrastructure means and facilities across Indonesia are becoming more notable. the involvement of these parties is getting more massive, as evident in the realization of various infrastructure projects that are performing well, despite their previous delay due to bankability issues.

In addition to successfully creating innovative infrastructure financing products and improving the bankability of infrastructure projects, Pt SMI in 2018 have also entered a new phase, as it has assumed a duty as an implementing agent of SDG Indonesia one platform initiative.

Performance as a catalyst for the Acceleration of National Infrastructure development

the national infrastructure development has been realized more intensely in the last few years and so does Pt SMI’s involvement in strategic projects assigned by the government. It is encouraging to see that there have been more infrastructure projects that are independently performing from the government’s budget support.

these changes are evidence of Pt SMI’s success in playing its role as a catalyst for infrastructure development acceleration. It has indicated the Company’s improved capability in designing more bankable infrastructure financing schemes and its success in creating innovative infrastructure financing products and in performing its mandate as a catalyst, thereby attracting financial and banking institutions as well as investors to provide adequate financing.

the completion of trans Java toll road that extends from Cilegon to Merak and Surabaya is another testament to this success. this project is now fully operational and will be followed by another phase that connects the toll road to Banyuwangi. Some parts of the road were built with financing support from Pt SMI. Moreover, Pt SMI has successfully resumed infrastructure projects that were significantly delayed by initiating new financing schemes and inviting the participation of other financing institutions. today, some of these projects have been officially operational.

todate, together with other relevant ministries, Pt SMI has entered a new phase of being the implementing agent for SDG Indonesia one framework, an integrated multinational funding cooperation platform to support infrastructure development projects, which are oriented towards the attainment of Sustainable Development Goals in Indonesia. Pt SMI has set a target to achieve 15 out of 17 goals of the Sustainable Development Goals (SDGs). this framework is supported by a funding commitment from various multinational institutions, such as Green Climate Fund (GCF), agence Française de Développement (aFD), GeF, KFW, Geothermal energy upstream Development Project (GeuDP), the World Bank, and others. the cooperation and trust from these international financing institutions will increase Pt SMI’s capability in accelerating infrastructure development in Indonesia.

With these achievements, the management in 2018 has successfully scored the Company Soundness level of 102.53, or classified into Green category of Soe.

Financial Performance in 2018Financially, the Company performed fairly well in 2018. Pt SMI recorded a net profit of rp1.53 trillion, or up by 21.32% from rp1.26 trillion in the previous year. While, the Company’s total assets in 2018 increased to rp62.49 trillion, or up by 12.83% from rp55.39 trillion in the previous year.



Annual Report 2018



58

MANAGEMENT REPORT

In 2018, the Company achieved a historical milestone of becoming the first issuer of Green Bonds in Indonesia amounted to rp500 billion, which was part of Green Bonds Shelf registration Bonds amounted to rp3 trillion. It was awarded Medium Green rating by the Center for International Climate research (Cicero) and id aaa (triple a) rank by Pt Pemeringkat efek Indonesia (Pefindo). In terms of financing, the Company also successfully issued Sukuk Mudharabah amounted to rp1 trillion in tranche I-2018, which was part of Sukuk Shelf registration Bonds, which planned for a total amount of rp3 trillion and rated id aaa (triple a) by Pefindo.

these achievements indicated that the business strategy implemented by the Board of Directors is indeed appropriate. the implementation of financing governance was also performed well and so the Board of Commissioners appreciates the Company’s performance in 2018.

Operational Performancethe Company in 2018 successfully recorded a substantial growth of financing commitment reaching rp77.19 trillion, or up by 47.85% from rp52.20 trillion in the previous year. During 2018, the Company financed several infrastructure projects included in the National Strategic Projects (PSN), the National Medium-term Development Plan (rPJMN) Projects, and the National Priority Projects, with toll road sector taking the biggest portion.

In 2018, the portion of equity investment including joint venture investment increased, particularly in the shares investment of available for Sale (aFS) in Pt Jasa Marga Pandaan Malang (JPM) which increased by rp33,697 million and on Pt Waskita toll road (Wtr) increased by rp732,867 million. the total achievement of equity investment in 2018 amounted to rp3.50 trillion, up from the previous year (2017) of rp2.76 trillion. this achievement proves that the Company always manages challenges to become opportunities that will continue to be optimized to encourage future business sustainability, including increasing the portion of equity investment from year to year.

the Company was also successful in performing its mandate to support the acceleration of infrastructure financing through its role as an enabler from the realization of various infrastructure projects assigned by the Government, in particular infrastructure projects of the regional Governments that previously attracted less investors and financial institutions in Indonesia.

In addition, the Company in 2018 managed to launch several new innovative infrastructure financing products, namely: take out Financing, Step up Musyarakah Mutanaqisah (MMQ), Ijarah Mausufah Fiz Zimmah (IMFZ), and Cash Deficiency Support (CDS), which have met the infrastructure financing needs. one sharia-based facility, Step up Musyarakah Mutanaqisah (MMQ), has even been applied in the financing of Pasuruan-Probolinggo toll road Project.

the Board of Commissioners shares the opinion of several national independent institutions that forecast a bright future for sharia economy, including sharia financing. Having developed sharia-based innovative products, Pt SMI’s business development potentials will only grow extensively. the Board of Commissioners would like to express its highest appreciation for these operational achievements.

BUSINESS OUTLOOKIn reference to the opinion of Bank Indonesia, the World Bank, asian Development Bank and international and national financial institutions, global economic growth in the coming year is predicted to be relatively restrained, due to the trade dispute and the Fed’s normalization program taht are potentially ongoing. as such, the global trade volume will be relatively constrained. this condition will create a pressure on the national economic development, in particular the trade balance. However, given high domestic consumption, strong macroeconomic condition and improved inter-region connectivity, Indonesia is predicted to enjoy a moderate growth at around 5.20% to 5.40%.


Annual Report 2018



the Government’s infrastructure expenditure is predicted to remain high with additional budget allocation for Hr development. Coupled with macroeconomic condition remaining robust and stable, the private sector’s interest in realizing delayed expansion plan is expected to consistently improve. as a result, activities in the infrastructure sector and the manufacturing of import substitution products are expected to grow stronger. against the backdrop of this situation, the Company should expect greater challenges; at the same time, the Shareholders will raise its expectation for the Company to continue growing as a credible, resilient, and reputable institution to support infrastructure development.

the Company will also need to better anticipate the increased intensity of regional infrastructure development by improving its project preparation service for disadvantaged areas. the Company should also expect intense activities around the preparation for the establishment of Indonesia Development Funding Institution (lPPI) and this should serve as the Company’s development direction in 2019 and in the coming years. the development of lPPI is an important initiative given the growing expectation of scaling up Pt SMI’s role in the national development, on the back of the Company’s proven successes in exercising its mandate.

to the Sharia Business unit and the Sustainable Financing Division, the Board of Commissioners would like to mandate for their improved performance. their achievements would contribute to augmenting the Company’s role in the infrastructure sector and the attainment of SDGs.

SUPERVISORy AND ADVISORy PERFORMANCE FOR THE BOARD OF DIRECTORSthe Board of Commissioners is fully committed to perform its function to supervise the management’s policy implementation, the Company’s management and operational mechanism carried out by the Board of Directors and to provide the best possible directions to the Board of Directors. In performing this function, the Board

of Commissioners regularly holds a joint internal meeting, which is mandatory to all members of both the Board of Directors and the Board of Commissioners. In these meetings, we discuss the development of the Company’s condition, provide suggestions, recommendations and advices to the Board of Directors in overcoming any issues, and establish various policies that are beyond the authority of the Board of Directors.

In 2018 the Company held several joint meetings in response to the increasing challenges to overcome.

GOOD CORPORATE GOVERNANCE We would like to convey our mandate to the Board of Directors to continue enhancing the quality of its Good Corporate Governance, which will ultimately be reflected in the implementation of GCG basic principles as part of the day-to-day business operations. the Board of Commissioners fully supported the implementation of various programs to increase the quality of good governance implementation which were carried out in 2018, including: improvement of various guidelines, renewal of employee’s Integrity Pact, and the drafting of risk appetite Statement as part of the effort to improve the quality of risk management and mitigation.

We believe that, once finalized, the risk appetite Statement will improve risk management and mitigation quality. the Company will have many benefits to experience from a better risk mitigation, other than being able to better avert its key risks, Pt SMI will also be able to explore other business opportunities. With respect to this risk management, the Board of Commissioners fully supports the completion of various initiatives to improve the quality of risk management, which include improving the communication aspect with the risk taking Division, as risk culture and risk awareness increases. this will better ensure the success of each risk-mitigating effort under the enterprise risk management framework.



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60

MANAGEMENT REPORT

We also fully support the implementation of the whistleblowing system and awareness on gratification prevention by inviting a guest speaker from the Corruption eradication Commission. this is part of Pt SMI’s efforts of preventing the occurrence of any corruption crime or any other fraud. the Board of Commissioners views that this is vital, considering such wrongdoings are behind most of the many projects that were halted and low quality projects. the Board of Commissioners is committed to improve its supervisory of the implementation of said prevention mechanism.

BOARD OF COMMISSIONERS’ COMMITTEES PERFORMANCE ASSESSMENT as of the end of 2018, the Board of Commissioners had two committees, namely audit Committee and risk Monitoring Committee. While in accordance with the Financial Services authority (PoJK) regulation No. 34 of 2015, the nomination and remuneration function is performed by the Board of Commissioners.

the Board of Commissioners consistently assesses the performance of its committees. the key assessment criteria included the recommendations and performance of the duties assigned by the Board of Commissioners.

Based on this assessment, the Board of Commissioners views that despite their limitations, the committees have performed their duties and obligations well and in full dedication. However, given the increased intensity of infrastructure development in Indonesia, the Board of Commissioners gives a mandate to improve the competency and the quality of support of all Committees under the Board of the Commissioners.

CHANGES IN THE COMPOSITION OF THE BOARD OF COMMISSIONERS In accordance with the Decree of the Minister of Finance of the republic of Indonesia as a Shareholder of the Company in lieu of extraordinary Meeting of Shareholders (ruPSlB) on 5 June 2018, there were several changes in the composition of the Board of Commissioners in 2018, as the term of service of langgeng Subur ended and Dini Kusumawati joined the Board.

as such the members of the Board of Commissioners remain 5 members, including 2 Independent Commissioners. this is in line with the FSa’s requirements that 30% members of the Board of Commissioners shall be independent commissioners.

the Composition of the Board of Commissioners following the eGMS is as follows:1. Mahendra Siregar, President Commissioner and

Independent Commissioner2. Dini Kusumawati, Commissioner3. Wahyu utomo, Commissioner4. a. Kunta Wibawa Dasa Nugraha, Commissioner 5. Sukatmo Padmosukarso, Independent Commissioner


Annual Report 2018



In relation to these changes, on behalf of the Board of Commissioners, we would like to extend our appreciation for the dedication and contribution of langgeng Subur for the development of the Company’s business.

APPRECIATIONIn conclusion, we would like to take this opportunity to express our gratitude to God the almighty for the Company’s success throughout 2018, a year which was full of dynamics and challenges. Derived by solid performance, the Company is able to attain a stronger foundation to anticipate and overcome challenges in the future. all of these achievements are attainable because of the hard work and strong dedication of the Board of Directors and the entire ranks of the Company’s employees.

Mahendra Siregar*President Commissioner

& Independent Commissioner

Jakarta, March 2019on behalf of the Board of Commissioners

We would also like to extend our gratitude for the trust given by the shareholders, for the advice and full support from all stakeholders, which have enabled the Company to present the best result in supporting the nation development. We hope upon God, the Most Benevolent and Compassionate, will continue to bestow us with His blessings.

Finally, we encourage the Board of Directors, the management, and all employees who have given their hard work during 2018 to maintain the commitment to make the Company as a highly competitive enterprise and one that continually contributes to the development of the State and the Nation of Indonesia.

*Served until 4 april 2019**Served as Commissioner until 4 april 2019. appointed as President Commissioner since 5 april 2019

Wahyu utomo** Commissioner



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62

MANAGEMENT REPORT

Dini KusumawatiCommissioner

a. Kunta Wibawa Dasa NugrahaCommissioner

Mahendra Siregar*President Commissioner & Independent Commissioner

Annual Report 2018



Wahyu utomo**Commissioner

Sukatmo PadmosukarsoIndependent Commissioner



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Report of the Sharia Supervisory Board

the Sharia Supervisory Board of Pt SMI has issued several Sharia opinions pertaining to the release of two sharia-based financing products, syndicated financing scheme for toll road construction project, sharia hedging, and the Mudharabah sukuk issuance. the sharia hedging financing scheme was one of the largest sharia-based hedging by value in Indonesia.

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Munifah SyanwaniMember of Sharia Supervisory Board

adiwarman azwar KarimChairman of Sharia Supervisory Board


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Assalamualaikum wr.wb Bismillahirrahmanirrahim

all praise is due to allah SWt, the Most Beneficent and Merciful. It is our prayer that all of us will remain in His mercy and protection. allow us to take this opportunity to share Pt Sarana Multi Infrastruktur (Persero) 2018 Sharia Supervisory Board report.

the Sharia Supervisory Board shares our view that the sharia business activities carried out by the Company are in accordance with the Sharia Supervisory Board opinion, the fatwa of the National Sharia Council - the Indonesian ulema Council, and other provisions, including sharia principles in the capital market.

SHARIA SUPERVISORy BOARD ACTIVITIES IN 2018 In line with the Financial Services authority (oJK) regulation No. 15/PoJK.04/2015, the Sharia Supervisory Board monitors Pt SMI sharia activities by: 1. Providing Sharia opinions for the sharia-based

products and services released by Pt SMI with reference to Fatwa of National Sharia Board of Indonesian ulema Council (DSN-MuI) and sharia accounting provisions.

2. reviewing the sharia aspects in the applicable internal provisions in case of any indications of non-compliance with the Sharia Principles application.

3. reporting the monitoring results to the Board of Directors and Board of Commissioners in a Joint Meeting of the Board of Commissioners, Board of Directors, and Sharia Supervisory Board.

report of the Sharia Supervisory Board

PERFORMANCE IN 2018In 2018, the Sharia Supervisory Board of Pt SMI has issued several Sharia opinions pertaining to the release of two sharia-based financing products, syndicated financing scheme for toll road construction project, sharia hedging, and the Mudharabah sukuk issuance. the sharia hedging financing scheme was one of the largest sharia-based hedging by value in Indonesia.

the Sharia Supervisory Board has carried out its functions, duties and responsibilities in supervising the new Sharia products and activities development process of the Company, conducting sharia review, as well as providing opinions on new products and fund raising activities and financing based on Sharia principles and good corporate governance while continue implementing the principle of prudence, transparency, accountability, responsibility, independence and fairness.

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Sharia Supervisory Board compositionIn 2018, the composition of Pt SMI Sharia Supervisory Board is as follows:

No Name Position

1 adiwarman azwar Karim Chairman

2 Munifah Syanwani Member

report of the Sharia Supervisory Board

adiwarman azwar KarimChairman of Sharia Supervisory Board

Jakarta, March 2019Pt Sarana Multi Infrastruktur (Persero)

on behalf of the Sharia Supervisory Board

We hereby conclude the 2018 report of the Sharia Supervisory Board and wish to continually remind the management of Pt SMI to comply with sharia principles and the applicable laws and regulations in carrying out its sharia-based business. Wassalamualaikum Wr.Wb.


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Board of Directors’ Report

as an enabler that closes financing gaps, the Company consistently demonstrates its competency in creating innovations in infrastructure financing to answer the need of accelerated infrastructure development while optimizing the government’s available budget, hence supporting the realization of financial close in infrastructure development. Moreover, the Company is poised to play its role mandated by the Finance Ministry as an implementing agent for SDG Indonesia one framework, an integrated platform that pools funds from various sources to finance SDG-oriented projects in Indonesia.


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69PT Sarana Multi Infrastruktur (Persero) Sustaining Innovation for Sustainable Development Across the Nation 69PT Sarana Multi Infrastruktur (Persero) Sustaining Innovation for Sustainable Development Across the Nation

emma Sri MartiniPresident Director


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Assalamualaikum Wr Wbdear distinguished Shareholders and Stakeholders,

the Company has never ceased to innovate and create various outcomes for Indonesia’s infrastructure development. In 2018, we achieved numerous important milestones that strengthened our foundation and made us better prepared to bolster our sustainable growth in the future. the new projects we financed last year, for instance, totaled to rp200.9 trillion in value and the Company contributed up to rp28.2 trillion. there were 23 projects in total, comprising 9 toll road projects, 6 power projects, 7 projects in the transportation sector, and 1 project in the telecommunication sector. More than a few were national strategic projects, among others the trans Sumatra toll road, Jakarta-Cikampek elevated II toll road, lrt in Greater Jakarta area, and the national satellite project, Merah Putih Satellite.

We also facilitated the acceleration of infrastructure development in the regions through our regional financing facility scheme. In 2018, there were a total of rp1.7 trillion of new loan commitment and 20 offering letters from regional governments – 12 letters on road construction, 7 on regional hospital (rSuD), and 1 on traditional market development. the support we provided was intended to generate meaningful benefits for the people and reduce regional gaps.

Moreover, we saw an increase in our capital participation, including in joint ventures investment especially investment in stocks available for sale (aFS); there was an increase of rp33,697 million in our inestment in Pt Jasa Marga and rp732,867 million increase in Pt Waskita toll road (Wtr). overall, our capital participation reached rp3.50 trillion in 2018 from rp2.76 trillion in 2017. this achievement shows how the Company consistently transforms a challenge in an opportunity, optimized to boost business continuity in the future and to increase our equity share from year to year.

additionally, we render our support to sustainable development by pledging a total of rp465.5 billlion for three renewable energy projects. the Company has also applied de-risking innovation through first loss mechanism product in two solar energy projects in eastern Indonesia.

our support to sustainable development was further strengthened by Green Bond issuance in mid 2018. the Company was the first in Indonesia to issue a green bond that adheres to international standard even though the bond offering was exercised in the Indonesia capital market.

We also launched the SDG Indonesia one platform with the support from the Ministry of Finance. the Company is playing the role of the implementing agency of this platform that pools funds from various sources (bilateral/multilateral/donor/philanthropic organizations) to support SDG-oriented projects in Indonesia, including for disaster recovery programs.

the following section summarizes the Company’s performance for the financial year ended 31 December 2018, and the plan that we have prepared for 2019 financial year. this report is presented in compliance with and to be accountable to relevant Shareholders and stakeholders.

Board of Directors’ report

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CHALLENGES IN 2018the global economy saw dynamic and challenging times throughout 2018, and they caused the failure of nearly all major economies to achieve their growth targets. the trade war between the united States and China, the Fed’s interest rate policy and Brexit discussion in the european region contributed to global uncertainy. Indonesia’s domestic growth was affected as the result although growth improved at 5.17% from 5.07% in the previous year. Nevertheless, Indonesia’s macroeconomic condition remained robust as reflected in the relatively limited weakening of rupiah’s exchange rate compared to the other countries in the region and the inflation level which remained low between 3.30% and 3.61%. Meanwhile, BI 7-Day (reverse) repo rate was adjusted in a scalable manner to 6.00% from 4.50% previously, as a response to the Fed’s increased reference interest rate.

realization of various infrastructure projects coupled with deregulation efforts to improve Indonesia’s business climate have brought the country to yet again deliver improvements across various qualitative indicators, including its rank in the Global Competitiveness Index report, relased by the World economic Forum (WeF) in october 2018, where Indonesia jumped from 47 to 45. the competitiveness index was established to understand the global competitiveness landscape, in line with the Fourth Industrial revolution or Industry 4.0. Moreover, Indonesia was awarded investment-grade by three global rating agencies, namely Fitch ratings, Moodys, and Standard & Poor’s (S&P).

the Government also intensified its efforts of encouraging the role of private investments in infrastructure projects through, among other things, the public-private partnership (PPP) scheme. Indeed, the solid macroeconomic condition was conducive to the growing interests of domestic and foreign investments to participate in infrastructure

projects. there are, however, several common obstacles with respect to project execution, for example the lengthy process of land acquisition, limited Government budget, and low project preparedness. the Company continues to synergize and work closely with relevant stakeholders to support the improvement of infrastructure financing ecosystem. In addition, Pt SMI continues to come up with innovative financing structure.

In terms of PPP financing provided for regional governments, the Company still seeks to improve the capacity of local governments in planning and debt management through various capacity building and information dissemination programs. additionally, solid coordination between stakeholders in the legislative and executive branches is key to accelerating infrastructure development in the regions through regional loan. this is an element that the Company pursues by having dialogues and discussions with legislative and executive members of the subnational government.

In terms of funding, the Company had to address investors’ expectation of getting coupons with high interest rate and long tenor due to the increase in the Fed’s benchmark interest rate. this was a challenge, considering that the capital market is the ideal long-term source of financing for inrastructure projects. to appeal to investors, the Company carried out different funding strategies and innovated among others through the issuance of Green Bond, the first of its kind in Indonesia, and corporate Islamic bond Sukuk based on Mudharabah agreement scheme. the Company also exercised the first sharia cross-currency hedging in Indonesia and designed a synthetic loan scheme that involved foreign banks. regardless of the challenges in 2018, the Company managed to continue transforming the challenges into opportunities, optimized to boost business continuity in the future.



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STRATEGIC POLICIES AND INITIATIVESPt SMI endeavors to solidify its role as the catalyst of infrastructure development financing in Indonesia in supporting infrastructure development programs. the Company also serves as an enabler in both PPP and non-PPP projects in terms of financing as well as the development of projects assigned by the Government. In 2018, the Company’s project portfolio, supported by means of financing facility and project preparation, included a number of National strategic projects such as trans Sumatra toll road Project, trans Java toll road, city transportation, telecommunication, renewable energy and social infrastructure projects, e.g. low-cost apartments and hospitals.

STRATEGIC POLICIESto reinforce its role as the catalyst of Indonesia’s infrastructure development, the Company has continued pursuing two goals at the same time, namely maximizing the social and economic impacts of each infrastructure project that the Company finances and sustaining business continuity. to those ends, the Company’s financing decision is based not only on a project’s financial viability, but also the socio-economic impact potentials. More importantly, each project is linked to Sustainable Development Goals (SDGs), thereby contributing to the national attainment of SDGs.

In 2018, for the financing and investment business pillar, the Company focused on realizing sustainable financing, financing to regional governments, and sharia financing. the Company also strengthened its Consulting Services and Project Development Pillar. In the Consulting Service side, the Company completed 10 of the total 13 mandates it received while the remaining three mandates are ongoing. Sector-wise, the mandates covered a variety of sectors from ports, toll roads, power, telecommunication, zone development, to the gas industry with total project value amounting to rp261.4 trillion.

Several innovative financing projects that we implemented in 2018 among others were takeout financing for a toll road project and a Step-up musyarakah matanaqishoh (MMQ) sharia financing for Pasuruan-Probolinggo toll road project.

the Company was able to financially support the Pasuruan-Probolinggo toll road development through Step-up MMQ, committing a total of rp293.20 billion. overall, the Company booked rp2.29 trillion sharia financing commitment with an outstanding of rp2.17 trillion.

While on the Project Development, the Company is currently executing 14 Government Project assignments on a Private-Public Partnership (PPP) basis and 1 non-PPP assignment. other than that, the Company carried out 9 capacity building activities and 8 information dissemination and focused group discussion sessions aimed to provide better understanding among Government Contracting agencies (GCa) on PPP scheme.

In terms of funding, the Company seek innovative funding through the strategic partnerships it entered into with various bilateral/multilateral institutions. as the result, the Company, for example, issued the first Green Bond in Indonesia and established the integrated SDG Indonesia one platform. as of the end of 2018, as many as 25 SDGs partners have joined the platform, representing donor agencies, bilateral/multilateral institutions, philanthropic organizations, commercial banks, insurance companies, and investors. the platform has raised a total of uS$2.46 billion in funding commitment.


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to ensure that its business continues to grow moving forward, the Company pays close attention to good corporate governance principles and operational efficiency. Net non-performing loan (NPl) in 2018 stood at 0.65% while cost efficiency ratio (Cer) at 18.22% was lower than the other financial and banking institutions on average. these figures show the Company’s success in applying corporate governance whilst playing the role as a catalyst of infrastructure development financing that is able to provide long-term loans for higher-risk schemes.

STRATEGIC INITIATIVES throughout 2018, Pt SMI implemented several strategic initiatives to support the Company’s performance while still observing the social and economic mandates and impacts of the Company’s activities. the 2018 strategic initiatives include:1. Improving partnerships with project developers,

financing institutions, Multilateral Financing Institutions, the Committee for acceleration of Priority Infrastructure Delivery (KPPIP), and other Government Institutions.

2. Providing innovative and flexible financing products to close the gap from senior loans to equity investment through: shareholders loan, bridging finance, take-out financing, credit guarantee as well as other initiatives.

3. Increasing the leveraging by utilizing multilateral fund and donor fund to support loans to the regional Government.

4. Strengthening its credentials in advisory and project development service.

5. Sharia product cross-selling.6. aiming for asset-liability alignment and reduction of

Cost of Fund.7. Improving the quality of risk management and

audit, including by completing the preparation of risk appetite statement and by improving the implementation quality of enterprise risk Management.

8. Supporting the achievement of SDGs by launching SDG Indonesia one framework.

9. adjusting its organizational structure to support business needs and increasing the internal resources competency for the planned transformation of the Company into Indonesia Developing Financing Institution lPPI).

CORPORATE ACTIONSIn 2018, Pt SMI recorded history by being the first Green Bonds issuer in Indonesia. amounting to rp500 billion, the bonds was rated Medium Green by the Center for International Climate research (Cicero) and id aaa (triple a) by Pt Pemeringkat efek Indonesia (Pefindo). the Green Bonds issuance was part of the Green Bonds Shelf registration Bond (PuB) amounting to rp3 trillion.

Pt SMI also issued Sukuk Mudharabah in the amount of rp1 trillion in tranche I-2018, which was part of Sukuk Shelf registration Bond (PuB) planned to amount to rp3 trillion. Pefindo’s rating for Sukuk Mudharabah was id aaa (triple a). additionally, in order to mitigate the risk of market fluctuation in Sharia business, the Company performed sharia hedging for sharia portfolio in the amount of uSD128 million. For the hedging purpose, Pt SMI partnered with Pt Bank Maybank Indonesia tbk and received Cross Currency Hedging iB service, a sharia-based hedging product and the first and the only one of its kind in Indonesia. In the same year, Pt SMI, having been accredited in the previous year by GCF (as the first corporation in Southeast asia), managed to obtain the its very first approval to receive fund in the form of Project Preparation Facility in the amount of uSD788,000 relating to development of mass transportation project (Brt - Bus rapid transport) in Semarang.

BUSINESS PERFORMANCE IN 2018In general, the 2018 Performance achievement, measured by corporate KPIs, remained within the category of “aaa” or “sound” with the rating score of 102.53 in accordance with State-owned enterprise soundness level category issued by the Ministry of State-owned enterprises. overall, Pt SMI’s performance is assessed from three indicators, namely operational performance, socio-economic impacts, and financial performance that are elaborated below.

OPERATIONAL PERFORMANCEas at 31 December 2018, the Company’s total assets stood at rp62.49 trillion or up 12.83% from rp55.39 trillion as at the end of 2017. the growth was primarily contributed by 37.00% increase in financing outstanding to rp46.71 trillion in 2018 from rp34.09 trillion in 2017. Financing commitment also rose by 47.85% to rp77.19 trillion



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in 2018 fom rp52.20 trillion in 2017. the susbtantial growth reflects Indonesia’s vast need for infrastructure development financing. as the government’s fiscal tool, the Company consistently endeavors to support infrastructure financing in the country.

In 2018, the Company booked rp1.53 trillion of net income or achieved 102.13% of its 2018 Work Plan target of rp1.50 trillion. the consistent growth from year to year evidences the Company’s business continuity.

In 2018, Pt SMI supported the financing of power infrastructure projects (3 renewable energy-based power projects), with a total value of rp7.4 trillion, in addition to 13 other infrastructure projects, with a total value of rp19.4 trillion. In all of these large projects, Pt SMI’s innovative products played a key role in their financial close. In the regions, the Company supports infrastructure development by increasing financing outstanding by twofold compared to 2017 from rp1.21 trillion to rp2.42 trillion with a total of 29 facilities that are available for local governments. as for Sharia financing, through the new Step up MMQ, the Company is able to finance Pasuruan-Probolinggo toll road Project that has a total value of rp293.20 billion. the Company posted sharia financing commitment of rp2.29 trillion in total and outstanding of rp2.17 trillion.

Pt SMI took a step further by taking actions as an implementing agent for SDG Indonesia one platform – an integrated platform that suppots SDG-oriented infrastructure development projects with a commitment value of uS$2.46 billion. the Company is to provide four types of financing schemes in this framework, namely: SDG Development Facilities, SDG De-risking Facilities, SDG Financing Facilities and SDG equity Fund. Various multinational financial institutions which have concerns for sustainability issues such as Green Climate Fund (GCF), Climate Policy Initiative (CPI), the World Bank in Geothermal energy upstream Development Project

(GeuDP), agence Francaise de Development (aFD) and the united Nations for Development Program (uNDP) as well as others have shown their commitment to support the implementation of said platform.

under the advisory business pillar, Pt SMI in 2018 has completed 13 advisory mandates of the 9 targeted mandates. through its consultancy service, the Company supported the acceleration of national infrastructure development both conventional and sharia-based. one of the scheme innovations produced out of the Consultancy Service was equity limited Participation Mutual Fund (reksadana Penyertaan terbatas (rDPt) ekuitas) for Kertajati airport project. Pt SMI also served as the lead transaction advisor for a Multifunction Satellite Project that has a total value of rp6.7 trillion and managed to attract international bidders. other activities include: the management of projects, transactions, project structural preparation, financial planning, fund raising and connecting funding access and investment opportunities to infrastructure projects.

under Project Development Business Pillar, Pt SMI obtained 4 new assignment projects from the Government. under this pillar, the Company performed its catalyst mandate as an enabler of the acceleration of project development by providing capacity building and other kinds of assistance. as part of the performance of this business pillar, the Company managed to organize not less than nine capacity building programs, involving infrastructure stakeholders, to support sustainable infrastructure development.

We note positive progress in the projects facilitated by the Company. the Palapa ring satellite has commenced its operations, SPaM lampung project groundbreaking took place in mid 2018, and West Semarang SPaM project had completed its bidding process and was preparing for financial close as per end of 2018.


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the above overview clearly shows how the Company’s presence has been substantially effetive in raising the interests of the private sector and other business firms in participating in Indonesia’s infrastructure financing. Furthermore, it articulates the Company’s solid position as the government’s fiscal tool.

FINANCIAL PERFORMANCE IN 2018the Company is able to deliver robust performance as indicated by various financial indicators during 2018. Net income reached rp1.53 trillion or 102.3% achievement from the Work Plan target and grew by 21.32% from rp1.26 trillion in 2017. Net income growth in 2018 was contributed by a higher employee productivity level that achieved rp161.47 billion/employee or 24.2% higher than the Work Plan target of rp130 billion/employee. the Company’s operations were also efficient and effective as shown by 18.22% Cer compared to the target of 23.61%.

Growth was further contributed by successful implementation of corporate governance and risk management as shown by sound assets quality. Net NPl stood at a low 0.65% or far below 2017 net NPl of 1.19%. the outstanding performance is reflected from the Company’s 2018 KPI score of 102.53 or Green status. the excellent achievements in many fronts create a strong foundation for the Company to grow sustainably.

Growth 2018 - 2017(In rp Million)

description 2018 Realization 2017 Realization Growth

assets 62,493,191 55,385,898 12.83%

liabilities 26,917,301 21,064,743 27.78%

equity 35,575,890 34,321,153 3.66%

operating Income* 3,810,445 3,032,699 25.65%

Profit for the Period 1,531,110 1,262,008 21.32%

*) Net of Final tax



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TARGET AND REALIZATION COMPARISONthe Company’s target for total assets in 2018 was rp67.83 trillion and target realization achieved at rp62.49 trillion. In terms of financing, the Company recorded rp77,187 billion financing commitment or 91.92% of the Work Plan target amounting to rp83,976 billion. Financing outstanding amounted to rp46.71 trillion or 92.42% of the 2018 target at rp50,534 billion that included local government financing. as at 31 December 2018, local government financing commitment portfolio amounted to rp4,356 billion with an outsanding of rp2,424 billion. taking the results into account, the Company booked rp1.53 trillion of net income (after tax) or 102.13% of 2018 target amounted rp1.50 trillion. Comprehensive income was posted at rp1.53 trillion or 94.29% of the targeted rp1.62 trillion. this achievement was the result of the Company’s product diversification strategy.

the performance record indicates the Company’s focus and priority of optimizing the socio-economic impacts of its financing activities while still observing business sustainability. the focus was evidenced by net income realization amounted to rp2.40 trillion or 104.81% of the 2018 target at rp2.29 trillion. this was one of the Company’s strategies to maintain growth.

2019 BUSINESS OUTLOOK ANALySISGlobal economic condition in the coming year is projected to remain under pressure, as the global economic giants, the united States and China, have yet to reach a bilateral trading agreement. there remain, however, opportunities for Indonesia to benefit from this condition, namely by withdrawing manufacturing facilities from China so as to avoid trading sanctions from the united States, developing adequate supporting infrastructure, as well as providing an greater ease of investment rules for investors. this, coupled with strong domestic consumption, will keep increasing the need for realization of permanent infrastructure development to facilitate the flow of goods between regions and countries, in addition to people movement as the tourism business grows. If all these opportunities are appropriately seized, Indonesian economy is expected to enjoy a moderate growth.

to that end, the Indonesian Government is committed to maintain infrastructure development as a top priority to keep up with infrastructure development in the other countries in the region. In addition, education and health sector will also part the government’s priority.

Target and Realization (In rp Million )

description 2018 Realization 2018 Target Achievement

assets 62,493,191 67,828,495 92.13%

liabilities 26,917,301 32,304,470 83.32%

equity 35,575,890 35,524,025 100.15%

operating Income* 3,810,445 4,186,019 91.03%

Profit for the Period 1,531,110 1,499,149 102.13%

*) Net of Final tax


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In line with the program to build the tourism industry, the Company will continue to promote basic infrastructure development programs to ensure improved connectivity between regions, in particular regions with ample tourism potential, to complement Bali Island as Indonesia’s tourism icon. as such, the Company is determined to improve its implementation of Business Pillar III development and intensify regional Government financing development, with the focus on improving the connectivity between regions with major tourism potential, such as toba lake, raja ampat, West Nusa tenggara, and others.

Pt SMI will also increase its attention to the infrastructure development of sanitation, water availability, renewable energy sources and power. With the development plans in mind, the Company is confident that the infrastructure financing industry will continute growing stronger and more reliable for the attainment of sustainable goals.

SOCIO-ECONOMICS BENEFITSthe Company’s significant progress has resulted in the realization of infrastructure projects that bring greater benefits for the people. More than presenting physical structures, those projects also create substantial socio-economic impacts..

the results of the infrastructure projects backed by Pt SMI are as follows:

Power - 2,884 MW additional power plant capacity

- electrification of 3.2 million homes or 12 million people

- 80 additional electric locomotives and revitalization of 438 coaches

- Increase in passenger capacity of urban transportation to 7.3 million per year

Urban Transport

clean Water and Irrigation

- additional clean water production of 14,140 l/s

- Clean water contribution to 2 million homes or 8.1 million people

- Natural gas network for 21,000 households

- additional 31,000 bpd of fuel production

- 10,000 Mt additional gas availability capacity

Oil and Gas

Toll Road - 2,290.6 km of road and toll road

- 1.97 million of workers hired during construction period

- Health facilities for 720 new patients/year

- additional facility of 1,031 new beds


Air and Seaports - Capacity increase of 37.5 million airport passengers per year

- Increase of seaport flow of goods to 2.26 million teus per year

- 52 thousand telecommunication towers project

- 2.700 km fiber optic network in Central Indonesia

- Serve 76 million of telecommunication service users across Indonesia

Telecommunication



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DIVIDEND PAyOUTthe Company’s GMS has approved dividend payment for financial year 2017. For financial year 2018, as identified in the Company’s Work Plan, the target is to allocate 20% dividend from Pt SMI’s net income. the payment, provided that the GMS approve this target, will be made in 2019. In comparison, the Company stipulated the dividend payout for fiscal year 2017 of rp271 billion or 21.47% of net income for the relevant year. the payment was made in 2018.

ENHANCING THE QUALITy OF CORPORATE GOVERNANCEPt SMI has shown its commitment to enhance the quality implementation of governance principles, through the enactment of 5 GCG-related key programs: first, the corporate manuals refinement include GCG Manual, Code of Conduct, Board Manual, Sharia Supervisory Council, CSr Manual, Internal audit Charter, and several other operating manuals of the Company. Second, update of employee’s Statement of Compliance or Integrity Pact, as mandated by Code of Conduct Manual. third, the drafting of risk appetite Statement as part of the effort to improve risk management and mitigation quality. Fourth, dissemination on gratification prevention by inviting guest speakers from the Corruption eradication Commission. Fifth, conducting GCG eQuiz to measure the level of understanding across the Company on GCG Manual, Code of Conduct Manual, and the Gratification Control Manual. the result of the eQuiz shows that 98% of the Company’s employees have good understanding of the manuals.

In addition to enhancing the guidelines and risk management, the Company also focuses on meeting and implementing the recommendations (area of Improvement) made by the Independent assessor in the 2017 GCG assessment. as the result, the Company achieved a score of 96.12 (“Very Good”) in 2018, a 6.02 improvement from the previous score of the 2017 GCG assessment.

PERFORMANCE OF THE BOARD OF DIRECTORS’ COMMITTEESthere are five committees that assist the Board of Directors particularly in making strategic operational decisions. each of the committee has specific duties and functions in line with the Company’s business activities. the committees are: risk and Capital Committee, Financing Committee, equity Investment Committee, Project Development & advisory Committee, and Information System and technology Committee.

We view that the committees have fulfilled their duties and responsibilities exceptionally well during 2018. the committees have performed their roles in supporting the Board of Directors and providing second opinions prior to decision-making on relevant operational policies, according to each of their scope of work.

Considering the difficult challenges and tasks of the Committee’s members today and in the future, the Board of Directors mandates all members to enhance their skills by attending available competency-building programs and by complying with the policy on the minimum hours of training attended.


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CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORSIn 2018, based on the resolution of extraordinary GMS on 3 May 2018, some changes were made to the composition of the Company’s Board of Directors. effective as of the closing of the Meeting, agresius r. Kadiaman ended his term of service. on behalf of the Board of Directors, we would like to extend our gratitude for his contribution, efforts and insights while performing his duties in the Company. Subsequently, as of the closing of the eGMS up until the next 5 (five) years, Faaris Pranawa was appointed as the new member of the Board of Directors.

as such, the Board of Directors personnel remained consist of one President Director and four Directors, namely: emma Sri Martini as the President Director, and edwin Syahruzad, Darwin trisna Djajawinata, Faaris Pranawa, and Mohammad Ghozie Indra Dalel as Directors.

HUMAN RESOURCE DEVELOPMENT, ENCOURAGING CREATIVITy FOR INNOVATIONHaving the best, creative, and resilient human resource is crucial for the exercise of our mandate as a catalyst and enabler of infrastructure development acceleration and to ensure that the Company is able to sustainably generate growth and values. Several initiaties were launched in 2018 to make sure we recruit and retain the best talents.

the idea box program introduced in 2018 is a forum for employees to express their creative business and improvement ideas for the Company, wthether to propose organizational or business process improvements. the Company’s commitment is to appreciate employees for submitting the ideas and to reward the best ideas that

are feasible for implementation by the Company. Idea box represents the Company’s real efforts to nurture our fourth corporate culture elements namely innovation culture to ultimately realize sustainable business and life.

We have also identified the indicators of an ideal corporate environment and culture that we aim to foster and embed in the way we work and implement our role on daily basis. We have started by inculcating the values of i-sprint and evaluating Hr strategy. the evaluation is carried out by conducting an engagement survey to our employees, particularly our millenial staffs, to learn of their aspirations towards the Company. executed by an independent surveyor, the survey shows that our employees appreciate teamwork, reward, and pioneering spirit as well as self-learning and development. the Company is committed to accommodate these aspirations in the future Hr development strategies.

at the same time, we find that employees wish to have accelerated career development experience and are more proactive, as they recognize the rapid changes around them and in the market. For this reason, capacity and professional competency building were our strategic and key Hr development programs in 2018, which we delivered through:

1) Induction Program, a one-month training program organized by the Company for new employees. Participants are trained about the Company’s overall business process and products. the training aims to help new employees to quickly adapt and be able to perform and deliver their targets.



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2) Scholarship and overseas learning experience program. these opportunities are available for high-performing employees in the Star category.

3) opportunity to Develop Professional Skills in other Work areas. to fulfill career progression and professional development needs, employees may apply to move to a different department. this opportunity gives employees the chance to increase productivity and to work according to their passion.

4) refine balanced scorecard-based performance assessment system by cascading corporate objectives and targes to individual employee level. employees are expected to better understand how their performance contributes to the Company’s achievements. Pt SMI also applies 360 degree feedback system to assess employee behavior; in this system, employees are evaluated not only by their superiors but also their team members and peers. the i-Sprint values are embedded in the evaluation indicators to ensure that the corporate culture remains a strong part of Pt SMI’s employees and their day-to-day conduct.

5) talent classification based on potential and performance reviews. By identifying groups of talents, the Company can develop effective Individual Development Plan for each employee.

We are committed to create a work environment that inspires our employees to have better understanding and be even more dedicated to what we do and why we do it. In 2018, for example, 21 managers and above participated in a leadership program where they learned to align their personal interests with the Company’s goals, thereby motivating and giving them the clarity of purpose to become better leaders.

as a company that cares about the welfare of our employees, we would like to ensure that our employees can maintain a balance in their lives (physically, emotionally, mentally where personal and professional purpose align). Not only we encourage the company leaders to make sure that their team members are leading balanced lives, we also provide various supporting facilities at the work place, such as comfortable work facilities, clean and green work area, adequate It system, gym facility, and establishment of different hobby groups that offer our employees the opportunity to grow outside of their professional field, e.g. basketball group, music group, runners’ group, diving group, badminton group, yoga group, pilates group, and futsal group.


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INFORMATION TECHNOLOGy DEVELOPMENTWth respect to information technology (It) development, the Company realized its policy on digital-based integrated It transformation to support its core businesses and to respond to the rapid changes in the business environment. the Company implemented a digital-based It transformation to support its core businesses and to respond to the rapid changes in the business environment. the transformation was integrated and aligned with the Company’s strategic direction so as to provide added value in its support for infrastructure development. the Company’s strategic It initiatives include: Core Modernization; business process efficiency, automation and streamlining; Datawarehouse, including datawarehouse budget and the development of dashboard information to monitor the company’s financing portfolio and budget; the development of applications to support mobility, including Mobile approval & alert and mobile inquiry; infralib implementation; transaction Monitoring & It Contact Centre; Strengthening of It Security; as well as DrC rehearsal and updated DrP procedures.

Going forward, the Company plans to enhance iexisting applications and to develop new applications to serve as a Digital Factory. the Company will also continue improving its mobile digital application both in terms of software and hardware so as to facilitate business developments.

CORPORATE SOCIAL RESPONSIBILITy Corporate Social responsibility (CSr) Programs are focused on activities, which are closely linked to infrastructure development programs. Broadly, the CSr activities come from four categories: responsibility for the environment, responsibility for Manpower, occupational Health and Safety, Social and Community Development, and responsibility for Consumers.

In occupational Health and Safety (oHS) and environment, the Company delivers its commitment by carrying out infrastructure development support and operational activiteis that adhere to oHS and environmental preservation principles. the activities include: electricity and fuel consumption management, emission reduction, water management, waste management, and green office implementation. to meet its oHS responsibility, the Company ensures that it has an established oHS management system according to the applicable laws and regulations as well as adequate oHS facilities in order to create safe, comfortable, and healthy work environment. the Company has in place oHS Policy and Manual for employees, First aid kits, health facility, and work safety and security infrastructure (safety signs, evacuation route, safety induction program, PPe, portable fire fighting equipment, hydrant, CCtV system, and other safety tools.

In terms of our responsibility towards the community, the Company focuses on activities intended to improve education quality and the welfare of the people in general. the programs include the construction and repair of educational facilities, and the training of female artisans of Flores hand-woven textiles, scholarship programs and the development of transportation facilities. the Company also played its role in improving the community’s health through community nutritional assessment and community health check, as well as by actively participated in helping the victims of the disasters in Palu-Donggala, Situbondo, lombok and Carita-tanjung lesung in Banten and Kalianda-lampung. the Company also actively supported the development of other basic facilities and infrastructures in various areas of project activities which are supported by Pt SMI.

Finally, we fulfill our responsibility towards the consumers by building close cooperation with our service customers and financing customers. We make sure their rights as customes are always fulfilled.



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MANAGEMENT REPORT

AWARDSthe Company received the following awards from external parties as a form of their appreciation towards the Company’s operational, financial, and social and economic performance in its business. the Company received a total of 16 awards including 7 awards from foreign organizations:

• Best Innovation in Financial Services to recognize success in financing renewable energy through “First loss Mechanism Program” award.

• “excellent” Soe for its 2017 Financial Year Performance in the 9th Infobank BuMN awards 2018.

• Golden trophy for excellent Financial Performance for 5 (five) consecutive years from 2013 to 2017 in the 9th Infobank BuMN awards 2018.

• “toP CSr 2018 on Infrastructure Financing Sector” award in toP CSr 2018.

• “toP CSr 2018 on education Program - Perahu Pustaka” award in toP CSr 2018.

• “toP leader on CSr Commitment, Ibu emma Sri Martini” award in toP CSr 2018.

• “asia’s Most Influential Companies” award in asia’s Corporate excellence & Sustainability awards 2018.

• “Best Brand Communication” in BuMN Branding and Marketing award 2018.

• “the Best Ceo in Corporate reputation Development” award, emma Sri Martini, in BuMN Branding and Marketing award 2018.

• top 10 in the Bloomberg league 2018 as Mandated lead arranger.

• Best Inaugural Green Bond In South east asia by alpha Magazine.

• Winner “Innovative Product in Financing Bakauheni terbanggi Besar toll road Project”, Category 4 Infrastructure Development, aDFIaP awards 2019.

• Merit award, Category 9: unit risk and Compliance Manager (urCM), aDFIaP awards 2019.

• “Innovative Figure in Infrastructure Financing” award for emma Sri Martini, in Indonesia’s Figures in the Financial Sector and Best Soe 2018 awards by Investor Magazine, 19 Desember 2018.

• Bronze rank asia Sustainability reporting rating 2018, National Center for Sustainability reportingî.

• Special award ìBest Sustainability reportî, aDFIaP awards 2019.


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Jakarta, March 2019on behalf of the Board of Directors

APRECIATIONWe would like to take this opportunity to extend our deepest gratitude and appreciation to the Ministry of Finance as the shareholder representing the Government of the republic of Indonesia for their trust and support, and to the Board of Commissioners for their guidance and advice, as well as to our stakeholders and business partners for their cooperation and support.

We would also like to extend our deepest gratitude and appreciation to all employees for their hard work, synergy that continually improves, their commitment for integrity in their conduct and their contribution to the development of the nation. these have supported the Company to realize its work plan in 2018 which grew

more dynamic and presented many challenges, all the while enriching the Company’s competency in preparing the best financing structure to attract enterprises to actively support infrastructure financing in Indonesia.

We are confident that our various efforts together will improve Pt SMI’s capacity in exercising its mandate as a catalyst for national infrastructure development acceleration in Indonesia, to play a bigger role to support this nation’s development, and even further, to actively participate in supporting the achievement of sustainable development goals in SDGs together with fellow citizens of the world, for a better and brighter future.


Annual Report 2018



Mohammad Ghozie Indra Daleloperation & Finance Director


Faaris Pranawarisk Management Director

Board of Directors

Annual Report 2018


edwin SyahruzadFinancing and Investment Director

Darwin trisna DjajawinataProject Development and advisory Director



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MANAGEMENT REPORT

Jakarta, March 2019

Board of commissioners

Statement of Accountability 2018 Annual Report by the Board of Commissioners and Board of Directors

Wahyu Utomo**Commissioner



dini KusumawatiCommissioner

A. Kunta Wibawa dasa NugrahaCommissioner


Annual Report 2018



We, the signatories, hereby stated that all information contained in the 2018 annual report of Pt Sarana

Multi Infrastruktur (Persero) has been comprehensively presented and that we are fully accountable for

the accuracy of the contents of the Company’s annual report

this statement is made truthfully.

Jakarta, March 2019

Board of directors

Mohammad Ghozie Indra dalel

operation & Finance Director

Emma Sri MartiniPresident Director

Edwin SyahruzadFinancing and Investment Director

darwin Trisna djajawinataProject Development and advisory Director

Faaris Pranawarisk Management Director


Annual Report 2018


COMPANY PROFILEMANAGEMENT REPORT

88

MANAGEMENT DISCUSSION & ANALYSIS

Annual Report 2018

Company Profile

A TRUSTWORTHy INSTITUTION, PT SMI SETS TO BECOME AN ‘ENABLER’ FOR THE INFRASTRUCTURE DEVELOPMENT IN INDONESIA. THIS IS ExECUTED THROUGH INNOVATIVE, UNIQUE AND FLExIBLE FINANCING PRODUCTS. THE COMPANy, IN WHICH ITS STAKE ARE 100% FULLy OWNED By THE GOVERNMENT, ALSO SERVES AS THE FIRST PRIVATE AGENCy IN SOUTH EAST ASIA ACCREDITED By THE GREEN CLIMATE FUND (GCF) TO FOSTER THE ACHIEVEMENT OF SUSTAINABLE DEVELOPMENT GOALS (SDG) AND CLIMATE CHANGE PROGRAMS.

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Annual Report 2018


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MANAGEMENT DISCUSSION & ANALYSISMANAGEMENT REPORT

90

COMPANY PROFILE

HIGHLIGHTS

The company delivers excellent performance throughout 2018, received 9 awards from the national institutions and media, and 7 awards from the international institutions.

PT SMI Financing Resources derived from the State Equity, Bonds Issuance, and Multilateral/Bilateral Fundings including donors.

Pt SMI offers Innovative Product Development

√ long tenor Financing√ Cash Deficiency Support√ take-out Financing√ First loss Mechanism√ Interest Subsidy√ Quasi-equity Facility


Annual Report 2018



1. Government regulation No. 66 of 2007, dated 10 December 2007 on the State Capital Investment of republic of Indonesia for the establishment of the Company (Persero) in the field of infrastructure financing, as amended by Government regulation Number 75 of 2008, dated 16 December 2008.

2. Presidential Decree No. 9 of 2009 in conjunction with Minister of Finance regulation No. 100/ PMK.010/2009 on Infrastructure Financing Companies.

3. Deed of establishment Number 17, dated 26 February 2009, drawn up before Notary lolani Kurniati Irdham-Idroes, SH, llM in Jakarta which received approval from the Minister of Justice and Human rights of the republic of Indonesia No. aHu- 09067.aH.01.01. dated 24 March 2009, registered in the Company register No. aHu-0011180.01.09. dated 24 March 2009, and published in the State Gazette of the republic of Indonesia No. 40, dated 19 May 2009, Supplement No. 13273.

LEGAL BASIS OF ESTABLISHMENT

LINE OF BUSINESS

Infrastructure FinancingDATE OF ESTABLISHMENT

26 February 2009

COMPANy NAME PT Sarana Multi Infrastruktur (Persero)

Corporate Identity



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92

COMPANY PROFILE

Following the drafted of Deed of establishment, the articles of association were amended:1. Deed of Shareholders resolution of the

Company No. 20, dated 15 april 2011, drawn up before Notary lolani Kurniati Irdham-Idroes, SH, llM in South Jakarta, has been notified to the Minister of law and Human rights of the republic of Indonesia with the receipt of the notification letter No. aHu-aH.01.10-13260 dated 4 May 2011, and registered in the Company register No. aHu-0035616.aH.01.09. Year 2011, dated 4 May 2011.

2. Deed of the Shareholders resolution of the Company (Persero) No. 416, dated 27 March 2013, drawn up before Notary Purnamasari Irma Devita, SH, MKn, in North Jakarta, has been approved by the Minister of law and Human rights of the republic of Indonesia No. aHu- 17492.aH.01.02. Year 2013, dated 4 april 2013, registered in the Company register No. aHu-0029793.aH.01.09. Year 2013, dated 4 april 2013, and published in the State Gazette of the republic of Indonesia No. 72, Supplement of the republic of Indonesia No. 91 063, dated 6 September 2013.

3. Deed of Shareholders resolution of the Company (Persero) No. 50, dated 23 December 2015, drawn before Notary Irma Devita Purnamasari, SH, MKn, a notary in North Jakarta, has been approved by the Minister of law and Human rights of the republic of Indonesia. No. aHu-0948826. aH.01.02 Year 2015, dated 23 December 2015 State Gazete of republic Indonesia Number 5169 dated 5 april 2016.

ARTICLES OF ASSOCIATION AND AMENDMENT

4. Deed of Shareholders resolution of the Company (Persero) No. 13, dated 21 March 2016, drawn up before Notary Purnamasari Irma Devita, SH, MKn, in North Jakarta, has been notified to the Minister of law and Human rights of the republic of Indonesia with the receipt of the notification letter No aHu.aH.01.03.0033252, dated 21 March 2016, registered in the Company register No. aHu-00035948. aH.01.11. Year 2016, dated 21 March 2016.

5. Deed of Shareholders resolution of the Company (Persero) No. 34, dated 20 october 2016, drawn up before Notary Purnamasari Irma Devita, SH, MKn, in North Jakarta, has been approved by the Minister of law and Human rights of the republic of Indonesia No. aHu-0019472. aH.01.02.Year 2016, dated 21 october 2016.

6. Deed of Shareholders resoluiton of the Company (Persero) No. 44, dated april 27, 2017, drawn up before Notary Purnamasari Irma Devita, SH, MKn, in North Jakarta, has been notified to the Minister of law and Human rights of the republic of Indonesia with the receipt of the notification letter No. aHu-aH.01.03-0132939, dated 3 Mei 2017, registered in the Company register No. aHu-0057345.aH.01.11.Year2017, dated 3 May 2017.

Corporate Identity


Annual Report 2018



Corporate Identity

BUSINESS LICENSE Minister of Finance decree No. 396/KMK.010/2009 dated 12 October 2009.

AUTHORIZED CAPITALRp50,000,000,000,000 (fifty trillion Rupiah) which consist of 50,000,000 (fifty million) shares with a nominal value of Rp1,000,000 (one million Rupiah).

SUBSCRIBED AND PAID UP CAPITALRp30,516,600,000,000 (thirty trillion five hundred and sixteen billion six hundred million Rupiah).



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COMPANY PROFILE

100% owned by the State of the Republic of Indonesia as shareholder, represented by the Ministry of Finance

COMPANy’S WEBSITE AND EMAILE-mail: [email protected] Website: www.ptsmi.co.idPhone: +62 21 8082 5288Fax: +62 21 8082 5258

HEAD OFFICE ADDRESSSahid Sudirman center, 47-48 Floor jl. jenderal Sudirman No. 86jakarta 10220 - Indonesia

TyPE/CORPORATE ENTITy SOCIAL MEDIA

Corporate Identity

COMPOSITION OF THE SHAREHOLDERS

The Meaning ofThe Logo

Limited Liability company

infralib.ptsmi.co.id

@ptsmi

ptsmi_id

PT Sarana Multi Infrastruktur (Persero)


Annual Report 2018



The Meaning ofThe Logo

Blue

represents high integrity in maintaining professionalism in

performing duties.

Green

represents growth and the ability to increase the capacity of the Company

to meet the need of financing infrastructure projects in Indonesia.

Red

represents the spirit, courage and decisiveness to perform its tasks

honestly, in the best and way possible for the people of Indonesia, while respecting the principles of law.

Pt SMI’s basic logo shape reflects the highway connecting every direction, propelling the connectivity development and better access. the symbols feature the expanding reversed apex with 3 colors combination, which represent growth dynamics, spirits and strong forces complemented by integrity and professionalism to carry out duties, in order to boost the acceleration of Infrastructure development in Indonesia. Since its inception, Pt SMI applies this logo from February 2009 up to present time.



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COMPANY PROFILE

The Company at a Glance

PT Sarana Multi Infrastruktur (Persero) (hereinafter referred to as PT SMI or the Company) is a company engaged in the field of infrastructure financing. Established on 26 February 2009, the Company is a State-Owned Enterprise (SOE) with its total capital shares owned by the Republic of Indonesia through the Ministry of Finance.

Annual Report 2018



the Company at a Glance

the Company was established with a mandate to be a catalyst for the acceleration of infrastructure development in Indonesia, and to support the implementation of Public Private Partnership (PPP) schemes. In accordance with the regulation of the Ministry of Finance No.100/PMK.010/2009, there are 8 sectors that may be financed by the Company, namely roads and bridges, transportation, oil and gas, telecommunications, waste management, electricity, irrigation and water supply, and drinking water supply. In 2015, the Government rendered the shifting of assets and the function of Government Investment agency to Pt SMI, with one of the functions to finance the geothermal projects and financing for the regional government. as such, by virtue of letter No. S-48/D.05/2015 from the Financial Services authority (oJK), the Company has obtained sector expansion permit from the oJK, which covers financing for social infrastructure (hospitals, wet-markets, terminals and others), tourism and rolling stocks. With 12 focused sectors for financing, Pt SMI has the ability to provide innovative solution for the nation development by its participation in eradicating poverty, facilitations of health access, education and the achievement of other SDGs objectives in Indonesia.

the Company has defined 6 elements of mandate in implementing the functions to realize the Company’s vision and mission. the mandate is implemented to create innovative financing products, implement regional infrastructure acceleration programs, optimize strategic cooperation, and optimize funding acquisition, becoming

the enabler of infrastructure acceleration and measured risk management. the Company’s elements of mandate are focused on supporting the Sustainable Development Goals (SDGs), efforts to respond to climate changes (adaptation and mitigation) and optimizing the economic social benefits.

In order to expand its role in the development of national infrastructure, the Company together with the asian Development Bank (aDB), the International Finance Corporation (IFC) and Deutsche Investitions und entwicklungsgesellschaft mbH (DeG), set up a joint venture company, dealing with infrastructure financing, which was named Pt Indonesia Infrastructure Finance (Pt IIF).

the Company has continuously carried out business diversification by expanding the operations Directorate into Financing and Investment Directorate, and Project Development and advisory Directorate. the Company, through this business expansion, may offer comprehensive solution to augment its role in the future development of Indonesia through infrastructure.

the Company also supports inclusive infrastructure development across Indonesia. the financing for regional government emphasized on the development in east Indonesia areas. the Company also focuses on sustainable infrastructure development by initiating the environmental Social Safeguard (eSS) aspect.

The Company was established pursuant to Presidential Decree No. 9 Year 2009, in conjunction with the Regulation of the Finance Minister No. 100/PMK.010/2009 regarding infrastructure financing company. Since its establishment up to the end of 2018, the Company has not changed its name.


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COMPANY PROFILE

BIDaNG uSaHa SeSuaI aNGGaraN DaSarLINE OF BUSINESS IN AccORdANcE WITH THE ARTIcLES OF ASSOcIATION

Development efforts to expand the Company’s services continued with the opening of a Sharia Business unit in 2017 to accommodate the needs of Sharia financing, investment and advisory services. at the end of 2017, theSharia Business unit has been changed into special Division, namely Sharia Business Division in line with the Company’s organization restructuring in 2017. the Company also launched sustainable financing product at the same time established the Sustainable Financing Division. this Division has the duty to disburse infrastructure financing specifically for renewable new energy and energy conservation sectors. at the end of 2017, the Company undertook the organization Structure changes through the Board of Directors’ Decree No. PD-25/SMI/1217 dated 29 December 2017 on the Core Duties & Division Functions. the Company issued its first corporate bond in 2014 in the amount of rp1 trillion. then in 2016, the Company held a Due Diligence Meeting & Public expose in Continued Public offering Bond I Sarana Multi Infrastructure Phase I Year 2016 worth a total of rp30 trillion. the emission value of phase I in 2016 was up to rp5 trillion, for which the Company received debt rating of idaaa (triple a) from

Pt Pemeringkat efek Indonesia (Pefindo). the Company also issued the Bonds Shelf I Sarana Multi Infrastruktur tranche II Year 2017 with the issuance value of rp7 trillion. the Bonds issuance was continuation of Shelf Public offering tranche I in 2016 and as part of the Public offering of Bonds Shelf I Sarana Multi Infrastructure with total issuance value of rp30 trillion.

Pt SMI begins its milestones as the first company in Indonesia that is issuing a Green Bond in 2018. this issuance is part of Green Bond Shelf Public offering valued at rp3 trillion with the emission value of rp500 billion of tranche I 2018. Pt SMI also executed Sukuk Shelf Public offering of rp3 trillion in value, with issued value of rp1 trillion of tranche I 2018. Pt SMI also launched SDGs Indonesia one, the Company initiatives in setting the platform that integrates financing sources, technology and knowledge, including risk management to foster development acceleration in Indonesia, which aims at targeting 15 of 17 points from Sustainable Development Goals.

the Company at a Glance

Annual Report 2018



Line of BusinessIn general, the Company implements the mandate as the catalyst in fostering infrastructure financing in Indonesia. the mandate focuses on two main objectives, which are optimizing the economic and social benefits for the communities and supporting the achievement of Sustainable Development Goals (SDGs) as well as mitigating the climate changes.

to support the achievement of these objectives, the Company represents the mandate’s elements by:• Creating innovative financing products• Becoming the enabler of infrastructure development

acceleration• optimizing fund acquisition• optimizing strategic cooperation, and• accelerating regional infrastructure

all mandate’s elements are conducted with the measured risk management.

In its business processes, the Company conducts main businesses, which includes:

FINANCING AND INVESTMENTthe infrastructure financing activity including financing of sharia-based principles rendered to private sectors, State- owned enterprises, regional-owned enterprises, and local Governments as stipulated in the prevailing laws and regulations including:a. equity investment of direct or in loan conversion into

equity investment; andb. loan or credit facility for infrastructure financing.

the Company also carries out financing recovery activity, which include:a. transfer of ownership on collaterals, in full or in part,

in the event that the borrowers are not fulfilling its liabilities to the companies, by immediately settle the collaterals according to the laws; and/or

BIDaNG uSaHa SeSuaI aNGGaraN DaSarLINE OF BUSINESS IN AccORdANcE WITH THE ARTIcLES OF ASSOcIATION

b. temporary equity investment activity that derives from debt conversion into shares to the borrowers or other related parties to address loan failures, by divesting its investments according to the laws.

ADVISORy SERVICESthe facilitation of advisory and supporting services to both domestic and foreign investors, such as financing consultation, strategies, projects or investments and other activities to realize investment improvement in infrastructure.

PROjECT DEVELOPMENT· Project development activity including preparation

facilitation and development of PPP and Non-PPP projects in infrastructure facilitation.

· Capacity socialization, trainings, and developments.

the Company also carries out the following activities::

COOPERATION, RESEARCH, AND DEVELOPMENT· Cooperation with private sectors, State-owned

enterprises, regional-owned enterprises, local Governments, and multilateral financial agencies, for the establishment of companies in particular engaging in infrastructure financing.

· Development of partnership and/or cooperation with third parties to fostering infrastructure development acceleration.

· research and development as well as socialization on infrastructure activities.

FUND MANAGEMENT· Fund management to optimize infrastructure

financing, including grants and sponsor fund management.

· Issuance of securities for infrastructure development financing.


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COMPANY PROFILE

Products and Services

FINANCING AND INVESTMENTthe following are the Company’s financing and investment products:

1. Senior Loana financing facility with senior re-payment priority by the debtors compared with other debtors’ junior financing/lending.

the Company’s senior loan products are consists of:a. Investment/term loanb. Working Capital loanc. Bridging loand. take out Financinge. Promotor Financingf. Pembiayaan Non-Cash

2. Subordinated Loanthe junior loan (lower priorities) product in terms of financing re-payment compared with the debtors/ creditors’ senior financing/lending.

3. Mezzanine Loanthe junior loan (lower priorities) product in terms of financing re-payment compared with other debtors’ senior financing/lending, and has a repayment plan with debt to equity conversion option, a combination of cash flows and debt to equity conversion or combination of cash flows and stock purchase options.

4. Equity investmentthe investment product in direct share ownerships in infrastructure sectors/projects of companies, where the share ownerships are not permanent. the product consists of:a. equity investmentb. Shareholder loan, Bridging loan

5. Financing ServicesServices that potentially able to deliver income out of the financing interest income. this financing services are:a. arranger serviceb. underwriter service

In terms of financing functions, the Company also has in place two types of unique infrastructure financing, namely:

1. Municipal Financing Financing facilities for the regional Governments

to support the acceleration of basic and social infrastructure with middle and long-term financing. this facility is beneficial to accelerate the regional infrastructure development.

2. Sustainable Financing Financing facilities for infrastructure development

projects that contribute in the environmental issues management, environmental quality improvement, reduction of global warming threat, anticipation of the climate change impacts, and support in low-carbon development. this facility indicates the Company’s commitment to address the climate change issues.

Annual Report 2018




SHARIA FINANCING1. Financing Based on Lease-Tenancy Principle

Ijarah Muntahiyyah Bit Tamlik(IMBT) FinancingFunding for the transfer of utility or benefit rights from goods or services based on lease transaction with the option to transfer the goods ownership at the end or completion of financing term. this financing can be in a form of senior and junior financing.

2. Financing Based on Buy and Sell PrincipleMurabahah FinancingFunding or receivables qualized for buying and selling transaction of goods in the amount of principal cost plus margin based on the agreement between the Company and counterparty, which requires the counterparty to settle its obligations. this financing can be in a form of senior and junior financing.

3. Pembiayaan Berdasarkan Prinsip Bagi HasilMusyarakah Mutanaqisah (MMQ) FinancingMusyarakah Mutanaqisah (MMQ) Financing Financing based on musyarakah principle, namely syirkatul ‘inan (every party to submit the capital), which portion (hishshah) of the capital of one of syarik (the Company) is deducted by the gradual transferring (naqlul hishshah bil ‘iwadh mutanaqisah) to the other syarik (Counterparty). this financing can be in a form of senior and junior financing.

Musyarakah FinancingFunding or receivables for certain business cooperation with a portion of fund from each party, based on the agreement to divide the profit by the agreed nisbah, whereas each party shall take the losses by the portion of each fund.


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COMPANY PROFILE


ADVISORyFinancial consulting products and services are developed in accordance with the characteristics and needs of each infrastructure project, which includes: (1) Investment advisory, (2) Financial advisory, and (3) Financing arranger.

Investment Advisory1. Financial feasibility Financial due diligence and investment decision

support.2. Business planning Corporate strategic planning development, with

various horizons: short term as well as long term.3. transaction advisory Client supports in project bidding process, which can

be from buyers or from sellers.

Financial Advisory1. Financial modeling Financial model for tender, investment, and other

transaction schemes.2. Capital structuring Financial structure analysis for investment decision

making.

3. Financial restructuring Financial restructuring model, creditor/investor

negotiation support.4. Merger & acquisition Client support for corporate action through merger

and acquisition.

Financing Arranger1. equity fund raising Fund raising using equity instruments, both directly

and indirectly.2. loan fund raising Fund raising using debt/loan instruments be it

bilateral, club deal, or syndication.

In relation to activities for financing arranger, in addition to its role as Mandated lead arranger (Mla) for bank loans, the Company also develops project finance structure in terms of equity fulfillment through direct and indirect equity investment.

Annual Report 2018




PROjECT DEVELOPMENT1. PPP PdF through Assignment Mechanism

the Project Development Facility (PDF) is aimed for Private-Public Partnership (PPP) projects through assignment from the Ministry of Finance. the recipient of the PDF is the project owner or the Government Contracting agency (PJPK) from the Central Government or local Government body.

this facility is a solution to create project pipelines that are ready to be financed. By strengthening the project preparation, specifically in the credibility of the study, project structure, administration system, and transparency in its processes, projects will become more attractive to the private sector.

output produced by the Company through this facility is assistance for: pre-feasibility study, supporting documents and bid document. other facilities include assistance in the transaction phase until the project obtains funding.

2. Project development Facility and donorFund Management this type of Project Development Facility (PDF) is aimed for sustainable projects such as development of new energy, renewable enery and energy conservation (eBt). the recipients of this facility are project owners, which may include the Central Government, local Government, or private institution.

the purpose for this facility is to promote and develop eBtKe projects from the project preparation side as well as the financing side, hence producing projects that are feasible and bankable.

outputs produced by the Company through this facility are assistance for: technical assistance for study and supporting documents, bid documents, and sustainable financing products. In practice, the Company optimizes the use of the facility through both internal funds and donor/multilateral funds.

3. Technical Assistance and donor Fund Management the Company is able to provide technical assistance in the form of project assistance, pre-feasibility studies, feasibility studies, supporting documents, detailed designs, transaction advisory, and not limited to any particular scheme. the recipients of this PDF are Government bodies, which may include both Central and local Government as project owners or Government Contracting agency.

the purpose of this product is to complete the necessary documentation or study of projects conducted by the government to obtain funding from financial institutions. the Company may use facilities provided by Multilateral organisations and donors that it works with, such as funds or experts.

4. Training and capacity Buildingthe Company has a regular capacity building and training programs with the following modules: alternative Financing for local Governments and Beginner, Intermediate, advanced PPP training Programs. Moreover, the Company can also conduct capacity building and training programs tailored to the specific needs of the audience such as: Potential Investment in the Water Supply Sector, Investments in the Hospital Sector, Project Finance, alternative Financing in Infrastructure, and others. Participants range from both the public and private sector.


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COMPANY PROFILE

Infrastructure Project Distribution

6827

1 Medan - Binjai toll road(trans Sumatera toll road)

3 Palembang - Indrajaya toll road(trans Sumatera)

4 Bakaheuni - terbanggi Besar(trans Sumatera)

5 Hydro Power Plant asahanNorth Sumatera

6 Coal - Fired Power PlantSumsel 600 MW

7 Hydro Power Plant, HumbahasNorth Sumatera

9 Power Plant, Musi BanyuasinSouth Sumatera

10 Mini Hydro Power Plant SouthSolok, West Sumatera

11 Panaran Gas - Fired Power PlantBatam

12 Gas - Fired Power Planttanjung lincang Batam

14 Water treatment & SupplyCipasauran, Banten

15 Coal-Fired Power Plantlobam Bintan

16 Mini Hydro Power Plantlebong, Bengkulu

13 Singkawang Water treatment Project

2 Biogas Power Plant rakan Hulu riau

8 Financial Services PortConcession Period Pekanbaru

17 Jabung Irrigation Projecteast lampung

lrt Jabodetabek

Water Supply Project Jakarta

18 Permata Hospital Depok

Working Capital for Port operations Banten

19 Water treatment & Supply Project tegal Gede, Bekasi

Bogor toll ring road West Java

21

Cikopo - Palimanan toll roadWest Java

Citarum Drainage ProjectKarawang - Bekasi, West Java

20

Jakarta Cikampek toll road

22 Port Container & Cigading Port Cilegon

Project Preparation for Water Supply Project, Karawang - West Java

Cinere - Jagorawi toll road, West Java

rentang Irrigation Majalengka, West Java

23

25 Pejagan - Pematang toll road (trans Java toll road) Central Java

24 tugu Station & Pedestrian revitalization Yogyakarta

26 Palembang light rapid transit (lrt) Project South Sumatera

27 Bajulmati reservoir Banyuwangi

28 Mass rapid transit Project, Surabaya

29 Floating, Storage offloading, Madura

Semarang - Solo toll road, Central Java

30 Surabaya - Mojokerto toll road

- BtS tower, Shelter throughout Indonesia

- Working Capitalin telecommunication

Bulk Port, Gresik - east Java31

Floating, Storage offloading Natuna, riau Islands

35

Soekarno Hatta airport rail link lrt Jabodebek

33

36 Ngawi - Kertosono toll road Solo - Ngawi toll road

New Jogja Internatinal airport Jogjakarta

37

Paselloreng Dam Project, Waja, South Sulawesi

38

PPP umbulan Water Spring, east Java

Sidoarjo regional Public Hospital

32

Projects 80commercial Financing

Projects 10 Project development

Projects29Municipal Financing

Projects2 Equity Investment

Projects 2 Sustainable Financing

Projects18 Advisory

1

5

7

65

15

11

10 6

2675

9

316

12

58

4

17

14

5718

1920

21 23 36

45 37

25

3130

2934

35

5667

77

39 42

43

40

69

70

13

73 33

71

32

79

6459

2

8

41

22

6063

24

28

61

72

4462

Annual Report 2018



cOMMERcIAL FINANcINGa. toll Jakarta Cikampek elevated IIB. toll Salatiga KartasuraC. Plt Biomasa lumajang & SitubondoD. Improvement of offshore Supply Base Soronge. Construction of Cigading- Cilegon Port DockF. Pltu rungan Gunung Mas Central KalimantanG. PltGu Senipah 117 MW Kukar – Kaltim

Coal Gasification Power Plant, West Kutai

39

Coal - Fired Power Plant tanah Grogot, east Kalimantan

40

Financial Services for Coal Fired Power Plant Sumsel

41

Central Palapa ring Project

Investment Planning Project at lombok airport (Development)

44

river Kujang Drainase Project, Samarinda

42

Wind energy Power Plant Sumba and lebak

Container Port Project Development and Supporting Facilities at Palaran Port, east Kalimantan

43

Mandalika Special economic Zones, lombok, West Nusa tenggara

electric train rolling Stock Project for INKa

45

Garrongkong PortSout Sulawesi46

Marisa Port, Gorontalo49

arar Port Project Sorong52

Jeneponto-Bantaeng road, South Sulawesi47

Manado-Bitung toll road50

Wunduloko Irrigation Kotaka, Southeast Sulawesi

lolak Dam, Bolaang Mongondow, North Sulawesi51

Power Plant, Kendari Southeast Sulawesi48

Coal-Fired Power Plant Project, Gorontalo

Bridge Wariki Project Manokwari

Bridge Project Kali api, Manokwari53

Dekai-oksibil road Project, Papua55

54 logistic Murphy Semai oil, Fakfak

Passanger terminal Project, Supadio airport, Pontianak, West Kalimantan56

Soekarno-Hatta airport Development

expansion Project of tanjung Priok Port, Jakarta57

Bhaldi timah Hospital, Pangkal Pinang

Gas Pipleline Construction, Batam

58

lavelette Hospital Malang, east Java

68

Financial advisor for Kertajati airport Development West Java

63

Financial advisor Port of Kuala tanjung

59

activity Based Costing tanjung Perak, Surabaya, east Java

61

Penajam Port Project, east Kalimantan

72

leasing rolling Stock Schemein Corporation with Pt KaI, Jakarta

60

Case Study of Integrated railway and Kualanamu airport, North Sumatera

64

PPP transportation Project Medan

69

titab reservoir Project, Buleleng, Bali

63

ratiklot Dam, Belu Ntt76

West Semarang Water treatment Project

71

Waste to energy Project Namba, West Java

Mini Hydro Power Plant, lau Gunung, North Sumatera

65

Coal-Fired Power Plant, tenayan, riau

66

Gas-Fired Power Plant Megang, South Sumatera

75

Coal-Fired Power Plant Sumsel 300 MW South Sumatera

Coal-Fired Power Plant Kalteng 177

entikong Borderline road, West Kalimantan

67

Jasamarga Pandaan Malang toll road

74

Waskita toll road

Sosok-tayan & tanjung Sanggau road, West Kalimantan

PPP Palapa ring Project70

lampung City Water treatment PPP Project73

Project 1 Sharia Financing

3848

4746

3476

54

5253

55

78

70

70

MUNIcIPAL FINANcINGaa. road & Bridge, Muba regencyBB. road & Bridge, PalI regencyCC. road, Pakpak Bharat regencyDD. road, Simalungun regencyee. road, tulang Bawang Barat regencyFF. Market & road, South Halmahera regencyGG. road & Bridge, Central Mamuju regency HH. regional Hospital, tabananII. road & Bridge, Way Kanan regencyJJ. Market, Central lombok regency

Infrastructure Project Distribution


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106

COMPANY PROFILE

Milestones

establishment of Pt Sarana Multi Infrastruktur (Persero) (“Pt SMI”) on 29 February 2009 under the coordination of Ministry of Finance with the mandate as the catalyst of Indonesia infrastructure development. the first infrastructure financing in irrigation sector amounted to rp284 billion.

Successful launching of Pt IIF, a subsidiary company established as a joint venture with aDB, IFC and DeG also additional Government capital injection of rp1 trillion.

Having the assignment from the Minister of Finance to the Company to act as facili-tator for two PPP showcase projects: Soekarno- Hatta airport railway project and umbulan Water Supply project.

launching of third business pillar advisory to complement the Financing and Project Preparation pillar.

Cikampek-Palimanan toll project sydicated financing with 21 financial institutions.

“aa (idn)” rating by Pt Fitch ratings Indonesia to the Company with Stable outlook.

• Pefindo increased the Company’s corporate rating to “aaa”

• Fitch increased the Company’s outlook to positive from stable.

• the Company is accredited by Green Climate Fund (GCF), the first and only in the Southeast asia.

• actively preparing KPBu project of optical Fibre Network West Palapa ring Barat.

• Issuance of Bonds Shelf tranche I Year 2016 amounted to rp 5 trillion from the planned commitment of rp 30 trillion.

• launching of new product innovation cash deficiency support (CDS), implemented for project financing of Sumatra trans toll Palembang-Indralaya lanes (25 years tenor).

• Signing of KPBu first projects with the support of VGF from Government (SPaM umbulan).

• Implementation of enviromental and Social Safeguards.

• establishment of Sharia Business unit to accomodate financing needs with sharia scheme.

• Participating in the largest Sharia syndicated financing of electricity sector.

• Signing of the first PPP project with the availability payment (aP) scheme for Palapa ring east Package.

• Joint host with Ministry of Finance at “the 3rd IDB Member Countries Sovereign Investments Forum”.

• Issuance of Bonds Shelf tranche II with the biggest nominal in one subscription (rp7 trillion).

2016 2017

2010 2011 2012

• Significant role in the achievement of Financial Close of lrt Jabodebek funding and obtained strong interest from the national and international banking in the financing syndication.

• Significant role to attain private participation for financing syndication of Sumatra trans toll road project Bakeuheni-terbanggi Besar lanes through cash deficiency support (CDS) facility of rp7.5 trillion.

• Pt SMI participates in enhancing economic growth in Indonesia eastern region through the financing of Biomass Power Plant construction in Merauke.

• Participating in the Investment Financing scheme of Non-Government Budget (PINa) in the shares of Waskita toll road.

2009

Annual Report 2018



obtained financing sector expansion permit from oJK, namely Social Infrastructure.

PIP’s assets transferred amounted to rp18.3 trillion to strengthen the Company’s capital.

Credit Facility and Quasi equity Facility Cooperation with French Development Bank (aFD) for the development of renewable energy sector and climage change

Financing of Sumatra trans toll road Medan – Binjai lanes with the extensive tenor (25 years) and grace period of 15 years.

official inauguration of SMinfra18 infrastructure index with Indonesia Stock exchange. Fitch ratings also upgraded the Company’s National long term rating to ‘aa+(idn)’ with Stable outlook and issues (BBB-/Stable) international ratings.

the “Finance Project of the Year” award for the umbulan Project at the 7th Global Infrastructure leadership Forum in New York, uSa.

the first bonds issuance of the Company amounted to rp 1.0 trillion with idaa+ rating from Pefindo.

• Issued a Green Bond, which was part of the Green Bond Shelf Public Offering amounted to Rp3 trillion of Tranche I in 2018.

• Executed Sukuk Shelf Public Offering amounted to Rp3 trillion, with issuance value of Rp1 trillion of Tranche I in 2018.

• Launched Stepup MMQ Musyarakah Mutanaqisah, a financing scheme of profit sharing basis with tiered pricing according to the cashflow capacity of the customers.

• Sharia Hedging Facility. To mitigate risk of market fluctuation on sharia business activities, PT SMI in cooperation with Maybank offered a Sharia Hedging facility, the first in Indonesia.

2018

2013 2014 2015

• Takeout Financing Facility, a financing scheme where PT SMI has the commitment to take over the balance of financing value from a project that previously funded by other creditors.

• SdG One Indonesia


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108

COMPANY PROFILE

Organizational StructureBoard of Commissioners

1. Mahendra Siregar*2. Dini Kusumawati3. Wahyu utomo**4. Kunta Wibawa Dasa Nugraha5. Sukatmo Padmosukarso

Secretary of the Board of Commissioners

dodok dwi Handoko

Corporate Development and Initiative Management

Agus Imam Solihin

audit Committee

1. Sukatmo Padmosukarso2. akbar anwar3. agustinus Nicholas l. tobing

President Director

Emma Sri Martini

legal

(Acting) Ramona Harimurti** Serves since 9 July 2018

advisory

Suparno*

Sustainable Financing

Adi Pranasatrya*

Project Development

Pradana Murti

Competence Management Center victor Edward Sasdyarto*

Project Development and advisory Director

darwin Trisna djajawinata

* Serves since 1 october 2018

* Serves since 1 october 2018

* Serves since 1 Febuary 2018

Financing and Investment Director

Edwin Syahruzad

Financing & Investment I

Rintis Sitaresmi

Financing & Investment III

Indar Barung

Financing & Investment II

Eri Wibowo

Municipal Financing

Erdian dharmaputra

Sharia Business

M. Adi Kusuma*

* Serves since 15 august 2018

Annual Report 2018



organizational Structure

Finance & Investor relations david Widianto

General affairs & Procurement

cipto Adi Utomo

accounting & assets administration

Syahrial Noviananta

Information technology

Romanus Tory Kusumantara

equity Investment Management & operational

Aradita Priyanti


M. Ghozie Indra dalel*

Internal audit

Setyo Wibowo

Corporate Secretariat

Ramona Harimurti

Human resource

Boyke T. Subekti

Sharia Supervisory Board

1. adiwarman azwar Karim2. Munifah Syanwani

risk Monitoring Committee

1. Mahendra Siregar*2. Wahyu utomo**3. Kunta Wibawa Desa Nugraha4. edyanto rachman5. Jadi Haposan Manurung

Financing & Investment evaluation Hanif Osman

Integrated risk Management

Muhammad Oriza

Social environmental evaluation & advisory Division

dadang Purnama* Serves since 17 December 2018

Financing Management & Special Investment

Abdul Hakim Supriyadi

risk Management Director

Faaris Pranawa** Serves since 9 July 2018

* Serves since 9 July 2018



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110

COMPANY PROFILE

A leading catalyst in the acceleration on the national infrastructure development.

Vision

Mission• to become a strategic partner with value added in

developing infrastructure in Indonesia. • to establish flexible financing products. • to provide quality services which comply with good

corporate governance.

Vision, Mission, & Corporate Culture

Approval of vision and Mission the Vision and Mission of the Company has been filed and approved by the Board of Commissioners and Board of Directors since 2014 as stated in the Company’s long-term Plan 2014-2018.

Annual Report 2018



Corporate Values

• Integrity a Company with character, which conducts business ethically and always promotes good

governance

• Service Excellence Services that consistently meet customer expectations

• Partnership Partnership to achieve the vision and mission of the Company

• Resilience resilient and persistent in carrying out its tasks & responsibilities

• Innovation Provides solutions in the development of infrastructure projects

• Trust a Company that consistently builds customer and stakeholder trust

to achieve its Vision and Mission, the Company continuously develops its corporate culture through the socialization on its corporate values to all employees. the corporate values includes:

INTEGRITY

TRUST

SERVICE EXCELLENCE

INNOVATION

PARTNERSHIPRESILIENCE

06.

05.

04. 03.

02.

01.

i-sprint


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112

COMPANY PROFILE

Board of Commissioners’ Profile

Indonesian Citizen, 56 years old, based in Indonesia. obtained economics Degree from the university of Indonesia and Post Graduate in economy of Monash university, australia.

He concurrently serves as Special Staff of Foreign Minister for Priority Programs Solidification, executive Director of Council of Palm oil Producing Countries (CPoPC) and Independent Commissioner of other companies. He also active as lecturer in the Bank Indonesia Institute. In addition, He served key positions in several Ministries, including as Chief of Investment Coordinating Board (2013-2014), Deputy Minister of Finance (2011-2013), Deputy Minister of trade (2009-2011), and Deputy Coordinating Minister for economic affairs-economic Cooperation and International Financing (2005-2009). He also served as Chief executive Director and executive Director of Indonesian export Financing agency/Indonesia eximbank (2009-2010) and President Commissioner of Pt Semen Indonesia (2012-2017), and several other companies.

appointed President Commissioner and Independent Commissioner of Pt SMI since 18 august 2017, pursuant to the Minister of Finance Decree No. 625/KMK.06/2017. In addition, pursuant to the Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017 he concurrently serves as the Chairman of risk Monitoring Committee of the Company.


*Served until 4 april 2019

Annual Report 2018



Indonesian Citizen, 55 years old, based in Indonesia. obtained PhD in 2002 and Master’s of Science in regional Science from Cornell university, uSa in 1999, and Bachelor’s Degree in Civil engineering from Bandung Institute of technology in 1987.

He concurrently serves as Deputy of Infrastructure acceleration and regional Development, Chairman of the National Council for Special economic Zones, Secretary of one Map Policy acceleration, and other positions.. He previously served as assistant Deputy for Housing Development, land and Public Private Partnership at the Coordinating Ministry for economic affairs of the republic of Indonesia (2012-2014), assistant Deputy for Housing Development (2007-2012), acted as assistant Deputy for Infrastructure and Kalimantan-Sulawesi regional Development (2005-2007), Head of economic Decentralization at the Coordinating Ministry for economic affairs (2002- 2005), and Vice Head of the Central Project Management office, Directorate General of Cipta Karya, Ministry of Public Works (1987-1996).

appointed Commissioner Pt SMI since 23 February 2009 pursuant to Minister of Finance Decrees No. 43/KMK.06/2009, No. 277/KMK.06/2014, and No. 360/KMK.06/2016. He was reappointed and served as the Commissioner on 8 July 2014 based on the Decree of Finance Minister No. 277/KMK.06/2014 that was amended based on the Decree of Finance Minister No. 360/KMK.06/2016 dated 16 May 2016. He also serves as Member of the Company’s risk Monitoring Committee since 14 September 2017 based on the Decree of the Board of Commissioners No. SK 07/SMI/DK/0917 dated 14 September 2017. Currently, he also serves as Deputy for Coordination of acceleration of Infrastructure and regional Development.

Wahyu Utomo**Commissioner


**Served as Commissioner until 4 april 2019. appointed as President Commissioner since 5 april 2019


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114

COMPANY PROFILE

Indonesian Citizen, 50 years old, based in Indonesia. Kunta Wibawa Dasa Nugraha earned PhD in Public Finance from university of Canberra, australia in 2013, Master’s of art in Macroeconomics from Boston university, uSa in 1999, and Bachelor’s Degree in economics from Gadjah Mada university in 1993.

Currently he also serves as Director of State Budget Planning, Directorate General of Budget in the Ministry of Finance, republic of Indonesia since 2014. Previously, he served as Head of the Multilateral Sector Forum (2013-2014), Head of tax Policy analysis (2008-2009), and Head of Sub-Directorate of tax acceptance analysis in the Ministry of Finance, republic of Indonesia (2005-2008).

appointed Commissioner of Pt SMI on 16 May 2016 pursuant to Minister of Finance Decree No. 360/KMK.06/2016. He also serves as Member of the Company’s risk Monitoring Committee since 14 September 2017 based on the Decree of the Board of Commissioners No. SK-07/SMI/DK/0917 dated 14 September 2017.

Kunta Wibawa Dasa NugrahaCommissioner


Annual Report 2018



Indonesian citizen, 44 yearsl old, based in Indonesia. Dini Kusumawati obtained Bachelor of economics degree majoring in Development economics at Padjadjaran university in 1997, gained Master of economics degree with a Postgraduate degree in economics at the university of Indonesia, and obtained his Doctor degree by continuing applied in economic at Padjadjaran university in 2004.

appointed Commissioner of Pt SMI since 5 June 2018, pursuant to Minister of Finance Decree No. 436/KMK.06/2018 dated 5 June 2018.

She concurrently serves as Head of the organization and Management Bureau, Secretariat General to the Ministry of Finance, republic of Indonesia. Previously, she served as Chief of Screening Sub-Section at Personnel Section of employee Development Bureau Secretariat General to Ministry of Finance (2004), Head of Human resource Planning at Human resources Bureau Secretariat General to Ministry of Finance (2007), Head of Planning and Procurement Human resources at Human resources Bureau Secretariat General to Ministry of Finance (2009), researcher of Strategic Planning Sector Secretariat General to Ministry of Finance (2013).

Dini KusumawatiCommissioner



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116

COMPANY PROFILE

Indonesian Citizen, 62 years old, based in Indonesia. Sukatmo Padmosukarso obtained Master’s of Business administration (MBa) from Curtin university of technology, Perth, australia in 1993, and Bachelor’s Degree in economics from university of Indonesia in 1986.

Currently serves as Chairman of the Banks association education Foundation since 2009, and as a Founder/Senior Partner of Pt asta Konsultant Indonesia since 2016. Previously, he served as President Director and Ceo of Indonesia Infrastructure Finance (IIF) (2014-2016), Deputy President Director Pt Pos Indonesia (Persero) (2009-2013), executive Director Indonesia Bank association (Perbanas) (2009), Deputy President Director (2007- 2009) and Managing Director (2002-2007) of Pt Bank Internasional Indonesia (BII), Vice President of Pt Bank Mandiri (Persero) tbk (1999-2002), and held several positions at Pt Bank Pembangunan Indonesia (Bapindo) (1980-1999).

appointed Independent Commissioner on 16 May 2016 pursuant to Minister of Finance Decree No. 360/KMK.06/2016. He also serves as the Chairman of the Company’s audit Committee since 15 June 2016 based on the Decree of the Board of Commissioners No. SK-01/SMI/DK/0616 dated 15 June 2016.



Annual Report 2018



Board of Directors’ Profile

Indonesian Citizen, 48 years old, based in Indonesia. emma Sri Martini obtained Bachelor’s Degree in Informatical engineering from Bandung Institute of technology in 1993 and attended the Infrastructure in a Market economy program at the Harvard Kennedy School of executive education, uSa in 2011.

She previously served as Director of Finance and Support at Pt Perusahaan Pengelola aset (Persero) (2004-2009), Commissioner of Pt trans Pacific Petrochemical Indotama (2004-2009), Senior Vice President (2002-2004) and Vice President (1998-2001) of the Indonesian Bank restructuring agency (IBra) and Indonesian Clearing and Depository System (1993-1998).

appointed President Director of Pt SMI since the establishment of the Company in 2009 pursuant to Minister of Finance Decree No. 42/KMK.06/2009 dated 23 February 2009. She was reappointed as the Company’s President Director on 19 august 2014 based on the Decree of Finance Minister No. 389/KMK.06/2014 dated 19 august 2014 up to now.

as President Director of the Company, from the early stage to the date, the Company has been transformed into an innovative institution with various product development and business pillars and fast-growing company within the last 8 years under her leadership. Moreover, under her direction, the Company has involved and participated in many Goverment’s strategic projects, including projects under rPJMN, National Priority Projects and National Strategic Projects. With her strategic initiatives, She has turned the Company to be a more credible and trustworthy institution that plays an important role in infrastructure development in Indonesia and gain trust from many bilateral/multilateral institutions.

Emma Sri MartiniPresident Director


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118

COMPANY PROFILE

Indonesian Citizen, 50 years old, based in Indonesia. edwin Syahruzad earned Bachelor’s Degree in economics from university of Indonesia in 1993.

He joined the Company in 2009 as executive Vice President/Division Head of Financing & Investment. Prior to that, he served for 9 years at Pt Danareksa (Persero), culminating in the position of Director at Pt Danareksa Sekuritas. In addition, he worked as an analyst at Pt Penthasena Securities (1996-1999), Pt amstel Securities Indonesia (1995-1996), the Industrial Bank of Japan, Jakarta Branch (1993-1995) and as audit Committee Member, Pt timah tbk (Persero) (2011-2012).

appointed Director of Pt SMI since 19 august 2014 pursuant to the Minister of Finance Decree No.389/KMK.06/2014. He serves as Financing and Investment Director, managing Company funding and investment, and monitors facility, administrative and custodial activities.

Edwin SyahruzadFinancing & Investment Director


Annual Report 2018



Indonesian Citizen, 47 years old, based in Indonesia. Darwin trisna Djajawinata obtained Bachelor’s Degree in Civil engineering, Parahyangan Catholic university (1995) in aviation engineering, Bandung Institute of technology (1996), and Master’s of Science from leeds university, united Kingdom (1999).

From 2012, he served as Senior Vice President, Division Head of advisory of Pt SMI. Prior to joining the Company, he served as Director at Pt Independent research & advisory Indonesia (2008-2011), lead advisor for Policy advisory unit in the Ministry of transportation under an auSaID program (2009-2011), Infrastructure Specialist for the asian Development Bank (Indonesia resident Mission) (2007-2008), Guest lecturer on Project Finance & Infrastructure Management at the Faculty of engineering of the university of Indonesia (2006-present), Programme officer to the Committee Secretariat for acceleration of Infrastructure Provision (KKPPI) for the Coordinating Ministry of economic affairs (2005-2006), and Consultant to the World Bank for Infrastructure Program (2000-2005).

appointed Director of Pt SMI since 19 august 2014 pursuant to Minister of Finance Decree No. 389/KMK.06/2014. He serves as Project Development and advisory Director. responsible on business activities related to project development, advisory services, and sustainable financing.

Darwin Trisna DjajawinataProject Development & Advisory Director



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120

COMPANY PROFILE


Indonesian Citizen, 39 years old, based in Indonesia. Mohammad Ghozie Indra Dalel earned a Bachelor of engineering with Honours (Cum laude) in Manufacturing & engineering Management from royal Melbourne Institute of technology (rMIt) university, and a Master of Business in Banking and Finance from Monash university, australia.

Previously he served as risk Management Director of Pt SMI (2016-2018). Prior to join Pt SMI, he held various positions at Pt IBM Indonesia, with last position as Director of Global technology Services unit (2014-2016), Director of Cross Industry – Sales & Distribution unit (2012-2014). Within 12 years working period in Pt IBM Indonesia, he was awarded with many national and international awards for his excellent achievements.

appointed Director of Pt SMI since 16 June 2016, pursuant to Minister of Finance Decree No. 464/KMK.06/2016. as operation & Finance Director, he is responsible to lead and monitor financial policy, financial transaction, treasury, accounting, budgeting and manage all business support activities.

Mohammad Ghozie Indra DalelOperation & Finance Director

Annual Report 2018




Indonesian Citizen, 44 years old, based in Indonesia. Faaris Pranawa earned his Bachelor of law from university of Indonesia in 1998.

Previously he served as Head of legal Division of Pt SMI since 2011 and also served as Head of Corporate legal and Development Division (2011-2013) and Head of Monitoring Division (2009-2011). In addition, he has served as temporary acting Corporate Secretary (2016-2017). Prior to joining Pt SMI, he served as Head of Bureau of Directors, Corporate Secretary Division of Pt Perusahaan Pengelola aset (Persero) (February 2009-Juli 2009) and various other positions since 2004.

appointed Director of Pt SMI, pursuant to Minister of Finance Decree No. 480/KMK.06/2018 dated 9 July 2018. as risk Management Director, he is in charge of identifying, evaluating, mitigating and monitoring the Company’s operation, investment and credit risk.

Faaris PranawaRisk Management Director


Annual Report 2018



122

COMPANY PROFILE

Indonesian Citizen, 55 years old, currently based in Indonesia. He serves as Chairman of Sharia Supervisory Board of the Company since November 30, 2016 based on Minister of Finance Decree No. 871/KMK.06/2016. He was reappointed as Chairman of Sharia Supervisory Board based on Minister of Finance Decree No. 667/KMK.06/2018 dated 5 october 2018.

obtained engineering degree from the Bogor agricultural Institute in 1986 and Bachelor Degree in economics from the university of Indonesia in 1989. He completed MBa study at the european university Belgium in 1988 and earned Master in economics from Boston university uSa in 1992.

He previously served as research assistant at the National Development Planning agency (Bappenas) (1987-1990), research and Development Staff of Bank Muamalat (1992), treasury officer/Forex trade at Bank Muamalat (1993), several positions in Bank Muamalat (1992-2001), Founder of Karim Business Consulting (2001-2013) and Founder of Karim Consulting Indonesia (2013-present).

In addition, he had also served as member of Sharia Supervisory Board at several other business institutions, including at Prudential life assurance (2007-2012), at BNP Paribas Investment Partners (2007-2012), at uFo Multi level Marketing Company (2006-present), at HSBC amanah Syariah Indonesia (2003-2008), at Bank Danamon Syariah (2002-2010, at asuransi Great eastern Syariah (2002-2012), at Bank BPrS Harta Insan Karimah (2002-2011) and member of Sharia Supervisory Board at Pt Veritra Sentosa Internasional (2017-present).

He was mandated as Deputy Chairman of the Daily executive Board of the National Sharia MuI (2010-present), National executive Board of the Indonesian Institute of accountants (DSaS IaI, 2016-2020), executive Board of the association of Indonesian Islamic economists (DPP IaeI, 2015- 2019), Member of International Islamic Financial Market (IIFM) Shari’ah advisory Panel (January 2011-2012).

Adiwarman Azwar KarimChairman of Sharia Supervisory Board

Sharia Supervisory Board’s Profile

Annual Report 2018



Sharia Supervisory Board’s Profile

Indonesian Citizen, 44 years old, currently based in Bogor. She serves as member of the Sharia Supervisory Board of the Company since November 30, 2016 based on Minister of Finance Decree No. 871/KMK.06/2016. She was reappointed as Member of Sharia Supervisory Board based on the Minister of Finance Decree No. 667/KMK.06/2018 dated 5 october 2018.

obtained Bachelor Degree in Islamic Studies from unida in 2000, and Master Degree in Science from PHI-KttI-uI in 2004. She is now working on her Doctoral study at the university of Malaya, Malaysia.

In her professional career, she served several key positions include, Finance Manager (1999-2002), Finance Director (2002-2007) at al-ahsan College, lecturer in Dakwah Philosophy at Djuanda university, Bogor (2000-2004), lecturer in education Management at al-Karimab Islamic High School Depok (2001-2007), lecturer at university of Indonesia (2009-2013), expert in the House of representatives (2008-2014), and member of Nomination and remuneration Committee at BNI Syariah (2016).

Munifah SyanwaniMember of Sharia Supervisory Board


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124

COMPANY PROFILE

Division Head

Main Directorate

division Head corporate Secretary division

Acting division Head Legal division

division Head Internal Audit division

division Head Business development Strategic Plan division

division Head Human capital division

RAMONA HARIMURTI

SETyO WIBOWO

AGUS IMAN SOLIHIN

BOyKE T SUBEKTI

Financing & Investment Directorate

division Head Financing and Investment I division

division Head Financing and Investment II division

division Head Financing and Investment III division

division Head Municipal Financing division

division Head Sharia Unit division

RINTIS SITARESMI

ERI WIBOWO

INDAR BARUNG

ERDIAN DHARMAPUTRA

M. ADI KUSUMA

Annual Report 2018



Division Head

Project Development & Advisory Services Directorate

division Head center of competence division

division Head Project development division

division Head Sustainable Financing division

division Head Advisory division

VICTOR EDWARD SASDIyARTO

PRADANA MURTI

ADI PRANASATRyA

SUPARNO

Operation & Financial Directorate

division Head Accounting & Asset Administration division

division Head General Affairs & Procurement division

division Head Finance & Investor Relations division

division Head Information Technology division

division Head Equity Investment Management & Operational division

SyAHRIAL NOVIANANTA

TjIPTO ADI UTOMO

DAVID WIDIANTO

ROMANUS TORy KUSUMANTARA

ARADITA PRIyANTI

division Head Social Environmental Evaluation & Advisory division

DADANG PURNAMA

Risk Management Directorate

division Head Integrated Risk Management division

division Head Financing & Investment Evaluation division

division Head Financing Management and Special Investment division

MUHAMMAD ORIZA

HANIF OSMAN

ABDUL HAKIM SUPRIyADI


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126

COMPANY PROFILE

Employees Demography

as of 31 December 2018, Pt SMI recorded a total of 281 employees, which consisted of 278 permanent employees and 3 contract employees, increased by 20 employees (10%) from 261 employees in 2017. the following are several indicators on the Company’s employee demographics in two years comparison:

Total Employee Based on Organization Level

Level 2017 2018

administrators 17 19

Junior Management 83 90

Middle Management 98 115

Senior Management 45 43

executives & technical advisors 18 19

Total 261 286

Total Employee Based on Education

Education 2017 2018

High School 9 9

Diploma 10 10

Bachelor Degree 180 190

Master Degree 62 77

Total 261 286

Total Employee Based on Employment Status

Employment Status 2017 2018

Permanent 258 286

Contract 3 0

Total 261 286

the Company regularly conducts regular training as part of its employee competence enhancement program. the training programs is carried out by taking into account the Company requirements and based on the formulated training Need analysis (tNa). However every Division may propose trainings as necessary and in line with the Company Work & Budget Plan.

Annual Report 2018



employees Demography

the policy on education and training programs has been developed under the education and training Guidelines, which stated that every employee has the right to attain trainings in order to enhance and develop their competencies.

During 2018, the Company has carried out a total of 110 training and competence development programs, with a total training hours of 37 hour/employee from the target of 30 hour/employee, which covered 80 public training program, 28 in-house training and 2 knowledge sharing.

Trainings, Total Participants and Average of Training Hours

Training category Total Training Themes Training Participants Training Hours

In House 30 782 6,783

Knowledge Sharing 10 315 935

Public training 127 253 5,982

Grand Total 167 1,350 13,700

of the organized trainings, the average duration of trainings for Division Head was at 58 hour/employee, team leader at 42 hour/employee, and Staff at 48 hour/employee.

Position Training Participants

Training Hours Average duration of Training/Employee (Hourly)

Kepala Divisi 22 1,281.5 58

team leader 222 1,810 42

Staf 43 10,608.5 48

Grand Total 286 13,700 48

TRAINING COSTDuring 2018, the Company allocates budget for training programs and competency development covering inhouse trainings, public, assignment, knowledge sharing and employee scholarships amounted to rp9.59 billion.

EQUAL OPPORTUNITIES FOR EMPLOyEEthe Company provides equal opportunities to all employees in attaining jobs, promotions as well as self and competence development.


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COMPANY PROFILE

Shareholders Composition

the Company is a State-owned enterprise in which all Company shares are 100% fully owned by the Government of the republic of Indonesia, which represented by the Ministry of Finance of the republic of Indonesia.

Goverment of the republic of Indonesia

100%

Annual Report 2018



Corporate Structure

Pemerintahan Indonesia Indonesia Goverment

100%

PT SMI Structure Subsidiaries Structure

19.99%30.00% 19.99% 15.12%

Founding Shareholders

14.909%


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130

COMPANY PROFILE

Joint Venture and Associates

joint Venture up to 31 December 2017, the Company does not have any subsidiary, hence any information on subsidiaries, such as names, ownership, business activities and or the operational status of subsidiaries are not disclosed.

joint venture

Name Pt Indonesia Infrastructure Finance

Equity 30%

core Business Infrastructure Financing

Operational Status Fully operating

Equity Investment

Name Pt Waskita toll road Pt Jasamarga Pandaan Malang

Equity 10.67% 5.00%

core Business toll road Holding of 18 toll lanes, namely Kanci – Pejagan, Pejagan – Pemalang, Pemalang – Batang, Batang – Semarang, Solo – Ngawi, Ngawi – Kertosono, Pasuruan – Probolinggo, Krian – legundi – Bunder, Cimanggis – Cibitung, Cibitung – Cilincing, Cinere – Serpong, Depok – antasari, Bekasi – Cawang – Kampung Melayu, Bogor – Ciawi – Sukabumi, Cileunyi – Dawuan, Kayu agung – Palembang – Betung, tebing tinggi – Parapat, Medan – Kualanamu

toll road Business, with concession on toll lanes of Pandaan – Malang

Operational Status 16 toll lanes are under construction and 2 toll lanes are already operating.

under Construction, not yet operating.

Shares Listing Chronology By the publication of this annual report, the Company has never executed any Initial Public offerings in any stock exchanges. the Government of the republic of Indonesia holds all shares. Hence, the chronological recordings of securities, listing of shares or other information on shares are not declared.

Annual Report 2018



Other Securities Listing Chronology

Other Securities Listing chronology

2018 • Issued a Green Bond, which was part of the Green Bond Shelf Public offering amounted to rp3 trillion with the emission value of rp500 billion of tranche I in 2018.

• executed Sukuk Shelf Public offering amounted to rp3 trillion, with issuance value of rp1 trillion of tranche I in 2018.

• executed Sukuk Shelf Public offering amounted to rp3 trillion, with issuance value of rp1,045 trillion of tranche III in 2018.

2017 Issued Shelf Bonds I Sarana Multi Infrastructure Phase II of 2017 with the value of rp7 trillion. the bonds is a continuation from the rights Issue Phase I in 2016, and as part of the Public offering of Bonds I Sarana Multi Infrastructure with a total value of rp30 trillion.

the issuance of rp7 trillion in one phase is currently considered as the largest issuance. Pt SMI has again oversubscribed in this phase II issuance, both from the national investors and foreign investors. a positive outcome for Pt SMI and the National Infrastructure Development, as its functions as the intermediaries, Pt SMI can mobilize the national fundings (banking, pension fund and insurance) and foreign fundings for the national infrastructure development. the investors’ high demand on the Company Bonds in the current low interest rate era has illustrated the trend of Infrastructure Sector as class assets.

the bonds was issued as scripless bonds, except the Jumbo Certificate Bonds issued for Pt Kustodian Sentral efek Indonesia (KSeI) as debt receipt for the Bonds Holders interest. the Bonds consisted of three series, as follows:

Serie a: the total Principal of Bonds Serie a was offered at rp1.200 trillion with Bonds fixed interest rate of 6.15% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie a on the mature date of 25 November 2018.

Serie B: the total Principal of Bonds Serie B was offered at rp4.455 trillion with Bonds fixed interest rate of 7.40% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie B on the mature date of 15 November 2018.

Serie C: the total Principal of Bonds Serie C was offered at rp1.345 trillion with Bonds fixed interest rate of 7.60% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie C on the mature date of 15 November 2018.


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COMPANY PROFILE


2016 Issued Shelf Bonds I Sarana Multi Infrastructure Phase I of 2016 with the value of rp5 trillion.

the Bonds consisted of four series, as follows:

Serie a: the total Principal of Bonds Serie a was offered at rp2.298 billion with Bonds fixed interest rate of 7.85% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie a on the mature date of 18 November 2019.

Serie B: the total Principal of Bonds Serie B was offered at rp1.328 billion with Bonds fixed interest rate of 8.20% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie B on the mature date of 18 November 2021.

Serie C: the total Principal of Bonds Serie C was offered at rp700 billion with Bonds fixed interest rate of 8.65% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie C on the mature date of 18 November 2026.

Serie D: the total Principal of Bonds Serie D was offered at rp674 billion with Bonds fixed interest rate of 8.90% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie C on the mature date of 18 November 2031.

other Securities listing Chronology

Annual Report 2018



other Securities listing Chronology


2016 Issued Medium term Notes uSD Sarana Multi Infrastruktur I of 2016 amounted to uSD100 billion with a 2-year maturity that has been due and fully completed on 28 March 2018.

2015 Issued Medium term Notes IDr Sarana Multi Infrastruktur I of 2015 amounted to rp850 billion with a 3-month maturity that has been due and fully completed on 29 March 2016.

2014 Issued Bonds I Sarana Multi Infrastructure Phase I of 2014 with the value of rp1 trillion.

the Bonds consisted of two series, as follows:

Serie a: the total Principal of Bonds Serie a was offered at rp100 billion with Bonds fixed interest rate of 9.60% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie a on the mature date of 11 June 2017. this bond is paid and fully completed.

Serie B: the total Principal of Bonds Serie B was offered at rp900 billion with Bonds fixed interest rate of 10% per annum. the Bonds terms of payment is at 100% bullet payment from the total principal of Bonds Serie B on the mature date of 11 June 2019.


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134

COMPANY PROFILE

RATING AGENCIES

International Ratings Agency

Samuel Kwok([email protected])Fitch (Hong Kong) Limited19/F Man Yee Building68 Des Voeux Road CentralHong Kong

International Ratings Agency

Iwan WisaksanaPT Fitch Ratings IndonesiaDBS Bank Tower Lantai 24, Suite 2403Jl. Prof. Dr. Satrio Kav. 3-5Jakarta 12940 Indonesia

Salyadi SaputraPT Pemeringkat Efek IndonesiaPanin Tower Senayan City, Lantai 17Jl. Asia Afrika Lot 19Jakarta 10270 Indonesia

Name and Address of Supporting Institution & ProfessionINDEPENDENT AUDITOR

KAP Amir Abadi jusuf, Aryanto, Mawar & Rekan (RSM Indonesia, member of RSM network)Plaza aSIa, level 10 Jl. Jend. Sudirman Kav.59Jakarta 12190 IndonesiaPhone: +62 21 5140 1340Fax: +62 21 5140 1350Contact: rudi Hartono Purbaemail: [email protected]: https://www.rsm.global/indonesia

TRUSTEE

PT Bank Mandiri (Persero) TbkPlaza Mandiri lantai 22Jl. Jend. Gatot Subroto Kav. 36-38Jakarta 12190www.bankmandiri.co.idtel. : (021) 5275370, 5245161Fax. : (021) 5268201, 5263602

FACILITy AGENT

PT Kustodian Sentral Efek IndonesiaGedung Bursa efek Indonesia, tower I, lantai 5Jl. Jenderal Sudirman, Kav. 52-53, Jakarta 12190tel.: (021) 5299 1099Fax.: (021) 5299 1199

Annual Report 2018



Name and address of Supporting Institution & Profession

LEGAL CONSULTANT AND NOTARy Irma Devita Purnamasari, SHNotaris di Jakarta, IndonesiaJl. Pulau Singkep Blok E3 No.6,Kel. Kec. Kelapa Gading, RT.2/RW.9, Kelapa Gading Barat, Jakarta Utara, DKI Jakarta 14240, Indonesia

Soemarjono, Herman & RekanKantor Advokat (Law Office)Jalan Sultan Agung No. 62Jakarta 12970, IndonesiaTel.: 021 - 8294960, 021 - 8303400Fax.: 021 ñ 8280530

Nanette Cahyani Handari Adi Warsito, SHNotaris di Jakarta, IndonesiaJl. Panglima Polim V No.11, RT.7/RW.6, Melawai, Kebayoran Baru, Kota Jakarta Selatan, DKI Jakarta 12160, Indonesia


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136

COMPANY PROFILE

Awards & Certifications

“2017 Financial Performance of “Very excellent” Soe Category, 9th Infobank BuMN awards, 2018

Best Innovation in Sustainable Financial Products and Services, the Karlsruhe Sustainable Finance awards, 2018

“Golden trophy for ‘Very excellent’ Financial Performance during 5 Consecutive Years for the Period of 2013-2017”, 9th Infobank BuMN awards, 2018

“asia’s Most Influential Companies” from MorS Group, Singapore

top 10 in Bloomberg league 2018 for Mandated lead arranger

“the Best Brand Communication”, BuMN Branding and Marketing award 2018

Best Inaugural Green Bond In South east asia by alpha Magazine

“the Best Ceo BuMN Corporate reputation Development for emma Sri Martini”, BuMN Branding and Marketing award 2018

“Infrastructure Financing Figure Innovative” award for emma Sri Martini, at the the Best Indonesian Financial and Soe Figures 2018 held by Investor Magazine, 19 December 2018.

Winner of “Innovative Product in Financing Bakauheni terbanggi Besar toll road Project”, Category of 4 Infrastructure Development, aDFIaP awards 2019

PERFORMANCE & FINANCE

MARKETING, BRANDING AND INNOVATION

TOTAL 16 AWARDS: 9 NATIONAL AWARDS AND 7 INTERNATIONAL AWARDS

Annual Report 2018



awards & Certifications

Merit award, Category 9: unit risk and Compliance Manager (urCM), aDFIaP awards 2019

“top CSr 2018 in Infrastructure Financing Sector”, top CSr awards 2018, BusinessNews Indonesia Magazine

“Bronze rank”, asia Sustainability reporting rating 2018, National Center for Sustainability reporting

“top CSr 2018 in educational Program-library Boat”, top CSr awards 2018, BusinessNews Indonesia Magazine

Special award “Best Sustainability report”, aDFIaP awards 2019

“top leader on CSr Commitment 2018 for emma Sri Martini”, top CSr awards 2018, BusinessNews Indonesia Magazine

GOVERNANCE, RISK AND COMPLIANCE

CORPORATE SOCIAL RESPONSIBILITy


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138

COMPANY PROFILE

Office Address and Branch Office or Representative Office

HEAD OFFICE

PT Sarana Multi Infrastruktur (Persero) Gedung Sahid Sudirman Center lantai 48Jl. Jenderal Sudirman No. 86Jakarta 10220

up to the publication of this annual report, the Company does not have established any branches or representative offices.

Annual Report 2018



Corporate Website Information

referring to PoJK No. 8/PoJK.04/2015 concerning websites of issuers or public companies, the Company has in place the corporate website: http://www.ptsmi.co.id, which has been functional since 2009. the Company continuously improving its corporate website for a more informative and easy accessibility.

During 2018 the Company has completed its corporate website with several keys information, as follows:• Shareholders information• Code of Conduct• annual financial reports – separately for the last 5

years• Profile of the Board of Commissioners and Board of

Directors

the website is delivered in two languages, Indonesian and english and is broadly divided into four major sections consisting of:

@ptsmi ptsmi_id PT Sarana Multi Infrastruktur (Persero)

1. Information related to the Company Profile (about us): Company Profile, Management Profile, Shareholder Structure, regulatory Framework, organizational Structure, Business Strategy, Flashback, and Human Capital Strategy.

2. Information related to Investor relations (Ir): Financial reports, annual reports, Financial Highlights, Debentures Instruments, Corporate Governance ratings, and SMinfra 18.

3. Information related to Pt SMI’s business: Products and Services, Portfolio and Strategic Partners.

4. Information related to the Company (News & Publications): activities, Press release, News, Publications, research and SMI Insight.

Pt SMI also disclose any updated information on the activities or events which were held by Pt SMI at the social media of Pt SMI as follows:



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COMPANY PROFILE

Workshops & Trainings of the Board of Commissioners, Board of Directors, Committees, Corporate Secretary, & Internal AuditWorkshops and Trainings for the Board of commissioners in 2018

Name Position Workshops/Trainings Organizers venue/Regions

Mahendra Siregar*

President Commissioner and Independent Commissioner

1. Policy Makers’ Perspective and Indonesia africa Business Forum Financing Session

2. Blended Finance for Smallholders: addressing Global Challenges with SDG Focused Solutions

Indonesia africa Forum

Bali

Government of rI, uN environment & tropical landscape Finance Facility/tlFF

Bali

Wahyu utomo** Commissioner 1. Knowledge Management Capacity Building for the National Capital Integrated Coastal Development (NCICD) (High-level)

Korea International Cooperation agency (KoICa)

South Korea

Kunta Wibawa Dasa Nugraha

Commissioner 1. Designing effective Social Health Security System in asia Countries

2. australia-Indonesia Virtual lab: a technology and Innovation Collaboration Platform

3. Creating and leading a Culture of Innovation, Kellog School of Management

asian Development Bank Institute

Yogyakarta

university of Sydney

Sydney

Northwestern university

Chicago

Dini Kusumawati Commissioner 1. Business It architecture Series asia Conference 2018

atD learning Jakarta

2. International Conference risk Beyond 2018

Center for risk Management Studies (CrMS) Indonesia

Yogyakarta

Sukatmo Padmosukarso

Independent Commissioner

1. understanding Cyber risk Management and Financial Crime for Financial Institution

Bara Bali

2. Panel Discussion: audit Committee responsibility toward Financial Statements Fraud

3. Panel Discussion “effectiveness of the Board of Commissioners & audit Committee oversight: learning from Pt SNP Finance”

Indonesian audit Committee association


Jakarta

Jakarta

Annual Report 2018



Workshops & trainings of the Board of Commissioners, Board of Directors, Committees, Corporate Secretary, & Internal audit

Trainings for the Sharia Supervisory Board in 2018Name Position Workshops/Trainings Organizers Location

adiwarman azwar Karim

Chairman of Sharia Supervisory Board

Pra Ijtima Sanawi Workshop by the Sharia Supervisory Board of Sharia Financial Institution 2018 of Sharia Capital Market

DSN MuI Jakarta

Munifah Syanwani

Member of Sharia Supervisory Board

assessor Competency training lSP eKSBISI

BNSP Bogor

training /test of Sertification Institution of Sharia Supervisory Board Professions

lSP DSN MuI Jakarta

Workshops and Trainings for the Board of directors in 2018Name Position Workshops/Trainings Organizers Location

emma Sri Martini

President Director 1. leadership Dialogue on Maximizing Finance for Development

World Bank Singapore

1. How to Mobilize Private Investment for Green

Finance Ministry and Japan Bank for International Cooperation (JBIC)

Bali

1. a Dialogue to unlock Investment Potential from Public and Private

Deloitte Jakarta

edwin Syahruzad

Financing and Investment Director

1. Pengembangan Sukuk untuk Pembiayaan Infrastruktur

DJPPr Finance Ministry Jakarta

1. Financing for Gas Infrastructure Projects in Indonesia

Indonesian oil & Gas Pipeline association (IaPMIGaS)

Jakarta

Darwin trisna Djajawinata


1. encouraging Investment and Infrastructure for economic Growth and equity in Indonesia

KaDIN Jakarta

1. National energy Policy Strategy: Growth, Modernisation and Greening

aSeaN Centre for energy Jakarta


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142

COMPANY PROFILE


Workshops and Trainings for the Board of directors in 2018Name Position Workshops/Trainings Organizers Location

Mohammad Ghozie Indra Dalel


1. Navigating risk in the Digital era

PwC (PricewaterhouseCooper) Jakarta

2. Global associations of risk Professionals (GarP): uKMr Sertification level V

risk Management Certification agency (BSMr)

Jakarta

Faaris Pranawa

risk Management Director

1. Private Class BSMr level 1 Pt GPS & Partners Jakarta

2. leadership Building Synergy to Improve Performance

Pt DBS Bali

Workshops and Trainings for the Audit committee in 2018Name Position Workshops/Trainings Organizers Location


Chairman 1. understanding Cyber risk Management and Financial Crime for Financial Institution

Bara Bali

2. Panel Discussion: audit Committee responsibility toward Financial Statements Fraud

3. Panel Discussion “effectiveness of the Board of Commissioners & audit Committee oversight: learning from Pt SNP Finance”



Jakarta

Jakarta

akbar anwar Member european Confederation of IIa Conference 2018 Program

european Confederation of Institutes of Internal auditing

Madrid

agustinus l. tobing

Member Panel Discussion “effectiveness of the Board of Commissioners & audit Committee oversight: learning from Pt SNP Finance”


Jakarta

Annual Report 2018




Workshops and Trainings for the Risk Monitoring committee in 2018Name Position Workshops/Trainings Organizers Location

Mahendra Siregar*

Ketua 1. Policy Makers’ Perspective and Indonesia africa Business Forum sesi Financing


Bali

2. Blended Finance for Smallholders: addressing Global Challenges with SDG Focused Solutions.

Government of rI, uN environment dan tropical lamdscapes Finance Facility/ tlFF

Bali

Wahyu utomo**

Komisaris Knowledge Management Capacity Building for the National Capital Integrated Coastal Development (NCICD) (High-level)


South Korea


Komisaris 1. Designing effective Social Health Security System in asia Countries,


Yogyakarta


university of Sydney Sydney


Northwestern university Chicago



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144

COMPANY PROFILE


Workshops and Trainings for the Risk Monitoring committee in 2018Name Position Workshops/Trainings Organizers Location

edyanto rachman

Member 1. operation risk Management in Financial institutions

Fitchlearning Frankfurt



Yogyakarta

Jadi Haposan Manurung

Member operation risk Management in Financial institutions

Fitchlearning Frankfurt

Workshops and Trainings for the corporate Secretary in 2018Name Position Workshops/Trainings Organizers Location

ramona Harimurti

Division HeadCorporate Secretariat


2. Menghidupkan i-Sprint dalam peningkatan etos kerja pada diri SMIers : Bring i-Sprint to life in the improvement of work ethics within SMIers

3. Corporate Communication: the role of Corporate Corporation to Build & Increase

Pt DBS Bali

ary Ginanjar eSQ Jakarta

Intipesan Jakarta

Annual Report 2018




Workshops and Trainings for the Internal Audit in 2018

Name Position Workshops/Trainings Organizers Location

Setyo Wibowo

Division HeadInternal audit

1. SNIa-2018 audit Internal National Seminar - audit Internal National Seminar 2018: “the auditor of the Future: trusted & Influencing advisor”

2. IIa Professional auditor Forum. Ia Quality : Capability, Maturity, and assurance


4. enliven i-Sprint in enhancing work ethics in SMIers

5. National Conference III of 2018 FKSPI

6. early Warning System (eWS) Implementation

7. european Confederation of IIa Conference 2018 Program

Yayasan Pendidikan Internal auditor

Institute of Internal auditor Indonesia

Pt DBS

ary Ginanjar eSQ

Internal Control unit Communication ForumKIraNeuropean Confederation of Institutes of Internal auditing

Yogyakarta

Jakarta

Bali

Jakarta

Jakarta

Solo

Madrid


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146

COMPANY PROFILE

Management Discussion & Analysis

REAFFIRMING THE COMPANy’S ROLE AS THE CATALyST IN ACHIEVING THE SUSTAINABLE DEVELOPMENT GOALS.

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148


Annual Report 2018

General Highlights

3.7%

5.17%

45

Global Economic Growth

Indonesia’s economic growth

Indonesia’s Competitiveness Rating

The global economic growth in 2018 was weakened from previously 3.8% (yoy) to 3.7% (yoy).(Source: economic outlook IMF report, January 2019).

Indonesia’s economic growth in 2018 reached 5.17% (yoy) increased from 5.07% (yoy) in 2017.(Source: BPS, February 2019).

Indonesia’s competitiveness is ranked 45th, up by 2 places from 2017’s Frank of 47th.

Indonesia is in the category of Investment Grade, the rating results from 3 global sale rating agencies.

Growth was supported by low inflation at 2.88%, a high level of foreign exchange reserves of USD120.075 billion, and a maintained fiscal deficit.(Source: Bank Indonesia, 2019).

Annual Report 2018



Annual Report 2018

8.1%

20%

Rp553.6 trillion

Increase in infrastructure spending

Banking Infrastructure Loan Growth

Total Project Value Financed by the Company

Infrastructure expenditure increased 8.1% to Rp410.4 trillion in 2018, compared to 2017 of Rp379.2 trillion.

The loan growth in the banking infrastructure sector is higher than the growth of industrial loan at 12.45% (yoy).(Source oJK 2019)

The total value of the government program project includes the RPJMN project, national priority projects, and national strategic projects that were financed by the company.

18.14 Multiplier Effect

Multiplier effect on the project values to paid-up capital.


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150


Annual Report 2018

6 Projects Development

The Company obtained 6 Projects Development consisting of 4 PPP assignment projects and 2 geothermal assignments.

13 Implementation of Advisory Mandate

PT SMI expanded its advisory to include Investment advisory, financial advisory, Financing arranger, and sharia investment advisory & sharia financial advisory.

3 Financing Products Innovations

PT SMI launched 3 financing product innovations namely Take out financing, IMFZ, and Step Up MMQ.

5Disbursement of other grants and incentives for the sustainable financing development.

disbursed grants & incentives

20 Offering Letters to the Regional Government

The regional heads increased awareness related to the acceleration of regional infrastructure Development

The regional financing stakeholders increasing commitments to accelerate procedures for regional financing approvals.

Annual Report 2018



Annual Report 2018

General Highlights

KONDISI PEREKONOMIAN GLOBAL DAN NASIONALthe ongoing Federal reserve monetary normalization policy as well as the tensions between the uS and its trading partners are the main drivers of uncertainty and uneven economic growth distribution at the global level throughout 2018. the Federal open Market Committee (FoMC) meeting raised the benchmark interest rates the Federal Fund rate (FFr) to 2-2.25%, following the improving employment data and inflation that meet expectations in the uS. It was the third increase of the benchmark interest rate in 2018 (September).

the global economic uncertainty has also resulted in the decline in the world trade volume and low commodity prices, especially metals and agricultural products. the global economic growth projection was then revised in line with this trend. In the World economic outlook report published in october 2018, the International Monetary Fund (IMF) revised its global economic growth target from 3.8% to 3.7%, or relatively similar to 2017.

Global developments has also impacted the Indonesian economy. the export performance has declined due to the weakening prices of agricultural and mining commodities such as CPo and coal along with the declining market demand and the move do the more environmentally friendly fuels. amid the downward trend in global demand, the Central Statistics agency (BPS) noted that export growth has remained positive at 7.52%.

Investment is still growing quite high, supported by the investments in constructions, related do the infrastructure and property projects, as well as non-construction investments. on government expenditure, based on budget realization, the growth has continued, especially in goods and personnel expenditure. the household consumption sector also continues to grow due to maintained purchasing power and high consumer confidence.

Based on these factors, BPS recorded Indonesia’s economic growth as 5.17%. Bank Indonesia projects economic growth by the end of 2018 to be in the lower range of 5.0% to 5.4%. this growth was supported by the position of foreign exchange reserves which was at a fairly high level of uSD114.8 billion. economic growth is followed by low inflation at 2.88% and a safeguarded fiscal deficit. this shows that Indonesia’s economic fundamentals are strong enough to face the global uncertainty risk.

on the financial market, in the october 2018 edition of the World Bank east asia and Pacific economic update, the risk of financing Indonesian debt increases. However, Indonesia is considered to have the capacity to repay its debt due to the relatively low level of its foreign debt; strong financial sector capital adequacy and liquidity; as well as sufficient monetary and fiscal foundations.

Various structural improvements efforts carried out by the Government has increased Indonesia’s competitiveness on the global stage. In the report by the Global Competitiveness Index published by the World economic Forum (WeF) in october 2018, Indonesia is ranked 45th, or two positions higher than the previous year’s 47th.

the competitiveness index has been prepared to help understand the landscape of global competitiveness, in relation with the Fourth Industrial revolution or Industry 4.0. the index components include institutions, infrastructure, information and communication technology readiness, macroeconomic stability, health, skills, market share, labor market, financial system, business dynamics, and innovation capacity.

With good economic fundamental described above, Indonesia managed to achieve a decent investment rating from three world rating agencies, Fitch ratings, Moodys, and Standard & Poor’s (S&P).


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Annual Report 2018

General Highlights

INFRASTRUCTURE FINANCING INDUSTRIAL REVIEWthe government is committed in continuing the infrastructure development as an effort in expanding connectivity and improve the people’s welfare. In the National Medium term Development Plan (rPJMN) for 2015-2019, a total investment of rp4,769 trillion is needed to develop the infrastructure. the sources of funding come from the State revenue and expenditure Budget (aPBN) which made up 13% of the funding, 30% comes from the State owned enterprises, and 57% from the private sector.

Infrastructure Financing Requirements 2015-2019

4,796328

403

451

280507

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8647144591

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to accelerate the infrastructure development, the Government continues to increase its budget. In the 2018 State Budget, the Government allocated rp410.4 trillion of infrastructure expenditure, an increase of 8.1% from 2017, amounting to rp379.7 trillion. the infrastructure budget portion amounted to 28.2% of the total central government expenditure which was rp1,453.6 trillion.

Annual Report 2018



Annual Report 2018

General Highlights

415.0

Infrastructure Budget

Directed to support the strengthening of connectivity, provision of housing and food security

2014 2015 2016 2017outlook aPBN2018 2019

410.4379.7

269.1256.1157.4

Infrastructure Budget Infrastructure Budget Growth (%)

1.1%3.1%

41.1%

5.1%

65.6%

triliun rupiah

through central government’s expenditures

173.82015 : 103,0

through transfers to regions and rural funds*

*Including 25% utilization for infrastructure

196.22015 : 39.1

through Financing

45.02015 : 34.1

Source : aPBN 2019

aligned with the addition of infrastructure budget allocations, the Government expanded infrastructure projects, especially those included in the National Strategic Project (PSN). the determination of the new PSN list was conducted through Presidential regulation No. 56 of 2018 concerning the Second amendment to Presidential regulation No. 3 of 2016 concerning the acceleration of the Implementation of National Strategic Projects. the PSN list includes 223 projects and 3 programs where there are additions to the airport and education projects and the addition of an economic equalization program.

Development of the infrastructure sector requires substantial funding. Consequently, the Government endeavors to bring out innovative financing schemes so as not to burden the state budget. there are three schemes developed, namely cooperation between the government and business entities (PPP), non-budget government investment financing (PINa), and a combination of funding from Multilateral, Government, or Philanthropy (blended finance).

Sectors that can be conducted in cooperation using PPP schemes include connectivity, urban, and social infrastructure. Data from the Ministry of National Development Planning / Bappenas states that there are 17 large-scale infrastructure projects that have applied the PPP schemes including 2,647 kilometers of the Central Package Palapa ring, 8,454 kilometers of east Package Palapa ring, Bitung-Manado toll road, Balikpapan-Samarinda toll road, Pandaan-Malang toll road , Batang Pltu, umbulan Drinking Water Supply System, and Probolinggo-Banyuwangi toll road.

the PINa scheme is an infrastructure financing scheme that focuses on projects that have secured more than 13% Internal rate of return (Irr). the projects financed through the PINa scheme include toll road projects, airports, renewable energy and others with a total investment of uSD2.3 billion.


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Annual Report 2018

General Highlights

roads (km)5.229.0

2015 2016 2017 2018 2019

2.528.7 2.754.2 2.271.3 1.834.7

Bridges (m)29,176

2015 2016 2017 2018 2019

18,352 19,875 52,449 37,177

toll roads through lMaN (project)

trans Sumatra toll road through Pt Hutama karya (km)

43 19912 40516 229

2017 20172018 20182019 2019

Housing for MBrKPr Sejahtera/ FlPP (thousand units)

58.4 23.7 50.0 68.9

2016 2017 2018 2019

Flats (units)

2015 2016 2017 2018 2019

7,74010,497 13,251 13,405 6,873

29 32 36 48 48

Dams (unit)*

*Including construction continuation2015 2016 2017 2018 2019

2015 2016 2017 2018 2019

Initial development and completion of railway (km’sp)

176.25 68.99 269.98 615.05 394.8

New airports Completion(location)

2 2 3 4 4

2015 2016 2017 2018 2019

Irrigation lines (construction and rehab) (thousand ha)

2015 2016 2017 2018 2019

647.3 343.7 329.4 194.7 170.4

INFRASTRUCTURE DEVELOPMENT ACHIEVEMENTS AND TARGET

Source: aPBN Book 2019.

Annual Report 2018



Annual Report 2018

General Highlights

PT SMI INNOVATION IN SUPPORTING THE ACCELERATION OF INFRASTRUCTURE DEVELOPMENTIn carrying out its mandate as a catalyst in accelerating national infrastructure development, Pt SMI continues to refine the financing innovations, both in the scheme and in its structure. In 2018, financing scheme innovations that were carried out including take out Financing, Step up Musyarakah Mutanaqisah (MMQ), Ijarah Mausufah Fiz Zimmah (IMFZ), and Cash Deficiency Support (CDS).

Take out Financing is a facility for taking over the remaining value from a project previously funded by another creditor. this product has been applied to the Pekanbaru-Dumai toll Project Financing.

Step up MMQ is a profit-based financing scheme that has a tiered price level adapted to the customer’s cash flow capacity. this scheme is specifically designed to support the sustainability of projects which at the beginning tends to have unfavorable cash flow. this product has been implemented in the Pasuruan - Probolinggo toll road Project.

IMFZ is an Ijarah derivative product with a rental scheme that is unrecorded in the financial statements, where the goods or assets leased are still under construction or in assembly. With the off balance sheet, the IMFZ sharia finance product, Pt SMI can overcome the tight liquidity and debt ratio problems faced by the debtors. as of 2018, IMFZ products are still in the exploration stage for prospective debtors.

Greenbond Pt SMI issued the first environmentally friendly bonds in Indonesia, or Green Bonds. Differed with regular corporate bonds, funding from this bonds issuance shall be allocated to finance green projects.

Pt SMI continues implementing cdS in 2018 as a financing facility for debtors to cope with their cash shortages that happen during the project, until the conclusion of the investment credit facility. CDS products have been applied to the trans Sumatra Project Palembang-Indralaya and Bakauheni - terbanggi Besar Sections.

the financing innovation that has been carried out by Pt SMI can foster greater involvement of the private sector and local government in supporting the acceleration of infrastructure development in Indonesia.


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Operational Review

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Annual Report 2018

Highlights

3Sustainable Financing Projects

With a mandate as the catalyst supported by innovative, unique and flexible financing products for “closing the gap” and becoming a complementary product for Banking, PT SMI has disbursed financing commitment facility of Rp553.6 trillion for 198 projects.

The total value of projects financed by the Company in 2018, (including closing projects).

Financing of 1 mini hydro power plant project in Bengkulu, with a total commitment value of Rp248.7 billion and assignment of 2 Geothermal Projects including the Waesano geothermal project with a capacity of 30 megawatts at USD30.04 million and the Jailolo 35 MW geothermal project.

Rp553.6 trillion 18.14 times

Multiplier effect on the Company’s financing commitments in 2018.

Rp 1 trillion

Rp 2.17 trillion

Take out Financing commitment

Sharia Financing Outstanding.

32 Regional Government

has been financed by the Company with a total project value of Rp9.8 trillion.


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Highlights

Strategic collaboration with bilateral/multilateral institutions to strengthen technical and funding capacity.

Through Project Development Business Pillar, PT SMI has developed 15 assignment projects consist of 14 PPP assignments and 1 non-PPP assignment.

Assignment of 3 PPP development projects and

PT SMI is the only financial institution in Southeast Asia that has been Green Climate Fund (GCF) accredited.

Advisory business pillar completed 13 Advisory mandates, an increase compared to 2017 by 9 Advisory mandates.

Advisory’s sectors was increasingly diversified.

National Strategic Projects13 6

Establishing cooperation with bilateral/multilateral institutions including the New Zealand Foreign Affairs & Trade, Climate Policy Initiative (CPI), and the French Development Bank (AFD).

Strategic Cooperation

Facilitated by PT SMI Tol Semarang-Batang, SPAM Lampung, SPAM West Semarang, KEK Mandalika, Multifunction Satellite, Jakarta-Cikampek elevated toll road .

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Highlights


Roads & Bridgesdrinking Water

Railway Rolling Stock

Telecommunication

Oil & Gas

Waste Management & Waste

IrrigationEnergy Efficiency


Education Infrastructure

Hospitals Regional Infrastructure


Market

Sectors Financed by PT SMI16

Pt SMI has enacted its role into 15 goals to support the achievement of the Sustainable Development Goals.


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SOCIO-ECONOMICS BENEFITS

Assumptions:a) 1 house is powered by 900 Watts of electricity b) 1 house is occupied by 4 people c) Basic clean water needs per person in the metropolitan city = 150 liters/day d) 1 Km = 862 Construction Workers

SOCIO-ECONOMICS BENEFITS OF THE BENEFICIARy PROjECTS

electricity for 3.2 million homes or

electricity capacity addition by

man power during construction period

Increased gas supply capacity by

Clean water production addition

additional fuel production by

Better Access

Production Improvement

job creation

12 million people 8.1 million

people 21,000

Clean water contribution for 2 million home or

households

Natural gas network for 21,000 homes

10,000 Mt

climate change Mitigation’s Support

Co2 reduction equivalent of 920 ton/year

2.884MW

1.97 million

14.140 l/s 31.000 l/s

Data per October 2018

urban areas passenger transportation capacity increase to

addition of 80 electric trains and revitalization of

Capacity addition of

52 thousands telecommuniation towers

438 train cars

37.5 million

52thousand

Infrastructure and Rolling Stock Improvement

Public Service Improvement

2,118 kms of toll and toll roads

2,181 km

2,700 km of fiber optic netwotk in eastern Indonesia area 2,700

km

185 thousand

Serving

of telecommunication service users across Indonesia

76 million Health facility for 720 new patients/year

720patients

Facility addition of

1,031new beds

airport travelers per year teus per year

Increased port goods flow to

2.26

million

7.3Irrigation to 185 thousand hectares of rice fields

million per year

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operational review

A. ANALySIS APPROACHPt SMI uses two approaches to measure the socio-economic benefits of infrastructure projects that have been built, the econometrics approach and the inter regional input-output (IrIo) approach.

Econometrics Approachthe formula used in the econometric approach is a determinant model of gross regional domestic product (PDrB) which is regressed using the ordinary least Square (olS) method. this is to measure the impact of infrastructure projects that have been funded ex post. the variables used in this approach are PDrB as dependent variable, project value, human development index (IPM), labor level, number of workers, population, household expenditure, government and private consumption, government revenue and expenditure, and investments.

Input Output Approachthe method used in this study is to use an analysis of the Io (Input output) model. Model analysis Input output table (table I-o) is a tool that will be used to see the interrelationships between sectors contained in the economy. Input-output table is a statistical translation using a matrix table that contains transactions in the use of goods and services between various sectors of the economy. analysis Method Input-output simulation is an ex-ante approach..

B. INFRASTRUCTURE PROjECTS ECONOMIC BENEFITS ANALySISas stated above, Pt SMI focuses on financing the construction of basic infrastructure projects and social infrastructure. In general, the construction of infrastructure funded by the Company has a positive impact on improving the local economy.

Based on the econometric approach, infrastructure development has not had much economic impact in short term. this is normal considering that the impact of infrastructure projects usually can only be seen in the medium and long term.

regional economic improvement (PDrB) comes from two ways, the man power and the IPM. the involvement of local workers in an infrastructure projects can increase their purchasing power, which in turn will increase the consumption in the local area. as for IPM, the infrastructure development itself has improved community welfare at the project site. this is positively correlated with an increase in economic productivity which will ultimately increase regional economic growth.


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C. ECONOMIC IMPACT ANALySIS OF SELECTED PROjECTS

1. Merah Putih Satellite development in the National Economy

Pt SMI also contributes to the national infrastructure projects, namely the Merah Putih Satellite development. Particularly for this project, funding is directed at the transportation and communication sector because the construction of this project is not directly related to the construction sector. total disbursed funds was rp36.35 trillion. as a result of such large exposure, it is estimated that the output of the national economy increased by 0.37%, equivalent to rp74 trillion. this is 2 times greater than the funding. as such, the national added value is predicted to increase by 0.36% (rp33.7 trillion) and household income increases by 0.42%, equivalent to rp12.5 trillion. Finally, the construction of this project is also expected to provide new jobs for 408,316 people. Based on econometric analysis, Pt SMI funding is estimated to increase the national HDI, which is equal to 0.84%.

10the Goal, Reduce inequality within and among countries.

11th Goal, Make cities inclusive, safe, resilient and sustainable.

