Annual Report PTSP 2011

Growing Constantly Through Excellent Service
1
our
vision&
MISSION
Menjadi produsen
makanan cepat saji
dengan pelayanan
dan kualitas terbaik
di Indonesia.
To become a fast food producer
with the best quality products
and services in Indonesia.
Mengembangkan eksistensi usaha dengan
melahirkan produk berkualitas.
To develop our business through the creation and the
production of excellent quality products.
Meraih kepercayaan masyarakat melalui layanan
berkualitas.
To earn the trust of the public by providing quality services.
Menjadi pilihan utama bagi masyarakat.
To become the publics first choice.
Meningkatkan nilai-nilai Perusahaan dari segi
keuangan dan sumber daya manusia.
To enhance the values of the Company from financial and
human resources stand point.
Visi
Vision
Misi
Mission
Laporan Tahunan Annual Report 2011 PT Pioneerindo Gourmet International Tbk
2
HASIL USAHA DAN KEUANGAN
Results of Operation and Financial :
Pendapatan Usaha
Revenues
Laba Kotor
Gross Profit
Laba (Rugi) Usaha
Operating Profit (Loss)
Laba (Rugi) Sebelum Pajak
Profit (Loss) Before Tax
Laba (Rugi) Bersih
Net Profit (Loss)
Jumlah Aset
Total Assets
Jumlah Liabilitas
Total Liabilities
Jumlah Ekuitas
Total Equity
Jumlah Saham Beredar
Stock Issued
POSISI SAHAM (Rp. Penuh)
Stock Position :
Laba Usaha Per Saham
Operating Profit per Share
Laba Bersih per Saham
Earning per Share
Harga Saham terhadap Laba Bersih
per Saham
Price Earning Ratio (x)
RASIO KEUANGAN (%)
Financial Ratios (%) :
Pertumbuhan Pendapatan Usaha
Revenue Growth
Pertumbuhan Laba Usaha
Operating Profit Growth
Pertumbuhan Laba Bersih
Net Profit Growth
Beban Usaha terhadap Pendapatan
Usaha
Operating Expenses to Revenue
Laba Usaha terhadap Pendapatan
Usaha
Operating Profit Margin
Laba Bersih terhadap Pendapatan
Usaha
Net Profit Margin
Laba Bersih terhadap Jumlah Aset
Return on Assets
Laba Bersih terhadap Ekuitas
Return on Equity
Liabilitas terhadap Ekuitas
Liabilities to Equity
Liabilitas terhadap Aset
Liabilities to Total Assets
292.477.518.944
192.484.507.815
37.264.905.864
36.036.601.694
25.911.801.751
133.432.783.525
63.220.957.499
65.169.928.185
220.808.000
168,77
117,35
5,88
18,17
60,30
64,35
53,07
12,74
8,86

19,42

39,76

97,01

47,38
247.503.238.200

162.372.123.805

23.246.778.988

22.975.887.128
15.766.633.385

109.008.910.124
67.771.120.951

36.419.163.734

220.808.000
105,28
71,40
4,34
9,13
41,07
44,01
56,21
9,39
6,37

14,46

43,29

186,09
62,17
226.789.755.200
144.801.622.930

16.479.031.420
17.101.501.982
10.948.539.057
90.667.258.170
69.399.146.628
17.070.029.514
220.808.000
74,63
49,58
5,65
9,39
20,00
155,38
56,58
7,27

4,83

12,08
64,14

406,56
76,54
207.324.401.120

131.220.040.827
13.732.429.917
6.887.729.979
4.287.122.917

81.755.257.118
73.508.285.049
4.810.594.752
220.808.000
62,19
19,42
20,60
26,59
177,68

2.523,52
56,67
6,62
2,07
5,24

89,12

1.528,05

89,91
163.776.575.899

104.785.655.135
4.945.499.421
1.363.647.826
163.410.623
74.008.876.918
69.144.287.660
1.072.565.836
220.808.000
22,40
0,74
540,50
12,61
250,51

108,83
60,96
3,02
0,10
0,22

15,24

6.446,62
93,43
Financial Highlights (Rp. Penuh)
Ikhtisar Data
Keuangan
2008
2008
2008
2007
2007
2007
2009
2009
2009
2010
2010
2010
2011
2011
2011
18.2% up 22.4% up
*Pendapatan Usaha
Revenues
*Jumlah Aset
Total Assets
3
Dalam Milyar Rupiah
In Billion of Rupiah
Dalam Milyar Rupiah
In Billion of Rupiah

1
6
3
,
8

7
4
,
0

1
0
4
,
8

0
,
2
5
,
0

1
,
1
2
9
2
,
5
1
3
3
,
4

1
9
2
,
5

2
5
,
9

3
7
,
3

6
5
,
2
2
0
7
,
3

8
1
,
8

1
3
1
,
2
4
,
3

1
3
,
7
4
,
8

2
2
6
,
8
9
0
,
7

1
4
4
,
8

1
1
,
0
1
6
,
5
1
7
,
1

2
4
7
,
5

1
0
9
.
0
1
6
2
,
4

1
5
,
8
2
3
,
2

3
6
,
4
Pendapatan Usaha
Jumlah Aset
Laba Kotor
Laba (Rugi) Bersih
Laba (Rugi) Usaha
Jumlah Ekuitas
Revenues
Total Assets
Gross Profit
Net Profit (Loss)
Operating Profit (Loss)
Total Equity
07
08
09
10
11
07
08
09
10
11
07
08
09
10
11
07
08
09
10
11
07
08
09
10
11
07
08
09
10
11
63.9% up
*Laba Bersih
Net Profit
PGI pada tahun 2011 membukukan laba bersih sebesar Rp 25,9
milyar, meningkat sebesar Rp 10,1 milyar atau 63,9% dibandingkan
dengan laba bersih tahun 2010 sebesar Rp 15,8 milyar.
PGI in 2011 posted a net profit of Rp 25.9 billion, increased by Rp 10.1
billion or 63.9% compared with a net profit of Rp 15.8 billion in 2010.
4
20%
25%
30%
Kebijakan Dividen
The Policy on Dividends
Kebijakan dividen Perusahaan adalah sebagai berikut:
The Companys policy on dividends is as follows:
Analisa Harga Saham
Share Price Performance
Catatan harga saham Perseroan yang diperdagangkan
di lantai Bursa Efek Indonesia selama dua tahun
terakhir adalah sebagai berikut:
Recorded share prices of the Company traded on the
Indonesia Stock Exchange during the last two years
were as follows:
LABA BERSIH
Net Income
s/d Rp 5 milyar
Up to Rp 5 billion
Rp 5 milyar s/d Rp 10 milyar
Rp 5 billion to Rp 10 billion
Lebih dari Rp 10 milyar
More than Rp 10 billion
DIVIDEN TUNAI TERHADAP LABA BERSIH
of Cash Dividends to Net Income
2011 2010
Kuartal
Quarter
I
II
II
IV
450
630
670
690
280
250
250
375
375
590
580
600
280
250
250
190
Tertinggi
Highest
Tertinggi
Highest
Terendah
Lowest
Terendah
Lowest
Persentase Pendapatan Usaha CFC
CFC Percentage Operating Revenue
Persentase Pendapatan Usaha Cal Donat
Cal Donat Percentage Operating Revenue
Persentase Pendapatan Usaha Sapo
Sapo Percentage Operating Revenue
Persentase Pendapatan Usaha
Percentage Operating Revenue
91.6%
7.1%
1.3%
5
Management Report
PENDAPATAN USAHA
Pendapatan usaha PT Pi oneeri ndo Gourmet
International Tbk dan Perusahaan Anak (selanjutnya
di sebut PGI) pada tahun 2011 nai k sebesar
Rp 45 milyar atau 18,2% dari Rp 247,5 milyar di
tahun 2010 menjadi Rp 292,5 milyar di tahun
2011. Kontribusi kenaikan penjualan disebabkan
oleh penjualan dari gerai-gerai yang baru dibuka,
pertumbuhan yang kuat dari gerai-gerai yang sudah
dibuka sebelumnya, usaha pemasaran yang tepat
sasaran, penambahan variasi produk dan layanan
yang semakin baik.
Pendapatan dari penj ualan CFC memberi kan
kontribusi terbesar yang menguasai 91,6,% dari
seluruh pendapatan usaha dan sisanya pendapatan
dari penjualan Sapo Oriental dan Cal Donut masing-
masing 7,1% dan 1,3%.
BEBAN POKOK PENJUALAN
Sehubungan dengan semakin baiknya produktifitas
dan tingkat efisiensi bagian operasional serta stabil
tingkat inflasi, maka beban pokok penjualan tahun
2011 mengalami penurunan sebesar 0,4% bila
dibandingkan dengan tahun sebelumnya dari 35,2%
di tahun 2010 menjadi 34,8% di tahun 2011.
BEBAN USAHA
Beban usaha pada tahun 2011 adalah sebesar
Rp 155,2 milyar naik sebesar Rp 16,1 milyar atau
11,6% dibandingkan pada tahun 2010 sebesar
Rp 139,1 milyar. Peningkatan terbesar terjadi pada
beban penjualan akibat adanya penambahan gerai-
gerai baru dan kontribusi terbesar terdapat pada biaya
gaji dan tunjangan, sewa gedung, utilitas dan biaya
pemasaran.
Namun dilihat dari perbandingan beban usaha
terhadap pendapatan usaha pada tahun 2011
terdapat efisiensi sebesar 3,1% dari 56,2% di tahun
2010 menjadi 53,1% di tahun 2011.
Efisiensi terjadi pada biaya sewa gedung dan utilitas
ini mencerminkan semakin baiknya kontrol dan
produktifitas di setiap gerai.
OPERATING INCOME
PGIs operating income in 2011 increased by Rp 45
billion or 18.2% from Rp 247.5 billion in 2010 to become
Rp 292.5 billion in 2011. Contribution to the increase
in sales was due to sales of newly opened outlets, the
strong growth of the existing outlets, marketing efforts
are right on target, the addition in variety of products
and the even better services.
Income from the sale from CFC contributed the most,
dominating 91.6% of all operating income generated
and the rest come from the sale from Sapo Oriental and
Cal Donut each shared 7.1 % and 1.3 % respectively.
COST OF GOODS SOLD
Correspond to the ever better productivity and efficiency
level of the operational division as well as the stable
level of inflation, hence cost of goods sold in 2011
experienced a decrease of 0.4% compared with the
previous year from 35.2% in the year 2010 to 34,8% in
2011.
OPERATING COST
Operating cost in 2011 was Rp 155.2 billion, up by
Rp 16.1 billion or 11.6% compared in 2010 which
amounting to Rp 139.1 billion. The largest increase
occurred in sales expense due to the addition of new
outlets and the biggest contribution is in the expense in
salaries and allowances, building rental, utility and cost
of marketing.
But seen from a comparison of operating cost against
operating income in 2011, there are efficiencies of 3.1%
from 56.2% in 2010 to 53.1% in 2011.
Efficiency arised in the cost of utilities and rent of
building, this reflects the ever better control and
productivity in every outlet.
LAPORAN MANAJEMEN
Pendapatan dari penjualan CFC memberikan kontribusi terbesar
yang menguasai 91,6% dari seluruh pendapatan usaha dan
sisanya pendapatan dari penjualan Sapo Oriental dan Cal Donut
masing-masing 7,1% dan 1,3%.
Income from the sale from CFC contributed the most, dominating 91.6% of all operating income generated
and the rest come from the sale from Sapo Oriental and Cal Donut each shared 7.1 % and 1.3 % respectively.
6
LABA SEBELUM PAJAK PENGHASILAN
Laba sebelum pajak penghasilan tahun 2011 sebesar
Rp 36 milyar dan tahun 2010 sebesar Rp 23 milyar naik
sebesar Rp 13 milyar atau 56,5%. Kenaikan ini disebabkan
karena persentase kenaikan pendapatan usaha lebih tinggi
dan pada beban pokok penjualan dan beban usaha dan
ditambah lagi semakin turunnya beban biaya pinjaman
serta sedikitnya gerai yang ditutup PGI sepanjang tahun
2011.
LABA BERSIH
PGI pada tahun 2011 membukukan laba bersih sebesar
Rp 25,9 milyar, meningkat sebesar Rp 10,1 milyar atau
63,9% dibandingkan dengan laba bersih tahun 2010
sebesar Rp 15,8 milyar. Laba bersih per saham menjadi
Rp 117,4 naik 64,4% dibandingkan tahun 2010 sebesar
Rp 71,4.
EBITDA mengalami pertumbuhan sebesar 37,2% dari
Rp 33,3 milyar di tahun 2010 menjadi Rp 45,7 milyar di
tahun 2011.
TOTAL ASET
Total aset PGI meningkat 22,4% dari Rp 109 milyar di
tahun 2010 menjadi Rp 133,4 milyar di tahun 2011. Aset
lancar meningkat 22,2% atau sebesar Rp 10,7 milyar
peningkatan signifikan terdapat pada kas dan setara kas,
investasi jangka pendek, persediaan dan biaya dibayar
di muka.
Aset tidak lancar naik 22,6% atau Rp 13,7 milyar
peningkatan signifikan terdapat pada peralatan gerai baru
dan renovasi gerai baru.
TOTAL LIABILITAS
Pada tahun 2011 total liabilitas PGI sebesar Rp 63,2 milyar
mengalami penurunan Rp 4,6 milyar atau 6,7% bila
dibandingkan dengan tahun 2010 sebesar Rp 67,8 milyar.
Penurunan yang signifikan terjadi pada aset tidak lancar
bagian pinjaman jangka panjang pihak ketiga sebesar
Rp 8,9 milyar, penurunan ini disebabkan adanya pelunasan
sebagian hutang jangka panjang tersebut. Pertumbuhan
aset lancar yang lebih besar daripada pertumbuhan
liabilitas lancar mengakibatkan peningkatan current ratio
dari 124,4% di tahun 2010 menjadi 142% di tahun 2011.
Seiring dengan penurunan total liabilitas dan peningkatan
aset, Debt to Assets Ratio juga mengalami penurunan
menjadi 47,4% di tahun 2011 sebelumnya 62,2% di tahun
2010.
TOTAL EKUITAS
Ekuitas PGI meningkat sebesar Rp 29 milyar atau 70,3% di
tahun 2011 bila dibandingkan dengan tahun 2010 sebesar
Rp 41,2 milyar.
Kontribusi terbesar dari peningkatan ekuitas ini disebabkan
perolehan laba PGI pada tahun 2011 dan kenaikan
cadangan keuntungan atas harga pasar surat berharga
yang belum direalisir.
Peningkatan ekuitas yang diiringi penurunan hutang
menyebabkan rasio hutang terhadap modal turun menjadi
0,9 kali di tahun 2011 sedangkan di tahun 2010 1,6 kali.
EARNING BEFORE INCOME TAX
Earning before income tax in 2011 was Rp 36 billion and
Rp 23 billion in 2010, rose by 56.5% or Rp 13 billion. This
increase was due to the percentage increase in revenue was
higher and on the cost of goods sold and operating cost and
in addition to the decrease in cost of borrowings as well as
the small number of outlets closed by PGI throughout the
year 2011.
NET PROFIT
PGI in 2011 posted a net profit of Rp 25.9 billion, increased
by Rp 10.1 billion or 63.9% compared with a net profit of
Rp 15.8 billion in 2010. Net income per share was Rp 117.4
up 64.4% over the year 2010 which amounted to Rp 71.4.
EBITDA growth amounting to 37.2% from Rp 33.3 billion in
2010 to Rp 45.7 billion in 2011.
TOTAL ASSET
PGIs total assets increased by 22.4% from Rp 109 billion in
2010 to Rp 133.4 billion in 2011. Current Assets increased by
22.2% or Rp 10.7 billion, a significant increase in cash and
cash equivalents, short term investments, inventories and
costs paid in advance.
Non Current Assets rose by 22.6% or Rp 13.7 billion, significant
increase was on new outlets equipments and the renovation
of the new outlets.
TOTAL LIABILITIES
In 2011 the total liability of PGI was Rp 63.2 billion decreased
by Rp 4.6 billion or 6.7% compared with the year 2010 which
amounted to Rp 67.8 billion. Significant declines occurring in
the non current assets section of long term loans from third
parties of Rp 8.9 billion, a decrease is due to the existence
of partial repayment of this long term debt. The growth
of current assets that is greater than the growth of current
liability resulting in increase in current ratio from 124.4% in
2010 to be 142% in 2011.
Along with the decrease in total liabilities and an increase in
assets, Debt to Assets Ratio also decreased to 47.4% in 2011
compared to 62.2% in 2010.
TOTAL EQUITY
PGIs equity increased by Rp 29 billion or 70.3% in 2011
compared with 2010 amounting to Rp 41.2 billion.
The largest contribution from increase in equity is due to the
acquisition of profit in 2011 and the increase in reserve for
the unrealized gain over market price of the securities held.
The increase in equity accompanied by debt reduction
causing the debt to capital ratio dropped to 0.9 times in 2011
whereas in 2010 stands at 1.6 times.
7
PROVIDE
THE BEST
Kami tetap setia pada komitmen
kami untuk menyediakan layanan
terbaik dan kepuasan bagi jutaan
konsumen kami.
We stay true to our commitment of
providing best service and satisfaction
for millions of our consumers.
8
TINJAUAN OPERASI
Operation Overview
Pembukaan gerai yang bertipe free standing banyak
memberikan dampak meningkatnya brand awareness,
fleksibilitas operasi dan fasilitas yang lebih lengkap,
seperti sarana outdoor yang memberi kemudahan
bagi pelanggan yang ingin merokok, buka lebih awal
dan tutup lebih malam dari jam operasional yang telah
ditetapkan dan ada juga yang buka 24 jam.
Disamping itu PGI juga membentuk kemitraan
yang kuat untuk membuka gerai dengan beberapa
mitra usaha lokal maupun internasional sehingga
tercipta aliansi strategis. Mitra usaha yang telah
bekerja dengan PGI seperti Jogja Department Store,
Borma Department Store, Aksara Supermarket,
Naga Department Store, Ramayana Department
Store, Matahari Food Court dan Lotte Mart. Kerjasama
tersebut telah berlangsung pada tahun-tahun
sebelumnya dan akan berkesinambungan pada tahun-
tahun yang akan datang.
Penampilan gerai baru selalu direnovasi dengan
desain interior yang menarik yang memprioritaskan
kenyamanan pelanggan dan ini telah menjadi
komitmen PGI dalam membangun gerai-gerai untuk
sepanjang tahun 2011.
Untuk mengoptimalkan penjualan gerai-gerai yang
sudah ada, PGI juga melakukan renovasi berskala
kecil dan besar terhadap beberapa gerai untuk
meningkatkan fasilitas maupun merubah suasana
restoran yang lebih diminati konsumen dan melihat
trend yang ada saat ini. Beberapa restoran yang sudah
tidak layak beroperasi atau karena masa sewa telah
berakhir dan tidak dapat diperpanjang karena satu
dan lain hal, telah ditutup sementara menunggu lokasi
berpotensi lainnya untuk direlokasi.
PGI tetap konsisten mengembangkan gerai dengan
sistem franchise, dengan memonitor perkembangan
gerai franchise yang sudah berjalan dan menambah
calon franchise baru dengan mengikuti berbagai event
pameran ataupun kegiatan usaha franchise.
Sesuai kebutuhan dan permintaan pelanggan, PGI
tiada henti melakukan inovasi khususnya untuk
meluncurkan produk-produk baru. Untuk memberikan
variasi menu pada Januari 2011 PGI memperkenalkan
produk baru yaitu Chicken Dramz yang berbahan
dasar ayam. Produk ini kami buat dari sepasang sayap
ayam yang dirubah bentuknya sehingga kelihatan
sangat menarik dan rasanya gurih, renyah dan sangat
cocok untuk pangsa pasar PGI. Untuk meningkatkan
produk image yang baik maka pada bulan Maret-Juni
The opening of the free-standing outlet give much
effect to increased brand awareness, flexibility of
operation and a more complete facilities such as
outdoor facilities that gives ease for customers who
want to smoke, open earlier and close over night from
the established operational hours and some are open
24 hours.
Furthermore, PGI also formed a solid joint-venture
in opening some outlets with local and international
ventures as to create a strategic alliances. Partners that
have already worked with PGI are Jogja Department
Store, Borma Department Store, Aksara Supermarket,
Naga Department Store, Ramayana Department
Store, Matahari Food Court and Lotte Mart. Such
cooperation has been going on since a few years back
and will be sustained for many years to come.
The appearance of new outlets has always been
renovated with an interesting interior design that
prioritize customer convenience and this has become
the commitment of PGI in building outlets for the entire
year of 2011.
To optimize the sales of existing outlets, PGI also
carried out small and large scale renovations to some
outlets to improve facilities as well as to change
the atmosphere of the restaurant to more towards
satisfying consumer interest and following trend that
exists today. Some restaurants are already not worthy
to operate or the lease period has ended and cannot be
extended because one reason or otherwise, has been
temporarily closed while waiting for potential locations
for them to be relocated.
PGI remains consistent in developing outlets with the
system of franchise, while monitoring progress for the
franchise outlets that already running and adds new
franchise candidates by attending various exhibition or
activities for franchise business events.
To fulfill the needs and requests of the customers, PGI
never stop to innovating particularly for launching new
products. To give the variation on menu, in January
2011 PGI introduces a new product, namely Chicken
Dramz a chicken base menu. This product is made
from a pair of chicken wings that its shape was formed
so that it looks very interesting and savory, crispy
and perfectly suited to the market share of PGI. To
increase the products good image, then in March-June
PGI meneruskan ekspansi jaringan restorannya sepanjang tahun
2011 dan tetap fokus membangun lebih banyak gerai yang bertipe
free standing di lokasi-lokasi yang strategis seperti SPBU, rumah
sakit, bandara udara dan stasiun kereta api.
PGI continued expansion of its restaurant network throughout 2011 and stay focused building more outlets that
are free standing types in strategic locations such as petrol stations, hospitals, airports and railway stations.
9
2011 produk Chicken Dramz kami tayangkan melalui
iklan di TV dengan Brand Ambasador Fitri Tropika.
Karena mendapat sambutan dari pelanggan yang
cukup baik maka produk ini kami iklankan kembali di
bulan September-November 2011 dan produk ini
telah menjadi menu tetap di seluruh restoran PGI.
Disamping Chicken Dramz dan untuk memenuhi
trend market yang lebih mengarah ke gaya hidup (life
style) maka pada bulan November 2011 kami kembali
meluncurkan produk baru yaitu pancake & strawberry
jelly. Sedangkan produk unggulan antara lain ayam
goreng, chicken strip, nasi goreng, chicken burger,
cheese burger, corn soup, cal blend, avocado float,
chicken teriyaki dan es campur tetap menjadi produk
yang selalu ada di hati pelanggan setia PGI.
Untuk menarik pelanggan ke restoran pada jam operasi
yang sepi disiang hari, paket BanPlit (Ceban Komplit)
terus ditawarkan, paket ini terdiri dari produk nasi +
ayam sayap + minum, Chicken Kranz + nasi + minum
dan paket ini terbukti sukses memberikan kontribusi
kenaikan penjualan dan semua paket ini kami
mendapat dukungan penuh dari mitra usaha kami yaitu
pepsi dan teh botol sosro.
Sedangkan untuk operasional store yang merupakan
pilihan yang tidak kalah pentingnya PGI sepanjang
tahun 2011 telah berhasil meningkatkan rata-rata nilai
ROE (Restaurant Operation Evaluation) dari 78,4% di
tahun 2010 menjadi 79,6% di tahun 2011. Standard
ROE mencakup empat pilar penting yaitu Discipline,
Quality, Service, Cleanliness. Penilaian dilakukan secara
rutin setiap bulan oleh Tim QA (Quality Assurance)
dengan cara sidak.
Berdasarkan perhitungan pembukaan dan penutupan
gerai diatas, secara total gerai yang beroperasi hingga
akhir 2011 adalah 244 dengan perincian 213 gerai CFC,
7 gerai Sapo dan 24 gerai Cal Donat. Untuk gerai CFC
masing-masing 36 gerai franchise dan 177 gerai milik
sendiri dan untuk Sapo Oriental 7 gerai milik sendiri
sedangkan untuk gerai Cal Donat 24 semuanya milik
sendiri.
Pada akhir 2011, jumlah karyawan PGI sebesar 2.133
orang.
2011 this product were aired through Chicken Dramz
commercials on TV with Fitri Tropika as the Brand
Ambasador. Because of the well acclaimed from the
customers, then this product was advertised back in
September-November 2011 and it has since become
a fixed menu across the entire PGI restaurants. Alike
Chicken Dramz and in order to take advantage of the
market trend that is leading to a way of eating life
style, then in November 2011 we again launched new
products i.e. pancakes & strawberry jelly. While our
superior products, among others fried chicken, chicken
strips, fried rice, chicken burger, cheese burger, corn
soup, cal blend, avocado float, chicken teriyaki and
float ice mix remains to be products that always exist
in the hearts of PGIs loyal customers.
To attract customers to come to restaurant during
quiet hours in the afternoon, BanPlit (Ceban Komplit)
package continues to be offered, this package consists
of rice + chicken wings + drink, Chicken Kranz + rice
+ drink and the package is proofed to be successful
contributing to the sales increase and all this package
has the full backing from our business partners, namely
pepsi and teh botol sosro.
As for the operation of the store which is of no
less importance, PGI throughout the year 2011 has
been success to increase the average value of ROE
(Restaurant Operation Evaluation) from 78.4% in 2010
to 79.6% in 2011. ROE Standard includes four essential
pillars that is Discipline, Quality, Service, Cleanliness.
The assessment is carried out regularly every month by
a team of QA (Quality Assurance) by way of unplanned
visits.
Based on the calculation of opening and closing outlets
above, the total outlets in operation until the end of
2011 is 244 with the details of 213 CFC outlets, 7 Sapo
outlets and 24 Cal Donut outlets. For CFC outlets,
36 are franchise outlets and 177 outlets are self-owned
and for the all 7 outlets of Sapo Oriental as well as
24 Cal Donat outlets are owned by the Company.
At the end of 2011, the number of PGI employees is
2,133 people.
Gerai yang beroperasi
hingga akhir 2011 adalah
244
in total the number of outlets operate until the end of 2011 was 244
10
AKTIVITAS PEMASARAN
Guna meningkatkan brand image & brand awareness
pada tahun 2011, PGI bekerja sama dengan Fitri Tropika
sebagai brand ambassador. Berbagai aktivitas promosi
baik above the line maupun below the line yang lebih
agresif konsisten dijalankan. PGI melakukan program
pemasaran melalui media televisi, radio dan kegiatan
promosi lainnya seperti sponsorship, pameran dan
event.
Disamping untuk memperbesar customer base dan
brand awareness melalui program yang disebut diatas,
program lain yang dilakukan sepanjang tahun 2011
adalah memperbanyak berdirinya wall sign, pole sign,
dan giant billboard secara nasional di seluruh gerai
milik PGI. Giant pole sign dapat kita lihat di sepanjang
jalan Jakarta-Cikampek, Jakarta-Merak dan disetiap
gerai yang dibuka PGI.
Semua program marketi ng yang di l akukan
sepanjang 2011 telah menjadi tekad PGI untuk secara
berkesinambungan akan dilanjutkan terus menerus
untuk tahun-tahun yang akan datang.
Brand aktivasi secara konsisten dilakukan pada tahun
2011 seperti Event Jambore, Kawasaki Ninja Bekasi,
Event SMK Theresia Jakarta, Event Mobil Peageot
Jakarta-Jogja, Event Tumplek Blek Otomotive Jakarta,
Event Pantura Lebaran.
Selain itu untuk memudahkan pelanggan mengenal
lebih dekat PGI, pelanggan dapat mengunjungi
website PGI di www.cfcindonesia.com dan fan page
PGI di facebook di www.facebook.com/cfcindonesia
yang pada saat ini sudah memiliki fans sebanyak
290.000. Kedua media ini sangat membantu PGI
menjalin komunikasi dua arah antara PGI dengan
konsumen setia PGI.
MARKETING ACTIVITY
In order to improve the brand image & brand awareness
in 2011, PGI is working with Fitri Tropika as its Brand
Ambassador. Various promotional activities both
above the line and below the line with more aggressive
consistently executed. PGI conducts marketing program
via the media of television, radio and other promotional
activities such as sponsorship, exhibition and event.
In addition to enlarge the customer base and brand
awareness through a program mentioned above, other
programs conducted throughout the year 2011 is by
adding the establishment of wall signs, pole signs and
giant billboards nationally at the outlets owned by PGI.
Giant pole sign can be seen along the road of Jakarta-
Cikampek toll road, Jakarta-Merak and at each outlet
opened by PGI.
All marketing program which executed throughout 2011
has become PGIs determination to continuously be
followed for years to come.
Brand activation also consistently carried out in 2011
like Jambore Event, Kawasaki Ninja Bekasi, SMK
Theresia Jakarta event, Peageot Jakarta-Jogja Event,
Tumplek Blek Otomotive Jakarta Event, Pantura
Lebaran Event.
In addition to facilitate customers get to know PGI
closer, customers can visit the website of PGI at
www.cfcindonesia.com and PGI fan page on facebook
at www.facebook.com/cfcindonesia which currently
has 290,000 fans. Both these media greatly help PGI
to establish two-way communication between PGI with
the loyal consumers of PGI.
PGI melakukan
kerjasama dengan
Fitri Tropika
sebagai brand
ambasador
PGI makes a cooperation with Fitri Tropika as the
Brand Ambassador
11
PGI mempunyai konsep dasar yang mengacu
pada DQSC dalam memberikan layanan kepada
konsumen. DQSC sudah merupakan budaya kerja PGI
yang harus dijalankan oleh setiap karyawan.
PGI has a basic concept which refers to DQSC in
providing services to consumers. DQSC is already
a culture of work which should be adopted by each
employee of PGI.
Kepuasan
Pelanggan
Discipline, yang mencakup disiplin
terhadap penampilan kebersihan
diri, waktu jam kerja/istirahat dan
prosedur (SOP pembuatan produk,
SOP administrasi store).
Quality, yang mencakup kualitas
produk (bau, warna, rasa bentuk,
berat & porsi), kualitas penyajian
(makanan panas harus disajikan
panas dan makanan dingin harus
disajikan dingin).
Service, yang mencakup pelayanan
harus cepat, tepat, ramah, dan
antusias.
Cl eanl i ness, yang mencakup
kebersihan terhadap diri (badan
dan pakai an), li ngkungan kerj a,
equipment, dan kebersihan produk
yang dijual.
Di sci pl i ne, whi ch i ncl udes di sci pl i nes on the
appearance on personal hygiene, working hour/rest
hour and procedures (SOP on product making, SOP
on stores administrative).
Quality, which includes product quality (smell, color,
taste, shape, weight & servings), quality of presentation
(hot food should be served hot and cold food should
be served cold).
Service, which includes fast, accurate, friendly and
enthusiastic services.
Cleanliness, which includes personal hygiene (body
and clothing), work environment, equipment and
hygiene on the products sold.
Customer Satisfaction
01
02
03
04
Piagam Pekanbaru Service Excellence Champion 2012
Kategori : Fast Food
Certificate Pekanbaru Service Excellence Champion 2012
Category : Fast Food
12
Konsep DQSC ini sudah harus diorientasikan kepada
karyawan pada saat mengikuti Program Orientasi
Karyawan Baru.
Karena penti ng konsep DQSC i ni , maka PGI
membentuk satu departemen khusus yai tu
Depar temen Qual i ty Assurance (QA) yang
tugasnya secara konsisten setiap bulan melakukan
eval uasi /audi t terhadap pel aksanaan konsep
tersebut untuk setiap gerai, hasil evaluasi departemen
tersebut akan dituangkan dalam bentuk laporan ROE
(Restaurant Operation Evaluation) yang dinilainya
akan dibahas/direview secara rutin setiap bulan pada
saat operasional meeting. Bagi setiap gerai yang
mendapatkan nilai ROE tertentu akan mendapatkan
insentif setiap bulan.
PGI menginginkan agar konsumen mendapatkan
layanan lebih dari yang diharapkan, dengan harapan
konsumen akan kembali lagi untuk mendapatkan
layanan seperti itu.
PENGEMBANGAN SUMBER DAYA MANUSIA
Diawal tahun 2011, PGI melakukan perubahan
struktur organisasi dimana HRD dipisah menjadi dua
departemen yaitu departemen HRD dan departemen
Training Centre yang masing-masing dibawahi oleh
seorang manager. Semenjak permisahan tersebut,
efektifitas dari masing-masing departemen lebih
kelihatan sehingga kendala-kendala yang terjadi dapat
segera diatasi dan suplai tenaga kerja ke departemen
operasional menjadi lebih lancar dan tepat waktu.
Untuk merekrut tenaga operasional, Departemen
HRD melakukan kerja sama dengan Sekolah Tinggi
Pariwisata, aktif ikut acara Job Fair dan pasang iklan
online di jobstreet.com dan karir.com.
Keberhasilan mempertahankan pegawai terbaik
dalam j angka waktu yang lama j uga semaki n
meningkatkan sustainability dari pertumbuhan
perusahaan, konsep ini merupakan komitmen PGI
dalam upaya memelihara dan meningkatkan kualitas
sumber daya manusia.
PGI sangat sadar bahwa jaringan restoran dengan
produk yang sepenuhnya di produksi sendiri, proses
pemasaran produk sangat tergantung kepada faktor
sumber daya manusia sebagai penghantar produk ke
hadapan publik.
Sepanjang tahun 2011 PGI selalu konsisten dengan
selalu melaksanakan program-program pelatihan
terpadu, sehi ngga hasi lnya dapat menunj ang
kelangsungan dan kelancaran operasional PGI secara
efektif. Dalam hal ini, PGI telah melaksanakan suatu
program yang berkesinambungan dari level crew
sampai level manajemen.
PGI mengelola kekuatan sumber daya manusia
melalui sistem manajerial yang menunjang ruang
gerak karyawan menjadi optimal.
Adapun jenis-jenis pelatihan/program internal yang
telah berjalan secara konsisten berupa
The concept of DQSC must be oriented to new
employees during their session on New Employees
Orientation Program.
Because of the importance of this DQSC concept, PGI
formed one special department namely Department of
Quality Assurance (QA) whose task consistently every
month doing evaluations/audits of the implementation
of the concept for each outlet, the result of this
departments evaluation will be documented in the form
of ROE (Restaurant Operation Evaluation) report, whose
marks will be discussed/reviewed regularly every month
at an operational meeting. For each outlet that gets
a particular value of ROE will get incentives each month.
PGI wants consumers to get more services than expected,
hoping consumer will be back again to get service alike.
HUMAN RESOURCES DEVELOPMENT
Beginning in 2011, PGI made a change in organization
structure where HRD were split into two departments
namely Department of HRD and Department of
Training Centre, each administered by a manager. Since
that move, the effectiveness of each department is more
visible so that the constraints that occur can be resolved
immediately and supply of labor to the operational
department becoming more smoothly and on time.
To recruit operational personnel, HRD Department
collaborated with Higher School of Tourism, actively
participated in Job Fair events and advertise online at
jobstreet.com and karir.com.
The success of maintaining the best staff in long
periods of time also further improve the sustainability
of the companys growth, this concept has been the
commitment of PGI in its effort to maintain and improve
the quality of its human resources.
PGI is well aware that restaurants networks with
products that are entirely produced inhouse, the
products marketing process highly depends on the factor
of human resources as the presenter of products to the
public.
Throughout the year 2011, PGI consistently to always
carry out integrated training programs, so it will benefit
in supporting the continuity and smooth operation of PGI
effectively. In this case, PGI has carried out a continuous
program from crew to the management level.
PGI manages human resource strength through the
managerial system that supports optimal employees
movements.
The range of trainings or internal programs that has
been running consistently in the form of
13
Program Orientasi Karyawan Baru
Beauty Class
Service Excellent
Food Safety
Guest Satisfaction
Communication
English for Cashier
Greeter
Handling Complain
Management Lost Control
Untuk lebih memberikan motivasi bagi setiap
karyawan, PGI juga memberikan kesempatan kepada
setiap karyawan yang berprestasi untuk mendapatkan
jenjang karir yang lebih baik yaitu melalui program
percepatan promosi karyawan yaitu disebut dengan
program Fast Track dan program Intensi ve
Development Program (IDP). Melalui kedua program
ini karyawan akan mendapatkan berbagai materi dan
modul sesuai kurikulum yang telah ditetapkan PGI
melalui proses seleksi yang ketat dengan mengikuti
serangkaian test, wawancara dan praktek langsung
di gerai. Peserta yang memenuhi persyaratan
dalam proses seleksi tersebut akan dapat langsung
menempati posisi sebagai Assistant Store Manager
untuk program fastrack dan menjadi Area Manager
untuk program Intensive Development Program (IDP).