2. Konawe Regional Hospital Project development in the Southeast Sulawesi Province Economy

Konawe regional hospital provides easy access to patient in the surrounding areas of Konawe, and improves the Konawe regency PaD potential directly from the regional hospital operations that projected to become the hub for Southeast Sulawesi province as well as an increase of future economic activities in both culinary, transportation as well as tourism sectors.

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operational review

the immediate impact received by public during the construction was increased income of culinary entrepreneurs around the regional Hospital in the range of 30% to 300%. this is caused by construction workers looking for food alternatives within a radius of 100 to 300 meters from development projects, increased labor absorption during the construction process with more than 600 workers ranging from construction workers to janitors, and increased added value to production factors, which is indicated by the increase in land prices along the main route to the regional Hospital. the price of land has doubled during the construction of the regional Hospital.

Furthermore, the expected impact that will receive by public is the increase of income allocation for future savings to finance school children, business expansion, and emergency funds for illness, increase the eradicaiton chronic and accute illness that may reduce productivities and or cause death, as well as cost and time efficiency.

In addition to providing a direct impact, based on the results of the social benefit cost analysis (aBMS) in the table below, the construction of the Konawe regional Hospital shown a positive economic net value and the economic Internal rate of return (eIrr) greater than the 10% social discount rate. So the project has the potential to generate positive net benefits to the economy.

Social cost Benefit Analysis of Konawe Regional Hospital Project in Southeast Sulawesi

Analysis Results value (Rp trillion)

Undiscounted value

total economic Cost 2.68

Capital Cost 0.32

- operating expense 1.18

- Cost of Goods Sold 1.20

total economic Benefit 43.31

- action/Medical Benefit 15

- Project term Value 28

50-year discount

economic NPV @ 10% Social Discount rate 11

eIrr 53%

Benefit and Cost ratio 12

construction of hospital infrastructure in accordance with the objectives of the SdGs:3rd Goal, Ensure healthy lives and promote well-being for all at all ages.


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3. Gianyar Regional Hospital Project development in Bali Province Economy

Pt SMI also provided funding of rp150 billion for the construction of the Gianyar Hospital in Bali. the construction of the regional Hospital is estimated to increase output by rp191.6 billion, added value of rp125.5 billion, household income of rp46.3 billion, additional employment for 9,012 people and an increase in HDI of 8.89%. Based on econometric analysis, Pt SMI funds against the construction of Sanjiwani Hospital was estimated to have an influence on the HDI increase, which amounted to 4.7%. this increase in HDI can occur due to the direct impact of Pt SMI funding or indirectly through a significant increase in labor and community income (GrDP).

this analysis is validated through qualitative analysis by directly visiting the location. there were 3 data compilation methods conducted, namely nonparticipants observation, interview and focus group discussion. From qualitative analysis, there were information on the impact of the Sanjiwani regional Hospital Development through 2 aspects, namely social impact and economic impact. on social impact, the Sanjiwani regional Hosiptal has the role to improve:

1. the reach of patients being served, 2. Service satisfaction, 3. Capacity of Sanjiwani regional Hospital institutions, 4. Capacity and quality of Sanjiwani regional Hospital, and 5. Mentoring program to patients and their families.

Hospital infrastructure development as per SdGs goals:3rd Goal, Ensure healthy lives and promote well-being for all at all ages.

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operational review

4. 31 MW Bengkulu PLTA Project development in Bengkulu Province Economy

In the energy sector, Pt SMI contributed to the construction of the 31 MW Bengkulu Water Power Plant (Plta). the funding of rp267.75 billion by Pt SMI may create additional output of rp506.4 billion (0.76%), additional value of rp176.7 billion (0.52%), additional household income of rp69.1 billion ( 0.58%), additional employment for 7,779 people (0.77%) and an increase in HDI of 7.98%.

In other parts of Sumatra, namely in West Sumatra Province, Pt SMI also assited in the financing of power plants construction. from hydropower plant in Bengkulu, the power plant built in West Sumatra is the Minihydro Power Plant (PltM). to finance the construction of this 2x3 Mw Sako PltM, the funds disbursed amounted to rp186.01 billion. as a result, the financing of PltM construction is predicted to increase output by rp332.3 billion or 0.14%, added value of rp161.4 billion or 0.47%, household income of rp58.5 billion or 0, 12%, and new employment for 3,603 people or 0.15%. Based on econometric analysis, Pt SMI’s funding is estimated to increase the HDI, which is equal to 1.47%. this increase in HDI was due to the direct impact of Pt SMI’s funding or indirectly through a significant increase in labor and community income (GrDP).

Environmentally friendly power plant infrastructure financing, according to SdGs goals: 7th Goal, Ensure access to affordable, reliable, sustainable and modern energy for all.

13th Goal, Take urgent action to combat climate change and its impacts.


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Business Segment Review

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IN THE COURSE OF ExERCISING ITS MANDATE, PT SMI PROVIDES INFRASTRUCTURE FINANCING COMPREHENSIVE SOLUTION THAT INCLUDE THREE BUSINESS PILLARS, FINANCING AND INVESTMENT; ADVISORy; AND PROjECT DEVELOPMENT

THESE THREE BUSINESS PILLARS’ ACTIVITIES ARE SUPPORTED By INNOVATIVE AND VARIED FUNDING SOURCES. THESE FUNDING COMES FROM PMN; CONVENTIONAL CAPITAL MARKETS (BONDS, BONDS, SECURITIZATION, AND GREEN BONDS) AND SHARIA CAPITAL MARKETS (SUKUK AND SHARIA HEDGING).

the three business pillars’ activities are supported by innovative and varied funding sources. these funding comes from PMN; conventional capital markets (bonds, bonds, securitization, and green bonds) and Sharia capital markets (sukuk and sharia hedging); loans and grants; BPJS or Sharia insurance; Hajj and Syirkah funds; and sovereign wealth funds (SWF). the company also continues to develop financing innovations like take out financing and IMFZ which are supported by varied funding sources. the infrastructure financing that has been carried out also supports 15 Sustainable Development Goals (SDGs).


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operasional review

FUNdING SOURcES SEcTORALSFINANcING & INvESTMENT AdvISORy PROjEcT

dEvELOPMENT

PILLAR#1 PILLAR#2 PILLAR#3

State Equity Investment (PMN)

Infrastructure Financing ppp Project

development

Geothermal Sector Infrastructure

development Funds Management

Renewable Energy & Energy Efficiency

Projects development

Regional Government Financing Projects

development

capacity Building and Assistance

Financial Advisory

Investment Advisory

Financing Arranger

Financing Arranger,

Investment Advisory &

Financial Advisory (Syariah)

cash deficiency Support (cdS)

Sharia Financing

� Pembiayaan Investasi � Takeout Financing � Promoter Financing � Pembiayaan Modal Kerja � Dana talangan � Subordinasi � Mezzanine � Penyertaan Modal (Equity) � Pembiayaan Pemerintah Daerah

� jasa Arranger & Underwriter

� IMBT/Lease with option for own

� Murabahah/Installment sale with deferred Payment

� MMQ/dimishing Partnership

� Musyarakah/joint Partnership

� Ijarah Indent* � MMOB*

capital Market (Bonds and Securities)

IMBt : Ijarah Muntahia BittamlikMMQ : Musyarakah MutanaqisahMMoB : Mudharabah Muqayyadah on Balance Sheet*under construction progress

Sharia capital Market

BPjS/Sharia Insurance

Haj Funds & Syirkah

Sovereign Wealth Fund

Loans and Grants



Roads & Bridgesdrinking Water

Railway Rolling Stock

Telecommunication

Oil & Gas

Waste Water & Waste Management

Irrigation

Energy Efficiency


Education Infrastructure

Hospitals

Regional Infrastructure


Market

cO

Nv

ENTI

ON

AL

SHA

RIA

PT SMI Three Business Pillars

Pt SMI focuses on financing the basic infrastructure and social infrastructure development, which includes the electricity, transportation, telecommunications, railroad rolling stock, oil and gas, energy efficiency, drinking water, roads and bridges, irrigation, and waste water and waste management. While social infrastructure consists of hospitals, correctional infrastructure, education infrastructure, regional infrastructure, markets and tourism infrastructure.

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Annual Report 2018


Pillar I Business Segment

The company remains focuses on long term financing with the largest portfolio types in Investment Loan. In 2018, investment loan

recorded a largest portion of 76%.


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Highlights

Rp28.2 TrillionNew Commitments

23 Commitments of New Project

Sectors : • Toll Roads• Telecommunication• Electricity• Transportation• Irrigation

Take Out Financing for Tanjung Priok tol

Access (Equity Portion)

CDS for Terbanggi Besar – Kayu Agung Toll

PT SMI’s First Shareholder’s Loan - Bridging Loan for WTR Land project

Toll Roads9

Transportation7

Electricity6

Telecommunication1

Access to Tanjung Priokcommitment of

Rp3.1 trillion

Pasuruan- Probolinggo Tollcommitment of

Rp1.0 triliun

Merah Putih Satellite commitment of Rp1.0 trillion

jakarta-cikampek Toll Elevated II

commitment of Rp1,604 trillion

Angkasa Pura II Airportcommitment of

Rp2 trillion

LRT jabodetabekcommitment of

Rp1.2 trillion1

toll roads

electricity

transportation

telecommunication

Irrigation

roads and Irrigation

Drinking Water

Social

oil and Gas

29%17%

4%

1%

4%

1%1%

43%

cOMMITMENTOUTSTANdING17%

4%

4%

4%4%

4%

43%

29%

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FINANCED PROjECT VALUESIn rp trillion

Total Project value

until 2014 20162015 2017 2018

132

197.9

95.8

5077.8

553.6


CaGr commitment (2014 until December 2018): 83%CaGr outstanding (2014 until December 2018): 74%

FINANCING ACTIVITIES DIVERSIFICATIONas of December 2018

cAGR commitment

2014 2015 2016 2017 2018

5,577

23,004

Realization

Work & Budget Plan

44,896

67,874

91,795

86,979

cAGR

83%

cAGR Outstanding

Realization

Work & Budget Plan

2014 2015 2016 2017 2018

4,262

17,157

30,44235,873

52,604cAGR

74% 49,205


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Subordinated

Bridging loan

equity Investment

Sharia Financing

Investment loan

Promotor Financing

COMMITMENT BASED ON PRODUCTS

2.94%

3.27%

2.50%

2.50%

7.86%

76.0%

(in rp trillion)

Investment Loan

Working capital Loan

Subordinated Bridging Loan Equity Investment

PromotorFinancing

Sharia Financing

66.5 5.6 7.2 3.7 3.0 1.4 2.3

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Sharia Financing

Promotor Financing

equity Investment

Bridging loan

Working Capital loan

Investment loan

Subordinated

OUTSTANDING BASED ON PRODUCTS

4% 3%

6%

5%

8%

5%

69%

(in rp trillion)

Investment Loan

Working capital Loan

Subordinated Bridging Loan Equity Investment

PromotorFinancing

Sharia Financing

29,7 2,2 3,6 2,0 2,5 1,0 2,1


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SECTOR DIVERSIFICATION AND LOCATION DISTRIBUTIONthe Company is committed to implement the risk management in every business activity, including in channeling the infrastructure financing. one of the methods to mitigate the risk is sector diversification.

others

rolling Stock

electricity

roads and toll roads

transportation

FINANCING DIVERSIFICATION BASED ON SECTORFinancing Commitment

10%

1%

9%

26%

48%

In addition to business sector based finance diversification, the Company also distributes infrastructure development projects in all regions in the country. this is in line with the Government’s commitment to realize economic equality through infrastructure development.

Bali, Nusa tenggara

Papua, Maluku

Kalimantan

Java

Sulawesi

Sumatra

DISTRIBUTION OF INFRASTRUCTURE PROJECT LOCATIONS2%

3%

8%

4,2%

33%50%

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the Company’s financing and investment activities are supported by innovative, unique and flexible products for closing the gap. the unique financing and investment products that are available includes financing tenor flexibility (> 5-25 years), the grace periode length (up to 15 years), innovative, and the creation of large multiplier effect. this uniqueness complements the banking products and other financial institutions in providing infrastructure financing schemes in Indonesia. In addition, Pt SMI is a non-bank financial institution (lKBB), making it more flexible in disbursing the financing.

PT SMI FINANCING AND INVESTMENT PRODUCT UNIQUENESS

Based on Project Financing Structure

Proj

ect

Fina

ncin

g St

ruct

ure

Implementing Catalyst Function with Product Uniqueness and Excellence

Qua

si-E

quit

y

Subordinated Financing

Mezzanine

Convertibles

Equity

20-30% Equity

Based on Project Financing Tenor

70-80% Debt

�Investment Financing/term �take-out Financing �Promoter Financing �Working Capital Financing �Bridging loan �Sharia Financing Long Term

Tenor (>5 Years)

Financing and Investment Products �Investment Financing/term �take-out Financing �Promoter Financing �Subordinated loan �Mezzanine �equity Investment �Cash Deficiency Support (CDS)

Short Term Tenor

(1-5 Years)

Financing Products �Pembiayaan Modal Kerja �Pembiayaan Dana talangan


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Pt SMI serves conventional and sharia infrastructure financing. and in addition to financing, the Company can also invest in capital participation in infrastructure projects or in companies engaged in infrastructure. In addition, the Company can also conduct arranger and underwriter services which are usually employed in syndicated financing for the large valued infrastructure projects. the aim is that more banks or other financial service companies are involved in financing infrastructure. throughout 2018 (September), Pt SMI’s total financing commitment amounted to rp77.19 trillion with a multiplier effect of 6.03 times. this signifies the Company’s ability to encourage banking institutions and other financial institutions to form a better infrastructure financing ecosystem. the multiplier effect on paid-up capital is 18.14 times. this means that Pt SMI managed to provide a significant multiplier effect on the capital it received from the government.

In rp billion

commitment (including IIF, Exc equalization) Outstanding (including IIF)

year Target Realization Achievement year Target Realization Achievement

2018 83,976 77,187 91.92% 2018 50,534 46,706 92.42%

2017 67,585 52,205 77.24% 2017 40,393 34,092 84.40%

2016 33,437 47,583 142.31% 2016 28,054 33,060 117.85%

2015 9,702 23,322 240.39% 2015 8,285 18,599 224.50%

2014 5,570 8,065 144.80% 2014 4,082 6,697 164.06%

Financing and Investment activities conducted by Pt SMI, among others:

Commercial Financing

Sharia Financing

Municipal Financing


Equity Investment


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Annual Report 2018


In 2018, the company has realized new commercial financing

commtiment amounted to Rp 28.2 trillion for 23 new projects. The sectors under this financing includes toll roads, telecommunications, electricity, transportation and irrigation.

throughout 2018 the Company enacts several product innovations such as take out Financing for tanjung Priok access toll (equity Portion) and CDS for terbanggi Besar - Kayu agung toll. the Company alos recorded the first shareholders’ loan through Bridging loan for Wtr land project.


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COMMITMENT & OUTSTANDING(IN RP BILLION)

2013 2014 2015 2016 2017 Des-2018* termasuk pinjaman kepada Pemda, Subordinasi IIF

3,087 6,697

18,599

33,06034,092

52,205

46,706

77,187

4,477 8,065

23,322

47,583

environmentally friendly electricity infrastructure financing, in accordance with SDGs goals: 7th Goal, ensure access to affordable, reliable, sustainable and modern energy for all.

outstanding

Commitment

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Annual Report 2018

No Project Name Sectors Project value (Rp)Project value

(US$)Total ceiling

1. tol Jakarta Cikampek elevated II toll Project

toll road 13,627,900,000,000 - 1,604,624,000,000

2. Salatiga Kartasura toll road construction project

toll road 2,699,074,010,000 - 250,000,000,000

3. Jabodebek lrt rolling stock project

transportation 4,165,734,988,000 - 1,200,000,000,000

4. asembagus Sugar Factory Biomass Power Plant Construction Project, Situbondo regency

electricity 727,730,000,000 - 206,506,000,000

5. Jatiroto Sugar Plant Biomass Power Plant Project, lumajang regency

electricity 870,000,000,000 - 263,791,000,000

6. Integrated light railroad (lrt) Project in Jakarta, Bogor, Depok and Bekasi regions (Jabodebek)

transportation 21,772,640,362,000 - 1,923,125,000,000

7. Capacity building project (addition of infrastructure facilities) terminal for Self-interest (tuKS) located in the regional area of Work environment Petrosea offshore Supply Base Sorong

transportation 256,634,000,000 - 187,342,820,000

8. Dock project 7.1 - 7.2 Port of Cigading, Cilegon - Banten

transportation 349,951,290,687 - 217,645,400,000

9. Central Kalimantan 1 Pltu project in tumbang Kajuei Village, rungan District, Gunung Mas regency, Central Kalimantan Province

electricity - 332,140,410 1,086,075,000,000

10. Section 2B Bogor ring road toll road (Kedung Badak - Simpang Yasmin) for +/- 2.65 km Project

toll road 926,575,000,000 - 660,000,000,000

11. Capex VIII financing for investment in accordance with the 2018 rKaP and unrealized (carry over) revisions in the 2019 rKaP

electricity 9,900,000,000,000 - 1,000,000,000,000



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No Project Name Sectors Project value (Rp)Project value

(US$)Total ceiling

12. Senipah 117 MW Steam Power Plant (PltGu) Project in teluk Pemedas, Samboja District, Kutai Kartanegara regency - east Kalimantan

electricity - 217,122,301 434,430,000,000

13. 116 Km Cikopo Palimanan toll road Project, West Java

toll road 12,562,720,000,000 - 1,418,700,000,000

14. Bakauheni - terbanggi toll road Project

toll road 16,795,363,937,436 - 7,525,000,000,000

15. airport development project in Pt angkasa Pura II (Persero)

transportation 18,678,834,262,000 - 1,500,000,000,000

16. Kuala tanjung Phase I (multipurpose) Port Project, Batubara regency - North Sumatra

transportation 3,522,733,329,132 - 479,600,000,000

17. Procurement of communication satellites Project (Merah Putih Satellite)

telecommunication 36,349,000,000,000 - 1,000,000,000,000

18. Pasuruan regency toll road Section Project - 31.3 km Probolinggo regency Section 1-3

toll road 2,988,707,000,000 - 1,000,000,000,000

19. regular airport development and investment managed in the debtor’s working area in accordance with the debtors’ rKaP from 2018 to 2021

transportation 18,801,775,000,000 - 2,000,000,000,000

20. tanjung Priok access toll road Project

toll road - - 3,100,000,000,000

21. the Balikpapan Samarinda toll road construction project is +/- 99.35 km in east Kalimantan

toll road 9,972,558,987,129 - 700,000,000,000

22. Construction of the Batang - Semarang toll road Project

toll road 11,045,548,000,000 - 850,000,000,000

23. 5a 2x150 MW Power Project South Sumatra, Musi Banyuasin - South Sumatra

electricity - 480,422,579 861,619,500,000

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13th Goal, take urgent action to combat climate change and its impacts.

6th Goal, ensure access to water and sanitation for all.

9th Goal, Build resilient infrastructure, promote sustainable industrialization and foster innovation.



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Municipal Financing

PT SMI committed to supporting equal distribution of infrastructure development in all regions of Indonesia. In 2018, the company’s Municipal Financing commitment was Rp4.36 trillion and outstanding of Rp2.42 trillion, with a financing concentration outside java for economic equality.

Pt SMI disburses municipal financing as the implementation of duties from the government as stipulated in the Minister of Finance regulation No. 174/PMK.08/2016 concerning the Provision of Guarantees to the Company in the interest of Financing assignment for regional infrastructure.

Pt SMI’s strategy in disbursing the municipal financing is to increase leveraging through the use of multilateral and donor funds. also, with government guarantees and synchronization of Special allocation Funds (DaK), regional Incentive Funds (DID) and the incentive mechanisms for regional governments who receive the municipal financing for the acceleration of infrastructure in the Central and eastern regions.

the company also continues to improve the ecosystem of regional financing to accelerate the infrastructure development in the region. In this case, the Company continues to try to involve financial service companies such as banking, insurance, financing institutions and guarantees in infrastructure financing.

In the disbursement of municipal financing, the Company provides project development facilities (PDF) in the form of feasibility study preparation grants, engineering design details, or environmental studies through the company’s and donor agencies’ funds.

In 2018, Pt SMI’s commitment in municipal financing was rp4.36 trillion and outstanding amounted to rp2.42 tillion.

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Annual Report 2018

the company also continues to improve the ecosystem of regional financing to accelerate the infrastructure development in the region. In this case, the Company continues to try to involve financial service companies such as banking, insurance, financing institutions and guarantees in infrastructure financing.

In the disbursement of municipal financing, the Company provides project development facilities (PDF) in the form of feasibility study preparation grants, engineering design details, or environmental studies through the company’s and donor agencies’ funds.

In 2018, Pt SMI’s commitment in municipal financing was rp4.36 trillion and outstanding amounted to rp2.42 tillion.

Papua, Maluku

Java

Bali Nusa tenggara

Sumatra

Kalimantan

Sulawesi

COMMITMENT BASED ON REGIONS2% 5%

10%

8%

25%50%

Municipal Financing

• Roads for Lampung Province

• Bridges & Roads forMusi Banyuasin Province

• Roads forPenajam Paser Utara Province

• Roads and Bridges for PALI

Activities Highlights:• Preparation for pipeline

RIDF (3 Municipalities/ 4 Facility)

• Dissemination of Alternative Financing

RoadsHospitals Market

Offering Letters20 7 1

New Commitment 2018

Rp 1.7 trillionCommitment until 2018

Rp 5.1 trillion

Municipal Financing


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Municipal Financing

roads & Bridges

Market

regional Hospital

COMMITMENT By PROJECT SECTOR

4% 34%

62%

Market sector Infrastructure Development in accordance to the SDGs goals:- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent

work for all.

- 12th Goal, ensure sustainable consumption and production patterns.

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Annual Report 2018

Municipal Financing

the Company supports the regional infrastructure development by providing financing with an outstanding multiplier of 2 times from the previous period in 2017 amounting to rp1.21 trillion to rp2.42 trillion with a total of 29 municipal financing facilities.

Moving forward, Pt SMI will be more active in introducing the concept of regional financing, especially in central and eastern Indonesia. In this case, the Company will continue to collaborate with regional government associations such as the association of regency Governments throughout Indonesia (aPKaSI) and the association of Indonesian City Governments (aPeKSI).

For 2019, the regional Financing Division plans to identify potential funding for public service agencies (Blu), looking at other sectors that can become the regional loan financing objects and focusing on regional government financing in central and eastern Indonesia and border areas.

the Construction of road and Bridge infrastructure in accordance with the SDGs goals:- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent

work for all.

- 9th Goal, Build resilient infrastructure, promote sustainable industrialization and foster innovation.

- 11th Goal, Make cities inclusive, safe, resilient and sustainable.

Hospital sector infrastructure development in accordance with the SDGs goals:- 3rd Goal, ensure healthy lives and promote well-being for all at all ages.


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Sharia Financing

Step up Scheme – Musyarakah Mutanaqishoh

(MMQ) for Pasuruan Probolinggo Toll

Road

Ijarah Maushufah Fii al-Dzimmah

(IMFZ) for working capital has been

Go Live at Quarter III 2018 Continuous

improvement of Sharia Financing

Procedures

Sharia Product Development

includes: IMFZ for investment

financing

Issuance of Sukuk Mudharabah with sukuk emission value of IDR 1

trillion with a tenor of 3 & 5 years.

Initiation of Sharia financing

to health infrastructure

sector

Sharia core system

application development

Katalis Infrastruktur

Product Innovation

RP 1.3 trillion NEW COMMITMENT

RP 7 trillion OF PROjECT VALUE*

2 NEW PROjECT COMMITMENT

*) Paspro toll road Project Value has been calculated in the Commercial Financing

The company continues the innovation in delivering sharia financing products. In 2018, the Sharia Business division has launched 2 financing product innovations aimed to give more flexibilities to the debtors. One is Step Up Musyarakah Mutanaqisah MMQ, the other is Ijarah Maushufah Fi Al dzimmah IMFZ.

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Annual Report 2018

Sharia Financing

In 2018 the PT SMI Sharia Business division has carried out the following initiatives: the CaPeX VIII Sharia Financing Syndication to Pt PlN amounted to rp.4.6 trillion (total Syndication 14.4 trillion) with Pt SMI’s uuS portion amounted to rp1 trillion. this is the largest Sharia financing in Indonesia.

rp1.29 trillion of Musyarakah Mutanaqisah Sharia Financing Syndication to Pt trans Jawa Paspro toll road for the 31.30 km Pasuruan - Probolinggo toll road construction project. In the Musharaka Mutanaqisah financing facility provided by the Sharia Banks there is a scheme from Pt Sarana Multi Infrastruktur (Persero) Sharia Business unit with a tiered/step up pricing structure to support the sustainability of the project.

In the first and second qurater of 2018 the Company Sharia Business Division and advisory Division are participating in developing the Haj Financial Management agency (BPKH).

In the third quarter of 2018 the Company issued the first syariah funding instrument in the form of Sukuk Mudharabah with emission value of rp1 trillion with a 3 and 5 years tenor. the sukuk was issued simultaneously with the issuance of environmentally sound bonds or Green Bond.

Work programs will be implemented in 2019Enabler1. to assist the development of the Sharia ecosystem by becoming an enabler in strengthening the

structure/scheme and contract of Sharia financing.2. to increase the targeted customers in the High Grade Company customer category3. to distribute Sharia finance in new sectors

Product Advancementto add and to enrich sharia financing and funding schemes in the interest of accelerating the Company’s pillar business development by adding new sharia financing and sharia funding products and innovations of the Company.

Alternative Sharia Funding1. use of Sharia underlying assets and use of other instruments for alternative Sharia corporate funding2. exploring the use of sharia funding from abroad.

Human ResourcesStrengthening human resources that are reliable and able to multi-task.


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FUND RESOURCES

OTHERS

PltBM: Biomass Power PlantPltMH: Micro Hydro Power PlantPltM: Mini Hydro Power Plant

PltP: Geothermal Power PlantPlta: Hydroelectric power plantPltS: Solar Power Plant

3 CURRENT PROjECTS 16MW COMMITMENT:

Rp465.5 billion 5 POTENTIAL PROjECTS

PLTBN PROjECT DEVELOPMENT WITH CAPACITy OF 3.5 MW• Value: rp 60 billion• loCatIoN: WaPeKo, MerauKe

PLTMH TUNGGANG 3 x 3,33 MW DEVELOPMENT • Value: rp248 billion• loCatIoN: leBoNG, BeNGKulu

PEMBANGUNAN PLTM SAKO 2 x 3 MW• Value: uS$10.8 million• loCatIoN: PeSISIr SelataN, WeSt SuMatra

PLTP DIENG CENTRAL jAVA

PLTA LEBONG BENGKULUPLTMH PARLILITAN NORTH SUMATRA

PLTS ENDE MAUMERE

PLTM PADANG GUCI 2

INNOVATION First loss Mechanism or Guarantee for renewable energy project development of PltS ende and Maumere 2 x 1MW

Sustainable Financing division has a mandate to enhance the company’s roles in fostering the environmentally friendly oriented infrastructure development.

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In general, the strategies used by the Sustainable Financing Special Division are as follows:• to build strategic relationships with potential clients• to build cooperations with multilateral institutions• to improve coordination with relevant government agencies in order to encourage the creation of a

more favorable climate to develop projects that support sustainable development• to increase the internal capacity for sustainable financing

In 2018, realization of sustainable financing outstanding amounted to rp243.38 billion, a significant growth compared to the previous year of rp7,45 miliar. Moreover, realization value of commitment amounted to rp465.47 billion has also exceeding the target of rp371.02 billion recorded a result of 125.46%.

on financing activities, this Division was targeting a sustainable financing commitment of rp371,02 billion and sustainable financing outstanding of rp305,81 billion. to achieve these targets, the Sustainable Financing Division has taken a number of steps which include participating in activities related to renewable energy such as workshops and training; as well as deepening the potential of existing pipelines, including geothermal exploration facilities.

the company also continues to innovate the financing structure that maximizes the de-risking mechanism (eg interest subsidies and first loss mechanism) available for Sustainable Financing by collaborating with international donor institutions such as the French Development Bank (aFD) and Green Climate Fund (GCF).

In 2018, the Sustainable Financing Division financed one project, the mini hydro power plant (PltMH) project in Bengkulu, Sumatra with a total commitment value amounted to rp248.7 billion and rp122 billion of total outstanding value. In addition, there were two assignments, the Waesano geothermal project with a capacity of 30 megawatts (MW) worth uSD30.04 million, and the Jailolo 35 MW geothermal project. the division also received the World Bank grant commitments coming from the Clean technology Fund (CtF) fund amounted to uSD49 million and the World Bank – managed Global environment Facility (GeF) amounted to uSD6.25 million.

Financing PLTMH infrastructure and Geothermal in accordance with the SdGs goals:- 7th Goal, ensure access to affordable, reliable, sustainable and modern energy for all.

- 13th Goal, take urgent action to combat climate change and its impacts.


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For geothermal activities, the Division is targeting the Geothermal energy Data upstream Development Project (GeuDP) assignment to provide Data & Information on Geothermal energy.

In 2018, the focus was on the plan and execution of the assignment in providing the first data and information for the Wae Sano region. Preparatory activities include the submission of uKl / uPl documents, submission of necessary licenses from both local and central government, procurement of civil infrastructure contractors, drilling contractors, and other service contractors. exploration drilling activities are planned for the second quarter of 2019.

related to the management of geothermal funding facilities (Funds for Geothermal Sector Infrastructure Financing/PISP Funds) in accordance with Minister of Finance regulation No. 62/PMK.08/2017 dated May 15th, 2017, one form of utilization of PISP Fund facilities is in supporting the activities of providing geothermal data and information carried out by the government and Soe/Soe subsidiaries through an assignment mechanism to the Company.

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Annual Report 2018


On its commitment toward infrastructure financing that support SdGs, The company received the “Best Innovation in Sustainable Financial Products & Services” award at The Karlsruhe Sustainable Finance Awards 2018 event in

Germany.

In addition, the Company has also collaborated with the New Zealand Ministry of Foreign affairs and trade (NZ MFat) through Partnership arrangements (Pa) which will provide grants in the form of technical assistance to the Company in its activities in the geothermal field.

the company has signed a Cooperation agreement with the Climate Policy Initiative (CPI) on January 2, 2018 regarding the collaboration in clean energy projects development in Indonesia. to support this collaboraton, the Company received a grant of uSD200,000 in the form of technical assistance from CPI to be used to assess clean energy projects and improve the Company’s employees’ capacity. In addition, the Company has also signed a Memorandum of understanding with the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) regarding sustainable transportation development.

as an accredited entity Green Climate Fund (GCF), Pt SMI can submit proposals to the GCF both for project preparation through the Project Preparation Facility (“PPF”) and for funding project implementation through Funding Proposal (FP) for infrastructure projects related to climate change handling.

In 2018, Pt SMI prepared a PPF proposal related to the development of the Semarang Brt transportation project to obtain support from the GCF in the form of a grant for the Project preparation activities. as for November 28, 2018, Pt SMI has obtained approval from the GCF for the proposed proposal. the GCF will provide a grant of uSD788,000 for the project preparation phase.

In addition, on September 29, 2018, Pt SMI signed a Memorandum of understanding with Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) in the framework of “Sustainable urban transport Program Indonesia” (SutrI NaMa) and “Indonesian Bus rapid transit Corridor Development” (INDoBuS ) related to cooperation in the field of sustainable transportation. SutrI NaMa - INDoBuS is a collaboration program between GIZ and the Ministry of transportation. During the implementation phase of project preparation, Pt SMI will work with SutrI NaMa - INDoBuS so that the grant funds from the GCF will be supplemented with a grant from SutrI NaMa - INDoBuS of uSD300,000.


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the activities that will be carried out related to the preparation of the Semarang Brt project include: preparation of pre-feasibility studies, feasibility studies, studies of laws and regulations, environmental and social studies, gender studies, risk analysis, and stakeholder management. these activities will be carried out with coordination between Pt SMI, Semarang City Government, GIZ, and the Ministry of transportation.

one of the geothermal sector development activities carried out by the Sustainable Financing Division is the implementation of the assignment of Geothermal Data and Information Provision facilities based on Minister of Finance regulation No. 62/PMK.08/2017 on May 15, 2017. the assignment was given by the Ministry of Finance as part of the geothermal exploration program by the Government to support the Government in establishing a Geothermal Working area (“WKP”) so that it can later be auctioned off to investors to do development or exploitation. In its activities, the Company collaborates with several International Institutions namely the World Bank and the New Zealand Ministry of Foreign affairs and trade (“NZ-MFat”).

Cooperation with the World Bank was marked by the signing of the Geothermal energy upstream Development Project (GeuDP) grant agreement since 2017 where Pt SMI obtained a Clean technology Fund (CtF) facility of uSD49 million and uSD6.25 million from Global funds environmental Facility (GeF). In this case, Pt SMI also provided co-financing funds of uSD49 million to support the GeuDP program. the cooperation with NZ-MFat was marked by the signing of a partnership agreement where Pt SMI received a grant in the form of NZD2.13 million technical assistance since the same year.

the technical assistance has been used to complete 5 (five) evaluation activities for new (greenfield) geothermal potential areas, namely: Wae Sano - east Nusa tenggara Province, Bonjol - West Sumatra Province, Jailolo - North Maluku Province, Bittuang - Gorontalo Province, and Nage - east Nusa tenggara Province. the overall evaluation activities were carried out in 2018 and the initial evaluation report was sent to the Ministry of Finance. Following up on the initial evaluation report, the Ministry of Finance in 2018 has assigned the Company to conduct Geothermal Data and Information Provision in 2 (two) regions, namely Wae Sano and Jailolo, exceeding the Company’s target in 2018, namely 1 (one) assignment.

as of the end of 2018, the implementation of the Company’s assignments at Wae Sano has completed important stages, namely: • the implementation of several public awareness and consultation activities on environmental, social

and land use aspects involving the community since 2016;

Geoscience studies and surveys deepening aspects of geology, geophysics, geochemistry from 2016 to 2017;• Field visits by inviting the surrounding community to Patuha and Kamojang areas in West Java in 2017

in order to understand more about the geothermal electricity generation industry. Completion of uKl/uPl documents in mid-2018 is required as one of the requirements for conducting exploration activities;

Annual Report 2018



Annual Report 2018


• Issuance of environmental Permit by the West Manggarai regency Government to the Ministry of energy and Mineral resources as the project initiator at the end of 2018 and facilitation of the completion of other licensing processes required by project initiators;

• Publish technical procurement packages such as the procurement of civil contractors and infrastructure, drilling contractors, and contractors of other goods and services; and

• other pre-construction activities such as various kinds of surveys, studies, field visits, filing and measurement of technical, social, environmental and land utilization aspects;

the Company expects the support of stakeholders, especially the regional Government and local communities, to be able to create and maintain a conducive social situation to facilitate the completion of pre-construction activities that have begun so that the next stage can begin immediately. Furthermore, related to the implementation of the assignment in Jailolo, in 2018 the Company is preparing several stages, namely related procurement packages and enhancing human resource capacity.

Pt SMI is currently exploring cooperation with the World Bank regarding the geothermal sector development through the Geothermal resource risk Mitigation Project (GreM) project. the GreM project is the financing facilities with the aim of supporting geothermal exploration activities that will be carried out by private and public (BuMN) geothermal development companies. the main feature is the existence of a risk sharing scheme (partial forgiveness) to help mitigate the risk of exploration failure. the project is a development of the Geothermal energy upstream Development Project which is currently under the implementation stage by Pt SMI.

the facility features are as follows:• total facility of uSD 500 million, consist of soft loan and grants from Green Climate Fund – GCF

(uSD 100 million), soft loan and grants from Clean technology Fund – CtF (uSD 75 million), and soft loans of World Bank (uSD 325 million)

• GCF (amounted to uSD 100 million) such as concessional loan at uSD 7,5 milllion and reimbursable grants at uSD 90 million, and grants from ta at uSD 2,5 milllion

• CtF (at uSD 75 million) a soft loan concessional loan at uSD 40 million, Contingent recovery Grant (uSD 32,5 million) and grants of ta (uSD 2,5 million)

• World Bank (at uSD 325 million) as soft loan. the World Bank’s requirements to leverage fund commitment of reimbursable grant GCF and Contingent recovery Grant from CtF

• the form of GreM’s support for the activities of geothermal exploration is carried out by reducing the risk of exploration activities, namely by applying risk-sharing allocation if the results of a geothermal exploration are not feasible to proceed into the next stage. In this scheme, if a drilling process fails or does not show economic results, then there is a portion of the facility that is not returned (forgiveness).

For 2019, the Sustainable Financing Division has prepared a number of work programs, namely::• Financing, de-risking mechanism and other incentives for the expansion of sustainable development

sector• Implementation of PISP fund management in supporting the geothermal sector• use of international climate funds such as the Green Climate Fund and other funds


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Equity Investment

The company’s equity investment in infrastructure related businesses aims to strengthen the funding aspect in supporting the implementation of the mandate.

the Company conducts investment financing in order to increase funding sources to support infrastructure financing. It is carried out in the form of equity participation in existing subsidiaries, as well as in other business entities engaged in infrastructure. the following are investment financing models conducted by the Company:

1. Equity Investment in IIFPt Indonesia Infrastructure Finance (IIF) was established on January 15, 2010 at the republic of Indonesia’s government’s initiative. IIF was designed to be a private non-bank financial institution that collaborated with the World Bank, the asian Development Bank (aDB) and international multilateral institutions.

Shareholders Total Shares Shares value %

Pt Sarana Multi Infrastruktur (Persero) 600,000 600,000,000,000 30.00

asian Development Bank 399,800 399,800,000,000 19.99

International Finance Corporation 399,800 399,800,000,000 19.99

DeG 302,400 302,400,000,000 15.12

SMBC 298,000 298,000,000,000 14.90

Total 2,000,000 2,000,000,000,000 100.00

Highlights of Equity Investment in 2018

Investment

Rp600 billion

Investment

Rp62.5 billion

Investment

Rp2.4 trillion

Equity Value 2018

Rp640.5 billion

Fair Value 2018

Rp77.3 billion

Fair Value 2018

Rp2.8 trillion

Annual Report 2018



Annual Report 2018

equity Investment

In 2018, IIF continues to develop its assets through value-added products and develops the pipelines for infrastructure projects. also, to develop advisory services, to develop Hr capacity, and to increase internal processes’ effectiveness and efficiency.

2. PT jasa Marga Pandaan Malang’s Equity InvestmentPt Jasamarga Pandaan Malang (JPM) is a joint venture in the form of a limited liability company established by Pt SMI, Pt Jasa Marga (Persero) tbk (Jasa Marga) and Pt Pembangunan Perumahan (Persero) tbk (PP) on June 6, 2016.

No Shareholders of PT jPM Ownership composition

1 Pt Jasa Marga (Persero) tbk 60%

2 Pt Pembangunan Perumahan (Persero) tbk 35%

3 Pt Sarana Multi Infrastruktur (Persero) 5%

3. PT Waskita Toll Road’s Equity InvestmentPt SMI has officially become one of the shareholders of Pt Waskita toll road (Wtr) in February 2017, with a total capital participation of rp2.44 trillion with 11.05% share ownership. Wtr is a subsidiary of Pt Waskita Karya (Persero) tbk which was established in June 2014 and is operates in toll road business.

No Shareholders of PT WTR Ownership composition

1 Pt Waskita Karya (Persero) tbk 79.88%

2 Pt taspen (Persero) 9.07%

3 Pt Sarana Multi Infrastruktur (Persero) 11.05%

Total 100.00%


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SOCIO-ECONOMICS BENEFITS FROM BUSINESS PILLAR I - FINANCING AND INVESTMENT

Electricity Sector - 2,884 MW electricity capacity additionlighting for 3.1 homes or 12 million people

- addition of 80 electric trains and revitalization

- 438 electric trains- Increasing the urban

transportation passenger capacity to 7.3 millions per year

Urban Transportation

clean Water and Irrigation - Clean water production addition by 14,140 l/s

- Clean water contribution for 2 million homes or 8.1 million people

- Natural gas network for 21,000 homes

- additional 31.000 bpd of fuel production

- 10,000 Mt gas supply capacity increase

Oil & Gas

Toll Roads - 2,181 km of road and toll roads

- 1.97 million of manpower during contruction periods

- Health facilities for 720 new patient/year

- addition of 1,031 new beds


Aiports and Ports - addition of 37.5 million airport passenger per year

- Increased port goods flow to 2.26 million teus per year

- 52 thousands telecommunication tower project

- 2,700 kms of fibre optic network in central Indonesia area

- Servicing 76 million telecommunication users in Indonesia

Telecommunication

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Annual Report 2018

Advisory

The company’s Advisory provides comprehensive solutions from project documents preparation to financing execution process assistance.

Business Segment Pilar II


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Of the 13 Advisory Mandates, 6 of them are National Strategic Projects (PSN)

The Company received 13 Advisory mandates throughout 2018. Six of them are National Strategic Projects (PSN), the Jakarta Cikampek II Elevated Toll Road Project, Trans Sumatra Phase II Toll Road Project, Kuala Tanjung International Hub Port Project, Multifunctional Government Satellite Project (SMF), Patimban Port Project, and Mandalika Special Economic Zone (KEK) Development Project.

Financing Scheme Innovation

PT SMI also continues innovating to design creative and innovative financing schemes so it could optimize the accumulation of funds from various sources, such as the Mandalika Special Economic Zone (KEK) Project where PT SMI acts as the ITDC financial advisor related to the funding that will provided by the multilateral institution Asian Infrastructure Investment Bank (AIIB).

Highlights

Advisory Activities in accordance with SDGs as an example is the Kertajati airport project in Majalengka where Pt SMI acts as a Mandated lead arranger that fits the 9th goal, building quality infrastructure, encouraging sustainable industry improvement and encouraging innovation.

Advisory

KERTAjATI AIRPORT

Location Majalengka, West javaRoles in the Projectas Mandated lead arranger

RP 261.4 trillion TOTAL PROjECT VALUES IN 2018

10 COMPLETED MANDATES

3 MANDATES ON PROGRESS

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Annual Report 2018

advisory

the advisory business pillar acts as an enabler of infrastructure development accelaration in Indonesia. the advisory provided by Pt SMI include end-to-end services, starting from the stage of project documents preparation, transaction process assistance, to the financing execution process assistance up to the financial close. the details of the process provided by the advisory are as follows:

Project Transaction

Financial Close

Project DocumentationStages

DJK Roles

Projects

Sectors

Prepare documentation and project structure for transaction phase such as Financial Models, Feasibility Study, Bidding Documents, Info Memos Project, and company business planners

• KeK Mandalika• Pltu Batu Bara Cilegon• Marunda Port• Batu ampar Port• Penajam Port• trans Sumatera Phase II

toll road

• telecommunication• toll roads• Ports• electricity• District• Construction

• acting as arranger in the financing collection in terms of debt and equity involving other financial institutions (MDB/Non MDB)

• Jakarta - Cikampek Highway

• PltMH tunggang• KeK Mandalika

• toll roads• Ports• electricity• District

• assisting the clients in order to conduct fundraising preparations both in terms of equity and debt.

• assisting the clients in conducting bidding / M & a processes in seeking strategic partners

• Multifunction Satellite• Patimban Port• PPP Project - aP

unsolicited• Bridges

• telecommunication• toll roads• Ports• electricity• District• Construction


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advisory

advisory services provided by Pt SMI include:• Investment advisory• Finance advisory• Fund raising advisory

In carrying out their duties and responsibilities, advisory have the following strategies:• Improve the knowledge and infrastructure insight in the focused sectors like transportation, energy

and utilities.• Sharing and transfer of knowledge about infrastructure.• Improve the advisory services linked to financing project, especially syndication activities• Increase project financing arranging activity through alternative instrumental• Improve Co-advisory activities with Investment Management and / or Securities Companies.• establishing BuMN synergies, especially those related to infrastructure assignments.• Involved in working on projects that ari the government’s focus such as the 10 tourism Destinations.• Participate in non-assignment/PDF projects with PPP schemes.

Pt SMI through its advisory business pillar is involved in both the National Strategic Project (PSN) and Non-PSN infrastructure projects. to realize the infrastructure development plan that requires substantial investment, Pt SMI also continues to design innovative and creative financing schemes to optimize fund acquisitions from various sources.

The strategy was well executed with PT SMI obtained several new consulting services mandates. Up to 2018, PT SMI posted 13 advisory mandates with a

total project value of Rp261.4 trillion.

the mandate is divided into 4 Investment advisory mandates, 5 Financial advisory Mandates, and 4 Fundraising Service Mandates. the following are the details of the advisory mandate:

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Annual Report 2018

advisory

• Government Multi-function

Satellite transaction assistance.

• Pt Krakatau Daya listrik Company

long term Plan Preparation.

• Financial Planning for Batu

ampar, Batam Pt Pelindo I

(Persero) Port Development

• Initiator Determining Stage

assistance related to Pt adhi

Karya (Persero) tbk project

initiative

• review of the Financial Model and the Project Memorandum Information preparation of the Mandalina KeK Project by Pt Perkembangan Pariwisata Indonesia (Pt ItDC)

• Financial advisor on the Stage II trans Sumatra toll road Project by Pt Hutama Karya (Persero)

• Bid Preparation advisory to the Strategic Partner Selection for Pt Pelindo II (Persero)’s Patimban Harbor Project

• Financial Model review of the low Deck Berth Development Plan related to Pt Pelabuhan tegar Indonesia’s Marunda Harbor Concession

• Study update of the Penajam Harbor Concession of Pt Pelabuhan Penajam Banua taka (astra Group)

• Mandated lead arranger (Mla)

of the Jakarta Cikampek II

(elevated) toll road Project by Pt

Jasamarga Jalanlayang Cikampek

• Financial advisor of the

Mandalika Special economic

area (KeK) Development Project

Funding Process assistance by

Pt Pengembangan Pariwisata

Indonesia (ItDC)

• Financial advisor on the Fund

raising for the 1x150MW

Batubara Steam electric Power

Plant Project by Pt Krakatau Daya

listrik

• Financing arranger for the 3x3.33

MW tunggang Minihydro electric

Power Plant Project by Pt Mega

Hydro energy

Financial Advisory Mandates Fund Raising Advisory Mandate4 Investment Advisory

Mandates 5 4

TOTAL ADVISORy MANDATE By SECTOR IN 2018

telecommunication

roads & Bridges

electricity

Ports

District

1

2

3

3

4


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Annual Report 2018

advisory

District

electricity

roads & Bridges

telecommunication

Ports

COMPOSITION OF ADVISORy MANDATES IN 2018

2.3%

88.1%

2.3%3.6%

3.7%

of the 13 mandates in total, 6 of which are National Strategic Projects (PSN), the Jakarta Cikampek II elevated toll road Project, trans Sumatra Phase II toll road Project, Kuala tanjung International Hub Port Project, Multifunctional Government Satellite Project (SMF), Port Project Patimban, and Mandalika Special economic Zone (KeK) Development Project. the following is the role of Pt SMI Consulting Services in the PSN project:

1. jakarta cikampek Elevated II Toll Road Project the company was given a mandate by Pt Jasamarga Jalanlayang Cikampek as the mandated lead arranger (Mla) for the funding of the Jakarta Cikampek (elevated II) toll road. the 36.4 km long project with a total investment value of around rp. 16.2 trillion is intended to reduce congestion on the Jakarta - Cikampek toll road section.

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advisory

2. Trans Sumatra Phase II Toll Road ProjectIn this project, the Company acts as the financial advisor for Pt Hutama Karya in the matter of project financing using the Contractor Pre-Financing (CPF) scheme.

3. Kuala Tanjung International Hub Port Project the Company acts as the financial advisor to Pt Pelabuhan Indonesia I (Persero) to review the feasibility study carried out previously.

4. Multifunctional Government Satellite Project the Company has received the mandate as the Government Multifunctional Satellite (SMF) Project lead transaction advisor with the role to oversee project implementation starting from the preparation of the Final Business Case, preparation of the auction documentation to the transaction phase (auction) in order to find investors or executing agencies (BuP). In accordance with the plan, the SMF Project will begin construction in mid-2019 and be launched by the end of 2022.

5. Patimban Port Project the Company acts as a Companion Consultant for Selection of terminal operation Cooperation Partners in Patimban Port with Pt Pelabuhan Indonesia II (Persero) (Pelindo II). the company plays a role in assisting Pelindo II’s Management to select the potential national or international partners to then colaboratively offer a proposal to the Ministry of transportation.

6. Mandalika Special Economic Zone development Project the Company acts as the financial advisor for Pt Indonesia tourism Development (Persero) (ItDC) in relation to financial model review and indicative making of the Project Information Memorandum for the development of Mandalika Special economic Zones (KeK).

For 2019, Pt SMI through its advisory has set a number of targets, including to increase the advisory activities that correlates with financing activities, especially syndication; to develop project financing fund collection activities through alternative investments; and to increase the multiplier effect of infrastructure projects that is supported by the Company.

the Company’s strategy to achieve next year’s targets and objectives are increasing the skill-sets and specialization for the key infrastructure sectors, strengthening product innovation, and involvement in strategic projects.


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advisory

SOCIO-ECONOMICS BENEFITS OF SELECTED PROjECTS OF BUSINESS PILLAR II – ADVISORyjakarta cikampek Elevated II Toll Road Project • reducing the congestion on the

Jakarta - Cikampek toll road Section.

• Streamlining the homecoming flow of 2019 when this toll road is targeted to operate functionally with 85%-90% progress.

Phase II Trans Sumatra Toll Road Project • Stimulating the economy of

Sumatera Island, especially during the construction of the toll road, due to the utilization of many local resources.

• the absorption of ±573.000 manpower per year with the estimated multiplier effect of 2.32 times.

• the improvement of connectivity in Sumatera Island which will have an impact in reducing the logistic costs.

Kuala Tanjung International Hub Port Project • Serving 600,000 teus per year

in phase 1 and 13,000,000 teus per year in the ultimate phase so as to make this port the largest port on the island of Sumatra

• Capturing the market potential in the Malacca Strait waters which can reach 100 million teus per year

• Becoming a hub for loading and unloading goods for the domestic market from large tonnage vessels

• Support the Sea toll program launched by the government

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advisory

Multifunctional Government Satellite Project (SMF) • Improved connectivity in the 3t

(disadvantaged, leading, and outermost) areas, including areas that cannot be served by the Palapa ring national fiber optic backbone network

• reaching 149,400 public service points spread throughout Indonesia

• Save the Government budget for private transponder leasing up to rp3 trillion per year

• Save the Government’s operational budget up to rp800 billion per year through the implementation of e-government, e-education, and e-health

Patimban Port Project • Serving 7.5 million teus

containers per year and 600,000 completely built-up vehicles

• Improve the efficient distribution of goods, especially for the automotive industry located in the Cikarang and Karawang areas

Mandalika Special Economic Zone (KEK) Project • absorb ± 58,000 workers in the

immediate province of West Nusa tenggara

• Increase regional income in West Nusa tenggara through growth in the tourism sector, logistics, local arts, and so on

• realizing environmentally friendly infrastructure with the existence of a water treatment system with Sea Water reverse osmosis technology and solar-powered power plants


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advisory

construction of Satellite Infrastructure (Telecommunications) is in accordance with SdGs goals:- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent

work for all.


Port Infrastructure development is in accordance with the SdGs goals:- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent

work for all.


- 10,th Goal, reduce inequality within and among countries.

development of Special Economic Zone Projects (SEZ) in accordance with the SdGs goals:- 1st Goal, end poverty in all its forms everywhere

- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent work for all.


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Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis

produk pembiayaan, sebagian besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal, pembiayaan syariah.

Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis produk pembiayaan, sebagian besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal, pembiayaan syariah.

Jasa KonsultasiadvisoryProject Development

Business Segment Pilar III

The company is increasingly trusted to prepare PPP projects in 2018. In addition, the company collaborates with international institutions on assistance programs for the Regional Government.

PPP PROjECT ASSIGNMENT


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Highlights

Project DevelopmentMandates:a. PPP Project Preparation and transaction b. Non-PPP Project Preparation

National Strategic Project

Regional Project

Renewable Energy Project

Rp35.6 trillion PPP Project Value

11 PPP Projects

2 linking to FinanceWith CDIa 9 Capacity Building

8 Socialization & FGD

6 Projects through rIDF-PDF

Scopes: • Market• Drinking Water• Hospitals• transportation

• PPP Project Preparation and Transaction- SHIa train Station- Pala Paring (West Central east) - SPaM umbulan- SPaM Bandar lampung- SPaM Kota Pekanbaru

SPaM Semarang Barat- Krian lrt regional Hospital and Brt Medan

regional Hospital Pirngadi, Medan- PtN universitas Sumratulangi Hospital- Hang Dadim airport- PJu Surakarta

• Linking to Finance With Cities Development Initiatives for Asia (CDIA) - assistance for Sepaku Balikpapan PPP Project

Preparation- assistance for South Singkawang PPP Project

Preparation

• Capacity Building• Socialization & Focus Group Discussion

(FGD)

• Project through Regional Infrastructure Development Fund – Project Development Facility (RIDF-PDF)- roads and Bridges of Kepahiang regency- rSuD North Sulawesi regional Hospital - North Sulawesi regional Hospital, eye Specialist - traditional Modern Market Development Kota Banjarbaru - Kapuas Hulu regency regional Hospital- Main roads of Bengkulu City

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Project Development

Assistance to Ministries/Institutions and Regions

Regional Government assistance through the Regional Infrastructure Development Fund - Project Development Facility (RIDF-PDF) for the preparation of detailed engineering design and environmental assessment documents for various projects such as North Sulawesi Provincial Hospital, North Sulawesi Eye Hospital and Modern Traditional Market Projects. The total value of the project that has obtained this facility is Rp800 billion.

Regional Government assistance through A collaboration with Cities Development for Asia (CDIA) for the preparation of the feasibility preliminary study of SPAM projects in Balikpapan City and in Singkawang City with a total value of both projects reaching Rp1.6 trillion.

Assistance to central government agencies is carried laut to the Toll Road Regulatory Agency by utilizing the technical assistance from the Asian Development Bank (ADB).

the Project Development business segment is the enabler in accelerating infrastructure development in Indonesia through the scheme of Government and Business entity Cooperation (PPP). this scheme is based on Presidential regulation Number 67 of 2005 which was subsequently refined by Presidential regulation Number 38 of 2015 concerning Government Cooperation with Business entities in the Provision of Infrastructure. the Presidential regulation stated that the implementation of PPP is based on the principles of Partnership, Benefit, Competitiveness, risk Control and Management, effective and efficient. the infrastructure that can be conducted in PPP coperations are basic infrastructure and social infrastructure.

one of the PPP scheme’s aim is to meet the funding needs for sustainable infrastructure provision through the deployment of private funds due to the limitations of the state budget. the Company’s involvement in encouraging the development of bankable, financially viable PPP projects and fulfill the provisions of applicable laws and regulations has been started since the issuance of Minister of Finance Decree Number 126/KMK.01/2011 year 2011 to implement Soekarno Hatta airport railway and umbulan SPaM PPP Project preparation facilities.


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Project Development

In 2018, the Project Development continues to expand its scope with the increasing assignment of PPP project preparation from the Ministry of Finance both in terms of sector and geographical distribution, in collaboration with various international institutions to provide assistance to local governments and the development of funding schemes for capacity building activities. With these developments, it is expected that the Company can provide more comprehensive support to the government so that the prepared projects will be faster to realize. In the long term, it is expected that knowledge transfer about good practices related to project preparation activities will occur so that the government both at the central and regional levels can improve the management practices of infrastructure projects under their authority.

National Priority/Strategic Projects

Renewable Energy Projects

Regional Projects

Project Development

Project Development Facility

PROjECT DEVELOPMENT PRODUCT

Project development product as the “Enabler” of Infrastructure Development Acceleration

Activity Scopes

Project Types

�Improvement of the quality of infrastructure project investment packages that will be offered/funded �Coordination of project management office �assistance in improving governance standards and project execution �Management of communication and cooperation between project stakeholders (stakeholder management)

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the Project Development Business Pillar supports the Company in carrying out its mandate through 4 sectors, PPP project assignments, non-PPP project assignments, mentoring of Ministries/Institutions and regions, and capacity building.

1. PPP Projects AssignmentBased on the Minister of Finance regulation Number 265/PMK.11/2016 (and its amendments), Pt SMI performs the project preparation facilities and assists in PPP Project transactions. the scope of the assignment includes the preparation of the feasibility preliminary studies final review, assistance in the implementation of the procurement of Business entities, to financial close. through the PPP Project assignments, the Company plays an active role in accelerating the development of priority, national, and regional infrastructure.

2. Non-PPP Projects Assignmentthe Company also plays an active role in encouraging the acceleration of infrastructure development using non-PPP schemes. In 2018, there were no Non-PPP project assignments carried out by Pt SMI.

3. Assistance of Ministries/Institutions and Regions assistance is performed by providing technical assistance to Ministries/Institutions and regions in policy formulations related to the PPP scheme implementations as well as the preparation of project feasibility studies.

4. capacity Building the aims of the Capacity Building and assistance activities are to improve understanding and insight of other stakeholders such as the regional Government, business entities in financing infrastructure projects.

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Project Development Assignment and Assistance

THE MANDATE IMPLEMENTATION AS THE CATALyST OF INFRASTRUCTURE DEVELOPMENTProject Development December 2018

PPP Project development Mandate

capacity Building

Assistance for Central and Regional Governments

• SPaM Bandar lampung• SPaM Kota Pekanbaru• SPaM Semarang Barat• rSuD Krian Hospital• lrt & Brt Medan • rSuD Pirngadi Medan• rSPtN universitas Sam ratulangi Hospital (2018) • Hang Nadim airport (2018) • PJu Surakarta (2018) • Sidoarjo Provincial Government

• Medan Municipality• linking to Finance Cooperation with CDIa

• rIDF – PDF• CDIa• technical assistance from aDB

PPP PROjECT ASSIGNMENT DURING 2018 the projects under the PPP assignment are as follows:a. Bandar lampung City SPaM PPP Project is the first project to run after the issuance of Government

regulation No. 122 of 2015 which aims to add services to 300,000 residents of Bandar lampung City with an additional production capacity of 750 liters/second. the project has experienced a failed auction in 2015, and it started to benefit from the Company’s involvement in project preparation since 2016 and on august 13, 2018 it has reached the financial close stage which was then followed by construction.

b. the SPaM PPP Project in City of Pekanbaru is the first SPaM project in Indonesia conducted by combining the bundling schemes, namely rehabilitation-operate-transfer (rot) and Build-operate-transfer + (Bot +). the project that has been prepared by the Company since 2017 aims to improve drinking water services for 48,000 new home connections covering 240,000 people in 7 sub-districts in City of Pekanbaru with production capacity to be increased to 750 liters/second.

c. the West Semarang City SPaM PPP Project is a project aimed at adding services to 350,000 residents of Semarang City in the form of additional production capacity of 1,000 liters/second. the project which was prepared by the Company since 2017 has completed the auction process in mid-2018 and there were 7 consortiums of international companies that submit prequalification documents. this project is one of the showcases in the IMF-World Bank annual Meeting in Bali, and on November 23, 2018 the signing of the PPP agreement between Pt air Semarang Barat as the executing agencies (“BuP”) and acting Director of PDaM tirta Moedal Semarang City in his capacity as the Person in Charge of the Cooperation Project (“PJPK”) of the West Semarang SPaM PPP Project.

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d. PPP Project of Krian Hospital in Sidoarjo regency is the first health sector PPP project in Indonesia. the type C rSuD development project is intended to provide 191 beds (including intensive care) of superior health care facilities of the traumatology Center. the project is expected to meet hospital demand projections including 180 outpatient visits per day, 9,133 inpatients and intensive care. the project is expected to be one of the solutions for providing health services in the West Sidoarjo region and is expected to increase the standards of government hospitals in an effort to realize the 2019 universal Health Coverage road Map. the project that has been prepared by the Company since 2017 has also encouraged the issuance of regulations on PPP projects in the sector health as outlined in Minister of Health regulation Number 40 of 2018.

e. the Medan City transport PPP Project is the first PPP project in the urban transportation sector in Indonesia and encourages a collaborative financing scheme between the central and regional governments launched through National urban transport Support Program (NutSP). this project was prepared by the Company since 2017 and consists of 17.4 km of light rail transit (lrt) and an 18.3 km of Bus rapid transit (Brt) which is projected to serve 162 million riderships in 2054 with an estimated project value of rp13.4 trillion. the Company acts as an enabler and its role in unlocking the regulations needed for the collaborative financing scheme through NutSP has facilitated the construction of urban transportation systems with very large project costs.

Project LocationProject Profile

Person in charge of the cooperation Project (PjPK)

PDaM tirta Moedal Semarang

Project category National Strategic Projects and National Priority Projects

Sectors Drinking Water Facilities

Water capacity 1,000 litre per second

consumption 10 years to reach full consumption. the average new connection per year is +/- 7,900 connections (including switching)

concession Period 25 Years

Service Area coverage

Ngaliyan and West Semarang tugu (divided into 5 PDaM service zones)

Water Resources Jatibarang Dam (Kreo river)

Indication of Modality

Collaboration between the Government and Business entities (PPP) in the Bot scheme with Viability Gap Fund (VGF)

cAPEX Indication • total Investment Cost: rp1.19 trillion

• Business entity Capex Portion: rp458.5 billion

Indications of PT SMI’s Engagement

• Project Preparation and transaction assistance

• Capacity Building (together with KPPIP and PII)

The West Semarang city SPAM PPP Project

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f. the PPP Project at rSuD dr. Pirngadi Medan City is the first Brownfield Hospital PPP project in Indonesia prepared by the Company since 2017 and in collaboration with JICa. JICa’s role in this project was to provide a grant in the form of a consultant to update the online Business Case. the project’s goal is to add 117 beds and rehabilitate 436 existing beds in order to serve 1,500 outpatient visits per day and 21,400 hospitalizations per year, and to support the National Health Insurance program held in Medan city area by providing superior services on the oncology Center.

g. the PPP Project at the rSPtN at Sam ratulangi university is the first PPP project in the health & high education sector in Indonesia. Not only it provides health service functions, but it also serves as the eduation functions especially for practical learning and research centers. the project prepared by the Company since 2018 and designed as a type B hospital which will be operated as a type C hospital in the early stages of operation and will provide an additional 200 beds. this project supports the National Health Insurance program held in Manado City area.

h. the Hang Nadim airport Batam PPP Project is the first airport project in Indonesia to use the PPP scheme. the project was prepared by the Company since 2018 and aims to overcome the current over capacity problem at Hang Nadim airport and to support the concept of logistics aerocity with the main objective increasing national competitiveness which cuts the supply chain costs in connection with Batam’s status as a Free trade Zone area, which is one of the drivers of the national economy. this project has one of the aggressive timeline with the prequalification stage targeted to be executed by the end of December 2018.

Project Development

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i. the PPP Project for Public road lighting in the City of Surakarta is the first energy conservation sector project in Indonesia that uses the PPP scheme. this project aims to improve street lighting services in accordance with the Indonesian National Standard (“SNI”), increase efficiency in urban electricity use, and efficiency in the use of the Surakarta City Budget for street lighting services. the scope of this project includes the installation of a number of ± 31,000 energy saving lighting points along the ± 975 km of roads in the city of Surakarta and maintenance of the street lighting system during the concession period. the company has been assigned to carry out project preparation facilitation and project transaction assistance since December 2018.

SPAM Infrastructure development is in accordance with the SdGs goals:6th Goal, ensure access to water and sanitation for all.

Regional Hospital (RSUd) Infrastructure development is in accordance with the SdGs goals:7th Goal, ensure access to affordable, reliable, sustainable and modern energy for all.

Airport Infrastructure development is in accordance with the SdGs goals:9th Goal, Build resilient infrastructure, promote sustainable industrialization and foster innovation.

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ASSISTANCE TO THE CENTRAL AND REGIONAL GOVERNMENTS

a. the Company has conducted the assistance to the regional government through the regional Infrastructure Development Fund – Project Development Facility throughout 2018. the assistance was for the preparation of the detailed engineering design and environmental studies documents for various projects such as the North Sulawesi Provincial Hospital with a capacity of 400 beds, North Sulawesi eye Hospital with 50 bed capacity and Modern traditional Market Project that will accommodate 819 sellers. the total value of the project that has received this facility is rp800 billion. the assistance was funded by a grant from SeCo - Switzerland managed by the World Bank with a total budget of uSD3 million.

b. the Company has carried out the assistance for the regional government through a collaboration with Cities Development for asia (CDIa) throughout 2018. the assistance was for the preparation of feasibility studies for SPaM projects in Balikpapan City with a capacity of 390 liters/second for an additional 40,000 home connections and in Singkawang City with a capacity of 170 liters/second for an additional 16,000 home connections with the total value of both projects amounted to rp1.6 trillion. the uSD500 thousand budgeted activity is funded by CDIa which is a trust fund managed by the asian Development Bank. this assistance is also accompanied by capacity development activity funded by the asian Development Bank for PDaM employees in both cities through the Water operator Partnership program which is a mentoring program with water operators in the Philippines.

c. the assistance to the central government agencies is carried out at the toll road regulatory agency by utilizing technical assistance from the asian Development Bank. the scope of this activity is in the form of rapid assessment of the Suramadu toll Bridge which concludes that there are no significant technical obstacles in terms of bridge quality.

Project Development

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CAPACITy BUILDING

Socialization and capacity Buildingthe Company held various capacity development events in 2018 and it was recorded that more than 50 local governments from the West, Central and east Indonesia participated. Some capacity development activities are carried out specifically for 1 local government who are related to 1 specific PPP project such as the Sidoarjo regency Government and the Medan Municipal Government.

another format of this activity is a series of actions consisting of project screenings, project consultations, and project selections called linking to Finance through collaboration with CDIa. With this method, it is expected that participants from the government to be more focused when executing the projects from the concept to the implementation stage. In this activity, the Company acts as the implementing agency for funds deposited by CDIa through GIZ, it is expected that this arrangement can be used as a pilot when mobilizing funds originating from international institutions to be managed by the Company in relation to the implementation of capacity building.

Following are the Capacity Building activities carried out by Pt SMI throughout 2018:• Capacity Building of PPP Project in rSuD dr. Pirngadi Medan• Capacity Building of Krian District Public Hospital PPP Project• linking to Finance Workshop Series: Public Investment & Project Screening• linking to Finance Workshop Series: Public Investment & Project Screening Batch I• linking to Finance Workshop Series: Public Investment & Project Screening Batch II• Capacity Building of Medan transportation PPP Project• 3 one-on-one Session linking to Finance Workshop Series• Capacity Building Financing Infrastructure Projects• linking to Finance Workshop Series: Project Selection

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The Socio-Economics Benefits of Business Pillar III – Project Development

Government Assignment

Transportation

Airport

Hospital

Assistance through Collaboration with Donors (CDIA and RIDF-PDF)

�Bandar lampung City SPaM PPP Project adds services to 300,000 Bandar Lampung city residents with an additional production capacity of 750 liters/second. �Pekanbaru SPBu PPP Project can improve drinking water services for 48,000 new home connections covering 240,000 people in 7 sub-districts in Pekanbaru City with an increased production capacity to 750 liters/second. �the West Semarang City SPaM PPP Project can add services to 350,000 Semarang city residents with an additional production capacity of 1,000 liters/second.

Traditional Hospitals and Markets• Preparation of detailed engineering design and

environmental assessment documents for various projects like the North Sulawesi Provincial Hospital with a capacity of 400 beds, North Sulawesi Provincial eye Hospital with a capacity of 50 beds and a Modern traditional Market Project that will accommodate 819 vendors. the total value of the project that has received this facility is rp800 billion.

• Preparation of feasibility studies for SPaM projects in Balikpapan City with 390 liters/second capacity for an additional 40,000 house connections and in the city of Singkawang with a capacity 170 liters/second for additional 16,000 house connections with a total value of both projects amounted to Rp1.6 trillion.

the Medan City PPP transportation Project, consisting of 17.4 km of light rail transit (lrt) and 18.3 km of Bus rapid transit (Brt), is expected to serve 162 million riderships in 2054 with an estimated project value of rp13.4 trillion.

Hang Nadim airport Batam can solve the over capacity problem and to support the logistics aerocity concept which cuts supply chain costs.

� PPP Project at Krian Hospital in Sidoarjo regency is expected to accommodate 180 outpatient visits per day, 9,133 inpatients and intensive care.

� PPP Project at rSuD dr. Pirngadi Medan City aims to add 117 beds and rehabilitate 436 existing beds in order to serve 1,500 outpatient visits per day and 21,400 hospitalizations per year.

� the PPP project at the Sam ratulangi university Hospital is designed as a type B hospital which will be operated as a type C hospital in the beginning of the operation and will provide an additional 200 beds.

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Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis

produk pembiayaan, sebagian besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal, pembiayaan syariah.

Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis produk pembiayaan, sebagian besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal, pembiayaan syariah.

Jasa Konsultasiadvisory

Partnership and Business Development

Mengelola platform SDG Indonesia one dengan perolehan dukungan dana sebesar uSD2,3 miliar

Managing the SdG Indonesia One platform with

funding support amounted to USd2.3 billion


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BUSINESS DEVELOPMENTPt SMI fully supports the Government’s agenda in achieving the Sustainable Development Goals (SDGs). the support is given through the Company’s contributions to SDGs supporting sectors, including energy, water, sanitation, and the new and renewable energy sector and energy efficiency.

Since 2017, the Company initiated the operations of the Sustainable Financing Division. this division will conduct its mandate to enhance the Company’s role in encouraging infrastructure development that supports the handling of environmental problems, improving environmental quality, reducing the impact of global warming, anticipating the impact of climate change and the realization of low-carbon development. In addition, since october 2018 the Company is mandated by the Ministry of Finance to form and manage SDG Indonesia one.

Highlights

Implementing Agency for SDG Indonesia One platform

PT SMI readiness to transforming into LPPI

has received a funding commitment of USD 2.3 billion during the launch.

InfraLib Launchinginfralib.ptsmi.co.id

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SDG INDONESIA ONESDG Indonesia one is an integrated funding cooperation platform to support infrastructure development oriented towards achieving the Sustainable Development Goals (SDGs) in Indonesia. this integrated funding comes from various sources, including private, philanthropic, donor agencies, multilateral and bilateral financial institutions, banking, insurance, and investors.

this platform provides a number of facilities, including project development facilities, risk mitigation facilities, financing facilities and investment facilities. these facilities enable broader benefits to be created for Indonesia, such as mobilizing and coordinating the role of Government partners; increased access to funding sources; and to reduce the government’s fiscal burden in financing various projects that are oriented towards achieving the SDGs.

While the Company’s partners will get a number of benefits including access to market opportunities in Indonesia; mitigate and accelerate implementation with a strategic partnership with Pt SMI; benefit from risk mitigation efforts from mixed financing schemes; and obtaining a leverage from investments made while obtaining socio-economic benefits.

In addition, the SDG Indonesia one platform is used to support the Government’s efforts in handling reconstruction and rehabilitation in disaster areas, such as Palu, Sigi, Donggala, and lombok, along with partners who are concerned about disaster management.

SdG Indonesia One will transform needs into opportunities for many stakeholders to participate in various infrastructure projects in Indonesia by

combining various appropriate instruments. In 2018, the amount of support has reached more than USd2.3 billion (around Rp34.5 trillion).



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SdG PROjEcTS

Contribution:Grants, Technical Assistance

Goals:Support for pre-construction project development

SDG Development FacilitiesGrants (Project Preparation, Technical Assistance, Research)

Contribution:Concessional Loan, Grant

Goals:De-risking project (Improve bankability)

SDG De-Risking FacilitiesConcessional Loans, First-Loss Facility, Interest Subsidies, Guarantee Premium Subsidy, VGF etc.

Contribution:Pinjaman, Obligasi, Sukuk

Goals:Financing during construction/post construction

SDG Financing FacilitiesSenior Loan, Subordinated Loan

Contribution:Ekuitas

Goals:Investment in the SDG sector with high impact/new frontier

SDG Equity FundEquity, Equity Linked Investment

dONOR (FILANTROPI) dAN IMPAcT/cLIMATE

FUNdS

dONOR, IMPAcT/cLIMATE FUNdS ANd dEvELOPMENT BANK

cOMMERcIAL BANKS ANd INSTITUTIONAL

INvESTORS

INSTITUTIONAL INvESTORS ANd

dEvELOPER

SdG INdONESIA ONE (MANAGEd By PT SMI)

Investors

Con

tribution

Produ

cts

SDG Indonesia One Provides Comprehensive Financing Support to Support Infrastructure Projects in Achieving SDG Targets

Support to SDGsPT SARANA MULTI INFRASTRUKTUR (PERSERO)

TRANSFORMATION TO BECOME LPPIPt SMI is ready to transform the Indonesian Development Financing agency (lPPI) in accordance with the direction of the Government. the readiness is based on three aspects, capital, human resources (SDM), and track record.

From the capital aspect, the Government has provided PMN since 2007 amounted to Rp30.5 trillion. While the company’s assets amounted to Rp.58.2 trillion which could be used as the initial capital to initiate the steps towards

LPPI transformation.


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In addition, Pt SMI employs competent and experienced financing Hr. the company also has a good track record and thereby trusted by many international institutions and investors.

PT SMI Transformation Readiness to become LPPI

the availability of Hr who are highlyexperienced and skilled in the field of financing will speed up the efficient institution establishment and transition process as opposed to creating a new institution.

“Human Capital”Human resources who are highly experienced in the field of Financing

“trusworthy”Good track record and is trusted by the investors and lenders

Pt SMI’s success and good reputation has provided a positive signal that its transformation to the lPPI will provide greater depth and reach.

the Government has provided the equity Investment amounted to rp30.5 trillion since 2007. as of 2018, Pt SMI recorded assets of rp58.2 trillion that can be allocated for initial capital as lPPI.

“Capital”Pt SMI’s existing capital can be the beginning of lPPI capital

INFRASTRUCTURE LIBRARy - INFRALIBIn 2018 Pt SMI launched a mobile-based application service and website that provides information about infrastructure projects in Indonesia. It is called the Infrastructure library or Infralib and has various features like library project, sectoral studies of each project, and the legal framework in the project.

this application aims to disseminate the information on government infrastructure projects transparently. the application can be downloaded from Play Store or app Store before the registration.


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Infralib uniquenesscollaboration, active participation and feedback from all stakeholders1Can be used anytime and anywhere online

2

User-friendly download feature3data repository infrastructure (project library, sectoral legal framework review)4

Indonesia Infrastructure library (Infralib) is a website-based platform and mobile application that can store data and be used to share experiences and knowledge about infrastructure in Indonesia

Indonesian Infrastructure Information Transparency

our lesson from the construction of infrastructure projects

Information on infrastructure development

infrastructure Highlights

the socio-economic benefits of infrastructure development

role ofPt SMI in infrastructure development

Features•Documents sharing•Data & document repository• Search feature by title, tagging,

content, author and category•Download document•tagging, Bookmarks, likes

Features•Documents sharing•Data & document repository• Search feature by title, tagging,

content, author and category•Download document•tagging, Bookmarks, likes

Employee’s Brain

Paperdocument

Electronic document

Electronic Knowledge

Base

- Knowledge Sharing- access to expert/

academia

reading material recommendation

repository Files

repository Files

COMPANy PARTNERSHIPSthe Company continues developing cooperations with strategic partner, both bilateral and multilateral institutions to support its business development. these collaborations include financing, technical assistance, and geothermal energy development with the following details:

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FINANCINGFrench development Bank (AFd)

Pt SMI signed a partnership with the French Development Bank on December 3, 2015. the collaboration includes credit facility agreement (CFa), Quasi equity Facility (QeF), and technical assistance Program (taP). the CFa facility is in the form of uSD100 million of soft loans which ended on March 15, 2018. While the QeF is a uSD5 million of facility and ends on December 31, 2017. taF provides facilities amounted to euro400 thousand for renewable energy projects and energy efficiency.

Green climate Fund (GcF)

Pt SMI’s collaboration with the Green Climate Fund (GCF) is in the fields of renewable new energy, energy efficiency and climate change. the instruments in this collaboration include grants, loans, and equity participation. Pt SMI is the first private institution in Southeast asia to be accredited by the GCF.

Asian development Bank (AdB)

In aDB’s cooperation with Pt SMI, aDB distributed a subordinated loan to Pt Indonesia Infrastructure Finance (IIF) amounted to uSD100 million.

Asian Infrastructure Investment Bank (AIIB)

In this collaboration, aIIB distributed a uSD100 million regional Infrastructure Development Fund (rIDF) loan.

ASSISTANCE United Nations development Programs (UNdP)

Pt SMI has signed a cooperation agreement with united Nations Development Programs (uNDP) for the development of wind power plants. In this collaboration uNDP prepared the assistance fund of uSD300 thousand.

cities development Initiative Asia (cdIA)

Pt SMI’s collaboration with CDIa is related to infrastructure development for urban groups.

SEcO Pt SMI cooperates with SeCo (an institution under the World Bank) in developing regional infrastructure. SeCo provides a grant amounted to uSD3 million.

climate Policy Initiative (cPI)

In collaboration with Pt SMI, the CPI provided a technical assistance of uSD200 thousand.

center for International climate Research (cIcERO)

Provide “Medium Green” opinion on the Green Bond issuance of Pt SMI as the first company in Indonesia to issue the Green Bond.



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GEOTHERMAL DEVELOPMENTWorld Bank – clean Technology Fund (cTF)

World Bank - CtF cooperates with Pt SMI in developing geothermal projects. CtF provides a grant of uSD49 million.

World Bank – Global Environment Facility

the cooperation between Pt SMI and the World Bank - Global environment Facility is available with a grant of uSD6.25 million.

New Zealand Trade and Foreign Affairs Ministry

the cooperation agreement between Pt SMI and the New Zealand Ministry of trade and Foreign affairs was conducted in the framework of assistance to develop geothermal energy. In this collaboration, assistance funds amounting to NZD2.13 million is available.

Schweizerische eidgenossenschaftConfederation suisseConfederatione SvizzeraConfederaziun Svizra

rIDF loan - uSD100 Million Subordinated loan to IIF - uSD 200

million

aSIaN DeVeloPMeNt BaNK aDB

Subordinated loan to IIF - uSD 100 million

aIIB rIDF loan - uSD100 million

CtF Grand uSD49 million for

geothermal projects

GeF Grand uSD6.25 million for

geothermal projects

NZ aid Programmeta - NZD2, 13 million

CDIa ”linking Cities’ Infrastructure

Investment Projects to Finance” Capacity Building

SeCo - State Secretariat for economic affairs (SeCo)

Grant uSD3 million

uNDPtechnical assistance Wind Power - uSD

300 ,000

Pt SMI as the first accredited entity in South east asia to channel Green

Climate Fund to promote and develop renewable energy and climate projects

aFDloan uSD100 million, Grand uSD6 million, & ta eura400,000 for re

& ee

Pt SMI merupakan penerbit pertama Corporate Green Bond di Indonesia

(reviewed by KFW) atas bantuan World Bank

STRATEGIC COOPERATION OF PT SMI WITH MULTILATERAL/BILATERAL ORGANIZATION

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Fund Management

Highlights

“To develop the capital provided by the Government, PT SMI continues to deepen its funding sources by issuing innovative products”

Issuance of Green Bond amounted to rp500 billion making Pt SMI as the pioneer of Green Bond issuance in Indonesia that uses global standards and is certified by CICero

Issuance of rp1 trillion in Sukuk Mudharabah in phase I-2018

SHARIA HEDGINGAT USD128 MILLION


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Fund Management

the Company has diverse funding sources which come from the state treasury in the form of state capital participation (PMN); capital market through the issuance of bonds, bonds, securitization, green bonds; and loans and grants. the company also seeks profit-sharing based financing (sharia) from the Sharia capital market, including Sharia sukuk and hedging, BPJS/Sharia insurance, hajj/syirkah funds, and sovereign wealth funds (SWF).

Pt SMI continues to develop innovative funding alternatives to support the achievement of the Company’s vision. In 2018, the funding innovations carried out by the Company are as follows:1. Issuance of Green Bond, valued at rp500 billion2. Issuance of Sukuk Mudharabah, valued at rp1 trillion3. Sharia Hedging activities, valued at uSD 128 million

GREEN BONDthe issuance of Green Bond is a historical record for Pt SMI as the first issuer of environmentally sound bonds in Indonesia. the issuance of Green Bond is part of rp3 trillion of Green Bond Sustainable Public offering (PuB). the proceeds from the Green Bond issuance are allocated to finance various sectors such as renewable energy, environmentally friendly transportation, and clean water management.

The Green Bond emission has the support of the World Bank Group who has been one of the Green Bond pioneers globally with a total issuance value of more than USd11 billion.

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Fund Management

the World Bank Group together with CICero has provided Pt SMI with the technical support in developing a Green Bond framework that complies with international principles and standards related to green bonds (Green Bond Principles) and aSeaN Green Bonds Standards. this makes Indonesia one of the first countries in Southeast asia to implement these two standards. this collaboration runs under a broader technical assistance program related to capital markets and infrastructure financing supported by SeCo, Switzerland and Global affairs Canada (GaC), Canada.

the “Medium Green” opinion Citation from CICero were based on an assessment of the framework in the context of project selection and evaluation criteria, governance policies, and procedures of green bonds issuance proceeds fund reporting. as part of transparency and accountability, Pt SMI will also issue environmental impact reports on the use of proceeds from the issuance of green bonds periodically every year and will be audited by independent environmental experts.

In Green Bond issuance, the company has obtained a rating on Long Term debt Notes from PT Pemeringkat Efek Indonesia (Pefindo) with the title id AAA (Triple A).


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SUKUK MUDHARABAH

The issuance of Rp1 trillion of Sukuk Mudharabah in stage I-2018 is part of the planned Sukuk Mudharabah Public Offering (PUB) worth Rp 3 trillion.

Mudharabah sukuk instruments issued by Pt SMI are divided into two series, Series a with profit sharing equal to 7.55% and three years tenor, and Series B with profit sharing equal to 7.8% and five years tenor. In accordance with sharia principles, sukuk has an underlying asset. In this case, Pt SMI’s sukuk issuance is based on two underlying, Pt SMI’s Sharia financing to Pt PlN (Persero), and Sharia finance to Pt Inka Multi Solusi (IMS) which is a subsidiary of Pt Industri Kereta api (Persero) or INKa.

In issuing this Sukuk Mudharabah, the Company has obtained a long term Debt Instruments rating from Pefindo with the title id aaa (triple a Sharia).

Fund Management

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Annual Report 2018

SHARIA HEDGING

Sharia hedging activities carried out by PT SMI worth USd128 million was aimed to mitigate the risk of market fluctuations in Sharia business activities. The hedging is in collaboration with PT Bank Maybank Indonesia Tbk, through the provision of the first and only iB Foreign currency Hedging services or sharia-based products in Indonesia.

Pt SMI’s Foreign Currency Hedging iB is implemented through the iB Cross Currency Hedging transaction mechanism. this transaction is an agreement between two parties to carry out a series of two different currency exchanges for a certain period based on the Shariah principles of al-tahawwuth al-Murakkab or Complex al-tahawwud al-Basith Hedging transactions which means Simple Hedging transactions in accordance with the complexity of the transaction.

this iB Foreign Currency Hedging Facility is a breakthrough done by Pt SMI with Maybank Indonesia in increasing domestic foreign exchange liquidity and sharia financial market deepening. this hedging facility is very relevant in exchange rate volatility conditions as a financial risk mitigation and prudent financial management.

Pt SMI hopes that this sharia hedging transaction can become the forerunner of alternative funding sources for finance companies and to manage exchange rate risk while maintaining the principle of prudence.

Fund Management


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Financial Review

The discussion of financial performance refers to financial and operational data and the financial statements attached to this 2018 annual report. The financial statements of PT Sarana Multi Infrastruktur (Persero) on the date and for the years ended 31 december 2018 and 2017, which have been audited by Public Accountant Firm Amir Abadi jusuf, Aryanto, Mawar & rekan, and has been presented fairly, in all material respects, and its financial performance and cash flows for the year then ended in accordance with Indonesian Financial Accounting Standards.

STATEMENTS OF FINANCIAL POSITIONAssets

realization of total assets for Fiscal Year 2018 was rp62.49 trillion reahed 112.83% compared to 2017 total assets of rp55.39 trillion. the increase of assets was mainly influenced by the increase of loan receivables at rp12.287,34 billion and Investment in equity and Investment in Joint Venture at rp739.61 billion.

In Rp Million

description 2017 2018 ∆ RpGrowth

(2017-2018)

Casj and Cash equivalents 15,398,139 7,599,091 (7,799,048) -50.65%

restricted Funds 170,062 204,349 34,287 20.16%

Securities 2,867,639 4,501,190 1,633,551 56.97%

loan receivables 33,323,778 45,611,115 12,287,338 36.87%

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Financial review

In Rp Million

description 2017 2018 ∆ RpGrowth

(2017-2018)

receivable from assignment for Facilitation on Project Preparation 12,747 15,390 2,643 20.74%

Prepaid expenses 1,693 1,992 299 17.64%

accrued Income 325,172 553,598 228,426 70.25%

Prepaid taxes 12,522 12,333 (189) -1.51%

Investment in equity 2,759,169 3,498,777 739,608 26.81%

Properties and and equipments - net of accumulated 440,600 420,379 (20,221) -4.59%

Intangible assets - net 30,167 31,430 1,263 4.19%

Deffered tax assets 30,403 32,087 1,684 5.54%

other assets - net 13,807 11,460 (2,347) -17.00%

Total Assets 55,385,896 62,493,191 7,107,295 12.83%

cash and cash equivalentsCash and cash equivalents in 2018 reached rp7.60 trillion, decreased by 50.65% from rp15.40 trillion in the previous year. this was mainly due the growth of loans receivables realization that exceeded the annual target, thereby cash and cash equivalents at beginning of the year was utilized as financing.

SecuritiesSecurities increased by rp1.63 trillion or 56.97% from rp2.87 trillion to rp4.50 trillion. this post represents the fund received from principal repayment as well as bank loans and financial institutions where it’s partly placed in securities by considering its risk and return, prior to disbursement as Financing.

Loans Receivablesas per the statements of financial position, loans receivables (net) increased from rp33.32 trillion in 2017 to rp45.61 trillion in 2018. the increase was mainly derived from the increase of financing by the Company, in both Conventional, Sharia financing, as well as loan to Pt IIF.


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Loans Quality (NPL)the Company computes credit risk on loans receivables. the Company’s loans receivables consists of commercial financing, municipal financing and sharia financing rendered for infrastructure projects. the Company has in place the stringent policy in managing credit risk, which is only providing financing to feasible borrowers and included in internal rating category. the financing is generally guaranteed with the collaterals such as fixed assets, shares, machineries, receivables, bank accounts, or other collaterals. this policy is effective in maintain credit quality provided by the Company that reflected from the Non Performing loan (NPl) level of 1.19%.

Non Performing Loan Progress

In Rp Milliondescription 2016 2017 2018

total outstanding Performing loans 32,677,829 33,386,071 46,001,853

total outstanding Non Performing loans 382,159 705,732 703,681

total outstanding loans 33,059,988 34,091,803 46,705,534

NPl Gross 1.16% 2.07% 1.51%

NPl Nett 0.44% 1.19% 0.65%

Receivables from Assignment for Facilitation on Project Preparationreceivables from assignment for Facilitation on Project Preparation increased by rp2.64 billion or 20.74% from rp12.75 billion to rp15.39 billion. the increase was mainly derived from new PPP projects that began to realize in 2018.

Accrued Incomeaccrued Income increased by rp228.43 billion or 70.25% from rp325.17 billion in 2017 to rp553.60 billion in 2018. the increase was mainly derived from accrued interest of loans due to an increase of the Company’s financing and accrued interest from funding both in time deposits or securities.

Investment in Equity and Investment in joint venturethe equity investment portion including investment in joint venture increased, mainly equity investment in Pt Jasa Marga Pandaan Malang (JPM) amounted to rp27,700 billion and Pt Waskita toll road (Wtr) amounted to rp690,654 billion. In 2018 equity investment was recorded at rp3.50 triliun, increased from the previous year (2017) figure of rp2.76 trillion. the equity investment and investment in joint venture in 2018 increased by 26.81% from 2017.

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Fixed Assetsthe Company’s fixed assets in 2018 reached rp420.38 billion or decreased by 4.59% from 2017 which amounted to rp440.60 billion. this was mainly due to an increase of depreciation expense in 2018 at rp26.22 billion which was higher than increase of assets at rp5.99 billion. there was no fixed assets reduction/selling or reclasification during 2018.

LIABILITIES

In Rp Million

Uraian 2017 2018 ∆ Rp Growth (2017-2018)

loans received from Banks and other Financial Institutions 3,715,561 8,558,203 4,842,642 130.33%

taxes Payable 32,257 69,393 37,136 115.12%

accrued expenses 216,367 269,781 53,414 24.69%

unearned revenue 17,973 95,535 77,562 431.55%

Derivative liabilities 44,196 2,087 (42,111) -95.28%

Debt securities issued - net 14,243,219 12,736,471 (1,010,444) -7.09%

Green Bond issued - net 0 496,304

Borrowings from the Government of republic of Indonesia 2,608,996 3,358,083 749,087 28.71%

employee Benefits obligation 70,458 77,214 6,756 9.59%

other liabilities 115,715 254,230 138,515 119.70%

Sub Total Liabilities 21,064,743 25,917,301 4,852,558 23.04%

temporary Syirkah Fund 1,000,000

Total Liabilities 21,064,743 26,917,301 5,852,558 27.78%

as of 31 December 2018, total liabilities was amounted to rp26.92 trillion, increased by 27.78% compared to the previous period of rp21.06 trillion. the largest contributor of this increase was from loans received from banks and other financial institution which increased by rp4.84 trillion from rp3.72 trillion in 2017 to rp8.56 trillion in 2018 or increased by 130.33%. In addition there are additional components on liabilities namely temporary Syirkah Fund and Green Bond at rp1.00 trillion and rp0.50 trillion in 2018.

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Loans Received from Banks and Other Financial InstitutionIn 2018, the Company’s loans received from banks and other financial institution amounted to rp8.56 trillion, increased by 130.33% from the previous period of rp3.72 trillion. the loans include loan from MuFG Bank amounted to rp2.95 trillion (at uS$89 million and JPY11.060 million), Bank uoB Indonesia rp2.37 trillion (at uS$50 million and rp200 billion), Bank Mandiri rp1.23 trillion (at uS$35 million and uS$50 million), Bank Maybank Indonesia rp579,24 billion and from agence Francaise Developpement amounted to rp1.45 trillion (at uS$50 million and uS$50 million). the loans were in rupiah, uS Dolar and Japanese Yen denomination.

Taxes PayableIn 2018, the Company recorded an increase of taxes payable by 115.12% to rp69.39 billion compared to the previous year of rp32.26 billion. the increase was due to an increase of Corporate tax article 29 of payable amounted to rp36.42 billion.

Accrued Expensesthe Company recorded accrued expenses amounted to rp269.78 billion in 2018, increased by 24.69% from the previous period of rp216.37 billion. the increase was mainly derived from loan interest rate including green bond amounted to rp12.90 billion.

Unearned Revenuethe Company recorded unearned revenue in 2018 at rp95.53 billion, increased by 431.55% from previous figure of rp17.97 billion. the increased was mainly derived from unamortised receipt from provision due to undrawdown of the loan.

derivative Liabilitiestotal derivative liabilities at the end of 2018 decreased by 95.28% from rp44.20 billion to rp2.09 billion. this is an effort of the Company to protect the value from exchange rate fluctuation risk of BtMu loan at equivalent rp1.45 trillion. debt Securities IssuedSecurities, Green Bond and temporary Syirkah Fund was amounted to rp14.23 trillion, slightly decrease from the previous period of rp14.24 trillion. Fund raising activity by issuing securities is adjusted to the Company needs on financing. In 2018, the Company issued Bonds amounted to rp1.04 trillion, Green Bond at rp496.30 billion and Sukuk Mudharabah amounted to rp1 trillion.

Financial review

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Annual Report 2018

Borrowings from the Government of Republic of IndonesiaIn financing, the Company also receives borrowings from the Government of republic of Indonesia, which represent funds from World Bank and asian Development Bank. total borrowings reached rp3.36 trillion, increased from the previous figure of rp2.61 trillion. Some of the borrowings were distributed to IIF amounted to rp3.02 trillion and to regional Infrastructure Development Fund Project (rIDF) at rp335 billion.

Employee Benefits Obligationthe Company booked employee benefits obligation in accordance with the Manpower law No. 13/2003. By using several assumptions including normal pension age, mortality level and salary increase level per year, the Company allocated employee benefits obligation amounted to rp77.21 billion at the end of 2018, increased from rp70.46 billion in the previous period. the allowance for post employment benefits was calculated based on independent actuary. Other Liabilitiesat the end of 2018 total other liabilities increased more than doubled to rp254.23 billion compared to the previous figure of rp115.72 billion. this liabilities consits of debtors’ deposits, fund from agence Francaise De Developpement (aFD), donation fund from li Ka Shing (overseas) Foundation and Hutchison International limited for the assistance to the victims of natural disasters in Palu, fund related to Global environment Facility (GeF) and Clean technology Fund (CtF) with World Bank, fund from regional Infrastructure Development Fund (rIDF), and subsidized local fund from Deutsche Gessellschaft fur Internationale Zusammenarbeit (GIZ) as part of the contribution of the republic of Federal Germany for the enhancement of employees’ quality in the cities in Indonesia.

Equitythe Company equity as of 31 December 2018 increased to rp35.58 trillion from the previous period of rp34.32 trillion. the increase was due to an increase of retained earnings that has been set its allocation by 43.74% to rp360.00 billion, retained earnings increased by 53,66% at rp641.28 billion and Profit for the Period increased by 21.32% at rp269.10 billion.

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STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOMEIn Rp Million

description 2017 2018 Growth

revenues*) 3,032,699 3,810,445 25.65%

operating expenses (1,483,310) (1,990,573) 34.19%

Final tax expense (122,164) (197,618) 61.76%

Income from operations 1,549,390 1,819,871 17.45%

other income (expense

equity in net profit (loss) in joint venture (24,487) (12,885) 47.38%

Gain foreign exchange rate 3,065 14,554 374.84%

other income 16,292 8,148 -49.98%

other expense (9,566) (14,394) 50.47%

other income (expense (14,695) (4,576) 68.86%

Profit before tax 1,534,694 1,815,295 18.28%

Final tax expense (272,686) (284,185) 4.22%

Profit for the period 1,262,008 1,531,110 21.32%

Comprehensive income for the year 465,996 (5,373) -101.15%

Total comprehensive income for the year 1,728,004 1,525,737 11.70%

earning per share 46,524 51,429 10.54%

*) revenues was presented net of Final tax expense

throughout 2018 the Company booked net profit of rp1.53 trillion, grew 21.32% compared to 2017 achievement of rp1.26 trillion. the increase of net profit was mainly derived by an increase of revenues by 25.65% secara year on year or increased by rp0.78 trillion, which was able to set off an increase of operating expense at rp0.51 trillion, thereby the Company was able to book an increase of income from operations amounted to rp1.82 trillion from previously rp1.55 trillion, or increased by 17.45%.

Financial review

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Annual Report 2018

Revenuesthe Company’s net revenues (net of final tax) amounted to rp3.81 trillion was derived from interest income on loans receivables as the largest contributor, which was increased from rp2.45 trillion to rp2.84 trillion. Followed by income from fund management of rp905.66 billion, increased from rp554.55 billion in the previous year. Income from project preparation facilitation assignment increased to more than doubled to rp45.70 billion, while income from advisory increased to almost three times to rp15.45 billion.

In Rp Million

Revenues 2017 2018Growth

(2017-2018)

Income from Financing 2,451,008 2,843,640 16.02%

Income from advisory 6,008 15,448 157.13%

Income from Project Preparation (PDF) 21,134 45,697 116.23%

Income from Investment (Fund Management)* 554,550 905,660 63.31%

Total Revenues 3,154,863 3,810,445 25.65%

*) Income from Fund Management was presented net of Final tax expense

Operating Expensesas of December 2018 operating expenses reached rp1.99 trillion, or increased by 34.20%compared to rp1.48 trillion in 2017. the increase of operating expenses was derived by the increase of financing expenses by the Company. as of December 2018, financing expenses increased by 39.12% year on year to rp1.55 trillion. the increase of financing expenses was due to an increase of interest expense (72.74%). the increase also occured in the business development expense by 28.19% to rp165.09 billion due to an increased business activities. the increase of general and administrative expense and other operating expense reached 14.13% and23.11% respectively.

In Rp Million

Operating Expenses 2017 2018Growth

(2017-2018)

Financing expenses 1,114,925 1,551,149 39.12%

Business Development expenses 128,783 165,085 28.19%

General & administrative expenses 229,132 261,500 14.13%

other operating expenses 10,429 12,839 23.11%

Total Operating Expenses 1,483,310 1,990,573 34.20%

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Profit Before Income Taxas of the end of 2018, the Company booked profit before income tax amounted to rp1.82 trillion, grew 18.28% compared to rp1.53 trillion in 2017. the growth was mainly derived by income from financing which increased by 16.02% compared to 2017.

Profit For The yearIn 2018, the Company profit for the year reached rp1.53 trillion, or grew by 21.32% compared to rp1.26 trillion in 2017. In the period, tax expense reached rp284.19 billion or increased by 4.22% from the previous period of rp 272.69 billion. the increase is in line with the Company’s business development during 2018.

comprehensive IncomeComprehensive Income in 2018 reached rp1.53 trillion or decreased by 11.71% from rp1.73 trillion in 2017. the decrease of Comprehensive Income through other comprehensive expense at rp5.37 billion, decreased by 101.15% from the previous year. this was due to a decrease of financial assets increase in equity investment at rp48.21 billion, decreased by 84.49% from rp310.89 billion in 2017 and a decrease of short-term investment value as unrealized loss at minus rp49.73 billion or decreased by 231.71% from rp156.33 billion in 2017.

CASH FLOWS

Cash and cash equivalents position at the beginning of the year reached rp15.40 trillion. this was resulted from the used of cash flows from operating activities and cash flows from investing activities mainly to support the increase of the Company’s financing actvities. the decrease of net cash and cash equivalents at the end of 2018 reached rp7.80 trillion thereby the position of cash and cash equivalent at the end of 2018 was rp7.60 trillion. If compared to the 2017 figure of rp15.40 trillion, a decrease of net cash and cash equivalents at the end of 2018 was lower by 50.65% year on year.

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Annual Report 2018

In Rp Million

cash Flows 2017 2018Growth

(2017-2018)

Cash Flows Provided by/(used for) operating

activities425,535 (10,012,815) -2.452.99%

Cash Flows Provided by/(used for) Investing

activities(2,293,696) (2,222,194) -3.12%

Cash Flows Provided by/(used for) Financing

activities 9,176,793 4,435,961 -51.66%

Net Increase/(decrease) cash and cash

Equivalents 7,308,633 (7,799,048) -206.71%

cash Flows Provided by/(Used for) Operating Activitiesthe Company cash flows provided by/(used for) operating activities position in 2018 minus rp10.01 trillion which means cash flows from operating activities used for loans receivables was rp19.07 trillion and disbursement of interest expense at rp1.15 trillion, were higher than receipt from settlements of loan receivables amounted to rp7.41 trillion, as well as receipt from interest of loan receivables amounted to rp2.37 trillion.

cash Flows Provided by/(Used for) Investing ActivitiesCash flows from investing activities in 2018 was minus rp2.22 trillion due to higher cash flows used for placements in short term investment at rp3.32 trillion and share investment of rp0.72 trillion, compared to cash flows from withdrawal of short term investment at rp1.67 trillion and receipts of income from investments amounted to rp0.16 trillion, to support the increase of the Company’s financing activities.

cash Flows Provided by/(Used for) Financing ActivitiesCash flows from financing activities amounted to rp4.44 trillion which was provided by cash flows from Bank and Financial Institution loans amounted to rp5.64 trillion, receipts of income from investments amounted to rp1.05 trillion and receipts from the issuance of Sukuk Mudharabah amounted to rp1.00 trillion. While cash flows used for payment of securities principal amounted to rp2.57 trillion, dividend payment of rp0.27 trillion, payment of principal loans from Bank and Financial Institution amounted to rp0.90 trillion, and payment of bonds emission at rp0.01 trillion.

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SOLVENCy AND RECEIVABLES COLLECTABILITy

Solvencythe Company’s solvency is reflected in the management of liquidity risk. the Company manages liquidity risk by maintaining adequate liquid assets, loan facilities and by continuously monitoring the estimates and realization of cash flows and managing the profile of maturity of financial assets and liabilities. the Company also periodically monitors liquidity positions against applicable limit provisions. the position of the Company’s liquidity throughout 2018 is still relatively safe. In periods of more than one to three years, the Company has less difference in the maturity profile of financial assets and liabilities. However, the difference is classified as insignificant when compared to the capital and the potential for increasing the Company’s profit for the period.

the Company fulfills its long-term financial obligations by comparing liabilities with the Company’s assets. the solvency level of the Company in 2018 was 43.07% higher than in 2017 which was 38.03%. While the loan to capital ratio reached 75.66%, increased compared to 2017 of 61.38%.

Receivables collectabilitythe Company has a strict policy in managing loan, which only provides financing to eligible debtors and is included in the investment rating category based on the results of internal ratings. the Company also applies the precautionary principle by placing bank balances and mutual fund participation units only in financial institutions that are ranked as feasible and reliable.

the Company also set the allowance for impairment losses on the financing and is currently assessed that the allowance for impairment losses has been adequate to cover the potential of loss. the Company’s non-performing loans in 2018 was maintained at 0.65% (net), improved from the previous year of 1.19% (net).

Working capital and investment financing is generally guaranteed by collateral. the Company also forms an allowance for impairment losses on loans receivables and the Company currently considers that the allowance for impairment losses on loans receivables is sufficient to cover potential losses. the Company’s level of non-performing loans in 2018 was maintained at 0.65% (net), improving from the previous year of 1.19% (net).

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Annual Report 2018

CAPITAL STRUCTURE

In managing capital risk, the Company ensures the ability to continue business continuity, while maximizing the profits of shareholders through optimizing the balance of debt and equity. the Management periodically reviews the Company’s capital structure by considering capital costs and related risks.

In Rp Millioncapital Structure 2017 2018

liabilities 21,064,743 26,917,301

equity 34,321,153 35,575,890

Investment (2,759,169) (3,498,777)

Debt to equity ratio 61.38% 75.66%

CAPITAL INVESTMENT/ExPENDITURES REALIZATION

In 2018 the Company recorded the purchases/additions of Fixed assets and Intangible assets of rp14.06 billion consisting of Fixed assets - Servers of rp1.18 billion, Fixed assets - office equipment of rp3.63 billion, Fixed assets - Furniture of rp0.79 billion, Fixed assets - Partitions amounting to rp11 billion, Fixed assets - Software and licenses amounting to rp0.79 billion.

TARGET AND REALIZATION 2018

Compared to the targets in the 2018 rKaP according to the table below, there are two main financial indicators which realization is able to exceed the 2018 target, namely the achievement of equity and net profit. For targets that were not achieved, the contributing factors included the crowding-in process of banks in financing infrastructure, hence the achievement of financing performance was below the target and was accompanied by adjustments to the Company’s fund raising activities. But on the other hand, the presence of crowding-in is a good indicator of the continuity of financing the infrastructure sector in Indonesia.

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Indicators 2018 Realization RKAP 2018

return on equity (roe) 4.65% 4.52%

Cost efficiency ratio (Cer) 18.22% 23.61%

Productivity 161 130

the realization of return on equity (roe) ratio, Cost efficiency ratio (Cer) and Manpower Productivity (total outstanding financing divided by the number of manpower) in 2018 is above the target ratio in the 2018 rKaP.

the Company considers that all of the achievements are sufficient in supporting the sustainability of the program that has been planned in the future and in maintaining business continuity. the following is a comparison between targets and realization of some of the Company’s main financial indicators:

PERFORMANCE ACHIEVEMENT IN 2018

In Rp Million

description 2018 Target 2018 Realization Achievement (%)

assets 67.828.495 62.493.191 92,13%

liabilities 32.304.470 26.917.301 83,32%

equity 35.524.025 35.575.890 100,15%

revenues* 4.186.019 3.810.445 91,03%

Net Profit 1.499.149 1.531.110 102,13%

*Net revenues is revenue net of final tax expense

SUBSEQUENT EVENTS

there was no material information and facts that occur after the date of the accountant’s report until the issuance of audited financial statements that can affect the Company’s business performance and risk in the future.

BUSINESS PROSPECT

Global and domestic economic prospects are predicted to improve. one of the drivers of economic improvement is expected from infrastructure development projects. In 2018, the funds allocation for infrastructure development is projected to increase to rp409 trillion. In the 2018 State Budget Draft, the detailed funds allocation for infrastructure development includes the construction of economic infrastructure of rp395.1 trillion, social infrastructure of rp9 trillion, and infrastructure support of rp4.9 trillion.

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as a government institution that holds the mandate to support the acceleration of infrastructure development, the Company implements various efforts, including improving business conditions and providing fiscal instruments that support and promote the acceleration of infrastructure development. the easing of monetary rules from Bank Indonesia and the Financial Services authority has made banks begin to extend the financing tenor hence it can facilitate funding needs in infrastructure projects. Increased interest also emerged from sharia industry players, particularly from Middle east fund managers which made Indonesia one of the goals for funds investment. Backed by this positive development, coupled with the increase in support from financial institutions/investors, as well as the Company’s ability to obtain various funding sources, the Company is optimistic on its business prospects in the future.

Going forward, the Company will focus on developing basic infrastructure to ensure connectivity between regions, especially regions with superior tourism potential. at the same time, the Company will consistently support the development program of four leading tourism destinations, including the area of lake toba, raja ampat, West Nusa tenggara and so forth.

In 2018, the development of sharia businesses such as sharia finance, and sharia consulting services will continue to be developed in supporting the development of the National Strategic Project. to that end, the Company plans to strengthen sharia-based fund sources, among others, through raising funds from countries in the Middle east and also from the Islamic Development Bank (IDB) and optimizing the Hajj Fund for financing infrastructure. In addition, the Company considers the need to establish a core system for sharia finance by expanding sharia business schemes through synergy of financing origination between conventional financing that the Company has and Sharia financing.

MARKETING ASPECTthe Company manages three business pillars as the catalyst for the acceleration of Indonesia’s infrastructure development, namely financing and investment; advisory; and project development. In addition to the three business pillars, the Company also has strong funding sources in the form of State equity Investment (PMN), as well as loans and grants supported by capable capabilities in raising funds from capital markets (bonds and securities). at present, the Company has also established a Sharia Business unit complete with Sharia-based financing and fundraising products.

the focus of the infrastructure sector financed by Pt Sarana Multi Infrastruktur is basic infrastructure covering transportation, electricity, telecommunications, oil and gas, railway rolling stock, energy efficiency, roads and bridges, drinking water, irrigation, and waste water and waste management. In addition, the Company also funds social infrastructure, namely hospitals, markets, education infrastructure, tourism infrastructure, correctional infrastructure, and regional infrastructure.

In 2017, the Company established a Sustainable Financing Division. this indicates the Company’s commitment and insight in supporting the achievement of sustainable development goals in the Sustainable Development Goals, which has also become a commitment of the Government. through this division, the Company will focus on financing disbursement from collaboration with international institutions that have high concern for environmental mitigation efforts, including handling of environmental issues, improving environmental quality, reducing the impact of global warming, anticipating the impact of climate change and the realization of low-carbon development.

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In line with the Company’s mission to increase capital provided by the Government, the Company always initiates and explores various forms and sources of funds. these initiatives include the issuance of Green Bonds, IDr Global Bonds (Komodo Bond), or other forms of fundraising to increase the Company’s financing capacity for infrastructure projects.

DIVIDEND POLICyBased on the limited liability Company law, the Company is required to set aside a certain amount of net profit each year as a reserve if the Company records a positive profit balance. allowance for such net income is made until statutory reserves reach at least 20% of the total issued and fully paid-up capital. the allocation of net profit for the 2018 financial year will be determined through the Company’s General Meeting of Shareholders in 2019. For the record, for the 2017 financial year the Company has set a dividend distribution of rp271 billion, 21.50% of the net profit for the year.

STOCK OPTION PROGRAM By EMPLOyEE AND MANAGEMENT as a State-owned enterprise which shares are 100% owned by the Government of Indonesia, the Company does not implement a share ownership program by management and/or employees.

BONDS PROCEEDS ALLOCATIONProceeds obtained by the Company from the bond issuance in 2018 after deducting the costs of emissions, all of which are distributed for infrastructure financing.

MATERIAL TRANSACTIONS CONTAIN CONFLICT OF INTEREST In 2018 there were no material transactions that contained conflicts of interest and had a significant effect on the financial statements.

TRANSACTION WITH RELATED PARTIESthe Company has significant business transactions with related parties. Full details regarding the nature and related transactions can be seen in Note 33 of the Financial Statements in this annual report.

the Company’s management is of the opinion that all transactions with affiliated parties are carried out at a price level and normal conditions as is done with third parties.

INVESTMENT, ExPANSION AND DIVESTMENTthe increase in paid-up capital of rp2,000,000,000,000 which was previously recorded as a capital deposit has been stated in the amendment to the Company’s articles of association in the deed No. 29 dated May 17, 2018. thereby, the authorized capital in May 2018 will be rp30.52 trillion. While in 2018, there was no additional paid-up capital from the Shareholders (Government of the republic of Indonesia).

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REGULATORy CHANGES

throughout 2018, there were no changes to the laws and regulations that had a significant impact on the Company.

ACCOUNTING POLICy CHANGES APPLICATION

In the current year, the Company has implemented all new standards and amendments and interpretations issued by the Indonesian accounting association’s Financial accounting Standards Board that are relevant to its operations and effective for the accounting period beginning January 1, 2018. Implementation of these standards has no significant impact to the amount reported in the current period or the previous year.

BUSINESS CONTINUITythe Company manages capital risk to ensure the ability to continue business continuity, in addition to maximizing shareholder profits through optimizing the balance of debt and equity. the Company periodically reviews the capital structure. as part of this review, the Company considers capital costs and related risks.

the Company operates a business segment, namely financing infrastructure with the development areas in the territory of Indonesia. During 2018, there were no issues that can potentially have a significant impact on the Company’s business.

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HUMAN RESOURCES MANAGEMENT AND

DEVELOPMENT

IN ITS DEVELOPMENT, PT SMI ALWAyS PRODUCES THE BEST WORK SUPPORTED By HUMAN RESOURCES WITH INTEGRITy AND HIGH

QUALITy WORK ATTITUDES TO CHANNEL POSITIVE ENERGy IN DEVELOPING THE COUNTRy.


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Highlights

In the effort to improve employee competency and engagement, PT SMI launched the idea box program as a way to channel creativity in thinking and provide ideas of change for the Company both in the organization and business processes. This program is the first to be launched in 2018.

1. Merit System Culture2. Talent Classification & Career Path Development;3. People Development and Employee Scholarships;4. Employee Retention Program;5. Learning Experience with Opportunities for Business Trip Abroad; and6. Work / life Balance.

Launched the Strategic HR Development Program to support the catalyst for accelerating infrastructure development:

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Human resources Management and Development

Pt SMI is a State-owned enterprise under the Ministry of Finance and plays the role as a catalyst in supporting the acceleration of infrastructure development in Indonesia. at present, Pt SMI is known as one of the Soes that has a strong commitment to sustainable development through the provision of financing facilities to a variety of environmentally sound infrastructure projects in Indonesia that are in line with the Indonesian government’s commitment to protect and maintain ecosystems and environmental quality.

In its development, Pt SMI always produces the best work supported by human resources with integrity and high quality work attitudes to channel positive energy in developing the country. one of them is by building a strong organizational culture and improving the employee’s work ethics through i-Sprint which is Pt SMI’s corporate value. through a good work ethic, it is expected that employees can advance their careers, continue to grow, improve self-actualization, and be useful to many people.

on the one hand, the Company believes that to realize its vision of being a catalyst in accelerating national infrastructure development, it requires the support from productive, loyal and competent human resources (Hr). referring to best practices in Hr management, productivity is influenced by the remuneration system, internalization of corporate values and corporate culture, as well as technology.

referring to the Company’s engagement survey in 2017, employee engagement or loyalty, among others, is influenced by pay & benefit factors, leadership, opportunities to develop, management performance, and existing business processes. Whereas competency in general is strongly influenced by the education

and training programs conducted by the company. therefore, the Company designed the management and development of employees in accordance with the Human resources Master Plan (HrMP) which has 6 (six) pillars namely organization Design & Manpower Plan; recruitment & Placement; Performance Management & talent Classification; People Development & talent Management; reward Management; and retain & engage.

HR MANAGEMENT POLICyto support the Company’s target to become the largest and leading finance company in accelerating the development of basic infrastructure and social infrastructure throughout the country, the Company is committed to improving Hr competencies.

In 2018, the Company prepared a number of policies related to the management and development of competency-based human resources, including, compiling a dictionary of core competencies, roles and functionalities, compiling the Individual Development Plan program which contained plans for developing employee capacity and capabilities, as well as employee career planning. the entire program is based on and refers to competencies at each position level, as well as induction & basic training programs.

employee development is carried out through competency-based capacity and capability development. as a form of developing employee potential and as an expansion of employee career paths, through the Human resources Division, the Company also conducts employee promotion, transfer and rotation processes to optimize their ability and competence to achieve the Company’s performance targets as well as its vision and mission.


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2018 FOCUSWithin the framework of the HrMP implementation, in 2018 the Company focuses its Hr development in an effort to improve employee competency and engagement. Competency improvement is conducted by providing scholarship programs to outstanding employees. this scholarship program is a form of academic employee development program aside from training, seminars, and workshop.

In addition to the implementation of employee self-development programs, as a form of employee retention, the Company also conducts employee career planning and development through a Career Development program that includes both employee promotion, transfer and rotation. the program is supported by a Performance Management System and a good leadership System, by the implementation of leadership training with the Head Divisions and team leaders as the participants. there is also a weekly meeting which was attended by the Company’s management, namely Wildly Important Goals (WIG), and sharing sessions from various resources in order to increase the capability of the Company’s leaders.

the company also undertakes to improve employee engagement through the provision of facilities, compensation and benefits that are in accordance with the market. training and development are also carried out according to the needs and positions. In addition, promotions, transfers and rotations were also carried out as an expansion of the career path of employees. In 2018, the Company launched the idea box program as a means to channel creativity in thinking and provide ideas for change for Pt SMI both organizationally and in business processes. efforts to improve employee engagement are also carried out by creating work-life balance through several activities including regular employee sports activities, regular religious activities, slimdown challenges, and other internal activities involving employee participation. Some sports activities include outdoor futsal, badminton, table tennis, diving

and indoor activities such as muay thai, strong by zumba (SBZ) and pound fit. all were aimed at supporting the improvement of employee health. In addition, the slim down challenge was also carried out as an effort to bring employees towards ideal conditions. In the end, these activities can increase employee productivity.

the Company through the Human resources Division (DSDM) also continues to campaign the i-Sprint, which consists of Integrity, Service excellence, Partnerships, resilience, Innovation and trust as a corporate value through various activities including SMI Day, outing, tV display, e-mail, and posters. the Company also conducts morning briefings on every tuesday and thursday morning to encourage employees to be on time and the wearing of SMI uniform to increase the pride to the Company.

Meanwhile, the Company also assesses that in fulfilling Hr Needs, one of the components that must be budgeted by the Company is the availability of It facilities and other matters like the availability of workstations, so that the overhead cost and profitability of the company need to be taken into account in fulfilling Hr in 2018.

RECRUITMENT SySTEMthe Company conducts a recruitment process to meet the needs to support the achievement of business targets in accordance with the Company’s Budget Work Plan (rKaP). the employee recruitment policy is based on Pt SMI employees acceptance Procedure 2009 on September 11, 2009.

Information about recruitment is delivered using various distribution channels such as the Company’s website, job search sites, social media and professional networking media. only applicants who match the qualifications are accepted, who are then selected according to the mechanisms in effect.

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TRAINING AND COMPETENCE DEVELOPMENTto improve employee competency, the Company regularly conducts training activities. It is implemented while observing the needs of the Company and based on the training Need analysis (tNa) that has been prepared. However, each Division can submit training proposals according to the needs and Copany’s rKaP. the training can be in the form of public training, in house training, and knowledge sharing.

Policies on education and training are outlined in the education and training Guidelines. according to this guideline, every employee has the right to receive training in order to improve and develop his competence.

In 2018, the Company has conducted 48 hours of training / employees from the targeted 30 hours / employees, which includes 127 public training programs, 30 in-house training and 10 knowledge sharing.

Trainings, Total Participants and Average of Training Hours

Training category Total Themes Training Participants Training Hours

In House 30 728 6.783

Knowledge Sharing 10 315 935

Public training 127 253 5.982

Grand Total 167 1.350 13.700

From the amount of training held, the average duration of training at the Division Head level is 58 hours / employee, 42 hour team leader / employee, and staff 48 hour / employee

Position Training Participants Training Hours Average duration of Training/Employee

(Hourly)

Division Head 22 1.281,5 58

team leader 43 1.810 42

Staff 222 10.608,5 48

Grand Total 286 13.700 48


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Training category

Training Topic Total Participant

Training duration(In Hour)

IN HOUSE the legal and Commercial aspects of renewable energy Projects in Indonesia

24 192

technical Guidance for Completing lHKPN 2018 11 44

Corporate rating tools training 19 304

Islamic burial preparations training 28 224

Disaster emergency & Safety Plan for High-rise Building 2018 29 232

Discussions of industrial relations 5 15

Geothermal exploration Contracts 37 116

Green Ilamic Bonds 15 60

loan IFrS 6 48

early Warning System (eWS) Implementation 24 96

Knowledge Sharing the World Bank’s Procurement and Consultant Guidelines

21 42

leadership ”Building Synergy to Improve Performance 20 480

turning on the i-Sprint in increasing the work ethic in SMIers 213 1.704

Negotiations Skills 11 88

law and regulation Drafting training 21 280

legal Settlements in the Civil Sector 9 72

Presentation Skills 14 224

Project rating tools S&P 14 112

Social Protection in the Geothermal energy sector Sharing Session

34 102

toll road Sector Session Sharing 35 140

organizational Structure and legal aspects of the Muhammadiyah organization

14 42

Challenges and efforts to eradicate and Prevent actions Washing Crime and terrorism Funding

25 168

training for trainer 26 392

training Sharia application System 10 136

Visual risk - training Manual for asset liabilities Management System

5 80

Workshop DBJ&JerI from Japan 32 512


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Training category



Workshop on early Handling of Potential Problems in Financing and Problematic Financing legal effects

39 312

Government Guarantee Workshop 10 30

Workshop People Development Plan 13 104

Project Workshop for Preparation & Determination of risk limits and Pt SMI’s risk Profile

18 432

TOTAL IN HOUSE 782 6.783

KNOWLEdGE SHARING

Health talk "How to reduce Your Body Fat" 28 102

Ngofi - Ngobrol tentang Gratifikasi 98 294

running For Beginner-From Couch to 5k in a month 14 28

Sharing Session "Investasi ala Nabi Yusuf" 28 70

Sharing Session Development Bank Practices 21 63

Sharing Session Mengelola Data Dengan Ms. excel 20 60

Sharing Session Mengenal Fungsi-Fungsi pada Ms. outlook 23 69

Sharing Session PPh 23 29 87

Sharing Session SDG Indonesia one 39 117

Sharing Session tips & triks Penggunaan PPt 15 45

TOTAL KNOWLEdGE SHARING 315 935

Public application and Implementation of Procurement of Goods/Services & resource Management

1 24

“Dissecting the legal aspects of Company Mergers, acquisitions and Consolidation”

3 24

Certified Contract Management Specialist (CCMs) 1 24

Certified Strategic Procurement Specialist (CSPs) 1 24

2018 IIa Indonesia Nasional Conference 3 72

3 Day Masterclass Infrastructure Project Finance and Documentation

2 48

40th New Zealand Geothermal Workshop 1 24

7th Indonesia Corporate Communication:the role of Corporate Corporation to Build & Increase

1 16

accounting for Derivative and Hedging activities 1 8



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Training category



aCIIa Kuala lumpur Conference & on Site learning 2018 2 80

advanced Financial Modeling 1 120

agile Scrum training 1 16

aSeaN Workshop on Project Structuring and Financing 3 24

Basic Financial risk Management 1 24

Best Practice in Internal auditing 1 16

Business Continuity Management 5 120

Cash Management 1 16

Certified recruitment Selection Professional (CrSP) 1 16

CFa level 1 training Program 1 120

Corporate Financing and treasury Management 5 80

Corporate Governance 1 24

Corporate Valuation: analysis & Best Practics 3 72

Creative accounting vs tax Planning 1 24

Creative Monitoring & Supervision 3 72

Credit risk Management For Banking to Maintain NPl & achieve target Credit

3 48

Islamic Funeral Preparation Public training 3 18

Presentation Slide Design 2 32

Designing Standard operating Procedure (SoP) 1 16

Directors & officers liability Insurance and Corporate responsibility Panel Discussions

1 4

Due Diligence in renewable energy Project Course 1 40

equity 3 72

Feasibility analysis technical, economic, Commercial, & Project Financing

7 168

Finance For Non Finance 1 16

Financial Modeling 2 32

General affair Management 1 16

Geothermal Conference 2 64


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Training category



Geothermal Project Management 2 256

Good Corporate Governance in the Framework of legal risk Minimizing and Compliance with the Financial Industry

3 24

Implementing a Data Warehouse with Microsoft SQl Server 2014

1 40

Indonesia transport Supply Chain & logistics Program 1 24

International Seminar - Workshop Development Banking Program

1 40

Introduction to Green Bonds 2 32

ISo 31000: Implementation of risk Management in Public Sector

1 24

ISo/IeC 27001 Internal auditor training Course 4 64

Kaukus Indonesia Participant at 9th WuF 1 8

KPI Masterclass training Course 1 16

Work agreement In depth Discussion: Partnership, Guarantee Clause and Most Popular Industrial relations Issues

4 24

leadership for Millenial 1 16

Professional engineer Certification Workshop (lSIP) 1 8

Management training & Development 1 24

Managing and Presenting Business Data in excel 2016 1 8

Managing It Helpdesk 1 40

airport Management 6 144

Corporate Social responsibility (CSr) Management and Community Development

1 24

General Management of Pension Fund (MuDP) 1 56

Mastering Business analysis (BaBoK-v3) - a Practical approach

1 32

Dissecting the results of assessment of National risk aMl & CFt

2 32

Modern office administration for leader and Staff 2 48

National anti Fraud Conference 2018 - Call For Paper 2 48

Next Generation Cyber Security 1 4

Basic training of Sharia Banking 1 32

Special training for advocate (PKPa) 3 144



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Training category



Government Goods / Services Procurement 1 16

Grant Management 1 16

SMe Modules Structuring - Pt SMI 23 253

exam Preparation PFM (Professional Financial Modeler) 2 16

Port Master Planning training Course in Indonesia 3 72

PPP Certification Program - Foundation level 5 160

Private equity training 1 16

Problem Solving and Decision Making 1 24

Professional Financial Modeller (PFM) 2 96

Program eCIIa Madrid european Conference 2018 1 80

Program training It audit technique 2 32

Project Management 1 24

Procurement of Goods and Service Procedures 3 64

Protocol and archival Management 1 24

Protocol and Secretariat Management 2 32

PSaK 71: Instrumen Keuangan 1 16

Public Budgeting and Fiscal Management 1 40

Public Private Partnerships 3 48

refresher BSMr Program 1 8

remuneration & Compensation Management 1 16

remuneration Management 1 24

renewable energy Project Management 1 240

Financial report restatement: legal responsibility of the Board of Directors and Board of Commissioners

3 9

Shcolarship on Geothermal energy Project Management 1 320

SDGs Bonds/Sukuk and Blue Bonds/Sukuk Initiative 2 32


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Training category



Selling and Negotiation 3 48

International Congress Seminar XIII & 61st IaI anniversary 1 16

National Seminar on Preparing Industrial estates Facing Disasters

1 5

National Seminar and Workshop on Soe taxation 2018 2 48

accountability of Corporate Benefit owner Seminar according to Presidential regulation No. 13 Year 2018

2 16

Certified risk Management 1 32

HCMC Certification 1 104

regional Financial Management System 4 64

SNIa-2018 National Seminar of Internal audit: “the auditor of the Future: trusted & Influencing advisor.”

4 96

Socialization of Presidential regulation No. 16 Year 2008 1 16

Speak to Change - Batch 29 1 56

Starting a Project Management office/PMo 1 16

Communication Strategy 1 24

Study tour aFD 6 48

Study tour Program on Development Banking Practices 4 160

Systems analysis and Design with uMl 1 24

tal Dasar angkatan IV 1 6

techincal Workshop on Project Preparation for transformational Climate resilience Water Projects in asia

1 16

training Corporate Valuation 1 16

training CaPM 1 24

training Data Management & analysis in excel 2016 1 16

training eSQ Quantum excellent angkatan VII 1 16

training Introduction ISo27001 6 48

training Mastering asset liability Management 1 24


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Training category



training Programme on Concept Note Development for the GCF

1 80

training Project Procurement 1 24

training Purchasing Management 1 16

training tax In Business: How to Be a legally Smart tax Payer In taxation

1 24

training-Workshop on Grievance redress Mechanism and Problem Solving for executing and Implementing agencies of aDB-Supported Projects in Indonesia

2 48

travel Business Mangement 1 24

treasury & Cash Management 2 48

using Business Intelligence In Corporate Budgeting 2 32

Valuable Procurement & Cost Saving 1 16

Withholding tax (PPh Pasal 21, 22, 23, 26 dan Pasal 4 ayat (2))

2 48

Workshop accounting and asset administration 1 16

Workshop Inovasi Pengembangan produk Syariah 4 64

Workshop on enhancing readiness of aDB Developing Member Countries for Scaled up Climate Finance

2 19

PSaK Workshop on employee Benefits, Workshop Benefits, and tax aspects

1 24

Workshop PSaK 71: Instrumen Keuangan 2 32

World Bank Workshop: Knowledge exchange event on energy efficiency

1 24

TOTAL PUBLIc 253 5.982

GRANd TOTAL 1.350 13.700

In addition to training, employee development is also carried out by providing scholarship programs to be able to continue further studies, both Bachelor level (S1), master level (S2), and doctoral level (S3) to employees who perform based on the results of performance appraisal and pass the selection process. this program is one of the Company’s strategies to improve and develop employee’s Competencies, particularly related to knowledge, expertise and work skills, to support the achievement of the Company’s vision and mission.


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employee of the Company get scholarship programs either for undergraduate program or postgraduate program. total scholarships that has been given until 2018 are 9 scholarships, which consist of 4 people for undergraduate programs and 5 people for postgraduate programs. the company also provides opportunities for outstanding employees to gain knowledge and insight through business trips abroad or training abroad.

TRAINING COSTSto support the implementation of training and development of competencies which includein-house, public training, assignments, knowledge sharing and employee scholarships, the Companybudgeted costs of IDr 9.59 billion for 2018 with the realization of IDr 7.04 billion.

PERFORMANCE AND REMUNERATION ASSESSMENTPerformance appraisal is carried out as a form of measuring the performance results or achievements of each individual employee. each employee will receive a final assessment regarding the potential review and performance review. From this result, the Company will obtain talent groups. these results will then continue with the IDP program as a form of employee development.

REMUNERATIONIn order to obtain the best Hr from the labor market, to maintain employee engagement, to maintain high-performance and potential employees and to increase employee value proposition, the Company has implemented a remuneration strategy through the provision of pay and benefits in accordance with applied laws and regulations. In addition, to adjust to the market and maintain competitiveness, the Company establishes a remuneration policy based on level of rank, grade and salary structure. the remuneration component consists of Basic Salary, transportation allowance, Position allowance, Holiday allowance (tHr), leave Benefits, BPJS employment, BPJS Health, Inpatient Insurance, outpatient Insurance, and life and accident Insurance.

the transportation allowances are only given to the staff level personnels (non structural). Whereas the position allowance is given to the team leader and Division Head (structural) level. Insurance coverage is given according to employee grade. For other benefits provided such as BPJS employment, BPJS Health, and leave allowance given in accordance with applied rules and policies.

In terms of employment status, the Company does not distinguish the welfare facilities between permanent and non-permanent employees. the same facilities are given the both status according to the applied rules. the company also provides compensation in the form of overtime meal allowance to employees who had to work overtime. the overtime meal allowance is only for the staff level and is given if the work time is over 10 hours / more calculated from the hour of arrival and subject to approval from the supervisor of the staff.



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CAREER DEVELOPMENT Policies related to employee career development are listed in the employee Promotion Guidelines. During the promotion stage, the entire process of competency test is carried out by cooperating and coordinating with the designated assessment Center organizers. the implementation of the competency test is carried out in the process of employee structural promotion by paying attention to the results


No. Types of change in Employee Statusjumlah

Karyawan% Perubahan Status

Karyawan/ Total karyawan

1 employee Structural Promotion 13 4.5%

2 employee Functional Promotion 2 0.7%

3 employee transfer 18 6.3%

4 employee rotation 4 1.4%

5 employee Demotion 0 0%

of performance appraisals and Job evaluation. the number of participants for each level is adjusted to the needs of the Company. In addition to promotions, the Company also has transfer, rotation and demotion policies. the details are as follows:

the Company, through the Human resources Division, implements Hr development and management programs through the talent Classification program, which is the basis for the Company, especially the Human resources Division, in determining employee development programs for capacity development, employee capability and employee career development. the implementation of the talent Management program is carried out every year by the Human resources Division.

the talent Management Program (talent Classification) implemented at the Company is carried out by mapping employees based on the potential of each employee based on employee performance and the competencies of each employee. the employee mapping is based on 2 (two) dimensions of talent Classification, which are:

a. Performance reviewemployee mapping which implemented based on Performance review, grouping the employee in each Division by their Performance appraisal score, which consists of 5 (five) levels of Performance level.

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Annual Report 2018

b. Potential reviewemployee mapping based on Potential review, is a grouping based on the potential of each employee based on the characteristics of each group of predetermined talents.

the results of the merger of 2 (two) dimensions of the talent Classification will be obtained by talent Classification Matrix. It is consist of 5 (five) talent Classes, which will become the basis for determining the talent Pool employees, which will be used as the basis for implementing employee development programs, such as:1. the basis for determining employee development programs, both public and in-house training.2. the basis for determining the employee scholarship program participants.3. Basis for determining employee career development through Promotion, Mutation and rotation.4. the basis for implementing the Individual Development Plan program that is in the process stageprogramming.

Considering the importance of preparing and carrying out planning in preparation for successors who will occupy important and critical positions, the Company through the Human resources Division begins to develop an implementation program for the Individual Development Plan, which includes employee development planning which are capacity building, employee competency planning and employee’s career development planning, to prepare the Company’s successors in the future.

the Individual Development Plan program consists of:1. employee Development Plan It is a development plan that contains the planning and determination of the appropriate development

program for employees, which is based on 5 (five) categories of Pt SMI employee development programs (Five Cluster SMI employee Development Program), which are:

1. Competency development program 2. the Company’s cultural development program 3. Special development programs 4. Mentoring program 5. Succession preparation program

2. Career Development Planan employee development plan that contains the planning and determination of employee’s career plan:• Short-term career plan (with a period of between 1 (one) to 2 (two) years)• long-term career plan (with a period of between 4 (four) and 6 (six) years)

By compiling the Individual Development Plan program, hopefully it can be a form of program in preparing the Company’s future leaders through the process of preparing career paths, succession programs and other employee development programs along with monitoring their achievements. It is expected that the Company can maintain and develop employees, especially employees who fall into the talent category.



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Human Resource Information System

organization Design & Manpower Plan

recruitment & Placement

Performance Mgt. & talent Classification Development reward

Managementretain & engage

Process & Tools1. organization Design2. Job analysis3. Job evaluation4. Manning/Worldoad analysis5. Manpower Plan

Building the organizaton Design & Manpower Plan according to

the Corporate Strategy

Comprehensive recruitment Process & effective Strategic

Placement

Developing the Performance Culture & talent Classification

People Development & talent Management

Provide appropriate pay & benefits

Increasing Hr engagement & effective Industrial relations

1. assessment Center2. Comprehensive recruitment

process3. Job requirement4. right Man in the right Place

1. Balanced Scorecard2. talent Classification3. PMS Monitoring4. Coaching & Counselling

1. training Need analysis2. Job assignment, rotation &

Movement3. advanced Management School4. talent Management

1. Salary Survey2. Mark to-Market3. overseas4. training/attachment

1. engagement Survey2. Hr survey3. effective Communication4. Culture awareness

I II III Iv v vI

• aligning the corporate strategy with organization Design Planning

• Performing Manpower Plan which matches the organization Design, Job & Manning analysis, and talent Pool

• Performing the comprehensive recruitment process based on the job requirement and the prepared manpower plan to obtain personnels who matches the company’s needs

• Placing the personnels according to their strength to accelerate the transformation

• Monitoring and developing the performance culture and each employee’s potential via annual performance assessment (360 degree) as well as conducting the coaching and counseling

• Grouping the employees into talent classification as part of talent management

• Performing the observation on Hr who has the potential to become the future leader

• Hr development through rotation, mentorship program, talent management, job assignment, and training based in training need analysis

• talent pool development

• Specialization development

• Conducting the salary survey via independent consultant regularly

• Performing the Pay & Benefit benchmark which matches the market

• Implementing the merit system culture, which is connecting the reward system with the performance culture

• Creating a working environment which increases Hr engagement through Hr program regular review & effective communication

• Becoming the employer of choice via:

- reputation as a well managed company

- Image as the agent of development while increasing the role in infrastucture building in indonesia

HR SUPPORT INFRASTRUCTUREthe Company uses the Human Capital Information System (HCIS) as an Hr supporting infrastructure. at present, Pt SMI is in the process of preparing the HCIS development Master Plan in collaboration with the It Division.

STRATEGIC INITIATIVE 2019In order to encourage the implementation of strategic initiatives and the achievement of the Company’s business targets, the Human Capital Division has developed a strategy and roadmap for Hr development. the focus of Hr development is to improve employee competencies, skills and capabilities. In addition, Hr development was also carried out in order to prepare the Company’s transformation process to become lPPI. Following is the Hr development strategy:

EMPLOyEE dEMOGRAPHyIn 2018, the number of employees of the Company reached 286 employees, an increase of 25 employees compared to 261 employees at 2017. the increase of employee number is in accordance withn the needs of the Company to support the acceleration of financing infrastructure development.

In that period, the number of employees who left reached 23 employees with various reasons such as study leave, moving to work in another company, personal reasons. the turnover rate was recorded at 8% and is considered normal.


the following is Hr Development Strategy scheme:

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Employee Number by Business Units Keterangan Unit Usaha 2018 2017

PRIMARy dIREcTORATE - dU 71 72

DH 17 17

DaI 10 10

DSP 21 21

DPKMI 11 10

DSDM 12 14

dIREcTIRATE OF FINANcING & INvESTMENT 45 51

DPI-1 8 9

DPI-2 10 11

DPI-3 10 10

DPD 13 15

uuS 4 6

PROjEcT dEvELOPMENT & cONSULTING SERvIcE dIRETORATE

39 46

DJK 10 8

DPP 14 16

DPB 8 10

DPPK 7 12

OPERATIONAL ANd MONETARy dIREcTORATE 75 79

Daaa 15 17

DKHI 9 9

DtI 12 13

DuP 23 23

DPPMo 16 17

RISK MANAGEMENT dIREcTORATE 31 38

DelSJK 6 9

DMrt 14 17

DePI 9 9

DPPIK 2 3

Total 261 286



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Employee number by Education

Education2016 2017 2018

PriaMale

WanitaFemale

totalPriaMale

WanitaFemale

totalPriaMale

WanitaFemale

Total

High School 8 1 9 8 1 9 8 1 9

3 year diploma 1 9 10 1 9 10 1 9 10

Bachelor 101 63 164 111 69 180 116 74 190

Postgraduate 40 14 54 43 19 62 52 25 77

Total 150 87 237 163 98 261 177 109 286

Employee number by age

Age2016 2017 2018

PriaMale

WanitaFemale

totalPriaMale

WanitaFemale

totalPriaMale

WanitaFemale

Total

18-25 5 4 9 6 5 11 4 7 11

26-35 63 52 115 69 62 131 86 72 158

36-45 55 24 79 60 24 84 55 23 78

46-55 27 7 34 28 7 35 32 7 39

>55 0 0 0

jumlah 150 87 237 163 98 261 177 109 286

Employee number by Organizational level

description 2017 2018

Staf/administrators 17 19

Junior Management 83 90

Middle Management 98 115

Senior Management 45 43

executives & technical advisors 18 19

Total 261 286


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Employee number by Employment status


Permanent 258 286

Contract 3 0

Total 261 286

Employee number by position


Division Head 20 22

team leader 39 43

Staff 202 221

Total 261 286

Employee number by years of service


0 <1 Years 44 81

1 <2 Years 80 87

<2 Years 137 118

Total 261 286

Employee number by gender


Male 163 177

Female 98 109

Total 261 286



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INFORMATION TECHNOLOGY IMPLEMENTATION AND DEVELOPMENT

IMPLEMENTATION OF THE MAIN SySTEM THAT IS ADAPTIVE AND FLExIBLE HAS CONTRIBUTED TOWARDS THE GROWTH OF PT SMI’S INFRASTRUCTURE FINANCING BUSINESS IN 2018. IN LINE WITH THE TRENDS IN THE DEVELOPMENT OF INFORMATION TECHNOLOGy, DIGITALIZATION OF THE BUSINESS PROCESSES AND INFORMATION CONTINUES TO BE ACCELERATED IN ORDER TO FACE THE ERA OF DIGITAL-BASED INFORMATION TECHNOLOGy TRANSFORMATION, TO SUPPORT THE EFFECTIVENESS AND QUALITy OF KEy BUSINESS PROCESSES, AND TO RESPOND TO CHANGES IN THE INCREASINGLy FAST BUSINESS WORLD.


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Highlights

Launched Infralib, a platform used to share knowledge and experience by key development actors & supporters

in Indonesia in order to support acceleration infrastructure.

Modernizing the main system (core) to become more adaptive and integrated, including strengthening the

Loan Origination System, developing new financing scheme features, developing Document Management System, and integration of the payments using virtual accounts.


Mobility supporting application development, including Mobile approval & alerts and mobile inquiry

The IT Transformation Program supports the efficiency of business processes, through the implementation of automation processes (official travel, e-procurement, vehicle reservations, correspondence) that have proven to give the following benefits:1. Shorten the processing time;2. Increasing the efficiency of operational costs;3. Reducing paper use;4. Improve compliance; and5. Minimizing operational risk.

Strengthening the IT Security which includes Antivirus, Email Gateway, Data Loss Prevention (DLP), Firewall, and Privilege Management

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Annual Report 2018

INFORMATION TECHNOLOGy DEVELOPMENT POLICythe Company realizes that in carrying out its role as a catalyst for infrastructure development, it requires the support of reliable, responsive and flexible information technology (It) systems. For this reason, the Company pursues a digital-based It transformation policy to support the key businesses and respond to the ever-changing business world. transformation is done in an integrated way, not only on the system aspects, but also the aspects of procedures, processes, and behavior of the user (human behavior).

In 2018, after almost 3 years of transformation since 2016, technology infrastructure has been able to transform from a legacy information system which is a stand-alone system and has island of information to become a system that adopts best practices that is integrated end-to-end, has a standard platform (common platform), and supports mobility. In this transformation, system development was carried out with a strategy to meet the business need for a faster time-to-market namely how to minimize coding (low code), use standard platform, and ensure integrationbetween applications with standard protocols (application programming interface - aPI). this strategy is also proven to be able to streamline the cost of It infrastructure, and at the same time able to increase reliability system.

During 2018, the Company has implemented some strategic initiatives which are as follows:

1. Modernization of the main system which includes strengthening loan origination system, development of financing scheme feature for new products, development of financing document management, implementation of virtual account payment system, and asset & liability Management development (alM).

2. Implementation of e-Procurement which is a more streamlined and automated business processes for a faster, more efficient, and transparent business process.

3. Development of a data warehouse for internal and external reporting.

Information technology Implementation and Development

4. Development of application to support mobility for faster decision making, includes mobile approval & alerts, and mobility inquiry.

5. Implementation of Indonesia Infrastructure library services, which is the platform used for sharing knowledge and experience by the main players in the acceleration of infrastructure development in Indonesia.

6. Implementation of It Contact Centers and systems monitoring which has increased It service Sla to 99.32%

7. Strengthening It Security functions (including strengthening of antivirus, email gateway, data loss prevention, firewall, and privilege management) which helped the achievement of zero security incident during 2018.

8. System recovery simulation in the event of a disaster (disaster recovery rehabilitation).

as for some that consistently remain as the Company’s policies, including:1. Modernization of the main system to support the

company’s business, including the development / implementation of conventional financing systems, Islamic financing systems, asset and liability management, PSaK 50-55 systems, fixed asset management, and enterprise resource planning (erP) upgrades.

2. automation program by developing digital applications to streamline the business processes in the form of accelerating the processes, efficiency of operational costs, reducing paper use, and minimizing operational risks. the automation program that was carried out includes administration of official travel, notes and dispositions, and e-procurement.

3. Information digitalization to build the data-based and analytical organization capability. the initiatives that have been carried out include: a. Development of a data warehouse for consolidating

data from various sources, including the main system, general ledger, PSaK 50 - 55, internal risk management data and financing document data.

b. automation of data preparation to cater needs for internal and external regulator reporting.


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c. analytical development, which includes among other things sector-based financing distribution, rating, asset quality and operational cost management.

d. Development of dashboards for information management to support corporate strategic decision-makings, which are among other things include information about company’s business performance and information about the debtor.

4. Implementation of Knowledge Management System (KMS) to encourage organizational culture that is always learning.

5. Standardization of interfaces with the application Programming Interface (aPI), allows for lean interconnection between major applications, Gl, and applications (front-end and back-end) to support business operations in an integrated manner.

6. Implementation of applications for approval and alerts, enabling the process of inspection and approval of management to be carried out faster through mobile devices.

7. transformation of increasing It capabilities which includes:• adoption of system development by minimizing

coding (low-code), enabling system development 30% - 40% faster;

• strengthening of It security functions;• strengthening the quality assurance function to

minimize system errors (defects); and• capacity building for Data Centers and Disaster

recovery Centers.


ACHIEVEMENT OF INFORMATION TECHNOLOGy PERFORMANCEthe It transformation Program implemented by the Company has had a positive impact, especially in supporting the efficiency of business processes. the implementation of three automation processes (official travel, vehicle reservations, correspondence and dispositions) has proven to provide the following benefits:1. Shorten the processing time by around 25% to 40%;2. Increasing the efficiency of operational costs;3. reducing paper use;4. Improve compliance; and5. Minimizing operational risk.

In 2018, Pt SMI has implemented Mobile approval & Notification which among others is used for the approval of SPPD & FPPD, Human Capital Information System, eProcurement, and arium notification. additionally, the Company has also implemented a Knowledge Management System (KMS) - Infralib which is a platform used to share knowledge and experience by key development actors & supporters in Indonesia in order to support the acceleration of development.

to strengthen the Company’s technological and operational infrastructure, Pt SMI has also invested in It. In addition, the Company also developed several applications that support the Company’s business initiatives. the 2 (two) largest investment costs are allocated to the Network & Security appliance and temenos projects.

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Annual Report 2018


to support the improvement of It Hr, throughout 2018 Pt SMI has also organized education and training for It Hr both internally and externally (formal and informal). the education and training provided focuses on developing skills that support the Company’s business activities.

IT 2018 STRATEGIC INITIATIVESthe Company has a strategic It initiative with “shape agility for best run business” as the theme, which means conducting development of, among other things, the corporate services development.

From that vision and mission, a strategic initiative for capacity building and knowledge management had emerged which gave birth to Infralib as a catalyst to achieve the vision and mission. Infralib is a platform used to share knowledge and experience by key development actors & supporters in Indonesia in order to support the acceleration of development including through:

1. Developing the information / knowledge sharing communities (community practices),

2. enrichment of knowledge and data for new sectors,3. Development of a mechanism for project socio-

economic impact analysis as well4. expanding the access for ministries / agencies /

regional governments & other parties related to the project.

IT STRATEGIC INITIATIVES 2019 In 2019, the Company is determined to continue optimizing the role of information technology to support the Company’s operations and business. Initiativethe main in 2019 include:

1. Preparation of It Master Plan 2019 - 20232. Development of core systems to support the main

business of the company3. Development of infrastructure library services to

support the Company’s role as ecosystem enabler4. Development of mobility for a more agile business

processes5. Implementation of PSaK 716. System development for project management and

advisory

the Company continues to develop internal Information technology capabilities, namely by conducting trainingcontinuously and develop the best talents in the field of Information technology.


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PT SMI CONTINUOUSLy MAINTAINS AND ENHANCES ITS GCG IMPLEMENTATION IN ACCORDANCE WITH THE PREVAILING REGULATIONS. THE COMPANy REGULARLy REFINES ITS INTERNAL RULES IN ORDER TO FULFILLING AND ADjUSTING WITH ALL THE LATEST REGULATORIES ENACTMENT, IMPROVING RISK MANAGEMENT QUALITy AS WELL AS FOCUSING AND IMPLEMENTING THE AREA OF IMPROVEMENTS DERIVED FROM THE GCG ASSESSMENT RESULT FROM INDEPENDENT APPRAISERS AND INCREASE THE GCG ASSESSMENT SCORE FROM 2017 By 90.10 (“VERy GOOD”) TO 96.12 IN 2018 (“VERy GOOD”).

Corporate Governance

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CORPORATE SOCIAL RESPONSIBILITY 2018 CONSOLIDATED FINANCIAL STATEmENTS


GOOD CORPORATE GOVERNANCE


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The refinement of corporate guidelines, including Board Manual, GCG Manual, Code of Conduct, CSR Guideline, Internal Audit Charter, and other operational guidelines.

Highlights

The reenactment of Compliance Statement or Employee Integrity Pact as

mandated in the Code of Conduct.

The Implementation of Risk Appetite Statement (RAS) aimed to guide the Company in maintaining the balance between its roles as the catalyst and business continuity in order to perform the Company’s mandate.

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The development of corporate risk profile framework for comprehensive risk management through so that the Company can make

early detection of problems or activities that have significant impacts so that it can immediately take preventive, remedial, risk management measures effectively and efficiently.

Highlights

The Early Warning System implementation in the financing activities.

Socialization on grafts prevention by inviting speakers from the Corruption Eradication Committee and the creation of infographics titled “Ayo Tolak Gratifikasi” (Say No to Gratification).

Implementation of eQuiz GCG to indicate the Company’s employees and management understanding on the GCG Manual, Code of Conduct, and Grafts Control Guideline. The result of eQuiz stated that around 98% of employees have an excellent understanding on these guidelines.

KORUPSI


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GCG IMPLEMENTATION REFERENCESthe Company’s GCG practice is in compliance with the following regulatories:

1. law No. 19 of 2003 on State-owned enterprises (Soe).

2. law No. 40 of 2007 regarding limited liability Companies.

3. regulation of Minister of Finance No. 100/PMK.010/2009 on Infreastructure Financing Company.

4. Minister of Finance regulation No.88/PMK.06/2015 concerning Implementation of Good Corporate Governance in a Company (Persero) under the guidance and supervision of the Minister of Finance.

5. Secretary of the Minister of Soes Decision No. SK-16/S. MBu/2012 dated 6 June 2012 regarding indicators/parameters of assessment and evaluation of the Implementation of GCG in State-owned enterprises.

PURPOSE AND COMMITMENTto ensure the achievement of global sustainability development objectives within the concept of Sustainable Development Goals (SDGs) referred by global development in the world, Pt SMI is committed to continuously maintain the trust of all stakeholders, in particular the Shareholders and Financiers/ Investors as well as project owners. this serves as core capital for the Company’s business continuity and accomplishment in carrying out its roles and responsibilities. as such, the Company is fully committed to implement GCG best practices by enacting GCG basic principles in every aspect of its operations.

the target and purpose of GCG best practices across SMI’s operations are as follows: 1. optimizing the value of the Company.2. Decision making is based on high moral values.3. Compliance with applicable laws and regulations.4. the Company’s management to be more professional,

transparent and efficient.5. Improve the image and competitiveness of the

Company.6. encouraging the development of the Company’s

resources.7. Improve business risk management of the Company.8. encouraging the corporate social responsibility and

awareness9. Developing the attitudes and behaviors towards a

better Corporate Culture.

GCG IMPLEMENTATION IN 2018to ensure the achievement of the above targets and objectives, Pt SMI continuously implements regular review on every organization management governance and carries out various improvement programs on GCG practices. the Company realizes these enhancement during 2018, as follows:

• the refinement and adjustment of corporate guidelines, including the Board Manual, GCG Manual, Code of Conduct, CSr Guideline, Internal audit Charter, and other operational guidelines.

• the implementation of risk appetite Statement (raS) aimed to guide the Company in maintaining the balance between its roles as the catalyst and business continuity in order to perform the Company’s mandate.

• the implementation of corporate risk profile

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from the Corruption eradication Committeeand the creation of infographics titled “ayo tolak Gratifikasi” (Say No to Gratification).

• the implementation of e-Quiz GCG to indicate the Company’s employees understanding on the GCG Manual, Code of Conduct, and Grafts Control Guideline. the result of eQuiz stated that around 98% of employees have an excellent understanding on these guidelines.

framework for comprehensive risk management through benchmarking towards the Development Financial Institution (DFI), Banking, and financing company with business characteristics in line with Pt SMI, including other resources that can foster the Company’s business characteristics.

• the early Warning System implementation in the financing activities.

• the reenactment of Compliance Statement or employee Integrity Pact as mandated in the Code of Conduct.

• the grafts prevention socialization by inviting speakers

PT SMI’s GcG Strategy & Focus in 2018

PT SMI’s GcG strategy and focus in 2018 evolves around maintaining and improving the quality among others, by improving guideline tools for organization and operations, improving the quality of risk management by implementing Risk Appetite Statement and Risk Profile, enhancing the understanding of company Personnel to GcG, including increasing the value or GcG assessment score from 2017 by 90.10 (“very Good” ) to 96.12 (“very Good”) in 2018 “


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GCG ROADMAPthe Company has established GCG roadmap and its achievement for 2018, which is a continuation of GCG roadmap implementation that has been constructed since the establishment of the Company in 2009.

the GCG roadmap and its achievements from 2009 to 2018 are as follows:

year GcG Roadmap Achievements

2009-2010 • the establishment of GCG infrastructure covering Committees under the Board of Commissioners, namely the audit Committee and Committees under the Board of Directors, namely Credit &Investment Committee.

• GCG policies stipulation, among others the Company’s articles of association, GCG Code, Board Manual, audit Committee Charter, Internal audit Charter, and risk Management Manual.

• GCG Self assessment implementation.

2011-2012 • Stipulation on Code of Conduct.• GCG assessment for fiscal year 2010 by Independent assessor BPKP.

2013-2014 • the appointment of Independent Commissioner.• the establishment of Project Development & advisory Directorate and its Divisions

complemented with principal duties and functions description.• the establishment of Committees under the Board of Directors, namely risk & Capital

Committee with Sub Committees, namely risk Management Sub Committee, assets & liabilities Sub Committee and target & Monitoring Sub Committee, Project Development & advisory Committee, and Information System technology Committee.

• the appointment of Whistle Blowing System (“WBS”) officers.• GCG policies stipulation, among others Policy Development Manual, Whistleblowing System

Manual, oversight Guideline of the Board of Commissioners to the Board of Directors for the implementation of Good Corporate Governance.

• WBS application formulation.• Financing agreement standardization.

2015 • expansion of social infrastructure financing objects and establishment of regional and other Government agencies Financing Division.

• GCG policies stipulation, among others environmental & Social Management System (eSMS) Project Guideline, Corporate environmental & Social Management System (eSMS) Guideline, Communication, Socialization and Information Disclosures Manual.

• GCG assessment for fiscal year 2014 by Independent assessor BPKP.• the establishment of legal Compliance Management System.

2016 • the appointment of Sharia Supervisory Board.• the establishment of Committee under the Board of Commissioners, namely risk Monitoring

Committee.• the establishment of risk Management Directorate and its Division including principal duties &

functions.• the establishment of Committee under the Board of Directors, namely equity investment

Committee.• the establishment of environmental Social Safeguard & Business Continuity Management

Division.• the establishment of risk unit & Compliance Manager.• GCG policies stipulation, among others risk Monitoring Committee Charter, risk Management

Policy, risk Compliance Manager unit, Consumers Protection Guideline, Multilateral environmental & Social Management System (eSMS) Guideline, Gratification Control Guideline, Guideline and Procedures of anti Money laundering and Counter terrorism Financing Program.

• regional Financing agreement Standardization.• the development and publication of Gratification Book.


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year GcG Roadmap Achievements

2017 • the establishment of Financing Management & Special Investment Division including principal duties and functions.

• the establishment of Sustainable Financing Committee.• the separation of target & Monitoring Sub Committee into 2 (two), namely target Sub

Committee and Monitoring Sub Committee.• GCG policies stipulation, among others Guideline for the Impacted Community & observer

Group Claims Management Procedures, Multilateral environmental & Social Management System (eSMS) Guideline, Work & Budget Plan and Corporate Plan Development Guideline, Funding acquisition Procedures, the Board of Commissioners oversight Function Manual for Certain Financing, establishment of State treasury report within the Company, employees Placements Manual in the Joint Venture and/or Subsidiary, Non-employees Placements Manual in the Joint Venture and/or Subsidiary.

• risk Compliance Manager unit Implementation.• GCG assessment for fiscal year 2016 by the Independent assessor, MuC Consulting.• Stakeholders Perception evaluation by Burson-Marsteller Consultant.• Pre-assessment of quality management process ISo 9001:2009.• Procurement Process Gap analysis.• risk Management Gap analysis by Consultant, eY.• the development of Sustainability report Fiscal Year 2017• acceptance of the 3rd place prize in the listed BuMN category in the 2016 annual report

award.

2018 • refinement of Board Manual, GCG Manual, Code of Conduct, CSr Guideline, and Internal audit Chapter.

• Won the “Bronze rank” award at the asia Sustainability reporting rating 2018.• reenactment of Compliance Statement or employee Integrity Pact.• the Implementation risk appetite Statement and Company risk Profile.Pelaksanaan GCG

Assessment tahun Buku 2017 oleh Penilai Independen MuC Consulting dengan skor final 90,10 (“Sangat Baik”) dimana meningkat dibandingkan dengan skor pada GCG Assessment 2016.

• early Warning System implementation for financing activities..• Socialization of graft prevention by inviting speakers from the Corruption eradication

Committee. • Implementation of eQuiz GCG to indicate the Company’s employees on the GCG

Manual, Code of Conduct, and Graft Control Manual, with almost 98% has an excellent understanding on all the guidelines.

• the establishment of Pt SMI’s ert (emergency response team) and Pt SMI’s Disaster recovery Center System, related to prevention, mitigation and recovery measures for risks caused by disasters such as fire, earthquake, flood, tsunami, etc.

• Improved operational risk Management with General operating and Control environment (GoCeQ).

• adjustment of the Directors Committee.• Determination and Improvement of operational Policies to support governance, especially for

the activities of the Company’s main business pillars.

GCG KEy PLANS IN 2019• refinement of corporate guidelines in order to

conform with the Company’s condition, in particular for the achievement of SDGs targets by the Company.

• Improvement of GCG assessment results


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GCG PRINCIPLES AND POLICIESPt SMI adheres to implement the five (5) basic principles of GCG in every business activities, which are continuously socialized to all employees. they are as follows:

1. transparency the Company discloses material and relevant information, which may affect the shareholders and investors decision in a transparent manner. the main rule of thumb of this material information is accountable, easy to access as well as understood by shareholders, stakeholders and public.

2. accountability Clarity of duties, function, rights, obligations, authority and responsibility of the Company’s organs namely the General Meeting of Shareholders, the Board of Commissioners and Board of Directors.

3. responsibility the Company complies with laws and regulations in carrying out the operational activities and are responsible on every action taken in the operational activities.

4. Independence the Company shall avoid any domination and interference by any parties, not influenced by certain interest and is free from conflict of interests from all pressures and influence.

5. Fairness and equality

the Company grants the same opportunity to the Stakeholders to provide inputs and obtains information in accordance with benefit and contributions given to the Company. the Company also gives equal opportunity to all employees in terms of recruitment, career path and working performance in professional manner.

the implementation of five (5) GCG basic principles within the Company’s environment is supported by the following GCG relevant policies:

1. Company’s articles of association

the articles of association (aoa) is in accordance with law No. 40 Year 2007 on limited liabilities Company.

2. GCG Code Based on the aforementioned background, purposes and objectives, the Company develops the GCG Manual that provides direction in the management of the Company. Periodical review is conducted for the GCG Manual and the latest revision was issued on 23 Februari 2018 through the Joint Decree of the Board of Commissioners and Board of Directors No. Per-01/SMI/DK/0218 No. PD-002/SMI/0218.


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3. Work Guidelines of Board of Commissioners, Sharia Supervisory Board, and Directors (Manual Board)

the Board Manual is one of GCG instrument elaborating the GCG Manual, which refers to the aoa of the Company. the Board Manual consists of agreement between the Board of Directors and Board of Commissioners with the following purposes:a. Describing the work relationship between the Board of Commissioners, Sharia

Supervisory Board and Board of Directors in carrying out their duties hence the Company management is established in a transparent, efficient and professional manner;

b. Being the reference of main duties and main function of each Company’s organc. enhancing the quality and effectiveness working of cross-function working

relationshipd. Implementing the GCG principles.

the Board Manual was enacted in 2009 and further revised on 15 December 2015 through Joint Decree of the Board of Commissioners and Board of Directors No. PB-01/SMI/DK/1215 and PD-13/SMI/1215. this revision has accommodated the latest provisions as an effort to comply with prevailing regulations.

4. Code of Conduct as part of GCG Principles implementation, the Company needs to further define the Code of Conduct in accordance with GCG in a form of Guideline. the latest Code of Conduct was approved on 23 February 2018 through Joint regulation of the Board of Commissioners and Board of Directors No. Per-02/SMI/DK/0218 and No. PD-003/SMI/0218. the Code of Conduct is periodically reviewed to achieve the best working standard for the Company. the Code of Conduct stipulates the interaction between the Company’s elements (the Company’s Board of Commissioners, Board of Directors and employees) with the Stakeholders.

5. Whistle Blowing System Guideline

to ensure the achievement of GCG implementation, the Company established the Violation reporting System (SPP). SPP implementation is one of early detections method on any violation in the Company and is expected to encourage more transparent and accountable corporate culture hence able to improve the Company’s performance and protect the stakeholders. the SPP Policy is outlined in the Whistle Blowing Guideline, which was approved by the Board of Commissioners and Board of Directors as stipulated in Memo No. M-16/ SMI/Du/DaI/0414 dated 25 april 2014.

6. Gratuity Control Guideline

to achieve a transparent and accountable business activities, the Company stipulates the mechanism on graft involving the Company’s elements. this arrangement is made in order that each of the Company’s employees has a common understanding of matters related to graft so as to uphold and apply integrity in practice so that the Company’s business activities are free of Corruption, Collusion and Nepotism (KKN). the gratuity guideline is set forth under the Gratuity Control Guideline stated in the Board of Directors Decree No. PD-3/SMI/0316 dated 14 March 2016.

7. Consumer Protection Guideline

In order to provide best services to consumer in line with Financial Services regulation No.1/PoJK.07/2013 on Consumer Protection in Financial Services Sector, the Company issued the Consumer Protection Guideline as a normative policy in providing the best services as well as creates a reliable consumer protection system. Provisions of consumer protection are available in the Consumer Protection Guideline approved by Board of Directors Decree No. PD-6/SMI/0416 dated 1 april 2016.



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GCG MANUAL AND STRUCTUREthe Company has in place the GCG Manual, which is regularly reviewed with the last revision on 23 February through the Joint Decree of the Board of Commissioners and Board of Directors No. Per-01/SMI/DK/0218 and No. PD-002/SMI/0218.

the GCG Manual is applied as reference in implementing the Company’s business activities. this is done by the main organ and supporting elements as the GCG Structure, as follows:1. Shareholders;2. Board of Commissioners;3. Sharia Supervisory Board4. Board of Directors;5. organ and/or function under the Board of Commissioners, namely Secretary of the Board of

Commissioners, audit Committee, and risk Monitoring Committee.6. Committees under the Board of Directors;7. Corporate Secretary;8. Internal audit; and9. employees and stakeholders among others the Government, Investors, Project owners, external

auditor, and so forth.


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GCG STRUCTURE

Stakeholders

Investors

External Auditors

Multilateral Financial Institutions and Other Financial Institutions

Regulator

Others

Central Government & Local Governments

Project Owners

Minister of Finance in the Company Shareholder

Board of Directors

Risk Monitoring CommitteeAudit CommitteeSecretary of Board of

Commissioners

Committees of The Board of Directors

Corporate Secretary Audit Internal

Company Employees

GCG Principles

Transparancy, Accountability, Responsibility, Independency, Fairness

Corporate ValuesIntegrity, Service Excellence, Partnership, Resilience, Innovation, Trust (I-SPRINT)

GCG Infrastructure

Risk Management

Internal Control

Compliance

Vision & Mission

Syariah Supervisory BoardBoard of Commissioners

• Whistleblowing System officer• Consumer Protection officer• anti-Money laundering and

terrorism Funding officers officials

• ethics officer• Gratification Control unit


THE COMPLETE GCG STRUCTURES IS AS FOLLOWS:


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GENERAL MEETING OF SHAREHOLDERS (GMS)the GMS is a main forum for the Shareholders to establish key decisions for the Company and/or for decision making on matters whose authority is not delegated to the Board of Directors or Board of Commissioners.

Pursuant to the articles of association, there are two (2) types of GMS, the annual GMS, held once per year; and the extraordinary GMS, held at any time, as needed. the GMS is organized by the Board of Directors and may be based on request of the Board of Commissioners. the GMS is convened at least 2 times annually, or as necessary by agreement.

GMS Rights and AuthoritiesGMS authorities are including among others:1. to appoint and dismiss members of the Board of Commissioners and Board of Directors.2. to evaluate the performance of the Board of Commissioners and Board of Directors.3. to approve amendments of the articles of association.4. to set the allocations of profit.5. to appoint a public accountant and determine the form and the amount of remuneration for the

Board of Commissioners and Board of Directors.

Issuance of Publication on GMS Informationthe Company does not undertake publication of information regarding the GMS to the public, as the Company is not a Public Company.

GMS IMPLEMENTATION IN 2018In 2018, the Company convened 2 (two) annual GMS, and 6 (six) extraordinary GMS. the details of these Meetings, are as follows:

ANNUAL GMS ON ANNUAL REPORT OF FIScAL yEAR 2017

venue & date5 June 2018, (in the Directors Meeting room State treasury General), Syafrudin Prawiranegara Building 10th Floor, Jalan lapangan Banteng timur No 2-4, Central Jakarta.

Follow Up & Realizationthe GMS results have all been realized and followed up.

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General Meeting of Shareholders (GMS)

ANNUAL GMS ON ANNUAL REPORT OF FIScAL yEAR 2017

Agenda 1

approval on the 2017 Company annual report which consisted of:a. the ratification of Financial Statements of the Company for Fiscal Year 2017.b. the grant of full release and discharge (acquit et de charge) to all members of the Board of Commissioners and

Board of Directors of the Company regarding the supervisory and management duties in fiscal year 2017.

Resolutionapproved the 2017 Company annual report which consisted of:a. ratification of the Financial Statements of the Company for Fiscal Year 2017.b. Granted of full release and discharge (acquit et de charge) to all members of the Board of Commissioners and Board

of Directors of the Company regarding the supervisory and management duties in fiscal year 2017.

Agenda 2

approval of the use of the Net Profit of the Company for the financial year 2017.

Resolutionapproved the use of the Company’s profit of fiscal year 2017 to be allocated as:•Generalreserveat28.5%fromtheCompany’snetprofitwithroundedvalueatRp360,000,000,000;•Dividendat21.5%fromtheCompany’snetprofitwithroundedvalueatRp271,000,000,000;and•Theremainingasretainedearnings.

the dividend payout shall be done in accordance with the Minister of Finance regulation No. 5/PMK.02/2013 regarding the Procedures for Non-tax State revenues from Dividend.

Agenda 3

Payment of tantiem for the Board of Commissioners and Board of Directors of the Company based on 2017 Fiscal Year performance as well as the determination of remuneration for the Board of Commissioners and Board of Directors for Fiscal Year 2018.

ResolutionPayment of tantiem for the Board of Commissioners and Board of Directors of the Company based on 2017 Fiscal Year performance as well as the determination of remuneration for the Board of Commissioners and Board of Directors for Fiscal Year 2018 shall be separately stipulated through the circular Shareholders resolution.

ANNUAL GMS ON WORK ANd BUdGET PLAN 2019

venue & date17 December 2018, in the Directors Meeting room State treasury General, Syafrudin Prawiranegara Building 10th Floor, Jalan lapangan Banteng timur No 2-4, Central Jakarta.


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ANNUAL GMS ON WORK ANd BUdGET PLAN 2019

Follow Up & Realization the GMS results have all been realized and followed up.

Agenda 1

Discussion and approval/ ratification of the Company Work and Budget Plan 2019 as well as the Discussion and approval/ ratification of Performance Contract of the Board of Directors and the Board of Commissioners Year 2019.

Resolutionapproved and ratified the Company Work and Budget Plan 2019 as well as approved and ratified the Performance Contract of the Board of Directors and the Board of Commissioners Year 2019.

EXTRAORdINARy GMS 1

the addition of equity Investment and the amendment of the articles of association

date & Timethe Company convened the extraordinary GMS (eGMS) under the Decree of Finance Ministry of rI (Minister Decree) No. 369/KMK.06/2018 dated 3 May 2018 on the equity Investment addition of republic of Indonesia into the Shares Capital and the amendment of the articles of association of Pt Sarana Multi Infrastruktur (Persero). the convention of Minister Decree as the GMS resolution has met the Company’s articles of associaton rules and has been made into Shareholder resolution Statement Deed in the Deed No. 29 dated 17 May 2018 by Irma Devita Purnamasari, S.H., Mkn., Notary in Jakarta.



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EXTRAORdINARy GMS 1

Resolutions

1. approved the equity investment of the republic of Indonesia into the Company’s share capital amounted to rp2,000,000,000,000 with cash paid up according to the Government regulation No. 58 of 2017 on the equity investment of republic of Indonesia into the Company’s Share Capital.

2. approved the expenditure/ placements in shares (portepel) amounted to 2,000,000 shares, each with nominal value of rp1,000,000, subsequently amounted to rp2,000,000,000,000 which in total is taken by the Government of republic of Indonesia.

3. approved the amendment of the article 4 paragraph (2) of the Company’s articles of association as stated in the enclosure that included in the Minister Decree.

4. approved the amendment of the article 4 paragraph (3) of the Company’s articles of association as stated in the enclosure that included in the Minister Decree.

5. Granted the authority with substitution rights to the Company’s Board of Directors to state all resolutions in the Minister Decree in auntheticity before the authorized notary.

6. the Company’s Board of Directors reports the implementation results of the Minister Decree to the Minister of Finance as the Company’s General Meeting of Shareholders.

7. this Minister Decree is valid on the date of stipulation.

EXTRAORdINARy GMS 2

the Changes of Members of the Board of Commissioners

date & TimeCompany convened the extraordinary GMS (eGMS) under the Decree of Finance Ministry of rI (Minister Decree) No. 436/KMK.06/2018 dated 5 June 2018 on the termination and the appointment of Members of the Board of Commissioners of the Company. the convention of Minister Decree has met the Company’s articles of associaton rules and has been made into Shareholder resolution Statement Deed in the Deed No. 21 dated 22 June 2018 by Irma Devita Purnamasari, S.H., Mkn., Notary in Jakarta.

Follow Up & RealizationKeseluruhan keputusan hasil ruPS telah sepenuhnya direalisasikan dan ditindaklanjuti.

Resolutions

1. Honourably dismissed Mr. langgeng Subur as Commissioner of the Company appointed based on the Ministry of Finance Decree No. 360/KMK.06/2016 dated 16 May 2016 with appreciation on all contribution and insight during his tenure.

2. appointed Mrs. Dini Kusumawati as Commissioner of the Company.3. Stipulated the tenure of members of the Board of Commissioners effective as of the stipulation of this Minister

Decree until the completion of tenure in accordance with the Finance Minister Decree No. 360/KMK.06/2016 dated 16 May 2016 and the Company’s articles of association.


5. the Minister Decree is effective as of the set date.



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EXTRAORdINARy GMS 2

and with regards to the Minister Decree, the composition of members of the Board of Commissioners of the Company is as follows:

President Commissioner serves also as Independent Commissioner: • Mahendra Siregar

Commissioner:• Wahyu utomo• Kunta Wibawa Dasa Nugraha• Dini Kusumawati

Independent Commissioner • Sukatmo Padmosukarso

EXTRAORdINARy GMS 3

the Changes of Members of the Board of Directors

date & TimeMembers of the Board of Commissioners of the Company convened the extraordinary GMS (eGMS) under the Decree of Finance Ministry of rI (Minister Decree) No. 480/KMK.06/2018 dated 9 July 2018 on the termination and the appointment of Members of the Board of Directors of the Company. the convention of Minister Decree has met the Company’s articles of associaton rules and has been made into Shareholder resolution Statement Deed in the Deed No. 30 dated 19 July 2018 by Irma Devita Purnamasari, S.H., Mkn., Notary in Jakarta.


Resolutions

1. Honourably dismissed Mr. agresius r. Kadiaman as Director of the Company with appreciation on all contribution and insights during his tenure.

2. appointed Mr. Faaris Pranawa as Director of the Company with 5 (five) years tenure, effective as of the stipulation of the Minister Decree.



With regards to the Minister Decree, the composition of members of the Company’s Board of Directors is as follows:

President Director:• emma Sri Martini

Directors:• edwin Syahruzad• Darwin trisna Djajawinata• M. Ghozie Indra Dalel• Faaris Pranawa


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EXTRAORdINARy GMS 4

the appointment of Public accountant Firm to audit the Financial Statements for Fiscal Year 2018

date & Timethe Company convened the extraordinary GMS (eGMS) under the Circular Decree of Minister of Finance regarding the appointment of Public accountant Firm to audit the 2018 Financial Statements No: KMK-177/KM.6/2018 dated 27 august 2018. the Circular Decree has complied with the Company’s articles of association.


Resolutions

1. appointed Public accountant Firm amir abadi Jusuf, aryanto, Mawar & rekan as Public accountant that will audit the Financial Statements Year 2018.

2. approved to grant attorney and authority to every member of the Board of Directors of the Company (for and on behalf of the Company) with substitution rights to carry out every and all acts, and to sign and submit every and all documents required to implement every and all Decisions, including to come before the notary, and to submit as well as register every and all documents to the authorities, and in general to carry out every and all necessary matters to process and finalize the appointment of Public accountant Firm.

3. this attorney shall be implemented according to the prevailing laws and regulations.4. the Company shall implement the implementation of this resolution to the Minister of Finance as the Company’s

Shareholders.

EXTRAORdINARy GMS 5

the appointment of the Company’s Sharia Supervisory Board

date & Timethe Company convened the extraordinary GMS (eGMS) under the Circular Decree of Minister of Finance regarding the appointment of the Company’s Sharia Supervisory Board No: 667/KM.06/2018 dated 5 october 2018. the Circular Decree has complied with the Company’s articles of association and has been stated in the Statement of Shareholders Decree No. 04 dated 26 october 2018 by Irma Devita Purnamasari, S.H., M.Kn., Notary in Jakarta.




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EXTRAORdINARy GMS 5

Resolutions

1. appointed the following members as the Company’s Sharia Supervisory Board: a. Mr. adiwarman azwar Karim as Chairman of the Sharia Supervisory Board;b. Mrs. Munifah Syanwani as Member of the Sharia Sharia Supervisory Board.

2. Stipulated the tenure of members of the Sharia Supervisory Board effective as of the stipulation of Minister Decree up to the closing of the annual GMS on the accountability of Financial Statements Fiscal Year 2019.


4. the Company’s Board of Directors to report the Minister Decree implementation to the Finance Minister as the Company’s GMS


and with regards to the Minister Decree, the composition of members of the Company’s Sharia Supervisory Board is as follows:

Chairman of Sharia Supervisory Board:• adiwarman azwar Karim

Member of Sharia Supervisory Board:• Munifah Syanwani

EXTRAORdINARy GMS 6

Discussion and approval/ ratification of the Company’s Corporate Plan 2019-2023

Follow Up & Realization17 December 2018, in the Directors Meeting room, State treasury General, Syafrudin Prawiranegara Building 10th Floor, Jalan lapangan Banteng timur No 2-4, Central Jakarta.


Resolutions

approved and ratified the Company’s Corporate Plan 2019-2023.


Annual Report 2018




SUMMARy OF GMS REALIZATION IN 2017In 2017, the Company convened eight (6) GMS implemented under the annual GMS and extraordinary GMS and all decisions have been fully realized with the following summary:

Annual GMS 2017

GMS dated 18 May 2017 on the Annual Report of Fiscal year 2016Realization the GMS results have all been realized and followed up.the Minutes of GMS was made by Irma Devita Purnamasari, SH, MK, Notary in North Jakarta, in the Deed No. 37 dated 18 May 2017.

Resolutions3. approved the Company’s annual report for Fiscal Year 2016 which included:

a. ratification of the Company’s Financial Statements for Fiscal Year 2016.b. Granted a full release and discharge (acquit et de charge) to all members of the Board of Commissioners and

the Board of Directors for their actions of supervision and management during fiscal year 2016 in so far as such actions were not violate law and were reflected in the annual report and financial statements of the Company.

2. taking into account the proposal of the use of profits and feedback from the Board of Commissioners, the GMS approved the use of profits to be allocated as a general reserve at 30%, dividend at 20% and retained earnings at 50% of 2016 net profit. the dividend payout shall be done in accordance with the Minister of Finance regulation No. 5/PMK.02/2013 regarding the Procedures for Non-tax State revenues from Dividend.

3. Payment of tantiem for the Board of Commissioners and Board of Directors of the Company based on 2016 Fiscal Year performance as well as the determination of remuneration for the Board of Commissioners and Board of Directors for Fiscal Year 2017 shall be separately stipulated through the circular Shareholders resolution.



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GMS dated 29 december 2017 on the Work and Budget Plan 2018

Realization the GMS results have all been realized and followed up. the Minutes of GMS was made by Irma Devita Purnamasari, SH, MK, Notary in North Jakarta, in the Deed No. 22 dated 29 December 2017.

Resolutions1. a. approved and ratified the Work and Budget Plan 2018, excluding the office space expansion and establishment

of new Directorate in the Company’s organization structure; b. approved and ratified the Performance Contract of the Company’s Board of Directors Year 2018; and c. approved and ratified the Performance Contract of the Company’s Board of Commissioners Year 2018 with the

note regarding refinement and improvement within the period of maximum 1 month for further signatories.

2. approved the delegation of authority from the Shareholder to the Board of Commissioners for the selection of a public accounting firm to audit the Company’s financial statements for financial year 2018.

Extraordinary GMS 2017

Extraordinary GMS dated 30 March 2017 on the Equity investment and Article of Association Amendment

the extraordinary GMS under the Decree of Ministry of Finance of republic Indonesia (Minister Decree) No. 311/KMK.06/2017 dated 30 March 2017 on State equity Investment of republic of Indonesia into Share Capital and amendment of the articles of association

Realization the GMS results have all been realized and followed up. the Minister Decree as GMS which have been stipulated under the Deed of Statement of Shareholders resolution in the Deed No. 44 dated 27 april 2017 made before Irma Devita Purnamasari, SH, MK, Notary in Jakarta.

Resolutions1. approved the additional equity investment of the republic of Indonesia into the share capital of the Company

amounting to rp4,160,000,000,000, with cash deposit in accordance with Government regulation No. 80 of 2016 on additional Government Capital Deposit to the Company’s Share Capital.

2. approved the share placement of 4,160,000 shares within portepel with each nominal value of rp1,000,000 hence in total amount of rp4,160,000,000,000, all held by the republic of Indonesia.

3. approved the additional rules on the assignment of the Company’s representative to become Members’ Candidate of the Board of Directors and the Board of Commissioners in the Joint Venture and/or Subsidiary under Controlling entity.

4. approved the amendment of the Company’s articles of association as stated in the enclosure that included in the Minister Decree.



Annual Report 2018




Extraordinary GMS dated 18 August 2017 on the changes of Members of the Board of commissioners

the extraordinary GMS under the Decree of Ministry of Finance of republic Indonesia (Minister Decree) No. 625/KMK.06/2017 dated 18 august 2017 on the termination and appointment of Members of the Company’s Board of Commissioners.

Realization the GMS results have all been realized and followed up.the Minister Decree has been stipulated under the Deed of Statement of Shareholders resolution No. 19 dated 8 September 2017 made before Irma Devita Purnamasari, SH, MK, Notary in Jakarta.Resolutions1. Honourably dismissed Mr. eko Putro adijayanto as President Commissioner and Independent Commissioner of

the Company appointed based on the Ministry of Finance Decree No. 360/KMK.06/206 dated 16 May 2016 with appreciation on all contribution and insight during his tenure.

2. appointed Mr. Mahendra Siregar as President Commissioner serves Independent Commissioner of the Company.3. Stipulated the tenure of members of the Board of Commissioners effective as of the stipulation of this Minister

Decree until the completion of tenure in accordance with the Finance Minister Decree No. 360/KMK.06/2016 dated 16 May 2016 and the Company’s articles of association.

4. the Minister Decree is effective as of the set date. With regards to the Minister Decree, the composition of members of the Board of Commissioners of the Company is as follows:

President Commissioner serves also as Independent Commissioner • Mahendra Siregar

Commissioners:• langgeng Subur• Kunta Wibawa Dasa Nugraha• Dr. Ir. Wahyu utomo

Independent Commissioner • Sukatmo Padmosukarso

the appointment of members of the Board of Commissioners is became effective as of the set date of Finance Minister of republic of Indonesia Decree with the terms following the remaining terms of the supervision of each members of the Board of Commissioners as stated in the Finance Minister Decree No. 360/KMK.06/2016 or effective as of 16 May 2016 to 08 July 2019.



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Extraordinary GMS on October 16, 2017 concerning the determination of the Public Accountant Office for the 2017 Financial year

extraordinary GMS through Circular Decision of the Minister of Finance regarding the Determination of Public accountant office to Conduct examination of Financial Statements for 2017 Number: KMK-735/KM.6/2017 dated october 16, 2017.Realizationthe entire decision of the results of the GMS has been fully realized and followed up.Resolution1. Determine a Public accountant office (KaP) Doli, Bambang, Sulistyanto, Dadang, & ali (BKr International) as Public

accountants who will conduct audits of the 2017 Financial Statements.2. approve to give power and authority to each member of the Board of Directors of the Company (for and on behalf

of the Company) with the right of substitution to carry out every and all actions, and sign and deliver every and all documents required to carry out each and all of these Decrees, including facing a notary, and to deliver and register each and all documents to the authorized parties, and in general to carry out any and all matters necessary for the process and completion of the determination of the Public accounting Firm.

Extraordinary GMS dated 29 december 2017 on the Amendment of corporate Plan 2014-2018

Realizationthe GMS results have all been realized and followed up.the Minutes of eGMS No. 21 dated 29 December 2017 made before Irma Devita Purnamasari, SH, MK, Notary in Jakarta.

Resolutionsapproved and ratified the Corporate Plan 2014-2018 – its amendment by taking into account the opinions discussed in the Meeting.


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Board of Commissioners

the Board of Commissioners is a Company organ collectively responsible in carrying out supervisory function and providing advisory to the Board of Directors on the management of the Company in accordance with the articles of association, as well as to ensure that the Company has properly applies the GCG principles.

the legal basis on the Company’s Board of Commissioners including the appointment, criteria, authority as well as the duties and responsibilities refers to the regulation of Minister of Finance No. 88/PMK.06/2015 regarding the Implementation of Good Corporate Governance by the Company (Persero) under the guidance and supervision of the Minister of Finance.

For effective implementation of the Board of Commissioners’ duties, the following principles shall be met: 1. the composition of the Board of Commissioners shall enable effective, accurate, fast, and independent

decision making;2. the Commissioners shall be professional, namely have the integrity and ability to function well,

including ensuring that the Board of Directors has taken into account the interests of Stakeholders; and

3. effective execution of the monitoring and advisory functions of the Board of Commissioners includes preventive and corrective measures leading to the termination of Directors.

BOARD OF COMMISSIONERS COMPOSITIONPursuant to the Company’s articles of association, the term of office of the Board of Commissioners member is 5 (five) years and may be reappointed for 1 (one) period of terms of office.

as of December 31, 2018, the structure and composition of the Board of Commissioners are as follows.

Name Position Appointment Basis Tenure

Mahendra Siregar President Commissioner serves also as Independent Commissioner

Minister of Finance Decree No. 625/KMK.06/2017 dated 18 august 2017

2017 - 2019

Wahyu utomo Commissioner Period 1:Minister of Finance Decree No. 43/KMK.06/2009 dated 23 February 2009Period 2:Minister of Finance Decree No.277/KMK.06/2014 dated 8 July 2014 as amended by Minister of Finance Decree No. No.360/KMK.06/2016 dated 16 May 2016

Periode 1:2009-2014

Periode 2:2014 - 2019


Commissioner Minister of Finance Decree No. 360/KMK.06/2016 dated 16 May 2016

2016 - 2019

Dini Kusumawati Commissioner Minister of Finance Decree No. 436/KMK.06/2018 dated 5 June 2018

2018 - 2020



Minister of Finance Decree No. 360/KMK.06/2016 dated 16 May 2016

2016 - 2019


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DUTIES AND RESPONSIBILITIES the duties and responsibilities of the Board of Commissioners are stipulated in the article of association and the Board Manual amongst others:

1. as supervisors and advisors to the Board of Directors in managing the Company; and 2. In carrying out supervisory function, the Board of Commissioners submits the supervisory

accountability reports on the Board of Directors’ management of the Company to the GMS in order to obtain release and discharge of duties (acquit et decharge) from the GMS.

DISTRIBUTION OF THE BOARD OF COMMISSIONERS DUTIESthe abovementioned scope of supervision will require the distribution of duties among the members of the Board of Commissioners based on the Board of Commissioners regulation No. Per-01/SMI/DK/0618 dated 7 June 2018 on the Job Description of the Board of Commissioners of Pt Sarana Multi Infrastruktur (Persero) For the Period of 2018-2019, as follows:

Name Title duties

Mahendra Siregar President Commissioner serves also Independent Commissioner

Supervising works associated with policies in general and sharia financing, as well as to act as the Chairman of the risk Monitoring Committee.

Wahyu utomo Commissioner Supervising works related to infrastructure financing activities, both through direct financing and through a scheme of setting up Public-Private Partnership (PPP) projects, as well as serves as Member of the risk Monitoring Committee.


Commissioner Supervising works related to infrastructure financing development activities and relationships with other agencies, both domestic and abroad as well as serves as Member of the risk Monitoring Committee.

Dini Kusumawati Commissioner Supervising works related to financial services industry, transformation and institutional relations, good corporate governance activity, as well as supporting the duties implementation of the audit Committee.



Supervising works related to financial aspects of compliance and audits, financing development activities, and serves as Chairman of the audit Committee.

THE BOARD OF COMMISSIONERS WORK PLANS

1. Targets in 2018the Board of Commissioners’ work targets for 2018 are integrated with the entire corporate targets, which is aimed to optimize the Board of Commissioners’ functions and duties as well as in order to fulfill the Shareholder expectations and targets. the principal targets in 2018 are as follows:


Annual Report 2018





a. Increase of the Board of Commissioners’ optimum oversight function effectiveness toward the company’s progress.

b. Improve the deliverable of the Board of Commssioners’ analysis and review quality on the company’s performance achievement realization for fiscal year 2018 and Work & Budget Plan 2018 as the Board of Commissioners’ recommendation to the Shareholder.

c. Provide quality recommendation to the Board of Directors on every corporate action thereby can render positive support on the corporate targets achievement.

d. Implement the Board of Commissioners’ assessment results on the Board of Directors’ performance submitted to the Shareholder.

e. assign a capable external auditor to audit the Company’s financial statements for fiscal year 2018.

f. Increase of the Board of Commissioners’ competency in particular related to the corporate business and the Board of Commissioners duties implementation.

g. Increase of the Board of Commissioners understanding and application on GCG principles based on the parameter sets in the decree No. SK-16/S.MBu/2013 regarding the assessment Indicators/ Parameters and evaluation on Good Corporate Governance implementation in the State-owned enterprises.

h. Increase of GCG principles implementation scores especially on the Board of Commissioners’ aspects from the previous year.

i. optimize the Board of Commissioners’ supporting tools and organs in fostering the Board of Commissioners’ duties implementation.

2. Work Plans in 2018to achieve the above principal targets 2018, the following are the Board of Commissioners Work Plans and its implementation schedules:

No. Work Plans Schedule

1 Submit report to Shareholders about implementation of the mandate of establishment of Pt Sarana Multi Infrastruktur (Persero)

annually

2 Convene the Board of Commissioners’ regular meetings. Monthly

3 Convene the joint meetings of the Board of Commissioners and Board of Directors

once in 4 months

4 Provide opinion and directive, on the request of the Board of Directors, on the financing facility with certain criteria.

as required

5 Provide written feedback or opinion on the Board of Directors’ request related to various company’s activities, with due observance to the Board of Commissioners authority.

as required


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6 Submit the duties implementation and responsibility report to the Shareholder. Quarterly, or as per the Shareholder’s request

7 Submit the performance achievement report to the Shareholder. Quarterly

8 Submit the supervisory report on the Work & Budget Plan implementation to the Shareholder.

By Half Year

9 Provide feedback to the GMS on the company’s performance fiscal year 2017, as the recommendation of the Board of Commissioners to the Shareholder for the ratification of the company’s financial statements fiscal year 2017 (audited).

annually

10 Provide feedback to the GMS on the Work & Budget Plan 2019, as the recommendation of the Board of Commissioners to the Shareholder for the ratification of the Work & Budget Plan fiscal year 2019.

annually

11 Submit opinion, directive, and targets to the Board of Directors on monitoring and evaluation results regarding the external auditor and internal auditor findings follow up.

as required

12 Participate in the seminars, trainings, and workshops for the Board of Commissioners’ competency development and to enhance competency on certain skills.

once in a year

13 Provide supervisory and advice on the internal control system policy/ design and its implementation.

as required

14 Provide supervisory and advice on the human resources policy and its implementation.

as required

15 Provide supervisory and advice on the accounting policy and Financial Statements development in accordance with the general accounting standard in Indonesia.

as required

16 Provide supervisory and advice on the procurement policy and its implementation.

as required

17 Provide supervisory and advice on the Board of Directors’ compliance towards the laws and regulations and agreements with the third parties.

as required

18 Provide supervisory and advice on the Company’s risk management policy. as required

19 Provide supervisory and advice on the Company’s information technology system policy.

as required

20 Provide supervisory and advice on the quality and service policy.. as required


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21 Submit the proposition on the Public accounting Firm to carry out the General audit Service on the Company’s Financial Statements fiscal year 2018.

annually

BOARD OF COMMISSIONERS’ DUTIES IMPLEMENTATION IN 2018throughout 2018, the Board of Commissioners has performed the duties and responsibilities, among others as follows:

1. Provided the Board of Commissioners’ assessment to the Shareholders on audit results of Pt SMI Fiscal Year 2017 audited by the Public accounting Firm Doli, Bambang, Sulistyanto, Dadang, & ali (BKr International).

2. Submitted the Board of Commissioners’ Performance achievement realization report of 2nd Half of 2017.

3. Submitted the Board of Commissioners’ Performance achievement realization report of 1st Half of 2018.

4. Submitted the Board of Commissioners’ oversight report to the Shareholder on the Work and Budget Plan of Pt SMI 2nd Half of 2017.

5. Submitted the Board of Commissioners’ oversight report to the Shareholders on the Work and Budget Plan of Pt SMI 1st Half of 2018.

6. Submitted the Monitoring report on the implementation of Good Corporate Governance Principles in the Company’s Business activities.

7. Submitted the Board of Commissioners’ responsibilities and Duties report Quarterly.8. Provided directives and opinions to Pt SMI’s Board of Directors regarding the formulation of Work

and Budget Plan 2019 and Corporate Plan 2019-2023 prior to submission to the Shareholder.9. Provided recommendations to the Shareholder on the appointment of Public accounting Firm for the

General audit Service of Pt SMI’s Financial Statements fiscal year 2018.10. rovided approval to the Board of Directors with due observance of the Board of Commissioners’

authorities, among others the approval on the appointment of independent assessor for Pt SMI’s GCG 2017 and 2018, and the approval on the refinement of the Code of Conduct and GCG Code.

11. Provided directives and opinion on financings with certain criteria, such as financing above the value of rp 750 billion.

12. oversight on the plan and evaluation of the Company’s mandate and business strategies.13. evaluation on risk profile report and the Company’s risk management application.14. oversight on the follow up on the recommendations of the audit results by internal auditors as well

as external auditors.15. oversight on the follow up on the Borrowers under the watchlist.16. Convention of the Board of Commissioners’ regular Meetings and Joint Meetings of the Board of

Commisioners and the Board of Directors.



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BOARD OF COMMISSIONERS’ TRAININGS IN 2018the Board of Commissioners has participated in the following trainings during 2018:

Name Title Workshops/Trainings Organizers venue/Regions

Mahendra Siregar

President Commissioner and Independent Commissioner

1. Policy Makers’ Perspective and Indonesia africa Business Forum Financing Session

2. Blended Finance for Smallholders: addressing Global Challenges with SDG Focused Solutions


Bali

Government of Indonesia, uN environment & tropical landscape Finance Facility/tlFF

Bali

Wahyu utomo Commissioner Knowledge Management Capacity Building for the National Capital Integrated Coastal Development (NCICD) (High-level)


South Korea


Commissioner 1. Designing effective Social Health Security System in asia Countries




Yogyakarta

university of Sydney

Sydney

Northwestern university

Chicago

Dini Kusumawati Commissioner 1. Business It architecture Series asia Conference 2018

atD learning Jakarta



Yogyakarta


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Name Title Workshops/Trainings Organizers venue/Regions



1. understanding of Cyber risk Management and Financial Crime for Financial Institutions

Bara Bali

2. Panel Discussion: the audit Committee responsibility on the Financial Statements’ Fraud

3. Panel Discussion “Board of Commissioners & audit Committee oversight effectiveness: learning from Pt SNP Finance”

Indonesia audit Committee association

Indonesia audit Committee association

Jakarta

Jakarta

PERFORMANCE ASSESSMENT OF COMMITTEES UNDER THE BOARD OF COMMISSIONERS In the implementation of its duties and responsibilities, the Board of Commissioners may establish Committees. the Committees are directly responsible to the Board of Commissioners in providing professional opinion in accordance with prevailing policies and regulations.

the Company’s Board of Commissioners has formed 2 (two) committees, namely the audit Committee and risk Monitoring Committee. the nomination and remuneration function in accordance to the Financial Services authority regulation (PoJK) No. 34 of 2015 is executed directly by the Board of Commissioners.

throughout 2018 the Company considers that both Committees have performed their duties optimally through the provision of recommendations to the Board of Commissioners, which have been thoroughly reviewed in their respective committee meetings.



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committee Total Meetings in 2018

Total Meetings in 2018 committees’ Recommendation to the Board of commissioners

audit Committee

12 meetings

Monitoring the implementation of Internal audit Division activities to ensure the effectiveness of internal auditors

1. the audit Committee provided recommendations for the preparation of 2018 & 2019 Internal audit Division annual Work Plan so that they are risk-based and can improve the quality of GCG, the Code of ethics, fraud prevention and auditor’s competence and professionalism in dealing with changes that occur to the Company.

2. the audit Committee reviewed the improvement of Pt SMI’s internal audit manual assisted by PricewaterhouseCoopers (PwC) consultants. the audit Committee believed that the manual audit and the internal audit charter have been prepared in accordance with the International Professional Practice Framework (IPPF) published by the Institute of Internal auditors (IIa). With the manual audit update, it is expected that there is increase in the professionalism of Pt SMI’s internal audit activities.

3. In 2018, the audit Committee held 12 monitoring meetings related to the implementation of the Internal audit Division duties. From these meetings, the audit Committee has scheduled 7 discussions on the Internal audit Division assignment report and the follow up monitoring. the audit Committee proposed 3 things for continuous improvement related to findings that are still outstanding, financing origination process and loan application implementation.

General audit Management Fiscal Year 2017

the audit Committee has reported the results of the 2017 General audit and the results of the performance evaluation the Public accounting Firm, Doli, Bambang, Sulistiyanto, Dadang & ali (DBSa) to the Board of Commissioners.

the audit Committee delivered 4 evaluation points and concluded that the DBSa had carried out the assignment well and the statement of opinion given had been based on adequate audit procedures and processes.


Annual Report 2018






appointment of Public accounting Firm Fiscal Year 2018

the audit Committee has provided recommendations to the Boardof Commissioners for 3 (three) Public accounting Firms that passed the selection process to be proposed to the General Meeting of Shareholders as the Public accounting Firm that will provide general audit services with the following scope:•Financialstatements.•Compliancewithlawsandregulations.•EffectivenessoftheInternalControlSystem.•Compliancewithfinancingagreementsandquasiequityfacility

with agence Francaise de Developpment (aFD).•FinancialReportonthePartnershipandCommunityDevelopment

Program.•PerformanceEvaluationReport.the 3 (three) Public accounting Firms that passed the selection process and have been recommended to the Board of Commissioners are as follows:1. amir abadi Jusuf, aryanto, Mawar & rekan (rSM) as ranked 1.2. Doli, Bambang, Sulistiyanto, Dadang & ali (BKr International) as

ranked 2.3. Hendrawinata, Hanny, erwin & Sumargo (Kreston) as ranked 3.

Monitoring the effectiveness on the implementation of external auditors activities

1. the audit Committee has monitored the implementation of Financial Services authority (oJK) duties towards Pt SMI. the inspection result report was issued by the oJK on November 28 2018 with report No.: S-726 / NB.2 / 2018. the report has stated that in general Pt SMI has complied with the regulations in Infrastructure Financing Companies

2. the audit Committee has monitored the implementation of the Corporate Governance assessment (assessment of implementation GCG principles on corporate governance) in 2018 by an independent consultant, namely Pt Multi utama Indojasa (MuC). the audit Committee has requested the consultant to work professionally, independently and objectively, as well as using tools & methodology that meets the GCG standards.



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effectiveness Supervision of the Company’s Internal Control System

the audit Committee has evaluated and submitted to the Board of Commissioners for:1. Information and Communication technology Process

In general, the It process has been optimal, but there are still several areas that still need improvement and enhancement to meet It governance standards (CoBIt).

2. Financing records and Financial reportsthe audit Committee has advised the accounting Division to maintain internal control over the financial report preparation process, particularly in manual adjustment entries that must be supported by good data and accountability, and to maintain the fairness of backup requirements, cost and income accruals.

3. Supervision of SubsidiariesIn connection with the management of subsidiaries, the audit Committee has encouraged the PMo Division to conduct supervision, monitoring and other control aspects to be better, and periodically report to the Committee / Board of Commissioners and seek Board approval for placement of Company representatives in the directors and commissioners of subsidiaries.

4. Human resource Managementthe audit Committee has advised the HC Division that the preparation of the HC Management strategy plan is adjusted to the rJPP that has been approved by the shareholders.

Financing Projects Monitoring to Confirm the use of Facilities in accordance with the Financing agreement

the audit Committee conducted 7 field visits on the project:1. Construction of 7 roads in Penajam Paser utara, east Kalimantan2. Semarang-Solo toll road Stage 2, Central Java3. Production of rolling Stock lrt Jabodebek, east Java4. Surabaya-Mojokerto toll road, east Java5. West Java International airport6. Konawe regional General Hospital7. Biomass Power Plant owned by PtPN XI Jember

the audit Committee concluded that there were no discrepancies in the using of the facility in the projects visited. the Committee in general also assesses the fairness of the project’s progress with the amount of financing that has been realized, as well as the obstacles that may exist during the construction period of the project.


Annual Report 2018






KPI & rKaP Planning

the audit Committee has monitored the preparation of the 2019 rKaP that will be submitted by the Board of Directors before being submitted to the Board of Commissioners and Shareholders. In this process, the audit Committee has reviewed the prognosis of subsidiaries (Pt IIF). the reviewing was done because of changes in the process of drafting the rKaP, the results of this reviewing have been reported and explained at the Board of Commissioners meeting on November 27th, 2018.

KPI & rKaP evaluation

the audit Committee has received and evaluated monthly financial reports, and the latest reports in october, November and December 2018. the reports were submitted by the accounting Division by comparing monthly performance achievements compared to the performance of the previous period and with the rKaP plan for the same period. In addition, the audit Committee also assessed the fairness of the numbers, the correctness of the reporting method, and other matters to ensure that the monthly financial statements reflect the actual performance of the Company.

Fulfillment of audit Committee resources

1. the audit Committee has proposed to the Board of Commissioners regarding the appointment of Mr. agustinus l. tobing as the replacement for Mr. Boy Michael who has resigned.

2. the audit Committee has also introduced the Company to new members. the Chairman of the audit Committee introduces the Internal audit Division team to their duties and explained about the audit Committee charter.

3. During 2018, the Chair and members of the audit Committee attended courses and seminars in the fields of supervision, risk management, auditing and the roles and functions of the audit Committee, both as participants and speakers, to improve and develop the competence and capacity of the Committee.



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risk Monitoring Commitee

2 meetings oversight on the risk Management Implementation

• Municipal Financing:1. Make improvements / adjustments to regional loan

policies related to origination, meeting mechanisms and documentation

2. Conducting the preparation of the risk Management Protocol for managing municipal financing together with the relevant Ministries. this step is expected to further support the process of improving Corporate Governance (GCG), which in turn can make process acceleration better and faster.

3. risk Management System for Municipal Financing. loan proposals submitted by the local Government can be processed as long as they meet the criteria for municipal financing in accordance with applicable regulations, namely PP Number 30 Year 2011, PMK Number 174 Year 2016 and PD SMI Number 17 Year 2017.

Carrying out Municipal Financing risk mitigation measures includes: • Fulfillment of municipal financing criteria • Implementation of regional BMPP in accordance with

the internal rating of the local Government • Implementation of the four eyes principle by the

Financing and Investment Division as the reviewer• Implementation of local Government rating tools • engagement of the Competency Management Center

Division to provide opinions related to technical aspects • Involvement of the environmental evaluation Division

and Consultation Services in environmental and social studies

• regular portfolio monitoring • Making risk profile maps of each local Government

with reference to the Ministry of Home affairs data

4. Compilation of risk Management Protocol (rMP) the rMP aims as a guideline for Pt SMI and related parties in conducting monitoring and taking necessary actions for budgeting and fulfilling municipal financing obligations.

this rMP includes the following:• Budgeting of Municipal Financing Payments to ensure

that there is an adequate budget to meet the obligations of local Governments to Pt SMI; and

• Fulfillment of Municipal Financing Payments during the remedial Period, to ensure that the local Government implements payment of its obligations to Pt SMI.

For default payment, the rMP has been set in:• PMK/174/PMK.08/2016 concerning Provision of

Guarantees to Pt SMI in the context of assigning Provision of Municipal Infrastructure Financing

• PMK/121/PMK.07/2017 concerning Procedures for resolving local Government loan arrears through Deduction of General allocation Funds and / or revenue Sharing Funds.

• PMK 125/PMK.08/2017 concerning Procedures for Managing Guarantee Funds assigning Municipal Infrastructure Financing.

.


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• deliverable of Risk Appetite Statement (RAS) by E&y:recommend the use of the Pt SMI raS by taking into account the following:1. establish raS as a reference/ guideline in every policy making,

strategy formulation and Corporate Budget Work Plan in order to support the development of the Company’s business in line with prudential principles and the implementation of good corporate governance.

2. Conducting socialization so that it is believed that every employee of Pt SMI has understood well every aspect contained in the raS.

3. Periodically update the raS in accordance with the Company’s business development in accordance with the prevailing laws and regulations.

It is expected that the application of the risk appetite Statement (raS) can improve value and governance better in all pillars of the Company’s activities.

BOC CHARTERSthe Board of Commissioners has in place the BoC Charter as stated in the Work Guideline and Code of Conduct of the Board of Commissioners stipulated in Joint Decree of the Board of Commissioners, Sharia Superisory Board, and Board of Directors of Pt Sarana Multi Infrastruktur (Persero) Nomor: Per-04/SMI/DK/1218 Nomor:PD-010/SMI/1218 Nomor: Per-01/SMI/DPS/1218 on the Board Manual of Board of Commissioners, Sharia Supervisory Boad, dan Board of Directors developed based on the Company’s articles of association and prevailing laws and regulations.

the Board of Commissioners also has in place the oversight Guidelines to the Board of Directors in regards to Good Corporate Governance as stated in the Board of Commissioners Decree No. Per-01/SMI/DK/1214 dated 23 December 2014.

INDEPENDENCy OF THE BOARD OF COMMISSIONERS every member of the Board of Commissioners is independent from any parties having a potential conflict of interest with the Company. each member of the Board of Commissioners shall set aside personal interests and avoid any conflict of interest from any parties including family relationships in any settlement of business issues and corporate actions. this working professionalism is firmly stipulated and is part of the Board Manual.

APPOINTMENT CRITERIA OF THE BOC MEMBERSevery member of the Company’s Board of Commissioners must fulfil criteria based on the Company’s articles of association and law No. 40 Year 2007 on limited liability Company, as follows:



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i. Capable and competent in carrying out legal actions;ii. Within 5 years prior to appointment has never been in the following condition based on legally

binding court decision: a. Declared bankrupt. b. as a member of a Board of Directors or the Board of Commissioners that is found at fault in

causing a company to be declared bankrupt. c. Being punished for any crime, which caused damages to the State’s finances and/or in relation

to the financial sector.iii. Has never performed any action violating ethical and/or propriety standards that should be honored

as a member of the Board of Commissioners of a State-owned enterprise.

INDUCTION PROGRAM FOR THE NEW BOARD MEMBERSthe Company convenes an Induction Program for new member of the Board of Commissioners with the purpose to provide insights on the Company including its organs and policies related with GCG hence the new members of the Board of Commissioners are able to gain a comprehensive understanding of the Company, both organizationally and operationally. the Corporate Secretary organizes the induction program for new Commissioners, with at least presenting the following materials: • Implementation of GCG principles in the Company. • Description of the Company related to the purpose, nature and scope of activities, financial and

operations performance, strategy, short-term and long-term business plans, competitive position, risks and other strategic issues.

• Information related to the authority delegated to Internal audit and external auditors, internal control systems and policies including the audit Committee, other committees (if any) and Secretary of the Board of Commissioners.

• Information related to the duties and responsibilities of the Board of Commissioners, and the matters that are prohibited.

• regulations related to the Company’s business activities. the induction program for new members of the Board of Commissioners may include presentations, meetings, and review of documents or other programs illustrative of Company policy, activity and programs. this program is implemented at latest 3 (three) months after appointment of the Commissioner.

BOARD OF COMMISSIONERS’ SHARES OWNERSHIP

the following are shares ownership disclosure of the Board of Commissioners during 2018:


Annual Report 2018




No Name Position/Familial Relations

Shares Ownership

Total Shares

Nominal values of All Sahres

company Names date of

Acquisition

1 Mahendra Siregar President Commissioner serves Independent Commissioner

----- ----- ----- -----

2 Wahyu utomo Commissioner ----- ----- ----- -----

3 Kunta Wibawa Dasa Nugraha

Commissioner ----- ----- ----- -----

4 Dini Kusumawati Commissioner ----- ----- ----- -----

5 Sukatmo Padmosukarso Independent Commissioner ----- ----- ----- -----

BOARD OF COMMISSIONERS CONCURRENT POSITION

Pursuant to the Company’s articles of association, members of the Board of Commissioners may serve multiple board memberships. the following are the Board of Commissioners’ concurrent positions during 2018:

Name Position Position in other companies/ Institutions Business Fields

Mahendra Siregar President Commissioner serves as Independent Commissioner

Special Staff of the Minister of Foreign affairs for Priority Programs enhancement

Foreign affairs Ministry

executive Director, Council of Palm oil Producing Countries (CPoPC)

Inter Government Institution of Palm oil Producers

Chairman, Bank Mandiri (europe), ltd, london

Banking

lecturer, Bank Indonesia Institute Banking education

Board of Commissioners, Pt Merdeka Copper Gold tbk

Mining

Independent Commissioner, Pt Vale Indonesia

Mining

Independent Commissioner, Pt unilever Indonesia

Consumer Goods

Commissioner, Pt aKr Corporindo Chemicals trading

Independent Commissioner, Pt asuransi Jiwa Sequis life

life Insurance



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Name Position Position in other companies/ Institutions Business Fields

Wahyu utomo Commissioner Deputy of Infrastructure acceleration and regional Development

Infrastructure acceleration and regional Development Institution

Head of Implementation team - Committee for acceleration of Priority Infrastructure Delivery (KPPIP)

Priority Infrastructure acceleration Institution

Secretary of one Map Policy acceleration team

one Map Policy acceleration team

Chairman of Special economic region National Board team

Special economic region National Board

Suramadu Developer team Member Suramadu Developer team

Secretary II of Flats Development technical team

Flats Development technical team

Vice Chairman of Soil reserves techical team

Soil reserves technical team


Commissioner Director of State revenues and expenditures Development of Finance Ministry

Ministry of Finance

Dini Kusumawati Commissioner Head of organization and Management BureauSecretariat General of the Ministry of Finance

Ministry of Finance



Commissioner, Pt Digi asia Bios Financial Services

Senior Partner, Pt asta Konsultan Indonesia

Consultant


Annual Report 2018





CRITERIA OF INDEPENDENT COMMISSIONER STIPULATION

the Company’s Independent Commissioners have met the criteria as stated in the Financial Services authority regulation No. 33/PoJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies as follows:

1. Have good attitude, morals, and integrity. Cakap melakukan perbuatan hukum.

2. Within five (5) years prior to appointment and during his/her tenure, he/she: • Has never been declared bankrupt• Has never been served as members of a board

of directors and/or commissioners found guilty of being responsible for causing a company to go bankrupt.

• Has never been sentenced for a criminal offense detrimental to the country’s nances and/or to the nancial sector.

3. Has never been a member of a board of directors and/or commissioners that during his/her tenure:• Did not hold an aGMS as required • Had his/her responsibility as a member of

the board of directors and/or commissioners rejected by the GMS or did not give an account of responsibility to the GMS as a member of the board of directors and/or commissioners.

• Did not cause a company – with permits, approval, or registration from the Financial Services authority - to not fulfill the obligations to submit an annual report and/or financial reports to the Financial Services authority.

4. Has the commitment to comply with all applicable regulations and laws.

5. Has knowledge and/or expertise in the field required by the Company

6. Not be working in or have authority and responsibility for planning, directing, controlling, or supervising the activities of the Company within the previous 6 (six) months, except for reappointment as independent commissioner of the Company in subsequent periods.

7. Does not have shares either directly or indirectly in the Company.

8. Does not have business relationships, either directly or indirectly related to the business activities of the Company.

STATEMENT OF INDEPENDENCy Independent Commissioners are members of the Board of Commissioners that have no affiliations with other Commissioners, Directors or the controlling Shareholders, and have no business relationships with the Company or other relationships, which can affect the ability to act independently or solely for the interests of the Company.

the principal responsibility of Independent Commissioner is to encourage GCG principles application in the Company by empowering the Board of Commissioners to effectively conduct its supervisory functions and advisory to the Board of Directors and to provide added value to the Company.

the Company currently has Independent Commissioner, namely Mr. Mahendra Siregar and Mr. Sukatmo Padmosukarso in which has exceeded 30% of total Board of Commissioners members.


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STATEMENT LETTER OF INDEPENDENCy AS INDEPENDENT COMMISSIONER

I, the undersigned below, in my capacity as an Independent commissioner at PT Sarana Multi Infrastruktur (Persero), hereby declares and declares that:

• I have and continue to demonstrate my independence and autonomy in carrying out the duties of supervision, responsibility and authority of the Board of commissioners independently.

• I continually maintain to always adhere to the independence criteria setin the applicable regulations.• I realized that I was also responsible for informing in a timely manner all conditions that arise during

the tenure that reduce or may reduce my independence.

jakarta, April 2019

SUKATMO PAdMOSUKARSOIndependent commissioner

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STATEMENT LETTER OF INDEPENDENCy AS INDEPENDENT COMMISSIONER

I, the undersigned below, in my capacity as an Independent commissioner at PT Sarana Multi Infrastruktur (Persero), hereby declares and declares that:

• I have and continue to demonstrate my independence and autonomy in carrying out the duties of supervision, responsibility and authority of the Board of commissioners independently.

• I continually maintain to always adhere to the independence criteria setin the applicable regulations.• I realized that I was also responsible for informing in a timely manner all conditions that arise during

the tenure that reduce or may reduce my independence.

jakarta, April 2019

MAHENdRA SIREGARPresident commissioner & Independent commissioner


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SHARIA SUPERVISORY BOARD

Pt SMI has conducted business activity based on sharia principles since 2016, as stated in the articles of association. the Sharia Supervisory Board has been established pursuant to the Finance Minister’s Decree No. 871/KMK.06/2016 which further amended based on the Decree of Finance Minster No. 667/KMK.06/2018, for the oversight function on Pt SMI sharia business.

SHARIA SUPERVISORy BOARD PROFILEas of 31 December 2018, the following are the Sharia Supervisory Board Profiles:

Adiwarman Azwar Karim chairman of Sharia Supervisory Board56 YearsIndonesian

Dasar Pengangkatan Periode 1:Minister of Finance Decree No. 871/KMK.06/2016 dated 30 November 2016.

Periode 2:Minister of Finance Decree No. 667/KMK.06/2018 dated 5 october 2018.

educational Background Presented in the Sharia Supervisory Board Profile section on page 120 of this annual report

Professional experience Presented in the Sharia Supervisory Board Profile section on page 120 of this annual report

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Munifah Syanwani Member of Sharia Supervisory Board45 Years Indonesian

appointment Basis Periode 1:Minister of Finance Decree No. 871/KMK.06/2016 dated 30 November 2016.

Periode 2:Minister of Finance Decree No. 667/KMK.06/2018 dated 5 october 2018.

educational Background Presented in the Sharia Supervisory Board Profile section on page 121 of this annual report

Professional experience Presented in the Sharia Supervisory Board Profile section on page 121 of this annual report


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SHARIA SUPERVISORy BOARD MULTIPLE MEMBERSHIPSPursuant to the Company’s articles of association, members of the Sharia Supervisory Board may serve multiple positions. the following are the concurrent positions during 2018:

Name Position Position in Other companies/Institutions

Business Fields



Founding Partner Karim Consulting Indonesia

Business Consultant

Sharia Supervisory Board Pt Veritra Sentosa Internasional

Information technology

Vice Chairman of MuI National Sharia executive Board

religious Institution

Munifah Syanwani Member of Sharia Supervisory Board

- -

Sharia Supervisory Board TrainingsName Position Pendidikan/Pelatihan Penyelenggara Lokasi



Pra Ijtima Sanawi Workshop of Sharia Financing Institutions 2018 Sharia Capital Market

DSN MuI Jakarta

Munifah Syanwani

Member of Sharia Supervisory Board

lSP eKSBISI Competency assessor training

BNSP Bogor

Sharia Supervisory Board Profession Certification Institution test/ training

lSP DSN MuI Jakarta


Annual Report 2018





DUTIES AND RESPONSIBILITIESDewan Pengawas Syariah mempunyai tugas dan fungsi utama:a. as a representative of the National Sharia Board –

Indonesian Council of ulema that are positioned in the Company;

b. In charge as supervisor on the Company’s sharia business activities to be in compliance with Sharia Principles;

c. Functioning as advisor and counselor to the Board of Directors, regarding matters related to Sharia Principels; and

d. Functioning as mediator between the Company with the National Sharia Board – Indonesian Council of ulema in communicating the suggestions and recommendations on the Company’s products and services that require review and fatwa of the National Sharia Board – Indonesian Council of ulema.

THE SHARIA SUPERVISORy BOARD HAS THE OBLIGATION TO: a. Conforming the fatwa of the National Sharia Board –

Indonesian Council of ulema; andb. With integrity, prudent and full responsibility conducts

its duties for the Company interests and in accordance with the Company’s purpose and objectives by adhering to the laws and regulations and the fatwa of the National Sharia Board – Indonesian Council of ulema.

DUTIES IMPLEMENTATION OF SHARIA SUPERVISORy BOARD IN 2018the Sharia Supervisory Board has provided opinion and recommendations on the financing sharia activities of Pt SMI during 2018, as follows:1. opinion on sharia financing plan using the Ijarah al

Maushufah Fi al-Zimmah financing scheme.2. opinion on the Fatwa of National Sharia Board –

Majelis ulama Indonesia (DSN-MuI) No. 102/DSN-MuI/X/2016 for Infrastructure Financing.

3. opinion on the Sharia appropriateness of Sukuk Scheme of Pt Sarana Multi Infrastructure (Persero).

4. opinion on the Sharia Financing assessment Compliance Checklist Verification.

5. opinion on Sharia Financing Plan on the use of IMBt financing agreement with Co-Borrower scheme.

In addition, during 2018, the Sharia Supervisory Board and Sharia Business Division have also convened consultation meeting in physical meeting or circular meeting which is related to the sharia business of Pt SMI.


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BOARD OF DIRECTORS

the Board of Directors is responsible for the management of Pt SMI daily operations for the Company’s best interests, in accordance with its target and objectives, based on the provisions of the articles of association and prevailing laws.

the legal basis on the Company’s Board of Commissioners including the appointment, criteria, authority as well as the duties and responsibilities refers to the regulation of Minister of Finance No. 88/PMK.06/2015 regarding the Implementation of Good Corporate Governance by the Company (Persero) under the guidance and supervision of the Minister of Finance.

to perform effectively, the Board of Directors shall fulfill the following principles: 1. Composition of the Board of Directors is established to enable effective, accurate and fast decision

making, and to act independently in the interests of the Company. 2. the Board of Directors shall exhibit good character and professionalism with integrity and experience

as well as the skills necessary to carry out its duties. 3. the Board of Directors is responsible for the effective management of the Company and for ensuring

the continuity of business. 4. the Board of Directors is accountable to the Shareholder at the GMS under the provisions of the

articles of association and prevailing laws.

BOARD OF DIRECTORS COMPOSITION Pursuant to the Company’s articles of association, the term of office of the Board of Directors member is 5 (five) years and may be reappointed for 1 (one) period of terms of office.

as of December 31, 2018, the structure and composition of the Directors are as follows.

Name Title Appointment References Tenure

emma Sri Martini President Director Periode 1:Minister of Finance Decree No. 42/KMK.06/2009 dated 23 February 2009

Periode 2:Minister of Finance Decree No. 389/KMK.06/2014 dated 19 august 2014

Periode 1:2009-2014

Periode 2:2014 - 2019

edwin Syahruzad Financing and Investment Director

Minister of Finance Decree No. 389/KMK.06/2014 on 19 august 2014

2014 - 2019



Minister of Finance Decree No. 389/KMK.06/2014 dated 19 agustus 2014

2014 - 2019

Annual Report 2018




Name Title Appointment References Tenure


operation & Finance Director Minister of Finance Decree No. 464/KMK.06/2016 dated 16 June 2016

2016 - 2021

Faaris Pranawa Director of risk Management Minister of Finance Decree No. 480/KMK.06/2016 dated 16 June 2016

2018 - 2023

DUTIES AND RESPONSIBILITIES OF EACH BOARD OF DIRECTORS MEMBERSthe functions, duties and responsibilities of each Board of Directors members refer to the Board of Directors Decree No. PD-26/SMI/1217 dated 29 Desember 2017 on the Segregation of Duties and Work Guideline of the Board of Directors of Pt Sarana Multi Infrastruktur (Persero) as amended by the Decree of the Board of Directors No. PD-004/SMI/0718 regarding the Board of Directors regulatories amendement No. PD-26/SMI/1217 on the Division of Main Duties and Functions, as follows:

Position duties and Responsibilities

President Director 1. to provide direction and control of the policies, vision, mission and strategy of the Company. 2. to represent the Company inside and outside the court based on the approval of members of

the Board of Directors and in compliance with the Company’s articles of association.3. to lead and stipulate the Board of Directors decisions, if in the process of decision making/

voting there are the same number of approve and against.4. to coordinate solutions to issues of the Company, formulate the Corporate Plan of the

Company, the Company Budget & Work Plan, control the achievement of the Corporate Plan and Budget & Work Plan targets, direct audit policy, shape the Companyís image and corporate culture, and lead the implementation of GCG.

5. to lead, direct, control, and take appropriate decisions within its authority for the Corporate Secretary, Internal audit, Corporate Developmet & Initiative Management Division, Human Capital Division, anti-Money laundering and Prevention of terrorism Funding Programme, and legal Division according to Corporate Plan and Work & Budget Plan.

6. to provide coaching to employees in accordance with the Companyís prevailing laws and regulations.

7. to prepare reports on the activities of the Directorate and employment reports, which are required by the Minister of Finance and/or prevailing laws and regulations.

8. to develop reports on Directorate activities in order to meet reporting obligations according to prevailing regulations.

9. to sign the require documents in connection with the implementation of the above duties.

Board of Directors


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Director of Financing and Investment

1. to lead, direct and control the drafting of policy and decisions on the core business activities as stipulated in the Companyís articles of association.

2. to coordinate and be responsible on the Financing and Investment Division, Sharia Business Division, and Municipal Financing Division.

3. to lead, direct, and control the activities of the Investment & Financing Division, Sharia Business Division, and Municipal Financing Division in accordance with Corporate Plan and Budget & Work Plan.

4. to draft the Directorate’s activity reports in order to fulfill reporting duties in accordance with prevailing regulations.

5. to sign the documents related to the implementation of the assigned duties.

Directorof Project Development and advisory


2. to coordinate and be responsible on the Project Development Division, advisory Services Division, Sustaianble Financing Division and Comptence Management Center.

3. to lead, direct and control the activities of Project Development Division, advisory Services Division, Sustaianble Financing Division and Center of Competence in accordance with Corporate Plan and Budget & Work Plan.

4. to draft the directorateís activity reports in order to fulfill reporting obligation in accordance with the prevailing regulations.

5. to sign documents related to the implementation of the assigned duties.

Board of Directors

Annual Report 2018




Board of Directors


Director of operational and Finance


2. to coordinate and be responsible for the Finance & Investor relations Division, accounting & assets administration Division, Information technology Division, equity investment Management & operational, and General affairs & Procurement Division.

3. to coordinate the preparation of long term Corporate Plan and Budget & Work Plan and monitor the Companyís financial targets.

4. to lead, direct and control the activities of the Finance & Investor relations Division, accounting & assets administration Division, Information technology Division, equity investment Management & operational, and General affairs & Procurement Divisionin accordance with the Corporate Plan and Budget & Work Plan.

5. to manage fund raising through banking, capital market & other resources in accordance with the Companyís prevailing laws and regulations aiming to provide (liquidity) and the Company.

6. to manage funding in the money market instrument, capital market and other intruments according to the Companyís prevailing laws and regulations aiming to optimize the Companyís funding.

7. to prepare reports on the activities of the directorate and reports related to finance, and taxation, which are required by the Minister of Finance and/or by the provisions of prevailing legislation.


Director of risk Management


2. to coordinate and be responsible for the Financing evaluation and Investment Division, Integrated risk Management Division, and Social environmental evaluation & advisory Services, and Financing Management & Investment Division in accordance with the Corporate Plan and Budget & Work Plan.

3. to lead, direct and control the activities of the Financing evaluation and Investment Division, Integrated risk Management Division, and Social environmental evaluation & advisory Services, and Financing Management & Investment Division in accordance with the Corporate Plan and Budget & Work Plan.

4. to draft the Directorateís activity reports in order to fulfill reporting obligation in accordance with the prevailing regulations.



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Name Title Workshops/Trainings Organizers Location

emma Sri Martini

President Director 1. leadership Dialogue on Maximizing Finance for Development

World Bank Singapura

2. How to Mobilize Private Investment for Green

Ministry of Finance and Japan Bank for International Cooperation (JBIC)

Bali

3. a Dialogue to unlock Investment Potential from Public and Private

Deloitte Jakarta

edwin Syahruzad

Director of Financing and Investment

1. Pengembangan Sukuk untuk Pembiayaan Infrastruktur

DJPPr Ministry of Finance Jakarta

2. Financing for Gas Infrastructure Projects in Indonesia

Indonesian oil & Gas Pipeline association (IaPMIGaS)

Jakarta


Director of Project Development and advisory

1. encouraging Investment and Infrastructure for economic Growth and equity in Indonesia

KaDIN Jakarta

2. National energy Policy Strategy: Growth, Modernisation and Greening

aSeaN Centre for energy Jakarta


Director of operations & Finance

1. Navigating risk in the Digital era

PwC (PricewaterhouseCooper) Jakarta

2. Global associations of risk Professionals (GarP): uKMr Sertification level V

Badan Sertifikasi Manajemen risiko (BSMr)

Jakarta

Faaris Pranawa

Director of risk Management

1. Private Class BSMr level 1 Pt GPS & Partners Jakarta


Pt DBS Bali

BOARD OF DIRECTORS’ TRAININGS IN 2018throughout 2018, members of the Board of Directors has participated in the following trainings:

Board of Directors

Annual Report 2018




PERFORMANCE ASSESSMENT OF THE BOARD OF DIRECTORS’ COMMITTEES

In implementation of the Company’s management, the Board of Directors establishes commitees that are responsible to the Board of Directors in providing recommendation in accordance to given scope and function of each committee.

the following are the Board of Directors’ Commitees:1. risk & Capital Committee, with 4 (four) sub Commitees,

namely risk Management Sub Committee, asset & liabilities Sub Committee, target Sub Committee, and Monitoring Sub Committee.

2. Financing Committee3. Sustainability Financing Committee4. equity Investment Committee5. Project Development and advisory Committee.6. Information technology System Committee.

From the Board of Directors point of view, the assessment on all Committees’ performance during 2018 has met the Company’s plans and targets, and the Committees had performed the duties and responsibilities effectively and efficiently. the Committees have provided in-depth recommendations prior to being submitted to the Board of Directors. each member in each committee has optimal contribution in the meeting of each committee.

Description on membership, function and duties of each Committee is available in page 358 of this annual report.

BOD CHARTERthe Company has in place the BoD Charter stipulated under the Joint regulation of the Board of Commissioners and Board of Directors No. PB-01/SMI/DK/1215 dated 15 December 2015 on the Board Manual and Board of Directors regulation No. PD-26/SMI/1217 dated 29 December 2017 on the allocation of Duties and Work Guidelines of Pt SMI as amended by the Decree of the Board of Directors No. PD-004/SMI/0718 regarding the Board of Directors regulatories amendement No. PD-26/SMI/1217 on the Division of Main Duties and Functions.

the manual serves as the guideline for the Board of Directors in the implementation of their duties and responsibilities. the Charter was developed based on the articles of association and prevailing laws, as well as best practices, and is reviewed periodically by taking into account the prevailing laws and regulations.

REQUIREMENT AND TENURE OF THE BOARD OF DIRECTORSMembers of the Board of Directors are selected and appointed by the GMS with 5 (five) years of terms of office for each member and may be reappointed by GMS decision. all members of the Board of Directors are domiciled in Indonesia.

Pursuant to the Company’s articles of association and law No. 40 Year 2007 on limited liability Company, every member of the Company’s Board of Directors shall fulfil the following criteria:

1. Capable and competent in carrying out legal actions,2. Within 5 years prior to appointment has never been

in the following condition based on legally binding court decision:a. Declared bankrupt. b. as a member of the Board of Directors or

Board of Commissioners that is found at fault in causing a company to be declared bankrupt.

c. Punished for any crime, which caused damages to the State’s finances and/or in relation to the financial sector.

3. Has never been performed any action violating ethical and/or propriety standards that should be honored as a member of the Board of Commissioners of a State-owned enterprise.

Board of Directors


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BOARD OF DIRECTORS SUCCESSION POLICyPursuant to the GCG Manual, the Directors’ succession process is conducted with the following mechanisms:

1. the Board of Directors establishes requirements and selection process for the position of Division Head and other subordinate positions in accordance with the needs of the Company in implementing its strategy.

2. approval for positions one level below the Board of Directors must be reported to the Board of Commissioners.

3. the Board of Directors establishes development program for the Company employees, both functionally and structurally in a transparent manner.

4. the Board of Commissioners monitors the completion of positions one level below the Board of Directors to support its responsibility to select and propose candidates for the Board to the GMS.

5. the Board of Commissioners ensures the placement of the position is held by the principles of professionalism in line with competency, performance and based on requirements set by the Board of Directors.

INDEPENDENCy OF THE BOARD OF DIRECTORSMembers of the Company’s Board of Directors shall be independent in deciding matters concerning the interests of the Company without interference from other parties prohibited by current laws and regulations.

each member of the Board of Directors shall avoid any conflict of interest from any party including family relationships with members of the Board of Directors and Board of Commissioners.

BOARD OF DIRECTORS’ SHARES OWNERSHIPthe following are shares ownership disclosure of the Board of Directors during 2018:

No NamePosition/Familial Relations

Shares Ownership

Total Shares

Nominal values of All Sahres

company Namesdate of Acquisition

1 emma Sri Martini President Director----- ----- ----- -----

2 edwin Syahruzad Director----- ----- ----- -----

3 Darwin trisna Djajawinata

Director----- ----- ----- -----

4 Mohammad Ghozie Indra Dalel

Director 1.000 rp 7.850.000 Pt Bank Mandiri, tbk 6 october 2010

1.000 rp 416.000 Pt Krakatu Steel, tbk 10 November 2010

480 rp 480.000.000 Pt Zapfindo arzieta Perdana

9 November 2009

5 Faaris Pranawa Director----- ----- ----- -----

Board of Directors

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BOARD OF DIRECTORS MULTIPLE MEMBERSHIPas of 31 December 2018, no members of the Board of Directors serve concurrent position in other companies or government institutions.

INDUCTION PROGRAM FOR THE NEW DIRECTORSthe Company holds an induction program for new members of the Board of Directors for effective implementation of duties assignment and responsibilities. the orientation program covers: • Implementation of GCG principles by the Company. • overview of the Company related to its goals, nature, and scope of activities, operational and financial

performance, short and long term work plans, competitive position, risk, and other strategic issues. • Information related to the delegation of authority, internal and external audit, internal control system,

and audit Committee. • Information on duties and responsibilities of the Board of Directors and matters that are prohibited.

every member of the Board of Directors has received an Induction Program after his/her appointment.

Board of Directors


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328

2018 GCG ASSESSMENT

Pursuant to the article 72 (b) of Minister of Finance regulation No. 88/PMK.06/2015, the Company conducted GCG evaluation in 2018 with the assistance of independent assessor MuC Consulting Group.

ASSESSMENT CRITERIA the 2018 GCG assessment refers to criteria of test tools standard of the Secretary of Soe Minister Decree No. SK-16/S.MBu/2012 on the Indicators/ Parameters of assessment and evaluation of GCG Implementation in Soes. the GCG assessment implementation in the Company covers six main aspects, namely:

a. Sustainable Commitment on the Implementation of Good Corporate Governance;b. Shareholders and GMS;c. Board of Commissioners;d. Board of Directors;e. Disclosure of Information and transparency;f. other aspects.

GCG ASSESSMENT By INDEPENDENT PARTy

2018 GCG assessment is carried out by an Independent appraiser, MuC Consulting, with the Company achieving 96.12 as the GCG final score (“Very Good” Category), an increase by 6.02 points from the 2017 GCG assessment which were also carried out by MuC Consulting which scored 90.10 (Category “Very Good”).

this increase in GCG value in 2018 was achieved due to the area of Improvement and a significant increase in the Information and transparency Disclosure aspects and the inclusion of other aspects (such as the awards received by Pt SMI during 2018 and Pt SMI becoming the benchmark in some areas by other companies ) into the calculation of GCG value for 2018.

Annual Report 2018




2018 GCG assessment

other aspects are included in the valuation because the total value of GCG in 2018 for the Commitment aspects of Good Corporate Governance Implementation Continuously, Shareholder aspects, Board of Commissioners aspects, Directors aspects and Information Disclosure and transparency aspects have reached more than 85,000. this is in accordance with the provisions of the Decree of the Secretary of BuMN Minister No. SK-16 / S.MBu / 2012 concerning Indicators / Parameters for evaluating and evaluating the Implementation of Good Corporate Governance in Soes.

the following is comparison matrix of GCG assessment 2018 and 2017:

No. Aspect Weight

2017 2018

Increase & AchievementScore %

Achievemenent Score % Achievement

I Commitment on Sustainable Good Corporate Governance

7 6,30 90,04 6,54 93,48 3,44

II Shareholders and GMS/Capital Holders

9 8,74 97,12 8,91 99,04 1,92

III Board of Commissioners/ Supervisory Board

35 31,51 90,02 33,66 96,17 6,15

IV Board of Directors 35 33,19 94,83 34,25 97,87 3,04

V Information Disclosure & transparency

9 7,86 87,31 8,37 93,02 5,71

VI other aspects 5 2,50 50,00 4,38 87,50 37,50

100 90,10 90,10 96,12 96,12 6,02


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330

PERFORMANCE ASSESSMENT OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORSPursuant to the Company’s GCG Manual, the mechanism of performance assessment of the Board of Commissioners and Board of Directors is as follows:

Board of Directors • response indicators and perform on targets anually• Stipulate the performance benchmark of each unit and conduct performance assessment

transparently annually


• review and provide guidance on the Board of Directors performance target for improvement• Proposing the Board of Commissioners’ Key Performance Indicator targets to the

Shareholders.• advise the Shareholder on the proposal of the Board of Directors as stated in the

Management Contract• exercise supervision on the Companie’s performance and report to Shareholder in

indication of decline in the Company performance

Shareholders • approve the Management Contract propose by the Board of Commissioners and Board of Directors

• assess the performance of the Company Board of Commissioners and Directors through General Meeting of Shareholders

PERFORMANCE ASSESSMENT CRITERIA the performance criteria for the Board of Commissioners and the Board of Directors refer to each Personal Key Indicator (KPI).

KPI OF THE BOARD OF COMMISSIONERS the Company proposed the KPI 2018 to the Minister of Finance of the republic of Indonesia as the shareholder of the Company through letter No. S--41/SMI/DK/1017 tanggal 26 oktober 2017 and has been approved by the GMS, through the Board of Commissioners Performance agreement dated 29 December 2017 of the Board of Commissioners’ KPI 2018.

2018 GCG assessment

Annual Report 2018




2018 GCG assessment

the Board of Commissioners KPI is divided into 2 (two) main perspective components, as follows:

1. oversight Perspective; and2. reporting Perspective.

KPI OF THE BOARD OF DIRECTORS the Board of Directors’ KPI refers to the 2018 Key Performance Indicators and has been approved by the GMS in the Company’s Performance Contract dated 29 December 2017 that include the main perspective components, as follows:

1. Mandate and Financial Perspective2. Stakeholders Perspective3. Business Process Perspective4. learning and Growth Perspective

PERFORMANCE ASSESSMENT PROCEDURESthe procedures for performance assessments are as follows: • the Shareholder assesses the performance of the Company, Board of Commissioners, and Board of

Directors through the GMS. • the Board of Commissioners establishes indicators and performance appraisals for each Director and

informs the Director and the Shareholder. • the Board of Commissioners prepares work plan and targets at the beginning of each year, as well

as a self-assessment evaluating their achievements. • the Board of Commissioners reports to the Shareholder on any indicator for any decline in the

Company performance. • the Board of Directors sets performance indicators for each unit and performs a transparent annual

assessment of the Company performance against these targets. • the Board of Commissioners assesses the accountability of the Directors in regard to the

implementation of risk management.


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332

REMUNERATION POLICY OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORSthe remuneration for members of the Board of Commissioners and Board of Directors is approved by the GMS by taking into account the fairness on components such as the Company performance and inflation rate.

REMUNERATION PROCEDURESthe remuneration procedures of the Board of Commissioners and Board of Directors is described as follows:

Board of Directors • Proposal of remuneration, honorariun, tantiem, and other facilities for the Board of Commissioners

Board of Commissioners • Consideration on the increase level of motivation performance, integrity and professionalism in performing the duties of the Board of Directors

• Consideration on the proposal from the Board of Directors based on performance and audit report

• Propose the remuneration of the Board of Commissioners and the Board of Directors to the Shareholder

Shareholders • Determine and stipulate the remuneration, tantiem, bonuses and other facilities for the Board of Directors and the Board of Commissioners through the General Meeting of Shareholders

BOARD OF COMMISSIONERS REMUNERATION STRUCTURE

the Board of Commissioners remuneration for 2018 refers to the resolution of the General Meeting of Shareholders of the Company No.KMK-163/KM.6/2018 dated 1 august 2018, which consists of:a. Honorariumb. allowances c. Holidays allowance (tHr)d. tantiem

Annual Report 2018




remuneration Policy of the Board of Commissioners and Board of Directors

total remuneration for the Board of Commissioners in 2018 is rp9.231.085.067 with the following details:

Remuneration & Other FacilitiesTotal Received in 2018

Personnel Rupiahremuneration (Honor, allowance, Holiday allowance, tantiem) 5 9.231.085.067

Total 5 9.231.085.067

excluding of the remuneration components, there is no stock option received by the BoC members.

BOARD OF DIRECTORS REMUNERATION STRUCTUREthe Board of Directors remuneration for 2018 refers to the resolution of the General Meeting of Shareholders of the Company No.KMK-163/KM.6/2018 dated 1 august 2018, which consists of:a. Salaryb. allowancesc. Housing allowanced. Holiday allowance (tHr)e. tantiem

total remuneration for the Board of Directors in 2018 is rp24.528.324.740 with the following details:

Remuneration & Other Facilities Total Received in 2018

Personnel Rupiah

remuneration (Salary, allowances, Housing, Holiday allowance, tantiem)

5 24.528.324.740

Total 5 24.528.324.740

excluding of the remuneration components, there are no stock options received by members of the Board of Directors.


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334

MEETINGS OF THE BOARD OF COMISSIONERS AND BOARD OF DIRECTORS

BOARD OF COMMISSIONERS MEETINGthe Board of Commissioners meetings is implemented pursuant to the oJK regulation No. 33/PoJK.04/2014 on the meeting convetion by the Board at least once every two months. the Company’s Board of Commissioners Meeting Policy is stipulated in the Board Manual and refers to the Company’s articles of association, whereby the Board of Commissioners shall meet at least once a month. the Board of Commissioners Meeting may also be held at any time upon request of members of the Board of Commissioners, request of the Board of Directors, or by written request of the Shareholders.

the Company’s Board of Commissioners has convened 12 (twelve) meetings in 2018, with the following details:

Meeting date Meeting Agenda

Attendance of Board of commissioners

MS lS Wu KW DK SP

11.01.2018 a. revision of Main Performance Indicators of the BoC Year 2018

b. Work Plan of the BoC and organ Year 2018c. others

√ √ √ √ √

20.02.2018 the BoC report to the Shareholder √ √ √ √ √

26.03.2018 a. results of GCG assessment 2017 – the BoC aspectb. audit Committee reportc. risk Monitoring Committee report

√ √ √ √ √

16.04.2018 a. Formation of audit Committeeb. others

√ √ √ √ √

30.05.2018 a. Duties and responsibilities report of BoC Quarter 1 Year 2018

b. audit Committee update c. risk Monitoring Committee updated. others

√ √ √ √ √

7.06.2018 a. Changes of BoC b. others

√ √ √ √ √ √

25.07.2018 a. Discussion on Board Manual revision (BoC aspects – follow up of GCG assessment recommendation)

b. Discussion on the appointment of Public accounting Firm – audit of Financial Statements Fiscal Book 2018

c. BoC report First Half 2018d. others

√ √ √ √ √

Annual Report 2018




Meetings of the Board of Comissioners and Board of Directors

Meeting date Meeting Agenda

Attendance of Board of commissioners

MS lS Wu KW DK SP

27.08.2018 a. Presentation of risk Management Gap analysisb. Duties and responsibilities report of BoC Quarter 2

Year 2018c. Supervisory report of the BoC on Work and Budget

Plan of Pt SMI First Half 2018d. others

√ √ √ √ √

18.09.2018 appointment/ Stipulation of Independent assessor for GCG assessment of Pt SMI Year 2018

√ √ √ √ √

18.10.2018 a. the Board of Commissioners’ Performance Contract Draft Year 2019 for the Work & Budget Plan 2019

b. Board Manual revision Finalizationc. others

√ √ √ √ √

27.11.2018 a. audit Committee reportb. others

√ √ √ √ √

18.12.2018 a. the BoC Duties Implementation evaluation Year 2018b. others

√ √ √ √ √

Total Percentage of Attendance 100 100 100 100 100 100remarks MS: Mahendra SiregarWu: Wahyu utomolS: langgeng Subur (sudah tidak menjabat per 5 Juni 2018 )DK: Dini Kusumawati (menjabat sejak per 5 Juni 2018)KW: Kunta WibawaSP: Sukatmo Padmosukarso

jOINT MEETING OF THE BOARD OF COMMISSIONERSAND BOARD OF DIRECTORSIn the Company’s compliance with oJK regulation No.33/PoJK.04/2014, Directors and Board of Commissioners must hold joint meetings periodically at least 1 (one) time in 4 (four) months.

Joint meetings of the Board of Commissioners and Directors are held to maintain coordination, synergy and alignment between the Board of Commissioners and the Board of Directors in carrying out the tasks of achieving the Company’s objectives. the meeting will cover strategic issues including the sustainability of the Company’s business and reporting on the performance of the Directors.


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336

In 2018, joint meetings are held 7 (seven) times, with details of frequency and attendance as follows:

date Agenda

20.02.2018 a. Corporate Governance Guidelinesb. Code of Business ethics and Behaviorc. Discussion on Performance of Quarter IV of 2017

16.04.2018 a. Plan for the annual GMS of 2017 Financial Statementsb. Proposed use of 2017 Company Profitsc. employee Performance reward Discussion (confidential)d. Discussion regarding Green Bond and Sukuk PuBe. etc

26.04.2018 a. Preparation of the annual GMS for 2017 Financial Statementsb. etc

07.06.2018 a. Changes to the Internal audit Charterb. Information technology reviewc. achievement of KPI targets as of april 2018 and achievement Strategies

18.09.2018 2019-2023 rJPP discussion

30.10.2018 a. rKaP 2019 rKaP Discussionb. etc

27.11.2018 a. Discussion of Proposed amendments to the Company’s articles of associationa. Discussion of rJPP Design Changes for the Period 2019-2023 and the rKaP draft in

2019a. etc


Annual Report 2018




datesAttendance

Board of commissioners Board of directors

MS LS WU KW dK SP ESM ES dTd ARK FP MGId

20.02.2018 √ √ √ √ √ √ √ √ √ √

16.04.2018 √ √ √ √ √ √ √ - √ √

26.04.2018 √ √ √ √ √ √ - √ - √

07.06.2018 √ √ √ √ √ √ √ √ √ √ √

18.09.2018 √ √ √ √ √ √ √ √ √ √ √

30.10.2018 √ √ √ √ √ √ √ √ √ √ √

27.11.2018 √ √ √ √ √ √ √ √ √ √ √

Total 100 100 100 100 100 100 100 86 86 86 100 100CatatanMS: Mahendra SiregarWu: Wahyu utomolS: langgeng Subur (sudah tidak menjabat per 5 Juni 2018 )DK: Dini Kusumawati (menjabat sejak per 5 Juni 2018 )KW: Kunta WibawaSP: Sukatmo PadmosukarsoeSM: emma Sri MartinieS: edwin SyahruzadDtD: Darwin trisnadjajadinataarK: agresius r. Kadiaman (sudah tidak menjabat per 9 Juli 2018 )FP: Faaris Pranawa (menjabat sejak per 9 Juli 2018 )MGID: M. Ghozie Indra Dalel

BOARD OF DIRECTORS MEETINGthe Board of Directors’ meetings are carried out based on oJK regulation No.33/PoJK.04/2014 concerning the stipulation of the obligations of the Board of Directors meeting of at least once a month. apart from these obligations, Directors’ Meetings can also be held at any time if and when needed. the Board of Directors’ Meeting Policy refers to the provisions of the articles of association where the Board of Directors must hold regular meetings at least 1 (one) time in a month to make important decisions related to the management of the Company.

In 2018, 15 (fifteen) Board of Directors meetings have been held with attendance details as follows:



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338

Meeting date Agenda

Board of director’s Member’s AttendanceESM ES dTd ARK FP MGId

08.01.2018 Monitoring of Corporate KPI achievements in the 52nd week of 2017.

√ √ √ √ √

26.02.2018 Monitoring the fulfillment of the Company’s KPI in accordance with the 2017 rKaP and the Company’s 8th week KPI status in 2018.

√ √ √ √ √

27.02.2018 Discussion of requests for Changes in terms & Conditions of Shareholder loan Facilities (Shareholders loans) for Bridging loan (SHl Dtt) to Pt Jasamarga Pandaan Malang (Pt JPM).

√ √ √ √ √

19.03.2018 Monitoring the fulfillment of the Company’s KPI in accordance with the 2017 rKaP and the Company’s KPI status for the 11th week of 2018.

√ √ √ √ √


√ √ √ √ √

03.05.2018 approval of the Waesano Geothermal exploration assignment, east Nusa tenggara.

√ √ √ √ √

28.05.2018 Proposal of the determination of the Company’s Green Bond and Sukuk Coupon range.

√ √ √ √ √

21.06.2018 Market Development updates and Book Building results.

√ √ √ √ √

22.06.2018 Determination of the Company’s Green Bond and Sukuk Coupon Finals.

√ √ √ √ √

17.07.2018 Monitoring the fulfillment of the Company’s 28th KPI in accordance with the 2018 rKaP.

√ √ √ √ √

20.08.2018 Monitoring the fulfillment of the Company’s KPI in accordance with the 2018 rKaP and the Company’s KPI status in the 33rd week of 2018.

√ √ √ √ √


√ √ √ √ √

29.10.2018 Monitoring the fulfillment of the Company’s KPI in accordance with the 2018 rKaP and the Company’s KPI status for the 43rd week of 2018.

√ √ √ √ √

26.11.2018 Monitoring the fulfillment of the Company’s week 47th KPI in accordance with the 2018 rKaP.

√ √ √ √ √

10.12.2018 Monitoring the fulfillment of the Company’s 48th KPI in accordance with the 2018 rKaP.

√ √ √ √ √

Total Persentase kehadiran 100 100 100 100 100 100Catatan eSM: emma Sri MartinieS: edwin SyahruzadDtD: Darwin trisnadjajadinataarK: agresius r. Kadiaman (sudah tidak menjabat per 9 Juli 2018 )FP: Faaris Pranawa (menjabat sejak per 9 Juli 2018 )MGID: M. Ghozie Indra Dalel


Annual Report 2018




Information of the Main Shareholders and the

Controlling Shareholders

the Company is fully owned by the State of the republic of Indonesia as the Company’s Shareholder, in accordance with statutory provisions, including:

1. article 14 paragraph (1) law No. 19 of 2003 concerning State-owned enterprises, Government regulation No. 45 of 2005 concerning the establishment, Management, Supervision and Dissolution of State-owned enterprises.

2. Government regulation No. 66 of 2007 concerning the State equity Participation of the republic of Indonesia for the establishment of Company Companies in the Field of Infrastructure Financing as amended by Government regulation No. 75 of 2008.


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340

Affiliation between Members of the Board of Directors, the Board of Commissioners, and the Main and/or Controlling Shareholders

Members of the Board of Commissioners and the Board of Directors do not have affiliated relations in the form of family relationships or financial relationships between one and the other and / or Shareholders that lead to a conflict of interest. each member of the Board of Commissioners and Directors upholds integrity and independence in carrying out their duties.

Remark

Family Relationship with Financial Relationship with


Board of directors

Share Holders


Board of directors

Share Holders

yes No yes No yes No yes No yes No yes No

Mahendra Siregar

√ √ √ √ √ √

Wahyu utomo √ √ √ √ √ √


√ √ √ √ √ √

Dini Kusumawati

√ √ √ √ √ √


√ √ √ √ √ √

Annual Report 2018




affiliation between Members of the Board of Directors, the Board of Commissioners, and the Main and/or Controlling Shareholders

Remark

Family Relationship with Financial Relationship with


Board of directors

Share Holders


Board of directors

Share Holders

yes No yes No yes No yes No yes No yes No

emma Sri Martini

√ √ √ √ √ √

edwin Syahruzad

√ √ √ √ √ √


√ √ √ √ √ √


√ √ √ √ √ √

Faaris Pranawa √ √ √ √ √ √


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342

Committees of the Board of Commissioners

Audit CommitteeLEGAL BASIS OF FORMATIONthe legal basis for establishing the Company’s audit Committee is:• PoJK No. 33 / PoJK.04 / 2014 dated 8 December 2014 concerning Directors and Board of

Commissioners of Issuers or Public Companies.• PoJK No. 55 / PoJK.04 / 2015 dated December 23, 2015 concerning the establishment and

Guidelines of the audit Committee.

the audit Committee of the Company is formed through a Board of Commissioners Decision and is responsible to the Board of Commissioners in carrying out the task of providing opinion independently on matters that require the attention of the Board of Commissioners in accordance with the principles of GCG and applicable laws and regulations.

AUDIT COMMITTEE CHARTERIn carrying out its duties, the audit Committee is guided by the audit Committee Charter with the latest renewal of the audit Committee Charter on December 1, 2016. the charter covers the composition of membership, membership requirements including competency and independence requirements, authority, duties & responsibilities, work methods and procedures as well as reporting.

APPOINTMENT AND DISMISSAL & COMPOSITIONthe audit Committee is appointed and dismissed by the Board of Commissioners of the Company. the composition of the audit Committee membership is at least 3 people where the Chairman of the audit Committee is an Independent Commissioner while Members come from outside the Company.

the composition and tenure of the audit Committee in accordance with the criteria contained in the audit Committee Charter as of December 31, 2018 are as follows:

Name Position Terms of Membership Terms completionSukatmo Padmosukarso Chairman June 2016 July 2019akbar anwar Member october 2017 october 2020agustinus l. tobing Member May 2018 May 2021

Annual Report 2018





Sukatmo Padmosukarso chairman62 yearsIndonesian

Terms of Office Juni 2016 - Juli 201

Appointment Basis Decree of the Board of Commissioners No. SK-01/ SMI/ DK/0616 dated June 15, 2016.

Educational Background Presented in the Board of Commissioners’ profile section on page 116 of this annual report.

Professional Experience Presented in the Board of Commissioners’ profile section on page 116 of this annual report.

Audit Committee Member Profile


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344

Akbar Anwar Member 60 years Indonesian

Terms of Office oktober 2017 - oktober 2020

Appointment Basis Decree of the Board of Commissioners No. SK-05/SMI/DK/0917 dated September 14, 2017

Educational Background He obtained a Diploma-IV accountant from StaN in 1989 and obtained a Masters in Management from the 2012 IPWI School of economics.In terms of profession, he obtained the degrees / certifications:• the 2014 Chartered accountant (Ca) from the Indonesian Institute of accountants and

the International Federation of accountant.• 2012 Qualified Internal auditor (QIa) from the Qualified Internal auditor Certification

Board.• 2015 Certified risk Management Professional (CrMP) from the National Board of

Professional Certification and the risk Management Professional Certification Institute.• Certification in audit Committee Practices (CaCP) 2017 - Indonesian Institute of audit

Committee.• 2010 Government Goods and Services Procurement expert Certificate from lKPP

(Government Procurement Policy agency) and BNSP.

In addition, he was also certified as a 2010 Government Goods and Services Procurement expert from lKPP (Government Procurement Policy agency) and BNSP.

Professional Experience Serving as a member of the Company’s audit Committee since october 2017, he is also the Secretary of the Board of Commissioners of Pt Mrt Jakarta since May 2017 until now. Previously he held various key positions at Pt Mrt Jakarta, as the Board of Directors advisor (Feb 2017-apr 2017), Head of Internal audit Pt Mrt (2009-Feb 2017), Secretary of the audit Committee (2011-2013) and Chairperson of Management task Force risk (2010-2012). Before joining Pt Mrt Jakarta, he worked at the BPKP (1983-2009). In addition, he has various professional experiences as Instructors at the Indonesian Institute of accountants and the Internal audit education Foundation. For his professional development and abilities he joined as an active member of the Indonesian Institute of accountants (IaI), Fraud examiner association of Certified, the Institute of Internal auditors (IIa), Indonesian audit Committee association and hukumonline.com in order to follow the latest laws and regulations in particular related to his profession.


Annual Report 2018




Agustinus L. Tobing Member

41 yearsIndonesian

Terms of Office

Mei 2018 - Mei 2021

Appointment Basis Decree of the Board of Commissioners No. SK-01/SMI/DK/0518 dated May 1, 2018

Educational Background He obtained a Bachelor of economics from the university of Indonesia in 2000, an Ma in Finance from rotterdam Business School in 2003, and he is a PhD Candidate in Strategy from the university of Pelita Harapan, Indonesia (2017–2021).In terms of profession, he obtained degrees / certifications:1. Registered Accountant dari Ikatan akuntan Indonesia.2. Chartered Accountant (Ca) dari Ikatan akuntan Indonesia.3. Certified Internal Auditor (CIa) dari Institute of Internal auditor (uSa - Florida).4. Certified Fraud Examiners from Association of Certified Fraud Examiners (uSa – texas).5. Certified Risk Management Assurance from Institute of Internal Auditor (uSa – Florida).6. Business Continuity Certified Planner from BCI Institute (Singapore).7. Certified Compliance and Risk Professional from GRC Institute (australia).

Professional Expeience Currently he is still actively working as Vice President - Chief Compliance officer at Pt aIa Financial Indonesia since 2016. Previously he served as Vice President - Group Compliance Head at Pt Sun life Financial Indonesia (2014-2016). He is also active as a speaker in Governance, risk Management and Internal audit at conference activities. In 2018, agustinus was the speaker at several activities:1. Keynote Speaker in 9th International Conference on Financial Criminology: Financial

Criminology and Financial Governance in Digital Era, 4-5 December 2018, Jakarta.2. Risk Management Guard (rMG) Workshop, Connecting The Dot between Compliance,

Business and Risk Management, Jakarta, 22 -23 November 2018.3. Risk Management Guard (rMG) Workshop, Membangun Fungsi Kepatuhan sesuai

dengan PoJK No. 73, Jakarta, 22 oktober 2018.4. Association of Certified Fraud Examiners (aCFe) Workshop, Fraud in Insurance Industry,

21-22 September 2018, Makassar – Indonesia.5. Keynote Speaker in ACAMS Regional Conference, 4th Enhanced Practical AML &

Financial Crime Tools and Techniques Seminar, 8 Mei 2018, Jakarta.



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346

INDEPENDENCy OF AUDIT COMMITTEEIndepency of audit Committee refers to Financial Servicesauthority regulation No. 55/PoJK.04/2015, whereby themembers of audit Committee shall fulfill the followingrequirement:1. Is not currently or at any time within the last 6

months employed in a Public accounting Firm, legal Firm, Public appraisal Service or other business providing assuranceservices, non-assurance services, appraisal services and/or other consulting services to the Company within the last 6 (six) months;

2. Is not a person that works or has the authority and responsibility in planning, directing, controlling, or monitoring the activities of the Company within the last 6 months;

3. Has no affliation with members of the Board of Commissioners, members of the Board of Directors, or the majority shareholder of the Company; and

4. Does not have business relationship, directly or indirectly related to the business activities of the Company.

DUTIES AND RESPONSIBILITIES OF AUDITCOMMITTEE the audit Committee assists the Board of Commissionersin carrying out its supervisory duties of the Company. Inachieving these objectives, the audit Committee duties and responsibilities, are among others:1. assisting the Board of Commissioners to ensure

the effectiveness of the Company’s internal control systems and the effectiveness of the external and internal auditors;

2. reviewing the implementation and results of audits carried out by Internal audit and external auditor;

3. ensuring that there has been a comprehensive evaluation of all information issued by the Company;

4. reviewing the Company‘s fnancial information to be released to the public and/or authorities, among others, financial statements, projections, and other reports containing financial information;

5. Identifying issues and other tasks that require the attention of the Board of Commissioners of the Company;

6. Drafting and submit annual work plans to the Board of Commissioners of the Company for approval, as well as report on the implementation of the annual workplan to the Board of Commissioners;

7. reviewing compliance in accordance with laws and regulations related to the activities of the Company;

8. Providing an independent opinion in the event of disagreement between the management of the Company and public accountant for its services;

9. examining complaints related to accounting and the financial reporting processes of the Company;

10. reviewing and provide advice to the Board of Commissioners of the Company related to potential conflict of interests;

11. Maintaining confidentiality of documents, data and information related to the operational activities of the Company;

12. Providing recommendations to the Board of Commissioners of the Company regarding the appointment of the public accountant based on independence, scope of the assignment, and compensation for services; and

13. Performing other duties assigned by the Board Commissioners of the Company

AUTHORITIES OF THE AUDIT COMMITTEE In order to achieve effective oversight of the Company as set out in the audit Committee Charter, the audit Committee has the authority to:a. Perform the selection process of the Public

accountant Firm to be appointed as the auditor of the Company, provide consideration regarding the audit fees, and supervise the work of the Public accountant Firm;

b. Provide an independent opinion in order to facilitate settlement of disagreements between the Company and the Public accountant Firm related to financial reporting;

c. Provide input on the proposed work plan of the lnternal audit Division related to the audit and nonaudit activities, including assurance, consulting, and audit management;

d. access notes or information about employees, funds, assets and other resources owned by the Company related to the implementation of their tasks and responsibilities;

e. obtain information from related employees of the Company and invite external parties in order to obtain supplemental information, as required;

f. If necessary, engage independent parties other than audit Committee members; and

g. Perform other tasks assigned by the Board of Commissioners of the Company.


Annual Report 2018




REPORT ON AUDIT COMMITTEE ACTIVITIES IN2018the following activities were carried out by the auditCommittee during 2018:a. Monitoring and Consultation Perspective

1. reviewed the implementation of DaI activities to ensure the effectiveness of internal auditors:• approved the Internal audit Division

annual assignment Plan (rKPt) in 2018• Provided input and approval for the

revised II Internal audit Charter. the audit Committee also provided input on the Pt SMI audit manual.

• Discussed the DaI report and monitored the follow-up of DaI findings 6 times during 20188.

2. ensuring the reliability & independence of the Public accounting Firm:• Has monitored the progress of the

implementation of the 2017 financial year general audit by KaP Doli, Bambang, Sulistiyanto, Dadang & ali.

• Has determined the scope of general audits, selected and submitted recommendations for prospective KaPs that will carry out general audits for fiscal year 2018.

3. Monitor the effectiveness of the external auditor activities:• Has carried out monitoring of the

assessment of the implementation of 2017 Good Corporate Governance principles by the MuC Consulting Group.

• Has carried out monitoring of the audit by the Financial Services authority during 2018.

• Monitor the completion of follow-up on the findings of external auditors.r.

4. reviewing the preparation and monitoring of the Company’s work plan:• reviewed the Company’s 2019 Work Plan

and Budget.• reviewed the Company’s long-term Plan

for 2019-2023.• reviewed the audited draft of the

Company’s Financial Statements for the financial year 2017.

• Discussed the Company’s financial performance as many as 5 times during 2018.

5. ensuring the effectiveness of the Company’s internal control system. evaluated the effectiveness of internal controls over the Information and Communication technology process, Financing records and Financial reports, Supervision of Subsidiaries and Human resources during 2018.

6. Financing Projects Monitoring & site visit to ensure the use of facilities are in accordance with the Financing agreement.During 2018, the audit Committee carried out 7 visits to the Company’s financing projects, namely:• Construction of 7 roads in Penajam Paser

utara, east Kalimantan.• Semarang - Solo Stage 2 toll road, Central

Java.• Production of rolling Stock lrt Jabodebek,

east Java.• Surabaya Mojokerto toll road, east Java.• West Java International airport.• Konawe regional General Hospital.• Biomass Power Plant owned by PtPN XI

Jember.B. Ka Plan Compilation and task Implementation

evaluations.1. Compiled the audit Committee Performance

Indicators and Work Plans & Budgets in 2018 as a guideline in the implementation of tasks.

2. evaluated the audit Committee work program and budget per semester.

C. learning & Growth1. Carried out induction to a New Member, Mr.

agustinus l. tobing.2. Cumulatively attended 6 sessions of education /

training during 2018.

AUDIT COMMITTEE MEETINGIn accordance with the audit Committee Charter, the Committee should hold meetings at least equal in numberto the provision that regulates meetings of the Board of Commissioners, which are set out in the articles of association, and may hold additional meetings as necessary.



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348

During 2018, audit Committee had 14 (fourteen) meetings, with composition as of 31 December 2018 and attendance level as follow:

Meeting dates Meeting AgendaAttendance

SP aK at*

16.01.2018 a. Public accounting Firm progress fiscal year 2017b. update of BrP rI finding and recommendation December 2017c. Iau audit assignment reportd. Internal audit charter and procedures development by consultant.

√ √

02.02.2018 Discussion with the Public accounting Firm on audited financial statements. √ √

06.03.2018 a. Presentation and socialization of audit charter and guidelines by PWCb. Discussion of Iau work assignment plan 2018

√ √

24.04.2018 a. review of quarter I 2018 financial statementsb. Preparation to assign the Public accounting Firm to audit fiscal year 2018c. Iau activity report and follow up on internal audit findings.d. Monitoring the Human Capital Management (Human Capital Division).

√ √

23.05.2018 a. DtI activity updateb. Iau activity update

√ √ √

06.06.2018 a. Public accounting Firm Beauty Contestb. Budget Proposal opening

√ √ √

03.07.2018 a. technical Discussion with PWC on Internal audit Charter and audit Manual

b. Induction to New Member of the audit Committee by the audit Committee Chairman

c. update of Public accounting Firm Selection Progress to audit Fiscal Year 2018

√ √ √

20.08.2018 a. update of Pt SMI Financial Performance 1st Half 2018 and update up to July 2018 accounting & assets administration Division

b. update of Public accounting Firm Selection to audit Fiscal Year 2018 Internal audit Division

c. audit Committee Work and Budget Plan realization 1st Half 2018d. update of the Iau assignment and Findings Progress

√ √ √

06.09.2018 a. audit Committe Work & Budget Plan Program evaluation 1st Half 2018b. update of Public accounting Firm Selection Progress to audit Fiscal Year

2018c. update of oJK audit

√ √ √


Annual Report 2018




Meeting dates Meeting AgendaAttendance

SP aK at*

19.09.2018 Kick Off Meeting KaP rSM aaJ. √ √ -

15.10.2018 a. update of Pt SMI Financial Statements up to Quarter 3/2018b. GCG assessment Progress by MuC Consultingc. 2018 Financial Statements audit Progress of Pt SMI by Public accounting

Firmd. Iau audit Progresse. Follow up on external and Internal findings

√ √ -

15.11.2018 Review of Subsidiaries monitoring √ √ √

27.11.18 the audit Committee report to BoC about the reviewing of the prognosis changes in 2018 and Pt IIF 2019 Year 2018 rKaP and their effects on the Pt SMI rKaP in 2019.

√ √ √

18.12.2018 a. update of Iau activity on oJK audit development, update of Iau assignment and follow up monitoring

b. GCG assessment progress by MuCc. organizational development by DHC

√ √ √

Attendance Percentage Total 100 100 89SP: Sukatmo Padmosukarsoaa: akbar anwar

at*: agustinus l tobing (menjabat sejak tanggal 1 Mei 2018)

AUDIT COMMITTEE MEMBER TRAINING PROGRAMIn accordance with the audit Charter, the audit Committee members shall be willing to enhance their competence through continuous education and training. During 2018, members of audit Committee have participated in the following trainings.



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350

Name Position Education/Training Organizer Location


Chairman 1. Cyber risk Management and Financial Crime awareness for Financial Institutions.

Bara Bali

2. Panel Discussion: audit Committee responsibility on the Financial Statements Fraud.

3. Panel Discussion: “oversight effectiveness of the Board of Commissioners and audit Committee: learning from Pt SNP Finance”.

Ikatan Komite audit Indonesia


Jakarta

Jakarta

akbar anwar anggota Program european Confederation of IIa Conference 2018.

european Confederation of Institutes of Internal

auditing

Madrid

agustinus l. tobing

anggota 1. Panel Discussion: “oversight effectiveness of the Board of Commissioners and audit Committee: learning from Pt SNP Finance”.

2. Qualitative research Methods


IaI Sorbonne Business School

Jakarta

Paris


Annual Report 2018




Risk Monitoring Committee

the risk Monitoring Committee assists the Board of Commissioners in monitoring the implementation of risk management as well as assessing the Company’s risk tolerance. this committee was established to enhance corporate governance and maintain the Company’s continuity.

APPOINTMENT AND DISMISSAL & COMPOSITIONthe Member of risk Monitoring Committee composition at least 3 persons where the Chairman of risk Monitoring Committee is an Independent Commissioner while the members is partly of commissioner member and other members from out of Company. risk Monitoring Committee are appointed and dismissed by Company’s Board of Commissioners.

as of 31 December 2018, the composition of risk Monitoring Committee consists of 5 members, with the following structure:

Name Position Terms of Membership Terms completionMahendra Siregar Chairman august 2017 July 2019Wahyu utomo Member September 2017 July 2019Kunta Wibawa Dasa Nugraha Member September 2017 July 2019edyanto rachman Member august 2016 august 2019Jadi Haposan Manurung Member august 2016 august 2019


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352


Mahendra Siregar chairman56 years Indonesian

Terms of Office agustus 2017 - Juli 2019

Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017.

Educational Background Presented in the Board of Commissioners’ Profile section on page 112 of this annual report.

Professional Experience Presented in the Board of Commissioners’ Profile section on page 112 of this annual report.

Wahyu Utomo Member55 years Indonesian

Terms of Offfice September 2017 - Juli 2019

Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017


Professional Experience Presented in the Board of Commissioners’ Profile section on page 113 of this annual report.

Profile of Risk Monitoring committee

Annual Report 2018




Kunta Wibawa dasa Nugraha Member50 years Indonesian

Terms of Office September 2017 - July 2019

Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017.


Professional Experience Presented in the Board of Commissioners’ Profile section on page 114 of this annual report

Edyanto Rachman Member 65 years Indonesian

Terms of Office august 2016 - august 2019

Appointment Basis Board of Commissioners’ Decree No. SK-03/SMI/DK/0816 dated 5 august 2016

Educational Background edyanto rachman obtained a Physics Degree from the Bandung Institute of technology (1973-1978) and Master of Management from the university of Indonesia (1989-1991)

Professional Experience lBorn in Cirebon March 27, 1954. appointed as a Member of the risk Monitoring Committee on aug. 5, 2016. He has previously held the following positions: Supervisor of Parts Department at Pt astra Motor Sales (1978-1983), Head of BaPINDo branch office (1996-1999), Vice President/ regional risk Manager of Pt Bank Mandiri (Persero) tbk. (2004-2009), Commissioner of Pt Wahana optima Permai ñ subsidiaries of Bank Mandiri Pension Fund IV (2009- 2013), Commissioner of Pt Media Wave Interactive (2009-2010) and Member of the risk Monitoring Committee of Pt Bank Syariah Mandiri (2010-2016)..



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354

jadi Haposan Manurung Member 45 year Indonesian

Masa jabatan august 2016 - august 2019dasar Pengangkatan Board of Commissioners’ Decree No. SK-03/SMI/DK/0816 dated 5 august 2016

Riwayat Pendidikan obtained Phd, College of law and Justice in 2016 from Victoria university, Melbourne, the Master Degree, Flinders Institute of Public administration and Management in 2007 from adelaide, South australia. Bachelor of law from North Sumatra university in 1996.

Pengalaman Kerja He currently serves as Deputy Director of Policy analysis and Harmonization for Governance and Compliance of Government apparatus (2016-present). In addition, he also worked at the Capital Market and Financial Institution Supervisory agency (1998-2012).

INDEPENDENCy OF RISK MONITORING COMMITTEE

the risk Monitoring Committee is independent both in carrying out its duties and in reporting, and is directly responsible to the Board of Commissioners.

DUTIES AND RESPONSIBILITIES OF THE RISK MONITORING COMMITTEE the Company’s risk Monitoring Committee works collectively it performig their activities to assist the Board of Commissioners. In accordance with the Charter, the risk Monitoring Committee has the following duties: a. evaluating the conformity of risk management policies

with their implementation.b. Monitoring and evaluating the implementation of the

duties of the risk Management Committee and the risk Management unit.

c. roviding input to the Board of Commissioners on the preparation and improvement of risk management policies related to risk management associated with assets and liability, liquidity, financing and operations, prior to obtaining approval of the Board of Commissioners.

d. Holding discussions with the Board of Directors or any work units experiencing risk management issues.

e. Identifying issues that require the attention of the Board of Commissioners.

f. Preparing and submitting annual work plans to the Board of Commissioners to be determined and report the implementation of the annual work plan to the Board of Commissioners.


Annual Report 2018




g. Making recommendations to the Board of Commissioners on the policies taken by the Board of Directors relating to risk management.

h. reviewing the Company’s compliance with the laws and regulations with significant risk impact associated with the Company’s activities.

i. Providing recommendations to the Board of Commissioners on the threshold that requires the approval from the Board of Commissioners as mentioned in the articles of association, and determined by the Bank Supervisory authority and Capital Markets.

j. reviewing and providing advice to the Board of Commissioners in relation to potential conflicts of interest.

k. Maintaining confidentiality of documents, data and information.

l. Performing other duties assigned by the Board of Commissioners.

AUTHORITIES OF RISK MONITORING COMMITTEE In order to support the effective implementation of its duties, the risk Monitoring Committee is authorized to: a. request internal reports relating to risk control in the

areas of assets and liability, funding, liquidity and operations. the report contains information among others on the following: 1. risk exposure.2. Compliance with policies and procedures, and

establishment of limits.3. actual implementation of risk control compared

to the target. 4. Periodic reports of the Company’s risk profile.

b. Work closely with the audit Committee, and request Internal audit to conduct an examination of specific areas in which exposure to risk is increasing.

c. access records and information about employees, funds, assets and other financial resources owned by the Company and related to the performance of its duties;

d. obtain information from related employees, and request information from external parties.

e. other authority granted by the Board of Commissioners..

ACTIVITIES OF THE RISK MONITORING COMMITTEE IN 2018the risk Monitoring Committee has carried out the following activities in 2018:1. Monitoring the deliverables of e&Y consultant

regarding the determination of risk limits (risk appetite, risk tolerance and risk limit) and Pt SMI’s risk profiles.

2. Developed the strategy framework of debtors handling that falls under watchlist and Non Performing loan (NPl).

3. assisted the Board of Commissioners in the supervisory function of the Company’s performance.

4. assisted the Board of Commissioners in monitoring and ensuring the application of GCG principles in the Company.

5. Provided opinion to the Board of Commissioners through the risk Committee Meetings, Board of Commissioners Meetings, and Joint Meetings of the Board of Commissioners and Directors with regards to the investment and financing decision of Pt SMI.

6. Participated in the workshops and seminars that can enhance the risk Monitoring Committee productivity and supervisory function.

7. Convened meetings and project visits.



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356

RISK MONITORING COMMITTEE MEETINGSthe risk Monitoring Committee conducted 2 (two) meetings during 2018, with the following attendance:

Meeting dates Meeting Agenda

Attendance

Mahendra Siregar

Wahyu Utomo

Kunta Wibawa

dasa Nugraha

Edyanto Rachman

jadi Haposan

Manurung

16.03.2018 1. Financing and Debtors Portfolio under watchlist as of 31 January 2018

2. lesson learned from Municipal Financing plan of Central lampung and relevant mitigations

3. risk Management System for Municipal Financing

4. others

1 1 1 1 1

09.07.2018 1. risk assessment of Municipality vis-à-vis Central Government Policy in relations with Pt SMI’s business

2. others

1 1 1 1 1

Total Attendance Percentage 100 100 100 100 100

TRAINING PROGRAMS FOR MEMBERS OF COMMITTEE Pursuant to the risk Monitoring Committee Charter, the Committee should continuously improve the competence of its members through education and training programs. During 2018, members of the risk Monitoring Committee attended the following training programs:


Annual Report 2018




Workshops and trainings for risk Monitoring Committee in 2018

Name Position Education/Training Organisers Location

Mahendra Siregar

Chairman 1. Policy Makers’ Perspective and Indonesia africa Business Forum sesi Financing


Bali

2. Blended Finance for Smallholders: addressing Global Challenges with SDG Focused Solutions.

rI Government, uN environment and tropical lamdscapes Finance Facility/ tlFF

Bali

Wahyu utomo

Commissioner Knowledge Management Capacity Building for the National Capital Integrated Coastal Development (NCICD) (High-level).


Korea Selatan


Commissioner 1. Designing effective Social Health Security System in asia Countries.


Yogyakarta

2. australia-Indonesia Virtual lab: a technology and Innovation Collaboration Platform.

university of Sydney Sydney

3. Creating and leading a Culture of Innovation, Kellog School of Management.

Northwestern university Chicago

edyanto rachman

Member 1. operation risk Management in Financial institutions.

Fitch learning Frankfurt

2. International Conference risk Beyond 2018.


Yogyakarta

Jadi Haposan Manurung

Member operation risk Management in Financial institutions.

Fitch learning Frankfurt



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358

COMMITTEES OF THE BOARD OF DIRECTORS

the Committees established by the Board of Directors consist of Director and Senior Managers/executives that serves as authorized officers (PBM) responsible for making recommendations to the Board of Directors

the Committees establishment under the Board of Directors is in line with the business complexity as set for the implementation of three business pillars. the objectives are as follows: 1. Improving the efficiency of the decision making process by the Board of Directors in accordance

with the object/scope of each committee, in order to promote prudential principles and good governance;

2. Improving the governance structure of risk management; and3. Increasing the efficiency of transactional decision making related to the quality of the services

offered by the Company, particularly in the Company’s primary activity.

THE COMMITTEES UNDER THE BOARD OF DIRECTORS :

Board of Directors

Target Sub ComitteeAssets and Liabilities Sub Committee Monitoring Sub Committee*)

*) related to transactional Decision

Project Development and Advisory Committee*)

Information System Technology Committee

Risk and Capital Committee

Financing Committee*) Sustainable Financing Committee*) Equity Investment

Comittee*)

Risk Management Sub Committee

Annual Report 2018




Committees of the Board of Directors

RISK & CAPITAL COMMITTEEPursuant to the Board of Directors Decree No. SK-3/SMI/0214 dated February 17, 2014 in lieu of the Board of Directors Decree No. SK-9/ SMI/1115 dated November 4, 2015, which futher amended by the Board of Directors Decree No. SK-6/SMI/0616 dated June 6, 2016, and again amended by the Decree of the Board of Directors No. SK-10a/SMI/0817 dated 1 august 2017, which stipulates the establishment of the risk & Capital Committee with the following duties and activities:

1. ensuring alignment of the Company’s main business strategy with the Company’s mission and the annual targets set out in the Work and Budget Plan.

2. ensuring effective and prudent management of risks associated with the Company’s activities in accordance with the Company’s capital and risk appetite.

Sub committee of Risk & capital committeeIn managing more specific risks, several Sub Committees are established as follows:

1. Risk Management Sub committeethe duties and activities of the risk Management Sub Committee include: a. establishing risk management framework

aligned with the Company’s specific risks, based on the Work and Budget Plan and Corporate KPIs, in accordance with the Management Contract.

b. establishing policies (guidelines, procedures, limits), as well as managing the changes brought by the policies as a response to the risk taking Divisions’ proposal and/or recommendations

.

2. Assets & Liabilities Sub committeethe duties and activities of the assets & liabilities Sub Committee include: a. Formulating annual strategy for asset and

liability Management (alM), which includes risk exposure management associated with interest rates, currency, liquidity and fund management strategies to optimize the returns, and formulating alternative sources of funding in order to minimize the cost of funds to achieve alM strategies based on Work and Budget Plan.

b. to give the reference for cost of fund and interest rate for pricing with the following condition: - the pricing is binding on each of any

decision-making, i.e pricing set by Financing Committee and equity Invesment Committee during the committee meeting.

- any decision, which is not in accordance with the agreed pricing must be approved by the Board of Directors.

c. Providing recommendations for any changes on alM policies (guidelines, procedures, limit) with regards to financial transactions, macro environment, and alternative hedging available in the market.

3. Target Sub committeethe duties and activities of target Sub Committee are to formulate the annual strategy on the company resources allocation, strategy evaluation, and product appropriateness towards the market.

4. Monitoring Sub committeethe duties and activities of Monitoring Sub Committee are to provide decision on assets quality, restructuring, financing, financing monitoring and recovery efforts on non-performing loans.


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Membership of Risk & capital committee and its Sub committeeMembership and certification/ trainings of each member of risk & Capital Committee and its Sub Committee are as follows:

Risk & capital committee

chairman President Director

Secretary Head of Integrated risk Management

Permanent Members

1. President Director2. operation & Finance Director3. risk Management Director4. Financing and Investment Director5. Project Development and advisory Director6. Head of Financing and Investment evaluation Division7. Head of Integrated risk Management Division8. Head of Social environmental evaluation & advisory Division

Non-permanent Members -

Risk Management Sub committee

chairman risk Management Director

Secretary Head of Integrated risk Management Division

Permanent Members

1. President Director2. risk Management Director3. operation & Finance Director 4. Financing and Investment Director5. Project Development and advisory Director6. Head of Integrated risk Management Division

Non-permanent Members Head of Divisions related with spesific managed risk

Annual Report 2018





Asset & Liabilities Sub committees

chairman operation & Finance Director

Secretary Head of Finance & Investor relations Divisionr

Permanent Members 1. President Director2. operation & Finance Director 3. risk Management Director 4. Financing and Investment Director5. Head of Finance & Investor relations Division6. Head of Integrated risk Management Division7. Head of Financing and Investment evaluation Division

Non-permanent Members

1. Head of accounting & asset administration Division2. Head of Financing and Investment Division I3. Head of Financing and Investment Division II4. Head of Financing and Investment Division III5. Head of equity Investment Management & operations Division6. Head of Municipal Financing Division7. Head of Syariah Business Division

Target Sub committee Secretary Head of Corporate Development & Initiative Management Division

Permanent Members 1. President Director2. risk Management Director3. Financing and Investment Director4. Project Development and advisory Director5. operation & Finance Director6. Head of Financing and Investment Division I 7. Head of Financing and Investment Division II8. Head of Financing and Investment Division III9. Head of Municipal Financing Division10. Head of advisory Division11. Head of Project Development Division12. Head of Sustainable Financing Division13. Head of Syariah Business Division14. Head of equity Investment Management & operational

Division15. Head of Financing & Investment evaluation Division.16. Head of Social environmental evaluation & advisory Division17. Head of Finance & Investor relation Division18. Head of accounting & asset administration Division


1. Head of Integrated risk Management Division2. Head of legal Division


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362

Sub Komite Monitoring Secretary Head of Proposer

Permanent Members

1. President Director2. risk Management Director3. Financing and Investment Director4. Project Development and Consulting Services Director5. operation & Finance Director6. Head of Financing and Investment Division I7. Head of Financing and Investment Division II8. Head of Financing and Investment Division III9. Head of Municipal Financing Division10. Head of Sustainable Financing Division11. Head of equity Investment Management & operational Division12. Head of evaluation Division of Financing & Investment Division13. Head of Syariah Business Division


1. Head of Integrated risk Management Division2. Head of legal Division3. Head of Social environmental evaluation & advisory Division4. Head of accounting & asset administration Division

certification of division Head and directors

Name Position certification

emma Sri Martini President Director -

edwin Syahruzad Financing & Investment Director -

Darwin trisna Djajawinata Project Development & advisory Director -


Direktur operasional & Keuangan BSMr V

Faaris Pranawa risk Management Director BSMr I

agus Iman Solihin Head of Corporate Development & Initiative Management Division

-

Setyo Wibowo Head of Internal audit Division 1. Certified Internal Auditor (CIa)2. Certified Information System

Auditor (CISa)3. Certification in Risk

Management Assurance (CrMa)

4. Chartered Accountant (Ca)5. Qualified Internal Auditor (QIa)

Boyke t. Subekti Head of Human resources Division BSMr I

ramona Harimurti Head of Corporate Secretary Divisionacting as Head of legal Division

BSMr II

rintis Sitaresmi Head of Financing & Investment I -

eri Wibowo Head of Financing & Investment II BSMr III


Annual Report 2018




Name Position certification

Indar Barung Head of Financing & Investment III BSMr IV

erdian Dharmaputra Head of Municipal Financing Division -

M. adi Kusuma Head of Syariah Business Division 1. BSMr II2. oMeGa Credit Certification

Victor edward Sasdiyarto Head of Center of Competence Division BSMr I

Suparno Head of advisory Division -

Pradana Murti Head of Project Development Division -

adi Pranasatrya Head of Sustainable Financing Division BSMr II

David Widianto Head of Finance & Investor relations Division -

Syahrial Noviananta Head of accounting & asset administration Division Chartered Accountant (Ca)

Cipto adi utomo Head of General affairs & Procurement Division -

romanus tory Kusumantara

Head of Information technology Division Bara (lSPP) III

aradita Priyanti Head of equity Investment Management & operation Division

BSMr I, Certified Information Systems Auditor

Hanif osman Head of Financing evaluation & Investment Division Bara (lSPP) III

Muhammad oriza Head of Integrated risk Management Divisionacting Head of Social environmental evaluation & advisory Division

BSMr IV

abdul Hakim Supriyadi Head of Financing Management & Special Investment Division

Bara (lSPP) III

duties and Responsibilities Implementation ReportDuring 2018, the risk and Capital Committee has effectively implemented its duties with prudent principal in ensuring alignment of main business strategy and risk management in accordance with its capital and predetermined risk appetite. the Sub Committes has also performed an effective and optimal duties as follows:

Risk & capital committeethe risk & Capital Committee has convened 3 (three) times meetings. the discussion is in accordance with its scope of work, including implementation of prudent principles in its duties, ensuring alignment of the Company’s strategic business and risk management in accordance with its capital and risk appetite.

Risk Management Sub committee the risk Management Sub Committee has convened 26 (twenty six) meetings. the discussion is in accordance with its scope of work, which related to the establishment of risk management framework and the Company’s policies.