Program Fast Track dan IDP (Insentive Development
Program) terus dilaksanakan secara berkesinambungan,
sehingga setiap saat membutuhkan, PGI akan dengan
cepat mendapatkan sumber daya yang sudah siap dan
mampu untuk ditempatkan. Untuk level Store Manager
secara berkala minimal 1 (satu) kali dalam setahun
diadakan lokakarya yang biasanya dilakukan di luar
kota, dengan materi atau program yang dibutuhkan.
Disamping itu PGI juga mengirimkan karyawan
berprestasi ke pelatihan/lokakarya eksternal yang
diselenggarakan oleh lembaga-lembaga pelatihan
ternama. Berbagai program pelatihan/lokakarya
selama tahun 2011 antara lain :
Peak Performance Breakthrough oleh Nathalia
Sunaidi
Blueprint Kesuksesan oleh Tommy Siawira
Sistem Jaminan Halal Oleh Muti Arintawati. Msi
Cold Chain oleh Neville Clarke Team
Handling & Preparation of US Potato oleh
Mr. Jeffrey Lieuw
8 Dragon Spirit for Success oleh Andre Wongso
New Employees Orientation Program
Beauty Class
Service Excellent
Food Safety
Guest Satisfaction
Communication
English for Cashier
Greeter
Handling Complain
Management Lost Control
To further motivate every employee, PGI also provides
an opportunity to all employees who excel in order to
get a better career path which is through employee
acceleration promotion program called Fast Track
program and the Intensive Development Program (IDP).
Through these two programs, employee will get various
materials and modules according to the established
curriculum set out by PGI through strict selection
process by following a series of tests, interviews and
practice directly in the outlet. Participants who meet
the requirements in the selection process will be able
to directly take a position as Assistant Store Manager
for fastrack program and became Area Manager for the
Intensive Development Program (IDP).
Fast Track Program and IDP (Intensive Development
programs) continue to be implemented on an ongoing
basis, so that every moment in need, PGI will quickly get
a resource that is ready and able to be placed. For Store
Manager level periodically at least 1 (one) times a year
they have a workshop that is usually held outside the
city, with the material or programs selected.
Beside that, PGI also sent employees that excelled
to external training/workshops organized by famous
training institutions. Various training courses/workshops
for 2011 include:
Peak Performance Breakthrough oleh Nathalia
Sunaidi
Success Blueprint by Tommy Siawira
Halal Assurance System by Muti Arintawati . Msi
Cold Chain oleh Neville Clarke Team
Handling & Preparation of US Potato by Mr. Jeffrey
Lieuw
8 Dragon Spirit for Success by Andre Wongso
14
Program kemitraan dengan karyawan melalui program
insentif yang secara menyeluruh dapat meningkatkan
motivasi karyawan terus dijalankan dan ditingkatkan.
Untuk penghargaan tingkat manajemen restoran, PGI
melaksanakan suatu program insentif kepada semua
karyawan yang terlibat dalam kegiatan gerai. Regional
Manager, Area Manager, Store Manager dan seluruh
tim yang terlibat yang berhasil menunjukkan prestasi
secara konsisten berdasarkan kriteria yang diterapkan
perseroan, termasuk mencapai target sales, food
cost dan ROE (Restaurant Operation Evaluation) akan
mendapatkan insentif dan hasil ini telah terbukti efektif
dan berjalan dengan baik sepanjang tahun 2011.
Program karyawan terbaik sepanjang tahun 2011
telah menghasilkan kandidat-kandidat yang kuat dan
kompeten sebagai calon supervisor di store, dimana
mereka dipilih dengan supervise yang ketat yang
harus secara berturut-turut sebanyak tiga kali menjadi
karyawan terbaik di masing-masing gerai.
PROSPEK USAHA
Tahun 2011 PGI mencatat pertumbuhan kinerja yang
sangat memuaskan seiring juga dengan pertumbuhan
ekonomi Indonesia.
Mel i hat prospek 201 2, I ndonesi a dengan
perekonomian yang berbasis konsumen dan besarnya
jumlah penduduk yang mencapai lebih dari 240 juta
orang, masih memiliki prospek pertumbuhan yang
tinggi untuk industri ritel terutama sektor makanan.
Daya percepatan pertumbuhan GDP sekitar 6,5%
di tahun 2011 dengan tingkat inflasi stabil di tingkat
3,8%, akan menjadi daya tarik sebagai negara tujuan
investasi.
Tren gaya hidup konsumen yang semakin modern
dengan basis kelas menengah yang semakin luas
dari total populasi saat ini menjadi motor penggerak
utama bagi peluang investasi dan momentum positif
untuk tahun-tahun mendatang.
Memasuki tahun 2012, melalui rencana ekspansi
gerai-gerai baru dan peningkatan kualitas gerai-
gerai yang sudah ada serta senantiasa meningkatkan
kualitas sumber daya manusia, makanan produk-
produk baru berkual i tas ti nggi , memberi kan
pelayanan terbaik bagi pelanggan, PGI berkeyakinan
tahun 2012 akan mengalami pertumbuhan yang
positif dan berkesinambungan.
Partnershi ps program wi th employees through
incentive program overall can increase the motivation
of employees, continues to run and been improved.
For award at the management level of the restaurant,
PGI implement an incentive program to all employees
involved in the operational of the outlet. Regional
Manager, Area Manager, Store Manager and the
whole team involved that successfully demonstrate the
achievements consistently based on the applied criteria
by the Company, including reaching the sales target,
food cost and ROE (Restaurant Operation Evaluation)
will get incentives and these results have proven to be
effective and running well throughout 2011.
The best employee programs throughout the year 2011
has resulted a strong and competent candidates as
a potential supervisor in stores, where they were chosen
with a tight supervision that must consecutively three
times to become the best employees at each of the
outlets.
BUSINESS PROSPECTS
PGI noted in 2011 the performance growth is very
satisfactory in line with Indonesias economic growth.
Look at the prospect of 2012, with economy of Indonesia
based on consumers and the size of the population which
reached more than 240 million people, still have a high
growth prospects for the retail industry sector especially
for food sector. Accelerated GDP growth of 6.5% in 2011
with stable inflation rate at the level of 3.8%, will be an
attractive investment destination country.
Consumer lifestyle trends that are more modern with a
growing middle class base of total current population
being the main drive motor for investment opportunities
and a positive momentum for the coming years.
Entering 2012 , through expansion plan for new outlets
and improving the quality of existing outlets and
always improving the quality of human resources, new
excellent quality of food products, give the best services
for consumers, PGI believes in year 2012 will have a
continuous positive growth.
Data-data fundamental
sepanjang tahun 2011 telah
memberikan gambaran
optimistis untuk PGI di
tahun mendatang.
Fundamental data throughout 2011 have provided optimistic picture
for PGI in the next coming year.
15
maintaining
the trust
16
Message From The Board Of Commissioners
Sambutan Dewan Komisaris
Tahun 2011 perekonomi an Indonesi a masi h tetap
menunjukan arah perkembangan positif, dan tumbuh sebesar
6,5%. Sementara sektor konsumsi domestik masih tetap
menjadi penggerak utama perekonomian kita. Peningkatan
penilaian investor asing dan lembaga penilai lainnya tentang
iklim usaha dan prospek pertumbuhan perekonomian
Indonesia pada akhir akhir ini tentu saja akan lebih mendorong
terciptanya peluang usaha lebih besar lagi untuk sektor
industri distribusi dan konsumsi. Pertumbuhan perekonomian
daerah diberbagai propinsi juga mengalami kemajuan pesat,
bandara-bandara udara semakin dipadati penumpang, dan ini
memberikan peluang usaha yang lebih besar bagi perusahaan
yang bergerak dalam sektor makanan siap saji.
Oleh sebab itu kami akan tetap melanjutkan kebijakan
pertumbuhan usaha yang sudah dijalankan sejak beberapa
tahun terakhir ini dan memberikan dukungan kepada Direksi
untuk secara lebih agresif meningkatkan kinerja dalam
berbagai bidang serta memperluas pangsa pasar keberbagai
pelosok tanah air. Kami juga mendorong Direksi dan
karyawan untuk terus mengambil langkah langkah spesifik
dan melakukan pembenahan internal dengan fokus pada
peningkatan kualitas produk, penampilan gerai dan pelayanan
terbaik untuk semua konsumen kami.
Kinerja PGI pada tahun 2011 menunjukan perbaikan berarti
dibandingkan dengan hasil-hasil keuangan pada tahun
sebelumnya, dan ini menunjukan pula bahwa semua
komponen organisasi semakin mantap dapat bekerja sama
dan saling menunjang guna melanjutkan arah pertumbuhan
dan strategi perusahaan. Langkah-langkah penerapan
strategi dan program perbaikan telah dapat dijalankan
dengan baik dan ini tidak terlepas dari kepemimpinan dan
kontribusi Direksi dan seluruh karyawan guna memajukan
PGI mencapai tingkat kinerja yang lebih baik dan menciptakan
nilai perusahaan yang memadai bagi para pemegang saham.
Pertumbuhan gerai, penampilan gerai, kualitas makanan dan
pelayanan senantiasa menjadi fokus perhatian manajemen
guna menjaga tercapainya sasaran strategi tersebut. Seiring
dengan kondisi tersebut pendapatan usaha PGI meningkat
menjadi Rp 292,5 milyar, tumbuh sebesar 18,2%. Untuk tahun
buku 2011, PGI telah meraih laba bersih sebesar Rp 25,9 milyar
dibandingkan Rp 15,8 milyar pada tahun sebelumnya atau
menguat sebesar 63,9%. EBITDA mengalami pertumbuhan
sebesar 37,2% dari Rp 33,3 milyar di tahun 2010 menjadi
Rp 45,7 milyar di tahun 2011.
Sepanjang 2011, Dewan Komisaris dengan dibantu oleh
komite audit aktif dalam memantau dan mengawasi
perkembangan PGI serta kinerja Direksi dan tim manajemen
dibawahnya guna memastikan perkembangan PGI sesuai
dengan tujuan yang telah ditetapkan dan dalam setiap
langkah operasionil dibarengi dengan kontrol yang cermat
baik untuk meningkatkan efisiensi maupun untuk mengelola
risiko dengan lebih baik. Realisasi program-program perbaikan
dan peningkatan mutu terus dijalankan dengan langkah dan
gerak yang menekankan pada kecepatan dan ketajaman
eksekusi disetiap lini operasi dan pelayanan gerai kami.
In 2011 Indonesias economy continued to perform strongly
achieving a growth rate of 6.5%. In the meantime, domestic
consumption continued to be the main driving factor behind the
Indonesian economys growth. Improved sentiments in foreign
investors and other business groups will further encourage the
development of greater business opportunities in the logistics and
consumer related industries. Furthermore, the rapid economic
growth in various regional provinces and rising passenger volumes
at regional airports present greater business opportunities for
companies in the ready-to-eat food sector.
For these reasons we will continue to follow the business growth
policies that we implemented several years ago, and to support
the Directors to more aggressively improve performance and
expand our market share across every part of Indonesia. We also
encourage our Board of Directors and employees to continuously
strive to find new ways to improve our internal operations with
the goal of improving product quality, store image, and customer
service.
In 2011 PGI demonstrated significantly improved financial
performance in comparison to 2010. This is proof that the various
operating departments of the company are working together more
cohesively to achieving common goals of growth and company
strategy. The PGIs business strategy and improvement plan has
been successfully implemented thanks to the leadership and
contribution of the Board of Directors and all employees to achieve
higher performance levels and increase shareholder value.
Growth in number of store outlets, store appearance, and
quality of food and service have always been the main areas
of management focus and have allowed the PGI to achieve its
strategic targets. This can be evidenced by year over year growth
in 2011 of 18.2% in revenues to reach Rp 292.5 billion. In fiscal year
2011 the PGI achieved net profits of Rp 25.9 billion compared to
Rp15.8 billion from the year before, an increase of 63.9%. EBITDA
also grew by 37.2% from Rp 33.3 billion in 2010 to Rp 45.7 billion
in 2011.
Throughout 2011 the Audit Committee has supported the Board of
Commissioners to actively monitor and oversee the performance
of the PGIs Board of Directors and management team as they
strive to achieve operational targets while ensuring that each
management decision has the impact to increase operational
efficiency or improve overall risk management. The PGIs various
quality improvement and quality assurance programs are an
ongoing effort that emphasize speed and sharpness of execution
in every aspect of the PGIs operations and customer service at the
store level.
Dewan Komisaris berpendapat bahwa target pertumbuhan yang ditetapkan
telah merefeksikan prospek ekonomi Indonesia ke depan dan visi PGI untuk
memberikan sumbangan bagi perkembangan Indonesia.
The Board of Commissioners believes that the growth target set by the Board of Directors refects the future
economic prospects of Indonesia and PGIs vision to contribute to the economic development of Indonesia.
17
Dari kiri ke kanan
from left to right
Mr. Tjan Soen Eng
Presiden Komisaris
President Commissioner
Mr. Suhanda Wiraatmadja
Komisaris Independen
Independent Commissioner
Mrs. Tjhin Leeris Harni
Komisaris
Commissioner
PGI berkomitmen pada standar tata kelola Perusahaan yang
baik sebagai dasar untuk membangun kepercayaan dan
profesionalisme dengan para pemangku kepentingan. Hal ini
telah menjadi bagian integral dari pelaksanaan kegiatan dan
interaksi PGI dengan para konsumen, mitra usaha, vendor,
regulator dan pemegang saham. PGI juga sepenuhnya
menaati semua ketentuan baru dan standard pelaporan
keuangan yang mulai berlaku di tahun 2011.
Tanggung jawab pengawasan penerapan langkah strategis,
taktis dan kegiatan perbaikan lainnya dilakukan melalui
mekanisme rapat-rapat Dewan yang dihadiri oleh Direksi
maupun Eksekutif Senior atau Internal Audit bila dirasakan
penting. Selain rapat Dewan secara formal, kami juga
memelihara jalur komunikasi yang terbuka dengan masing-
masing individu anggota Direksi dan Eksekutif Senior.
PGI is committed to our standards of good governance as a basis
for building trust and professionalism with our various stakeholders.
This has become an integral part of how PGI operates and interacts
with its consumers, business partners, vendors, regulators, and
shareholders. PGI also is in full compliance with a all new financial
reporting standards that are in effect as of 2011.
Oversight of the implementation of Company strategy,
improvement and other tactical initiatives are conducted during
board meetings attended by the Board of Commissioners, the
Board of Directors, senior executives, and Internal Audit, where
appropriate. In addition to formal board meetings the Board of
Commissioners maintains an open line of communication with
every member of the Board of Directors and senior executives.
18
Jakarta, Maret 2012 / March 2012
Dewan Komisaris / Board of Commissioners
PT Pioneerindo Gourmet International Tbk
Tjan Soen Eng
Presiden Komisaris
Suhanda Wiraatmadja
Tjhin Leeris Harni
Komisaris
Commissioner
Hal ini dilakukan untuk memungkinkan kami dan Direksi dapat
bertindak proaktif dan cepat dalam menghadapi berbagai
perubahan eksternal dan internal.
Langkah-langkah kebijakan yang telah dan akan terus
dilanjutkan guna menjamin timbulnya pertumbuhan usaha
yang cukup agresif dan berkesinambungan adalah sebagai
berikut :
1. Inovasi produk dan pelayanan konsumen
Beberapa keberhasilan telah dicapai dalam tahun 2011, dan
ini memberikan kami keyakinan lebih besar akan perlunya
percepatan program inovasi produk dan perbaikan
pelayanan ditahun-tahun mendatang.
2. Fokus pada kesempatan regional
Konsolidasi langkah operasional dengan tujuan untuk
mempercepat gerak langkah dalam menangkap peluang
bisnis diberbagai daerah.
3. Perkuat kemampuan manajemen
Pemantapan kemampuan manajemen dalam berbagai
bidang dengan membuka peluang timbulnya perubahan-
perubahan dalam tim kerja dan kecepatan tim untuk
mengisi peluang usaha serta membendung langkah
kompetisi yang semakin semarak dalam industri ini.
4. Memaksimalkan pemanfaatan teknologi IT
Pemanfaatan teknologi informasi secara optimal, termasuk
untuk pengambilan langkah-langkah taktis pemasaran dan
operasional lainnya.
5. Sumber daya manusia
Langkah yang terpenting yang dapat menjamin agar
langkah-langkah diatas terealisir dengan cepat dan tepat
sasaran adalah pembenahan secara terus menerus sumber
daya manusia yang menjadi modal utama perusahaan.
Tantangan terbesar adalah perubahan bertahap pola pikir
kolektif agar tidak canggung dengan perubahan, tantangan,
dan langkah-langkah percepatan eksekusi berbagai
program peningkatan nilai perusahaan.
Dewan Komisaris telah melaksanakan kajian atas rencana
kegiatan PGI 2012 dari Direksi. Dewan Komisaris berpendapat
bahwa target pertumbuhan yang ditetapkan telah merefleksikan
prospek ekonomi Indonesia ke depan dan visi PGI untuk
memberikan sumbangan bagi perkembangan Indonesia.
Sebagai penutup, Dewan Komisaris menyampaikan terima
kasih atas dukungan konsumen, semua mitra bisnis atas
kepercayaan dan dukungannya sepanjang tahun. Kami juga
menyampaikan penghargaan setinggi-tingginya kepada
Direksi dengan seluruh karyawan untuk seluruh dedikasi dan
kontribusinya. Kepada pemegang saham kami menyampaikan
juga rasa terima kasih kami atas dukungan dan kepercayaan
yang diberikan kepada setiap unsur manajemen sampai sejauh
ini. Perjalanan masih panjang marilah kita bekerja lebih giat
untuk membangun masa depan dan mencapai hasil-hasil yang
lebih memuaskan lagi.
This is done to allow the Board of Commissioners and Board of
Directors to act swiftly and proactively in handling any external
or internal challenges or issues that may arise from time to time.
In order to ensure the sustainability of the aggressive business
growth that the Company has achieved over the past few years,
PGIs management has implemented and will continue to support
the following initiatives:
1. Product innovation and customer service
The PGI has achieved a number of success in 2011 due to
product innovation and improvements in customer service.
As a result of this, we will further increase the speed of
development and execution for product innovation and
customer service.
2. Focus on regional opportunities
Focus and consolidate operational initiatives to concentrate
on capturing business opportunities in regional areas.
3. Strengthening of Management Core Capabilities
Develop the skills of the PGIs management team by rotating
work teams and increasing the speed at which they respond
to business opportunities to further increase their competitive
capabilities.
4. Optimized Use of Information Technology
Continue to leverage our existing IT infrastructure to enhance
capabilities in all areas of operations and tactical marketing.
5. Human Resources
Further enhance and develop the PGIs human resources as
a key asset in the drive to achieve the previously mentioned
goals. One of the largest challenges is the ongoing drive to
mold the PGIs collective mindset to embrace the changes,
challenges, and initiatives presented here that will ultimately
work to increase PGI value.
The Board of Commissioners has reviewed the Board of Directors
2012 business plan. The Board of Commissioners believes that
the growth target set by the Board of Directors reflects the future
economic prospects of Indonesia and PGIs vision to contribute to
the economic development of Indonesia.
In closing, the Board of Commissioners would like to thank our
customers and business partners for their continued trust and
support over the years. We also offer our highest regards to the
Board of Directors and all employees for their dedication and
valued contribution. To our shareholders we would also like to
express our gratitude for the trust and support we have received
in all our management decisions thus far. The road ahead of us is
still long. Let us work together as a team to build a future of which
we can be proud.
19
talEnt
SuStain
ability
Setiap kesuksesan dibangun dari
kepandaian untuk mengerjakan
lebih baik dari yang baik.
Every success is built on the ability
to do better than good enough.
20
LAPORAN Dewan DIREKSI
Report From The Board Of Directors
Tahun 2011 merupakan tahun yang diwarnai dengan
berbagai perubahan, dimulai terjadinya krisis hutang
di Eropa yang menimbulkan kekhawatiran tentang
masa depan Uni Eropa, lambatnya proses pemulihan
ekonomi Amerika Serikat dan Jepang. Dibidang
lingkungan, kita menyaksikan terjadinya bencana alam
hebat akibat tsunami dan krisis nuklir di Jepang yang
ikuti bencana banjir yang melumpuhkan Thailand.
Kejadian tersebut telah memicu terjadinya gangguan
signifikan terhadap rantai pasok industri manufaktur,
yang juga mempengaruhi Indonesia walaupun
dampaknya tidak separah yang dialami negara-negara
lainnya.
Ditengah gejolak tersebut, Indonesia tetap berhasil
meraih kinerja ekonomi positif dengan pertumbuhan
ekonomi mencapai 6,5% dibandingkan 6,1% di tahun
2010. Inflasi mengalami penurunan hingga 3,8%
di akhir tahun 2011 dari 6,9% di tahun 2010. Hal ini
mendorong Bank Indonesia untuk menurunkan suku
bunga menjadi 6,0% dari 6,5% di tahun 2010.
Indikator-indikator makro ekonomi yang baik ini telah
menciptakan lingkungan yang sehat dan kondusif bagi
semua industri termasuk sektor konsumsi.
Sejak lima tahun terakhir mulai tahun 2007 sampai
dengan tahun 2012 PGI senantiasa menunjukan
pertumbuhan yang kuat dan konsisten naik setiap
tahun serta selalu dapat mempertahankan dan
meningkatkan pangsa pasar yang ada.
Komitmen yang kami tanamkan kepada setiap
karyawan PGI yaitu selalu memberikan pelayanan yang
terbaik, cepat dan ramah serta menyiapkan produk
dengan kualitas terbaik sehingga konsumen akan
mendapat kepuasan yang tak terhingga.
Laba bersih setelah pajak mencapai Rp 25,9 milyar di
tahun 2011, meningkat 63,9% dari Rp 15,8 milyar di
tahun 2010, sehingga rasio ROA mencapai 19,4% dan
ROE mencapai 34,9%.
Kinerja positif ini terutama didorong oleh pertumbuhan
pendapatan usaha sebesar 18,2% mencapai Rp 292,5
milyar, yang menghasilkan peningkatan laba bruto
sebesar 18,5% mencapai Rp 192,5 milyar.
The year 2011 is filled with many changes, the start of
the debt crisis in Europe which had created worries about
the future of the European Union, the slow process of the
economic recovery in the United States and Japan. In the
environment side, we saw of great natural disaster caused
by tsunami and nuclear crisis in Japan that followed by
the flood disaster that crippled Thailand. These incidents
sparked a significant disruption to manufacturing industry
supply chain, which also affect Indonesia although the
effects were not as bad as like some other countries.
Amid the turmoil, Indonesia still managed to grab the
positive economic performance with economic growth
reached 6.5% compared to 6.1% in 2010. Inflation
decreased to 3.8% at the end of 2011 from 6.9% in 2010.
This prompted the Bank Indonesia to lower interest rates
to be 6.0% from 6.5% in 2010.
These sound macro-economic indicators have created
a healthy and conducive environment for all industries
including the consumption sector.
Since the last five years starting in 2007 to 2012, PGI
constantly showing strong growth and consistently
higher every year and always been able to maintain and
improve the existing market share.
The commitment that we want every employee of PGI to
deliver is to always give the best service, fast and friendly
as well as preparing products with the best quality so that
consumers will get the infinite satisfaction.
Net profit after tax reached Rp 25.9 billion in 2011, an
increase of 63.9% from Rp 15.8 billion in 2010, so the
ROA ratio reaches 19.4% and ROE stands at 34.9%.
This positive performance was driven mainly by growth
of operating income of 18.2% reaching Rp 292.5 billion,
which resulted in increased gross profit of 18.5% reaching
Rp 192.5 billion.
Kinerja positif ini terutama didorong oleh pertumbuhan
pendapatan usaha sebesar 18,2% mencapai Rp 292,5 milyar.
This positive performance was driven mainly by growth of operating income of 18.2% reaching Rp 292.5 billion.
21
Sejalan dengan pertumbuhan pendapatan usaha
yang signifikan, PGI juga berhasil membukukan
pertumbuhan aset sebesar 22,4% menjadi Rp 133,4
milyar. Hal ini terutama didorong dari pertumbuhan
investasi gerai baru. Jumlah ekuitas juga meningkat
sebesar 70,3 % menjadi sejumlah Rp 70,2 milyar.
Program pengembangan sumber daya manusia sebagai
aset PGI yang paling penting tetap dilanjutkan di tahun
2011. Sebagai wujud kepedulian akan pentingnya
divisi ini, maka pada tahun 2011 kami memisahkan
departemen ini dari Human Resources Department
(HRD). Kami bentuk departemen sendiri departemen
Training Centre yang dipimpin oleh seorang manajer
yang bertanggung jawab kepada Presiden Direktur.
In line with significant growth in operating revenue,
PGI also managed to grow their assets by 22.4% to
Rp 133.4 billion. This is especially encouraged by growing
in new outlets investment. The amount of equity is also
increased by 70.3% to a figure of Rp 70.2 billion.
Human Resources Development Program as Pioneerindo
Gourmet Internationals most important asset still to
be continued in 2011. As a form of awareness of the
importance of this division, then in 2011 we separated the
Human Resources Department (HRD). We formed a sole
department namely Training Centre Department that is
headed by a manager who is responsible to the President
Director.
Dari kiri ke kanan
from left to right
Mr. Teh Kian Kun
Direktur
Director
Mrs. Susanna Kusnowo
Direktur
Director
Mr. Iskonda Japiar Budhi
Direktur
Director
Mr. Kusuwandi Tamin
Direktur Utama
President Director
22
Departemen Trai ni ng Centre sebagai pusat
pengembangan sumber daya manusia, yang terus
melaksanakan program-program pelatihan untuk
meningkatkan dan memperbarui keterampilan dan
pengetahuan para karyawan.
PGI berkomitmen dan terus berupaya menciptakan
lingkungan kerja yang profesional, transparan serta
menantang di industri sektor konsumsi.
PGI memahami bahwa industri yang kami jalankan
harus senantiasa meningkatkan brand image dan
brand awareness sehingga konsumen setia PGI dapat
secara berkesinambungan mengikuti seluruh aktivitas
yang dijalankan.
Sebagai brand ambassador tahun 2011, PGI bekerja
sama dengan saudari Fitri Tropica dengan meluncurkan
beberapa paket menu makanan yang mendapat
sambutan baik dari konsumen setia Pioneerindo
Gourmet International. Program-program kerjasama
tersebut telah kami iklankan baik di media cetak
maupun media elektronik.
Selain itu untuk memudahkan pelanggan mengenal
lebih dekat PGI, pelanggan dapat mengunjungi
website PGI di www.cfcindonesia.com dan facebook di
www.facebook.com/cfcindonesia yang mana pada
saat ini sudah memiliki fans sebanyak 290.000.
Khusus untuk facebook Pioneerindo Gourmet
International, fans yang terdaftar termasuk cukup
banyak dan menarik perhatian karena page ini baru
di luncurkan atau aktif lebih kurang 1 tahun. Dengan
adanya page ini PGI dapat menjalin komunikasi dua
arah dengan konsumen setia Pioneerindo Gourmet
International.
PGI memiliki komitmen untuk melaksanakan standar
transparansi dan akuntabilitis yang tertinggi bagi
seluruh pemangku kepentingan, pemegang saham,
konsumen, karyawan, regulator, mitra usaha, vendor
dan masyarakat luas. Kami percaya bahwa budaya
tata kelola perusahaan yang kuat dan sehat memiliki
manfaat bagi kegiatan usaha karena dalam jangka
panjang dapat membangun kepercayaan dan
profesionalisme dalam hubungan kami dengan para
pemangku kepentingan.
Tahun 2012 masih tetap dibayangi ketidakpastian
dengan berlanjutnya masalah di zone Eropa serta
lambatnya pemulihan ekonomi di Amerika Serikat dan
Jepang. Pasar keuangan dan pasar modal diproyeksikan
akan terus bergejolak daya kekhawatiran masalah
likuidasi yang akan mempengaruhi tingkat kepercayaan
investor. Namun demikian di dukung besarnya pasar
domestik, kekayaan alam dan lokasinya yang strategis,
Indonesia diproyeksikan akan meraih kinerja yang
relatif lebih baik.
The Training Centre Department as a centre for human
resources development, which continuously implementing
training programs to improve and update the skills and
knowledge of the employees.
PGI is committed and continuously to attempt to create
a work environment that is professional, transparent as
well as challenging in the consumption sectors industry.
PGI understands that the industry they are running
has to constantly improve the brand image and brand
awareness so that Pioneerindo Gourmet Internationals
loyal consumers can continuously follow the whole
laid-out activities.
As for brand ambassador of 2011, PGI teamed up with
Fitri Tropica by launching several packages of food menu
that gets warm reception from Pioneerindo Gourmet
Internationals loyal consumers. These cooperation
programs have been advertised either in print or electronic
media.
In addition, to facilitate customers get to know PGI
closer, customers can visit the website of PGI at
www.cfcindonesia.com and facebook at www.facebook.
com/cfcindonesia which at present already have fans
as many as 290,000. Specifically for Pioneerindo
Gourmet Internationals facebook, registered fans turned
out to be quite significant and grabbing much attention
because this page was newly launched or just active for
approximately 1 year. With the existence of this page, PGI
may establish two-way communication with Pioneerindo
Gourmet Internationals loyal consumers.
PGI has a commitment to implement the highest standard
of transparency and accountability for all stakeholders,
shareholders, consumers, employees, regulators, partners,
vendors and the public at large. We believe that the culture
of corporate governance which are strong and healthy,
benefits for business activities because in the long run it
can build trust and professionalism in our relationships
with stakeholders.
The year 2012 will still be overshadowed by uncertainty
with continuing problems in European zone as well as
slow economic recovery in the United States and Japan.
Financial markets and capital market is projected to
continue to be volatile, concerns issues that will affect
the level of liquidity and in turn the investors confidence.
Nevertheless, supported by size of the domestic market,
natural resources and its strategic location, Indonesia is
projected to grab a relatively better performance.
23
Jakarta, Maret 2012 / March 2012
Dewan Direksi / Board of Directors
Teh Kian Kun
Direktur
Director
Susanna Kusnowo
Direktur
Director
Iskonda Japiar Budhi
Direktur
Director
Kusuwandi Tamin
Direktur Utama
President Director
Peningkatan peringkat Indonesia ke peringkat
investment diharapkan akan mendorong investasi asing
ke Indonesia yang akan mendukung perkembangan
ekonomi Indonesia. Walaupun demikian kami harus
tetap berhati-hati mencermati prospek ketidakpastian
ekonomi dunia.
Sebagai Penutup kami sampaikan ucapan terima kasih
kepada para pemegang saham, konsumen, regulator,
mitra usaha, karyawan dan Dewan Komisaris PGI serta
masyarakat luas yang telah memberikan dukungan dan
kepercayaannya. Direksi dan juga manajemen senior
berkomitmen memberikan yang terbaik untuk terus
meningkatkan kinerja di tahun 2012 serta membangun
masa depan yang lebih baik bagi PGI dan seluruh
pemangku kepentingan di tahun-tahun mendatang.
An increase in Indonesia sovereign rating to the rank of
investment is expected to encourage foreign investment
into Indonesia, which will support the growth of the
Indonesian economy. Nonetheless, we have to remain
cautious closely monitoring the uncertainty prospect of
the world economy.
In closing we pass on our thank you to the shareholders,
consumers, regulators, business partners, employees and
Board of Commissioners of PGI and the wider community
who have given support and its confidence. The Board of
Directors as well as senior management is committed to
providing the best, to keep improving performance in 2012
as well as building a better future for PGI and the whole
stakeholders in the coming years.
24
Desain baru interior Sapo Pondok Indah Mall
New design interior Sapo Pondok Indah Mall
25
Founded in 1983, PT Pioneerindo Gourmet International
Tbk (was PT Putra Sejahtera Pioneerindo) is one of the
first-generation Company that introduced the concept
of fast food retailing with main ingredient based on
chicken. Holder of the trademark California Pioneer
Chicken, franchisee of Pioneer Take Out from the United
States of America, PGI has successfully won the heart of
people with high quality products and services and also
succeeded to make fried chicken serving as trendsetter in
the world of fast food business in Indonesia.
After seven years gaining experiences and a proven
market share, PGI in 1989 separated themselves from
being a franchisee to become a full franchise holder
that produce and market own products brand called
California Fried Chicken (CFC). Business foundation was
strengthened by using franchise system and later formed
subsidiary companies, PT Putra Asia Perdana Indah
and PT Mitra Hero Pioneerindo, to fully support PGI
performance with an integrated partnership framework,
run as a synergy power to stimulate business growth.
PGI started to develop other opportunities in the market,
by business diversification through production and
marketing of Cal Donut product in 1993.
Gaining public trust is a very essential attainment for
PGI growth, hence PGI is always encouraged to always
maintain the stability and continuity of business that
holding fast to quality commitment. The seriousness
in giving added value to business entity or for public
responsibility, evidenced by PGI listed itself as a public
company in the Indonesia Stock Exchange (was the
Jakarta Stock Exchange) in April 1994.
In 1996, an important step was again taken by PGI by
opening Sapo Oriental, a family restaurant concept,
which is the proof of PGIs seriousness in developing
themselves and using experience earned as well as field
confidence.
Stability in business does not make PGI to stop
learning, while there is a very rapid development in
the middle of the world of fast food business scene.
People development in an increasingly globalizing
world community has always demanded updates and
changes. With those reasons, in 2001 PGI open up to
do a full revitalization. One of the result was the most
Didirikan pada tahun 1983, PT Pioneerindo Gourmet
International Tbk (d/h PT Putra Sejahtera Pioneerindo)
merupakan salah satu Perusahaan generasi pertama
yang memperkenalkan konsep makanan cepat saji
berbahan dasar ayam. Menjadi pemegang merek
dagang California Pioneer Chicken, terwaralaba
Pioneer Take Out dari Amerika Serikat, PGI telah
sukses memenangkan hati masyarakat dengan
produk dan layanan berkualitas, serta berhasil juga
menjadikan sajian ayam goreng sebagai trendsetter
dalam dunia usaha makanan cepat saji Indonesia.
Setelah tujuh tahun menempa pengalaman dan
teruji dalam penguasaan pasar, pada tahun 1989
PGI melepaskan diri dari usaha terwaralaba menjadi
pemegang waralaba penuh yang memproduksi dan
memasarkan merek produk sendiri, yaitu California
Fried Chicken (CFC). Basis usaha pun diperkuat
dengan membentuk franchise dan mendirikan anak
perusahaan, yaitu PT Putra Asia Perdana Indah dan
PT Mitra Hero Pioneerindo, guna mendukung penuh
kinerja PGI dengan pola kemitraan terpadu yang
dijalankan sebagai sebuah kekuatan sinergi untuk
memacu pertumbuhan usaha. PGI mulai menggarap
peluang pasar berikutnya, yaitu diversifikasi usaha
berupa produksi dan pemasaran produk Cal Donut
pada tahun 1993.
Meraih kepercayaan publik adalah pencapaian yang
sangat penting bagi pertumbuhan PGI, sehingga PGI
terus terpacu untuk senantiasa menjaga stabilitas
dan kontinuitas usaha yang berpegang teguh kepada
komitmen kualitas. Kesungguhan dalam memberikan
nilai tambah kepada badan usaha maupun dalam
l ayanan masyarakat, di bukti kan PGI dengan
mencatatkan diri sebagai Perusahaan publik di Bursa
Efek Indonesia (d/h Bursa Efek Jakarta) pada bulan
April 1994.
Pada tahun 1996, sebuah langkah penting kembali
dilakukan PGI dengan membuka Sapo Oriental,
sebuah restoran keluarga, yang menjadi bukti
kesungguhan PGI dalam mengembangkan diri dan
memanfaatkan pengalaman serta pengenalan
medan.
Stabilitas usaha tidak membuat PGI berhenti belajar,
sementara ditengah percaturan dunia usaha makanan
cepat saji terjadi perkembangan yang sangat pesat.
Perkembangan masyarakat dal am komuni tas
dunia yang semakin mengglobal selalu menuntut
pembaruan dan perubahan. Dengan alasan tersebut,
pada tahun 2001 PGI membuka diri untuk melakukan
Company Profle
Profil Perusahaan
26
important milestones of PGI, which was changing
in company name to be PT Pioneerindo Gourmet
International Tbk.
The success experience and increase in sustainable
growth for 28 years, taking PGI stepped into (moving
toward) to the dreamed vision. At the end of 2011, the
Company operated some 244 outlets with 3 trademarks
that shelter beneath it and is supported by 2.133
employees.
revitalisasi menyeluruh. Salah satu hasilnya adalah
tonggak sejarah terpenting PGI yaitu perubahan
nama Perusahaan menjadi PT Pioneerindo Gourmet
International Tbk.
Pengalaman sukses dan peningkatan pertumbuhan
yang berkelanjutan selama 28 tahun, membawa
PGI melangkah menuju (moving toward) ke visi yang
dimimpikan. Pada akhir tahun 2011, Perusahaan
menjalankan 244 gerai dengan 3 merek dagang
yang bernaung di bawahnya dan didukung oleh 2.133
karyawan.
27
28
Profle Of Commissioners
PROFIL Dewan Komisaris
Dari kiri ke kanan
from left to right
Mr. Tjan Soen Eng
Presiden Komisaris
Komisaris
Commissioner
29
Mr. Tjan Soen Eng
Komisaris Utama / President Commissioner
Presiden Komisaris Perseroan sejak tahun 2007. Beliau lahir di Tondano, Sulawesi Utara, 28 Maret 1956. Pada saat
ini beliau berkecimpung dan menangani berbagai tugas eksekutif serta bertindak sebagai pengambil kebijakan dan
keputusan strategis pada berbagai perusahaan yang bergerak dalam bidang industri asuransi, jasa pembiayaan,
sektor pariwisata dan properti. Pengalaman kerja lainnya adalah beliau berkarya sebagai konsultan keuangan dan
partner pada Ernest & Young selama 7 tahun, dan memiliki berbagai pengalaman memimpin tim dan langsung dalam
menangani berbagai tugas merger/akuisisi, uji tuntas, penilaian badan usaha, strukturisasi keuangan dan korporasi,
serta pembenahan strategi perusahaan.
Beliau memperoleh gelar Sarjana Manajemen dari Universitas Katolik Indonesia Atmajaya pada tahun 1981. Kemudian
beliau melanjutkan studi di University of Nebraska, Lincoln, Nebraska, USA, untuk meraih gelar MBA di tahun 1984
dan PhD tahun 1988.
President Commissioner of the Company since 2007. He was born on 28 March 1956 in Tondano, North of Sulawesi.
Currently he is involved and handling a variety of executive duties and act as a strategic policy and decision makers
at various companies engaged in the insurance industry, financial services, tourism and property sectors. Other work
experience is working as financial consultant and partner at Ernest & Young for 7 years, and has several experiences
as team leader and directly involved in handling the various tasks of mergers/ acquisitions, due diligence, company
valuation, financial and corporate restructuring and revamping of corporate strategy.
He earned a Bachelors degree from Atmajaya Catholic University of Indonesia in 1981. Then he continued his studies at
the University of Nebraska, Lincoln, Nebraska, United States of America, in order to obtain an MBA degree in 1984 and
PhD in 1988.
Komisaris Independen / Independent Commissioner
Lahir di Jakarta pada tanggal 25 Maret 1954 sebagai Warga Negara Indonesia yang berhasil menyelesaikan pendidikan
di Jurusan Akuntansi Fakultas Ekonomi, Universitas Indonesia pada tahun 1982, dan saat ini beliau adalah Komisaris
Utama PT Towers Watson Purbajaga dan PT Dharma Nilaitama serta Komisaris Independen PT Pioneerindo Gourmet
International, Tbk., PT Bayu Buana, Tbk., dan PT Towers Watson Indonesia.
Dan sebelumnya pernah menjabat sebagai Komisaris Utama PT Zurich Insurance, PT Maskapai Reasuransi
Indonesia, Tbk. dan PT Asuransi Bina Dana Arta, Tbk.
Born in Jakarta on 25th March 1954 as an Indonesian Citizen, and who has successfully completed his studies for a degree
in accountancy at the Faculty of Economics, University of Indonesia in 1982, and currently has held some positions as
President Commissioner of PT Towers Watson Purbajaga & PT Dharma Nilaitama and as Independent Commissioner of
PT Pioneerindo Gourmet International, Tbk., PT Bayu Buana, Tbk. and PT Towers Watson Indonesia.
And before that ever held some positions as President Commissioner of PT Zurich Insurance Indonesia, PT Maskapai
Reasuransi Indonesia, Tbk., and PT Asuransi Bina Dana Arta, Tbk.
Komisaris / Commissioner
Warga negara Indonesia, lahir di Jakarta, 5 Oktober 1967. Beliau diangkat sebagai Komisaris Perseroan sejak tahun 2011.
Beliau menyelesaikan pendidikan Jurusan Akuntansi Yayasan Administrasi Indonesia pada tahun 1986 dan AKSEK
LPK Tarakanita di tahun 1989. Sebelumnya, beliau pernah menjabat sebagai sekretaris dari Presiden Direktur di Divisi
Property PSP Group (1990), legal Officer di Divisi Property PSP Group (1991 - 1993), Chief Legal di Divisi Property PSP
Group (1993 - 1997) dan sebagai Coorporate Secretary di PSP Group (1997 - 2000). Beliau juga menjabat sebagai
Coorporate Legal dan Lisence di PT Triputra sejak tahun 2001 sampai dengan sekarang.
An Indonesian citizen, born in Jakarta on 5 October 1967. She was appointed as Companys Commissioner since 2011.
She completed her study at Accounting Faculty of Yayasan Administrasi Indonesia in 1986 and AKSEK LPK Tarakanita
in 1989. Previously, she has held several positions, as Secretary to the President Director of PSP Groups Property Division
(1990), as Legal Officer of PSP Groups Property Division (1991 - 1993), as Chief Legal at Property Division of PSP Group
(1993 - 1997) and as Coorporate Secretary of PSP Group (1997 - 2000). She is currently holding a position as Coorporate
Legal and License at PT Triputra since 2001.
01
02
03
30
Dari kiri ke kanan
from left to right
Mr. Teh Kian Kun
Direktur
Director
Direktur
Director
Direktur
Director
Mr. Kusuwandi Tamin
Direktur Utama
President Director
Profle Of Directors
PROFIL Dewan DIREKSI
31
Mr. Kusuwandi Tamin
Direktur Utama / President Director
Presi den Di rektur Perseroan sej ak tahun 2007.
Lahir di Tanjung Pandan 46 tahun yang lalu. Beliau
menyelesaikan pendidikan Sarjana Akuntansi pada
Sekolah Tinggi Ilmu Ekonomi Yayasan Administrasi
Indonesia tahun 1990 dan meraih gelar Magister
Management di IPMI Business School tahun 2002
dengan spesialisasi bidang Manajemen Internasional.
Bergabung di perusahaan sejak tahun 1988 dengan
menempati berbagai posisi mulai dari Chief Accountant,
Finance Manager, Direktur Keuangan, Komisaris, Direktur
Operasional, dan Managing Direktur.
Presi dent Di rector of the Company si nce 2007.
Born 46 years ago in Tanjung Pandan, he finished his
study for bachelor degree in Accounting at Sekolah Tinggi
Ilmu Ekonomi Yayasan Administrasi Indonesia in 1990
and later obtained a Master degree in Management from
IPMI Business School in 2002 specializing in International
Management. He joined the Company in 1988 and occupied
various positions, beginning with Chief Accountant,
Finance Manager, Director of Finance, Member of Board
of Commissioner, Director of Operations, and Managing
Director.
Mr. Teh Kian Kun
Direktur / Director
Warga Negara Indonesia lahir di Pematang Siantar
pada tahun 1968, menyelesaikan pendidikan Jurusan
Akuntansi Fakultas Ekonomi di Sekolah Tinggi Ilmu
Ekonomi Yayasan Administrasi Indonesia pada tahun
1993. Sejak tahun 2007 beliau bergabung dengan
PT Pioneerindo Gourmet International, Tbk sebagai
Di rektur Keuangan. Sebelumnya, beli au pernah
menjabat sebagai assisten Direktur PT. ABDA Insurance,
Tbk. Direktur PT. Putra Swareka Perdana, Direktur Utama
PT BPR Kumara Abadi dan PT BPR Mitrakarya Aratamulia.
Indonesian citizen, born in Pematang Siantar in 1968,
graduated from the Accounting School of the Faculty of
Economics at the Tertiary School of Economics Education,
Foundation of Administrative Indonesia in 1993. Since
2007, he joined PT. Pioneerindo Gourmet International
Tbk as the Director of Finance. Previously, he served as
Assistant Director of PT. ABDA Insurance Tbk, Director of
PT Putra Swareka Perdana, President Director of PT. BPR
Kumara Abadi and PT. BPR Mitrakarya Aratamulia.
01
Direktur / Director
Komi sari s Perseroan sej ak 2006. Beli au lahi r di
Bandung, 5 Januari 1958 dan lulusan Arsitektur di
UK tahun 1982. Pada tahun 1985 - 1990 menjabat
sebagai Managing Director di Putra Asia Perdana
Indah. Kemudian menjabat juga sebagai Direktur
Utama di Perusahaan yang sama sejak tahun 1990
- sekarang. Sejak 2006 - April 2011, beliau menjabat
sebagai Komi sari s di PT Pi oneeri ndo Gourmet
International, Tbk., dan sejak Mei 2011 - sekarang
beli au sebagai Di rektur Operasi PT Pi oneeri ndo
Gourmet International, Tbk.
Commissioner of the Company since 2006. Born in bandung
on 5 January 1958, who in 1982 graduated from his studies
in architecture in the UK. During the period 1985 1990 he
held position of Managing Director of PT Putra Asia Perdana
Indah, and later he became President Director, also at the
same Company and which position he has been holding since
1990. Since 2006 - April 2011, He held as Commissioner of
PT Pioneerindo Gourmet International, Tbk., and since
May 2011 he has appointed as Operations Director of
PT Pioneerindo Gourmet International, Tbk.
03
02
Direktur / Director
Direktur Perseroan sejak tahun 1998. Lahir di Jakarta,
11 Januari 1969. Beliau menyelesaikan pendidikan
Bachelor of Science dalam bidang Finance pada Loyola
Marymount University, Los Angeles, California, USA,
tahun 1990. Selama memasuki dunia kerja sejumlah posisi
telah diduduki olehnya, yaitu: 1989 1990 sebagai Floor
Operation Supervisor di Wells Fargo Bank, Los Angeles,
California, USA; tahun 1990 1991 sebagai Quality
Control Supervisor di raksasa industri restoran McDonalds
Corporation, Los Angeles, California, USA; tahun 1991
1993 Chief Financial Officer Asean Computer Technology,
Walnut, California, USA. Audit Manager di PT Putra
Sejahtera Pioneerindo tahun 1993 1994 dan tahun 1994
October 1996 dipromosikan menjadi Direktur PT Putra
Sejahtera Pioneerindo, dan tahun 1996 1998 menjadi
Deputy General Manager Marketing PT Putra Surya Perkasa.
Sejak bulan Juli 1998 - 2001 beliau menjabat sebagai
Direktur PT Putra Sejahtera Pioneerindo, dan tahun 2001
- sekarang, menjabat sebagai Direktur PT Pioneerindo
Gourmet International, Tbk. (sebelumnya dikenal
sebagai PT Putra Sejahtera Pioneerindo).
Director of the Company since 1998. Born in Jakarta on
11 January 1969. She finished her study for Bachelor of
Science in Finance degree at Loyola Marymount University,
Los Angeles, California, USA, in 1990. Entering the business
world, she held several positions during her career, which
include: 1989 1990, as Floor Operation Supervisor at Wells
Fargo Bank in Los Angeles, California, USA; 1990 1991,
as Quality Control Supervisor at restaurant industry giant
McDonalds Corporation, Los Angeles, California, USA; 1991
1993,as Chief Financial Officer, Asean Computer Technology,
Walnut, California, USA. Audit Manager at PT Putra Sejahtera
Pioneerindo for period 1993 1994 and subsequently promoted
to become a Director of PT Putra Sejahtera Pioneerindo
which position she held tor period 1994 1996. Following this,
she held the position of Deputy General Manager Marketing
at PT Putra Surya Perkasa for the period 1996 1998. Since
July 1998 - 2001, she held position as Director of PT Putra
Sejahtera Pioneerindo and since then (2001), she became The
Director of PT Pioneerindo Gourmet International, Tbk.
(previously known as PT Putra Sejahtera Pioneerindo).
04
32
34
Signifcant Activities In 2011
AKTIFITAS PENTING 2011
RUPS Tahunan,
18 Mei 2011, Citadines Hotel, Jakarta
Annual General Meeting,
18 May 2011, Citadines Hotel, Jakarta
Donor Darah,
20 Juli 2011, Gedung Jaya, Jakarta
Blood Donor Program,
20 July 2011, Gedung Jaya, Jakarta
Tur Motivasi Karyawan Manajerial,
25 Mei - 2 Juni 2011, Turki
Motivation Tour Managerial Staff,
25 May - 2 June 2011, Turki
Buka Puasa bersama Anak-anak Panti Asuhan,
18 Agustus 2011, TMII, Jakarta
Breaking Fast Together with Orphanage,
18 August 2011, TMII, Jakarta
Rakernas II,
26 - 28 September 2011, Bogor
Rakernas II,
26 - 28 September 2011, Bogor
35
Natal,
16 Desember 2011, Bekasi
Christmast,
16 December 2011, Bekasi
Rakernas Supervisor,
25 - 26 Oktober 2011, Cipayung, Jawa Barat
Rakernas Supervisor,
25 - 26 October 2011, Cipayung, West Java
Pameran Franchise,
14 - 16 Oktober 2011, JHCC, Jakarta
Franchise Exhibition,
14 - 16 October 2011, JHCC, Jakarta
Office Outing,
9 - 10 Desember 2011, Ciater, Jawa Barat
Office Outing,
9 - 10 December 2011, Ciater, West Java
Championship 2011,
TMII, Jakarta
Championship 2011,
TMII, Jakarta
36
Sebagai Perusahaan publik, PGI berkomitmen untuk
mewujudkan tata kelola perusahaan yang baik
meliputi :
1. Tanggung jawab menjaga stabilitas pertumbuhan
usaha.
2. Transparan dalam menjalankan kegiatan usaha.
3. Akuntabilitas dari anggota Dewan Komisaris dan
Direksi.
4. Kemandirian dalam menjaga aset Perusahaan
dan nilai jangka panjang pemegang saham.
Pelaksana dan pengawas dari tata kelola perusahaan
meliputi Karyawan, Dewan Komisaris, Dewan
Direksi, Komite Audit, Internal Audit serta Sekretaris
Perusahaan.
KARYAWAN
Karyawan merupakan struktur internal yang dituntut
menjalankan prosedur standar pemenuhan tata
kelola Perusahaan yang baik meliputi :
1. ETIKA KERJA
Etika Kerja merupakan sistem nilai atau norma yang
digunakan seluruh karyawan dalam menjalankan
tugasnya masing-masing, seperti: memelihara
dengan baik semua milik PGI, mengikuti petunjuk
yang diberikan oleh atasan, menjaga kerahasiaan
perusahaan, menjaga kualitas layanan kepada setiap
konsumen, jujur, serta disiplin.
2. ETIKA USAHA
Etika Usaha merupakan sistem nilai atau norma
Perusahaan yang di wuj udkan melalui seluruh
karyawannya dalam menjaga hubungan dengan
lingkungan usaha, seperti: menjaga hubungan
yang saling menguntungkan dengan mitra usaha,
mematuhi hukum dan peraturan yang berlaku, serta
mementingkan kejujuran dan integritas dalam usaha.
DEWAN KOMISARIS
Dewan Komisaris Perusahaan terdiri dari 3 anggota,
merupakan para profesional yang dipilih melalui
RUPS untuk masa jabatan 5 tahun dan bertanggung
jawab kepada pemegang saham. Susunan Dewan
Komisaris saat ini meliputi 1 Komisaris Utama dan 2
anggota Komisaris yang mana 1 anggota diantaranya
merupakan merupakan komisaris independen.
Dewan Komisaris berfungsi mengawasi dan memberi
nasihat atas kebijakan yang dijalankan oleh Direksi,
melakukan pengawasan atas tindakan hukum yang
dilakukan Direksi, menerima laporan Direksi atas
semua peristiwa penting yang terjadi dalam proses
jalannya usaha, serta memberikan laporan atas tugas
pengawasan yang telah dilakukan selama tahun buku
yang baru lampau kepada RUPS.
As a public company, PGI is committed to realizing good
corporate governance that include:
1. The responsibility of maintaining the stability of
business growth.
2. The Transparency in conducting business activities.
3. The accountability of members of the Board of
Commissioners and Directors.
4. The self-sufficiency in keeping the Companys assets
and long term shareholders value.
The executives and supervisor of corporate governance
include employees, Board of Commissioners, Board of
Directors, the Audit Committee, the Internal Audit as well
as the Corporate Secretary.

EMPLOYEES
The employee is the internal structure that is charged to
implement the standard procedure of accomplishment
of good corporate governance that include :
1. WORK ETHIQUE
Work ethic is a system of values or norms used by
all employees in exercising their respective duties,
such as: keep well all property of PGI, follow the
instructions given by his or her superior, maintain the
confidentiality of PGI, maintain the service quality to
every consumer, be honest as well as discipline.
2. BUSINESS ETHIQUE
Business Ethics is a system of value or norms of a
company that realized through all its employees in
keeping the relationship with business environment,
such as: maintaining mutually beneficial relationships
with business partners, comply with applicable laws and
regulations, as well as upholding honesty and integrity in
conducting business.
BOARD OF COMMISSIONERS
The Board of Commissioners the Company consists of
3 members, are professionals that were chosen through
the Annual General Shareholders Meeting for a term
of 5 years and are responsible to shareholders. The
current composition of the Board of Commissioners
consists of 1 President Commissioner and 2 members
of Commissioners where one of the members is an
Independent Commissioner.
The Board of Commissioners work overseeing and
advising on policy undertaken by the Directors, conduct
supervision over legal action taken by the Directors,
receive reports from the Directors on all the important
events that happened in the course of the business
activities, as well as providing reports on supervising
duty that has been done over the recently passed year
to the Annual General Shareholders Meeting.
Good Corporate Governance
TATA KELOLA PERUSAHAAN
37
Dewan Komisaris mengadakan rapat berkala 2
mingguan dengan Direksi untuk membahas isu-isu
penting yang terjadi dalam menjalankan kegiatan
usaha, serta mendiskusikan langsung risalah Komite
Audit apabila ada.
DEWAN DIREKSI
Dewan Direksi Perusahaan terdiri dari 4 anggota, yang
terdiri dari 1 Direktur Utama dan 3 Direktur Bidang.
Direksi bertanggung jawab dalam melaksanakan
tugasnya untuk mencapai maksud dan tujuan
daripada visi dan misi.
Rapat Direksi diadakan secara berkala kwartalan
( rakernas ) untuk membahas program kerja yang
sudah dicapai dan menentukan rencana kerja kwartal
berikutnya dan secara mingguan untuk mengevaluasi
efektivitas pelaksanaan program kerja dan hal-hal
penting lainnya dalam upaya mencapai maksud dan
tujuan PGI.
KOMITE AUDIT
Komite Audit merupakan komite yang tugas dan
fungsinya membantu Dewan Komisaris. Komite
Audit merupakan pihak independen yang tugas dan
fungsinya memenuhi Keputusan Direksi Bursa Efek
Indonesia no. Kep-339/BEJ/01-2001 dan Peraturan
Bapepam-LK No. IX.I.5 Lampiran Keputusan Ketua
Bapepam-LK no. Kep-29/PM/2004.
Fungsi dan tanggungjawab Komite Audit adalah
mengawasi sistem pengendalian internal perusahaan
dan pertanggungjawaban atas laporan keuangan PGI.
Untuk hal ini Komite Audit memiliki wewenang untuk
mengakses catatan atau informasi Perusahaan dan
membuat suatu risalah guna memberikan masukan
kepada Dewan Komisaris.
The Board of Commissioners have regular biweekly
meetings with the Directors to discuss the important
issues that occured during conducting business activities
and to discuss directly the Audit Committees minutes,
if any.
BOARD OF DIRECTORS
The Companys Board of Directors consists of 4
members, consisting of 1 President Director and 3
Division Director. The Board of Directors is responsible
in doing their duties to achieve purpose and goal of the
Companys vision and mission.
Board of Directors meetings are held periodically every
quarter (rakernas) to discuss the program of work
already achieved and define the work plan for the next
quarter and at weekly to evaluate the effectiveness of
the implementation of the work program and other
important things in order to reach the goals and
purpose of PGI.
AUDIT COMMITTEE
The Audit Committee is a committee whose tasks and
functions are to help the Board of Commissioners. The
Audit Committee is an independent party that task and
function meet the Indonesia Stock Exchange Board of
Directors Decision No. Kep-339/JSE/01-2001 and
Bapepam-LK Rules No. IX.I.5 annexes Decisions of
Chairman of Bapepam-LK No. Kep-29/PM/2004.
The functi ons and responsi bi li ti es of the Audi t
Committee is supervising the internal control system
of the Company and the responsibility over financial
reporting of PGI. For this, the Audit Committee has the
authority to access the records or information of the
Company and make a minute in order to provide input
to the Board of Commissioners.
3
3
3
3
3
42
40
39
38
38
Daftar Kehadiran Rapat Dewan Direksi
Board of Directors Meeting Attendance List
Nama
Name
Jumlah Kehadiran
Number of Attendance
Rapat Kwartalan
Quarterly Meeting
Rapat Mingguan
Weekly Meeting
Jumlah Rapat / Number of Meetings
Bpk. Kusuwandi Tamin
Bpk. Teh Kian Kun
Ibu Susanna Kusnowo
Bpk. Iskonda Japiar Budhi
Jumlah Kehadiran
Number of Attendance
Daftar Kehadiran Rapat Dewan Komisaris
Board of Commissioners Meeting Attendance List
Nama
Name
Jumlah Rapat / Number of Meetings
Bpk. Tjan Soen Eng
Bpk. Suhanda Wiraatmadja
Ibu Tjhin Leeris Harni
(mulai bergabung Mei 2011)
19
16
17
8
38
Adapun susunan Komite Audit sudah tertera pada
Laporan Keuangan Konsolidasian.
Kegiatan Komite Audit yang telah dijalankan :
1. Menelaah laporan keuangan yang dikeluarkan
PGI secara periodik.
2. Menilai sistem akuntansi serta pengendalian
internal.
3. Menelaah kepatuhan PGI terhadap peraturan
perundang-undangan di Pasar Modal dan
peraturan lainnya berhubungan dengan kegiatan
usaha.
INTERNAL AUDIT
Departemen Internal Audit dimaksudkan untuk
membantu Direksi untuk melakukan pengawasan
internal untuk mencegah terjadinya penyimpangan
dan penyalahgunaan wewenang dan kekayaan PGI
serta memastikan efektivitas pengendalian internal
operasional Perusahaan sudah sesuai dengan
kebijakan dan sistem yang telah ditetapkan. Saat
ini Kepala Unit Internal Audit adalah Bapak Simon
Situmorang, SE.
Internal Audit melakukan audit atas catatan dan
laporan keuangan yang dibuat dan dihasilkan kantor
pusat dan cabang. Hasil daripada pemeriksaan
audit, saran-saran dan rekomendasi diberikan
kepada Direksi sebagai masukan untuk peningkatan
efektivitas pengawasan internal.
Adapun kegiatan yang dilakukan sebagai berikut:
1. Melakukan penelaahan atas informasi keuangan
yang akan dikeluarkan oleh PGI.
2. Melakukan penelaahan atas ketaatan PGI
terhadap sistem dan prosedur yang telah
ditetapkan oleh Perusahaan.
3. Melaporkan kepada Direktur Utama tentang
berbagai resi ko yang di hadapi PGI dan
pelaksanaan manajemen resiko oleh Direksi.
4. Menerbitkan laporan kepada Direktur Utama
atas hasi l penelaahan serta memberi kan
rekomendasi dan saran untuk perbaikan.
SEKRETARIAT PERSEROAN
PGI membentuk dan menunjuk Sekretaris Perusahaan
dimana tugas dan fungsinya mengacu pada Peraturan
nomor IX.1.4 Lampiran Keputusan Badan Pengawas
Pasar Modal (Bapepam) nomor Kep-63/PM/1996
tanggal 17 Januari 1996, tentang Pembentukan
Sekretaris Perusahaan dan Keputusan Direksi
PT Bursa Efek Jakarta nomor Kep-339/BEJ/07-2001
tanggal 20 Juli 2001 tentang Ketentuan Umum
Pencatatan Efek Bersifat Ekuitas di Bursa.
As for the composition of the Audit Committee
are already set forth in the consolidated financial
statements.
Activities of the Audit Committee that have been performed:
1. Reviewing financial statements issued periodically
by PGI.
2. Assessing the accounting systems and internal
control.
3. Exami ni ng PGI s compl i ance to l aws and
regulations in the capital markets and other
regulations related to business activities.
INTERNAL AUDIT
The Internal Audit Department is meant to help
Directors to perform internal oversight to prevent the
occurrence of irregularities and abuse of authority and
PGIs wealth as well as to ensure the effectiveness of
internal control of PGIs operational is in compliance
with the policies and systems that have been set. The
current head of the Internal Audit Unit is Mr. Simon
Situmorang, SE.
The Internal Audit implementing audit of the financial
statements and notes created and produced the
headquarter and branches. The results of the audit
examination, suggestions and recommendations
given to the Directors as input for enhancement of the
effectiveness of internal control.
As for the activities conducted as follows:
1. Examination of financial information to be issued
by PGI.
2. Examination on the obedience of PGI against
system and procedures that were predetermined
by the Company.
3. Report to the President Director about the various
risks faced by PGI and implementation of risk
management by the Directors.
4. Publish report to the President Director of results of
the examinations and provides recommendations
and suggestions for improvement.