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Asset and Liabilities Sub committee the asset and liabilities Sub Committee has convened 3 (three) meetings. the discussion is in accordance with its scope of work, which related to formulation of alM’s annual strategy and establishment of pricing range for both the interest rate of the loan and the Company’s fund.

Target Sub committee the target Sub Committee has convened 12 (twelve) meetings. the discussion is in accordance with its scope of work, which related to human resources allocation, evaluation of strategy, performance, and product appropriateness toward the market.

Monitoring Sub committee the Monitoring Sub Committee has convened 4 (four) meetings. the discussion is in accordance with its scope of work, which related to assets quality, restructuring, financing, financing monitoring and recovery of non-performing loans.

the following are attendance details of the Committee and Sub Committee Meetings in 2018:

No Name PositionTotal

MeetingsTotal

Attendaance

Risk and capital committee 1. emma Sri Martini President Director 4 4

2. edwin Syahruzad Financing & Investment Director 4 43. Darwin trisna

DjajawinataProject Development & advisory Director 4 4

4. agresius robajanto Kadiaman

operation & Finance Director (served until 8 July 2018)

3 3

5. Mohammad Ghozie Indra Dalel

operation & Finance Director (serves since 9 July 2018)

3 3

risk Management Director(served until 8 July 2018 )

2 2

6. Faaris Pranawa risk Management Director(serves since 9 July 2018)

2 2

7. Muhammad oriza Head of Integrated risk Management Divisionacting Head of Social environmental evaluation & advisory Division

4 4

8. Hanif osman Head of Financing evaluation & Investment 4 4


MeetingsTotal

AttendanceRisk Management Sub committee 1. emma Sri Martini President Director 29 29

2. edwin Syahruzad Financing & Investment Director 29 29


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MeetingsTotal

AttendanceRisk Management Sub committee 3. Darwin trisna


4. agresius r. Kadiaman


4 4



25 25


4 4


25 25


29 29


MeetingsTotal Attendance

Sub Komite Asset & Liabilities

1. emma Sri Martini President Director 4 4



operation & Finance Director (served until 8 July 2018

1 1



3 3


1 1


3 3

6. David Widianto Head of Finance & Investor relations Division 4 4


4 4

8. Syahrial Noviananta Head of accounting & assets administration Division

4 4(not mandatory to

attend)9. rintis Sitaresmi Head of Financing & Investment I Division 4 -

(not mandatory to attend)

10. eri Wibowo Head of Financing & Investment II Division 4 - (not mandatory to

attend)11. Indar Barung Head of Financing & Investment III Division

acting Head of Syariah Business Division(served until 14 august 2018)

4

4

- (not mandatory to

attend) -




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366



Sub Komite Asset & Liabilities

12. aradita Priyanti Head of equity investment Management & operations

4 - (not mandatory to

atttend)13. erdian Dharmaputra Head of Municipal Financing Division 4 -

(not mandatory to atttend)

14. M. adi Kusuma acting Head of Syariah Business Division (serves since 15 august 2018)


atttend)


MeetingsTotal

AttendanceTarget Sub committee



3. Darwin trisna Djajawinata

Project Development & advisory Director 12 12



6 5


operation & Finance Director(serves since 9 July 2018)

6 6

risk Management Director(served until 8 July 2018)

6 5

6. Faaris Pranawa risk Management Director(serves since 2018)

6 5

Head of legal Division (served until 8 July 2018)

6 5

7. agus Iman Solihin Head of Corporate Development & Initiative Management Division

12 12

8. rintis Sitaresmi Head of Financing & Investment I Division 12 12

9. eri Wibowo Head of Financing & Investment II Division 12 12

10. Indar Barung Head of Financing & Investment III Divisionacting Head of Syariah Business Division (served until 14 august 2018)

12

12

10

1011. erdian Dharmaputra Head of Municipal Financing Division 12 10

12. M. adi Kusuma Head of Syariah Business Division (serves since 15 august 2018)

5 5


Annual Report 2018





MeetingsTotal

AttendanceTarget Sub committee

13. Victor edward Sasdiyarto

Head of Competence Management Center Division(serves since 1 october 2018)

Head of advisory Division (served until 30 September 2018)

acting Head of Sustainability Financing Division(served until 31 January 2018)

3

9

1

3

8

1

14. SuparnoHead of advisory Division(serves since 1 october 2018)

3 3

15. adi PranasatryaHead of Sustainability Financing Division(serves since 1 February 2018)

10 7

16. Pradana Murti Head of Project Development Division

acting Head of Competence Management Center Division(served until 30 September 2018)

12

9

10

7

17. aradita Priyanti Head of equity investment Management & operations 12 1218. Muhammad oriza acting Head of Social environmental evaluation &

advisory Division12 11

Head of Integrated risk Management Division 12


11 (tidak wajib

hadir)

19. Hanif osman Head of Financing evaluation & Investment Division 11 1020. David Widianto Head of Finance & Investor relations Division 12 12

21. Syarial Noviananta Head of accounting & assets administration Division 12 1122. ramona Harimurti acting Head of legal Division

(serves since 9 Juli 2018)6 6

(tidak wajib hadir)



Monitoring Sub comittee


2. edwin Syahruzad Financing & Investment Director 5 53. Darwin trisna


4. agresius r. Kadiaman


2 2



3 3


2 2



Annual Report 2018



368



Monitoring Sub comittee

6. Faaris Pranawa risk Management Director(serves since 2018)

3 3


1 1 (tidak wajib hadir)

7. rintis Sitaresmi Head of Financing & Investment I Division 5 -

8. eri Wibowo Head of Financing & Investment II Division 5 1

9. Indar Barung Head of Financing & Investment III Divisionacting Head of Syariah Business Division (served until 14 august 2018)

5

-

-

-

10. erdian Dharmaputra Head of Municipal Financing Division 5 -


5 -


Head of advisory Division (served until 30 September 2018)

acting Head of Sustainability Financing Division(served until 31 January 2018)

4

-

-

-

13. Suparno Head of advisory Division(serves since 1 october 2018)

- -

14. adi Pranasatrya Head of Sustainability Financing Division(serves since 1 February 2018)

5 -

15. aradita Priyanti Head of equity investment Management & operations

5

16. Hanif osman Head of Financing evaluation & Investment Division 5 5

17. Muhammad oriza acting Head of Social environmental evaluation & advisory Division

5 2 (not mandatory to

attend)Head of Integrated risk Management Division 5 2


18. ramona Harimurti acting Head of legal Division(serves since 9 Juli 2018)


attend)19. Syahrial Noviananta Head of accounting & assets administration Division 5 5



Annual Report 2018




FINANCING COMMITTEEthe Financing Committee is established since 2009 with duties and activities renewed according to the Company’s need. the amendment was enacted through the Board of Directors Decree No. SK-4/SMI/0514 dated 8 May 2014, in lieu of the Board of Directors Decree No. SK-10/SMI/1115 dated 4 November 2015 and was last amended by the Board of Directors Decree No. BoD.SK-8/SMI/0616 dated 6 June 2016 stipulating the following:1. the establishment of the Financing Committee.2. the membership of the Financing Committee.3. the Board of Directors serving as members on the Financing Committee shall act as authorized

officials.4. Duties and activities of Financing Committee.

duties and Activitiesthe Financing Committee has the duties to stipulate financing activities and services, including sharia schemes by taking into account all risk mitigations in every financing transaction.

Membership Function in committe Position

Secretary Head of the Proposing Division

Permanent Members 1. President Director2. Financing & Investment Director3. risk Management Director4. operation and Finance Director5. Head of Financing & Investment Division I6. Head of Financing & Investment Division II7. Head of Financing & Investment Division III8. Head of Municipal Financing Division9. Head of Syariah Business Division10. Head of legal Division11. Head of Financing evaluation & Investment Division


Head of Social environmental evaluation and advisory Division



Annual Report 2018



370

duties and Meetings of Financing committee in 2018During 2018, the Financing Committee has performed its duties related with financing activities as well as services and convened meetings based on the proposals of each Divisions, namely Financing & Investment Division and Sharia Business Division, with the following details:

1. Financing Committee meeting based on the proposal of Financing & Investment Division I of 9 (nine) times.

2. Financing Committee meeting based on the proposal of Financing & Investment Division II of 5 (five) times.

3. Financing Committee meeting based on the proposal of Financing & Investment Division III of 13 (thirteen) times.

4. Financing Committee meeting based on the proposal of Municipal Financing Division of 11 (eleven) times.

5. Financing Committee meeting based on the proposal of Sharia Business Division of 4 (four) times.

No Name Position Total Meetings Total Attendance


2. edwin Syahruzad Financing & Investment Director51 51



19 19


32 32



19 19

5. Faaris Pranawa risk Management Director(serves since 2018)Head of legal Division (served until 8 July 2018)

33

20

33

20

6. rintis Sitaresmi Head of Financing & Investment I Division 10 10

7. eri Wibowo Head of Financing & Investment II Division5 5

8. Indar Barung Head of Financing & Investment III Division

acting Head of Syariah Business Division (served until 14 august 2018)

14

3

14

39. erdian

DharmaputraHead of Municipal Financing Division 16 16


1 1

11. ramona Harimurti acting Head of legal Division(serves since 9 Juli 2018)

30 30


Annual Report 2018




No Name Position Total Meetings Total Attendance

12Muhammad oriza

acting Head of Social environmental evaluation & advisory Division

51 51(tidak wajib hadir)

13 Hanif osman Head of Financing evaluation & Investment Division 51 51

SUSTAINABLE FINANCING COMMITTEEthe Sustainable Financing Committee is established in 2017 by virtue of the Board of Directors Decree No. SK-012/SMI/0917 dated 13 September 2017 which stipulate and regulate the following:

1. Sustainable Financing Committee establishment.2. Sustainable Financing Committee membership.3. the Board of Directors serving as members on the Sustainable Financing Committee shall act as

authorized officials.4. the duties and activities of the Sustainable Financing Committee.

duties and Activitiesthe Sustainable Financing Committee has the duty and activity to carry out the decision making on sustainable financing activities and services including Sharia schemes.

MembershipFunction in committee

Position

Secretary Head of Sustainable Financing DivisionPermanent Members 1. President Director

2. Project Development and advisory Director3. operation and Finance Director4. risk Management Director5. Head of Sustainable Financing Division6. Head of legal Division7. Head of Financing and Investment evaluation Division


1. Head of Center of Competence Division2. Head of Social environmental evaluation & advisory

Division



Annual Report 2018



372

duties and Meetings of Sustainable Financing committee in 2018During 2018, the Sustainable Financing Committee has performed its duties related with financing activities as well as services and convened 2 (two) meetings with the following details::







risk Management Director (served until 8 July 2018) 1 1


1 1



1 1

5. adi Pranasatrya Head of Sustainable Financing Division (serves since 1 February 2018)

2 2

6. Faaris Pranawa risk Management Director (served until 9 July 2018)


1

1

1

1

7. ramona Harimurti Head of legal Division (serves since 9 July 2018) 1 1

8. Hanif osman Head of Financing & Investment evaluation Division 2 2

9. Muhammad oriza acting Head of Social environmental evaluation & advisory Division


attend)

EQUITy INVESTMENT COMMITTEE the equity Investment Committee was established by virtue of the Board of Directors Decree No. SK-5/SMI/0616 dated 1 June 2016, which stipulate and regulate:

1. equity Investment Committee establishment.2. equity Investment Committee membership.3. the Board of Directors serves as members of the equity Investment Committee, act as the authorized

official. 4. equity Investment Committee Duties and activities.

duties and Activitiesthe equity Investment Committee has the duty to carry out the decision making on activities related to equity investment, establishment of subsidiaries/ joint ventures including the disposal of partial or full equity investment.


Annual Report 2018




Membership Function in the

committeePosition

Secretary Head of Proposing Division

Permanent Members 1. President Director2. Financing & Investment Director3. operation & Finance4. risk Management Director5. Project Development & advisory Director6. Head of Financing and Investment Division I 7. Head of Financing and Investment Division II8. Head of Financing and Investment Division III9. Head of equity Investment Management & operational Division10. Head of Syariah Business Division11. Head of legal Division12. Head of Financing & Investment evaluation Division

Non-Permanent Members

Head of Social environmental evaluation & advisory Division

duties and Meetings of Equity Investment committee in 2018During 2018, the equity Investement Committee has performed its duties related to financing activities as well as services and convened 1 (one) meetings with the following details:

No Name Title Total Meetings

Total Attendance


2. edwin Syahruzad Direktur Pembiayaan & Investasi 1 1


risk Management Director (served until 8 July 2018) -

1

-

1


4. Faaris Pranawa risk Management Director (serves since 9 July 2018)


1

-

1

-





1 1

7. rintis Sitaresmi Head of Financing and Investment Division I 1 - (not mandatory to

attend)8. eri Wibowo Head of Financing and Investment Division II 1 -




Annual Report 2018



374


No Name Title Total Meetings

Total Attendance

9. Indar Barung Head of Financing & Investment III Division

acting as Head of Sharia Business Division (served until 14 august 2018)

1

-

- (not mandatory to

attend)

-

10. M. adi Kusuma Head of Sharia Business Division (served until 15 august 2018)


attend)11. aradita Priyanti Head of equity Investment Management &

operational Division1 1


13. Muhammad orizaacting Head of Social environmental evaluation & advisory Division


attend)14. Hanif osman Head of Financing & Investment evaluation Division 1 1

PROjECT DEVELOPMENT & ADVISORy COMMITTEE

the Project Development & advisory Committee is established by virtue of the Board of Directors Decree No. SK-5/SMI/0514 dated 8 May 2014 and renewed with the Board of Directors Decree No. SK-11/SMI/1115 dated 4 November 2015, the Board of Directors Decree No. SK-9/SMI/0616 dated 6 June 2016, and was last renewed by the Board of Directors Decree No. SK-14/SMI/0916 dated 28 September 2016, which stipulate and regulate:

1. Project Development & advisory Committee establishment2. Project Development & advisory Committee Membership3. the Board of Directors serves as members of the Project Development & advisory Committee, act

as authorized officials.4. Duties and activities.

duties and ActivitiesProject Development & advisory Committee has duty to decide activities related to the mandate and project preparation.

Annual Report 2018





Membership Function in the

committeePosition

Secretary Head of Proposer’s Division

Anggota TetapPermanent Members

1. President Director2. Project Development & advisory Director3. risk Management Director4. Head of advisory Division5. Head of Project Development Division6. Head of Sustainable Financing Division7. Head of legal Division8. Had of Integrated risk Management Division9. Head of Social environmental evaluation & advisory Division

Non-Permanent Members

-

duties and Meetings of Project development & Advisory committee in 2018In 2017, the Project Development & advisory Committee has performed its duties related with assignment activities related to consultation services and project preparation, as well as services and convened 13 (thirteen) meetings with the following details:

No Name TitleTotal

MeetingsTotal

Attendance1. emma Sri Martini President Director 15 152. Darwin trisna




5 5

4. Faaris Pranawa risk Management Director (serves since 9 July 2018)

Head of legal Division(served until 8 July 2018)

10

5

10

5


Head of Center of Competencies Division (serves since 1 october 2018)

Head of advisory Division (served until 30 September 2018)acting Head of Sustainable Financing Division(served until 31 January 2018)

3

10

-

4

10

-6. Suparno Head of advisory Division

(serves since 1 october 2018)- -


Annual Report 2018



376

No Name TitleTotal

MeetingsTotal

Attendance7. Pradana Murti Head of Project Development Division

acting Head of Center of Competence Division (served until 30 September 2018)

15

10

15

108. adi Pranasatrya Kepala Divisi Pembiayaan Berkelanjutan

(serves since 1 February 2018)12 12


10. Muhammad oriza Head of Integrated risk Management Division and acting Head of Social environmental evaluation and advisory Division

15 15

INFORMATION TECHNOLOGy SySTEM COMMITTEE Pursuant to the Board of Directors Decree No. SK-6/SMI/0514 dated May 8, 2014, and the Board of Directors Decree No. SK-12/SMI/1115 dated November 4, 2015 and lastly amanded by the Board of Directors Decree No. SK-7/SMI/0616 dated June 6, 2016, which stipulated and regulated:

1. technology & Information Systems Committee establishment2. technology & Information Systems Committee Membership3. the Board of Directors serves as members of the technology & Information Systems Committee, act

as authorized officials.4. Duties and activities.

duties and Activitiesthe technology & Information Systems Committee has the following duties:

a. Formulating annual strategy in the context of technology and information system management development.

b. Providing recommendations to the Board of Directors on the conformity of the It Master Plan with the Company business strategy plan.

c. Providing recommendations to the Board of Directors related to the Company’s management of technology and information systems.


Annual Report 2018




KeanggotaanFunction in the

committeePosition

chairman operation & Finance Director

Secretary Head of Information technology Division

Anggota TetapPermanent Members

1. operation & Finance Director2. Head of Information technology Division3. Head of equity Investment Management &

operational4. Head of accounting & asset administration

Division5. Head of Corporate Development & Initiative

Management Division6. Head of Integrated risk Management

DivisionNon-Permanent Members

Head of Division that related to the topic of discussion

duties and Meetings of Information Technology System committee in 2018the Information System technology Committee has convened 4 (four) meeting. the discussion was conducted in accordance with its scope of duties, which include the formulation of annual strategy for the development and management of information system technology, providing recommendation to the Board of Directors related to master plan and the application of information system technology as well as monitoring the implementation of Information technology plan.

NoName Position

Total MeetingsTotal Attendance



1 1



3 3

3. romanus tory Kusumantara

Head of Information technology Division 4 4

4. aradita Priyanti Head of equity Investment Management & operational

4 1

5. Pradana Murti Head of Project Development Division 4 4

6. Syahrial Noviananta Head of accounting & asset administration Division

4 4

7. Muhammad oriza Head of Integrated risk Management Division 4 4

8. agus Iman Solihin Head of Corporate Development & Initiative Management Division

4 4



Annual Report 2018



378

SECRETARY OF THE BOARD OF COMMISSIONERSthe Board of Commissioners appoints the Secretary of the Board of Commissioners to assists in secretarial activities, which include:

1. Carrying out secretariat and administrative duties within the Commissioners’ office;2. organizing meetings of the Board of Commissioners, and conferences/ meetings between the Board

of Commissioners, Shareholder, Directors and other related parties, and providing any necessary information at the meetings.

Profile of the Secretary of the BOc

dodok dwi Handoko, 43 years Born in Magetan, on 15 august 1975. He was appointed as the Secretary of the Board of Commissioners in 2017. obtained Master of Science from Graduate School of International Development and Cooperation, Hiroshima university Japan in 2010 and a Bachelor of accounting from Stage College of accountancy in 2001. He has recently been appointed as a Deputy Director at Directorate General of State assets, Ministry of Finance. Previously, he was Secretary of the Board of Commissioners and member of audit Commitee at Pt Sarana Multigriya Finansial (Persero).

Legal Basis of Appointment

In accordance with the Board of Commissioners Decree No. SK-02/SMI/DK/0617 dated June 14, 2014 on the appointment of the Secretary of the Board of Commissioners, Dodok Dwi Handoko was appointed as the Secretary of the Board of Commissioners on June 14, 2017.

Annual Report 2018




CORPORATE SECRETARY

the Corporate Secretary functions as a liaison between the Company and the stakeholders. the Corporate Secretary performs communication function and is responsible for the good image of the Company by maintaining good relationships with all Stakeholders.

as such, the Corporate Secretary is responsible for:1. Implementation of information disclosures and regulatory compliance.2. effective and efficient communication.3. administration of corporate documents.4. Implementation of the Company’s social responsibility.

Profile of the corporate Secretary

Ramona Harimurti, 47 yearsIndonesian citizen, and domiciled in Indonesia, 47 years old, appointed Corporate Secretary since 3 april 2017. She graduated from the university of Indonesia in 1995. She has joined Pt Sarana Multi Infrastrukur (Persero) since 2013 as Senior VP relationship Manager - Financing and Investment Division before being appointed as Corporate Secretary. She has been certified risk Management Certification level 1 and level 2 of risk Management Certification Board (BSMr), and Global association of risk Professionals (GarP) respectively in august 2006 and November 2008.

Legal Basis of Appointment ramona Harimurti was appointed as Corporate Secretary based on the Decision letter of the Board of Directors. SK-005/SMI/0317 dated March 31, 2017, which has been approved by the Board of Commissioners dated March 2, 2017 with letter number S-007/SMI/DK/0317.

Term of Office the term of office shall prevail until the dismissal based on the decision of the Board of Directors.


Annual Report 2018



380

CORPORATE SECRETARy MAIN DUTIES AND FUNCTIONS Pursuant to the Board of Directors regulation No. PD-25/SMI/1217, the Corporate Secretary performs the following functions:

1. corporate Governance Function

a. Submission of reports and information of Company’s activities to Shareholder and supervisory institution.

b. Implementation of corporate activities such as GMS, meetings of the Board of Directors and other corporate events.

c. Implementation of GCG compliance.

2. communication Function

a. Maintenance and development of good relations with the Company’s external Stakeholders, including Shareholder, related agencies, the media, investors and the general public.

b. Implementation of the Company’s internal communication activities, both through the delivery of information and the organization of employees.

3. Administrative Functions for the Board of directors

a. organizing meetings of the Board of Directors and other meetings.b. administration and safekeeping of of corporate documents.c. Support of the Board of Directors

4. corporate Social Responsibility

a. CSr and Community Development.b. Non CSr and Community Development

5. Gratuities control

Managing the gratuities service and control information

6. customer complaints

Handling the customers’ complaints

IMPLEMENTATION OF DUTIES AND ACTIVITIES OF THE CORPORATE SECRETARy IN 2018During 2018, the Corporate Secretary led the division, and carried out duties and various activities, as follows:

1. Preparation of the annual GMS and extraordinary GMS, Board of Directors Meetings, and coordinated with the Board of Commissioners’ Secretary to convene the Board of Commissioners’ Meetings including Joint Meetings of the Board of Commissioners with Directors, and other internal or external meetings.

2. Submitted regular reports and latest developments to the Minister of Finance as the Shareholder, to the Financial Services authority (oJK) and the Indonesia Stock exchange (IDX) as the regulator, in Pt SMI’s capacity as issuer.

Corporate Secretary

Annual Report 2018




Corporate Secretary

3. renewed the Code of Conduct and the GCG Manual.4. the Board Manual update.5. regularly disseminated the Code of Conduct and

GCG Manual to the Company’s employees, as well as to new employees of Pt SMI through the Induction Program.

6. Monitoring compliance on the Code of Conduct and GCG Manual.

7. Conducted awareness survey on the Code of Conduct, GCG Manual, and Graft Control Guideline through e-Quiz.

8. Submitted the Company’s annual report and Sustainability report for the year 2017 to the Shareholder, regulators, and Stakeholders in compliance with information disclosure provisions, and its publication on the Company’s website.

9. Submitted the Quarterly Management report for the year 2018 to the Shareholder and the Board of Commissioners.

10. Coordinated with Human resources Division to renew the Integrity pact signed by all Company’s employees as a commitment in business interaction, always based on ethical values and morals as part of the Company’s corporate culture.

11. renewed the integrity pact of the Board of Commissioners and Board of Directors.

12. Submitted the GCG assessment results by Independent assessor to the Shareholder, Board of Commissioners, Board of Directors and relevant work units for follow up and fulfillment on suggested area of improvements.

13. Provided support on the Board of Directors’ activities including but not limited on the schedule arrangement of the Board of Directors and assistance to the Board of Directors.

14. Facilitated visit to projects financed and/or advisory by the Company

15. administered and filing of the company’s documents16. Carried out room renovations and independent

borrowed system development in the Company’s library.

17. Facilitated coordination meetings with various directorates in the Ministry of Finance, Coordinating Ministry for economic affairs, Bappenas, Ministry of transportation, House of representatives (DPr), as well as other related institutions.

18. Conducted and participated in capacity building programs to enhance the capacity and competence.

19. updated communication channels such as websites in order to improve the Company’s quality of communication, especially in relation to providing information to all Stakeholders.

20. regularly updated the media about the Company’s performance, either through press releases or fact sheets.

21. Conducted Stakeholder engagement with Stakeholders and the media.

22. Provided support on the signatories of important agreements with the Company’s debtors.

23. Carried out socialization efforts through various seminars, workshops, special events and sponsorship

24. organized quarterly event of “town Hall Meeting” between the Board of Directors and the employees. the townhall Meeting discussed among others the Company’s performance and accomplishment highlights in 2018, and followed up inputs and suggestions from each division and direction from the Board of Directors.

25. Implemented CSr activities, which consisted of CSr Partnership Program and Community Development (CSr), in particular for the Community Development Program (Bl), and CSr non-PKBl.


Annual Report 2018



382

Workshops and trainings for Corporate Secretary in 2018


ramona Harimurti

Head of Corporate Secretary Division


2. Bring i-Sprint to life in the improvement of work ethics within SMIers

3. Corporate Communication: the role of Corporate Corporation to Build & Increase

Pt DBS Bali

ary Ginanjar eSQ Jakarta

Intipesan Jakarta

INVESTOR RELATIONS In addition to Corporate Secretary Division, the Company has also in place the Finance and Investor relations Division that has the duties to manage transparent communication and fair disclosure of information and consistent to assist investors and potential investors in making investment decisions. this Division proactively communicates with analysts and investors that require the comprehensive information about the Company.

the Company delivers a comprehensive, balance, accurate and timely information to the Shareholders and Investors through communication media such as telephones, emails, investors and analysts gathering, public expose, projects visits and participation in Ir’s activities both locally and globally.

the Division distributes several publications such as annual report, which consists of business review, and financial statements, quarterly financial reports, and press releases that provides information about the corporate actions and other updates of the Company.

the information on the Company are also available through the website www.ptsmi.co.id that can be accessed by external parties to obtain information for investors and potential investors, among others financial statements, annual reports, corporate activities publications, press releases and others.

Corporate Secretary

Annual Report 2018




Corporate Secretary

Investor Relations duties and ActivitiesDuring 2018 the Company as bonds issuer has conducted investor relations activities, as follows:

No. date and venue Events / Activities

1. 24-25 May 2018, Singapura

Imvestor Meeting with Sentosa Capital Pte.ltd., Government of Singapore Investment Corporation (GIC), eastpring Investments, DBS PB, and Western asset Management Company Pte.ltd.

2. 10 July 2018, Jakarta the launching of Greed Bond and Suku I Phase I Year 2018 Pt SMI.


Annual Report 2018



384

the Head of Internal audit is appointed and dismissed by the President Director, with the approval of the Board of Commissioners. the appointment, replacement or dismissal of the Head of Internal audit shall be notified to the Financial Services authoriy. Internal audit is led by the Head of Internal audit Division (Iau).

the Head of Iau is currently served by Setyo Wibowo, CIa, CrMa, CISa, Ca, ak., MM. He was appointed based on the approval letter of the Company’s Board of Commissioners No. S-22/SMI/DK/0617 dated 8 June 2017 and the Board of Directors’ Decree No. SK 270/SMI//DKD/DHC/1017 dated 19 october 2017. the appointment of Setyo Wibowo has been reported to the Financial Services authority through letter No. S-1104/SMI/ Du/1117 dated 8 November 2017.

Profile of Head of Internal Audit

Setyo Wibowo, Ak. MM , cA, cIA, cISA, cRMA, QIA.obtained his accountant degree after completing his Diploma III (1987-1990) and Diploma IV (1993-1996) education at State College of accountancy, in Jakarta. the Master of Management obtained from the Bogor agricultural School Business School in 2006. He currently is undertaking the Doctor Program at the agriculture Institute of Bogor. Since 1990, Setyo became a government functional supervisory personel at the Board of Financial Supervision and Development until 1998.

after 6 full years of working as an internal auditor at the Indonesian Bank restructuring agency, since 2004 Setyo has continued his work in several positions at Pt Perusahaan Pengelola aset (Persero) and its affiliated companies until the first half of 2017. Currently Setyo is the Head of the Internal audit Division (Cae) at Pt Sarana Multi Infrastruktur (Persero) in Jakarta pursuant to the approval of the Board of Commissioners dated June 8, 2017 with letter number S-22/SMI/DK/0617. as an activist in the development of the internal audit profession in Indonesia, in the last decade, Setyo has been active in volunteering with IIa Indonesia and several other internal audit profession organizations. In his spare time, he also took the time to become a trainer and write various articles related to internal audit.

INTERNAL AUDIT

Annual Report 2018




Workshops and Trainings for Head of Internal Audit division in 2018


Setyo Wibowo

Head of Internal audit Division

1. SNIa-2018 Seminar Nasional Internal audit - Seminar Nasional Internal audit 2018: “the auditor of the Future: trusted & Influencing advisor”

2. IIa Professional auditor Forum. Ia Quality : Capability, Maturity, and assurance


4. Bring i-Sprint to life in the improvement of work ethics within SMIers

5. III National Conference 2018 FKSPI

6. Implementation of early Warning System (eWS)

7. 2018 european Confederation of IIa Conference Program

Yayasan Pendidikan Internal auditor

Institute of Internal auditor Indonesia

Pt DBS

ary Ginanjar eSQ

Forum Komunikasi Satuan Pengawas InternKIraNeuropean Confederation of Institutes of Internal auditing

Yogyakarta

Jakarta

Bali

Jakarta

Jakarta

Solo

Madrid

QUALIFICATIONS OF INTERNAL AUDITORSPursuant to the Internal audit Charter, auditors shall have at least the following qualifiications:a. Knowledge, skills, and competencies to carry out technical audits and other relevant disciplines in

their respective fields;b. Integrity, professional behavior, independence, honesty and objectivity;c. an internal auditor shall adhere to the profession standards issued by the Internal audit association;d. an internal auditor should maintain the confidentiality of the Company’s information and/or data

with regards to the implementation of internal audits unless required by the law or a court decision; and

e. Have the understanding of risk management principles, the Company’s good corporate governance practices and internal control.

Internal audit


Annual Report 2018



386

Internal audit

QUALIFICATION/CERTIFICATION OF INTERNAL AUDITthe details of fulfilment of required qualification/ certification by Internal audit Division are as follows:

certification Setyo Wibowo

Asep yusuf

Mamun

dimas Tejo

Purbowo

Irvan Surya

Lesmana

jan Hadi Putra

certified Information System Auditor (cISA) √

chartered Accountant (cA) √

certification in Risk Management Assurance (cRMA) √

certified Internal Auditor (cIA) √ √

Qualified Internal Auditor √

BSMR 1 √ √ √

BSMR 2 √

certified Risk Professional √

Trainings of Internal Audit Personel in 2018 No. Training Topic date SW EW ISL RR ESF jHP AS ARA AyM dP

1. IIa Professional auditor Forum: ratings in audit reports : lights or lighting roads?

18 Januari 2018 √

2. Disaster emergency response and Safety Plan

7 Februari 2018 √ √

3. tax Compliance in the era of transparency and its legal Consequences.

21 Februari 2018

√ √

4. IIa Professional auditor Forum: Ia Quality : Capability, Maturity, and assurance

22 Februari 2018

√ √ √ √ √ √

5. Certified risk Professional Preparation

26 – 29 Maret 2018

√

6. From Clearer thinking to Compeling Presentation – Pt SMI

4-5 april 2018 √

7. Green Bond Issuance Capacity Building by Ministry of Finance

10 april 2018 √

8. Internal auditor National Seminar 2018 - Yayasan Pendidikan Internal audit

18-19 april 2018

√ √ √ √

9. PSaK updates on IFrS Convergence Workshop

17-20 april 2018

√

10. Implementation of the World Bank’s Procurement & Consultant Guideline on Geothermal energy upstream Development Project - Pt SMI

18 april 2018 √

11. PwC’s Global economic Crime and Fraud Survey 2018

19 april 2018 √ √

12 Workshop Arium 19 - 20 april 2018

√

Annual Report 2018




Internal audit

Trainings of Internal Audit Personel in 2018 No. Training Topic date SW EW ISL RR ESF jHP AS ARA AyM dP

13 Workshop Development Bank of Japan – Pt SMI

25 - 26 april 2018

√ √

14. Foundation legal Concept and Practice in the education Sector

26 april 2018 √ √

15. I-SPrINt in SMIers to improve work ethic

14 Mei 2018 √ √ √ √ √ √ √ √ √

16. ethics & Pressure 22 Mei 2018 √

17. ISo/IeC 27001 Internal auditor training Course

12 – 13 Juli 2018

√

18. National anti Fraud Conference 19 – 20 Juli 2018

√ √

19. third National Conference year 2018 FKSPI in Solo

8 – 10 agustus 2018 √ √

20. 2018 National Conference the Institute of Internal auditors Indonesia - IIa Indonesia

27 – 29 agustus 2018

√ √ √

21. the ooutlook of Indonesia’s logistics Business for 2019

12 – 14 September 2018

√

22. aPu-PPt 25 September 2018

√ √ √

23. talking about Gratuities 28 September 2018

√ √ √ √ √ √ √ √

24. Sharing Session – typical Geothermal exploration Contracts

4 oktober 2018 √ √ √ √ √ √ √

25. european Confederation of IIa Conference 2018

29 September – 7 october 2018

√

26. aCIIa Conference 2018 28 oktober – 1 November 2018

√

27. Best Practice in Internal auditing 5 – 6 Desember 2018

√

28. Drafting regulation training 12- 13 Desember 2018

√

SW = Setyo WibowoaYM = asep Yusuf MamuneW = erwin WindrastoISl = Irvan Surya lesmanarr = rifka rezkita eSF = erwin Sandy FirdausyJHP = Jan Hadi PutraaS = ayu Setyaningrum ara = andrei rizky anjana Putra DP = Dimas tejo Purbowo

In addition, member of Internal audit Division shall joint as members of internal auditor professional organization, both national and international. the purpose of


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memberships is to maintain the professional competency by complying with the code of conduct and profession practices standard set by professional organizations. the following are organization memberships joined by Internal audit:

Membership ofOrganization

Setyo Wibowo

Erwin Windrasto

jan Hadi Putra

Rifka Rizkita

Erwin Sandy Firdausy

Ikatan akuntan Indonesia √ √ √

Information Systems audit and Control association

√

Internal audit unit Communication Forum (Forum Komunikasi SatuanPengawasan Intern)

√ √ √

HUMAN RESOURCES AND ORGANIZATION the Internal audit Division has 10 employees, consisting of 1 Division Head, 1 team leader, 1 Quality assurance & Internal Management officer, 1 Counterpart & Coordination officer, and 6 staffs.

IAU Position in the Organzation Structure For an independent and objective duties implementation, the Internal audit Division is directly responsible to the President Director, with the following organizational structure:

Pool of Auditors

Head of Division

Sr. Specialist

team leader

Staff

Head of IAUSetyo Wibowo

Counterpart & CoordinationErwin Windrasto

QA & Internal ManagementIrvan S Lesmana

Team Leader COREAsep yusuf M.

Team Leader SUPP(vacant)

Junior auditorAyu Setyaningrum

Junior auditorAndrei RizkyAnjana Putra

Junior auditorErwin Sandy

Firdausy

Senior auditor Syariah

(Vacant)

Senior auditor WBS/FrM

(Vacant)

Senior auditorDimas Tejo

Senior auditorJan Hadi Putra

Senior auditorRifka Rizkita

Senior Auditor IT (Vacant)

DUTIES AND FUNCTIONSIn accordance with the Internal audit Charter, the Division duties and responsibilities include:

1. Preparing and submitting the annual Work assignment Plan to the President Director and the audit Committee;

2. Developing and maintaining the Company’s Internal audit Guidelines to ensure all processes and advisory are performed in accordance with the agreed quality standards;

3. Providing feedback to the Board of Directors on matters related to the process of internal control

Internal audit

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Internal audit

systems, risk management, the application of good corporate governance principles, and compliance with internal regulations as well as applicable laws;

4. Carrying out assignments based on the work plan of Internal audit, related internal audit guidelines, as well as internal audit professional standards and general internal auditors’ codes of conduct (based on the arrangement of Indonesia’s internal audit profession consortium and the Institute of Internal auditors); and

5. Providing recommendations for the improvement of assignments, and/or recommendations related to the impact of the weaknesses/deficiencies found in the assignments.

INTERNAL AUDIT CHARTERthe Company has in place the Internal audit Charter, which describe the Division’s vision and mission, the general policy of internal control, the limits of authority and responsibility, management, the code of ethics, internal auditor qualifications, and reporting and follow-up mechanisms. the Company has renewed the Internal audit Charter, which has been signed by the President Commissioner and President Director on 1 october 2018.

INTERNAL AUDIT DUTIES IMPLEMENTATION IN 2018During 2018, Internal audit carried out the following duties and responsibilities:

No. Work Programs deliverables

1. asurance Completed 12 assurance assignments for high risk activities and 3 ongoing assurance assignments.

2. Consultation Completed 3 consultation programs to business units.

3. assistance Completed assistance to 6 parties both external and internal parties.

4. Internal Management to strengthen internal audit management, the Iau has carried out:a. annual Planningb. resource Managementc. Monitoring the follow up on external auditor and ISu recommendationd. Internal audit Charter updatee. Internal audit Procedres and Manual updatef. anti Fraud Control Guidelines Developmentg. Internal Control System Guidelines Developmenth. audti Management System Procurement

5. WBS During 2018, there were no reports came through WBS.


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INTERNAL CONTROL SYSTEM

OBjECTIVE OF THE INTERNAL CONTROL SySTEMthe Internal Control System is an essential component of the business and is the foundation for the sound and secures operation of the Company. the Internal Control System aims to support the achievement of the Company’s performance objective, improve value to the stakeholders and assure effectiveness and efficiency of operation, reliability of financial reports, sufficiency of financial and operational controls, and compliance with prevailing laws and regulations.

Internal control system encompasses the processes, structures, and systems that are designed to provide reasonable assurance, after taking into account the cost, time and or other relevant aspects, that:1. the Company’s operations are carried out effectively,

efficiently, and economically.2. Comply with rules and applicable laws.3. Company information systems, including financial

reporting system are reliable.

CONFORMITy OF THE INTERNAL CONTROL SySTEM WITH INTERNATIONAL STANDARDSLthe implementation of the Company’s internal control system refers to international framework issued by CoSo, which forms under five (5) controlling components in accordance with CoSo:

1. Control environment2. risk assessment3. Control activities4. Information and communications system5. Monitoring activities

OVERVIEW OF EFFECTIVINESS OF INTERNAL CONTROL SySTEMthe Company’s internal control system effectiveness that impacted the Financial Statements as of 31 December 2018 has been evaluated by the Public accountant Firm with the opinion of “No issues related to the Internal Control and its operations”.

Annual Report 2018




PUBLIC ACCOUNTANT

the Public accountant is an independent third party appointed by the Company to review the Financial Statements and assess the fairness of the Company’s financials in accordance with the principles and accounting standards applicable in Indonesia. the appointment procedure for Public accountant Firm has been conducted based on Financial Services authority regulation No.13/PoJK.03/2017.

the Company through eGMS dated 27 august 2018 has appointed Public accountant Firm amir abadi Jusuf, aryanto, Mawar & rekan to audit the Company’s Financial Statements for Financial Year ended on 31 December 2018 with due observation that the appointed Public accountant Firm is an independent firm and listed in the Financial Services authority.

the aGMS also delegates full authority to the Board of Directors to set the honorarium and other requirements for the appointment thereof, by taking into account the approval from the Company’s Board of Commissioners.

the selection mechanism for the Public accounting Firm of the Company can be seen in the chart below:

� Develop Selection Criteria for Public accountant Firm

� Procurement activities � Selection of Public accountant Firm Candidates and recommendation to the Board of Commissionerss

� evaluation on the audit Committee recommendation

� recommendation of Public accountant Firm Candidates to the Shareholders/GMS for stipulation

� Stipulation of Public ccountant Firm to conduct the general audit of the Company

Board of Commissioner

Audit Committee Shareholder/GMS


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PUBLIC ACCOUNTANT TIMELINE PERIOD AND FEEthe following are Public accountant Firms that conducted the Company’s financial audits in the last five years:

Audit year Appointed Public Accountants Fees

2018 amir abadi Jusuf, aryanto, Mawar dan rekan (rSM) rp610,000,000

2017 Doli, Bambang, Sulistyanto, Dadang & ali (BKr International) rp563,750,000

2016 osman Bing Satrio & enny (Deloitte) rp770,000,000




OTHER SERVICES BESIDES FINANCIAL STATEMENT AUDIT PROVIDED By AUDITORSthere were no other services rendered by the auditors from the audit of the Financial Statements.

Public Accountant Firm Opinions 2014 - 2018the opinions of public accountant firm on the Company performance 2014-2018 are as follows:

2014 2015 2016 2017 2018

Financial StatementAudit

unqualified opinion unqualified opinion unqualified opinion unqualified opinion Financial Statements has been fairly in all material respects according to applicable Financial accounting Standard in Indonesia

compliance Audit

Complied in all things material

PComplied in all things material




control System Audit

No issues related to internal control and its operations





Public accountant

Annual Report 2018




Public accountant

2014 2015 2016 2017 2018

Performance Report

report presentation has been adequate in all things material





Audit unqualified unqualified unqualified unqualified No statements that made the unfairly presentation of Financial Statements

AFd compliance Na Na No failures in the fulfillment of the credit facility agreement with aFD

No failures in the fulfillment of the credit facility agreement with aFD

No failures in the fulfillment of the credit facility agreement with aFD

Auditor Public accounting Firm osman BingSatrio & eny (Deloitte)

Public accounting Firm osman BingSatrio & eny (Deloitte)

Public accounting Firm osman BingSatrio & eny (Deloitte)

Public accounting Firm Doli, Bambang, Sulistyanto, Dadang & ali (BKr International)

Public accounting Firm amir abadi Jusuf, aryanto, Mawar & rekan (rSM)


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RISK MANAGEMENT

RISK MANAGEMENT SySTEM APPLICATIONthe Company has implemented risk management function that align with the risk management framework aiming at ensuring no losses occur in business activities that may disrupt the Company’s business continuity.

the Company’s risk management framework applies the enterprise risk Management approach which is a comprehensive and integrated framework to manage credit risk, equity investment risk, operational risk, market risk, liquidity risk, legal risk, strategic risk, compliance risk, reputation risk, sharia risk, and environmental and social risk, in an effort to balance of the Company’s risks and return.

Risk Management Implementation Framework

Organization and Human Resources

Risk Management Process and Information System Risk Management

Adequate Guidelines,

Procedures and Limits of Risk Management

Pillars

Comprehensive Internal Control

System

Risk Management Implementation

4 Pillars General Guidelines for Risk Management Implementation

Proper Risk Governance Risk Management Comprehensive and Integrated

Three Line of Defense

Product, Business Activities, and Corporate Activities

Annual Report 2018




THE RISK MANAGEMENT FRAMEWORK APPLIED By THE COMPANy INCLUDES THE FOLLOWING FOUR PILLARS:

1. Organization and Human Resources risk management pillars that support good risk governance. risk management organization is an organization established to support and facilitate the implementation of risk management across all lines of the company and support a sound risk governance. the risk management organizations framework that can realize such risk management

organizations are:a. active supervision of the Board of Commissioners and Board of Directors, and Sharia Supervisory

Board (DPS) is specifically required for the supervision on sharia business.b. establishment and execution of Committees under the coordination of the Board of

Commissioners or Board of Directors.c. establishment of units with risk management function, compliance, and internal audit

independent of risk taking Division Function as risk taker/ risk owner.

2. Adequate Guidelines, Procedures and Limits of Risk Management Pillar. the Company periodically continues to undertake the development and evaluation of established guidelines and procedures with the aim to improve the implementation of risk management. In addition to guidelines and procedures, the Company will also establish and continue to evaluate the applicable risk limit, risk appetite and risk tolerance policies to limit the risks acceptable to the Company, establish risk limits and risk control in the hope that it will not cause any harm to the Company.

3. Proper and accurate Pillar of Risk Management Process and Information System Risk Management. the Company carries out risk management process, namely: identification, measurement, monitoring and controlling of all risk types managed by the Company on the Company’s products and activities. an adequate and timely risk Management Information System shall support the implementation of risk management process, as well as an accurate and informative report on the Company’s financial condition, functional activity performance, and risk exposure.

risk Management


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4. comprehensive Pillar of Internal control System. the Company implements an effective internal control system toward its business conduct and operational activities at all levels of the Company’s organization. they are required to carry out self-assessments related to Code of Conduct, Good Corporate Governance, corporate values, and awareness of possible risks. an Internal Control is initiated from prevention efforts as early as possible for the occurrence of matters that may harm the Company’s business activities or the emergence of unhealthy practices based on the principle of prudence and is expected to be able to detect the weaknesses and irregularities that occur in a timely manner.

RISK MANAGEMENT GOVERNANCE STRUCTURESthe Company has in place risk management framework and governance which is implemented through the principles of three lines of Defense at all levels, with the following description:

1. First Line of defenserisk taking Division acts as the first-line of defense and responsible for identifying, evaluating, controlling, mitigating risks, and ensuring the adequacy of internal controls in risk taking Division products or activities by appointing risk & Compliance Manager (urCM) units.

risk taking Division has the primary responsibility for managing business risk or business risk exposure by implementing a risk management framework, including guidelines, procedures, systems and other applicable tools and monitoring the performance of each risk management unit.

2. Second Line of defensea risk Management unit and a working unit with compliance function are expected to enhance the role of main working unit in providing second line of defense through an independent monitoring/ monitoring function. an independent risk

Management unit is required to review and propose risk limits for the risk taking Division, and further work with the risk taking Division to ensure that the risks are accurately identified, measurable and managed in accordance with agreed parameters and reported to related parties. the risk Management unit has the role of ensuring the implementation of risk management framework, including guidelines, procedures, systems and other tools by risk taking Division.

a compliance unit manages compliance risks and is responsible for ensuring that all binding external regulations have been socialized and complied with by all risk taking Divisions in relation to each of the Company’s activities.

3. Third Line of defensethe role of Internal audit is continuously enhanced as a third line of defense in a risk management and control framework through independent testing and auditing.

the Internal audit ensures the effectiveness of risk management process undertaken by risk taking Division, the accuracy of process at risk taking Division to ensure the performance of functions and responsibilities and adhere to the guidelines, procedures, systems and tools established by the Board of Directors. Internal audit also independently examines the quality of each business line portfolio.

risk Management

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risk Management

Transactional Policy Assurance

Risk Taking Division Risk MangementDivision Internal Audit Division


director

committees under the Board of commissioners

committees Under the Board of directors

division

� Monitoring, Supervision, and Direction � Supervision of the risk Management Policy (risk appetite and limit) Implemantation

� audit Commitee � risk Monitoring Commitee

Daily risk 7 response risk Management Framework, Policy and Methodology, Facilitator

Independent audit and review

� Policy Development � Implamentation Compliance � Internal Control System � Determine organization structure, authorities, and responsibilities

� Financing Committee � Sustainable Financing Committee � equity Investment Committee � Information systems technology Committee

� risk & Capital Committee � risk Management Sub Committee

� asset and liability Sub Committee

� Sub Komite target � Sub Komite Monitoring

1st line of defense 2nd line of defense 3rd line of defense

the Board of Commissioners conducts monitoring, supervision and direction of the organization assisted by the risk Management Committee. as for the formulation of policy, ensuring compliance implementation, internal control system and establishment of organizational structure, authority and responsibilities are carried out by the Board of Directors assisted by the Committees under the Board of Directors. as Second line of Defense, risk Management in addition to being responsible for carrying out the risk management governance function independently also cooperates and in partners with all business units and supporting units in order to establish a process of identification, measurement, monitoring, risk control, and information systems, as well as comprehensive internal control system.

one of risk management frameworks is carried out through the risk and Compliance Manager (urCM) unit. urCM is the key person in every Division that serves as a single point of contact in the implementation of risk Management, Compliance aspect, Governance, and audit follow-up. the presence of urCM in each Division is expected to assist in improving internal control, especially in the face of increasing business complexity. Since 2017, the urCM forum is carried out regularly every year with the results reported to the Board of Directors.


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risk Management

1st line of defense

URcM(dSP)

URcM(dSdM)

URcM(dPd)

URcM(dAI)

URcM(dPI-2)

URcM(dUS)

URcM(dPKM)

URcM(dPI-1)

URcM(djK)

URcM(dH)

URcM(dPI-3)

URcM(dPP)

URcM(dAA)

URcM(dEPI)

URcM(dPPK)

URcM(dTI)

URcM(dMRT)

URcM(dPB)

URcM(dUP)

URcM(dELj)

URcM(dKHI)

URcM(dPMO)

URcM(dPPI)

Internal Audit

Risk Management

Compliance

2nd & 3rd line of defense

“URCM will be on each Division/Function”

RISKS ENCOUNTERED By THE COMPANy

Types of company’s Risks1. Credit risk

Credit risk is the risk due to the failure of other parties in meeting its financial obligations to the Company, including Financing risk due to the failure of counterparty or other party to meet its financial obligations to the Company based in the agreed contract, Concentration risk, counterparty financing risk, and settlement risk.

2. equity Investment riskequity Investment risk is the risk that may arise from the Company’s investment in the form of shares in other institutions.

3. operational riskoperational risk is the risk of loss that may arise from inadequate internal process, failure in internal process, human error, system failure, and/or external events that have an impact on the Company’s operations.

4. Market riskMarket risk is the risk threatening balance sheet position and administrative account, including derivative transactions, which may emerge due to severe changes in market conditions, including the risk of changes in option prices and market prices, including risk of changes in the value of tradable or leased assets.

5. liquidity riskliquidity risk is the risk due to the Company’s failure to meet its matured financial obligations from cash flow and/or high quality liquid assets that can be placed as collateral without disrupting the Company’s financial activities and condition.

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risk Management

6. legal risklegal risk is the risk due to lawsuits and/or an inadequate juridical approach.

7. Strategic riskStrategic risk is risk due to inaccuracy in making and/or executing a strategic decision and failure in anticipating changes in the business environment.

8. Compliance riskCompliance risk is the risk due the Company’s failure to comply with and/or to enforce applicable laws and regulations, including Sharia Principles.

9. reputation riskreputation risk is the risk due to decrease in the level of stakeholders’ trust as a result of negative perceptions the Company may have unintentionally built.

10. Sharia riskSharia risk is the risk of losses arising from all of the Company’s sharia business activities, including sharia financing and funding.

11. environmental and Social riskenvironmental and Social risk is the risk that may arise from failure to comply with and/or enforce Indonesian or international environmental and social regulations related to projects finance by the Company.

RISK MANAGEMENT EFFORTSSustainable Risk Management Processthe growing complexity of the Company’s activities/ transactions and the maturity level requires the improvement of methodology and/or risk management process by risk Management Directorate. efforts by risk Management Directorate to improve risk Management in 2018 are as follows:

1. risk governance improvement through the adjustment of Committees under the Board of Directors in line with the Company’s business development and effectiveness of Committees implementation.

2. Fundamental review on the risk management organization structure, the Company’s committees, existing risk management framework, risk appetite, risk tolerance, risk management supervision process, adequacy of policies and limits, risk management processes, methodologies and systems, and internal control system in accordance with the characteristics and complexity of the Company’s business in response to Pt SMI’s transformation.

3. Develop company risk profile framework to manage risk thoroughly through benchmarking with Development Financial Institution, Banks and Financial Institutions with similar business characteristics with the Company, as well as other sources that are relevant with the Company. the Company risk Profile allows the Company to conduct early detection on issues or activities that may significantly impact the Company. this way, the Company may take necessary steps to mitigate risk, make improvements and manage risk effectively and efficiently.

4. Develop studies brought by the weakening of the rupiah as well as the increase in interest rate that has had a continued effect on the Company’s portfolio. the study is developed to understand the capacity of the Company to withstand financial stresses brought by macroeconomic conditions that may effect the sustainability of the Company. the result of the study has been submitted to the Shareholders through DJKN, Ministry of Finance.

5. Implement operational risk Management Methodology through the General operating and Control environment Questionairre (GoCeQ) that aims to identify operational risk exposure for the ongoing month to increase the effectivity of the Company’s urCM.


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6. Conduct the Disaster recovery Plan (DrP) test that is part of the Business Continuity Plan (BCP). BCP is an integrated and full management process to ensure the Company’s operational activity that is planned and coordinated. this is aimed to minimize risk and manage the impact of disaster as well as the recovery process so that the Company’s operational process can continue which includes the It Division and Human resources which support the business function as well as critical operational activities. DrP stresses the technological aspects with a focus on data recovery or restoration plan as well as a functioning application system and critical tSI infrastructure.

7. Support the development of Sharia financing, DMr is involved in the process of obtaining the permit from oJK on the implementation of the Ijarah al Maushufah Fi al Dzimmah (IMFZ) scheme, as a a requirement for the issuance of the IMZF Sharia financing product.

8. the Company has successfuly issued first Green Bond in Indonesia. the funds raised by the Green Bond issuance will be used to to fund green eligible projects.

9. Sustainable development of the Corporate rating tool methodology involves Moody’s analytical and Project rating tools as well as S&P Global and Municipal rating tools. the Company supports the advancing of regional infrastructure development through the improvement of regional Government regulation through the risk Management Protocol (rMP) of regional Governments with relevant Ministry stakeholders.

10. Financial restructuring of Non Performing loan (NPl) in the PJK Division to improve the asset quality of the Company.

11. Capacity building on the early Identification of Potential Financing Problems and its legal Implications with an aim to achieve healthy financing . this is aligned with the Company’s vission and mission as catalyst of infrastructure development.

12. Conduct improvements of risk management through the committee adjustment. the committee under the Board of Directors is aligned with the Company’s business development and the efective implementation of the Comiitee.

13. Initiate risk management that is done gradually and continuously to improve risk governance, aligning with the risk needs and priorities of the Company.

throughout 2018, the risk Management Directorate has completed 43 improvement initiatives to manage risk as follows:– risk appetite Statement and risk Profile

Framework. – Implementation of early Warning System for

financing activities– adjustment of Guideline and Procedures with

the change in organizational structure– Strengthening Finance Management activities,

Market risk control and Managing liquidity risk– Development of portfolio management and risk

management report

risk Management

Annual Report 2018




risk Management

14. Several improvement efforts from the implemenation of environmental and Social Safeguards in 2018 are as follows:– Create manual for eSS for road and bridge

sector, health sector, renewable energy sector,and mini-hydro and dam sector financing

– Capacity Building of ESS implementation through several workshops involving debitors, Ministries, Agencies and Company staff.

– Create Customer Complaint Guideline.– Improve eSDD quality through additional spatial

plan and geography analysis using the GIS software

– Development of database mechanism for CaP monitoring

– Strengthening insitutional framework regarding eSS (guideline, procedure, manual): final review of eSS guideline at corporate level by Management, form guideline on Gender, finalizing instruction for GIS use, finalizing the eSS manual (4 sectors) and Good Practice Sector for bridge and traditional market.

15. Semester II 2018, DelJ and Corporate Secretary has completed the Desa Bakti untuk Negeri (DBuN) Program. DBuN is part of the Company’s concern for the environment through community participation. DBuN Program is held in Sukoharjo Village, Pabelan District, Semarang regency, which is along the the Bawen - Salatiga tol. Sukoharjo village was chosen because of the toll road construction project which has directly impacted the community and environment with damage to several important components of the environment, such as water sources for villages as well as dust and sound pollution. this may affect the economic sustainability and environmental impact of the village.

16. Form the Sustainability report to describe the efforts made by the Company in managing its sustainability efforts, while trying to balance the environmental and social economic aspects.

17. Completion of Project Development and advisory Guidelines to support the governance of its activities.

the Company considers that eSS implementation that best suits the conditions in Indonesia today is an application based on propriety, rational, supported by relevant parties and adapted to the real conditions in the field.

RISK MANAGEMENT INITIATIVESrisk Management Initiatives is a continuous activity, which also refers to the recommendation of review results from the enterprise risk Management application. the initiative continues in 2018 and the following years hence the Company is able to apply risk management that best suits the needs of the Company. these strategic initiatives support the completion of the Company’s initiatives, which are:

1. Implementing the risk appetite Statemen (raS) which aims to provide guidance for the Company to maintain the balance between the role of catalyst and business continuity in order to carry out the mandate given to Company.

2. Implementation of the corporate risk profile framework to manage risk thoroughly so that the Company can carry out early detection of issues or activities that significantly impact the Company so that it can immediately take steps to prevent, improve, and manage risk effectively and efficiently.

3. risk Management initiatives is a continuous activity, and also refers to the recommendations from the results of the study of erM implementation in the Company by consultant. the initiative will continue


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until 2019 and subsequent years so that the company can implement risk management which best suits the needs of the Company, namely, among others:

- Continuous improvement towards the Company’s ability to identify, measure, monitor, and controlling the risks.

- Human resource Development related to risk management.

- Strengthening risk culture for all employees.- Strong risk management improvement through

the preparation of policies & procedures, accountability and technology development.

- Increasing quality on Human resources.- System improvement to support performance.- Intensive communication with all related parties

in risk management.- Improve understanding and cooperation

internally in regards to application environmental and Social Safeguards.

- Improve the understanding of debtors and prospective debtors with regard to application of environmental and Social Safeguards.

- Strengthening environmental and Social documents Management Framework and its application and synchronization with the Company’s policies.

- Maintain cooperation with institutions and other government agencies.

- assist monitoring process and provide advice for financing assets in the watchlist category.

- Manage and monitor assets in the Non- Performing loan category.

- Make efforts to save the assets watchlist and Non Performing loan category to improve the quality of financing assets.

4. Perform a fundamental review on the risk management organization structure, risk appetite, risk management supervision process, adequacy of policies, processes, methodologies and systems

risk information, and internal control systems according to the characteristics and complexity of the business the Company is in response to Pt SMI’s transformation.

5. Develop new initiatives on risk management in continuous, gradual and sustainable way to improve corporate governance risks that are in line with needs and priorities of Company’s risk management.

6. always communicate with risk taking Division (rtD) to continue developing risk culture and increasing risk awareness and compliance of rtD to Company Policy that has been approved by the Board of Directors, where risk management must be implemented by each of the Company’s personnel, from the most level down to the highest level.

7. Business process analysis on an ongoing basis along with the increase the complexity of the Company’s activities through making and the application of Guidelines / Procedures, both of which initiated by the Directorate of risk Management, Division of Internal audit, and/or rtD to improve management risks, including identification of changes policies for existing activities and activities - new activities carried out by the Company.

8. Continuous study of the application of provisions environmental and social safeguards that are most appropriate to the needs of the Company, as long as it can be implemented based on propriety, rational, and the real conditions faced in Indonesia.

risk Management

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risk Management

RISK MONITORING

Results of Risk Management Review in 2018 risk monitoring is carried out as an integral part of risk management to monitor and review progress and risk changes, strategy effectiveness and implementation of risk treatment and control. Monitoring is continuously carried out by rtD as risk owner and periodically by risk Management Directorate.

Monitoring results are documented in the form of periodic risk management reports to the Board of Directors, among others:

• risk Management report, a report describing the risk management based on the Company’s risk management framework with an enterprise risk Management (erM) approach that manages the 11 (eleven) risks faced by the Company in an effort to balance the Company’s risks and returns.

• Portfolio report on Financing, Investment, treasury, Project Development and Corporate Consultation Services, a report that explains the portfolio & risk concern information of financing activities, investments, treasury, project development & advisory services and sustainable financing in an updated, efficient and consistent manner.

• Market & liquidity report, a report explaining compliance checks on treasury activities and risk & market risk management of treasury activities.

• urCM Forum results reported to the Company’s Board of Directors.

• operational risk Management report to the Board of Directors quarterly, a report explaining the operational risk management covering risk event reporting (rer), risk Control Self assessment (rCSa), and General operating Control environment Questionnaire (GoCeQ). this reporting is a form of escalation from risk event and improvement follow up in each risk taking Division (rtD).

• In addition to the report to the Board of Directors, the risk Management Directorate also periodically submitted the financing and investment portfolio reports to the risk Monitoring Committee.

the reports are aimed at providing different perspectives to the Company’s Management on the latest condition of the Company and are expected to be taken into further consideration on the established decisions.


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COMPLIANCE

the Compliance function is integrated in the legal Division under the supervision of the Board of Directors. the main duties of compliance function are in accordance with the Board of Directors Decree No. PD-25/SMI/1217 dated 29 December 2017 that includes:

1. Developing guidelines for application of know your customer principles.

2. Managing compliance with applicable regulations.

During 2018, a compliance checklist was developed to carry out compliance monitoring of the Company obligation pursuant to the applicable laws and regulations. the aforementioned checklist was tested within the Company. the Public accounting Firm will use the test results as the basis for the Company’s compliance audit towards prevailing laws and regulation.

the laws and regulations as the legal reference of audit compliance, including clauses and articles in the laws and regulations applicable to the Company are as below:1. law No. 40 of 2007 on limited liabilities Company; 2. law No. 19 of 2003 on State-owned enterprises;3. law No. 3 of 1982 on the Corporate Compulsory

registration; 4. Government regulation No. 24 of 2018 on electronic

Integrated Business licensing Services;5. Government regulation No. 45 of 2005 on the

establishment, Management, Supervisory and liquidation of State-owned enterprises;

6. Minister of Finance regulation No. 100/PMK.010/2009 on the Infrastructure Financing Company;

7. Minister of Finance regulation No. 28/PMK.06/2013 on the Development, Submission, and Changes of Corporate Plan and Work & Budget Plan of the company under the Mentoring and oversight of Minister of Finance;

8. Minister of Finance regulation No. 88/PMK.06/2015 on the Good Corporate Governance Implementation in the Company under the Mentoring and oversight of Minister of Finance;

9. Minister of Finance regulation No. 106/PMK.06/2017 on the Board of Directors and Board of Commissioners Performance Management in the Company under the Mentoring and oversight of Minister of Finance;

10. Minister of Finance regulation No. 62 of 2017 on Geothermal Infrastructure Financing Fund Management Geothermal Sector in Pt SMI;

11. Minister of Finance regulation No. 73 of 2018 on Preparation and Implementation Facilities for PPP Project transactions in Infrastructure Provision;

12. Minister of Finance regulation No. 200 of 2018 on Guidelines for Determining the Company’s Board of Directors and Commissioners remuneration under the Guidance and Supervision of Minister of Finance;

13. Minister of Finance regulation No. 201 of 2018 on Procedures for elimination and transfer of Fixed assets of the limited liability Company under the Guidance and Supervision of the Minister of Finance;

14. Financial Services authority regulation No. 3/ PoJK.05/2013 on the Monthly report of Non Bank Financial Services Institutions;

15. Decision letter of the Chair of Bapepam No. 712/Bl/2012 of 2012 on rating of Debt and/or Sukuk Securities;

16. Decision letter of the Chair of Bapepam No. 346/Bl/2011 of 2011 on Submission of Periodic Financial report of Issuers or Public Companies;

17. Financial Services authority regulation No. 1/ PoJK.07/2013 on the Consumer Protection of Financial Services Sector;

18. Financial Services authority regulation No. 33/PoJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies;

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Compliance

19. Financial Services authority regulation No. 35/PoJK.04/2014 on Corporate Secretary of Issuers or Public Companies;

20. Financial Services authority regulation No. 31/PoJK.04/2015 on the Information transparency or Material Facts by Issuers or Public Companies;

21. Financial Services authority regulation No. 29/PoJK.04/2016 on the annual reports of Issuers or Public Companies;

22. Financial Services authority regulation No. 55/PoJK.04/2015 on the audit Committee establishmentand Charter;

23. Financial Services authority regulation No. 12/PoJK.01/2017 on the anti Money laundering and Counter terrorism Financing Program Implementation in Financial Services Sector.

24. Financial Services authority regulation No. 15/PoJK.04/2015 on application of Sharia Principles in Capital Market;

25. Financial Services authority regulation No. 18/PoJK.04/2018 on Issuance and requirements of Sukuk;

26. Financial Services authority regulation No. 34/PoJK.04/2014 on the Committee of Nomination and

27. remuneration of Issuers or Public Companies; Financial Services authority regulation No. 56/PoJK.04/2015 on establishment and Preparation of the Internal audit unit Charter Guidelines;

28. Financial Services authority regulation No. 29/PoJK.04/2016 on Issuer’s annual report or Public Company;

29. Financial Services authority regulation No. 7/PoJK.04/2017 on Statement Documents registration in the Securities Public offering equity, Debt Securities, and / or Sukuk;

30. Financial Services authority regulation No. 60/PoJK.04/2017 on Issuance and requirements of environmentally Debt Properties (Green Bond);

31. Financial Services authority regulation No. 3/PoJK.04/2018 on amendments to regulations

32. Financial Services authority No. 18/PoJK.04/2015 on Issuance and requirements of Sukuk; and

33. Financial Services authority regulation No. 18/PoJK.07/2018 on Consumers Complaint Service in the Financial Services Sector.

Pursuant to the Independent accounting report Nomor: r/007.aat/rhp/2019 dated 18 Febuari 2019, the Company has been in compliance with all material respects.

ACTIVITIES IMPLEMENTATION In 2018, the legal Department has conducted important initiatives namely the refinement of anti Money laundering and Counter terrorism Financing Implementation Guidelines and Procedures.


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LITIGATIONthe Company is currently not involved in any civil, criminal, tax, labor, state administrative, or any other legal cases registered/recorded in the Indonesian National arbitration Board and Indonesian Capital Market arbitration Board or cases of bankruptcy at the Commercial Court in Central Jakarta District Court where the Company is domiciled.

as of the end of 2018, there were no lawsuits or litigations encountered by the company, subsidiaries, or members of the Board of Commissioners and Board of Directors that serving within the annual report period.

ADMINISTRATIVE SANCTIONSDuring 2018, the Company did not receive any administrative sanctions at any form.

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INFORMATION ACCESS AND CORPORATE DATA

as part of the transparency and equality principles of information for shareholders and stakeholders, the Company’s related information and related corporate data in bilingual form (Bahasa Indonesia and english) can be accessed through the following media:

1. Company Website (www.ptsmi.co.id)2. Written documents that can be uploaded from the Company’s Website, include annual reports,

Financial Statements and Press release.3. Shareholders meetings organized by the Corporate Secretary Division and Investor meetings held by

the Finance & Investor relations Division.

Further information on the Company may be obtained by contacting:

corporate SecretaryPT Sarana Multi Infrastruktur (Persero)

Sahid Sudirman Center 48th Floor Jl. Jend Sudirman No. 86Jakarta Pusat 10220, Indonesia

Ph. (62-21-8082 5288Fax (62-21-8082 5258

email: [email protected]


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In 2018, the Company refined its code of ethics and conduct through Code of Conduct of Pt SMI as stated in the Joint Decree of the Board of Commissioners and Board of Directors No. Per-02/SMI/DK/0218 – Per-003/SMI/0218 that has been approved on 23 February 2018.

the refinement was conducted to conform with the latest regulatories and conditions of the Company including as part of fulfilling the area of improvements delivered by Independent assessor on the GCG assessment Year 2017.

Code of ethics is the system of values and norms implemented by the Company, which serve as a reference point for the Company and its employees to deal with the internal and external environment.

Code of Conduct is the system of values or norms that are used by all employees of the Company to carry out their duties

CODE OF CONDUCT

PRINCIPLES OF CODE OF ETHICS AND CONDUCTthe scope of the Company’s Code of ethics and Conduct is as follows:1. Corporate ethic with Government 2. Corporate ethic with employees 3. Corporate ethic with Shareholder 4. Corporate ethic with Creditors/Investors 5. Corporate ethic with Debtors6. Corporate ethic with Suppliers of goods and services 7. Corporate ethic with Partners 8. Corporate ethic with Public 9. Corporate ethic with Competitors 10. Corporate ethic with Media

Meanwhile, the principles and scope of Code of Conduct are as follows:1. Work interaction among Fellow employees.2. Compliance with laws, rules and other regulations.3. Maintaining Safety and occupational Health, and

environmental Protection (oHSe).4. Maintaning Confidentiality of Data and Corporate

Information.5. adequate Protection and use of assets.6. Financial Information Disclosures.7. avoiding Conflict of Interest.8. Never receiving or Giving Gratuities.9. No Corruption and Prohibition of Bribery.10. Fair Competition.11. Disclosure of Financial Information.12. Political Contributions and activities

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Code of Conduct

IMPLEMENTATION OF CODE OF ETHICS AND CONDUCTthe Code of ethics and Conduct applies to all level of employees in the Company. every violation proven against the code will be imposed sanctioned in accordance with prevailing company regulation as well as laws and regulation.

SOCIALIZATION AND MONITORING OF CODE OF ETHICS AND CONDUCTthe Company ensures that the Code of ethics and Conduct is understood by all level in the Company. to achieve this, the Corporate Secretarial Division (DSP) conducts monitoring over the implementation of the Code of ethic and Conduct. the monitoring results are reported quarterly to the President Director through the Corporate Secretary Division activitiy report.

ENFORCEMENT AND SANCTIONS FOR VIOLATIONS OF THE CODE OF ETHICS AND CONDUCTthe Company has provided a means of reporting violations through the whistleblowing system to enforce the Code of ethics and Conduct. the details are described in the Whistle Blowing System section of this annual report.

Sanction will be applied to any proven violation depending on severity, nature and frequency of the violation that was committed. Sanctions to employees of the Company are referred to in the articles of association, in its regulations and Guidelines of Whistleblowing System.

VIOLATION ON CODE OF ETHICS AND CONDUCT IN2018

throughout 2018 there were no materials code of ethics or conduct violations within the Company. this indicated that the constant socialization and monitoring of the code of ethics has been implemented by all organs of the Company.


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Corporate Culturethe implementation of good corporate governance is expected to improve and enhance the corporate culture in carrying out business activities, such as:a. assurance in controlling the results.b. assurance of better implementation in every aspect. c. Have the competence, capacity and capability. d. Have the transparency and capability in teamwork. e. Have the engagement toward environment. f. able to perform and compete with full responsibilities.g. able to perform self-development, building creativity and innovation. h. able to selectively conduct with accountable risks.i. able to benefit feedbacks for continuous improvements.

WHISTLEBLOWING SYSTEM

the Company has been adopting Whistleblowing System (WBS) Guidelines since 2014. under the policy, the Company has developed a web-based application. this system is one of the mechanisms used to report violations to ensure the effectiveness of GCG principles implementation.

through the WBS, whistleblowers can report violations committed by employees or executives of the Company based on the Code of ethics and Code of Conduct and GCG Manual.

Whistleblowing System aims to:1. encourage employees and other Stakeholders to report to the Company’s internal authorities

information about violations and/or deviations from code of ethics, laws, standard operating procedures, management policies and other matters that are considered to be harmful or jeopardizing to the Company.

2. Minimize the likelihood that violations will remain undetected and potentially harming the Company.3. Increase the confidence of the Company’s employees and other Stakeholders regarding the

protection from punishment, reprisals, and unreasonable or unfair treatment if the relevant whistleblower reveals an infringement in good faith and with adequate proof.

4. Supports the establishment of a culture of transparency, accountability and integrity.5. Improves the effectiveness of good corporate governance, internal control, and performance of

employees and the Company.

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REPORTING MECHANISMto report a violation, whistleblowers can use internet sites provided for WBS or through other media such as:

Fax: 62-21-8082-5258Telephone: 62-21-8082-5288 (hunting)

Email: [email protected]

Letter: Pt Sarana Multi Infrastruktur (Persero) Sahid Sudirman Center, lantai 47-48 Jl. Jend Sudirman No. 86

Jakarta 10220, Indonesia

Addressed to:President Director or Head of Internal audit (in the case the reported employee is other than a Director

or audit Committee member) or Chairman of the Board of Commissioners (in the case the reported employee is a Director or audit Committee member).

Whistleblower protectionthe Company will provide protection to whistleblowers that includes:1. Guarantee the anonymity of whistleblowers and the content of the submitted reports.2. Guarantee of protection against adverse treatment of whistleblowers.3. Guarantee of protection against threats, intimidation, punishment or unpleasant acts from the

reported personnel.4. an employee who retaliates against whistleblowers will be subject to disciplinary action including

termination of employment.

Whistleblowing Handlingto handle whistleblower report, the Company assigns a WBS officer to manage the incoming report. the WBS officer has an obligation to report the result of WBS management that has fulfilled requirements on a periodic basis of at least 1 (one) month and submit it to the person in charge to follow-up with the following criteria:1. When the complaint is related to a member of the audit Committee or Board of Directors, it will be

forwarded to the Board of Commissioners.2. When a complaint is related to the financial reporting process or responsibilities of the Board of

Commissioners, it will be forwarded to the audit Committee.3. other than the above criteria, it must be submitted to the President Director.

Whistleblowing System ManagerIn accordance to the Board of Directors Decree No. SK-12/SMI/1214 concerning the appointment of Whistleblower System Manager, the Internal audit Division was established as the WBS manager.

Number of complaints and Processas of 31 December 2018, there were no whistleblowing reporting or processes..

Sanctions/ Follow Up on ProcessedWhistleblowingthere were no whistleblowing reporting or processes.


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DIVERSITY POLICY OF THE BOARD OF DIRECTORS AND COMMISSIONERS

the Company does not have the Policy that regulates the Diversity of the Board of Commissioners and Board of Directors Composition. In principle, the Company prioritizes the quality and competence of the individual by considering the educational background and experience to support the Company’s performance.

Currently, the educational and professional background of the Board of Commissioners and Board of Directors has properly diversed in accordance with the Company’s need hence able to enrich insight for the decision making of the Board of Commissioners and Board of Directors.

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GCG GUIDELINES APPLICATION

In 2018, Pt SMI has refined the Company latest GCG Manual that has been approved on 23 February 2018 through the Joint Decree of the Board of Commissioners and Board of Directors No. Per-01/SMI/DK/0218 – Per-002/SMI/0218.

the refinement was to conform with the latest regulatories and the Company’s conditions in order to adhere to area of improvements recommended by the Independent assessor on GCG assessment.

the GCG Manual regulates for:1. the Company organs (GMS, Board of Commissioners,

and Board of Directors)2. Committees under the Board of Commissioners,

Committees under the Board of Directors, Corporate Secretary, Internal auditor and external auditor.

3. other Stakeholders, namely Central and Municipal Government, legislative and Jurisdicative Institutions. Mass Media, Goods & Services Providers, Social and environment, and Business Partners.

the principles of GCG Manual are as follows:1. Business Integrity2. Control System3. Induction and Development Program for the Board

of Commissioners and Board of Directors4. Corporate Plan and Work & Budget Plan5. Conflict of Interest6. risk Management7. Decision Making8. Communication Media and Information9. Delegation of authority10. Financial Management11. Goods and Services Procurement12. employee Formation Fulfillment13. Management Succession14. Corporate Social responsibility15. environment, occupational Health and Safety (eoHS)16. Internal Control17. Quality Management18. reporting19. GMS, other Meetings and Minutes of Meetings20. Performance assessment21. appointment Process and roles of external auditor22. Work Mechansims of the audit Committee, Internal

audit Division, and external auditor23. Code of ethics and Code of Conduct24. Monitoring of GCG Compliance


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GCG REPORT ON SHARIA BUSINESS 2018

Pursuant to the Board of Directors’ Decree No. PD-7a/SMI/0317 regarding the establishment of Main Duties and Functions and organization Structure of Sharia Business Division, the objective of the establishment of the Company Sharia Business unit which further affirmed into Sharia Business Division, is to accelerate the infrastructure development by fostering sharia financing schemes and developing sharia funds potential both locally and overseas, in order to optimally utilize the Infrastructure development in Indonesia.

In taking the mandate, the Company’s Sharia Business Division in executing work programs and activities strives to take into account the corporate governance principles and compliance with the prevailing regulations.

In 2018, to ensure the Company’s Sharia Business is in conformity with the Sharia principles and as stipulated in the Company’s articles of association, the Company through the Decree of the Finance Minister No. 667/SKMK.06/2018 dated 5 october 2018 has reappointed Mr. adiwarman azwar Karim as the Chairman of Sharia Supervisory Board and Mrs. Munifah Syanwani as Member of Sharia Supervisory Board for the tenure until the annual GMS Fiscal Year 2019.

During 2018, the Sharia Supervisory Board has actively undertaken the duties and obligations such as providing recommendation and opinion on sharia principles fulfillment within the Company’s sharia financing business activities and organizing meetings with the Sharia Business Division and/or the Board of Directors. the Company’s Sharia Supervisory Board has actively involved in oversight function, by providing opinion both on sharia financing and funding, among others: opinion on sharia financing with IMFZ financing, opinion on the Company’s Sharia Compliance of Sukuk Scheme and others. In addition if necessary, the Sharia Supervisory Board convenes the meeting with the Sharia Business Division to discuss matters related to the Company’s sharia business aspects.

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GCG report on Sharia Business 2018

In developing the sharia financing product, the Company has obtained the license for Ijarah al Maushufah fi al-Zimmah (IMFZ) financing or indent lease financing from the Financial Services authority (oJK) via letter No. S-668/NB.223/2018 dated 24 May 2018. the product has been accommodated in the Company’s Sharia Product library thereby may be used in the Company’s sharia financing activities, in particular for the infrastructure projects where the assets are remained indent.

the Company’s Sharia Business Division hence have obtained 5 (five) sharia financing products licenses form oJK, which are Ijarah Muntahiyah Bit tamlik (IMBt) financing, Murabahah financing, Musyarakah financing, Musyarakah Mutanaqisah (MMQ) financing and Ijarah al Maushufah fi al-Zimmah (IMFZ) financing.regarding Sharia Financing, the Sharia Business Division has launched the Pt Sarana Multi Infrastructure Sharia Bond opinion No. S-309/SMI/DPI/0418 dated 17 april 2018.

In order to fulfill the regulatories obligation, the Company has also regularly submitted Sharia Business unit Monthly report to the Financial Services authority in accordance with the prevailing regulations.


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“THE COMPANy DESIGNS AND REALIZES CORPORATE SOCIAL RESPONSIBILITy PROGRAMS By INVOLVING THE SURROUNDING COMMUNITy TO MEET THE ExPECTATIONS OF ALL STAKEHOLDERS, PARTICIPATE IN ENVIRONMENTAL CONSERVATION EFFORTS AND SUPPORT THE ACHIEVEMENT OF GLOBAL SCALE SUSTAINABLE DEVELOPMENT GOALS”

CORPORATE SOCIAL RESPONSIBILITY

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2018 CONSOLIDATED FINANCIAL STATEmENTSGOOD CORPORATE GOVERNANCE




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The Company has compiled internal policies and has formed an organizational structure that specifically handles the management of CSR Programs.

The Company emphasizes the implementation of CSR activities that is related to the construction of infrastructure or infrastructure supporting facilities.

In the Social & Community Development Aspect, the Company emphasizes the implementation of programs

related to education and the development of its supporting infrastructure.

In the Occupational Health and Safety (OHS) aspect, the Company trying to ensure the fulfillment of OHS aspects by improving the Company’s OHS

performance through the application of the OHS culture in the workplace and the application of a good OHS management system in accordance with the applicable OHS rules and regulations.

The Company began to realize the Sustainable Financing Program, which is a minihydro construction financing in Sumatra, in addition to realizing the technical assistance program and distributing related development grants.

In the environmental field, in addition to saving electricity and fuel, the Company consistently implements the “Environmentally Friendly Office” program.

HIGHLIGHTS

Annual Report 2018




Corporate Social responsibility

For PT SMI, conducting good business activities also means carrying out the responsibility and concern for key stakeholders, especially the communities around the areas of operations, as well as in other regions throughout Indonesia. To that end, the Company is fully committed to harmonizing its business performance achievements with efforts to provide benefits to the community and the surrounding environment.


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this commitment is implemented through the Corporate Social responsibility (CSr) program. the focus is to meet the expectations of all stakeholders through the realization of various programs with the aim of balancing the achievement of economic aspects of performance with the performance of social aspects and the environmental sustainability aspects. also called the fulfillment of the triple bottom line concept, including employee development and consumer protection.

COMMITMENT TO CORPORATE SOCIAL RESPONSIBILITythe Company has compiled internal policies and established an organizational structure that specifically handles the management of CSr Programs. the Company measures the success of the realization of the CSr Program through the implementation of periodic evaluations, and by paying attention to standard parameters of economic, social and environmental aspects.

In order to support the Government’s program to realize its commitment to achieve various goals in the Sustainable Development Goals (SDGs), Pt SMI realizes the development of various basic infrastructure in various sectors, including energy, water, sanitation and renewable energy sector. the implementation of the SDGs agenda is the first strategic step of national development, and for Indonesia. SDGs are not only relevant as global commitments, but also serve as a guide for Indonesia to become a developed country.

the Company has established a Sustainable Financing Division to develop multilateral and bilateral partnerships with international institutions. the partnership is focused on channeling grants and other incentives to help develop infrastructure development projects that contribute to the handling of environmental problems, improve environmental quality, reduce the threat of global warming, anticipate the impact of climate change and support a low-carbon development.

the implementation of CSr carried out by the Company is delivered in four sub-chapters, which are: responsibility to the environment, responsibility to employment, occupational Health and Safety, Social and Community Development, and responsibilities to Consumers.


Annual Report 2018




PT SMI CSR PROGRAM IMPLEMENTING ORGANIZATIONthe CSr team is led by the Head of the Corporate Secretariat Division / Corporate Secretary and is responsible directly to the President Director. In implementing CSr, the Corporate Secretariat Division (DSP) develops work plans and strategies.

especially for Community Development CSr (CSr Bl) assistance, the CSr team verifies the data and / or conducts surveys directly to the recipient’s location. as for the aids for natural disasters victims, the CSr team can submit a proposal without having to conduct a survey to the location, considering that the proposed natural disaster aids will be in line with the national natural disaster management program set by the Government.

In order to support the Government’s efforts to realize its commitment to achieve sustainable development goals, the Company through its Sustainable Financing Division has begun to actively channel financing to infrastructure development projects that contribute to handling environmental problems, improving environmental quality, reducing the threat of global warming, anticipating the impact of climate change and supporting the low-carbon development.



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ENVIRONMENTAL MANAGEMENT

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The Company proved its full commitment to contribute on the efforts to preserve the environment with other world citizens, so that the symptoms of climate change and extreme weather on a global scale can be overcome.

Given the fact that basic infrastructure development activities implemented in open fields, and intersectdirectly with public areas where the community activities take place, such development activities also have the potential to raise risks to the environment, the executor and the surrounding community. therefore the Company is fully committed to establishing adequate operational policies and also contributing to the efforts of preserving the environment along with the world citizens, so that the symptoms of climate change and extreme weather on a global scale can be overcome.

ENVIRONMENTAL POLICyto mitigate the impact of infrastructure project development activities carried out by Pt SMI, the Company has compiled 3 basic policies in the field of environmental protection. two environmental protection policies include mentioning the fulfillment of occupational health and safety aspects and social aspects, while a special policy regulates the mechanism of resolving complaints from the public and observers.

environmental Management

the Company’s policies are issued in the form of Directors’ regulations, as follows:

• Guidelines for corporate Environmental and Social Management Systems (ESMS)Corporate eSMS Policy Statement based on Directors regulation No. PD-7 / SMI / 0615 and Directors regulation No. PD-4 / SMI / 0115 concerning “Project environmental and Social Management System Guidelines”, affirming that the Company is committed to manage the Corporation by:a. ensuring the safety and health of the work of

employees and visitors in the Company’s officeb. ensuring the control of environmental impact

of the Company’s operations.c. ensuring the control of social issues the

Company’s operations.d. Complying with the laws and regulations

and other applicable requirements related to environment, health and safety, as well as social.

e. Performing continuous improvements for the creation of a healthy environment, health and safety, and social work in the Company’s office.


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• Guidelines for Project Environmental and Social Management Systems (ESMS)the Project eSMS Policy Statement referring to PD-4/SMI/0115 concerning the Guidelines for the Project environmental and Social Management System (eSMS) confirms the Company’s commitment to manage its business activities to always be environmentally and socially minded. the Company regulates financing and investment activities, develops projects, and provides consulting services in compliance with all regulations related to the environment, occupational safety and health, and social.

• Guidelines for Multilateral Project Environmental and Social Safeguards (ESS)the Company’s environmental and Social Protection Policy Statement which was formed based on the Directors regulation No. PD-19/SMI/0916 confirms that Pt SMI, as a State-owned enterprise that carries out financing and investment activities, project development, and providing consulting services to the infrastructure sector, is committed to:a. Develop and implement environmental and

social protection systems that refer to applicable laws and standards.

b. Prioritize the development of financing that has the minimal negative impact on the environment and social.

c. Support the conservation of natural and energy resources optimally.

d. obtain, implement, and fulfill the provisions of environmental and social documents in every operational activity.

e. Identify and manage the impact of environmental and social risks

f. evaluate to improve environmental and social performance.

In order to support the eSS, the Company sets out ten elements of environmental and Social Protection, namely:1. assessment and Management of environmental

and Social Impacts2. employment and Work environment3. Pollution Prevention and reduction4. Safety, Health and Safety5. land acquisition and resettlement6. Biodiversity Conservation and Natural resource

Management7. Indigenous Peoples and local Communities8. Cultural Heritage9. energy Conservation and use of environmentally

Friendly energy10. Complaints Consultation and Handling

• Guidelines and Procedures for complaint Management of Affected communities and Observer Groupsthis guideline regulates the management of complaints, responses and opinions related to the environment and social aspects of the affected Communities and observer Groups that were submitted to the Company and resolved without going through the legal channels.

the complaint resolution will be guided by the Grievance Panel, if necessary, a team consisting of external parties of the Company. this team was formed through a mechanism for the procurement of goods and services to assist the Company in resolving environmental and social grievance issues.

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TARGETS OF ENVIRONMENTAL ACTIVITIESSeveral environmental performance targets set for 2017 include:• to demonstrate a participation in energy

conservation efforts, water conservation and reduction of greenhouse gas emissions.

• to increase the operational efficiency as a positive result of implementing a green office program.

• to help prevent and mitigate the occurrence of environmental pollution and other environmental damage in all projects involving the participation of the Company.

• to support the efforts to reduce and utilize B3 and Non-B3 waste and biodiversity protection carried out by project owners.

ENVIRONMENTAL PROTECTION PROGRAMSVarious environmental related programs that can be implemented by the Company together with other stakeholders are:

• Implementation of the Sustainable Financing Policythe Company applies various provisions for environmentally friendly financing, as stipulated in the environmental and Social Safeguards (eSS) Guidelines.

through the Sustainable Financing Division, the Company has begun to actively develop the Sustainable Financing Program, which are the financing specifically aimed at supporting business activities in three environmentally friendly business fields. this includes infrastructure development projects that contribute to handling environmental problems, improving environmental quality,

reducing the threat of global warming, anticipating the impact of climate change and supporting low-carbon development.Some examples of projects that can be supported through the Sustainable Financing Program include:• renewable energy• energy Conservation• Waste Management

the Company has developed a geothermal financing scheme sourced from “Geothermal Sector Infrastructure Funding Fund” (PISP Fund) which the management is regulated in the Minister of Finance regulation Number 62/PMK.08/2017. In the regulation it is stated that PISP funds can be used for: 1) Provision of loans; 2) equity Participation; and 3) Data and Information Provisioning activities. In the Data and Information Provisioning activities, in 2018 Pt SMI had received two special assignments to Facilitate the Provision of Data and Information on the open area prospects in Wae Sano (east Nusa tenggara) and Jailolo (North Maluku). In conducting these activities, Pt SMI received support from the World Bank and the New Zealand Ministry of trade and Foreign affairs through the support of a uSD49 million exploration funding grant (from the Clean technology Fund - CtF), uSD6.25 million from Global funds environment Facility - GeF) and in the form of technical assistance from the New Zealand Government amounting to NZD2.13 million for phase I and estimated at NZD900 thousand for phase II. In this case, PISP funds are used as co-financing of the grant funding with an allocation of uSD49 million.


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In 2018, the Company began to realize the distribution of funding based on the Sustainable Financing scheme on several projects, as follows:• a mini hydro power plant project in Bengkulu, Sumatra. the total commitment value is

rp248.73 Billion and the total outstanding value is rp122 Billion. the generating capacity is 9.99 MW.

• Distribution of technical assistance funds (ta) and Grants for 5 projects, namely: (1) KeItI for the lake toba project (2) GIZ for Brt Semarang (3) CPI for 2 (two) re/ee projects (4) GGGI Cooperation for re PlN in eastern Indonesia).

• Management of Energy consumptionthere are only 2 types of energy used by the Company to support its operational activities, namely: the use of electricity in the office and the consumption of fuel for transportation.

to reduce electricity consumption, the Company implemented austerity policy by imposing lighting time, use of supporting facilities and air conditioning arrangements. to manage the use of transportation fuel, the Company applies the latest fuel-efficient vehicle use, in addition to implementing control of official vehicle use.

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the realization of the Company’s energy consumption over the past three years is as follows:

Types of Energy Units 2016 2017 2018

Gasoline Fuel litre 75,891.10 74,289.18 50,658

electricity KWH n.a 1,012.181 1,008.976

• Reduction of cO2 Emissionsto reduce Co2 emissions, the Company conducted energy consumption savings and fully supports the development of potential new renewable energy (eBt) such as the construction of geothermal power plants, hydropower plants and wind power plants. the company also actively participates in the green movements, so that part of Co2 emissions is absorbed by plants through photosynthesis.

Based on the realization of energy consumption, the estimates of Co2 emissions issued by the Company are as follows:

Types of Energy UnitscO2 Emission conversion

cO2 Emision 2016 2017 2018

Gasoline Fuel litre 5,117 Kg eq Co2 176,145 172,427 117,579

electricity KWH 1,515 Kg eq Co2 n.a 695,559 693,356 Note: Converision Index according to eIa.

• Management of Water consumptionManagement of water consumption, especially for MCK (bath, wash, toilet) needs is carried out through the implementation of water saving policies, including the use of faucets that can limit water consumption, and installation of banners/appeals to save water.

the description of the company’s water consumption is as follows:

Types of Energy Units 2016 2017 2018

Consumption Water litre 113,313 94,742 29,173

MCK (bath, wash, toilet) M3 n.a 1,412 1,482

• Implementation of Green Office Operational Programs (Green Office)Some of the initiatives implemented include:o Controlling the use of air Conference (aC) office space by using Intelligent touch Manager

(ItM) devices which function to receive or regulate the cooling system automatically and can be adjusted as needed. through the installation of ItM devices, the Company can reduce the use of electrical energy for air conditioning by ± 30%.


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o running a waste management program by sorting the waste based on categories loke organic and Inorganic, and inviting the building management to involve and socialize all tenants in the building to implement together an integrated waste management system, so it is expected that the generated waste can provide benefits to the community and environmental sustainability.

o Implement a Management Print Service (MPS) system, which is the Printer & Photo copy Machine Integration System that aims to reduce paper use with a target of 20% reduction. With this system the use of paper from each employee can be monitored and the authorization and control over the use of printer ink can be applied as needed.

o Implementing an office operational support equipment management system that pays attention to aspects of effectiveness and energy efficiency (energy saving), which is realized by using Information technology (It), namely by replacing desktop PCs that have a book value of 0 and a 5-year replacement period with a laptop as a working tool for Pt SMI’s employees and directors in carrying out their daily tasks and work. using laptops can reduce the use of electrical energy by 7% and to save on average electricity costs per month by 14%.

ENVIRONMENTAL CERTIFICATION the company has not received international certification for the environmental management programs.

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However, CSr activities related to the environmental preservation are carried out by the Company. throughout 2018, Pt SMI allocated CSr funds for environmental conservation efforts amounting to rp 595,480,000 for revitalization of Ciliwung river, Brantas river and water conservation training in Pasuruan, east Java.


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LABOR, OCCUPATIONAL HEALTH AND SAFETY

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labor, occupational Health and Safety

OHS aspects, Occupational, Health and Safety (OHS) become one of the important aspects for the Company in carrying out its operations and business. Effective emergency preparedness requires an effective and structured emergency response team. For this reason, in 2018 PT SMI through the General and Procurement Division (DUP) established an Emergency Response Team (ERT) which is a strategic work team to develop and practice strategies in providing Emergency Support to the Company’s personnel during disaster emergency situations , both in the office environment, and outside the office environment.

Pt SMI is a State owned enterprise that is engaged in financing infrastructure, where infrastructure projects that are financed are spread in various parts of Indonesia which have geographical, geological, and demographic conditions that allow disasters to occur, whether caused by natural factors, non-natural factors, or human factors, such as earthquakes, tsunamis, fires / explosions, disease outbreaks, mass demonstrations, bomb / terrorist threats / sabotage.

For these conditions, the ability of Pt SMI to respond to emergencies quickly in carrying out rescue efforts both to save the lives of the Company’s employees and to save important assets of the Company which is also a state asset.

effective emergency preparedness requires an effective and structured emergency response team. For that is, in 2018 Pt SMI through the General and Procurement Division (DuP) established an emergency response team (ert) which is a strategic work team to develop and implement emergency response strategies in providing emergency support to SMI people during an emergency disasters, whether inside the office environment, or outside the office environment.

Furthermore, for the company’s corporate social responsibility commitment to the fulfillment of oSH aspects, it is carried out based on policies, objectives and work programs of oSH according to the norms and provisions and regulations related to oSH that are currently in effect.


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OCCUPATIONAL HEALTH AND SAFETy (OHS)the Company is committed to ensuring the security, safety and health of employees in the workplace and is committed to complying with applicable laws and regulations regarding oHS, as well as making continuous improvements to the management system and the company’s oHS performance in order to improve good oHS culture in the workplace. the company’s commitment is realized through:1. Build and maintain a sustainable work health and

safety management system and relevant resources.2. Build workplaces and jobs in accordance with the

laws and regulations and other requirements related to oHS.

3. Provide adequate oHS facilities and infrastructure.4. Providing education or training related to oHS

to all employees to improve the Company’s oHS performance

EMERGENCy MANAGEMENT GUIDELINESIn 2018, the Company draws up the Guidelines for emergency Management with the aims including:a. reference for officials/executives within the

Company in determining objectives, approaches, and programs to respond to possible emergencies, including identifying the incident and making the correct plan to prepare and respond effectively within the Company.

b. Provide direction so that the implementation of handling the emergencies complies with the basic principles and a good and effective emergency management ethics.

c. Provide procedures for implementation and stages in the process of handling disasters.

d. Determine crisis management organizations in the process of handling disasters.

TARGET OF OCCUPATIONAL HEALTH AND SAFETy (OHS) ACTIVITIESa. Improvement of occupational Health and Safety:

• ensure the achievement of zero accident in all of the Company’s infrastructure financing projects.

• Zero lost time.• reduction in employee turnover by creating a

safe and comfortable work environment.• reliable and effective emergency response

team (ert) of the Company in an effort to carry out prevention and disaster relief measures through integrated oHS training.

• the creation of oHS awareness to all employees and stakeholders of the Company, through oHS campaign activities using infographic media, tV, Posters, Safety Induction Videos, oHS training and certification.

• the implementation of a good and effective oHS Management System in accordance with the rules and regulations of the applicable

oHS invitationB. Improved Health Performance:

• reduction in incidence of illness caused by work.

• reduction in number of employee absence due to illnesses

• Protection of employees from injuries, as well as work-caused illness or other hazards

FACILITIES AND INFRASTRUCTURE OFOCCUPATIONAL HEALTH AND SAFETy (OHS)In realizing the commitment of social responsibility towards the fulfillment of oHS aspects, the Company through the General and Procurement Division ensures availability of adequate oHS facilities and infrastructure, to create a safe, comfortable and healthy work environment. oHS facilities and infrastructure that are provided by the Company include:

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1. Health room and digital checkup equipment for health checks (Blood Sugar Check, Blood Pressure, Cholesterol levels, Body temperature Measurement, Scales, etc.).

2. Fitness equipment and Fitness Center.3. lactation room.4. First aid kits, equipment and drugs (stretchers,

wheelchairs, oxygen cylinders and first aid drugs).5. emergency Security and Mitigation equipment

(aPar, Hydrant, Sprinkle, Paging System, evacuation line, CCtV).

6. oHS campaign (through: Infographics, Posters, oHS Signs, tV, Induction Safety Videos, oHS training and Certification).

7. PPe (Personal Protective equipment) for employees who visit the infrastructure projects financed by the Company.

8. room temperature measurement.9. appropriate sanitation equipment and equipment.10. Sports Club Facilities and Infrastructures (Basketball,

Soccer, Badminton, Yoga, Zumba, Pilates, Diving, running and other sports).


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434

EMERGENCy RESPONSE TEAMFor the Company’s preparedness in facing all disaster risks that can occur at any time, in 2018, the Company forms an emergency and disaster management team called the emergency response team (ert). the teams consist of 47 employees who are representatives of each Division. the role and function of the emergency response team consists of the floor warden team, first aid team and evacuation team. the emergency response team personnel equipped with integrated oHS training in dealing with various possible scenarios, including spill simulation, fire, explosion, natural disasters, and security incidents.

PROGRAMS RELATED TO SAFETy, HEALTH AND WORK ACCIDENTSa. Periodically check the conditions of existing oHS

facilities and infrastructure to ensure that they are always in a good and adequate condition.

b. regular Medical Check-up as an early detection of the risk of infectious diseases as well as work-related illness.

c. Implementation of the Disaster Mitigation training Program, especially for fire and earthquake risks for all employees.

d. the implementation of disaster management training which provided to all members of the emergency response team.

e. oHS awareness training for all employees.

WORK ACCIDENT RATEthroughout 2018, there was no accident in the work place.

EMPLOyEE TURNOVER RATEIn 2018, the Company added 25 employees. However, 23 employees resigned for various reasons, including pursuing education, changing jobs, personal reasons, or continuing careers in other companies. the Company’s total number of employees by the end of 2018 is 286 persons, an increase of 25 personnel from 261 in 2017.


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436

SOCIAL & COMMUNITY DEVELOPMENT

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The Company develops a series of CSR programs andexecutes them in a timely and appropriate manner so that they can bring sustainable and long term positive impact for the people of Indonesia, both directly or indirectly. As a State-Owned Enterprise (BUMN), the Company has an obligation to implement the CSR program in the form of Community Partnership and Development Program (PKBL).

The implementation of the Company’s CSR activities has been regulated in the CSR Management as referred to the international standard of ISO 26000 about Guidelines for Implementing Social Responsibility.

Social & Community Development

the legal basis for the implementation of the PKBl are as follows:• law No. 40 of 2007 regarding limited liability

Company.• law No. 19 of 2003 on State-owned enterprises.• Circular letter of Ministry of State-owned

enterprises No. Se-07/MBu/2008 dated May 5, 2008 regarding the Implementation of Community Partnership and Development Program and the Implementation of article 74 of law No. 40 of 2007 regarding limited liability Company.

• Circular letter of Ministry of State-owned enterprises No. Se-14/MBu/2008 dated 30 June 2008 on the optimization of Partnership Program Funds through Distribution Cooperation.

• letter from the Ministry of Soes No. S-92/D5.MBu/2013 egarding the Management of Partnership and Community Development Program.

• regulation of the Minister of State-owned enterprises No. Per-09/MBu/07/2015 dated July 3, 2015 regarding the Community Partnership and Development Program of State-owned enterprises

TARGETS OF SOCIAL & COMMUNITy DEVELOPMENT PROGRAMPositive targets and benefits expected from the implementation of CSr programs during the reporting period including:• Improved parameters of the local Human

Development Index.• adequate basic infrastructure.• Increased local communities’ competence in

entrepreneurship.• Increased public health index.• Improved financial and social conditions.


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CSR BUDGETIn 2018, the Company allocated rp14 billion for its CSr activities. thefocus of the activities targeted for implementation are as follows:1. to provide micro-scale infrastructure that can open

connectivity.2. to maintain water resilience3. to support the improvement of education quality.4. Improving the public health level.5. Provide an energy source that is environmentally

sound (green energy).

REALIZED ACTIVITIES the Company realized a wide range of social & community development programs, which included assistance to victims of natural disasters, education, public health, development of public facilities, religious facilities aid, and non-CSr social services through “SMI Berbagi”.

Natural disaster victims Aidthe Company provided aid the people who are directly or indirectly affected by the natural disasters in many areas. In 2018 the aid was given to those affected by the earthquake in lombok, West Nusa tenggara, Palu-Dongga, Central Sulawesi, and Situbondo, east Java, with the total number of recipients of 3.300 assistance.the total amount of aid for the affected people in 2018 is rp988,000,000.

Education and Training Assistancethe company provides three educational assistance packages. these include training and capital to increase the capacity of Flores native weaving female craftswomen in alor, east Nusa tenggara. the results of this training are expected to provide opportunities for the craftswomen to get additional income to support their families. In 2018, the education and training assistance provided by Pt SMI amounted to rp1,719,158,268.

community Health Improvement Assistancethe Company carries out three health activities, which include:• assistance in providing free ambulances to serve

disadvantaged residents, distributed over 18 (eighteen) regions in West and east Indonesia to be utilized by 54,000 residents.

• Free Medical examinations for War Veterans in Bogor to be used by 150 people.

• the amount of assistance to improve public health

in 2018 reaches rp2,906,000,000.

Nature conservation / Environmental Maintenance ProgramSupport was given to environmental activists in Surabaya, ecoton (ecological observation and Wetlands Conservation). this institution fights for the citizens’ rights to enjoy good quality river water. the fact that there is very high mercury pollution in Kali Surabaya river,

lainnya

rolling Stock

Ketenagalistrikan

Jalan dan Jalan tol

transportasi

FINANCING DIVERSIFICATION By SECTORFinancing Commitments

10%

1%

9%

26%

48%

Bali, Nusa tenggara

Papua, Maluku

Kalimantan

Jawa

Sulawesi

Sumatera

DISTRIBUTION OF INFRASTRUCTURE PROJECT LOCATION

2%3%

8%

4,2%

33%50%

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resulting in various diseases for the residents. ecoton performed research to reveal the potential of biodiversity and the threat of damage and sources of pollution in Brantas and Surabaya rivers. For natural conservation in 2018 Pt SMI disbursed rp595,480,000.

development of Public Facilities and Infrastructurethe Company implements 39 public facilities and infrastructure development programs, including:• Development, renovation and educational

equipment assistance for 10 educational institutions (PauD, SD, SMP, SMa and equivalent and universities) spread throughout Indonesia with 11,000 beneficiaries.

• Construction of 19 infrastructure facilities with 38,000 beneficiaries.

• Construction of people and small vehicles crossings in 3 locations, namely Pekanbaru and Banten, with 7,800 residents beneficiaries.

• Concreteization of village roads in Bogor regency, Semarang regency, Dharmasraya regency, east lampung regency with 7,200 residents beneficiaries

• assistance in developing and restoring public

facilities in the Desa Bakti untuk Negeri Project in Waesano, east Nusa tenggara for 10,000 beneficiaries.

• road construction assistance for residents that opens community access to educational facilities in Dharmasraya, West Sumatra, with 1100 residents beneficiaries.

• assistance to disaster response vehicle units in Palembang, South Sumatra and tulungagung, east Java to support the mobility of 26,000 residents.

• For the assistance of public facilities and infrastructure, Pt SMI throughout 2018 has realized assistance amounting to rp.7,258,861,732.

aside from the CSr programs, the Company builds various public infrastructure facilities, in the form of roads, dams, power plants, clean water facilities and so on through direct financing activities, consulting services and through the distribution of Sharia funds.


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Heavy rain that fell throughout the afternoon, just subsided in the city of Palembang, South Sumatra. In a park that was still wet, rayhan Pratama and three of his friends were already playing. Various sports equipment is immovable or static, they try them. they laughed, the feel cheerful. “I often come here because other than playing, I can exercise too,” rayhan said while continuing to exercise.

rayhan, who is a third grade students of Palembang State Middle School 46, and also a soccer and running enthusiasts, said, “If you can add more exercise equipment, like static bicycles, but the important thing is that the existing tools are maintained so they are not broken,” he said.

rayhan is enjoying the Dharma Wanita Park, in loro Pajo Village, Ilir Barat 1, Palembang, along with three of his peers. the park that has just been restored by Pt Sarana Multi Infrastruktur (SMI) is now a favorite of local residents. located in a strategic location, namely the edge of the PoM 9 highway, the Campus, this beautiful park, now it is not only a children’s playground, but also a place for doing futsal, basketball, running and two static sports, including walking and jogging.

the head of the neighborhood of rt 30 / rW 09 Kelurahan loro Pajo, Safril, said the park was built by the Government of Palembang City, five years ago. later, the park was damaged that people were no longer comfortable playing and exercising in the area. “the cement has cracked everywhere,” he said.

then Pt SMI renovated the park and added some sports equipment. last September, ahead of the closing of the 2018 asian Game, the park with a new look was inaugurated. the Head of the Palembang City Youth and Sports agency, ahmad Zazuli, said the renovation was very useful, especially for the people around the campus because before the park was not maintained, to the point that it could no longer be used.


Keeping the Spirit After the PartyCity of Palembang, South SumatraKeeping the Spirit After the Party - City of Palembang, South Sumatra

“We do not want to only succeed in organizing sports parties, both nationally and internationally, but also can produce the future sportsmen. For this reason, sports facilities that can be easily accessed by the people must be added. “

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Since it was repaired, the park has come back to life. the community, especially teenagers, began to use the park. even if the park is not in a rural neighborhood, but an elite environment, it still provide the surrounding community already has a place to exercise again. “residents who like to exercise, now have direct access to sports facilities and infrastructure every day.”

this greatly helped the vision and mission of the Palembang City Youth and Sports agency who wanted to groom future great sportsmen. “We don’t want to only succeed in becoming a national and international sports organizer, but also can produce future sportsmen. For this reason, sports facilities that can be easily accessed by the public must be added, “he said.

at present, although Palembang has a good sports complex, even one of the best in Indonesia, the place is not easily accessible to the public. there are only a few sports venues that can be accessed by people in Palembang, especially green open spaces. there are limited jogging tracks, but no free style sporting activities like futsal and three on three

Palembang, often called Bumi Sriwijaya, continues to make itself lok better. the success of organizing various sports events from national to international makes this city increasingly known as a city of sports. the last is the 2018 asian Games, where Palembang is entrusted to host ten sports competitions.

It was this lively asian Games in Jakarta and also in Palembang that compelled Pt SMI to bring the positive energy of the asian Games in Bumi Sriwijaya. although it has often organized large sports events,in the province with an area of 40 thousand hectares and a population of 1.8 million people, there are still very few sports infrastructure facilities that are open to the public.

Not just renovating and adding sports facilities at the Dharma Wanita Park, SMI also improved sports facilities at 23 and 33 Public elementary Schools (SDN). at SDN 23, SMI built a futsal court, which can also be used for basketball, and other activities such as school ceremonies and other children’s activities that require large yards such as storytelling and congklak games.

the Principal of Palembang elementary School 23 in Ilir Barat 1 Subdistrict, Bajo Block, Palembang, Cik Ijah said the futsal field built by SMI was very helpful for schools in carrying out many activities, especially sports. “It wasn’t good like this before, if it rains heavily, it flooded,” he said.

Now, children can play futsal and basketball well. “this can increase the children’s motivation and achievements. When we participated in a competition at a company, we won 3rd place, “said Cik Ijah.

this elementary school has seven hundred students with three sports teachers. New fields make multiple sports classcan be held simultaneously. “Someone is playing there, playing here. Some learn to play volleyball, run, others can play futsal. So the benefits are double, three teachers can use the facility simultaneously because the field is very large. “

In SDN 33, Pt SMI also renovates the court for futsal, soccer and basketball. the Principal of the 33th elementary School in the District of Magarayu, Palembang, Hartiningsih said that the help from Pt SMI was very beneficial for the students. the basic introduction to sports for elementary school students starts from playing futsal, basketball, then footballs. “By knowing, they love sports. Pt SMI’s help makes them more enthusiastic about exercising. “according to her, Palembang should not just stop being just a sport event host, but give birth to national and international athletes.


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Religious Facilites Aidthe company also provide assistance in the repair and construction of 6 worship facilities spread across various regions in Indonesia, to be utilized by around 10,800 residents.

the total cost used to support the implementation of Pt SMI’s Non PKBl CSr activities in 2018 is IDr200 million.

Testimonials of PT SMI’s CSR Beneficiaries

I am very happy now that we have a good sports facility. the old one was already cracked at places because parts of the fields were broken. It becomes difficult to play and exercise, so it’s repaired so that we can practice smoothly. I like soccer because I want to be a great soccer player.

I am grateful because now the soccer field has been improved so people can play soccer, and can play all other sports. My soccer game is pretty good now because I often practice. at least once every two days with friends in this field. as for basketball, I’m still lacking, needing to practice more.

Previously, before this field was repaired, if it rained we could not play football because after the rain stopped, the field was muddy. We were very disturbed, if we continued to play in a muddy field, we often slipped. Now it’s no longer like that.

M. Rasya 6th grade students at SdN 23, Palembang

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this playground was built by the Palembang City Government about five years ago. the condition lately was rather saddening, the futsal and basketball courts had cracked cement floor, but the children were still using them even though they were not comfortable to exercise.

Pt SMI then took the initiative to repair them. Maybe the consideration is because the strategic location and field conditions are no longer good. With the renovation, repairing a field that has been damaged and adding sports equipment for static walk or static jog, this field has again become the gathering place for children around here. the benefits are huge, it becomes a place to exercise, a place to play for both children and for refreshing for parents and families.

on behalf of residents of loro Pajo Village, Palembang, we would like to thank Pt SMI and the Children’s Inspiration Foundation for renovating the Dharma Wanita Park. Improvements make people happy and children are exercising again. Currently, I observed more and more children of the surrounding residents and residents from the adjoining housing, perhaps from other sub-districts and villages, came here too.

Safril Head of RT 30 / RW 09, campus Housing at Loro Pajo village, Ilir Barat 1 district, Palembang city, South Sumater.


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RESPONSIBILITY TO THE CONSUMER

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POLICy the implementation of the responsibility to the consumers program, both clients of lending and securitization as well as the investors, is carried out by providing a variety of products and services that meet their needs.

TARGET • Completion of all customer resolutions.• Fulfillment of consumer expectations for complete

financial services and financing for consultancy in the infrastructure sector.

• Increased customer satisfaction index in customer satisfaction surveysn.

IMPLEMENTATION OF ACTIVITIESIn 2018, the Company conducted 6 outreach activities to educate customers and prospective customers about infrastructure in general and about financing products provided by the Company. Some overview of activities include:1. Dissemination of regional Infrastructure Financing

alternatives in several regions in Indonesia such as Bali, Maluku, South Kalimantan, and others

2. Participation in the biggest infrastructure event in Indonesia - Indonesia Infrastructure Conference and exhibition 2018 in Jakarta.

responsibility to the Consumer

PRODUCT INFORMATIONto inform the full range of products and services the Company conducted, among others:1. Development of the Company’s website, namely

www.ptsmi.co.id, where all product and service information is regularly updated.

2. Publication of products in print and electronic media.

3. Direct visits to consumers to explain about the Company and its product products.

4. Company participations in exhibitions.5. throughout 2018, Pt SMI realized socialization

fund to the amount of rp 11.404.149.188.

MEANS, AMOUNTS AND MANAGEMENT OF CONSUMER COMPLAINTS as part of the Consumer Protection effort, the Company has provided a channel for submitting complaints that can be addressed to the Secretary of the Company, namely through the complaint address to the office:

STAKEHOLDER PERCEPTION SURVEyto get the feedback on the Company’s existence and activities, Pt SMI again conducted a stakeholder perception survey. through the survey, the Company seeks to explore stakeholders’ perceptions of several key issues, namely: Stakeholder assessment of services provided by Pt SMI and Stakeholder satisfaction levels


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446


Based on the survey results, general conclusions are obtained as follows:1. Stakeholders recognize and know the products provided by Pt SMI as an infrastructure finance

company that includes financing & investment products, project development and consulting services.

2. Stakeholders believe that Pt SMI is a partner who is easy to work with, communicative, and responsive in doing work. In addition, Pt SMI has Human resources that have special capabilities and technical competencies needed in infrastructure financing.

OVERALL SATISFACTIONBase: all user respondent Pt SMI 2018 (n=71)

82,07 79,4183,64 82,6586,38 86,84 86,73 81,08

97,74

78,3980,44 79,98 82,5778,68

94,62

83,70 82,53 82,98 81,21

98,58

74,12

overall (n=71) GCa (n=32) Multilateral (n=8) Debitur/Project executor(n=17)

local Government(n=10)

Co-Financier (n=5)

2015 (n : 50) 2017 (n : 70)2016 (n : 73) 2018 (n : 71)

PT SMISahid Sudirman Center, lantai 48 Jl. Jenderal Sudirman No. 86 Jakarta 10220, IndonesiaPhone: (+62-21) 8082 5288 Fax: (+62-21) 8082 5258 email: [email protected]

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In addition, the Company also provides online complaints services which are called the Whistle Blower System. through this website-based application, the public, including customers, can submit complaints, especially for violations committed by Pt SMI’s employees and management. this complaint application can be accessed through the Pt SMI website: www.ptsmi.co.id.

During 2018 there were zero (0) complaints received by the Company. the Company is committed to following up and completing all complaints.


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448

2018 Consolidated Financial Statements

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452 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero) #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero) 452

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) Daftar Isi Halaman/ Table of Contents Page Surat Pernyataan Direksi Directors’ Statement Letter Laporan Auditor Independen Independent Auditor’s Report Laporan Keuangan Untuk Tahun-tahun yang Berakhir pada tanggal 31 Desember 2018 dan 2017

Financial Statements For the Years Ended

December 31, 2018 and 2017

Laporan Posisi Keuangan 1 Statements of Financial Position Laporan Laba Rugi dan 3 Statements of Profit or Loss and Penghasilan Komprehensif Lain Other Comprehensive Income Laporan Perubahan Ekuitas 4 Statements of Changes in Equity Laporan Arus Kas 5 Statements of Cash Flows Catatan Atas Laporan Keuangan 6 Notes to the Financial Statements

457

459

460

461

462


PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) Daftar Isi Halaman/ Table of Contents Page Surat Pernyataan Direksi Directors’ Statement Letter Laporan Auditor Independen Independent Auditor’s Report Laporan Keuangan Untuk Tahun-tahun yang Berakhir pada tanggal 31 Desember 2018 dan 2017

Financial Statements For the Years Ended

December 31, 2018 and 2017

Laporan Posisi Keuangan 1 Statements of Financial Position Laporan Laba Rugi dan 3 Statements of Profit or Loss and Penghasilan Komprehensif Lain Other Comprehensive Income Laporan Perubahan Ekuitas 4 Statements of Changes in Equity Laporan Arus Kas 5 Statements of Cash Flows Catatan Atas Laporan Keuangan 6 Notes to the Financial Statements


Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form integral part of these laporan keuangan secara keseluruhan financial statements Draft/March 14, 2019 paraf:

1

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION Per 31 Desember 2018 dan 2017 As of December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)

Catatan/ 2018 2017Notes Rp Rp

ASET ASSETSKas dan setara kas 3j, 5 7,599,090,796,763 15,398,138,608,077 Cash and cash equivalentsDana dibatasi penggunaannya 6 204,349,247,677 170,061,801,716 Restricted fundEfek-efek 7 4,501,189,906,006 2,867,638,589,487 SecuritiesPinjaman diberikan dan Loans receivables and

pembiayaan/ piutang syariah Sharia financing/ Receivables - setelah dikurangi cadangan - net of allowance kerugian penurunan nilai for impairment Losses ofmasing-masing sebesar Rp829,187,872,662 and Rp829.187.872.662 dan Rp602,894,159,814 in 2018 Rp602.894.159.814 tahun 2018 and 2017dan 2017 8 45,611,115,334,507 33,323,777,526,587 respectively

Piutang atas penugasan fasilitasi Receivables from assignment forpenyiapan proyek 9 15,389,784,580 12,746,535,957 facilitation on project preparation

Biaya dibayar dimuka 10 1,991,807,256 1,693,194,166 Prepaid expensesPendapatan masih harus diterima 11 553,597,534,694 325,171,969,561 Accrued incomePajak dibayar dimuka 24a 12,332,997,650 12,521,676,268 Prepaid taxesPenyertaan saham 12 3,498,776,844,348 2,759,168,633,303 Investment in equityAset tetap - Properties and equipments -

setelah dikurangi akumulasi net of accumulatedpenyusutan sebesar Rp56.292.896.127 depreciation oftahun 2018 dan Rp30.073.422.962 Rp56,292,896,127 in 2018 andtahun 2017 13 420,379,408,119 440,600,302,304 Rp30,073,422,962 in 2017

Aset takberwujud - neto 14 31,430,245,629 30,166,956,482 Intangible assets - netAset pajak tangguhan 24d 32,086,746,753 30,402,850,286 Deferred tax assetsAset lain-lain - neto 11,459,927,393 13,807,071,699 Other assets - net

JUMLAH ASET 62,493,190,581,375 55,385,895,715,893 TOTAL ASSETS



2

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION (Lanjutan) (Continued) Per 31 Desember 2018 dan 2017 As of December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


LIABILITAS, DANA SYIRKAH LIABILITIES, SYIRKAH TEMPORER DAN EKUITAS TEMPORARY FUNDS AND EQUITY

LIABILITAS LIABILITIESPinjaman diterima dari bank Loans received from banks and other

dan lembaga keuangan lainnya 15 8,558,203,041,310 3,715,561,347,970 financial institutionUtang pajak 24b 69,393,124,143 32,257,347,270 Taxes payableBeban akrual 16 269,780,612,310 216,366,964,020 Accrued expensesPendapatan diterima dimuka 17 95,534,906,540 17,972,911,209 Unearned revenueLiabilitas derivatif 18 2,086,893,667 44,195,817,382 Derivative liabilitiesSurat utang diterbitkan - neto 19 12,736,471,270,268 14,243,218,865,512 Debt securities issued - netGreen bond diterbitkan - neto 20 496,304,005,715 -- Green bond issued - netPinjaman diterima dari Borrowings from the Government of

Pemerintah Republik Indonesia 22 3,358,083,204,158 2,608,995,997,588 Republic of IndonesiaKewajiban imbalan kerja 26 77,214,058,000 70,458,261,001 Employee benefits obligationLiabilitas lain-lain 23 254,229,809,085 115,715,250,193 Other liabilitiesJumlah Liabilitas 25,917,300,925,196 21,064,742,762,145 Total Liabilities

DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH FUNDSSukuk Mudharabah 21 1,000,000,000,000 -- Sukuk Mudharabah

EKUITAS EQUITY Modal saham - nilai nominal Rp 1 juta Capital stock - Rp 1 million par value

per saham per share Modal dasar - 50.000.000 saham pada Authorized capital - 50,000,000 shares31 Desember 2018 dan 2017 at December 31, 2018 and 2017Modal ditempatkan dan disetor Subscribed and paid-up capital -penuh - 30.516.600 saham dan 30,516,600 anddan 28.516.600 saham 28,516,600 shares at pada 31 Desember 2018 dan 2017 27 30,516,600,000,000 28,516,600,000,000 December 31, 2018 and 2017

Tambahan modal disetor 28 -- 2,000,000,000,000 Additional paid-in capitalPenghasilan komprehensif lain 507,343,678,196 524,503,331,056 Other comprehensive incomeSaldo laba Retained earnings

Ditentukan penggunaannya 1,182,982,733,885 822,982,733,885 AppropriatedBelum ditentukan penggunaannya 3,368,963,244,098 2,457,066,888,807 Unappropriated

Jumlah Ekuitas 35,575,889,656,179 34,321,152,953,748 Total Equity

JUMLAH LIABILITAS, DANA SYIRKAH TOTAL LIABILITIES, SYIRKAH TEMPORER DAN EKUITAS 62,493,190,581,375 55,385,895,715,893 TEMPORARY FUNDS AND EQUITY



2

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION (Lanjutan) (Continued) Per 31 Desember 2018 dan 2017 As of December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


LIABILITAS, DANA SYIRKAH LIABILITIES, SYIRKAH TEMPORER DAN EKUITAS TEMPORARY FUNDS AND EQUITY

LIABILITAS LIABILITIESPinjaman diterima dari bank Loans received from banks and other

dan lembaga keuangan lainnya 15 8,558,203,041,310 3,715,561,347,970 financial institutionUtang pajak 24b 69,393,124,143 32,257,347,270 Taxes payableBeban akrual 16 269,780,612,310 216,366,964,020 Accrued expensesPendapatan diterima dimuka 17 95,534,906,540 17,972,911,209 Unearned revenueLiabilitas derivatif 18 2,086,893,667 44,195,817,382 Derivative liabilitiesSurat utang diterbitkan - neto 19 12,736,471,270,268 14,243,218,865,512 Debt securities issued - netGreen bond diterbitkan - neto 20 496,304,005,715 -- Green bond issued - netPinjaman diterima dari Borrowings from the Government of

Pemerintah Republik Indonesia 22 3,358,083,204,158 2,608,995,997,588 Republic of IndonesiaKewajiban imbalan kerja 26 77,214,058,000 70,458,261,001 Employee benefits obligationLiabilitas lain-lain 23 254,229,809,085 115,715,250,193 Other liabilitiesJumlah Liabilitas 25,917,300,925,196 21,064,742,762,145 Total Liabilities

DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH FUNDSSukuk Mudharabah 21 1,000,000,000,000 -- Sukuk Mudharabah

EKUITAS EQUITY Modal saham - nilai nominal Rp 1 juta Capital stock - Rp 1 million par value

per saham per share Modal dasar - 50.000.000 saham pada Authorized capital - 50,000,000 shares31 Desember 2018 dan 2017 at December 31, 2018 and 2017Modal ditempatkan dan disetor Subscribed and paid-up capital -penuh - 30.516.600 saham dan 30,516,600 anddan 28.516.600 saham 28,516,600 shares at pada 31 Desember 2018 dan 2017 27 30,516,600,000,000 28,516,600,000,000 December 31, 2018 and 2017

Tambahan modal disetor 28 -- 2,000,000,000,000 Additional paid-in capitalPenghasilan komprehensif lain 507,343,678,196 524,503,331,056 Other comprehensive incomeSaldo laba Retained earnings

Ditentukan penggunaannya 1,182,982,733,885 822,982,733,885 AppropriatedBelum ditentukan penggunaannya 3,368,963,244,098 2,457,066,888,807 Unappropriated

Jumlah Ekuitas 35,575,889,656,179 34,321,152,953,748 Total Equity

JUMLAH LIABILITAS, DANA SYIRKAH TOTAL LIABILITIES, SYIRKAH TEMPORER DAN EKUITAS 62,493,190,581,375 55,385,895,715,893 TEMPORARY FUNDS AND EQUITY


3

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) LAPORAN LABA RUGI DAN STATEMENTS OF PROFIT OR LOSS AND PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME Untuk Tahun-tahun yang Berakhir pada tanggal For the Years Ended 31 Desember 2018 dan 2017 December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


PENDAPATAN USAHA 30 4,008,063,076,873 3,154,863,449,477 REVENUES

BEBAN USAHA 31 (1,990,573,493,793) (1,483,309,785,306) OPERATING EXPENSES

BEBAN PAJAK FINAL (197,618,506,327) (122,164,011,678) FINAL TAX EXPENSE

LABA USAHA 1,819,871,076,753 1,549,389,652,493 OPERATING PROFIT

PENDAPATAN (BEBAN) LAIN-LAIN OTHER INCOME (EXPENSES)Bagian rugi pada ventura bersama 12 (12,884,896,748) (24,486,520,935) Equity in net loss in joint ventureLaba selisih kurs 14,553,744,367 3,065,140,025 Gain foreign exchange ratePendapatan lain-lain 8,148,353,669 16,291,794,915 Other incomeBeban lain-lain (14,393,547,918) (9,565,739,691) Other expenses

Pendapatan lain-lain - net (4,576,346,630) (14,695,325,686) Other income - net

LABA SEBELUM PAJAK 1,815,294,730,123 1,534,694,326,807 PROFIT BEFORE TAX

BEBAN PAJAK 24c (284,184,774,358) (272,686,346,355) TAX EXPENSE

LABA BERSIH TAHUN BERJALAN 1,531,109,955,765 1,262,007,980,452 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos-pos yang tidak akan direklasifikasi Items that will not be reclassifiedke laba rugi: to profit or loss:

Bagian penghasilan (beban) komprehensif Share in other comprehensive incomelain atas ventura bersama 12 (14,070,995,497) 10,971,351,646 (expense) of joint venture

Pengukuran kembali atas program 26 Remeasurement of defined benefitimbalan pasti 15,715,199,368 (15,039,817,175) obligation

Manfaat pajak terkait pos-pos Income tax expense relating to items thatyang tidak akan direklasifikasi 24d (3,928,799,842) 3,759,954,294 will not be reclassified

Pos-pos yang akan direklasifikasi Items that may be reclassifiedke laba rugi: to profit or loss:

Keuntungan atas aset keuangan Gain on available-for-sale financialtersedia untuk dijual : assets

Investasi dalam instrumen ekuitas 12 48,210,337,818 310,888,325,494 Investment in equity instrumentInvestasi jangka pendek 7 (63,425,858,932) (34,106,589,202) Short term investment

Dikurangi: Penyesuaian reklasifikasi Less: Reclassification adjustment atas keuntungan yang termasuk on gain which already included dalam laba rugi 7 13,692,034,001 190,939,848,278 in profit or loss

Bagian efektif atas perubahan nilai wajar Effective portion on fair value changesinstrumen derivatif yang memenuhi from derivative instruments qualified aslindung nilai arus kas 18 (2,086,893,667) (1,889,552,398) cash flow hedge

Manfaat (beban) pajak terkait pos-pos Income (expense) tax benefit relating toyang akan direklasifikasi 24d 521,723,417 472,388,099 items that will be reclassified

Jumlah penghasilan komprehensif lain tahun Total other compehensive income forberjalan setelah pajak (5,373,253,334) 465,995,909,036 the current year, net of tax

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN 1,525,736,702,431 1,728,003,889,488 FOR THE YEAR

LABA PER SAHAM 25 51,429 46,524 EARNING PER SHARE


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5

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS Untuk Tahun-tahun yang Berakhir pada tanggal For the Years Ended 31 Desember 2018 dan 2017 December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan bunga pinjaman diberikan 2,365,662,672,358 2,116,632,648,842 Receipt from interest of loan receivablesPenerimaan provisi dan jasa komitmen 267,601,320,741 118,359,883,955 Receipt from provision and commitment feePenerimaan dari bunga deposito berjangka 756,507,877,906 440,293,772,202 Receipt from interest of time depositsPenerimaan dari pelunasan pinjaman diberikan 7,413,330,567,373 11,804,722,896,095 Receipt from settlements of loan receivablesPenerimaan dari penugasan fasilitasi Receipts from assignment for facilitation on

penyiapan proyek 42,193,093,659 34,243,157,011 project preparationPenerimaan dari jasa konsultasi 15,636,854,404 5,201,588,566 Receipts from advisoryPenyaluran pinjaman diberikan (19,065,145,379,511) (12,680,163,334,634) Disbursements for loan receivablesPembayaran beban operasional (321,921,659,585) (399,558,067,207) Disbursements for operating expenses

Disbursements for provisionPembayaran beban provisi dan jasa komitmen (16,969,220,368) (4,396,407,082) and commitment feePembayaran pajak penghasilan (254,500,000,000) (215,658,000,000) Disbursements for income taxesPembayaran bunga pinjaman (1,147,524,183,460) (689,502,460,750) Disbursements for interest expenseDana dibatasi penggunaannya (34,287,445,961) (101,607,020,962) Restricted fundPenerimaan dividen -- 6,107,581,780 Receipts of dividensPembayaran bagi hasil sukuk mudharabah (19,200,000,000) -- Disbursement for Mudharabah profit sharing Penyaluran dana Program Bina Lingkungan Disbursements for Community Development

dan Tanggung Jawab Sosial (14,199,559,482) (9,140,901,021) Program and Corporate Social Responsibility

Kas Neto Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)Aktivitas Operasi (10,012,815,061,926) 425,535,336,795 Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPencairan dari investasi jangka pendek 1,672,722,894,905 1,200,741,117,536 Withdrawal of short term investmentPenerimaan dari hasil investasi efek-efek 160,333,951,586 87,046,187,604 Receipts of income from investmentsPenempatan pada investasi jangka pendek (3,322,023,135,000) (1,727,005,750,000) Payment for short-term investmentPenempatan pada investasi saham (718,353,765,472) (1,782,902,495,116) Investment in equityPembelian aset tetap (5,145,282,509) (49,718,176,311) Acquisition of property and equipmentPembelian aset takberwujud (9,728,442,185) (21,856,478,987) Acquisition of intangible assets

Kas Neto Digunakan untuk Aktivitas Investasi (2,222,193,778,675) (2,293,695,595,274) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESPenerimaan dari pinjaman 5,640,680,886,000 2,884,367,000,000 Receipts from loanPenerimaan dari penerbitan surat utang 1,045,250,000,000 7,000,000,000,000 Receipts from issued bondPenerimaan dari penerbitan sukuk mudharabah 1,000,000,000,000 -- Receipts from sukuk mudharabahPenerimaan dari penerbitan green bond 500,000,000,000 -- Receipts from green bondPenerimaan dari setoran modal -- 2,000,000,000,000 Receipts from paid-in capitalPembayaran pokok surat utang (2,570,700,000,000) (100,000,000,000) Disbursements for issued bondPembayaran dividen (271,000,000,000) (242,560,672,460) Disbursements for dividen paymentPembayaran pokok pinjaman (901,577,010,251) (2,359,564,268,539) Disbursements for loanPembayaran emisi obligasi (6,692,846,462) (5,448,835,727) Disbursements for bond's emission

Kas Neto Diperoleh dari Aktivitas Pendanaan 4,435,961,029,287 9,176,793,223,274 Net Cash Provided by Financing ActivitiesKENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) OF CASHKAS DAN SETARA KAS (7,799,047,811,314) 7,308,632,964,795 AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTSKAS DAN SETARA KAS PADA AWAL TAHUN 15,398,138,608,077 8,089,505,643,282 AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTSKAS DAN SETARA KAS PADA AKHIR TAHUN 5 7,599,090,796,763 15,398,138,608,077 AT END OF YEAR

Lihat Catatan 40 atas laporan keuangan untuk pengungkapan informasi tambahan arus kas.

See Note 40 to the financial statements for the supplemental disclosures of cash flows information.


PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS Untuk Tahun-tahun yang Berakhir For The Years Ended Pada Tanggal 31 Desember 2018 dan 2017 December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)

Draft/March 18, 2019 paraf: 6

1. Umum 1. General

a. Pendirian dan Informasi Umum a. Establishment and General Information PT Sarana Multi Infrastruktur (Persero) "Perusahaan" didirikan berdasarkan Peraturan Pemerintah No. 66 Tahun 2007 yang kemudian diubah dengan Peraturan Pemerintah No. 75 Tahun 2008, sebagaimana tercantum dalam Akta No. 17 tanggal 26 Februari 2009 dibuat di hadapan Lolani Kurniati Irdham - Idroes, S.H., LLM, notaris di Jakarta, telah mendapatkan pengesahan dari Menteri Kehakiman Republik Indonesia berdasarkan Surat Keputusan No. AHU-09067.AH.01.01 tanggal 24 Maret 2009, serta diumumkan dalam Berita Negara Republik Indonesia No. 40 tanggal 19 Mei 2009 dan Tambahan Berita Negara Republik Indonesia No. 13273/2009 (“Akta Pendirian”). Perusahaan mendapatkan izin usaha sebagai perusahaan pembiayaan infrastruktur berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 396/KMK.010/2009 dan beroperasi komersial pada tanggal 12 Oktober 2009.

PT Sarana Multi Infrastruktur (Persero) "the Company" was established under the Government Regulation No. 66 Year 2007, which was amended by the Government Regulation No. 75 Year 2008, as mentioned in Notarial Deed No. 17 dated February 26, 2009 of Lolani Kurniati Irdham - Idroes, S.H., LLM, notary in Jakarta, the deed was approved by the Minister of Law of the Republic of Indonesia in its Decision Letter No. AHU-09067.AH.01.01 dated March 24, 2009, and published in the State Gazette of the Republic of Indonesia No. 40 dated May 19, 2009 and Supplement State Gazette of the Republic of Indonesia No. 13273/2009 (“Deed of Establisment”). The Company obtained the license as infrastructure financing company based on Decree of the Minister of Finance of the Republic of Indonesia No. 396/KMK.010/2009 and started operating commercially on October 12, 2009.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dinyatakan dalam Akta No. 29 tanggal 17 Mei 2018 dari Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta. Perubahan Anggaran Dasar Perusahaan meliputi:

The Company’s Article of Association had been amended several times and the latest amendment was stipulated in Deed No. 29 dated May 17, 2018 of Irma Devita Purnamasari, S.H., MKn, notary in Jakarta. The amendment consist of:

1) Perubahan modal dasar ditempatkan/

diambil bagian oleh Negara Republik Indonesia sebanyak 30.516.600 (tiga puluh juta lima ratus enam belas ribu enam ratus) lembar saham dengan nilai nominal seluruhnya sebesar Rp30.516.600.000.000 (tiga puluh triliun lima ratus enam belas miliar enam ratus juta Rupiah) dan

1) Changes of authorized capital 30,516,600 (thirty million five hundred sixteen thousand six hundred) shares have been issued/ subscribed by the Republic of Indonesia with total nominal value of Rp30,516,600,000,000 (thirty trillion five hundred sixteen billion six hundred million Rupiah) and

2) Sebesar 100% dari nilai nominal

saham yang ditempatkan sebesar Rp30.516.600.000.000 (tiga puluh triliun lima ratus enam belas miliar enam ratus juta Rupiah) seluruhnya telah di setor penuh oleh Negara Republik Indonesia.

2) 100% of such authorized capital with total value amounting to Rp30,516,600,000,000 (thirty trillion five hundred sixteen billion six hundred million Rupiah) has been paid by the Republic of Indonesia.


PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS Untuk Tahun-tahun yang Berakhir For The Years Ended Pada Tanggal 31 Desember 2018 dan 2017 December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


1. Umum 1. General

a. Pendirian dan Informasi Umum a. Establishment and General Information PT Sarana Multi Infrastruktur (Persero) "Perusahaan" didirikan berdasarkan Peraturan Pemerintah No. 66 Tahun 2007 yang kemudian diubah dengan Peraturan Pemerintah No. 75 Tahun 2008, sebagaimana tercantum dalam Akta No. 17 tanggal 26 Februari 2009 dibuat di hadapan Lolani Kurniati Irdham - Idroes, S.H., LLM, notaris di Jakarta, telah mendapatkan pengesahan dari Menteri Kehakiman Republik Indonesia berdasarkan Surat Keputusan No. AHU-09067.AH.01.01 tanggal 24 Maret 2009, serta diumumkan dalam Berita Negara Republik Indonesia No. 40 tanggal 19 Mei 2009 dan Tambahan Berita Negara Republik Indonesia No. 13273/2009 (“Akta Pendirian”). Perusahaan mendapatkan izin usaha sebagai perusahaan pembiayaan infrastruktur berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 396/KMK.010/2009 dan beroperasi komersial pada tanggal 12 Oktober 2009.

PT Sarana Multi Infrastruktur (Persero) "the Company" was established under the Government Regulation No. 66 Year 2007, which was amended by the Government Regulation No. 75 Year 2008, as mentioned in Notarial Deed No. 17 dated February 26, 2009 of Lolani Kurniati Irdham - Idroes, S.H., LLM, notary in Jakarta, the deed was approved by the Minister of Law of the Republic of Indonesia in its Decision Letter No. AHU-09067.AH.01.01 dated March 24, 2009, and published in the State Gazette of the Republic of Indonesia No. 40 dated May 19, 2009 and Supplement State Gazette of the Republic of Indonesia No. 13273/2009 (“Deed of Establisment”). The Company obtained the license as infrastructure financing company based on Decree of the Minister of Finance of the Republic of Indonesia No. 396/KMK.010/2009 and started operating commercially on October 12, 2009.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dinyatakan dalam Akta No. 29 tanggal 17 Mei 2018 dari Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta. Perubahan Anggaran Dasar Perusahaan meliputi:

The Company’s Article of Association had been amended several times and the latest amendment was stipulated in Deed No. 29 dated May 17, 2018 of Irma Devita Purnamasari, S.H., MKn, notary in Jakarta. The amendment consist of:

1) Perubahan modal dasar ditempatkan/

diambil bagian oleh Negara Republik Indonesia sebanyak 30.516.600 (tiga puluh juta lima ratus enam belas ribu enam ratus) lembar saham dengan nilai nominal seluruhnya sebesar Rp30.516.600.000.000 (tiga puluh triliun lima ratus enam belas miliar enam ratus juta Rupiah) dan

1) Changes of authorized capital 30,516,600 (thirty million five hundred sixteen thousand six hundred) shares have been issued/ subscribed by the Republic of Indonesia with total nominal value of Rp30,516,600,000,000 (thirty trillion five hundred sixteen billion six hundred million Rupiah) and

2) Sebesar 100% dari nilai nominal

saham yang ditempatkan sebesar Rp30.516.600.000.000 (tiga puluh triliun lima ratus enam belas miliar enam ratus juta Rupiah) seluruhnya telah di setor penuh oleh Negara Republik Indonesia.

2) 100% of such authorized capital with total value amounting to Rp30,516,600,000,000 (thirty trillion five hundred sixteen billion six hundred million Rupiah) has been paid by the Republic of Indonesia.

PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO) CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS (Lanjutan) (Continued) Untuk Tahun-tahun yang Berakhir For The Years Ended Pada Tanggal 31 Desember 2018 dan 2017 December 31, 2018 and 2017 (Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)


Perubahan tersebut telah memperoleh persetujuan dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusan No. AHU-AH.01.03-0199973 Tahun 2018 tanggal 17 Mei 2018.

The amendment was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-AH.01.03-0199973 Year 2018 dated May 17, 2018.

Perusahaan berdomisili di Gedung Sahid Sudirman Center, Lantai 47-48 Jl. Jend. Sudirman No. 86 Jakarta.

The Company is domiciled at Sahid Sudirman Center Building 47-48th Floor Jl. Jend. Sudirman No. 86 Jakarta.