CORPORATE SECRETARY
PGI form and appoint a Corporate Secretary in which
tasks and functions refer to rule number IX.1.4 annexes
Capital Markets Supervisory Agency (Bapepam)
Decision number Kep-63/PM/1996 dated 17 January
1996, regarding the formation of the Corporate
Secretary and the Deci si on of the Di rectors of
PT Jakarta Stock Exchange number Kep-339/JSE/07-
2001 dated 20 July 2001 on General Provision for
Security Listing in the form of Equity in Exchanges.
39
PGI membentuk dan menunjuk Sekretaris Perusahaan
sesuai dengan tuj uan untuk mel aksanakan
prinsip-prinsip tata kelola perusahaan yang baik,
transparan, solid dan dapat dipertanggungjawabkan.
Adapun pej abat Sekretari s Perusahaan sudah
tercantum pada Laporan Keuangan Konsolidasian.
Tugas dan fungsi Sekretaris Perusahaan adalah
sebagai berikut :
1. Mengi kuti perkembangan di Pasar Modal
khususnya untuk peraturan-peraturan yang
berlaku.
2. Memberikan pelayanan kepada masyarakat atas
informasi yang dibutuhkan tentang PGI.
3. Memberi kan masukan kepada PGI untuk
mematuhi ketentuan serta peraturan yang
berlaku di Pasar Modal.
4. Sebagai penghubung / contact person antara PGI
dengan Bapepam, Bursa Efek dan masyarakat.
The has formed and appointed a Coorporate Secretary
with the objective of implementing the principles of
good coorporate governance in transparant, solid, and
responsible manner.
As for the Corporate Secretary incharge has been
shown in the consolidated financial statements.
Duties and functions of the Corporate Secretary are as
follows:
1. Closely follow the developments in the stock
market especially to the regulations in force.
2. Provide services to the public who require for
needed information about PGI.
3. Giving inputs for PGI to obey the rules and
regulations in the capital market.
4. As liaison / contact person between PGI with
Bapepam, stock exchange and the public..
Karyawan Terbaik 2011
Best Employee 2011
40
Sesuai Peraturan Bapepam-LK No. IX.I.5 dan Bursa
Efek Indonesia mengenai pembentukan Komite
Audit, PGI telah membentuk Komite Audit untuk
membantu Komisaris dalam melaksanakan tugas
pengawasan.
Tugas dari Komite Audit antara lain untuk memberikan
pendapat independent dan professional kepada
Komisaris terhadap laporan keuangan, pengendalian
internal dan kepatuhan PGI terhadap peraturan di
Pasar Modal dengan melibatkan audit internal dan
eksternal.
Pada tahun 2011, Komite Audit telah melakukan
penelaahan terhadap laporan keuangan PGI, ikut
mengawasi program kerja dan secara berkala
mengadakan rapat dengan Direksi. Setiap risalah rapat
Komite Audit dilaporkan kepada Dewan Komisaris,
disertakan pendapat dan usulan, jika terdapat hal-hal
yang perlu mendapat perhatian Dewan Komisaris.
Untuk menyakinkan kepatuhan terhadap peraturan
internal maupun eksternal, Komite Audit juga
menghadiri pertemuan akhir dengan auditor internal
maupun eksternal.

Berdasarkan hasil penelaahan sebagaimana tersebut
di atas :
- Komite tidak menemukan hal-hal yang cukup
material untuk dilaporkan dalam Laporan Tahunan
tahun buku 2011.
- Berdasarkan saran auditor eksternal, PGI telah
menjalankan Penerapan Pernyataan dan Interpretasi
Standar Akuntansi Keuangan yang direvisi (PSAK
revisi dan ISAK)
As per Bapepam-LK Regulations No. IX.I. 5 and
Indonesia Stock Exchange concerning the establishment
of the Audit Committee, PGI has formed an Audit
Committee to assist the Commissioner in performing
the oversight duties.
The task of the Audit Committee, among others, to
provide independent and professional opinions to
the Commissioner with respect to financial reporting,
internal control and in PGIs compliance to regulations in
capital market by involving internal and external audits.
In 2011, the Audit Committee has done a review of the
financial statements of PGI, control the work programs
too and regularly have meetings with Directors. Each
minutes of meeting of the Audit Committee is reported
to the Board of Commissioners, that include the opinions
and recommendations, if there are things that need to
get Board of Commissioners attention.
To ensure compliance with internal and external rules,
the Audit Committee also attended the final meeting
with internal or external auditors.

Based on the review of the study as described above :
- The Committee did not find enough material
information that need to be reported in the Annual
Report for the 2011 financial year.
- Based on the suggestions from the external auditor,
PGI has implemented the application of statement and
interpretations of Financial Accounting Standards that
was revised (PSAK revisions and ISAK)
LAPORAN KOMITE AUDIT
Jakarta, Maret / March 2012
Komite Audit / Audit Committee
Suhanda Wiraatmadja
Ketua
Chairman
Audit Committees Report
41
Under-
standing
Tomorrows
Markets And
Consumers
Tim GM & Manajer
GM & Manager Team
42
Iskonda Japiar Budhi
Direktur
Director
Dewan Komisaris | Board of Commissioners
Dewan Direksi | Board of Directors
PT PIONEERINDO GOURMET INTERNATIONAL Tbk
Tjan Soen Eng
Komisaris Utama
Kusuwandi Tamin
Direktur Utama
President Director
Suhanda Wiraatmadja
Tjhin Leeris Harni
Komisaris
Commissioner
Susanna Kusnowo
Direktur
Director
Teh Kian Kun
Direktur
Director
Laporan Tahunan i ni tel ah di setuj ui dan
ditandatangani oleh Dewan Komisaris dan Direksi
PT Pioneerindo Gourmet International Tbk pada
bulan Maret 2012.
This Annual Report have been approved and signed
by the Board of Commissioners and Directors
of PT Pioneerindo Gourmet International Tbk in
March 2012.
42
42
43
Laporan Keuangan Konsolidasi
dan Laporan Auditor Independen
The Consolidated Financial Statements and
Independent Auditors Report
dan anak perusahaan untuk
tahun-tahun yang berakhir pada
and susidiaries for the years ended
31 Desember 2011 dan 2010
December 31st, 2011 and 2010
Financial Report
LAPORAN
KEUANGAN
44

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1 *"'"67
DAN PERUSAHAAN ANAK
LAPORAN POSISI KEUANGAN
KONSOLIDASIAN
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AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
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2 *"'"67

DAN PERUSAHAAN ANAK
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
(Lanjutan)
8&' 9: ;&1&).&' <=:: 0"$ <=:=> 1&'#"
: ?"$,"'+ <=:=@9: ;&1&).&' <==A
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FINANCIAL POSITION (Continued)
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3 *"'"67

DAN PERUSAHAAN ANAK
LAPORAN LABA RUGI KOMPREHENSIF
KONSOLIDASIAN
V$#,- O"2,$R#"2,$ S"$/ U&'"-2+'
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AND SUBSIDIARIES
"#$%&'(')*+,' INCOME
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@A* B=22 C=),%#D

6atatan| 2011 2010
%&'( Rp Rp
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4

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DAN PERUSAHAAN ANAK
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN
V$#,- O"2,$R#"2,$ S"$/ U&'"-2+'
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: ?"$,"'+ <=:=@9: ;&1&).&' <==A
B;"(") C,*+"2 8&$,2D

AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
B'1 .#$ ]$%1/ F*3$3
5$&$(6$1 789 :;88 %*3 :;8;9 %*3
<%*=%1+ 89 :;8;>5$&$(6$1 789 :;;?
@A* B=22 C=),%#D

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B:8(>'
Rp Rp Rp Rp Rp Rp Rp Rp
8AL00 PER 31 0E8EHER 2009 110,404,000,000 5,900,000,000 75,97,70 1,41,490,705 (100,72,428,951} 17,070,029,514 4,198,082,029 21,28,111,543 0!.!%)# !" -J 1#)#K0#+ UVW XYYZ
\
8&$S&1,"+"$ RR RR RR RR RR RR <H=>H<A>JL< <H=>H<A>JL< 43_=/($*.
;+N+0&$ E"1 RR RR RR RR RR RR BHA=>===>===D BHA=>===>===D E%/# 5,H,3$*3
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8AL00 PER 31 0E8EHER 2010 110,404,000,000 5,900,000,000 75,97,70 4,998,991,540 (84,959,795,5} 3,419,13,734 4,818,25,439 41,237,789,173 0!.!%)# !" -J 1#)#K0#+ UVW XYVY
\
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8AL00 PER 31 0E8EHER 2011 110,404,000,000 5,900,000,000 75,97,70 7,837,954,240 (59,047,993,815} 5,19,928,185 5,041,897,841 70,211,82,02 0!.!%)# !" -J 1#)#K0#+ UVW XYVV
\

!"#"#"$ #&'(")*+' )&',*"-"$ ."/+"$ #+0"- #&'*+1"2-"$ 0"'+
3"*4'"$ -&,"$/"$ -4$14(+0"1+"$ 1&5"'" -&1&(,',2"$
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&'*/'2,3%.$3 0,*%*&,%2 /.%.$($*./
5
DAN PERUSAHAAN ANAK
LAPORAN ARUS KAS KONSOLIDASIAN
V$#,- O"2,$R#"2,$ S"$/ U&'"-2+'
*"0" 9: ;&1&).&' <=:: 0"$ <=:=> 1&'#"
: ?"$,"'+ <=:=@9: ;&1&).&' <==A
B;"(") C,*+"2 8&$,2D

AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
B'1 .#$ ]$%1/ F*3$3
5$&$(6$1 789 :;88 %*3 :;8;9 %*3
<%*=%1+ 89 :;8;>5$&$(6$1 789 :;;?
@A* B=22 C=),%#D

6atatan| 2011 2010
%&'( Rp Rp
ARU8 KA8 0AR| AKT|V|TA8 )!"F J.-[" J+-K -B#+!$/%H
0PERA8| !)$/I/$/#"
8&$&'+)""$ 0"'+ 8&$P,"("$ <A<>HIJ>=:9>AHI <HK>AAJ>H:I>AH= M1'&$$3/ 01'( I%2$/
8&$&'+)""$ 0"'+ 8+2"-R*+2"- Q,.,$/"$ M1#+)&X" RR 9A>:JK>HH< C$&$,H$3 B1'( C$2%.$3 M%1.,$/
8&)."S"'"$ 8"P"- BI>I9I>9:K>JI=D B9>HK:>:K:>JJ9D M%+($*. '0 "%O$/
8&)."S"'"$ -&*"0" E"'S"X"$ BK=>JKL>H:H>KA=D BI:>:LA>KA:>==9D M%+($*. .' F()2'+$$/
8&)."S"'"$ -&*"0" 8&)"14- 0"$ M%+($*. .' I=))2,$1/ %*3
8+2"- E&#+/" B:LA>LK<>IA9>9ALD B:KK>=:9>===>LILD "#,13 M%1.,$/
Tota| Arus Kas ers|h 0|pero|eh %(' ):?A J;&=? B8&Q6P(P 97
dar| Akt|v|tas 0peras| 9K><A=>KLA>:=J <K>9J<>J9L>JHL -R(8:'6>D !N'6Q6'6(?
ARU8 KA8 0AR| AKT|V|TA8 )!"F J.-[" J+-K /%I#"$/%H
|NVE8TA8| !)$/I/$/#"
M1'&$$3/ 01'( I%2$ '0 M1')$1.+
8&$&'+)""$ 8&$P,"("$ W1&# O&#"* <AK>LJJ>=I< :>A:9>9IH>H9I %*3 FG=,)($*./
8&$&'+)""$ ;+N+0&$ 99J>AJ:>JI= :AH>KJ9>KJH 5,H,3$*3/ C$&$,H$3
8&)."S"'"$ ;+N+0&$ 4(&2 8&',1"2""$
W$"- -&*"0" 8&)&/"$/ F"2") 5,H,3$*3 M%+($*. 6+ I=6/,3,%1,$/
T+$4'+#"1 BAL=>===>===D BHA=>===>===D .' L,*'1,.+ I#%1$#'23$1/
8&$")."2"$ W1&# O&#"* 0"$ C&$4N"1+ 433,.,'*/ '0 M1')$1.+ %*3 FG=,)($*./
U"$/,$"$ F&X" B<:>H==>LA9>L<=D B<:>AK<>:II>9ILD %*3 C$*'H%.,'* '0 C$*.$3 W=,23,*-
8&$&)*"#"$ M$N&1#"1+ ?"$/-" 8&$0&- BI==>===>===D B:>I==>===>===D M2%&$($*. '0 I#'1. "$1( A*H$/.($*.
8&$5"+'"$ M$N&1#"1+ ?"$/-" 8&$0&- :>I==>===>=== :>I==>===>=== M1'&$$3/ 01'( I#'1. "$1( A*H$/.($*.
Tota| Arus Kas ers|h 0|gunakan %(' ):?A J;&=? *?(P />
untuk Akt|v|tas |nvestas| B<=>JHK>=HI>=:LD B<=>9HH>:<J><HAD />Q(?'6>D !N'6Q6'6(?
ARU8 KA8 0AR| AKT|V|TA8 )!"F J.-[" J+-K J/%!%)/%H
PEN0ANAAN !)$/I/$/#"
8&$&'+)""$ 8+$P")"$ C&-&$+$/ E4'"$ H>J::>=KK>J<J H>A=J>==I>9<< W%*Y P'%*/ C$&$,)./
8&)."S"'"$ 8+$P")"$ C&-&$+$/ E4'"$ BH>A=J>==I>9<<D RR W%*Y P'%*/ M%+($*.
8&)."S"'"$ 8+$P")"$ ?"$/-" 8"$P"$/ BL>L:J>I==>===D BK>LI:>A==>===D M%+($*./ '0 P'*- "$1( P'%*/
8&)."S"'"$ U,$/" B:>=AH>A:L>:<LD B:>=:H>KLK>KKAD A*.$1$/. M%,3
Tota| Arus Kas ers|h 0|gunakan %(' ):?A J;&=? *?(P />
untuk Akt|v|tas Pendanaan B:=>:=L>9IK>J<9D B<>AIA>IL:>9HJD J6>:>N6>D !N'6Q6'6(?
(PENURUNAN} KENA|KAN ER8|h %#$ M1#)+#!"#O /%)+#!"# /%
KA8 0AN 8ETARA KA8 I>H9K><LJ>9KI 9>=KA>=9=>:I< )!"F !%1 )!"F #2*/I!.#%$"
0AHPAK PERUAhAN KUR8 #JJ#)$" -J J.*)$*!$/-% /%
TERhA0AP KA8 0AN #L)F!%H# +!$# -% )!"F !%1
8ETARA KA8 PA0A AKh|R )!"F #2*/I!.#%$ !$ $F# #%1 -J
TAhUN B:<<>9I<D A>9LI>IK= $F# 3#!+
8AL00 KA8 0AN 8ETARA KA8 PA0A )!"F !%1 )!"F #2*/I!.#%$"
AwAL TAhUN :=>9<9>:=9>L=H J><HH>KLL>=A< !$ $F# 0#H/%%/%H -J $F# 3#!+
8AL00 KA8 0AN 8ETARA KA8 PA0A )!"F !%1 )!"F #2*/I!.#%$"
AKh|R TAhUN 15,759,28,817 10,323,103,804 !$ $F# #%1 -J $F# 3#!+
Tota| Kas dan 8etara Kas pada Akh|r $&':; ):?A :>P ):?A #456Q:;(>'? :'
Tahun terd|r| dar|: H 'A( #>P &@ 'A( 3(:8 )&>?6?' &@<
E"1 :>:I:>:J:>LHJ :>:9H>A=H>KAK E%/#
U"$- A>K=L>=AK>AJ= A>:LL>:AA>:=L W%*Y
;&*41+#4 I>===>===>=== RR ",($ 5$)'/,.
Tota| 15,759,28,817 10,323,103,804 $&':;

DAN PERUSAHAAN ANAK
CATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIAN
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
For rne Years Enoeo
0ecemoer J', 20'' ano 20'0, ano
Januar, ', 20'0/0ecemoer J', 2009
{ln Fu|| Rup|an)

1(/(DE
1. Umum 1. General

1.a. Latar e|akang 1.a. 8ackground
B' B0F"../0"2F GF$/7.# H"#./"(#0F"(@ '8% ?IB./$6()(("JC;
6.7$@( 8./"(7( B' B$#/( K.L()#./( B0F"../0"2F '8%;
2020/0%(" 8./2(6(/%(" M%#( NF#(/06 M/0%("#0 N(#(%$6$7();
KO; NFP QR #(",,(@ 43 5.6.78./ 4>Q3P M%#( B."20/0(" 0"0
#.@() 7."2(1(# 1./6.#$L$(" 2(/0 S."#./0 T.)(%07("
A.1$8@0% H"2F".60( 2.",(" K$/(# T.1$#$6(" NFP U9*94V>*
O'P:4P:4P'OPQR #(",,(@ 4: M1/0@ 4>QR 2(" 202(D#(/%(" 1(2(
B.",(20@(" N.,./0 <(%(/#( B$6(# 2.",(" "F7F/
1."2(D#(/(" 494Q=4>QR #(",,(@ R S.0 4>QRP
PT P|oneer|noo Sourmer lnrernar|ona| Tok {"0ompan,j
lormer|, knoun as PT Purra $eanrera P|oneer|noo Tok.
uas esrao||sneo unoer on horar|a| 0eeo ol /r|kanr|
harakusuman, $l, ho.84 oareo 0ecemoer 'J, '98J. Tne
/rr|c|es ol /ssoc|ar|on uas approveo o, rne V|n|srer ol
Jusr|ce ol rne Repuo||c ol lnoones|a |n n|s 0ecree
ho.02-2'69-lT.0'.0'.Tl.84 oareo /pr|| '0, '984 ano
reg|srereo ar rne $rare 0ourr ol 0enrra| Jakarra unoer
reg|srrar|on ho.'2'8/'984 oareo Va, 4, '984.

M",,(/(" 2(6(/ B./$6()((" #.@() 8.8./(1( %(@0 7.",(@(70
1./$8()("; #./(%)0/ 8./2(6(/%(" M%#( B./"+(#(("
T.1$#$6(" A(1(# NFP W> #(",,(@ 43 M,$6#$6 9::Q;
2(/0 "F#(/06 B($@$6 X02F2F K$,.", O(/+F"F; KO; NF#(/06
20 <(%(/#(; 7.",."(0 6$6$"(" 2.Y(" %F706(/06 2(" 2.Y("
20/.%60 B./$6()(("P M%#( #./6.8$# #.@() 20#./07( 2(" 20Z(#(#
2(@(7 oaraoase K06#.7 M270"06#/(60 -(2(" O$%$7 ?K0670"
-(%$7C 50/.%#F/(# <."2./(@ M270"06#/(60 O$%$7 !7$7
5.1(/#.7." T.)(%07(" 2(" O(% M6(60 S("$60( A.1$8@0%
H"2F".60( NFP MO!*W>::VPMOP:4P:9 P'()$" 9::Q; #(",,(@
9Q [%#F8./ 9::Q 2(" #.@() 20$7$7%(" 2(@(7 -./0#(
N.,(/( A.1$8@0% H"2F".60( #(",,(@ 3: <("$(/0 9::> NFP >;
'(78()(" NFP 9V>:P
Tne 0ompan,s /rr|c|es ol /ssoc|ar|on nas oeen
amenoeo severa| r|mes, rne |aresr ol un|cn uas oaseo on
horar|a| 0eeo ho. 79 oareo /ugusr 'J, 2008 ol Tne
Senera| Veer|ng ol $nareno|oers lrom Pau|us w|oooo
$ugeng lar,ono, $l, a horar, |n Jakarra, concern|ng rne
cnanges ol rne compos|r|on ol rn 3oaro ol 0|recrors ano
0omm|ss|oners. Tne oeeo nao oeen rece|veo ano
recoroeo on lega| Enr|r, /om|n|srrar|ve $,srem 0araoase
{$|sm|n 3akumj ol rne 0|recrorare Senera| ol lega|
/om|n|srrar|on ol V|n|srr, ol Jusr|ce ano luman R|gnrs ol
rne Repuo||c ol lnoones|a
ho./lu-79006./l.0'.02. Tanun 2008 oareo
Dcrooer 28, 2008 ano puo||sneo |n rne $rare Sazerre ol
rne Repuo||c ol lnoones|a ho. 9 $upp|emenr ho. 2690
oareo Januar, J0, 2009.

M%#0\0#(6 $#(7( B./$6()((" 6((# 0"0 (2(@() $6()(
1."+.20((" 7(%("(" 2(" 70"$7(" 2.",(" 7.",,$"(%("
7./.% 2(,(", "0a||lorn|a Fr|eo 0n|cken +(", 2060",%(#
U]U; K(1F [/0."#(@ 2(" U(@ 5F"(#P K.7$( 7./.% 2(,(",
#./6.8$# #.@() 202(D#(/%(" 1(2( 5.1(/#.7." T.)(%07("
A.1$8@0% H"2F".60( 50/.%#F/(# <."2./(@ O(% U01#(; B(#."
2(" S./.% 5(,(",; 7(60",*7(60", 2.",(" "F7F/
1."2(D#(/(" NFP 3V9>9^; NFP 3Q99R>; 2(" NFP R494>>
1(2( #(",,(@ 9V <$"0 4>>V; 4^ M,$6#$6 4>>W; 2(" 94 <$"0
4>>VP B(2( #()$" 9::> 6.7$( 7./% 2(,(", #.@()
201./1("L(", 7(60",*7(60", 2.",(" "F7F/ 1."2(D#(/("
NFP H5S :::4WW4RR; NFP H5S :::4VR>WV 2(" NFP H5S
:::4VR>WW 1(2( #(",,(@ 9 <$"0 9::>; 4V M1/0@ 9::> 2("
4V M1/0@ 9::>P B./$6()((" 7$@(0 8./F1./(60 6.Z(/(
%F7./60(@ 1(2( #()$" 4>QRP
Tne 0ompan,s ma|n acr|v|r, |s engageo |n resrauranr
ous|ness us|ng rne rraoemark ol "0a||lorn|a Fr|eo 0n|cken
aoorev|areo as 0F0, $apo Dr|enra| ano 0a| 0onar. /||
rraoemarks nao oeen reg|srereo ar rne V|n|srr, ol Jusr|ce
ol rne Repuo||c ol lnoones|a, 0|recrorare Senera| ol
0op,r|gnr, Parenr ano Traoemark u|rn reg|srrar|on numoer
ho. J629525, ho. J82849 ano ho. 4'2'99 oareo
June 26, '996, /ugusr '5, '997, ano June 2', '996,
respecr|ve|,. ln 2009 a|| rraoemarks uas exrenoeo u|rn
reg|srrar|on numoer ho. l0V 000'77'44, ho. l0V
000'64976 ano ho. l0V 000'64977 on June 2, 2009,
/pr|| '6, 2009 ano, /pr|| '6, 2009. Tne 0ompan,s
commerc|a| operar|on srarreo |n '984.

T("#F/ 1$6(# B./$6()((" #./@.#(% 20 G.2$", <(+( @("#(0 V;
<@P SPOP ')(7/0" NFP 49 <(%(/#( B$6(#P <$7@() ,./(0 +(",
2070@0%0 F@.) B./$6()((" 2(" 1./$6()((" ("(% 2(" ,./(0
Y(/(@(8( +(", #./6.8(/ 20 6.@$/$) H"2F".60( 6.8("+(%
9RR ,./(0 2(" 933 ,./(0 7(60",*7(60", 1(2( #(",,(@
34 5.6.78./ 9:44 2(" 9:4:P
Tne 0ompan,s neao oll|ce |s |ocareo ar Ja,a 3u||o|ng, 6
rn

l|oor, J|. V.l. Tnamr|n ho. '2, 0enrra| Jakarra. Tne rora|
0ompan,s ano suos|o|ar|es ano lrancn|sees our|ers
rnrougnour lnoones|a amounr|ng ro 244 our|ers ano 2JJ
our|ers as ol 0ecemoer J', 20'' ano 20'0, respecr|ve|,.

DAN PERUSAHAAN ANAK
KONSOLIDASIAN (Lanjutan)
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
STATEMENTS (Continued)
For rne Years Enoeo
{ln Fu|| Rup|an)

7 1(/(DE
1.b. Penawaran Umum Efek Perusahaan 1.b. Public 0fferings of 7he Company's 3tock
B."(Y(/(" $7$7 1./2("( .D.% B./$6()((" #./20/0 2(/0
>P:::P::: 6()(7 %.1(2( 7(6+(/(%(# 2(" #.@() 20"+(#(%("
.D.%#0D 6.6$(0 2.",(" K$/(# T.1$#$6(" T.#$( -(2("
B.",(Y(6 B(6(/ SF2(@ ?-(1.1(7C NFP K*^9:=BS=4>>R
#(",,(@ 9> S(/.# 4>>R; 2(" 6.@("L$#"+( 6()(7 #./6.8$#
20Z(#(#%(" 20 -$/6( _D.% <(%(/#( 1(2( #(",,(@ 3: S.0 4>>RP
Tne 0ompan,s |n|r|a| puo||c oller|ng uas cons|sr|ng ol
9,000,000 snares ro puo||c ano uas oec|areo ellecr|ve o,
rne 0na|rman ol 0ap|ra| Varker $uperv|sor, /genc,
{3apepamj oecree ho. $-520/PV/'994, oareo Varcn 29,
'994, ano suosequenr|,, ||sreo ar rne Jakarra ano $rock
Excnanges on Va, J0, '994.

1.c. 8truktur Perusahaan 1.c. 7he Company's 3tructures
B."+./#((" B./$6()((" 1(2( 1./$6()((" ("(% +(",
20%F"6F@02(60%(" 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:
(2(@() 6.8(,(0 8./0%$#E
Tne 0ompan,s |nvesrmenrs |n conso||oareo suos|o|ar|es
as ol 0ecemoer J', 20'' ano 20'0 are as lo||ous.

0om|s||||
0omicile
Akt|v|tas
Utama|
Main Activities
Persentase
Kepem|||kan|
Percentage
of 0wnership
Tahun 0peras| Komers|a||
Years of Commercial
0peration
Jum|ah Aset|
7otal Assets
2011 2010
7 Rp Rp

B' B$#/( M60( B./2("( H"2() -("2$", A.6#F/(" M+(7 GF/.",=
Fr|eo 0n|cken Resrauranr
^4 <("$(/0 4>Q^=
Januar, '985

4R;39:;49:;>WV 43;93>;>V4;W3:
B' S0#/( O./F B0F"../0"2F <(%(/#( A.6#F/(" M+(7 GF/.",=
Fr|eo 0n|cken Resrauranr
^4 M1/0@ 4>>:=
/pr|| '990

>V>;Q^V;3Q4 >3:PV4RP9Q9
1.d. Kom|sar|s, 0|reks| dan Karyawan 1.d. Commissioners, 0irectors, and Employees
-./2(6(/%(" (%#( NF#(/06 NFP 4R3 #(",,(@ 4Q S.0 9:44;
+(", 208$(# 20)(2(1(" NF#(/06 B($@$6 X02F2F K$,.",
O(/+F"F; KPOP; 7.",."(0 1./$8()(" 6$6$"(" TF706(/06
2(" 50/.%60 2(" K$/(# B.",$"2$/(" 50/.%60 #(",,(@
3 NF1.78./ 9:44 %.1(2( 7("(L.7." B./$6()((";
7.",."(0 1.",$"2$/(" 20/0 -(1(%P U.Z.1 A(%)7(" 6.@(%$
50/.%#$/ B./$6()(("; 6$6$"(" 1.",$/$6 B./$6()((" 1(2(
34 5.6.78./ 9:44 2(" 9:4:; (2(@() 6.8(,(0 8./0%$#E
/s a resu|r ol Vr. 0ecep Raknmans res|gnar|on as rne
0ompan,s 0|recror |n n|s res|gnar|on |errer oareo
hovemoer J, 20'' ano oaseo on norar|a| oeeo no. '4J
ol norar, Pau|us w|oooo $ugeng lar,ono, $.l. 0areo
Va, '8, 20'' regaro|ng rne cnanges |n rne 3oaro ol
0omm|ss|oners ano 0|recrors, Tne 0ompos|r|on ol rne
0ompan,s re, Vanagemenr as ol 0ecemoer J', 20''
ano 20'0 are as lo||ou .

2011 2010
Kom|sar|s: Commissioners:
TF706(/06 !#(7( 'L(" KF." _", 'L(" KF." _", Pres|oenr 0omm|ss|oner
TF706(/06 H"2.1."2." K$)("2( X0/((#7(2L( K$)("2( X0/((#7(2L( lnoepenoenr 0omm|ss|oner
TF706(/06 'L)0" `../06 O(/"0 H6%F"2( <(10(/ -$2)0 0omm|ss|oner
0|rektur 0irectors:
50/.%#$/ !#(7( T$6$Y("20 '(70" T$6$Y("20 '(70" Pres|oenr 0|recror
50/.%#$/ '.) T0(" T$" '.) T0(" T$" 0|recror
50/.%#$/ K$6(""( T$6"FYF K$6(""( T$6"FYF 0|recror
50/.%#$/ H6%F"2( <(10(/ -$2)0 U.Z.1 A(%)7(" 0|recror
Kom|te Aud|t Audit Committee
T.#$( K$)("2( X0/((#7(2L( K$)("2( X0/((#7(2L( 0na|rman
M",,F#( '.22+ K$L("( '.22+ K$L("( Vemoer
M",,F#( H/(Y(" T$/"0(20 H/(Y(" T$/"0(20 Vemoer
Aud|t |nterna| K07F" K0#$7F/(", K07F" K0#$7F/(", lnternal Audit
8ekretar|s Perusahaan T$6$Y("20 '(70" T$6$Y("20 '(70" Corporate 3ecretary

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

8 1(/(DE
<$7@() %F71."6(60 +(", 20#./07( F@.) 50/.%60 2("
TF706(/06 1(2( #()$" 9:44 2(" 9:4: 7(60",*7(60",
6.8.6(/ A1 RPRQ>PW9VP^^^ 2(" A1 3PQ:WPW3^PQ4QP
Tne amounrs ol compensar|on rece|veo o, rne 0|recrors
ano 0omm|ss|oners |n 20'' ano 20'0 are
Rp 4,489,726,555 ano Rp J,807,7J5,8'8, respecr|ve|,.

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2(" 1./$6()((" ("(% 7.71$"+(0 %(/+(Y(" #.#(1 9P433
2(" 9P:QR F/(", ?#02(% 20($20#CP
/s ol 0ecemoer J', 20'' ano 20'0, rne 0ompan, ano
suos|o|ar|es nave 2,'JJ ano 2,084 permanenr
emp|o,ees, respecr|ve|, {unauo|reoj.

2. Penerapan Pernyataan dan Interpretasi 2. Adoption of Revised Statement of
Standar Akuntansi Keuangan yang Direvisi Financial Accounting Standards
(PSAK Revisi dan ISAK) and Interpretation

2.a. 8tandar yang er|aku Efekt|f pada Tahun erja|an
-./0%$# (2(@() 6#("2(/ 8(/$; 1./$8()(" (#(6 6#("2(/ 2("
0"#./1/.#(60 6#("2(/ +(", Y(L08 20#./(1%(" F@.) B./$6()(("
2(" ."#0#(6 ("(% ?6.@("L$#"+( 206.8$# G/$1C $"#$% 1./#(7(
%(@0"+( $"#$% #()$" 8$%$ +(", 207$@(0 4 <("$(/0 9:44P
2.a. 3tandards Effective in the Current Year
Tne lo||ou|ng neu sranoaros, amenomenrs ro sranoaros
ano |nrerprerar|ons are manoaror, lor rne 0ompan, ano
suos|o|ar|es {nere|nalrer relerreo ro as rne Sroupj lor rne
l|rsr r|me lor rne l|nanc|a| ,ear oeg|nn|ng Januar, ', 20''.

BKMT NFP 4 ?A.\060 9::>C IB."+(L0(" `(1F/(" T.$(",("J

BKMT NFP 9 ?A.\060 9::>C J`(1F/(" M/$6 T(6J
BKMT NFP 3 ?A.\060 9:4:C I`(1F/(" T.$(",(" H"#./07J

BKMT NFP R ?A.\060 9::>C I`(1F/(" T.$(",("
TF"6F@02(60(" 2(" `(1F/(" T.$(",(" './6."20/0J
BKMT NFP ^ ?A.\060 9:4:C IK.,7." [1./(60J
BKMT NFP W ?A.\060 9:4:C JB.",$",%(1(" B0)(%*B0)(%
-./.@(60J
BKMT NFP Q ?A.\060 9:4:C E IB./06#0Y( K.#.@() B./0F2.
B.@(1F/("J
BKMT NFP 49 ?A.\060 9::>C E I-(,0(" B(/#0601(60 2(@(7
a."#$/( -./6(7(J
BKMT NFP 4^ ?A.\060 9::>C JH"\.6#(60 B(2( _"#0#(6
M6F60(60J

$F/$ ho. ' {Rev|seo 2009j "Presenrar|on ol F|nanc|a|
$raremenrs
$F/$ ho. 2 {Rev|seo 2009j $raremenr ol 0asn F|ous
$F/$ ho. J {Rev|seo 20'0j "lnrer|m F|nanc|a|
Reporr|ng
$F/$ ho. 4 {Rev|seo 2009j "0onso||oareo ano
$eparare F|nanc|a| $raremenrs
$F/$ ho. 5 {Rev|seo 20'0j "Dperar|ng $egmenrs
$F/$ ho. 7 {Rev|seo 20'0j "Re|areo Parr, 0|sc|osure

$F/$ ho. 8 {Rev|seo 20'0j . "Evenrs alrer rne
Reporr|ng Per|oo
$F/$ ho. '2 {Rev|seo 2009j . "lnreresrs |n Jo|nr
venrure
$F/$ ho. '5 {Rev|seo 2009j lnvesrmenr |n
/ssoc|ares
BKMT NFP 4> ?A.\060 9:4:C E IM6.# '(% -./Y$L$2J
BKMT NFP 99 ?A.\060 9:4:C E ITF780"(60 -06"06J
BKMT NFP 93 ?A.\060 9:4:C JB."2(1(#("J
BKMT NFP 9^ ?A.\060 9::>C JT.80L(%(" M%$"#("60;
B./$8()(" _6#07(60 M%$"#("60; 2(" T.6(@()("J
BKMT NFP RQ ?A.\060 9::>C JB."$/$"(" N0@(0 M6.#J
BKMT NFP ^W ?A.\060 9::>C JB/F\060; `0(80@0#(6 TF"#0"L."60;
2(" M6.# TF"#0"L."60J
BKMT NFP ^Q ?A.\060 9::>C E IM6.# '02(% `("Z(/ +(",
5070@0%0 $"#$% 50L$(@ 2(" [1./(60 +(", 50)."#0%("J
HKMT NFP W ?A.\06.2 9::>C E ITF"6F@02(60 _"#0#(6
-./#$L$(" T)$6$6J
$F/$ ho. '9 {Rev|seo 20'0j . "lnrang|o|e /ssers
$F/$ ho. 22 {Rev|seo 20'0j . "3us|ness 0omo|nar|ons
$F/$ ho. 2J {Rev|seo 20'0j "Revenue
$F/$ ho. 25 {Rev|seo 2009j /ccounr|ng Po||c|es,
0nanges |n /ccounr|ng Esr|mares ano Errors
$F/$ ho. 48 {Rev|seo 2009j lmpa|rmenr ol /ssers
$F/$ ho. 57 {Rev|seo 2009j Prov|s|ons, 0onr|ngenr
l|ao|||r|es ano 0onr|ngenr /ssers
$F/$ ho. 58 {Rev|seo 2009j . "hon-currenr /ssers
le|o lor $a|e ano 0|sconr|nueo Dperar|ons
lF/$ ho. 7 {Rev|seo 2009j . "0onso||oar|on ol $pec|a|
Purpose Enr|r|es
HKMT NFP > E IB./$8()(" (#(6 `0(80@0#(6 M%#0\0#(6
B$/"(F1./(60; A.6#F/(60 2(" `0(80@0#(6 K./$1(J
HKMT NFP 4: E IB/F,/(7 `F+(@0#(6 B.@(",,("J
HKMT NFP 44 E I506#/08$60 M6.# NF"*T(6 %.1(2( B.70@0%=
506#/08$#0F"6 FD NF"*U(6) M66.#6 #F [Y"./6J
HKMT NFP 49 E IB.",."2(@0(" -./6(7( _"#0#(6bTF"#/08$60
NF"7F".#./ F@.) a."#$/./J
lF/$ ho. 9 . "0nanges |n Ex|sr|ng 0ecomm|ss|on|ng,
Resrorar|on ano $|m||ar l|ao|||r|es
lF/$ ho. '0 . "0usromer lo,a|r, Program
lF/$ ho. '' . "0|srr|our|ons ol hon-0asn /ssers ro
Duners
lF/$ ho. '2 . "Jo|nr|, 0onrro||eo Enr|r|es-hon-monerar,
0onrr|our|ons o, venrurers
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

9 1(/(DE
HKMT NFP 4R E IM6.# '(% -./Y$L$2 * -0(+( K0#$6 X.8J
HKMT NFP 4W E I`(1F/(" T.$(",(" H"#./07 2(" B."$/$"("
N0@(0J

lF/$ ho. '4 . "lnrang|o|e /ssers - weos|re 0osrs
lF/$ ho. '7 . "lnrer|m F|nanc|a| Reporr|ng ano
lmpa|rmenr
-./0%$# 0"0 (2(@() 2(71(% (#(6 1./$8()(" 6#("2(/
(%$"#("60 20 (#(6 +(", /.@.\(" 2(" +(", 60,"0D0%(" #./)(2(1
@(1F/(" %.$(",(" %F"6F@02(60(" G/$1E
Tne |mpacr ol o, rne aoove neu sranoaros rnar are
re|evanr ano s|gn|l|canr ro rne Sroups conso||oareo
l|nanc|a| sraremenrs as lo||ous.
BKMT NFP 4 ?A.\060 9::>C JB."+(L0(" `(1F/("
T.$(",("J
BKMT 4 ?A.\060 9::>C #./6.8$# 8./@(%$ /.6#/F61.%#0D
2(" F@.) %(/."("+( 0"DF/7(60 1.78("20", #./#."#$
#.@() 206(L0%(" %.78(@0P 5(71(% 60,"0D0%(" 1./$8()("
2(/0 6#("2(/ (%$"#("60 #./6.8$# #./)(2(1 G/$1 (2(@()E

* `(1F/(" %.$(",(" #./20/0 2(/0 @(1F/(" 1F6060
%.$(",("; @(1F/(" @(8( /$,0 %F71/.)."60D; @(1F/("
1./$8()(" .%$0#(6; @(1F/(" (/$6 %(6; Z(#(#(" (#(6
@(1F/(" %.$(",(" 2(" 1."(78()(" @(1F/(" 1F6060
%.$(",(" +(", 7."$"L$%%(" 6(@2F (Y(@ ?2(@(7
)(@ 207("( #./L(20 /.%@(60D0%(60 (#($ 1."+(L0("
%.78(@0CP K.2(",%(" 6.8.@$7"+(; @(1F/("
%.$(",(" #./20/0 2(/0 "./(Z(; @(1F/(" @(8( /$,0;
@(1F/(" 1./$8()(" .%$0#(6; @(1F/(" (/$6 %(6 2("
Z(#(#(" (#(6 @(1F/(" %.$(",("P

$F/$ ho. ' {Rev|seo 2009j Presenrar|on ol F|nanc|a|
$raremenrs
Tne rev|seo $F/$ ' {Rev|seo 2009j |s app||eo
rerrospecr|ve|, ano rnerelore cerra|n comparar|ve
|nlormar|on nave oeen resrareo. Tne s|gn|l|canr |mpacr
ol rne cnanges ol rn|s accounr|ng sranoaro ro rne
Sroup are as lo||ous.
* Tne l|nanc|a| sraremenrs |s nou compr|seo ol
sraremenr ol l|nanc|a| pos|r|on, sraremenr ol
comprenens|ve |ncome, sraremenr ol cnanges |n
equ|r,, sraremenr ol casn l|ou, nores ro l|nanc|a|
sraremenrs ano aoo|r|ona| sraremenr ol l|nanc|a|
pos|r|on snou|ng oeg|nn|ng oa|ance {|n case ol
rec|ass|l|car|on or resraremenrj. wn||e, prev|ous|,,
rne l|nanc|a| sraremenrs compr|seo ol oa|ance
sneers, sraremenr ol |ncome, sraremenr ol
cnanges |n equ|r,, sraremenr ol casn l|ou ano
nores ro l|nanc|a| sraremenrs.

* B./$8()(" 06#0@() IO(% S0"F/0#(6J 7."L(20
IT.1."#0",(" NF"*B.",."2(@0J 2(" 206(L0%("
6.8(,(0 8(,0(" 2(/0 .%$0#(6P K.8.@$7"+(; )(%
70"F/0#(6 206(L0%(" #./106() 20 ("#(/( @0(80@0#(6 2("
.%$0#(6P
* 0nange ol rne rerm "V|nor|r, lnreresr ro "hon
0onrro|||ng lnreresr. lr |s nou presenreo as parr ol
equ|r,. Prev|ous|,, |r uas presenreo separare|,
oerueen ||ao|||r, ano equ|r,.

* B.",$",%(1(" #(78()("; ("#(/( @(0"E 6$78./
%.#02(%1(6#0(" .6#07(60 2(" 7("(L.7."
1./7F2(@("P

* /oo|r|ona| o|sc|osures are nou requ|reo lor rne
source ol uncerra|nr, esr|mares ano cap|ra|
managemenr.
H"DF/7(60 %F71(/(#0D #.@() 206(L0%(" %.78(@0 (,(/
6.6$(0 2.",(" 6#("2(/ #./6.8$#P T(/."( 1./$8()("
1(2( %.80L(%(" (%$"#("60 )("+( 7.71.",(/$)0 (61.%
1.",$",%(1("; 7(%( #02(% (2( 2(71(% #./)(2(1 @(8(
1./ 6()(7P

0omparar|ve |nlormar|on nas oeen presenreo ro
conlorm u|rn rne rev|seo sranoaro. Tne cnanges |n
accounr|ng po||c, on|, |mpacrs presenrar|on aspecrs
ano nas no |mpacr on earn|ngs per snare.
BKMT NFP R ?A.\060 9::>C; I`(1F/(" T.$(",("
TF"6F@02(60(" 2(" `(1F/(" T.$(",(" './6."20/0J
A$(", @0",%$1 K#("2(/ 0"0 #./7(6$% 7.",(#$/
7.",."(0 @(1F/(" %.$(",(" #./6."20/0 6.8(,(0
0"DF/7(60 #(78()(" 1(2( @(1F/(" %.$(",("
%F"6F@02(60("P B./$6()((" #02(% 7."+(L0%(" @(1F/("
%.$(",(" #./6."20/0 1(2( @(1F/(" %.$(",("
%F"6F@02(60(" 0"0P
$F/$ ho. 4 {Rev|seo 2009j "0onso||oareo ano
$eparare F|nanc|a| $raremenrs
Tne scope ol rne sranoaro |s app||cao|e unen a parenr
enr|r, prepares separare l|nanc|a| sraremenrs as
supp|emenrar, |nlormar|on ol rne conso||oareo
l|nanc|a| sraremenrs. Tne 0ompan, o|o nor presenr a
separare l|nanc|a| reporr ro rne conso||oareo l|nanc|a|
sraremenrs.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

10 1(/(DE
BKMT NFP ^ ?A.\060 9::>C IK.,7." [1./(60J
K#("2(/ 7.",)(/$6%(" ."#0#(6 $"#$% 7.",$",%(1%("
0"DF/7(60 +(", 7.7$",%0"%(" 1.",,$"( @(1F/("
%.$(",(" $"#$% 7.",.\(@$(60 60D(# 2(" 2(71(%
%.$(",(" 2(/0 (%#0\0#(6 806"06P K#("2(/ L$,(
7."+.71$/"(%(" 2.D0"060 6.,7." F1./(60 2("
1/F6.2$/ +(", 20,$"(%(" $"#$% 7.",02."#0D0%(60 2("
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1.@(1F/(" 0"#./"(@P
$F/$ ho. 5 {Rev|seo 2009j "Dperar|ng $egmenrs
Tne sranoaro requ|res rne enr|r|es ro o|sc|ose
|nlormar|on rnar u||| enao|e users ol rne l|nanc|a|
sraremenrs ro eva|uare rne narure ano l|nanc|a| ellecrs
ol rne ous|ness acr|v|r|es. Tne sranoaro a|so ennances
rne oel|n|r|on ol operar|ng segmenr ano rne
proceoures useo ro |oenr|l, ano reporr operar|ng
segmenr. lr requ|res a "managemenr approacn unoer
un|cn segmenr |nlormar|on |s presenreo on rne same
oas|s as rnar useo lor |nrerna| reporr|ng purposes.