Maksud dan tujuan pendirian Perusahaan untuk mendorong percepatan penyediaan pembiayaan infrastruktur melalui kemitraan dengan pihak swasta dan/atau lembaga keuangan multilateral. Dalam melaksanakan maksud tersebut, Perusahaan melaksanakan kegiatan pembiayaan infrastruktur dan investasi sebagai berikut:

The purpose and objective of the establishment of the Company was to accelerate the provision of infrastructure financing through partnerships with private sectors and/or multilateral financial institutions. To achieve such purpose, the Company carries out the following infrastructure financing and investing activities:

1) Kerja sama dengan pihak swasta,

Badan Usaha Milik Negara (BUMN), Badan Usaha Milik Daerah (BUMD), Pemerintah Daerah maupun lembaga keuangan multilateral dalam rangka pendirian perusahaan yang khusus bergerak di bidang pembiayaan infrastruktur;

1) Cooperation with private sectors, State-Owned Enterprises (BUMN), Regional Owned Enterprises (BUMD), Regional Government, and other multilateral financial institutions to establish an infrastructure financing company;

2) Kegiatan pembiayaan bidang infrastruktur termasuk pembiayaan yang dilaksanakan berdasarkan prinsip syariah yang diberikan kepada pihak swasta, Badan Usaha Milik Negara (BUMN), Badan Usaha Milik Daerah (BUMD), dan Pemerintah Daerah sebagaimana diatur dalam peraturan perundang-undangan yang berlaku termasuk dalam bentuk:

2) Financing activities in the infrastructure sector is part of the financing activities based on shariah principle provided to private sectors, State-Owned Enterprises (BUMN), Regional Owned Enterprises (BUMD) and Regional Governments as stipulated in the prevailing laws and regulations including in the form of:

a. penyertaan modal baik secara

langsung atau dalam bentuk konversi pinjaman menjadi penyertaan modal;

a. capital participation either directly or in the form of loan conversion into capital participation;

b. pinjaman maupun kegiatan pemberian dukungan kredit untuk pembiayaan infrastruktur;

b. loan or provision of credit support for infrastructure financing;

3) Pengembangan kemitraan dan/atau

kerjasama dengan pihak ketiga dalam mendorong percepatan pembangunan infrastruktur;

3) Develop a partnership and/or collaboration with third parties to accelerate the infrastructure development;




4) Penyediaan jasa pendukung untuk investor baik investor domestik maupun investor asing seperti konsultasi investasi dan aktivitas lainnya untuk mewujudkan peningkatan investasi dalam bidang infrastruktur;

4) Provision of support services for the investor, both domestic and foreign investors such as investment advisory and other activities to increase investment in infrastructure;

5) Kegiatan penelitian dan

pengembangan serta sosialisasi terkait kegiatan infrastruktur;

5) Research, development and promotion related to infrastructure activities;

6) Pengelolaan dana dalam rangka

optimalisasi dana pembiayaan infrastruktur;

6) Fund management to optimize infrastructure financing fund;

7) Kegiatan jasa konsultasi, termasuk

dalam bentuk fasilitasi penyiapan dan pengembangan proyek kerjasama Pemerintah dengan badan usaha dalam penyediaan infrastruktur;

7) Provision of consulting services, including facilitation of project preparation and development of collaboration between the government and business entities in the provision of infrastructure facility;

8) Kegiatan penerbitan surat utang dalam

rangka pembiayaan pembangunan infrastruktur;

8) Issuance of debt securities in relation to the financing of infrastructure development;

9) Kegiatan terkait upaya penyelamatan

pembiayaan yang antara lain meliputi: 9) Activities related to financing bail-out

including the following: a) pengambilalihan kepemilikan atas

agunan, baik semua maupun sebagian, dalam hal debitur tidak memenuhi kewajibannya kepada Perusahaan, dengan ketentuan agunan tersebut wajib dicairkan secepatnya sesuai ketentuan peraturan perundang-undangan; dan/atau

a) acquisition of ownership of collateral, either all or in part, in the event that the debtor could not meet its obligation to the Company, on a provision that the collateral is immediately converted into fund in accordance with the laws and regulations; and/or

b) melakukan kegiatan penyertaan

modal sementara yang berasal dari konversi utang menjadi saham kepada debitur atau pihak terkait lainnya untuk mengatasi akibat kegagalan kredit, dengan syarat harus menarik kembali penyertaannya sesuai ketentuan peraturan perundang-undangan;

b) participation of temporary capital derived from the conversion of debt into equity to the debtor or other related parties to resolve the consequences of the credit failure, on a condition that it shall withdraw its participation in accordance with the provisions of laws and regulations;

10) Kegiatan lainnya terkait upaya

percepatan pembangunan infrastruktur.

10) Other activities related to the acceleration of the infrastructure development.




4) Penyediaan jasa pendukung untuk investor baik investor domestik maupun investor asing seperti konsultasi investasi dan aktivitas lainnya untuk mewujudkan peningkatan investasi dalam bidang infrastruktur;

4) Provision of support services for the investor, both domestic and foreign investors such as investment advisory and other activities to increase investment in infrastructure;

5) Kegiatan penelitian dan

pengembangan serta sosialisasi terkait kegiatan infrastruktur;

5) Research, development and promotion related to infrastructure activities;

6) Pengelolaan dana dalam rangka

optimalisasi dana pembiayaan infrastruktur;

6) Fund management to optimize infrastructure financing fund;

7) Kegiatan jasa konsultasi, termasuk

dalam bentuk fasilitasi penyiapan dan pengembangan proyek kerjasama Pemerintah dengan badan usaha dalam penyediaan infrastruktur;

7) Provision of consulting services, including facilitation of project preparation and development of collaboration between the government and business entities in the provision of infrastructure facility;

8) Kegiatan penerbitan surat utang dalam

rangka pembiayaan pembangunan infrastruktur;

8) Issuance of debt securities in relation to the financing of infrastructure development;

9) Kegiatan terkait upaya penyelamatan

pembiayaan yang antara lain meliputi: 9) Activities related to financing bail-out

including the following: a) pengambilalihan kepemilikan atas

agunan, baik semua maupun sebagian, dalam hal debitur tidak memenuhi kewajibannya kepada Perusahaan, dengan ketentuan agunan tersebut wajib dicairkan secepatnya sesuai ketentuan peraturan perundang-undangan; dan/atau

a) acquisition of ownership of collateral, either all or in part, in the event that the debtor could not meet its obligation to the Company, on a provision that the collateral is immediately converted into fund in accordance with the laws and regulations; and/or

b) melakukan kegiatan penyertaan

modal sementara yang berasal dari konversi utang menjadi saham kepada debitur atau pihak terkait lainnya untuk mengatasi akibat kegagalan kredit, dengan syarat harus menarik kembali penyertaannya sesuai ketentuan peraturan perundang-undangan;

b) participation of temporary capital derived from the conversion of debt into equity to the debtor or other related parties to resolve the consequences of the credit failure, on a condition that it shall withdraw its participation in accordance with the provisions of laws and regulations;

10) Kegiatan lainnya terkait upaya

percepatan pembangunan infrastruktur.

10) Other activities related to the acceleration of the infrastructure development.



Dalam melaksanakan kegiatan tersebut, Perusahaan mengacu pada Peraturan Menteri Keuangan (PMK) No. 100/PMK.010/ 2009 tentang Perusahaan Pembiayaan Infrastruktur dan surat persetujuan izin penambahan obyek pembiayaan infrastruktur pada Perusahaan dari Otoritas Jasa Keuangan No.S-48/D.05/2015 tanggal 30 April 2015.

In carrying out the aforementioned activities, the Company refers to the Minister of Finance Regulation (PMK) No. 100/PMK.010/2009 regarding Infrastructure Financing Companies and approval letter for the addition of the Company’s infrastructure financing objects from Indonesia Financial Services Authority No.S-48/D.05/2015 dated April 30, 2015.

Pembentukan Unit Usaha Syariah Perusahaan

Establishment of the Company’s Sharia Business Unit

Pada tanggal 20 April 2016, OJK menerbitkan persetujuan izin pembentukan Unit Usaha Syariah Perusahaan sebagaimana dinyatakan dalam surat OJK No. S-372/NB.223/2016 perihal Persetujuan dan Pencatatan Unit Usaha Syariah dan Pelaksanaan Kegiatan Lain Terkait dengan Pembiayaan Infrastruktur oleh PT Sarana Multi Infrastruktur (Persero).

On April 20, 2016, OJK issued a license for the establishment of the Company’s Sharia Business Unit, as stated in OJK letter No. S-372/NB.223/2016 regarding the Approval and Registration of Sharia Business Unit and Other Business Related to Infrastructure Financing by PT Sarana Multi Infrastruktur (Persero).

b. Penawaran Umum Obligasi dan Sukuk

Mudharabah b. Bonds Public and Sukuk Mudharabah

Offering

Obligasi Bonds Pada tanggal 4 Juni 2014, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No.S-26/D.04/2014 untuk menerbitkan obligasi dengan nama “Obligasi Sarana Multi Infrastruktur I Tahun 2014” kepada masyarakat dengan nilai nominal Rp1.000.000.000.000. Pada tanggal 12 Juni 2014, seluruh obligasi tersebut telah dicatatkan di Bursa Efek Indonesia.

On June 4, 2014, the Company obtained the effective statement from Financial Services Authority in letter No. S-26/D.04/2014 to issued the bonds namely “Obligasi Sarana Multi Infrastruktur I Tahun 2014” to public with a nominal value of Rp1,000,000,000,000. On June 12, 2014, all of the bonds were listed in Indonesia Stock Exchange.

Pada tanggal 9 November 2016, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-654/D.04/2016 untuk menerbitkan obligasi dengan nama “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I tahun 2016” kepada masyarakat dengan nilai nominal Rp5.000.000.000.000. Pada tanggal 21 November 2016, seluruh obligasi tersebut telah dicatatkan di Bursa Efek Indonesia.

On November 9, 2016, the Company obtained the effective statement from Financial Services Authority in letter No. S-654/D.04/2016 to issued the Bonds namely “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016” to public with a nominal value of Rp5,000,000,000,000. On November 21, 2016, all of the bonds were listed in Indonesia Stock Exchange.




Pada tanggal 16 November 2017, Perusahaan menerbitkan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” kepada masyarakat dengan nilai nominal Rp7.000.000.000.000.

On November 16, 2017, the Company issued the bonds namely “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” to public with a nominal value of Rp7,000,000,000,000.

Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 menerbitkan obligasi infrastruktur berwawasan lingkungan dengan nama “Obligasi Infrastruktur Berwawasan Lingkungan Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” dengan nominal Rp500.000.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No. S-9/D.04/2018 to issued the green bonds infrastructure sustainable public “Obligasi Infrastruktur Berwawasan Lingkungan Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018“ with nominal value of Rp500,000,000,000.

Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 untuk melakukan penawaran umum berkelanjutan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” kepada masyarakat dengan nilai nominal Rp1.045.250.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No.S-9/D.04/2018 to conduct a sustainable public offering on “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” to public with a nominal value Rp1,045,250,000,000.

Sukuk Mudharabah Sukuk Mudharabah Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 untuk menerbitkan Sukuk Mudharabah “Sukuk Mudharabah Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” dengan nilai nominal Rp1.000.000.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No. S-9/D.04/2018 to issued Sukuk Mudharabah “Sukuk Mudharabah Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” with nominal value of Rp1,000,000,000,000.

Pada tanggal 31 Desember 2018 seluruh obligasi dan sukuk mudharabah telah dicatatkan di Bursa Efek Indonesia.

As of December 31, 2018 all of the bonds and sukuk mudharabah were listed in Indonesia Stock Indonesia.

c. Susunan Dewan Komisaris, Direksi,

Komite Audit, Komite Pemantau Risiko, Pengawas Syariah, Sekretaris Perusahaan dan Audit Internal

c. Composition of Board of Commissioners, Directors, Audit Committee, Risk Oversight Committee, Sharia Supervisory, Corporate Secretary and Internal Audit

Dewan Komisaris Board of Commissioners Berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 625/KMK.06/2017 tanggal 18 Agustus 2017 dan Surat Penerimaan Pemberitahuan perubahan komposisi Dewan Komisaris dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-AH.01.03-0169793

Based on Decree of the Minister of Finance of the Republic of Indonesia No. 625/KMK.06/2017 dated August 18, 2017 and Notification Letter of the changes in the composition of the Board of Commissioners from Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.03-0169793 dated




Pada tanggal 16 November 2017, Perusahaan menerbitkan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” kepada masyarakat dengan nilai nominal Rp7.000.000.000.000.

On November 16, 2017, the Company issued the bonds namely “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” to public with a nominal value of Rp7,000,000,000,000.

Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 menerbitkan obligasi infrastruktur berwawasan lingkungan dengan nama “Obligasi Infrastruktur Berwawasan Lingkungan Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” dengan nominal Rp500.000.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No. S-9/D.04/2018 to issued the green bonds infrastructure sustainable public “Obligasi Infrastruktur Berwawasan Lingkungan Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018“ with nominal value of Rp500,000,000,000.

Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 untuk melakukan penawaran umum berkelanjutan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” kepada masyarakat dengan nilai nominal Rp1.045.250.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No.S-9/D.04/2018 to conduct a sustainable public offering on “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” to public with a nominal value Rp1,045,250,000,000.

Sukuk Mudharabah Sukuk Mudharabah Pada tanggal 29 Juni 2018, Perusahaan memperoleh pernyataan efektif dari Otoritas Jasa Keuangan dengan surat No. S-9/D.04/2018 untuk menerbitkan Sukuk Mudharabah “Sukuk Mudharabah Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” dengan nilai nominal Rp1.000.000.000.000.

On June 29, 2018, the Company obtained the effective statement from Financial Services Authority in letter No. S-9/D.04/2018 to issued Sukuk Mudharabah “Sukuk Mudharabah Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2018” with nominal value of Rp1,000,000,000,000.

Pada tanggal 31 Desember 2018 seluruh obligasi dan sukuk mudharabah telah dicatatkan di Bursa Efek Indonesia.

As of December 31, 2018 all of the bonds and sukuk mudharabah were listed in Indonesia Stock Indonesia.

c. Susunan Dewan Komisaris, Direksi,

Komite Audit, Komite Pemantau Risiko, Pengawas Syariah, Sekretaris Perusahaan dan Audit Internal

c. Composition of Board of Commissioners, Directors, Audit Committee, Risk Oversight Committee, Sharia Supervisory, Corporate Secretary and Internal Audit

Dewan Komisaris Board of Commissioners Berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 625/KMK.06/2017 tanggal 18 Agustus 2017 dan Surat Penerimaan Pemberitahuan perubahan komposisi Dewan Komisaris dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-AH.01.03-0169793

Based on Decree of the Minister of Finance of the Republic of Indonesia No. 625/KMK.06/2017 dated August 18, 2017 and Notification Letter of the changes in the composition of the Board of Commissioners from Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.03-0169793 dated



tanggal 8 September 2017, dan Akta Nomor 19 Tahun 2017 tanggal 8 September 2017.

September 8, 2017, and Deed Number 19 Year 2017 dated September 8, 2017.

Berdasarkan Keputusan Menteri Keuangan Republik Indonesia No. 436/KMK.06/2018 tanggal 5 Juni 2018 dan Surat Penerimaan Pemberitahuan perubahan komposisi Dewan Komisaris dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-AH.01.03-0215585 tanggal 22 Juni 2018, dan Akta Nomor 21 Tahun 2018 tanggal 22 Juni 2018.

Based on Decree of the Minister of Finance of the Republic of Indonesia No. 436/KMK.06/2018 dated June 5, 2018 and Notification Letter of the changes in the composition of the Board of Commissioners from Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.03-0215585 dated June 22, 2018, and Deed Number 21 Year 2018 dated June 22, 2018.

Susunan Dewan Komisaris Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

The composition of the Company’s Board of Commissioners as of December 31, 2018 and 2017 are as follows:

2018 2017

Komisaris Utama merangkap President Commissioner Independen Mahendra Siregar Mahendra Siregar concurrently Independent

Komisaris Wahyu Utomo Langgeng Subur CommissionerKomisaris Dini Kusumawati Wahyu Utomo CommissionerKomisaris A. Kunta Wibawa Dasa

NugrahaA. Kunta Wibawa Dasa

NugrahaCommissioner

Komisaris Independen Sukatmo Padmosukarso Sukatmo Padmosukarso Independent Commissioner Dewan Direksi Board of Directors Berdasarkan keputusan Menteri Keuangan Republik Indonesia No. 464/KMK.06/2016 tanggal 16 Juni 2016 dan No. 480/KMK.06/2018 tanggal 9 Juli 2018, Surat Penerimaan Pemberitahuan perubahan komposisi Dewan Direksi dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-AH.01.03-0223667 tanggal 19 Juli 2018, dan Akta Nomor 30 Tahun 2018 tanggal 19 Juli 2018, susunan Direksi Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on Decree of the Minister of Finance of the Republic of Indonesia No. 464/KMK.06/2016 dated June 16, 2016 and No. 480/KMK.06/2018 dated July 9, 2018, and Notification Letter of the changes in the composition of the Board of Directors from Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.03-0223667 dated July 19, 2018, and Deed Number 30 Year 2018 dated July 19, 2018, the composition of the Company’s Board of Directors as of December 31, 2018 and 2017 are as follows:

2018 2017

Direktur Utama Emma Sri Martini Emma Sri Martini President DirectorDirektur Pembiayaan Investment and

dan Investasi Edwin Syahruzad Edwin Syahruzad Financing DirectorDirektur Pengembangan Proyek Project Development and

dan Jasa Konsultasi Darwin Trisna Djajawinata Darwin Trisna Djajawinata Advisory DirectorDirektur Operasional Operation and

dan Keuangan M. Ghozie Indra Dalel Agresius R. Kadiaman Finance DirectorDirektur Manajemen Risiko Faaris Pranawa M. Ghozie Indra Dalel Risk Management Director




Komite Audit Audit Committee Berdasarkan Surat Keputusan Dewan Komisaris No. SK-06/SMI/DK/0917 tanggal 14 September 2017, No. SK-08/SMI/DK/1117 tanggal 30 November 2017 dan No. SK-03/SMI/DK/1118 tanggal 21 November 2018, susunan Dewan Komite Audit Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on Commissioner Decrees No. SK-06/SMI/DK/0917 dated September 14, 2017, No. SK-08/SMI/DK/1117 dated November 30, 2017 and No. SK-03/SMI/DK/1118 dated November 21, 2018, the composition of the Company’s Audit Committee as of December 31, 2018 and 2017 are as follows:

2018 2017

Ketua Sukatmo Padmosukarso Sukatmo Padmosukarso ChairmanAnggota Akbar Anwar Langgeng Subur MemberAnggota Agustinus Nicholas L. Tobing Akbar Anwar Member

Komite Pemantau Risiko Risk Oversight Committee Berdasarkan Surat Keputusan Dewan Komisaris No. SK-07/SMI/DK/0917 tanggal 14 September 2017, susunan Komite Pemantau Risiko Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on Commissioner Decree No. SK-07/SMI/DK/0917 dated September 14, 2017, the composition of the Company’s Risk Oversight Committee as of December 31, 2018 and 2017 are as follows:

Ketua ChairmanAnggota MemberAnggota MemberAnggota MemberAnggota Member

A. Kunta Wibawa Dasa NugrahaEdyanto Rachman

Jadi Manurung

Mahendra SiregarWahyu Utomo

Dewan Pengawas Syariah/Staf Ahli Syariah

Sharia Expert/ Supervisory Board

Berdasarkan Surat Keputusan Kementerian Keuangan Republik Indonesia No. S-667/KMK.06/2018 tanggal 5 Oktober 2018 dan Surat Keputusan Menteri Keuangan Republik Indonesia No. S-871/KMK.06/2016 tanggal 30 November 2016 tentang “Pengangkatan Anggota Dewan Pengawas Syariah Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur”, susunan Dewan Pengawas Syariah Perusahaan tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on the Ministry of Finance of the Republic Indonesia Decree No. S-667/KMK.06/2018 dated October 5, 2018, the Minister of Finance of the Republic Indonesia Decree No. S-871/KMK.06/2016 dated November 30, 2016 regarding "Sharia Supervisory Board Member Appointment of State Owned Company (Persero) PT Sarana Multi Infrastruktur”, the composition of the Company’s Sharia Supervisory Board as of December 31, 2018 and 2017 are as follows:

Ketua ChairmanAnggota Member

Adiwarman Azwar KarimMunifah Syanwani

Sekretaris Perusahaan Corporate Secretary Pada tanggal 31 Desember 2018 dan 2017, berdasarkan Surat Keputusan Direksi No. SK-005/SMI/0317 tanggal 31 Maret 2017, Sekretaris Perusahaan adalah Ramona Harimurti.

As of December 31, 2018 and 2017, based on Directors Decree No. SK-005/SMI/0317 dated March 31, 2017, Corporate Secretary is Ramona Harimurti.




Komite Audit Audit Committee Berdasarkan Surat Keputusan Dewan Komisaris No. SK-06/SMI/DK/0917 tanggal 14 September 2017, No. SK-08/SMI/DK/1117 tanggal 30 November 2017 dan No. SK-03/SMI/DK/1118 tanggal 21 November 2018, susunan Dewan Komite Audit Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on Commissioner Decrees No. SK-06/SMI/DK/0917 dated September 14, 2017, No. SK-08/SMI/DK/1117 dated November 30, 2017 and No. SK-03/SMI/DK/1118 dated November 21, 2018, the composition of the Company’s Audit Committee as of December 31, 2018 and 2017 are as follows:

2018 2017

Ketua Sukatmo Padmosukarso Sukatmo Padmosukarso ChairmanAnggota Akbar Anwar Langgeng Subur MemberAnggota Agustinus Nicholas L. Tobing Akbar Anwar Member

Komite Pemantau Risiko Risk Oversight Committee Berdasarkan Surat Keputusan Dewan Komisaris No. SK-07/SMI/DK/0917 tanggal 14 September 2017, susunan Komite Pemantau Risiko Perusahaan per 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on Commissioner Decree No. SK-07/SMI/DK/0917 dated September 14, 2017, the composition of the Company’s Risk Oversight Committee as of December 31, 2018 and 2017 are as follows:

Ketua ChairmanAnggota MemberAnggota MemberAnggota MemberAnggota Member

A. Kunta Wibawa Dasa NugrahaEdyanto Rachman

Jadi Manurung

Mahendra SiregarWahyu Utomo

Dewan Pengawas Syariah/Staf Ahli Syariah

Sharia Expert/ Supervisory Board

Berdasarkan Surat Keputusan Kementerian Keuangan Republik Indonesia No. S-667/KMK.06/2018 tanggal 5 Oktober 2018 dan Surat Keputusan Menteri Keuangan Republik Indonesia No. S-871/KMK.06/2016 tanggal 30 November 2016 tentang “Pengangkatan Anggota Dewan Pengawas Syariah Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur”, susunan Dewan Pengawas Syariah Perusahaan tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

Based on the Ministry of Finance of the Republic Indonesia Decree No. S-667/KMK.06/2018 dated October 5, 2018, the Minister of Finance of the Republic Indonesia Decree No. S-871/KMK.06/2016 dated November 30, 2016 regarding "Sharia Supervisory Board Member Appointment of State Owned Company (Persero) PT Sarana Multi Infrastruktur”, the composition of the Company’s Sharia Supervisory Board as of December 31, 2018 and 2017 are as follows:

Ketua ChairmanAnggota Member

Adiwarman Azwar KarimMunifah Syanwani

Sekretaris Perusahaan Corporate Secretary Pada tanggal 31 Desember 2018 dan 2017, berdasarkan Surat Keputusan Direksi No. SK-005/SMI/0317 tanggal 31 Maret 2017, Sekretaris Perusahaan adalah Ramona Harimurti.

As of December 31, 2018 and 2017, based on Directors Decree No. SK-005/SMI/0317 dated March 31, 2017, Corporate Secretary is Ramona Harimurti.



Audit Internal Internal Audit Pada tanggal 31 Desember 2018 dan 2017, berdasarkan Surat Keputusan Direksi No SK-270/SMI/DKD/DHC/1017 tanggal 19 Oktober 2017, Kepala Audit Internal Perusahaan adalah Setyo Wibowo.

As of December 31, 2018 and 2017, based on Directors Decree No SK-270/SMI/DKD/DHC/1017 dated October 19, 2017, the Company’s Internal Audit Head is Setyo Wibowo.

Pada tanggal 31 Desember 2018 and 2017, Perusahaan memiliki karyawan sebanyak 286 dan 261 orang.

As of December 31, 2018 and 2017, the Company had 286 and 261 employees, respectively.

2. Penerapan Standar Akuntansi Keuangan

Baru dan Revisi (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK)

2. Adoption of New and Revised Statements of Financial Accounting Standards (“PSAK”) and Interpretations of PSAK (“ISAK”)

Dalam tahun berjalan, Perusahaan telah menerapkan standar baru, sejumlah amandemen dan interpretasi PSAK yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan dari Ikatan Akuntan Indonesia yang efektif untuk periode akuntansi yang dimulai pada 1 Januari 2018.

In the current year, the Company has applied new standards, number of amendments, and interpretation to PSAK issued by the Financial Accounting Standard Board of the Indonesian Institute of Accountants that are effective for the accounting period beginning on January 1, 2018.

Berikut adalah revisi, amandemen dan penyesuaian atas standar akuntansi keuangan (SAK) serta interpretasi atas SAK berlaku efektif untuk tahun buku yang dimulai pada atau setelah 1 Januari 2018, yaitu:

The following are revision, amendments and adjustments of standards and interpretation of standard issued by DSAK - IAI and effectively applied for the year starting on or after January 1, 2018, namely:

PSAK 16 (Amandemen 2015): “Aset Tetap tentang Agrikultur: Tanaman Produktif”

PSAK 16 (Amendment 2015): “Property, Plant and Equipment regarding Agriculture: Bearer Plants”

PSAK 69: “ Agrikultur” PSAK 69: “ Agriculture” PSAK 2 (Amandemen 2016): “Laporan

Arus Kas tentang Prakarsa Pengungkapan”

PSAK 2 (Amendment 2016): “Statements of Cash Flows regarding Disclosure Initiative”

PSAK 46 (Amandemen 2016): “Pajak Penghasilan tentang Pengakuan Aset Pajak Pajak Tangguhan untuk Rugi yang Belum Direalisasi”

PSAK 46 (Amendment 2016): “Income Tax regarding Deferred Tax Assets Recognition for Unrealised Loss”.

PSAK 13 (Amandemen 2017): “Properti

Investasi tentang Pengalihan Properti Investasi”

PSAK 13 (Amendment 2017): “Investment Property regarding Transfer of Investment Property”

PSAK 53 (Amandemen 2017): “Pembayaran Berbasis Saham tentang Klasifikasi dan Pengukuran Transaksi Pembayaran Berbasis Saham”

PSAK 53 (Amendment 2017): “Share-based Payment regarding Classification and Measurement of Share-based Payment Transaction”

PSAK 15 (Penyesuaian 2017): “Investasi

pada Entitas Asosiasi dan Ventura Bersama”

PSAK 15 (Improvement 2017): “Investment in Associates and Joint Ventures”

PSAK 67 (Penyesuaian 2017): “Pengungkapan Kepentingan dalam Entitas Lain”

PSAK 67 (Improvement 2017): “Disclosure of Interests in Other Entities”




Implementasi dari standar-standar tersebut tidak memiliki dampak yang signifikan terhadap jumlah yang dilaporkan di periode berjalan atau tahun sebelumnya.

The implementation of the above standards had no significant effect on the amounts reported for the current period or prior financial year.

Namun, penerapan PSAK 2 (Amandemen 2016) mensyaratkan Perusahaan menyediakan pengungkapan bagi pengguna laporan keuangan untuk mengevaluasi perubahan pada liabilitas yang timbul dari aktivitas pendanaan. Persyaratan tersebut telah diungkapkan di Catatan 40b.

However, the implementation of PSAK 2 (Amendment 2016) requires the Company to provide disclosures to users of financial statements to evaluate changes in liabilities arising from financing activities. These requirements have been disclosed in Note 40b.

3. Kebijakan Akuntansi yang Signifikan 3. Summary of Significant Accounting

Policies

a. Kepatuhan kepada Standar Akuntansi Keuangan (SAK)

a. Statements of Compliance with Financial Accounting Standards (SAK)

Laporan keuangan Perusahaan telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia yang meliputi Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Akuntansi Keuangan – Ikatan Akuntan Indonesia (DSAK – IAI), serta peraturan Pasar Modal yang berlaku antara lain Peraturan Otoritas Jasa Keuangan/Badan Pengawas Pasar Modal dan Lembaga Keuangan (OJK/Bapepam-LK) No. VIII.G.7 tentang pedoman penyajian laporan keuangan, keputusan Ketua Bapepam-LK No. KEP-347/BL/2012 tentang penyajian dan pengungkapan laporan keuangan emiten atau perusahaan publik.

The Company financial statements were prepared and presented in accordance with Indonesian Financial Accounting Standards which include the Statement of Financial Accounting Standards (PSAK) and Interpretation of Financial Accounting Standards (ISAK) issued by the Financial Accounting Standard Board – Indonesian Institute of Accountant (DSAK – IAI), and regulations in the Capital Market include Regulations of Financial Sevices Authority/Capital Market and Supervisory Board and Financial Institution (OJK/Bapepam-LK) No. VIII.G.7 regarding guidelines for the presentation of financial statements, decree of Chairman of Bapepam-LK No. KEP-347/BL/2012 regarding presentation and disclosure of financial statements of the issuer or public company.

b. Dasar Pengukuran dan Penyusunan

Laporan Keuangan

b. Basis of Measurement and Preparation of the Financial Statements

Laporan keuangan Perusahaan disusun dan disajikan berdasarkan asumsi kelangsungan usaha serta atas dasar akrual, kecuali pendapatan dari istishna dan bagi hasil dari pembiayaan mudharabah dan musyarakah serta laporan arus kas Perusahaan. Dasar pengukuran dalam penyusunan laporan keuangan ini adalah konsep biaya perolehan, kecuali beberapa akun tertentu yang didasarkan pengukuran lain sebagaimana dijelaskan dalam kebijakan akuntansi masing-masing akun tersebut. Biaya perolehan umumnya didasarkan

The Company’s financial statements have been prepared and presented based on going concern assumption and accrual basic of accounting, except for istishna revenues and profit sharing from mudharabah and musyarakah financing and the Company’s statement of cash flows. The Basis of measurement in preparation of these financial statements is the historical costs concept, except for certain accounts which have been prepared on the basis of other measurements as described in their respective policies. Historical cost in




Implementasi dari standar-standar tersebut tidak memiliki dampak yang signifikan terhadap jumlah yang dilaporkan di periode berjalan atau tahun sebelumnya.

The implementation of the above standards had no significant effect on the amounts reported for the current period or prior financial year.

Namun, penerapan PSAK 2 (Amandemen 2016) mensyaratkan Perusahaan menyediakan pengungkapan bagi pengguna laporan keuangan untuk mengevaluasi perubahan pada liabilitas yang timbul dari aktivitas pendanaan. Persyaratan tersebut telah diungkapkan di Catatan 40b.

However, the implementation of PSAK 2 (Amendment 2016) requires the Company to provide disclosures to users of financial statements to evaluate changes in liabilities arising from financing activities. These requirements have been disclosed in Note 40b.

3. Kebijakan Akuntansi yang Signifikan 3. Summary of Significant Accounting

Policies

a. Kepatuhan kepada Standar Akuntansi Keuangan (SAK)

a. Statements of Compliance with Financial Accounting Standards (SAK)

Laporan keuangan Perusahaan telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia yang meliputi Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Akuntansi Keuangan – Ikatan Akuntan Indonesia (DSAK – IAI), serta peraturan Pasar Modal yang berlaku antara lain Peraturan Otoritas Jasa Keuangan/Badan Pengawas Pasar Modal dan Lembaga Keuangan (OJK/Bapepam-LK) No. VIII.G.7 tentang pedoman penyajian laporan keuangan, keputusan Ketua Bapepam-LK No. KEP-347/BL/2012 tentang penyajian dan pengungkapan laporan keuangan emiten atau perusahaan publik.

The Company financial statements were prepared and presented in accordance with Indonesian Financial Accounting Standards which include the Statement of Financial Accounting Standards (PSAK) and Interpretation of Financial Accounting Standards (ISAK) issued by the Financial Accounting Standard Board – Indonesian Institute of Accountant (DSAK – IAI), and regulations in the Capital Market include Regulations of Financial Sevices Authority/Capital Market and Supervisory Board and Financial Institution (OJK/Bapepam-LK) No. VIII.G.7 regarding guidelines for the presentation of financial statements, decree of Chairman of Bapepam-LK No. KEP-347/BL/2012 regarding presentation and disclosure of financial statements of the issuer or public company.

b. Dasar Pengukuran dan Penyusunan

Laporan Keuangan

b. Basis of Measurement and Preparation of the Financial Statements

Laporan keuangan Perusahaan disusun dan disajikan berdasarkan asumsi kelangsungan usaha serta atas dasar akrual, kecuali pendapatan dari istishna dan bagi hasil dari pembiayaan mudharabah dan musyarakah serta laporan arus kas Perusahaan. Dasar pengukuran dalam penyusunan laporan keuangan ini adalah konsep biaya perolehan, kecuali beberapa akun tertentu yang didasarkan pengukuran lain sebagaimana dijelaskan dalam kebijakan akuntansi masing-masing akun tersebut. Biaya perolehan umumnya didasarkan

The Company’s financial statements have been prepared and presented based on going concern assumption and accrual basic of accounting, except for istishna revenues and profit sharing from mudharabah and musyarakah financing and the Company’s statement of cash flows. The Basis of measurement in preparation of these financial statements is the historical costs concept, except for certain accounts which have been prepared on the basis of other measurements as described in their respective policies. Historical cost in



pada nilai wajar imbalan yang diserahkan dalam perolehan aset.

generally based on the fair value of the consideration given in exchange for assets.

Laporan keuangan unit syariah Perusahaan yang didasarkan pada prinsip syariah disajikan sesuai dengan PSAK No. 101 tentang “Penyajian Laporan Keuangan Syariah”, PSAK No. 102 (Revisi 2013) tentang “Akuntansi Murabahah”, PSAK No. 104 tentang “Akuntansi Istishna”, PSAK No. 105 tentang “Akuntansi Mudharabah”, PSAK No. 106 tentang “Akuntansi Musyarakah”, PSAK No. 107 tentang “Akuntansi Ijarah” dan PSAK No. 110 tentang “Akuntansi Sukuk”.

The financial statements of the Company’s sharia unit have been presented in accordance with the PSAK No. 101 regarding "Presentation of Sharia Financial Statements", PSAK No. 102 (Revised 2013) regarding, "Accounting for Murabahah", PSAK No. 104 regarding "Accounting for Istishna", PSAK No. 105 regarding "Accounting for Mudharabah", PSAK No. 106 regarding, "Accounting for Musyarakah", PSAK No. 107 regarding,"Accounting for Ijarah" and PSAK No.110 regarding "Accounting for Sukuk".

Laporan keuangan telah disajikan berdasarkan nilai historis, kecuali untuk beberapa akun yang dinilai menggunakan dasar pengukuran lain sebagaimana dijelaskan pada kebijakan akuntansi dari akun tersebut.

The financial statements have been prepared on a historical cost basis, except for some accounts that were assessed using another measurement basis as explained in the accounting policies of the account.

Biaya historis umumnya didasarkan pada nilai wajar dari imbalan yang diberikan dalam pertukaran barang dan jasa.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Nilai wajar adalah harga yang akan diterima untuk menjual suatu aset atau harga yang akan dibayar untuk mengalihkan suatu liabilitas dalam suatu transaksi teratur antara pelaku pasar pada tanggal pengukuran.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Laporan arus kas disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

c. Transaksi dan Saldo dalam Mata Uang

Asing c. Foreign Currency Transactions and

Balance

Laporan keuangan Perusahaan diukur dan disajikan dalam mata uang dari lingkungan ekonomi utama dimana entitas beroperasi (mata uang fungsional). Laporan keuangan Perusahaan disajikan dalam mata uang Rupiah yang merupakan mata uang fungsional dan mata uang penyajian untuk laporan keuangan.

The financial statements of the Company are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The financial statements of the Company are presented in Indonesian Rupiah, which is the functional currency and the presentation currency for the financial statements.




Dalam penyusunan laporan keuangan Perusahaan, transaksi dalam mata uang asing selain mata uang fungsional entitas (mata uang asing) diakui pada kurs yang berlaku pada tanggal transaksi. Pada setiap akhir periode pelaporan, pos moneter dalam valuta asing dijabarkan kembali pada kurs yang berlaku pada tanggal tersebut. Pos-pos non moneter yang diukur pada nilai wajar dalam valuta asing dijabarkan kembali pada kurs yang berlaku pada tanggal ketika nilai wajar ditentukan. Pos non moneter diukur dalam biaya historis dalam valuta asing yang tidak dijabarkan kembali.

In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Aset dan liabilitas moneter dalam mata uang asing dalam Dolar Amerika Serikat dan Yen Jepang disesuaikan dengan menggunakan kurs tengah yang diterbitkan Bank Indonesia untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan dalam laba rugi tahun yang bersangkutan.

Monetary assets and liabilities denominated in foreign currency in United States Dollar and Japanese Yen are adjusted using middle rate published by Bank Indonesia to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.

Pada tanggal 31 Desember 2018 dan 2017, kurs yang digunakan adalah sebagai berikut:

As of December 31, 2018 and 2017, the exchange rate used are as follows:

2018 2017

Dolar Amerika Serikat 14,481 13,548 United States Dollars100 Yen Jepang 13,111 12,022 100 Japanese Yen

d. Transaksi Pihak-pihak Berelasi d. Transactions with Related Parties

Pihak-pihak Berelasi, adalah orang atau entitas yang terkait dengan entitas pelapor:

A Related Party, is a person or entity that is related to the reporting entity:

a. Orang atau anggota keluarga dekatnya mempunyai relasi dengan entitas pelapor jika orang tersebut:

a. A person or a close member of that person's family is related to the reporting entity if that person:

i. memiliki pengendalian atau pengendalian bersama entitas pelapor;

i. has control or joint control over the reporting entity;

ii. memiliki pengaruh signifikan entitas pelapor; atau

ii. has significant influence over the reporting entity; or

iii. merupakan personil manajemen kunci entitas pelapor atau entitas induk dari entitas pelapor.

iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.




Dalam penyusunan laporan keuangan Perusahaan, transaksi dalam mata uang asing selain mata uang fungsional entitas (mata uang asing) diakui pada kurs yang berlaku pada tanggal transaksi. Pada setiap akhir periode pelaporan, pos moneter dalam valuta asing dijabarkan kembali pada kurs yang berlaku pada tanggal tersebut. Pos-pos non moneter yang diukur pada nilai wajar dalam valuta asing dijabarkan kembali pada kurs yang berlaku pada tanggal ketika nilai wajar ditentukan. Pos non moneter diukur dalam biaya historis dalam valuta asing yang tidak dijabarkan kembali.

In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Aset dan liabilitas moneter dalam mata uang asing dalam Dolar Amerika Serikat dan Yen Jepang disesuaikan dengan menggunakan kurs tengah yang diterbitkan Bank Indonesia untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan dalam laba rugi tahun yang bersangkutan.

Monetary assets and liabilities denominated in foreign currency in United States Dollar and Japanese Yen are adjusted using middle rate published by Bank Indonesia to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.

Pada tanggal 31 Desember 2018 dan 2017, kurs yang digunakan adalah sebagai berikut:

As of December 31, 2018 and 2017, the exchange rate used are as follows:

2018 2017

Dolar Amerika Serikat 14,481 13,548 United States Dollars100 Yen Jepang 13,111 12,022 100 Japanese Yen

d. Transaksi Pihak-pihak Berelasi d. Transactions with Related Parties

Pihak-pihak Berelasi, adalah orang atau entitas yang terkait dengan entitas pelapor:

A Related Party, is a person or entity that is related to the reporting entity:

a. Orang atau anggota keluarga dekatnya mempunyai relasi dengan entitas pelapor jika orang tersebut:

a. A person or a close member of that person's family is related to the reporting entity if that person:

i. memiliki pengendalian atau pengendalian bersama entitas pelapor;

i. has control or joint control over the reporting entity;

ii. memiliki pengaruh signifikan entitas pelapor; atau

ii. has significant influence over the reporting entity; or

iii. merupakan personil manajemen kunci entitas pelapor atau entitas induk dari entitas pelapor.

iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.



b. Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut:

b. An entity’s is related to the reporting entity if any of the following conditions applies:

i. Entitas dan entitas pelapor adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya saling berelasi dengan entitas lain);

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);

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. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama;

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;

iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

v. Entitas tersebut adalah suatu program imbalan pascakerja 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;

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 in itself such a plan, the sponsoring entity are also related to the reporting entity;

vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a);

vi. The entity is controlled or jointly controlled by a person identified in (a);

vii. Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas);

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 a parent of the entity);

viii. Entitas, atau anggota dari kelompok yang mana entitas merupakan bagian dari kelompok tersebut, menyediakan jasa personil manajemen kunci kepada entitas pelapor atau kepada entitas induk dari entitas pelapor.

viii. The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.

Entitas yang berelasi dengan pemerintah adalah entitas yang dikendalikan, dikendalikan bersama atau dipengaruhi oleh pemerintah. Pemerintah mengacu kepada pemerintah, instansi pemerintah dan badan yang serupa baik lokal, nasional maupun Internasional.

A government-related entity is an entity that is controlled, jointly controlled or siqnificant influence by a government. Government refers to government, government agencies and similiar agency whether local, national or Internasional.




Entitas yang berelasi dengan Pemerintah dapat berupa entitas yang dikendalikan atau dipengaruhi secara signifikan oleh Kementerian Keuangan atau Pemerintah Daerah yang merupakan pemegang saham entitas, atau entitas yang dikendalikan oleh Pemerintah Republik Indonesia melalui Kementerian BUMN selaku pemegang saham.

A Government related entity can be an entity which controlled or significantly influenced by the Ministry of Finance or Local Government that representing as the shareholders of the entity or entity controlled by the Government of Republik of Indonesia refresented by the SOE’e Ministry as shareholder’s representative.

Seluruh transaksi dan saldo yang signifikan dengan pihak berelasi diungkapkan dalam Catatan yang relevan.

All significant transactions and balances with related parties are disclosed in the relevant Notes.

e. Aset Keuangan e. Financial Assets

Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan dimana pembelian dan penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi, kecuali untuk aset keuangan yang diukur pada nilai wajar melalui laba rugi, yang awalnya diukur sebesar nilai wajar. Biaya transaksi yang dikeluarakan sehubungan dengan perolehan aset keuangan yang diklasifikasikan pada nilai wajar melalui laba rugi dibebankan segera.

All financial assets are recognized and derecognized on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Transaction costs incurred on acquisition of a financial asset classified at Fair Value through profit or loss are expensed immediately.

Aset keuangan Perusahaan diklasifikasikan sebagai berikut:

The Company’s financial assets are classified as follows:

Dimiliki hingga jatuh tempo Nilai wajar melalui laba rugi (FVTPL)

Held to maturity Fair Value Through Profit or Loss

(FVTPL) Tersedia untuk dijual (AFS) Available-for-Sale (AFS) Pinjaman diberikan dan piutang Loan receivables and receivables Dimiliki Hingga Jatuh Tempo Held to Maturity Perusahaan mempunyai Surat Perbendaharaan Negara yang dikeluarkan oleh Pemerintah Republik Indonesia yang diklasifikasikan sebagai dimiliki hingga jatuh tempo karena Perusahaan memiliki intensi positif dan kemampuan untuk memiliki obligasi tersebut hingga jatuh tempo. Surat Perbendaharaan Negara diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai, dengan pendapatan diakui berdasarkan metode hasil efektif.

The Company has a Government Treasury Bills issued by the Government of Republic of Indonesia which is classified as held to maturity as the Company has a positive intent and ability to hold the bonds to maturity. The Government Treasury Bills are measured at amortized cost using the effective interest method less impairment, with revenue recognized on an effective yield basis.




Entitas yang berelasi dengan Pemerintah dapat berupa entitas yang dikendalikan atau dipengaruhi secara signifikan oleh Kementerian Keuangan atau Pemerintah Daerah yang merupakan pemegang saham entitas, atau entitas yang dikendalikan oleh Pemerintah Republik Indonesia melalui Kementerian BUMN selaku pemegang saham.

A Government related entity can be an entity which controlled or significantly influenced by the Ministry of Finance or Local Government that representing as the shareholders of the entity or entity controlled by the Government of Republik of Indonesia refresented by the SOE’e Ministry as shareholder’s representative.

Seluruh transaksi dan saldo yang signifikan dengan pihak berelasi diungkapkan dalam Catatan yang relevan.

All significant transactions and balances with related parties are disclosed in the relevant Notes.

e. Aset Keuangan e. Financial Assets

Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan dimana pembelian dan penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi, kecuali untuk aset keuangan yang diukur pada nilai wajar melalui laba rugi, yang awalnya diukur sebesar nilai wajar. Biaya transaksi yang dikeluarakan sehubungan dengan perolehan aset keuangan yang diklasifikasikan pada nilai wajar melalui laba rugi dibebankan segera.

All financial assets are recognized and derecognized on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Transaction costs incurred on acquisition of a financial asset classified at Fair Value through profit or loss are expensed immediately.

Aset keuangan Perusahaan diklasifikasikan sebagai berikut:

The Company’s financial assets are classified as follows:

Dimiliki hingga jatuh tempo Nilai wajar melalui laba rugi (FVTPL)

Held to maturity Fair Value Through Profit or Loss

(FVTPL) Tersedia untuk dijual (AFS) Available-for-Sale (AFS) Pinjaman diberikan dan piutang Loan receivables and receivables Dimiliki Hingga Jatuh Tempo Held to Maturity Perusahaan mempunyai Surat Perbendaharaan Negara yang dikeluarkan oleh Pemerintah Republik Indonesia yang diklasifikasikan sebagai dimiliki hingga jatuh tempo karena Perusahaan memiliki intensi positif dan kemampuan untuk memiliki obligasi tersebut hingga jatuh tempo. Surat Perbendaharaan Negara diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai, dengan pendapatan diakui berdasarkan metode hasil efektif.

The Company has a Government Treasury Bills issued by the Government of Republic of Indonesia which is classified as held to maturity as the Company has a positive intent and ability to hold the bonds to maturity. The Government Treasury Bills are measured at amortized cost using the effective interest method less impairment, with revenue recognized on an effective yield basis.



Nilai Wajar Melalui Laba Rugi (FVTPL) Fair Value Through Profit or Loss (FVTPL) Aset keuangan diklasifikasi dalam FVTPL, jika aset keuangan dimiliki untuk diperdagangkan atau pada saat pengakuan awal ditetapkan untuk diukur pada FVTPL.

Financial assets are classified as at FVTPL where the financial asset is either held for trading or is designated as at FVTPL at the initial recognition.

Aset keuangan diklasifikasi sebagai kelompok diperdagangkan, jika:

A financial asset is classified as held for trading if:

diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau

it has been acquired principally for the purpose of selling in the near term; or

pada pengakuan awal merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek aktual terkini; atau

merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai.

on initial recognition it is a part of identified portfolio of financial instruments that the entity manages together and has proof of a recent actual pattern of short-term profit taking; or

it is a derivative that is not designated and effective as a hedging instrument.

Aset keuangan selain aset keuangan yang diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal, jika:

A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if:

penetapan tersebut mengeliminasi atau mengurangi secara signifikan inkonsistensi pengukuran dan pengakuan yang dapat timbul; atau

such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

kelompok aset keuangan, liabilitas keuangan atau keduanya, dikelola dan kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan manajemen risiko atau strategi investasi yang didokumentasikan, dan informasi tentang disediakan secara internal kepada manajemen kunci entitas, misalnya Direksi Operasional dan Keuangan.

a group of financial assets, financial liabilities or both, is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about it is provided internally on that basis to the entity’s key management personnel, for example Chief Operation and Finance Officer.

- Aset keuangan FVTPL disajikan sebesar nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laba rugi. Keuntungan atau kerugian bersih yang diakui dalam laba rugi mencakup dividen atau bunga yang diperoleh dari aset keuangan.

- Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset.

Tersedia untuk Dijual (AFS) Available-for-Sale (AFS) AFS aset keuangan adalah aset keuangan non-derivatif yang ditetapkan baik sebagai AFS atau yang tidak diklasifikasikan sebagai (a) pinjaman yang diberikan dan piutang, (b) dimiliki hingga jatuh tempo atau (c) aset keuangan pada nilai wajar melalui laba rugi (FVTPL).

AFS financial assets are non-derivative financial assets that are either designated as AFS or are not classified as (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at fair value through profit or loss (FVTPL).




Reksadana, Medium Term Notes dan obligasi milik Perusahaan yang tercatat di bursa dan diperdagangkan pada pasar aktif diklasifikasikan sebagai AFS dan dinyatakan pada nilai wajar.

Mutual Funds, Medium Term Notes and bonds held by the Company that are traded in an active market are classified as AFS and are stated at fair value.

Keuntungan atau kerugian yang timbul dari perubahan nilai wajar diakui dalam pendapatan komprehensif lain dan di ekuitas, kecuali untuk kerugian penurunan nilai, bunga yang dihitung dengan metode suku bunga efektif dan laba rugi selisih kurs atas aset moneter yang diakui pada laba rugi. Jika investasi dilepas atau mengalami penurunan nilai, akumulasi laba atau rugi yang sebelumnya diakumulasi pada ekuitas, direklasifikasi ke laba rugi.

Gains and losses arising from changes in fair value are recognized in other comprehensive income and in equity, with the exception of impairment losses, interest calculated using the effective interest method, and foreign exchange gains and losses on monetary assets, which are recognized in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in equity is reclassified to profit or loss.

Investasi dalam instrumen ekuitas yang tidak tercatat di bursa yang tidak mempunyai kuotasi di pasar aktif dan nilai wajarnya tidak dapat diukur secara andal diklasifikasikan sebagai AFS, diukur pada biaya perolehan dikurangi penurunan nilai.

Investments in unlisted equity instruments that are not quoted in an active market and whose fair value cannot be reliably measured are also classified as AFS, measured at cost less impairment.

Pinjaman Diberikan dan Piutang Loan Receivables and Receivables Pinjaman diberikan dan piutang dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif diklasifikasikan sebagai “pinjaman diberikan dan piutang”, yang diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai.

Loan receivables and receivables that have fixed or determinable payments that are not quoted in an active market are classified as “loan receivables and receivables”, which are measured at amortized cost using the effective interest rate method less impairment.

Pada saat pengakuan awal, pinjaman diberikan dan piutang diakui pada nilai wajarnya ditambah biaya transaksi (jika ada) dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

Loan receivables and receivables are initially recognized at fair value plus transaction costs (if any) and subsequently measured at amortized cost using the effective interest rate method.

Bunga diakui pada laba rugi dengan menggunakan metode suku bunga efektif, kecuali piutang jangka pendek dimana pengakuan bunga tidak material.

Interest is recognized in profit or loss by applying the effective interest rate method, except for short-term receivables whereby the recognition of interest would be immaterial.

Pembiayaan/ Piutang Syariah Sharia Financing/ Receivables Pembiayaan/ piutang syariah adalah penyediaan uang atau tagihan yang dapat disamakan dengan itu, yang timbul dari transaksi berdasarkan prinsip jual beli dan bagi hasil antara Perusahaan dengan pihak lain selama jangka waktu tertentu.

Sharia Financing/ receivables are funds provision or other similar form of receivables arising from transactions based on sale or purchase arrangements and profit sharing between the Company and other parties for a certain period of time.




Reksadana, Medium Term Notes dan obligasi milik Perusahaan yang tercatat di bursa dan diperdagangkan pada pasar aktif diklasifikasikan sebagai AFS dan dinyatakan pada nilai wajar.

Mutual Funds, Medium Term Notes and bonds held by the Company that are traded in an active market are classified as AFS and are stated at fair value.

Keuntungan atau kerugian yang timbul dari perubahan nilai wajar diakui dalam pendapatan komprehensif lain dan di ekuitas, kecuali untuk kerugian penurunan nilai, bunga yang dihitung dengan metode suku bunga efektif dan laba rugi selisih kurs atas aset moneter yang diakui pada laba rugi. Jika investasi dilepas atau mengalami penurunan nilai, akumulasi laba atau rugi yang sebelumnya diakumulasi pada ekuitas, direklasifikasi ke laba rugi.

Gains and losses arising from changes in fair value are recognized in other comprehensive income and in equity, with the exception of impairment losses, interest calculated using the effective interest method, and foreign exchange gains and losses on monetary assets, which are recognized in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in equity is reclassified to profit or loss.

Investasi dalam instrumen ekuitas yang tidak tercatat di bursa yang tidak mempunyai kuotasi di pasar aktif dan nilai wajarnya tidak dapat diukur secara andal diklasifikasikan sebagai AFS, diukur pada biaya perolehan dikurangi penurunan nilai.

Investments in unlisted equity instruments that are not quoted in an active market and whose fair value cannot be reliably measured are also classified as AFS, measured at cost less impairment.

Pinjaman Diberikan dan Piutang Loan Receivables and Receivables Pinjaman diberikan dan piutang dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif diklasifikasikan sebagai “pinjaman diberikan dan piutang”, yang diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai.

Loan receivables and receivables that have fixed or determinable payments that are not quoted in an active market are classified as “loan receivables and receivables”, which are measured at amortized cost using the effective interest rate method less impairment.

Pada saat pengakuan awal, pinjaman diberikan dan piutang diakui pada nilai wajarnya ditambah biaya transaksi (jika ada) dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

Loan receivables and receivables are initially recognized at fair value plus transaction costs (if any) and subsequently measured at amortized cost using the effective interest rate method.

Bunga diakui pada laba rugi dengan menggunakan metode suku bunga efektif, kecuali piutang jangka pendek dimana pengakuan bunga tidak material.

Interest is recognized in profit or loss by applying the effective interest rate method, except for short-term receivables whereby the recognition of interest would be immaterial.

Pembiayaan/ Piutang Syariah Sharia Financing/ Receivables Pembiayaan/ piutang syariah adalah penyediaan uang atau tagihan yang dapat disamakan dengan itu, yang timbul dari transaksi berdasarkan prinsip jual beli dan bagi hasil antara Perusahaan dengan pihak lain selama jangka waktu tertentu.

Sharia Financing/ receivables are funds provision or other similar form of receivables arising from transactions based on sale or purchase arrangements and profit sharing between the Company and other parties for a certain period of time.



Piutang tersebut meliputi piutang murabahah, untuk pembiayaan meliputi pembiayaan mudharabah dan pembiayaan musyarakah.

Such receivables consist of receivables arising from murabahah transactions for financing consist of mudharabah and musyarakah financing.

Murabahah adalah akad jual beli antara nasabah dengan Perusahaan, dimana Perusahaan membiayai kebutuhan konsumsi, investasi dan modal kerja nasabah yang dijual dengan harga pokok ditambah dengan keuntungan yang diketahui dan disepakati bersama. Pembayaran atas pembiayaan ini dilakukan dengan cara mengangsur dalam jangka waktu yang ditentukan.

Murabahah is a sale and purchase contract between the customer and the Company, whereby Company finances the consumption, investment and working capital needs of the customer that is sold at a principal price plus a certain margin tha is mutually informed and agreed. Repayment on this financing is made in installments within a specified period.

Piutang murabahah pada awalnya diukur pada nilai wajar ditambah dengan biaya transaksi yang dapat diatribusikan secara langsung dan merupakan biaya tambahan untuk memperoleh aset keuangan tersebut dan setelah pengakuan awal diukur pada biaya perolehan diamortisasi menggunakan metode margin efektif dikurangi dengan cadangan kerugian penurunan nilai.

Murabahah receivables are initially measured at fair value plus direct attributable transaction costs and is an additional cost to obtain the respected financial assets and after the initial recognition are measured at amortized cost using the effective margin method less any allowance for impairment losses value.

Mudharabah merupakan pembiayaan kerjasama antara Perusahaan sebagai pemilik dana (shahibul maal) dengan nasabah sebagai pelaksana usaha (mudharib) selama jangka waktu tertentu. Pembagian hasil keuntungan dari proyek atau usaha tersebut ditentukan sesuai dengan nisbah (pre-determined ratio) yang telah disepakati bersama. Pada tanggal laporan posisi keuangan, pembiayaan mudharabah dinyatakan sebesar kontribusi modal yang dikeluarkan Perusahaan.

Mudharabah financing is a joint financing made between Company as the owner of the funds (shahibul maal) and the customer as a business executor (mudharib) during a certain period. The profit sharing from the project or the business is determined in accordance with the mutually agreed nisbah (pre-determined ratio). On the statement of financial position date, mudharabah financing is stated at the Company’s contribution funds.

Musyarakah adalah akad kerjasama yang terjadi diantara para pemilik modal (mitra musyarakah) untuk menggabungkan modal dan melakukan usaha secara bersama dalam suatu kemitraan dengan nisbah pembagian hasil sesuai dengan kesepakatan, sedangkan kerugian ditanggung secara proporsional sesuai dengan kontribusi modal. Pada tanggal laporan posisi keuangan, pembiayaan musyarakah dinyatakan sebesar kontribusi modal yang dikeluarkan Perusahaan.

Musyarakah is a partnership contract among fund’s owners (musyarakah partners) to contribute funds and conduct a business on a joint basis through partnership with the profit sharing based on a predetermined ratio, while the losses are borne proportionally based on the capital contribution. On the statement of financial position date, Musyarakah financing is stated at the Company’s contribution funds.

Akad ijarah adalah akad penyediaan dana dalam rangka memindahkan hak guna atau manfaat dari suatu barang atau jasa berdasarkan transaksi sewa, tanpa diikuti dengan pemindahan kepemilikan barang tersebut kepada penyewa.

Akad Ijarah is a funding contract in the context of transferring the use rights or benefits of a good or service based on a lease transaction, without being followed by the transfer of ownership of the goods to the lessee.




Piutang pendapatan ijarah diakui pada saat jatuh tempo sebesar sewa yang belum diterima dan disajikan sebesar nilai bersih yang dapat direalisasikan, yaitu sebesar saldo piutang.

Ijarah revenue receivable is recognized on the maturity date of rental that has not been received and is presented at net realizable value, which is the amount of the outstanding balance of receivables.

Restrukturisasi Pinjaman Loan Restructuring Kerugian yang timbul dari restrukturisasi pinjaman diberikan yang berkaitan dengan modifikasi persyaratan kredit diakui bila nilai sekarang dari jumlah penerimaan kas yang akan datang yang telah ditentukan dalam persyaratan pinjaman diberikan yang baru, termasuk penerimaan yang diperuntukkan sebagai bunga maupun pokok, adalah lebih kecil dari nilai pinjaman diberikan yang diberikan yang tercatat sebelum restrukturisasi.

Losses resulting from loan restructuring related to modification of loan receivable terms are recognized if the present value of future cash proceeds which have been determined in new loan receivable terms, including proceeds designated as interest or principal, is less than the amount of outstanding loan receivable before the restructuring.

Investasi pada Sukuk Investments in Sukuk Sukuk dapat diklasifikasikan berdasarkan model usaha pada saat perolehan sebagai berikut:

Sukuk can be classified based on business model at acquisition as follow:

(i) Diukur pada biaya perolehan jika investasi tersebut dimiliki dalam suatu model usaha yang bertujuan utama untuk memperoleh arus kas kontraktual; dan persyaratan kontraktual menentukan tanggal tertentu pembayaran pokok dan/atau hasilnya.

(i) Measured at cost if the investments are held within a business model whose primary purpose is to obtain contractual cash flows; and contractual requirements specify a specific date of payment of principals and/or the revenue.

Pada saat pengakuan awal, investasi pada sukuk diukur pada biaya perolehan termasuk biaya transaksi dan selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk dan diakui dalam laba rugi.

At the initial recognition, investments in sukuk are measured at cost, including the transaction costs and the difference between the acquisition cost and the nominal value is amortized using straight-line method during sukuk period and recognized in profit or loss.

(ii) Diukur pada nilai wajar melalui

penghasilan komprehensif lain jika investasi tersebut dimiliki dalam suatu model usaha yang bertujuan utama untuk memperoleh arus kas kontraktual dan melakukan penjualan sukuk; dan persyaratan kontraktual menentukan tanggal tertentu pembayaran pokok dan/atau hasilnya.

(ii) Measured at fair value through other comprehensive income if the investments are held within a business model whose primary purpose is to obtain contractual cash flows and selling the sukuk; and contractual requirements specify a specific date of payment of principals and/or the revenue.

Pada saat pengakuan awal, investasi pada sukuk diukur pada nilai wajar melalui penghasilan komprehensif lain termasuk biaya transaksi dan selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk dan diakui

At the initial recognition, investments in sukuk are measured at fair value through other comprehensive income, including transaction costs and the difference between the acquisition cost and the nominal value is amortized using straight-line method




Piutang pendapatan ijarah diakui pada saat jatuh tempo sebesar sewa yang belum diterima dan disajikan sebesar nilai bersih yang dapat direalisasikan, yaitu sebesar saldo piutang.

Ijarah revenue receivable is recognized on the maturity date of rental that has not been received and is presented at net realizable value, which is the amount of the outstanding balance of receivables.

Restrukturisasi Pinjaman Loan Restructuring Kerugian yang timbul dari restrukturisasi pinjaman diberikan yang berkaitan dengan modifikasi persyaratan kredit diakui bila nilai sekarang dari jumlah penerimaan kas yang akan datang yang telah ditentukan dalam persyaratan pinjaman diberikan yang baru, termasuk penerimaan yang diperuntukkan sebagai bunga maupun pokok, adalah lebih kecil dari nilai pinjaman diberikan yang diberikan yang tercatat sebelum restrukturisasi.

Losses resulting from loan restructuring related to modification of loan receivable terms are recognized if the present value of future cash proceeds which have been determined in new loan receivable terms, including proceeds designated as interest or principal, is less than the amount of outstanding loan receivable before the restructuring.

Investasi pada Sukuk Investments in Sukuk Sukuk dapat diklasifikasikan berdasarkan model usaha pada saat perolehan sebagai berikut:

Sukuk can be classified based on business model at acquisition as follow:

(i) Diukur pada biaya perolehan jika investasi tersebut dimiliki dalam suatu model usaha yang bertujuan utama untuk memperoleh arus kas kontraktual; dan persyaratan kontraktual menentukan tanggal tertentu pembayaran pokok dan/atau hasilnya.

(i) Measured at cost if the investments are held within a business model whose primary purpose is to obtain contractual cash flows; and contractual requirements specify a specific date of payment of principals and/or the revenue.

Pada saat pengakuan awal, investasi pada sukuk diukur pada biaya perolehan termasuk biaya transaksi dan selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk dan diakui dalam laba rugi.

At the initial recognition, investments in sukuk are measured at cost, including the transaction costs and the difference between the acquisition cost and the nominal value is amortized using straight-line method during sukuk period and recognized in profit or loss.

(ii) Diukur pada nilai wajar melalui

penghasilan komprehensif lain jika investasi tersebut dimiliki dalam suatu model usaha yang bertujuan utama untuk memperoleh arus kas kontraktual dan melakukan penjualan sukuk; dan persyaratan kontraktual menentukan tanggal tertentu pembayaran pokok dan/atau hasilnya.

(ii) Measured at fair value through other comprehensive income if the investments are held within a business model whose primary purpose is to obtain contractual cash flows and selling the sukuk; and contractual requirements specify a specific date of payment of principals and/or the revenue.

Pada saat pengakuan awal, investasi pada sukuk diukur pada nilai wajar melalui penghasilan komprehensif lain termasuk biaya transaksi dan selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk dan diakui

At the initial recognition, investments in sukuk are measured at fair value through other comprehensive income, including transaction costs and the difference between the acquisition cost and the nominal value is amortized using straight-line method



dalam laba rugi. Keuntungan atau kerugian dari perubahan nilai wajar diakui dalam penghasilan komprehensif lain setelah memperhitungkan saldo selisih biaya perolehan dan nilai nominal yang belum diamortisasi dan saldo akumulasi keuntungan atau kerugian nilai wajar yang telah diakui sebelumnya dalam penghasilan komprehensif lain.

during sukuk period and recognized in profit or loss. Gains or losses from changes in fair value are recognized in other comprehensive income after taking into account the balance of the difference between the acquisition cost and the nominal value and the unamortized balance of the cumulative gain or loss in fair value previously recognized in other comprehensive income.

(iii) Diukur pada nilai wajar melalui laba

rugi jika investasi pada sukuk tidak diklasifikasikan sebagai diukur pada biaya perolehan dan diukur pada nilai wajar melalui penghasilan komprehensif lain. Pada saat pengakuan awal, investasi diukur pada nilai wajar sebesar biaya perolehan tidak termasuk biaya transaksi dan selanjutnya diukur pada nilai wajar. Selisih antara nilai wajar dan jumlah tercatat diakui dalam laba rugi.

(iii) Measured at fair value through profit or loss if the investments in sukuk are not classified as measured at cost and measured at fair value through other comprehensive income. At the initial recognition, investments are measured at fair value at acquisition cost exclude transaction costs and subsequently, this investment is measured at fair value. The difference between the fair value and the carrying amount is recognized in profit or loss.

Untuk investasi pada sukuk yang diukur pada biaya perolehan dan nilai wajar melalui penghasilan komprehensif lain, jika terdapat indikasi penurunan nilai, maka Perusahaan mengukur jumlah terpulihkannya. Jika jumlah terpulihkan lebih kecil daripada jumlah tercatat, maka Perusahaan mengakui rugi penurunan nilai. Untuk investasi sukuk pada nilai wajar melalui penghasilan komprehensif lain, rugi penurunan nilai yang diakui pada laba rugi adalah jumlah setelah memperhitungkan saldo dalam penghasilan komprehensif lain. Jumlah terpulihkan merupakan jumlah yang akan diperoleh dari pengembalian pokok tanpa memperhitungkan nilai kininya.

For investments in sukuk measured at cost and at fair value through other comprehensive income, if there is indication of impairment, the Company measures the recoverable amount. If the recoverable amount is less than the carrying amount, the Company recognized an impairment losses. For investments in sukuk at fair value through other comprehensive income, an impairment losses recognized in profit or loss is the amount after taking into account the balance recorded in other comprehensive income. Recoverable amount is the amount that would be received from the principal repayment regardless its present value.

Metode Suku Bunga Efektif Effective Interest Rate Method Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari instrumen keuangan dan metode untuk mengalokasikan pendapatan bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi penerimaan kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima yang merupakan bagian tak terpisahkan dari suku bunga efektif, biaya transaksi dan

The effective interest rate method is a method of calculating the amortized cost of a financial instrument and allocating the interest income over the relevant period. The effective interest rate is the rate that precisely discounts estimated future cash proceeds (including all fees and commisions paid or received that form an integral part of the effective interest rate, transaction costs and




premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal.

other premiums or discounts) through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount on initial recognition.

Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen utang.

Revenue is recognized on an effective interest rate basis for debt instruments.

Perhitungan Penurunan Nilai secara Individual

Individual Impairment Calculations

Jumlah kerugian penurunan nilai diukur berdasarkan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan tersebut. Nilai tercatat aset tersebut dikurangi sebesar cadangan kerugian penurunan nilai dan jumlah kerugian penurunan nilai diakui pada laba rugi. Jika pinjaman yang diberikan atau investasi dimiliki hingga jatuh tempo memiliki suku bunga variabel, maka tingkat diskonto yang digunakan untuk mengukur setiap kerugian penurunan nilai adalah suku bunga efektif yang berlaku yang ditetapkan di dalam kontrak.

The total impairment loss is measured as the difference between the carrying value of financial assets with the present value of estimated future cash flows discounted using the original effective interest rate of the financial asset. The carrying amount of the asset is reduced by allowance for impairment and the amount of impairment losses is recognized as impairment losses in profit or loss. If a loan or held to maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Penurunan Nilai Aset Keuangan Impairment of Financial Assets 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 andal.

Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired where 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 impacted.

Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang dalam nilai wajar dari instrumen ekuitas di bawah biaya perolehannya dianggap sebagai bukti objektif terjadinya penurunan nilai.

For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

Untuk aset keuangan, bukti objektif penurunan nilai termasuk sebagai berikut:

For financial assets, the objective evidences of impairment may include:

kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau

significant financial difficulty of the issuer or counterparty; or




premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal.

other premiums or discounts) through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount on initial recognition.

Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen utang.

Revenue is recognized on an effective interest rate basis for debt instruments.

Perhitungan Penurunan Nilai secara Individual

Individual Impairment Calculations

Jumlah kerugian penurunan nilai diukur berdasarkan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan tersebut. Nilai tercatat aset tersebut dikurangi sebesar cadangan kerugian penurunan nilai dan jumlah kerugian penurunan nilai diakui pada laba rugi. Jika pinjaman yang diberikan atau investasi dimiliki hingga jatuh tempo memiliki suku bunga variabel, maka tingkat diskonto yang digunakan untuk mengukur setiap kerugian penurunan nilai adalah suku bunga efektif yang berlaku yang ditetapkan di dalam kontrak.

The total impairment loss is measured as the difference between the carrying value of financial assets with the present value of estimated future cash flows discounted using the original effective interest rate of the financial asset. The carrying amount of the asset is reduced by allowance for impairment and the amount of impairment losses is recognized as impairment losses in profit or loss. If a loan or held to maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Penurunan Nilai Aset Keuangan Impairment of Financial Assets 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 andal.

Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired where 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 impacted.

Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang dalam nilai wajar dari instrumen ekuitas di bawah biaya perolehannya dianggap sebagai bukti objektif terjadinya penurunan nilai.

For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

Untuk aset keuangan, bukti objektif penurunan nilai termasuk sebagai berikut:

For financial assets, the objective evidences of impairment may include:

kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau

significant financial difficulty of the issuer or counterparty; or



pelanggaran kontrak, seperti terjadinya

wanprestasi atau tunggakan pembayaran pokok atau bunga; atau

breach of contract, such as default or delinquency in interest or principal payments; or

terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan restrukturisasi keuangan.

There is a probability that the borrower will enter bankruptcy or financial re-structuring.

Untuk kelompok aset keuangan tertentu, seperti pinjaman diberikan, aset yang tidak akan diturunkan secara individual akan dievaluasi penurunan nilainya secara kolektif. Bukti objektif dari penurunan nilai portofolio pinjaman yang diberikan dan pembiayaan/ piutang syariah dapat termasuk pengalaman Perusahaan atas tertagihnya pinjaman yang diberikan dan pembiayaan/ piutang syariah di masa lalu, peningkatan keterlambatan penerimaan pembayaran pinjaman yang diberikan dari rata-rata periode kredit dan pembiayaan/ piutang syariah, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan gagal bayar atas pinjaman diberikan dan pembiayaan/ piutang syariah.

For certain categories of financial asset, such as loan receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of loan and sharia finances/ receivables may include the Company’s past experiences of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit and sharia finances/ receivables period, as well as observable changes in national or local economic conditions that correlate with default on loan receivables and sharia finances/ receivables.

Untuk aset keuangan yang diukur pada biaya perolehan diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan.

For financial assets carried at amortized cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

Jumlah tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas aset keuangan, kecuali piutang yang jumlah tercatatnya dikurangi melalui penggunaan akun cadangan pinjaman diberikan dan pembiayaan/ piutang syariah. Jika pinjaman dan pembiayaan/ piutang syariah tidak tertagih, pinjaman diberikan dan pembiayaan/ piutang syariah tersebut dihapuskan melalui akun cadangan pinjaman diberikan dan pembiayaan/ piutang syariah. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun cadangan. Perubahan jumlah tercatat akun cadangan pinjaman diberikan dan pembiayaan/ piutang syariah diakui dalam laba rugi.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a loan receivables and sharia finances/ receivables is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in statements of profit or loss.




Jika aset keuangan AFS dianggap menurun nilainya, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas direklasifikasi ke laba rugi.

When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognized in equity are reclassified to profit or loss.

Kecuali instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah kerugian penurunan nilai berkurang dan pengurangan tersebut dapat dikaitkan secara objektif dengan peristiwa yang terjadi setelah penurunan nilai diakui, kerugian penurunan nilai yang diakui sebelumnya dibalik melalui laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai tidak melebihi biaya perolehan diamortisasi sebelum adanya pengakuan kerugian penurunan nilai dilakukan.

With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring upon the recognition of the impairment was recognized, the previous recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

Dalam hal efek ekuitas AFS, kerugian penurunan nilai yang sebelumnya diakui dalam laba rugi tidak boleh dibalik melalui laba rugi. Setiap kenaikan nilai wajar setelah penurunan nilai diakui secara langsung ke pendapatan komprehensif lain.

In respect of AFS equity investments, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized directly in other comprehensive income.

Reklasifikasi Aset Keuangan Reclassification of Financial Assets Aset keuangan yang tidak lagi dimiliki untuk tujuan penjualan atau pembelian kembali aset keuangan dalam waktu dekat (jika aset keuangan tidak disyaratkan untuk diklasifikasikan sebagai diperdagangkan pada saat pengakuan awal) dapat direklasifikasikan ke pinjaman yang diberikan dan piutang jika memenuhi definisi pinjaman yang diberikan dan piutang dan entitas memiliki intensi dan kemampuan memiliki aset keuangan untuk masa mendatang yang dapat diperkirakan atau hingga jatuh tempo.

Financial assets that are no longer-held for the purpose of selling or repurchasing in the near term (and have not been required to be classified as held for trading at initial recognition) could be reclassified as loans and receivables if they meet the definition of loans and receivables and the Entity has the intention and ability to hold the financial assets for foreseeable future or until maturity date.

Perusahaan tidak boleh mengklasifikasikan aset keuangan sebagai investasi dimiliki hingga jatuh tempo, jika dalam tahun berjalan atau dalam kurun waktu 2 tahun sebelumnya, telah menjual atau mereklasifikasi investasi dimiliki hingga jatuh tempo dalam jumlah yang lebih dari jumlah yang tidak signifikan sebelum jatuh tempo (lebih dari jumlah yang tidak signifikan dibandingkan dengan jumlah nilai investasi dimiliki hingga jatuh tempo), kecuali penjualan atau reklasifikasi tersebut dimana:

The Company cannot classify any financial assets as held - to - maturity investments, if the entity has, during the current financial year or during the 2 preceding financial years, sold or reclassified a significant amount of held-to-maturity investments before maturity (more than insignificant in relation to the total amount of held-to-maturity investments) other than sales or reclassifications that:




Jika aset keuangan AFS dianggap menurun nilainya, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas direklasifikasi ke laba rugi.

When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognized in equity are reclassified to profit or loss.

Kecuali instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah kerugian penurunan nilai berkurang dan pengurangan tersebut dapat dikaitkan secara objektif dengan peristiwa yang terjadi setelah penurunan nilai diakui, kerugian penurunan nilai yang diakui sebelumnya dibalik melalui laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai tidak melebihi biaya perolehan diamortisasi sebelum adanya pengakuan kerugian penurunan nilai dilakukan.

With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring upon the recognition of the impairment was recognized, the previous recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

Dalam hal efek ekuitas AFS, kerugian penurunan nilai yang sebelumnya diakui dalam laba rugi tidak boleh dibalik melalui laba rugi. Setiap kenaikan nilai wajar setelah penurunan nilai diakui secara langsung ke pendapatan komprehensif lain.

In respect of AFS equity investments, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized directly in other comprehensive income.

Reklasifikasi Aset Keuangan Reclassification of Financial Assets Aset keuangan yang tidak lagi dimiliki untuk tujuan penjualan atau pembelian kembali aset keuangan dalam waktu dekat (jika aset keuangan tidak disyaratkan untuk diklasifikasikan sebagai diperdagangkan pada saat pengakuan awal) dapat direklasifikasikan ke pinjaman yang diberikan dan piutang jika memenuhi definisi pinjaman yang diberikan dan piutang dan entitas memiliki intensi dan kemampuan memiliki aset keuangan untuk masa mendatang yang dapat diperkirakan atau hingga jatuh tempo.

Financial assets that are no longer-held for the purpose of selling or repurchasing in the near term (and have not been required to be classified as held for trading at initial recognition) could be reclassified as loans and receivables if they meet the definition of loans and receivables and the Entity has the intention and ability to hold the financial assets for foreseeable future or until maturity date.

Perusahaan tidak boleh mengklasifikasikan aset keuangan sebagai investasi dimiliki hingga jatuh tempo, jika dalam tahun berjalan atau dalam kurun waktu 2 tahun sebelumnya, telah menjual atau mereklasifikasi investasi dimiliki hingga jatuh tempo dalam jumlah yang lebih dari jumlah yang tidak signifikan sebelum jatuh tempo (lebih dari jumlah yang tidak signifikan dibandingkan dengan jumlah nilai investasi dimiliki hingga jatuh tempo), kecuali penjualan atau reklasifikasi tersebut dimana:

The Company cannot classify any financial assets as held - to - maturity investments, if the entity has, during the current financial year or during the 2 preceding financial years, sold or reclassified a significant amount of held-to-maturity investments before maturity (more than insignificant in relation to the total amount of held-to-maturity investments) other than sales or reclassifications that:



a. dilakukan ketika aset keuangan sudah mendekati jatuh tempo atau tanggal pembelian kembali di mana perubahan suku bunga tidak akan berpengaruh secara signifikan terhadap nilai wajar aset keuangan tersebut;

a. are so close to maturity or the financial asset’s repurchase date that changes in the market rate of interest would not have a significant effect on the financial asset’s fair value;

b. terjadi setelah Perusahaan telah

memperoleh secara substansial seluruh jumlah pokok aset keuangan tersebut sesuai jadwal pembayaran atau Perusahaan telah memperoleh pelunasan dipercepat; atau

b. occur after the Company has collected substantially all of the original principal of the financial assets through scheduled payments or prepayments; or

c. terkait dengan kejadian tertentu yang berada di luar kendali Perusahaan, tidak berulang, dan tidak dapat diantisipasi secara wajar oleh Perusahaan.

c. are attributable to an isolated event that is beyond the Company’s control, is non-recurring and could not have been reasonably anticipated by the Company.

Reklasifikasi aset keuangan dari kelompok dimiliki hingga jatuh tempo ke kelompok tersedia untuk dijual dicatat sebesar nilai wajarnya. Keuntungan atau kerugian yang belum direalisasi tetap dilaporkan dalam komponen ekuitas sampai aset keuangan tersebut dihentikan pengakuannya, dan pada saat itu keuntungan atau kerugian kumulatif yang sebelumnya diakui dalam ekuitas harus diakui sebagai laba/rugi tahun berjalan.

Reclassifications of financial assets from held-to-maturity classification to available-for-sale are recorded at fair value. The unrealized gains or losses are recorded in equity section until the financial assets are derecognized, at which time the accumulative gain or loss previously recognized in equity shall be recognized as current year profit/loss.

Reklasifikasi aset keuangan dari kelompok tersedia untuk dijual ke kelompok dimiliki hingga jatuh tempo dicatat pada nilai tercatat. Keuntungan atau kerugian yang belum direalisasi harus diamortisasi menggunakan suku bunga efektif sampai dengan tanggal jatuh tempo instrumen tersebut.

Reclassification of financial assets from available-for-sale to held-to-maturity classification are recorded at carrying amount. The unrealized gains or losses are amortised by using effective interest rate up to the maturity date of that instrument.

Reklasifikasi Sukuk Sukuk Reclassification Model usaha yang bertujuan untuk memperoleh arus kas kontraktual didasarkan pada tujuan investasi yang ditentukan oleh entitas. Arus kas kontraktual yang dimaksud adalah arus kas bagi hasil dan pokok dari sukuk mudharabah; atau arus kas imbalan dari sukuk ijarah. Setelah pengakuan awal, jika aktual berbeda dengan tujuan investasi yang telah ditetapkan, maka entitas menelaah kembali konsistensi tujuan investasinya.

A business model that aims to obtain contractual cash flows is based on the investment objectives determined by the entity. The contractual cash flows referred to cash flows from sukuk mudharabah’s profit sharing and principal; or cash flow of benefits from sukuk ijarah. After initial recognition, if the actual investment is different from the specified investment objectives, the entity reviews the consistency of its investment objectives.

Entitas tidak dapat mengubah klasifikasi investasi kecuali terjadi perubahan tujuan model usaha.

Entity can’t change the investment classification unless there is a change in the purpose of the business model.




Penghentian Pengakuan Aset Keuangan

Derecognition of Financial Assets

Perusahaan menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset berakhir, atau Perusahaan mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain. Jika Perusahaan tidak mentransfer serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka Perusahaan mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan liabilitas terkait sebesar jumlah yang mungkin harus dibayar. Jika Perusahaan memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Perusahaan masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima.

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Pada penghentian pengakuan aset keuangan secara keseluruhan, selisih antara jumlah tercatat aset dan jumlah pembayaran dan piutang yang diterima dan keuntungan atau kerugian kumulatif yang telah diakui dalam pendapatan komprehensif lain dan terakumulasi dalam ekuitas diakui dalam laba rugi.

On derecognition of financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss.

Pada penghentian pengakuan aset keuangan terhadap satu bagian saja (misalnya ketika Perusahaan masih memiliki hak untuk membeli kembali bagian aset yang ditransfer), Perusahaan mengalokasikan jumlah tercatat sebelumnya dari aset keuangan tersebut pada bagian yang tetap diakui berdasarkan keterlibatan berkelanjutan dan bagian yang tidak lagi diakui berdasarkan nilai wajar relatif dari kedua bagian tersebut pada tanggal transfer. Selisih antara jumlah tercatat yang dialokasikan pada bagian yang tidak lagi diakui dan jumlah dari pembayaran yang diterima untuk bagian yang yang tidak lagi diakui dan setiap keuntungan atau kerugian kumulatif yang dialokasikan pada bagian yang tidak lagi diakui tersebut yang sebelumnya telah diakui dalam pendapatan komprehensif lain diakui pada laba rugi. Keuntungan dan kerugian

On derecognition of financial asset other than its entirety (e.g., when the Company retains an option to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated




Penghentian Pengakuan Aset Keuangan

Derecognition of Financial Assets

Perusahaan menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset berakhir, atau Perusahaan mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain. Jika Perusahaan tidak mentransfer serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka Perusahaan mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan liabilitas terkait sebesar jumlah yang mungkin harus dibayar. Jika Perusahaan memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Perusahaan masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima.

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Pada penghentian pengakuan aset keuangan secara keseluruhan, selisih antara jumlah tercatat aset dan jumlah pembayaran dan piutang yang diterima dan keuntungan atau kerugian kumulatif yang telah diakui dalam pendapatan komprehensif lain dan terakumulasi dalam ekuitas diakui dalam laba rugi.

On derecognition of financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss.

Pada penghentian pengakuan aset keuangan terhadap satu bagian saja (misalnya ketika Perusahaan masih memiliki hak untuk membeli kembali bagian aset yang ditransfer), Perusahaan mengalokasikan jumlah tercatat sebelumnya dari aset keuangan tersebut pada bagian yang tetap diakui berdasarkan keterlibatan berkelanjutan dan bagian yang tidak lagi diakui berdasarkan nilai wajar relatif dari kedua bagian tersebut pada tanggal transfer. Selisih antara jumlah tercatat yang dialokasikan pada bagian yang tidak lagi diakui dan jumlah dari pembayaran yang diterima untuk bagian yang yang tidak lagi diakui dan setiap keuntungan atau kerugian kumulatif yang dialokasikan pada bagian yang tidak lagi diakui tersebut yang sebelumnya telah diakui dalam pendapatan komprehensif lain diakui pada laba rugi. Keuntungan dan kerugian

On derecognition of financial asset other than its entirety (e.g., when the Company retains an option to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated



kumulatif yang sebelumnya diakui dalam pendapatan komprehensif lain dialokasikan pada bagian yang tetap diakui dan bagian yang dihentikan pengakuannya, berdasarkan nilai wajar relatif kedua bagian tersebut.

between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts.

f. Liabilitas Keuangan dan Instrumen

Ekuitas f. Financial Liabilities and Equity

Instruments Klasifikasi sebagai Liabilitas atau Ekuitas Classification as Debt or Equity Liabilitas keuangan dan instrumen ekuitas yang diterbitkan oleh Perusahaan diklasifikasikan sesuai dengan substansi perjanjian kontraktual dan definisi liabilitas keuangan dan instrumen ekuitas.

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Instrumen Ekuitas Equity Instruments Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset Perusahaan setelah dikurangi dengan seluruh liabilitasnya.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Instrumen ekuitas yang diterbitkan oleh Perusahaan dicatat sebesar hasil penerimaan bersih setelah dikurangi biaya penerbitan langsung.

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Liabilitas Keuangan Financial Liabilities Liabilitas keuangan diklasifikasikan sebagai “FVTPL” atau “pada biaya perolehan diamortisasi”.

Financial liabilities are classified as either “at FVTPL” or “at amortized cost”.

Liabilitas Keuangan yang Diukur Pada Nilai Wajar melalui Laba Rugi (FVTPL)

Financial Liabilities at Fair Value through Profit or Loss (FVTPL)

Liabilitas keuangan diklasifikasikan sebagai FVTPL pada saat liabilitas keuangan baik dimiliki untuk diperdagangkan atau ditetapkan pada FVTPL.

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL.

Liabilitas keuangan dimiliki untuk diperdagangkan jika:

A financial liability is classified as held for trading if:

diperoleh terutama untuk tujuan dibeli kembali dalam waktu dekat; atau

it has been acquired principally for the purpose of repurchasing in the near term; or

pada pengakuan awal merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek aktual terkini; atau

on initial recognition it is part of an identified portfolio of financial instruments that the entity manages together and has a recent actual pattern of short-term profit-taking; or




merupakan derivatif yang tidak

ditetapkan dan tidak efektif sebagai instrumen lindung nilai.


Liabilitas keuangan selain liabilitas keuangan yang diperdagangkan dapat ditetapkan sebagai FVTPL pada saat pengakuan awal jika:

A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial recognition if:

mengeliminasi atau mengurangi secara signifikan inkonsistensi pengukuran dan pengakuan yang dapat timbul; atau


kelompok aset keuangan, liabilitas keuangan atau keduanya dikelola dan kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan manajemen risiko atau strategi investasi yang didokumentasikan dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci entitas (sebagaimana didefenisikan dalam PSAK 7: Pengungkapan Pihak-pihak Berelasi).

a group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the Group is provided internally on that basis to the entity’s key management personnel (as defined in PSAK 7: Related Party Disclosures).

Liabilitas keuangan sebagai FVTPL yang diukur pada nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laba rugi. Keuntungan atau kerugian bersih yang diakui dalam laba rugi mencakup setiap bunga yang dibayar dari liabilitas keuangan. Nilai wajar ditentukan dengan cara yang dijelaskan dalam Catatan 39.

Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. Fair value is determined in the manner described in Note 39.

Liabilitas Keuangan pada Biaya Perolehan Diamortisasi

Financial Liabilities at Amortized Cost

Liabilitas keuangan diklasifikasikan sebagai biaya perolehan diamortisasi, terdiri dari utang lain-lain, pinjaman diterima dan surat utang diterbitkan pada awalnya diukur pada nilai wajar, setelah dikurangi biaya transaksi, dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, dengan beban bunga diakui berdasarkan metode suku bunga efektif.

Financial liabilities are classified as amortized cost, which includes other payables, borrowings and debt securities issued, which are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost, using the effective interest rate method, with interest expense recognized on an effective interest rate method.

Dana Syirkah Temporer Temporary Syirkah Funds Dana syirkah temporer adalah investasi yang diterima oleh Perusahaan. Perusahaan mempunyai hak untuk mengelola dan menginvestasikan dana sesuai kebijakan pembatasan dari pemilik dana, dengan keuntungan dibagikan sesuai dengan kesepakatan. Dana syirkah temporer terdiri dari sukuk mudharabah yang diterbitkan.

Temporary syirkah funds represent investment received by the Company. The Company has the rights to manage and invest the funds in accordance with restriction set by the depositors with the agreed profit sharing. Temporary syirkah funds consist of mudharabah sukuk issued.




merupakan derivatif yang tidak

ditetapkan dan tidak efektif sebagai instrumen lindung nilai.


Liabilitas keuangan selain liabilitas keuangan yang diperdagangkan dapat ditetapkan sebagai FVTPL pada saat pengakuan awal jika:

A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial recognition if:

mengeliminasi atau mengurangi secara signifikan inkonsistensi pengukuran dan pengakuan yang dapat timbul; atau


kelompok aset keuangan, liabilitas keuangan atau keduanya dikelola dan kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan manajemen risiko atau strategi investasi yang didokumentasikan dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci entitas (sebagaimana didefenisikan dalam PSAK 7: Pengungkapan Pihak-pihak Berelasi).

a group of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the Group is provided internally on that basis to the entity’s key management personnel (as defined in PSAK 7: Related Party Disclosures).

Liabilitas keuangan sebagai FVTPL yang diukur pada nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laba rugi. Keuntungan atau kerugian bersih yang diakui dalam laba rugi mencakup setiap bunga yang dibayar dari liabilitas keuangan. Nilai wajar ditentukan dengan cara yang dijelaskan dalam Catatan 39.

Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. Fair value is determined in the manner described in Note 39.

Liabilitas Keuangan pada Biaya Perolehan Diamortisasi

Financial Liabilities at Amortized Cost

Liabilitas keuangan diklasifikasikan sebagai biaya perolehan diamortisasi, terdiri dari utang lain-lain, pinjaman diterima dan surat utang diterbitkan pada awalnya diukur pada nilai wajar, setelah dikurangi biaya transaksi, dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, dengan beban bunga diakui berdasarkan metode suku bunga efektif.

Financial liabilities are classified as amortized cost, which includes other payables, borrowings and debt securities issued, which are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost, using the effective interest rate method, with interest expense recognized on an effective interest rate method.

Dana Syirkah Temporer Temporary Syirkah Funds Dana syirkah temporer adalah investasi yang diterima oleh Perusahaan. Perusahaan mempunyai hak untuk mengelola dan menginvestasikan dana sesuai kebijakan pembatasan dari pemilik dana, dengan keuntungan dibagikan sesuai dengan kesepakatan. Dana syirkah temporer terdiri dari sukuk mudharabah yang diterbitkan.

Temporary syirkah funds represent investment received by the Company. The Company has the rights to manage and invest the funds in accordance with restriction set by the depositors with the agreed profit sharing. Temporary syirkah funds consist of mudharabah sukuk issued.



Dana syirkah temporer tidak dapat digolongkan sebagai liabilitas. Hal ini karena Perusahaan tidak berkewajiban untuk mengembalikan jumlah dana awal dari pemilik dana kecuali akibat kelalaian atau wanprestasi ketika mengalami kerugian.

Temporary syirkah funds cannot be classified as liability. This was due to the Company does not have any liability to return the fund to the owners, except for losses due to the Company’s management negligence or misrepresentation.

Di sisi lain dana syirkah temporer tidak dapat digolongkan sebagai ekuitas karena mempunyai waktu jatuh tempo dan pemilik dana tidak mempunyai hak kepemilikan yang sama dengan pemegang saham, seperti hak voting dan hak atas realisasi keuntungan yang berasal dari aset lancar dan aset non-investasi.

On the other hand temporary syirkah funds cannot also be classified as equity, because of the existence of maturity period and the depositors do not have the same rights as the shareholders, such as voting rights and the rights to realized gain from current assets and other non-investment assets.

Dana syirkah temporer merupakan salah satu unsur laporan posisi keuangan. Hal tersebut sesuai dengan prinsip syariah yang memberikan hak kepada Perusahan untuk mengelola dan menginvestasikan dana, termasuk untuk mencampur dana dimaksud dengan dana lainnya.

Temporary syirkah funds represent one of the statement of financial position accounts which is in accordance with sharia principles that provide rights to the Company’s to manage and invest funds, including mixing of one fund with the other funds.

Pemilik dana syirkah temporer memperoleh bagian atas keuntungan sesuai kesepakatan dan menerima kerugian berdasarkan jumlah dana dari masing-masing pihak. Pembagian hasil dana syirkah temporer dapat dilakukan dengan konsep bagi hasil atau bagi keuntungan.

The owners of temporary syirkah funds receive parts of profit in accordance with the agreement and receive loss based on the proportion of fund from each parties. The profit distribution of temporary syirkah funds might be based on profit sharing or revenue sharing concept.

Penghentian Pengakuan Liabilitas Keuangan

Derecognition of Financial Liabilities

Perusahaan menghentikan pengakuan liabilitas keuangan, jika dan hanya jika, liabilitas Perusahaan telah dilepaskan, dibatalkan atau kadaluarsa. Selisih antara jumlah tercatat liabilitas keuangan yang dihentikan pengakuannya dan imbalan yang dibayarkan dan utang diakui dalam laba rugi.

The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged or cancelled or they expire. The difference between the carrying amount of financial liability derecognized and the consideration paid and payables is recognized in profit or loss.

g. Saling Hapus antar Aset Keuangan dan Liabilitas Keuangan

g. Offsetting of Financial Assets and Financial Liabilities

Aset dan liabilitas keuangan Perusahaan saling hapus dan nilai bersihnya disajikan dalam laporan posisi keuangan, jika dan hanya jika:

The Company only offsets financial assets and liabilities and presents the net amount in the statement of financial position, when and only when:

saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut; dan

currently has a legal enforceable right to set off the recognized amount; and




berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

h. Instrumen Keuangan Derivatif h. Derivative Financial Instruments

Perusahaan menggunakan instrumen keuangan derivatif untuk mengelola eksposur atas risiko suku bunga dan tingkat perubahan nilai tukar mata uang asing. Penggunaan derivatif lebih rinci diungkapkan pada Catatan 18.

The Company uses derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. More detailed use of derivatives is disclosed on Note 18.

Derivatif awalnya diakui pada nilai wajar saat kontrak dilakukan dan sesudahnya diukur pada nilai wajarnya pada setiap tanggal periode pelaporan. Keuntungan atau kerugian yang dihasilkan akan diakui pada laba atau rugi, kecuali instrumen derivatif yang ditetapkan untuk tujuan lindung nilai dan efektif, dimana saat pengakuan keuntungan atau kerugian di laba rugi tergantung pada sifat lindung nilainya. Perusahaan menetapkan komitmen pasti derivatif tertentu sebagai lindung nilai atas risiko perubahan mata uang.

Derivatives are initially recognized at fair value at the date the derivative contract is entered into and are subsequently measured to their fair value at each of reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Company determines certain derivatives commitment as hedges of foreign currency risk.

i. Akuntansi Lindung Nilai i. Hedge Accounting

Perusahaan menunjuk instrumen lindung nilai tertentu, termasuk derivatif, sehubungan dengan risiko perubahan nilai tukar sebagai lindung nilai atas arus kas.

The Company designates certain hedging instruments, which include derivatives, in respect of foreign currency risk, as cash flow hedges.

Pada awal dimulainya hubungan lindung nilai, Perusahaan mendokumentasi hubungan antara instrumen lindung nilai dan item yang dilindung nilai, bersama dengan tujuan manajemen risiko dan strategi pelaksanaan lindung nilai. Selanjutnya, pada saat dimulainya lindung nilai dan secara berkelanjutan, Perusahaan mendokumentasikan apakah instrumen lindung nilai sangat efektif dalam rangka saling hapus perubahan nilai wajar atau arus kas dari item yang dilindung nilai yang berhubungan dengan risiko lindung nilai.

At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.




berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

h. Instrumen Keuangan Derivatif h. Derivative Financial Instruments

Perusahaan menggunakan instrumen keuangan derivatif untuk mengelola eksposur atas risiko suku bunga dan tingkat perubahan nilai tukar mata uang asing. Penggunaan derivatif lebih rinci diungkapkan pada Catatan 18.

The Company uses derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. More detailed use of derivatives is disclosed on Note 18.

Derivatif awalnya diakui pada nilai wajar saat kontrak dilakukan dan sesudahnya diukur pada nilai wajarnya pada setiap tanggal periode pelaporan. Keuntungan atau kerugian yang dihasilkan akan diakui pada laba atau rugi, kecuali instrumen derivatif yang ditetapkan untuk tujuan lindung nilai dan efektif, dimana saat pengakuan keuntungan atau kerugian di laba rugi tergantung pada sifat lindung nilainya. Perusahaan menetapkan komitmen pasti derivatif tertentu sebagai lindung nilai atas risiko perubahan mata uang.

Derivatives are initially recognized at fair value at the date the derivative contract is entered into and are subsequently measured to their fair value at each of reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Company determines certain derivatives commitment as hedges of foreign currency risk.

i. Akuntansi Lindung Nilai i. Hedge Accounting

Perusahaan menunjuk instrumen lindung nilai tertentu, termasuk derivatif, sehubungan dengan risiko perubahan nilai tukar sebagai lindung nilai atas arus kas.

The Company designates certain hedging instruments, which include derivatives, in respect of foreign currency risk, as cash flow hedges.

Pada awal dimulainya hubungan lindung nilai, Perusahaan mendokumentasi hubungan antara instrumen lindung nilai dan item yang dilindung nilai, bersama dengan tujuan manajemen risiko dan strategi pelaksanaan lindung nilai. Selanjutnya, pada saat dimulainya lindung nilai dan secara berkelanjutan, Perusahaan mendokumentasikan apakah instrumen lindung nilai sangat efektif dalam rangka saling hapus perubahan nilai wajar atau arus kas dari item yang dilindung nilai yang berhubungan dengan risiko lindung nilai.

At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.



Lindung Nilai atas Arus Kas Cash Flow Hedges Bagian efektif dari perubahan nilai wajar derivatif yang ditujukan dan memenuhi kualifikasi sebagai lindung nilai arus kas diakui sebagai penghasilan komprehensif lain dan terakumulasi pada cadangan lindung nilai arus kas.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under cash flow hedging.

Keuntungan atau kerugian yang terkait dengan bagian yang tidak efektif langsung diakui dalam laba rugi.

The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.

Jumlah yang sebelumnya diakui sebagai penghasilan komprehensif lain dan terakumulasi di ekuitas direklasifikasi ke laba rugi pada periode ketika item yang dilindung nilai diakui dalam laba rugi, di baris yang sama dari laporan laba rugi dan penghasilan komprehensif lain sebagai item lindung nilai yang diakui. Namun, ketika suatu lindung nilai atas prakiraan transaksi kemudian menimbulkan pengakuan aset non-keuangan atau liabilitas non-keuangan, keuntungan dan kerugian yang sebelumnya diakui sebagai penghasilan komprehensif lain dan terakumulasi di ekuitas dipindahkan dari ekuitas dan termasuk dalam pengukuran awal biaya dari aset non-keuangan atau liabilitas non-keuangan.

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the statement of profit or loss and other comprehensive income as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Akuntansi lindung nilai dihentikan pada saat Perusahaan membatalkan hubungan lindung nilai, ketika instrumen lindung nilai kadaluwarsa atau dijual, dihentikan atau dilaksanakan, atau ketika tidak lagi memenuhi persyaratan akuntansi lindung nilai. Keuntungan dan kerugian diakui dalam penghasilan komprehensif lain dan terakumulasi di ekuitas saat itu tetap berada di bagian ekuitas dan akan diakui pada saat prakiraan transaksi yang pada akhirnya diakui dalam laba rugi. Ketika prakiraan transaksi tidak lagi diharapkan akan terjadi, akumulasi keuntungan atau kerugian dalam ekuitas langsung diakui dalam laba rugi.

Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.

j. Kas dan Setara Kas j. Cash and Cash Equivalents

Untuk tujuan penyajian arus kas, kas dan setara kas terdiri dari kas, bank dan semua investasi yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya.

For cash flow presentation purposes, cash and cash equivalents consist of cash on hand and in banks and all unrestricted investments with maturities of three months or less from the date of placement.




k. Investasi pada Ventura Bersama k. Investments in Joint Ventures

Ventura bersama adalah pengaturan bersama di mana para pihak yang memiliki pengendalian bersama atas pengaturan memiliki hak atas aset neto dari pengaturan tersebut. Pengendalian bersama adalah persetujuan kontraktual untuk berbagi pengendalian atas suatu pengaturan, yang ada hanya ketika keputusan tentang aktivitas relevan mensyaratkan persetujuan dengan suara bulat dari seluruh pihak yang berbagi pengendalian.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangements have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

Penghasilan dan aset dan liabilitas dari ventura bersama dicatat dalam laporan keuangan dengan menggunakan metode ekuitas. Dengan metode ekuitas, investasi pada ventura bersama diakui di laporan posisi keuangan sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas laba rugi dan penghasilan komprehensif lain dari ventura bersama yang terjadi setelah perolehan. Ketika bagian Perusahaan atas kerugian ventura bersama melebihi kepentingan Perusahaan pada ventura bersama (yang mencakup semua kepentingan jangka panjang, yang secara substansi, membentuk bagian dari investasi bersih Perusahaan dalam ventura bersama), Perusahaan menghentikan pengakuan bagiannya atas kerugian selanjutnya. Kerugian selanjutnya diakui hanya apabila Perusahaan mempunyai kewajiban bersifat hukum atau konstruktif atau melakukan pembayaran atas nama ventura bersama.

The results of operations and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting. Under the equity method, a joint venture is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Company’s share of losses of a joint venture exceeds the Company’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Company’s net investment in the joint venture), the Company discontinues recognizing it’s share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture.

Investasi pada ventura bersama dicatat dengan menggunakan metode ekuitas sejak tanggal saat investee menjadi ventura bersama. Setiap kelebihan biaya perolehan investasi atas bagian Perusahaan atas nilai wajar bersih dari aset yang teridentifikasi, liabilitas dan liabilitas kontinjen dari ventura bersama yang diakui pada tanggal akuisisi, diakui sebagai goodwill. Goodwill termasuk dalam jumlah tercatat investasi, dan diuji penurunan nilainya sebagai bagian dari investasi.

An investmet in a joint venture is accounted for using the equity method from the date on which the investee becomes a joint venture. Any excess of the cost of acquisition over the Company’s share of the net fair value of identifiable assets, liabilities and contingent liabilities of the associate or a joint venture recognized at the date of acquisition, is recognized as goodwill, which is included within the carrying amount of the investment.




k. Investasi pada Ventura Bersama k. Investments in Joint Ventures

Ventura bersama adalah pengaturan bersama di mana para pihak yang memiliki pengendalian bersama atas pengaturan memiliki hak atas aset neto dari pengaturan tersebut. Pengendalian bersama adalah persetujuan kontraktual untuk berbagi pengendalian atas suatu pengaturan, yang ada hanya ketika keputusan tentang aktivitas relevan mensyaratkan persetujuan dengan suara bulat dari seluruh pihak yang berbagi pengendalian.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangements have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

Penghasilan dan aset dan liabilitas dari ventura bersama dicatat dalam laporan keuangan dengan menggunakan metode ekuitas. Dengan metode ekuitas, investasi pada ventura bersama diakui di laporan posisi keuangan sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas laba rugi dan penghasilan komprehensif lain dari ventura bersama yang terjadi setelah perolehan. Ketika bagian Perusahaan atas kerugian ventura bersama melebihi kepentingan Perusahaan pada ventura bersama (yang mencakup semua kepentingan jangka panjang, yang secara substansi, membentuk bagian dari investasi bersih Perusahaan dalam ventura bersama), Perusahaan menghentikan pengakuan bagiannya atas kerugian selanjutnya. Kerugian selanjutnya diakui hanya apabila Perusahaan mempunyai kewajiban bersifat hukum atau konstruktif atau melakukan pembayaran atas nama ventura bersama.

The results of operations and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting. Under the equity method, a joint venture is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Company’s share of losses of a joint venture exceeds the Company’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Company’s net investment in the joint venture), the Company discontinues recognizing it’s share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture.

Investasi pada ventura bersama dicatat dengan menggunakan metode ekuitas sejak tanggal saat investee menjadi ventura bersama. Setiap kelebihan biaya perolehan investasi atas bagian Perusahaan atas nilai wajar bersih dari aset yang teridentifikasi, liabilitas dan liabilitas kontinjen dari ventura bersama yang diakui pada tanggal akuisisi, diakui sebagai goodwill. Goodwill termasuk dalam jumlah tercatat investasi, dan diuji penurunan nilainya sebagai bagian dari investasi.

An investmet in a joint venture is accounted for using the equity method from the date on which the investee becomes a joint venture. Any excess of the cost of acquisition over the Company’s share of the net fair value of identifiable assets, liabilities and contingent liabilities of the associate or a joint venture recognized at the date of acquisition, is recognized as goodwill, which is included within the carrying amount of the investment.



Setiap kelebihan kepemilikan Perusahaan dari nilai wajar bersih aset yang teridentifikasi, liabilitas dan liabilitas kontinjen atas biaya perolehan investasi, sesudah pengujian kembali segera diakui di dalam laba rugi pada periode diperolehnya investasinya.

Any excess of the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired.

Persyaratan dalam PSAK 55, Instrumen Keuangan: Pengakuan dan Pengukuran, diterapkan untuk menentukan apakah perlu untuk mengakui setiap penurunan nilainya sehubungan dengan investasi pada ventura bersama. Jumlah tercatat investasi yang tersisa (termasuk goodwill) diuji penurunan nilai sesuai dengan PSAK 48, Penurunan Nilai Aset, sebagai suatu aset tunggal dengan membandingkan antara jumlah terpulihkan (mana yang lebih tinggi antara nilai pakai dan nilai wajar dikurangi biaya pelepasan) dengan jumlah tercatatnya. Rugi penurunan nilai diakui langsung pada nilai tercatat investasi. Setiap pembalikan dari penurunan nilai diakui sesuai dengan PSAK 48 sepanjang jumlah terpulihkan dari investasi tersebut kemudian meningkat.

The requirements of PSAK 55, Financial Instruments: Recognition and Measurement, are applied to determine whether it is necessary to recognize any impairment loss with respect to the Company’s investment in joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with PSAK 48, Impairment of Assets, as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with PSAK 48 to the extent that the recoverable amount of the investment subsequently increases.

Perusahaan menghentikan penggunaan metode ekuitas sejak tanggal saat investasinya berhenti menjadi investasi pada ventura bersama atau ketika investasi diklasifikasi sebagai dimiliki untuk dijual. Ketika Perusahaan mempertahankan kepemilikan dalam entitas yang sebelumnya merupakan ventura bersama dan sisa investasi tersebut merupakan aset keuangan, Perusahaan mengukur setiap sisa investasi pada nilai wajar pada tanggal tersebut dan nilai wajar tersebut dianggap sebagai nilai wajar pada saat pengakuan awal sesuai dengan PSAK 55. Perusahaan mengakui keuntungan dan kerugian atas pelepasan investasi ventura bersama dalam laba rugi dengan turut memperhitungkan nilai wajar dari investasi yang tersisa. Selanjutnya, Perusahaan mencatat seluruh jumlah yang sebelumnya telah diakui dalam penghasilan komprehensif lain yang terkait dengan ventura bersama tersebut dengan menggunakan dasar perlakuan yang sama dengan yang disyaratkan jika ventura bersama telah melepaskan secara langsung aset dan liabilitas yang terkait.

The Company discontinues the use of the equity method from the date when the investment ceases to be a joint venture, or when the investment is classified as held for sale. When the Company retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Company measures any retained investment at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with PSAK 55. The difference between the carrying amount of the joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the joint venture is included in the determination of the gain or loss on disposal of the joint venture. In addition, the Company accounts for all amounts previously recognized in other comprehensive income in relation to that joint venture on the same basis as would be required if that joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that joint




Seluruh jumlah yang diakui dalam penghasilan komprehensif lain yang terkait dengan ventura bersama direklasifikasi ke laba rugi (sebagai penyesuaian reklasifikasi) pada saat penghentian metode ekuitas.

venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

Jika Perusahaan mengurangi bagian kepemilikan pada ventura bersama tetapi Perusahaan tetap menerapkan metode ekuitas, Perusahaan mereklasifikasi ke laba rugi proporsi keuntungan yang telah diakui sebelumnya dalam penghasilan komprehensif lain yang terkait dengan pengurangan bagian kepemilikan (jika keuntungan atau kerugian tersebut akan direklasifikasi ke laba rugi atas pelepasan aset atau liabilitas yang terkait).

When the Company reduces its ownership interest in a joint venture but the Company continues to use the equity method, the Company reclassifies to profit or loss the proportion of the gain that had previously been recognized in other comprehensive income relating to that reduction in ownership interest (if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities).

Ketika Perusahaan melakukan transaksi dengan ventura bersama, keuntungan dan kerugian yang timbul dari transaksi dengan ventura bersama diakui dalam laporan keuangan Perusahaan hanya sepanjang kepemilikan dalam ventura bersama yang tidak terkait dengan Perusahaan.

When the Company has transaction with a joint venture, profits and losses resulting from the transactions with the associate or joint venture are recognized in the Company’s financial statements only to the extent of its interest in the joint venture that are not related to the Company.

l. Biaya Dibayar Dimuka l. Prepaid Expenses

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus.

Prepaid expenses are amortized over their beneficial periods using the straight-line method.

m. Aset Tetap m. Property and Equipment

Aset tetap dicatat sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai. Biaya perolehan mencakup semua pengeluaran yang terkait secara langsung dengan perolehan aset tetap.

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment. Acquisition cost includes expenditures that are directly attributable to the acquisition of the items.

Penyusutan dihitung dengan menggunakan metode garis lurus setelah memperhitungkan nilai residu masing-masing dengan tarif sebagai berikut:

Depreciation of property and equipment is recognized so as to write-off the cost of assets less residual values using the straight-line method, as follows:

Tahun/Year Tarif/Tariff

Ruang kantor 25 4% Office spaceKomputer 5 20% ComputersPeralatan kantor 5 20% Office equipmentPerabotan kantor 5 20% Office furniturePartisi 5 20% Partitions




Seluruh jumlah yang diakui dalam penghasilan komprehensif lain yang terkait dengan ventura bersama direklasifikasi ke laba rugi (sebagai penyesuaian reklasifikasi) pada saat penghentian metode ekuitas.

venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

Jika Perusahaan mengurangi bagian kepemilikan pada ventura bersama tetapi Perusahaan tetap menerapkan metode ekuitas, Perusahaan mereklasifikasi ke laba rugi proporsi keuntungan yang telah diakui sebelumnya dalam penghasilan komprehensif lain yang terkait dengan pengurangan bagian kepemilikan (jika keuntungan atau kerugian tersebut akan direklasifikasi ke laba rugi atas pelepasan aset atau liabilitas yang terkait).

When the Company reduces its ownership interest in a joint venture but the Company continues to use the equity method, the Company reclassifies to profit or loss the proportion of the gain that had previously been recognized in other comprehensive income relating to that reduction in ownership interest (if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities).

Ketika Perusahaan melakukan transaksi dengan ventura bersama, keuntungan dan kerugian yang timbul dari transaksi dengan ventura bersama diakui dalam laporan keuangan Perusahaan hanya sepanjang kepemilikan dalam ventura bersama yang tidak terkait dengan Perusahaan.

When the Company has transaction with a joint venture, profits and losses resulting from the transactions with the associate or joint venture are recognized in the Company’s financial statements only to the extent of its interest in the joint venture that are not related to the Company.

l. Biaya Dibayar Dimuka l. Prepaid Expenses

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus.

Prepaid expenses are amortized over their beneficial periods using the straight-line method.

m. Aset Tetap m. Property and Equipment

Aset tetap dicatat sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai. Biaya perolehan mencakup semua pengeluaran yang terkait secara langsung dengan perolehan aset tetap.

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment. Acquisition cost includes expenditures that are directly attributable to the acquisition of the items.

Penyusutan dihitung dengan menggunakan metode garis lurus setelah memperhitungkan nilai residu masing-masing dengan tarif sebagai berikut:

Depreciation of property and equipment is recognized so as to write-off the cost of assets less residual values using the straight-line method, as follows:

Tahun/Year Tarif/Tariff

Ruang kantor 25 4% Office spaceKomputer 5 20% ComputersPeralatan kantor 5 20% Office equipmentPerabotan kantor 5 20% Office furniturePartisi 5 20% Partitions



Masa manfaat ekonomis, nilai residu dan metode penyusutan dievaluasi minimum setiap akhir tahun, dan pengaruh dari setiap perubahan estimasi akuntansi diterapkan secara prospektif.

The economic useful lives, residual values and depreciation method are evaluated at least each year end and the effect of any changes in estimate is accounted for on a prospective basis.

Beban pemeliharaan dan perbaikan dibebankan pada laba rugi pada saat terjadinya. Biaya-biaya lain yang terjadi selanjutnya yang timbul untuk menambah, mengganti atau memperbaiki aset tetap dicatat sebagai biaya perolehan aset jika dan hanya jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke entitas dan biaya perolehan aset dapat diukur secara andal.

The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred subsequently to add to, replace part of, or service an item of properties and equipments, are recognized as asset if, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Aset tetap yang dihentikan pengakuannya atau yang dijual, nilai tercatatnya dikeluarkan dari kelompok aset tetap. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laba rugi.

When assets are retired or otherwise disposed of, their carrying values are removed from the accounts and any resulting gain or loss is reflected in profit or loss.

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dan siap digunakan.

Construction in progress is stated at cost and transferred to the respective property, plant and equipment account when completed and ready for use.

n. Aset Takberwujud n. Intangible Assets

Aset takberwujud pada awalnya dicatat sebesar biaya perolehan dan selanjutnya dikurangi akumulasi amortisasi dan akumulasi rugi penurunan nilai. Biaya perolehan mencakup semua pengeluaran yang terkait secara langsung dengan perolehan aset takberwujud. Aset takberwujud diamortisasi dengan metode garis lurus berdasarkan estimasi umur manfaat selama 5 (lima) tahun.

Intangible assets are are initially measured at cost and subsequently less accumulated amortization and impairment. Cost includes expenditures that are directly attributable to the acquisition of the items. Intangible assets are amortized using the straight-lines method over estimated useful life of 5 (five) years.

Aset takberwujud dihentikan pengakuannya jika dilepas atau ketika tidak terdapat lagi manfaat ekonomi masa depan yang diharapkan dari penggunaan atau pelepasannya.

Intangible assets are derecognized when disposed or when there is no longer a future economic benefits expected from its use or disposal.

Taksiran masa manfaat, nilai residu dan metode amortisasi dievaluasi minimum setiap akhir tahun dan pengaruh dari setiap perubahan estimasi akuntansi diterapkan secara prospektif.

The estimated useful lives, residual values and amortization method are evaluated at least each year end and the effect of any changes in estimate is accounted for on a prospective basis.




o. Penurunan Nilai Aset Non-keuangan o. Impairment of Non-financial Assets

Pada setiap akhir periode pelaporan, Perusahaan menelaah nilai tercatat aset non-keuangan untuk menentukan apakah terdapat indikasi bahwa aset tersebut telah mengalami penurunan nilai. Jika terdapat indikasi tersebut, jumlah terpulihkan dari aset diestimasi untuk menentukan tingkat kerugian penurunan nilai (jika ada). Bila tidak memungkinkan untuk mengestimasi jumlah terpulihkan atas suatu aset individu, Perusahaan mengestimasi jumlah terpulihkan dari unit penghasil kas atas aset.

At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Estimasi jumlah terpulihkan adalah nilai tertinggi antara nilai wajar dikurangi biaya pelepasan dan nilai pakai. Jika jumlah terpulihkan dari aset non-keuangan (unit penghasil kas) lebih kecil dari nilai tercatatnya, nilai tercatat aset (unit penghasil kas) diturunkan menjadi sebesar jumlah terpulihkan dan rugi penurunan nilai segera diakui dalam laba rugi.

Estimated recoverable amount is the higher of fair value less cost to sell or value in use. If the recoverable amount of the 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.

Kebijakan akuntansi untuk penurunan nilai aset keuangan dijelaskan dalam Catatan 3e.

Accounting policy for impairment of financial assets is discussed in Note 3e.

p. Sewa p. Leases

Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial 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 lessee. All other leases are classified as operating leases.

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. Rental kontinjen diakui sebagai beban di dalam periode terjadinya.

Operating lease payments are recognized as expenses on a straight-line basis over the lease term, except where another 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

In the case of incentives obtained in operating leases, that incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-




o. Penurunan Nilai Aset Non-keuangan o. Impairment of Non-financial Assets

Pada setiap akhir periode pelaporan, Perusahaan menelaah nilai tercatat aset non-keuangan untuk menentukan apakah terdapat indikasi bahwa aset tersebut telah mengalami penurunan nilai. Jika terdapat indikasi tersebut, jumlah terpulihkan dari aset diestimasi untuk menentukan tingkat kerugian penurunan nilai (jika ada). Bila tidak memungkinkan untuk mengestimasi jumlah terpulihkan atas suatu aset individu, Perusahaan mengestimasi jumlah terpulihkan dari unit penghasil kas atas aset.

At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Estimasi jumlah terpulihkan adalah nilai tertinggi antara nilai wajar dikurangi biaya pelepasan dan nilai pakai. Jika jumlah terpulihkan dari aset non-keuangan (unit penghasil kas) lebih kecil dari nilai tercatatnya, nilai tercatat aset (unit penghasil kas) diturunkan menjadi sebesar jumlah terpulihkan dan rugi penurunan nilai segera diakui dalam laba rugi.

Estimated recoverable amount is the higher of fair value less cost to sell or value in use. If the recoverable amount of the 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.

Kebijakan akuntansi untuk penurunan nilai aset keuangan dijelaskan dalam Catatan 3e.

Accounting policy for impairment of financial assets is discussed in Note 3e.

p. Sewa p. Leases

Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial 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 lessee. All other leases are classified as operating leases.

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. Rental kontinjen diakui sebagai beban di dalam periode terjadinya.

Operating lease payments are recognized as expenses on a straight-line basis over the lease term, except where another 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

In the case of incentives obtained in operating leases, that incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-



terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.

line basis, unless there is another systematic basis that better reflect the time pattern of benefits consumed by user.

q. Provisi q. Provisions

Provisi diakui ketika Perusahaan memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) sebagai akibat peristiwa masa lalu, kemungkinan besar Perusahaan diharuskan menyelesaikan kewajiban dan estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Jumlah yang diakui sebagai provisi adalah hasil estimasi terbaik pengeluaran yang diperlukan untuk menyelesaikan kewajiban kini pada akhir periode pelaporan, dengan mempertimbangkan risiko dan ketidakpastian yang meliputi kewajibannya. Apabila suatu provisi diukur menggunakan arus kas yang diperkirakan untuk menyelesaikan kewajiban kini, maka nilai tercatatnya adalah nilai kini dari arus kas.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, consider the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

Ketika beberapa atau seluruh manfaat ekonomi untuk penyelesaian provisi yang diharapkan dapat dipulihkan dari pihak ketiga, piutang diakui sebagai aset apabila terdapat kepastian bahwa penggantian akan diterima dan jumlah piutang dapat diukur secara andal.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivables is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

r. Pengakuan Pendapatan dan Beban r. Recognition of Revenues and Expenses

Pendapatan dan beban bunga Interest income and expense Pendapatan dan beban bunga diakui secara akrual menggunakan metode suku bunga efektif (Catatan 3e).

Interest income and expense are recognized on an accrual basis using the effective interest rate method (Note 3e).

Pendapatan bunga dari pinjaman diberikan yang mengalami penurunan nilai dihitung menggunakan suku bunga efektif atas dasar nilai kredit setelah memperhitungkan kerugian penurunan nilai.

Interest income from impaired loan receivables are computed using the effective interest rate method based on the amount of loan – net of impairment loss.

Pendapatan dan beban bunga yang diakui dalam laporan keuangan termasuk:

Interest income and expense recognized in the financial statements include:

Bunga pada aset dan liabilitas keuangan pada biaya perolehan diamortisasi yang dihitung menggunakan suku bunga efektif.

Interest on financial assets and liabilities measured at amortized costs using the effective interest rate method.

Bunga pada instrumen sekuritas investasi tersedia untuk dijual dihitung menggunakan metode suku bunga efektif.

Interest on available-for-sale financial asset is computed using the effective interest rate method.




Pendapatan bagi hasil dan beban bonus secara syariah

Sharia profit sharing income and bonus expense

Pendapatan bagi hasil secara Syariah merupakan marjin murabahah dan bagi hasil pembiayaan mudharabah dan musyarakah serta aset produktif lainnya yang diakui dengan menggunakan metode akrual. Beban secara syariah merupakan distribusi bonus dan bagi hasil kepada pemilik dana yang diakui berdasarkan metode akrual.

Sharia profit sharing income represents margin from murabahah and profit-sharing on mudharabah and musyarakah financing and other productive assets which are recognized on the accrual basis. Sharia expense represents the bonus distribution and profit-sharing to fund owners which are recognized on an accrual basis.

Pendapatan murabahah diakui secara akrual menggunakan metode tingkat imbal hasil efektif.

Murabahah revenue are recognized on accrual basis using the effective rate of return method.

Pendapatan usaha musyarakah yang menjadi hak mitra aktif diakui sebesar haknya sesuai dengan kesepakatan atas pendapatan usaha musyarakah, sedangkan pendapatan usaha untuk mitra pasif diakui sebagai hak pihak mitra pasif atas bagi hasil dan liabilitas.

Revenue from musyarakah distributed to an active partner is recognized in accordance with the agreement on musyarakah revenue, whereas revenue distributed to passive partner is recognized as right of the passive partner on the revenue sharing and as a liability.

Pendapatan usaha mudharabah diakui dalam periode terjadinya hak bagi hasil sesuai nisbah yang disepakati dan tidak diperkenankan mengakui pendapatan dari proyeksi hasil usaha. Kerugian akibat kelalaian atau kesalahan mudharib dibebankan pada mudharib dan tidak mengurangi investasi mudharabah.

Revenue from mudharabah is recognized during the period of revenue sharing in accordance with the agreed revenue sharing ratio and recognition of revenue based on projected result is not allowed. Loss incurred due to negligence of mudharib is charged to mudharib and will not reduce the mudharabah investment.

Pendapatan jasa Service fee Pendapatan jasa (termasuk pengakuan pendapatan Penugasan Fasilitasi Penyiapan Proyek Kerjasama Pemerintah dan Swasta) diakui ketika jasa telah dilaksanakan, manfaat ekonomi besar kemungkinan akan mengalir ke entitas, dapat diukur, dan biayabiaya yang terjadi atau untuk menyelesaikan dapat diukur secara andal. Perusahaan menyajikan tagihan bruto kepada Pemerintah sebagai aset untuk biaya-biaya yang terjadi ditambah marjin yang diakui untuk semua pekerjaan dalam proses sampai dengan tahapan penyelesaian yang diperjanjikan.

Service fee revenue (including recognition of revenue from assignment of Public Private Partnership Project Development Facilitation) is recognized when services have been rendered, where it is probable that the economic benefits will flow to the entity, measurable, and expenses incurred or to complete can be reliably measured. The Company presents the gross bill to the Government as an asset for costs incurred plus recognized margin for all the work in process up to the stage of completion as agreed upon.

Beban Expenses Beban diakui pada saat terjadinya. Expenses are recognized when incurred.




Pendapatan bagi hasil dan beban bonus secara syariah

Sharia profit sharing income and bonus expense

Pendapatan bagi hasil secara Syariah merupakan marjin murabahah dan bagi hasil pembiayaan mudharabah dan musyarakah serta aset produktif lainnya yang diakui dengan menggunakan metode akrual. Beban secara syariah merupakan distribusi bonus dan bagi hasil kepada pemilik dana yang diakui berdasarkan metode akrual.

Sharia profit sharing income represents margin from murabahah and profit-sharing on mudharabah and musyarakah financing and other productive assets which are recognized on the accrual basis. Sharia expense represents the bonus distribution and profit-sharing to fund owners which are recognized on an accrual basis.

Pendapatan murabahah diakui secara akrual menggunakan metode tingkat imbal hasil efektif.

Murabahah revenue are recognized on accrual basis using the effective rate of return method.

Pendapatan usaha musyarakah yang menjadi hak mitra aktif diakui sebesar haknya sesuai dengan kesepakatan atas pendapatan usaha musyarakah, sedangkan pendapatan usaha untuk mitra pasif diakui sebagai hak pihak mitra pasif atas bagi hasil dan liabilitas.

Revenue from musyarakah distributed to an active partner is recognized in accordance with the agreement on musyarakah revenue, whereas revenue distributed to passive partner is recognized as right of the passive partner on the revenue sharing and as a liability.

Pendapatan usaha mudharabah diakui dalam periode terjadinya hak bagi hasil sesuai nisbah yang disepakati dan tidak diperkenankan mengakui pendapatan dari proyeksi hasil usaha. Kerugian akibat kelalaian atau kesalahan mudharib dibebankan pada mudharib dan tidak mengurangi investasi mudharabah.

Revenue from mudharabah is recognized during the period of revenue sharing in accordance with the agreed revenue sharing ratio and recognition of revenue based on projected result is not allowed. Loss incurred due to negligence of mudharib is charged to mudharib and will not reduce the mudharabah investment.

Pendapatan jasa Service fee Pendapatan jasa (termasuk pengakuan pendapatan Penugasan Fasilitasi Penyiapan Proyek Kerjasama Pemerintah dan Swasta) diakui ketika jasa telah dilaksanakan, manfaat ekonomi besar kemungkinan akan mengalir ke entitas, dapat diukur, dan biayabiaya yang terjadi atau untuk menyelesaikan dapat diukur secara andal. Perusahaan menyajikan tagihan bruto kepada Pemerintah sebagai aset untuk biaya-biaya yang terjadi ditambah marjin yang diakui untuk semua pekerjaan dalam proses sampai dengan tahapan penyelesaian yang diperjanjikan.

Service fee revenue (including recognition of revenue from assignment of Public Private Partnership Project Development Facilitation) is recognized when services have been rendered, where it is probable that the economic benefits will flow to the entity, measurable, and expenses incurred or to complete can be reliably measured. The Company presents the gross bill to the Government as an asset for costs incurred plus recognized margin for all the work in process up to the stage of completion as agreed upon.

Beban Expenses Beban diakui pada saat terjadinya. Expenses are recognized when incurred.



s. Pajak Penghasilan s. Income Tax

Beban pajak adalah jumlah gabungan pajak kini dan pajak tangguhan yang diperhitungkan dalam menentukan laba rugi pada suatu periode. Pajak kini dan pajak tangguhan diakui dalam laba rugi, kecuali pajak penghasilan yang timbul dari transaksi atau peristiwa yang diakui dalam penghasilan komprehensif lain atau secara langsung di ekuitas. Dalam hal ini, pajak tersebut masing-masing diakui dalam penghasilan komprehensif lain atau ekuitas.

Tax expense is the aggregate amount included in the determinination of profit or loss for the period in respect of current tax and deferred tax. Current tax and deferred tax is recognized in profit or loss, except for income tax arising from transactions or events that are recognized in other comprehensive income or directly in equity. In this case, the tax is recognized in other comprehensive income or equity, respectively.

Jumlah pajak kini untuk periode berjalan dan periode sebelumnya yang belum dibayar diakui sebagai liabilitas. Jika jumlah pajak yang telah dibayar untuk periode berjalan dan periode-periode sebelumnya melebihi jumlah pajak yang terutang untuk periode tersebut, maka kelebihannya diakui sebagai aset. Liabilitas (aset) pajak kini untuk periode berjalan dan periode sebelumnya diukur sebesar jumlah yang diperkirakan akan dibayar kepada (di restitusi dari) otoritas perpajakan, yang dihitung menggunakan tarif pajak (dan undang-undang pajak) yang telah berlaku atau secara substantif telah berlaku pada akhir periode pelaporan.

Current tax for current and prior periods that have not been paid recognized as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognized as an asset. Current tax liabilities (assets) for the current and prior periods shall be measured at the amount expected to be paid to (recovered from) the taxation authorities,using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Manfaat terkait dengan rugi pajak yang dapat ditarik untuk memulihkan pajak kini dari periode sebelumnya diakui sebagai aset. Aset pajak tangguhan diakui untuk akumulasi rugi pajak belum dikompensasi dan kredit pajak belum dimanfaatkan sepanjang kemungkinan besar laba kena pajak masa depan akan tersedia untuk dimanfaatkan dengan rugi pajak belum dikompensasi dan kredit pajak belum dimanfaatkan.

Tax benefits relating to tax loss that can be carried back to recover current tax of a previous periods is recognized as an asset. Deferred tax asset is recognized for the carryforward of unused tax losses and unused tax credit to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.

Seluruh perbedaan temporer kena pajak diakui sebagai liabilitas pajak tangguhan, kecuali perbedaan temporer kena pajak yang berasal dari:

A deferred tax liability shall be recognized for all taxable temporary differences, except to the extent that the deferred tax liability arises from:

a) Pengakuan awal goodwill; atau b) Pengakuan awal aset atau liabilitas dari

transaksi yang bukan kombinasi bisnis dan pada saat transaksi tidak mempengaruhi laba akuntansi atau laba kena pajak (rugi pajak).

a) The initial recognition of goodwill; or b) The initial recognition of an asset or

liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).




Aset pajak tangguhan diakui untuk seluruh perbedaan temporer dapat dikurangkan sepanjang kemungkinan besar laba kena pajak akan tersedia sehingga perbedaan temporer dapat dimanfaatkan untuk mengurangi laba dimaksud, kecuali jika aset pajak tangguhan timbul dari pengakuan awal aset atau pengakuan awal liabilitas dalam transaksi yang bukan kombinasi bisnis dan pada saat transaksi tidak mempengaruhi laba akuntansi atau laba kena pajak (rugi pajak).

A deferred tax asset shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss).

Aset dan liabilitas pajak tangguhan diukur dengan menggunakan tarif pajak yang diharapkan berlaku ketika aset dipulihkan atau liabilitas diselesaikan, berdasarkan tarif pajak (dan peraturan pajak) yang telah berlaku atau secara substantif telah berlaku pada akhir periode pelaporan. Pengukuran aset dan liabilitas pajak tangguhan mencerminkan konsekuensi pajak yang sesuai dengan cara Perusahaan memperkirakan, pada akhir periode pelaporan, untuk memulihkan atau menyelesaikan jumlah tercatat aset dan liabilitasnya.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets shall reflect the tax consequences that would follow from the manner in which the Perusahaan expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Jumlah tercatat aset pajak tangguhan ditelaah ulang pada akhir periode pelaporan. Perusahaan mengurangi jumlah tercatat aset pajak tangguhan jika kemungkinan besar laba kena pajak tidak lagi tersedia dalam jumlah yang memadai untuk mengkompensasikan sebagian atau seluruh aset pajak tangguhan tersebut. Setiap pengurangan tersebut dilakukan pembalikan atas aset pajak tangguhan hingga kemungkinan besar laba kena pajak yang tersedia jumlahnya memadai.

The carrying amount of a deferred tax asset reviewed at the end of each reporting period. The Perusahaan shall reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it becomes probable that sufficient taxable profit will be available.

Perusahaan melakukan saling hapus aset pajak tangguhan dan liabilitas pajak tangguhan jika dan hanya jika:

The Company offsets deferred tax assets and deferred tax liabilities if, and only if:

a) Perusahaan memiliki hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus aset pajak kini terhadap liabilitas pajak kini; dan

c) a) The Company has a legally enforceable right to set off current tax assets against current tax liabilities; and

b) Aset pajak tangguhan dan liabilitas pajak tangguhan terkait dengan pajak penghasilan yang dikenakan oleh otoritas perpajakan yang sama atas:

b) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either:

i. Entitas kena pajak yang sama; atau i. The same taxable entity; or




Aset pajak tangguhan diakui untuk seluruh perbedaan temporer dapat dikurangkan sepanjang kemungkinan besar laba kena pajak akan tersedia sehingga perbedaan temporer dapat dimanfaatkan untuk mengurangi laba dimaksud, kecuali jika aset pajak tangguhan timbul dari pengakuan awal aset atau pengakuan awal liabilitas dalam transaksi yang bukan kombinasi bisnis dan pada saat transaksi tidak mempengaruhi laba akuntansi atau laba kena pajak (rugi pajak).

A deferred tax asset shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss).

Aset dan liabilitas pajak tangguhan diukur dengan menggunakan tarif pajak yang diharapkan berlaku ketika aset dipulihkan atau liabilitas diselesaikan, berdasarkan tarif pajak (dan peraturan pajak) yang telah berlaku atau secara substantif telah berlaku pada akhir periode pelaporan. Pengukuran aset dan liabilitas pajak tangguhan mencerminkan konsekuensi pajak yang sesuai dengan cara Perusahaan memperkirakan, pada akhir periode pelaporan, untuk memulihkan atau menyelesaikan jumlah tercatat aset dan liabilitasnya.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets shall reflect the tax consequences that would follow from the manner in which the Perusahaan expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Jumlah tercatat aset pajak tangguhan ditelaah ulang pada akhir periode pelaporan. Perusahaan mengurangi jumlah tercatat aset pajak tangguhan jika kemungkinan besar laba kena pajak tidak lagi tersedia dalam jumlah yang memadai untuk mengkompensasikan sebagian atau seluruh aset pajak tangguhan tersebut. Setiap pengurangan tersebut dilakukan pembalikan atas aset pajak tangguhan hingga kemungkinan besar laba kena pajak yang tersedia jumlahnya memadai.

The carrying amount of a deferred tax asset reviewed at the end of each reporting period. The Perusahaan shall reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it becomes probable that sufficient taxable profit will be available.

Perusahaan melakukan saling hapus aset pajak tangguhan dan liabilitas pajak tangguhan jika dan hanya jika:

The Company offsets deferred tax assets and deferred tax liabilities if, and only if:

a) Perusahaan memiliki hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus aset pajak kini terhadap liabilitas pajak kini; dan

c) a) The Company has a legally enforceable right to set off current tax assets against current tax liabilities; and

b) Aset pajak tangguhan dan liabilitas pajak tangguhan terkait dengan pajak penghasilan yang dikenakan oleh otoritas perpajakan yang sama atas:

b) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either:

i. Entitas kena pajak yang sama; atau i. The same taxable entity; or



ii. Entitas kena pajak yang berbeda

yang bermaksud untuk memulihkan aset dan liabilitas pajak kini dengan dasar neto, atau merealisasikan aset dan menyelesaikan liabilitas secara bersamaan, pada setiap periode masa depan dimana jumlah signifikan atas aset atau liabilitas pajak tangguhan diperkirakan untuk diselesaikan atau dipulihkan.

ii. Different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Beban pajak kini ditentukan berdasarkan penghasilan kena pajak untuk tahun berjalan dan dihitung menggunakan tarif pajak yang berlaku.

Current tax expense is determined based on taxable income for the year and computed using prevailing tax rates.

t. Imbalan Pascakerja t. Employee Benefits

Liabilitas imbalan pascakerja Post-employment benefit obligation Perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pascakerja ini.

The Company provides defined post-employment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.

Imbalan pascakerja yang dicatat sebagai imbalan manfaat pasti ditentukan menggunakan metode Projected Unit Credit dengan penilaian aktuaria yang dilakukan setiap akhir periode pelaporan.

Post-employment benefits accounted for as defined benefit plan are determined using the Projected Unit Credit Method with actuarial valuations being carried out at the end of each annual reporting period.

Pengukuran kembali, yang terdiri keuntungan dan kerugian aktuaria, tercermin langsung dalam laporan posisi keuangan dengan beban atau kredit yang diakui dalam pendapatan komprehensif lain pada periode terjadinya. Pengukuran kembali diakui dalam pendapatan komprehensif lain tercermin langsung dalam saldo laba dan tidak akan direklasifikasi ke laporan laba rugi. Biaya jasa lalu diakui dalam laporan laba rugi pada periode amandemen program. Bunga neto dihitung dengan menggunakan tingkat diskonto pada awal periode dengan liabilitas atau aset imbalan pasti neto. Biaya imbalan pasti dikategorikan sebagai berikut: (i) biaya jasa (termasuk biaya jasa saat ini, biaya jasa lalu, serta keuntungan dan kerugian kurtailmen dan penyelesaian); (ii) beban atau pendapatan bunga neto; dan (iii) pengukuran kembali.

Remeasurement, comprising actuarial gains and losses, is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: (i) service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); (ii) net interest expense or income; and (iii) remeasurement.




Perusahaan menyajikan dua komponen awal biaya imbalan pasti di laba rugi. Keuntungan dan kerugian kurtailmen dicatat sebagai biaya jasa lalu.

The Company presents the first two components of defined benefit cost in profit or loss. Curtailment gains and losses are accounted for as past service cost.

Imbalan kerja jangka panjang lain Other long-term benefits Perusahaan memberikan imbalan kerja jangka panjang lain berupa cuti besar kepada karyawan yang telah bekerja selama 6 tahun atau lebih secara terus-menerus.

The Company provides other long-term benefits in form of long-service leaves to employee who already rendered 6 years or more of services.

Perhitungan imbalan kerja jangka panjang lain ditentukan dengan menggunakan metode Projected Unit Credit. Jumlah diakui sebagai imbalan kerja jangka panjang lain di laporan posisi keuangan adalah nilai kini kewajiban imbalan pasti.

The cost of providing other long-term benefits is determined by the Projected Unit Credited method. The other long-term benefits recognized in statement of financial position represents the present value of the defined benefit obligation.

u. Laba per Saham u. Earning per Shares

Laba per saham dasar dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan.

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

v. Informasi Segmen v. Segments Information

Informasi segmen diidentifikasi berdasarkan laporan internal mengenai komponen yang secara regular di reviu oleh “pengambil keputusan operasional” dalam rangka mengalokasikan sumber daya dan menilai kinerja informasi segmen.

Segments information are identified on the basis of internal reports about components that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performances.

Informasi segmen adalah suatu komponen dari entitas: 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);

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

c) dimana tersedia informasi keuangan yang dapat dipisahkan.

A segment information is a component of an entity: a) that engages in business activities

from which it may earn revenues and incurred expenses (including revenues and expenses relating to the transactions with other components of the same entity);

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) whereby discrete financial information is available.




Perusahaan menyajikan dua komponen awal biaya imbalan pasti di laba rugi. Keuntungan dan kerugian kurtailmen dicatat sebagai biaya jasa lalu.

The Company presents the first two components of defined benefit cost in profit or loss. Curtailment gains and losses are accounted for as past service cost.

Imbalan kerja jangka panjang lain Other long-term benefits Perusahaan memberikan imbalan kerja jangka panjang lain berupa cuti besar kepada karyawan yang telah bekerja selama 6 tahun atau lebih secara terus-menerus.

The Company provides other long-term benefits in form of long-service leaves to employee who already rendered 6 years or more of services.

Perhitungan imbalan kerja jangka panjang lain ditentukan dengan menggunakan metode Projected Unit Credit. Jumlah diakui sebagai imbalan kerja jangka panjang lain di laporan posisi keuangan adalah nilai kini kewajiban imbalan pasti.

The cost of providing other long-term benefits is determined by the Projected Unit Credited method. The other long-term benefits recognized in statement of financial position represents the present value of the defined benefit obligation.

u. Laba per Saham u. Earning per Shares

Laba per saham dasar dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan.

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

v. Informasi Segmen v. Segments Information

Informasi segmen diidentifikasi berdasarkan laporan internal mengenai komponen yang secara regular di reviu oleh “pengambil keputusan operasional” dalam rangka mengalokasikan sumber daya dan menilai kinerja informasi segmen.

Segments information are identified on the basis of internal reports about components that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performances.

Informasi segmen adalah suatu komponen dari entitas: 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);

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

c) dimana tersedia informasi keuangan yang dapat dipisahkan.

A segment information is a component of an entity: a) that engages in business activities

from which it may earn revenues and incurred expenses (including revenues and expenses relating to the transactions with other components of the same entity);

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) whereby discrete financial information is available.



4. Pertimbangan Kritis Akuntansi dan

Estimasi Akuntansi yang Signifikan 4. Critical Accounting Judgments and

Estimates Dalam penerapan kebijakan akuntansi, sebagaimana dijelaskan dalam Catatan 3, direksi diwajibkan untuk membuat pertimbangan, estimasi dan asumsi mengenai nilai tercatat aset dan liabilitas yang tidak tersedia dari sumber lain. Estimasi dan asumsi yang terkait didasarkan pada pengalaman historis dan faktor-faktor lain yang dianggap relevan. Hasil aktualnya mungkin berbeda dari estimasi tersebut.

In the application of accounting policies described in Note 3, the director is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other source. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimasi dan asumsi yang mendasari ditelaah secara berkelanjutan. Revisi estimasi akuntansi diakui dalam periode dimana estimasi tersebut direvisi jika revisi hanya mempengaruhi periode tersebut, atau pada periode revisi dan periode masa depan jika revisi mempengaruhi periode saat ini dan masa depan.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Pertimbangan Kritis dalam Penerapan Kebijakan Akuntansi

Critical Judgments in Applying Accounting Policies

Berikut ini adalah pertimbangan kritis, selain yang berkaitan dengan estimasi, di mana direksi telah membuat suatu proses penerapan kebijakan akuntansi Perusahaan dan memiliki pengaruh paling signifikan terhadap jumlah yang diakui dalam laporan keuangan.