'./%(0# 2.",(" 6#("2(/ #./6.8$#; G/$1 7."."#$%("
2(" 7."+(L0%(" 6.,7." F1./(60 8./2(6(/%(" 0"DF/7(60
+(", 6.Z(/( 0"#./"(@ 208./0%(" %.1(2( 1.",(780@
%.1$#$6(" F1./(60F"(@P K.,7." F1./(60 20@(1F/%("
2.",(" Z(/( +(", %F"606#." 2.",(" 1.@(1F/(" 0"#./"(@
+(", 206(71(0%(" %.1(2( 1.",(780@ %.1$#$6("
F1./(60F"(@P 5(@(7 )(@ 0"0 1.",(780@ %.1$#$6("
F1./(60F"(@ +(", 7.",(780@ %.1$#$6(" 6#/(#.,06
(2(@() 50/.%60P
Re|areo ro rne sranoaro, rne Sroup oererm|nes ro
presenr operar|ng segmenr oaseo on rne |nlormar|on
rnar |s |nrerna||, prov|oeo ro operar|ng oec|s|on
maker. Dperar|ng segmenr |s reporreo |n a manner
cons|srenr u|rn rne |nrerna| reporr|ng prov|oeo ro rne
cn|el operar|ng oec|s|on-maker. Tne cn|el operar|ng
oec|s|on-maker nas oeen |oenr|l|eo as rne 3oaro ol
0|recrors rnar makes srrareg|c oec|s|ons.

BKMT NFP W ?A.\060 9:4:C; IB.",$",%(1(" B0)(%*
10)(% -./.@(60J
K#("2(/ 7."+.71$/"(%(" 1("2$(" $"#$%
1.",$",%(1(" )$8$",(" 10)(%*10)(% 8./.@(60;
#/("6(%60 2(" 6(@2F #./7(6$% %F70#7."P K#("2(/ L$,(
7.78./0%(" 1."L.@(6(" 8()Y( (",,F#( 1./6F"0@
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7.",)(/$6%(" 1.",$",%(1(" (#(6 %F71."6(60
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%(#.,F/0P G/$1 #.@() 7.@(%$%(" .\(@$(60 #./)(2(1
)$8$",(" 10)(%*10)(% 8./.@(60 2(" 7.7(6#0%("
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7.",,$"(%(" 1./6+(/(#(" 1.",$",%(1(" +(", #.@()
20/.\060 ?@0)(# U(#(#(" 3P/CP
$F/$ ho. 7 {Rev|seo 20'0j "Re|areo Parr|es
0|sc|osures
Tne sranoaro ennances rne gu|oance |n rne o|sc|osure
ol re|areo parr|es re|ar|onsn|ps, rransacr|ons,
oursrano|ng oa|ances, ano comm|rmenrs. lr a|so c|ears
rnar a memoer ol rne ke, managemenr personne| |s a
re|areo parr,. Tn|s sranoaro nou a|so requ|res rne
o|sc|osure ol eacn caregor, ol remunerar|on ano
compensar|on ol rne ke, managemenr personne|. Tne
Sroup eva|uareo |rs re|areo parr|es re|ar|onsn|ps ano
ensureo rnar rne conso||oareo l|nanc|a| sraremenrs
nave oeen prepareo unoer rne rev|seo o|sc|osure
requ|remenrs {see hore J.rj.

2.b. Pernyataan yang Te|ah 0|ke|uarkan tap| e|um er|aku
Efekt|f
2.b. 3tandards lssued which Are hot Yet Effective

K#("2(/ M%$"#("60 +(", #.@() 20%.@$(/%(" F@.) 5.Y("
K#("2(/ M%$"#("60 T.$(",(" ?5KMTC H%(#(" M%$"#("
H"2F".60( +(", /.@.\(" #./)(2(1 G/$1 #.#(10 8.@$7 .D.%#0D 20
#()$" 9:44; "(7$" 1."./(1(""+( 206+(/(#%(" $"#$% #()$"
8$%$ +(", 207$@(0 4 <("$(/0 9:49; (2(@() 6.8(,(0 8./0%$#E
Tne /ccounr|ng $ranoaros |ssueo o, rne lnoones|an
/ccounr|ng $ranoaros 3oaro {l/$3j ol rne lnoones|an
lnsr|rure ol /ccounranrs rnar are re|evanr ro rne Sroup ano
nor ,er ellecr|ve |n 20'', nouever un|cn are manoaror,
ano ellecr|ve lor rne l|nanc|a| ,ear oeg|nn|ng Januar, ',
20'2, are as lo||ous.
BKMT NFP 4: ?A.\060 9:4:CE JB.",(/$) B./$8()("
T$/6 a(@$#( M60",J
BKMT NFP 43 ?A.\060 9:44CE IB/F1./#0 H"\.6#(60J
BKMT NFP 4V ?A.\060 9:44CE IM6.# '.#(1J
BKMT NFP 4Q ?A.\060 9:4:CE IM%$"#("60 2(" B.@(1F/("
B/F,/(7 S("D((# B$/"(%(/+(J
BKMT NFP 9R ?A.\060 9:4:CE JH78(@(" T./L(J
BKMT NFP 9V ?A.\060 9:44CE I-0(+( B0"L(7("J
$F/$ ho. '0 {Rev|seo 20'0j. "Tne Ellecrs ol
0nanges |n Fore|gn Excnange Rares
$F/$ ho. 'J {Rev|seo 20''j. "lnvesrmenr Properr,
$F/$ ho. '6 {Rev|seo 20''j. "F|xeo /ssers
$F/$ ho. '8 {Rev|seo 20'0j. "/ccounr|ng ano
Reporr|ng o, Rer|remenr 3enel|r P|ans
$F/$ ho. 24 {Rev|seo 20'0j. Emp|o,ee 3enel|rs
$F/$ ho. 26 {Rev|seo 20''j. "3orrou|ng 0osrs
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

11 1(/(DE
BKMT NFP 9Q ?A.\060 9:4:CE IM%$"#("60 $"#$% M6$/("60
T./$,0("J
BKMT NFP 3: ?A.\060 9:44CE IM%$"#("60 G$"( !6()(J
BKMT NFP 33 ?A.\060 9:44CE IM%#0\0#(6 B.",$1(6("
`(106(" '("() 2(" B.",.@F@((" `0",%$",("J
BKMT NFP 3R ?A.\060 9:4:CE ITF"#/(% TF"6#/$%60J

$F/$ ho. 28 {Rev|seo 20'0j. "/ccounr|ng lor loss
lnsurance
$F/$ ho. J0 {Rev|seo 20''j. "leases
$F/$ ho. JJ {Rev|seo 20''j. "$rr|pp|ng /cr|v|r|es ano
Env|ronmenra| Vanagemenr |n Senera| V|n|ng
$F/$ ho. J4 {Rev|seo 20'0j. "0onsrrucr|on
0onrracrs
BKMT NFP 3V ?A.\060 9:4:CE IM%$"#("60 $"#$% M6$/("60
<0Y(J
BKMT NFP R^ ?A.\060 9:44CE IB.@(1F/(" T.$(",("
_"#0#(6 N0/@(8(J
BKMT NFP RV ?A.\060 9:4:CE IM%$"#("60 B(L(%
B.",)(60@("J
BKMT NFP ^: ?A.\060 9:4:CE JH"6#/$7." T.$(",("E
B."+(L0("J
BKMT NFP ^3 ?A.\060 9:4:CE IB.78(+(/(" -./8(606
K()(7J
BKMT NFP ^^ ?A.\060 9:44CE IH"6#/$7." T.$(",("E
B.",(%$(" 2(" B.",$%$/("J
BKMT NFP ^V ?A.\060 9:4:CE I`(8( 1./ K()(7J
$F/$ ho. J6 {Rev|seo 20'0j. "/ccounr|ng lor l|le
lnsurance
$F/$ ho. 45 {Rev|seo 20''j. "F|nanc|a| Reporr|ng lor
hon-Prol|r Drgan|zar|ons
$F/$ ho. 46 {Rev|seo 20'0j. "/ccounr|ng lor lncome
Taxes
$F/$ ho. 50 {Rev|seo 20'0j. F|nanc|a| lnsrrumenr.
Presenrar|on
$F/$ ho. 5J {Rev|seo 20'0j. "$nare-oaseo Pa,menr
$F/$ ho. 55 {Rev|seo 20''j $F/$ ho. 55 {Rev|seo
20''j. "F|nanc|a| lnsrrumenrs. Recogn|r|on ano
Veasuremenr
$F/$ ho. 56 {Rev|seo 20'0j. "Earn|ngs per $nare
KMT NFP V:E JH"6#/$7." T.$(",("E B.",$",%(1("J
BKMT NFP V4E IM%$"#("60 O08() B.7./0"#() 2("
B.",$",%(1(" -("#$(" B.7./0"#()J
BKMT NFP V9E ITF"#/(% M6$/("60J
BKMT NFP V3E IB.@(1F/(" T.$(",(" 2(@(7 _%F"F70
O01./0"D@(60J
BKMT NFP VRE IM%#0\0#(6 _%61@F/(60 2(" _\(@$(60 1(2(
B./#(78(",(" K$78./ 5(+( S0"./(@J
HKMT NFP 43E I`0"2$", N0@(0 H"\.6#(60 N.#F 2(@(7
T.,0(#(" !6()( `$(/ N.,./0J
HKMT NFP 4^E IBKMT NFP 9R * -(#(6 M6.# H78(@(" B(6#0;
B./6+(/(#(" B."2("((" S0"07$7 2(" H"#./(%60"+(J
HKMT NFP 4VE IB./L("L0(" TF"6.60 <(6(J
HKMT NFP 4QE I-("#$(" B.7./0"#() b '02(% M2( A.@(60
K1.60D0% 2.",(" M%#0\0#(6 [1./(60J
HKMT NFP 4>E IM1@0%(60 B."2.%(#(" B."+(L0(" T.78(@0
1(2( BKMT V3 B.@(1F/(" T.$(",(" 2(@(7 _%F"F70
O01./0"D@(60J
$F/$ ho. 60. F|nanc|a| lnsrrumenr. 0|sc|osures
$F/$ ho. 6'. "/ccounr|ng lor Sovernmenr Sranrs
ano 0|sc|osure ol Sovernmenr /ss|srance
$F/$ ho. 62. "lnsurance 0onrracr
$F/$ ho. 6J. "F|nanc|a| Reporr|ng |n
l,per|nl|ar|onar, Econom|es
$F/$ ho. 64. "Exp|orar|on ano Eva|uar|on ol V|nera|
Resources
lF/$ ho. 'J. "leoges ol a her lnvesrmenr |n a
Fore|gn Dperar|on
lF/$ ho. '5, "$F/$ ho. 24 - Tne l|m|r on a 0el|neo
3enel|r /sser, V|n|mum Funo|ng Requ|remenrs ano
rne|r lnreracr|on
lF/$ ho. '6. "$erv|ce 0oncess|on /rrangemenrs
lF/$ ho. '8. "Sovernmenr /ss|srance - ho $pec|l|c
Re|ar|on ro Dperar|ng /cr|v|r|es
lF/$ ho. '9. "/pp|,|ng rne Resraremenr /pproacn
unoer $F/$ 6J. F|nanc|a| Reporr|ng |n
l,per|nl|ar|onar, Econom|es
HKMT NFP 9:E IB(L(% B.",)(60@("*B./$8()(" K#(#$6
B(L(% _"#0#(6 (#($ B.7.,(", K()(7"+(J
HKMT NFP 99E IB./L("L0(" TF"6.60 <(6(E B.",$",%(1("J

HKMT NFP 93E IK.Y( [1./(60 * H"6."#0DJ

HKMT NFP 9RE I_\(@$(60 K$86#("60 -.8./(1( '/("6(%60
+(", S.@08(#%(" K$(#$ -."#$% `.,(@ K.Y(J
HKMT NFP 9^E IO(% M#(6 '("()J
HKMT NFP 9VE IB."0@(0(" !@(", 5./0\(#0D S.@.%(#J

lF/$ ho. 20. "lncome Taxes-0nanges |n rne Tax
$rarus ol an Enr|r, or |rs $nareno|oers
lF/$ ho. 22. "$erv|ce 0oncess|on /rrangemenrs.
0|sc|osure
lF/$ ho. 2J. "Dperar|ng leases - lncenr|ves

lF/$ ho. 24. "Eva|uar|ng rne $uosrance ol
Transacr|ons lnvo|v|ng rne lega| Form ol a lease
lF/$ ho. 25. "R|gnrs /r|s|ng lrom lano
lF/$ ho. 26. "Reassessmenr ol Emoeooeo
0er|var|ves

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

12 1(/(DE
G/$1 6.2(", 7.",.\(@$(60 2(" 8.@$7 7."."#$%("
2(71(% 2(/0 K#("2(/ 2(" H"#./1/.#(60 +(", 20/.\060 2("
+(", 8(/$ #./6.8$# #./)(2(1 @(1F/(" %.$(",(""+(P
Tne Sroup |s presenr|, eva|uar|ng ano nas nor oererm|neo
rne ellecrs ol rnese rev|seo ano neu $ranoaros ano
lnrerprerar|ons ro |rs l|nanc|a| sraremenrs.

2.c. Pencabutan 8tandar Akuntans| 2.c. withdrawal of Accounting 3tandards
Efekt|f ber|aku pada atau sete|ah tangga| 1 Januar|
2011:
B."Z(8$#(" (#(6 6#("2(/ (%$"#("60 2(" 0"#./1/.#(60"+(
8./0%$# 0"0 +(", 1."./(1(""+( 206+(/(#%(" $"#$% #()$"
8$%$ +(", 207$@(0 4 <("$(/0 9:44; "(7$" #02(% /.@.\("
(#($ #02(% 8./2(71(% 7(#./0(@ #./)(2(1 G/$1E
BKMT NFP V IM%$"#("60 2(" B.@(1F/(" $"#$% _"#0#(6
'()(1 B.",.78(",("J
BKMT NFP 94 IM%$"#("60 _%$0#(6J
Effective on or after January 1, 2011:

Tne u|rnoraua| ol rne accounr|ng sranoaros ano
|nrerprerar|ons, un|cn nouever are ne|rner re|evanr nor
nave a marer|a| |mpacr ro rne Sroup ano rne|r manoaror,
ellecr|ve oares are as lo||ous.
$F/$ ho. 6 I/ccounr|ng ano Reporr|ng lor
0eve|opmenr-$rage Enr|r|esJ
$F/$ ho. 2' I/ccounr|ng lor Equ|r,J
BKMT NFP R: IM%$"#("60 B./$8()(" _%$0#(6 M"(%
B./$6()(("=B./$6()((" M6F60(60 ?1."Z(8$#(" 7.@(@$0
BKMT NFP 4^ A.\060 9::>CJ
HKMT NFP 4 J B."."#$(" O(/,( B(6(/ 50\02."J

HKMT NFP 9 IB."+(L0(" SF2(@ 2(@(7 N./(Z( 2("
B0$#(", %.1(2( B.7.6(" K()(7J
HKMT NFP 3 IM%$"#("60 (#(6 B.78./0(" K$78(",("
(#($ -("#$("J

$F/$ ho. 40 I/ccounr|ng lor 0nanges |n Equ|r, ol rne
$uos|o|ar, or /ssoc|are {u|rnoraun rnrougn $F/$
ho. '5 Rev|seo 2009j
l$/r ho. ' J 0ererm|nar|on ol Varker va|ue ol $nare
0|v|oenosJ
lF/$ ho. 2 IPresenrar|on ol 0ap|ra| ano Rece|vao|es
lrom $nare $uoscr|oersJ
lF/$ ho. J I/ccounr|ng lor 0onar|on or Enooumenr

2012:
BKMT NFP 44E IB."L(8(/(" `(1F/(" T.$(",(" 5(@(7
S(#( !(", M60", ?1."Z(8$#(" 7.@(@$0 BKMT NFP 4:
A.\060 9:4:CJ
BKMT NFP 9WE IM%$"#("60 TF1./(60J
BKMT NFP 9>E IM%$"#("60 S0"+(% 2(" G(6 -$70J
BKMT NFP RRE IM%$"#("60 M%#0\0#(6 B.",.78(",("
A.(@ _6#(#.J
BKMT NFP ^9E IS(#( !(", B.@(1F/(" ?1."Z(8$#("
7.@(@$0 BKMT NFP 4: A.\060 9:4:C
HKMT NFP RE IM@#./"(#0D B./@(%$(" +(", 500c0"%(" (#(6
K.@060) T$/6 ?1."Z(8$#(" 7.@(@$0 BKMT NFP 4: A.\060
9:4:j


$F/$ ho. ''. "Trans|ar|on ol F|nanc|a| $raremenrs |n
Fore|gn 0urrenc|es {u|rnoraun rnrougn $F/$ ho. '0
Rev|seo 20'0j
$F/$ ho. 27. "/ccounr|ng lor 0ooperar|ves
$F/$ ho. 29. "/ccounr|ng lor D|| ano Sas
$F/$ ho. 44. "/ccounr|ng lor Rea| Esrare
0eve|opmenr /cr|v|r|es
$F/$ ho. 52. "Reporr|ng 0urrenc|es {u|rnoraun
rnrougn $F/$ ho.'0 Rev|seo 20'0j
lF/$ ho. 4. "/||ouao|e /|rernar|ve Trearmenr ol
Fore|gn Excnange 0|llerences {u|rnoraun rnrougn
$F/$ ho. '0 Rev|seo 20'0j

2013:
BKMT NFP RRE IM%$"#("60 M%#0\0#(6 B.",.78(",("
A.(@ _6#(#.J 1(/(,/(D 4*RV; R>*^^ 2(" V9*VRJ

BKMT NFP ^4E IM%$"#("60 T$(60*A.F/,("06(60J
HKMT NFP 94E IB./L("L0(" TF"6#/$%60 A.(@ _6#(#J

$F/$ ho. 44. "/ccounr|ng lor Rea| Esrare
0eve|opmenr /cr|v|r, paragrapn '-46, 49-55 ano 62-
64
$F/$ ho. 5'. /ccounr|ng lor Duas| Reorgan|sar|on
lF/$ ho. 2'. "Rea| Esrare 0onsrrucr|on 0onrracrs

G/$1 #02(% 7.@(%$%(" 1."./(1(" 20"0 (#(6 BKMT; HKMT 2("
1."Z(8$#(" BKMT #./6.8$# 20 (#(6 6./#( 8.@$7 7."."#$%("
2(71(%"+( #./)(2(1 @(1F/(" %.$(",(" %F"6F@02(60("P

Tne Sroup o|o nor |mp|emenr ear||er rne aoove menr|oneo
$F/$, lF/$ ano u|rnoraua| ol $F/$ ano nas nor
oererm|neo |rs |mpacr ro rne conso||oareo l|nanc|a|
sraremenrs.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

13 1(/(DE
3. Ikhtisar Kebijakan Akuntansi Penting 3. Summary of Significant Accounting Policies

3.a. Kepatuhan Terhadap 8tandar Akuntans| Keuangan
(8AK}
3.a. Compliance of Financial Accounting 3tandards [FA3}
`(1F/(" %.$(",(" G/$1 #.@() 206$6$" 6.6$(0 2.",("
K#("2(/ M%$"#("60 T.$(",(" 20 H"2F".60( +(", 7.@01$#0
B./"+(#((" K#("2(/ M%$"#("60 T.$(",(" ?BKMTC 2("
H"#./1/.#(60 K#("2(/ M%$"#("60 T.$(",(" ?HKMTC +(",
20#./80#%(" F@.) 5.Y(" K#("2(/ M%$"#("60 T.$(",(" b
H%(#(" M%$"#(" H"2F".60( ?HMHC; 6./#( B./(#$/(" -(2("
B.",(Y(6 B(6(/ SF2(@ 2(" `.78(,( T.$(",(" ?-(1.1(7*
`TC NFP aHHHPGPW ?A.\060 9:::C #."#(", IB.2F7(" B."+(L0("
`(1F/(" T.$(",("J 2(" T.1$#$6((" NFP T_B*^^R=-`=9:4:
#."#(", 1./$8()(" (#(6 B./(#$/(" NFP aHHHPGPW 2("
%.#."#$(" (%$"#("60 @(0""+( +(", @(c07 8./@(%$ 20 B(6(/
SF2(@P
Tne Sroups l|nanc|a| sraremenrs nas oeen prepareo |n
accoroance u|rn rne lnoones|an F|nanc|a| /ccounr|ng
$ranoaros un|cn |nc|uoe rne $raremenr ol F|nanc|a|
/ccounr|ng $ranoaros {$F/$j ano lnrerprerar|on ol
F|nanc|a| /ccounr|ng $ranoaros {lF/$j |ssueo o, rne
F|nanc|a| /ccounr|ng $ranoaros 3oaro - lnoones|an
lnsr|rure ol /ccounranrs {ll/j ano Regu|ar|ons ol 0ap|ra|
Varker ano $uperv|sor, 3oaro ano F|nanc|a| lnsr|rur|on
{3apepam-lrj ho. vlll.S.7 {Rev|seo 2000j regaro|ng rne
"Preparar|on ol F|nanc|a| $raremenrs ano 0ecree
ho. rEP-554/3l/20'0 regaro|ng /menomenr ro
Regu|ar|on ho. vlll.S.7 ano orner accounr|ng po||c|es
un|cn are preva|enr |n rne 0ap|ra| Varker.

3.b. 0asar Pengukuran dan Penyusunan Laporan
Keuangan Konso||das|an
3.b. 8asis of Measurement and Preparation of
Consolidated Financial 3tatements
`(1F/(" %.$(",(" %F"6F@02(60(" 206$6$" 8./2(6(/%("
(6$760 %.@(",6$",(" $6()( 6./#( (#(6 2(6(/ (%/$(@; %.Z$(@0
@(1F/(" (/$6 %(6 %F"6F@02(60(" +(", 7.",,$"(%(" 2(6(/
%(6P 5(6(/ 1.",$%$/(" 2(@(7 1."+$6$"(" @(1F/("
%.$(",(" %F"6F@02(60(" 0"0 (2(@() %F"6.1 80(+( 1./F@.)(";
%.Z$(@0 8.8./(1( (%$" #./#."#$ +(", 202(6(/%(" 1.",$%$/("
@(0" 6.8(,(07("( 20L.@(6%(" 2(@(7 %.80L(%(" (%$"#("60
7(60",*7(60", (%$" #./6.8$#P

Tne conso||oareo l|nanc|a| sraremenrs nave oeen
prepareo oaseo on a go|ng concern assumpr|on ano
accrua| oas|s, excepr lor rne conso||oareo sraremenrs ol
casn l|ous un|cn use casn oas|s. Tne oas|s ol
measuremenr |n rne preparar|on ol rnese conso||oareo
l|nanc|a| sraremenrs |s rne n|sror|ca| cosr concepr, excepr
lor cerra|n accounrs un|cn nave oeen prepareo on rne
oas|s ol orner measuremenrs as oescr|oeo |n rne|r
respecr|ve po||c|es.

`(1F/(" (/$6 %(6 %F"6F@02(60(" 206$6$" 2.",("
7.",,$"(%(" 7.#F2. @(",6$", 2.",(" 7.",.@F71F%%("
(/$6 %(6 2(@(7 (%#0\0#(6 F1./(60; 0"\.6#(60; 2(" 1."2("(("P
Tne conso||oareo sraremenrs ol casn l|ous nave oeen
prepareo us|ng rne o|recr mernoo o, c|ass|l,|ng casn
l|ous |nro operar|ng, |nvesr|ng, ano l|nanc|ng acr|v|r|es.

S(#( $(", 1.@(1F/(" +(", 20,$"(%(" 2(@(7 1."+$6$"("
@(1F/(" %.$(",(" %F"6F@02(60(" 0"0 (2(@() A$10() ?A1CP

Tne reporr|ng currenc, useo |n rne preparar|on ol rnese
conso||oareo l|nanc|a| sraremenrs |s Rup|an {Rpj.

3.c. Pr|ns|p-pr|ns|p Konso||das| 3.c. Consolidation Principles
`(1F/(" %.$(",(" %F"6F@02(60(" 7."Z(%$1 @(1F/("
%.$(",(" B./$6()((" 2(" ."#0#(6*."#0#(6 +(",
20%."2(@0%(" 6.Z(/( @(",6$", (#($1$" #02(% @(",6$",
2.",(" 1./6."#(6. %.1.70@0%(" @.80) 2(/0 ^:d 6.1./#0
206.8$#%(" 1(2( Z(#(#(" 4PZP
Tne conso||oareo l|nanc|a| sraremenrs |ncorporare rne
l|nanc|a| sraremenrs ol rne 0ompan, ano enr|r|es |n un|cn
rne 0ompan, nas ao|||r, ro o|recr|, or |no|recr|, exerc|se
conrro| u|rn ounersn|p percenrage ol more rnan 50/, as
oescr|oeo |n hore '.c.

B.",."2(@0(" L$,( (2( %.#0%( ."#0#(6 0"2$% 7.70@0%0
6.#.",() (#($ %$/(", %.%$(6((" 6$(/( 6$(#$ ."#0#(6 L0%(
#./2(1(#E
(P %.%$(6((" +(", 7.@.80)0 6.#.",() )(% 6$(/( 6.6$(0
1./L("L0(" 2.",(" 0"\.6#F/ @(0"e

8P %.%$(6((" +(", 7.",(#$/ %.80L(%(" %.$(",(" 2("
F1./(60F"(@ ."#0#(6 8./2(6(/%(" (",,(/(" 2(6(/ (#($
1./L("L0("e

0onrro| a|so ex|srs unen rne parenr ouns na|l or |ess ol rne
vor|ng pouer ol an enr|r, unen rnere |s.

a. pouer over more rnan na|l ol rne vor|ng r|gnrs o,
v|rrue ol an agreemenr u|rn orner |nvesrors;

o. pouer ro govern rne l|nanc|a| ano operar|ng po||c|es
ol rne enr|r, unoer a srarure or an agreemenr;

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

14 1(/(DE
ZP %.%$(6((" $"#$% 7."$"L$% (#($ 7.",,("#0 6.8(,0("
8.6(/ 20/.%60 (#($ F/,(" 1.",(#$/ 6.#(/( 2("
7.",."2(@0%(" ."#0#(6 7.@(@$0 20/.%60 (#($ F/,("
#./6.8$#e (#($
c. pouer ro appo|nr or remove rne maor|r, ol rne
memoers ol rne ooaro ol o|recrors or equ|va|enr
govern|ng ooo, ano conrro| ol rne enr|r, |s o, rnar
ooaro or ooo,; or
2P %.%$(6((" $"#$% 7.78./0%(" 6$(/( 7(+F/0#(6 1(2(
/(1(# 2.Y(" 20/.%60 (#($ F/,(" 1.",(#$/ 6.#(/( 2("
7.",."2(@0%(" ."#0#(6 7.@(@$0 20/.%60 (#($ F/,("
#./6.8$#P

o. pouer ro casr rne maor|r, ol vores |n rne meer|ngs ol
rne ooaro ol o|recrors or equ|va|enr govern|ng ooo,
ano conrro| ol rne enr|r, |s o, rnar ooaro or ooo,.

T.8./(2((" 2(" 2(71(% 2(/0 )(% 6$(/( 1F#."60(@ +(",
2(1(# 20@(%6("(%(" (#($ 20%F"\./60 1(2( #(",,(@ 1./0F2.
1.@(1F/(" )(/$6 201./#078(",%(" %.#0%( 7."0@(0 (1(%()
6$(#$ ."#0#(6 7.71$"+(0 %.%$(6((" $"#$% 7.",(#$/
%.80L(%(" %.$(",(" 2(" F1./(60F"(@ ."#0#(6 @(0"P
Tne ex|srence ano ellecr ol porenr|a| vor|ng r|gnrs rnar can
oe |mp|emenreo or converreo on rne oare ol rne reporr|ng
per|oo snou|o oe cons|oereo unen assess|ng unerner an
enr|r, nas rne pouer ro govern l|nanc|a| ano operar|ng
po||c|es ol anorner enr|r+P

_"#0#(6 20%F"6F@02(60%(" 6.L(% #(",,(@ 207("( 1.",."2(@0("
.D.%#0D 8./(@0) %.1(2( B./$6()((" 2(" #02(% @(,0
20%F"6F@02(60%(" 6.L(% B./$6()((" #02(% 7.71$"+(0
1.",."2(@0(" .D.%#0DP
Tne enr|r|es are conso||oareo lrom rne oare on un|cn
ellecr|ve conrro| uas rranslerreo ro rne 0ompan, ano are
no |onger conso||oareo unen rne 0ompan, ceases ro nave
ellecr|ve conrro|.

B.",(/$) 2(/0 6.@$/$) #/("6(%60 2(" 6(@2F ("#(/( ."#0#(6*
."#0#(6 20 2(@(7 B./$6()((" +(", 7(#./0(@ #.@() 20.@070"(60
2(@(7 1."+(L0(" @(1F/(" %.$(",(" %F"6F@02(60(" $"#$%
7."Z./70"%(" 1F6060 %.$(",(" 2(" )(60@ $6()(
B./$6()((" 6.8(,(0 6(#$ %.6(#$("P
Tne ellecrs ol a|| s|gn|l|canr rransacr|ons ano oa|ances
oerueen compan|es u|rn|n rne 0ompan, nave oeen
e||m|nareo |n rne conso||oareo l|nanc|a| sraremenrs ro
rel|ecr rne l|nanc|a| pos|r|on ano resu|rs ol operar|ons ol rne
Sroup as one ous|ness enr|r,.

T.1."#0",(" "F" 1.",."2(@0 (#(6 @(8( ?/$,0C 8./60) 2("
.%$0#(6 ."#0#(6 ("(% 20"+(#(%(" 6.8.6(/ 1/F1F/60 1.7.,(",
6()(7 70"F/0#(6 (#(6 @(8( ?/$,0C 8./60) 2(" .%$0#(6 ."#0#(6
("(%P
Tne non-conrro|||ng |nreresr |n rne ner |ncome {|ossj ano
equ|r, ol a suos|o|ar, |s srareo as a proporr|on ol rne
m|nor|r, snareno|oers |n rne ner |ncome {|ossj ano equ|r,
ol suos|o|ar,.

B./$8()(" (#(6 #/("6(%60 .%$0#(6 ."#0#(6 ("(% 206(L0%("
6.8(,(0 1."(78()(" 7F2(@ 2(@(7 (%$" JK.@060) '/("6(%60
B./$8()(" _%$0#(6 _"#0#(6 M"(%J 1(2( @(1F/(" 1F6060
%.$(",(" %F"6F@02(60("P
Transacr|on o|llerence |n equ|r, cnanges ol suos|o|ar|es |s
srareo as an aoo|r|on ro equ|r, |n rne accounr "0|llerence |n
Transacr|ons 0oncern|ng Equ|r, 0nange ol $uos|o|ar|es
|n rne conso||oareo sraremenrs ol l|nanc|a| pos|r|on.

3.d. 8etara Kas
K.#(/( %(6 7.@01$#0 2.1F60#F +(", L(",%( Y(%#$"+( 6(7(
(#($ %$/(", 2(/0 3 ?#0,(C 8$@(" 6.L(% #(",,(@ 1.".71(#("
2(" #02(% 20L(20%(" L(70"("P
3.d. Cash Equivalents
0asn equ|va|enrs cons|sr ol r|me oepos|rs u|rn marur|r,
oare or nor more rnan J {rnreej monrns s|nce rne|r
p|acemenr ano nor p|eogeo as co||arera|.

3.e. Transaks| dan 8a|do da|am Hata Uang As|ng 3.e. Foreign Currency 7ransactions and 8alances
'/("6(%60*#/("6(%60 2(@(7 7(#( $(", (60", 20L(8(/%("
2(@(7 7(#( $(", A$10() 2.",(" 7.",,$"(%(" %$/6 +(",
8./@(%$ 1(2( 6((# #./L(20"+( #/("6(%60 +(", 8./6(",%$#("P
B(2( #(",,(@ @(1F/(" 1F6060 %.$(",("; (6.# 2(" %.Y(L08("
7F".#./ 2(@(7 7(#( $(", (60", 20L(8(/%(" 2(@(7 7(#(
$(", A$10() 2.",(" 7.",,$"(%(" %$/6 #.",()
-("% H"2F".60( +(", 8./@(%$ $"#$% 7."Z./70"%(" %$/6
+(", 8./@(%$ 1(2( #(",,(@ #./6.8$#P

B(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4: %$/6 +(",
20,$"(%(" (2(@()E
Transacr|ons |nvo|v|ng lore|gn currenc|es are recoroeo ar
rne rares ol excnange preva|||ng ar rne r|me rne
rransacr|ons are maoe. Dn sraremenr ol l|nanc|a| pos|r|on
oares, monerar, assers ano ||ao|||r|es oenom|nareo |n
lore|gn currenc|es are converreo ro rel|ecr rne rares ol
excnange preva|||ng ar 3ank lnoones|a ar rnar oare.

Tne preva|||ng excnange rare on 0ecemoer J', 20'' ano
20'0 are as lo||ous.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

15 1(/(DE

2011
Rp
2010
Rp

4 5F@(/ M7./0%( K./0%(# ?!K5C >;:VQP:: Q;>>4P::
4 5F@(/ K0",(1$/( ?KG5C V;>3WP:: V;>Q:PV4
' un|reo $rares 0o||ars
' $|ngapore 0o||ars

T.$"#$",(" (#($ %./$,0(" %$/6 +(", #078$@ 20%/.20#%(" (#($
208.8("%(" 1(2( @(1F/(" @(8( /$,0 %F"6F@02(60(" #()$"
+(", 8./6(",%$#("P
Tne resu|r|ng ga|ns or |osses are creo|reo or cnargeo ro
rne currenr ,ear conso||oareo sraremenrs ol |ncome.

3.f. Pajak Penghas||an 3.f. lncome 7ax
K.@$/$) 1./8.2((" #.71F/./ ("#(/( L$7@() #./Z(#(# (6.#
2(" %.Y(L08(" 2.",(" 2(6(/ 1.",."((" 1(L(%"+( 20(%$0
6.8(,(0 1(L(% #(",,$)(" 2.",(" 7.#F2. %.Y(L08(" ?||ao|||r,
mernooCP B(L(% #(",,$)(" 20$%$/ 2.",(" #(/0D 1(L(% +(",
8./@(%$ 6((# 0"0P
/|| remporar, o|llerences ar|s|ng oerueen rne rax oases ol
assers ano ||ao|||r|es ano rne|r carr,|ng va|ue lor l|nanc|a|
reporr|ng purposes are recogn|zeo as oelerreo rax us|ng
||ao|||r, mernoo. 0urrenr|, enacreo rax rares are useo ro
oererm|ne oelerreo |ncome rax.

K(@2F /$,0 D06%(@ +(", 2(1(# 20%F71."6(60 20(%$0 6.8(,(0
(6.# 1(L(% #(",,$)(" (1(80@( 8.6(/ %.7$",%0"(" 8()Y(
L$7@() @(8( D06%(@ 207(6( 7."2(#(", (%(" 7.7(2(0 $"#$%
20%F71."6(60P TF/.%60 #./)(2(1 %.Y(L08(" 1./1(L(%("
20(%$0 6((# 6$/(# %.#.#(1(" 1(L(% 20#./07( (#($ L0%(
7.",(L$%(" %.8./(#("; 1(2( 6((# %.1$#$6(" (#(6
%.8./(#(" #./6.8$# #.@() 20#.#(1%("P
0elerreo rax assers re|ar|ng ro carr,loruaro ol unuseo rax
|osses un|cn are recogn|zeo ro rne exrenr rnar |r |s
prooao|e rnar lurure raxao|e prol|r u||| oe ava||ao|e aga|nsr
un|cn rne unuseo rax |osses can oe ur|||zeo. /menomenrs
ro raxar|on oo||gar|ons are recogn|zeo unen rax
assessmenr |errer |s rece|veo or, |l appea|eo aga|nsr, unen
rne resu|rs ol rne appea| are oererm|neo.

B(L(% %0"0 20(%$0 8./2(6(/%(" @(8( 1(L(% $"#$% #()$" +(",
8./6(",%$#("; 6.6$(0 2.",(" 1./(#$/(" 1./1(L(%(" +(",
8./@(%$P
0urrenr rax uas ca|cu|areo oaseo on rax |ncome lor rne
re|areo ,ear accoro|ng ro ex|sr|ng rax regu|ar|on.

3.g. Pengakuan Pendapatan dar| Penjua|an dan eban 3.g. Revenue from 3ales and Expenses Recognition
B."2(1(#(" 2(/0 1."L$(@(" 20(%$0 8./2(6(/%(" 1."./07(("
#$"(0 2(/0 casn reg|srer; 6.2(",%(" 8.8(" 20(%$0 1(2( 6((#
#./L(20"+( ?accrua| oas|sCP
Revenue lrom sa|es |s recogn|zeo oaseo on rne casn
rece|pr lrom casn reg|srer, un||e expenses are recogn|zeo
unen rne, are |ncurreo {accrua| oas|sj.

3.h. Pendapatan Roya|t| 3.h. Royalty Revenues
B."2(1(#(" /F+(@#0 7./$1(%(" )(60@ +(", 201./)0#$",%("
6.8.6(/ 1./6."#(6. #./#."#$ 2(/0 1."L$(@(" %F#F/ ."#0#(6
Y(/(@(8( +(", 7.7(%(0 7./.% 2(,(", 8./0%$# @F,F
0a||lorn|a Fr|eo 70@0% B./$6()((". B."2(1(#(" /F+(@#0
20)0#$", 2(" 20(%$0 8./2(6(/%(" 1."L$(@(" %F#F/ 8$@("("
."#0#(6 Y(/(@(8(P

Ro,a|r, revenue represenrs |ncome un|cn |s compureo ar
cerra|n percenr ol gross sa|es ol lrancn|see us|ng rne
0ompan,s rraoemark ano |ogo ol 0a||lorn|a Fr|eo
0n|cken. Ro,a|r, revenue |s compureo ano recogn|zeo
oaseo on rne lrancn|sees monrn|, gross sa|esP

3.|. lnitial Fee 3.i. lnitial Fee
ln|r|a| lee 7./$1(%(" 1."2(1(#(" +(", 20#./07( B./$6()(("
2.",(" ."#0#(6 Y(/(@(8( +(", 7.",,$"(%(" 7./.% 2(,(",
8./0%$# @F,F 0a||lorn|a Fr|eo 0n|cken 70@0% B./$6()(("P
-.6(/"+( Fee 0"0 20#.#(1%(" 2(@(7 1./L("L0(" Y(/(@(8(
#./,("#$", @F%(60 (#($ #.71(# $6()( 207("( B./$6()(("
Y(/(@(8( #./6.8$# 2020/0%("P B."2(1(#(" |n|r|a| lee 20(%$0
1(2( 6((# 1."("2(#(",("(" 1./L("L0(" Y(/(@(8( 2("
@06."60P
ln|r|a| lee represenrs revenue rece|veo o, rne 0ompan,
u|rn rne lrancn|see ol 0a||lorn|a Fr|eo 0n|cken rraoemark
ano |ogo. Tne amounr ol rne lee |s oel|neo |n Francn|se
/greemenr oepenos on rne |ocar|on or rne p|ace ol
lrancn|se 0ompan, uas esrao||sneo. Tne |n|r|a| lee |s
recogn|zeo upon s|gn|ng ol rne lrancn|se ano ||cense
agreemenrP

3.j. Persed|aan 3.j. lnventories
B./6.20((" 20"+(#(%(" 7."$/$# "0@(0 +(", #./."2() ("#(/(
)(/,( 1./F@.)(" 2(" "0@(0 8./60) +(", 2(1(# 20/.(@06(60%("P
O(/,( 1./F@.)(" 20#.#(1%(" 8./2(6(/%(" 7.#F2. l|rsr-|n
lnvenror|es are carr|eo ar cosr or ner rea||zao|e va|ue
un|cnever |s |ouer. 0osr |s oererm|neo us|ng rne l|rsr-|n
l|rsr-our mernoo un|cn |nc|uoes expeno|rures |ncurreo |n
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

1 1(/(DE
l|rsr-our {FlFDj +(", 7.@01$#0 80(+(*80(+( +(", #./L(20 $"#$%
7.71./F@.) 1./6.20((" #./6.8$# 6./#( 7.78(Y("+( %.
@F%(60 2(" %F"2060"+( +(", 6.%(/(",P
acqu|r|ng rne |nvenror|es ano or|ng|ng rnem ro rne|r presenr
|ocar|on ano cono|r|on.

N0@(0 8./60) +(", 2(1(# 20/.(@06(60%(" (2(@() #(%60/(" )(/,(
L$(@ +(", Y(L(/ 6.#.@() 20%$/(",0 2.",(" #(%60/(" 80(+(
$"#$% 7."+.@.6(0%(" 2(" 7."L$(@ 1./6.20((" #./6.8$#P
her rea||zao|e va|ue |s rne esr|mareo se|||ng pr|ce |n rne
oro|nar, course ol ous|ness |ess rne esr|mareo cosrs ol
comp|er|on ano rne esr|mareo cosrs necessar, ro make rne
sa|e.

3.k. Aset Tetap 3.k. Property and Equipments
M6.# #.#(1 201./#(",,$",L(Y(8%(" 2.",(" 7.",,$"(%("
7F2.@ 80(+(P M6.# #.#(1 20"+(#(%(" 6.8.6(/ 80(+( 1./F@.)("
20%$/(",0 (%$7$@(60 1."+$6$#(" 2(" 1."$/$"(" "0@(0 )(%
(#(6 #("() +(", #02(% 20(7F/#06(60P B."+$6$#(" 20)0#$",
2.",(" 7.",,$"(%(" 7.#F2. ,(/06 @$/$6 ?srra|gnr-||ne
mernooC 8./2(6(/%(" #(%60/(" 7(6( 7("D((# .%F"F706 (6.#
#.#(1 6.8(,(0 8./0%$#E
Properr, ano equ|pmenrs are accounreo oaseo on cosr
mooe|. Properr, ano equ|pmenr carr|eo ar cosr |ess rne|r
accumu|areo oeprec|ar|on ano |mpa|rmenr |oss ol lano
r|gnr |s nor amorr|zeo. 0eprec|ar|on |s compureo us|ng
srra|gnr-||ne mernoo over rne esr|mareo uselu| ||le ol rne
assers as lo||ous.

-(",$"("
S.60" 2(" B./@.",%(1("
T."2(/((" -./7F#F/

Tahun|Years
9:
9; ^ 2(" 4:
^

3u||o|ngs
Vacn|ner|es ano Equ|pmenrs
Voror ven|c|es

'("() #02(% 206$6$#%("P

lano |s nor oeprec|areo.
-.8(" 1.7.@0)(/((" 2(" 1./8(0%(" 208.8("%(" @(",6$",
1(2( @(1F/(" @(8( /$,0 %F71/.)."60D %F"6F@02(60(" 1(2(
6((# #./L(20"+(P B.7$,(/(" 2(" 1."(78()(" 2(@(7 L$7@()
60,"0D0%(" 20%(10#(@06(60 %. (6.# +(", 8./6(",%$#("P N0@(0
8$%$ (6.# #.#(1 +(", 6$2() #02(% 201./,$"(%(" @(,0 (#($
20L$(@; 20%.@$(/%(" 2(/0 %.@F71F% (6.# #.#(1 +(",
8./6(",%$#(" 2(" @(8( (#($ /$,0 +(", #./L(20 208$%$%("
2(@(7 #()$" 8./L(@("P
wnen assers are rer|reo or orneru|se o|sposeo ol, rne|r
cosrs ano re|ereo accumu|areo oeprec|ar|on ano
amorr|zar|on are removeo lrom rne accounrs ano an,
resu|r|ng ga|n or |oss |s presenreo |n rne currenr ,ear
conso||oareo sraremenr ol comprenens|ve |ncome.

3.|. |aya 0|bayar d| Huka 3.l. Prepaid Expenses
-0(+( 208(+(/ 20 7$%( (%(" 20(7F/#06(60 2(@(7 L(",%(
Y(%#$ #./#."#$ 2.",(" 7.",,$"(%(" 7.#F2. ,(/06 @$/$6P
Prepa|o expenses |s amorr|zeo over rne per|oos oenel|reo
us|ng srra|gnr-||ne mernoo.

3.m. Aset T|dak erwujud 3.m. lntangible Assets
M6.# #02(% 8./Y$L$2 #./20/0 2(/0 )(% ,$"( 8(",$"(" (#(6
#("() 2(" )(% 1(#." (#(6 7./.% 2(,(",; 206(L0%(" 6.8.6(/
"0@(0 #./Z(#(#; +(0#$ 80(+( 1./F@.)(" 20%$/(",0 (%$7$@(60
(7F/#06(60P M6.# #02(% 8./Y$L$2 20(7F/#06(60 8./2(6(/%("
7(6( 7("D((#"+(; +(0#$ 6.@(7( 9: ?2$( 1$@$)C #()$" $"#$%
)(% ,$"( 8(",$"(" (#(6 #("() 2(" 4: ?6.1$@$)C #()$"
$"#$% )(% 1(#." (#(6 7./.% 2(,(",P
lnrang|o|e assers cons|sr ol ou||o|ng r|gnr r|r|e ano parenr
ol rraoemark nare carr|eo ar carr,|ng amounr un|cn |s
acqu|s|r|on cosr |ess accumu|areo amorr|zar|on. lnrang|o|e
assers |s amorr|zeo us|ng rne srra|gnr-||ne mernoo oaseo
on rne esr|mareo uselu| ||ves, un||e ou||o|ng ur|||zar|on
r|gnr ano |anor|gnrs ol 20 {ruenr,j ,ears ano parenr ol
rraoemarks ol '0 {renj ,ears.

3.n. Renovas| angunan 8ewa 3.n. Renovation of Rented 8uilding
S./$1(%(" 80(+(*80(+( +(", 20%.@$(/%(" $"#$% 1.78$(#("
2.%F/(60 ,./(0; 2(" @(0"*@(0" (#(6 8(",$"(" 6.Y( +(",
208$%$%(" 6.8(,(0 /."F\(60 8(",$"(" 6.Y( 2("
20(7F/#06(60 6.@(7( 4: ?6.1$@$)C #()$" 2.",("
7.",,$"(%(" 7.#F2. ,(/06 @$/$6 ?srra|gnr-||ne mernooCP
Represenrs expenses |ncurreo re|areo ro rne our|er
oecorar|on oes|gn ano orners on renreo ou||o|ng un|cn |s
recoroeo as renovar|on ol renreo ou||o|ng un|cn u||| oe
amorr|zeo lor a per|oo ol '0 {renj ,ears us|ng rne srra|gnr-
||ne mernoo.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

17 1(/(DE
3.o. |nstrumen Keuangan
Aset Keuangan
G/$1 7.",%@(60D0%(60%(" (6.# %.$(",(""+( 2(@(7 %(#.,F/0
?0C (6.# %.$(",(" +(", 20$%$/ 1(2( "0@(0 Y(L(/ 7.@(@$0
@(1F/(" @(8( /$,0; ?00C 10"L(7(" +(", 208./0%(" 2(" 10$#(",;
?000C 0"\.6#(60 +(", 2070@0%0 )0",,( L(#$) #.71F 6./#( ?0\C (6.#
%.$(",(" +(", #./6.20( $"#$% 20L$(@P T@(60D0%(60 0"0
#./,("#$", 2(/0 #$L$(" 1./F@.)(" (6.# %.$(",(" #./6.8$#P
S("(L.7." 7."."#$%(" %@(60D0%(60 (6.# %.$(",(" #./6.8$#
1(2( 6((# (Y(@ 1.",(%$(""+(P
3.o. Financial lnstruments
Financial Assets
Tne Sroup c|ass|l|eo |rs l|nanc|a| asser |n rne lo||ou|ng
caregor|es {|j l|nanc|a| assers ar la|r va|ue rnrougn prol|r or
|oss; {||j |oans ano rece|vao|es; {|||j ne|o-ro-marur|r,
|nvesrmenrs; an {|vj ava||ao|e lor sa|e l|nanc|a| assers. Tn|s
c|ass|l|car|on oepenos on rne 0ompan,s purpose ol
l|nanc|a| assers acqu|s|r|on. Vanagemenr recogn|zeo
l|nanc|a| assers c|ass|l|car|on ar |n|r|a| acqu|s|r|on.

Aset Keuangan yang 0|ukur pada N||a| wajar
He|a|u| Laporan Laba Rug| (FVTPL}
M6.# %.$(",(" +(", 20$%$/ 1(2( "0@(0 Y(L(/ 7.@(@$0
@(1F/(" @(8( /$,0 (2(@() (6.# %.$(",(" +(",
20#$L$%(" $"#$% 201./2(,(",%("P M6.# %.$(",("
20%@(60D0%(60%(" 6.8(,(0 201./2(,(",%(" L0%( 201./F@.)
#./$#(7( $"#$% #$L$(" 20L$(@ (#($ 208.@0 %.78(@0 2(@(7
Y(%#$ 2.%(# 2(" #./2(1(# 8$%#0 7.",."(0 1F@( (780@
$"#$", 2(@(7 L(",%( 1."2.% +(", #./%0"0P 5./0\(#0D
20%@(60D0%(60%(" 6.8(,(0 (6.# 201./2(,(",%(" %.Z$(@0
#.@() 20#.#(1%(" 2(" .D.%#0D 6.8(,(0 0"6#/$7." @0"2$",
"0@(0P

B(2( 34 5.6.78./ 9:44 2(" 9:4:; G/$1 #02(%
7.70@0%0 (6.# %.$(",(" +(", 20$%$/ 1(2( "0@(0 Y(L(/
7.@(@$0 @(1F/(" @(8( /$,0P
Financial Assets At Fair Value 7hrough Profit or
Loss [FV7PL}
F|nanc|a| assers un|cn recogn|zeo ar la|r va|ue
rnrougn prol|r or |oss are l|nanc|a| assers lor rrao|ng.
F|nanc|a| assers are c|ass|l|eo |n rn|s caregor, unen
rne, are ne|o pr|nc|pa||, lor rne purpose ol se|||ng or
repurcnas|ng |n rne near rerm ano rnere |s ev|oence ol
a recenr acrua| parrern ol snorr-rerm prol|r-rak|ng.
0er|var|ves are c|ass|l|eo as rrao|ng assers, excepr as
oes|gnareo ano ellecr|ve as neog|ng |nsrrumenrs.

/s ol 0ecemoer J', 20'' ano 20'0, rne Sroup nas
no l|nanc|a| assers ar la|r va|ue rnrougn prol|r or |oss.

P|njaman yang 0|ber|kan dan P|utang
B0"L(7(" +(", 208./0%(" 2(" 10$#(", (2(@() (6.#
%.$(",(" "F"*2./0\(#0D 2.",(" 1.78(+(/(" #.#(1 (#($
#.@() 20#."#$%(" 2(" #02(% 7.71$"+(0 %$F#(60 20 1(6(/
(%#0DP B(2( 6((# 1.",(%$(" (Y(@; 10"L(7(" +(",
208./0%(" 2(" 10$#(", 20(%$0 1(2( "0@(0 Y(L(/"+(
20#(78() 80(+( #/("6(%60 2(" 6.@("L$#"+( 20$%$/ 1(2(
80(+( 1./F@.)(" 20(7F/#06(60 2.",(" 7.",,$"(%("
7.#F2. 6$%$ 8$",( .D.%#0DP

M6.# %.$(",(" +(", 20%(#.,F/0%(" 6.8(,(0 10"L(7("
+(", 208./0%(" 2(" 10$#(", (2(@() %(6 2(" 6.#(/( %(6;
10$#(", * 10)(% %.#0,(; 10$#(", @(0"*@(0" * 10)(% %.#0,(;
2(" $(", L(70"(" +(", 20Z(#(# 6.8(,(0 8(,0(" 2(/0
(6.# #02(% @("Z(/ @(0""+(P
Loans and Receivables
loans ano rece|vao|es are non-oer|var|ve l|nanc|a|
assers u|rn l|xeo or oererm|nao|e pa,menrs rnar are
nor quoreo |n an acr|ve marker. /r |n|r|a| recogn|r|on,
|oans ano rece|vao|es are recogn|zeo ar la|r va|ue
p|us rransacr|on cosrs ano suosequenr|, measureo ar
amorr|zeo cosr us|ng rne ellecr|ve |nreresr rare
mernoo.

Tne l|nanc|a| assers un|cn c|ass|l|eo as |oans ano
rece|vao|es are casn ano casn equ|va|enrs, accounrs
rece|vao|e lrom rn|ro parr|es, orner rece|vao|es lrom
rn|ro parr|es, secur|r, oepos|rs un|cn are recoroeo as
parr ol orner non-currenr assers.

|nvestas| yang 0|m|||k| h|ngga Jatuh Tempo (hTH}
H"\.6#(60 +(", 2070@0%0 )0",,( L(#$) #.71F (2(@() (6.#
%.$(",(" "F"*2./0\(#0D 2.",(" 1.78(+(/(" #.#(1 (#($
#.@() 20#."#$%(" 2(" L(#$) #.71F"+( #.@() 20#.#(1%(";
207("( 7("(L.7." 7.71$"+(0 0"#."60 1F60#0D 2("
%.7(71$(" $"#$% 7.70@0%0 (6.# %.$(",(" #./6.8$#
)0",,( L(#$) #.71F; 6.@(0"E
(C H"\.6#(60 +(", 1(2( 6((# 1.",(%$(" (Y(@
20#.#(1%(" 6.8(,(0 (6.# %.$(",(" +(", 20$%$/
1(2( "0@(0 Y(L(/ 7.@(@$0 @(1F/(" @(8( /$,0 e
held-to-Maturity lnvestments [h7M}
le|o-ro-marur|r, |nvesrmenrs are non-oer|var|ve
l|nanc|a| assers u|rn l|xeo or oererm|nao|e pa,menrs
ano l|xeo marur|r, rnar Vanagemenr nas rne pos|r|ve
|nrenr|on ano ao|||r, ro no|o ro marur|r,, orner rnan.

aj lnvesrmenrs un|cn lrom |n|r|a| recogn|r|on, uere
oes|gnareo as l|nanc|a| assers measureo ar la|r
va|ue rnrougn prol|r or |oss;
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

18 1(/(DE
8C H"\.6#(60 +(", 20#.#(1%(" 2(@(7 %.@F71F% #./6.20(
$"#$% 20L$(@e 2("
ZC H"\.6#(60 +(", 7.7."$)0 2.D0"060 10"L(7(" +(",
208./0%(" 2(" 10$#(",P

oj lnvesrmenrs uere oes|gnareo as ava||ao|e lor
sa|e; ano
cj lnvesrmenrs rnar meer rne oel|n|r|on ol |oans ano
rece|vao|es.
B(2( 6((# 1.",(%$(" (Y(@; 0"\.6#(60 2070@0%0 )0",,(
L(#$) #.71F 20(%$0 1(2( "0@(0 Y(L(/"+( 20#(78() 80(+(
#/("6(%60 2(" 6.@("L$#"+( 20$%$/ 1(2( 80(+( 1./F@.)("
20(7F/#06(60 2.",(" 7.",,$"(%(" 7.#F2. 6$%$
8$",( .D.%#0DP

G/$1 7.",%@(60D0%(60%(" 2.1F60#F +(", L(#$) #.71F
2(@(7 V ?."(7C 8$@(" 6.8(,(0 0"\.6#(60 +(", 2070@0%0
)0",,( L(#$) #.71FP
/r |n|r|a| recogn|r|on, le|o-ro-marur|r, |nvesrmenrs are
recogn|zeo ar la|r va|ue p|us rransacr|on cosrs ano
suosequenr|, measureo ar amorr|zeo cosr us|ng rne
ellecr|ve |nreresr rare mernoo.

Tne Sroup c|ass|l|eo r|me oepos|rs un|cn marure |n 6
{s|xj monrns as ne|o ro marur|r, |nvesrmenrs.

Aset Keuangan Tersed|a untuk 0|jua| (AF8}
M6.# %.$(",(" 2(@(7 %.@F71F% #./6.20( $"#$% 20L$(@
(2(@() (6.# %.$(",(" "F"*2./0\(#0D +(", 20#.#(1%("
$"#$% 2070@0%0 6.@(7( 1./0F2. #./#."#$; 207("( (%("
20L$(@ 2(@(7 /(",%( 1.7."$)(" @0%$020#(6 (#($
1./$8()(" 6$%$ 8$",(; \(@$#( (60", (#($ +(", #02(%
20%@(60D0%(60%(" 6.8(,(0 10"L(7(" +(", 208./0%(" (#($
10$#(",; 0"\.6#(60 +(", 20%@(60D0%(60%(" 2(@(7
%.@F71F% 2070@0%0 )0",,( L(#$) #.71F (#($ (6.#
%.$(",(" +(", 20$%$/ 1(2( "0@(0 Y(L(/ 7.@(@$0 @(1F/("
@(8( /$,0P

B(2( 6((# 1.",(%$(" (Y(@; (6.# %.$(",(" #./6.20(
$"#$% 20L$(@ 20(%$0 1(2( "0@(0 Y(L(/"+( 20#(78() 80(+(
#/("6(%60 2(" 6.@("L$#"+( 20$%$/ 1(2( "0@(0 Y(L(/"+(
207("( @(8( (#($ /$,0 20(%$0 1(2( @(1F/(" 1./$8()("
.%$0#(6 %F"6F@02(60(" %.Z$(@0 $"#$% %./$,0("
1."$/$"(" "0@(0 2(" @(8( /$,0 %F"6F@02(60(" 2(/0 6.@060)
%$/6 )0",,( (6.# %.$(",(" 20)."#0%(" 1.",(%$(""+(P
<0%( (6.# %.$(",(" #./6.20( $"#$% 20L$(@ 7.",(@(70
1."$/$"(" "0@(0; (%$7$@(60 @(8( /$,0 +(", 6.8.@$7"+(
20(%$0 1(2( 8(,0(" @(1F/(" 1./$8()(" .%$0#(6
%F"6F@02(60(" (%(" 20(%$0 1(2( @(1F/(" @(8( /$,0
%F71/.)."60D %F"6F@02(60("P K.2(",%(" 1.",)(60@("
8$",( +(", 20)0#$", 7.",,$"(%(" 7.#F2. 6$%$
8$",( .D.%#0D 2(" %.$"#$",(" (#($ %./$,0(" (%08(#
1./$8()(" "0@(0 #$%(/ 2(/0 (6.# 7F".#./ +(",
20%@(60D0%(60%(" 6.8(,(0 %.@F71F% #./6.20( $"#$% 20L$(@
20(%$0 1(2( @(1F/(" @(8( /$,0 %F71/.)."60D
%F"6F@02(60("P

Available for 3ale Financial Assets [AF3}
F|nanc|a| assers ava||ao|e lor sa|e are non-oer|var|ve
l|nanc|a| assers rnar ne|o our|ng a cerra|n per|oo u|rn
|nrenr|on lor sa|e |n oroer ro lu|l||| ||qu|o|r, neeos,
cnanges |n |nreresr rares or lore|gn excnange, or are
nor c|ass|l|eo as |oans ano rece|vao|es, |nvesrmenrs
rnar c|ass|l|eo |nro ne|o-ro-marur|r, or l|nanc|a| assers
ar la|r va|ue rnrougn prol|r or |oss.

/r |n|r|a| recogn|r|on, ava||ao|e lor sa|e l|nanc|a|
assers are recogn|zeo ar la|r va|ue p|us rransacr|on
cosrs ano suosequenr|, measureo ar la|r va|ue u|rn
an, ga|n or |oss recogn|zeo ar rne conso||oareo
sraremenrs ol cnanges |n equ|r,, excepr lor
|mpa|rmenr |oss ano lore|gn excnange ro
oerecogn|zeo. ll ava||ao|e lor sa|e l|nanc|a| assers
are |mpa|reo, rne accumu|areo prol|r or |oss
prev|ous|, recogn|zeo |n rne conso||oareo sraremenrs
ol cnanges |n equ|r, |s recogn|zeo |n rne conso||oareo
sraremenrs ol comprenens|ve |ncome. lnreresr
|ncome |s ca|cu|areo us|ng rne ellecr|ve |nreresr rare
mernoo ano ga|ns or |osses lrom cnanges |n
excnange rares ol monerar, assers rnar c|ass|l|eo as
ava||ao|e lor sa|e l|nanc|a| assers are recogn|zeo |n
rne conso||oareo sraremenrs ol comprenens|ve
|ncome.
G/$1 7.",%@(60D0%(60%(" 0"\.6#(60 L(",%( 1."2.%
2(@(7 8."#$% 6()(7 %. 2(@(7 %(#.,F/0 (6.# %.$(",("
#./6.20( $"#$% 20L$(@P
Tne Sroup c|ass|l|eo |rs snorr rerm |nvesrmenr |n lorm
ol snares as ava||ao|e lor sa|e l|nanc|a| assers.

L|ab|||tas Keuangan
`0(80@0#(6 %.$(",(" 20%.@F71F%%(" %. 2(@(7 %(#.,F/0 ?0C
@0(80@0#(6 %.$(",(" +(", 20$%$/ 1(2( "0@(0 Y(L(/ 7.@(@$0
@(1F/(" @(8( /$,0 2(" ?00C @0(80@0#(6 %.$(",(" +(", 20$%$/
2.",(" 80(+( 1./F@.)(" 20(7F/#06(60P
Financial Liabilities
F|nanc|a| ||ao|||r|es are c|ass|l|eo |nro {|j l|nanc|a| ||ao|||r|es
ar la|r va|ue rnrougn prol|r or |oss ano {||j l|nanc|a| ||ao|||r|es
ar amorr|zeo cosr.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

19 1(/(DE
`0(80@0#(6 T.$(",(" +(", 50$%$/ 1(2( N0@(0 X(L(/
S.@(@$0 `(1F/(" `(8( A$,0

F|nanc|a| l|ao|||r|es ar Fa|r va|ue rnrougn Prol|r or
loss

N0@(0 Y(L(/ @0(80@0#(6 %.$(",(" +(", 20$%$/ 1(2( "0@(0
Y(L(/ 7.@(@$0 @(1F/(" @(8( /$,0 (2(@() @0(80@0#(6
%.$(",(" +(", 20#$L$%(" $"#$% 201./2(,(",%("P
`0(80@0#(6 %.$(",(" 20%@(60D0%(60%(" 6.8(,(0
201./2(,(",%(" L0%( 201./F@.) #./$#(7( $"#$% #$L$("
20L$(@ (#($ 208.@0 %.78(@0 2(@(7 Y(%#$ 2.%(# 2("
#./2(1(# 8$%#0 7.",."(0 1F@( (780@ $"#$", 2(@(7
L(",%( 1."2.% #./%0"0P 5./0\(#0D 20%@(60D0%(60%("
6.8(,(0 @0(80@0#(6 201./2(,(",%(" %.Z$(@0 20#.#(1%("
2(" .D.%#0D 6.8(,(0 0"6#/$7." @0"2$", "0@(0P

B(2( 6((# 1.",(%$(" (Y(@ 6.@$/$) @0(80@0#(6 %.$(",("
20(%$0 1(2( "0@(0 Y(L(/"+( 6.#.@() 20%$/(",0 80(+(
#/("6(%60; 2(" 6.@("L$#"+( 20$%$/ 1(2( 80(+(
1./F@.)(" 20(7F/#06(60 2.",(" 7.",,$"(%(" 7.#F2.
6$%$ 8$",( .D.%#0DP

B(2( 34 5.6.78./ 9:44 2(" 9:4:; G/$1 #02(%
7.70@0%0 @0(80@0#(6 %.$(",(" +(", 20$%$/ 1(2( "0@(0
Y(L(/ 7.@(@$0 @(1F/(" @(8( /$,0P

`0(80@0#(6 T.$(",(" +(", 50$%$/ 2.",(" -0(+(
B./F@.)(" 50(7F/#06(60

`0(80@0#(6 %.$(",(" +(", #02(% 20%@(60D0%(60%("
6.8(,(0 @0(80@0#(6 %.$(",(" +(", 20$%$/ 1(2( "0@(0
Y(L(/ 7.@(@$0 @(1F/(" @(8( /$,0 20%(#.,F/0%(" 2("
20$%$/ 2.",(" 80(+( 1./F@.)(" 20(7F/#06(60P

`0(80@0#(6 %.$(",(" +(", 20$%$/ 2.",(" 80(+(
1./F@.)(" 20(7F/#06(60 (2(@() )$#(", 8("% L(",%(
1."2.%; )$#(", $6()( * 10)(% %.#0,(; )$#(", @(0"*@(0" *
10)(% %.#0,(; 80(+( +(", 7(60) )(/$6 208(+(/; 2("
10"L(7(" L(",%( 1("L(",P

Tne la|r va|ue ol l|nanc|a| ||ao|||r|es measureo ar la|r
va|ue rnrougn prol|r or |oss are rne l|nanc|a| ||ao|||r|es
rnar are oes|gnareo lor rraoe. F|nanc|a| ||ao|||r|es are
c|ass|l|eo lor rraoe |l acqu|reo pr|mar||, lor rne
purpose ol se|||ng or repurcnas|ng |n rne near rerm
ano rnere |s ev|oence ol a parrern ol snorr-rerm prol|r
rak|ng. 0er|var|ves are c|ass|l|eo as rrao|ng ||ao|||r|es
excepr rnose ellecr|ve|, oes|gnareo as neog|ng
|nsrrumenrs.

/r |n|r|a| recogn|r|on, l|nanc|a| ||ao|||r|es measureo ar
la|r va|ue, ner ol rransacr|on cosrs, ano are
suosequenr|, measureo ar amorr|zeo cosr us|ng
ellecr|ve |nreresr rare mernoo.

/s ol 0ecemoer J', 20'' ano 20'0, rne Sroup nas
no l|nanc|a| ||ao|||r|es ar la|r va|ue rnrougn prol|r or
|oss.

F|nanc|a| l|ao|||r|es ar /morr|zeo 0osr

F|nanc|a| ||ao|||r|es nor c|ass|l|eo as l|nanc|a|
||ao|||r|es ar la|r va|ue rnrougn prol|r or |oss are
caregor|zeo ano measureo us|ng amorr|zeo cosr.

F|nanc|a| ||ao|||r|es ar amorr|zeo cosr cons|srs ol
snorr, rraoe pa,ao|es - rn|ro parr|es, orner pa,ao|es -
rn|ro parr|es, accrueo expenses, ano |ong rerm
|oans.

Penurunan N||a| Aset Keuangan
M6.# %.$(",("; 6.@(0" (6.# %.$(",(" ]a'B`; 20.\(@$(60
#./)(2(1 0"20%(#F/ 1."$/$"(" "0@(0 1(2( 6.#0(1 #(",,(@
@(1F/(" 1F6060 %.$(",("P M6.# %.$(",(" 20#$/$"%(" "0@(0"+(
80@( #./2(1(# 8$%#0 F8L.%#0D; 6.8(,(0 (%08(# 2(/0 6(#$ (#($
@.80) 1./06#0Y( +(", #./L(20 6.#.@() 1.",(%$(" (Y(@ (6.#
%.$(",("; 2(" 1./06#0Y( +(", 7./$,0%(" #./6.8$#
8./2(71(% 1(2( .6#07(60 (/$6 %(6 7(6( 2.1(" (#(6 (6.#
%.$(",(" +(", 2(1(# 20.6#07(60 6.Z(/( )("2(@P

!"#$% 0"\.6#(60 .%$0#(6 M]K +(", #./Z(#(# 2(" #02(% #./Z(#(#
20 8$/6(; 1."$/$"(" +(", 60,"0D0%(" (#($ L(",%( 1("L(",
1(2( "0@(0 Y(L(/ 2(/0 0"\.6#(60 .%$0#(6 20 8(Y() 80(+(
1./F@.)(""+( 20(",,(1 6.8(,(0 8$%#0 F8+.%#0D 1."$/$"("
"0@(0P

-.8./(1( 8$%#0 F8L.%#0D 1."$/$"(" "0@(0 #./7(6$% 6.8(,(0
8./0%$#E
lmpairment of Financial Assets
F|nanc|a| assers, orner rnan rnose ar FvTPl, are
assesseo lor |no|carors ol |mpa|rmenr ar eacn l|nanc|a|
pos|r|on oare. F|nanc|a| assers are |mpa|reo unere rnere |s
ooecr|ve ev|oence rnar, as a resu|r ol one or more evenrs
rnar occurreo alrer rne |n|r|a| recogn|r|on ol rne l|nanc|a|
asser, rne esr|mareo lurure casn l|ous ol rne |nvesrmenr
nave oeen |mpacreo.

For ||sreo ano un||sreo equ|r, |nvesrmenrs c|ass|l|eo as
/F$, a s|gn|l|canr or pro|ongeo oec||ne |n rne la|r va|ue ol
rne secur|r, oe|ou |rs cosr |s cons|oereo ro oe ooecr|ve
ev|oence ol |mpa|rmenr.

$ome ooecr|ve ev|oence lor |mpa|rmenr va|ue as lo||ous.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

20 1(/(DE
%.6$@0#(" %.$(",(" 60,"0D0%(" +(", 20(@(70 1."./80#
(#($ 10)(% 1.70"L(7e (#($
1.@(",,(/(" %F"#/(%; 6.1./#0 #./L(20"+( Y("1/.6#(60
(#($ #$",,(%(" 1.78(+(/(" 1F%F% (#($ 8$",(e (#($
#./2(1(# %.7$",%0"(" 8()Y( 10)(% 1.70"L(7 (%("
20"+(#(%(" 1(0@0# (#($ 7.@(%$%(" /.F/,("06(60
%.$(",("P

!"#$% %.@F71F% (6.# %.$(",(" #./#."#$; 6.1./#0 10$#(",;
1."$/$"(" "0@(0 (6.# 20.\(@$(60 6.Z(/( 0"20\02$(@P -$%#0
F8L.%#0D 2(/0 1."$/$"(" "0@(0 1F/#FDF@0F 10$#(", 2(1(#
#./7(6$% 1.",(@(7(" G/$1 (#(6 #./#(,0)"+( 10$#(", 20
7(6( @(@$; 1."0",%(#(" %.#./@(78(#(" 1."./07(("
1.78(+(/(" 10$#(", 2(/0 /(#(*/(#( 1./0F2. %/.20#; 2(" L$,(
1.",(7(#(" (#(6 1./$8()(" %F"2060 .%F"F70 "(60F"(@
(#($ @F%(@ +(", 8./%F/.@(60 2.",(" oelau|r (#(6 10$#(",P

s|gn|l|canr l|nanc|a| o|ll|cu|r, ol rne |ssuer or
counrerparr,; or
oelau|r or oe||nquenc, |n |nreresr or pr|nc|pa|
pa,menrs; or
|r oecom|ng prooao|e rnar rne oorrouer u||| enrer
oankruprc, or l|nanc|a| reorgan|sar|on.

For cerra|n caregor|es ol l|nanc|a| asser, sucn as
rece|vao|es, rne |mpa|rmenr va|ue ol assers are assesseo
|no|v|oua||,. Doecr|ve ev|oence ol |mpa|rmenr lor a
porrlo||o ol rece|vao|es cou|o |nc|uoe rne Sroups pasr
exper|ence ol co||ecr|ng pa,menrs, an |ncrease |n rne
numoer ol oe|a,eo pa,menrs |n rne porrlo||o pasr rne
average creo|r per|oo, as ue|| as ooservao|e cnanges |n
nar|ona| or |oca| econom|c cono|r|ons rnar corre|are u|rn
oelau|r on rece|vao|es.

!"#$% (6.# %.$(",(" +(", 20$%$/ 1(2( 80(+( 1./F@.)("
+(", 20(7F/#06(60; L$7@() %./$,0(" 1."$/$"(" "0@(0
7./$1(%(" 6.@060) ("#(/( "0@(0 #./Z(#(# (6.# %.$(",("
2.",(" "0@(0 %0"0 2(/0 .6#07(60 (/$6 %(6 7(6( 2(#(", +(",
20206%F"#F%(" 7.",,$"(%(" #0",%(# 6$%$ 8$",( .D.%#0D
(Y(@ 2(/0 (6.# %.$(",("P

N0@(0 #./Z(#(# (6.# %.$(",(" #./6.8$# 20%$/(",0 2.",("
%./$,0(" 1."$/$"(" "0@(0 6.Z(/( @(",6$", (#(6 (6.#
%.$(",("; %.Z$(@0 10$#(", +(", "0@(0 #./Z(#(#"+( 20%$/(",0
7.@(@$0 1.",,$"((" (%$" 1."+060)(" 10$#(",P <0%( 10$#(",
#02(% #./#(,0); 10$#(", #./6.8$# 20)(1$6%(" 7.@(@$0 (%$"
1."+060)(" 10$#(",P B.7$@0)(" %.7$20(" 2(/0 L$7@() +(",
6.8.@$7"+( #.@() 20)(1$6%(" 20%/.20#%(" #./)(2(1 (%$"
1."+060)("P B./$8()(" "0@(0 #./Z(#(# (%$" 1."+060)("
10$#(", 20(%$0 2(@(7 @(1F/(" @(8( /$,0 %F71/.)."60D
%F"6F@02(60("P

<0%( (6.# %.$(",(" M]K 20(",,(1 7."$/$" "0@(0"+(;
%.$"#$",(" (#($ %./$,0(" %$7$@(#0D +(", 6.8.@$7"+(
#.@() 20(%$0 2(@(7 1."2(1(#(" %F71/.)."60D @(0"
20/.%@(60D0%(60 %. @(8( /$,0 %F"6F@02(60(" 1./0F2. 8./L(@("P

B.",.Z$(@0(" 2(/0 0"6#/$7." .%$0#(6 M]K; L0%(; 1(2(
1./0F2. 8./0%$#"+(; L$7@() 1."$/$"(" "0@(0 8./%$/(", 2("
1."$/$"(" 2(1(# 20%(0#%(" 6.Z(/( F8+.%#0D 2.",(" 6.8$()
1./06#0Y( +(", #./L(20 6.#.@() 1."$/$"(" "0@(0 #./6.8$#
20(%$0; %./$,0(" 1."$/$"(" "0@(0 +(", 6.8.@$7"+( 20(%$0
201$@0)%(" 7.@(@$0 @(1F/(" @(8( /$,0 %F71/.)."60D
%F"6F@02(60(" )0",,( "0@(0 #./Z(#(# 0"\.6#(60 1(2( #(",,(@
1.7$@0)(" 1."$/$"(" "0@(0 #02(% 7.@.80)0 80(+( 1./F@.)("
20(7F/#06(60 6.8.@$7 1.",(%$(" %./$,0(" 1."$/$"(" "0@(0
20@(%$%("P

5(@(7 )(@ .D.% .%$0#(6 M]K; %./$,0(" 1."$/$"(" "0@(0 +(",
6.8.@$7"+( 20(%$0 2(@(7 @(8( /$,0 1./0F2. 8./L(@(" #02(%
For l|nanc|a| assers carr|eo ar amorr|seo cosr, rne amounr
ol rne |mpa|rmenr |s rne o|llerence oerueen rne assers
carr,|ng amounr ano rne presenr va|ue ol esr|mareo lurure
casn l|ous, o|scounreo ar rne l|nanc|a| assers or|g|na|
ellecr|ve |nreresr rare.

Tne carr,|ng amounr ol rne l|nanc|a| asser |s reouceo o,
rne |mpa|rmenr |oss o|recr|, lor a|| l|nanc|a| assers u|rn rne
excepr|on ol rece|vao|es, unere rne carr,|ng amounr |s
reouceo rnrougn rne use ol an a||ouance accounr. wnen
a rece|vao|e |s cons|oereo unco||ecr|o|e, |r |s ur|rren oll
aga|nsr rne a||ouance accounr. $uosequenr recover|es ol
amounrs prev|ous|, ur|rren oll are creo|reo aga|nsr rne
a||ouance accounr. 0nanges |n rne carr,|ng amounr ol rne
a||ouance accounr are recogn|zeo |n rne conso||oareo
sraremenrs ol comprenens|ve |ncome.

wnen an /F$ l|nanc|a| asser |s cons|oereo ro oe
|mpa|reo, cumu|ar|ve ga|ns or |osses prev|ous|,
recogn|seo |n orner comprenens|ve |ncome are
rec|ass|l|eo ro currenr per|oo conso||oareo prol|r ano |oss.

w|rn rne excepr|on ol /F$ equ|r, |nsrrumenrs, |l, |n a
suosequenr per|oo, rne amounr ol rne |mpa|rmenr |oss
oecreases ano rne oecrease can oe re|areo ooecr|ve|, ro
an evenr occurr|ng alrer rne |mpa|rmenr uas recogn|seo,
rne prev|ous|, recogn|seo |mpa|rmenr |oss |s reverseo
rnrougn rne conso||oareo sraremenr ol comprenens|ve
|ncome ro rne exrenr rnar rne carr,|ng amounr ol rne
|nvesrmenr ar rne oare rne |mpa|rmenr |s reverseo ooes
nor exceeo unar rne amorr|seo cosr uou|o nave oeen nao
rne |mpa|rmenr nor oeen recogn|zeo.

ln respecr ol /F$ equ|r, secur|r|es, |mpa|rmenr |osses
prev|ous|, recogn|seo |n rne currenr per|oo ol prol|r ano
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

21 1(/(DE
8F@.) 201$@0)%(" 7.@(@$0 @(1F/(" @(8( /$,0 %F71/.)."60D
%F"6F@02(60("P K.#0(1 %."(0%(" "0@(0 Y(L(/ 6.#.@()
1."$/$"(" "0@(0 20(%$0 6.Z(/( @(",6$", %. .%$0#(6P

|oss are nor reverseo rnrougn rne conso||oareo sraremenr
ol comprenens|ve |ncome. /n, |ncrease |n la|r va|ue
suosequenr ro an |mpa|rmenr |oss |s recogn|seo o|recr|, |n
equ|r,.

Rek|as|f|kas| Aset Keuangan
A.%@(60D0%(60 )("+( 201./%."("%(" 2(@(7 60#$(60 +(",
L(/(", #./L(20 2(" 207("( (6.# #02(% @(,0 2070@0%0 $"#$% #$L$("
20L$(@ 2(@(7 L(",%( 1."2.%P 5(@(7 6.7$( )(@; /.%@(60D0%(60
(6.# %.$(",(" )("+( #./8(#(6 1(2( 0"6#/$7." )$#(",P
A.%@(60D0%(60 20Z(#(# 6.8.6(/ "0@(0 Y(L(/ (6.# %.$(",(" 1(2(
#(",,(@ /.%@(60D0%(60P

Reclassification of Financial Assets
Rec|ass|l|car|on |s on|, perm|rreo |n rare c|rcumsrances
ano unere rne asser |s no |onger ne|o lor rne purpose ol
se|||ng |n rne snorr-rerm. ln a|| cases, rec|ass|l|car|ons ol
l|nanc|a| assers are ||m|reo ro oeor |nsrrumenrs.
Rec|ass|l|car|ons are accounreo lor ar rne la|r va|ue ol rne
l|nanc|a| asser ar rne oare ol rec|ass|l|car|on.

Penghent|an Pengakuan Aset dan L|ab|||tas Keuangan 0erecognition of Financial Assets and Liabilities

G/$1 7.",)."#0%(" 1.",(%$(" (6.# %.$(",(" L0%( 2("
)("+( L0%( )(% %F"#/(%#$(@ (#(6 (/$6 %(6 +(", 8./(6(@ 2(/0
(6.# 8./(%)0/; (#($ B./$6()((" 7."#/("6D./ (6.# %.$(",("
2(" 6.Z(/( 6$86#("60(@ 7."#/("6D./ 6.@$/$) /060%F 2("
7("D((# (#(6 %.1.70@0%(" (6.# %.1(2( ."#0#(6 @(0"P <0%(
G/$1 #02(% 7."#/("6D./ 6./#( #02(% 7.70@0%0 6.Z(/(
6$86#("60(@ (#(6 6.@$/$) /060%F 2(" 7("D((# %.1.70@0%("
6./#( 7(60) 7.",."2(@0%(" (6.# +(", 20#/("6D./; 7(%(
G/$1 7.",(%$0 %.#./@08(#(" 8./%.@("L$#(" (#(6 (6.# +(",
20#/("6D./ 2(" @0(80@0#(6 #./%(0# 6.8.6(/ L$7@() +(", 7$",%0"
)(/$6 208(+(/P <0%( G/$1 7.70@0%0 6.Z(/( 6$86#("60(@
6.@$/$) /060%F 2(" 7("D((# %.1.70@0%(" (6.# %.$(",(" +(",
20#/("6D./; G/$1 7(60) 7.",(%$0 (6.# %.$(",(" 2(" L$,(
7.",(%$0 10"L(7(" +(", 20L(70" 6.8.6(/ 10"L(7(" +(",
20#./07(P

G/$1 7.",)."#0%(" 1.",(%$(" @0(80@0#(6 %.$(",("; L0%( 2("
)("+( L0%(; @0(80@0#(6 G/$1 #.@() 20@.1(6%("; 208(#(@%(" (#($
%(2(@$(/6(P

Tne Sroup oerecogn|zes a l|nanc|a| asser on|, unen rne
conrracrua| r|gnrs ro rne casn l|ous lrom rne asser exp|re,
or unen rne|r rransler rne l|nanc|a| asser ano suosranr|a||,
a|| rne r|sks ano reuaros ol ounersn|p ol rne asser ro
anorner enr|r,. ll rne Sroup ne|rner rranslerreo nor
rera|neo suosranr|a||, a|| rne r|sks ano reuaros ol
ounersn|p ano conr|nues ro conrro| rne rranslerreo asser,
rne Sroup recogn|zeo rne|r rera|neo |nreresr |n rne asser
ano an assoc|areo ||ao|||r, lor amounrs rne|r ma, nave ro
pa,. ll rne Sroup rera|neo suosranr|a||, a|| rne r|sks ano
reuaros ol ounersn|p ol a rranslerreo l|nanc|a| asser, rne
Sroup conr|nueo ro recogn|se rne l|nanc|a| asser ano a|so
recogn|ses a co||arera||seo oorrou|ng lor rne proceeos
rece|veo

Tne Sroup oerecogn|zes l|nanc|a| ||ao|||r|es unen, ano
on|, unen, rne Sroups oo||gar|ons are o|scnargeo,
cance||eo or rne, exp|re.

Hetode 8uku unga Efekt|f
S.#F2. 6$%$ 8$",( .D.%#0D (2(@() 7.#F2. +(", 20,$"(%("
$"#$% 7.",)0#$", 80(+( 1./F@.)(" 20(7F/#06(60 2(/0
0"6#/$7." %.$(",(" 2(" 7.#F2. $"#$% 7.",(@F%(60%("
1."2(1(#(" 8$",( 6.@(7( 1./0F2. +(", /.@.\("P K$%$
8$",( .D.%#0D (2(@() 6$%$ 8$",( +(", 6.Z(/( #.1(#
7."206%F"#F%(" .6#07(60 1."./07((" %(6 20 7(6( 2(#(",
?7."Z(%$1 6.@$/$) %F7060 2(" 8."#$% @(0" +(", 208(+(/%("
2(" 20#./07( F@.) 1(/( 10)(% 2(@(7 %F"#/(% +(",
7./$1(%(" 8(,0(" +(", #(% #./106()%(" 2(/0 6$%$ 8$",(
.D.%#0D; 80(+( #/("6(%60 2(" 1/.70$7 2(" 206%F"#F @(0""+(C
6.@(7( 1./%0/((" $7$/ 0"6#/$7."# %.$(",("; (#($; L0%(
@.80) #.1(#; 20,$"(%(" 1./0F2. +(", @.80) 60",%(# $"#$%
7.71./F@.) "0@(0 #./Z(#(# 8./60) 2(/0 (6.# %.$(",(" 1(2(
6((# 1.",(%$(" (Y(@P

B."2(1(#(" 20(%$0 8./2(6(/%(" 6$%$ 8$",( .D.%#0D $"#$%
0"6#/$7." %.$(",(" 6.@(0" 2(/0 0"6#/$7." %.$(",("
]a'B`P
Effective lnterest Method
Tne ellecr|ve |nreresr mernoo |s a mernoo ol ca|cu|ar|ng
rne amorr|seo cosr ol a l|nanc|a| |nsrrumenr ano ol
a||ocar|ng |nreresr |ncome over rne re|evanr per|oo. Tne
ellecr|ve |nreresr rare |s rne rare rnar exacr|, o|scounrs
esr|mareo lurure casn rece|prs {|nc|uo|ng a|| lees ano
po|nrs pa|o or rece|veo rnar lorm an |nregra| parr ol rne
ellecr|ve |nreresr rare, rransacr|on cosrs ano orner
prem|ums or o|scounrsj rnrougn rne expecreo ||le ol rne
l|nanc|a| |nsrrumenr, or, unere appropr|are, a snorrer
per|oo ro rne ner carr,|ng amounr on |n|r|a| recogn|r|on.

lncome |s recogn|zeo on an ellecr|ve |nreresr oas|s lor
l|nanc|a| |nsrrumenrs orner rnan rnose l|nanc|a|
|nsrrumenrs ar FvTPl.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

22 1(/(DE
Est|mas| N||a| wajar
N0@(0 Y(L(/ $"#$% 0"6#/$7." %.$(",(" +(", 201./2(,(",%("
20 1(6(/ (%#0D 20#."#$%(" 8./2(6(/%(" "0@(0 1(6(/ +(",
8./@(%$ 1(2( #(",,(@ "./(Z(P

H"\.6#(60 1(2( .D.% .%$0#(6 +(", "0@(0 Y(L(/"+( #02(%
#./6.20( 20Z(#(# 6.8.6(/ 80(+( 1./F@.)("P

N0@(0 Y(L(/ $"#$% 0"6#/$7." %.$(",(" @(0" +(", #02(%
201./2(,(",%(" 20 1(6(/ 20#."#$%(" 2.",(" 7.",,$"(%("
#.%"0% 1."0@(0(" #./#."#$P G/$1 7.",,$"(%(" 7.#F2.
o|scounreo casn l|ous 2.",(" 7.",,$"(%(" (6$760*
(6$760 8./2(6(/%(" %F"2060 1(6(/ +(", (2( 1(2( 6((#
#(",,(@ "./(Z( $"#$% 7."."#$%(" "0@(0 Y(L(/ 2(/0 0"6#/$7."
%.$(",(" @(0""+(P

Fair Value 0etermination
Tne la|r va|ue ol l|nanc|a| |nsrrumenrs rraoeo |n acr|ve
markers |s oererm|neo oaseo on preva|||ng marker va|ue
ar l|nanc|a| pos|r|on oare.

lnvesrmenrs |n equ|r, secur|r|es u|rn unava||ao|e la|r va|ue
are recoroeo ar cosr.

Tne la|r va|ue ol orner l|nanc|a| |nsrrumenrs nor rraoeo |n
rne marker |s oererm|neo us|ng cerra|n va|uar|on
recnn|ques. Tne 0ompan, ano suos|o|ar|es use
o|scounreo casnl|ous u|rn assumpr|ons oaseo on marker
cono|r|ons ex|sr|ng ar l|nanc|a| pos|r|on oare ro oererm|ne
rne la|r va|ue ol orner l|nanc|a| |nsrrumenrs.
3.p. L|ab|||tas 0|est|mas| atas |mba|an Kerja 3.p. Estimated Liabilities on Employee 8enefits
H78(@(" %./L( L(",%( 1."2.% 20(%$0 6.8.6(/ L$7@() #(%
#./206%F"#F %.#0%( 1.%./L( #.@() 7.78./0%(" L(6("+(
%.1(2( G/$1 2(@(7 6$(#$ 1./0F2. (%$"#("60P

$norr rerm emp|o,ees oenel|rs |s recogn|zeo ar an
uno|scounreo amounr unen emp|o,ees nave renoereo
rne|r serv|ce ro rne Sroup our|ng rne accounr|ng per|oo.

H78(@(" %./L( 20(%$0 6.8.6(/ L$7@() +(", 20$%$/ 2.",("
7.",,$"(%(" 2(6(/ 206%F"#F %.#0%( 1.%./L( #.@()
7.78./0%(" L(6("+( %.1(2( G/$1 2(@(7 6$(#$ 1./0F2.
(%$"#("60P T.Y(L08(" 2(" 8.8(" 20$%$/ 2.",("
7.",,$"(%(" #.%"0% (%#$(/0( +(", 7."Z(%$1 1$@(
%.Y(L08(" %F"6#/$%#0D +(", #078$@ 2(/0 1/(%#0% %.80(6(("
G/$1P 5(@(7 1./)0#$",(" %.Y(L08("; 078(@(" )(/$6
20206%F"#F%(" 2.",(" 7.",$"(%(" 7.#F2. proecreo un|r
creo|rP
Posr emp|o,menr oenel|r |s recogn|zeo ar a o|scounreo
amounr unen rne emp|o,ees nave renoereo rne|r serv|ce
ro rne Sroup our|ng an accounr|ng per|oo. Tne ||ao|||r|es
ano expenses are measureo us|ng acruar|a| recnn|ques
un|cn |nc|uoe consrrucr|ve oo||gar|on rnar ar|ses lrom
Sroups |nlormeo pracr|ces. ln ca|cu|ar|ng rne ||ao|||r|es, rne
oenel|r musr oe o|scounreo o, us|ng rne proecreo un|r
creo|r mernoos.

3.q. Laba per 8aham 3.q. Earning per 3hare
`(8( ?/$,0C 8./60) 1./ 6()(7 2(6(/ 20)0#$", 2.",("
7.78(,0 @(8( ?/$,0C 8./60) /.602$(@ ?@(8( (#($ /$,0 6.#.@()
1(L(% 20%$/(",0 20\02." 6()(7 $#(7(C +(", #./6.20( 8(,0
1.7.,(", 6()(7 80(6( 2.",(" L$7@() /(#(*/(#( #./#078(",
6()(7 80(6( +(", 8./.2(/ 2(@(7 #()$" +(",
8./6(",%$#("P
Earn|ng per snare |s compureo o, o|v|o|ng res|oua| ner
|ncome {|ossj {|ncome alrer |ncome rax |ess o|v|oenos ol
pr|mar, srockno|oersj o, rne ue|gnreo average numoer ol
snares oursrano|ng our|ng rne ,ear.

3.r. Transaks| dengan P|hak-p|hak ere|as|
B0)(%*10)(% 8./.@(60 (2(@() F/(", (#($ ."#0#(6 +(", #./%(0#
2.",(" B./$6()((" +(", 7."+0(1%(" @(1F/("
%.$(",(""+( ?IB./$6()((" 1.@(1F/JCE
[/(", (#($ (",,F#( %.@$(/,( #./2.%(# 7.71$"+(0
/.@(60 2.",(" B./$6()((" 1.@(1F/ L0%( F/(", #./6.8$#E
(C 7.70@0%0 1.",."2(@0(" (#($ 1.",."2(@0("
8./6(7( (#(6 B./$6()((" 1.@(1F/;
8C 7.70@0%0 1.",(/$) 60,"0D0%(" (#(6 B./$6()(("
1.@(1F/; (#($
ZC 1./6F"(@ 7("(L.7." %$"Z0 B./$6()((" 1.@(1F/
(#($ 1./$6()((" 0"2$% B./$6()((" 1.@(1F/P

3.r. Related Parties 7ransactions
/ re|areo parr, |s a person or enr|r, rnar |s re|areo ro rne
enr|r, rnar |s prepar|ng |rs l|nanc|a| sraremenrs {|n rn|s
$ranoaro relerreo ro as rne 'reporr|ng enr|r,j.
/ person or a c|ose memoer ol rnar persons lam||, |s
re|areo ro a reporr|ng enr|r, |l rnar person.
{aj nas conrro| or o|nr conrro| over rne reporr|ng
enr|r,;
{oj nas s|gn|l|canr |nl|uence over rne reporr|ng enr|r,;
or
{cj |s a memoer ol rne ke, managemenr personne|
ol rne reporr|ng enr|r, or ol a parenr ol rne
reporr|ng enr|r,.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

23 1(/(DE
K$(#$ ."#0#(6 8./.@(60 2.",(" B./$6()((" 1.@(1F/ L0%(
7.7."$)0 6(@() 6(#$ )(@ 8./0%$#E
(C B./$6()((" 2(" B./$6()((" 1.@(1F/ (2(@()
(",,F#( 2(/0 %.@F71F% $6()( +(", 6(7(
?(/#0"+( 1./$6()((" 0"2$%; ."#0#(6 ("(% 2("
."#0#(6 ("(% 8./0%$#"+( #./%(0# 2.",("
1./$6()((" @(0"CP
8C K(#$ 1./$6()((" (2(@() 1./$6()((" (6F60(60
(#($ \."#$/( 8./6(7( 2(/0 1./$6()((" @(0" ?(#($
1./$6()((" (6F60(60 (#($ \."#$/( 8./6(7( +(",
7./$1(%(" (",,F#( 6$(#$ %.@F71F% $6()(;
207("( 1./$6()((" @(0" #./6.8$# (2(@()
(",,F#("+(CP
ZC T.2$( 1./$6()((" #./6.8$# (2(@() \."#$/(
8./6(7( 2(/0 10)(% %.#0,( +(", 6(7(P
2C K(#$ 1./$6()((" (2(@() \."#$/( 8./6(7( 2(/0
1./$6()((" %.#0,( 2(" 1./$6()((" +(", @(0"
(2(@() 1./$6()((" (6F60(60 2(/0 1./$6()(("
%.#0,(P
.C B./$6()((" #./6.8$# (2(@() 6$(#$ 1/F,/(7
078(@(" 1(6Z( %./L( $"#$% 078(@(" %./L( 2(/0
6(@() 6(#$ B./$6()((" 1.@(1F/ (#($ 1./$6()(("
+(", #./%(0# 2.",(" B./$6()((" 1.@(1F/P <0%(
B./$6()((" 1.@(1F/ (2(@() 1./$6()((" +(",
7."+.@.",,(/(%(" 1/F,/(7 #./6.8$#;
1./$6()((" 61F"6F/ L$,( 8./.@(60 2.",("
B./$6()((" 1.@(1F/P
DC B./$6()((" +(", 20%."2(@0%(" (#($ 20%."2(@0%("
8./6(7( F@.) F/(", +(", 2002."#0D0%(60 2(@(7
8$#0/ ?(CP
,C [/(", +(", 2002."#0D0%(60 2(@(7 8$#0/ ?(C ?0C
7.70@0%0 1.",(/$) 60,"0D0%(" #./)(2(1
1./$6()((" (#($ 1./6F"0@ 7("(L.7." %$"Z0
1./$6()((" ?(#($ 1./$6()((" 0"2$% 2(/0
1./$6()(("CP
/n enr|r, |s re|areo ro a reporr|ng enr|r, |l an, ol rne
lo||ou|ng cono|r|ons app||es.
{aj Tne enr|r, ano rne reporr|ng enr|r, are memoers
ol rne same group {un|cn means rnar eacn
parenr, suos|o|ar|es ano le||ou suos|o|ar, are
re|areo ro rne ornersj.

{oj Dne enr|r, |s an assoc|are or o|nr venrure ol rne
orner enr|r, {or an assoc|are or o|nr venrure ol a
memoer ol a group ol un|cn rne orner enr|r, |s a
memoerj.

{cj 3orn enr|r|es are o|nr venrures ol rne same rn|ro
parr,.
{oj Dne enr|r, |s a o|nr venrure ol a rn|ro enr|r, ano
rne orner enr|r, |s an assoc|are ol rne rn|ro enr|r,.