The following are the critical judgments, apart from those involving estimations, that the directors have made in the process of applying the Company accounting policies and that have the most significant effect on the amounts recognized in the financial statements.

Perusahaan menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan mempertimbangkan bila definisi yang ditetapkan PSAK 55 (Revisi 2014) dipenuhi. Dengan demikian, aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi seperti yang diungkapkan pada Catatan 3.

The Company determines the classification of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition in PSAK 55 (Revised 2014). Accordingly, the financial assets and liabilities are accounted for in accordance with the accounting policies disclosed in Note 3.

Sumber Estimasi Ketidakpastian Key Sources of Uncertainty Estimation Asumsi utama mengenai masa depan dan sumber utama dari estimasi ketidakpastian lain pada akhir periode pelaporan, yang memiliki risiko signifikan yang mengakibatkan penyesuaian material terhadap jumlah tercatat aset dan liabilitas dalam periode pelaporan berikutnya dijelaskan dibawah ini.

The key assumptions concerning future and other key sources of uncertainty estimation at the end of the reporting period, that have the significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.




Rugi Penurunan Nilai Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah dan Piutang atas Penugasan Fasilitasi Penyiapan Proyek

Impairment Loss on Loan Receivables and Sharia Financing/ Receivables and Receivables from Assignmnent for Facilitation on Project Preparation

Perusahaan menilai penurunan nilai pinjaman diberikan dan pembiayaan/ piutang syariah, dan piutang atas penugasan fasilitasi penyiapan proyek pada setiap tanggal pelaporan. Dalam menentukan apakah rugi penurunan nilai harus dicatat dalam laba rugi, manajemen membuat penilaian, apakah terdapat bukti objektif bahwa kerugian telah terjadi. Manajemen juga membuat penilaian atas metodologi dan asumsi untuk memperkirakan jumlah dan waktu arus kas masa depan yang ditinjau kembali secara berkala untuk mengurangi perbedaan antara estimasi kerugian dan kerugian aktualnya.

The Company assess its loan receivables and sharia financing and receivables, and receivables from assignment for facilitation on project preparation for impairment at each reporting date. In determining whether an impairment loss should be recorded in profit or loss, management makes judgment as to whether there is an objective evidence that loss event has occurred. Management also makes judgment of the methodology and assumptions used to estimate the amount and timing of future cash flows which are reviewed regularly to reduce any differences between estimated loss and actual loss.

Nilai tercatat pinjaman diberikan dan pembiayaan/ piutang Syariah dan piutang atas penugasan fasilitasi penyiapan proyek diungkapkan pada Catatan 8 dan 9.

The carrying amount of loan receivables and sharia financing/ receivables and receivables from assignment for facilitation on project preparation are disclosed in Notes 8 and 9.

Taksiran Masa Manfaat Ekonomis Aset Tetap dan Aset Takberwujud

Estimated Useful Life of Properties and Equipments and Intangible Assets

Masa manfaat setiap aset tetap dan aset takberwujud Perusahaan ditentukan berdasarkan kegunaan yang diharapkan dari penggunaan aset tersebut. Estimasi ini ditentukan berdasarkan evaluasi teknis internal dan pengalaman Perusahaan atas aset sejenis. Masa manfaat setiap aset dilihat kembali secara periodik dan disesuaikan apabila perkiraan berbeda dengan estimasi sebelumnya karena keausan, keusangan teknis dan komersial, hukum atau keterbatasan lainnya atas pemakaian aset. Namun terdapat kemungkinan bahwa hasil operasi dimasa mendatang dapat dipengaruhi secara signifikan oleh perubahan atas jumlah serta periode pencatatan biaya yang diakibatkan karena perubahan faktor yang disebutkan diatas.

The useful life of each item of the Company’s properties and equipments and intangible assets is estimated based on the period over which the asset is expected to be available for use. Such estimation is based on internal technical evaluation and experience with similar assets. 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. 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.

Tidak terdapat perubahan masa manfaat aset tetap dan aset takberwujud selama periode berjalan. Nilai tercatat aset tetap dan aset takberwujud diungkapkan pada Catatan 13 dan 14.

There is no change in the estimated useful life of properties and equipments and intangible assets during the period. The carrying value of properties and equipments and intangible assets are disclosed in Notes 13 and 14.




Rugi Penurunan Nilai Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah dan Piutang atas Penugasan Fasilitasi Penyiapan Proyek

Impairment Loss on Loan Receivables and Sharia Financing/ Receivables and Receivables from Assignmnent for Facilitation on Project Preparation

Perusahaan menilai penurunan nilai pinjaman diberikan dan pembiayaan/ piutang syariah, dan piutang atas penugasan fasilitasi penyiapan proyek pada setiap tanggal pelaporan. Dalam menentukan apakah rugi penurunan nilai harus dicatat dalam laba rugi, manajemen membuat penilaian, apakah terdapat bukti objektif bahwa kerugian telah terjadi. Manajemen juga membuat penilaian atas metodologi dan asumsi untuk memperkirakan jumlah dan waktu arus kas masa depan yang ditinjau kembali secara berkala untuk mengurangi perbedaan antara estimasi kerugian dan kerugian aktualnya.

The Company assess its loan receivables and sharia financing and receivables, and receivables from assignment for facilitation on project preparation for impairment at each reporting date. In determining whether an impairment loss should be recorded in profit or loss, management makes judgment as to whether there is an objective evidence that loss event has occurred. Management also makes judgment of the methodology and assumptions used to estimate the amount and timing of future cash flows which are reviewed regularly to reduce any differences between estimated loss and actual loss.

Nilai tercatat pinjaman diberikan dan pembiayaan/ piutang Syariah dan piutang atas penugasan fasilitasi penyiapan proyek diungkapkan pada Catatan 8 dan 9.

The carrying amount of loan receivables and sharia financing/ receivables and receivables from assignment for facilitation on project preparation are disclosed in Notes 8 and 9.

Taksiran Masa Manfaat Ekonomis Aset Tetap dan Aset Takberwujud

Estimated Useful Life of Properties and Equipments and Intangible Assets

Masa manfaat setiap aset tetap dan aset takberwujud Perusahaan ditentukan berdasarkan kegunaan yang diharapkan dari penggunaan aset tersebut. Estimasi ini ditentukan berdasarkan evaluasi teknis internal dan pengalaman Perusahaan atas aset sejenis. Masa manfaat setiap aset dilihat kembali secara periodik dan disesuaikan apabila perkiraan berbeda dengan estimasi sebelumnya karena keausan, keusangan teknis dan komersial, hukum atau keterbatasan lainnya atas pemakaian aset. Namun terdapat kemungkinan bahwa hasil operasi dimasa mendatang dapat dipengaruhi secara signifikan oleh perubahan atas jumlah serta periode pencatatan biaya yang diakibatkan karena perubahan faktor yang disebutkan diatas.

The useful life of each item of the Company’s properties and equipments and intangible assets is estimated based on the period over which the asset is expected to be available for use. Such estimation is based on internal technical evaluation and experience with similar assets. 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. 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.

Tidak terdapat perubahan masa manfaat aset tetap dan aset takberwujud selama periode berjalan. Nilai tercatat aset tetap dan aset takberwujud diungkapkan pada Catatan 13 dan 14.

There is no change in the estimated useful life of properties and equipments and intangible assets during the period. The carrying value of properties and equipments and intangible assets are disclosed in Notes 13 and 14.



Pajak Penghasilan

Income Tax Dalam situasi tertentu, Perusahaan tidak dapat menentukan secara pasti jumlah utang pajak pada saat ini atau masa depan karena proses pemeriksaan, atau negosiasi dengan otoritas perpajakan. Ketidakpastian timbul terkait dengan interpretasi dari peraturan perpajakan yang kompleks dan jumlah dan waktu dari penghasilan kena pajak di masa depan. Dalam menentukan jumlah yang harus diakui terkait dengan utang pajak yang tidak pasti, Perusahaan menerapkan pertimbangan yang sama yang akan digunakan dalam menentukan jumlah cadangan yang harus diakui sesuai dengan PSAK 57: Provisi, Liabilitas Kontijensi dan Aset Kontijensi.

In certain circumstances, the Company may not be able to determine the exact amount of its current or future tax liabilities due to ongoing investigations by, or negotiations with, the taxation authority. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. In determining the amount to be recognized in respect of an uncertain tax liability, the Company applies similar considerations as it would use in determining the amount of a provision to be recognized in accordance with PSAK 57: Provisions, Contingent Liabilities and Contingent Asset.

Pajak penghasilan telah diungkapkan dalam Catatan 24c.

Income tax is disclosed in Note 24c.

Imbalan Kerja

Employee Benefits Kewajiban imbalan kerja ditentukan oleh penilaian aktuarial dengan menggunakan beberapa asumsi diantaranya tingkat diskonto, tingkat kenaikan gaji dan tingkat kematian. Walaupun asumsi Perusahaan dianggap tepat dan wajar, namun perubahan signifikan pada kenyataannya atau perubahan signifikan dalam asumsi yang digunakan dapat berpengaruh secara signifikan terhadap kewajiban imbalan kerja Perusahaan.

Employee benefits obligation are determined based on actuarial valuation which utilized various assumptions such as discount rates, the rates of salaries increases and mortality rates. Although the assumptions used by the Company are deemed to be appropriate and fair, significant changes in actual events or significant changes in the assumptions used can significantly affect the Company's employee benefits obligation.

Nilai tercatat liabilitas imbalan pascakerja telah diungkapkan pada Catatan 26.

The carrying amount of employment benefit obligations are disclosed in Note 26.




5. Kas dan Setara Kas 5. Cash and Cash Equivalents

2018 2017Rp Rp

Kas/ Cash on HandDolar Amerika Serikat / United States Dollar 72,405,000 67,740,000Rupiah / Rupiah 50,000,000 50,000,000

Jumlah Kas/ Total Cash 122,405,000 117,740,000

Bank/ Cash in BanksPihak Berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 11,490,081,355 25,048,949,251PT Bank Mandiri (Persero) Tbk 15,064,323 1,574,876,836

Sub Jumlah/ Sub Total 11,505,145,678 26,623,826,087

Dolar Amerika Serikat / United States Dollar PT Bank Mandiri (Persero) Tbk 316,992,276 336,446,290PT Bank Rakyat Indonesia (Persero) Tbk 26,173,249 300,144,424

Sub Jumlah/ Sub Total 343,165,525 636,590,714

Pihak Ketiga/ Third PartiesRupiah/ Rupiah

PT Bank Danamon Tbk 212,071,771,024 104,054,185,094PT Bank Maybank Indonesia Tbk 550,442,763 9,640,102PT Bank Muamalat Indonesia Tbk 211,382,105 563,803,916PT Bank Permata Tbk 66,878,226 68,075,226Standard Chartered Bank 9,311,595 9,503,595PT Bank ICBC Indonesia 7,931,905 2,528,447PT Bank ANZ Indonesia 5,807,322 11,397,633PT Bank UOB Indonesia 3,779,517 2,495,977


Dolar Amerika Serikat / United States Dollar PT Bank Maybank Indonesia Tbk 461,428,119,073 9,626,165,198PT Bank Danamon Tbk 4,636,952,321 4,367,281,120PT Bank ANZ Indonesia 1,815,440,830 5,028,024,667Standard Chartered Bank 105,726,505 6,806,335,012PT Bank UOB Indonesia 86,858,486 424,064,864MUFG Bank, Ltd 72,761,088 76,452,854

Sub Jumlah/ Sub Total 468,145,858,303 26,328,323,715Jumlah Bank/ Total Cash in Banks 692,921,473,963 158,310,370,506

Deposito Berjangka/ Time DepositsPihak Berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ Rupiah

PT Bank Tabungan Negara (Persero) Tbk 1,614,859,207,639 1,502,632,764,711PT Bank Rakyat Indonesia (Persero) Tbk 1,217,944,363,639 1,766,508,000,000PT Bank Mandiri (Persero) Tbk 879,911,000,000 1,809,083,000,000PT Bank Rakyat Indonesia Agroniaga Tbk 750,717,388,991 1,923,668,454,377PT Bank Jabar Banten (Persero) Tbk 588,550,777,448 200,960,000,000PT Bank Negara Indonesia (Persero) Tbk 316,246,972,857 700,800,000,000




5. Kas dan Setara Kas 5. Cash and Cash Equivalents

2018 2017Rp Rp

Kas/ Cash on HandDolar Amerika Serikat / United States Dollar 72,405,000 67,740,000Rupiah / Rupiah 50,000,000 50,000,000

Jumlah Kas/ Total Cash 122,405,000 117,740,000

Bank/ Cash in BanksPihak Berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 11,490,081,355 25,048,949,251PT Bank Mandiri (Persero) Tbk 15,064,323 1,574,876,836


Dolar Amerika Serikat / United States Dollar PT Bank Mandiri (Persero) Tbk 316,992,276 336,446,290PT Bank Rakyat Indonesia (Persero) Tbk 26,173,249 300,144,424

Sub Jumlah/ Sub Total 343,165,525 636,590,714


PT Bank Danamon Tbk 212,071,771,024 104,054,185,094PT Bank Maybank Indonesia Tbk 550,442,763 9,640,102PT Bank Muamalat Indonesia Tbk 211,382,105 563,803,916PT Bank Permata Tbk 66,878,226 68,075,226Standard Chartered Bank 9,311,595 9,503,595PT Bank ICBC Indonesia 7,931,905 2,528,447PT Bank ANZ Indonesia 5,807,322 11,397,633PT Bank UOB Indonesia 3,779,517 2,495,977


Dolar Amerika Serikat / United States Dollar PT Bank Maybank Indonesia Tbk 461,428,119,073 9,626,165,198PT Bank Danamon Tbk 4,636,952,321 4,367,281,120PT Bank ANZ Indonesia 1,815,440,830 5,028,024,667Standard Chartered Bank 105,726,505 6,806,335,012PT Bank UOB Indonesia 86,858,486 424,064,864MUFG Bank, Ltd 72,761,088 76,452,854

Sub Jumlah/ Sub Total 468,145,858,303 26,328,323,715Jumlah Bank/ Total Cash in Banks 692,921,473,963 158,310,370,506





2018 2017Rp Rp

Deposito Berjangka/ Time DepositsPihak Berelasi (Catatan 33) / Related Parties (Note 33)

PT Bank Riau Kepri 130,086,785,375 506,058,228,315PT Bank Nagari 101,174,936,837 --PT Bank Mandiri Taspen Pos 56,798,000,046 460,536,221,130PT Bank DKI -- 1,714,584,778,077PT Bank Pembangunan Daerah

Jawa Tengah -- 633,697,936,662PT Bank Pembangunan Daerah

Sumatera Utara -- 204,074,587,242Sub Jumlah/ Sub Total 5,656,289,432,832 11,422,603,970,514

Dolar Amerika Serikat / United States Dollar PT Bank BRI Agroniaga Tbk 189,432,214,185 --


PT Bank Woori Saudara Indonesia 1906 Tbk 730,382,770,783 200,981,917,808PT Bank Maybank Indonesia Tbk 329,942,500,000 263,602,646,000PT Bank Bukopin Tbk -- 1,506,413,436,074PT Bank ICBC Indonesia -- 700,000,000,000PT Bank UOB Indonesia -- 500,000,000,000PT Bank Pan Indonesia Tbk -- 201,325,897,242PT Bank Tabungan Pensiunan

Nasional (Persero) Tbk -- 200,821,917,808Sub Jumlah/ Sub Total 1,060,325,270,783 3,573,145,814,932

Dolar Amerika Serikat / United States Dollar PT Bank Maybank Indonesia Tbk -- 203,220,000,000PT Bank Tabungan Pensiunan Nasional -- 40,740,712,125

Sub Jumlah -- 243,960,712,125Jumlah Deposito Berjangka/ Total Time Deposits 6,906,046,917,800 15,239,710,497,571Jumlah Kas dan Setara Kas/ Total Cash and Cash Equivalents 7,599,090,796,763 15,398,138,608,077 Tingkat bunga dan jangka waktu deposito berjangka sebagai berikut:

Interest rate and term period of time deposits as follows:

2018 2017

Rupiah/ Rupiah 7.20 - 9.00 % 6.00 - 9.50 %Dolar Amerika Serikat / United States Dollar 2.75 - 3.50 % 1.25 - 1.85 %Jangka waktu/ Time of Period 1-3 Bulan/ Month 1-3 Bulan/ Month




6. Dana Dibatasi Penggunaannya 6. Restricted Funds

2018 2017Rp Rp

BankPihak Berelasi (Catatan 33)/ Related Parties (Note 33)Rupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 1,189,400,979 --Sub Jumlah/ Sub Total 1,189,400,979 --

Dolar Amerika Serikat / United States Dollar PT Bank Rakyat Indonesia (persero) Tbk 54,008,708,603 5,016,133,452


Pihak Ketiga/ Third PartiesDolar Amerika Serikat / United States Dollar

PT Bank Maybank Indonesia Tbk 1,746,138,095 805,668,264Sub Jumlah/ Sub Total 1,746,138,095 805,668,264

Jumlah Bank/ Total Cash in Banks 56,944,247,677 5,821,801,716


PT Bank Rakyat Indonesia (Persero) Tbk 75,000,000,000 --PT Bank Mandiri (Persero) Tbk -- 96,500,000,000



PT Bank Maybank Indonesia Tbk 72,405,000,000 67,740,000,000Sub Jumlah/ Sub Total 72,405,000,000 67,740,000,000

Jumlah Deposito Berjangka/ Total Time Deposits 147,405,000,000 164,240,000,000Jumlah Dana Dibatasi Penggunaanya/ Total Restricted Fund 204,349,247,677 170,061,801,716c Dana dibatasi penggunaannya merupakan dana sehubungan dengan perjanjian pembiayaan antara Perusahaan dengan Agence Française de Développement (AFD) (Catatan 34f), World Bank untuk Regional Infrastructure Development Fund – Project Development Facility (RIDF-PDF), (Catatan 34i). Perjanjian Penerimaan hibah berupa dana Clean Technology Fund (CTF) dan Global Environment Facility (GEF) (Catatan 34g), Perjanjian dana subsidi lokal Deutsche Gesellschaft fur Internationale Zisammenarbeit (GIZ) (Catatan 34j) dan transaksi Mandiri Call Spread Option (Catatan 18).

Restricted funds represent funds from the Company’s financing agreement with Agence Francaise De Developpement (AFD) (Note 34f), World Bank for Regional Infrastructure Development Fund – Project Development Facility (RIDF-PDF) (Note 34i). Grant agreement of Clean Technology Fund (CTF) and Global Environment Facility (GEF) (Note 34g), local subsidy agreement with Deutsche Gesellschaft fur Internationale Zisammenarbeit (GIZ) (Note 34j) and Mandiri Call Spread Option transactions (Note 18).




6. Dana Dibatasi Penggunaannya 6. Restricted Funds

2018 2017Rp Rp

BankPihak Berelasi (Catatan 33)/ Related Parties (Note 33)Rupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 1,189,400,979 --Sub Jumlah/ Sub Total 1,189,400,979 --

Dolar Amerika Serikat / United States Dollar PT Bank Rakyat Indonesia (persero) Tbk 54,008,708,603 5,016,133,452



PT Bank Maybank Indonesia Tbk 1,746,138,095 805,668,264Sub Jumlah/ Sub Total 1,746,138,095 805,668,264

Jumlah Bank/ Total Cash in Banks 56,944,247,677 5,821,801,716





PT Bank Maybank Indonesia Tbk 72,405,000,000 67,740,000,000Sub Jumlah/ Sub Total 72,405,000,000 67,740,000,000

Jumlah Deposito Berjangka/ Total Time Deposits 147,405,000,000 164,240,000,000Jumlah Dana Dibatasi Penggunaanya/ Total Restricted Fund 204,349,247,677 170,061,801,716c Dana dibatasi penggunaannya merupakan dana sehubungan dengan perjanjian pembiayaan antara Perusahaan dengan Agence Française de Développement (AFD) (Catatan 34f), World Bank untuk Regional Infrastructure Development Fund – Project Development Facility (RIDF-PDF), (Catatan 34i). Perjanjian Penerimaan hibah berupa dana Clean Technology Fund (CTF) dan Global Environment Facility (GEF) (Catatan 34g), Perjanjian dana subsidi lokal Deutsche Gesellschaft fur Internationale Zisammenarbeit (GIZ) (Catatan 34j) dan transaksi Mandiri Call Spread Option (Catatan 18).

Restricted funds represent funds from the Company’s financing agreement with Agence Francaise De Developpement (AFD) (Note 34f), World Bank for Regional Infrastructure Development Fund – Project Development Facility (RIDF-PDF) (Note 34i). Grant agreement of Clean Technology Fund (CTF) and Global Environment Facility (GEF) (Note 34g), local subsidy agreement with Deutsche Gesellschaft fur Internationale Zisammenarbeit (GIZ) (Note 34j) and Mandiri Call Spread Option transactions (Note 18).



7. Efek-Efek 7. Securities

Efek-efek yang dimiliki Perusahaan berdasarkan sifat, mata uang dan tujuan sebagai berikut :

The securities that are held by the Company based on nature, currencies and purposes are as follows:

2018 2017Rp Rp

Pihak berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ RupiahTersedia untuk dijual/ Available for Sale

Reksadana/ Mutual FundsReksa Dana Danareksa Melati Pendapatan Tetap Multi Plus 710,951,517,827 459,986,643,182 Mandiri Obligasi Optima II 392,142,324,039 241,349,804,148

Sub Jumlah/ Sub Total 1,103,093,841,866 701,336,447,330

Medium Term NotesMTN Subordinasi I Bank Mandiri Th 2018 12,000,000,000 --MTN II Bank BJB Tahun 2016 -- 50,000,000,000


Obligasi/ BondsObligasi Surat Perbendaharaan Negara 198,535,371,925 --Obligasi I Pelindo IV Thn 2018 Seri B 181,415,325,000 --Obligasi Berkelanjutan I Semen Indonesia Tahap I Thn 2017 48,498,111,111 52,534,100,000 Obligasi Berkelanjutan II PNM Thp. I Tahun 2017 seri B 40,157,098,333 30,048,090,000 Obligasi Berkelanjutan Eximbank IV Tahap II Tahun 2018 Seri A 29,796,133,333 --Obligasi Berkelanjutan III Waskita Karya Thp II Thn 2018 Seri A 28,667,383,333 --Obligasi Berkelanjutan II PNM Thp. II Th. 2018 Seri A 28,580,900,000 --Obligasi II Bank Maluku Utara Tahun 2017 Seri B 24,445,437,500 25,050,825,000 Obligasi Berkelanjutan I Timah Tahap I Tahun 2017 Seri A 9,799,516,667 10,035,450,000 Obligasi Berkelanjutan I Timah Tahap I Tahun 2017 Seri B 7,530,646,667 92,068,650,000 Obligasi Berkelanjutan IV SMF Thp I Tahun 2017 seri A -- 39,665,663,000


Kontrak Investasi Kolektif Efek Beragun Aset/ Collective Instrument contract asset backed securitiesKIK EBA Jasa Marga 120,093,018,851 151,854,450,000 EBA Danareksa Indonesia Power PLN-1 110,067,710,421 135,432,303,717


Dolar Amerika Serikat / United States Dollar Tersedia untuk dijual/ Available for Sale

Obligasi/ BondsObligasi Global Republik Indonesia 74,510,892,474 72,701,142,120 Obligasi Pertamina (Persero) 71,315,505,891 70,879,749,000 Obligasi Pelabuhan Indonesia II (Persero) 68,504,462,136 69,602,850,000


Rupiah/ RupiahNilai wajar melalui penghasilan komprehensif lain/ Fair value through other compherensive income

Sukuk / SukukSurat Berharga Syariah Negara 279,514,010,870 --

Sub Jumlah/ Sub Total 279,514,010,870 --




2018 2017Rp Rp

Dolar Amerika Serikat / United States Dollar Nilai wajar melalui penghasilan komprehensif lain/ Fair value through other compherensive income

Sukuk / SukukIndonesia Global Sukuk 2022 49,544,191,250 48,129,270,000 Indonesia Global Sukuk 2026 -- 251,054,601,000


Dolar Amerika Serikat / United States Dollar Diukur dengan biaya perolehan/ Measured at cost

Sukuk / SukukIndonesia Global Sukuk 2026 254,316,451,084 --


Pihak ketiga/ Third PartiesRupiah/ RupiahTersedia untuk dijual/ Available for Sale

Reksadana/ Mutual FundsReksa Dana Trimegah Dana Tetap Nusantara 782,535,844,798 442,851,128,435 Insight Infra Development 708,334,678,945 443,238,919,885 Unit Kreasi Premier ETF SMInfra18 49,731,000,000 28,890,600,000 Makara Prima 5,004,067,995 --


Obligasi/ BondsObligasi Berkelanjutan II TAFS Thp. II Th. 2017 Seri B 50,310,138,889 51,203,050,000 Obligasi Berkelanjutan II CIMB Niaga Tahap IV

Tahun 2018 Seri A 32,159,650,000 --Obligasi Berkelanjutan III Medco Energi Internasional

Tahap II Th. 2018 Seri A 19,254,277,778 --Obligasi Berkelanjutan Serasi Auto Raya Thp I Th. 2018 Seri B 14,473,683,333 --


Nilai wajar melalui penghasilan komprehensif lain/ Fair value through other compherensive income

Sukuk / SukukSukuk Mudharabah Berkelanjutan II Maybank Indonesia

Thp. II Th. 2017 99,000,555,556 101,061,300,000 Sub Jumlah/ Sub Total 99,000,555,556 101,061,300,000

Jumlah Efek-efek/ Total Securities 4,501,189,906,006 2,867,638,589,487c Efek-efek yang dimiliki Perusahaan berdasarkan penerbit dan peringkat obligasi adalah:

The securities that are held by the Company based on issuer and rating are as follows:

Rp Peringkat/ Rating Rp Peringkat/

Rating

Pihak berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ RupiahReksadana/ Mutual Funds

PT Danareksa (Persero) 710,951,517,827 -- 459,986,643,182 --PT Mandiri Manajemen Investasi 392,142,324,039 -- 241,349,804,148 --


2018 2017




2018 2017Rp Rp

Dolar Amerika Serikat / United States Dollar Nilai wajar melalui penghasilan komprehensif lain/ Fair value through other compherensive income

Sukuk / SukukIndonesia Global Sukuk 2022 49,544,191,250 48,129,270,000 Indonesia Global Sukuk 2026 -- 251,054,601,000


Dolar Amerika Serikat / United States Dollar Diukur dengan biaya perolehan/ Measured at cost

Sukuk / SukukIndonesia Global Sukuk 2026 254,316,451,084 --


Pihak ketiga/ Third PartiesRupiah/ RupiahTersedia untuk dijual/ Available for Sale

Reksadana/ Mutual FundsReksa Dana Trimegah Dana Tetap Nusantara 782,535,844,798 442,851,128,435 Insight Infra Development 708,334,678,945 443,238,919,885 Unit Kreasi Premier ETF SMInfra18 49,731,000,000 28,890,600,000 Makara Prima 5,004,067,995 --


Obligasi/ BondsObligasi Berkelanjutan II TAFS Thp. II Th. 2017 Seri B 50,310,138,889 51,203,050,000 Obligasi Berkelanjutan II CIMB Niaga Tahap IV

Tahun 2018 Seri A 32,159,650,000 --Obligasi Berkelanjutan III Medco Energi Internasional

Tahap II Th. 2018 Seri A 19,254,277,778 --Obligasi Berkelanjutan Serasi Auto Raya Thp I Th. 2018 Seri B 14,473,683,333 --



Sukuk / SukukSukuk Mudharabah Berkelanjutan II Maybank Indonesia

Thp. II Th. 2017 99,000,555,556 101,061,300,000 Sub Jumlah/ Sub Total 99,000,555,556 101,061,300,000

Jumlah Efek-efek/ Total Securities 4,501,189,906,006 2,867,638,589,487c Efek-efek yang dimiliki Perusahaan berdasarkan penerbit dan peringkat obligasi adalah:

The securities that are held by the Company based on issuer and rating are as follows:


Rating

Pihak berelasi (Catatan 33) / Related Parties (Note 33)Rupiah/ RupiahReksadana/ Mutual Funds

PT Danareksa (Persero) 710,951,517,827 -- 459,986,643,182 --PT Mandiri Manajemen Investasi 392,142,324,039 -- 241,349,804,148 --


2018 2017




Rating

Pihak berelasi (Catatan 33) / Related Parties (Note 33)

2018 2017

Medium Term NotesPT Bank Mandiri (Persero) Tbk 12,000,000,000 idAAA --PT Bank Jabar Banten Tbk -- -- 50,000,000,000 idAA-


SukukKementerian Keuangan RI 279,514,010,870 --


Kontrak Investasi Kolektif Efek Beragun Aset/Collective Investment contract asset backed securities

PT Jasa Marga (Persero) 120,093,018,851 idAAAsf 151,854,450,000 idAAAPT Indonesia Power 110,067,710,421 idAAAsf 135,432,303,717 idAAAsf


Obligasi/ BondsKementerian Keuangan RI 198,535,371,925 --PT Pelabuhan Indonesia IV (Persero) 181,415,325,000 idAA --PT Permodalan Nasional Madani (Persero) 68,737,998,333 idA 30,048,090,000 idAPT Semen Indonesia (Persero) Tbk 48,498,111,111 idAA+ 52,534,100,000 idAA+Indonesia Eximbank 29,796,133,333 idAAA --PT Waskita Karya (Persero) Tbk 28,667,383,333 idA- --PT Bank Maluku Malut 24,445,437,500 A(idn) 25,050,825,000 A(idn)PT Timah (Persero)Tbk 17,330,163,334 idA+ 102,104,100,000 idA+PT Sarana Multigriya Finansial (Persero) -- 39,665,663,000 idAAA


Dolar Amerika Serikat / United States Dollar Reksadana/ Mutual Funds

SBSN Indonesia - II 254,316,451,084 BBB -- BBBPemerintah Republik Indonesia 49,544,191,250 BBB 299,183,871,000 BBB


Obligasi/ BondsPemerintah Republik Indonesia 74,510,892,474 BBB 72,701,142,120 BBBPT Pertamina (Persero) 71,315,505,891 BBB 70,879,749,000 BBBPT Pelabuhan Indonesia II (Persero) 68,504,462,136 BBB- 69,602,850,000 BBB-


Pihak ketiga/ Third PartiesRupiah/ RupiahReksadana/ Mutual Funds

PT Trimegah Asset Management 782,535,844,798 442,851,128,435 PT Insight Investments Management 708,334,678,945 443,238,919,885 PT Indopremier Investmanet Management 49,731,000,000 28,890,600,000 PT Bahana TCW Investment Management 5,004,067,995 --


Sukuk/ SukukPT Bank Maybank Indonesia Tbk 99,000,555,556 idAAA(sy) 101,061,300,000 idAAA(sy)


Reksadana/ Mutual FundsPT Toyota Astra Finance Services 50,310,138,889 AAA(idn) 51,203,050,000 idAPT Bank CIMB Niaga Tbk 32,159,650,000 AAA(idn) --PT Medco Energi International Tbk 19,254,277,778 idA+ --PT Serasi Autoraya 14,473,683,333 AA-(idn) --

Sub Jumlah/ Sub Total 116,197,750,000 51,203,050,000 c Jumlah Efek - efek/ Total Securities 4,501,189,906,006 2,867,638,589,487c

Biaya perolehan atas efek tersedia untuk dijual (AFS) pada tanggal 31 Desember 2018 dan 2017, masing - masing sebesar Rp4.343.666.362.563 dan Rp2.660.381.221.113.

Cost of available-for-sale (AFS) securities as of December 31, 2018 and 2017 amounted to Rp4,343,666,362,563 and to Rp2,660,381,221,113, respectively.




Perubahan yang belum direalisasi dalam nilai wajar efek tersedia untuk dijual:

Unrealized changes in value of available-for-sale securities:

2018 2017Rp Rp

Saldo 207,257,368,374 50,424,109,298 Beginning balanceRealisasi atas penjualan Realized on sale in available-for-sale

efek tersedia untuk dijual (63,425,858,932) (34,106,589,202) securitiesPerubahaan nilai wajar efek 13,692,034,001 190,939,848,278 Change in fair valueSaldo akhir 157,523,543,443 207,257,368,374 Ending balancec

8. Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah

8. Loan Receivables and Sharia Financing/ Receivables

Pinjaman diberikan dan pembiayaan/piutang syariah menurut sektor infrastruktur adalah sebagai berikut:

Loan receivables and sharia financing/ receivables based on infrastructure sectors are as follows:

2018 2017Rp Rp

Pinjaman Diberikan Loan ReceivablesPihak berelasi (Catatan 33) Related parties (Note 33)Rupiah Rupiah

Ketenagalistrikan 11,271,048,183,138 10,603,214,098,590 ElectricityJalan 10,277,902,310,311 5,113,670,681,870 RoadsTransportasi 3,001,334,969,698 2,659,526,388,529 TransportationsTelekomunikasi 2,433,244,627,092 1,323,461,534,747 TelecommunicationsSosial - Jalan 1,647,182,044,979 -- Social - RoadMulti sektor 818,640,025,250 442,877,724,771 Multi SectorSosial - Rumah Sakit Umum Daerah 739,372,347,009 817,029,476,407 Social - HospitalRolling Stock Kereta Api 280,613,004,501 229,753,851,424 Train Rolling StockAir Minum 134,159,593,476 168,962,567,266 Potable waterSosial - Pasar 10,758,709,902 17,510,603,000 Social - MarketSosial - Terminal -- 3,472,673,679 Social - StationSub Jumlah 30,614,255,815,356 21,379,479,600,283 Sub Total

Dolar Amerika Serikat United States Dollar Multi sektor 2,723,737,171,008 2,608,995,997,588 Multi sectorMinyak dan gas bumi 2,160,176,173,438 2,018,240,258,997 Oil and gasKetenagalistrikan 117,730,493,363 7,376,886,000 ElectricityRolling Stock Kereta Api -- 148,283,961,046 Train Rolling StockSub Jumlah 5,001,643,837,809 4,782,897,103,631 Sub Total

Pihak ketiga Third partiesRupiah Rupiah

Jalan 3,475,023,847,933 2,571,691,769,572 RoadsTransportasi 412,593,525,544 481,014,047,983 TransportationsKetenagalistrikan 331,605,058,557 555,744,968,125 ElectricityAir minum 311,737,129,569 108,406,499,312 Potable waterMinyak dan gas bumi 89,444,012,482 -- Oil and gasSosial - Rumah Sakit 60,812,020,866 62,825,300,773 Social - HospitalTelekomunikasi -- 337,411,722,826 TelecommunicationsSub Jumlah 4,681,215,594,951 4,117,094,308,591 Sub Total

Dolar Amerika Serikat United States Dollar Ketenagalistrikan 3,774,441,387,260 2,082,881,173,312 ElectricityMinyak dan gas bumi 199,912,386,128 564,319,500,584 Oil and gasSub Jumlah 3,974,353,773,388 2,647,200,673,896 Sub Total




Perubahan yang belum direalisasi dalam nilai wajar efek tersedia untuk dijual:

Unrealized changes in value of available-for-sale securities:

2018 2017Rp Rp

Saldo 207,257,368,374 50,424,109,298 Beginning balanceRealisasi atas penjualan Realized on sale in available-for-sale

efek tersedia untuk dijual (63,425,858,932) (34,106,589,202) securitiesPerubahaan nilai wajar efek 13,692,034,001 190,939,848,278 Change in fair valueSaldo akhir 157,523,543,443 207,257,368,374 Ending balancec

8. Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah

8. Loan Receivables and Sharia Financing/ Receivables

Pinjaman diberikan dan pembiayaan/piutang syariah menurut sektor infrastruktur adalah sebagai berikut:

Loan receivables and sharia financing/ receivables based on infrastructure sectors are as follows:

2018 2017Rp Rp


Ketenagalistrikan 11,271,048,183,138 10,603,214,098,590 ElectricityJalan 10,277,902,310,311 5,113,670,681,870 RoadsTransportasi 3,001,334,969,698 2,659,526,388,529 TransportationsTelekomunikasi 2,433,244,627,092 1,323,461,534,747 TelecommunicationsSosial - Jalan 1,647,182,044,979 -- Social - RoadMulti sektor 818,640,025,250 442,877,724,771 Multi SectorSosial - Rumah Sakit Umum Daerah 739,372,347,009 817,029,476,407 Social - HospitalRolling Stock Kereta Api 280,613,004,501 229,753,851,424 Train Rolling StockAir Minum 134,159,593,476 168,962,567,266 Potable waterSosial - Pasar 10,758,709,902 17,510,603,000 Social - MarketSosial - Terminal -- 3,472,673,679 Social - StationSub Jumlah 30,614,255,815,356 21,379,479,600,283 Sub Total

Dolar Amerika Serikat United States Dollar Multi sektor 2,723,737,171,008 2,608,995,997,588 Multi sectorMinyak dan gas bumi 2,160,176,173,438 2,018,240,258,997 Oil and gasKetenagalistrikan 117,730,493,363 7,376,886,000 ElectricityRolling Stock Kereta Api -- 148,283,961,046 Train Rolling StockSub Jumlah 5,001,643,837,809 4,782,897,103,631 Sub Total


Jalan 3,475,023,847,933 2,571,691,769,572 RoadsTransportasi 412,593,525,544 481,014,047,983 TransportationsKetenagalistrikan 331,605,058,557 555,744,968,125 ElectricityAir minum 311,737,129,569 108,406,499,312 Potable waterMinyak dan gas bumi 89,444,012,482 -- Oil and gasSosial - Rumah Sakit 60,812,020,866 62,825,300,773 Social - HospitalTelekomunikasi -- 337,411,722,826 TelecommunicationsSub Jumlah 4,681,215,594,951 4,117,094,308,591 Sub Total

Dolar Amerika Serikat United States Dollar Ketenagalistrikan 3,774,441,387,260 2,082,881,173,312 ElectricityMinyak dan gas bumi 199,912,386,128 564,319,500,584 Oil and gasSub Jumlah 3,974,353,773,388 2,647,200,673,896 Sub Total



2018 2017Rp Rp

Pembiayaan/ Piutang Syariah Sharia Financing/ ReceivablesPihak berelasi (Catatan 33) Related parties (Note 33)Rupiah Rupiah

Ketenagalistrikan 2,000,000,000,000 1,000,000,000,000 ElectricityJalan 168,834,185,665 -- RoadSub Jumlah 2,168,834,185,665 1,000,000,000,000 Sub Totalc

Jumlah Pinjaman diberikan dan Total Loan Receivables and ShariaPembiayaan/ Piutang Syariah 46,440,303,207,169 33,926,671,686,401 Financing/ Receivables

Cadangan Kerugian Penurunan Nilai (829,187,872,662) (602,894,159,814) Allowance for Impairment LossesPinjaman Diberikan dan Pembiayaan/ Loan Receivables and Sharia Financing/

Piutang Syariah - neto 45,611,115,334,507 33,323,777,526,587 Receivables - net Pinjaman diberikan dan pembiayaan/ piutang syariah menurut jenis pembiayaan terdiri dari:

Loan receivables and sharia financing/ receivables by type of financing consists of:

2018 2017Rp Rp


Investasi 27,212,722,081,314 17,366,738,384,019 InvestmentModal kerja 3,401,533,734,042 4,012,741,216,264 Working capitalSub Jumlah 30,614,255,815,356 21,379,479,600,283 Sub Total

Dolar Amerika Serikat United States Dollar Investasi 5,001,643,837,809 4,627,236,256,585 InvestmentModal kerja -- 155,660,847,046 Working capitalSub Jumlah 5,001,643,837,809 4,782,897,103,631 Sub Total


Investasi 4,681,215,594,951 4,117,094,308,591 InvestmentSub Jumlah 4,681,215,594,951 4,117,094,308,591 Sub Total

Dolar Amerika Serikat United States Dollar Investasi 3,974,353,773,388 2,647,200,673,896 InvestmentSub Jumlah 3,974,353,773,388 2,647,200,673,896 Sub Total

Pembiayaan /Piutang Syariah Sharia Financing/ ReceivablesPihak berelasi (Catatan 33) Related parties (Note 33)Rupiah Rupiah

Investasi 2,168,834,185,665 1,000,000,000,000 InvestmentSub Jumlah 2,168,834,185,665 1,000,000,000,000 Sub Totalc

Jumlah Pinjaman Diberikan dan Total Loan Receivables and ShariaPembiayaan/ Piutang Syariah 46,440,303,207,169 33,926,671,686,401 Financing/ Receivables


Piutang Syariah - neto 45,611,115,334,507 33,323,777,526,587 Receivables - net




Pinjaman diberikan dan pembiayaan/piutang syariah berdasarkan jatuh tempo angsuran sebagai berikut:

Loan receivables and sharia financing/ receivables based on installment due date are as follows:

2018 2017Rp Rp

Pinjaman Diberikan Loan ReceivablesRupiah Rupiah

Kurang dari 1 tahun 4,815,326,184,827 5,086,282,390,588 Less than 1 year1 - 5 tahun 12,831,073,533,067 8,515,969,946,864 1 - 5 yearsLebih dari 5 tahun 17,649,071,692,413 11,894,321,571,422 Over 5 yearsSub Jumlah 35,295,471,410,307 25,496,573,908,874 Sub Total

Dolar Amerika Serikat United States Dollar Kurang dari 1 tahun 487,488,815,099 441,578,781,310 Less than 1 year1 - 5 tahun 3,406,905,366,488 2,198,263,353,559 1 - 5 yearsLebih dari 5 tahun 5,081,603,429,610 4,790,255,642,658 Over 5 yearsSub Jumlah 8,975,997,611,197 7,430,097,777,527 Sub Total

Pembiayaan/ Piutang Syariah Sharia Financing/ ReceivablesRupiah Rupiah

1 - 5 tahun 1,431,948,112,281 285,714,285,712 1 - 5 yearsLebih dari 5 tahun 736,886,073,384 714,285,714,288 Over 5 yearsSub Jumlah 2,168,834,185,665 1,000,000,000,000 Sub Totalc



Piutang Syariah - bersih 45,611,115,334,507 33,323,777,526,587 Receivables - net

Kisaran bunga efektif pinjaman diberikan per tahun berdasakan mata uang sebagai berikut:

Range of effective interest rate on loan receivables based on currencies are as follows:

2018 2017

Rupiah 5,25 - 12,67% 5,25 - 12,83% RupiahDolar Amerika Serikat 2,68 - 8,36% 2,68 - 8,36% United States Dollar Biaya perolehan diamortisasi pinjaman diberikan adalah sebagai berikut:

The amortization cost of loan receivables is as follows:

2018 2017Rp Rp

Pinjaman diberikan 46,440,303,207,169 33,926,671,686,401 Loan receivableAkrual bunga atas pinjaman Accrued interest on loan

diberikan (Catatan 11) 514,649,364,623 277,447,801,809 receivables (Note 11)Jumlah 46,954,952,571,792 34,204,119,488,210 Total

Mutasi cadangan kerugian penurunan nilai atas pinjaman diberikan dan pembiayaan/ piutang syariah adalah sebagai berikut:

Changes in the allowance for impairment losses of loan receivables and sharia financing/ receivables are as follow:

2018 2017Rp Rp

Balance at beginningSaldo awal tahun 602,894,159,814 278,173,564,852 of the yearPenambahan (Catatan 31) 310,003,142,176 322,461,148,379 Addition (Note 31)Pemulihan (Catatan 31) (101,936,454,244) -- Recovery (Note 31)Selisih kurs 18,227,024,916 2,259,446,583 Foreign exchangeSaldo akhir tahun 829,187,872,662 602,894,159,814 Balance at ending of the year




Pinjaman diberikan dan pembiayaan/piutang syariah berdasarkan jatuh tempo angsuran sebagai berikut:

Loan receivables and sharia financing/ receivables based on installment due date are as follows:

2018 2017Rp Rp

Pinjaman Diberikan Loan ReceivablesRupiah Rupiah

Kurang dari 1 tahun 4,815,326,184,827 5,086,282,390,588 Less than 1 year1 - 5 tahun 12,831,073,533,067 8,515,969,946,864 1 - 5 yearsLebih dari 5 tahun 17,649,071,692,413 11,894,321,571,422 Over 5 yearsSub Jumlah 35,295,471,410,307 25,496,573,908,874 Sub Total

Dolar Amerika Serikat United States Dollar Kurang dari 1 tahun 487,488,815,099 441,578,781,310 Less than 1 year1 - 5 tahun 3,406,905,366,488 2,198,263,353,559 1 - 5 yearsLebih dari 5 tahun 5,081,603,429,610 4,790,255,642,658 Over 5 yearsSub Jumlah 8,975,997,611,197 7,430,097,777,527 Sub Total

Pembiayaan/ Piutang Syariah Sharia Financing/ ReceivablesRupiah Rupiah

1 - 5 tahun 1,431,948,112,281 285,714,285,712 1 - 5 yearsLebih dari 5 tahun 736,886,073,384 714,285,714,288 Over 5 yearsSub Jumlah 2,168,834,185,665 1,000,000,000,000 Sub Totalc



Piutang Syariah - bersih 45,611,115,334,507 33,323,777,526,587 Receivables - net

Kisaran bunga efektif pinjaman diberikan per tahun berdasakan mata uang sebagai berikut:

Range of effective interest rate on loan receivables based on currencies are as follows:

2018 2017

Rupiah 5,25 - 12,67% 5,25 - 12,83% RupiahDolar Amerika Serikat 2,68 - 8,36% 2,68 - 8,36% United States Dollar Biaya perolehan diamortisasi pinjaman diberikan adalah sebagai berikut:

The amortization cost of loan receivables is as follows:

2018 2017Rp Rp

Pinjaman diberikan 46,440,303,207,169 33,926,671,686,401 Loan receivableAkrual bunga atas pinjaman Accrued interest on loan

diberikan (Catatan 11) 514,649,364,623 277,447,801,809 receivables (Note 11)Jumlah 46,954,952,571,792 34,204,119,488,210 Total

Mutasi cadangan kerugian penurunan nilai atas pinjaman diberikan dan pembiayaan/ piutang syariah adalah sebagai berikut:

Changes in the allowance for impairment losses of loan receivables and sharia financing/ receivables are as follow:

2018 2017Rp Rp

Balance at beginningSaldo awal tahun 602,894,159,814 278,173,564,852 of the yearPenambahan (Catatan 31) 310,003,142,176 322,461,148,379 Addition (Note 31)Pemulihan (Catatan 31) (101,936,454,244) -- Recovery (Note 31)Selisih kurs 18,227,024,916 2,259,446,583 Foreign exchangeSaldo akhir tahun 829,187,872,662 602,894,159,814 Balance at ending of the year



Termasuk dalam cadangan kerugian penurunan nilai adalah cadangan pinjaman diberikan yang diturunkan nilainya secara individual pada tanggal 31 Desember 2018 dan 2017 masing-masing sebesar Rp414.041.842.324 dan Rp303.672.829.306.

Included in the allowance for impairment losses are individually impaired loan receivables amounted to Rp414,041,842,324 and Rp303,672,829,306 at December 31, 2018 and 2017, respectively.

Manajemen berpendapat bahwa cadangan kerugian penurunan nilai atas pinjaman diberikan telah memadai untuk menutup potensi kerugian.

Management believes the allowance for impairment losses on loan receivables is sufficient to cover the possible losses.

Tidak terdapat pinjaman diberikan dan pembiayaan/ piutang syariah yang dihapusbukukan pada tanggal 31 Desember 2018 dan 2017.

There are no written-off loan receivables and sharia financing/ receivables as of December 31, 2018 and 2017.

9. Piutang atas Penugasan Fasilitasi

Penyiapan Proyek 9. Receivables from Assignment For

Facilitation on Project Preparation

2018 2017Rp Rp

Saldo awal tahun 12,746,535,957 26,554,942,898 Balance at beginning of the yearBiaya terjadi (Catatan 31) 41,169,227,818 18,953,310,442 Cost incurred (Note 31)Margin diakui 4,528,198,009 2,180,279,566 Recognized marginSub Jumlah 58,443,961,784 47,688,532,906 Sub TotalPembayaran diterima (43,054,177,204) (34,941,996,949) Payments receivedJumlah 15,389,784,580 12,746,535,957 Total

Akun ini merupakan piutang dari Pemerintah Republik Indonesia, pihak berelasi, berupa kompensasi dalam rangka penugasan untuk memfasilitasi penyiapan proyek kerjasama pemerintah dan swasta (Catatan 34a).

This account represents receivables from the Government of the Republic of Indonesia, related party, in the form of compensation owed in relation with assignment to facilitate the preparation of public-private partnership projects (Note 34a).

Manajemen tidak membentuk cadangan penurunan nilai untuk piutang usaha yang berasal dari Pemerintah Indonesia, sebab manajemen berkeyakinan bahwa seluruh piutang tersebut dapat tertagih.

Management does not form an impairment for losses of receivable from Indonesia Government, because management believes that all the receivables are collectible.

10. Biaya Dibayar Dimuka 10. Prepaid Expenses

2018 2017Rp Rp

Asuransi 1,507,007,586 1,666,380,802 InsuranceBiaya penerbitan Sukuk Mudharabah 484,799,670 -- Issuing cost of Sukuk MudharabahInternet -- 26,813,364 InternetJumlah 1,991,807,256 1,693,194,166 Total




11. Pendapatan Masih Harus Diterima 11. Accrued Income

2018 2017Rp Rp

Bunga atas pinjaman diberikan Interest on loan(Catatan 8) 514,649,364,623 277,447,801,809 receivables (Note 8)

Efek-efek 20,555,780,693 9,464,810,760 SecuritiesDeposito berjangka 17,043,445,034 37,868,045,992 Time depositsProvision fee 1,348,944,344 391,311,000 Provision feeJumlah 553,597,534,694 325,171,969,561 Total

12. Penyertaan Saham 12. Investment In Equity

2018 2017Rp Rp

Ekuitas/ EquityPT Indonesia Infrastructure Finance 640,571,920,448 667,527,812,693Sub Jumlah/ Sub Total 640,571,920,448 667,527,812,693

Tersedia untuk dijual/ Available for SalePT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610PT Jasamarga Pandaan Malang 77,267,923,900 43,570,505,000Sub Jumlah/ Sub Total 2,858,204,923,900 2,091,640,820,610

Jumlah/ Total 3,498,776,844,348 2,759,168,633,303

Investasi saham Perusahaan dengan klasifikasi tersedia untuk dijual:

The Company’s equity investments classified as available for sale:

Keuntungan yangNilai perolehan/ Nilai wajar/ belum direalisasi/Acqusition Cost Fair value Unrealized gain

Rp Rp Rp

Tersedia untuk dijual/ Available for SalePT Waskita Toll Road 2,436,557,260,588 2,780,937,000,000 344,379,739,412PT Jasamarga Pandaan Malang 62,549,000,000 77,267,923,900 14,718,923,900

Jumlah/ Total 2,499,106,260,588 2,858,204,923,900 359,098,663,312

31 Desember/ December 31, 2018


Rp Rp Rp


Jumlah/ Total 1,780,752,495,116 2,091,640,820,610 310,888,325,494





11. Pendapatan Masih Harus Diterima 11. Accrued Income

2018 2017Rp Rp

Bunga atas pinjaman diberikan Interest on loan(Catatan 8) 514,649,364,623 277,447,801,809 receivables (Note 8)

Efek-efek 20,555,780,693 9,464,810,760 SecuritiesDeposito berjangka 17,043,445,034 37,868,045,992 Time depositsProvision fee 1,348,944,344 391,311,000 Provision feeJumlah 553,597,534,694 325,171,969,561 Total

12. Penyertaan Saham 12. Investment In Equity

2018 2017Rp Rp

Ekuitas/ EquityPT Indonesia Infrastructure Finance 640,571,920,448 667,527,812,693Sub Jumlah/ Sub Total 640,571,920,448 667,527,812,693

Tersedia untuk dijual/ Available for SalePT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610PT Jasamarga Pandaan Malang 77,267,923,900 43,570,505,000Sub Jumlah/ Sub Total 2,858,204,923,900 2,091,640,820,610

Jumlah/ Total 3,498,776,844,348 2,759,168,633,303

Investasi saham Perusahaan dengan klasifikasi tersedia untuk dijual:

The Company’s equity investments classified as available for sale:


Rp Rp Rp


Jumlah/ Total 2,499,106,260,588 2,858,204,923,900 359,098,663,312



Rp Rp Rp


Jumlah/ Total 1,780,752,495,116 2,091,640,820,610 310,888,325,494




Perubahan yang belum direalisasi dalam nilai wajar penyertaan saham yang diklasifikasikan tersedia untuk dijual:

Unrealized changes in value of equity investment which classified as available-for-sale:

2018 2017Rp Rp

Saldo awal 310,888,325,494 -- Beginning balancePerubahan nilai wajar 48,210,337,818 310,888,325,494 Change in fair valueSaldo akhir 359,098,663,312 310,888,325,494 Ending balance

PT Indonesia Infrastructure Finance PT Indonesia Infrastructure Finance Perusahaan mempunyai investasi pada ventura bersama pada PT Indonesia Infrastructure Finance (IIF) yang berkedudukan di Jakarta.

The Company has investment in joint venture in PT Indonesia Infrastructure Finance (IIF), which is domiciled in Jakarta.

IIF didirikan oleh Perusahaan bersama-sama dengan Asian Development Bank (ADB), International Finance Corporation (IFC), dan Deutsche Investitions - und Entwicklungsgesellschaft mbH (DEG) pada tanggal 15 Januari 2010. Pada tahun 2012, Sumitomo Mitsui Banking Corporation (SMBC) masuk sebagai pemesan dan pemegang saham baru pada IIF.

IIF was established by the Company together with the Asian Development Bank (ADB), International Finance Corporation (IFC), and Deutsche Investitions - und Entwicklungsgesellschaft mbH (DEG) on January 15, 2010. In 2012, Sumitomo Mitsui Banking Corporation (SMBC) entered as a buyer and new shareholder of IIF.

IIF mendapatkan izin usaha sebagai perusahaan pembiayaan infrastruktur berdasarkan Keputusan Menteri Keuangan No. Kep-439/KM.10/2010 dan beroperasi komersial pada tanggal 6 Agustus 2010.

IIF obtained the license as infrastructure financing company based on Decree of the Ministry of Finance No. Kep-439/KM.10/2010 and started operated commercially on August 6, 2010.

Perusahaan memiliki penyertaan pada IIF sebesar 30,00% pada tahun 2018 dan 2017. Investasi pada ventura bersama pada IIF dicatat dengan menggunakan metode ekuitas pada laporan keuangan Perusahaan.

The Company’s ownership in IIF is 30.00% on year of 2018 and 2017, respectively. Investment in joint venture in IIF is accounted for using the equity method on the Company’s financial statements.

Ringkasan informasi keuangan dari ventura bersama diatas adalah sebagai berikut:

Summary of financial information in respect of joint venture entity are as follows:

2018 2017Rp Rp

Jumlah aset 10,573,233,825,269 12,972,405,217,910 Total assets

Jumlah liabilitas 8,437,994,090,441 10,747,313,808,934 Total liabilitiesJumlah ekuitas 2,135,239,734,828 2,225,091,408,976 Total equityTotal liabilitas dan ekuitas 10,573,233,825,269 12,972,405,217,910 Total liabilities and equity

Jumlah pendapatan usaha tahun berjalan 764,931,938,685 638,040,256,127 Total revenue for the year

Jumlah beban usaha tahun berjalan (811,628,749,489) (739,090,562,825) Total expenses for the year

Laba bersih tahun berjalan (42,948,055,830) (81,621,736,448) Net income for the year

Penghasilan komprehensif lain (46,903,318,318) 36,571,172,154 Other comprehensive income

Rugi komprehensif tahun berjalan (89,851,374,148) (45,050,564,294) Comprehensive loss for the year




Rekonsiliasi dari ringkasan informasi keuangan di atas terhadap jumlah tercatat dari investasi pada ventura bersama yang diakui dalam laporan keuangan tanggal 31 Desember 2018 dan 2017, adalah sebagai berikut:

Reconciliation of the above summarized financial information to the carrying amount of investment in joint venture in the financial statements as of December 31, 2018 and 2017, are as follows:

2018 2017

Persentase kepemilikan 30% 30% Percentage of ownershipBiaya perolehan 600,000,000,000 600,000,000,000 Acquisition costTambahan modal disetor oleh Additional paid-in capital

pemegang saham lain 8,940,000,000 8,940,000,000 by other shareholdersAkumulasi bagian laba (rugi) - neto 39,990,026,951 58,310,106,563 Accumulated share in profit (loss) - netPenerimaan deviden -- (6,107,581,780) Devidend receivedAkumulasi bagian penghasilan

komprehensif lainnya (8,358,106,502) 6,384,807,910 Accumulated other compherensive incomeNilai tercatat 640,571,920,448 667,527,332,693 Carrying value

PT Jasamarga Pandaan Malang PT Jasamarga Pandaan Malang Pada tanggal 20 Juni 2016, Perusahaan melakukan investasi saham pada PT Jasamarga Pandaan Malang (JPM) sebesar Rp3.600.000.000, dengan persentase kepemilikan saham sebesar 5% yang diklasifikasikan sebagai tersedia untuk dijual (AFS). Selama tahun 2017, Perusahaan melakukan penambahan penyertaan saham pada JPM sehingga per 31 Desember 2017 jumlah penyertaan menjadi sebesar Rp34.849.000.000 dengan nilai wajar Rp43.570.505.000 yang dihitung oleh perusahaan penilai independen.

On June 20, 2016, the Company placed investment in share of PT Jasamarga Pandaan Malang (JPM) amounting to Rp3,600,000,000, with 5% ownership which was classified as available for sale (AFS). In 2017, the Company made additional investment in share of JPM that made the Company’s investment until December 31, 2017 amounting to Rp34,849,000,000 with fair value amounting to Rp43,570,505,000 which was calculated by an independent appraisal company.

Pada tanggal 11 Mei 2018 dan 4 Oktober 2018, Perusahaan telah melakukan penambahan investasi saham di JPM sebesar Rp17.850.000.000 dan Rp9.850.000.000 sehingga jumlah penyertaan saham Perusahaan per 31 Desember 2018 sebesar Rp62.549.000.000 dengan nilai wajar Rp77.267.924.000 yang dihitung oleh perusahaan penilai independen. Penambahan investasi ini tidak mengubah persentase kepemilikan Perusahaan pada JPM.

On May 11, 2018 and October 4, 2018, the Company made additional investment in JPM amounting to Rp17,850,000,000 and Rp9,850,000,000, respectively and the total the Company’s investment in share of JPM as of December 31, 2018 amounting to Rp62,549,000,000 with fair value amounting to Rp77,267,924,000 which was calculated by an independent appraisal company. This additions on investment was not change the Company’s ownership in JPM.

PT Waskita Toll Road PT Waskita Toll Road Pada tanggal 16 Februari 2017, Perusahaan melakukan investasi saham pada PT Waskita Toll Road (WTR) sebesar Rp1.499.999.078.908.

On February 16, 2017, the Company investing in share in PT Waskita Toll Road (WTR) amounting to Rp1,499,999,078,908.

Pada tanggal 3 Mei 2017, Perusahaan melakukan penambahan investasi saham di WTR sebesar Rp245.904.416.208, sehingga jumlah Penyertaan per 31 Desember 2017 adalah Rp1.745.903.495.116 dengan nilai wajar sebesar Rp2.048.070.315.610 yang dihitung oleh perusahaan penilai independen

On May 3, 2017, the Company made additional equity investment in WTR amounting to Rp245,904,416,208, thus the investment as of December 31, 2017 is Rp1,745,903,495,116 with fair value amounting to Rp2,048,070,315,610 as calculated by an independent appraisal




Rekonsiliasi dari ringkasan informasi keuangan di atas terhadap jumlah tercatat dari investasi pada ventura bersama yang diakui dalam laporan keuangan tanggal 31 Desember 2018 dan 2017, adalah sebagai berikut:

Reconciliation of the above summarized financial information to the carrying amount of investment in joint venture in the financial statements as of December 31, 2018 and 2017, are as follows:

2018 2017

Persentase kepemilikan 30% 30% Percentage of ownershipBiaya perolehan 600,000,000,000 600,000,000,000 Acquisition costTambahan modal disetor oleh Additional paid-in capital

pemegang saham lain 8,940,000,000 8,940,000,000 by other shareholdersAkumulasi bagian laba (rugi) - neto 39,990,026,951 58,310,106,563 Accumulated share in profit (loss) - netPenerimaan deviden -- (6,107,581,780) Devidend receivedAkumulasi bagian penghasilan

komprehensif lainnya (8,358,106,502) 6,384,807,910 Accumulated other compherensive incomeNilai tercatat 640,571,920,448 667,527,332,693 Carrying value

PT Jasamarga Pandaan Malang PT Jasamarga Pandaan Malang Pada tanggal 20 Juni 2016, Perusahaan melakukan investasi saham pada PT Jasamarga Pandaan Malang (JPM) sebesar Rp3.600.000.000, dengan persentase kepemilikan saham sebesar 5% yang diklasifikasikan sebagai tersedia untuk dijual (AFS). Selama tahun 2017, Perusahaan melakukan penambahan penyertaan saham pada JPM sehingga per 31 Desember 2017 jumlah penyertaan menjadi sebesar Rp34.849.000.000 dengan nilai wajar Rp43.570.505.000 yang dihitung oleh perusahaan penilai independen.

On June 20, 2016, the Company placed investment in share of PT Jasamarga Pandaan Malang (JPM) amounting to Rp3,600,000,000, with 5% ownership which was classified as available for sale (AFS). In 2017, the Company made additional investment in share of JPM that made the Company’s investment until December 31, 2017 amounting to Rp34,849,000,000 with fair value amounting to Rp43,570,505,000 which was calculated by an independent appraisal company.

Pada tanggal 11 Mei 2018 dan 4 Oktober 2018, Perusahaan telah melakukan penambahan investasi saham di JPM sebesar Rp17.850.000.000 dan Rp9.850.000.000 sehingga jumlah penyertaan saham Perusahaan per 31 Desember 2018 sebesar Rp62.549.000.000 dengan nilai wajar Rp77.267.924.000 yang dihitung oleh perusahaan penilai independen. Penambahan investasi ini tidak mengubah persentase kepemilikan Perusahaan pada JPM.

On May 11, 2018 and October 4, 2018, the Company made additional investment in JPM amounting to Rp17,850,000,000 and Rp9,850,000,000, respectively and the total the Company’s investment in share of JPM as of December 31, 2018 amounting to Rp62,549,000,000 with fair value amounting to Rp77,267,924,000 which was calculated by an independent appraisal company. This additions on investment was not change the Company’s ownership in JPM.

PT Waskita Toll Road PT Waskita Toll Road Pada tanggal 16 Februari 2017, Perusahaan melakukan investasi saham pada PT Waskita Toll Road (WTR) sebesar Rp1.499.999.078.908.

On February 16, 2017, the Company investing in share in PT Waskita Toll Road (WTR) amounting to Rp1,499,999,078,908.

Pada tanggal 3 Mei 2017, Perusahaan melakukan penambahan investasi saham di WTR sebesar Rp245.904.416.208, sehingga jumlah Penyertaan per 31 Desember 2017 adalah Rp1.745.903.495.116 dengan nilai wajar sebesar Rp2.048.070.315.610 yang dihitung oleh perusahaan penilai independen

On May 3, 2017, the Company made additional equity investment in WTR amounting to Rp245,904,416,208, thus the investment as of December 31, 2017 is Rp1,745,903,495,116 with fair value amounting to Rp2,048,070,315,610 as calculated by an independent appraisal



menggunakan informasi laporan keuangan proforma tanggal 31 Desember 2017, persentase kepemilikan saham Perusahaan di WTR sebesar 10,67%.

company using the information in the proforma financial statements as of December 31, 2017, in which the Company’s ownership in WTR is 10.67%.

Selama tahun 2018, Perusahaan telah melakukan penambahan investasi saham di WTR sebesar Rp690.653.765.472 sehingga jumlah Penyertaan per 31 Desember 2018 adalah Rp2.436.557.260.588 dengan persentase kepemilikan saham Perusahaan di WTR menjadi sebesar 11,05% dan diklasifikasikan sebagai tersedia untuk dijual. Nilai wajar penyertaan saham Perusahaan di WTR sebesar Rp2.780.937.000.000 yang dihitung oleh perusahaan penilai independen menggunakan proforma Laporan Keuangan tanggal 31 Desember 2018.

In 2018, the Company made additional equity investment in WTR amounting to Rp690,653,765,472, thus the investment as of December 31, 2018 amounted to Rp2,436,557,260,588, in which the Company’s ownership in WTR become 11,05% and is classified as available for sale (AFS). The fair value of the Company’s investment in WTR amounted to Rp2,780,937,000,000 as calculated by an independent appraisal company using the information in the proforma financial statements as of December 31, 2018.

Tidak ada cadangan penurunan nilai yang dibentuk pada tanggal 31 Desember 2018 dan 2017 atas penyertaan saham Perusahaan.

There no impairment for losses on the Company’s equity investment as of December 31, 2018 and 2017.

13. Aset Tetap 13. Properties and Equipments

Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/

Beginning Balance Additions Deductions Reclasification Ending BalanceRp Rp Rp Rp Rp

Biaya perolehan Acqusition costRuang Kantor 418,979,774,000 -- -- -- 418,979,774,000 Office spaceKomputer 6,697,757,197 1,546,186,280 -- -- 8,243,943,477 ComputersPeralatan kantor 14,611,100,477 3,633,425,200 -- -- 18,244,525,677 Office equipmentsPerabotan kantor 10,820,724,102 709,431,500 -- -- 11,530,155,602 Office furnituresPartisi 19,564,369,490 109,536,000 -- -- 19,673,905,490 FixturesJumlah 470,673,725,266 5,998,578,980 -- -- 476,672,304,246 Total

Akumulasi penyusutan Accumulated depreciationRuang Kantor 11,172,793,973 16,759,190,960 -- -- 27,931,984,933 Office spaceKomputer 2,306,412,128 1,275,822,625 -- -- 3,582,234,753 ComputersPeralatan kantor 7,015,862,676 2,383,545,307 -- -- 9,399,407,983 Office equipmentsPerabotan kantor 4,377,495,565 1,868,238,701 -- -- 6,245,734,266 Office furnituresPartisi 5,200,858,620 3,932,675,572 -- -- 9,133,534,192 FixturesJumlah 30,073,422,962 26,219,473,165 -- -- 56,292,896,127 Total

Jumlah Tercatat 440,600,302,304 420,379,408,119 Net Carrying Value

2018




Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/Beginning Balance Additions Deductions Reclasification Ending Balance

Rp Rp Rp Rp Rp

Biaya perolehan Acqusition costRuang Kantor -- 418,979,774,000 -- -- 418,979,774,000 Office spaceKomputer 4,968,557,193 1,729,200,004 -- -- 6,697,757,197 ComputersPeralatan kantor 13,016,905,453 2,216,107,826 -- (621,912,802) 14,611,100,477 Office equipmentsPerabotan kantor 11,853,048,965 199,528,001 310,773,085 (921,079,779) 10,820,724,102 Office furnituresPartisi 26,557,723,570 61,600,000 7,048,904,080 (6,050,000) 19,564,369,490 FixturesJumlah 56,396,235,181 423,186,209,831 7,359,677,165 (1,549,042,581) 470,673,725,266 Total

Akumulasi penyusutan Accumulated depreciationRuang Kantor -- 11,172,793,973 -- -- 11,172,793,973 Office spaceKomputer 1,394,645,594 911,766,534 -- -- 2,306,412,128 ComputersPeralatan kantor 5,164,806,960 2,327,506,899 -- (476,451,183) 7,015,862,676 Office equipmentsPerabotan kantor 3,546,374,010 2,001,362,039 310,773,085 (859,467,399) 4,377,495,565 Office furnituresPartisi 8,347,036,232 3,904,843,968 7,048,904,080 (2,117,500) 5,200,858,620 FixturesJumlah 18,452,862,796 20,318,273,413 7,359,677,165 (1,338,036,082) 30,073,422,962 Total


2017

Penyusutan aset tetap disajikan sebagai bagian beban umum dan administrasi di dalam beban usaha (Catatan 31).

Depreciation expense is presented as part of general and administrative expenses under operating expenses (Note 31).

Pada tanggal 31 Desember 2018 dan 2017, aset tetap selain ruang kantor telah diasuransikan kepada PT Asuransi Dayin Mitra dengan nilai pertanggungan masing-masing sebesar Rp34.691.883.346 dan Rp53.807.839.326.

On December 31, 2018 and 2017, properties and equipments excluding office space were insured with PT Asuransi Dayin Mitra amounting to Rp34,691,883,346 and Rp53,807,839,326, respectively.

Ruang kantor yang terletak di Gedung Sahid Sudirman Center telah diasuransikan kepada PT Asuransi ACA oleh Perhimpunan Pemilik dan Penghuni Satuan Rumah Susun (PPPSRS) Sahid Sudirman Center dengan jangka waktu asuransi satu setengah tahun sejak tanggal 12 Desember 2018 sampai dengan 12 Juni 2020. Premi atas asuransi tersebut dibayarkan oleh Perusahaan kepada PPPSRS Sahid Sudirman Center setiap bulan sebagai bagian dari biaya jasa.

Office space is located in Sahid Sudirman Center Building has been insured to PT Asuransi ACA by Perhimpunan Pemilik dan Penghuni Satuan Rumah Susun (PPPSRS) with insurance period of one half years since December 12, 2018 until June 12, 2020. Premium of insurance is paid by the Company to PPPSRS Sahid Sudirman Center every month as part of the service charge fee.

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.





Rp Rp Rp Rp Rp

Biaya perolehan Acqusition costRuang Kantor -- 418,979,774,000 -- -- 418,979,774,000 Office spaceKomputer 4,968,557,193 1,729,200,004 -- -- 6,697,757,197 ComputersPeralatan kantor 13,016,905,453 2,216,107,826 -- (621,912,802) 14,611,100,477 Office equipmentsPerabotan kantor 11,853,048,965 199,528,001 310,773,085 (921,079,779) 10,820,724,102 Office furnituresPartisi 26,557,723,570 61,600,000 7,048,904,080 (6,050,000) 19,564,369,490 FixturesJumlah 56,396,235,181 423,186,209,831 7,359,677,165 (1,549,042,581) 470,673,725,266 Total

Akumulasi penyusutan Accumulated depreciationRuang Kantor -- 11,172,793,973 -- -- 11,172,793,973 Office spaceKomputer 1,394,645,594 911,766,534 -- -- 2,306,412,128 ComputersPeralatan kantor 5,164,806,960 2,327,506,899 -- (476,451,183) 7,015,862,676 Office equipmentsPerabotan kantor 3,546,374,010 2,001,362,039 310,773,085 (859,467,399) 4,377,495,565 Office furnituresPartisi 8,347,036,232 3,904,843,968 7,048,904,080 (2,117,500) 5,200,858,620 FixturesJumlah 18,452,862,796 20,318,273,413 7,359,677,165 (1,338,036,082) 30,073,422,962 Total


2017

Penyusutan aset tetap disajikan sebagai bagian beban umum dan administrasi di dalam beban usaha (Catatan 31).

Depreciation expense is presented as part of general and administrative expenses under operating expenses (Note 31).

Pada tanggal 31 Desember 2018 dan 2017, aset tetap selain ruang kantor telah diasuransikan kepada PT Asuransi Dayin Mitra dengan nilai pertanggungan masing-masing sebesar Rp34.691.883.346 dan Rp53.807.839.326.

On December 31, 2018 and 2017, properties and equipments excluding office space were insured with PT Asuransi Dayin Mitra amounting to Rp34,691,883,346 and Rp53,807,839,326, respectively.

Ruang kantor yang terletak di Gedung Sahid Sudirman Center telah diasuransikan kepada PT Asuransi ACA oleh Perhimpunan Pemilik dan Penghuni Satuan Rumah Susun (PPPSRS) Sahid Sudirman Center dengan jangka waktu asuransi satu setengah tahun sejak tanggal 12 Desember 2018 sampai dengan 12 Juni 2020. Premi atas asuransi tersebut dibayarkan oleh Perusahaan kepada PPPSRS Sahid Sudirman Center setiap bulan sebagai bagian dari biaya jasa.

Office space is located in Sahid Sudirman Center Building has been insured to PT Asuransi ACA by Perhimpunan Pemilik dan Penghuni Satuan Rumah Susun (PPPSRS) with insurance period of one half years since December 12, 2018 until June 12, 2020. Premium of insurance is paid by the Company to PPPSRS Sahid Sudirman Center every month as part of the service charge fee.

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.



14. Aset Takberwujud - neto 14. Intangible Assets - net


Rp Rp Rp Rp Rp

Biaya perolehan Acqusition costSoftware dan lisensi 35,180,389,902 -- -- 15,844,985,606 51,025,375,508 Software and licenseSoftware dan lisensi Software and license

dalam proses 9,059,332,072 8,433,884,603 -- (15,844,985,606) 1,648,231,069 in processJumlah 44,239,721,974 8,433,884,603 -- -- 52,673,606,577 Total

Akumulasi penyusutan Accumulated depreciationSoftware dan lisensi 14,072,765,492 7,170,595,456 -- -- 21,243,360,948 Software and licenseJumlah 14,072,765,492 7,170,595,456 -- -- 21,243,360,948 Total


2018


Rp Rp Rp Rp Rp

Biaya perolehan Acqusition costSoftware dan lisensi 18,910,070,631 -- -- 16,270,319,271 35,180,389,902 Software and licenseSoftware dan lisensi Software and license

dalam proses 10,327,371,614 15,002,279,729 -- (16,270,319,271) 9,059,332,072 in processJumlah 29,237,442,245 15,002,279,729 -- -- 44,239,721,974 Total

Akumulasi penyusutan Accumulated depreciationSoftware dan lisensi 8,321,086,723 5,751,678,769 -- 14,072,765,492 Software and licenseJumlah 8,321,086,723 5,751,678,769 -- -- 14,072,765,492 Total


2017

Beban amortisasi aset takberwujud untuk tahun yang berakhir pada tanggal 31 Desember 2018 dan 2017 disajikan dalam beban umum dan administrasi dalam beban usaha (Catatan 31).

Amortization expense of intangible assets for the year ended Decembe 31, 2018 and is presented in general and administrative expenses under operating expenses (Note 31).

15. Pinjaman Diterima dari Bank dan Lembaga

Keuangan Lainnya 15. Loans Received from Banks and Other

Financial Institution

2018 2017Rp Rp

Bank/ BankPihak berelasi (Catatan 33) / Related Parties (Note 33)Dolar Amerika Serikat / United States Dollar

PT Bank Mandiri (Persero) Tbk 1,230,885,000,000 677,400,000,000

Pihak ketiga/ Third PartiesRupiah/ Rupiah

PT Bank UOB Indonesia 200,000,000,000 --

Dolar Amerika Serikat / United States Dollar PT Bank UOB Indonesia 2,172,150,000,000 1,354,800,000,000MUFG Bank, Ltd 1,506,024,000,000 1,029,648,000,000PT Bank Maybank Indonesia Tbk 579,240,000,000 --

Sub Jumlah/ Sub Total 4,257,414,000,000 2,384,448,000,000

Yen Jepang/ Japanese YenMUFG Bank, Ltd 1,450,133,006,000 --




2018 2017Rp Rp

Lembaga keuangan lainnya/ Other financial institutionPihak ketiga/ Third PartiesDolar Amerika Serikat / United States Dollar

Agence Francaise De Developpement 1,448,100,000,000 677,400,000,000c Jumlah pinjaman yang diterima/ Total loan received 8,586,532,006,000 3,739,248,000,000c Dikurangi/ Less:

Biaya transaksi yang belum diamortisasi/ Unamortized cost (28,328,964,690) (23,686,652,030)c Pinjaman yang diterima - bersih/ Loan received - net 8,558,203,041,310 3,715,561,347,970c Biaya perolehan diamortisasi pinjaman diterima dari bank dan lembaga keuangan lainnya adalah sebagai berikut:

The amortized cost of loans received from banks and other financial institution are as follows:

2018 2017Rp Rp


PT Bank Mandiri (Persero) Tbk 1,223,081,811,915 669,367,594,020Sub Jumlah/ Sub Total 1,223,081,811,915 669,367,594,020


PT Bank UOB Indonesia 200,000,000,000 --Sub Jumlah/ Sub Total 200,000,000,000 --




Sub Jumlah/ Sub Total 1,450,133,006,000 --


Agence Francaise De Developpement 1,444,825,076,670 673,969,098,250Sub Jumlah/ Sub Total 1,444,825,076,670 673,969,098,250c

Jumlah pinjaman yang diterima/ Total loan received 8,558,203,041,310 3,715,561,347,970c Akrual bunga pinjaman bank dan lembaga keuangan lainnya (Catatan 16)/ Accrued interest of bank loan and other financial institution (Note 16) 12,354,307,068 5,047,730,910c Jumlah pinjaman yang diterima/ Total loan received 8,570,557,348,378 3,720,609,078,880c




2018 2017Rp Rp


Agence Francaise De Developpement 1,448,100,000,000 677,400,000,000c Jumlah pinjaman yang diterima/ Total loan received 8,586,532,006,000 3,739,248,000,000c Dikurangi/ Less:

Biaya transaksi yang belum diamortisasi/ Unamortized cost (28,328,964,690) (23,686,652,030)c Pinjaman yang diterima - bersih/ Loan received - net 8,558,203,041,310 3,715,561,347,970c Biaya perolehan diamortisasi pinjaman diterima dari bank dan lembaga keuangan lainnya adalah sebagai berikut:

The amortized cost of loans received from banks and other financial institution are as follows:

2018 2017Rp Rp


PT Bank Mandiri (Persero) Tbk 1,223,081,811,915 669,367,594,020Sub Jumlah/ Sub Total 1,223,081,811,915 669,367,594,020


PT Bank UOB Indonesia 200,000,000,000 --Sub Jumlah/ Sub Total 200,000,000,000 --




Sub Jumlah/ Sub Total 1,450,133,006,000 --


Agence Francaise De Developpement 1,444,825,076,670 673,969,098,250Sub Jumlah/ Sub Total 1,444,825,076,670 673,969,098,250c

Jumlah pinjaman yang diterima/ Total loan received 8,558,203,041,310 3,715,561,347,970c Akrual bunga pinjaman bank dan lembaga keuangan lainnya (Catatan 16)/ Accrued interest of bank loan and other financial institution (Note 16) 12,354,307,068 5,047,730,910c Jumlah pinjaman yang diterima/ Total loan received 8,570,557,348,378 3,720,609,078,880c



MUFG Bank, Ltd MUFG Bank, Ltd Pada tanggal 31 Maret 2016, Perusahaan dan MUFG Bank, Ltd menandatangani perjanjian pemberian fasilitas pinjaman (Committed Term Loan Facility) sebesar USD100 juta untuk jangka waktu dua tahun, jatuh tempo pada tanggal 30 Juni 2018. Pinjaman tersebut akan digunakan untuk menunjang kegiatan Perusahaan dalam pembiayaan proyek-proyek infrastruktur. Bunga pinjaman yang disepakati adalah LIBOR 3 bulan + 1,55% per tahun. Pinjaman ini telah dibayarkan pada tanggal 29 Maret 2018.

On March 31, 2016, the Company and The MUFG Bank, Ltd signed The Committed Term Loan Facility with maximum amount of USD100 million with the term of two years, which matured on June 30, 2018. This facility is used to support the Company’s financing infrastructure projects. The agreed interest rate is 3 months LIBOR + 1.55% per annum. This loan was repaid on March 29, 2018.

Pada tanggal 22 Juni 2017, Perusahaan dan MUFG Bank, Ltd menandatangani perjanjian kredit sebesar USD50 juta untuk jangka waktu tiga tahun, jatuh tempo pada tanggal 22 Juni 2020. Pinjaman tersebut akan digunakan untuk menunjang kegiatan Perusahaan dalam pembiayaan proyek-proyek infrastruktur. Bunga pinjaman yang disepakati adalah LIBOR 3 bulan + 1,15% per tahun.

On June 22, 2017, the Company and MUFG Bank, Ltd signed loan facility with maximum amount of USD50 million with the term of three years, which will matured on June 22, 2020. This facility is used to support the Company’s financing infrastructure projects. The agreed interest rate is 3 months LIBOR + 1.15% per annum.

Pada tanggal 26 Maret 2018, Perusahaan dan MUFG Bank, Ltd menandatangani perjanjian kredit sebesar USD100 juta untuk jangka waktu dua tahun, jatuh tempo pada tanggal 26 Maret 2020. Pinjaman tersebut akan digunakan untuk menunjang kegiatan Perusahaan dalam pembiayaan proyek-proyek infrastruktur.

On March 26, 2018, the Company and MUFG Bank, Ltd signed loan facility with maximum amount of USD100 million with the term of two years, which will matured on March 26, 2020. This facility is used to support the Company’s financing infrastructure projects.

Pada tanggal 26 Desember 2018, Perusahaan dan MUFG Bank, Ltd menandatangani perjanjian kredit sebesar JPY11.060.000.000 untuk jangka waktu tiga tahun, jatuh tempo pada tanggal 28 Desember 2021. Pinjaman tersebut akan digunakan untuk menunjang kegiatan Perusahaan dalam pembiayaan proyek-proyek infrastruktur. Bunga pinjaman yang disepakati adalah 1,25% per tahun.

On December 26, 2018, the Company and The MUFG Bank, Ltd signed Loan Facility with maximum amount of JPY11,060,000,000 with the term of three years, which will matured on December 28, 2021. This facility is used to support the Company’s financing infrastructure projects. The agreed interest rate is 1.25% per annum.

Fasilitas pinjaman ini mencakup persyaratan keuangan tertentu antara lain:

Bank loan includes certain financial convenants as follows:

Menjaga Gearing Ratio maksimal 3,00 kali; Maintain Gearing Ratio maximum of 3.00 times;

Memastikan bahwa Pemerintah Republik Indonesia mempertahankan minimum 51% kepemilikan saham kepada Perusahaan.

Ensure the Government of Republic Indonesia maintains minimum 51% shareholdings of the Company.

Berdasarkan perjanjian kredit Perusahaan dan MUFG Bank, Ltd, Perusahaan tidak akan, tanpa persetujuan tertulis terlebih dahulu dari MUFG Bank, Ltd, melakukan hal-hal antara lain berikut :

Based on the loan agreement the Company’s and MUFG Bank, Ltd, the Company shall not without prior written consent of MUFG Bank, Ltd in the events of as follows:




Menjual, menyewakan, memindahkan atau dengan cara lain melepaskan, kecuali dalam rangka menjalankan kegiatan usahanya sehari-hari, atau memberikan kepentingan jaminan apapun atas, salah satu dari aset-aset debitur untuk memperoleh pinjaman baru atau pinjaman apapun;

Sell, lease, transfer or otherwise dispose of business, or grant any securities interest over of the borrower’s assets for obtaining new or any loan;

Memperoleh suatu pinjaman dari pihak lainnya manapun, kecuali dalam rangka menjalankan kegiatan usahanya sehari-hari;

Obtain a loan from any other party, except in its ordinary course of business;

Bertindak sebagai penjamin atau melakukan tindakan apapun yang memiliki dampak sejenis sehubungan dengan kewajiban-kewajiban pihak ketiga manapun, kecuali penjaminan yang dilakukan dalam kegiatan usaha sehari-hari.

Act as a guarantor or perform any act with similiar effect, against any third party’s obligations, except guarantees made in ordinary course of business.

Perusahaan akan memberikan pemberitahuan terlebih dahulu kepada MUFG Bank, Ltd, dalam hal-hal antara lain:

The Company shall deliver post notification to MUFG Bank, Ltd, in the events of as follows:

Membayar lebih awal hutang lainnya manapun selain dari hutang berdasarkan Perjanjian dan dalam rangka menjalankan kegiatan usahanya sehari-hari, atau

Pay in advance any other loan other than loan under this Agreement and in its ordinary course of business; or

Membagikan atau membayarkan dividen kepada para pemegang saham.

Share or pay dividends to shareholders.

Terkait dengan pinjaman ini, tidak terdapat agunan khusus kepada MUFG Bank, Ltd.

Related to the credit facility, there are no special collateral to MUFG Bank, Ltd.

Sampai dengan tanggal 31 Desember 2018, Perusahaan telah mematuhi pembatasan penting yang berkaitan dengan fasilitas pinjaman ini.

As of December 31, 2018, the Company had complied to the covenant of this loan facility.

Pada tahun 2018, Jumlah penarikan pinjaman ini sebesar USD89.000.000 (ekuivalen Rp1.239.349.000.000).

In 2018, total drawdown of this loan amounted to USD89,000,000 (equivalent Rp1,239,349,000,000).

Pada tanggal 31 Desember 2018 dan 2017, saldo utang Perusahaan kepada MUFG Bank, Ltd setelah dikurangi biaya transaksi yang belum diamortisasi masing-masing adalah sebesar USD103.626.396 (ekuivalen Rp1.500.613.840.476) dan USD75.680.268 (ekuivalen Rp1.025.316.270.864) untuk pinjaman dengan mata uang Dolar Amerika dan sebesar JPY11.060.000.000 (ekuivalen Rp1.450.133.006.000) untuk pinjaman dalam mata uang Yen Jepang.

As of December 31, 2018 and 2017, the Company’s outstanding loan to MUFG Bank, Ltd after unamortized transaction cost amounted to USD103,626,396 (equivalent Rp1,500,613,840,476) and USD75,680,268 (equivalent to Rp1,025,316,270,864), respectively, for loan in United States Dollar and JPY11,060,000,000 (equivalent Rp1,450,133,006.000) for loan in Japanese Yen.




Menjual, menyewakan, memindahkan atau dengan cara lain melepaskan, kecuali dalam rangka menjalankan kegiatan usahanya sehari-hari, atau memberikan kepentingan jaminan apapun atas, salah satu dari aset-aset debitur untuk memperoleh pinjaman baru atau pinjaman apapun;

Sell, lease, transfer or otherwise dispose of business, or grant any securities interest over of the borrower’s assets for obtaining new or any loan;

Memperoleh suatu pinjaman dari pihak lainnya manapun, kecuali dalam rangka menjalankan kegiatan usahanya sehari-hari;

Obtain a loan from any other party, except in its ordinary course of business;

Bertindak sebagai penjamin atau melakukan tindakan apapun yang memiliki dampak sejenis sehubungan dengan kewajiban-kewajiban pihak ketiga manapun, kecuali penjaminan yang dilakukan dalam kegiatan usaha sehari-hari.

Act as a guarantor or perform any act with similiar effect, against any third party’s obligations, except guarantees made in ordinary course of business.

Perusahaan akan memberikan pemberitahuan terlebih dahulu kepada MUFG Bank, Ltd, dalam hal-hal antara lain:

The Company shall deliver post notification to MUFG Bank, Ltd, in the events of as follows:

Membayar lebih awal hutang lainnya manapun selain dari hutang berdasarkan Perjanjian dan dalam rangka menjalankan kegiatan usahanya sehari-hari, atau

Pay in advance any other loan other than loan under this Agreement and in its ordinary course of business; or

Membagikan atau membayarkan dividen kepada para pemegang saham.

Share or pay dividends to shareholders.

Terkait dengan pinjaman ini, tidak terdapat agunan khusus kepada MUFG Bank, Ltd.

Related to the credit facility, there are no special collateral to MUFG Bank, Ltd.

Sampai dengan tanggal 31 Desember 2018, Perusahaan telah mematuhi pembatasan penting yang berkaitan dengan fasilitas pinjaman ini.

As of December 31, 2018, the Company had complied to the covenant of this loan facility.

Pada tahun 2018, Jumlah penarikan pinjaman ini sebesar USD89.000.000 (ekuivalen Rp1.239.349.000.000).

In 2018, total drawdown of this loan amounted to USD89,000,000 (equivalent Rp1,239,349,000,000).

Pada tanggal 31 Desember 2018 dan 2017, saldo utang Perusahaan kepada MUFG Bank, Ltd setelah dikurangi biaya transaksi yang belum diamortisasi masing-masing adalah sebesar USD103.626.396 (ekuivalen Rp1.500.613.840.476) dan USD75.680.268 (ekuivalen Rp1.025.316.270.864) untuk pinjaman dengan mata uang Dolar Amerika dan sebesar JPY11.060.000.000 (ekuivalen Rp1.450.133.006.000) untuk pinjaman dalam mata uang Yen Jepang.

As of December 31, 2018 and 2017, the Company’s outstanding loan to MUFG Bank, Ltd after unamortized transaction cost amounted to USD103,626,396 (equivalent Rp1,500,613,840,476) and USD75,680,268 (equivalent to Rp1,025,316,270,864), respectively, for loan in United States Dollar and JPY11,060,000,000 (equivalent Rp1,450,133,006.000) for loan in Japanese Yen.



Perusahaan melakukan lindung nilai atas pinjaman yang diterima tersebut hal ini dilakukan untuk risiko nilai tukar mata uang asing melalui currency swap. Lindung nilai yang dilakukan adalah mempertukarkan tingkat nilai tukar mata uang asing tetap terhadap nilai tukar mata uang asing variabel. Nilai wajar instrumen derivatif dijelaskan pada Catatan 18.

The Company hedges the loan, this done to protect the risk of foreign currency exchange rate through currency swap. Hedging is done by exchanging fixed foreign exchange rates against variable foreign exchange rates. Fair value of the derivative instrument is disclosed in Note 18.

Agence Francaise De Developpement Agence Francaise De Developpement Pada tanggal 3 Desember 2015, Perusahaan mendapatkan fasilitas kredit dari Agence Francaise De Developpment (AFD) sebesar USD100 juta dengan jangka waktu sepuluh tahun (Catatan 34f). Fasilitas ini dikenakan bunga sebesar suku bunga LIBOR 6 bulan + 2,15% per tahun.

On December 3, 2015, the Company obtained a loan facility from Agence Francaise De Developpment (AFD) amounting to USD100 million with the term of ten years (Note 34f). The interest rate charged is 6 months LIBOR + 2.15% per annum.

Pada tanggal 31 Desember 2018 dan 2017, saldo utang Perusahaan kepada AFD setelah dikurangi biaya transaksi yang belum diamortisasi masing-masing adalah sebesar USD99.773.847 (ekuivalen Rp1.444.825.076.670) dan USD49.746.760 (ekuivalen Rp673.969.098.250).

As of December 31, 2018 and 2017, the Company’s outstanding loan to AFD after unamortized transaction cost amounted to USD99,773,847 (equivalent Rp1,444,825,076,670) and USD49,746,760 equivalent to Rp673,969,098,250), respectively.

Pada tanggal 31 Desember 2018, Perusahaan telah mematuhi pembatasan penting yang berkaitan dengan fasilitas kredit ini sesuai yang diungkapkan pada Catatan 34f.

As of December 31, 2018, the Company had complied to the covenant of this of credit facility as disclosed in Note 34f.

PT Bank UOB Indonesia PT Bank UOB Indonesia Pada tanggal 19 Juni 2017, Perusahaan dan PT Bank UOB Indonesia (UOB) menandatangani perjanjian kedit dalam mata uang USD sebesar USD100 juta untuk jangka tiga tahun dengan tingkat suku bunga sebesar LIBOR + 1,15% per tahun. Sampai dengan 30 September 2018, Perusahaan telah melakukan 3 kali penarikan fasilitas kredit pada tanggal 21, 22 Juni dan 15 Desember 2017 masing-masing sebesar USD40 juta, USD40 juta, dan USD20 juta. Sehingga total fasilitas yang sudah ditarik adalah sebesar USD100 juta.

On June 19, 2017, the Company and PT Bank UOB Indonesia (UOB) signed Loan Facility with maximum amount of USD100 million with the term of three years and the interest rate is LIBOR + 1.15% per annum. As of September 30, 2018, the Company has made 3 times drawdowns on June 21, 22 and December 15, 2017 each amounting to USD40 million, USD40 million, and USD20 million, respectively. The total facility drawdown amounted to USD100 million.

Pada tanggal 29 Maret 2018, Perusahaan dan UOB menandatangani perjanjian kedit dalam mata uang USD sebesar USD50 juta untuk jangka dua tahun dengan tingkat suku bunga sebesar LIBOR + 0,85% per tahun. Perusahaan telah melakukan penarikan sebesar USD27 juta pada tanggal 4 April 2018, USD10 juta pada tanggal 30 Agustus 2018, dan USD13 juta pada tanggal 28 September 2018. Total fasilitas yang sudah ditarik adalah sebesar USD50 juta.

On March 29, 2018 the Company and UOB signed loan facility in USD currency amounting to USD50 million with the term of two years with LIBOR + 0.85% per annum. The Company has drawdown amounting to USD27 million as of April 4, 2018, USD10 million as of August 30, 2018, and USD13 million as of September 28, 2018. The total facility drawdown amounted to USD50 million.




Pada tanggal 20 Desember 2018, Perusahaan dan UOB menandatangani perjanjian fasilitas kredit revolving dalam mata uang IDR sebesar Rp1 triliun untuk jangka 1 tahun. Sampai 31 Desember 2018, Perusahaan telah melakukan penarikan kredit sebesar Rp200 miliar dengan tingkat suku bunga sebesar 8,85% per tahun.

On December 20, 2018 the Company and UOB signed revolving loan facility in IDR currency amounting to Rp1 trillion with the term of one years. As of December 31, 2018, the Company has drawdown amounting to Rp200 billion with interest rate 8.85% per annum.

Fasilitas pinjaman ini mencakup persyaratan keuangan yaitu menjaga Debt to Consolidated tangible net worth tidak boleh melebihi 3 kali.

Loan Facilities includes certain financial convenants to maintain Debt to Consolidated tangible net worth is not higher 3 times.

Berdasarkan perjanjian kredit Perusahaan dan UOB Indonesia, Perusahaan tidak akan, tanpa persetujuan tertulis terlebih dahulu dari UOB Indonesia melakukan, antara lain:

Based on the loan agreement the Company’s and UOB Indonesia the Company shall not without prior written consent of UOB Indonesia in the events of as follows:

Mengalihkan, Menjaminkan dan Menyewakan Harta Kekayaan;

Transfer, pledge, and rent of assets;

Pailit dan penundaan pembayaran utang; Bankrupt and postponement payment of a debt;

Penyertaan Modal dan Investasi di perusahaan lain atau mendirikan anak perusahaan;

Capital investments and investments in other company or established of subsidiary;

Menggadaikan saham Perusahan, atau melakukan penerbitan saham atau efek bersifat hutang baik di dalam maupun di luar Pasar Modal (kecuali dilakukan dalam rangka kegiatan usaha sehari-hari sesuai Anggaran Dasar Perusahaan atau atas keputusan Pemerintah Republik Indonesia sepanjang hal ini tidak mempengaruhi kewajiban pembayaran Perusahaan berdasarkan perjanjian);

Mortaging the Company’s shares or issuing shares or debt securities both inside and outside capital market (except made in the context of daily business in accordance with the articles of the Company the decision of Government of the Republic of Indonesia in as long as this does not affect the Company’s payment obligations under the agreement);

Mengalihkan Hak dan Kewajiban berdasarkan Perjanjian Kredit kepada pihak Manapun (kecuali dalam rangka program transformasi badan hukum yang merupakan keputusan Pemerintah Republik Indonesia dimana kepemilikan sepenuhnya tetap dikuasai oleh Pemerintah Republik Indonesia);

Transferring of Right and Obligation based on Credit Agreement to other parties (except in the context of the program the transformation of legal entity constitutes at the decision of Government of Republic Indonesia where ownership fully are controlled by the Government of the Republic of Indonesia);

Mengikatkan diri sebagai penjamin/ penanggung corporate guarantee kepada pihak lain manapun, (kecuali dilakukan dalam rangka kegiatan usaha sehari-hari sesuai anggaran dasar Perusahaan sepanjang hal ini tidak mempengaruhi kewajiban pembayaran kepada Bank berdasarkan Perjanjian Kredit);

Act as guarantor of corporate guarantee to other parties, (except if it is in the context of), daily business activities in accordance with the Company’s articles of association as long as it is does not affect the payment obligation to the bank based on the credit agreement;

Melakukan perubahan atas kegiatan usaha Perusahaan yaitu dalam hal penyediaan pembiayaan infrastruktur;

Changes of business activities of the Company as provide financing receivables infrastructure;

Terkait dengan pinjaman ini Perusahaan tidak terdapat agunan khusus kepada UOB.

Related to the credit facility provides the Company’s there are no exclusive collateral to UOB.




Pada tanggal 20 Desember 2018, Perusahaan dan UOB menandatangani perjanjian fasilitas kredit revolving dalam mata uang IDR sebesar Rp1 triliun untuk jangka 1 tahun. Sampai 31 Desember 2018, Perusahaan telah melakukan penarikan kredit sebesar Rp200 miliar dengan tingkat suku bunga sebesar 8,85% per tahun.

On December 20, 2018 the Company and UOB signed revolving loan facility in IDR currency amounting to Rp1 trillion with the term of one years. As of December 31, 2018, the Company has drawdown amounting to Rp200 billion with interest rate 8.85% per annum.

Fasilitas pinjaman ini mencakup persyaratan keuangan yaitu menjaga Debt to Consolidated tangible net worth tidak boleh melebihi 3 kali.

Loan Facilities includes certain financial convenants to maintain Debt to Consolidated tangible net worth is not higher 3 times.

Berdasarkan perjanjian kredit Perusahaan dan UOB Indonesia, Perusahaan tidak akan, tanpa persetujuan tertulis terlebih dahulu dari UOB Indonesia melakukan, antara lain:

Based on the loan agreement the Company’s and UOB Indonesia the Company shall not without prior written consent of UOB Indonesia in the events of as follows:

Mengalihkan, Menjaminkan dan Menyewakan Harta Kekayaan;

Transfer, pledge, and rent of assets;

Pailit dan penundaan pembayaran utang; Bankrupt and postponement payment of a debt;

Penyertaan Modal dan Investasi di perusahaan lain atau mendirikan anak perusahaan;

Capital investments and investments in other company or established of subsidiary;

Menggadaikan saham Perusahan, atau melakukan penerbitan saham atau efek bersifat hutang baik di dalam maupun di luar Pasar Modal (kecuali dilakukan dalam rangka kegiatan usaha sehari-hari sesuai Anggaran Dasar Perusahaan atau atas keputusan Pemerintah Republik Indonesia sepanjang hal ini tidak mempengaruhi kewajiban pembayaran Perusahaan berdasarkan perjanjian);

Mortaging the Company’s shares or issuing shares or debt securities both inside and outside capital market (except made in the context of daily business in accordance with the articles of the Company the decision of Government of the Republic of Indonesia in as long as this does not affect the Company’s payment obligations under the agreement);

Mengalihkan Hak dan Kewajiban berdasarkan Perjanjian Kredit kepada pihak Manapun (kecuali dalam rangka program transformasi badan hukum yang merupakan keputusan Pemerintah Republik Indonesia dimana kepemilikan sepenuhnya tetap dikuasai oleh Pemerintah Republik Indonesia);

Transferring of Right and Obligation based on Credit Agreement to other parties (except in the context of the program the transformation of legal entity constitutes at the decision of Government of Republic Indonesia where ownership fully are controlled by the Government of the Republic of Indonesia);

Mengikatkan diri sebagai penjamin/ penanggung corporate guarantee kepada pihak lain manapun, (kecuali dilakukan dalam rangka kegiatan usaha sehari-hari sesuai anggaran dasar Perusahaan sepanjang hal ini tidak mempengaruhi kewajiban pembayaran kepada Bank berdasarkan Perjanjian Kredit);

Act as guarantor of corporate guarantee to other parties, (except if it is in the context of), daily business activities in accordance with the Company’s articles of association as long as it is does not affect the payment obligation to the bank based on the credit agreement;

Melakukan perubahan atas kegiatan usaha Perusahaan yaitu dalam hal penyediaan pembiayaan infrastruktur;

Changes of business activities of the Company as provide financing receivables infrastructure;

Terkait dengan pinjaman ini Perusahaan tidak terdapat agunan khusus kepada UOB.

Related to the credit facility provides the Company’s there are no exclusive collateral to UOB.



Pada tanggal 31 Desember 2018 dan 2017, saldo utang dalam mata uang USD Perusahaan kepada UOB setelah dikurangi biaya transaksi yang belum diamortisasi masing-masing adalah sebesar USD149.381.025 (ekuivalen Rp2.163.186.623.025) dan USD99.417.507 (ekuivalen Rp1.346.908.384.836).

As of December 31, 2018 and 2017, the Company’s outstanding loan to UOB in USD after unamortized transaction cost amounted to USD149,381,025 (equivalent Rp2,163,186,623,025) and USD99,417,507 (equivalent to Rp1,346,908,384,836), respectively.

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk Pada tanggal 20 Juni 2017, Perusahaan dan PT Bank Mandiri (Persero) Tbk (Bank Mandiri) menandatangani perjanjian kedit pinjaman transaksi khusus dalam mata uang USD sebesar USD100 juta untuk jangka tiga tahun dengan tingkat suku bunga sebesar LIBOR + 1,15% per tahun.

On June 20, 2017, the Company and PT Bank Mandiri (Persero) Tbk (Bank Mandiri) signed a Special Transaction Loan Facility Agreement with maximum amount of USD100 million with the term of three years and the interest rate is LIBOR + 1.15% per annum.

Pada tanggal 20 Desember 2018, terdapaat addendum perjanjian yang merubah tingkat suku bunga menjadi sebesar LIBOR + 1,00% per tahun.

On December 20, 2018, there was an addendum to the agreement change of interest rate became LIBOR + 1.00% per annum.

Fasilitas pinjaman ini mencakup persyaratan keuangan tertentu antara lain:

Bank loan includes certain financial convenants as follows:

Menjaga Debt to Equity Ratio kurang dari atau sama dengan 3 kali,

Maintain Debt to Equity Ratio is lower from or equal with 3 times,

Menjaga Perbandingan Aktiva Produktif dengan Utang dalam jangka waktu kurang dari 1 tahun lebih besar atau sama dengan 100%.

Maintain ratio of earning asset with long-term liabilities within more one year or equal with 100%.

Sampai dengan tahun 2018 and 2017, Perusahaan telah melakukan penarikan fasilitas kredit masing-masing sebesar USD35 juta dan USD50 juta.

In 2018 and 2017, the Company had drawn down credit facility amounting to USD35 million and USD50 million, respectively.

Pada tanggal 31 Desember 2018 dan 2017, saldo utang Perusahaan kepada Bank Mandiri setelah dikurangi biaya transaksi yang belum diamortisasi masing-masing adalah sebesar USD84.461.143 (ekuivalen Rp1.223.081.290.915) dan USD49.407.115 (ekuivalen Rp669.367.594.020).

As of December 31, 2018 and 2017, the Company’s outstanding loan to Bank Mandiri after unamortized transaction cost amounted to USD84,461,143 (ekuivalen Rp1,223,081,290,915) and USD49,407,115 (equivalent to Rp669,367,594,020), respectively.

PT Bank Maybank Indonesia Tbk PT Maybank Indonesia Tbk Pada tanggal 3 Oktober 2018, Perusahaan dan PT Bank Maybank Indonesia Tbk (Bank Maybank) menandatangani perjanjian kredit dan pembiayaan dalam mata uang USD sebesar USD100 juta untuk jangka dua tahun dengan tingkat suku bunga sebesar LIBOR 3 bulan + 0,90% per tahun. Fasilitas kredit tersebut terbagi dalam 2 fasilitas yaitu fasilitas pinjaman konvensional dan fasilitas pembiayaan syariah.

On October 3, 2018, the Company and PT Bank Maybank Indonesia Tbk (Bank Maybank) signed a loan and Financing Facility Agreement with maximum amount of USD100 million with the term of two years and the interest rate is LIBOR 3 month + 0.90% per annum. The Facilities divided into two facilities such as conventional loan facility and Syariah financing facility.




Sampai dengan tanggal Laporan Keuangan, perjanjian pinjaman ini masih dalam proses. Perjanjian pinjaman berbentuk dalam Cover Letter.

Until the date of Financial Statements, loan agreement is still on process. Loan agreements conform in Cover Letter.

16. Beban Akrual 16. Accrued Expenses

2018 2017Rp Rp

Bunga surat utang dan green bond Interest of debt securities and green bondditerbitkan (Catatan 19 dan 20) 125,899,843,056 116,163,028,137 issued (Notes 19 and 20)

Tantiem dan jasa produksi 67,242,167,467 60,515,836,029 Provision for tantiem and bonusJasa profesional 33,617,390,326 7,565,677,710 Professional feeBunga pinjaman diterima dari Interest from borrowings fromPemerintah Republik Indonesia the Government of Republic

(Catatan 22) 19,163,977,567 13,667,705,657 of Indonesia (Note 22)Bunga pinjaman diterima dari bank

dan lembaga keuangan lainnya Interest from bank loan and(Catatan 15) 12,354,307,068 5,047,730,910 other financial institution (Note 15)

Pengadaan aset tetap dan Acquisition of properties andaset takberwujud 3,161,515,832 3,602,776,943 equipments and intangible assets

Lain-lain 8,341,410,994 9,804,208,634 OthersJumlah 269,780,612,310 216,366,964,020 Total

17. Pendapatan Diterima Dimuka 17. Unearned Revenue

Pendapatan diterima dimuka merupakan provisi yang diterima terkait pinjaman diberikan (Catatan 8).

Unearned revenue represents provision received from loan receivables (Note 8).

18. Liabilitas Derivatif 18. Derivative Liabilities

Pada tanggal 28 Desember 2018, Perusahaan melakukan Transaksi Currency Swap dan Coupon Swap dengan MUFG Bank, Ltd., pihak ketiga, tanggal penyelesaian 28 Desember 2021. Tujuan transaksi ini adalah sebagai lindung nilai atas risiko fluktuasi nilai tukar dan tingkat suku bunga.

On December 28, 2018, the Company engages in Currency Swap and Coupon Swap contract with MUFG Bank, Ltd., third party, with settlement date on December 28, 2021. The purpose of this transaction is to hedge the risks of fluctuations in exchange rates and interest rates.

Estimasi nilai wajar instrumen liabilitas derivatif Perusahaan adalah sebagai berikut:

The estimated fair values of the Company’s derivative liabilities instruments are summarized below:

Jumlah Nilai Jumlah Nilainosional/ wajar/ nosional/ wajar/

Total notional Fair value Total notional Fair valueRp Rp Rp Rp

Coupon swap 742,372,993 --Currency swap -- 135,480,000,000 44,196,254,711Call spread 1,450,076,600,000 1,344,520,674 365,796,000,000 (437,329)Jumlah nilai wajar yang disajikan sebagai liabilitas derivatif/ Total fair value presented as derivative liabilities 2,086,893,667 44,195,817,382

20172018




Sampai dengan tanggal Laporan Keuangan, perjanjian pinjaman ini masih dalam proses. Perjanjian pinjaman berbentuk dalam Cover Letter.

Until the date of Financial Statements, loan agreement is still on process. Loan agreements conform in Cover Letter.

16. Beban Akrual 16. Accrued Expenses

2018 2017Rp Rp

Bunga surat utang dan green bond Interest of debt securities and green bondditerbitkan (Catatan 19 dan 20) 125,899,843,056 116,163,028,137 issued (Notes 19 and 20)

Tantiem dan jasa produksi 67,242,167,467 60,515,836,029 Provision for tantiem and bonusJasa profesional 33,617,390,326 7,565,677,710 Professional feeBunga pinjaman diterima dari Interest from borrowings fromPemerintah Republik Indonesia the Government of Republic

(Catatan 22) 19,163,977,567 13,667,705,657 of Indonesia (Note 22)Bunga pinjaman diterima dari bank

dan lembaga keuangan lainnya Interest from bank loan and(Catatan 15) 12,354,307,068 5,047,730,910 other financial institution (Note 15)

Pengadaan aset tetap dan Acquisition of properties andaset takberwujud 3,161,515,832 3,602,776,943 equipments and intangible assets

Lain-lain 8,341,410,994 9,804,208,634 OthersJumlah 269,780,612,310 216,366,964,020 Total

17. Pendapatan Diterima Dimuka 17. Unearned Revenue

Pendapatan diterima dimuka merupakan provisi yang diterima terkait pinjaman diberikan (Catatan 8).

Unearned revenue represents provision received from loan receivables (Note 8).

18. Liabilitas Derivatif 18. Derivative Liabilities

Pada tanggal 28 Desember 2018, Perusahaan melakukan Transaksi Currency Swap dan Coupon Swap dengan MUFG Bank, Ltd., pihak ketiga, tanggal penyelesaian 28 Desember 2021. Tujuan transaksi ini adalah sebagai lindung nilai atas risiko fluktuasi nilai tukar dan tingkat suku bunga.

On December 28, 2018, the Company engages in Currency Swap and Coupon Swap contract with MUFG Bank, Ltd., third party, with settlement date on December 28, 2021. The purpose of this transaction is to hedge the risks of fluctuations in exchange rates and interest rates.

Estimasi nilai wajar instrumen liabilitas derivatif Perusahaan adalah sebagai berikut:

The estimated fair values of the Company’s derivative liabilities instruments are summarized below:

Jumlah Nilai Jumlah Nilainosional/ wajar/ nosional/ wajar/

Total notional Fair value Total notional Fair valueRp Rp Rp Rp

Coupon swap 742,372,993 --Currency swap -- 135,480,000,000 44,196,254,711Call spread 1,450,076,600,000 1,344,520,674 365,796,000,000 (437,329)Jumlah nilai wajar yang disajikan sebagai liabilitas derivatif/ Total fair value presented as derivative liabilities 2,086,893,667 44,195,817,382

20172018



Liabilitas derivatif merupakan kerugian yang belum direalisasikan dari kontrak derivatif yang ditujukan sebagai lindung nilai atas arus kas.

Derivative liabilities represents unrealized losses from derivative contracts designated as cash flow hedges.

Bagian efektif dari kerugian lindung nilai yang diakui sebagai bagian dari penghasilan komprehensif lain pada tanggal 31 Desember 2018 dan 2017 masing-masing sebesar Rp2.086.893.667 dan Rp1.889.552.398.

The effective hedging loss recognized as part of other comprehensive income December 31, 2018 and 2017 amounted to Rp2,086,893,667 and Rp1,889,552,398, respectively.

Perubahan nilai lindung nilai yang diakui di penghasilan komprehensif lain:

Changes in value of cash flow hedge which were recognized in other comprehensive income:

2018 2017Rp Rp

Saldo awal -- 1,417,164,299 Beginning balancePerubahan nilai wajar (2,086,893,667) (1,889,552,398) Changes in fair valueJumlah (2,086,893,667) (472,388,099) TotalDampak pajak tangguhan 521,723,417 472,388,099 Effect of deferred taxSaldo akhir (1,565,170,250) -- Ending balance

Sehubungan dengan penerapan Peraturan Bank Indonesia No. 16/21 / PBI /2014 mengenai Penerapan Prinsip Kehati-hatian Pengelolaan Utang Luar Negeri Korporasi Non Bank, maka Perusahaan memiliki kewajiban untuk memenuhi rasio lindung nilai dan rasio likuiditas yang tertera dalam ketentuan tersebut. Sebagai pemenuhan atas PBI No. 16/21 tahun 2014 dan pelaksanaan prinsip kehati-hatian, Perusahaan menggunakan instrumen derivatif sebagai lindung nilai untuk mengelola risiko pergerakan mata uang asing dan suku bunga.

In relation to the application of Bank Indonesia Regulation No. 16/21 / PBI / 2014 regarding the Implementation of Prudential Principles of Non-Bank Corporate Foreign Debt Management, the Company has an obligation to meet the hedging and liquidity ratios set out in the provisions. As the fulfillment of PBI No. 16/21 of 2014 and the implementation of prudential principles, the Company uses derivative instruments as a hedge to manage the risk of foreign currency movements and interest rates.

Pada tanggal 29 September 2017, Perusahaan melakukan transaksi Call Spread Option dengan notional sebesar USD27.000.000, tanggal jatuh tempo pada 30 Maret 2018 dan menyerahkan dana untuk diblokir sebagaimana yang diwajibkan oleh Bank Indonesia sebesar 10% dari jumlah transaksi.

On September 29, 2017, the Company entered into a Call Spread Option transaction with notional amount of USD27,000,000, which will mature on March 30, 2018 and deposited funds to be blocked as required by Bank Indonesia amounting to 10% of the transaction amount.

Pada tanggal 28 Desember 2017, Perusahaan melakukan Call Spread Option dengan notional sebesar USD30.000.000, tanggal jatuh tempo pada 28 Maret 2018, dan menyerahkan dana untuk diblokir sebagaimana yang diwajibkan oleh Bank Indonesia sebesar 10% dari jumlah transaksi.

On December 28, 2017, the Company entered into a Call Spread Option with notional amount of USD30,000,000, which will mature on March 28, 2018 and deposited funds to be blocked as required by Bank Indonesia amounting to 10% of the transaction amount.




Pada tanggal 28 Desember 2018, Perusahaan melakukan transaksi Coupon Only Swap dan Call Spread Option dengan notional sebesar JPY11.060.000.000 (sebesar jumlah penarikan fasilitas pinjaman dalam mata uang JPY), dengan tanggal jatuh tempo pada 28 Desember 2021.

On December 28, 2018, the Company entered into a Coupon Only Swap and Call Spread Option transaction with a notional amount of JPY11,060,000,000 (in the amount of withdrawal of the loan facility in JPY), with the maturity date is December 28, 2021.

19. Surat Utang Diterbitkan 19. Debt Securities Issued

Surat Utang diterbitkan berdasarkan jenis dan mata uang sebagai berikut:

Debt Securities Issued based on type and currencies as follows:

2018 2017Rp Rp

Obligasi/ BondsRupiah/ Rupiah

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun/ Year 2018:

Seri/ Series A 846,000,000,000 --Seri/ Series B 199,250,000,000 --

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun/ Year 2017:

Seri/ Series A -- 1,200,000,000,000Seri/ Series B 4,455,000,000,000 4,455,000,000,000Seri/ Series C 1,345,000,000,000 1,345,000,000,000

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun/ Year 2016:

Seri/ Series A 2,298,000,000,000 2,298,000,000,000Seri/ Series B 1,328,000,000,000 1,328,000,000,000Seri/ Series C 700,000,000,000 700,000,000,000Seri/ Series D 674,000,000,000 674,000,000,000

Obligasi Sarana Multi Infrastruktur I Tahun/ Year 2014:

Seri/ Series B 900,000,000,000 900,000,000,000Surat Utang yang Beredar/ Outstanding Debt Securities 12,745,250,000,000 12,900,000,000,000Dikurangi/ Less

Biaya transaksi yang belum diamortisasi/ Unamortized transaction cost (8,778,729,732) (11,292,035,279)

Sub Jumlah 12,736,471,270,268 12,888,707,964,721

Medium Term NotesDolar Amerika Serikat/ United States Dollar

Medium Term Notes USD Sarana Multi Infrastruktur I Tahun/ Year 2016 -- 1,354,800,000,000

Dikurangi/ less :Biaya transaksi yang belum diamortisasi/ Unamortized transaction cost -- (289,099,209)

Sub Jumlah -- 1,354,510,900,791Surat utang diterbitkan - neto/ Debt securities - net 12,736,471,270,268 14,243,218,865,512




Pada tanggal 28 Desember 2018, Perusahaan melakukan transaksi Coupon Only Swap dan Call Spread Option dengan notional sebesar JPY11.060.000.000 (sebesar jumlah penarikan fasilitas pinjaman dalam mata uang JPY), dengan tanggal jatuh tempo pada 28 Desember 2021.

On December 28, 2018, the Company entered into a Coupon Only Swap and Call Spread Option transaction with a notional amount of JPY11,060,000,000 (in the amount of withdrawal of the loan facility in JPY), with the maturity date is December 28, 2021.

19. Surat Utang Diterbitkan 19. Debt Securities Issued

Surat Utang diterbitkan berdasarkan jenis dan mata uang sebagai berikut:

Debt Securities Issued based on type and currencies as follows:

2018 2017Rp Rp


Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun/ Year 2018:

Seri/ Series A 846,000,000,000 --Seri/ Series B 199,250,000,000 --

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun/ Year 2017:

Seri/ Series A -- 1,200,000,000,000Seri/ Series B 4,455,000,000,000 4,455,000,000,000Seri/ Series C 1,345,000,000,000 1,345,000,000,000

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun/ Year 2016:

Seri/ Series A 2,298,000,000,000 2,298,000,000,000Seri/ Series B 1,328,000,000,000 1,328,000,000,000Seri/ Series C 700,000,000,000 700,000,000,000Seri/ Series D 674,000,000,000 674,000,000,000

Obligasi Sarana Multi Infrastruktur I Tahun/ Year 2014:

Seri/ Series B 900,000,000,000 900,000,000,000Surat Utang yang Beredar/ Outstanding Debt Securities 12,745,250,000,000 12,900,000,000,000Dikurangi/ Less

Biaya transaksi yang belum diamortisasi/ Unamortized transaction cost (8,778,729,732) (11,292,035,279)

Sub Jumlah 12,736,471,270,268 12,888,707,964,721

Medium Term NotesDolar Amerika Serikat/ United States Dollar

Medium Term Notes USD Sarana Multi Infrastruktur I Tahun/ Year 2016 -- 1,354,800,000,000

Dikurangi/ less :Biaya transaksi yang belum diamortisasi/ Unamortized transaction cost -- (289,099,209)

Sub Jumlah -- 1,354,510,900,791Surat utang diterbitkan - neto/ Debt securities - net 12,736,471,270,268 14,243,218,865,512



Biaya perolehan diamortisasi surat utang yang diterbitkan adalah sebagai berikut:

The amortized cost of debt securities issued is as follows:

2018 2017Rp Rp

Surat utang diterbitkan 12,736,471,270,268 14,243,218,865,512 Debts securities issuedAkrual bunga surat utang Accrued interest of debt securities

diterbitkan (Catatan 16) 116,839,964,584 116,163,028,137 issued (Note 16)Jumlah 12,853,311,234,852 14,359,381,893,649 Total

Obligasi Bonds Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018

Obligasi Berkelanjutan I Sarana Multi Infrastuktur Tahap III Tahun 2018

Pada tanggal 5 Desember 2018 Perusahaan menerbitkan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp1.045.250.000.000 (satu triliun empat puluh lima miliar dua ratus lima puluh juta Rupiah) yang terdiri dari 2 (dua) seri sebagai berikut:

On December 5, 2018, the Company issued "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” bond listed in Indonesia Stock Exchange with the nominal value of Rp1,045,250,000,000 (one trillion fourty five billion two hundred and fifty million Rupiah). The bonds consist of two series were as follows:

Tingkat Bunga

Jumlah Nominal/ per tahun/Nominal Amount Tanggal Jatuh Tempo/ Interest Rate

Obligasi/ Bonds Rp Maturity Date per annum Seri/ Series

Obligasi Berkelanjutan I 14 Desember/Sarana Multi Infrastruktur Tahap III - 2018 846,000,000,000 December , 2019 8,20% Seri/ Series A

Obligasi Berkelanjutan I 4 Desember/Sarana Multi Infrastruktur Tahap III - 2018 199,250,000,000 December , 2021 8,70% Seri/ Series B

Pembayaran “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III Tahun 2018” principal is to be settled at bullet payment on maturity.

Dana yang diperoleh dari penerbitan obligasi ini, setelah dikurangi dengan biaya-biaya emisi, seluruhnya akan disalurkan untuk pembiayaan infrastruktur.

The proceeds from this issuance, net of issuance costs, will be entirely channeled to infrastructure financing.

Obligasi ini tidak dijamin dengan suatu jaminan khusus, namun dijamin dengan seluruh harta kekayaan Perusahaan, baik barang bergerak maupun barang tidak bergerak, baik yang telah ada maupun yang akan ada di kemudian hari.

The bonds are not secured by any specific collateral but secured by all assets that the Company's owned both movable and immovable, either existing or that will exist in the future.

PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat.

The trustee for the bonds is PT Bank Mandiri (Persero) Tbk.




Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017

Obligasi Berkelanjutan I Sarana Multi Infrastuktur Tahap II Tahun 2017

Pada tanggal 16 November 2017 Perusahaan menerbitkan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp7.000.000.000.000 (tujuh triliun Rupiah) yang terdiri dari 3 (tiga) seri sebagai berikut:

On November 16, 2017, the Company issued "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” bond listed in Indonesia Stock Exchange with the nominal value of Rp7,000,000,000,000 (seven trillion Rupiah). Of consisted of three series as follows:

Tingkat Bunga



Obligasi Berkelanjutan I 25 November/Sarana Multi Infrastruktur Tahap II - 2017 1,200,000,000,000 November , 2018 6,15% Seri/ Series A

Obligasi Berkelanjutan I 15 November/Sarana Multi Infrastruktur Tahap II - 2017 4,455,000,000,000 November , 2020 7,40% Seri/ Series B

Obligasi Berkelanjutan I 15 November/Sarana Multi Infrastruktur Tahap II - 2017 1,345,000,000,000 November , 2022 7,60% Seri/ Series C

Pembayaran obligasi “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” principal is to be settled at bullet payment on maturity date.







Obligasi Berkelanjutan I Sarana Multi

Infrastruktur Tahap II Tahun 2017 Seri A telah jatuh tempo dan dilunasi pada tanggal 19 November 2018.

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2017 Series A were matured and had been fully paid on November 19, 2018.




Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017

Obligasi Berkelanjutan I Sarana Multi Infrastuktur Tahap II Tahun 2017

Pada tanggal 16 November 2017 Perusahaan menerbitkan “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp7.000.000.000.000 (tujuh triliun Rupiah) yang terdiri dari 3 (tiga) seri sebagai berikut:

On November 16, 2017, the Company issued "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” bond listed in Indonesia Stock Exchange with the nominal value of Rp7,000,000,000,000 (seven trillion Rupiah). Of consisted of three series as follows:

Tingkat Bunga



Obligasi Berkelanjutan I 25 November/Sarana Multi Infrastruktur Tahap II - 2017 1,200,000,000,000 November , 2018 6,15% Seri/ Series A

Obligasi Berkelanjutan I 15 November/Sarana Multi Infrastruktur Tahap II - 2017 4,455,000,000,000 November , 2020 7,40% Seri/ Series B

Obligasi Berkelanjutan I 15 November/Sarana Multi Infrastruktur Tahap II - 2017 1,345,000,000,000 November , 2022 7,60% Seri/ Series C

Pembayaran obligasi “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017” principal is to be settled at bullet payment on maturity date.







Obligasi Berkelanjutan I Sarana Multi

Infrastruktur Tahap II Tahun 2017 Seri A telah jatuh tempo dan dilunasi pada tanggal 19 November 2018.

Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2017 Series A were matured and had been fully paid on November 19, 2018.



Obligasi Berkelanjutan I Sarana Multi Infrastuktur Tahap I Tahun 2016

Obligasi Berkelanjutan I Sarana Multi Infrastuktur Tahap I Tahun 2016

Pada tanggal 21 November 2016, Perusahaan menerbitkan obligasi dengan nama “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp5.000.000.000.000 (lima triliun Rupiah). Obligasi ini terdiri dari empat seri sebagai berikut:

On November 21, 2016, the Company issued “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016” bond listed in Indonesia Stock Exchange with the nominal value of Rp5,000,000,000,000 (five trillion Rupiah). The bonds consisted of four series as follows:

Tingkat Bunga



Obligasi Berkelanjutan I 18 November/Sarana Multi Infrastruktur Tahap I - 2016 2,298,000,000,000 November , 2019 7,85% Seri/ Series A

Obligasi Berkelanjutan I 18 November/Sarana Multi Infrastruktur Tahap I - 2016 1,328,000,000,000 November , 2021 8,20% Seri/ Series B

Obligasi Berkelanjutan I 18 November/Sarana Multi Infrastruktur Tahap I - 2016 700,000,000,000 November , 2026 8,65% Seri/ Series C

Obligasi Berkelanjutan I 18 November/Sarana Multi Infrastruktur Tahap I - 2016 674,000,000,000 November , 2031 8,90% Seri/ Series D

Pembayaran obligasi “Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016” principal is to be settled at bullet payment on maturity.



Obligasi ini tidak dijamin dengan suatu jaminan khusus, namun dijamin dengan seluruh harta kekayaan Perusahaan, baik barang bergerak maupun barang tidak bergerak, baik yang telah ada maupun yang akan ada dikemudian hari.

The bonds are not secured by any specific collateral but secured by all assets that the Company’s owned both movable and immovable, either existing or that will exist in the future.

PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini diperdagangkan di Bursa Efek Indonesia. Untuk periode 20 April 2018 sampai dengan 1 April 2019, obligasi ini mendapat peringkat AAA berdasarkan hasil pemeringkatan oleh PT Pemeringkat Efek Indonesia (Pefindo).

The trustee for the bonds is PT Bank Mandiri (Persero) Tbk. The bonds are traded in the Indonesia Stock Exchange. For the period from April 20, 2018 until April 1, 2019, the bonds is rated at AAA ratings by PT Pemeringkat Efek Indonesia (Pefindo).




Obligasi Sarana Multi Infrastruktur I Tahun 2014


Pada tanggal 11 Juni 2014, Perusahaan menerbitkan obligasi dengan nama “Obligasi Sarana Multi Infrastruktur I Tahun 2014” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp1.000.000.000.000. Obligasi ini terdiri dari dua seri yaitu:

On June 11, 2014, the Company issued “Obligasi Sarana Multi Infrastruktur I Tahun 2014” bond listed in Indonesia Stock Exchange with the nominal value of Rp1,000,000,000,000. The bonds consisted of two series:

Tingkat Bunga



Obligasi 11 Juni/Sarana Multi Infrastruktur I Tahun - 2014 100,000,000,000 June , 2017 9,60% Seri/ Series A

Obligasi 11 Juni/Sarana Multi Infrastruktur I Tahun - 2014 900,000,000,000 June , 2019 10,00% Seri/ Series B

Pembayaran obligasi “Obligasi Sarana Multi Infrastruktur I Tahun 2014” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Sarana Multi Infrastruktur I Tahun 2014” principal is to be settled at bullet payment on maturity.





PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini diperdagangkan di Bursa Efek Indonesia. Untuk 20 April 2018 sampai dengan 1 April 2019, obligasi ini mendapat peringkat AAA berdasarkan hasil pemeringkatan oleh PT Pemeringkat Efek Indonesia (Pefindo).


Obligasi Sarana Multi Infrastruktur I Tahun 2014 Seri A telah jatuh dan dilunasi pada tahun 2017.

Obligasi Sarana Multi Infrastruktur I Tahun 2014 Series A were matured and had been fully paid in 2017.






Pada tanggal 11 Juni 2014, Perusahaan menerbitkan obligasi dengan nama “Obligasi Sarana Multi Infrastruktur I Tahun 2014” yang dicatatkan di PT Bursa Efek Indonesia dengan nilai nominal sebesar Rp1.000.000.000.000. Obligasi ini terdiri dari dua seri yaitu:

On June 11, 2014, the Company issued “Obligasi Sarana Multi Infrastruktur I Tahun 2014” bond listed in Indonesia Stock Exchange with the nominal value of Rp1,000,000,000,000. The bonds consisted of two series:

Tingkat Bunga



Obligasi 11 Juni/Sarana Multi Infrastruktur I Tahun - 2014 100,000,000,000 June , 2017 9,60% Seri/ Series A

Obligasi 11 Juni/Sarana Multi Infrastruktur I Tahun - 2014 900,000,000,000 June , 2019 10,00% Seri/ Series B

Pembayaran obligasi “Obligasi Sarana Multi Infrastruktur I Tahun 2014” dilakukan secara penuh (bullet payment) saat jatuh tempo.

The bonds "Obligasi Sarana Multi Infrastruktur I Tahun 2014” principal is to be settled at bullet payment on maturity.





PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini diperdagangkan di Bursa Efek Indonesia. Untuk 20 April 2018 sampai dengan 1 April 2019, obligasi ini mendapat peringkat AAA berdasarkan hasil pemeringkatan oleh PT Pemeringkat Efek Indonesia (Pefindo).


Obligasi Sarana Multi Infrastruktur I Tahun 2014 Seri A telah jatuh dan dilunasi pada tahun 2017.

Obligasi Sarana Multi Infrastruktur I Tahun 2014 Series A were matured and had been fully paid in 2017.



Medium Term Notes Medium Term Notes Medium Term Notes USD Sarana Multi Infrastruktur I Tahun 2016

Medium Term Notes USD Sarana Multi Infrastruktur I Tahun 2016

Perusahaan menerbitkan Medium Term Notes (MTN) USD Sarana Multi Infrastruktur I Tahun 2016 dengan nilai hingga USD300.000.000 dengan jangka waktu 2 (dua) tahun. Pada tanggal 28 Maret 2016, MTN tahap pertama sebesar USD100 juta diterbitkan dengan tingkat bunga sebesar LIBOR 3 bulan + 1,75% per tahun dan telah jatuh tempo pada tanggal 28 Maret 2018. Tujuan penerbitan MTN ini adalah untuk pembiayaan proyek-proyek infrastruktur.

The Company issued a Medium Term Notes (MTN) USD Sarana Multi Infrastruktur I Tahun 2016, which permitted the Company to issue a MTN up to USD300,000,000 for a period of 2 (two) years. On March 28, 2016, the first phase of MTN amounted to USD100 million was issued at interest rate of 3 month LIBOR + 1.75% per annum and was matured on March 28, 2018. The purpose of this MTN is to support the Company’s financing infrastructure project.

PT Bank Mandiri (Persero) Tbk bertindak sebagai agen pemantau. MTN ini mendapat peringkat AA+ (idn) berdasarkan hasil pemeringkatan oleh Fitch Ratings. Pembayaran bunga dan nominal MTN dilakukan melalui Kustodian Sentral Efek Indonesia (KSEI) sesuai jadwal.

The monitoring agent is PT Bank Mandiri (Persero) Tbk. MTN is rated AA+ (idn) rating by Fitch Ratings. Principal and interest payments are being paid as scheduled through Kustodian Sentral Efek Indonesia (KSEI).

Pembayaran MTN ini telah dilakukan secara penuh (bullet payment) pada saat tanggal 27 Maret 2018.

The MTN had been settled at bullet payment on March 27, 2018.

20. Green Bond 20. Green Bond

2018 Tingkat bunga/ Tanggal jatuh tempo/Rp Interest rate Maturity date


Green Bond Tahun 2018/ Green Bond Year 2018Seri/ Series A 251,500,000,000 7,55% 6 Juli/ July 6, 2021Seri/ Series B 248,500,000,000 7,80% 6 Juli/ July 6, 2023

Green Bonds yang Beredar/ Outstanding Green Bonds 500,000,000,000Dikurangi/ Less

Biaya transaksi yang belum diamortisasi/ Unamortized transaction cost (3,695,994,285)

Green Bonds diterbitkan - bersih/ Green Bonds - net 496,304,005,715

Biaya perolehan diamortisasi green bonds yang diterbitkan adalah sebagai berikut:

The amortized cost of green bonds issued is as follows:

2018 2017Rp Rp

Green Bonds diterbitkan 496,304,005,715 -- Green Bonds issuedAkrual bunga green bonds Accrued interest of green bonds

diterbitkan (Catatan 16) 9,059,878,472 -- issued (Note 16)Jumlah 505,363,884,187 -- Total




Pada tanggal 9 Juli 2018, Perusahaan telah menerbitkan obligasi berwawasan lingkungan.

On July 9, 2018, the Company has issued green bonds.

Dana yang diperoleh dari penerbitan obligasi ini, setelah dikurangi dengan biaya-biaya emisi, seluruhnya akan disalurkan untuk pembiayaan infrastruktur kategori KUBL (Kegiatan Usaha Berwawasan Lingkungan) atas dana dari green bonds.

The proceeds from the bonds issuance, after net of emissions costs, all funds will be disbursed to finance infrastructure KUBL category will be entirely channeled to infrastructure financing KUBL category (Business Activity with Environmental Based) of fund from green bonds.





21. Sukuk Mudharabah 21. Sukuk Mudharabah

Pada tanggal 9 Juli 2018, Perusahaan telah menerbitkan sukuk mudharabah dengan rincian sebagai berikut:

On July 9, 2018, the Company has issued sukuk mudharabah which consists of:

Indikator bagi hasil/

2018 Profit sharing Tanggal jatuh tempo/Rp indicator Maturity date

Sukuk Mudharabah/ Sukuk MudharabahRupiah/ Rupiah

Sukuk Mudharabah PT SMI Thp I Tahun 2018/ Year 2018Seri/ Series A 680,000,000,000 7,55% 6 Juli/ July 6, 2021Seri/ Series B 320,000,000,000 7,80% 6 Juli/ July 6, 2023

Sukuk Mudharabah yang beredar/ Sukuk Mudharabah issued 1,000,000,000,000

Pembayaran sukuk mudharabah dilakukan secara penuh (bullet payment) saat jatuh tempo.

Sukuk mudharabah, principal is to be settled at bullet payment on maturity.

Dana yang diperoleh dari penerbitan sukuk mudharabah disalurkan untuk pembiayaan infrastruktur syariah melalui Unit Usaha Syariah Perusahan.

The proceeds from the issuance of sukuk mudharabah are channeled to finance infrastructure sharia through the Company’s Sharia Business Units.

Sukuk ini tidak dijamin dengan suatu jaminan khusus, namun dijamin dengan seluruh harta kekayaan Perusahaan, baik barang bergerak maupun barang tidak bergerak, baik yang telah ada maupun yang akan ada dikemudian hari.

The Sukuk are not secured by any specific collateral but secured by all assets that the Company owned, both movable and immovable, either existing or that will exist in the future.






Pada tanggal 9 Juli 2018, Perusahaan telah menerbitkan obligasi berwawasan lingkungan.

On July 9, 2018, the Company has issued green bonds.

Dana yang diperoleh dari penerbitan obligasi ini, setelah dikurangi dengan biaya-biaya emisi, seluruhnya akan disalurkan untuk pembiayaan infrastruktur kategori KUBL (Kegiatan Usaha Berwawasan Lingkungan) atas dana dari green bonds.

The proceeds from the bonds issuance, after net of emissions costs, all funds will be disbursed to finance infrastructure KUBL category will be entirely channeled to infrastructure financing KUBL category (Business Activity with Environmental Based) of fund from green bonds.





21. Sukuk Mudharabah 21. Sukuk Mudharabah

Pada tanggal 9 Juli 2018, Perusahaan telah menerbitkan sukuk mudharabah dengan rincian sebagai berikut:

On July 9, 2018, the Company has issued sukuk mudharabah which consists of:

Indikator bagi hasil/

2018 Profit sharing Tanggal jatuh tempo/Rp indicator Maturity date

Sukuk Mudharabah/ Sukuk MudharabahRupiah/ Rupiah

Sukuk Mudharabah PT SMI Thp I Tahun 2018/ Year 2018Seri/ Series A 680,000,000,000 7,55% 6 Juli/ July 6, 2021Seri/ Series B 320,000,000,000 7,80% 6 Juli/ July 6, 2023

Sukuk Mudharabah yang beredar/ Sukuk Mudharabah issued 1,000,000,000,000

Pembayaran sukuk mudharabah dilakukan secara penuh (bullet payment) saat jatuh tempo.

Sukuk mudharabah, principal is to be settled at bullet payment on maturity.

Dana yang diperoleh dari penerbitan sukuk mudharabah disalurkan untuk pembiayaan infrastruktur syariah melalui Unit Usaha Syariah Perusahan.

The proceeds from the issuance of sukuk mudharabah are channeled to finance infrastructure sharia through the Company’s Sharia Business Units.

Sukuk ini tidak dijamin dengan suatu jaminan khusus, namun dijamin dengan seluruh harta kekayaan Perusahaan, baik barang bergerak maupun barang tidak bergerak, baik yang telah ada maupun yang akan ada dikemudian hari.

The Sukuk are not secured by any specific collateral but secured by all assets that the Company owned, both movable and immovable, either existing or that will exist in the future.





22. Pinjaman Diterima dari Pemerintah

Republik Indonesia 22. Borrowings from the Government of

Republic of Indonesia

2018 2017Rp Rp

Penerusan Pinjaman kepada IIF Two-steps Loan Facility to IIFRupiah Rupiah

Pemerintah Republik Indonesia - Government of Republic Indonesia -Dana dari World Bank 300,000,000,000 -- Fund from World Bank

Dolar Amerika Serikat United States Dollar Pemerintah Republik Indonesia - Government of Republic Indonesia -

Dana dari World Bank 1,446,362,280,000 1,353,174,240,000 Fund from World BankPemerintah Republik Indonesia - Government of Republic Indonesia -

Dana dari Asian Development Bank 1,278,249,269,443 1,257,453,064,487 Fund Asian Development BankSub Jumlah 3,024,611,549,443 2,610,627,304,487 Sub Total

Regional Infrastructur Development Regional Infrastructur DevelopmentFund Project Fund Project

Rupiah RupiahPemerintah Republik Indonesia - Government of Republic Indonesia -

Dana dari World Bank 167,500,000,000 -- Fund from World BankPemerintah Republik Indonesia - Government of Republic Indonesia -

Asian Infrastructure Investment Bank 167,500,000,000 -- Asian Infrastructure Investment BankSub Jumlah 335,000,000,000 -- Sub Total

Dikurangi: Biaya transaksi yang belum Less: diamortisasi (1,528,345,285) (1,631,306,899) Unamortized transaction cost

Jumlah 3,358,083,204,158 2,608,995,997,588 Total

Biaya perolehan diamortisasi pinjaman diterima adalah sebagai berikut:

The amortized cost of borrowings is as follows:

2018 2017Rp Rp

Pinjaman diterima dari Borrowings fromPemerintah Indonesia 3,358,083,204,158 2,608,995,997,588 Government of Indonesia

Akrual bunga pinjaman (Catatan 16) 19,163,977,567 13,667,705,657 Accrued interest in borrowings (Note 16)Jumlah 3,377,247,181,725 2,622,663,703,245 Total

Penerusan Pinjaman kepada IIF

Two-steps Loan Facility to IIF Perusahaan memperoleh pinjaman diterima dari Pemerintah Republik Indonesia (merupakan penerusan dana pinjaman dari Asia Development Bank dan World Bank) kepada IIF masing-masing sebesar USD100 juta (Catatan 34.d.i dan 34.e.i).

The Company obtained borrowings from the Government of Republic of Indonesia (which represent two-steps loan facility from Asian Development Bank and World Bank) to IIF amounting to USD100 million from each creditor (Notes 34.d.i and 34.e.i).




Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari ADB dengan tingkat bunga LIBOR 6 bulan + 0,2% + 0,5% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Maret dan 1 September. Pembayaran pokok pinjaman yang pertama dimulai pada tanggal 1 September 2014 dan akan jatuh tempo pada tanggal 1 Maret 2034.

The borrowings which represents two-steps loan to IIF from ADB bears interest rate of 6 months LIBOR + 0.2% + 0.5% per annum paid semiannually on March 1 and September 1. The first installment of the loan principal started on September 1, 2014 and will be due on March 1, 2034.

Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari WB dengan tingkat bunga LIBOR 6 bulan + variable spread + 0,5% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Mei dan 1 November. Pembayaran pokok pinjaman yang pertama dilakukan pada tanggal 1 November 2018 dan akan jatuh tempo pada tanggal 1 November 2033.

The borrowings which represent two-steps loan to IIF from WB bears interest rate rate of 6 months LIBOR + variable spread + 0.5% per annum paid semi annually on May 1 and November 1. The first installment of the loan principal started on November 1, 2018 and will be due on November 1, 2033.