{ej Tne enr|r, |s a posr-emp|o,menr oenel|r p|an lor
rne oenel|r ol emp|o,ees ol e|rner rne reporr|ng
enr|r, or an enr|r, re|areo ro rne reporr|ng enr|r,.
ll rne reporr|ng enr|r, |s |rse|l sucn a p|an, rne
sponsor|ng emp|o,ers are a|so re|areo ro rne
reporr|ng enr|r,.

{lj Tne enr|r, |s conrro||eo or o|nr|, conrro||eo o, a
person |oenr|l|eo |n {aj.

{gj / person |oenr|l|eo |n {aj {|j nas s|gn|l|canr
|nl|uence over rne enr|r, or |s a memoer ol rne
ke, managemenr personne| ol rne enr|r, {or ol a
parenr ol rne enr|r,j.

3.s. Penggunaan Est|mas| 3.s. 0se of Estimates
B."+$6$"(" @(1F/(" %.$(",(" %F"6F@02(60(" 6.6$(0
2.",(" 1/0"601 (%$"#("60 +(", 8./@(%$ $7$7
7.",)(/$6%(" 7("(L.7." $"#$% 7.78$(# .6#07(60 2("
(6$760 +(", 7.71.",(/$)0 L$7@() (6.# 2(" @0(80@0#(6"+(
+(", 20@(1F/%(" 2(@(7 @(1F/(" %.$(",(" %F"6F@02(60("
6.@(7( 1./0F2. 1.@(1F/("P O(60@ 6.6$",,$)"+( 7$",%0"
8./8.2( 2.",(" .6#07(60 #./6.8$#P
Tne preparar|on ol rne conso||oareo l|nanc|a| sraremenrs |n
conlorm|r, u|rn accounr|ng pr|nc|p|es genera||, accepreo
requ|res rne 0ompan,s managemenr ro make esr|mares
ano assumpr|ons rnar allecr rne reporreo amounr ol assers
ano ||ao|||r|es ar rne oare ol rne conso||oareo l|nanc|a|
sraremenrs. /crua| resu|rs cou|o o|ller lrom rnose
esr|mares.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

24 1(/(DE
4. Kas dan Setara Kas 4. Cash and Cash Equivalents

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
Kas 4;4^4;4W4;QRW 4;43R;>:R;V>V Q3R;VQW;3:^ Cash on hand
ank Cash in 8anks
A$10() Rup|an
B' -("% U."#/(@ M60( '8% R;9W:;VWR;:49 9;V^4;V9^;:VW 9;^>W;4QW;R:3 PT 3ank 0enrra| /s|a Tok
B' -("% S("20/0 ?B./6./FC'8% 4;QRQ;9VR;994 W::;V3>;94^ RQ^;WQQ;^9: PT 3ank Vano|r| {Perseroj Tok
B' -("% B./7(#( '8% 4;^94;Q^^;3^: R;R>Q;Q>Q;4>Q 9;:99;R^R;Q>R PT 3ank Permara Tok
B' -("% S.,( '8% 4;:V4;QRQ;:>R ^99;>QQ;>49 QVR;>^Q;:VQ PT 3ank Vega Tok
B' -("% 5("(7F" H"2F".60( '8% ^9:;W^Q;^WV 44>;>W4;93W 4>4;3^>;W>> PT 3ank 0anamon lnoones|a Tok
B' -("% [U-U NHKB '8% 9VV;9:Q;VR: 9W9;3R3;RRQ 4>:;99Q;W4W PT 3ank D030 hl$P Tok
B' -("% H"#./"(60F"(@ H"2F".60( '8% 4:R;:W>;43W 94^;R44;33> 3W;V:^;:Q9 PT 3ank lnrernas|ona| lnoones|a Tok
>;^>3;VQQ;:9> Q;>Q4;QWW;R4V V;3Q>;^Q9;RQ3
!K 5F@(/ u$ 0o||ar
B' -("% S$#0(/( '8% PT 3ank Vur|ara Tok
?9:44 E !K5 4;^QQP>QW e 4R;R:Q;>R4 R;W93;R99 ^;9Q9;93V {20'' . u$0 ',588.987 ;
9:4: E !K5 ^9^P3^ e 20'0 . u$0 525.J5 ;
9::> E !K5 ^V4P>RC 2009 . u$0 56'.94j
B' -("% M-N MSA[ PT 3ank /3h /VRD
?9:44 E !K5 : e {20'' . u$0 0 ;
9:4: E !K5 99;R99P93e 20'0 . u$0 22,422.2J;
9::> E !K5 4;V4:P99C ** 9:4;^>Q;9W: 4^;43V;:VQ 2009 . u$0 ',6'0.22j
4R;R:Q;>R4 9:V;394;V>9 9:;R4Q;3:R
'F#(@ -("% >;V:Q;:>V;>W: >;4QQ;4>>;4:Q V;R4:;:::;WQW Tora| 0asn |n 3anks
0epos|to erjangka 7ime 0eposits
B' -("% a0Z#F/0( H"#./"(#0F"(@ '8% ^;:::;:::;::: ** ** PT 3ank v|cror|a lnrernar|ona| Tok
Tota| 15,759,28,817 10,323,103,804 7,244,88,092
7otal
'0",%(# -$",( 5.1F60#F -./L(",%( 1./ '()$"
Q;^d ** **
/nnua| lnreresr Rares on T|me 0epos|r
<(",%( X(%#$ B.".71(#("
4 8$@(" ** **
Varur|r, Per|oo

5. Investasi 5. Investments

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
(C './6.20( $"#$% 50L$(@ aj /va||ao|e lor $a|e
H"6#/$7." _%$0#(6 9;R3V;3QV;>V: 9;R3V;3QV;>V: 9;R3V;3QV;>V: Equ|r, lnsrrumenr
`(8( +(", -.@$7 50/.(@06(60 (#(6 M6.# unrea||zeo Sa|n on
T.$(",(" './6.20( $"#$% 50L$(@ W;Q3W;>^R;9R: R;>>Q;>>4;^R: 4;R4V;R>:;W:^ /va||aoe lor $a|e F|nanc|a| /sser
N0@(0 X(L(/ 4:;9WR;3R4;9:: W;R3^;3WQ;^:: 3;Q^9;QWW;VV^ Fa|r va|ue
8C 5070@0%0 O0",,( <(#$) '.71F oj le|o ro Varur|r,
5.1F60#F -./L(",%(
^::;:::;::: 4;^::;:::;::: **
T|me 0epos|r
H"6#/$7." O$#(", ** ** 4;^::;:::;::: 0eor lnsrrumenrs
Tota|
10,774,341,200 8,935,378,500 5,352,877,5
7otal

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

25 1(/(DE
H"\.6#(60 1(2( .D.% .%$0#(6 7./$1(%(" 0"\.6#(60 QPRRWPV::
@.78(/ 6()(7 B' S(6%(1(0 A.(6$/("60 H"2F".60( '8% ?SA_HC
+(", 7./$1(%(" 0"\.6#(60 #./6.20( $"#$% 20L$(@ 2.",(" )(/,(
1./F@.)(" 6.8.6(/ A1 43^ 1./ 6()(7P B(2( 8$@(" <$"0 9::R
B./$6()((" 7."./07( 20\02." 6()(7 6.8.6(/ 4PVQ>P^9: 6()(7
2.",(" "0@(0 A1 R:: 1./ 6()(7 6./#( 6()(7 8F"$6 6.8.6(/
QRRPWV: 6()(7; 6.2(",%(" 8$@(" M,$6#$6 9::> 7."./07(
4P>3WP>WQ 6()(7 2.\02." 2.",(" "0@(0 A1 39: 1./ 6()(7 6./#(
6()(7 8F"$6 6.8.6(/ ^>>P:49 6()(7 6.)0",,( L$7@() 6()(7
+(", 2070@0%0 B./$6()((" 1(2( #(",,(@ 34 5.6.78./ 9:44 2("
9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./ 9::> 7(60",*7(60",
6.8.6(/ 43P^4QPQW: 6()(7P

B(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; "0@(0 1(6(/ SA_H 1./
@.78(/ 7(60",*7(60", 6.8.6(/ A1 WV: 2(" A1 ^^: 6.)0",,(
"0@(0 Y(L(/ 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; 6./#( 4
<("$(/0 9:4:=34 5.6.78./ 9::> 7(60",*7(60", 6.8.6(/
A1 4:P9WRP3R4P9::; A1 WPR3^P3WQP^::; 2(" A1 RP>>QP>>4P^R:P
K.@060) )(/,( 1(6(/ 2.",(" )(/,( 1./F@.)(" +(", 7./$1(%("
@(8( +(", 8.@$7 20/.(@06(60%(" 6.8.6(/ A1 WPQ3WP>^RP9R:;
A1 RP>>QP>>4P^R:; 2(" A1 4PR4VPR>:PW:^ 1(2( #(",,(@
34 5.6.78./ 9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./
9::> 206(L0%(" 6.8(,(0 %F71F"." .%$0#(6P

lnvesrmenr |n equ|r, |nsrrumenr |s represenreo o, |nvesrmenr |n
8,447,600 snares ol PT Vaskapa| Reasurans| lnoones|a Tok
{VRElj un|cn |s c|ass|l|eo as ava||ao|e lor sa|e u|rn an
acqu|s|r|on pr|ce ol Rp 'J5 per snare. ln June 2004, rne
0ompan, rece|veo snares o|v|oeno ol ',689,520 snares, ar
Rp 400 per snare ano oonus snares ol 844,760 snares.
ln /ugusr 2009. rece|veo ',9J7,978 snares, ar Rp J20 per
snares ano oonus snares ol 599,0'2 snares, rne 0ompan, nas
'J,5'8,870 snares as ol 0ecemoer J', 20'' ano 20'0, ano
Januar, ', 20'0/0ecemoer.

Dn 0ecemoer J', 20'' ano 20'0, marker pr|ce lor VREl
snares |s Rp 760 ano Rp 550, un|cn resu|reo |n la|r va|ue ol on
0ecemoer J', 20'' ano 20'0, ano Januar, ', 20'0/0ecemoer
J', 2009 uere Rp '0,274,J4',200, Rp 7,4J5,J78,500, ano
Rp 4,998,99',540, respecr|ve|,. 0|llerence oerueen marker
pr|ce over |rs acqu|s|r|on pr|ce un|cn represenrs rne unrea||zeo
ga|n ol Rp 7.8J7.954.240, Rp 4,998,99',540, ano
Rp ',4'6,490,705 as ol 0ecemoer J', 20'' ano 20'0, ano
Januar, ', 20'0/0ecemoer J', 2009 uere recoroeo as rne
componenr ol equ|r,.

5.1F60#F 8./L(",%( 7./$1(%(" 1.".71(#(" 2.1F60#F 1(2(
B' -("% a0Z#F/0( H"#./"(#0F"(@ '8%PK.@(7( L(",%( Y(%#$ V 8$@("
2(" (%(" L(#$) #.71F 1(2( #(",,(@ 3 B.8/$(/0 9:49 2.",("
#0",%(# 8$",( >d 1./ #()$"P
T|me oepos|rs |s represenreo o, oepos|rs |n PT 3ank v|cror|a
lnrernar|ona| Tok. For a per|oo ol 6 monrns ano marure on
Feoruar, J, 20'2 oengan r|ngkar ounga 9/ per annum

K(@2F 0"6#/$7." )$#(", 1./ 34 5.6.78./ 9::> 7./$1(%("
1.".71(#(" 2("( 2.",(" #0",%(# 8$",( 4Vd 1./ #()$" 2("
L(#$) #.71F 1(2( 8$@(" M1/0@ 9:4:P
T|me oepos|rs |s represenreo o, oepos|rs |n PT 3ank v|cror|a
lnrernar|ona| Tok lor a per|oo ol ' monrns ano marure on
Januar| J0, 20'2 oengan r|ngkar ounga 9/ per annum
.
0eor |nsrumenr oa|ances as ol 0ecemoer J', 2009 represenrs
rne p|acemenr ol lunos u|rn an |nreresr rare ol '6/ per annum
ano uas marure |n /pr|| 20'0.

6. Piutang - Pihak Ketiga 6. Accounts Receivable - Third Parties

B0$#(", 0"0 7./$1(%(" #(,0)(" (#(6 1.7(%(0(" 8()(" 8(%$
%.1(2( D/("Z)06..; 1.",,$"( 7./.% 2(" @F,F B./$6()(("
7.@(@$0 1./L("L0(" Y(/(@(8( 7(60",*7(60", 1./ 34 5.6.78./
9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./ 9::>
6.8.6(/ A1 9P:>VPW^^PW4R; A1 9P^QWP4^VPR>V 2("
A1 9P:Q4P33RP93VP K.@$/$) 10$#(", 0"0 L(#$) #.71F 2(@(7 Y(%#$
6(#$ 8$@("P

Tn|s accounr represenrs rne accounrs rece|vao|e lrom usage ol
rau marer|a| o, lrancn|sees, rne users ol rraoemark ano |ogo ol
rne 0ompan, rnrougn lrancn|se agreemenr, rne oa|ance uere
Rp 2,096,755,7'4; Rp 2,587,'56,496 ano
Rp 2,08',JJ4,2J6 as ol 0ecemoer J', 20'' ano 20'0, ano
Januar, ', 20'0/0ecemoer J', 2009, respecr|ve|,. /|| ol rnese
accounrs rece|vao|e are oue u|rn|n one monrn.

7. Piutang Lain-lain - Pihak Ketiga 7. Other Receivables - Third Parties

B0$#(", %.1(2( %(/+(Y(" 208./0%(" F@.) G/$1 #("1( 8$",( 2("
1.78(+(/(""+( 20@(%$%(" 2.",(" 7.7F#F", ,(L0 %(/+(Y("
+(", 8./6(",%$#("P
Tn|s accounr represenrs non-|nreresr oear|ng |oan prov|oeo o,
rne Sroup ro ano |rs emp|o,ees un|cn are oe|ng rnrougn pa|o
lrom sa|ar, oeoucr|on.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

2 1(/(DE
8. Persediaan 8. Inventories

31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
Persed|aan arang 0agangan Merchandises
-()(" B.@.",%(1 3;RRV;^>W;^Q4 3;4>4;V:4;:QQ 3;34W;>4^;>3Q 0omp||menrar, Varer|a|
M+(7 K.,(/ 2(" M+(7 S(/0"(60 9;W3R;4^W;^^Q 3;QW:;>4Q;R>R 9;339;R:3;4WV Fresn ano Var|nareo 0n|cken
-()(" B.78$",%$6 9;RR4;^4:;3WQ 4;R4Q;4W9;:9V 4;>^Q;:4W;Q>R Packag|ng
-()(" S(%("(" 4;^R9;>:>;3V^ 4;3WQ;QV3;>4: 4;3RV;9>V;Q>^ Fooo Varer|a|
-()(" S0"$7(" 4;9>3;9:R;W3^ 4;4^W;VV3;>:> 4;:49;R3R;Q^V 3everages
44;R^Q;3W>;V4W 44;:4W;94>;R9W >;>VW;:VQ;W^>
Persed|aan Non arang 0agangan hon Merchandises
K$%$ U(2(", 4;R:^;4QR;Q3: ^RQ;3V9;V33 R>Q;R4>;9Q> $pareparrs
G(6 2(" -()(" B.78./60) VQ>;WQ^;R49 RVQ;99W;WV^ RV9;:9R;>>^ Sas ano 0|eaner
K./(,(7 344;>:^;9^3 4^R;VQ^;3W: 4^^;Q49;RVV un|lorm
KF$\."0/ 4QW;VV9;VV^ 43Q;>99;V3: W>;^RQ;^^V $ouven|r
`(0"*@(0" 44:;Q3>;RV3 4^>;^VQ;49Q R^;43W;444 Drners
9;W:^;3WW;V93 4;RV>;WVV;^9V 4;9R:;>R9;R4W
Tota| 14,13,757,240 12,48,985,953 11,208,011,17 7otal

B./6.20((" B./$6()((" 20L(20%(" L(70"(" (#(6 D(60@0#(6 10"L(7("
+(", 201./F@.) 2(/0 B' -("% U."#/(@ M60( '8% ?@0)(# U(#(#(" 43CP
lnvenror|es ol rne 0ompan, are secureo lor |oan lac|||r|es
oora|neo lrom PT 3ank 0enrra| /s|a Tok {see hore 'Jj.

B./6.20((" 8(/(", 2(,(",(" B./$6()((" 1./ 34 5.6.78./
9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./ 9::> #.@()
20(6$/("60%(" 2.",(" "0@(0 1./#(",,$",(" 6.8.6(/
A1 43P>>4P3::P:::; A1 4:P>94P4::P:::; 2(" A1 >PRW>P3^:P:::P
S("(L.7." 8./1."2(1(# 8()Y( L$7@() 1./#(",,$",(" #./6.8$#
Z$%$1 $"#$% 7."$#$10 %.7$",%0"(" %./$,0(" +(", #078$@P
/s ol 0ecemoer J', 20'' ano 20'0, ano Januar, ',
20'0/0ecemoer J', 2009, rne 0ompan,'s mercnano|ses
|nvenror|es nave an |nsurance coverage ol A1 'J,99',J00,000
Rp '0,92','00,000, ano Rp 9,479,J50,000, respecr|ve|,. Van
agemenr oe||eves rnar rne coverage va|ue |s aoequare ro cover
an, poss|o|e |osses on rne |nsureo assers.

9. Biaya Dibayar di Muka 9. Prepaid Expenses

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
K.Y( 2(" K./\0Z. U)(/,. 4R;>WW;4:9;>9^ 49;Q^^;V3:;>VV 4R;343;33W;::Q Renra| ano $erv|ce 0narge
M6$/("60 R99;^9Q;:WW 49W;^WQ;4:9 4:V;VQ3;R^3 lnsurance
`(0"*@(0" ?6(@2F 7(60",*7(60", 20 8(Y()
A1 ^: <$#(C 3;W^W;V9^;V^Q 9;3Q9;3Q9;:94 4;V34;3^V;33Q Drners {oe|ou Rp 50 m||||ons eacnj
4>;4^W;9^V;VV: 4^;3V^;^>4;:Q> 4V;:^4;3WV;W>>
0|kurang|. -(,0(" +(", L(#$) #.71F @.80) 2(/0
6(#$ #()$" ?R;^>>;9QW;:>4C ?3;>:>;4^R;3WVC ?3;QW>;>V3;9>>C less. long Term Porr|on
Tota| yang Jatuh Tempo da|am 8atu
Tahun 14,557,99,59 11,45,43,713 12,171,413,500 7otal Current Portion

K.Y( 2(" serv|ce cnarge 7./$1(%(" 1.78(+(/(" 20 7$%( (#(6
6.Y( /$(", %("#F/ 1$6(#; ,./(0; 2(" ,$2(",P
Renra| ano serv|ce cnarge represenr rne aovance pa,menr ol
renra| lor neao oll|ce, our|ers, ano uarenouse.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

27 1(/(DE
10. Uang Muka 10. Advances

M%$" 0"0 7./$1(%(" $(", 7$%( 1.78$%((" ,./(0 8(/$; $(",
7$%( 1.78.@0(" 1./6.20((" 2(" $(", 7$%( F1./(60F"(@
@(0""+( 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::> 7(60",*7(60", 6.8.6(/
A1 4P^99P4:QP49W; A1 9PRW9PQ^:P:>V 2(" A1 4P34WPQ44P33:P
Tn|s accounr represenrs aovances lor open|ng neu our|ers,
purcnase ol |nvenror|es ano orner operar|ona| aovances as ol
J', 2009 ol Rp ',522,'08,'27; Rp 2,472,850,096 ano
Rp ',J'7,.8'',JJ0, respecr|ve|,.

11. Aset Tetap 11. Property and Equipments
8a|do Awa|| Penambahan| Pengurangan| Rek|as|f|kas|| 8a|do Akh|r|
8eginning Additions 0eductions Reclassification Ending
8alance 8alance
Rp Rp Rp Rp Rp
harga Pero|ehan Acquisition Cost
Kepem|||kan Langsung 0irect 0wnership
O(% (#(6 '("() >^Q;:^R;3:W ** ** ** >^Q;:^R;3:W lanor|gnr
-(",$"(" 9;94V;RV>;Q>4 ** ** ** 9;94V;RV>;Q>4 3u||o|ng
S.60" 2(" B./@.",%(1(" V>;9Q^;33R;WRQ Q;W3^;:QR;R3V W44;V:V;::: ** WW;3:Q;Q43;4QR Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ R;44Q;44>;>4: 9^Q;R::;::: ** ** R;3WV;^4>;>4: Voror ven|c|es
WV;^WW;>WQ;Q^V Q;>>3;RQR;R3V W44;V:V;::: ** QR;Q^>;Q^W;9>9
Akumu|as| Penyusutan Accumulated 0epreciation
-(",$"(" 4;VVR;:R4;WQV 4:4;9RV;Q>9 ** ** 4;WV^;9QQ;VWQ 3u||o|ng
S.60" 2(" B./@.",%(1(" RR;W>Q;Q^>;R43 R;394;WQW;99> RQW;43>;94^ ** RQ;V33;^:W;R9W Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ 9;>VW;9R3;V:V 9>3;Q>4;4:3 ** ** 3;9V4;43R;W:> Voror ven|c|es
R>;R3:;4RR;Q:R R;W4V;>9^;99R RQW;43>;94^ ** ^3;V^>;>3:;Q4R
Tota| 27,147,834,052 31,199,92,478 7otal
2011
8alance 8alance
Rp Rp Rp Rp Rp
O(% (#(6 '("() >^Q;:^R;3:W ** ** ** >^Q;:^R;3:W lanor|gnr
-(",$"(" 9;94V;RV>;Q>4 ** ** ** 9;94V;RV>;Q>4 3u||o|ng
S.60" 2(" B./@.",%(1(" ^>;>^9;:W9;^V4 44;V9^;RV9;:43 9;9>9;4>>;Q9V ** V>;9Q^;33R;WRQ Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ 3;V44;4^R;>V: ^RQ;R4R;>^: R4;R^:;::: ** R;44Q;44>;>4: Voror ven|c|es
VV;W3W;W^4;W4> 49;4W3;QWV;>V3 9;333;VR>;Q9V ** WV;^WW;>WQ;Q^V
-(",$"(" 4;^V^;:3W;9V^ >>;::R;^94 ** ** 4;VVR;:R4;WQV 3u||o|ng
S.60" 2(" B./@.",%(1(" R4;^VW;W4>;43V R;VQ>;QWR;4>^ QQ3;>>V;V>W ?^WR;W3W;994C RR;W>Q;Q^>;R43 Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ 9;W39;94W;:^^ 9WV;RWV;^^4 R4;R^:;::: ** 9;>VW;9R3;V:V Voror ven|c|es
R^;QVR;>W3;R^^ ^;:V^;3^^;9VW >9^;RRV;V>W ?^WR;W3W;994C R>;R3:;4RR;Q:R
Tota| 20,872,778,24 27,147,834,052 7otal
2010

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

28 1(/(DE
8alance 8alance
Rp Rp Rp Rp Rp
O(% (#(6 '("() 9;QVR;>9>;3:W ** 4;>:V;QW^;::: ** >^Q;:^R;3:W lanor|gnr
-(",$"(" 9;R:^;RV>;Q:4 ** 4QQ;>>>;>4: ** 9;94V;RV>;Q>4 3u||o|ng
S.60" 2(" B./@.",%(1(" ^V;9^W;R::;>W^ ^;Q39;RWR;3RV 9;4^3;>RV;33^ 4V;4R3;^W^ ^>;>^9;:W9;^V4 Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ 3;4^3;^4>;VV: ^3>;VWV;W:: Q9;:R4;R:: ** 3;V44;4^R;>V: Voror ven|c|es
VR;VQ4;34>;WR3 V;3W9;4^4;:RV R;334;QV9;VR^ 4V;4R3;^W^ VV;W3W;W^4;W4>
-(",$"(" 4;V4W;V^>;WR9 44:;94V;3WV 4V9;Q3Q;Q^3 ** 4;^V^;:3W;9V^ 3u||o|ng
S.60" 2(" B./@.",%(1(" 3Q;QV^;9W:;^WV 3;>4R;W^V;^W> 4;9:>;Q4V;RR9 ?9;R>4;^WWC R4;^VW;W4>;43V Vacn|ner|es ano Equ|pmenrs
T."2(/((" -./7F#F/ 9;^^V;W^9;:>: 9^3;W9W;WV^ WQ;9V9;Q:: ** 9;W39;94W;:^^ Voror ven|c|es
R3;:3>;VQ9;R:Q R;9WQ;W::;W9: 4;R^:;>4Q;:>^ ?9;R>4;^WWC R^;QVR;>W3;R^^
Tota| 21,41,37,335 20,872,778,24 7otal
2009

A0"Z0(" 1.",$/(",(" (6.# #.#(1 +(", 7./$1(%(" 1."L$(@(" (6.#
(2(@() 6.8(,(0 8./0%$#E

0eoucr|ons |n properr, ano equ|pmenrs un|cn represenr sa|e ol
assers are as lo||ous.

2011 2010
Rp Rp
N0@(0 -$%$
993;QV4;^R^ 4;34^;9V9;4W:
3ook va|ue
O(/,( <$(@
9>V;QWW;:^9 4;>43;3^R;R3^
$e|||ng Pr|ce
Keuntungan Penjua|an Aset Tetap 73,015,507 598,092,25 Cain on 3ale of Property and Equipments

B.",$/(",(" (6.# #.#(1 6.@(0" %(/."( 1."L$(@(" L$,( 7./$1(%("
1.",)(1$6(" (6.# #.#(1P B.",)(1$6(" (6.# #.#(1 1(2( #()$"
9:44 2(" 9:4:; 7(60",*7(60", 2.",(" "0@(0 8$%$ 6.8.6(/
A1 V:^P9R: 2(" A1 >9P>R:P>^> 20(%$0 2(@(7 @(1F/(" @(8( /$,0
%F71/.)."60D %F"6F@02(60(" #()$" +(", 8./6(",%$#(" 2(@(7
(%$" IT./$,0(" B.",)(1$6(" M6.# '.#(1 2(" A."F\(60
-(",$"(" K.Y(JP
0eoucr|on ol properr, ano equ|pmenrs cons|sr ol ur|rren-oll
ano sa|e ol properr, ano equ|pmenrs. Tne ur|rren-oll ol
properr, ano equ|pmenrs |n 20'' ano 20'0 are
Rp 605.240 ano Rp 92,940,959, respecr|ve|, uas recogn|zeo
|n rne conso||oareo sraremenr ol comprenens|ve |ncome as
"loss on wr|re oll ol Properr, ano Equ|pmenrs ano Renovar|on
ol Renreo 3u||o|ng.

B.78.8("(" 1."+$6$#(" #()$" 9:44 2(" 9:4: (2(@() 6.8(,(0
8./0%$#E
0eprec|ar|ons cnargeo lor 20'' ano 20'0 are as lo||ous.

2011 2010
Rp Rp
-0(+( B."L$(@("
3;VR4;>4^;>^: 3;V4V;V:W;3Q9
$e|||ng Expenses
-0(+( !7$7 2(" M270"06#/(60
4;:W^;::>;9WR 4;RRQ;WRW;QQ^
Senera| ano /om|n|srrar|ve Expenses
Tota| 4,71,925,224 5,05,355,27 7otal

M6.# #.#(1 B./$6()((" 1./ 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::> #.@() 20(6$/("60%(" 7(60",*
7(60", 2.",(" "0@(0 1./#(",,$",(" A1 V>PV39PVW3PQ33;
A1 ^>PV>3P4V4P>3W; 2(" A1 ^3P>QVP^4>P^9RP S("(L.7."
8./1."2(1(# 8()Y( "0@(0 1./#(",,$",(" #./6.8$# Z$%$1 $"#$%
7."$#$10 %.7$",%0"(" %./$,0(" (#(6 (6.# +(",
201./#(",,$",%("P

Tne 0ompan,s properr, ano equ|pmenrs as ol
0ecemoer J', 20'' ano 20'0 nave oeen |nsureo u|rn rne
coverage va|ue ol Rp 69,6J2,67J,8JJ, Rp 59,69J,'6',9J7, ano
Rp 5J,986,5'9,524, respecr|ve|,. Tne Vanagemenr oe||eves
rnar rne coverage va|ue |s aoequare ro cover poss|o|e |oss over
rne |nsureo assers.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

29 1(/(DE
M6.# #.#(1 8./$1( #("() 20L(20%(" L(70"(" (#(6 D(60@0#(6 10"L(7("
+(", 201./F@.) 2(/0 B' -("% U."#/(@ M60( '8% ?@0)(# U(#(#(" 4RCP
lano |s p|eogeo as co||arera| lor |oan oora|neo lrom PT 3ank
0enrra| /s|a Tok {see hore '4j.

12. Renovasi Bangunan Sewa 12. Renovation of Rented Building

M%$" 0"0 7./$1(%(" 80(+(*80(+( +(", 20%.@$(/%(" $"#$%
1.78$(#(" 2.%F/(60 ,./(0 2(" @(0"*@(0" (#(6 8(",$"(" +(",
206.Y(P
Tn|s accounr represenrs expenses |ncurreo lor preparar|on ol
our|er |nrer|or, oes|gns ano orner expenses on rne renreo
ou||o|ng.

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
K(@2F MY(@ R3;94^;44>;Q^3 3Q;^9:;4>Q;3R^ 3V;R9Q;>9W;3>> 3eg|nn|ng 3a|ance
B."(78()(" 49;R:W;R:>;3QR >;WQQ;9WQ;3>^ Q;349;RQ^;^^Q /oo|r|ons
A.%@(60D0%(60 ** WW;:V:;3^R ?4V;4R3;^W^C Rec|ass|l|car|on
B.",$/(",(" ?4;Q^:;9W9;R3VC ?^;4W:;R4W;9R4C ?V;9:^;:W4;:3WC 0eoucr|ons
K(@2F M%)0/ ^3;WW9;9^V;Q:4 R3;94^;44>;Q^3 3Q;^9:;4>Q;3R^ Eno|ng 3a|ance
0ikurangi: Akumulasi Amortisasi Less: Accumulated Amortization
K(@2F MY(@ 4V;>>:;49:;R9V 4^;^:V;3:R;Q^> 4^;3R4;Q>3;Q>R 3eg|nn|ng 3a|ance
B."(78()(" 3;>:V;9^^;Q43 3;WWW;3>4;43> 3;39W;>3Q;Q93 /oo|r|ons
A.%@(60D0%(60 ** ^V;W9W;Q:Q 9;R>4;^WW Rec|ass|l|car|on
B.",$/(",(" ?W4W;3QR;V4QC ?9;3^:;3:3;3Q:C ?3;4VV;:4>;R3^C 0eoucr|ons
K(@2F M%)0/ 9:;4WQ;>>4;V94 4V;>>:;49:;R9V 4^;^:V;3:R;Q^> Eno|ng 3a|ance
Tota| 33,593,25,180 2,224,999,427 23,013,893,48 7otal

B(2( #()$" 9:44 2(" 9:4:; 1.",$/(",(" "0@(0 8$%$ /."F\(60
8(",$"(" 6.Y( 1(2( G/$1 7./$1(%(" 1.",)(1$6(" /."F\(60
8(",$"(" 6.Y( 6.)$8$",(" 2.",(" 1."$#$1(" ,./(0 +(", #02(%
7.",$"#$",%(" 2(" 20(%$0 1(2( @(1F/(" @(8( /$,0 %F71/.)."60D
%F"6F@02(60(" #()$" 8./L(@(" 2(@(7 (%$" IT./$,0("
B.",)(1$6(" M6.# '.#(1 2(" A."F\(60 -(",$"(" K.Y(JP

0ur|ng 20'' ano 20'0, rne oeoucr|on |n rne oook va|ue ol
renovar|on ol renreo ou||o|ng |n rne Sroup represenrs ur|rre oll
|n connecr|on u|rn rne c|ousure unprol|rao|e our|ers. Tn|s uas
recogn|zeo ano presenreo |n rne conso||oareo sraremenrs ol
comprenens|ve |ncome unoer "loss on wr|re-oll ol Properr,,
ano Equ|pmenr ano Renovar|on ol Renreo 3u||o|ng accounr .
A0"Z0(" T./$,0(" B.",)(1$6(" A."F\(60 -(",$"(" K.Y(
6.)$8$",(" 2.",(" 1."$#$1(" ,./(0 6.8(,(0 8./0%$#E
Tne oera||s ol |oss on ur|re oll ol renovar|on ol renreo 3u||o|ng
are as lo||ous.

2011 2010
Rp Rp
B./$6()(("
4;4:^;^VW;:3^ 9;^4R;Q3V;43>
Tne 0ompan,
_"#0#(6 M"(% 4>;>VQ;^VQ Q>;4R3;:R: $uos|o|ar|es
Tota| 1,125,535,03 2,03,979,179 7otal

A."F\(60 8(",$"(" 6.Y( 1./ 34 5.6.78./ 9:44 2(" 9:4: ;
6./#( 4 <("$(/0 9:4:=345.6.78./ 9::> #.@() 20(6$/("60%("
7(60",*7(60", 2.",(" "0@(0 1./#(",,$",(" 6.8.6(/
A1 RRP3RRP3R^P9W3; A1 3^PVQ4P4VQP9^4; 2(" A1 3:PR>VP^::P:::
+(", 7."$/$# S("(L.7." Z$%$1 $"#$% 7."$#$10 %.7$",%0"("
%./$,0(" +(", #078$@P
Renovar|on ol renreo ou||o|ng as ol 0ecemoer J', 20'' ano
20'0, ano Januar, ', 20'0/0ecemoer J', 2009 nave oeen
|nsureo u|rn coverage va|ue ol Rp 44,J44,J45,27J,
Rp J5,68','68,25', ano Rp J0,496,500,000, respecr|ve|,. Tne
Vanagemenr oe||eves rnar rne coverage va|ue |s aoequare ro
cover an, poss|o|e |oss.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

30 1(/(DE
13. Aset Lain-lain 13. Other Assets

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
!(", <(70"(" K.Y( G./(0 9;WR3;3QV;:>R 9;W^R;3Q9;R:^ 9;3WR;V99;:>R Dur|ers Renra| 0epos|rs
!(", <(70"(" `06#/0%; '.@.1F" 2(" `(0""+(
3:Q;W:W;:WW 9>W;44:;^WW Q99;4>>;94Q
E|ecrr|c|r,, Te|epnone, ano Drners 0epos|r
M6.# -.@$7 50,$"(%(" 4;^9:;4V>;^>9 ** ** unuseo /ssers
Tota| 4,572,22,73 3,051,492,982 3,19,821,312 7otal

!(", L(70"(" 6.Y( ,./(0 20%."(%(" (#(6 @F%(60 ,./(0 +(",
206+(/(#%(" 1.",.@F@( ,.2$", 2(@(7 1./L("L0("P !(", L(70"(" 0"0
2(1(# 20#./07( %.78(@0 80@( G/$1 #.@() 7.7."$)0 6.,(@(
%.Y(L08(" +(", 206+(/(#%(" 1(2( 6((# %F"#/(% 6.Y( 8./(%)0/P
Dur|ers renra| oepos|rs are cnargeo ro our|er |ocar|ons un|cn |s
requ|reo o, rne properr, ouners as srareo |n rne re|areo
agreemenr. Tne oepos|r |s relunoao|e |l rne Sroup nave
comp|ereo a|| rerms ano cono|r|ons srareo |n rne agreemenr ar
rne eno ol renra| per|oo.

14. Hutang Bank Jangka Pendek 14. Short Term Bank Loans

B(2( #(",,(@ 4: M,$6#$6 9::>; B./$6()((" 7.71./F@.)
D(60@0#(6 B0"L(7(" A.%."0", TF/(" ?BATC 2.",(" L$7@() 1@(DF"
A1 WP^::P:::P::: 2(/0 B' -("% U."#/(@ M60( '8%P B./L("L0("
D(60@0#(6 0"0 #.@() 7.",(@(70 8.8./(1( %(@0 1./$8()("; #./(%)0/
7.@(@$0 1./L("L0(" %/.20# NFP>9:==M55=X:Q=TA5=9:44; #(",,(@
99 <$@0 9:44 +(", 7.71./1("L(", L(#$) #.71F D(60@0#(6 0"0
6(71(0 2.",(" 4: M,$6#$6 9:49P B0"L(7(" 0"0 20%."(%(" 8$",(
44d 1./ #()$"P K(@2F 10"L(7(" /.%."0", %F/(" 1./ 34 5.6.78./
9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./ 9::> (2(@()
A1 RPW44P:VVPW9W; A1 RP>:WP::^P399 2(" A1 3P4R:P9:>P494P

-./2(6(/%(" 1./L("L0(" %/.20# #(",,(@ 99 <$@0 9:44; B./$6()(("
L$,( 7.71./F@.) D(60@0#(6 10"L(7(" T|me loan Revo|v|ng 2.",("
L$7@() 1@(DF" A1 9P^::P:::P:::P B0"L(7(" 0"0 L(#$) #.71F 1(2(
4: M,$6#$6 9:49 2(" 20%."(%(" #0",%(# 8$",( 44d 1./ #()$"P
B(2( #(",,(@ 34 5.6.78./ 9:44; 6(@2F 10"L(7(" (#(6 D(60@0#(6
0"0 (2(@() "0)0@P
Dn /ugusr '0, 2009, rne 0ompan, oora|neo Dveroralr lac|||r,
u|rn max|mum ||m|r ol Rp 7,500,000,000 lrom PT 3ank 0enrra|
/s|a Tok. Tn|s lac|||r, agreemenr nas oeen amenoeo severa|
r|mes, mosr recenr|,, rnrougn |oan agreemenr
ho.920///00/w08/rR0/20'' oareo Ju|, 22, 20'' un|cn
exrenoeo rne rerm per|oo ol lac|||r, up ro /ugusr '0, 20'2. Tn|s
|oan oears annua| |nreresr rare ol ''/ per annum. Tne
oursrano|ng oa|ance ol |oan as ol 0ecemoer J', 20'' ano
20'0, ano Januar, ', 20'0/0ecemoer J', 2009 uere
Rp 4,7'',066,727, Rp 4,907,005,J22 ano
Rp J,'40,209,'2', respecr|ve|,.

Re|areo ro rne aoove menr|oneo |oan agreemenr oareo Ju|, 22,
20'', rne 0ompan, a|so oora|neo a T|me loan Revo|v|ng
lac|||r, u|rn max|mum ||m|r ol Rp 2,500,000,000. Tn|s |oan u|||
marureo on /ugusr '0, 20'2 ano oears an annua| |nreresr rare
ol ''/ per annum. /s ol 0ecemoer J', 20'', rne 0ompan,
nas nor ,er ur|||zeo rn|s |oan lac|||r,

B0"L(7(" 0"0 20L(70" 2.",(" (6.# B./$6()((" 6.8(,(0 8./0%$#E
(P '("() 2(" 8(",$"(" 2.",(" K./#0D0%(# O(% G$"( -(",$"("
?KOG-C NFP RQ4 (#(6 "(7( B./$6()(("; +(", #./@.#(% 20
<@P T(/+( <(6(; T.@$/()(" B(",%(@(" S(6+)$/; T.Z(7(#("
S.2(" <F)F/; TF#(7(2+( S.2(" ?@0)(# U(#(#(" 44CP
8P '("() 2.",(" K./#0D0%(# O(% G$"( -(",$"(" NFP ^RQ (#(6
"(7( B./$6()(("; +(", #./@.#(% 20 T.@$/()(" TF#(8(/$;
T.Z(7(#(" -.%(60 -(/(#; T(8$1(#." -.%(60 ?@0)(# U(#(#("
44CP
Tn|s |oan |s secureo o, rne 0ompan,s assers as lo||ous.
a. lano ano ou||o|ng unoer 3u||o|ng R|gnr T|r|e ho. 48'
reg|srereo unoer rne name ol rne 0ompan,, |ocareo ar J|.
rar,a Jasa, Pangka|an Vas,nur suo o|srr|cr, Veoan Jonor
o|srr|cr, Veoan 0|r, {see hore ''j.
o. lano unoer 3u||o|ng R|gnr T|r|e ho.548 reg|srereo unoer
rne name ol rne 0ompan,, |ocareo ar roraoaru suo
o|srr|cr, wesr 3ekas| o|srr|cr, 3ekas| Regenc, {see hore
''j.
ZP '("() 2.",(" K./#0D0%(# O(% G$"( -(",$"(" ?KOG-C
NFP ^R> (#(6 "(7( B./$6()(("; +(", #./@.#(% 20 T.@$/()("
TF#(8(/$; T.Z(7(#(" -.%(60 -(/(#; T(8$1(#." -.%(60 ?@0)(#
U(#(#(" 44CP
2P '("() 2(" 8(",$"(" 2.",(" K./#0D0%(# O(% G$"( -(",$"("
?KOG-C NFP W99 (#(6 "(7( B./$6()(("; +(", #./@.#(% 20
B./%(\P S(6 N(,( -@F% MV T(\ NF 43; T.@$/()(" BF"2F%
TF10; T.Z(7(#(" 5$/." K(Y0#; <(%(/#( '07$/ ?@0)(#
U(#(#(" 44CP
c. lano unoer 3u||o|ng R|gnr T|r|e ho.549 reg|srereo unoer
rne name ol rne 0ompan,, |ocareo ar roraoaru suo
o|srr|cr, wesr 3ekas| o|srr|cr, 3ekas| Regenc, {see hore
''j.
o. lano ano ou||o|ng unoer 3u||o|ng R|gnr T|r|e ho. 722
reg|srereo unoer rne name ol rne 0ompan,, |ocareo ar
Perkav. Vas haga 3|ok /6 rav ho 'J, Ponook rop| suo
o|srr|cr, 0uren $au|r o|srr|cr, Easr Jakarra {see hore ''j.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

31 1(/(DE
.P B./6.20((" 8(/(", 8./$1( 8()(" 7(%("(" 2(" 70"$7("
+(", 2070@0%0 F@.) B./$6()((" ?@0)(# U(#(#(" QCP
e. lnvenror|es ol gooos |n rne lorm ol looo ano oeverages
rnar are ouneo o, rne 0ompan, {see hore 8j.

15. Hutang Usaha - Pihak Ketiga 15. Trade Payables - Third Parties

S./$1(%(" )$#(", $6()( B./$6()((" %.1(2( 1(/( 1.7(6F%
8()(" 8(%$; #./20/0 2(/0E
Tn|s accounr represenrs rne 0ompan,'s pa,ao|es ro supp||ers ol
rau marer|a|, cons|sr ol rne lo||ou|ngs.

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
B' B$#/( S("20/0
4;>VV;RQ9;RW:
4;>^^;W43;::: VV4;49V;:39 PT Purra Vano|r|
B' -$("( 506#/0"2F
4;:VV;^R4;VQQ
4;^4R;33^;:>9 >RV;W43;4V> PT 3uana 0|srr|noo
'F%F f("#0
QVQ;VQQ;V3: >R;R>4;R:: 4R^;::R;4WV
Toko Yanr|
B' !"0@.\./ H"2F".60(
QR^;QQ9;R4V
V9Q;V9R;VRV
4;4R4;^99;>>3
PT un||ever lnoones|a
B' K$%("2( <(+(
Q4R;:9:;^VR
^R9;4::;Q4Q RR9;V4>;^:3 PT $ukanoa Ja,a
B5 B.#/( ]FF26 ^94;9WQ;>:4 3;V9R;::: 49^;WRV;33: P0 Perra Fooos
B' K0"(/ KF6/F
R>4;:W>;WW3
3R>;>Q4;R>3 9QR;3W9;W^9 PT $|nar $osro
G/(D0%( B/07( B./%(6(
RQ>;9R3;3Q:
3^4;R3W;V9^ 4^4;93V;Q9R Sral|ka Pr|ma Perkasa
AM U)0Z% RQV;V34;:R3 3:;RRW;R:: ** R/ 0n|ck
B' O.0"c M-U H"2F".60(
R33;V9>;R3Q
W^^;WQ>;V44 V:Q;9W>;^VQ PT le|nz /30 lnoones|a
B' U0F7(6 M206(#Y(
R9V;::V;33:
** ** PT 0|omas /o|sarua
B' G$"( U01#( S$@#0/(6(
3VV;Q:4;>>3 3WQ;34:;::: 9QR;Q>^;:::
PT Suna 0|pra Vu|r|rasa
B' K0"(/ S.(2FY H"#./"(#0F"(@ H"2F".60(
3RQ;:Q^;R3Q
3^^;94>;4Q^ 4V3;39V;QQ: PT $|nar Veaoou lnrernar|ona| lnoones|a
B' U)(/F." BF%1)("2 H"2F".60( '8%
343;4>3;>>V
>9W;V:R;RWR 9;4^9;9>Q;W4Q PT 0naroen Pokpnano lnoones|a Tok
B' ]/Fc." ]FF2 B()(@(
>:;9:9;3::
3^4;R3W;V9^ 3::;9:R;9^: PT Frozen Fooo Pana|a
B' K0"(/ T)(/067(
9^;^R:;::: 3^V;W^:;V^: 9WV;9>V;V9R
PT $|nar rnar|sma
`(0"*@(0" ?7(60",*7(60", 20 8(Y() Drners {eacn oe|ou
A1 3::P:::P:::C
V;WV3;RVQ;QWW
W;>^9;349;Q:V V;4R3;R^^;3WQ Rp J00,000,000j
Tota| 1,31,777,237 1,548,179,825 13,827,098,197 7otal

A0"Z0(" $7$/ )$#(", $6()( 20)0#$", 6.L(% #(",,(@ D(%#$/ (2(@()
6.8(,(0 8./0%$#E
/ oera|| ol ag|ng rraoe pa,ao|es oaseo on |rs |nvo|ce oare |s as
lo||ous.
1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
K(71(0 2.",(" 6(#$ 8$@("
4R;9WW;4Q:;:Q3 4R;R3>;VQW;^RR 49;9W9;9QQ;W4^
w|rn|n one monrn
g 4 8$@(" * 3 8$@("
9;:3>;^>W;4^R 9;4:Q;R>9;9Q4 4;^^R;Q:>;RQ9
> ' monrn - J monrns
Tota| 1,31,777,237 1,548,179,825 13,827,098,197 7otal

K.@$/$) )$#(", B./$6()((" (2(@() 2(@(7 7(#( $(", A$10()P /|| 0ompan,s rraoe pa,ao|es are oenom|nareo |n Rup|an.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

32 1(/(DE
16. Hutang Lain-lain - Pihak Ketiga 16. Other Payables - Third Parties

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
<(70"(" K./(,(7 2(" AF+(@#0 >4Q;QR^;W3^ Q^Q;Q>:;W3^ W4>;4V:;W3^ un|lorm ano Ro,a|r, 0epos|rs
B' <(+( G(6 H"2F".60( 9>3;>4V;^:: 9:3;WQ^;^:: 9R:;^^>;QWR PT Ja,a Sas lnoones|a
`(0"*@(0" ?7(60",*7(60", 20 8(Y()
A1 9:: L$#(C
9;Q4W;QQ:;Q:3 >4>;49W;Q4V 4;9:^;VRV;RV3
Drners {eacn oe|ou Rp 200 m||||onsj
Tota| 4,030,43,038 1,981,804,051 2,15,37,072 7otal

O$#(", @(0"*@(0" 7./$1(%(" )$#(", (#(6 1.78.@0(" @(0""+( 6.@(0"
8()(" 8(%$P

Drner pa,ao|es represenr pa,ao|e lrom orner purcnases orner
rnan rau marer|a|s.