Berdasarkan surat No. S-2114/MK.5/2016 tanggal 8 Maret 2016 perihal Perubahan (Amandemen) Perjanjian Penerusan Pinjaman No. SLA-1230/DSMI/2010 tanggal 4 Maret 2010 sebagaimana telah diubah dengan perubahan perjanjian No. AMA-466/SLA-1230/DSMI/2012 tanggal 13 Desember 2012 antara Pemerintah Republik Indonesia dan Perusahaan, tingkat bunga pinjaman dari WB berubah menjadi tingkat bunga LIBOR 6 bulan + variable spread + 0,45% per tahun. Ketentuan tersebut berlaku untuk tagihan yang belum jatuh tempo pada tanggal 1 Oktober 2015.

Based on the letter No. S-2114/MK.5/2016 dated March 8, 2016 concerning Amendment Two-steps Loan Agreement No. SLA-1230/DSMI/2010 dated March 4, 2010, as amended by amendment No. AMA-466/SLA 1230/DSMI/2012 dated December 13, 2012 between the Government of Republic of Indonesia and the Company, the interest rate of the loan from WB was changed to a variable interest rate of 6 months LIBOR + variable spread + 0.45% per year. These provisions did not apply to receivable that matured on October 1, 2015.

Pada tanggal 26 September 2017, Perusahaan memperoleh tambahan pinjaman diterima dari Pemerintah Republik Indonesia (merupakan penerusan dana pinjaman dari World Bank kepada IIF) sebesar USD200 juta yang diteruspinjamkan dalam mata uang Rupiah. Perjanjian pinjaman ini efektif pada tanggal 26 September 2017 (Catatan 34.d.ii dan 34.e.ii).

On September 26, 2017 the Company obtained additional borrowings from the Government of Republic of Indonesia (which represent two-steps loan facility from World Bank to IIF) amounting to USD200 million which was loaned out in Rupiah. The facility was effective on September 26, 2017 (Notes 34.d.ii and 34.e.ii).

Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari WB dengan tingkat bunga sebesar SUN Seri Benchmark tahun berkenaan 20 (dua puluh) tahun + 0,75% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Maret dan 1 September. Pembayaran pokok pinjaman dibayar dalam 3 (tiga) kali angsuran pada 1 Maret 2027, 1 Maret 2032 dan 1 September 2036.

The borrowings are two-steps loan to IIF from WB with an interest rate of Benchmark Series SUN of 20 (twenty) years per annum + 0.75% per every six months on March 1 and September 1. The principal repayment will be in 3 installments, on March 1, 2027, March 1, 2032 and will be due on September 1, 2036.




Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari ADB dengan tingkat bunga LIBOR 6 bulan + 0,2% + 0,5% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Maret dan 1 September. Pembayaran pokok pinjaman yang pertama dimulai pada tanggal 1 September 2014 dan akan jatuh tempo pada tanggal 1 Maret 2034.

The borrowings which represents two-steps loan to IIF from ADB bears interest rate of 6 months LIBOR + 0.2% + 0.5% per annum paid semiannually on March 1 and September 1. The first installment of the loan principal started on September 1, 2014 and will be due on March 1, 2034.

Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari WB dengan tingkat bunga LIBOR 6 bulan + variable spread + 0,5% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Mei dan 1 November. Pembayaran pokok pinjaman yang pertama dilakukan pada tanggal 1 November 2018 dan akan jatuh tempo pada tanggal 1 November 2033.

The borrowings which represent two-steps loan to IIF from WB bears interest rate rate of 6 months LIBOR + variable spread + 0.5% per annum paid semi annually on May 1 and November 1. The first installment of the loan principal started on November 1, 2018 and will be due on November 1, 2033.

Berdasarkan surat No. S-2114/MK.5/2016 tanggal 8 Maret 2016 perihal Perubahan (Amandemen) Perjanjian Penerusan Pinjaman No. SLA-1230/DSMI/2010 tanggal 4 Maret 2010 sebagaimana telah diubah dengan perubahan perjanjian No. AMA-466/SLA-1230/DSMI/2012 tanggal 13 Desember 2012 antara Pemerintah Republik Indonesia dan Perusahaan, tingkat bunga pinjaman dari WB berubah menjadi tingkat bunga LIBOR 6 bulan + variable spread + 0,45% per tahun. Ketentuan tersebut berlaku untuk tagihan yang belum jatuh tempo pada tanggal 1 Oktober 2015.

Based on the letter No. S-2114/MK.5/2016 dated March 8, 2016 concerning Amendment Two-steps Loan Agreement No. SLA-1230/DSMI/2010 dated March 4, 2010, as amended by amendment No. AMA-466/SLA 1230/DSMI/2012 dated December 13, 2012 between the Government of Republic of Indonesia and the Company, the interest rate of the loan from WB was changed to a variable interest rate of 6 months LIBOR + variable spread + 0.45% per year. These provisions did not apply to receivable that matured on October 1, 2015.

Pada tanggal 26 September 2017, Perusahaan memperoleh tambahan pinjaman diterima dari Pemerintah Republik Indonesia (merupakan penerusan dana pinjaman dari World Bank kepada IIF) sebesar USD200 juta yang diteruspinjamkan dalam mata uang Rupiah. Perjanjian pinjaman ini efektif pada tanggal 26 September 2017 (Catatan 34.d.ii dan 34.e.ii).

On September 26, 2017 the Company obtained additional borrowings from the Government of Republic of Indonesia (which represent two-steps loan facility from World Bank to IIF) amounting to USD200 million which was loaned out in Rupiah. The facility was effective on September 26, 2017 (Notes 34.d.ii and 34.e.ii).

Pinjaman diterima yang merupakan penerusan pinjaman kepada IIF dari WB dengan tingkat bunga sebesar SUN Seri Benchmark tahun berkenaan 20 (dua puluh) tahun + 0,75% per tahun yang dibayarkan setiap enam bulanan pada tanggal 1 Maret dan 1 September. Pembayaran pokok pinjaman dibayar dalam 3 (tiga) kali angsuran pada 1 Maret 2027, 1 Maret 2032 dan 1 September 2036.

The borrowings are two-steps loan to IIF from WB with an interest rate of Benchmark Series SUN of 20 (twenty) years per annum + 0.75% per every six months on March 1 and September 1. The principal repayment will be in 3 installments, on March 1, 2027, March 1, 2032 and will be due on September 1, 2036.



Pada tahun 2018, pinjaman telah ditarik sebesar Rp300 miliar (dalam mata uang rupiah).

In 2018, Loan has been drawdown for Rp300 billion (In Rupiah currency).

Rincian pinjaman diterima dari Pemerintah Republik Indonesia – Penerusan Pinjaman kepada IIF pada tanggal 31 Desember 2018 dan 2017, sebagai berikut:

Details of borrowings from the Government of Republic of Indonesia – Two-steps Loan Facility to IIF as of December 31, 2018 and 2017, as follows:

Mata Uang/ Jumlah Pokok/ Tingkat Bunga / Pembayaran kembali/ Jangka Waktu/IIF Currency Total Principal Interest Rate Repayment Maturity

Pemerintah Republik Indonesia/Government of Republic of Indonesia -

World Bank IDR 300,000,000,000 1 Maret dan 1 September / 3 kali pembayaran/ 3 times installmentMarch 1, and September 1, 1 Maret/ March 1 , 2027

1 Maret/ March 1 , 20321 Maret/ March 1 , 2036

USD 99,880,000 1 Mei dan 1 November / 1 Maret/ March 1 , 2033May 1, and November 1,

Pemerintah Republik Indonesia/Government of Republic of Indonesia - USD 88,270,787 1 Maret dan 1 September / 1 Maret/ March 1 , 2034

Asian Development Bank March 1, and September 1,

2018

Libor 6 bulan/ month + Variable Spread + 0,45%

Libor 6 bulan/ month + 0,2% + 0,5%

SUN Seri 20 tahun/ years + 0,75% per annum

Mata Uang/ Jumlah Pokok/ Tingkat Bunga / Pembayaran kembali/ Jangka Waktu/IIF Currency Total Principal Interest Rate Repayment Maturity

Pemerintah Republik Indonesia/Government of Republic of Indonesia - USD 99,880,000 1 Mei dan 1 November / 1 Maret/ March 1 , 2033

World Bank May 1, and November 1,

Pemerintah Republik Indonesia/Government of Republic of Indonesia - USD 92,814,664 1 Maret dan 1 September / 1 Maret/ March 1 , 2034

Asian Development Bank March 1, and September 1,

2017

Libor 6 bulan/ month + 0,2% + 0,5%

Libor 6 bulan/ month + Variable Spread + 0,45%

Regional Infrastructure Development Fund Project (RIDF)

Regional Infrastructure Development Fund Project (RIDF)

Perusahaan juga memperoleh fasilitas diterima dari Pemerintah Republik Indonesia (merupakan penerusan dana pinjaman dari World Bank dan Asian Infrastructure Investment Bank) dalam rangka Pembiayaan RIDF sebesar masing-masing USD100 juta (Catatan 34h).

The Company also obtained borrowings from the Government of Republic of Indonesia (which represent two-steps loan facility from World Bank and Asian Infrastructure Investment Bank) in order to financing RIDF amounting to USD100 million from each creditor (Note 34h).

Pinjaman diterima yang merupakan penerusan pinjaman untuk Pembiayaan RIDF dari World Bank dan Asian Infrastructure Investment Bank (AIIB) dengan tingkat bunga sebesar SUN seri tenor 20 tahun pembayaran pokok pinjaman per tahun yang dibayarkan setiap enam bulanan pada tanggal 15 Februari dan 15 Agustus.

The borrowings are two-steps loan to RIDF financing from World Bank and Asian Infrastructure Investment Bank (AIIB) with an interest rate of Benchmark Series SUN of the tenor of 20 (twenty) years. The principal repayment will be done in every six months on February 15 and August 15.

Pembayaran pokok pinjaman yang pertama dari AIIB dimulai pada tanggal 15 Agustus 2022 dan akan jatuh tempo pada tanggal 15 Februari 2027,

The first principal repayment from AIIB is on August 15, 2022 and will mature on February 15, 2027,




sementara untuk pinjaman dari World Bank pembayaran pokok pinjaman yang pertama dimulai pada tanggal 15 Februari 2022 dan akan jatuh tempo pada tanggal 15 Agustus 2026.

while loan from World Bank, the first principal repayment on February 15, 2022 and mature on February 15, 2026.

Rincian pinjaman diterima dari Pemerintah Republik Indonesia - Penerusan Dana Pinjaman kepada RIDF pada tanggal 31 Desember 2018, sebagai berikut:

Details of borrowings from The Government of Republic of Indonesia – Two-steps Loan Facility to RIDF as of December 31, 2018 are as follows:

Mata Uang/ Jumlah Pokok/ Tingkat Bunga / Pembayaran kembali/ Jangka Waktu/Currency Total Principal Interest Rate Repayment Maturity

RIDFPemerintah Republik Indonesia/Government of Republic of Indonesia IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Agustus/ August 15 , 2026

World Bank February 15, and August 15,

Pemerintah Republik Indonesia/Government of Republic of Indonesia - IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Pebruari/ February 15 , 2027

Asian Infrastructure Investment Bank February 15, and August 15,

2018

23. Liabilitas Lain-Lain 23. Other Liabilities

2018 2017Rp Rp

Titipan debitur 55,138,589,301 42,153,448,369 Debtors' depositsDana AFD (Catatan 34f) 73,981,771,070 68,545,668,264 AFD Funds (Note 34f)Dana Palu (Catatan 34k) 72,996,648,942 -- Palu Funds (Note 34k)Dana CTF (Catatan 34g) 30,409,810,380 -- CTF Fund (Note 34g)Dana GEF (Catatan 34g) 10,185,173,258 -- GEF Fund (Note 34g)Dana RIDF-PDF (Catatan 34i) 11,387,502,734 5,016,133,560 RIDF-PDF Fund (Note 34i)Dana GIZ (Catatan 34j) 130,313,400 -- GIZ Fund (Note 34j)Jumlah 254,229,809,085 115,715,250,193 Total

Titipan debitur merupakan penerimaan atas pembayaran pokok dan bunga yang dilakukan oleh debitur sebelum tanggal jatuh tempo sehingga Perusahaan belum mengalokasikan penerimaan tersebut.

Debtor’s deposits represent receipt of principal and interest payment from debtor’s before maturity date, therefore the Company has not allocated these receipts.

Dana dari Agence Francaise De Developpement (AFD) merupakan dana yang berasal dari perjanjian pembiayaan dengan AFD sehubungan dengan peningkatan kapasitas Perusahaan dalam aktivitas pembiayaan proyek-proyek energi terbarukan sebesar USD5.000.000 dan telah dicairkan pada tanggal 2 Juni 2016 (Catatan 34f).

The Agence Francaise De Developpement (AFD) funds represent fund from financing agreement with AFD in relation to the increase of the Company's capacity in financing activities of renewable energy projects amounted to USD5,000,000 and already disbursed on June 2, 2016 (Note 34f).




sementara untuk pinjaman dari World Bank pembayaran pokok pinjaman yang pertama dimulai pada tanggal 15 Februari 2022 dan akan jatuh tempo pada tanggal 15 Agustus 2026.

while loan from World Bank, the first principal repayment on February 15, 2022 and mature on February 15, 2026.

Rincian pinjaman diterima dari Pemerintah Republik Indonesia - Penerusan Dana Pinjaman kepada RIDF pada tanggal 31 Desember 2018, sebagai berikut:

Details of borrowings from The Government of Republic of Indonesia – Two-steps Loan Facility to RIDF as of December 31, 2018 are as follows:

Mata Uang/ Jumlah Pokok/ Tingkat Bunga / Pembayaran kembali/ Jangka Waktu/Currency Total Principal Interest Rate Repayment Maturity

RIDFPemerintah Republik Indonesia/Government of Republic of Indonesia IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Agustus/ August 15 , 2026

World Bank February 15, and August 15,

Pemerintah Republik Indonesia/Government of Republic of Indonesia - IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Pebruari/ February 15 , 2027

Asian Infrastructure Investment Bank February 15, and August 15,

2018

23. Liabilitas Lain-Lain 23. Other Liabilities

2018 2017Rp Rp

Titipan debitur 55,138,589,301 42,153,448,369 Debtors' depositsDana AFD (Catatan 34f) 73,981,771,070 68,545,668,264 AFD Funds (Note 34f)Dana Palu (Catatan 34k) 72,996,648,942 -- Palu Funds (Note 34k)Dana CTF (Catatan 34g) 30,409,810,380 -- CTF Fund (Note 34g)Dana GEF (Catatan 34g) 10,185,173,258 -- GEF Fund (Note 34g)Dana RIDF-PDF (Catatan 34i) 11,387,502,734 5,016,133,560 RIDF-PDF Fund (Note 34i)Dana GIZ (Catatan 34j) 130,313,400 -- GIZ Fund (Note 34j)Jumlah 254,229,809,085 115,715,250,193 Total

Titipan debitur merupakan penerimaan atas pembayaran pokok dan bunga yang dilakukan oleh debitur sebelum tanggal jatuh tempo sehingga Perusahaan belum mengalokasikan penerimaan tersebut.

Debtor’s deposits represent receipt of principal and interest payment from debtor’s before maturity date, therefore the Company has not allocated these receipts.

Dana dari Agence Francaise De Developpement (AFD) merupakan dana yang berasal dari perjanjian pembiayaan dengan AFD sehubungan dengan peningkatan kapasitas Perusahaan dalam aktivitas pembiayaan proyek-proyek energi terbarukan sebesar USD5.000.000 dan telah dicairkan pada tanggal 2 Juni 2016 (Catatan 34f).

The Agence Francaise De Developpement (AFD) funds represent fund from financing agreement with AFD in relation to the increase of the Company's capacity in financing activities of renewable energy projects amounted to USD5,000,000 and already disbursed on June 2, 2016 (Note 34f).



Dana GEF dan CTF adalah uang yang diterima Perusahaan dari World Bank untuk mendukung kegiatan eksplorasi panas bumi yang dilakukan Pemerintah Indonesia dan akan dilaksanakan Perusahaan melalui skema penugasan dari Kementerian Keuangan (Catatan 34g).

GEF and CTF funds represent funds received by the Company from World Bank to support geothermal exploration activities conducted by the Government of Indonesia which will be implemented by the Company through the assignment scheme from the Ministry of Finance (Note 34g).

Dana RIDF-PDF adalah uang yang diterima Perusahaan dari World Bank untuk membantu pemerintah daerah di Indonesia dalam mengembangkan proyek infrastruktur (Catatan 34i).

RIDF-PDF fund represent funds received by the Company from World Bank to assist regional governments in Indonesia to develop infrastructure project (Note 34i).

Dana GIZ adalah dana subsidi local yang diterima oleh Perusahaan dari Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn sebagai bagian dari kontribusi Republik Federal Jerman yang ditujukan khusus untuk pembayaran Pelaksanaan Pelatihan Proyek Investasi Infrastruktur “Linking Cities” sehubungan dengan pembiayaan untuk pegawai dari kota di Indonesia dan pelaksanaan dari Learning Exchange Program antara PT Sarana Multi Infrastruktur (Persero) Indonesia dan PPP Center Philippines (Catatan 34j).

GIZ fund represent a local subsidy received by the Company from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn as part of the contributions of the Federal Republic of Germany is intended exclusively for the payment of Implementation of the training course “Linking Cities” Infrastructure Investment Projects to Finance for the Benefit of Staff of the Indonesian Cities and Implementation of Learning Exchange Program between PT Sarana Multi Infrastruktur (Persero) Indonesia and PPP Center Philippines (Note 34j).

Dana Palu adalah dana donasi yang diterima Perusahaan dari Li Ka Shing (Overseas) Foundation dan Hutchison International Limited dengan tujuan untuk membantu korban bencana alam yang terjadi di Palu, Donggala, dan Sigi melalui tahapan rehabilitasi dan rekonstruksi guna mendukung pembangunan infrastruktur sosial (Catatan 34k).

Palu fund represent donation fund received by Company from Li Ka Shing (Overseas) Foundation and Hutchison International Limited for the victims of natural disaster occurred in Palu, Donggala and Sigi, Indonesia through the rehabilitation and reconstruction stages to support the social infrastructure development (Note 34k).

24. Perpajakan 24. Taxation

a. Pajak dibayar dimuka a. Prepaid tax

2018 2017Rp Rp

PPh Badan pasal 28A 12,332,997,650 12,521,676,268 Corporate Tax article 28A




b. Utang pajak b. Taxes payable

2018 2017Rp Rp

Pajak Penghasilan Income TaxPasal 29 36,422,330,566 -- Article 29Pasal 25 20,958,000,000 23,962,000,000 Article 25Pasal 21 6,450,793,056 5,574,782,250 Article 21Pasal 23 561,129,084 452,101,115 Article 23Pasal 4(2) 518,030,748 11,536,932 Article 4(2)Pasal 22 58,446,768 14,479,617 Article 22Pasal 26 593,780 161,033,727 Article 26

Pajak pertambahan nilai 4,423,800,141 2,081,413,629 Value added taxJumlah 69,393,124,143 32,257,347,270 Total

c. Beban Pajak c. Tax Expense

2018 2017Rp Rp

Pajak kini (289,275,747,250) (275,981,195,000) Current taxPajak tangguhan 5,090,972,892 3,294,848,645 Deferred taxJumlah (284,184,774,358) (272,686,346,355) Total

Rekonsiliasi antara laba sebelum pajak menurut laporan laba rugi dan penghasilan komprehensif lain dan estimasi laba kena pajak adalah sebagai berikut:

The reconciliation between income before tax per statements of profit or loss and other comprehensive income and estimated taxable income is as follows:

2018 2017Rp Rp

Laba sebelum pajak menurut Profit before tax per statementslaporan laba rugi dan of profit or loss and otherpenghasilan komprehensif lain 1,815,294,730,123 1,534,694,326,807 comprehensive income

Beda temporer: Temporary differences:Beban imbalan kerja - bersih 22,215,749,267 18,054,401,826 Employee benefit expense - netBonus karyawan dan tantiem 14,475,444,073 834,977,438 Employee bonus and tantiemPenyusutan aset tetap (6,219,472,665) (4,648,492,810) Depreciation of fixed assetsAmortisasi aset tak berwujud (1,994,559,513) (1,061,491,877) Amortization of intangible assetsPendapatan lainnya (8,113,269,593) -- Other incomeSub Jumlah 20,363,891,570 13,179,394,577 Sub Total

Beda tetap: Permanent differences:Penghasilan dikenakan pajak final (842,233,979,954) (520,443,471,757) Income subjected to final taxPenghasilan bukan merupakan

obyek pajak (63,425,858,932) (34,106,589,202) Non-taxable incomeBeban yang tidak dapat

dikurangkan 207,468,799,907 35,419,405,741 Non-deductible expensesBagian laba bersih pada

ventura bersama 12,884,896,748 24,486,520,935 Equity in net profit of joint ventureProporsi beban atas

penghasilan yang merupakan Proportional of expenses relatedobjek pajak final 6,750,509,540 50,695,193,053 to income that subject to final

Sub Jumlah (678,555,632,691) (443,948,941,230) Sub TotalLaba kena pajak 1,157,102,989,002 1,103,924,780,154 Taxable incomeLaba kena pajak - pembulatan 1,157,102,989,000 1,103,924,780,000 Taxable income - round off




b. Utang pajak b. Taxes payable

2018 2017Rp Rp

Pajak Penghasilan Income TaxPasal 29 36,422,330,566 -- Article 29Pasal 25 20,958,000,000 23,962,000,000 Article 25Pasal 21 6,450,793,056 5,574,782,250 Article 21Pasal 23 561,129,084 452,101,115 Article 23Pasal 4(2) 518,030,748 11,536,932 Article 4(2)Pasal 22 58,446,768 14,479,617 Article 22Pasal 26 593,780 161,033,727 Article 26

Pajak pertambahan nilai 4,423,800,141 2,081,413,629 Value added taxJumlah 69,393,124,143 32,257,347,270 Total

c. Beban Pajak c. Tax Expense

2018 2017Rp Rp

Pajak kini (289,275,747,250) (275,981,195,000) Current taxPajak tangguhan 5,090,972,892 3,294,848,645 Deferred taxJumlah (284,184,774,358) (272,686,346,355) Total

Rekonsiliasi antara laba sebelum pajak menurut laporan laba rugi dan penghasilan komprehensif lain dan estimasi laba kena pajak adalah sebagai berikut:

The reconciliation between income before tax per statements of profit or loss and other comprehensive income and estimated taxable income is as follows:

2018 2017Rp Rp

Laba sebelum pajak menurut Profit before tax per statementslaporan laba rugi dan of profit or loss and otherpenghasilan komprehensif lain 1,815,294,730,123 1,534,694,326,807 comprehensive income

Beda temporer: Temporary differences:Beban imbalan kerja - bersih 22,215,749,267 18,054,401,826 Employee benefit expense - netBonus karyawan dan tantiem 14,475,444,073 834,977,438 Employee bonus and tantiemPenyusutan aset tetap (6,219,472,665) (4,648,492,810) Depreciation of fixed assetsAmortisasi aset tak berwujud (1,994,559,513) (1,061,491,877) Amortization of intangible assetsPendapatan lainnya (8,113,269,593) -- Other incomeSub Jumlah 20,363,891,570 13,179,394,577 Sub Total

Beda tetap: Permanent differences:Penghasilan dikenakan pajak final (842,233,979,954) (520,443,471,757) Income subjected to final taxPenghasilan bukan merupakan

obyek pajak (63,425,858,932) (34,106,589,202) Non-taxable incomeBeban yang tidak dapat

dikurangkan 207,468,799,907 35,419,405,741 Non-deductible expensesBagian laba bersih pada

ventura bersama 12,884,896,748 24,486,520,935 Equity in net profit of joint ventureProporsi beban atas


Sub Jumlah (678,555,632,691) (443,948,941,230) Sub TotalLaba kena pajak 1,157,102,989,002 1,103,924,780,154 Taxable incomeLaba kena pajak - pembulatan 1,157,102,989,000 1,103,924,780,000 Taxable income - round off



2018 2017Rp Rp

Beban pajak kini 289,275,747,250 275,981,195,000 Current Income TaxDikurangi Less:

Pembayaran Pajak Dibayar Dimuka 252,853,416,684 288,502,871,268 Prepayment of Income TaxTaksiran kurang (lebih) bayar Estimated underpayment (over)

Pajak Penghasilan 36,422,330,566 (12,521,676,268) of income tax

Laba kena pajak tahun 2017 telah sesuai dengan Surat Pemberitahuan Tahunan Pajak yang disampaikan ke kantor pajak.

Taxable income for the year 2017 has been in accordance with the Annual Tax Return submitted to the tax office.

Pada tanggal 14 November 2018, Perusahaan menerima surat No.PEMB-00423/WPJ.19/KP.0405/RK.SIS/ 2018 perihal Pemberitahuan Pemeriksaan Lapangan dari Kantor Pajak untuk tahun pajak 2017. Sampai dengan laporan keuangan ini diterbitkan, pemeriksaan pajak tersebut masih dalam proses.

On November 14, 2018, the Company received tax investigation notification letter No.PEMB-00423/ WPJ.19/KP.0405/RK.SIS/2018 from Tax Office for fiscal year 2017. Until the issuance date of the financial statements, the tax investigation is still in progress.

Rekonsiliasi antara beban pajak dan hasil perkalian laba akuntansi sebelum pajak dengan tarif pajak yang berlaku adalah sebagai berikut:

A reconciliation between the total tax expense and the amounts computed by applying the effective tax rates to income before tax is as follows:

2018 2017Rp Rp

Laba sebelum pajak menurut laporan Income before tax per statementslaba rugi dan penghasilan of profit or loss and other

komprehensif lain 1,815,294,730,123 1,534,694,326,807 comprehensive incomeBeban pajak dengan tarif Tax expense at effective

pajak efektif 453,823,682,531 383,673,581,702 tax ratePengaruh pajak atas laba (beban)

yang tidak dapat diperhitungkan Tax effect of non taxable incomemenurut fiskal: and non deductible expenses:

Penghasilan yang telah dikenakanpajak final (210,558,494,989) (130,110,867,939) Income subjected to final tax

Penghasilan yang bukanmerupakan obyek pajak (15,856,464,733) (8,526,647,301) Non-taxable income

Beban yang tidak dapat dikurangkan 51,867,199,977 8,854,851,396 Non deductible expenseBagian laba bersih pada ventura bersama 3,221,224,187 6,121,630,234 Equity in net profit from joint ventureProporsi beban atas


Sub Jumlah (169,638,908,173) (110,987,235,347) Sub TotalJumlah 284,184,774,358 272,686,346,355 Total




d. Aset pajak tangguhan d. Deferred tax assets

Dikreditkan(dibebankan) ke

Dikreditkan penghasilan(dibebankan) ke komprehensif

laporan laba rugi/ lain/Credited (charged) Credited

to statements (charged) to other1 Januari/ profit or loss comprehensive 31 Desember/

January 1, 2018 for the year income Decembe r 31, 2018Rp Rp Rp Rp

Liabilitas imbalan Employee benefitspasca kerja 17,614,565,252 5,553,937,317 (3,928,799,842) 19,239,702,727 obligation

Tantiem dan bonus Tantiem and employeekaryawan 15,194,159,794 3,618,861,018 -- 18,813,020,812 bonus

Aset tetap dan Fixed assetsaset takberwujud (2,405,874,760) (2,053,508,045) -- (4,459,382,805) and intagible assets

Instrumen derivatif -- -- 521,723,417 521,723,417 Derivative instrumentPendapatan lainnya -- (2,028,317,398) -- (2,028,317,398) Other incomeAset pajak tangguhan 30,402,850,286 5,090,972,892 (3,407,076,425) 32,086,746,753 Deferred tax assets

Dikreditkan

(dibebankan) keDikreditkan penghasilan

(dibebankan) ke komprehensiflaporan laba rugi/ lain/

Credited (charged) Creditedto statements (charged) to other

1 Januari/ profit or loss comprehensive 31 Desember/January 1, 2017 for the year income Decembe r 31, 2017

Rp Rp Rp Rp

Liabilitas imbalan Employee benefitspasca kerja 9,341,010,501 4,513,600,457 3,759,954,294 17,614,565,252 obligation

Tantiem dan bonus Tantiem and employeekaryawan 14,985,415,434 208,744,360 -- 15,194,159,794 bonus

Aset tetap dan Fixed assetsaset takberwujud (978,378,588) (1,427,496,172) -- (2,405,874,760) and intagible assets

Instrumen derivatif (472,388,099) -- 472,388,099 -- Derivative instrumentAset pajak tangguhan 22,875,659,248 3,294,848,645 4,232,342,393 30,402,850,286 Deferred tax assets

25. Laba Per Saham 25. Earnings Per Share

2018 2017Rp Rp

Laba bersih untuk perhitungan laba Net Income for computation of basicper saham dasar 1,531,109,955,765 1,262,007,980,452 earings per share

Jumlah Saham Numbers of SharesJumlah rata-rata tertimbang saham Weighted average number of ordinary

biasa untuk perhitungan laba bersih shares for computation of basicper saham dasar 29,771,395 27,126,134 per share

Laba per Saham 51,429 46,524 Earning per shares




d. Aset pajak tangguhan d. Deferred tax assets

Dikreditkan(dibebankan) ke

Dikreditkan penghasilan(dibebankan) ke komprehensif

laporan laba rugi/ lain/Credited (charged) Credited

to statements (charged) to other1 Januari/ profit or loss comprehensive 31 Desember/

January 1, 2018 for the year income Decembe r 31, 2018Rp Rp Rp Rp

Liabilitas imbalan Employee benefitspasca kerja 17,614,565,252 5,553,937,317 (3,928,799,842) 19,239,702,727 obligation

Tantiem dan bonus Tantiem and employeekaryawan 15,194,159,794 3,618,861,018 -- 18,813,020,812 bonus

Aset tetap dan Fixed assetsaset takberwujud (2,405,874,760) (2,053,508,045) -- (4,459,382,805) and intagible assets

Instrumen derivatif -- -- 521,723,417 521,723,417 Derivative instrumentPendapatan lainnya -- (2,028,317,398) -- (2,028,317,398) Other incomeAset pajak tangguhan 30,402,850,286 5,090,972,892 (3,407,076,425) 32,086,746,753 Deferred tax assets

Dikreditkan

(dibebankan) keDikreditkan penghasilan

(dibebankan) ke komprehensiflaporan laba rugi/ lain/

Credited (charged) Creditedto statements (charged) to other

1 Januari/ profit or loss comprehensive 31 Desember/January 1, 2017 for the year income Decembe r 31, 2017

Rp Rp Rp Rp

Liabilitas imbalan Employee benefitspasca kerja 9,341,010,501 4,513,600,457 3,759,954,294 17,614,565,252 obligation

Tantiem dan bonus Tantiem and employeekaryawan 14,985,415,434 208,744,360 -- 15,194,159,794 bonus

Aset tetap dan Fixed assetsaset takberwujud (978,378,588) (1,427,496,172) -- (2,405,874,760) and intagible assets

Instrumen derivatif (472,388,099) -- 472,388,099 -- Derivative instrumentAset pajak tangguhan 22,875,659,248 3,294,848,645 4,232,342,393 30,402,850,286 Deferred tax assets

25. Laba Per Saham 25. Earnings Per Share

2018 2017Rp Rp

Laba bersih untuk perhitungan laba Net Income for computation of basicper saham dasar 1,531,109,955,765 1,262,007,980,452 earings per share

Jumlah Saham Numbers of SharesJumlah rata-rata tertimbang saham Weighted average number of ordinary

biasa untuk perhitungan laba bersih shares for computation of basicper saham dasar 29,771,395 27,126,134 per share

Laba per Saham 51,429 46,524 Earning per shares



26. Liabilitas Imbalan Kerja 26. Employee Benefits Obligation

Program imbalan pasti Defined benefit plan Perusahaan membukukan imbalan pasca kerja untuk karyawannya sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja adalah 278 dan 254 orang masing-masing per 31 Desember 2018 dan 2017.

The Company provides post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits are 278 and 254 as of December 31, 2018 and 2017, respectively.

Berikut ini adalah hal-hal penting yang diungkapkan dalam laporan aktuaris independen PT Dayamandiri Dharmakonsilido masing-masing tertanggal 20 Desember 2018 dan 23 Januari 2018, masing-masing untuk tahun yang berakhir pada 31 Desember 2018 dan 2017.

The following are the significant items disclosed in the actuarial reports independent prepared by PT Dayamandiri Dharmakonsilido dated December 20, 2018 and January 23, 2018, for the years ended December 31, 2018 and 2017, respectively.

Imbalan kerja jangka panjang lain Other long-term employment benefit Perusahaan juga memberikan imbalan kerja jangka panjang lain berupa cuti besar kepada karyawan yang telah bekerja selama 6 tahun atau lebih secara terus-menerus. Tidak ada pendanaan yang dilakukan sehubungan dengan program imbalan kerja ini.

The Company provides other long-term benefit in form of grand leaves to employee who already rendered 6 years or more of services. There is no funding on these other longterm employee benefits program.

Jumlah karyawan yang diperhitungkan atas imbalan kerja jangka panjang lain adalah 278 and 254 orang masing-masing per 31 Desember 2018 dan 2017.

The number of employees entitled to the other long-term employement benefit are 278 and 254 as of December 31, 2018 and 2017, respectively.

Asumsi-asumsi yang digunakan oleh aktuaris dalam perhitungan Liabilitas Imbalan Kerja adalah sebagai berikut:

The assumptions used by the actuary for Employee Benefit Obligation calculation are as follows:

2018 2017

Usia normal pensiun 56 Tahun/ Years 56 Tahun/ Years Normal retirement ageTingkat mortalita TMII - 2011 TMII - 2011 Mortality rateTingkat kenaikan gaji per tahun 10,00% 10,00% Annual salary increase ratesTingkat diskonto per tahun 8,80% 7,70% Annual discount rates Risiko tingkat bunga Interest risk Penurunan suku bunga obligasi akan meningkatkan liabilitas program.

A decrease in the bond interest rate will increase the plan liability.

Risiko harapan hidup Longevity risk Nilai kini kewajiban imbalan pasti dihitung dengan mengacu pada estimasi terbaik dari mortalitas peserta program baik selama dan setelah kontrak kerja. Peningkatan harapan hidup peserta program akan meningkatkan liabilitas program.

The present value of the defined benefit plan liability is calculated with reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.




Risiko gaji Salary risk Nilai kini kewajiban imbalan pasti dihitung dengan mengacu pada gaji masa depan peserta program. Dengan demikian, kenaikan gaji peserta program akan meningkatkan liabilitas program itu.

The present value of the defined benefit plan liability is calculated with reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

Kewajiban imbalan kerja terdiri atas: Employee benefit obligation consists of:

2018 2017Rp Rp

Imbalan kerja manfaat pasti 56,171,231,000 52,192,917,001 Employee benefit plansImbalan kerja jangka panjang lainnya 21,042,827,000 18,265,344,000 Other long-term employement benefitsJumlah 77,214,058,000 70,458,261,001 Total

Beban imbalan kerja yang diakui di laporan laba rugi dan penghasilan komprehensif lain adalah sebagai berikut:

Amounts recognized in the statement of profit or loss and other comprehensive income in respect of the defined benefit plan are as follows:

Imbalan kerja jangkaImbalan kerja panjang lainnya/manfaat pasti/ Other long-term

Employee employement Jumlah/benefit plans benefits Total

Rp Rp Rp

Biaya jasa Cost serviceBiaya jasa kini 15,595,299,000 6,746,117,000 22,341,416,000 Current service costBiaya bunga 4,204,841,451 1,437,252,661 5,642,094,112 Interest costBiaya jasa lalu 94,954,000 60,887,000 155,841,000 Past service costKelebihan pembayaran 60,510,842 -- 60,510,842 Excess benefitKerugian (keuntungan) aktuarial -- (4,283,366,258) (4,283,366,258) Actuarial loss (gain)

Komponen dari bebanimbalan pasti yang diakui Component of benefit expenselaba rugi 19,955,605,293 3,960,890,403 23,916,495,696 recognized in profit loss

Pengukuran kembali Remeasurement of thekewajiban imbalan pasti defined benefit obligation

(Keuntungan) kerugian aktuarial Actuarial (gain) loss raising from yang timbul dari perubahaan: changes in:

Asumsi keuangan (10,787,384,000) -- (10,787,384,000) Financial assumptionPenyesuaian pengalaman (4,927,815,368) -- (4,927,815,368) Adjustment experience

Komponen dari (pendapatan)imbalan pasti yang diakui Component of (income) ofdalam penghasilan recognized in employee benefitkomprehensif lainnya (15,715,199,368) -- (15,715,199,368) other comphrensive income

2018




Risiko gaji Salary risk Nilai kini kewajiban imbalan pasti dihitung dengan mengacu pada gaji masa depan peserta program. Dengan demikian, kenaikan gaji peserta program akan meningkatkan liabilitas program itu.

The present value of the defined benefit plan liability is calculated with reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

Kewajiban imbalan kerja terdiri atas: Employee benefit obligation consists of:

2018 2017Rp Rp

Imbalan kerja manfaat pasti 56,171,231,000 52,192,917,001 Employee benefit plansImbalan kerja jangka panjang lainnya 21,042,827,000 18,265,344,000 Other long-term employement benefitsJumlah 77,214,058,000 70,458,261,001 Total

Beban imbalan kerja yang diakui di laporan laba rugi dan penghasilan komprehensif lain adalah sebagai berikut:

Amounts recognized in the statement of profit or loss and other comprehensive income in respect of the defined benefit plan are as follows:



Rp Rp Rp

Biaya jasa Cost serviceBiaya jasa kini 15,595,299,000 6,746,117,000 22,341,416,000 Current service costBiaya bunga 4,204,841,451 1,437,252,661 5,642,094,112 Interest costBiaya jasa lalu 94,954,000 60,887,000 155,841,000 Past service costKelebihan pembayaran 60,510,842 -- 60,510,842 Excess benefitKerugian (keuntungan) aktuarial -- (4,283,366,258) (4,283,366,258) Actuarial loss (gain)




Asumsi keuangan (10,787,384,000) -- (10,787,384,000) Financial assumptionPenyesuaian pengalaman (4,927,815,368) -- (4,927,815,368) Adjustment experience

Komponen dari (pendapatan)imbalan pasti yang diakui Component of (income) ofdalam penghasilan recognized in employee benefitkomprehensif lainnya (15,715,199,368) -- (15,715,199,368) other comphrensive income

2018





Rp Rp Rp

Biaya jasa Cost serviceBiaya jasa kini 10,966,339,000 5,537,556,000 16,503,895,000 Current service costBiaya bunga 2,859,919,282 1,114,077,586 3,973,996,868 Interest costBiaya jasa lalu 50,168,000 60,443,000 110,611,000 Past service costKelebihan pembayaran 359,183,231 -- 359,183,231 Excess benefitKerugian (keuntungan) aktuarial -- 765,630,298 765,630,298 Actuarial loss (gain)




Asumsi keuangan 15,614,963,000 -- 15,614,963,000 Financial assumptionPenyesuaian pengalaman (575,145,825) -- (575,145,825) Adjustment experience

Komponen dari bebanimbalan pasti yang diakui Component of benefit costdalam penghasilan recognized in komprehensif lainnya 15,039,817,175 -- 15,039,817,175 other comphrensive income

2017

Mutasi nilai kini kewajiban imbalan pascakerja adalah sebagai berikut:

Movement in the present value obligations are as follows:



Rp Rp Rp

Kewajiban imbalan pasti awal 52,192,917,001 18,265,344,000 70,458,261,001 Beginning of defined obligationBiaya jasa kini 15,595,299,000 6,746,117,000 22,341,416,000 Current service costBiaya bunga 4,204,841,451 1,437,252,661 5,642,094,112 Interest costBiaya jasa lalu 94,954,000 60,887,000 155,841,000 Past service costKelebihan pembayaran 60,510,842 -- 60,510,842 Excess benefit



Asumsi keuangan (10,787,384,000) (1,919,638,000) (12,707,022,000) Financial assumptionPenyesuaian pengalaman (4,927,815,368) (2,363,728,258) (7,291,543,626) Adjustment experience

Pembayaran manfaat (262,091,926) (1,183,407,403) (1,445,499,329) Benefit paidSaldo Akhir 56,171,231,000 21,042,827,000 77,214,058,000 Ending Balance

2018






Rp Rp Rp




Asumsi keuangan 15,614,963,000 2,927,422,000 18,542,385,000 Financial assumptionPenyesuaian pengalaman (575,145,825) (2,161,791,702) (2,736,937,527) Adjustment experience

Pembayaran manfaat (2,518,435,687) (1,140,478,884) (3,658,914,571) Benefit paidSaldo Akhir 52,192,917,001 18,265,344,000 70,458,261,001 Ending Balance

2017

Asumsi aktuarial yang signifikan untuk penentuan kewajiban imbalan pasti adalah tingkat diskonto, kenaikan gaji yang diharapkan dan mortalitas. Sensitivitas analisis di bawah ini ditentukan berdasarkan masing-masing perubahan asumsi yang mungkin terjadi pada akhir periode pelaporan, dengan semua asumsi lain konstan, sebagai berikut:

Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant, as follows:

Imbalan kerja jangkaPerubahan Imbalan kerja panjang lainnya/Persentase/ manfaat pasti/ Other long-termPercentage Employee employement Jumlah/

Change benefit plans benefits Total% Rp Rp Rp

Tingkat diskonto/ Discount rateKenaikan/ Increase 1% 49,933,177,000 19,981,849,000 69,915,026,000Penurunan/ Decrease 1% 63,945,226,000 22,213,714,000 86,158,940,000

Tingkat kenaikan/ Salary growth rateKenaikan/ Increase 1% 63,227,324,000 22,084,684,000 85,312,008,000Penurunan/ Decrease 1% 50,025,395,000 20,079,443,000 70,104,838,000

2018





2017






Rp Rp Rp




Asumsi keuangan 15,614,963,000 2,927,422,000 18,542,385,000 Financial assumptionPenyesuaian pengalaman (575,145,825) (2,161,791,702) (2,736,937,527) Adjustment experience

Pembayaran manfaat (2,518,435,687) (1,140,478,884) (3,658,914,571) Benefit paidSaldo Akhir 52,192,917,001 18,265,344,000 70,458,261,001 Ending Balance

2017

Asumsi aktuarial yang signifikan untuk penentuan kewajiban imbalan pasti adalah tingkat diskonto, kenaikan gaji yang diharapkan dan mortalitas. Sensitivitas analisis di bawah ini ditentukan berdasarkan masing-masing perubahan asumsi yang mungkin terjadi pada akhir periode pelaporan, dengan semua asumsi lain konstan, sebagai berikut:

Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant, as follows:





2018





2017



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 obligations it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions maybe correlated.

Selanjutnya, dalam menyajikan analisis sensitivitas di atas, nilai kini kewajiban imbalan pasti dihitung dengan menggunakan metode Projected Unit Credit pada akhir periode pelaporan, yang sama dengan yang diterapkan dalam menghitung liabilitas manfaat pasti yang diakui dalam laporan posisi keuangan.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the Projected Unit Credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the statement of financial position.

Tidak ada perubahan dalam metode dan asumsi yang digunakan dalam penyusunan analisis sensitivitas dari tahun sebelumnya.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

27. Modal Saham 27. Capital Stock

Seluruh saham Perusahaan dimiliki oleh Pemerintah Republik Indonesia.

The Company’s shares of stock are wholly owned by the Government of the Republic of Indonesia.

2009 2009 Sesuai dengan akta No. 17 tanggal 26 Februari 2009 dari Lolani Kurniati Irdham - Idroes, SH, LLM notaris di Jakarta, mengenai Pendirian Perusahaan, dinyatakan bahwa modal dasar Perusahaan sebesar Rp4.000.000.000.000, terdiri atas 4.000.000 saham biasa dengan nominal Rp1.000.000 per saham.

In accordance with Deed No. 17 dated February 26, 2009 from Lolani Kurniati Irdham - Idroes, SH, LLM notary in Jakarta concerning Company Establishment, it was stated that the Company authorized capital amounting to Rp4,000,000,000,000, consist of 4,000,000 shares with nominal value of Rp1,000,000 per share.

Berdasarkan Peraturan Pemerintah (PP) No. 66 tahun 2007 yang diubah dengan PP No. 75 Tahun 2008, modal ditempatkan dan disetor sebesar Rp1.000.000.000.000 terdiri dari 1.000.000 lembar saham pada tanggal 31 Maret 2009.

Based on Government Regulation (PP) No. 66 year 2007 as amended by PP No. 75 Year 2008 paid up capital of Rp1,000,000,000,000 consisted of 1,000,000 shares on March 31, 2009.

2011 2011 Pada tanggal 31 Desember 2010 berdasarkan Peraturan Pemerintah (PP) No. 85 Tahun 2010, pemegang saham Perusahaan telah meningkatkan penyertaan di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp1.000.000.000.000.

On December 31, 2010 based on Government Regulation (PP) No. 85 Year 2010, the shareholders had increase their investment in the Company by increasing the Company’s paid up capital amounting to Rp1,000,000,000,000.




Peningkatan modal disetor telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 20 tanggal 15 April 2011 dari Lolani Kurniati Irdham - Idroes, SH, LLM, notaris di Jakarta. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.10-13260 tanggal 4 Mei 2011.

The increase in paid-in capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 20 dated April 15, 2011 from Lolani Kurniati Irdham - Idroes, SH, LLM, a notary in Jakarta. The Amendment Deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-AH.01.10-13260 dated May 4, 2011.

2013 2013 Berdasarkan Peraturan Pemerintah (PP) No. 104 Tahun 2012 tanggal 14 Desember 2012, pemegang saham Perusahaan telah meningkatkan penyertaan di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp2.000.000.000.000 yang berasal dari modal disetor lainnya.

Based on the Government Regulation (PP) No. 104 Year 2012 dated on December 14, 2012 the Company’s shareholder had increase its investment to the Company by increasing the Company’s paid up capital amounting to Rp2,000,000,000,000 from other paid in capital.

Sesuai dengan akta No. 416 tanggal 27 Maret 2013 dibuat dihadapan Irma Devita Purnamasari, S.H., notaris di Jakarta, mengenai perubahan anggaran dasar Perusahaan, dinyatakan bahwa modal dasar Perusahaan sebesar Rp16.000.000.000.000, terdiri atas 16.000.000 saham biasa dengan nominal Rp1.000.000 per saham. Dari modal tersebut telah disetor dan ditempatkan sebesar Rp4.000.000.000.000 yang terdiri dari 4.000.000 lembar saham. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan Surat Keputusan No. AHU-17492.AH.01.02 tanggal 4 April 2013.

In accordance with Deed No. 416 dated March 27, 2013 passed before Irma Devita Purnamasari, S.H., a notary in Jakarta, regarding Amendment of the Company's Articles, it was stated that the Company authorized capital amounted to Rp16,000,000,000,000, consist of 16,000,000 shares with nominal value of Rp1,000,000 per share. Out of which, Rp4,000,000,000,000 consisting of 4,000,000 shares has been paid for and placed. The amendment deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-17492.AH.01.02 dated April 4, 2013.

2015 2015 Pada tahun 2015, Pemerintah Republik Indonesia menerbitkan dua Peraturan Pemerintah (PP) terkait penambahan Penyertaan Modal Negara (PMN) untuk Perusahaan yang merupakan pelaksanaan dari Undang-Undang No. 27 Tahun 2014 tentang Anggaran Pendapatan dan Belanja Negara Tahun 2015 yang telah diubah dengan Undang-undang No. 3 Tahun 2015, yaitu:

In 2015, the Government of Republic of Indonesia issued two Government Regulations (PP) related to increase on the State Capital Investment for the Company which represented the implementation of the Law No. 27 Year 2014 concerning State Budget of 2015 which had been amended with Law No. 3 Year 2015, as follows:

1. PP No. 61 tahun 2015 tanggal 12 Agustus 2015

1. PP No. 61 year 2015 dated August 12, 2015

Berdasarkan Peraturan Pemerintah (PP) No. 61 Tahun 2015 tanggal 12 Agustus 2015, pemegang saham Perusahaan telah meningkatkan penyertaan modal di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp2.000.000.000.000 yang diterima Perusahaan pada tanggal 31 Desember 2015.

Based on the Government Regulation (PP) No. 61 Year 2015 dated on August 12, 2015 the shareholders had increase its investment in the Company by providing the Company’s paid up capital amounting to Rp2,000,000,000,000 which was received by the Company on December 31, 2015.




Peningkatan modal disetor telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 20 tanggal 15 April 2011 dari Lolani Kurniati Irdham - Idroes, SH, LLM, notaris di Jakarta. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.10-13260 tanggal 4 Mei 2011.

The increase in paid-in capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 20 dated April 15, 2011 from Lolani Kurniati Irdham - Idroes, SH, LLM, a notary in Jakarta. The Amendment Deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-AH.01.10-13260 dated May 4, 2011.

2013 2013 Berdasarkan Peraturan Pemerintah (PP) No. 104 Tahun 2012 tanggal 14 Desember 2012, pemegang saham Perusahaan telah meningkatkan penyertaan di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp2.000.000.000.000 yang berasal dari modal disetor lainnya.

Based on the Government Regulation (PP) No. 104 Year 2012 dated on December 14, 2012 the Company’s shareholder had increase its investment to the Company by increasing the Company’s paid up capital amounting to Rp2,000,000,000,000 from other paid in capital.

Sesuai dengan akta No. 416 tanggal 27 Maret 2013 dibuat dihadapan Irma Devita Purnamasari, S.H., notaris di Jakarta, mengenai perubahan anggaran dasar Perusahaan, dinyatakan bahwa modal dasar Perusahaan sebesar Rp16.000.000.000.000, terdiri atas 16.000.000 saham biasa dengan nominal Rp1.000.000 per saham. Dari modal tersebut telah disetor dan ditempatkan sebesar Rp4.000.000.000.000 yang terdiri dari 4.000.000 lembar saham. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan Surat Keputusan No. AHU-17492.AH.01.02 tanggal 4 April 2013.

In accordance with Deed No. 416 dated March 27, 2013 passed before Irma Devita Purnamasari, S.H., a notary in Jakarta, regarding Amendment of the Company's Articles, it was stated that the Company authorized capital amounted to Rp16,000,000,000,000, consist of 16,000,000 shares with nominal value of Rp1,000,000 per share. Out of which, Rp4,000,000,000,000 consisting of 4,000,000 shares has been paid for and placed. The amendment deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-17492.AH.01.02 dated April 4, 2013.

2015 2015 Pada tahun 2015, Pemerintah Republik Indonesia menerbitkan dua Peraturan Pemerintah (PP) terkait penambahan Penyertaan Modal Negara (PMN) untuk Perusahaan yang merupakan pelaksanaan dari Undang-Undang No. 27 Tahun 2014 tentang Anggaran Pendapatan dan Belanja Negara Tahun 2015 yang telah diubah dengan Undang-undang No. 3 Tahun 2015, yaitu:

In 2015, the Government of Republic of Indonesia issued two Government Regulations (PP) related to increase on the State Capital Investment for the Company which represented the implementation of the Law No. 27 Year 2014 concerning State Budget of 2015 which had been amended with Law No. 3 Year 2015, as follows:

1. PP No. 61 tahun 2015 tanggal 12 Agustus 2015

1. PP No. 61 year 2015 dated August 12, 2015

Berdasarkan Peraturan Pemerintah (PP) No. 61 Tahun 2015 tanggal 12 Agustus 2015, pemegang saham Perusahaan telah meningkatkan penyertaan modal di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp2.000.000.000.000 yang diterima Perusahaan pada tanggal 31 Desember 2015.

Based on the Government Regulation (PP) No. 61 Year 2015 dated on August 12, 2015 the shareholders had increase its investment in the Company by providing the Company’s paid up capital amounting to Rp2,000,000,000,000 which was received by the Company on December 31, 2015.



Pada tanggal 31 Desember 2015, akta perubahan anggaran dasar sehubungan dengan PP ini belum dibuat, sehingga setoran tersebut dicatat sebagai uang muka setoran modal.

As of December 31, 2015, the deed of amendment in the Articles of Association related to this PP had not been made, therefore it was recorded as advance for paid up capital.

2. PP No. 95 tahun 2015 tanggal

14 Desember 2015 2. PP No. 95 year 2015 dated December 14,

2015 Berdasarkan Peraturan Pemerintah (PP) No. 95 Tahun 2015 tanggal 14 Desember 2015, pemegang saham Perusahaan telah meningkatkan penyertaan di Perusahaan dengan melakukan penambahan modal saham sebesar Rp18.356.600.000.000 yang diterima Perusahaan pada tanggal 23 Desember 2015.

Based on the Government Regulation (PP) No. 95 Year 2015 dated December 14, 2015, the Shareholder had increase its investment in the Company by increasing the Company’s paid up capital amounted to Rp18,356,600,000,000 which was received by the Company in December 23, 2015.

Modal disetor dan ditempatkan berasal dari pengalihan aset Pusat Investasi Pemerintah (PIP) ke Perusahaan. Pengalihan aset terdiri dari:

Subscribed and paid up capital were derived from the transfer of assets of Government Investment Center (PIP) to the Company. Transfer of assets consisted of:

a. Kas dan setara kas sebesar Rp9.607.031.911.079;

a. Cash and cash equivalent amounting to Rp9,607,031,911,079;

b. Pinjaman diberikan sebesar Rp8.749.568.088.921.

b. Loan receivables amounting to Rp8,749,568,088,921.

Sesuai dengan akta No. 50 tanggal 23 Desember 2015 dibuat dihadapan Irma Devita Purnamasari, SH, notaris di Jakarta, mengenai perubahan anggaran dasar Perusahaan, dinyatakan bahwa modal dasar Perusahaan sebesar Rp25.000.000.000.000, terdiri atas 25.000.000 saham biasa dengan nominal Rp1.000.000 per saham. Dari modal tersebut telah disetor dan ditempatkan sebesar Rp22.356.600.000.000 yang terdiri dari 22.356.600 lembar saham.

In accordance with Deed No. 50 dated December 23, 2015 passed before Irma Devita Purnamasari, SH, a notary in Jakarta, regarding Amendment of the Company's Articles of Association, it was stated that the Company authorized capital of the Company amounted to Rp25,000,000,000,000, consisting of 25,000,000 shares with nominal value of Rp1,000,000 per share. Paid-up capital had been placed amounting to Rp22,356,600,000,000 which consisted of 22,356,600 shares.

Akta perubahan anggaran dasar tersebut telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No.AHU-0948826.AH.01.02 Tahun 2015 tanggal 23 Desember 2015 dan telah memperoleh penerimaan pemberitahuan perubahan Anggaran Dasar No. AHU-AH.01.03-0991179.

The deed of amendment deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-0948826.AH.01.02 Year 2015 dated December 23, 2015 and had obtained through acceptance of the notice of amendment of Articles of Association No. AHU-AH.01.03-0991179.




2016 2016 Peningkatan modal disetor sebesar Rp2.000.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 13 tanggal 21 Maret 2016 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta. Akta Perubahan Anggaran dasar telah mendapat penerimaan pemberitahuan dari Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.03-0033252 tanggal 21 Maret 2016.

The increase in paid-in capital amounted to Rp2,000,000,000,000 which was previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 13 dated March 21, 2016 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta. The Amendment of Deed had obtained the acceptance of notification from the Minister of Law and Human Rights which was stipulated under the Minister of Law and Human Rights No. AHU-AH.01.03-0033252 dated March 21, 2016.

Dengan demikian, dari modal dasar Perusahaan sebesar Rp25.000.000.000.000 yang telah disetor dan ditempatkan penuh menjadi sebesar Rp24.356.600.000.000 yang terdiri dari 24.356.600 lembar saham.

Therefore, out of the Company’s authorized capital of the Company amounting to Rp25,000,000,000,000, the paid-up capital that had been subscribe amounted to Rp24,356,600,000,000 consisting of 24,356,600 shares.

Sesuai dengan akta No. 34 tanggal 20 Oktober 2016 dibuat dihadapan Irma Devita Purnamasari, SH, notaris di Jakarta, mengenai perubahan anggaran dasar Perusahaan, modal dasar Perusahaan berubah dari Rp25.000.000.000.000 menjadi Rp50.000.000.000.000, terdiri atas 50.000.000 saham biasa dengan nominal Rp1.000.000 per saham. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-0019472.AH.01.02 Tahun 2016 tanggal 21 Oktober 2016.

In accordance with Deed No. 34 dated October 20, 2016 passed before Irma Devita Purnamasari, SH, a notary in Jakarta, regarding Amendmentof the Company's Articles, it was stated that the Company authorized capital had increased from Rp25,000,000,000,000 to Rp50,000,000,000,000, consisting of 50,000,000 shares with nominal value of Rp1,000,000 per share. The Amendment Deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-0019472.AH.01.02 Year 2016 dated October 21, 2016.

2017 2017 Peningkatan modal disetor sebesar Rp4.160.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 44 tanggal 27 April 2017 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta. Akta Perubahan Anggaran dasar telah mendapat penerimaan pemberitahuan dari Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.03-0132939 tanggal 3 Mei 2017.

The increase in paid-in capital amounted to Rp4,160,000,000,000 which previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 44 dated April 27, 2017 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta. The Amendment of Deed had obtained the acceptance of notification from the Minister of Law and Human Rights which was stipulated under the Minister of Law and Human Rights No.AHU-AH.01.03-0132939 dated May 3, 2017.

Dengan demikian, modal dasar Perusahaan sebesar Rp28.516.600.000.000 seluruhnya telah disetor dan ditempatkan penuh yang terdiri dari 28.516.600 lembar saham.

Therefore, all of the Company’s authorized capital amounted to Rp28,516,600,000,000 had been subscribed consisting of 28,516,600 shares.




2016 2016 Peningkatan modal disetor sebesar Rp2.000.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 13 tanggal 21 Maret 2016 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta. Akta Perubahan Anggaran dasar telah mendapat penerimaan pemberitahuan dari Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.03-0033252 tanggal 21 Maret 2016.

The increase in paid-in capital amounted to Rp2,000,000,000,000 which was previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 13 dated March 21, 2016 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta. The Amendment of Deed had obtained the acceptance of notification from the Minister of Law and Human Rights which was stipulated under the Minister of Law and Human Rights No. AHU-AH.01.03-0033252 dated March 21, 2016.

Dengan demikian, dari modal dasar Perusahaan sebesar Rp25.000.000.000.000 yang telah disetor dan ditempatkan penuh menjadi sebesar Rp24.356.600.000.000 yang terdiri dari 24.356.600 lembar saham.

Therefore, out of the Company’s authorized capital of the Company amounting to Rp25,000,000,000,000, the paid-up capital that had been subscribe amounted to Rp24,356,600,000,000 consisting of 24,356,600 shares.

Sesuai dengan akta No. 34 tanggal 20 Oktober 2016 dibuat dihadapan Irma Devita Purnamasari, SH, notaris di Jakarta, mengenai perubahan anggaran dasar Perusahaan, modal dasar Perusahaan berubah dari Rp25.000.000.000.000 menjadi Rp50.000.000.000.000, terdiri atas 50.000.000 saham biasa dengan nominal Rp1.000.000 per saham. Akta perubahan ini telah mendapat persetujuan Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-0019472.AH.01.02 Tahun 2016 tanggal 21 Oktober 2016.

In accordance with Deed No. 34 dated October 20, 2016 passed before Irma Devita Purnamasari, SH, a notary in Jakarta, regarding Amendmentof the Company's Articles, it was stated that the Company authorized capital had increased from Rp25,000,000,000,000 to Rp50,000,000,000,000, consisting of 50,000,000 shares with nominal value of Rp1,000,000 per share. The Amendment Deed was approved by the Minister of Justice and Human Rights which was stipulated under the Minister Decree No. AHU-0019472.AH.01.02 Year 2016 dated October 21, 2016.

2017 2017 Peningkatan modal disetor sebesar Rp4.160.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 44 tanggal 27 April 2017 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta. Akta Perubahan Anggaran dasar telah mendapat penerimaan pemberitahuan dari Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.03-0132939 tanggal 3 Mei 2017.

The increase in paid-in capital amounted to Rp4,160,000,000,000 which previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 44 dated April 27, 2017 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta. The Amendment of Deed had obtained the acceptance of notification from the Minister of Law and Human Rights which was stipulated under the Minister of Law and Human Rights No.AHU-AH.01.03-0132939 dated May 3, 2017.


Therefore, all of the Company’s authorized capital amounted to Rp28,516,600,000,000 had been subscribed consisting of 28,516,600 shares.



2018 2018 Peningkatan modal disetor sebesar Rp2.000.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 29 tanggal 17 Mei 2018 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta. Akta Perubahan Anggaran dasar telah mendapat penerimaan pemberitahuan dari Menteri Hukum dan Hak Asasi Manusia dengan surat keputusan No. AHU-AH.01.03-0199973 tanggal 17 Mei 2018.

The increase in paid-in capital amounted to Rp2,000,000,000,000 which previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 29 dated May 17, 2018 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta. The Amendment of Deed had obtained the acceptance of notification from the Minister of Law and Human Rights which was stipulated under the Minister of Law and Human Rights No. AHU-AH.01.03-0199973 dated May 17, 2018.


Therefore, all of the Company’s authorized capital amounting to Rp30,516,600,000,000 had been subscribed consisting of 30,516,600 shares.

28. Tambahan Modal Disetor 28. Additional Paid-In Capital

Berdasarkan Peraturan Pemerintah (PP) No. 58 Tahun 2017 tanggal 27 Desember 2017, pemegang saham Perusahaan telah meningkatkan penyertaan modal di Perusahaan dengan melakukan penambahan modal disetor sebesar Rp2.000.000.000.000 yang diterima Perusahaan pada tanggal 31 Desember 2017.

Based on the Government Regulation (PP) No. 58 year 2017 dated on December 27, 2017, the shareholders had increase its investment in the Company by providing the Company’s paid up capital amounted to Rp2,000,000,000,000 which was received by the Company in December 31, 2017.

Pada tanggal 31 Desember 2017, Akta perubahan anggaran dasar sehubungan dengan PP ini belum dibuat, sehingga setoran tersebut masih dicatat sebagai uang muka setoran modal.

As of December 31, 2017, the deed of change in the articles of association related to this PP has not been made, therefore it was still recorded as advance for paid up capital.

Peningkatan modal disetor sebesar Rp2.000.000.000.000 yang sebelumnya dicatat sebagai uang muka setoran modal, telah dituangkan dalam perubahan anggaran dasar Perusahaan yang dinyatakan dalam akta No. 29 tanggal 17 Mei 2018 dibuat dihadapan Irma Novita Purnamasari, S.H., notaris di Jakarta (Catatan 27) dan dicatat sebagai setoran modal di tahun 2018.

The increase in paid-in capital amounted to Rp2,000,000,000,000 which was previously recorded as advance for paid up capital had been stipulated in amendment of the Company's Articles of Association as stated in Deed No. 29 dated May 17, 2018 made in the presence of Irma Novita Purnamasari, S.H., a notary in Jakarta (Note 27) and recorded as paid up capital in year 2018.

29. Alokasi Laba 29. Allocation of Profit

Berdasarkan Undang-Undang Perseroan Terbatas, Perusahaan wajib menyisihkan jumlah tertentu dari laba bersih setiap tahun untuk cadangan apabila Perusahaan mempunyai saldo laba positif. Penyisihan laba bersih tersebut dilakukan sampai cadangan wajib mencapai paling sedikit 20% dari jumlah modal yang ditempatkan disetor penuh.

Based on Indonesian Company Law, the Company are obliged to allocate certain amount from the net earnings of each accounting year to reserve fund if the Company has a positive profit balance. The allocation of net earnings shall be performed up to an amount of 20% of the Company’s issued and paid up capital.




Pada tahun 2017, alokasi laba bersih Perusahaan ditetapkan melalui Rapat Umum Pemegang Saham pada tahun 2017. Pembagian laba bersih Perusahaan atas tahun buku 2016 sebesar Rp1.212.803.362.287 berdasarkan Akta Rapat Umum Pemegang Saham Tahunan No. 37 tanggal 18 Mei 2017 dibuat oleh Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta.

In 2017, the allocation of the Company’s net profit was determined at the General Meeting of Shareholder in 2017. The allocation of the Company’s net profit for fiscal year 2016 amounting to Rp1,212,803,362,287 was based on Notarial Deed of Annual General Meeting of Shareholder No. 37 dated May 18, 2017 by Irma Devita Purnamasari, S.H., MKn, notary in Jakarta.

Pada tahun 2018, alokasi laba bersih Perusahaan ditetapkan melalui Rapat Umum Pemegang Saham pada tahun 2018. Pembagian laba bersih Perusahaan atas tahun buku 2017 sebesar Rp1.262.007.980.452 berdasarkan Akta Rapat umum Pemegang Saham Tahunan No. 1 tanggal 5 Juni 2018 dibuat oleh Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta.

In 2018, the allocation of the Company’s net profit was determined at the General Meeting of Shareholder in 2018. The allocation of the Company’s net profit for fiscal year 2017 amounted to Rp1,262,007,980,452 was based on Notarial Deed of Annual General Meeting of Shareholder No. 1 dated June 5, 2018 by Irma Devita Purnamasari, S.H., MKn, notary in Jakarta.

Rincian alokasi adalah sebagai berikut: The details of the allocations are as follows:

2018 2017Rp Rp

Cadangan umum 360,000,000,000 363,841,008,690 General reservesPembagian dividen 271,000,000,000 242,560,672,460 Distribution of dividendsSaldo laba 631,007,980,452 606,401,681,137 Retained earningsJumlah 1,262,007,980,452 1,212,803,362,287 Total

30. Pendapatan Usaha 30. Revenues

2018 2017Rp Rp

Bunga atas pinjaman diberikan 2,744,685,122,784 2,438,341,976,105 Interest on loan receivablesBunga atas deposito berjangka 902,563,289,947 578,175,372,716 Interest on time depositsPendapatan dari penyertaan

pada efek-efek 185,438,137,117 93,581,866,681 Income from invesment in securitiesPendapatan Bagi Hasil Musyarakah 78,824,073,297 -- Musyarakah incomePenerimaan dari penugasan Revenue from facilitation assignment

fasilitasi penyiapan proyek 45,697,425,827 21,133,590,008 for project preparationPendapatan advisory 15,447,554,871 6,007,784,885 Advisory incomeBunga jasa giro 15,276,918,149 4,956,833,239 Interest on current accountKomitmen dan fasilitas garansi fee 10,505,814,878 5,666,025,843 Commitment and guarantee facility feeUp front fee Musyarakah 9,624,740,003 7,000,000,000 Up front fee MusyarakahJumlah 4,008,063,076,873 3,154,863,449,477 Total

Pada tanggal 31 Desember 2018 dan 2017 termasuk dalam pendapatan usaha adalah pendapatan dari pihak berelasi masing-masing sebesar Rp3.057.423.441.379 dan Rp2.282.287.688.441 (Catatan 33).

For the years ended of December 31, 2018 and 2017 revenue includes revenue from related parties amounting to Rp3,057,423,441,379 and Rp2,282,287,688,441, respectively (Note 33).




Pada tahun 2017, alokasi laba bersih Perusahaan ditetapkan melalui Rapat Umum Pemegang Saham pada tahun 2017. Pembagian laba bersih Perusahaan atas tahun buku 2016 sebesar Rp1.212.803.362.287 berdasarkan Akta Rapat Umum Pemegang Saham Tahunan No. 37 tanggal 18 Mei 2017 dibuat oleh Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta.

In 2017, the allocation of the Company’s net profit was determined at the General Meeting of Shareholder in 2017. The allocation of the Company’s net profit for fiscal year 2016 amounting to Rp1,212,803,362,287 was based on Notarial Deed of Annual General Meeting of Shareholder No. 37 dated May 18, 2017 by Irma Devita Purnamasari, S.H., MKn, notary in Jakarta.

Pada tahun 2018, alokasi laba bersih Perusahaan ditetapkan melalui Rapat Umum Pemegang Saham pada tahun 2018. Pembagian laba bersih Perusahaan atas tahun buku 2017 sebesar Rp1.262.007.980.452 berdasarkan Akta Rapat umum Pemegang Saham Tahunan No. 1 tanggal 5 Juni 2018 dibuat oleh Irma Devita Purnamasari, S.H., MKn, notaris di Jakarta.

In 2018, the allocation of the Company’s net profit was determined at the General Meeting of Shareholder in 2018. The allocation of the Company’s net profit for fiscal year 2017 amounted to Rp1,262,007,980,452 was based on Notarial Deed of Annual General Meeting of Shareholder No. 1 dated June 5, 2018 by Irma Devita Purnamasari, S.H., MKn, notary in Jakarta.

Rincian alokasi adalah sebagai berikut: The details of the allocations are as follows:

2018 2017Rp Rp

Cadangan umum 360,000,000,000 363,841,008,690 General reservesPembagian dividen 271,000,000,000 242,560,672,460 Distribution of dividendsSaldo laba 631,007,980,452 606,401,681,137 Retained earningsJumlah 1,262,007,980,452 1,212,803,362,287 Total

30. Pendapatan Usaha 30. Revenues

2018 2017Rp Rp

Bunga atas pinjaman diberikan 2,744,685,122,784 2,438,341,976,105 Interest on loan receivablesBunga atas deposito berjangka 902,563,289,947 578,175,372,716 Interest on time depositsPendapatan dari penyertaan

pada efek-efek 185,438,137,117 93,581,866,681 Income from invesment in securitiesPendapatan Bagi Hasil Musyarakah 78,824,073,297 -- Musyarakah incomePenerimaan dari penugasan Revenue from facilitation assignment

fasilitasi penyiapan proyek 45,697,425,827 21,133,590,008 for project preparationPendapatan advisory 15,447,554,871 6,007,784,885 Advisory incomeBunga jasa giro 15,276,918,149 4,956,833,239 Interest on current accountKomitmen dan fasilitas garansi fee 10,505,814,878 5,666,025,843 Commitment and guarantee facility feeUp front fee Musyarakah 9,624,740,003 7,000,000,000 Up front fee MusyarakahJumlah 4,008,063,076,873 3,154,863,449,477 Total

Pada tanggal 31 Desember 2018 dan 2017 termasuk dalam pendapatan usaha adalah pendapatan dari pihak berelasi masing-masing sebesar Rp3.057.423.441.379 dan Rp2.282.287.688.441 (Catatan 33).

For the years ended of December 31, 2018 and 2017 revenue includes revenue from related parties amounting to Rp3,057,423,441,379 and Rp2,282,287,688,441, respectively (Note 33).



Pada tahun 2018 dan 2017, Perusahaan memperoleh pendapatan yang melebihi 10% dari jumlah pendapatan secara keseluruhan yaitu dari PT Perusahaan Listrik Negara (Persero) masing-masing sebesar Rp712.597.690.547 dan Rp626.470.539.948.

In 2018 and 2017, the Company received revenues exceeding 10% of the total overall revenues from PT Perusahaan Listrik Negara (Persero) amounting to Rp712,597,690,547 and Rp626,470,539,948, respectively.

31. Beban Usaha 31. Operating Expenses

2018 2017Rp Rp

Beban bunga dan bagi hasil sukuk Interest expenses and sukuk profit sharing(Catatan 15, 19, 20 dan 22) 1,331,176,188,424 770,614,232,535 (Notes 15, 19, 20 and 22)

Beban cadangan kerugian penurunan Allowance for impairment lossesnilai pinjaman diberikan (Catatan 8) 310,003,142,176 322,461,148,379 on loan receivables expense (Note 8)

Beban umum dan administrasi 261,500,246,583 229,132,154,848 General and administrative expensesPemulihan cadangan kerugian penurunan Recovery of allowance for impairment

nilai pinjaman diberikan (Catatan 8) (101,936,454,244) -- losses on loan receivables (Note 8)Beban pengembangan usaha 164,749,059,039 128,782,562,652 Business development expensesBeban komitmen fee 12,792,616,003 21,850,511,249 Commitment fee expensesBeban lainnya 13,174,827,165 10,469,175,643 Other expensesPemulihan cadangan kerugian penurunan Recovery of allowance for impairment

nilai talangan biaya konsultan (886,131,353) -- losses on other receivableJumlah 1,990,573,493,793 1,483,309,785,306 Total Beban usaha termasuk beban yang dikeluarkan terkait penugasan penyiapan proyek Kerjasama Pemerintah dan Swasta (KPS).

Operating expenses included expenses incurred related to the assignment for the preparations of Public-Private Partnership (PPP) projects.

Selain beban fasilitas persiapan proyek Kerjasama Pemerintah dengan Badan Usaha Sistem Penyediaan Air Minum Umbulan, beban yang terjadi terkait dengan penugasan fasilitas penyiapan proyek kerjasama pemerintah dan swasta juga terdiri dari beban fasilitas Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Kerjasama Pemerintah dan Badan Usaha (Catatan 34a): Sistem Penyediaan Air Minum Kota Bandar

Lampung, Transportasi kota Medan, Rumah Sakit Umum Krian, Sistem Penyediaan Air Minum Semarang

Barat dan Kota Pekanbaru, Rumah Sakit Dr Pirngadi Medan, Rumah Sakit PTN Unsrat, Bandar Udara Hang Nadim, dan Proyek Infrastruktur Kerjasama Pemerintah

dan Badan Usaha Pembangunan Jaringan Tulang Punggung Serat Optik Nasional Palapa.

In addition to the burden of the project preparation facilities for the Government Cooperation with the Umbulan Drinking Water Supply System Business Entity, the costs associated with the assignment of facilities for preparing government and private cooperation projects also consist of Project Preparation facilities and Transaction Assistance in Government and Business Cooperation Infrastructure Projects (Note 34a): Water Supply System in Bandar Lampung

City, Medan city transportation, Krian General Hospital, Water Supply System in West Semarang

and Pekanbaru City, Dr. Pirngadi Hospital, Medan, PTN Unsrat Hospital, Hang Nadim Airport ,and Government Cooperation Infrastructure

Project and Business Entity for Palapa National Fiber.




Beban Beban umum danpengembangan administrasi/

usaha/ General andBusiness development administrative Jumlah/

expenses expenses TotalRp Rp Rp

Transportasi kota Medan/ Medan Urban Transportation 12,125,297,613 89,883,434 12,215,181,047SPAM Semarang Barat/ West Semarang water supply 9,640,776,095 22,392,678 9,663,168,773SPAM Lampung/ Lampung water supply 6,971,907,767 18,564,022 6,990,471,789Rumah Sakit Umum Daerah Krian/ Krian Regional

Public Hospital 6,028,957,695 21,833,077 6,050,790,772Rumah Sakit Umum Daerah dr. Pringadi Medan/

dr. Pringadi Medan Public Hospital 4,434,591,939 21,788,847 4,456,380,786SPAM Pekanbaru/ Pekanbaru water supply 1,301,219,204 17,052,610 1,318,271,814Rumah Sakit Umum PTN Unsrat/

PTN Unsrat Public Hospital 281,189,718 3,224,800 284,414,518PDF - Bandar Udara Hang Nadim 186,628,589 3,919,730 190,548,319Jumlah (Catatan 9) / Total (Note 9) 40,970,568,620 198,659,198 41,169,227,818

2018




Palapa ring/ Palapa ring 7,196,819,711 35,925,926 7,232,745,637SPAM Lampung/ Lampung water supply 3,574,054,041 20,421,509 3,594,475,550SPAM Umbulan/ Umbulan water supply 2,656,240,362 6,812,811 2,663,053,173Manajemen proyek/ Project management 1,796,811,179 -- 1,796,811,179Rumah Sakit Umum Daerah Krian/ Krian Regional

Public Hospital 1,541,318,818 2,248,186 1,543,567,004Transportasi kota medan/ Medan Urban Transportation 1,515,329,743 1,984,486 1,517,314,229SPAM Pekanbaru/ Pekanbaru water supply 602,369,832 2,973,838 605,343,670Jumlah (Catatan 9) / Total (Note 9) 18,882,943,686 70,366,756 18,953,310,442

2017

Pada tahun 2018 dan 2017 termasuk dalam beban usaha adalah beban dari pihak berelasi masing-masing sebesar Rp172.988.196.236 dan Rp138.318.133.915 (Catatan 33).

In 2018 and 2017 included in the expenses were those made with related parties amounting to Rp172,988,196,236 and Rp138,318,133,915, respectively (Note 33).

32. Komitmen 32. Commitments

Komitmen merupakan fasilitas pinjaman untuk pembiayaan infrastruktur yang belum digunakan dengan rincian sebagai berikut

The commitment refers to outstanding loan facility for infrastructure financing with details as follows:

2018 2017Rp Rp

Tagihan Komitmen Commitment ReceivablesPihak berelasi (Catatan 33) Related party (Note 33)

The Government of the Pemerintah Republik Indonesia 2,369,600,000,000 2,669,600,000,000 Republic of Indonesia

Jumlah 2,369,600,000,000 2,669,600,000,000 Total







Transportasi kota Medan/ Medan Urban Transportation 12,125,297,613 89,883,434 12,215,181,047SPAM Semarang Barat/ West Semarang water supply 9,640,776,095 22,392,678 9,663,168,773SPAM Lampung/ Lampung water supply 6,971,907,767 18,564,022 6,990,471,789Rumah Sakit Umum Daerah Krian/ Krian Regional

Public Hospital 6,028,957,695 21,833,077 6,050,790,772Rumah Sakit Umum Daerah dr. Pringadi Medan/

dr. Pringadi Medan Public Hospital 4,434,591,939 21,788,847 4,456,380,786SPAM Pekanbaru/ Pekanbaru water supply 1,301,219,204 17,052,610 1,318,271,814Rumah Sakit Umum PTN Unsrat/

PTN Unsrat Public Hospital 281,189,718 3,224,800 284,414,518PDF - Bandar Udara Hang Nadim 186,628,589 3,919,730 190,548,319Jumlah (Catatan 9) / Total (Note 9) 40,970,568,620 198,659,198 41,169,227,818

2018




Palapa ring/ Palapa ring 7,196,819,711 35,925,926 7,232,745,637SPAM Lampung/ Lampung water supply 3,574,054,041 20,421,509 3,594,475,550SPAM Umbulan/ Umbulan water supply 2,656,240,362 6,812,811 2,663,053,173Manajemen proyek/ Project management 1,796,811,179 -- 1,796,811,179Rumah Sakit Umum Daerah Krian/ Krian Regional

Public Hospital 1,541,318,818 2,248,186 1,543,567,004Transportasi kota medan/ Medan Urban Transportation 1,515,329,743 1,984,486 1,517,314,229SPAM Pekanbaru/ Pekanbaru water supply 602,369,832 2,973,838 605,343,670Jumlah (Catatan 9) / Total (Note 9) 18,882,943,686 70,366,756 18,953,310,442

2017

Pada tahun 2018 dan 2017 termasuk dalam beban usaha adalah beban dari pihak berelasi masing-masing sebesar Rp172.988.196.236 dan Rp138.318.133.915 (Catatan 33).

In 2018 and 2017 included in the expenses were those made with related parties amounting to Rp172,988,196,236 and Rp138,318,133,915, respectively (Note 33).

32. Komitmen 32. Commitments

Komitmen merupakan fasilitas pinjaman untuk pembiayaan infrastruktur yang belum digunakan dengan rincian sebagai berikut

The commitment refers to outstanding loan facility for infrastructure financing with details as follows:

2018 2017Rp Rp

Tagihan Komitmen Commitment ReceivablesPihak berelasi (Catatan 33) Related party (Note 33)

The Government of the Pemerintah Republik Indonesia 2,369,600,000,000 2,669,600,000,000 Republic of Indonesia

Jumlah 2,369,600,000,000 2,669,600,000,000 Total



2018 2017Rp Rp

Liabilitas Komitmen Commitment LiabilitiesPihak berelasi (Catatan 33) Related party (Note 33)

Jalan 11,564,473,516,148 5,322,086,985,413 RoadsTransportasi 4,782,240,135,449 2,138,234,093,175 TransportationsMulti sektor 2,639,600,000,000 3,069,600,400,000 MultisectorRolling stock kereta api 916,532,983,376 398,579,969,328 Rolling stock trainSosial - Jalan 615,355,184,315 76,588,899,300 Social - roadsKetenagalistrikan 378,116,098,127 386,631,289,039 ElectrictySosial - Rumah Sakit Umum Daerah 210,480,276,408 196,269,538,860 Social - Regional Public HospitalSosial - Pasar 187,841,547,650 -- Social - marketSosial - Infrastruktur Kawasan 115,188,852,266 -- Social - infrastruktur areasSosial - Rumah Sakit Social - Public

Umum Telekomunikasi -- 117,967,000,000 Hospital TelecommunicationsTelekomunikasi -- 167,376,433,564 Telecomunications

Sub-Jumlah 21,409,828,593,739 11,873,334,608,679 Sub-Total

Pihak ketiga Third partiesJalan 2,675,979,691,485 1,680,998,350,506 RoadsKetenagalistrikan 1,519,291,869,070 667,607,122,636 ElectrictyTransportasi 705,707,318,647 39,675,000,000 TransportationsAir Minum 206,269,346,931 408,826,183,372 Portable waterRumah Sakit 117,967,000,000 -- Public HospitalMinyak dan bumi 93,657,865,614 65,000,000,000 Oil and Gas

Sub-Jumlah 5,318,873,091,747 2,862,106,656,514 Sub-TotalJumlah 26,728,701,685,486 14,735,441,265,193 Total

33. Sifat dan Transaksi Pihak Berelasi 33. Nature and Transactions With Related

Parties

Perusahaan memiliki transaksi usaha yang signifikan dengan pihak-pihak berelasi sebagai berikut:

The Company entered into certain significant transaction with the following related parties:

Pihak berelasi/ Jenis hubungan/ Unsur transaksi pihak berelasi/Related Party Type of relationship Nature of related party transactions

Kementerian Keuangan Republik Hubungan kepemilikan melalui Pemerintah RI/ Piutang atas Penugasan FasilitasiIndonesia (RI) Ownership by the Government of Republic of Indonesia Penyiapan Proyek dan Efek-efek/

Receivables from Assignment forFacilitation for Project Preparation andSecurities

PT Bank Mandiri (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Bank, DepositoOwnership by the Government of Republic of Indonesia Berjangka, Wali amanat untuk

Obligasi, dan liabilitis pinjaman/Cash in Bank, Time Deposits, Trustee

for the Bonds and loan liabilities

PT Bank Mandiri Taspen Pos Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Deposito Berjangka/Ownership by the Government of Republic of Indonesia Time Deposits

PT Bank Rakyat Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Bank dan Deposito Berjangka/(Persero) Tbk Ownership by the Government of Republic of Indonesia Cash in Bank and Time Deposits

PT Bank Negara Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits(Persero) Tbk Ownership by the Government of Republic of Indonesia

PT Bank Pembangunan Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsDaerah Jawa Tengah Ownership by the Government of Republic of Indonesia





PT Bank Nagari Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank DKI Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank Tabungan Negara Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits(Persero) Tbk Ownership by the Government of Republic of Indonesia

PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka dan Efek-efek/Jabar Banten Tbk Ownership by the Government of Republic of Indonesia Time Deposits and Securities

PT Bank Pembangunan Daerah Riau Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsSumatera Utara Ownership by the Government of Republic of Indonesia

PT Bank Rakyat Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsAgroniaga Tbk Ownership by the Government of Republic of Indonesia

PT Mandiri Manajemen Investasi Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia I Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities(Persero) Ownership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia II Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities(Persero) Ownership by the Government of Republic of Indonesia

Lembaga Pembiayaan Ekspor Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesIndonesia Ownership by the Government of Republic of Indonesia

PT Semen Indonesia (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Timah (Persero)Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Permodalan Nasional Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesMadani (Persero) Ownership by the Government of Republic of Indonesia

PT Indonesia Power (IDPW) Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

Bank Maluku Malut Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia IV Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pertamina (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Waskita Karya (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Jasa Marga (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Adhi Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Nindya Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Angkasa Pura I (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia





PT Bank Nagari Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank DKI Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank Tabungan Negara Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits(Persero) Tbk Ownership by the Government of Republic of Indonesia

PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka dan Efek-efek/Jabar Banten Tbk Ownership by the Government of Republic of Indonesia Time Deposits and Securities

PT Bank Pembangunan Daerah Riau Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsOwnership by the Government of Republic of Indonesia

PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsSumatera Utara Ownership by the Government of Republic of Indonesia

PT Bank Rakyat Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time DepositsAgroniaga Tbk Ownership by the Government of Republic of Indonesia

PT Mandiri Manajemen Investasi Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia I Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities(Persero) Ownership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia II Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities(Persero) Ownership by the Government of Republic of Indonesia

Lembaga Pembiayaan Ekspor Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesIndonesia Ownership by the Government of Republic of Indonesia

PT Semen Indonesia (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Timah (Persero)Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Permodalan Nasional Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesMadani (Persero) Ownership by the Government of Republic of Indonesia

PT Indonesia Power (IDPW) Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

Bank Maluku Malut Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia IV Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ SecuritiesOwnership by the Government of Republic of Indonesia

PT Pertamina (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Waskita Karya (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Jasa Marga (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/Ownership by the Government of Republic of Indonesia Loan Receivables and Securities

PT Adhi Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Nindya Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Angkasa Pura I (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia




PT Angkasa Pura II (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Brantas Abipraya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Dayamitra Telekomunikasi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Hutama Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Industri Kereta Api (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT LEN Telekomunikasi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesIndonesia (Persero) Ownership by the Government of Republic of Indonesia

PT Perusahaan Listrik Negara Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah/(Persero) Ownership by the Government of Republic of Indonesia Loan Receivables and Sharia Finance/ Receivables

PT Perkebunan Nusantara IX Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Pembangunan Perumahan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables(Persero) Tbk Ownership by the Government of Republic of Indonesia

PT Pejagan Pemalang Toll Road Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Trans Marga Jateng Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Wijaya Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Jasamarga Pandaan Malang Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Penyertaan Saham/Ownership by the Government of Republic of Indonesia Loan Receivables and Investment in Equity

PT Indonesia Infrastructure Pengendalian bersama entitas/ Pinjaman Diberikan dan Penyertaan Saham/Finance Jointly controlled entity Loan Receivables and Investment in Equity

PT Waskita Toll Road Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Penyertaan Saham/Ownership by the Government of Republic of Indonesia Loan Receivables and Investment in Equity

PT Bandar Udara International Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory ServicesJawa Barat Ownership by the Government of Republic of Indonesia

PT Jasa Sarana Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory ServicesOwnership by the Government of Republic of Indonesia

PT Pelabuhan Indonesia III Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services(Persero) Ownership by the Government of Republic of Indonesia

PT Pengembangan Pariwisata Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory ServicesIndonesia (Persero) Ownership by the Government of Republic of Indonesia

PT Krakatau Daya Listrik Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory ServicesOwnership by the Government of Republic of Indonesia

Badan Penyedia dan Pengelola Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory ServicesPembiayaan Telekomunikasi dan Ownership by the Government of Republic of IndonesiaInformatika

PT Krakatau Bandar Samudera Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Jasamarga Surabaya Mojokerto Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Kereta Api Indonesia (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia





PT Jasamarga Manado Bitung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Surya Energi Indotama Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Bangkalan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Boalemo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Bulukumba Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Buton Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Halmahera Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesKarangsem Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Konawe Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lampung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTengah Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTimur Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Muna Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Pesisir Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTemanggung Ownership by the Government of Republic of Indonesia

Pemerintah Kota Bandar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesLampung Ownership by the Government of Republic of Indonesia

Pemerintah Kota Gorontalo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kota Padang Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kota Palu Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTenggara Ownership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesBarat Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Gianyar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia





PT Jasamarga Manado Bitung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

PT Surya Energi Indotama Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Bangkalan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Boalemo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Bulukumba Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Buton Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Halmahera Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesKarangsem Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Konawe Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lampung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTengah Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTimur Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Muna Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Pesisir Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTemanggung Ownership by the Government of Republic of Indonesia

Pemerintah Kota Bandar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesLampung Ownership by the Government of Republic of Indonesia

Pemerintah Kota Gorontalo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kota Padang Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kota Palu Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesSelatan Ownership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesTenggara Ownership by the Government of Republic of Indonesia

Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesBarat Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Gianyar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia




Pemerintah Kabupaten Penajem Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesPaser Utara Ownership by the Government of Republic of Indonesia

Pemerintah Kabupaten Musi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesBanyuasin Ownership by the Government of Republic of Indonesia

Pemerintah Provisi Lampung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Way Kanan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Pakpak Bharat Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Pemerintah Kabupaten Simalungun Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan ReceivablesOwnership by the Government of Republic of Indonesia

Personil Manajemen Kunci Hubungan pengendalian kegiatan Perusahaan/ Pinjaman Karyawan dan Imbalan Kerja/(Dewan Komisaris, Direksi dan Control in the Company's activities Employee Loan and BenefitsKepala Divisi)/

Key Management Personnels(Board of Commissioners,Directors and Head of Division)

Perusahaan memberikan pinjaman kepada Pemda dengan tingkat suku bunga yang ditetapkan oleh Pemerintah pada PMK Nomor 174/PMK.08/2016 tanggal 18 November 2016 tentang Pemberian Jaminan kepada Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur Dalam Rangka Penugasan Penyediaan Pembiayaan Infrastruktur Daerah.

The Company provides loans to the Regional Government with the interest rate set by the Government in PMK Number 174/PMK.08/ 2016 dated November 18, 2016 concerning the implementation of guarantee for of State-Owned Company (Persero) PT Sarana Multi Infrastruktur in the Context of Assigning the Provision of Regional Infrastructure Financing.

Aset Assets

2018 2017 2018 2017Rp Rp % %

Bank (Catatan 5)/ Cash in Banks (Note 5)Bank/ Cash in Banks

Rupiah/ RupiahPT Bank Rakyat Indonesia (Persero) Tbk 11,490,081,355 25,048,949,251PT Bank Mandiri (Persero) Tbk 15,064,323 1,574,876,836

Jumlah/ Total 11,505,145,678 26,623,826,087 0.02% 0.05%Dolar Amerika Serikat/ United States Dollar

PT Bank Mandiri (Persero) Tbk 316,992,276 336,446,290PT Bank Rakyat Indonesia (Persero) Tbk 26,173,249 300,144,424

Jumlah/ Total 343,165,525 636,590,714 0.00% 0.00%

Deposito Berjangka / Time Deposits Rupiah/ Rupiah


AmountPersentase terhadap Aset/

Percentage to AssetsTotal/




2018 2017 2018 2017Rp Rp % %




PT Bank Riau Kepri 130,086,785,375 506,058,228,315PT Bank Nagari 101,174,936,837 --PT Bank Mandiri Taspen Pos 56,798,000,046 460,536,221,130PT Bank DKI -- 1,714,584,778,077PT Bank Pembangunan Daerah Jawa Tengah -- 633,697,936,662PT Bank Pembangunan Daerah Sumatera Utara -- 204,074,587,242

Jumlah/ Total 5,656,289,432,832 11,422,603,970,514 9.05% 20.62%Dolar Amerika Serikat/ United States Dollar

PT Bank Rakyat Indonesia Agroniaga Tbk 189,432,214,185 --Jumlah/ Total 189,432,214,185 -- 0.30% --

Dana dibatasi penggunaannya (Catatan 6)/Restricted fund (Note 6)

Bank/ Cash in BanksRupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 1,189,400,979 --Jumlah/ Total 1,189,400,979 -- 0.00% --Dolar Amerika Serikat/ United States Dollar

PT Bank Rakyat Indonesia (Persero) Tbk 54,008,708,603 5,016,133,452Jumlah/ Total 54,008,708,603 5,016,133,452 0.09% 0.01%



Jumlah/ Total 75,000,000,000 96,500,000,000 0.12% 0.17%

Efek-efek (Catatan 7)/ Securities (Note 7)Diukur dengan biaya perolehan/ Measured at cost

Dolar Amerika Serikat/ United States Dollar Sukuk

Indonesia Global Sukuk 2026 254,316,451,084 --Jumlah/ Total 254,316,451,084 -- 0.41% --

Tersedia untuk dijual/ Available-for-saleRupiah/ RupiahReksadana/ Mutual funds

PT Danareksa (Persero) 710,951,517,827 459,986,643,182PT Mandiri Manajemen Investasi 392,142,324,039 241,349,804,148

Jumlah/ Total 1,103,093,841,866 701,336,447,330 1.77% 1.27%

Medium Term NotesPT Bank Mandiri (Persero) Tbk 12,000,000,000 --PT Bank Jabar Banten Tbk -- 50,000,000,000

Jumlah/ Total 12,000,000,000 50,000,000,000 0.02% 0.09%

Obligasi/BondsKementerian Keuangan RI 198,535,371,925 --PT Pelabuhan Indonesia IV (Persero) 181,415,325,000 --PT Permodalan Nasional Madani (Persero) 68,737,998,333 30,048,090,000PT Semen Indonesia (Persero) Tbk 48,498,111,111 52,534,100,000Indonesia Eximbank 29,796,133,333 --PT Waskita Karya (Persero) Tbk 28,667,383,333 --PT Bank Maluku Malut 24,445,437,500 25,050,825,000PT Timah (Persero)Tbk 17,330,163,334 102,104,100,000PT Sarana Multigriya Finansial (Persero) -- 39,665,663,000

Jumlah/ Total 597,425,923,869 249,402,778,000 0.96% 0.45%




2018 2017 2018 2017Rp Rp % %




PT Bank Riau Kepri 130,086,785,375 506,058,228,315PT Bank Nagari 101,174,936,837 --PT Bank Mandiri Taspen Pos 56,798,000,046 460,536,221,130PT Bank DKI -- 1,714,584,778,077PT Bank Pembangunan Daerah Jawa Tengah -- 633,697,936,662PT Bank Pembangunan Daerah Sumatera Utara -- 204,074,587,242

Jumlah/ Total 5,656,289,432,832 11,422,603,970,514 9.05% 20.62%Dolar Amerika Serikat/ United States Dollar

PT Bank Rakyat Indonesia Agroniaga Tbk 189,432,214,185 --Jumlah/ Total 189,432,214,185 -- 0.30% --


Bank/ Cash in BanksRupiah/ Rupiah

PT Bank Rakyat Indonesia (Persero) Tbk 1,189,400,979 --Jumlah/ Total 1,189,400,979 -- 0.00% --Dolar Amerika Serikat/ United States Dollar

PT Bank Rakyat Indonesia (Persero) Tbk 54,008,708,603 5,016,133,452Jumlah/ Total 54,008,708,603 5,016,133,452 0.09% 0.01%



Jumlah/ Total 75,000,000,000 96,500,000,000 0.12% 0.17%

Efek-efek (Catatan 7)/ Securities (Note 7)Diukur dengan biaya perolehan/ Measured at cost


Indonesia Global Sukuk 2026 254,316,451,084 --Jumlah/ Total 254,316,451,084 -- 0.41% --

Tersedia untuk dijual/ Available-for-saleRupiah/ RupiahReksadana/ Mutual funds

PT Danareksa (Persero) 710,951,517,827 459,986,643,182PT Mandiri Manajemen Investasi 392,142,324,039 241,349,804,148

Jumlah/ Total 1,103,093,841,866 701,336,447,330 1.77% 1.27%

Medium Term NotesPT Bank Mandiri (Persero) Tbk 12,000,000,000 --PT Bank Jabar Banten Tbk -- 50,000,000,000

Jumlah/ Total 12,000,000,000 50,000,000,000 0.02% 0.09%

Obligasi/BondsKementerian Keuangan RI 198,535,371,925 --PT Pelabuhan Indonesia IV (Persero) 181,415,325,000 --PT Permodalan Nasional Madani (Persero) 68,737,998,333 30,048,090,000PT Semen Indonesia (Persero) Tbk 48,498,111,111 52,534,100,000Indonesia Eximbank 29,796,133,333 --PT Waskita Karya (Persero) Tbk 28,667,383,333 --PT Bank Maluku Malut 24,445,437,500 25,050,825,000PT Timah (Persero)Tbk 17,330,163,334 102,104,100,000PT Sarana Multigriya Finansial (Persero) -- 39,665,663,000

Jumlah/ Total 597,425,923,869 249,402,778,000 0.96% 0.45%



2018 2017 2018 2017Rp Rp % %



Efek-efek (Catatan 7)/ Securities (Note 7)Dimiliki hingga jatuh tempo/ Held to maturity

KIK EBAPT Jasa Marga (Persero) 120,093,018,851 151,854,450,000PT Indonesia Power 110,067,710,421 135,432,303,717

Jumlah/ Total 230,160,729,272 287,286,753,717 0.37% 0.52%

Dolar Amerika Serikat/ United States Dollar Obligasi/ Bonds

Pemerintah Republik Indonesia 74,510,892,474 72,701,142,120PT Pertamina (Persero) 71,315,505,891 70,879,749,000PT Pelabuhan Indonesia II (Persero) 68,504,462,136 69,602,850,000

Jumlah/ Total 214,330,860,501 213,183,741,120 0.34% 0.38%


Rupiah/ RupiahSukuk

Kementerian Keuangan RI 279,514,010,870 --Jumlah/ Total 279,514,010,870 -- 0.45% 0.00%


Pemerintah Republik Indonesia 49,544,191,250 299,183,871,000Jumlah/ Total 49,544,191,250 299,183,871,000 0.08% 0.54%

Pinjaman Diberikan dan pembiayaan/ piutang syariah(Catatan 8)/ Loan Receivables and Sharia FinancingReceivables (Note 8)

Kepemilikan melalui Pemerintah RI/ Ownership through government of RI

Rupiah/ RupiahPT Perusahaan Listrik Negara (Persero) 12,863,740,320,725 11,603,214,098,590PT Hutama Karya (Persero) 4,202,493,016,247 1,964,223,238,444PT Angkasa Pura I (Persero) 1,753,000,327,089 828,566,175,963PT Dayamitra Telekomunikasi 1,244,950,575,633 1,297,444,514,544PT Marga Sarana Jabar 1,191,143,197,312 534,165,879,853PT Telekomunikasi Indonesia (Persero) Tbk 997,510,374,852 --PT Pejagan Pemalang Tol Road 889,147,166,542 513,083,435,918PT Trans Jawa Paspro Jalan Tol 729,025,116,616 --PT Angkasa Pura II (Persero) 703,308,826,538 408,984,133,334PT Jasamaraga Surabaya Mojokerto 693,485,610,649 455,978,183,190PT Jasamarga Semarang Batang 685,144,792,844 --PT Trans Marga Jateng 615,872,726,779 606,406,947,142PT Wijaya Karya (Persero) Tbk 516,251,596,928 223,328,831,003PT Adhi Karya (Persero) Tbk 469,560,306,073 121,340,040,377PT Perkebunan Nusantara XI 407,307,862,413 --PT Kereta Api Indonesia (Persero) 390,798,520,894 378,453,287,147PT Waskita Karya (Persero) Tbk 389,026,098,454 918,901,958,751PT Indonesia Infrastructure Finance 300,000,000,000 --PT Industri Kereta Api (Persero) 280,613,004,501 229,753,851,424PT Jasamarga Ngawi Kertosono Kediri 263,317,529,588 --PT Len Telekomunikasi Indonesia 190,783,676,608 26,017,020,204PT Krakatau Bandar Samudera 154,227,295,177 124,620,833,333PT Krakatau Tirta Industri 134,159,593,476 168,962,567,266PT Jasamaraga Balikpapan Samarinda 107,224,011,810 --PT Jasamarga Manado Bitung 100,087,823,989 --PT Nindya Karya (Persero) 64,517,808,219 29,516,082,306PT Brantas Abipraya (Persero) 49,079,719,175 68,692,771,084PT Jasa Marga (Persero) Tbk -- 499,131,849,315PT Jasamarga Pandaan Malang -- 174,025,629,407

Jumlah/ Total 30,385,776,899,131 21,174,811,328,595 48.62% 38.23%




2018 2017 2018 2017Rp Rp % %





Dolar Amerika Serikat/ United States Dollar PT Indonesia Infrastructure Finance 2,723,737,171,008 2,608,995,997,588PT Pertamina (Persero) 2,160,176,173,438 2,018,240,258,997PT Brantas Cakrawala Energi 117,730,493,363 --PT Industri Kereta Api -- 148,283,961,046PT Surya Energi Indotama -- 7,376,886,000

Jumlah/ Total 5,001,643,837,809 4,782,897,103,631 8.00% 8.64%

Pemerintah daerah/ Local government:Rupiah/ Rupiah

Pemerintah Provinsi Lampung 474,245,699,769 --Pemerintah Kabupaten Penajam Paser Utara 306,423,984,271 --Pemerintah Kota Bandar Lampung 219,574,862,273 159,828,386,560Pemerintah Kabupaten Konawe 212,376,352,595 151,487,505,314Pemerintah Provinsi Sulawesi Barat 208,012,607,341 182,944,194,780Pemerintah kabupaten Musi Banyuasin 180,319,745,500 --Pemerintah Kabupaten Simalungun 131,726,480,197 --Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,906,383,273 --Pemerintah Kabupaten Gianyar 111,673,022,948 112,532,312,945Pemerintah Kabupaten Pemkab Way Kanan 98,226,863,981 --Pemerintah Kota Padang 53,658,474,111 58,231,183,790Pemerintah Kabupaten Muna 45,402,500,008 75,670,833,336Pemerintah Provinsi Sulawesi Tenggara 45,242,318,982 90,884,637,382Pemerintah Kabupaten Lampung Selatan 42,281,964,200 66,443,086,600Pemerintah Kabupaten Bulukumba 33,263,396,414 55,438,994,022Pemerintah Kabupaten Halmahera Selatan 25,926,091,753 31,797,411,914Pemerintah Kabupaten Tulang Bawang Barat 17,570,519,530 --Pemerintah Kabupaten Bangkalan 15,616,839,611 46,850,518,839Pemerintah Kabupaten Pesisir Selatan 14,126,835,000 23,544,725,000Pemerintah Kabupaten Buton 12,625,866,000 25,251,731,996Pemerintah Kabupaten Mamuju Tengah 10,964,356,997 --Pemerintah Kabupaten Lombok Tengah 10,390,432,370 --Pemerintah Kabupaten Pakpak Bharat 5,757,504,766 --Pemerintah Provinsi Sulawesi Selatan -- 64,626,338,548Pemerintah Kota Palu -- 19,444,571,000Pemerintah Kabupaten Boalemo -- 18,708,562,983Pemerintah Kabupaten Temanggung -- 17,510,603,000Pemerintah Kota Gorontalo -- 3,472,673,679

Jumlah/ Total 2,397,313,101,890 1,204,668,271,688 3.84% 2.18%

Piutang atas Penugasan Fasilitasi Penyiapan Proyek(Catatan 9)/ Receivables from Assignment forFacilitation on Project Preparation (Note 9)

Kementerian Keuangan RI 15,389,784,580 12,746,535,957Jumlah/ Total 15,389,784,580 12,746,535,957 0.02% 0.02%

Penyertaan Saham (Catatan 12)/ Investment in share (Note 12)

Ekuitas/ Equity PT Indonesia Infrastructure Finance 640,571,920,448 667,527,812,693

Jumlah/ Total 640,571,920,448 667,527,812,693 1.03% 1.21%

Tersedia untuk dijual/ Available for SalePT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610PT Jasamarga Pandaan Malang 77,267,923,900 43,570,505,000

Jumlah/ Total 2,858,204,923,900 2,091,640,820,610 4.57% 3.78%

Jumlah Aset dari Pihak-pihak Berelasi/ Total Assets from Related Parties 50,027,054,544,272 43,286,065,985,108 80.05% 78.15%c




2018 2017 2018 2017Rp Rp % %





Dolar Amerika Serikat/ United States Dollar PT Indonesia Infrastructure Finance 2,723,737,171,008 2,608,995,997,588PT Pertamina (Persero) 2,160,176,173,438 2,018,240,258,997PT Brantas Cakrawala Energi 117,730,493,363 --PT Industri Kereta Api -- 148,283,961,046PT Surya Energi Indotama -- 7,376,886,000

Jumlah/ Total 5,001,643,837,809 4,782,897,103,631 8.00% 8.64%

Pemerintah daerah/ Local government:Rupiah/ Rupiah

Pemerintah Provinsi Lampung 474,245,699,769 --Pemerintah Kabupaten Penajam Paser Utara 306,423,984,271 --Pemerintah Kota Bandar Lampung 219,574,862,273 159,828,386,560Pemerintah Kabupaten Konawe 212,376,352,595 151,487,505,314Pemerintah Provinsi Sulawesi Barat 208,012,607,341 182,944,194,780Pemerintah kabupaten Musi Banyuasin 180,319,745,500 --Pemerintah Kabupaten Simalungun 131,726,480,197 --Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,906,383,273 --Pemerintah Kabupaten Gianyar 111,673,022,948 112,532,312,945Pemerintah Kabupaten Pemkab Way Kanan 98,226,863,981 --Pemerintah Kota Padang 53,658,474,111 58,231,183,790Pemerintah Kabupaten Muna 45,402,500,008 75,670,833,336Pemerintah Provinsi Sulawesi Tenggara 45,242,318,982 90,884,637,382Pemerintah Kabupaten Lampung Selatan 42,281,964,200 66,443,086,600Pemerintah Kabupaten Bulukumba 33,263,396,414 55,438,994,022Pemerintah Kabupaten Halmahera Selatan 25,926,091,753 31,797,411,914Pemerintah Kabupaten Tulang Bawang Barat 17,570,519,530 --Pemerintah Kabupaten Bangkalan 15,616,839,611 46,850,518,839Pemerintah Kabupaten Pesisir Selatan 14,126,835,000 23,544,725,000Pemerintah Kabupaten Buton 12,625,866,000 25,251,731,996Pemerintah Kabupaten Mamuju Tengah 10,964,356,997 --Pemerintah Kabupaten Lombok Tengah 10,390,432,370 --Pemerintah Kabupaten Pakpak Bharat 5,757,504,766 --Pemerintah Provinsi Sulawesi Selatan -- 64,626,338,548Pemerintah Kota Palu -- 19,444,571,000Pemerintah Kabupaten Boalemo -- 18,708,562,983Pemerintah Kabupaten Temanggung -- 17,510,603,000Pemerintah Kota Gorontalo -- 3,472,673,679

Jumlah/ Total 2,397,313,101,890 1,204,668,271,688 3.84% 2.18%

Piutang atas Penugasan Fasilitasi Penyiapan Proyek(Catatan 9)/ Receivables from Assignment forFacilitation on Project Preparation (Note 9)


Penyertaan Saham (Catatan 12)/ Investment in share (Note 12)

Ekuitas/ Equity PT Indonesia Infrastructure Finance 640,571,920,448 667,527,812,693

Jumlah/ Total 640,571,920,448 667,527,812,693 1.03% 1.21%

Tersedia untuk dijual/ Available for SalePT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610PT Jasamarga Pandaan Malang 77,267,923,900 43,570,505,000

Jumlah/ Total 2,858,204,923,900 2,091,640,820,610 4.57% 3.78%

Jumlah Aset dari Pihak-pihak Berelasi/ Total Assets from Related Parties 50,027,054,544,272 43,286,065,985,108 80.05% 78.15%c



Liabilitas Liabilities

2018 2017 2018 2017Rp Rp % %

Pinjaman Diterima dari Pemerintah Republik Indonesia(Catatan 22)/ Borrowings from the Governmentof Republic of Indonesia (Note 22) 3,358,083,204,158 2,608,995,997,588 12.96% 12.39%

Pinjaman diterima dari bank dan lembagakeuangan lainnya (Catatan 15)/ Loans receivedfrom banks and other financial institution (Note 15)

Dolar Amerika Serikat/ United States Dollar PT Bank Mandiri (Persero) Tbk 1,223,081,811,915 669,367,594,020

Jumlah/ Total 1,223,081,811,915 669,367,594,020 4.72% 3.18%

Jumlah Liabilitas dari Pihak-pihak Berelasi/Total Liabilities from Related Parties 4,581,165,016,073 3,278,363,591,608 17.68% 15.56%

Amount Percentage to LiabilitiesTotal/ Persentase terhadap Liabilitas/

Pendapatan Revenue

2018 2017 2018 2017Rp Rp % %

Pendapatan (Catatan 30)/ Revenues (Note 30)Kepemilikan melalui Pemerintah RI/ Ownership through government of RI

PT Perusahaan Listrik Negara (Persero) 712,597,690,547 626,470,539,948PT Hutama Karya (Persero) 201,598,919,032 162,562,908,334PT Dayamitra Telekomunikasi 109,634,696,393 95,835,682,854PT Indonesia Infrastructure Finance 104,095,481,798 76,365,891,043PT Trans Marga Jateng 90,766,174,255 72,768,965,564PT Pertamina (Persero) 86,804,677,389 76,560,904,096PT Waskita Karya (Persero) Tbk 79,242,662,209 123,260,120,660PT Angkasa Pura I (Persero) 78,381,785,802 71,379,230,103PT Pejagan Pemalang Tol Road 78,256,428,518 44,153,049,755PT Marga Sarana Jabar 77,056,035,926 50,474,130,071PT Jasamaraga Surabaya Mojokerto 60,172,632,912 7,113,364,315PT Angkasa Pura II (Persero) 42,171,089,846 33,692,716,579PT Kereta Api Indonesia 38,103,741,006 15,726,186,514PT Wijaya Karya (Persero) Tbk 35,283,819,131 12,316,309,194PT Industri Kereta Api (Persero) 24,735,088,171 23,054,251,728PT Jasamarga Ngawi Kertosono Kediri 24,377,787,573 --PT Waskita Toll Road 22,086,116,584 --PT Perkebunan Nusantara XI 18,262,592,262 --PT Adhi Karya (Persero) 16,855,599,030 21,576,370,858PT Karakatau Tirta Industri 14,747,654,000 14,028,325,963PT Nindya Karya (Persero) 12,458,662,210 9,988,043,226PT Len Telekomunikasi Indonesia 7,926,060,140 3,143,406,342PT Trans Jawa Paspro Jalan Tol 6,734,591,896 --PT Jasa Marga (Persero) 5,472,317,338 165,374,181,175PT Jasamarga Manado Bitung 5,159,073,082 1,781,772,500PT Krakatau Bandar Samudra 4,814,198,776 4,358,577,903PT Kertanegara Energi Perkasa 3,132,169,470 --PT Jasamarga Pandaan Malang 2,593,454,631 26,560,183,049PT Brantas Abipraya (Persero) 2,220,309,205 12,650,694,410PT Jasamaraga Semarang Batang 1,679,418,208 --PT Telekomunikasi Indonesia (Persero) Tbk 1,170,097,072 --PT Brantas Cakrawala Energi 367,794,663 --PT Jasa Marga Balikpapan Samarinda 152,836,931 --PT Surya Energi Indotama 127,089,572 186,247,774PT Pembangunan Perumahan (Persero) Tbk -- 6,979,496,630

Persentase terhadap Total/ Pendapatan/

Amount Percentage to Revenue




2018 2017 2018 2017Rp Rp % %

Pendapatan (Catatan 30)/ Revenues (Note 30)



Pemerintah daerah/ Local government:Pemerintah Provinsi Sulawesi Barat 18,885,709,557 12,884,646,250Pemerintah Kota Bandar Lampung 16,521,122,515 1,703,698,211Pemerintah Kabupaten Konawe 16,251,642,145 5,726,814,781Pemerintah Kabupaten Gianyar 9,841,602,803 1,768,452,867Pemerintah Kabupaten Penajam Paser Utara 8,136,033,723 --Pemerintah Kota Padang 6,127,883,537 4,599,206,792Pemerintah Kabupaten Muna 5,896,754,784 7,785,889,932Pemerintah Provinsi Lampung 5,821,869,180 --Pemerintah Provinsi Sulawesi Tenggara 5,521,978,409 10,841,905,921Pemerintah Kabupaten Lampung Selatan 5,335,832,877 7,601,777,037Pemerintah Kabupaten Bulukumba 4,075,420,530 5,899,269,432Pemerintah Kabupaten Bangkalan 2,822,960,653 5,831,371,283Pemerintah Kabupaten Buton 1,851,662,186 3,078,239,314Pemerintah Kabupaten Pesisir Selatan 1,834,755,416 2,741,881,307Pemerintah Kabupaten Halmahera Selatan 1,804,008,870 3,768,332,288Pemerintah Kabupaten Musi Banyuasin 1,643,730,044 --Pemerintah Kabupaten Simalungun 1,337,929,174 --Pemerintah Provinsi Sulawesi Selatan 1,115,471,489 10,165,118,204Pemerintah Kabupaten Pemkab Way Kanan 775,415,665 --Pemerintah Kota Palu 474,176,476 2,462,534,201Pemerintah Kabupaten Temanggung 207,330,393 2,119,919,975Pemerintah Kabupaten Pakpak Bharat 167,390,759 --Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,484,115 --Pemerintah Kabupaten Boalemo 115,369,494 2,297,492,525Pemerintah Kabupaten Mamuju Tengah 99,376,314 --Pemerintah Kota Gorontalo 31,605,834 669,143,196Pemerintah Kabupaten Tulang Bawang Barat 17,069,877 --Pemerintah Kabupaten Lombok Tengah 12,978,842 88,231,056Pemerintah Kabupaten Karangasem -- 552,212,552Pemerintah Kabupaten Lombok Timur -- 180,252,051

Jumlah/ Total 2,086,087,311,239 1,851,127,939,763 52.05% 58.68%

Bagi Hasil Musyarakah/ Musyarakah IncomeKepemilikan melalui Pemerintah RI/ Ownership through government of RI

PT Perusahaan Listrik Negara (Persero) 82,836,388,889 --PT Trans Jawa Paspro Jalan Tol 5,612,424,411 --

Jumlah/ Total 88,448,813,300 -- 2.21% --

Pendapatan bunga deposito berjangka/ Interest ontime deposits

Rupiah/ RupiahPT Bank Tabungan Negara 142,057,664,415 8,526,992,251PT Bank Rakyat Indonesia (Persero) Tbk 108,167,665,115 59,751,301,465PT Bank Rakyat Indonesia Agroniaga Tbk 102,059,617,948 25,400,406,125PT Bank DKI 89,271,589,828 55,597,228,813PT Bank Mandiri (Persero) Tbk 54,110,549,382 69,328,566,988PT Bank Riau Kepri 41,909,774,089 22,938,256,082PT Bank Jabar Banten (Persero) Tbk 36,121,839,413 4,413,038,724PT Bank Negara Indonesia 35,963,136,844 1,735,600,000PT Bank Mandiri Taspen Pos 29,809,581,056 15,835,140,405PT Bank Pembangunan Daerah Jawa Tengah 20,344,949,241 59,378,854,334PT Bank Sumut 18,096,301,784 6,686,693,158PT Bank Nagari 3,986,352,937 13,437,895,550


PT Bank Rakyat Indonesia Agroniaga Tbk 1,526,566,382 --PT Bank Rakyat Indonesia (Persero) Tbk -- 595,031,120

Jumlah/ Total 1,526,566,382 595,031,120 0.04% 0.02%




2018 2017 2018 2017Rp Rp % %




Pemerintah daerah/ Local government:Pemerintah Provinsi Sulawesi Barat 18,885,709,557 12,884,646,250Pemerintah Kota Bandar Lampung 16,521,122,515 1,703,698,211Pemerintah Kabupaten Konawe 16,251,642,145 5,726,814,781Pemerintah Kabupaten Gianyar 9,841,602,803 1,768,452,867Pemerintah Kabupaten Penajam Paser Utara 8,136,033,723 --Pemerintah Kota Padang 6,127,883,537 4,599,206,792Pemerintah Kabupaten Muna 5,896,754,784 7,785,889,932Pemerintah Provinsi Lampung 5,821,869,180 --Pemerintah Provinsi Sulawesi Tenggara 5,521,978,409 10,841,905,921Pemerintah Kabupaten Lampung Selatan 5,335,832,877 7,601,777,037Pemerintah Kabupaten Bulukumba 4,075,420,530 5,899,269,432Pemerintah Kabupaten Bangkalan 2,822,960,653 5,831,371,283Pemerintah Kabupaten Buton 1,851,662,186 3,078,239,314Pemerintah Kabupaten Pesisir Selatan 1,834,755,416 2,741,881,307Pemerintah Kabupaten Halmahera Selatan 1,804,008,870 3,768,332,288Pemerintah Kabupaten Musi Banyuasin 1,643,730,044 --Pemerintah Kabupaten Simalungun 1,337,929,174 --Pemerintah Provinsi Sulawesi Selatan 1,115,471,489 10,165,118,204Pemerintah Kabupaten Pemkab Way Kanan 775,415,665 --Pemerintah Kota Palu 474,176,476 2,462,534,201Pemerintah Kabupaten Temanggung 207,330,393 2,119,919,975Pemerintah Kabupaten Pakpak Bharat 167,390,759 --Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,484,115 --Pemerintah Kabupaten Boalemo 115,369,494 2,297,492,525Pemerintah Kabupaten Mamuju Tengah 99,376,314 --Pemerintah Kota Gorontalo 31,605,834 669,143,196Pemerintah Kabupaten Tulang Bawang Barat 17,069,877 --Pemerintah Kabupaten Lombok Tengah 12,978,842 88,231,056Pemerintah Kabupaten Karangasem -- 552,212,552Pemerintah Kabupaten Lombok Timur -- 180,252,051

Jumlah/ Total 2,086,087,311,239 1,851,127,939,763 52.05% 58.68%

Bagi Hasil Musyarakah/ Musyarakah IncomeKepemilikan melalui Pemerintah RI/ Ownership through government of RI

PT Perusahaan Listrik Negara (Persero) 82,836,388,889 --PT Trans Jawa Paspro Jalan Tol 5,612,424,411 --

Jumlah/ Total 88,448,813,300 -- 2.21% --

Pendapatan bunga deposito berjangka/ Interest ontime deposits

Rupiah/ RupiahPT Bank Tabungan Negara 142,057,664,415 8,526,992,251PT Bank Rakyat Indonesia (Persero) Tbk 108,167,665,115 59,751,301,465PT Bank Rakyat Indonesia Agroniaga Tbk 102,059,617,948 25,400,406,125PT Bank DKI 89,271,589,828 55,597,228,813PT Bank Mandiri (Persero) Tbk 54,110,549,382 69,328,566,988PT Bank Riau Kepri 41,909,774,089 22,938,256,082PT Bank Jabar Banten (Persero) Tbk 36,121,839,413 4,413,038,724PT Bank Negara Indonesia 35,963,136,844 1,735,600,000PT Bank Mandiri Taspen Pos 29,809,581,056 15,835,140,405PT Bank Pembangunan Daerah Jawa Tengah 20,344,949,241 59,378,854,334PT Bank Sumut 18,096,301,784 6,686,693,158PT Bank Nagari 3,986,352,937 13,437,895,550


PT Bank Rakyat Indonesia Agroniaga Tbk 1,526,566,382 --PT Bank Rakyat Indonesia (Persero) Tbk -- 595,031,120

Jumlah/ Total 1,526,566,382 595,031,120 0.04% 0.02%



2018 2017 2018 2017Rp Rp % %





PT Bank Mandiri (Persero) Tbk 1,375,138,000 663,275,000Jumlah/ Total 1,375,138,000 663,275,000 0.03% 0.02%

Pendapatan dari penugasan fasilitasi penyiapan proyek/Revenue from facilitation assignment for projectpreparation


Pendapatan dari penyertaan pada efek-efek/Income from investment in securities

RupiahPT Danareksa (Persero) 16,700,000,000 9,478,670,259PT Permodalan Nasional Madani (Persero) 13,088,605,281 3,473,680,555PT Mandiri Manajemen Investasi 12,000,000,000 2,927,201,278PT Jasa Marga (Persero) 11,683,000,000 4,305,000,000Kementerian Keuangan RI 10,217,889,130 --PT Indonesia Power (IDPW) 9,978,453,390 3,177,108,616PT Pelabuhan Indonesia IV (Persero) 8,547,625,000 --PT Garuda Indonesia (Persero) 6,029,833,334 --PT Semen Indonesia (Persero) Tbk 4,311,944,444 2,269,444,444PT Timah (Persero)Tbk 4,035,902,777 2,253,958,333PT Waskita Karya (Persero) Tbk 2,631,666,667 --PT Bank Maluku Malut 2,200,208,333 141,354,167PT Sarana Multigriya Financial (Persero) 1,382,499,824 1,459,305,556PT Pembangunan Jaya Ancol Tbk 717,777,778 --Lembaga Pembiayaan Ekspor Indonesia 676,666,667 --PT Bank Mandiri (Persero) 429,929,224 --PT Bank Jabar Banten Tbk 100,000,000 4,487,500,000PT Adhi Karya (Persero) Tbk -- 1,137,500,000PT Industri Kereta Api (Persero) -- 674,666,667

Jumlah/ Total 104,732,001,849 35,785,389,875 2.61% 1.13%

Pendapatan dari penyertaan pada efek-efek/Income from investment in securities

Dolar Amerika Serikat/ United States Dollar Kementerian Keuangan RI 17,570,735,377 15,798,043,787PT Pelabuhan Indonesia II (Persero) 3,119,570,972 2,856,399,028PT Pertamina (Persero) 3,148,881,041 4,820,923,792

Jumlah/ Total 23,839,187,390 23,475,366,607 0.59% 0.74%

Pendapatan komitmen fee / Revenue from commitment feePT Indonesia Infrastructure Finance 8,086,899,054 1,150,000,000PT Wijaya Karya (Persero) Tbk 610,493,467 --PT Trans Marga Jateng 591,857,844 --

PT Len Komunikasi -- 814,970,229Jumlah/ Total 9,289,250,365 1,964,970,229 0.23% 0.06%

Pendapatan jasa konsultasi/ Income from advisory services

PT Pengembangan Pariwisata Indonesia(Indonesia Tourism Development Corporation) 7,540,389,440 356,945,457

PT Adhi Karya KPBU Karimun 2,253,728,000 --PT Adhi Karya KPBU Tanjung Jabung Timur 2,106,478,000 --PT Pelabuhan Indonesia I Kuala Tanjung 899,500,000 --PT Krakatau Daya Listrik 500,000,000 --PT Pelabuhan Indonesia I Batu Ampar Batam 404,285,000 --




2018 2017 2018 2017Rp Rp % %





PT Energi Dian Kemala 350,000,000 --PT Bandarudara International Jawa Barat 342,265,340 3,050,196,955Badan Pengelola Keuangan Haji -- 85,627,067PT Jasa Sarana -- 8,372,728PT Krakatau Bandar Samudra -- 700,166,100PT Tambang Batubara Bukit Asam -- 310,843,637

Jumlah/ Total 14,396,645,780 4,512,151,944 0.36% 0.14%

Jumlah Pendapatan dari Pihak-pihak Berelasi/Total Revenue from Related Parties 3,057,423,441,379 2,282,287,688,441 76.28% 72.34%

Beban Expense

2018 2017 2018 2017Rp Rp % %

Beban (Catatan 31)/ Expenses (Note 31)Beban bunga/ Interest expense


Imbalan yang diberikan ke personil manajemen kunciPerusahaan/ Benefits provided to Company's keymanagement personnels:

Dewan Komisaris/ Board of CommisionersImbalan jangka pendek/ Short-term benefits 9,360,506,577 8,806,092,229

Direktur/ DirectorsImbalan jangka pendek/ Short-term benefits 24,797,026,902 23,479,001,600

Kepala Divisi/ Head of DivisionImbalan jangka pendek/ Short-term benefits 38,262,040,638 35,879,339,045Imbalan pasca kerja/ Post-employment benefits 22,543,497,437 16,213,112,402

Jumlah/ Total 94,963,071,554 84,377,545,276 4.77% 5.69%

Jumlah Beban dari Pihak-pihak Berelasi/Total Expense from Related Parties 172,988,196,236 138,318,133,915 8.69% 9.32%

Total/ Persentase terhadap Beban/Amount Percentage to Expense

Tagihan dan Kewajiban Komitmen Receivables and Liabilities Commitment

2018 2017Rp Rp

Tagihan Komitmen (Catatan 32)/ Commitment Receivable (Note 32)

Pemerintah Republik Indonesia/The Government of Republic of Indonesia 2,369,600,000,000 2,669,600,000,000

Jumlah/ Total 2,369,600,000,000 2,669,600,000,000

Total/Amount




2018 2017 2018 2017Rp Rp % %





PT Energi Dian Kemala 350,000,000 --PT Bandarudara International Jawa Barat 342,265,340 3,050,196,955Badan Pengelola Keuangan Haji -- 85,627,067PT Jasa Sarana -- 8,372,728PT Krakatau Bandar Samudra -- 700,166,100PT Tambang Batubara Bukit Asam -- 310,843,637

Jumlah/ Total 14,396,645,780 4,512,151,944 0.36% 0.14%

Jumlah Pendapatan dari Pihak-pihak Berelasi/Total Revenue from Related Parties 3,057,423,441,379 2,282,287,688,441 76.28% 72.34%

Beban Expense

2018 2017 2018 2017Rp Rp % %

Beban (Catatan 31)/ Expenses (Note 31)Beban bunga/ Interest expense


Imbalan yang diberikan ke personil manajemen kunciPerusahaan/ Benefits provided to Company's keymanagement personnels:

Dewan Komisaris/ Board of CommisionersImbalan jangka pendek/ Short-term benefits 9,360,506,577 8,806,092,229

Direktur/ DirectorsImbalan jangka pendek/ Short-term benefits 24,797,026,902 23,479,001,600

Kepala Divisi/ Head of DivisionImbalan jangka pendek/ Short-term benefits 38,262,040,638 35,879,339,045Imbalan pasca kerja/ Post-employment benefits 22,543,497,437 16,213,112,402

Jumlah/ Total 94,963,071,554 84,377,545,276 4.77% 5.69%

Jumlah Beban dari Pihak-pihak Berelasi/Total Expense from Related Parties 172,988,196,236 138,318,133,915 8.69% 9.32%

Total/ Persentase terhadap Beban/Amount Percentage to Expense

Tagihan dan Kewajiban Komitmen Receivables and Liabilities Commitment

2018 2017Rp Rp

Tagihan Komitmen (Catatan 32)/ Commitment Receivable (Note 32)

Pemerintah Republik Indonesia/The Government of Republic of Indonesia 2,369,600,000,000 2,669,600,000,000

Jumlah/ Total 2,369,600,000,000 2,669,600,000,000

Total/Amount



2018 2017Rp Rp

Total/Amount

Kewajiban Komitmen (Catatan 32)/ Commitment Liabilities (Note 32)


PT Hutama Karya (Persero) 10,602,869,939,096 1,554,566,760,226PT Indonesia Infrastructure Finance 2,369,600,000,000 2,669,600,000,000PT Kereta Api Indonesia (Persero) 1,883,340,239,657 --PT Angkasa Pura I (Persero) 1,590,688,237,826 515,673,958,081PT Angkasa Pura II (Persero) 1,278,211,657,966 88,411,404,644PT Industri Kereta Api (Persero) 916,532,983,376 398,579,969,328PT Wijaya Karya (Persero) Tbk 882,053,667,961 1,272,399,242,681PT Waskita Karya (Persero) Tbk 399,066,389,204 2,077,032,938,607PT Brantas Abipraya (Persero) 250,000,000,000 230,000,000,000PT Perkebunan Nusantara XI 58,599,618,014 --PT Adhi Karya (Persero) 30,000,000,000 1,178,000,000,000PT Nindya Karya (Persero) 20,000,000,000 170,000,400,000PT Jasamarga Manado Bitung -- 652,824,000,000PT Jasa Marga (Persero) -- 250,000,000,000PT Jasamarga Surabaya Mojokerto -- 237,063,939,336PT LEN Telekomunikasi Indonesia (Persero) -- 167,376,433,564PT Rumah Sakit Bakti Timah -- 117,967,000,000PT Perusahaan Listrik Negara (Persero) -- 20,873,666,739PT Jasamarga Pandaan Malang -- 106,457,313

Pemerintah daerah/ Local government:Pemerintah Kabupaten Tabanan 201,000,000,000 --Pemerintah Kota Musi Banyuasin 195,986,393,600Pemerintah Kabupaten Halmahera Selatan 127,874,349,450 --Pemerintah Provinsi Lampung 120,116,062,500 --Pemerintah Kabupaten Penukal Abab Lematang Ilir 115,701,160,238 --Pemerintah Kabupaten Tulang Bawang Barat 109,715,387,250 --Pemerintah Kabupaten Lombok Tengah 68,769,517,500 --Pemerintah Kabupaten Pakpak Bharat 59,106,380,000 --Pemerintah Kabupaten Mamuju Tengah 54,875,603,400 --Pemerintah Kabupaten Penajam Paser Utara 38,479,532,816 --Pemerintah Kabupaten Simalungun 26,924,707,477 --Pemerintah Kabupaten Gianyar 9,480,276,408 36,134,462,512Pemerintah Kabupaten Way Kanan 836,490,000 --Pemerintah Kabupaten Konawe -- 78,312,454,918Pemerintah Kota Bandar Lampung -- 76,588,899,300Pemerintah Kota Padang -- 25,075,816,210Pemerintah Provinsi Sulawesi Barat -- 56,746,805,220

Jumlah/ Total 21,409,828,593,739 11,873,334,608,679

Jumlah Kewajiban Komitmen dari Pihak-pihak Berelasi - neto/ Total Commitment Liabilities from Related Parties - net (19,040,228,593,739) (9,203,734,608,679)




34. Perjanjian Penting 34. Significant Agreements

a. Perjanjian Pelaksanaan Penugasan untuk Memfasilitasi Penyiapan Proyek Kerjasama Pemerintah dan Swasta (KPS) dan Badan Usaha (KPBU)

a. Agreement on Assignment Implementation of Facilitation on Public Private Partnership (PPP) and Business Entity Project Preparation

Sistem Penyediaan Air Minum (SPAM) Umbulan dan Perkeretaapian Bandara Soekarno-Hatta

Umbulan Water Supply PPP Project and Soekarno-Hatta Airport Railway PPP Project

Pada tanggal 8 November 2011, Perusahaan menandatangani perjanjian dengan Kementerian Keuangan Republik Indonesia tentang pelaksanaan penugasan fasilitasi penyiapan Proyek Kerjasama Pemerintah dengan Badan Usaha Sistem Penyediaan Air Minum (SPAM) Umbulan dan Proyek Kerjasama Pemerintah dengan Badan Usaha Perkeretaapian Soekarno-Hatta.

On November 8, 2011, the Company entered into an agreement with the Ministry of Finance of the Republic of Indonesia on the implementation of the assignment to facilitate preparation of Umbulan Water Supply PPP Project and Soekarno-Hatta Airport Railway PPP Project.

Berdasarkan surat dari Menteri Keuangan No.S-1007/MK.08/2015 tanggal 15 Desember 2015 yang merujuk pada surat Menteri Perhubungan kepada Menteri Keuangan No. PR 007/7/3 Phb 2015 tanggal 28 Oktober 2015 perihal Kelanjutan Fasilitasi Proyek KPBU Perkeretaapian Bandara Soekarno-Hatta disebutkan bahwa Penanggung Jawab Proyek Kerjasama (PJPK) menyatakan penyiapan proyek Kereta Bandara akan dilanjutkan oleh PJPK dan fasilitasi oleh Perusahaan telah diberhentikan.

Based on Ministry of Finance’s letter No. S-1007/MK.08/2015 dated December 15, 2015 which refered to the Ministry of Transportation’s letter to Ministry of Finance No. PR 007/7/3 Phb 2015 dated October 28, 2015 regarding the Facility Continuation of the Soekarno-Hatta Airport Rail PPP Project Preparation it was stated that the Government Contracting Agency (GCA) would assume the Airport Rail project preparation will continued by PJPK and that the Company facilitation had been terminated.

d. Fasilitasi penyiapan proyek KPBU Sistem Penyediaan Air Minum (SPAM) tertuang dalam perjanjian fasilitasi antara Pemerintah Provinsi Jawa Timur dengan Perusahaan tanggal 25 November 2011 yang kemudian diubah melalui perjanjian tanggal 2 Mei 2013 dan diubah kembali melalui perjanjian tanggal 1 Desember 2014, meliputi kegiatan:

e. The facilitation of the Umbulan Water Supply PPP project preparation as set out in the facilitation agreement between the Provincial Government of East Java and the Company dated November 25, 2011, was amended on May 2, 2013 and again on December 1, 2014, included the following activities:

f. a. Pendampingan kepada PJPK dalam

melaksanakan penyiapan proyek SPAM Umbulan;

b. Penyediaan konsultan untuk penyiapan dan/atau transaksi proyek, mempersiapkan pra-studi kelayakan, penjajakan minat investor, penyiapan dokumen pelelangan, asistensi pelaksanaan pelelangan dan asistensi dalam proses perolehan pembiayaan (financial close).

g. a. Assistance to the GCA in executing the Umbulan Water Supply PPP project preparation;

b. Provision of consultants for preparation and/ or transaction of the project, due diligence study, pre-feasibility study, market sounding, preparation of tender documents, assistance in bidding process and financial close process.




34. Perjanjian Penting 34. Significant Agreements

a. Perjanjian Pelaksanaan Penugasan untuk Memfasilitasi Penyiapan Proyek Kerjasama Pemerintah dan Swasta (KPS) dan Badan Usaha (KPBU)

a. Agreement on Assignment Implementation of Facilitation on Public Private Partnership (PPP) and Business Entity Project Preparation

Sistem Penyediaan Air Minum (SPAM) Umbulan dan Perkeretaapian Bandara Soekarno-Hatta

Umbulan Water Supply PPP Project and Soekarno-Hatta Airport Railway PPP Project

Pada tanggal 8 November 2011, Perusahaan menandatangani perjanjian dengan Kementerian Keuangan Republik Indonesia tentang pelaksanaan penugasan fasilitasi penyiapan Proyek Kerjasama Pemerintah dengan Badan Usaha Sistem Penyediaan Air Minum (SPAM) Umbulan dan Proyek Kerjasama Pemerintah dengan Badan Usaha Perkeretaapian Soekarno-Hatta.

On November 8, 2011, the Company entered into an agreement with the Ministry of Finance of the Republic of Indonesia on the implementation of the assignment to facilitate preparation of Umbulan Water Supply PPP Project and Soekarno-Hatta Airport Railway PPP Project.

Berdasarkan surat dari Menteri Keuangan No.S-1007/MK.08/2015 tanggal 15 Desember 2015 yang merujuk pada surat Menteri Perhubungan kepada Menteri Keuangan No. PR 007/7/3 Phb 2015 tanggal 28 Oktober 2015 perihal Kelanjutan Fasilitasi Proyek KPBU Perkeretaapian Bandara Soekarno-Hatta disebutkan bahwa Penanggung Jawab Proyek Kerjasama (PJPK) menyatakan penyiapan proyek Kereta Bandara akan dilanjutkan oleh PJPK dan fasilitasi oleh Perusahaan telah diberhentikan.

Based on Ministry of Finance’s letter No. S-1007/MK.08/2015 dated December 15, 2015 which refered to the Ministry of Transportation’s letter to Ministry of Finance No. PR 007/7/3 Phb 2015 dated October 28, 2015 regarding the Facility Continuation of the Soekarno-Hatta Airport Rail PPP Project Preparation it was stated that the Government Contracting Agency (GCA) would assume the Airport Rail project preparation will continued by PJPK and that the Company facilitation had been terminated.

d. Fasilitasi penyiapan proyek KPBU Sistem Penyediaan Air Minum (SPAM) tertuang dalam perjanjian fasilitasi antara Pemerintah Provinsi Jawa Timur dengan Perusahaan tanggal 25 November 2011 yang kemudian diubah melalui perjanjian tanggal 2 Mei 2013 dan diubah kembali melalui perjanjian tanggal 1 Desember 2014, meliputi kegiatan:

e. The facilitation of the Umbulan Water Supply PPP project preparation as set out in the facilitation agreement between the Provincial Government of East Java and the Company dated November 25, 2011, was amended on May 2, 2013 and again on December 1, 2014, included the following activities:

f. a. Pendampingan kepada PJPK dalam

melaksanakan penyiapan proyek SPAM Umbulan;

b. Penyediaan konsultan untuk penyiapan dan/atau transaksi proyek, mempersiapkan pra-studi kelayakan, penjajakan minat investor, penyiapan dokumen pelelangan, asistensi pelaksanaan pelelangan dan asistensi dalam proses perolehan pembiayaan (financial close).

g. a. Assistance to the GCA in executing the Umbulan Water Supply PPP project preparation;

b. Provision of consultants for preparation and/ or transaction of the project, due diligence study, pre-feasibility study, market sounding, preparation of tender documents, assistance in bidding process and financial close process.



h. Pembangunan Jaringan Tulang Punggung Serat Optik Nasional Palapa Ring

i. National Fiber Optic Backbone Network Palapa Ring PPP Project (“Palapa Ring PPP Project”)

j.

Sebagai tindak lanjut Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia No. Kep-7/PR/2016 tanggal 12 Februari 2016, tentang penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk melaksanakan fasilitasi penyiapan proyek dan pendampingan transaksi pada proyek infrastruktur dengan skema kerjasama pemerintah dan badan usaha Pembangunan Jaringan Tulang Punggung Serat Optik Nasional Palapa Ring, pada tanggal 28 Juni 2016, Perusahaan menandatangani perjanjian dengan Kementerian Keuangan Republik Indonesia untuk Melaksanakan Fasilitas Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Kerjasama Pemerintah dan Badan Usaha Pembangunan Jaringan Tulang Punggung Serat Optik Nasional Palapa Ring. Selanjutnya pada tanggal 31 Oktober 2016, Perusahaan juga telah menandatangani Perjanjian fasilitasi dengan Penanggung Jawab Proyek Kerjasama (PJPK) yaitu Kementerian Komunikasi dan Informasi Republik Indonesia.

k. Following up the Director General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree No. Kep-7/PR/2016 dated February 12, 2016, Assignment to State-Owned Enterprises (Persero) to facilitate preparation and transaction assistance of National Fiber Optic Backbone Network Palapa Ring PPP Project (“Palapa Ring PPP Project”) on June 28, 2016, the Company entered into an agreement with the Ministry of Finance of the Republic of Indonesia on the Implementation of the Assignment to Facilitate Preparation and Transaction Assistance of National Backbone Fiber Optic Network Palapa Ring PPP Project (“Palapa Ring PPP Project”). Then on October 31, 2016, the Company had also signed the facilitation agreement with Government Contracting Agency (GCA) of the projects, Ministry of Communication and Information of the Republic of Indonesia.

l. Sistem Penyediaan Air Minum Kota Bandar Lampung

Bandar Lampung Water Supply Project

m.

Perjanjian Pelaksanaan Penugasan Sistem Penyediaan Air Minum Kota Bandar Lampung Nomor PRJ-257/PR/2016; PERJ-25/SMI/0816 ditandatangani pada tanggal 2 Agustus 2016 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-12/PR/2016 tanggal 8 Maret 2016 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitasi Penyiapan Proyek Dan Pendampingan Transaksi pada Proyek Kerjasama Pemerintah dan Badan Usaha Sistem Penyediaan Air Minum Kota Bandar Lampung. Perjanjian Fasilitas Nomor 610/1330/I.10/2016;

Bandar Lampung Water Supply Project Assignment’s Implementation Agreement Number PRJ-257/PR/2016; PERJ-25/SMI/0816 was signed on August 2, 2016 between the Company and the Ministry of Finance based on the Director General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-12/PR/2016 dated March 8, 2016 regarding Assignment to State-Owned Enterprises (Persero) to Facilitate Preparation and Transaction Assistance of Kota Bandar Lampung Water Supply Project PPP Project. The Facilitation Agreement Number 610/1330/I.10/2016;




PERJ-47/SMI/1116 ditandatangani pada tanggal 4 November 2016 antara Perusahaan dengan Pemerintah Kota Bandar Lampung sebagai PJPK.