17. Biaya yang Masih Harus Dibayar 17. Accrued Expenses

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
K.Y( G.2$", 2(" K./\0Z. U)(/,. 9;Q39;>V4;3:^ 9;9QQ;W93;R4> 9;^RV;9>>;>V3 3u||o|ng Renr ano $erv|ce 0narges
`06#/0%; M0/; '.@.1F"; 2(" G(6 4;R3Q;443;9:Q 4;RV>;4RV;:V^ 4;4:R;V9R;^3: E|ecrr|c|r,, warer, Te|epnone ano Sas
-$",( B0"L(7(" 94R;3V9;V3W 9RW;WV3;W:: 3V>;>RV;^3Q lnreresr on loan
<(76F6#.% 99;VV>;9WW WV;4V:;3WQ QR;^>Q;>QV Jamsosrek
`(0"*@(0" ?7(60",*7(60", 20 8(Y() A1 ^: <$#( C 4;4:3;Q99;>3R 9;>4W;4:>;Q9> 4;Q>:;9:9;94V Drners {eacn oe|ou Rp 50 m||||onj
Tota| 5,11,929,31 ,998,903,391 5,995,72,233 7otal

18. Perpajakan 18. Taxation

a. eban Pajak Penghas||an a. lncome 7ax Expense

2011 2010
Rp Rp
T0"0 ?W;W4Q;3V:;Q^QC ?^;:^W;93R;R44C 0urrenr
'(",,$)(" ?4;9:3;4VV;VQ3C ?4;9Q4;>:^;W:RC 0elerreo
Tota| (8,921,527,541} (,339,140,115} 7otal

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

33 1(/(DE

A.%F"60@0(60 ("#(/( @(8( 6.8.@$7 1(L(% 1.",)(60@(" 7."$/$#
@(1F/(" @(8( /$,0 %F71/.)."60D %F"6F@02(60(" 2.",(" @(8( D06%(@
$"#$% #()$"*#()$" +(", 8./(%)0/ 1(2( #(",,(@ 34P5.6.78./
9:44 2(" 9:4: (2(@() 6.8(,(0 8./0%$#E
/ reconc|||ar|on oerueen |ncome oelore |ncome rax as
presenreo |n rne ro conso||oareo sraremenrs ol comprenens|ve
|ncome u|rn rax |ncome lor rne ,ears enoeo 0ecemoer J',
20'' ano 20'0, |s as lo||ous.

2011 2010
Rp Rp
`(8( K.8.@$7 '(%60/(" B(L(% lncome 3elore lncome Tax
B.",)(60@(" K.6$(0 2.",(" `(1F/(" presenreo |n rne ro 0onso||oareo
`(8( A$,0 TF"6F@02(60(" TF71/.)."60D 3V;:3V;V:4;V>R 99;>W^;QQW;49Q $raremenrs ol 0omprenens|ve lncome
0|kurang| . less.
`(8( K.8.@$7 B(L(% _"#0#(6 M"(% 3;4R^;^RV;^^3 9;Q3W;3>Q;WQV lncome 3elore lncomeTax ol $uos|o|ar|es
`(8( K.8.@$7 '(%60/(" B(L(% lncome 3elore Esr|mareo
B.",)(60@(" B./$6()((" 39;Q>4;:^^;4R4 9:;43Q;RQQ;3R9 lncome Tax ol Tne 0ompan,
B./8.2((" X(%#$E T|m|ng 0|llerences.
B."+$6$#(" ?9;4>^;WV3;:4RC ?4;VVV;^:>;>4RC 0eprec|ar|ons
S("D((# H78(@(" T./L( 9R3;^9W;W:R ?4Q;4W^;9^WC Emp|o,ee 3enel|rs
M7F/#06(60 A."F\(60 -(",$"(" ?3;4W^;^43;R>9C ?4;QV4;VW:;^3VC /morr|zar|on ol 3u||o|ng Renovar|on
?^;49W;WRQ;Q:9C ?3;^RV;3^^;W:WC
B./8.2((" B./7("."E Permanenr 0|llerences.
B."+$6$#(" B.",)(1$6(" 0eprec|ar|on lrom Properr,
M6.# '.#(1 ?4:;4QR;>Q3C ?R>;:V:;94QC ano Equ|pmenr wr|rren Dll
B./L(7$(" 2(" O(20() Q;:3V;^^9 R;^QR;4>R Enrerra|nmenr ano 0onar|on
`(8( B.",)(1$6(" M6.# `(0"*@(0" RW;>QQ;:Q3 4;:>^;V4Q;9>9 Sa|n on Drner /ssers wr|rren Dll
B."2(1(#(" K.Y( ** ?^;:::;:::C Renra| lncome
B."2(1(#(" 5.1F60#F lnreresr lncome on T|me 0epos|rs
2(" <(6( G0/F ?4:;33Q;R93C ?WR;V>^;>3WC ano 0urrenr /ccounrs
3^;^:4;99> >W4;RRV;334
Taks|ran Laba F|ska| Perusahaan 27,798,807,58 17,53,578,9 Estimated 7axable lncome of the Company
Pembu|atan 27,798,807,000 17,53,578,000 Rounded - off
Taks|ran Pajak K|n| - Perusahaan V;>R>;W:4;W^: R;3>:;Q>R;^:: Estimated Current lncome 7ax - 7he Company
Taks|ran Pajak K|n| Ent|tas Anak WVQ;V^>;4:Q VVV;33>;>44 Estimated Current lncome 7ax - 3ubsidiaries
eban Pajak K|n| Konso||das|an 7,718,30,858 5,057,234,411 Consolidated Current 7ax Expenses
B(L(% B.",)(60@(" 508(+(/ 20 S$%( Prepa,menrs ol lncome Tax
B./$6()((" Tne 0ompan,
B(6(@ 93 ?W3^;R:4;WR>C ?V^Q;4^4;3^QC /rr|c|e 2J
B(6(@ 9^ ?3;VV4;349;Q9RC ?4;>VV;R9V;>9:C /rr|c|e 25
Taks|ran hutang Pajak - Perusahaan 9;^^9;>QW;4WW 4;WVV;34V;999 Est|mated Tax Payab|e - The 6ompany
_"#0#(6 M"(% $uos|o|ar|es
B(6(@ 9^ ?V^4;99R;QWWC ?^>>;^3:;:^:C /rr|c|e 25
Taks|ran hutang Pajak - Ent|tas Anak 44W;R3R;934 VV;Q:>;QV4 Est|mated Tax Payab|e - 8ubs|d|ar|es
Taks|ran Pajak Penghas||an Pasa| 29
Konso||das|an 2,70,421,408 1,833,12,083 Consolidated lncome 7ax Article 29

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

34 1(/(DE

A.%F"60@0(60 ("#(/( 8.8(" 1(L(% 1.",)(60@(" 2.",(" )(60@
1./%(@0(" @(8( (%$"#("60 6.8.@$7 1(L(% 2(" #(/0D 1(L(% +(",
8./@(%$ (2(@() 6.8(,(0 8./0%$#E
/ reconc|||ar|on oerueen |ncome rax expense ano rne
ca|cu|ar|on ol rne |ncome oelore rax mu|r|p||eo u|rn rne
preva|||ng rax rare |s as lo||ous.

2011 2010
Rp Rp
`(8( K.8.@$7 -.8(" B(L(% B.",)(60@(" lncome 3elore lncome Tax
S."$/$# `(1F/(" `(8( A$,0 as presenreo |n rne ro 0onso||oareo
TF71/.)."60D TF"6F@02(60(" 3V;:3V;V:4;V>R 99;>W^;QQW;49Q $raremenrs ol 0omprenens|ve lncome
0|kurang|. less .
`(8( _"#0#(6 M"(% ?3;4R^;^RV;^^3C ?9;Q3W;3>Q;WQVC lncome ol $uos|o|ar|es
`(8( TF7./60@ B./$6()((" 39;Q>4;:^^;4R4 9:;43Q;RQQ;3R9 0ommerc|a| lncome - rne 0ompan,
B(L(% B.",)(60@(" 50)0#$", 2.",(" lncome Tax 0a|cu|areo us|ng
'(/0D B(L(% f(", -./@(%$ ?Q;999;WV3;VRRC ?^;:3R;V94;QRRC 0urrenr Tax Rare
-.8(" +(", '02(% 5(1(# S."L(20
B.",$/(", B(L(% ?44;R^>;>43C ?9V9;WQ^;^VWC hon 0eoucr|o|e Expenses
B.",)(60@(" '02(% T."( B(L(%=50%."(%(" hon-Taxao|e lncome/
B(L(% ]0"(@ 9;^QR;V:V 4>;>93;>QR $uoecr ro F|na| Tax
'F#(@ -.8(" B(L(% B.",)(60@(" B./$6()((" ?Q;934;V3Q;>^4C ?^;9WW;RQ3;R9WC Tora| ol 0ompan, lncome Tax Expenses
B(L(% T0"0 _"#0#(6 M"(% ?WVQ;V^>;4:QC ?VVV;33>;>44C 0urrenr Tax - $uos|o|ar|es
B(L(% '(",,$)(" _"#0#(6 M"(% WQ;WW:;^4Q ?3>^;34V;WWWC 0elerreo Tax - $uos|o|ar|es
'F#(@ -.8(" B(L(% B.",)(60@(" * Esr|mareo ol lncome Tax Expenses-
_"#0#(6 M"(% ?VQ>;QQQ;^>:C ?4;:V4;V^V;VQQC $uos|o|ar|es
Tota| eban Pajak Penghas||an (8,921,527,541} (,339,140,115} 7otal of lncome 7ax Expenses

b. Aset (L|ab|||tas} Pajak Tangguhan b. 0eferred 7ax Assets [Liabilities}

A0"Z0(" (6.# 2(" @0(80@0#(6 1(L(% #(",,$)("; 6.1./#0 +(", 206(L0%("
2(@(7 @(1F/(" 1F6060 %.$(",(" %F"6F@02(60(" #(",,(@
34 5.6.78./ 9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./
9::> (2(@() 6.8(,(0 8./0%$#E
Tne oera|| ol oelerreo asser ano ||ao|||r|es as presenreo |n
conso||oareo sraremenrs ol l|nanc|a| pos|r|on as ol
J', 2009 are as lo||ousE

1 Jan 2010| 0ikreditkan 2010 0|kred|tkan 2011
31 0es 2009| pada Laporan pada Laporan
Jan 1, 2010| Laba Rugi/ Laba Rug||
0ec 31, 2009 Charged Charged
to lncome to lncome
3tatement 3tatement
Rp Rp Rp Rp Rp
Perusahaan 7he Company
M7F/#06(60 A."F\(60 2(" /morr|zar|ons ol Renovar|ons
K.Y( ?4;9:3;9Q9;4VQC ?RV^;R4W;V3RC ?4;VVQ;V>>;Q:9C ?W>3;QWQ;3W3C ?9;RV9;^WQ;4W^C ("2 A."#
H78(@(" T./L( QV9;VQR;::Q ?R;^R3;Q4RC Q^Q;4R:;4>R V:;QQ4;>9V >4>;:99;49: _71@F+..6h -.".D0#
5.1/.Z0(#0F" FD B/F1./#+
B."+$6$#(" M6.# '.#(1 ?4;4WQ;4>9;>43C ?R4V;V9W;RW>C ?4;^>R;Q9:;3>9C ?^RQ;>R:;W^RC ?9;4R3;WV4;4RVC ("2 _i$017."#
(1,518,791,073} (88,588,927} (2,405,380,000} (1,281,937,201} (3,87,317,201}
Ent|tas Anak 3ubsidiaries
B' S0#/( O./F B0F"./0"2F RW4;^:>;Q9> ?RQW;:44;WVWC ?4^;^:4;>3QC ^;WW:;R>9 ?>;W34;RRVC B' S0#/( O./F B0F"./0"2F
B' B$#/( M60( B./2("( H"2() 3;:^R;999 >4;V>R;>>: >R;WR>;949 W3;:::;:9V 4VW;WR>;93Q B' B$#/( M60( B./2("( H"2()
474,54,051 (395,31,777} 79,247,274 78,770,518 158,017,792
Tota| (1,044,227,022} (1,281,905,704} (2,32,132,72} (1,203,1,83} (3,529,299,408} 7otal

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

35 1(/(DE

c. Pajak 0|bayar d| Huka c. Prepaid 7axes
1 Jan 2010|
31 0es 2009|
Jan 1, 2010|
2011 2010 0ec 31, 2009
Rp Rp Rp
B(L(% B./#(78()(" N0@(0 434;>QR;R>W R;R4>;439 ** va|ue Tax /ooeo
Tota| 131,984,497 4,419,132 -- 7otal

d. hutang Pajak d. 7axes Payable

1 Jan 2010|
31 0es 2009|
Jan 1, 2010|
2011 2010 0ec 31, 2009
Rp Rp Rp
B(L(% B.",)(60@(" lncome Tax
B(6(@ 94 3Q>;^93;:^V R:>;:94;9R4 3^9;V3Q;3Q3 /rr|c|e 2'
B(6(@ 9^ 3V:;QW:;9R4 94Q;R>4;QQ: ** /rr|c|e 25
B(6(@ 9V /rr|c|e 26
B(6(@ 93 9:;Q33;3>: 3:;W4W;R:: R4;34R;R4Q /rr|c|e 2J
B(6(@ 9> 9;^^9;>QW;4WW 4;WVV;34V;999 9;V94;>:9;^VR /rr|c|e 29
B(6(@ R (+(# ?9C R39;W:W;W4^ 4^3;Q9Q;V33 399;>::;W:3 /rr|c|e 4 verse 2
B(L(% B.78(",$"(" H V;WR>;R4V;>^R ^;^R4;^:>;3VV R;W3R;VVW;VQ> 0eve|opmenr Tax l
B(L(% B./#(78()(" N0@(0 ** ** 4:3;44R;RV9 va|ue /ooeo Tax
4:;^:V;33Q;^33 Q;44>;QQR;WR9 Q;4WV;^3Q;94>
Ent|tas Anak 3ubsidiaries
B' B$#/( M60( B./2("( H"2() RR:;W49;V^R 39Q;::3;VVQ 3Q4;4Q4;W9: PT Purra /s|a Peroana lnoan
B' S0#/( O./F B0F"../0"2F RW;QVW;>43 R^;Q^9;VR3 44Q;^VR;9:V PT V|rra lero P|oneer|noo
Tota| 10,994,919,100 8,493,741,053 8,7,284,145 7otal

19. Pinjaman Jangka Panjang 19. Long Term Loans

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
P|njaman pada P|hak Ket|ga Loans to 7hird Parties
'$6Z(" M66.# `#2 ?2=) UF/(@8.@@6 Tuscan /sser lro {lormer|, 0ora|oe||s
H"#./"(#0F"(@ `#2C ?9:44E !K5 4;4::;::: lnrernar|ona| lroj {20''. u$0 ','00,000j
9:4:E !K5 4;Q::;:::e 9::>E !K5 9;R^:;:::C
>;>WR;Q::;::: 4V;4Q3;Q::;::: 93;:3:;:::;:::
20'0. u$0 ',800,000; 2009. u$0 2,450,000j
H"ZF7. OF@20", `#2 ?9:44E !K5 R::;::: lncome lo|o|ng lro {20'' . u$0 400,000
9:4:E!K5 W::;:::e 9::>E !K5 Q::P:::C
3;V9W;9::;::: V;9>3;W::;::: W;^9:;:::;:::
20'0.u$0 700,000; 2009. u$0 800,000j
Tota| P|njaman Jangka Panjang 13,02,000,000 22,477,500,000 30,550,000,000
7otal Long 7erm Loans

(P B(2( #(",,(@ 99 B.8/$(/0 9::9 2(" 9R <$"0 9::R;
B./$6()((" 7.71./F@.) 10"L(7(" L(",%( 1("L(", 2(/0
UF/(@8.@@6 H"#./"(#0F"(@ `#2P; 10)(% %.#0,(; 2.",(" L$7@()
%.6.@$/$)(" 6.8.6(/ !K5 V;:::;:::P B0"L(7(" 0"0
20,$"(%(" $"#$% 7."2$%$", %.,0(#(" F1./(60F"(@
B./$6()(("P

a. Dn Feoruar, 22, 2002 ano June 24, 2004, rne
0ompan, oora|neo a |ong rerm |oan lrom
0ora|oe||s lnrernar|ona| lro., rn|ro parr,, rora||ng
u$0 6,000,0000. Tn|s |oan |s useo ro supporr rne
0ompan,s operar|ona| acr|v|r|es.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

3 1(/(DE
-./2(6(/%(" 6$/(# #(",,(@ 3: M1/0@ 9::Q 2(/0 UF/(@8.@@6
H"#./"(#0F"(@ `#2P %.1(2( B./$6()(("; .D.%#0D #(",,(@
4 S.0 9::Q 6.@$/$) 6(@2F 10"L(7(" L(",%( 1("L(", 6.8.6(/
!K5 9;W^:;::: 8./0%$# 8$",("+( 20(@0)%(" %. '$6Z("
M66.#6 `#2P; 10)(% %.#0,(P _D.%#0D 6.L(% <$"0 9::Q; 10"L(7("
0"0 20%."(%(" 8$",( #.#(1 Vd 1./ #()$" 6.6$(0 2.",("
(22."2$7 1./L("L0(" 1(2( #(",,(@ 3: S.0 9::QP
-./2(6(/%(" (22."2$7 1./L("L0(" 1(2( #(",,(@
4V 5.6.78./ 9::> L(#$) #.71F 10"L(7(" 0"0 201./1("L(",
6(71(0 #(",,(@ 9 <$@0 9:4^P

3aseo on |errer oareo /pr|| J0, 2008 lrom 0ora|oe||s
lnrernar|ona| lro. ro rne 0ompan,, ellecr|ve on Va, ',
2008, a|| oursrano|ng pr|nc|pa| |ong rerm |oans amounreo
ro u$0 2,750,000 |nc|uoeo rne |nreresr uere rranslerreo
ro Tuscan /ssers lro., rn|ro parr,. Ellecr|ve s|nce June
2008, rn|s |oan oears |nreresr rare ol 6/ per annum
accoro|ng ro rne amenomenr ol rne agreemenr oareo Va,
J0, 2008. 3aseo on amenomenr ol rne agreemenr oareo
0ecemoer '6, 2009 un|cn srares rnar rne rerm per|oo ol
|oan |s exrenoeo up ro Ju|, 2, 20'5.
8P B./$6()((" 7.71./F@.) 10"L(7(" 2(/0 H"ZF7. OF@20", `#2
6.8.6(/ !K5 4;4::;:::P B0"L(7(" 0"0 #("1( L(70"("P
-./2(6(/%(" (22."2$7 1./L("L0(" #(",,(@ 9> S.0 9::Q;
#./)0#$", .D.%#0D 6.L(% #(",,(@ 4 <$"0 9::Q; 10"L(7(" 0"0
20%."(%(" 8$",( #.#(1 Vd 1./ #()$"P B./L("L0(" 10"L(7("
#.@() 7.",(@(70 8.8./(1( %(@0 1./$8()(" 2(" #./(%)0/
8./2(6(/%(" (22."2$7 1./L("L0(" #(",,(@ 94 5.6.78./
9::> +(", 7.71./1("L(", 10"L(7(" 6(71(0 2.",("
#(",,(@ 9^ B.8/$(/0 9:4^P
o. Tne 0ompan, oora|neo |oan lrom lncome lo|o|ng lro
amounr|ng ro u$0 ','00,000. Tne |oan |s non co||arera|.
3aseo on amenomenr ol agreemenr oareo Va, 29, 2008,
ellecr|ve|, on June ', 2008, rne |oan oears an annua| l|xeo
|nreresr ol 6/. Tne |oan agreemenr nao oeen amenoeo
severa| r|mes ano rne |aresr amenomenr uas maoe on
0ecemoer 2', 2009 un|cn exrenoeo rne |oan up ro
Feoruar, 25, 20'5.

20. Liabilitas Diestimasi atas Imbalan Kerja 20. Estimated Liabilities on Employee Benefits

B./$6()((" 7.",)0#$", 2(" 7.78$%$%(" 8.8(" 078(@(" %./L(
8./2(6(/%(" !"2(",*$"2(", T.#."(,(%./L((" NFP43 '()$"
9::3 #(",,(@ 9^ S(/.# 9::3P <$7@() #."(,( %./L( +(", 8./)(%
(#(6 078(@(" %./L( (2(@() 9P433; 9P:QR; 2(" 4PQ3Q F/(",
7(60",*7(60", 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>P
Tne 0ompan, ca|cu|areo ano recogn|zeo rne ||ao|||r|es on
emp|o,ee oenel|rs oaseo on laoor lau ho. 'J oareo
Varcn 25, 200J. Tne numoers ol emp|o,ees uno are enr|r|eo ro
rece|ve rne oenel|r uere 2,'JJ, 2,084, ano ',8J8 emp|o,ees
as ol 0ecemoer J', 20'' ano 20'0, ano Januar, ',
20'0/0ecemoer J', 2009, respecr|ve|,.

T.Y(L08(" 20.6#07(60 (#(6 078(@(" %./L( 20)0#$", F@.) M%#$(/06
H"2.1."2." B' B/07( -)(%6("( `.6#(/0 6.6$(0 2.",("
@(1F/(""+( 7(60",*7(60", 1(2( #(",,(@ 49 S(/.# 9:49; 4:
S(/.# 9:44; 2(" > S(/.# 9:4:P
Esr|mareo ||ao|||r|es on emp|o,ee oenel|rs are ca|cu|areo o, rne
lnoepenoenr /cruar, ol PT Pr|ma 3naksana lesrar| accoro|ng
ro |rs reporr oareo Varcn '2, 20'2, Varcn '0, 20'', ano Varcn
9, 20'0, respecr|ve|,.

M6$760 (%#$(/0( +(", 20,$"(%(" 2(@(7 7."."#$%(" 8.8(" 2("
%.Y(L08(" 078(@(" %./L( 1(2( #(",,(@ 34 5.6.78./ 9:44 2("
9:4:; 6./#( 4 <("$(/0 9:4:=34 5.6.78./ 9::>; (2(@() 6.8(,(0
8./0%$#E
/cruar|a| assumpr|ons useo lor oererm|nar|on ol expenses ano
||ao|||r|es ol emp|o,ees oenel|r as ol 0ecemoer J', 20'' ano
20'0, ano Januar, ', 20'0/0ecemoer J', 2009 are as lo||ous.

31 0es|
0ec 31
2011
31 0es|
0ec 31
2010
1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
0ec 31, 2009

!60( 1."60$" "F/7(@ ^^ #()$"=55 ,ears o|o ^^ #()$"=55 ,ears o|o ^^ #()$"=55 ,ears o|o horma| pens|on age
'0",%(# 206%F"#F WP3d >PVd 49d 0|scounr rare
_6#07(60 %."(0%(" ,(L0 20 7(6(
2(#(",
VP^d VP^d VP^d Esr|mareo lurure sa|ar|es
|ncrease
'0",%(# 1.",$"2$/(" 20/0 !7$/=/ge 4Q * 3^ j
4Qd 1./ #()$"=per
annum
!7$/=/ge 4Q * 3^ j
4Qd 1./ #()$"=per
annum
!7$/=/ge 4Q * 3^ j 4Qd
1./ #()$"=per annum
Res|gnar|on rare
!7$/=/ge 3V * RR j
4^d 1./ #()$"=per
annum
!7$/=/ge 3V * RR j
4^d 1./ #()$"=per
annum
!7$/=/ge 3V * RR j 4^d
1./ #()$"=per annum

!7$/=/ge R^ * ^R j ^d
1./ #()$"=per annum
!7$/=/ge R^ * ^R j ^d
1./ #()$"=per annum
!7$/=/ge R^ * ^R j ^d
1./ #()$"=per annum

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

37 1(/(DE
31 0es|
0ec 31
2011
31 0es|
0ec 31
2010
1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
0ec 31, 2009

'(8.@ 7F/#(@0#( UK[ * 4>Q: UK[ * 4>Q: UK[ * 4>Q: Vorra||r, rao|e
S.#F2. Proecreo un|r 0reo|r Proecreo un|r 0reo|r Proecreo un|r 0reo|r Vernoo

A0"Z0(" 2(/0 %.Y(L08(" 20.6#07(60 (#(6 078(@(" %./L( 8./2(6(/%("
1./)0#$",(" (%#$(/06 0"2.1."2." (2(@() 6.8(,(0 8./0%$#E
0era||s ol esr|mareo ol emp|o,ee oenel|rs ||ao|||r|es oaseo on
rne 0a|cu|ar|on ol lnoepenoenr /cruar, are as lo||ous.

1 Jan 2010|
31 0es 2009|
Jan 1, 2010/
2011 2010 0ec 31, 2009
Rp Rp Rp
K(@2F MY(@ 3;Q4R;>3:;3W: 3;Q:R;V:>;>RV 3;V49;QW^;^^R 3eg|nn|ng 3a|ance
B.78(+(/(" S("D((# T(/+(Y(" K.@(7( Pa,menr ol Emp|o,ee 3enel|r our|ng rne
'()$" -./L(@(" ?4;:VW;:QW;>94C ?4;::^;:VW;R^VC ?Q4^;3>9;:3:C 0urrenr Year
-.8(" H78(@(" Emp|o,ees' 3enel|rs Expenses
T./L( '()$" -./L(@(" 4;3^Q;WW^;>3> 4;:4^;3QW;QQ: 4;::W;49V;R99 |n rne 0urrenr Year
Kewaj|ban Akh|r Tahun 4,10,18,388 3,814,930,370 3,804,09,94 Liabilities at the End of Year

A0"Z0(" 8.8(" 078(@(" %./L( (2(@() 6.8(,(0 8./0%$#E 0era||s ol emp|o,ee oenel|rs expenses are as lo||ous.
2011 2010
Rp Rp
-0(+( <(6( T0"0 QW9;:9Q;W93 V9:;>>^;4W9 0urrenr $erv|ces 0osr
-0(+( -$",( RR4;:>:;R:Q R:^;49Q;4Q: lnreresr Expenses
T.$"#$",(" ?T./$,0("C M%#$(/0(@ +(", 50(%$0 R^;V^V;Q:Q ?4:;W3^;RW9C Rea||zeo /cruar|a| Sa|n {lossj
Tota| |mba|an Kerja Karyawan 1,358,775,939 1,015,387,880 7otal Employee 8enefit

21. Kepentingan Non Pengendali 21. Non Controling Interest

O(% 70"F/0#(6 1(2( 1./$6()((" ("(% 7./$1(%(" )(% 1(2(
B' S0#/( O./F B0F"../0"2F 2(" B' B$#/( M60( B./2("( H"2()
6.6$(0 2.",(" %.1.70@0%(""+( 1(2( .%$0#(6 2(" @(8( (#($ /$,0
1(2( 1./$6()((" ("(%P
hon 0onrro||ng lnreresr |n suos|o|ar, represenrs |nreresr |n PT
V|rra lero P|oneer|noo oan PT Purra /s|a Peroana lnoan
accoro|ng ro |rs snares ol ounersn|p |n rne equ|r, ano prol|r or
|oss |n suos|o|ar,.

22. Modal Saham 22. Capital Stock

K$6$"(" 1.7.,(", 6()(7 B./$6()((" 8./2(6(/%(" @(1F/("
B' _5H H"2F".60(; -0/F M270"06#/(60 _D.% 1(2(
34 5.6.78./ 9:44 2(" 9:4:; 6./#( 4 <("$(/0 9:4:=5.6.78./
34; 9::> (2(@() 6.8(,(0 8./0%$#E
0ompos|r|on ol rne 0ompan,s srockno|oers oaseo on reporr
lrom PT E0l lnoones|a, $nare Reg|srrar as ol
J', 2009 |s as lo||ous.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

38 1(/(DE
Jum|ah Jum|ah| Persentase
8aham| 7otal Kepem|||kan|
humber of Percentage of
3hares 0wnership
(Lembar}
Pemegang 8aham |3hares Rp (7} 3tockholders
-("% FD K0",(1F/. `#2 4:R;>>W;39: ^9;R>Q;VV:;::: RWP^^ 3ank ol $|ngapore lro
5.$#6Z). -("% NF70"..6 K0",(1F/. `070#.2 RQ;93R;>:: 9R;44W;R^:;::: 94PQR 0eurscne 3ank hom|nees $|ngapore l|m|reo
M-N MSA[ K0",(1F/. NF70"..6 9:;V>W;::: 4:;3RQ;^::;::: >P3W /3h /VRD $|ngapore hom|nees
B' -(+$ -$("( '8% 4>;VQ9;::: >;QR4;:::;::: QP>4 PT 3a,u 3uana Tok
S(6+(/(%(#=B$8@0% ?7(60",*7(60", 20 8(Y() ^dC 9W;4>V;WQ: 43;^>Q;3>:;::: 49P39 Puo||c {oe|ou 5 / eacnj
Tota| 220,808,000 110,404,000,000 100.00 7otal
2011

3hares 0wnership
(Lembar}
5.$#6Z). -("% NF70"..6 K0",(1F/. `070#.2 434;4V^;>:: V^;^Q9;>^:;::: ^>PR: 0eurscne 3ank hom|nees $|ngapore l|m|reo
-("% FD N.Y fF/% '/.(#+ MZZF$"#6 99;:VV;39: 44;:33;4V:;::: >P>> 3ank ol heu York Trear, /ccounrs
M-N MSA[ K0",(1F/. NF70"..6 9:;V>W;::: 4:;3RQ;^::;::: >P3W /3h /VRD $|ngapore hom|nees
S(6+(/(%(#=B$8@0% ?7(60",*7(60", 20 8(Y() ^dC 9W;4>V;WQ: 43;^>Q;3>:;::: 49P33 Puo||c {oe|ou 5 / eacnj
Tota| 220,808,000 110,404,000,000 100.00 7otal
2010

3hares 0wnership
(Lembar}
5.$#6Z). -("% NF70"..6 K0",(1F/. `070#.2 434;4V^;>:: V^;^Q9;>^:;::: ^>PR: 0eurscne 3ank hom|nees $|ngapore l|m|reo
M-N MSA[ K0",(1F/. NF70"..6 3:;V>W;::: 4^;3RQ;^::;::: 43P>: /3h /VRD $|ngapore hom|nees
-("% FD N.Y fF/% '/.(#+ MZZF$"#6 99;:VV;39: 44;:33;4V:;::: >P>> 3ank ol heu York Trear, /ccounrs
50(7F"2 S0@@."0$7 `#2 44;3::;:Q: ^;V^:;:R:;::: ^P43 0|amono V|||en|um lro
S(6+(/(%(#=B$8@0% ?7(60",*7(60", 20 8(Y() ^dC ^;Q>V;W:: 9;>RQ;3^:;::: 9PVW Puo||c {oe|ou 5 / eacnj
Tota| 220,808,000 110,404,000,000 100.00 7otal
Jan 1, 2010| 0ec 31, 2009
1 Jan 2010| 31 0es 2009|

23. Tambahan Modal Disetor 23. Additional Paid-in Capital

M%$" 0"0 7./$1(%(" 6.@060) ("#(/( )(60@ 1."L$(@(" 6()(7 ?(,0F
6()(7C %.1(2( 7(6+(/(%(# ?1."(Y(/(" $7$7 1./2("(C 2.",("
"0@(0 "F70"(@"+( +(", 20@(%$%(" #()$" 4>>R 6.#.@() 20%$/(",0
2.",(" 1.@$"(6(" 6()(7 8F"$6 +(", 20%.@$(/%(" #()$" 4>>^;
2.",(" /0"Z0(" 6.8(,(0 8./0%$#E
Tn|s accounr represenrs rne o|llerence oerueen rne pr|ce |n
un|cn rne snares uere so|o ro rne puo||c {|n|r|a| puo||c oller|ngj
ano |rs par va|ue |n '994 alrer oeoucr|ng rne oonus snares
|ssueo |n '995, u|rn oera||s as lo||ous.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

39 1(/(DE

Rp
O(60@ 1."L$(@(" >P:::P::: @.78(/ K()(7 Proceeos lrom sa|e ol 9,000,000
2.",(" "0@(0 k A1 ^P4:: R^;>::;:::;::: $nares Rp 5,'00
N0@(0 "F70"(@ >P:::P::: @.78(/ K()(7 Face va|ue ol 9,000,000
2.",(" "0@(0 k A1 4P::: ?>;:::;:::;:::C $nares Rp ',000
3V;>::;:::;:::

0|kurang|. K()(7 -F"$6 ?34;:::;:::;:::C less. 0|srr|our|on ol 3onus $nares
Tota|

5,900,000,000

7otal

24. Cadangan Umum 24. General Reserves

B(2( #()$" 4>>W; 8./2(6(/%(" M%#( NF#(/06 S$2FD0/ O(20; KO;
NFP ^^ #(",,(@ 4> <$"0 4>>W; B./$6()((" 7."+060)%(" 6.8(,0("
2(/0 6(@2F @(8( 6.8(,(0 2("( Z(2(",(" $7$7 6.8.6(/
A1 W^P>VWPWV:P
ln '997, oaseo on rne horar|a| 0eeo ol Vuool|r lao|, $l,
ho. 55 oareo June '9, '997, rne 0ompan, prov|oeo genera|
reserves amounr|ng ro Rp 75,967,760 lrom rera|neo earn|ngs.

25. Pendapatan Usaha - Bersih 25. Operating Revenues - Net

M%$" 0"0 7./$1(%(" 1."2(1(#(" 2(/0 1."L$(@(" G/$1 7(60",*
7(60", 1(2( 9:Q 2(" 4>V ,./(0 1(2( #()$" 9:44 2(" 9:4:
2.",(" /0"Z0(" 6.8(,(0 8./0%$# E
Tn|s accounr represenrs revenue generareo o, rne Sroup lrom
rne 208 ano '96 our|ers |n 20'' ano 20'0, respecr|ve|,, u|rn
rne lo||ou|ng oera||s.

2011 2010
Rp Rp
U(@0DF/"0( ]/0.2 U)0Z%." 9V9;Q^3;3:Q;RV9 94Q;Q^V;^:9;V>Q 0a||lorn|a Fr|eo 0n|cken
K(1F [/0."#(@ 9:;WQW;449;>^W 4>;R:>;99>;3>3 $apo Dr|enra|
U(@ 5F"(# 3;Q>^;V^Q;9W3 3;^VV;VV:;::3 0a| 0onar
8ub Tota| 9QW;^3V;:W>;V>9 9R4;Q39;3>9;:>R 3ub 7otal
B."2(1(#(" 2(/0 AF+(@#0 2(" Francn|se Fee R;>R4;R3>;9^9 ^;VW:;QRV;4:V A.\."$. D/F7 AF+(@#+ ("2 H"0#0(@ ]..
Tota| 292,477,518,944 247,503,238,200 7otal

26. Beban Pokok Penjualan 26. Costs of Goods Sold

2011 2010
Rp Rp
B./6.20((" MY(@ 44;:4W;94>;R9W >;>VW;:VQ;W^> 3eg|nn|ng 3a|ance ol lnvenror|es
B.78.@0(" 4::;R3R;4W4;34> QV;4Q4;9V^;:V3 Purcnases
-(/(", './6.20( $"#$% 50L$(@ 444;R^4;3>:;WRV >V;4RQ;333;Q99 Sooos /va||ao|e lor $a|e
B./6.20((" M%)0/ ?44;R^Q;3W>;V4WC ?44;:4W;94>;R9WC Eno|ng 3a|ance ol lnvenror|es
eban Pokok Penjua|an 99,993,011,129 85,131,114,395 Costs of Coods 3old

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

40 1(/(DE

A0"Z0(" 1.7(6F% +(", 7.@.80)0 4:d 1.78.@0(" B./$6()(("E 0era||s ol supp||ers un|cn represenr more rnan '0/ ol rora|
purcnases.

2011 2010 2011 2010
Rp Rp 7 7
B' B$#/( S("20/0 4R;3Q>;3:3;V^: 44;QR9;Q9Q;VV^ 4RP33 43PWR PT Purra Vano|r|
B' U)(/F." BF%1)("2 H"2F".60( '8% 49;W3>;:^:;>W4 49;49:;39>;>WQ 49PVQ 4RP:V PT 0naroen Pokpnano lnoones|a Tok
Tota| 27,128,354,21 23,93,158,43 27.01 27.80
Jum|ah|7otal Persentase dar|
Tota| Pembe||an|
Percentage
of 7otal Purchases

27. Beban Usaha 27. Operating Expenses

2011 2010
Rp Rp
eban Penjua|an 3elling Expenses
G(L0 2(" '$"L(",(" RV;VRQ;R^V;4V: 3W;>V:;>^V;93> $a|ar|es ano /||ouances
K.Y( 2(" K./\0Z. U)(/,. 3:;R93;VW^;R^> 9Q;4:9;>>Q;9WR Renr ano $erv|ce 0narges
`06#/0%; M0/; 2(" '.@.1F" 99;Q4R;9^3;>V9 9:;^3V;>R>;^^W E|ecrr|c|r,, warer ano Te|epnone
-0(+( B.7(6(/(" 44;4>Q;Q:3;W>^ 4:;4Q4;W^Q;W>Q Varker|ng Expenses
-0(+( M",%$#; B./L(@("(" 2(" '/("61F/#(60 V;^:R;4Q:;9V> ^;Q>V;^V>;93V Expeo|r|on, Trave| ano Transporrar|on
B./8(0%("; B.7.@0)(/((" 2(" B.7(%(0(" Repa|reo, Va|nrenance ano usage ol
K$%$ U(2(", 3;>V>;V>R;39W R;:W:;3^9;V9V $pareparrs
M7F/#06(60 A."F\(60 -(",$"(" K.Y( 3;WW^;3W>;W:3 3;^Q9;>Q3;>>3 /morr|zar|on ol Renra| 3u||o|ng Renovar|on
B."+$6$#(" M6.# '.#(1 3;VR4;>4^;>^: 3;V4V;V:W;3Q9 0eprec|ar|on ol Properr, ano Equ|pmenr
M@(#*(@(# T("#F/ 4;VV4;::9;99Q 4;R:>;4WW;4W9 Dll|ce $upp||es
H$/(" 2(" A.#/08$60 4;9:3;RRV;39V 4;:RR;V4Q;:^9 Fees ano Rerr|our|on
<(6( B/FD.60F"(@ 2(" B.@(#0)(" W49;^4Q;9^3 Q94;R4>;>R> Proless|ona| Fee ano Tra|n|ng
M6$/("60 RRQ;Q:4;Q:Q ^^>;9^:;:>R lnsurance
`(0"*@(0" ?7(60",*7(60", 20 8(Y() A1 ^: L$#(C >R4;W:V;3WR 4;:Q^;3>R;943 Drners {eacn oe|ou Rp 50 m||||onj
'F#(@ -.8(" B."L$(@(" 433;>R3;Q3R;V4R 44Q;QV>;:3^;^Q^ Tora| $e|||ng Expenses
eban Umum dan Adm|n|stras| Ceneral and Administrative Expenses
G(L0 2(" '$"L(",(" 4R;:QV;R9Q;:3W 43;9R>;>>3;399 $a|ar|es ano /||ouances
K.Y( 2(" K./\0Z. U)(/,. 4;3QQ;9RV;QQ> 4;3QV;>^4;:RQ Renr ano $erv|ce 0narges
-0(+( M",%$#; B./L(@("(" 2(" '/("61F/#(60 4;9R>;W4W;>R3 4;:49;>9^;VQV Expeo|r|on, Trave| ano Transporrar|on
B."+$6$#(" M6.# '.#(1 4;:W^;::>;9WR 4;RRQ;WRW;QQ^ 0eprec|ar|on ol Properr, ano Equ|pmenr
`06#/0%; M0/; 2(" '.@.1F" W4V;^9V;94: W>W;44W;^^4 E|ecrr|c|r,, warer ano Te|epnone
M@(#*(@(# T("#F/ ^::;4R4;3W: ^W^;R>W;WQ9 Dll|ce $upp||es
<(6( B/FD.60F"(@ 2(" B.@(#0)(" R::;3QQ;4>R 9>4;V99;33Q Proless|ona| Fees ano Tra|n|ng
H$/(" 2(" A.#/08$60 9Q^;^^Q;:44 3^Q;9>W;:R: Fees ano Rerr|our|on
B./8(0%(" 2(" B.7.@0)(/((" 4V^;3:>;3QV 4R>;R^>;3V9 Repa|r ano Va|nrenance
M7F/#06(60 A."F\(60 -(",$"(" K.Y( 4^R;934;WRV 4>R;R:W;4RV /morr|zar|on ol Renra| 3u||o|ng Renovar|on
`(0"*@(0" ?7(60",*7(60", 20 8(Y() A1 ^: L$#(C 4;9^R;94:;9WW W>4;9>:;:W9 Drners {oe|ou Rp 50 m||||on eacnj
'F#(@ -.8(" !7$7 2(" M270"06#/(60 94;9W^;WVW;33W 9:;9^V;3:>;939 Tora| Senera| ano /om|n|srrar|ve Expenses
Tota| eban Usaha 155,219,01,951 139,125,344,817 7otal 0perating Expenses

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

41 1(/(DE
28. Pendapatan Lain-lain 28. Other Revenues
2011 2010
Rp Rp
B."2(1(#(" -$",( 4^>;>Q9;^^W 34W;3VQ;39Q lnreres lncome
`(8( A$,0 B."L$(@(" M6.# '.#(1 W3;:4^;^:W R>^;^:3;>>> Sa|n on 0|sposa| ol /ssers
T.$"#$",(" K.@060) T$/6 ^3;393;4:> 4;39Q;:>3;::: unrea||zeo Sa|n Fore|gn Excnange
B."2(1(#(" 50\02." 33W;>W4;W^: 4>R;VW3;VWR 0|v|oen lncome
`(0"*@(0" 9>R;RV:;>^> 4;^V9;4::;VW^ Drners
Tota| Pendapatan La|n-|a|n 918,753,882 3,897,739,7 7otal 0ther Revenue

29. Laba per Saham Dasar 29. Basic Earning Per Share
2011 2010
Rp Rp
`(8( -./60) 9^;>44;Q:4;W^4 4^;WVV;V33;3Q^ her lncome
<$7@() K()(7 -./.2(/ 99:;Q:Q;::: 99:;Q:Q;::: humoer ol $nares Dursrano|ng
`(8( -./60) B./ K()(7 44WP3^ W4PR: her lncome per snare

30. Ikatan dan Perjanjian 30. Commitments and Agreements
B./$6()((" 7.@(%$%(" %./L(6(7( Y(/(@(8( 2.",(" 10)(% %.#0,(
$"#$% 7.",,$"(%(" 7./.% 2(,(", 70@0% B./$6()((" "0a||lorn|a
Fr|eo 0n|cken ?U]UCJP K.6$(0 2.",(" 1./L("L0(" Y(/(@(8(;
7(60",*7(60", 10)(% 1.",,$"( )(% Y(/(@(8( 20Y(L08%("
7.78(+(/ %.1(2( B./$6()((" 8./$1( 80(+( Y(/(@(8( ?|n|r|a|
leeC 6.8.6(/ A1 49^P:::P:::; 2(" 80(+( /F+(@#+ 6.8.6(/ Wd 2(/0
1."L$(@(" %F#F/P
Tne 0ompan, enrereo |nro lrancn|se agreemenrs u|rn rne rn|ro
parr|es ro use 0ompan, rraoemark "0a||lorn|a Fr|eo 0n|cken
{0F0j. /ccoro|ng ro lrancn|se agreemenr, rne user ol lrancn|se
orano snou|o pa, |n|r|a| lee ro rne 0ompan, amounreo ro
Rp '25,000,000, ano ro,a|r, expense 7/ lrom gross sa|es.

<$7@() ,./(0 Y(/(@(8( 6(71(0 2.",(" 34 5.6.78./ 9:44 2("
9:4: 7(60",*7(60", 6.8("+(% 3V ,./(0 2(" 3W ,./(0 +(",
#./6.8(/ 20 8.8./(1( Y0@(+() 20 H"2F".60(P <(",%( Y(%#$
1./L("L0(" 6.@(7( ^ ?@07(C #()$"; 1./L("L0(" #./(%)0/ 6(71(0
2.",(" #()$" 9:4^P
Tne numoer ol lrancn|se our|ers up ro 0ecemoer J', 20'0 ano
2009 are J6 our|ers ano J7 our|ers rnar |ocareo spreao|,
rnrougnour lnoones|a. Tne rerm ol agreemenr |s 5 {l|vej ,ears
un|cn rne |aresr u||| oe enoeo |n 20'5.

31. Aset dan Kewajiban dalam 31. Assets and Liabilities Denominated in
Mata Uang Asing Foreign Currency

B(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; B./$6()((" 2("
1./$6()((" ("(% 7.71$"+(0 )(% 2(" %.Y(L08(" 7F".#./ 2(@(7
7(#( $(", (60", 6.8(,(0 8./0%$#E
/s ol 0ecemoer J', 20'' ano 20'0, rne 0ompan,s ano
suos|o|ar|es monerar, assers ano ||ao|||r|es oenom|nareo |n
lore|gn currenc, are as lo||ous.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

42 1(/(DE
2011 2010 2011 2010
Aset | Assets
T(6 2(" -("% = U(6) ("2 U(6) _i$0\(@."#6
B0)(% T.#0,( = ')0/2 B(/#0.6
!K5
4;^QQP>> 99;>RWP^Q 4R;R:Q;>R4 9:V;394;V>9
4R;R:Q;>R4 9:V;394;V>9
Kewaj|ban | L|ab|||t|es
B0"L(7(" <(",%( B("L(", = `F", './7 `F("
B0)(% T.#0,( = ')0/2 B(/#0.6
!K5
4;^::;::: 9;^::;:::P:: 43;V:9;:::;::: 99;RWW;^::;:::
43;V:9;:::;::: 99;RWW;^::;:::
Tota| - ers|h | Tota| - Net
(13,587,591,059} (22,271,178,308}
Hata Uang As|ng | Fore|gn 6urrency Eku|va|en | Equ|va|ent Rup|ah

32. Informasi Segmen 32. Segment Information

S("(L.7." #.@() 7."."#$%(" 6.,7." F1./(60 202(6(/%(" 1(2(
@(1F/(" +(", 20#.@(() F@.) 50/.%60; +(", 20,$"(%(" 2(@(7
7.",(780@ %.1$#$6(" 6#/(#.,06P 50/.%60 7.71./#078(",%("
F1./(60 806"06 2(/0 1./61.%#0D L."06 806"06 2(" ,.F,/(D06P

Tne managemenr nas c|ass|l|eo segmenr operar|on oaseo on
rne reporr eva|uareo o, rne 0|recror, un|cn nas oeen useo as a
oas|s ol srrareg|c oec|s|on. Tne 0|recror cons|oereo rne
ous|ness operar|on lrom rne perspecr|ve ol ous|ness
c|ass|l|car|on ano geograpn|cs.

K.,7." F1./(60 G/$1 2(1(# 208.2(%(" 7."L(20 3 ?#0,(C $"0#
806"06 6#/(#.L0% +(", 7."(Y(/%(" 1/F2$% +(", 8./8.2( +(0#$
(+(7 ,F/.", ?U(@0DF/"0( ]/0.2 U)0Z%."C; 7(6(%(" F/0."#(@ ?K(1F
[/0."#(@C 2(" 2F"(# ?U(@ 5F"$#6CP
Dperar|ng segmenr ol rne Sroup can oe c|ass|l|eo |nro J {rnreej
srrareg|c ous|ness un|rs un|cn prov|oe var|ous prooucrs cons|sr
ol lr|eo cn|cken {0a||lorn|a Fr|eo 0n|ckenj, or|enra| looo {$apo
Dr|enra|j ano oonurs {0a| 0onursj.

<$7@() +(", 20@(1F/%(" %.1(2( 1.",(780@ %.1$#$6("
F1./(60F"(@ 6.)$8$",(" 2.",(" L$7@() (6.# 2(" @0(80@0#(6 20$%$/
2.",(" Z(/( +(", %F"606#." 2.",(" +(", 20@(1F/%(" 2(@(7
@(1F/(" %.$(",(" %F"6F@02(60("P M6.# 2(" @0(80@0#(6 0"0
20(@F%(60%(" 8./2(6(/%(" F1./(60 6.,7."P
Tne amounrs prov|oeo ro rne cn|el operar|ng oec|s|on-maker
u|rn respecr ro rora| assers ano ||ao|||r|es are measureo |n a
manner cons|srenr u|rn rnar ol rne conso||oareo l|nanc|a|
sraremenrs. Tnese assers ano ||ao|||r|es are a||ocareo oaseo on
rne operar|ons ol rne segmenr.