PERJ-47/SMI/1116 was signed on November 4, 2016 between the Company and the Government of Bandar Lampung as GCA of the Project.

Transportasi Kota Medan Medan Urban Transportation n.

Perjanjian Pelaksanaan Penugasan Transportasi Kota Medan Nomor PRJ-182/PR/2017; PERJ-043/SMI/0617 ditandatangani pada tanggal 9 Juni 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-30/PR/2017 tanggal 8 Mei 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Transportasi Kota Medan dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 551/6112/2017; PERJ-044/SMI/0617 ditandatangani pada tanggal 9 Juni 2017 antara Perusahaan dengan Pemerintah Kota Medan sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

Medan Urban Transportation Project Assignment’s Implementation Agreement Number PRJ-182/PR/2017; PERJ-043/SMI/0617 was signed on June 9, 2017 between the Company and the Ministry of Finance based on the Director General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-30/PR/2017 dated May 8, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Medan Urban Transportation PPP Project. The Facilitation Agreement Number 551/6112/2017; PERJ-044/SMI/0617 was signed on June 9, 2017 between the Company and the Government of Medan as Government Contracting Agency (GCA) of the Project.

Rumah Sakit Umum Daerah Krian Krian Regional Public Hospital

Perjanjian Pelaksanaan Penugasan Rumah Sakit Umum Daerah Krian Nomor PRJ-387/PR/2017; PERJ-065/SMI/1017 ditandangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-50/PR/2017 tanggal 22 Agustus 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Rumah Sakit Umum Daerah Krian dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 188/16/404.1.1.1/2017; PERJ-066/SMI/1017 ditandatangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan Pemerintah Kabupaten Sidoarjo sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

Krian Regional Public Hospital Assignment’s Implementation Agreement Number PRJ-387/PR/2017; PERJ-065/SMI/1017 was signed on October 5, 2017 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-50/PR/2017 dated August 22, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Krian Regional Public Hospital PPP Project. The Facilitation Agreement Number 188/16/404.1.1.1/2017; PERJ 066/SMI/1017 was signed on October 5, 2017 between the Company and the Government of Sidoarjo as Government Contracting Agency (GCA) of the Project.




PERJ-47/SMI/1116 ditandatangani pada tanggal 4 November 2016 antara Perusahaan dengan Pemerintah Kota Bandar Lampung sebagai PJPK.

PERJ-47/SMI/1116 was signed on November 4, 2016 between the Company and the Government of Bandar Lampung as GCA of the Project.

Transportasi Kota Medan Medan Urban Transportation n.

Perjanjian Pelaksanaan Penugasan Transportasi Kota Medan Nomor PRJ-182/PR/2017; PERJ-043/SMI/0617 ditandatangani pada tanggal 9 Juni 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-30/PR/2017 tanggal 8 Mei 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Transportasi Kota Medan dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 551/6112/2017; PERJ-044/SMI/0617 ditandatangani pada tanggal 9 Juni 2017 antara Perusahaan dengan Pemerintah Kota Medan sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

Medan Urban Transportation Project Assignment’s Implementation Agreement Number PRJ-182/PR/2017; PERJ-043/SMI/0617 was signed on June 9, 2017 between the Company and the Ministry of Finance based on the Director General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-30/PR/2017 dated May 8, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Medan Urban Transportation PPP Project. The Facilitation Agreement Number 551/6112/2017; PERJ-044/SMI/0617 was signed on June 9, 2017 between the Company and the Government of Medan as Government Contracting Agency (GCA) of the Project.

Rumah Sakit Umum Daerah Krian Krian Regional Public Hospital

Perjanjian Pelaksanaan Penugasan Rumah Sakit Umum Daerah Krian Nomor PRJ-387/PR/2017; PERJ-065/SMI/1017 ditandangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-50/PR/2017 tanggal 22 Agustus 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Rumah Sakit Umum Daerah Krian dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 188/16/404.1.1.1/2017; PERJ-066/SMI/1017 ditandatangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan Pemerintah Kabupaten Sidoarjo sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

Krian Regional Public Hospital Assignment’s Implementation Agreement Number PRJ-387/PR/2017; PERJ-065/SMI/1017 was signed on October 5, 2017 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-50/PR/2017 dated August 22, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Krian Regional Public Hospital PPP Project. The Facilitation Agreement Number 188/16/404.1.1.1/2017; PERJ 066/SMI/1017 was signed on October 5, 2017 between the Company and the Government of Sidoarjo as Government Contracting Agency (GCA) of the Project.



Sistem Penyediaan Air Minum Kota Pekanbaru

Pekanbaru Water Supply Project

Perjanjian Pelaksanaan Penugasan Sistem Penyediaan Air Minum Kota Pekanbaru Nomor PRJ-386/PR/2017; PERJ-067/SMI/1017 ditandatangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-51/PR/2017 tanggal 22 Agustus 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Sistem Penyediaan Air Minum Pekanbaru dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 48/PDAM-KPBU/II/X/2017; PERJ-068/SMI/1017 ditandatangani pada tanggal 5 Oktober 2017 antara Perusahaan dengan PDAM Tirta Siak sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

Pekanbaru Water Supply Project Assignment’s Implementation Agreement Number PRJ-386/PR/2017; PERJ-067/SMI/1017 was signed on October 5, 2017 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-51/PR/2017 dated August 22, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Pekanbaru Water Supply PPP Project. The Facilitation Agreement Number 48/PDAM-KPBU/II/X/2017; PERJ-68/SMI/1017 was signed on October 5, 2017 between the Company and PDAM Tirta Siak as Government Contracting Agency (GCA) of the Project.

Sistem Penyediaan Air Minum Semarang Barat

Semarang Barat Water Supply Project

Perjanjian Pelaksanaan Penugasan Sistem Penyediaan Air Minum Semarang Barat Nomor PRJ-419/PR/2017; PERJ-076/SMI/1117 ditandatangani pada tanggal 3 November 2017 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-62/PR/2017 tanggal 29 September 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Kerjasama Pemerintah dan Badan Usaha Sistem Penyediaan Air Minum Semarang Barat.

West Semarang Water Supply Project Assignment’s Implementation Agreement Number PRJ-419/PR/2017; PERJ-076/SMI/1117 was signed on November 3, 2017 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-62/PR/2017 dated September 29, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Semarang Barat Water Supply PPP Project.




Perjanjian Fasilitas Nomor 690/175/XI/2017; PERJ-079/SMI/1117 ditandatangani pada tanggal 10 November 2017 antara Perusahaan dengan PDAM Tirta Moedal sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

The Facilitation Agreement Number 690/175/XI/2017; PERJ-079/SMI/1117 was signed on November 10, 2017 between the Company and PDAM Tirta Moedal as Government Contracting Agency (GCA) of the Project.

Rumah Sakit Umum Daerah Dr. Pirngadi Kota Medan Perjanjian Pelaksanaan Penugasan Rumah Sakit Umum Daerah dr. Pirngadi Kota Medan Nomor PRJ-52/PR/2018; PERJ-013/SMI/0218 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-73/PR/2017 tanggal 8 Desember 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Rumah Sakit Umum Daerah Dr. Pirngadi Kota Medan dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 050/1181; PERJ-014/SMI/0218 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Pemerintah Kota Medan sebagai Penanggung Jawab Proyek Kerjasama (PJPK). Perjanjian Kerjasama Nomor PERJ-015/SMI/028 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Konsorsium Konsultan JICA terkait dengan penyediaan Konsultan Finansial-Teknis pada tahap Penyiapan Proyek.

Dr. Pirngadi Regional Public Hospital of Medan City Dr. Pirngadi Regional Public Hospital of Medan City Assignment’s Implementation Agreement Number PRJ-52/PR/2018; PERJ-013/SMI/0218 was signed on February 7, 2018 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-73/PR/2017 dated December 8, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Dr. Pirngadi Regional Public Hospital of Medan City PPP Project. The Facilitation Agreement Number 050/1181; PERJ-014/SMI/0218 was signed on February 7, 2018 between the Company and Government of Medan as Government Contracting Agency (GCA) of the Project. Cooperation Agreement Number PERJ-015/SMI/028 was signed on February 7, 2018 between the Company and JICA Consultant Consortium regarding the provision of Financial-Technical Consultant for Project Preparation stage.

b. Nota Kesepahaman dengan Cities

Development Initiative for Asia (CDIA) Nota Kesepahaman Nomor MOU-2/SMI/0316 ditandatangani antara Perusahaan dengan CDIA pada tanggal 8 Maret 2016. Kerjasama antara Perusahaan dengan CDIA berfokus pada dua kegiatan utama: Fasilitas Penyiapan Proyek untuk kota; Program pengembangan kapasitas.

b. Memorandum of Understanding with Cities Development Initiative for Asia (CDIA) Memorandum of Understanding Number MOU-2/SMI/0316 was signed on March 8, 2016 between the Company and CDIA. Cooperation between the Company and CDIA is focusing on two main activities:

Project Development Facility for cities; Capacity development program.




Perjanjian Fasilitas Nomor 690/175/XI/2017; PERJ-079/SMI/1117 ditandatangani pada tanggal 10 November 2017 antara Perusahaan dengan PDAM Tirta Moedal sebagai Penanggung Jawab Proyek Kerjasama (PJPK).

The Facilitation Agreement Number 690/175/XI/2017; PERJ-079/SMI/1117 was signed on November 10, 2017 between the Company and PDAM Tirta Moedal as Government Contracting Agency (GCA) of the Project.

Rumah Sakit Umum Daerah Dr. Pirngadi Kota Medan Perjanjian Pelaksanaan Penugasan Rumah Sakit Umum Daerah dr. Pirngadi Kota Medan Nomor PRJ-52/PR/2018; PERJ-013/SMI/0218 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Kementerian Keuangan berdasarkan Keputusan Direktur Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan Republik Indonesia Nomor KEP-73/PR/2017 tanggal 8 Desember 2017 tentang Penugasan kepada Perusahaan Perseroan (Persero) Badan Usaha Milik Negara untuk Melaksanakan Fasilitas dalam Rangka Penyiapan Proyek dan Pendampingan Transaksi pada Proyek Infrastruktur Rumah Sakit Umum Daerah Dr. Pirngadi Kota Medan dengan Skema Kerjasama Pemerintah dan Badan Usaha. Perjanjian Fasilitas Nomor 050/1181; PERJ-014/SMI/0218 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Pemerintah Kota Medan sebagai Penanggung Jawab Proyek Kerjasama (PJPK). Perjanjian Kerjasama Nomor PERJ-015/SMI/028 ditandatangani pada tanggal 7 Februari 2018 antara Perusahaan dengan Konsorsium Konsultan JICA terkait dengan penyediaan Konsultan Finansial-Teknis pada tahap Penyiapan Proyek.

Dr. Pirngadi Regional Public Hospital of Medan City Dr. Pirngadi Regional Public Hospital of Medan City Assignment’s Implementation Agreement Number PRJ-52/PR/2018; PERJ-013/SMI/0218 was signed on February 7, 2018 between the Company and the Ministry of Finance based on the Directorate General of Finance and Risk Management of the Ministry of Finance of the Republic of Indonesia Decree Number KEP-73/PR/2017 dated December 8, 2017 regarding Assignment to the Company to Facilitate Preparation and Transaction Assistance of Dr. Pirngadi Regional Public Hospital of Medan City PPP Project. The Facilitation Agreement Number 050/1181; PERJ-014/SMI/0218 was signed on February 7, 2018 between the Company and Government of Medan as Government Contracting Agency (GCA) of the Project. Cooperation Agreement Number PERJ-015/SMI/028 was signed on February 7, 2018 between the Company and JICA Consultant Consortium regarding the provision of Financial-Technical Consultant for Project Preparation stage.

b. Nota Kesepahaman dengan Cities

Development Initiative for Asia (CDIA) Nota Kesepahaman Nomor MOU-2/SMI/0316 ditandatangani antara Perusahaan dengan CDIA pada tanggal 8 Maret 2016. Kerjasama antara Perusahaan dengan CDIA berfokus pada dua kegiatan utama: Fasilitas Penyiapan Proyek untuk kota; Program pengembangan kapasitas.

b. Memorandum of Understanding with Cities Development Initiative for Asia (CDIA) Memorandum of Understanding Number MOU-2/SMI/0316 was signed on March 8, 2016 between the Company and CDIA. Cooperation between the Company and CDIA is focusing on two main activities:

Project Development Facility for cities; Capacity development program.



Pada tanggal 9 Februari 2018, CDIA menerbitkan surat terkait arahan dan pendekatan atas kerjasama Perusahaan dan CDIA untuk 5 tahun ke depan: Pembentukan CDIA Trust Fund oleh

ADB untuk penyelenggaraan kegiatan kerjasama antara Perusahaaan dengan CDIA;

Pelaksanaan Pengembangan Kapasitas yang berfokus untuk meningkatkan keberlanjutan dari proyek.

On February 9, 2018, CDIA was issuing a letter regarding direction and approach of cooperation between the Company and CDIA for the coming 5 years: The creation of a CDIA Trust Fund by

ADB for implementation of cooperation activities between the Company and CDIA;

The implementation of a focused Capacity Development to improve the project’s sustainability.

c. Nota Kesepahaman Kerjasama dengan

Japan International Cooperation Agency (JICA)

c. Memorandum of Understanding with Japan International Cooperation Agency (JICA)

Nota Kesepahaman Nomor MoU-013/SMI/1117 ditandatangani antara Perusahaan dengan JICA pada tanggal 8 November 2017. Ruang lingkup dari Nota Kesepahaman adalah: Penyiapan proyek KPBU dan

pengembangan kapasitas; Dukungan untuk kegiatan yang terkait

dengan pembiayaan infrastruktur non-KPBU;

Dukungan JICA lainnya kepada Perusahaan yang disepakati bersama melalui pendampingan teknis atau bentuk lainnya.

Memorandum of Understanding Number MoU-013/SMI/1117 was signed on November 8, 2017 between the Company and JICA. The scope of the Memorandum of Understanding is: PPP project preparation and capacity

building; Non-PPP infrastructure financing

related activity support; Any other mutually agreed JICA

support to the Company through technical assistance or through other means of JICA resource.

d. Penerusan pinjaman diterima dari

Pemerintah atas dana pinjaman World Bank

d. Borrowing received from the Government for loans of World Bank

i. Berdasarkan perjanjian No. SLA - 1230/DSMI/2010, tanggal 4 Maret 2010 Pemerintah Republik Indonesia meneruskan dana yang bersumber dari Naskah Perjanjian Pinjaman Luar Negeri (NPPLN) Nomor: 7731-ID tanggal 15 Januari 2010 kepada Perusahaan dengan jumlah yang tidak melebihi sebesar ekuivalen USD100.000.000, dengan tingkat suku bunga Sertifikat Bank Indonesia (SBI) satu bulanan + satu per seratus per tahun terhitung sejak penarikan pinjaman. Jangka waktu Pinjaman Penerusan adalah selama 24 tahun 6 bulan termasuk masa tenggang sembilan tahun, terhitung sejak tanggal efektifnya NPPLN.

ii. i. Under the agreement No. SLA - 1230/DSMI/2010, dated March 4, 2010, the Government of Republic of Indonesia shall channel the fund sourced from the Subsidiary Loan Agreement Document (NPPLN) Number: 7731-ID dated January 15, 2010 to the Company in an amount not exceeding the equivalent of USD100,000,000, with the interest rate of Bank Indonesia Certificates (SBI) one month + one percent per year upon drawdown of the loan. The subordinated loan period is over 24 years and 6 months, including a grace period of nine years, commencing from the effective date of the NPPLN.




Berdasarkan surat No. S-4492/PB/2011 tanggal 3 Mei 2011 dari Direktorat Jenderal Perbendaharaan Kementerian Keuangan Republik Indonesia, Perjanjian Penerusan Pinjaman ini berlaku efektif tanggal 3 Mei 2011.

Based on the Letter of the Directorate General of Treasury of the Ministry of Finance of the Republic of Indonesia No. S-4492/PB/2011 dated May 3, 2011, the NPPLN is effective on May 3, 2011.

Berdasarkan perjanjian perubahan No. AMA-466/SLA1230/DSMI/2012, tanggal 13 Desember 2012, dilakukan perubahan antara lain:

Under the amendment agreement No. AMA-466/SLA-1230/DSMI/2012, dated December 13, 2012, changes had been made to include:

Jumlah Pinjaman Penerusan sebesar USD100.000.000;

Subordinated loan amounted to USD100,000,000;

Tingkat suku bunga sebesar tingkat bunga LIBOR + variable spread + 0,5%.

The interest rate of LIBOR + variable spread + 0.5%

Penerusan pinjaman ke IIF sesuai Perjanjian Pinjaman Subordinasi pada tanggal 20 April 2011 yang diubah pada tanggal 14 Desember 2012, berjangka waktu 24 tahun 6 bulan dengan tanggal jatuh tempo final pada 1 November 2033 dan tingkat suku bunga sebesar tingkat suku bunga pinjaman yang diterima ditambah dengan biaya administrasi dan premi risiko Perusahaan sebesar 0,75% per tahun.

The loan channeled to IIF was based on Subordinated Loan Agreement dated April 20, 2011 which was amended on December 14, 2012, had a term of 24 years and 6 months, maturity date on November 1, 2033 at the interest rate of the borrowings received plus administration fee and the Company’s risk premium of 0.75% per annum.

Berdasarkan surat No. S-1938/MK.5/2014 tanggal 24 Maret 2014 dari Menteri Keuangan Republik Indonesia, batas akhir penerusan pinjaman diperpanjang dari 31 Desember 2013 menjadi 30 November 2015. Batas akhir penerusan pinjaman ini kemudian diperpanjang kembali menjadi 30 November 2016 berdasarkan surat No. S-848/PR.2/2015 tanggal 27 November 2015 dari Kementerian Keuangan Republik Indonesia yang kemudian diperpanjang kembali menjadi 31 Maret 2017 berdasarkan surat No. S-999/PR/2016 tanggal 30 November 2016 dari Kementerian Keuangan Republik Indonesia.

Based on the letter of Minister of Finance of Republic of Indonesia No. S-1938/MK.5/2014 dated March 24, 2014, due date of two-steps loan had been extended from December 31, 2013 to November 30, 2015. The due date of two-steps loan was reextended to November 30, 2016 based on the letter of Ministry of Finance of Republic of Indonesia No. S-848/PR.2/2015 dated November 27, 2015 which was reextended again to March 31, 2017 based on the letter of Ministry of Finance of Republic of Indonesia No. S-999/PR/2016 dated November 30, 2016.

Berdasarkan surat No. S-2114/MK.5/2016 tanggal 8 Maret 2016 perihal Perubahan (Amandemen) Perjanjian Penerusan Pinjaman No. SLA-1230/DSMI/2010 tanggal 4 Maret 2010 sebagaimana telah diubah dengan perubahan

Based on the letter No. S-2114/MK.5/2016 dated March 8, 2016 concerning Loan Agreement Amendment No. SLA-1230/DSMI/2010 dated March 4, 2010, as amended by amendment No. AMA- 466/SLA-1230/DSMI/2012 dated 13 December




Berdasarkan surat No. S-4492/PB/2011 tanggal 3 Mei 2011 dari Direktorat Jenderal Perbendaharaan Kementerian Keuangan Republik Indonesia, Perjanjian Penerusan Pinjaman ini berlaku efektif tanggal 3 Mei 2011.

Based on the Letter of the Directorate General of Treasury of the Ministry of Finance of the Republic of Indonesia No. S-4492/PB/2011 dated May 3, 2011, the NPPLN is effective on May 3, 2011.

Berdasarkan perjanjian perubahan No. AMA-466/SLA1230/DSMI/2012, tanggal 13 Desember 2012, dilakukan perubahan antara lain:

Under the amendment agreement No. AMA-466/SLA-1230/DSMI/2012, dated December 13, 2012, changes had been made to include:


Subordinated loan amounted to USD100,000,000;

Tingkat suku bunga sebesar tingkat bunga LIBOR + variable spread + 0,5%.

The interest rate of LIBOR + variable spread + 0.5%

Penerusan pinjaman ke IIF sesuai Perjanjian Pinjaman Subordinasi pada tanggal 20 April 2011 yang diubah pada tanggal 14 Desember 2012, berjangka waktu 24 tahun 6 bulan dengan tanggal jatuh tempo final pada 1 November 2033 dan tingkat suku bunga sebesar tingkat suku bunga pinjaman yang diterima ditambah dengan biaya administrasi dan premi risiko Perusahaan sebesar 0,75% per tahun.

The loan channeled to IIF was based on Subordinated Loan Agreement dated April 20, 2011 which was amended on December 14, 2012, had a term of 24 years and 6 months, maturity date on November 1, 2033 at the interest rate of the borrowings received plus administration fee and the Company’s risk premium of 0.75% per annum.

Berdasarkan surat No. S-1938/MK.5/2014 tanggal 24 Maret 2014 dari Menteri Keuangan Republik Indonesia, batas akhir penerusan pinjaman diperpanjang dari 31 Desember 2013 menjadi 30 November 2015. Batas akhir penerusan pinjaman ini kemudian diperpanjang kembali menjadi 30 November 2016 berdasarkan surat No. S-848/PR.2/2015 tanggal 27 November 2015 dari Kementerian Keuangan Republik Indonesia yang kemudian diperpanjang kembali menjadi 31 Maret 2017 berdasarkan surat No. S-999/PR/2016 tanggal 30 November 2016 dari Kementerian Keuangan Republik Indonesia.

Based on the letter of Minister of Finance of Republic of Indonesia No. S-1938/MK.5/2014 dated March 24, 2014, due date of two-steps loan had been extended from December 31, 2013 to November 30, 2015. The due date of two-steps loan was reextended to November 30, 2016 based on the letter of Ministry of Finance of Republic of Indonesia No. S-848/PR.2/2015 dated November 27, 2015 which was reextended again to March 31, 2017 based on the letter of Ministry of Finance of Republic of Indonesia No. S-999/PR/2016 dated November 30, 2016.

Berdasarkan surat No. S-2114/MK.5/2016 tanggal 8 Maret 2016 perihal Perubahan (Amandemen) Perjanjian Penerusan Pinjaman No. SLA-1230/DSMI/2010 tanggal 4 Maret 2010 sebagaimana telah diubah dengan perubahan

Based on the letter No. S-2114/MK.5/2016 dated March 8, 2016 concerning Loan Agreement Amendment No. SLA-1230/DSMI/2010 dated March 4, 2010, as amended by amendment No. AMA- 466/SLA-1230/DSMI/2012 dated 13 December



perjanjian No. AMA-466/SLA-1230/DSMI/2012 tanggal 13 Desember 2012 antara Pemerintah dan Perusahaan, tingkat bunga pinjaman dari WB berubah menjadi tingkat bunga LIBOR + variable spread + 0,45% per tahun. Ketentuan tersebut berlaku untuk tagihan yang belum jatuh tempo pada tanggal 1 Oktober 2015.

2012 between the Government and the Company, the interest rate of the loan from WB turned into a variable interest rate of LIBOR + spread + 0.45% per year. These provisions do not apply to receivable that mature on October 1, 2015.

ii. Berdasarkan perjanjian

No. SLA 268/DSMI/2017, tanggal 26 September 2017 Pemerintah Republik Indonesia meneruskan dana yang bersumber dari International Bank for Reconstruction and Development perjanjian pinjaman 8715-ID tanggal 29 Mei 2017 dalam rangka tambahan pembiayaan untuk Indonesia Infrastructure Finance Facility Project kepada Perusahaan dengan jumlah yang tidak melebihi sebesar ekuivalen USD200.000.000, dengan tingkat suku bunga sebesar SUN Seri Benchmark tahun berkenaan 20 (dua puluh) tahun + margin 0,75% (nol koma tujuh lima persen) per tahun yang dibayarkan setiap persetengah tahunan/enam bulanan pada tanggal 1 Maret dan 1 September. Jangka waktu Pinjaman Penerusan adalah selama 20 tahun termasuk masa tenggang sepuluh tahun, efektif sejak tanggal 26 September 2017.

ii. Under the agreement No. SLA - 1268/DSMI/2017, dated September 26, 2017, the Government of Republic of Indonesia shall channel the fund sourced from the International Bank for Reconstruction and Development loan agreement Number 8715-ID dated May 29, 2017 as financing addition to Indonesia Infrastructure Finance Facility Project to the Company in an amount not exceeding the equivalent of USD200,000,000, with the interest rate of Benchmark Series SUN interest rate with the tenor of 20 (twenty) years per annum + 0.75% (zero point seventy five prosen) margin per year paid semi annually on March 1 and September 1. The loan period is over 20 years, including a grace period of ten years, commencing from the effective date of September 26, 2017.

e. Penerusan pinjaman yang diterima dari

Pemerintah atas dana pinjaman ADB e. Borrowing received from the

Government of the ADB loan

Berdasarkan perjanjian No. SLA - 1229/DSMI /2010, tanggal 4 Maret 2010 Pemerintah meneruskan dana yang bersumber dari Naskah Perjanjian Pinjaman Luar Negeri (NPPLN) No. 2516-INO tanggal 20 Januari 2010 kepada Perusahaan dengan jumlah yang tidak melebihi sebesar ekuivalen USD100.000.000, dengan tingkat suku bunga Sertifikat Bank Indonesia (SBI) satu bulanan + satu perseratus per tahun terhitung sejak penarikan pinjaman. Jangka waktu Pinjaman Penerusan adalah selama 25 tahun termasuk masa tenggang lima tahun, terhitung sejak tanggal efektifnya NPPLN.

Under the Agreement No. SLA - 1229/DSMI /2010, dated March 4, 2010, the Government shall channel the fund sourced from the Loan Agreement (NPPLN) No. 2516-INO dated January 20, 2010 to the Company in an amount not exceeding the equivalent of USD100,000,000, withinterest rate of Bank Indonesia Certificates (SBI) one month + one percent per annum upon drawdown of the loan. The subordinated loan period is 25 years, including a grace period of five years, commencing from the effective date of the NPPLN.




Berdasarkan surat No. S-4491/PB/2011 tanggal 3 Mei 2011 dari Direktorat Jenderal Perbendaharaan Kementerian Keuangan Republik Indonesia, NPPLN ini berlaku efektif tanggal 3 Mei 2011.

Based on the Letter of the Directorate General of Treasury of the Ministry of Finance of the Republic of Indonesia No. S-4491/PB/2011 dated May 3, 2011, the NPPLN was effective on of May 3, 2011.

Berdasarkan perjanjian perubahan No. AMA-464/SLA-1229/DSMI/2012, tanggal 27 November 2012, dilakukan perubahan antara lain:

Under the amendment agreement No. AMA-464/SLA-1229/DSMI/2012, dated November 27, 2012, changes had been made to include:


Subordinated Loan amounting to USD100,000,000;

Tingkat suku bunga sebesar tingkat bunga LIBOR + 0,2% + 0,5%.

The interest of LIBOR + 0.2% + 0.5%.

Penerusan pinjaman ke IIF sesuai Perjanjian Pinjaman Subordinasi pada tanggal 20 April 2011 yang diubah pada tanggal 28 November 2012, berjangka waktu 25 tahun dengan tanggal jatuh tempo pada 1 Maret 2034 dan tingkat suku bunga sebesar tingkat suku bunga pinjaman yang diterima ditambah dengan administrasi dan premi risiko Perusahaan sebesar 0,75% per tahun.

The loan channeled to IIF was based on Subordinated Loan Agreement dated April 20, 2011 which was amended on November 28, 2012, had a term of 25 years, maturity date on March 1, 2034 interest at the interest rate of the borrowings received plus administration fee and the Company’s risk premium of 0.75% per annum.

Berdasarkan surat No. S-1939/MK.5/2014 tanggal 24 Maret 2014 dari Menteri Keuangan Republik Indonesia, batas akhir penerusan pinjaman diperpanjang dari 31 Desember 2013 menjadi 31 Desember 2014.

Based on the letter of Minister of Finance of Republic of Indonesia No. S 1939/MK.5/2014 dated March 24, 2014, closing date had been extended from December 31, 2013 to December 31, 2014.

Berkaitan dengan penerusan pinjaman yang diterima dari Pemerintah Republik Indonesia atas dana pinjaman World Bank (WB) dan Asia Development Bank (ADB), terdapat ketentuan mengenai kondisi subordinasi dimana kewajiban pembayaran setiap jumlah dari IIF kepada Perusahaan tidak akan menyebabkan IIF mengalami kondisi-kondisi sebagai berikut: (i) rasio lancar sebesar IIF kurang dari 1,2 dan atau (ii) rasio kecukupan modal sebesar kurang dari 12%. Dalam hal pembayaran dari IIF menyebabkan terjadinya kondisi subordinasi maka Perusahaan setuju untuk mensubordinasikan haknya terhadap kewajiban senior.

Relating to the borrowings received from the Government of Republic of Indonesia from World Bank (WB) and Asian Development Bank (ADB), there is subordination condition in which IIF’s payment obligation to the Company will not result in the IIF to be under the following conditions (i) current ratio is less than 1.2 or (ii) capital adequacy ratio is less than 12%. In the event that such payment obligation resulting the IIF to be under subordination conditions then the Company agrees to subordinate its right against senior liabilities.




Berdasarkan surat No. S-4491/PB/2011 tanggal 3 Mei 2011 dari Direktorat Jenderal Perbendaharaan Kementerian Keuangan Republik Indonesia, NPPLN ini berlaku efektif tanggal 3 Mei 2011.

Based on the Letter of the Directorate General of Treasury of the Ministry of Finance of the Republic of Indonesia No. S-4491/PB/2011 dated May 3, 2011, the NPPLN was effective on of May 3, 2011.

Berdasarkan perjanjian perubahan No. AMA-464/SLA-1229/DSMI/2012, tanggal 27 November 2012, dilakukan perubahan antara lain:

Under the amendment agreement No. AMA-464/SLA-1229/DSMI/2012, dated November 27, 2012, changes had been made to include:


Subordinated Loan amounting to USD100,000,000;

Tingkat suku bunga sebesar tingkat bunga LIBOR + 0,2% + 0,5%.

The interest of LIBOR + 0.2% + 0.5%.

Penerusan pinjaman ke IIF sesuai Perjanjian Pinjaman Subordinasi pada tanggal 20 April 2011 yang diubah pada tanggal 28 November 2012, berjangka waktu 25 tahun dengan tanggal jatuh tempo pada 1 Maret 2034 dan tingkat suku bunga sebesar tingkat suku bunga pinjaman yang diterima ditambah dengan administrasi dan premi risiko Perusahaan sebesar 0,75% per tahun.

The loan channeled to IIF was based on Subordinated Loan Agreement dated April 20, 2011 which was amended on November 28, 2012, had a term of 25 years, maturity date on March 1, 2034 interest at the interest rate of the borrowings received plus administration fee and the Company’s risk premium of 0.75% per annum.

Berdasarkan surat No. S-1939/MK.5/2014 tanggal 24 Maret 2014 dari Menteri Keuangan Republik Indonesia, batas akhir penerusan pinjaman diperpanjang dari 31 Desember 2013 menjadi 31 Desember 2014.

Based on the letter of Minister of Finance of Republic of Indonesia No. S 1939/MK.5/2014 dated March 24, 2014, closing date had been extended from December 31, 2013 to December 31, 2014.

Berkaitan dengan penerusan pinjaman yang diterima dari Pemerintah Republik Indonesia atas dana pinjaman World Bank (WB) dan Asia Development Bank (ADB), terdapat ketentuan mengenai kondisi subordinasi dimana kewajiban pembayaran setiap jumlah dari IIF kepada Perusahaan tidak akan menyebabkan IIF mengalami kondisi-kondisi sebagai berikut: (i) rasio lancar sebesar IIF kurang dari 1,2 dan atau (ii) rasio kecukupan modal sebesar kurang dari 12%. Dalam hal pembayaran dari IIF menyebabkan terjadinya kondisi subordinasi maka Perusahaan setuju untuk mensubordinasikan haknya terhadap kewajiban senior.

Relating to the borrowings received from the Government of Republic of Indonesia from World Bank (WB) and Asian Development Bank (ADB), there is subordination condition in which IIF’s payment obligation to the Company will not result in the IIF to be under the following conditions (i) current ratio is less than 1.2 or (ii) capital adequacy ratio is less than 12%. In the event that such payment obligation resulting the IIF to be under subordination conditions then the Company agrees to subordinate its right against senior liabilities.



Selain itu, kecuali mendapatkan persetujuan tertulis dari Perusahaan, IIF tidak diperkenankan melakukan hal-hal berikut, di antaranya:

Furhtermore, unless prior written consent of the Company had been obtained, IIF was not allowed to carry-out the following, among others:

1. Menjamin atau bertanggung jawab atas kewajiban utang, baik kontinjen atau dengan cara lain kecuali merupakan bagian dari kegiatan usaha normal IIF dan tetap memenuhi persyaratan rasio leverage yang ditetapkan;

1. Guarantee or liable with respect to any indebtedness, whether contingent or otherwise, unless it was in the ordinary course of IIF’s business and in compliance with the leverage ratio requirements;

2. Mengubah tahun fiskal; 2. Change its financial year; 3. Melakukan penggabungan,

pemisahan, konsolidasi atau reorganisasi;

3. Undertake any merger, spin off, consolidation or reorganization;

4. Membayar kembali atau membayar dimuka, membeli, menebus, mengganti atau melepaskan diri dari kewajiban utang apapun selain sesuai dengan ketentuan dalam Perjanjian Kredit;

4. Repay or prepay, purchase, redeem, reimburse or discharge any of its indebtedness other than in accordance with the provisions of the Loan Agreement;

5. Melakukan tindakan pencucian uang dan pembiayaan terorisme, penipuan, atau tindakan korupsi dan praktek ilegal lainnya;

5. Commit to any act that will cause money laundering, financing of terrorism, fraud, or other corrupt or illegal practices;

6. Kecuali jika ADB dan Pemerintah menyetujui lain, menimbulkan utang subordinasi apapun, jika setelah timbulnya utang subordinasi tersebut rasio utang subordinasi terhadap ekuitas akan lebih besar dari 2,5 berbanding 1.

6. Except as ADB and Government shall otherwise agree, Incur any subordinated debt, if after the incurrence of such subordinated debt the ratio of subordinated debt to equity shall be greater than 2.5 to 1.

f. Agence Francaise De Developpement f. Agence Francaise De Developpement

Perjanjian Fasilitas Kredit Facility Credit Agreement Pada tanggal 3 Desember 2015, Perusahaan mendapatkan fasilitas kredit dari Agence Francaise De Developpement (AFD) sebesar USD100.000.000 dengan jangka waktu sepuluh tahun.

On December 3, 2015, the Company obtained a credit facility from Agence Francaise De Developpement (AFD) amounted to USD100,000,000. The term of the loan was ten years.

Tingkat suku bunga yang dikenakan bervariasi tergantung dari pilihan yang diambil oleh Perusahaan. Perusahaan dapat memilih:

The interest rate charged varied depending on the choice made by the Company. The Company can choose:

Suku bunga mengambang yaitu LIBOR 6 bulan + margin per tahun. Untuk penarikan pertama tingkat suku bunga dapat berbeda sesuai dengan periode bunga. Bila periode bunga kurang dari 60 hari maka akan dikenakan bunga sebesar LIBOR 1 bulan + margin per tahun atau LIBOR 3 bulan + margin per tahun bila periode bunga antara 60 - 135 hari;

A floating interest rate of 6-month LIBOR + margin per annum. For the first withdrawal, the interest rate may vary according to the interest period. If the interest period is less than 60 days, the Company will be charged an interest rate of LIBOR 1 month + margin per annum or LIBOR 3 months + margin per annum if the interest period is between 60 - 135 days;




Suku bunga tetap yaitu tingkat suku bunga minimum adalah 0,25%.

Fixed interest rate of the minimum interest rate was 0.25%.

Selama periode perjanjian, dengan persetujuan kreditur, Perusahaan dapat meminta perubahan suku bunga atas kreditnya.

During the period of the agreement, with the consent from the creditors, the Company may request a change in the interest rates.

Fasilitas ini digunakan sebagai sumber pembiayaan proyek infrastruktur terutama pada proyek energi terbarukan atau pada proyek yang memiliki dampak positif terhadap perubahan iklim.

This facility had been used to finance infrastructure projects, especially for renewable energy projects or projects which have positive impact to the climate change.

Pembatasan penting atas fasilitas kredit ini adalah sebagai berikut:

The major covenant of this credit facility are as follows:

a. Non-Performing Loan Ratio tidak lebih dari 5%;

a. Non-Performing Loan Ratio is lower than 5%;

b. Net Non-Performing Loan to Capital Ratio tidak lebih dari 10%;

b. Net Non-Performing Loan to Capital Ratio is lower than 10%;

c. Gearing Ratio tidak lebih dari 3. c. Gearing Ratio is not higher than 3.

Perjanjian Pembiayaan Financing Agreement Pada tanggal 3 Desember 2015, Perusahaan menandatangani perjanjian pemberian hibah berupa Fasilitas Kuasi Ekuitas (QEF) dengan AFD sebesar USD5.000.000 dengan jangka waktu efektif sampai dengan 31 Desember 2026. QEF ditujukan untuk menopang kualitas kredit proyek-proyek Energi Baru Terbarukan (EBT) yang dibiayai dari fasilitas kredit AFD (sebagaimana dituangkan dalam perjanjian pembiayaan Credit Facility Agreement) dengan skema penggunaan yang telah ditetapkan oleh AFD. Dana ini telah dicairkan seluruhnya oleh AFD kepada Perusahaan pada tanggal 2 Juni 2016 sebesar USD5.000.000 dan ditempatkan dalam satu rekening khusus yang dibatasi penggunaannya (Catatan 6).

On December 3, 2015, the Company signed a grant agreement in the form of Quasi Equity Facility (QEF) with AFD amounted to USD5,000,000 with effective period up to December 31, 2026. The QEF was intended to enhance the credit quality of the Renewable Energy (RE) projects financed by the AFD’s (as stipulated in the Credit Facility Agreement) with schemes that had been set by AFD. The fund has been fully disbursed by AFD to the Company on June 2, 2016 amounted to USD5,000,000 and placed in a restricted account (Note 6).

Dana ini harus digunakan (dialokasikan atau dicairkan) untuk:

This fund shall be used (allocated or drawdown) to:

menurunkan risiko kredit yang ditanggung oleh Perusahaan sebagai pemberi pinjaman senior atau investor ekuitas dari proyek EBT berisiko tinggi atau investasi EBT dengan profitabilitas rendah; atau

lower the credit risk taken by the Company as senior lenders or equity investors of the high risk EBT projects or EBT investment with low profitability; or

sebagai insentif bagi sponsor atau

pemilik proyek untuk terlibat dalam proyek-proyek EBT yang inovatif atau yang rendah tingkat profitabilitasnya.

as an incentive for the sponsor or project owners to get involved in projects of innovative EBT or low levels of profitability.




Suku bunga tetap yaitu tingkat suku bunga minimum adalah 0,25%.

Fixed interest rate of the minimum interest rate was 0.25%.

Selama periode perjanjian, dengan persetujuan kreditur, Perusahaan dapat meminta perubahan suku bunga atas kreditnya.

During the period of the agreement, with the consent from the creditors, the Company may request a change in the interest rates.

Fasilitas ini digunakan sebagai sumber pembiayaan proyek infrastruktur terutama pada proyek energi terbarukan atau pada proyek yang memiliki dampak positif terhadap perubahan iklim.

This facility had been used to finance infrastructure projects, especially for renewable energy projects or projects which have positive impact to the climate change.

Pembatasan penting atas fasilitas kredit ini adalah sebagai berikut:

The major covenant of this credit facility are as follows:

a. Non-Performing Loan Ratio tidak lebih dari 5%;

a. Non-Performing Loan Ratio is lower than 5%;

b. Net Non-Performing Loan to Capital Ratio tidak lebih dari 10%;

b. Net Non-Performing Loan to Capital Ratio is lower than 10%;

c. Gearing Ratio tidak lebih dari 3. c. Gearing Ratio is not higher than 3.

Perjanjian Pembiayaan Financing Agreement Pada tanggal 3 Desember 2015, Perusahaan menandatangani perjanjian pemberian hibah berupa Fasilitas Kuasi Ekuitas (QEF) dengan AFD sebesar USD5.000.000 dengan jangka waktu efektif sampai dengan 31 Desember 2026. QEF ditujukan untuk menopang kualitas kredit proyek-proyek Energi Baru Terbarukan (EBT) yang dibiayai dari fasilitas kredit AFD (sebagaimana dituangkan dalam perjanjian pembiayaan Credit Facility Agreement) dengan skema penggunaan yang telah ditetapkan oleh AFD. Dana ini telah dicairkan seluruhnya oleh AFD kepada Perusahaan pada tanggal 2 Juni 2016 sebesar USD5.000.000 dan ditempatkan dalam satu rekening khusus yang dibatasi penggunaannya (Catatan 6).

On December 3, 2015, the Company signed a grant agreement in the form of Quasi Equity Facility (QEF) with AFD amounted to USD5,000,000 with effective period up to December 31, 2026. The QEF was intended to enhance the credit quality of the Renewable Energy (RE) projects financed by the AFD’s (as stipulated in the Credit Facility Agreement) with schemes that had been set by AFD. The fund has been fully disbursed by AFD to the Company on June 2, 2016 amounted to USD5,000,000 and placed in a restricted account (Note 6).

Dana ini harus digunakan (dialokasikan atau dicairkan) untuk:

This fund shall be used (allocated or drawdown) to:

menurunkan risiko kredit yang ditanggung oleh Perusahaan sebagai pemberi pinjaman senior atau investor ekuitas dari proyek EBT berisiko tinggi atau investasi EBT dengan profitabilitas rendah; atau

lower the credit risk taken by the Company as senior lenders or equity investors of the high risk EBT projects or EBT investment with low profitability; or

sebagai insentif bagi sponsor atau

pemilik proyek untuk terlibat dalam proyek-proyek EBT yang inovatif atau yang rendah tingkat profitabilitasnya.

as an incentive for the sponsor or project owners to get involved in projects of innovative EBT or low levels of profitability.



Penggunaan dana ini harus dengan persetujuan dan memenuhi persyaratan yang ditentukan oleh AFD.

The use of these funds must be with the consent and meet the requirements specified by the AFD.

Perusahaan harus telah menglokasikan atau mencairkan dana hibah ke proyek-proyek EBT yang memenuhi syarat (“eligible allocations” or “eligible drawdowns”) paling lambat tanggal 31 Desember 2017. Bila dana yang telah dialokasikan ke proyek tersebut pada akhirnya tidak bisa dicairkan karena tidak memenuhi persyaratan pencairan AFD, Perusahaan harus mengalokasi dana tersebut ke proyek baru yang memenuhi syarat sebelum tanggal 31 Desember 2026. Dana yang tersisa setelah 31 Desember 2026 akan menjadi milik Perusahaan dan akan dikelola untuk pembangunan proyek EBT di luar cakupan perjanjian ini.

The Company should have allocated or disbursed the grant to the eligible RE projects ("eligible allocations" or "eligible drawdowns") no later than December 31, 2017. In case the funds that have been allocated to the project could not be disbursed due to it does not meet the AFD disbursement requirements, the Company must allocate the funds to new eligible projects before December 31, 2026. Any remaining unallocated funds after December 31, 2026 will belong to the Company and will be managed for the development of EBT projects outside the scope of this agreement.

Program Bantuan Teknis Technical Assistance Program (TAP) Sebagai bagian dari dua perjanjian di atas, Perusahaan dan AFD juga menandatangani nota kesepakatan Program Bantuan Teknis yang ditujukan untuk meningkatkan kapabilitas Perusahaan untuk mengevaluasi proyek-proyek energi terbarukan dan perubahan iklim serta untuk meningkatkan bankabilitas proyek tersebut.

As part of two of the above agreement, the Company and AFD also signed a memorandum of understanding about Technical Assistance Program aimed to improve the capability of the Company to evaluate renewable energy projects and climate change and to increase the project’s bankability.

g. Perjanjian penerimaan hibah berupa

dana Clean Technology Fund (“CTF”) dan Global Environment Facility (“GEF”) dengan World Bank

g. Grant Agreement of Clean Technology Fund (“CTF”) and Global Environment Facility (“GEF”) with World Bank

Pada tanggal 7 Maret 2017, Perusahaan menandatangani perjanjian penerimaan dana hibah berupa dana Clean Technology Fund (“CTF”) sebesar USD49.000.000 dan Global Environment Facility (“GEF”) sebesar USD6.250.000 dengan World Bank dengan jangka waktu efektif perjanjian sampai dengan 31 Desember 2022.

On March 7, 2017, the Company signed a grant agreement in the form of Clean Technology Fund (“CTF”) amounted to USD49,000,000 and Global Environment Facility (“GEF”) amounted to USD6,250,000 with World Bank with agreement effective date until December 31, 2022.

Tujuan dari hibah tersebut adalah untuk mendukung kegiatan eksplorasi panas bumi yang dilakukan Pemerintah yang akan dilaksanakan Perusahaan melalui skema penugasan dari Kementerian Keuangan. Perjanjian hibah ini baru akan efektif berlaku apabila dalam waktu 90 hari setelah penandatanganan perjanjian

The purpose of the grant is to support geothermal exploration activities conducted by the Government of Indonesia which will be implemented by the Company through the assignment scheme from the Ministry of Finance. This grant agreement will only become effective if within 90 days after the signing of grant




hibah, beberapa kondisi yang dipersyaratkan World Bank telah terpenuhi antara lain:

agreement, some of the conditions precedent required by the World Bank had been fulfilled such as:

Perusahaan telah membentuk Project

Management Unit untuk mendukung penugasan dari Kementerian Keuangan;

Pemerintah telah menerbitkan Peraturan Menteri Keuangan yang mengatur mengenai pengelolaan dana geothermal yang ada di Perusahaan;

Nota kesepahaman antara Kementerian Keuangan dan Kementerian ESDM yang mengatur mengenai tata cara kegiatan eksplorasi panas bumi yang dilakukan pemerintah telah berlaku.

The Company had established a Project Management Unit to support the assignment of the Ministry of Finance;

The Government had issued Regulation of the Minister of Finance on the administration of geothermal fund which is currently managed by the Company;

A Memorandum of Understanding between Ministry of Finance and Ministry of Energy and Mineral Resources governing the procedures for geothermal exploration activities conducted by the Government had been in force.

Berdasarkan surat dari World Bank tanggal No. CD-137/WB/VIII/2017, sejak tanggal 4 Agustus 2017 Perjanjian hibah dana Clean Technology Fund (“CTF”) dan Global Environment Facility (“GEF”) telah berlaku secara efektif.

Based on the letter of World Bank No. CD-137/WB/VIII/2017, since August 4, 2017, the grant agreement of Clean Technology Fund (“CTF”) and Global Environment Facility (“GEF”) had became effective.

Sampai dengan tanggal 31 Desember 2018, dana GEF yang telah dicairkan adalah sebesar USD1.536.696 (ekuivalen Rp22.252.894.776). Dari dana tersebut, yang sudah digunakan sampai dengan 31 Desember 2018 dengan rincian sebagai berikut:

Until December 31, 2018, GEF fund that had been disbursed was USD1,536,696 (equivalent Rp22,252,894,776). Out of this amount, the fund that had been used as per December 31, 2018 with details as follows:

2018Rp

Biaya konsultan/ Consultant fee 9,685,839,302Biaya perjalanan dinas/ Official Travel fee 896,643,068Biaya sosialisasi/ Socialization fee 676,043,690Biaya sewa gedung/ Office Rent fee 646,777,778Biaya operasional/ Operational fee 302,639,502Jumlah/ Total 12,207,943,340 Sedangkan Sampai dengan tanggal 31 Desember 2018, dana CTF yang telah dicairkan adalah sebesar USD2.099.980 (ekuivalen Rp30.409.810.380) (Catatan 23). Sampai dengan 31 Desember 2018 belum ada penggunaan atas dana yang dimaksud.

Until December 31, 2018, CTF fund that had been disbursed was USD2,099,980 (equivalent Rp30,409,810,380) (Note 23). The fund had not been used as per December 31, 2018.




hibah, beberapa kondisi yang dipersyaratkan World Bank telah terpenuhi antara lain:

agreement, some of the conditions precedent required by the World Bank had been fulfilled such as:

Perusahaan telah membentuk Project

Management Unit untuk mendukung penugasan dari Kementerian Keuangan;

Pemerintah telah menerbitkan Peraturan Menteri Keuangan yang mengatur mengenai pengelolaan dana geothermal yang ada di Perusahaan;

Nota kesepahaman antara Kementerian Keuangan dan Kementerian ESDM yang mengatur mengenai tata cara kegiatan eksplorasi panas bumi yang dilakukan pemerintah telah berlaku.

The Company had established a Project Management Unit to support the assignment of the Ministry of Finance;

The Government had issued Regulation of the Minister of Finance on the administration of geothermal fund which is currently managed by the Company;

A Memorandum of Understanding between Ministry of Finance and Ministry of Energy and Mineral Resources governing the procedures for geothermal exploration activities conducted by the Government had been in force.

Berdasarkan surat dari World Bank tanggal No. CD-137/WB/VIII/2017, sejak tanggal 4 Agustus 2017 Perjanjian hibah dana Clean Technology Fund (“CTF”) dan Global Environment Facility (“GEF”) telah berlaku secara efektif.

Based on the letter of World Bank No. CD-137/WB/VIII/2017, since August 4, 2017, the grant agreement of Clean Technology Fund (“CTF”) and Global Environment Facility (“GEF”) had became effective.

Sampai dengan tanggal 31 Desember 2018, dana GEF yang telah dicairkan adalah sebesar USD1.536.696 (ekuivalen Rp22.252.894.776). Dari dana tersebut, yang sudah digunakan sampai dengan 31 Desember 2018 dengan rincian sebagai berikut:

Until December 31, 2018, GEF fund that had been disbursed was USD1,536,696 (equivalent Rp22,252,894,776). Out of this amount, the fund that had been used as per December 31, 2018 with details as follows:

2018Rp

Biaya konsultan/ Consultant fee 9,685,839,302Biaya perjalanan dinas/ Official Travel fee 896,643,068Biaya sosialisasi/ Socialization fee 676,043,690Biaya sewa gedung/ Office Rent fee 646,777,778Biaya operasional/ Operational fee 302,639,502Jumlah/ Total 12,207,943,340 Sedangkan Sampai dengan tanggal 31 Desember 2018, dana CTF yang telah dicairkan adalah sebesar USD2.099.980 (ekuivalen Rp30.409.810.380) (Catatan 23). Sampai dengan 31 Desember 2018 belum ada penggunaan atas dana yang dimaksud.

Until December 31, 2018, CTF fund that had been disbursed was USD2,099,980 (equivalent Rp30,409,810,380) (Note 23). The fund had not been used as per December 31, 2018.



h. Regional Infrastructure Development

Fund h. Regional Infrastructure Development

Fund

Perusahaan memperoleh pinjaman Regional Infrastructure Development Fund (RIDF) dari Pemerintah Republik Indonesia dan merupakan penerusan dana pinjaman dari World Bank dan Asian Infrastructure Investment Bank dengan nilai masing-masing sebesar USD100.000.000.

The Company obtained a Regional Infrastructure Development Fund (RIDF) loan from the Government of the Republic of Indonesia. RIDF is an on-lending from World Bank and Asian Infrastructure Investment Bank amounting to USD100,000,000 each.

Pinjaman tersebut bertujuan untuk meningkatkan kapasitas Perusahaan dalam rangka penyediaan pembiayaan infrastruktur daerah sesuai dengan amanat PMK 174/PMK.08/2016 tentang Pemberian Jaminan kepada PT Sarana Multi Infrastruktur (Persero) dalam rangka Penugasan Penyediaan Pembiayaan Infrastruktur Daerah. Tingkat bunga yang diberikan sebesar tingkat suku bunga SUN Seri Benchmark tahun berkenaan dengan tenor 20 (dua puluh) tahun per tahun, sebagaimana diatur dalam PMK Nomor 40/PMK.05/2015 tentang Tingkat Suku Bunga dan Penatausahaan Penerusan Pinjaman Luar Negeri.

The loan was aimed to improve the Company's capacity in providing regional infrastructure financing in accordance with the mandate of PMK 174 / PMK.08 / 2016 on Guarantee to the Company for Provision of Regional Infrastructure Financing. The interest rate had been charged at Benchmark Series SUN interest rate in respect of the tenor of 20 (twenty) years per annum, as stipulated in PMK Number 40/ PMK.05/ 2015 regarding the Interest Rates and the Administration of On-Lending.

Bunga dibayarkan setiap tanggal 15 Februari dan 15 Agustus. Pembayaran pokok pinjaman yang pertama dimulai pada tanggal 15 Februari 2022 untuk pinjaman yang bersumber dari World Bank dan 15 Agustus 2022 untuk pinjaman yang bersumber dari Asian Infrastructure Investment Bank.

Interest payments are due every February 15 and August 15. The first principal repayments will commence on February 15, 2022 for loans originating from the World Bank and August 15, 2022 for loans sourced from the Asian Infrastructure Investment Bank

i. Regional Infrastructure Development

Fund - Project Development Facility (“RIDF-PDF”)

i. Regional Infrastructure Development Fund - Project Development Facility (“RIDF-PDF”)

Pada tanggal 12 Mei 2017, Perusahaan menandatangani perjanjian hibah dengan World Bank terkait program RIDF-PDF. Dana hibah tersebut berasal dari Indonesia Sustainable Multi Donor Trust Fund yang dikelola oleh World Bank untuk membantu pemerintah daerah di Indonesia dalam mengembangkan proyek infrastruktur. Hibah senilai USD3.000.000 tersebut disalurkan dengan skema Recipient Executed Trust Fund sehingga Perusahaan melakukan seleksi proyek, pengelolaan keuangan dan pengadaan.

On May 12, 2017, The Company signed a grant agreement with The World Bank on RIDF-PDF. This grant funding was provided by Indonesia Sustainable Multi Donor Trust Fund which is managed by The World Bank to assist regional/ local governments in Indonesia to develop infrastructure projects. The USD3,000,000 grant is channeled through a Recipient Executed Trust Fund scheme so the project selection, financial management, and the procurement are conducted by the Company.




Kegiatan yang memenuhi syarat untuk dibiayai dari dana hibah RIDF-PDF adalah sebagai berikut:

Eligible activities under RIDF-PDF funding are as follows:

- Kegiatan identifikasi proyek dan structuring awal;

- Project identification and preliminary structuring;

- Studi penyiapan proyek, seperti studi kelayakan dan detailed engineering designs;

- Project preparation studies, such as feasibility studies and detailed engineering designs;

- Bantuan pengawasan desain; - Design-supervision assistance; - Penyiapan dokumen pengadaan dan

kontrak; - Preparation of procurement and

contract documents; - Pengembangan kapasitas Pemda. - Capacity building for regional/ local

governments.

Kegiatan lainnya seperti pengembangan kapasitas anggota RIDF-PDF atau kegiatan lainnya yang disetujui Bank Dunia.

Other activities, such as capacity building for RIDF-PDF team members or other activities approved by the World Bank.

j. Kontrak Untuk Subsidi Lokal dengan

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn

j. Contract for Local Subsidies with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn

Berdasarkan Kontrak No. 83287455 tanggal 27 April 2018 antara Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn dengan PT Sarana Multi Infrastruktur (Persero). Kontrak ini mengatur mengenai pemberian subsidi lokal dari dana proyek GIZ sebagai bagian dari kontrbusi dari Republik Federal Jerman. Subsidi sebesar Rp661.000.000 (enam ratus enam puluh satu juta rupiah) ditujukan khusus untuk pembayaran Pelaksanaan Pelatihan Proyek Investasi Infrastruktur “Linking Cities” sehubungan dengan pembiayaan untuk pegawai dari kota di Indonesia dan pelaksanaan dari Learning Exchange Program antara Perusahaan dan PPP Center Philippines.

Based on Contract No. 83287455 dated April 27, 2018 between Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn and PT Sarana Multi Infrastruktur (Persero). This contract is to govern the granting of a local subsidy from GIZ project funds as part of the contributions of the Federal Republic of Germany. The subsidy in amount of Rp661,000,000 (six hundred sixty one million Indonesian rupiah) is intended exclusively for the payment of Implementation of the training course “Linking Cities” Infrastructure Investment Projects to Finance for the Benefit of Staff of the Indonesian Cities and Implementation of Learning Exchange Program between the Company and PPP Center Philippines.

k. Perjanjian Donasi dengan Li Ka Shing

(Overseas) Foundation dan Hutchison International Limited

k. Donation Agreement with Li Ka Shing (Overseas) Foundation and Hutchison International Limited

Pada tanggal 23 Oktober 2018, Perusahaan menerima dana donasi dari Li Ka Shing (Overseas) Foundation dan Hutchison International Limited masing-masing sebesar USD3.000.000 dan USD2.000.000 dengan tujuan untuk membantu korban bencana alam yang terjadi di Palu, Donggala dan Sigi melalui tahapan rehabilitasi dan rekonstruksi guna mendukung pembangunan infrastruktur sosial.

On October 23, 2018, the Company received donation fund from Li Ka Shing (Overseas) Foundation and Hutchison International Limited amounted to USD3,000,000 and USD2,000,000 respectively, for the victims of natural disaster occurred in Palu, Donggala and Sigi, Indonesia through the rehabilitation and reconstruction stages to support the social infrastructure development.




Kegiatan yang memenuhi syarat untuk dibiayai dari dana hibah RIDF-PDF adalah sebagai berikut:

Eligible activities under RIDF-PDF funding are as follows:

- Kegiatan identifikasi proyek dan structuring awal;

- Project identification and preliminary structuring;

- Studi penyiapan proyek, seperti studi kelayakan dan detailed engineering designs;

- Project preparation studies, such as feasibility studies and detailed engineering designs;

- Bantuan pengawasan desain; - Design-supervision assistance; - Penyiapan dokumen pengadaan dan

kontrak; - Preparation of procurement and

contract documents; - Pengembangan kapasitas Pemda. - Capacity building for regional/ local

governments.

Kegiatan lainnya seperti pengembangan kapasitas anggota RIDF-PDF atau kegiatan lainnya yang disetujui Bank Dunia.

Other activities, such as capacity building for RIDF-PDF team members or other activities approved by the World Bank.

j. Kontrak Untuk Subsidi Lokal dengan

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn

j. Contract for Local Subsidies with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn

Berdasarkan Kontrak No. 83287455 tanggal 27 April 2018 antara Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn dengan PT Sarana Multi Infrastruktur (Persero). Kontrak ini mengatur mengenai pemberian subsidi lokal dari dana proyek GIZ sebagai bagian dari kontrbusi dari Republik Federal Jerman. Subsidi sebesar Rp661.000.000 (enam ratus enam puluh satu juta rupiah) ditujukan khusus untuk pembayaran Pelaksanaan Pelatihan Proyek Investasi Infrastruktur “Linking Cities” sehubungan dengan pembiayaan untuk pegawai dari kota di Indonesia dan pelaksanaan dari Learning Exchange Program antara Perusahaan dan PPP Center Philippines.

Based on Contract No. 83287455 dated April 27, 2018 between Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Eschborn and PT Sarana Multi Infrastruktur (Persero). This contract is to govern the granting of a local subsidy from GIZ project funds as part of the contributions of the Federal Republic of Germany. The subsidy in amount of Rp661,000,000 (six hundred sixty one million Indonesian rupiah) is intended exclusively for the payment of Implementation of the training course “Linking Cities” Infrastructure Investment Projects to Finance for the Benefit of Staff of the Indonesian Cities and Implementation of Learning Exchange Program between the Company and PPP Center Philippines.

k. Perjanjian Donasi dengan Li Ka Shing

(Overseas) Foundation dan Hutchison International Limited

k. Donation Agreement with Li Ka Shing (Overseas) Foundation and Hutchison International Limited

Pada tanggal 23 Oktober 2018, Perusahaan menerima dana donasi dari Li Ka Shing (Overseas) Foundation dan Hutchison International Limited masing-masing sebesar USD3.000.000 dan USD2.000.000 dengan tujuan untuk membantu korban bencana alam yang terjadi di Palu, Donggala dan Sigi melalui tahapan rehabilitasi dan rekonstruksi guna mendukung pembangunan infrastruktur sosial.

On October 23, 2018, the Company received donation fund from Li Ka Shing (Overseas) Foundation and Hutchison International Limited amounted to USD3,000,000 and USD2,000,000 respectively, for the victims of natural disaster occurred in Palu, Donggala and Sigi, Indonesia through the rehabilitation and reconstruction stages to support the social infrastructure development.



Donasi ini akan dikonversi menjadi rupiah pada nilai spot saat perjanjian. Penggunaan dan penyaluran donasi dilakukan dengan, namun tidak terbatas pada: - Pemberian uang tunai dalam bentuk

hibah; - Penyerahaan barang; - Penyerahan jasa, termasuk namun

tidak terbatas pada pendampingan teknis dan peningkatan kapasitas; dan/atau

- Cara-cara pengurangan risiko untuk pembiayaan, dengan skema pembiayaan campuran atau skema pengurangan risiko apapun, termasuk namun tidak terbatas pada subsidi tingkat bunga.

The donation will be converted to Rupiah on spot value at disbursement date. Utilization and distribution of the Donation shall be made by, but not limited to: - Cash provisions in the form of grant;

- Delivery of goods; - Delivery of services, including but not

limited to technical assistance and capacity building; and/or

- De-risking tools for financing, with a scheme of blended finance or any de-risking scheme, including but not limited to interest rate subsidy.

Adapun jangka waktu perjanjian adalah 3 tahun sejak tanggal pencairan yang dapat diperpanjang, dikembalikan ataupun disalurkan seluruh sisanya melalui Badan Nasional Penanggulangan Bencana (BNPB) atau Pemerintah Daerah Palu, Donggala, dan Sigi dalam waktu 30 hari kerja setelah periode penggunaan berakhir, berdasarkan persetujuan tertulis dari Donor.

A period of the agreement is 3 (three) years since the disbursement date which can be extended, returned or distributes all of the remaining donation that has not been utilized through cash provision to the National Board of Disaster Management (“BNPB”) or Regional Government of Palu, Donggala and Sigi within 30 (thirty) business days after the end of the utilization period, based on approval from the Foundation.

l. Dana Pembiayaan Infrastruktur Sektor

Panas Bumi l. Geothermal Infrastructure Funds

Pada tanggal 23 Desember 2015, Perusahaan menerima penambahan setoran modal saham yang berasal dari pengalihan aset Pusat Investasi Pemerintah (PIP) yang terdiri dari kas dan setara kas dan pinjaman diberikan (Catatan 27). Atas kas dan setara kas yang diterima tersebut, terdapat dana geothermal sebesar Rp3.129.500.000.000 yang akan digunakan oleh Perusahaan untuk pembiayaan infrastruktur sektor geothermal.

On December 23, 2015, the Company received the additional capital from the transfer of assets of Government Investment Center (PIP) which consisted of cash and cash equivalent and loan receivable (Note 27). From total cash and cash equivalent, there was geothermal fund amounted to Rp3,129,500,000,000 which will used the Company for infrastructure financing in geothermal sector.

Berdasarkan Peraturan Menteri Keuangan Republik Indonesia Nomor 232/PMK.06/2015 tentang Pelaksanaan Pengalihan Investasi Pemerintah dalam Pusat Investasi Pemerintah menjadi Penyertaan Modal Negara pada Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur, sepanjang belum diterbitkannya peraturan menteri tentang pembiayaan geothermal.

According to Ministry of Finance of Republic Indonesia Regulation Number 232/PMK.06/2015 on the implementation of transfer of the Government’s Investment in Government Investment Center (PIP) to be the State Capital Investment in State- Owned Company (Persero) PT Sarana Multi Infrastruktur, as long as the regulation regarding geothermal fund has not been issued.




Perusahaan dapat menggunakan dana tersebut untuk: a. Pembiayaan infrastruktur; b. Penempatan dana dalam bentuk Surat

Utang Negara, Sertifikat Bank Indonesia, dan/atau instrument keuangan lainya sesuai dengan ketentuan peraturan perundang-undangan.

the Company may use the funds for: a. Infrastructure financing; b. Fund placements in the form of

Sovereign Debt Instruments, Bank Indonesia Certificates, and or other financial instruments in accordance with statutory provisions.

Berdasarkan PMK nomor 62/PMK.08/2017 tanggal 12 Mei 2017 tentang Pengelolaan Dana Pembiayaan Infrastruktur Sektor Panas Bumi pada Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur, Perusahaan dapat mengelola Dana Penyediaan Infrastruktur Sektor Panas Bumi melalui kegiatan: a. Pemberian pinjaman; b. Penyertaan modal; dan/atau c. Penyediaan Data dan Informasi

Panas Bumi.

According to Ministry of Finance Regulation Number 62/PMK.08/2017 dated 12 May 2017 about Management of Geothermal Sector Infrastructure Financing Funds in State-Owned Company (Persero) PT Sarana Multi Infrastruktur, the Company shall manage the Geothermal Fund through: a. Loan; b. Equity investment; and/or c. Provision of Geothermal Data and

Information. 35. Aset dan Liabilitas Moneter dalam Mata

Uang Asing 35. Monetary Assets and Liabilities

Denominated in Foreign Currency

Pada tanggal 31 Desember 2018 dan 2017, Perusahaan memiliki aset dan liabilitas moneter dalam mata uang asing sebagai berikut:

As of December 31, 2018 and 2017, the Company had monetary assets and liabilities denominated in foreign currencies as follows:

Ekuivalen/Equivalent

USD JPY Rp

Aset AssetKas dan setara kas 45,438,412 -- 657,993,643,013 Cash and cash equivalentDana dibatasi penggunaannya 8,850,207 -- 128,159,846,698 Restricted fundEfek-efek 35,784,235 -- 518,191,502,835 SecuritiesPinjaman diberikan 619,846,531 -- 8,975,997,611,197 Loan receivablesPendapatan masih harus diterima 5,703,798 -- 82,596,692,756 Accrued incomeJumlah aset 715,623,183 -- 10,362,939,296,499 Total asset

Liabilitas LiabilitiesPinjaman diterima dari bank dan Loans received from banks and

lembaga keuangan lainnya 477,043,715 11,060,000,000 8,358,203,041,310 other financial institutionBeban akrual 2,081,115 1,536,111 30,338,028,132 Accrued expensesPinjaman diterima dari Borrowings from the Government of

Pemerintah Republik Indonesia 188,045,246 -- 2,723,083,204,158 Republic of IndonesiaLiabilitas lain-lain 15,225,500 -- 220,480,465,500 Other liabilitiesJumlah liabilitas 682,395,576 11,061,536,111 11,332,104,739,100 Total liabilities

(Liabilitas) Aset moneter - bersih 33,227,607 (11,061,536,111) (969,165,442,601) Monetary (liabilities) asset - net

Foreign currency

2018Mata uang asing/




Perusahaan dapat menggunakan dana tersebut untuk: a. Pembiayaan infrastruktur; b. Penempatan dana dalam bentuk Surat

Utang Negara, Sertifikat Bank Indonesia, dan/atau instrument keuangan lainya sesuai dengan ketentuan peraturan perundang-undangan.

the Company may use the funds for: a. Infrastructure financing; b. Fund placements in the form of

Sovereign Debt Instruments, Bank Indonesia Certificates, and or other financial instruments in accordance with statutory provisions.

Berdasarkan PMK nomor 62/PMK.08/2017 tanggal 12 Mei 2017 tentang Pengelolaan Dana Pembiayaan Infrastruktur Sektor Panas Bumi pada Perusahaan Perseroan (Persero) PT Sarana Multi Infrastruktur, Perusahaan dapat mengelola Dana Penyediaan Infrastruktur Sektor Panas Bumi melalui kegiatan: a. Pemberian pinjaman; b. Penyertaan modal; dan/atau c. Penyediaan Data dan Informasi

Panas Bumi.

According to Ministry of Finance Regulation Number 62/PMK.08/2017 dated 12 May 2017 about Management of Geothermal Sector Infrastructure Financing Funds in State-Owned Company (Persero) PT Sarana Multi Infrastruktur, the Company shall manage the Geothermal Fund through: a. Loan; b. Equity investment; and/or c. Provision of Geothermal Data and

Information. 35. Aset dan Liabilitas Moneter dalam Mata

Uang Asing 35. Monetary Assets and Liabilities

Denominated in Foreign Currency

Pada tanggal 31 Desember 2018 dan 2017, Perusahaan memiliki aset dan liabilitas moneter dalam mata uang asing sebagai berikut:

As of December 31, 2018 and 2017, the Company had monetary assets and liabilities denominated in foreign currencies as follows:


USD JPY Rp



lembaga keuangan lainnya 477,043,715 11,060,000,000 8,358,203,041,310 other financial institutionBeban akrual 2,081,115 1,536,111 30,338,028,132 Accrued expensesPinjaman diterima dari Borrowings from the Government of

Pemerintah Republik Indonesia 188,045,246 -- 2,723,083,204,158 Republic of IndonesiaLiabilitas lain-lain 15,225,500 -- 220,480,465,500 Other liabilitiesJumlah liabilitas 682,395,576 11,061,536,111 11,332,104,739,100 Total liabilities

(Liabilitas) Aset moneter - bersih 33,227,607 (11,061,536,111) (969,165,442,601) Monetary (liabilities) asset - net

Foreign currency

2018Mata uang asing/




USD JPY Rp



lembaga keuangan lainnya 274,251,650 -- 3,715,561,347,970 other financial institutionBeban akrual 1,926,536 -- 26,100,703,089 Accrued expensesSurat utang diterbitkan 99,978,661 -- 1,354,510,900,791 Debt securities issuedPinjaman diterima dari Borrowings from the Government of

Pemerintah Republik Indonesia 192,574,254 -- 2,608,995,997,588 Republic of IndonesiaLiabilitas lain-lain 6,392,607 -- 86,607,042,888 Other liabilitiesJumlah liabilitas 575,123,708 -- 7,791,775,992,326 Total liabilities

Aset moneter - bersih 41,433,138 -- 561,336,153,742 Monetary asset - net

2017Mata uang asing/Foreign currency

Kurs yang digunakan oleh Perusahaan untuk menjabarkan aset dan liabilitas moneter dalam mata uang asing adalah kurs tengah Bank Indonesia dengan rincian sebagai berikut:

The foreign exchange rates used by the Company’s to translate the monetary assets and liabilities denominated in foreign currencies are middle rate exchange determined by Bank Indonesia as follows:

18 Februari/February

2019 2018 2017

Dolar Amerika Serikat 14,106 14,481 13,548 United States Dollars100 Yen Jepang 12,762 13,111 12,022 100 Japanese Yen

31 Desember/ December,

36. Kategori dan Kelas Instrumen Keuangan 36. Categories and Classes of Financial

Instruments

Berikut ini adalah kategori aset dan liabilitas keuangan Perusahaan per 31 Desember 2018 dan 2017:

The following are the financial assets and liabilities of the Company as of December 31, 2018 and 2017:

Tersedia untuk dijual/

Diukur pada nilai wajarmelalui penghasilan

Pinjaman komprehensif lain/ Liabilitas pada Nilai wajar padayang diberikan Available-for-sale/ Diukur dengan biaya perolehan Laba rugi/dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through

Loan receivables other comprehensive Measured Liabilities at Profit andand receivables income at cost amortized cost Loss

Aset keuangan Financial assetsKas dan setara kas 7,599,090,796,763 -- -- -- -- Cash and cash equivalentsDana dibatasi penggunaannya 204,349,247,677 -- -- -- -- Restricted f undsEfek-efek -- 4,246,873,454,922 254,316,451,084 -- -- SecuritiesPinjaman diberikan dan Pembiayaan/ Loan receivables and

Piutang Syariah 45,611,115,334,507 -- -- -- -- Sharia Financing/ ReceivablesPiutang atas penugasan Receivable f rom assignment

fasilitasi penyiapan proyek 15,389,784,580 -- -- -- -- for facilitiation on project preparationPenyertaan saham -- 2,858,204,923,900 -- -- -- Investment in equityPendapatan masih harus diterima 553,597,534,694 -- -- -- -- Accrued income

Jumlah 53,983,542,698,221 7,105,078,378,822 254,316,451,084 -- -- Total

2018




Tersedia untuk dijual/Diukur pada nilai wajar

melalui penghasilanPinjaman komprehensif lain/ Liabilitas pada Nilai wajar pada

yang diberikan Available-for-sale/ Diukur dengan biaya perolehan Laba rugi/dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through


2018

Liabilitas keuangan Financial liabilitiesPinjaman diterima dari Bank dan Loan from Banks and other

lembaga keuangan lainnya -- -- -- 8,558,203,041,310 -- financial institutionsBeban Akrual -- -- -- 269,780,612,310 -- Accrued expensesLiabilitas derivatif -- -- -- -- 2,086,893,667 Derivative liabilitiesSurat utang yang diterbitkan -- -- -- 12,736,471,270,268 -- Debt securities issuedGreen bond yang diterbitkan -- -- -- 496,304,005,715 -- Green bond issuedPinjaman diterima dari Borrow ings f rom the Government

Pemerintah Republik Indonesia -- -- -- 3,358,083,204,158 -- of Republic of IndonesiaLiabilitas lain-lain -- -- -- 254,229,809,085 -- Other liabilities

Jumlah -- -- -- 25,673,071,942,847 2,086,893,667 Total



yang diberikan Available-for-sale / Diukur dengan biaya perolehan Laba rugi/dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through


Aset keuangan Financial assetsKas dan setara kas 15,398,138,608,077 -- -- -- -- Cash and cash equivalentsDana dibatasi penggunaannya 170,061,801,716 -- -- -- -- Restricted f undsEfek-efek -- 2,867,638,589,487 -- -- -- SecuritiesPinjaman diberikan dan Pembiayaan/ Loan receivables and


fasilitasi penyiapan proyek 12,746,535,957 -- -- -- -- for facilitiation on project preparationPenyertaan saham -- 2,091,640,820,610 -- -- -- Investment in equityPendapatan masih harus diterima 325,171,969,561 -- -- -- -- Accrued incomePiutang karyawan 8,361,665,200 -- -- -- -- Employee receivables

Jumlah 49,238,258,107,098 4,959,279,410,097 -- -- -- Total


lembaga keuangan lainnya -- -- -- 3,715,561,347,970 -- financial institutionsBeban akrual -- -- -- 216,366,964,020 -- Accrued expensesLiabilitas derivatif -- -- -- -- 44,195,817,382 Derivative liabilitiesSurat utang yang diterbitkan -- -- -- 14,243,218,865,512 -- Debt securities issuedPinjaman diterima dari Borrowings f rom the Government

Pemerintah Republik Indonesia -- -- -- 2,608,995,997,588 -- of Republic IndonesiaLiabilitas lain-lain -- -- -- 115,715,250,193 -- Other liabilities

Jumlah -- -- -- 20,899,858,425,283 44,195,817,382 Total

2017

37. Instrumen Keuangan, Manajemen Risiko Keuangan dan Risiko Modal

37. Financial Instruments, Financial Risk and Capital Risk Management

Perusahaan senantiasa melakukan pengelolaan risiko secara menyeluruh dengan memperhatikan regulasi dan praktek terbaik di industri keuangan dalam rangka memastikan tercapainya visi dan misi Perusahaan.

The Company continually manages its organization-wide risk by observing the regulations and best practices in the financial services industry in order to achieve the Company’s vision and mission.

Dalam menerapkan pengelolaan risiko secara menyeluruh, Perusahaan antara lain telah menerapkan Internal Scoring Model untuk Project Rating, Corporate Rating, dan Municipal Rating.

The implementation of organization-wide risk management includes the utilization of, among others, Internal Scoring Models for Project Rating, Corporate Rating, and Municipal Rating.

Perusahaan senantiasa melakukan pengembangan metodologi pengelolaan manajemen risiko sesuai kebutuhan dan kompleksitas aktivitas usaha.

The Company continues to develop risk management methodology according to the needs and complexity of the business activities.






yang diberikan Available-for-sale/ Diukur dengan biaya perolehan Laba rugi/dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through


2018


lembaga keuangan lainnya -- -- -- 8,558,203,041,310 -- financial institutionsBeban Akrual -- -- -- 269,780,612,310 -- Accrued expensesLiabilitas derivatif -- -- -- -- 2,086,893,667 Derivative liabilitiesSurat utang yang diterbitkan -- -- -- 12,736,471,270,268 -- Debt securities issuedGreen bond yang diterbitkan -- -- -- 496,304,005,715 -- Green bond issuedPinjaman diterima dari Borrow ings f rom the Government

Pemerintah Republik Indonesia -- -- -- 3,358,083,204,158 -- of Republic of IndonesiaLiabilitas lain-lain -- -- -- 254,229,809,085 -- Other liabilities

Jumlah -- -- -- 25,673,071,942,847 2,086,893,667 Total



yang diberikan Available-for-sale / Diukur dengan biaya perolehan Laba rugi/dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through


Aset keuangan Financial assetsKas dan setara kas 15,398,138,608,077 -- -- -- -- Cash and cash equivalentsDana dibatasi penggunaannya 170,061,801,716 -- -- -- -- Restricted f undsEfek-efek -- 2,867,638,589,487 -- -- -- SecuritiesPinjaman diberikan dan Pembiayaan/ Loan receivables and


fasilitasi penyiapan proyek 12,746,535,957 -- -- -- -- for facilitiation on project preparationPenyertaan saham -- 2,091,640,820,610 -- -- -- Investment in equityPendapatan masih harus diterima 325,171,969,561 -- -- -- -- Accrued incomePiutang karyawan 8,361,665,200 -- -- -- -- Employee receivables

Jumlah 49,238,258,107,098 4,959,279,410,097 -- -- -- Total


lembaga keuangan lainnya -- -- -- 3,715,561,347,970 -- financial institutionsBeban akrual -- -- -- 216,366,964,020 -- Accrued expensesLiabilitas derivatif -- -- -- -- 44,195,817,382 Derivative liabilitiesSurat utang yang diterbitkan -- -- -- 14,243,218,865,512 -- Debt securities issuedPinjaman diterima dari Borrowings f rom the Government

Pemerintah Republik Indonesia -- -- -- 2,608,995,997,588 -- of Republic IndonesiaLiabilitas lain-lain -- -- -- 115,715,250,193 -- Other liabilities

Jumlah -- -- -- 20,899,858,425,283 44,195,817,382 Total

2017

37. Instrumen Keuangan, Manajemen Risiko Keuangan dan Risiko Modal

37. Financial Instruments, Financial Risk and Capital Risk Management

Perusahaan senantiasa melakukan pengelolaan risiko secara menyeluruh dengan memperhatikan regulasi dan praktek terbaik di industri keuangan dalam rangka memastikan tercapainya visi dan misi Perusahaan.

The Company continually manages its organization-wide risk by observing the regulations and best practices in the financial services industry in order to achieve the Company’s vision and mission.

Dalam menerapkan pengelolaan risiko secara menyeluruh, Perusahaan antara lain telah menerapkan Internal Scoring Model untuk Project Rating, Corporate Rating, dan Municipal Rating.

The implementation of organization-wide risk management includes the utilization of, among others, Internal Scoring Models for Project Rating, Corporate Rating, and Municipal Rating.

Perusahaan senantiasa melakukan pengembangan metodologi pengelolaan manajemen risiko sesuai kebutuhan dan kompleksitas aktivitas usaha.

The Company continues to develop risk management methodology according to the needs and complexity of the business activities.



a. Tujuan dan kebijakan manajemen risiko

keuangan a. Financial risk management objectives

and policies Tujuan dan kebijakan manajemen risiko keuangan Perusahaan adalah untuk memastikan bahwa sumber daya keuangan yang memadai tersedia untuk menjalankan aktivitas dan pengembangan usaha, serta untuk mengelola risiko kredit, risiko penyertaan modal, risiko pasar (baik risiko nilai tukar dan risiko tingkat suku bunga), risiko likuiditas, dan risiko-risiko lainnya.

The policies and objectives of financial risk management are in place to ensure that financial resources are sufficient to carry out the activities and business development, as well as to manage the credit risk, equity investment risk, market risk (including foreign exchange and interest rate risk), liquidity risk and other risks.

i. Manajemen risiko nilai tukar mata uang asing

i. Foreign exchange risk management

Perusahaan berpotensi terpengaruh atas setiap fluktuasi nilai tukar mata uang apabila terjadi selisih antara posisi aset dan liabilitas dalam mata uang asing. Mulai tahun 2014, Perusahaan memiliki sumber pendanaan dalam bentuk Dolar Amerika Serikat (bank loans) yang disalurkan kembali sebagai pembiayaan dalam mata uang yang sama.

The Company is potentially exposed to foreign exchange rate fluctuations which may arise from the difference between assets and liabilities position in foreign currency denomination. Since 2014 the Company has established funding source in United States Dollars (bank loans) which is subsequently disbursed through the financing in the same denomination.

Perusahaan mengelola eksposur terhadap mata uang asing dengan menjaga keseimbangan komposisi aset dan liabilitas moneter dalam mata uang asing. Jumlah eksposur mata uang asing bersih Perusahaan pada tanggal pelaporan diungkapkan dalam Catatan 35.

The Company manages the foreign currency exposure by maintaining the balance of financial assets and liabilities in foreign currency. The Company’s net open foreign currency exposure as of reporting date is disclosed in Note 35.

Tabel berikut merinci sensitivitas Perusahaan terhadap peningkatan dan penurunan 5% dalam nilai tukar Rupiah terhadap mata uang asing yang relevan. 5% adalah tingkat sensitivitas terhadap perubahan yang mungkin terjadi pada nilai tukar valuta asing yang dianggap signifikan oleh manajemen. Dampak pelemahan/penguatan 5% kurs Rupiah terhadap Dolar Amerika Serikat, berpotensi membuat laba setelah pajak posisi 31 Desember 2018 dan 2017 masing-masing meningkat/menurun sebesar 4,38% dan 3,49%.

The following table details the Company’s sensitivity to a 5% increase and decrease in the Rupiah against the relevant foreign currencies. 5% is considered as the significant sensitivity rate by management when assessing the reasonably possible change in foreign exchange rates. The impact of the 5% weakening/ strengthening of Rupiah against United States Dollar would potentially make the net income after tax as of Desember 31, 2018 and 2017, respectively increased/decreased by 4.38%, and 3,49%.

2018 2017± 5% ± 5%

Laba rugi setelah pajak 67,069,578,792 44,066,279,915 Profit or loss after tax




Menurut pendapat manajemen, analisis sensitivitas tidak representatif dari risiko valuta asing melekat karena eksposur pada akhir periode pelaporan tidak mencerminkan eksposur selama tahun berjalan.

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

Swap Mata Uang, Suku Bunga dan Forward Mata Uang

Cross Currency, Interest Rate Swap and Currency Forward

Pada triwulan I tahun 2018, Perusahaan memiliki kontrak swap mata uang dan suku bunga serta forward mata uang. Kontrak tersebut memungkinkan Perusahaan untuk mengurangi risiko perubahan nilai tukar Dolar Amerika Serikat terhadap Rupiah dan perubahan suku bunga atas pinjaman yang diberikan.

In the first quarter of 2018, the Company has cross currency and interest rate swap contracts. Such contracts enable the Company to mitigate the risk of changes in exchange rate of United States Dollar against Rupiah and changes in interest rate on loans.

Seluruh swap suku bunga, swap mata uang, carrying forwards exchanging interest dan pembayaran pokok dalam USD ke IDR ditetapkan sebagai lindung nilai arus kas untuk mengurangi paparan arus kas Perusahaan akibat fluktuasi nilai tukar dan suku bunga. Swap suku bunga dan pembayaran bunga pinjaman terjadi secara simultan dan jumlah akumulasi tercatat di ekuitas direklasifikasi ke laba rugi selama periode pembayaran bunga dan pokok utang dalam USD mempengaruhi laba rugi. Pada akhir Maret 2018, seluruh kontrak tersebut telah jatuh tempo dan derivatif Perusahaan melakukan natural hedge untuk memitigasi risiko nilai tukar mata uang.

All interest rate swaps and cross currency swaps, carrying forwards exchanging interest and principal payments of borrowings in USD to IDR are designated as cash flow hedges in order to reduce the Company’s cash flow exposure resulting from fluctuation of exchange rates and interest rates. The interest rate swaps and the interest payments on the loan occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the interest and principal payments in USD on debt affects profit or loss. At the end of March 2018, all such derivative contracts have matured and the Company do the natural hedge to mitigate the foreign exchange risk.

Pada tanggal 28 Desember 2018, sehubungan dengan penarikan fasilitas pinjaman dalam mata uang JPY dan upaya Perusahaan untuk meminimalkan risiko mata uang, Perusahaan melakukan lindung nilai atas fasilitas pinjaman tersebut dengan melakukan transaksi -transaksi lindung nilai, antara lain Currency Swap dan Coupon Swap dengan notional sebesar JPY11.060.000.000 (sebesar jumlah penarikan fasilitas pinjaman dalam mata uang JPY), tanggal jatuh tempo pada 28 Desember 2021.

On December 28, 2018, in connection with the withdrawal of loan facilities in JPY and the Company's efforts to minimize currency risk, the Company hedged these loan facilities by conducting transactions - hedging transactions, the Company entered into a Currency Swap and Coupon Swap transaction with a notional amount of JPY11,060,000,000 (in the amount of withdrawal of the loan facility in JPY), the maturity date is December 28, 2021.




Menurut pendapat manajemen, analisis sensitivitas tidak representatif dari risiko valuta asing melekat karena eksposur pada akhir periode pelaporan tidak mencerminkan eksposur selama tahun berjalan.

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

Swap Mata Uang, Suku Bunga dan Forward Mata Uang

Cross Currency, Interest Rate Swap and Currency Forward

Pada triwulan I tahun 2018, Perusahaan memiliki kontrak swap mata uang dan suku bunga serta forward mata uang. Kontrak tersebut memungkinkan Perusahaan untuk mengurangi risiko perubahan nilai tukar Dolar Amerika Serikat terhadap Rupiah dan perubahan suku bunga atas pinjaman yang diberikan.

In the first quarter of 2018, the Company has cross currency and interest rate swap contracts. Such contracts enable the Company to mitigate the risk of changes in exchange rate of United States Dollar against Rupiah and changes in interest rate on loans.

Seluruh swap suku bunga, swap mata uang, carrying forwards exchanging interest dan pembayaran pokok dalam USD ke IDR ditetapkan sebagai lindung nilai arus kas untuk mengurangi paparan arus kas Perusahaan akibat fluktuasi nilai tukar dan suku bunga. Swap suku bunga dan pembayaran bunga pinjaman terjadi secara simultan dan jumlah akumulasi tercatat di ekuitas direklasifikasi ke laba rugi selama periode pembayaran bunga dan pokok utang dalam USD mempengaruhi laba rugi. Pada akhir Maret 2018, seluruh kontrak tersebut telah jatuh tempo dan derivatif Perusahaan melakukan natural hedge untuk memitigasi risiko nilai tukar mata uang.

All interest rate swaps and cross currency swaps, carrying forwards exchanging interest and principal payments of borrowings in USD to IDR are designated as cash flow hedges in order to reduce the Company’s cash flow exposure resulting from fluctuation of exchange rates and interest rates. The interest rate swaps and the interest payments on the loan occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the interest and principal payments in USD on debt affects profit or loss. At the end of March 2018, all such derivative contracts have matured and the Company do the natural hedge to mitigate the foreign exchange risk.

Pada tanggal 28 Desember 2018, sehubungan dengan penarikan fasilitas pinjaman dalam mata uang JPY dan upaya Perusahaan untuk meminimalkan risiko mata uang, Perusahaan melakukan lindung nilai atas fasilitas pinjaman tersebut dengan melakukan transaksi -transaksi lindung nilai, antara lain Currency Swap dan Coupon Swap dengan notional sebesar JPY11.060.000.000 (sebesar jumlah penarikan fasilitas pinjaman dalam mata uang JPY), tanggal jatuh tempo pada 28 Desember 2021.

On December 28, 2018, in connection with the withdrawal of loan facilities in JPY and the Company's efforts to minimize currency risk, the Company hedged these loan facilities by conducting transactions - hedging transactions, the Company entered into a Currency Swap and Coupon Swap transaction with a notional amount of JPY11,060,000,000 (in the amount of withdrawal of the loan facility in JPY), the maturity date is December 28, 2021.



ii. Manajemen risiko tingkat bunga ii. Interest rate risk management

Analisis sensitivitas suku bunga Interest rate sensitivity analysis Perusahaan juga terekspos terhadap dampak perubahan tingkat bunga terutama karena adanya dampak perubahan terhadap pinjaman yang mempunyai tingkat bunga mengambang. Untuk mengelola risiko tingkat bunga, Perusahaan memiliki kebijakan dalam memperoleh pembiayaan yang akan memberikan campuran yang sesuai tingkat suku bunga mengambang dan tingkat suku bunga tetap.

The Company is also exposed to changes in interest rates mainly due to the impact such changes may have on borrowings that carry floating interest rate. To manage the interest rate risk, the Company has a policy of obtaining financing that would provide an appropriate mix of floating and fixed interest rates.

Saat ini eksposur Perusahaan atas risiko tingkat bunga terbatas pada pembiayaan dengan suku bunga mengambang yang tidak dilakukan lindung nilai.

Currently, the Company’s exposure to interest rates risk is limited to the financing with floating interest rate which is not hedged.

Analisis sensitivitas di bawah ini telah ditentukan berdasarkan eksposur suku bunga untuk instrumen keuangan pada akhir periode pelaporan. Untuk liabilitas tingkat suku bunga mengambang, analisis tersebut disusun dengan asumsi jumlah liabilitas terutang pada akhir periode pelaporan itu terutang sepanjang tahun. Kenaikan atau penurunan 50 basis poin dianggap signifikan dalam penilaian manajemen terhadap perubahan yang mungkin terjadi pada suku bunga.

The sensitivity analysis below have been determined based on the exposure to interest rates for financial instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared under the assumption that the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is considered significant in the management's assessment of the reasonably possible change in interest rates.

Jika suku bunga lebih tinggi atau rendah 50 basis poin dan semua variabel lainnya tetap konstan, Perusahaan:

If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Company:

- Laba untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 akan turun atau naik masing-masing sebesar Rp189.214.807.537 dan Rp143.160.129.597, setelah pajak Hal ini terutama disebabkan oleh eksposur Perusahaan terhadap suku bunga atas pinjaman yang diberikan dengan suku bunga mengambang.

- Profit for the years ended December 31, 2018 and 2017 would decrease or increase by Rp189,214,807,537 and Rp143,160,129,597, after tax, respectively. This was mainly caused by the Company’s exposure to the interest rates on its variable rate borrowings.




- Pendapatan komprehensif lain

untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 akan naik atau turun Rp7.617.435 dan Rp2.338.607.923, terutama sebagai akibat dari perubahan nilai wajar atas instrumen efek tersedia untuk dijual dengan tingkat suku bunga tetap.

- Other comprehensive for the years ended December 31, 2018 and 2017, would increase or decrease Rp7,617,435 and Rp2,338,607,923, mainly as a result of the changes in the fair value of the available-for-sale fixed rate investments.

Risiko harga lain Other price risks Perusahaan terekspos risiko harga yang timbul dari investasi. Investasi dimiliki untuk tujuan strategis dan Perusahaan tidak aktif memperdagangkan investasi yang ada.

The Company is exposed to price risk arising from investments. Investments are held for strategic purpose and the Company does not actively trade these investments.

Analisis sensitivitas harga ekuitas Equity price sensitivity analysis Analisis sensitivitas dibawah telah ditentukan berdasarkan eksposur terhadap risiko harga instrumen pada akhir periode pelaporan.

The sensitivity analysis below have been determined based on the exposure to instruments price risk at the end of the reporting period.

Jika harga instrumen 5% lebih tinggi atau rendah, maka pendapatan komprehensif lainnya untuk tahun yang berakhir 31 Desember 2018 dan 2017 akan naik atau turun masing-masing sebesar Rp225.059.495.300 dan Rp143.381.929.474 sebagai akibat dari perubahan nilai wajar efek tersedia untuk dijual.

If instruments price had been 5% higher or lower then other comprehensive income for the years ended December 31, 2018 and 2017 would decrease or increase by Rp225,059,495,300 and Rp143,381,929,474, respectively, as a result of the changes in fair value of available for sale shares.

iii. Manajemen risiko kredit iii. Credit risk management

Risiko kredit mengacu pada risiko dimana counterparty gagal dalam memenuhi kewajiban kontraktualnya yang mengakibatkan kerugian bagi Perusahaan.

Credit risk refers to the risk that a counterparty will default on its contractual obligation resulting in a loss to the Company.

Saat ini risiko kredit Perusahaan terutama melekat pada pinjaman yang diberikan (pembiayaan komersial, pembiayaan daerah maupun pembiayaan syariah) dan penempatan pada bank. Perusahaan memiliki kebijakan yang ketat dalam mengelola risiko kredit yaitu hanya memberikan pembiayaan kepada debitur yang layak dan masuk dalam kategori peringkat investasi berdasarkan hasil peringkat internal serta menempatkan saldo bank dan unit penyertaan reksadana hanya pada institusi keuangan yang memiliki peringkat yang layak serta terpercaya.

Currently, the Company’s credit risk is primarily attributed to loans receivables and sharia financing and receivable and placement of its cash in banks. The Company has a strict policy of managing credit risk which is to lend and finance to trust-worthy borrowers that have meet investment grade category based on internal rating assessment and place its bank balances and mutual funds only to the trustworthy financial institutions with sufficient credit rating.




- Pendapatan komprehensif lain

untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 akan naik atau turun Rp7.617.435 dan Rp2.338.607.923, terutama sebagai akibat dari perubahan nilai wajar atas instrumen efek tersedia untuk dijual dengan tingkat suku bunga tetap.

- Other comprehensive for the years ended December 31, 2018 and 2017, would increase or decrease Rp7,617,435 and Rp2,338,607,923, mainly as a result of the changes in the fair value of the available-for-sale fixed rate investments.

Risiko harga lain Other price risks Perusahaan terekspos risiko harga yang timbul dari investasi. Investasi dimiliki untuk tujuan strategis dan Perusahaan tidak aktif memperdagangkan investasi yang ada.

The Company is exposed to price risk arising from investments. Investments are held for strategic purpose and the Company does not actively trade these investments.

Analisis sensitivitas harga ekuitas Equity price sensitivity analysis Analisis sensitivitas dibawah telah ditentukan berdasarkan eksposur terhadap risiko harga instrumen pada akhir periode pelaporan.

The sensitivity analysis below have been determined based on the exposure to instruments price risk at the end of the reporting period.

Jika harga instrumen 5% lebih tinggi atau rendah, maka pendapatan komprehensif lainnya untuk tahun yang berakhir 31 Desember 2018 dan 2017 akan naik atau turun masing-masing sebesar Rp225.059.495.300 dan Rp143.381.929.474 sebagai akibat dari perubahan nilai wajar efek tersedia untuk dijual.

If instruments price had been 5% higher or lower then other comprehensive income for the years ended December 31, 2018 and 2017 would decrease or increase by Rp225,059,495,300 and Rp143,381,929,474, respectively, as a result of the changes in fair value of available for sale shares.

iii. Manajemen risiko kredit iii. Credit risk management

Risiko kredit mengacu pada risiko dimana counterparty gagal dalam memenuhi kewajiban kontraktualnya yang mengakibatkan kerugian bagi Perusahaan.

Credit risk refers to the risk that a counterparty will default on its contractual obligation resulting in a loss to the Company.

Saat ini risiko kredit Perusahaan terutama melekat pada pinjaman yang diberikan (pembiayaan komersial, pembiayaan daerah maupun pembiayaan syariah) dan penempatan pada bank. Perusahaan memiliki kebijakan yang ketat dalam mengelola risiko kredit yaitu hanya memberikan pembiayaan kepada debitur yang layak dan masuk dalam kategori peringkat investasi berdasarkan hasil peringkat internal serta menempatkan saldo bank dan unit penyertaan reksadana hanya pada institusi keuangan yang memiliki peringkat yang layak serta terpercaya.

Currently, the Company’s credit risk is primarily attributed to loans receivables and sharia financing and receivable and placement of its cash in banks. The Company has a strict policy of managing credit risk which is to lend and finance to trust-worthy borrowers that have meet investment grade category based on internal rating assessment and place its bank balances and mutual funds only to the trustworthy financial institutions with sufficient credit rating.



Untuk aktivitas investasi atas kelebihan dana (idle funds) yang tersedia, Perusahaan selalu menerapkan prinsip kehati-hatian (prudent) dan konservatif dimana Perusahaan hanya melakukan penempatan pada aset dengan underlying investment yang mendapatkan rating kredit yang layak serta membatasi periode maksimum satu tahun.

For its investment activity on excess idle funds, the Company always implements prudent and conservative principles where the Company only invests its funds on assets with underlying investment that has sufficient credit rating and limit the investment period of maximum one year.

Nilai tercatat aset keuangan pada laporan keuangan setelah dikurangi dengan cadangan kerugian penurunan nilai yang mencerminkan eksposur Perusahaan terhadap risiko kredit.

The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses represents the Company’s exposure to credit risk.

Agunan pinjaman diberikan Collateral of loan receivables Perusahaan memberikan pinjaman untuk pembiayaan proyek-proyek infrastruktur dalam bentuk pembiayaan modal kerja, pembiayaan investasi (baik berupa corporate finance atau project finance) dan hutang subordinasi. Pembiayaan modal kerja dan investasi yang diberikan pada umumnya dijamin dengan agunan berupa salah satu atau kombinasi dari aset tetap, saham, mesin atau peralatan, piutang, rekening bank, jaminan perusahaan atau personal dan jaminan lain yang relevan, serta dilakukan pengikatan secara hak tanggungan, gadai atau fidusia.

The Company provides loans to finance infrastructure projects in the form of working capital financing, investment financing (both of corporate finance and project finance) and subordinated debt. Financing of working capital and investments are generally secured by collateral in the form of one or a combination of fixed assets, shares, machinery or equipment, accounts receivable, bank accounts, personal and corporate guarantees, or other relevant guarantees as well as performed as a binding mortgage, lien or fiduciary.

Pada beberapa debitur, pemberian pinjaman diberikan secara sindikasi atau club deal dengan melibatkan minimal dua kreditur. Dalam hal ini, agunan yang diterima dilakukan pengikatan secara pari passu sesuai proporsional dengan nilai fasilitas yang diberikan.

To some debtors, loans were provided by the way of syndicated loan or club deal involving at least two creditors. In this case, the collateral received is in accordance with the Company’s portion on the syndicated loan provided to the debtor.

Agunan milik Perusahaan terdiri atas: The Company’s collateral consist of: 1. First way out, merupakan agunan

yang didasarkan keyakinan terhadap kemampuan debitur untuk membayar kembali pinjamannya, dengan dana yang berasal dari aktivitas usaha yang dibiayai dengan pinjaman tersebut, yang tercermin dalam arus kas debitur yang diperoleh

1. First way out, represents a collateral that is based on the ability of the debtor to repay their loans, with funds derived from activities financed by the corresponding loan, which is reflected in the cash flow of the debtor that is calculated by analyzing and




dengan melakukan analisis dan evaluasi atas karakter, kemampuan, modal serta prospek usaha;

evaluating the characteristic, ability, capital structure and business prospects;

2. Second way out, merupakan agunan yang didasarkan atas likuidasi yang akan dilakukan di kemudian hari apabila first way out tidak dapat digunakan sebagai alat pelunasan pinjaman.

2. Second way out, represent collateral that based on the liquidation of the collateral that will be done in the future in case of the first way out can not be used to repay the loan.

iv. Manajemen risiko likuiditas iv. Liquidity risk management

Risiko likuiditas terutama dari pendanaan umum aktivitas usaha Perusahaan. Perusahaan mengelola risiko likuiditas dengan menjaga kecukupan aset likuid, fasilitas pinjaman dan dengan terus menerus memonitor perkiraan dan realisasi arus kas serta mengelola profil jatuh tempo aset dan liabilitas keuangan. Perusahaan juga melakukan monitor secara berkala posisi likuiditas terhadap ketentuan limit yang berlaku.

Liquidity risk arises from general funding of the Company’s operations. The Company manages liquidity risk by maintaining adequate liquid assets, borrowing facilities and by continuously monitoring forecast and realized cash flows and managing the maturity profiles of financial assets and liabilities. The Company also monitors the liquidity position against available maximum limit policy.

Posisi likuiditas Perusahaan masih tergolong aman. Pada periode di atas 1 sampai dengan 3 tahun, Perusahaan memiliki selisih kurang pada profil jatuh tempo aset dan liabilitas keuangan. Namun selisih tersebut tergolong tidak signifikan bila dibandingkan dengan permodalan dan potensi pemupukan laba Perusahaan pada periode tersebut.

The company's liquidity position has been relatively safe. In the period between 1 to 3 years, the Company had negative differences in the maturity profile of financial assets and liabilities. The difference, however, was relatively insignificant compared to the capital and to the potential company profit on the period.

Lebih dari satu Lebih dari tiga

tahun tetapi tahun tetapitidak lebih dari tidak lebih dari

Dalam tiga tahun/ lima tahun/ Lebih darisatu tahun/ Over one year Over three years lima tahun/

Within but not longer but not longer Over five Jumlah/one year than three years five years years Total

Aset keuangan Financial assetsKas dan setara kas 7,599,090,796,763 -- -- -- 7,599,090,796,763 Cash and cash equivalentsDana dibatasi

penggunaannya 204,349,247,677 -- 204,349,247,677 Restricted fundsEfek-efek 2,909,190,584,365 339,243,275,291 929,935,133,628 322,820,912,722 4,501,189,906,006 SecuritiesPinjaman diberikan dan Loan receivables and sharia

Pembiayaan/ piutang Syariah 5,634,137,384,258 7,204,077,426,855 9,069,252,814,872 23,703,647,708,522 45,611,115,334,507 financing/ ReceivablesReceivables from assignment

Piutang atas penugasan facilitation on projectfasilitasi penyiapan proyek 15,389,784,580 -- -- -- 15,389,784,580 preparation

Pendapatan masihharus diterima 553,597,534,694 -- -- -- 553,597,534,694 Accrued income

Piutang karyawan 1,057,891,802 1,624,536,464 1,173,206,407 1,479,870,528 5,335,505,200 Employee receivablesJumlah 16,916,813,224,139 7,544,945,238,610 10,000,361,154,907 24,027,948,491,772 58,490,068,109,428 Total

2018




dengan melakukan analisis dan evaluasi atas karakter, kemampuan, modal serta prospek usaha;

evaluating the characteristic, ability, capital structure and business prospects;

2. Second way out, merupakan agunan yang didasarkan atas likuidasi yang akan dilakukan di kemudian hari apabila first way out tidak dapat digunakan sebagai alat pelunasan pinjaman.

2. Second way out, represent collateral that based on the liquidation of the collateral that will be done in the future in case of the first way out can not be used to repay the loan.

iv. Manajemen risiko likuiditas iv. Liquidity risk management

Risiko likuiditas terutama dari pendanaan umum aktivitas usaha Perusahaan. Perusahaan mengelola risiko likuiditas dengan menjaga kecukupan aset likuid, fasilitas pinjaman dan dengan terus menerus memonitor perkiraan dan realisasi arus kas serta mengelola profil jatuh tempo aset dan liabilitas keuangan. Perusahaan juga melakukan monitor secara berkala posisi likuiditas terhadap ketentuan limit yang berlaku.

Liquidity risk arises from general funding of the Company’s operations. The Company manages liquidity risk by maintaining adequate liquid assets, borrowing facilities and by continuously monitoring forecast and realized cash flows and managing the maturity profiles of financial assets and liabilities. The Company also monitors the liquidity position against available maximum limit policy.

Posisi likuiditas Perusahaan masih tergolong aman. Pada periode di atas 1 sampai dengan 3 tahun, Perusahaan memiliki selisih kurang pada profil jatuh tempo aset dan liabilitas keuangan. Namun selisih tersebut tergolong tidak signifikan bila dibandingkan dengan permodalan dan potensi pemupukan laba Perusahaan pada periode tersebut.

The company's liquidity position has been relatively safe. In the period between 1 to 3 years, the Company had negative differences in the maturity profile of financial assets and liabilities. The difference, however, was relatively insignificant compared to the capital and to the potential company profit on the period.

Lebih dari satu Lebih dari tiga

tahun tetapi tahun tetapitidak lebih dari tidak lebih dari

Dalam tiga tahun/ lima tahun/ Lebih darisatu tahun/ Over one year Over three years lima tahun/

Within but not longer but not longer Over five Jumlah/one year than three years five years years Total


penggunaannya 204,349,247,677 -- 204,349,247,677 Restricted fundsEfek-efek 2,909,190,584,365 339,243,275,291 929,935,133,628 322,820,912,722 4,501,189,906,006 SecuritiesPinjaman diberikan dan Loan receivables and sharia


Piutang atas penugasan facilitation on projectfasilitasi penyiapan proyek 15,389,784,580 -- -- -- 15,389,784,580 preparation



2018



Lebih dari satu Lebih dari tigatahun tetapi tahun tetapi

tidak lebih dari tidak lebih dariDalam tiga tahun/ lima tahun/ Lebih dari

satu tahun/ Over one year Over three years lima tahun/Within but not longer but not longer Over five Jumlah/

one year than three years five years years Total

2018

Liabilitas keuangan Financial liabilities

Pinjaman diterima dari Loans received frombank dan Lembaga banks and otherkeuangan lainnya 199,340,153,518 5,688,716,481,932 -- 2,670,146,405,860 8,558,203,041,310 financial institutions

Beban akrual 269,780,612,310 -- -- -- 269,780,612,310 Accrued expensesLiabilitas derivatif 2,086,893,667 -- -- -- 2,086,893,667 Derivative liabilitiesSurat utang, green bonds dan Debt securities, green bondssukuk mudharabah and sukuk mudharabah

yang diterbitkan - bersih 4,041,214,555,774 6,907,770,434,231 1,910,736,675,784 1,373,053,610,194 14,232,775,275,983 issued - netPinjaman diterima Borrowings from the

dari Pemerintah Government ofRepublik Indonesia 111,498,042,328 393,549,794,131 311,314,471,990 2,541,720,895,708 3,358,083,204,158 Republic of Indonesia

Liabilitas lain-lain 254,229,809,085 -- -- -- 254,229,809,085 Other liabilitiesJumlah 4,878,150,066,682 12,990,036,710,294 2,222,051,147,775 6,584,920,911,763 26,675,158,836,513 Total

Bersih 12,038,663,157,458 (5,445,091,471,684) 7,778,310,007,132 17,443,027,580,009 31,814,909,272,915 Net

Lebih dari satu Lebih dari tigatahun tetapi tahun tetapi

tidak lebih dari tidak lebih dariDalam tiga tahun/ lima tahun/ Lebih dari

satu tahun/ Over one year Over three years lima tahun/Within but not longer but not longer Over five Jumlah/

one year than three years five years years Total


penggunaannya 170,061,801,716 -- -- -- 170,061,801,716 Restricted fundsEfek-efek 1,705,982,762,701 250,016,316,248 520,102,311,903 391,537,198,635 2,867,638,589,487 SecuritiesPinjaman diberikan dan Loan receivables and sharia


Piutang atas penugasan facilitation on fasilitasi penyiapan proyek 12,746,535,957 -- -- -- 12,746,535,957 project preparation



Liabilitas keuangan Financial liabilitiesPinjaman diterima dari Loans received from

bank dan Lembaga banks and otherkeuangan lainnya -- 2,369,343,468,271 -- 1,346,217,879,699 3,715,561,347,970 financial institutions

Beban akrual 216,366,964,020 -- -- -- 216,366,964,020 Accrued expensesLiabilitas derivatif 44,195,817,382 -- -- -- 44,195,817,382 Derivative liabilitiesSurat utang yang

diterbitkan - bersih 2,553,460,478,904 7,646,300,934,420 2,670,660,185,248 1,372,797,266,940 14,243,218,865,512 Debt securities issued - netPinjaman diterima Borrowings from the

dari Pemerintah Government ofRepublik Indonesia 61,521,972,144 310,005,860,614 244,785,710,626 1,992,682,454,204 2,608,995,997,588 Republic of Indonesia

Liabilitas lain-lain 115,715,250,193 -- -- -- 115,715,250,193 Other liabilitiesJumlah 2,991,260,482,643 10,325,650,263,305 2,915,445,895,874 4,711,697,600,843 20,944,054,242,665 Total

Bersih 20,364,981,378,609 (4,625,786,704,765) 2,943,982,275,222 12,478,665,504,854 31,161,842,453,920 Net

2017

Fasilitas Pembiayaan Financing facilities Perusahaan memperoleh pembiayaan dari pinjaman diterima dari bank dan lembaga keuangan lainnya untuk menunjang operasional Perusahaan seperti diungkapkan dalam Catatan 15. Pada tahun 2014, Perusahaan menerbitkan obligasi dalam dua seri dengan jumlah nominal Rp1.000.000.000.000 (Catatan 19).

The Company obtained financing facilities from bank loans and other financial institutions for the Company’s operational activities as described in Note 15. In 2014, the Company issued bonds in two series with a total of Rp1,000,000,000,000 (Note 19).




Pada tahun 2016, Perusahaan menerbitkan MTN dengan nominal USD100.000.000 dan obligasi dalam empat seri dengan jumlah nominal sebesar Rp5.000.000.000.000 dan mendapatkan pinjaman dari MUFG Bank, Ltd dan AFD sebesar USD60.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 19 dan 15.

In 2016, the Company obtained MTN with total USD100,000,000 and issued bonds in four series with a total of Rp5,000,000,000,000 and obtained loan from MUFG Bank, Ltd and AFD with a total of USD60,000,000, as disclosed in Notes 19 and 15, respectively.

Pada tahun 2017, Perusahaan menerbitkan obligasi dalam tiga seri dengan jumlah nominal sebesar Rp7.000.000.000.000 sebagaimana diungkapkan dalam Catatan 19.

In 2017, the Company issued bonds in three series with a total of Rp7,000,000,000,000, as disclosed in Note 19.

Pada tahun 2018 Perusahaan menerbitkan green bonds dalam dua seri dengan jumlah nominal Rp500.000.000.000, sukuk mudharabah dalam dua seri dengan jumlah nominal Rp1.000.000.000.000 dan Obligasi Berkelanjutan I SMI tahap III sebesar Rp1.045.250.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 20 dan 21.

In 2018, the Company obtained green bond in two series with a total of Rp500,000,000,000, sukuk mudharabah in two series with a total Rp1,000,000,000,000 and Obligasi Berkelanjutan I SMI tahap III with total Rp1,045,250,000,000 as disclosed in Notes 20 and 21, respectively.

Pada tahun 2018, jumlah penarikan atas fasilitas kredit yang diterima dari AFD, MUFG Bank, Ltd dalam USD dan Yen Jepang, UOB Indonesia dan PT Bank Mandiri (Persero) Tbk masing-masing sebesar USD100.000.000, USD89.000.000 dan JPY11.060.000.000, Rp200.000.000.000, USD100.000.000 dan USD50.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 15.

In 2018, loan facility received withdrawn from AFD, MUFG Bank, Ltd in USD and Japanese Yen, UOB Indonesia and PT Bank Mandiri (Persero) Tbk amounted to USD100,000,000, USD89,000,000 and JPY11,060,000,000, Rp200,000,000,000, USD100,000,000 and USD50,000,000, respectively as disclosed in Note 15.

Berikut ini komposisi fasilitas pembiayaan Perusahaan:

Below was the Company’s composition of the financing facilities:

2018 2017Rp Rp

Pinjaman diterima dari bank dan Loans received from banks andlembaga keuangan lainnya other financial ins titutions

Jumlah yang ditarik 8,558,203,041,310 3,739,248,000,000 Disbursed amountJumlah yang belum ditarik 2,580,529,964,690 2,381,038,652,030 Undisbursed amount

Jumlah 11,138,733,006,000 6,120,286,652,030 Total

Surat utang yang diterbitkan Debt securities issuedJumlah yang diterbitkan 14,245,250,000,000 14,254,800,000,000 Issued amount

Pinjaman yang diterima dari Borrowings from Government ofPemerintah Republik Indonesia Republic of IndonesiaJumlah yang ditarik 3,358,083,204,158 2,608,995,997,588 Disbursed amountJumlah yang belum ditarik 5,330,516,795,842 2,810,204,002,412 Undisbursed amount

Jumlah 8,688,600,000,000 5,419,200,000,000 Total




Pada tahun 2016, Perusahaan menerbitkan MTN dengan nominal USD100.000.000 dan obligasi dalam empat seri dengan jumlah nominal sebesar Rp5.000.000.000.000 dan mendapatkan pinjaman dari MUFG Bank, Ltd dan AFD sebesar USD60.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 19 dan 15.

In 2016, the Company obtained MTN with total USD100,000,000 and issued bonds in four series with a total of Rp5,000,000,000,000 and obtained loan from MUFG Bank, Ltd and AFD with a total of USD60,000,000, as disclosed in Notes 19 and 15, respectively.

Pada tahun 2017, Perusahaan menerbitkan obligasi dalam tiga seri dengan jumlah nominal sebesar Rp7.000.000.000.000 sebagaimana diungkapkan dalam Catatan 19.

In 2017, the Company issued bonds in three series with a total of Rp7,000,000,000,000, as disclosed in Note 19.

Pada tahun 2018 Perusahaan menerbitkan green bonds dalam dua seri dengan jumlah nominal Rp500.000.000.000, sukuk mudharabah dalam dua seri dengan jumlah nominal Rp1.000.000.000.000 dan Obligasi Berkelanjutan I SMI tahap III sebesar Rp1.045.250.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 20 dan 21.

In 2018, the Company obtained green bond in two series with a total of Rp500,000,000,000, sukuk mudharabah in two series with a total Rp1,000,000,000,000 and Obligasi Berkelanjutan I SMI tahap III with total Rp1,045,250,000,000 as disclosed in Notes 20 and 21, respectively.

Pada tahun 2018, jumlah penarikan atas fasilitas kredit yang diterima dari AFD, MUFG Bank, Ltd dalam USD dan Yen Jepang, UOB Indonesia dan PT Bank Mandiri (Persero) Tbk masing-masing sebesar USD100.000.000, USD89.000.000 dan JPY11.060.000.000, Rp200.000.000.000, USD100.000.000 dan USD50.000.000 sebagaimana diungkapkan masing-masing dalam Catatan 15.

In 2018, loan facility received withdrawn from AFD, MUFG Bank, Ltd in USD and Japanese Yen, UOB Indonesia and PT Bank Mandiri (Persero) Tbk amounted to USD100,000,000, USD89,000,000 and JPY11,060,000,000, Rp200,000,000,000, USD100,000,000 and USD50,000,000, respectively as disclosed in Note 15.

Berikut ini komposisi fasilitas pembiayaan Perusahaan:

Below was the Company’s composition of the financing facilities:

2018 2017Rp Rp

Pinjaman diterima dari bank dan Loans received from banks andlembaga keuangan lainnya other financial ins titutions

Jumlah yang ditarik 8,558,203,041,310 3,739,248,000,000 Disbursed amountJumlah yang belum ditarik 2,580,529,964,690 2,381,038,652,030 Undisbursed amount

Jumlah 11,138,733,006,000 6,120,286,652,030 Total

Surat utang yang diterbitkan Debt securities issuedJumlah yang diterbitkan 14,245,250,000,000 14,254,800,000,000 Issued amount

Pinjaman yang diterima dari Borrowings from Government ofPemerintah Republik Indonesia Republic of IndonesiaJumlah yang ditarik 3,358,083,204,158 2,608,995,997,588 Disbursed amountJumlah yang belum ditarik 5,330,516,795,842 2,810,204,002,412 Undisbursed amount

Jumlah 8,688,600,000,000 5,419,200,000,000 Total



b. Manajemen Risiko Modal b. Capital Risk Management Perusahaan mengelola risiko modal untuk memastikan kemampuan melanjutkan kelangsungan usaha, selain mengoptimalkan keuntungan para pemegang saham melalui optimalisasi saldo utang dan ekuitas.

The Company manages the capital risk to ensure continued the business going concern capabilities, in addition to optimizing the profit of the shareholders through the optimization of the debt and equity balance.

Struktur modal Perusahaan berupa ekuitas pemegang saham (Catatan 27) dan pinjaman (Catatan 15, 19, 20, 21 dan 22).

The Company's capital structure are shareholder’s equity (Note 27) and debt (Notes 15, 19, 20, 21 and 22).

Direksi Perusahaan secara berkala melakukan peninjauan kembali struktur permodalan Perusahaan. Sebagai bagian dari peninjauan kembali ini, Direksi mempertimbangkan biaya permodalan dan risiko yang berhubungan.

The Company’s Directors periodically review the Company's capital structure. As part of this review, the Directors consider the cost of capital and related risks.

Debt to equity ratio pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The debt to equity ratio as of December 31, 2018 and 2017 are as follows:

2018 2017Rp Rp

Pinjaman 25,149,061,521,451 20,567,776,211,070 DebtsEkuitas 35,575,889,656,179 34,321,152,953,748 EquityInvestasi (3,498,776,844,348) (2,759,168,633,303) InvestmentsJumlah 57,226,174,333,282 52,129,760,531,515 Total

Rasio pinjaman terhadap modal 78.40% 65.17% Debt to equity ratio

38. Informasi Segmen 38. Segment Information

Perusahaan hanya memiliki satu segmen usaha, yaitu pembiayaan infrastruktur yang berada di wilayah Indonesia sehingga seluruh aset tidak lancar Perusahaan juga berlokasi di Indonesia.

The Company has only one business segment, which is infrastructure financing located in Indonesia thus all the Company’s non current assets are also located in Indonesia.

Informasi mengenai pembiayaan yang digunakan untuk tujuan pelaporan manajemen adalah sebagai berikut:

Information about infrastructure financing used for management reporting purposes is as follows:

2018 2017Rp Rp

Pembiayaan komersial Commercial financingInvestasi 2,211,609,579,079 2,157,083,604,910 InvestmentModal kerja 414,041,631,172 219,158,329,518 Working capital

Pembiayaan Pemda 116,374,389,186 58,874,718,801 Regional financingPembiayaan syariah- investasi 88,448,813,300 -- Sharia financing- investmeLain-lain 1,177,588,664,136 719,746,796,248 OthersJumlah Pendapatan Usaha 4,008,063,076,873 3,154,863,449,477 Total Revenues




39. Pengukuran Nilai Wajar 39. Fair Value of Financial Instruments

Nilai wajar instrumen keuangan yang dicatat pada biaya perolehan diamortisasi

Fair value of financial instruments carried at amortized cost

Kecuali sebagaimana tercantum dalam tabel berikut ini, manajemen berpendapat bahwa nilai tercatat aset dan liabilitas keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan mendekati nilai wajarnya baik yang jatuh tempo dalam jangka pendek atau menggunakan tingkat suku bunga pasar.

Except as detailed in the table below, management believes that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the financial statements approximate their fair values either because of their short-term maturities or they carry market rates of interest.

Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/Carrying amount Fair value Carrying amount Fair value

Rp Rp Rp Rp

Liabilitas Keuangan dan Financial liabilities anddana syirkah temporer syirkah temporary fundsSurat utang diterbitkan -bersih*) 14,232,775,275,983 13,914,566,307,915 14,243,218,865,512 14,393,848,871,728 Debt securities issued - net *)

2018 2017

*) Surat utang diterbitkan terdiri dari obligasi, green

bonds dan dana syirkah temporer (sukuk mudharabah) *) Debt securities issued consists of bonds, green bonds

and syirkah temporary funds (sukuk mudharabah)

Teknik penilaian dan asumsi yang diterapkan untuk tujuan pengukuran nilai wajar

Valuation techniques and assumptions applied for the purposes of measuring fair value

Nilai wajar aset keuangan dan liabilitas keuangan ditentukan sebagai berikut:

The fair values of financial assets and financial liabilities are determined as follows:

Nilai wajar aset keuangan dan liabilitas keuangan dengan syarat dan kondisi standar dan diperdagangkan di pasar aktif ditentukan dengan mengacu pada harga pasar.

The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices.

Nilai wajar instrumen derivatif dihitung menggunakan harga kuotasian. Bila harga tersebut tidak tersedia, analisis arus kas diskonto dilakukan dengan menggunakan kurva hasil yang berlaku selama instrumen untuk non-opsional derivatif, dan model harga opsi untuk derivatif opsional. Kontrak valuta berjangka mata uang asing diukur dengan menggunakan kurs kuotasi dan kurva yield yang berasal dari suku bunga kuotasi mencocokkan jatuh tempo kontrak. Swap suku bunga diukur pada nilai kini dari arus kas masa depan yang diestimasi dan didiskontokan berdasarkan kurva imbal hasil yang berasal dari suku bunga kuotasi.

The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates.

Nilai wajar aset keuangan dan liabilitas keuangan lainnya (tidak termasuk yang dijelaskan di atas) ditentukan sesuai dengan model penentuan harga yang berlaku umum berdasarkan analisis discounted cash flow menggunakan harga dari transaksi pasar yang dapat diamati saat ini dan kutipan dealer untuk instrumen sejenis.

The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments.




39. Pengukuran Nilai Wajar 39. Fair Value of Financial Instruments

Nilai wajar instrumen keuangan yang dicatat pada biaya perolehan diamortisasi

Fair value of financial instruments carried at amortized cost

Kecuali sebagaimana tercantum dalam tabel berikut ini, manajemen berpendapat bahwa nilai tercatat aset dan liabilitas keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan mendekati nilai wajarnya baik yang jatuh tempo dalam jangka pendek atau menggunakan tingkat suku bunga pasar.

Except as detailed in the table below, management believes that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the financial statements approximate their fair values either because of their short-term maturities or they carry market rates of interest.

Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/Carrying amount Fair value Carrying amount Fair value

Rp Rp Rp Rp

Liabilitas Keuangan dan Financial liabilities anddana syirkah temporer syirkah temporary fundsSurat utang diterbitkan -bersih*) 14,232,775,275,983 13,914,566,307,915 14,243,218,865,512 14,393,848,871,728 Debt securities issued - net *)

2018 2017

*) Surat utang diterbitkan terdiri dari obligasi, green

bonds dan dana syirkah temporer (sukuk mudharabah) *) Debt securities issued consists of bonds, green bonds

and syirkah temporary funds (sukuk mudharabah)

Teknik penilaian dan asumsi yang diterapkan untuk tujuan pengukuran nilai wajar

Valuation techniques and assumptions applied for the purposes of measuring fair value

Nilai wajar aset keuangan dan liabilitas keuangan ditentukan sebagai berikut:

The fair values of financial assets and financial liabilities are determined as follows:

Nilai wajar aset keuangan dan liabilitas keuangan dengan syarat dan kondisi standar dan diperdagangkan di pasar aktif ditentukan dengan mengacu pada harga pasar.

The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices.

Nilai wajar instrumen derivatif dihitung menggunakan harga kuotasian. Bila harga tersebut tidak tersedia, analisis arus kas diskonto dilakukan dengan menggunakan kurva hasil yang berlaku selama instrumen untuk non-opsional derivatif, dan model harga opsi untuk derivatif opsional. Kontrak valuta berjangka mata uang asing diukur dengan menggunakan kurs kuotasi dan kurva yield yang berasal dari suku bunga kuotasi mencocokkan jatuh tempo kontrak. Swap suku bunga diukur pada nilai kini dari arus kas masa depan yang diestimasi dan didiskontokan berdasarkan kurva imbal hasil yang berasal dari suku bunga kuotasi.

The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates.

Nilai wajar aset keuangan dan liabilitas keuangan lainnya (tidak termasuk yang dijelaskan di atas) ditentukan sesuai dengan model penentuan harga yang berlaku umum berdasarkan analisis discounted cash flow menggunakan harga dari transaksi pasar yang dapat diamati saat ini dan kutipan dealer untuk instrumen sejenis.

The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments.



Tingkat 1/ Tingkat 2/ Tingkat 3/ Jumlah/Level 1 Level 2 Level 3 Total

Rp Rp Rp Rp

Aset keuangan Financial assetsEfek-efek SecuritiesTersedia untuk dijual Available-for-sale

Medium Term Notes 12,000,000,000 -- -- 12,000,000,000 Medium Term NotesReksadana 2,648,699,433,590 -- -- 2,648,699,433,590 Mutual fundsObligasi 1,461,975,912,928 -- -- 1,461,975,912,928 BondsSukuk 378,514,566,425 101,061,300,000 -- 479,575,866,425 SukukPenyertaan saham -- -- 2,858,204,923,900 2,858,204,923,900 Investment in share

Jumlah 4,501,189,912,943 101,061,300,000 2,858,204,923,900 7,460,456,136,843 Total

Liabilitas keuangan Financial liabilitiesLiabilitas derivatif -- 2,086,893,667 -- 2,086,893,667 Derivative liabilitiesSurat utang, green bonds dan Debt securities, green bondssukuk mudharabah and sukuk mudharabahyang diterbitkan - bersih -- 14,232,775,275,983 -- 14,232,775,275,983 issued - net

Jumlah -- 14,234,862,169,650 -- 14,234,862,169,650 Total

2018

Tingkat 1/ Tingkat 2/ Tingkat 3/ Jumlah/Level 1 Level 2 Level 3 Total

Rp Rp Rp Rp

Aset keuangan Financial assetsEfek-efek SecuritiesTersedia untuk dijual Available-for-sale

Medium Term Notes 50,000,000,000 -- -- 50,000,000,000 Medium Term NotesReksadana 1,616,317,105,650 -- -- 1,616,317,105,650 Mutual fundsObligasi 1,100,260,193,837 -- -- 1,100,260,193,837 BondsSukuk 101,061,300,000 -- -- 101,061,300,000 SukukPenyertaan saham -- -- 2,091,640,820,610 2,091,640,820,610 Investment in share

Jumlah 2,867,638,599,487 -- 2,091,640,820,610 4,959,279,420,097 Total

Liabilitas keuangan Financial liabilitiesLiabilitas derivatif -- 44,195,817,382 -- 44,195,817,382 Derivative liabilitiesSurat utang diterbitkan - bersih -- 14,243,218,865,512 -- 14,243,218,865,512 Debt securities issued - net

Jumlah -- 14,287,414,682,894 -- 14,287,414,682,894 Total

2017

Pengukuran nilai wajar diakui dalam laporan posisi keuangan

Fair value measurements recognized in the statement of financial position

Tabel berikut ini memberikan analisis dari instrument keuangan yang diukur setelah pengakuan awal sebesar nilai wajar, dikelompokkan ke Tingkat 1 sampai 3 didasarkan pada sejauh mana nilai wajar diamati.

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

Tingkat 1: pengukuran nilai wajar diperoleh dari harga kuotasian pasar aktif (unadjusted) di pasar aktif untuk aset atau liabilitas keuangan yang identik;

Level 1: fair values measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Tingkat 2: pengukuran nilai wajar diperoleh dari input selain dari harga kuotasian pasar yang termasuk dalam Tingkat 1 yang dapat diobservasi untuk aset dan liabilitas, baik secara langsung (seperti harga) maupun tidak langsung (diperoleh dari harga);

Level 2: fair value measurements 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);

Tingkat 3: pengukuran nilai wajar diperoleh dari teknik valuasi yang di dalamnya terdapat input untuk aset dan liabilitas yang tidak didasarkan pada data yang dapat diobservasi di pasar (input yang tidak dapat diobservasi).

Level 3: fair value measurements derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).




40. Informasi Tambahan Arus Kas 40. Supplemental Cash Flow Information

a. Transaksi Non-Kas a. Non-Cash Transactions

Tabel dibawah ini menunjukkan transaksi non-kas Perusahaan, sebagai berikut:

The below table shows the Company’s non-cash transactions, as follows:

2018 2017Rp Rp

Perolehan aset takberwujud Increase in intangible assets melalui utang usaha 1,987,995,286 3,282,552,868 through account payable

Perolehan aset tetap Increase in property and equipment melalui utang usaha 1,173,520,546 320,224,075 through account payable

Jumlah 3,161,515,832 3,602,776,943 Total

b. Rekonsiliasi Liabilitas yang Timbul dari

Aktivitas Pendanaan b. Reconciliation of Liabilities Arising

from Financing Activities

Tabel dibawah ini menunjukkan rekonsiliasi liabilitas yang timbul dari pendanaan untuk tahun yang berakhir pada tanggal 31 Desember 2018 dan 2017, sebagai berikut:

The below table sets out a reconciliation of liabilities arising from financing activities for the years ended December 31, 2018 and 2017, as follows:

KenaikanPiutang Pihak

BerelasiTerhadap Biaya

Utang Pihak TransaksiBerelasi/ (belum) sudah

Pergerakan Increasing amortisasi/Kurs Mata Due From Transactions

Uang Asing/ Related Parties CostSaldo Awal/ Penerimaan/ Pembayaran/ Foreign Against Due To (Unamortized) Saldo Akhir/

Beginning Balance Receive Payment Exchange Rate Related Parties Amortization Ending BalanceRp Rp Rp Rp Rp Rp Rp

31 Desember 2018 December 31, 2018Surat utang diterbitkan - neto 14,243,218,865,512 1,045,250,000,000 (2,570,700,000,000) 15,900,000,000 -- 2,802,404,756 12,736,471,270,268 Debt securities issued - netGreen bond diterbitkan - neto -- 500,000,000,000 -- -- -- (3,695,994,285) 496,304,005,715 Green bond issued - netPinjaman diterima dari bank Loans received from banks

dan lembaga keuangan lainnya 3,715,561,347,970 5,305,680,886,000 (836,127,000,000) 377,730,120,000 -- (4,642,312,660) 8,558,203,041,310 and other financial institutionBorrowings from the

Pinjaman diterima dari Government of Pemerintah Republik Indonesia 2,608,995,997,588 335,000,000,000 (65,450,010,251) 179,640,178,435 300,000,000,000 (102,961,614) 3,358,083,204,158 Republic of Indonesia

Jumlah 20,567,776,211,070 7,185,930,886,000 (3,472,277,010,251) 573,270,298,435 300,000,000,000 (5,638,863,803) 25,149,061,521,451 Total

31 Desember 2017 December 31, 2017Surat utang diterbitkan - neto 7,333,680,253,076 7,000,000,000,000 (100,000,000,000) (540,535,341) -- 10,079,147,777 14,243,218,865,512 Debt securities issued - netPinjaman diterima dari bank Loans received from banks

dan lembaga keuangan lainnya 3,141,318,259,381 2,884,367,000,000 (2,359,564,268,539) 41,895,445,717 -- 7,544,911,411 3,715,561,347,970 and other financial institutionBorrowings from the

Pinjaman diterima dari Government of Pemerintah Republik Indonesia 2,616,273,048,385 -- (28,739,268,539) 21,565,179,357 -- (102,961,615) 2,608,995,997,588 Republic of Indonesia

Jumlah 13,091,271,560,842 9,884,367,000,000 (2,488,303,537,078) 62,920,089,733 -- 17,521,097,573 20,567,776,211,070 Total

Arus Kas/Cash flows

Transaction Non Kas/ Non Cash Transactions

41. Standar Akuntansi dan Interpretasi Standar yang Telah Disahkan Namun Belum Berlaku Efektif

41. New Accounting Standard and Interpretation of Standard which Has Issued but Not Yet Effective

DSAK-IAI telah menerbitkan beberapa standar baru, amandemen dan penyesuaian atas standar, serta interpretasi atas standar namun belum berlaku efektif untuk periode yang dimulai pada 1 Januari 2018.

DSAK-IAI has issued several new standards, amendments and improvement to standards, and interpretations of the standards but not yet effective for the period beginning on January 1, 2018.




40. Informasi Tambahan Arus Kas 40. Supplemental Cash Flow Information

a. Transaksi Non-Kas a. Non-Cash Transactions

Tabel dibawah ini menunjukkan transaksi non-kas Perusahaan, sebagai berikut:

The below table shows the Company’s non-cash transactions, as follows:

2018 2017Rp Rp

Perolehan aset takberwujud Increase in intangible assets melalui utang usaha 1,987,995,286 3,282,552,868 through account payable

Perolehan aset tetap Increase in property and equipment melalui utang usaha 1,173,520,546 320,224,075 through account payable

Jumlah 3,161,515,832 3,602,776,943 Total

b. Rekonsiliasi Liabilitas yang Timbul dari

Aktivitas Pendanaan b. Reconciliation of Liabilities Arising

from Financing Activities

Tabel dibawah ini menunjukkan rekonsiliasi liabilitas yang timbul dari pendanaan untuk tahun yang berakhir pada tanggal 31 Desember 2018 dan 2017, sebagai berikut:

The below table sets out a reconciliation of liabilities arising from financing activities for the years ended December 31, 2018 and 2017, as follows:

KenaikanPiutang Pihak

BerelasiTerhadap Biaya

Utang Pihak TransaksiBerelasi/ (belum) sudah

Pergerakan Increasing amortisasi/Kurs Mata Due From Transactions

Uang Asing/ Related Parties CostSaldo Awal/ Penerimaan/ Pembayaran/ Foreign Against Due To (Unamortized) Saldo Akhir/

Beginning Balance Receive Payment Exchange Rate Related Parties Amortization Ending BalanceRp Rp Rp Rp Rp Rp Rp

31 Desember 2018 December 31, 2018Surat utang diterbitkan - neto 14,243,218,865,512 1,045,250,000,000 (2,570,700,000,000) 15,900,000,000 -- 2,802,404,756 12,736,471,270,268 Debt securities issued - netGreen bond diterbitkan - neto -- 500,000,000,000 -- -- -- (3,695,994,285) 496,304,005,715 Green bond issued - netPinjaman diterima dari bank Loans received from banks

dan lembaga keuangan lainnya 3,715,561,347,970 5,305,680,886,000 (836,127,000,000) 377,730,120,000 -- (4,642,312,660) 8,558,203,041,310 and other financial institutionBorrowings from the

Pinjaman diterima dari Government of Pemerintah Republik Indonesia 2,608,995,997,588 335,000,000,000 (65,450,010,251) 179,640,178,435 300,000,000,000 (102,961,614) 3,358,083,204,158 Republic of Indonesia

Jumlah 20,567,776,211,070 7,185,930,886,000 (3,472,277,010,251) 573,270,298,435 300,000,000,000 (5,638,863,803) 25,149,061,521,451 Total

31 Desember 2017 December 31, 2017Surat utang diterbitkan - neto 7,333,680,253,076 7,000,000,000,000 (100,000,000,000) (540,535,341) -- 10,079,147,777 14,243,218,865,512 Debt securities issued - netPinjaman diterima dari bank Loans received from banks

dan lembaga keuangan lainnya 3,141,318,259,381 2,884,367,000,000 (2,359,564,268,539) 41,895,445,717 -- 7,544,911,411 3,715,561,347,970 and other financial institutionBorrowings from the

Pinjaman diterima dari Government of Pemerintah Republik Indonesia 2,616,273,048,385 -- (28,739,268,539) 21,565,179,357 -- (102,961,615) 2,608,995,997,588 Republic of Indonesia

Jumlah 13,091,271,560,842 9,884,367,000,000 (2,488,303,537,078) 62,920,089,733 -- 17,521,097,573 20,567,776,211,070 Total

Arus Kas/Cash flows

Transaction Non Kas/ Non Cash Transactions

41. Standar Akuntansi dan Interpretasi Standar yang Telah Disahkan Namun Belum Berlaku Efektif

41. New Accounting Standard and Interpretation of Standard which Has Issued but Not Yet Effective

DSAK-IAI telah menerbitkan beberapa standar baru, amandemen dan penyesuaian atas standar, serta interpretasi atas standar namun belum berlaku efektif untuk periode yang dimulai pada 1 Januari 2018.

DSAK-IAI has issued several new standards, amendments and improvement to standards, and interpretations of the standards but not yet effective for the period beginning on January 1, 2018.



Amandemen dan penyesuaian atas standar, serta Interpretasi atas standar yang berlaku efektif untuk periode yang dimulai pada atau setelah 1 Januari 2019, dengan penerapa dini diperkenankan, yaitu :

Amendment and improvement to standards, and Interpretation of standards which effective for the periods beginning on or after January 1, 2019, with early adoption is permitted, are as follows :

PSAK 22 (Penyesuaian 2018): “Kombinasi Bisnis”

PSAK 24 (Amandemen 2018): “Imbalan Kerja tentang Amendemen, Kurtailmen atau Penyelesaian Program”

PSAK 26 (Penyesuaian 2018): “Biaya Pinjaman”

PSAK 46 (Penyesuaian 2018): “Pajak Penghasilan”

PSAK 66 (Penyesuaian 2018): “Pengaturan Bersama”

ISAK 33: “Transaksi Valuta Asing dan Imbalan di Muka”

ISAK 34: ”Ketidakpastian dalam Perlakuan Pajak Penghasilan”

PSAK 22 (Improvement 2018): “Business Combination”

PSAK 24 (Amendment 2018): “Employee Benefit regarding Plan Amendment, Curtailment or Settlement”

PSAK 26 (Improvement 2018): “Borrowing Cost”

PSAK 46 (Improvement 2018): “Income Taxes”

PSAK 66 (Improvement 2018): “Joint Arrangement”

ISAK 33: “Foreign Currency Transactions and Advance Consideration”

ISAK 34: “Uncertainty over Income Tax Treatments”

Standar dan amandemen standar berikut efektif untuk periode yang dimulai pada atau setelah tanggal 1 Januari 2020, dengan penerapan dini diperkenankan yaitu:

Standards and amendments to standards effective for periods beginning on or after January 1, 2020, with early applications is permitted, namely:

PSAK 71: “Instrumen Keuangan” PSAK 72: “Pendapatan dari Kontrak

dengan Pelanggan” PSAK 73: “Sewa” PSAK 62 (Amandemen 2017): “Kontrak

Asuransi tentang Menerapkan PSAK 71: Instrumen Keuangan dengan PSAK 62: Kontrak Asuransi”

PSAK 15 (Amandemen 2017): “Investasi pada Entitas Asosiasi dan Ventura Bersama tentang Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama”

PSAK 71: “Financial Instrument” PSAK 72: “Revenue from Contract with

Customer” PSAK 73: “Lease” PSAK 62 (Amendment 2017): “Insurance

Contract regarding Applying PSAK 71: Financial Instruments with PSAK 62: Insurance Contract”

PSAK 15 (Amendment 2017): “Investment in Associates and Joint Ventures regarding Long-term Interests in Associates and Joint Ventures”

PSAK 71 (Amandemen 2018): “Instrumen Keuangan tentang Fitur Percepatan Pelunasan dengan Kompensasi Negatif”

PSAK 71 (Amendment 2018): “Financial Instrument regarding Prepayment Features with Negative Compensation”

Hingga tanggal laporan keuangan Perusahaan ini diotorisasi, Perusahaan masih melakukan evaluasi atas dampak potensial dari penerapan standar baru, amandemen standar dan interpretasi standar tersebut.

Until the date of the Company financial statements is authorized, the Company is still evaluating the potential impact of the adoption of new standards, amendments to standards and interpretations of these standards.

42. Tanggung Jawab Manajemen dan Persetujuan atas Laporan Keuangan

42. Management Responsibility and Approval of Financial Statements

Penyusunan dan penyajian wajar laporan keuangan dari halaman 1 sampai 143 merupakan tanggung jawab manajemen, dan telah disetujui oleh Direksi untuk diterbitkan pada tanggal 18 Februari 2019.

The preparation and fair presentation of the financial statements on pages 1 to 143 were the responsibilities of the management, and were approved by the Directors and authorized for issuance on February 18, 2019.


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