'02(% (2( 1."2(1(#("; (6.#; 2(" @0(80@0#(6 +(", #02(% 2(1(#
20(@F%(60%(" %.1(2( F1./(60 6.,7." #./#."#$P
Tnere are no revenue, assers, ano ||ao|||r|es rnar cannor oe
a||ocareo ro a parr|cu|ar operar|ng segmenr.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

43 1(/(DE
6a||forn|a Fr|ed 8apo 6a| Tota|| E||m|nas|| Konso||das|an|
6h|cken 0r|enta| 0onat 7otal Elimination Consolidated
Rp Rp Rp Rp Rp Rp
Pendapatan Revenues
B0)(% _%6#./"(@ 9W4;V:R;RQR;93> 9:;WQW;449;>^W 3;Q>^;V^Q;9W3 9>V;9QW;9^^;RV> ?3;Q:>;W3V;^9^C 9>9;RWW;^4Q;>RR Exrerna| Parr|es
M"#(/ K.,7." ** ** ** ** ** ** /mong $egmenr
'F#(@ B."2(1(#(" 9W4;V:R;RQR;93> 9:;WQW;449;>^W 3;Q>^;V^Q;9W3 9>V;9QW;9^^;RV> ?3;Q:>;W3V;^9^C 9>9;RWW;^4Q;>RR Tora| Revenues
has|| Results
O(60@ K.,7." W9;W>^;W:^;^V3 ?4;W^3;33Q;^:3C ?Q3;4WW;V^:C W:;>^>;4Q>;R4: ?3;Q:>;W3V;^9^C VW;4R>;R^9;QQ^ $egmenr Resu|rs
-.8(" !6()( '02(% 5(1(# 50(@F%(60 ** ** ** ?9>;QQR;^RW;:94C ** ?9>;QQR;^RW;:94C una||ocareo Dperar|ng Expenses
`(8( ?A$,0C !6()( W9;W>^;W:^;^V3 ?4;W^3;33Q;^:3C ?Q3;4WW;V^:C R4;:WR;VR9;3Q> ?3;Q:>;W3V;^9^C 3W;9VR;>:^;QVR lncome {lossj lrom Dperar|on
B.",)(1$6(" M6.# '.#(1 2(" Properr, ano Equ|pmenrs wr|rren
`(0"*@(0" ?4;49^;^3^;V:3C ** ** ?4;49^;^3^;V:3C ** ?4;49^;^3^;V:3C oll ano Drners
Sa|ns on $a|e ol Properr,
T.$"#$",(" B."L$(@(" M6.# '.#(1 W3;:4^;Q^W ** ** W3;:4^;Q^W ** W3;:4^;Q^W ano Equ|pmenrs
B."2(1(#(" ?-.8("C `(0"*@(0" una||ocareo Drner lncome
'02(% 5(1(# 50(@F%(60E {Expensesj.
T.$"#$",(" ?T./$,0("C K.@060) T$/6 ^R;:>3;V^W ** ** ^R;:>3;V^W ** ^R;:>3;V^W Sa|n on Fore|gn Excnange
B."2(1(#(" 50\02." 3^W;>R:;34Q ** ** 3^W;>R:;34Q ** 3^W;>R:;34Q 0|v|oeno lncome
B."2(1(#(" -$",( 4^>;>Q9;^^W ** ** 4^>;>Q9;^^W ** 4^>;>Q9;^^W lnreresr lncome
B."2(1(#(" K.Y( ** ** ** ** ** ** Renr lncome
-.8(" -$",( ?4;:94;^99;RR>C ** ** ?4;:94;^99;RR>C ** ?4;:94;^99;RR>C lnreresr Expenses
-.8(" `(0"*@(0" 3:R;W:^;>94 ** ** 3:R;W:^;>94 ?3:;>QR;R9QC 9W3;W94;R>3 Drners Expenses
?4;4>W;34>;WR9C ** ** ?4;4>W;34>;WR9C ?3:;>QR;R9QC ?4;99Q;3:R;4W:C
`(8( ?A$,0C K.8.@$7 B(L(% W4;^>Q;3Q^;Q94 ?4;W^3;33Q;^:3C ?Q3;4WW;V^:C 3>;QWW;399;VRW ?3;Q:>;W3V;^9^C 3V;:3V;V:4;V>R lncome {lossj 3elore lncome Tax
-.8(" B(L(% B.",)(60@(" '02(% una||ocareo lncome Tax
2(1(# 50(@F%(60 ?Q;>94;^9W;^R4C ** ** ?Q;>94;^9W;^R4C ** ?Q;>94;^9W;^R4C Expense
`(8( M"(% B./$6()((" ** ** ** ** ** **
-.8(" B(L(% B.",()(60@(" '02(%
'02(% 5(1(# 20(@F%(60%(" ** ** ** ** ** **
T.1."#0",(" NF" B.",."2(@0 ?4;9:3;9W9;R:9C ** ** ?4;9:3;9W9;R:9C ** ?4;9:3;9W9;R:9C V|nor|r, lnreresr
Laba (Rug|} 8ete|ah lncome [Loss} After
Pajak Penghas||an lncome 7ax
dan hak H|nor|tas 1,473,585,878 (1,753,338,503} (83,177,50} 29,752,522,704 (3,809,73,525} 25,911,801,751 and Minority lnterest
2011

6a||forn|a Fr|ed 8apo 6a| Jum|ah| E||m|nas|| Konso||das|an|
Rp Rp Rp Rp Rp Rp
M6.# K.,7." >W;>QV;>>Q;Q44 Q;Q>>;Q4^;W>R V4V;394;Q9> 4:W;^:3;43V;R3R 3;>^9;3Q>;Q4^ 444;R^^;^9V;9R> $egmenr /ssers
H"\.6#(60 L(",%( 1."2.% 4:;9WR;3R4;9:: ** ** 4:;9WR;3R4;9:: ?4:;9WR;3R4;9::C ** $norr Term lnvesrmenr
M6.# #02(% 2(1(# 50(@F%(60 94;>WW;9^W;9WV ** ** 94;>WW;9^W;9WV ** 94;>WW;9^W;9WV una||ocareo /ssers
Jum|ah Aset 130,238,597,287 8,899,815,794 1,321,829 139,754,734,910 (,321,951,385} 133,432,783,525 7otal Assets
T.Y(L08(" K.,7." 9V;>V>;9:3;W>: ** ** 9V;>V>;9:3;W>: ?4;:WR;9V4;W>3C 9^;Q>R;>R4;>>W $egmenr l|ao|||r|es
T.Y(L08(" #02(% 2(1(# 50(@F%(60 3W;39V;:4^;^:9 ** ** 3W;39V;:4^;^:9 ** 3W;39V;:4^;^:9 una||ocareo l|ao|||r|es
Jum|ah Kewaj|ban 4,295,219,292 -- -- 4,295,219,292 (1,074,21,793} 3,220,957,499 7otal Liabilities
2011

6a||forn|a Fr|ed 8apo 6a| Konso||das|an|
6h|cken 0r|enta| 0onat Consolidated
Rp Rp Rp Rp
Arus Kas dar| Akt|v|tas 0peras| 34,351,802,417 1,80,40,883 78,425,807 3,290,89,107 Cash Flows from 0perating Activities
Arus Kas dar| Akt|v|tas |nvestas| (19,215,240,03} (1,40,529,415} (70,275,000} (20,74,045,018} Cash Flows from lnvesting Activities
Arus Kas dar| Akt|v|tas Pendanaan (10,108,35,723} -- -- (10,108,35,723} Cash Flows from Financing Activities
2011

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

44 1(/(DE
Rp Rp Rp Rp Rp Rp
Pendapatan Revenues
B0)(% _%6#./"(@ 99W;RQ:;^W:;>>^ 4>;R:>;99>;3>3 3;^VV;VV:;::3 9^:;R^V;RV:;3>4 ?9;>^3;999;4>4C 9RW;^:3;93Q;9:: Exrerna| Parr|es
M"#(/ K.,7." ** ** /mong $egmenr
<$7@() B."2(1(#(" 99W;RQ:;^W:;>>^ 4>;R:>;99>;3>3 3;^VV;VV:;::3 9^:;R^V;RV:;3>4 ?9;>^3;999;4>4C 9RW;^:3;93Q;9:: Tora| Revenues
has|| Results
O(60@ K.,7." 3:;^9>;V:4;:3R ?>V^;VRW;RWWC ?43^;4QW;^:3C 9>;R9Q;WVV;:^R ?9;>^3;999;4>4C 9V;RW^;^R3;QV3 $egmenr Resu|rs
-.8(" !6()( '02(% 5(1(# 50(@F%(60 ?3;99Q;WVR;QW^C ?3;99Q;WVR;QW^C una||ocareo Dperar|ng Expenses
`(8( ?A$,0C !6()( 3:;^9>;V:4;:3R ?>V^;VRW;RWWC ?43^;4QW;^:3C 9V;9::;::4;4W> ?9;>^3;999;4>4C 93;9RV;WWQ;>QQ lncome {lossj lrom Dperar|on
B.",)(1$6(" M6.# '.#(1 2(" Properr, ano Equ|pmenrs wr|rren
`(0"*@(0" ?9;333;Q9W;>W4C ** ?3V3;:>9;4VWC ?9;V>V;>9:;43QC ** ?9;V>V;>9:;43QC oll ano Drners
Sa|ns on $a|e ol Properr,
T.$"#$",(" B."L$(@(" M6.# '.#(1 ^>Q;:>9;9V^ ** ** ^>Q;:>9;9V^ ** ^>Q;:>9;9V^ ano Equ|pmenrs
B."2(1(#(" ?-.8("C `(0"*@(0" una||ocareo Drner lncome
'02(% 5(1(# 50(@F%(60E {Expensesj.
T.$"#$",(" K.@060) T$/6 ** ** ** 4;39Q;:>3;::: ** 4;39Q;:>3;::: Sa|n on Fore|gn Excnange
B."2(1(#(" 50\02." ** ** ** 4>R;VW3;VWR ** 4>R;VW3;VWR 0|v|oeno lncome
B."2(1(#(" -$",( ** ** ** 34W;3VQ;39Q ** 34W;3VQ;39Q lnreresr lncome
B."2(1(#(" K.Y( ** ** ** ^;:::;::: ** ^;:::;::: Renr lncome
-.8(" -$",( ** ** ** ?4;RW4;W44;3>QC ** ?4;RW4;W44;3>QC lnreresr Expenses
-.8(" `(0"*@(0" ** ** ** 4;R^R;^49;R:> ** 4;R^R;^49;R:> Drners Expenses
?4;W3^;W3^;W:VC ** ?3V3;:>9;4VWC ?9W:;Q>4;QV:C ** ?9W:;Q>4;QV:C
`(8( ?A$,0C K.8.@$7 B(L(% 9Q;W>3;QV^;39Q ?>V^;VRW;RWWC ?R>Q;9W>;VW:C 9^;>9>;4:>;34> ?9;>^3;999;4>4C 99;>W^;QQW;49Q lncome {lossj 3elore lncome Tax
-.8(" B(L(% B.",)(60@(" '02(% una||ocareo lncome Tax
2(1(# 50(@F%(60 ** ** ** ?V;33>;4R:;44^C ** ?V;33>;4R:;44^C Expense
T.1."#0",(" NF" B.",."2(@0 ** ** ** ?QW:;443;V9QC ** ?QW:;443;V9QC hon-0onrro||ng lnreresr
Laba (Rug|} 8ete|ah lncome [Loss} After
Pajak Penghas||an lncome 7ax
dan hak H|nor|tas 28,793,85,328 (95,47,477} (498,279,70} 18,719,855,57 (2,953,222,191} 15,7,33,385 and Minority lnterest
2010

Rp Rp Rp Rp Rp Rp
M6.# K.,7." 4:^;VV>;^>V;VV> W;V3>;RQW;V:Q V:R;VQV;^V> 443;>43;WW:;QRV ?Q;:W:;RVW;:VWC 4:^;QR3;3:3;WW> $egmenr /ssers
H"\.6#(60 L(",%( 1."2.% ^;:4^;3:R;:9Q ^;:4^;3:R;:9Q ?^;:4^;3:R;:9QC ** $norr Term lnvesrmenr
M6.# #02(% 2(1(# 50(@F%(60 ^;R^R;9>Q;^3> ^;R^R;9>Q;^3> ^;R^R;9>Q;^3> una||ocareo /ssers
Jum|ah Aset 11,139,199,23 7,39,487,08 04,8,59 124,383,373,413 (13,085,771,095} 111,297,02,319 7otal Assets
T.Y(L08(" K.,7." 4^;99Q;4RW;Q:^ 3Q;^49;3:>;>RW >;R39;WR>;4^W V3;4W3;9:V;>:> ?3;:^^;4V3;:39C V:;44Q;:R3;QWW $egmenr l|ao|||r|es
T.Y(L08(" #02(% 2(1(# 50(@F%(60 R;V:Q;9QQ;QQ: R;V:Q;9QQ;QQ: ** R;V:Q;9QQ;QQ: una||ocareo l|ao|||r|es
Jum|ah Kewaj|ban 19,83,43,85 38,512,309,947 9,432,749,157 7,781,495,789 (3,055,13,032} 4,72,332,757 7otal Liabilities
2010

6a||forn|a Fr|ed 8apo 6a| Konso||das|an|
6h|cken 0r|enta| 0onat Consolidated
Rp Rp Rp Rp
Arus Kas dar| Akt|v|tas 0peras| 24,935,798,908 1,351,12,101 85,777,739 2,372,738,748 Cash Flows from 0perating Activities
Arus Kas dar| Akt|v|tas |nvestas| (19,975,008,332} (30,474,457} (2,44,40} (20,344,127,249} Cash Flows from lnvesting Activities
Arus Kas dar| Akt|v|tas Pendanaan (2,959,581,347} -- -- (2,959,581,347} Cash Flows from Financing Activities
2010

G/$1 #02(% 7."+(L0%(" 0"DF/7(60 ,.F,/(D06 2(@(7 Z(#(#(" (#(6
@(1F/(" %.$(",("; %(/."( 0"DF/7(60 +(", /.@.\(" 20,$"(%("
$"#$% 1.",(780@(" %.1$#$6(" 7("(L.7." 202(6(/%(" 1(2(
0"DF/7(60 6.,7." $6()( (#(6 1/F2$% +(", 20#(Y(/%("P

K.@$/$) %.,0(#(" B./$6()((" 20L(@("%(" 2(" #./1$6(# 20
H"2F".60(P

Tne Sroup ooes nor o|sc|ose geograpn|ca| |nlormar|on |n rne
nores ro l|nanc|a| sraremenrs, s|nce re|evanr |nlormar|on useo
lor rne managemenrs oec|s|on mak|ng |s oaseo on rne
operar|ng segmenr |nlormar|on lor rne oe||verao|e prooucrs.

wno|e operar|on ol rne 0ompan, are so|e|, oaseo |n
lnoones|a.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

45 1(/(DE

33. Instrumen Keuangan: Informasi 33. Financial Instrument: Information on
Risiko Keuangan Financial Risks

a. Tujuan dan keb|jakan manajemen r|s|ko keuangan

'$L$(" 2(" %.80L(%(" 7("(L.7." /060%F %.$(",(" G/$1
(2(@() $"#$% 7.7(6#0%(" 8()Y( 6$78./ 2(+( %.$(",("
+(", 7.7(2(0 #./6.20( $"#$% F1./(60 2(" 1.",.78(",("
806"06; 6./#( $"#$% 7.",.@F@( /060%F 7(#( $(", (60",; #0",%(#
8$",(; %/.20# 2(" /060%F @0%$020#(6P G/$1 8./F1./(60 2.",("
1.2F7(" +(", #.@() 20#."#$%(" F@.) 5.Y(" 50/.%60P

a. Financial risk management objectives and policies

Tne Sroup overa|| l|nanc|a| r|sk managemenr ano po||c|es |s ro
ensure rnar aoequare l|nanc|a| resources are ava||ao|e lor
operar|on ano oeve|opmenr ol rne|r ous|ness, un||e manag|ng
rne|r exposure ro lore|gn excnange r|sk, |nreresr rare r|sk, creo|r
ano ||qu|o|r, r|sks. Tne Sroup operares u|rn|n oel|neo gu|oe||nes
rnar are approveo o, rne 3oaro ol 0|recrors.
-06"06 G/$1 7."Z(%$1 (%#0\0#(6 1.",(780@(" /060%F 2.",("
6(6(/(" #./#."#$ 2.",(" 1.",.@F@((" +(", 1/FD.60F"(@P
]$",60 $#(7( 2(/0 7("(L.7." /060%F G/$1 (2(@() $"#$%
7.",02."#0D0%(60 6.@$/$) /060%F %$"Z0; 7.",$%$/ /060%F*/060%F 0"0
2(" 7.",.@F@( 1F6060 /060%FP G/$1 6.Z(/( /$#0" 7.".@(()
%.80L(%(" 2(" 606#.7 7("(L.7." /060%F $"#$% 7."+.6$(0%("
2.",(" 1./$8()(" 20 1(6(/ 2(" 1/(%#.% 1(6(/ #./8(0%P

Tne Sroups ous|ness |nvo|ves rak|ng on r|sks |n a rargereo
manner ano manag|ng rnem proless|ona||,. Tne core luncr|ons
ol rne Sroups r|sk managemenr are ro |oenr|l, a|| ke, r|sks lor
rne Sroup, measure rnese r|sks ano manage rne|r r|sk pos|r|ons.
Tne Sroup regu|ar|, rev|eus rne|r r|sk managemenr po||c|es ano
s,srems ro rel|ecr cnanges |n markers, prooucrs ano oesr
marker pracr|ce.

'$L$(" G/$1 2(@(7 7.",.@F@( /060%F %.$(",(" (2(@() $"#$%
7."Z(1(0 %.6.078(",(" +(", 6.6$(0 ("#(/( /060%F 2("
#0",%(# 1.",.78(@0(" 2(" 7.70"07(@06(60 1F#."60 .D.%
7.78$/$%"+( %0"./L( %.$(",(" G/$1P
Tne Sroups a|m |n manag|ng rne l|nanc|a| r|sks |s ro acn|eve an
appropr|are oa|ance oerueen r|sk ano rerurn ano m|n|m|ze
porenr|a| aoverse ellecrs on rne 0ompan, ano suos|o|ar|es
l|nanc|a| perlormance.

5(@(7 /(",%( $"#$% 7.",.@F@( /060%F #./6.8$# 6.Z(/( .D.%#0D;
5.Y(" 50/.%60 #.@() 7."+.#$L$0 8.8./(1( 6#/(#.,0 $"#$%
1.",.@F@((" /060%F %.$(",("; +(", 6.L(@(" 2.",(" #$L$("
1./$6()(("P B.2F7(" 0"0 7.".#(1%(" #$L$(" 2(" #0"2(%("
+(", )(/$6 20(780@ 2(@(7 /(",%( 7.",.@F@( /060%F %.$(",("
+(", 20)(2(10 G/$1P

ln oroer ro ellecr|ve|, manage rnose r|sks, rne 3oaro ol
0|recrors nas approveo some srrareg|es lor rne managemenr ol
l|nanc|a| r|sks, un|cn are |n ||ne u|rn corporare ooecr|ves. Tnese
gu|oe||nes ser up ooecr|ves ano acr|on ro oe raken |n oroer ro
manage rne l|nanc|a| r|sks rnar Sroupencounrereo.
B.2F7(" $#(7( 2(/0 %.80L(%(" 0"0 (2(@() 6.8(,(0 8./0%$#E
S.70"07(@%(" #0",%(# 6$%$ 8$",(; 7(#( $(", 2(" /060%F
1(6(/ $"#$% 6.7$( L."06 #/("6(%60P
S.7(%607(@%(" 1.",,$"((" l@0"2$", "0@(0 (@(70()l +(",
7.",$"#$",%(" 6.8("+(% 7$",%0" oll-serr|ng (@(70
("#(/( 1."L$(@(" 2(" 80(+( 2(" )$#(", 2(" 10$#(",
2(@(7 7(#( $(", +(", 6(7(P
G/$1 2(1(# 8./0"\.6#(60 2(@(7 6()(7 (#($ 0"6#/$7."
6./$1( )("+( 2(@(7 )(@ #./L(20 %.@.80)(" @0%$020#(6 +(",
8./60D(# 6.7."#(/(; 2(" #/("6(%60 #./6.8$# )(/$6 206()%("
F@.) 5.Y(" 50/.%60P
Tne maor gu|oe||nes ol rn|s po||c, are rne lo||ou|ng.
V|n|m|ze |nreresr rare, currenc, ano marker r|sk lor a|| k|no
ol rransacr|ons
Vax|m|ze rne use ol "narura| neoge lavour|ng as mucn as
poss|o|e rne narura| oll-serr|ng ol sa|es ano cosrs ano
pa,ao|es ano rece|vao|es oenom|nareo |n rne same
currenc,.
Tne Sroup ma, |nvesr |n snares or s|m||ar |nsrrumenrs on|,
|n rne case ol remporar, excess ol ||qu|o|r,, ano sucn
rransacr|ons nave ro oe aurnor|seo o, rne 3oaro ol
0|recrors.

5(@(7 7."L(@("%(" (%#0\0#(6 F1./(60; 0"\.6#(60 2("
1."2("(("; G/$1 7.",)(2(10 /060%F %.$(",(" +(0#$ /060%F
@0%$020#(6 2(" /060%F 1(6(/ 2(" 7."2.D0"060%(" /060%F*/060%F
6.8(,(0 8./0%$#E
ln |rs operar|ng, |nvesr|ng ano l|nanc|ng acr|v|r|es, rne 0ompan,
ano suos|o|ar|es are exposeo ro rne lo||ou|ng l|nanc|a| r|sks.
||qu|o|r, r|sk ano marker r|sk ano oel|ne rnose r|sks as lo||ous.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

4 1(/(DE

R|s|ko L|ku|d|tas Liquidity Risks
A060%F @0%$020#(6 (2(@() /060%F 207("( G/$1 #02(% 806(
7.7."$)0 @0(80@0#(6 1(2( 6((# L(#$) #.71FP
l|qu|o|r, r|sk |s rne r|sk rnar rne Sroup |s unao|e ro meer |rs
oo||gar|ons unen rne, la|| oue.

B(2( 6((# 0"0 G/$1 8./)(/(1 2(1(# 7.78(+(/ 6.7$(
@0(80@0#(6 1(2( 6((# L(#$) #.71FP G/$1 7.70@0%0 %(6 2(" 8("%
2(" (6.# %.$(",(" @(0""+( +(", 2(1(# 20,$"(%(" $"#$%
7.7."$)0 7.7."$)0 @0(80@0#(6 %.$(",(" L(",%( 1."2.%"+(P
/r presenr rne Sroup expecrs ro pa, a|| ||ao|||r|es ar rne|r
conrracrua| marur|r,. Tne Sroup nas ano Equ|va|enrs ano |n
oanks ano orner l|nanc|a| assers un|cn can oe useo ro meer |rs
snorr rerm l|nanc|a| ||ao|||r|es.

!"#$% 7.7."$)0 @0(80@0#(6 %.$(",(" L(",%( 1("L(","+(;
G/$1 8./)(/(1 2(1(# 7."0",%(#%(" 1."2(1(#(" $6()("+(
6.#0(1 #()$" 7.@(@$0 1."(78()(" ,./(0 2(" 1."0",%(#("
%./L(6(7( Y(/(@(8( 2.",(" 10)(% %.#0,( 7($1$" 10)(%
8./.@(60P
To lu|l||| rne|r |ong rerm l|nanc|a| ||ao|||r|es, rne Sroup expecrs ro
|ncrease rne|r annua| revenues rnrougn expans|on ol srores
ano |ncrease rne lrancn|se cooperar|on u|rn rn|ro parr|es ano
re|areo parr|es.

'(8.@ 8./0%$# 7.",("(@0606 @0(80@0#(6 %.$(",(" 8./2(6(/%("
606( $7$/ L(#$) #.71F"+(E
Tne lo||ou|ng rao|e ana|,ses l|nanc|a| ||ao|||r|es o, rema|n|ng
conrracrua| marur|r,.

Kurang dar| 1 - 2 Tahun| 2 - 5 Tahun| 0|atas 5 Tahun| Jum|ah| 7otal
8atu Tahun|Less Years Years More than 5 Years
than 0ne Year
O$#(", !6()( * B0)(% T.#0,( 4V;34V;WWW;93W ** ** ** 4V;34V;WWW;93W Traoe Pa,ao|es - Tn|ro Parr|es
O$#(", `(0" * @(0" Drner Pa,ao|es
B0)(% T.#0,( R;:3:;VR3;:3Q ** ** ** R;:3:;VR3;:3Q Tn|ro Parr|es
-0(+( +(", S(60) O(/$6 508(+(/ ^;V44;>9>;3V4 ** ** ** ^;V44;>9>;3V4 /ccrueo Expenses
O$#(", -("% <(",%( B."2.% R;W44;:VV;W9W ** ** ** R;W44;:VV;W9W $norr Term 3ank loans
B0"L(7(" <(",%( B("L(",* B0)(% T.#0,( ** ** 43;V:9;:::;::: ** 43;V:9;:::;::: long Term loans
'F#(@ 30,70,41,33 -- 13,02,000,000 -- 44,272,41,33 7otal
RR;9W9;R4V;3V3
31 0esember| 0ecember 2011

Kurang dar| 1 - 2 Tahun| 2 - 5 Tahun| 0|atas 5 Tahun| Jum|ah| 7otal
8atu Tahun|Less Years Years More than 5 Years
than 0ne Year
O$#(", !6()( * B0)(% T.#0,( 4V;^RQ;4W>;Q9^ ** ** ** 4V;^RQ;4W>;Q9^ Traoe Pa,ao|es - Tn|ro Parr|es
O$#(", `(0" * @(0" Drner Pa,ao|es
B0)(% T.#0,( 4;>Q4;Q:R;:^4 ** ** ** 4;>Q4;Q:R;:^4 Tn|ro Parr|es
-0(+( +(", S(60) O(/$6 508(+(/ V;>>Q;>:3;3>4 ** ** ** V;>>Q;>:3;3>4 /ccrueo Expenses
O$#(", -("% <(",%( B."2.% R;>:W;::^;399 ** ** ** R;>:W;::^;399 $norr Term 3ank loans
B0"L(7(" <(",%( B("L(", ** ** 99;RWW;^::;::: ** 99;RWW;^::;::: long Term loans
'F#(@ 30,435,892,589 -- 22,477,500,000 -- 52,913,392,589 7otal
31 0esember| 0ecember 2010

R|s|ko Pasar
G/$1 7.70@0%0 .%61F6$/ #./)(2(1 /060%F 1(6(/; +(0#$ /060%F 6$%$
8$",(; /060%F )(/,( 2(" /060%F 7(#( $(", (60",P
Market Risks
Tne Sroup |s exsposeo ro marker r|sk, |n parr|cu|ar |nreresr
rare, pr|ce ano lore|gn currenc, r|sks.

A060%F '0",%(# -$",( lnreresr Rare R|sks
A060%F #0",%(# 8$",( (/$6 %(6 (2(@() /060%F 207("( (/$6 %(6
7(6( 2.1(" 2(/0 6$(#$ 0"6#/$7." %.$(",(" 8./D@$%#$(60 %(/."(
1./$8()(" 6$%$ 8$",( 1(6(/P

0asn l|ou |nreresr rare r|sk |s rne r|sk rnar rne lurure casn
l|ous ol a l|nanc|a| |nsrrumenr u||| l|ucruare oecause ol
cnanges |n marker |nreresr rares.

G/$1 7.70@0%0 10"L(7(" L(",%( 1."2.% 2.",(" 8$",(
7.",(78(", 2(" L(",%( 1("L(", 2.",(" 8$",( #.#(1P G/$1
(%(" 7.7F"0#F/ 6.Z(/( %.#(# 1./,./(%(" 6$%$ 8$",( 20 1(6(/
2(" (1(80@( 6$%$ 8$",( 7.",(@(70 %."(0%(" +(", 60,"0D0%("
7(%( G/$1 (%(" 7.".,F60(60%(" 6$%$ 8$",( #./6.8$# 2.",("
1.78./0 10"L(7("P
Tne Sroup nas snorr rerm ano |ong-rerm oeor u|rn l|oar|ng
|nreresr rares. Tne 0ompan, ano suos|o|ar|es u||| srr|cr|,
mon|ror rne marker |nreresr rare l|ucruar|on ano |l rne |nreresr
rare s|gn|l|canr|, |ncreaseo, rne 0ompan, ano suos|o|ar|es u|||
renegor|are rne |nreresr rare ro rne |enoer.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

47 1(/(DE
B(2( 6((# 0"0; G/$1 #02(% 7.71./60(1%(" %.80L(%(" (#($
1.",(#$/(" #./#."#$ $"#$% 7.",.@F@( /060%F #0",%(# 8$",( $"#$%
7.",$/(",0 /060%F "0@(0 Y(L(/ +(", 8./)$8$",(" 2.",(" /060%F
(/$6 %(6 +(", #./%(0# 2.",(" @0(80@0#(6 #0",%(# 8$",(
7.",(78(",P '02(% #./2(1(# (%#0\0#(6 @0"2$", "0@(0 #0",%(#
8$",( 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:P
/r presenrs, rne Sroup o|o nor prepare cerra|n po||c, or
arrangemenr |n oroer ro manage rne |nreresr rare r|sk ro
m|r|gare rne la|r va|ue r|sk re|ar|ng ro rne casn l|ou r|sk re|areo
ro l|oar|ng |nreresr rare ||ao|||r|es. Tnere |s no |nreresr rare
neog|ng acr|v|r|es |n p|ace ar 0ecemoer J', 20'' ano 20'0.

A060%F O(/,(
A060%F )(/,( (2(@() /060%F D@$%#$(60 "0@(0 0"6#/$7." %.$(",("
6.8(,(0 (%08(# 1./$8()(" )(/,( 1(6(/P G/$1 7.70@0%0 /060%F
)(/,( #./$#(7( %(/."( 0"\.6#(60 +(", 20%@(60D0%(60%(" 2(@(7
%.@F71F% #./6.20( $"#$% 20L$(@P
Pr|ce R|sk
Pr|ce r|sk |s a r|sk rnar l|ucruare va|ue ol l|nanc|a| |nsrrumenr
as a resu|r ol cnanges |n marker pr|ce. Tne Sroup |s exposeo
ro pr|ce r|sk oecause pr|mar||, rne, oun an |nvesrmenr
c|ass|l|eo |n ro ava||ao|e-lor-sa|e l|nanc|a| assers.

G/$1 7.",.@F@( /060%F )(/,( 2.",(" 6.Z(/( /$#0" 7.@(%$%("
.\(@$(60 #./)(2(1 %0"./L( %.$(",(" 2(" )(/,( 1(6(/ (#(6
0"\.6#(60"+(; 6./#( 6.@(@$ 7.7("#($ 1./%.78(",(" 1(6(/
,@F8(@P
Tne Sroup manages rn|s pr|ce r|sk o, regu|ar|, eva|uare
l|nanc|a| perlormance ano marker pr|ce ol rne|r |nvesrmenr
ano conr|nuous|, mon|ror g|ooa| marker oeve|opmenrs.

A060%F a(@$#( M60", Fore|gn 0urrenc, R|sks
G/$1 7.",)(2(10 /060%F 7(#( $(", !PK 5F@(/ $"#$%
1.78(+(/(" 10"L(7(" L(",%( 1("L(", 2(@(7 7(#( $(", (60",P
G/$1 #02(% 7.71./60(1%(" %.80L(%(" #./#."#$ $"#$%
7.70"07(@06(60 /060%F 0"0P '02(% (2( (%#0\0#(6 @0"2$", "0@(0 7(#(
$(", 1(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:P
Tne Sroup |s exposeo ro currenc, r|sk lor pa,menr ol |ong
rerm |oan |n u.$ 0o||ars. Tne Sroup o|o nor prepare an,
spec|l|c po||c, ro m|n|m|ze rn|s r|sk. Tnere |s no currenc,
neog|ng acr|v|r|es as ol 0ecemoer J', 20'' ano 20'0.

b. N||a| wajar |nstrumen Keuangan
B(2( #(",,(@ 34 5.6.78./ 9:44 2(" 9:4:; G/$1 8./1."2(1(#
8()Y( "0@(0 #./Z(#(# (6.# 2(" @0(80@0#(6 %.$(",(" +(", 20Z(#(#
6.8.6(/ 80(+( 1./F@.)(" 20(7F/#06(60 2(@(7 @(1F/(" %.$(",("
%F"6F@02(60(" 7."2.%(#0 "0@(0 Y(L(/"+( 8(0% +(", L(#$) #.71F
$"#$% +(", L(",%( 1."2.% 7($1$" +(", 208(Y( 8./2(6(/%("
#0",%(# 6$%$ 8$",( 1(6(/P

b. Fair Value of Financial lnstruments
/s ol 0ecemoer J', 20'' ano 20'0, managemenr ol rne
Sroup cons|oer rnar rne carr,|ng amounrs ol l|nanc|a|
assers ano l|nanc|a| ||ao|||r|es recoroeo ar amorr|zeo cosr |n
rne conso||oareo l|nanc|a| sraremenrs approx|mare rne|r la|r
va|ues oorn lor snorr rerm marur|r|es ano carr|eo ar marker
rares ol |nreresr.
'(8.@ 208(Y() 0"0 7.",,(78(/%(" "0@(0 #./Z(#(# 2(" "0@(0 Y(L(/
2(/0 (6.# 2(" @0(80@0#(6 %.$(",("E
Tne la|r va|ues ol l|nanc|a| assers ano ||ao|||r|es, rogerner
u|rn rne carr,|ng amounrs, are as lo||ous.

N||a| Tercatat| N||a| wajar| N||a| Tercatat| N||a| wajar|
Carrying Value Fair Value Carrying Value Fair Value
Rp Rp Rp Rp
Aset Keuangan Financial Assets
T(6 2(" K.#(/( T(6 4^;W^>;9VQ;Q4W 4^;W^>;9VQ;Q4W 4:;393;4:3;Q:R 4:;393;4:3;Q:R 0asn ano 0asn Equ|va|enrs
H"\.6#(60 <(",%( B."2.% $norr Term lnvesrmenrs
'./6.20( $"#$% 50L$(@ 4:;9WR;3R4;9:: 4:;9WR;3R4;9:: W;R3^;3WQ;^:: W;R3^;3WQ;^:: /va||ao|e lor $a|e
5070@0%0 O0",,( <(#$) '.71F ^::;:::;::: ^::;:::;::: 4;^::;:::;::: 4;^::;:::;::: le|o ro Varur|r,
B0$#(", * B0)(% T.#0,( 9;:>V;W^^;W4R 9;:>V;W^^;W4R 9;^QW;4^V;R>V 9;^QW;4^V;R>V /ccounrs Rece|vao|e - Tn|ro Parr|es
B0$#(", `(0"*@(0" * B0)(% T.#0,( 4^3;>W3;W^Q 4^3;>W3;W^Q 4^:;Q^>;Q>4 4^:;Q^>;Q>4 Drner Rece|vao|es - Tn|ro Parr|es
M6.# `(0"*@(0" * '02(% `("Z(/ 3;:^9;:>3;4W4 3;:^4;R>9;>Q9 3;:^4;R>9;>Q9 3;:^4;R>9;>Q9 Drner /ssers - hon 0urrenr /sser
Tota| 31,83,432,0 31,835,832,471 25,047,991,73 25,047,991,73 7otal
L|ab|||tas Keuangan Financial Liabilities
O$#(", -("% * <(",%( B."2.% R;W44;:VV;W9W R;W44;:VV;W9W R;>:W;::^;399 R;>:W;::^;399 $norr Term 3ank loans
O$#(", !6()( * B0)(% T.#0,( 4V;34V;WWW;93W 4V;34V;WWW;93W 4V;^RQ;4W>;Q9^ 4V;^RQ;4W>;Q9^ Traoe Pa,ao|es
O$#(", `(0"*@(0" * B0)(% T.#0,( R;:3:;VR3;:3Q R;:3:;VR3;:3Q 4;>Q4;Q:R;:^4 4;>Q4;Q:R;:^4 Drner Pa,ao|es
-0(+( f(", S(60) O(/$6 508(+(/ ^;V44;>9>;3V4 ^;V44;>9>;3V4 V;>>Q;>:3;3>4 V;>>Q;>:3;3>4 /ccrueo Expenses
B0"L(7(" <(",%( B("L(", 43;V:9;:::;::: 43;V:9;:::;::: 99;RWW;^::;::: 99;RWW;^::;::: long Term loans
Tota| 44,272,41,33 44,272,41,33 52,913,392,589 52,913,392,589 7otal
2011 2010

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

48 1(/(DE
34. Estimasi dan Pertimbangan Akuntansi yang
Penting
34. Critical Accounting Estimates and
Judgements

B."+$6$"(" @(1F/(" %.$(",(" %F"6F@02(60(" G/$1
7.",)(/$6%(" 7("(L.7." $"#$% 7.78$(# 1./#078(",(";
.6#07(60 2(" (6$760 +(", 7.71.",(/$)0 L$7@() +(", 20@(1F/%("
2(/0 1."2(1(#("; 8.8("; (6.# 2(" @0(80@0#(6; 2(" 1.",$",%(1("
(#(6 @0(80@0#(6 %F"#0"L."60; 1(2( (%)0/ 1./0F2. 1.@(1F/("P
T.#02(%1(6#0(" 7.",."(0 (6$760 2(" .6#07(60 #./6.8$# 2(1(#
7.",(%08(#%(" 1."+.6$(0(" 7(#./0(@ #./)(2(1 "0@(0 #./Z(#(# 1(2(
(6.# 2(" @0(80@0#(6 2(@(7 1./0F2. 1.@(1F/(" 8./0%$#"+(P
Tne preparar|on ol rne Sroups conso||oareo l|nanc|a|
sraremenrs requ|res managemenr ro make uogmenrs,
esr|mares ano assumpr|ons rnar allecr rne reporreo amounrs ol
revenues, expenses, assers ano ||ao|||r|es, ano rne o|sc|osure
ol conr|ngenr ||ao|||r|es, ar rne eno ol rne reporr|ng per|oo.
uncerra|nr, aoour rnese assumpr|ons ano esr|mares cou|o
resu|r |n ourcomes rnar requ|re a marer|a| aousrmenr ro rne
carr,|ng amounr ol rne asser ano ||ao|||r, allecreo |n lurure
per|oos.

M6$760 $#(7( 7(6( 2.1(" 2(" 6$78./ $#(7( .6#07(60
%.#02(%1(6#0(" @(0" 1(2( #(",,(@ 1.@(1F/(" +(", 7.70@0%0 /060%F
60,"0D0%(" 8(,0 1."+.6$(0(" +(", 7(#./0(@ #./)(2(1 "0@(0 #./Z(#(#
(6.# 2(" @0(80@0#(6 $"#$% 1./0F2.=#()$" 8./0%$#"+( 20$",%(1%(" 20
8(Y() 0"0P B./$6()((" 7."2(6(/%(" (6$760 2(" .6#07(60 1(2(
1(/(7.#./ +(", #./6.20( 1(2( 6((# @(1F/(" %.$(",("
%F"6F@02(60(" 206$6$"P M6$760 2(" 60#$(60 7.",."(0
1./%.78(",(" 7(6( 2.1(" 7$",%0" 8./$8() (%08(# 1./$8()("
1(6(/ (#($ 60#$(60 20 @$(/ %."2(@0 B./$6()(("P B./$8()("
#./6.8$# 20Z./70"%(" 2(@(7 (6$760 #./%(0# 1(2( 6((# #./L(20"+(P

Tne ke, assumpr|ons concern|ng rne lurure ano orner ke,
sources ol esr|mar|on uncerra|nr, ar rne reporr|ng oare rnar
nave a s|gn|l|canr r|sk ol caus|ng a marer|a| aousrmenr ro rne
carr,|ng amounrs ol assers ano ||ao|||r|es u|rn|n rne nexr
l|nanc|a| per|oo/,ear are o|sc|oseo oe|ou. Tne 0ompan, oaseo
|rs assumpr|ons ano esr|mares on paramerers ava||ao|e unen
rne conso||oareo l|nanc|a| sraremenrs uere prepareo. Ex|sr|ng
c|rcumsrances ano assumpr|ons aoour lurure oeve|opmenrs
ma, cnange oue ro marker cnanges or c|rcumsrances ar|s|ng
oe,ono rne conrro| ol rne 0ompan,. $ucn cnanges are
rel|ecreo |n rne assumpr|ons unen rne, occur.

|. Est|mas| dan Asums| Akuntans| yang Pent|ng

i. Critical Accounting Estimates and Assumptions
Est|mas| Umur Hanfaat Aset Tetap dan Renovas|
angunan 8ewa
G/$1 7.@(%$%(" 1.".@()((" 8./%(@( (#(6 7(6( 7("D((#
.%F"F706 (6.# #.#(1 8./2(6(/%(" D(%#F/*D(%#F/ 6.1./#0
%F"2060 #.%"06 2(" 1./%.78(",(" #.%"F@F,0 20 7(6( 2.1("P
O(60@ F1./(60 20 7(6( 2.1(" (%(" 201.",(/$)0 6.Z(/(
7(#./0(@ (#(6 1./$8()(" .6#07(60 0"0 +(", 20(%08(#%(" F@.)
1./$8()(" D(%#F/ +(", #.@() 206.8$#%(" 20 (#(6P
Estimated 0seful Lives of Property and Equipments
and Renovation of Rented 8uildings
Tne Sroup rev|eus per|oo|ca||, rne esr|mareo uselu| ||ves
ol l|xeo assers oaseo on lacrors sucn as recnn|ca|
spec|l|car|on ano lurure recnno|og|ca| oeve|opmenrs.
Furure resu|rs ol operar|ons cou|o oe marer|a||, allecreo
o, cnanges |n rnese esr|mares orougnr aoour o, cnanges
|n rne lacrors menr|oneo.

G/$1 7.@(%$%(" 1.".@(()(" 8./%(@( (#(6 7(6( 7("D((#
/."F\(60 8(",$"(" 6.Y( 8./2(6(/%(" D(%#F/*D(%#F/ 6.1./#0
7("D((# 20 7(6( 2.1(" 2(" 1F#."60 %.$"#$",(" +(",
201./F@.) 2(/0 @F%(60 ,./(0 +(", 206.Y(P TF"2060 0"0 2(1(#
7."+.8(8%(" G/$1 7.@(%$%(" 1."$#$1(" ,./(0 (1(80@(
6.@(7( 3 #()$" 8./#$/$#*#$/$# 1."2(1(#(" +(", 201./F@.)
@.80) %.Z0@ 208("20",%(" 2.",(" 80(+( F1./(60F"(@ ,./(0
+(", 8./6(",%$#("P
Tne Sroup rev|eus per|oo|ca||, rne esr|mareo uselu| ||ves
ol renovar|on ol renreo ou||o|ngs oaseo on lacrors sucn
as lurure oenel|rs ano porenr|a| |ncome rnar can oe
generareo lrom rne renreo srore. Tn|s cono|r|on ma,
cause rne Sroup ro c|ose rne srore |l our|ng J consecur|ve
,ear, rne revenue generareo |s |ouer rnan rne re|areo
operar|ona| cosrs.

|mba|an Pasca Kerja
N0@(0 %0"0 @0(80@0#(6 078(@(" 1(6Z( %./L( #./,("#$", 1(2(
8.8./(1( D(%#F/ +(", 20#."#$%(" 2.",(" 2(6(/ (%#$(/0(@
8./2(6(/%(" 8.8./(1( (6$760P B./$8()(" (6$760 0"0 (%("
7.71.",(/$)0 L$7@() #./Z(#(# 078(@(" 1(6Z( %./L(P

Post Employment 8enefits Pension Fund
Tne presenr va|ue ol rne posr-emp|o,menr oenel|rs
oo||gar|ons oepenos on a numoer ol lacrors rnar are
oererm|neo on an acruar|a| oas|s us|ng a numoer ol
assumpr|ons. /n, cnanges |n rnese assumpr|ons u|||
|mpacr rne carr,|ng amounr ol posr emp|o,menr oenel|rs
oo||gar|ons.

DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

49 1(/(DE
G/$1 7."."#$%(" #0",%(# 206%F"#F +(", 6.6$(0 1(2( (%)0/
1./0F2. 1.@(1F/("; +(%"0 #0",%(# 6$%$ 8$",( +(", )(/$6
20,$"(%(" $"#$% 7."."#$%(" "0@(0 %0"0 (/$6 %(6 %.@$(/
7(6( 2.1(" .6#07(60(" +(", 20)(/(1%(" $"#$%
7."+.@.6(0%(" @0(80@0#(6P 5(@(7 7."."#$%(" #0",%(# 6$%$
8$",( +(", 6.6$(0; G/$1 7.71./#078(",%(" #0",%(# 6$%$
8$",( F8@0,(60 1.7./0"#() +(", 202."F70"(60%(" 2(@(7
7(#( $(", 078(@(" (%(" 208(+(/ 2(" 7.70@0%0 L(",%( Y(%#$
+(", 6./$1( 2.",(" L(",%( Y(%#$ @0(80@0#(6 +(", #./%(0#P

M6$760 %$"Z0 @0(80@0#(6 078(@(" 1(6Z( %./L( 6.8(,0("
20#."#$%(" 8./2(6(/%(" %F"2060 1(6(/ 6((# 0"0P
Tne Sroup oererm|nes rne appropr|are o|scounr rare ar
rne eno ol eacn reporr|ng per|oo. Tn|s |s rne |nreresr rare
rnar snou|o oe useo ro oererm|ne rne presenr va|ue ol
esr|mareo lurure casn ourl|ous expecreo ro oe requ|reo ro
serr|e rne oo||gar|ons. ln oererm|n|ng rne appropr|are
o|scounr rare, rne Sroup cons|oers rne |nreresr rares ol
governmenr oonos rnar are oenom|nareo |n rne currenc,
|n un|cn rne oenel|rs u||| oe pa|o ano rnar nave rerms ro
marur|r, approx|mar|ng rne rerms ol rne re|areo oo||gar|on.

Drner ke, assumpr|ons lor posr-emp|o,menr oenel|r
oo||gar|ons are oaseo |n parr on currenr marker
cono|r|ons.

N||a| wajar atas |nstrumen Keuangan
-0@( "0@(0 Y(L(/ (6.# %.$(",(" 2(" @0(80@0#(6 %.$(",(" +(",
#./Z(#(# 1(2( @(1F/(" 1F6060 %.$(",(" #02(% #./6.20( 20
1(6(/ (%#0D; 20#."#$%(" 2.",(" 7.",,$"(%(" 8./8(,(0
#.%"0% 1."0@(0(" #./7(6$% 1.",,$"((" 7F2.@ 7(#.7(#0%(P
S(6$%(" ?|npurC $"#$% 7F2.@ 0"0 8./(6(@ 2(/0 2(#( 1(6(/
+(", 806( 20(7(#0 6.1("L(", 2(#( #./6.8$# #./6.20(P -0@(
2(#( 1(6(/ +(", 806( 20(7(#0 #./6.8$# #02(% #./6.20(;
1./#078(",(" S("(L.7." 201./@$%(" $"#$% 7."."#$%("
"0@(0 Y(L(/P B./#078(",(" #./6.8$# 7."Z(%$1 1./#078(",("
@0%$020#(6 #0",%(# 206%F"#F; #0",%(# 1.@$"(6(" 201./Z.1(#;
2(" (6$760 #0",%(# ,(,(@ 8(+(/P
Fair Value of Financial lnstruments
wnere rne la|r va|ues ol l|nanc|a| assers ano l|nanc|a|
||ao|||r|es recoroeo on rne l|nanc|a| sraremenr pos|r|on
cannor oe oer|veo lrom acr|ve markers, rne, are
oererm|neo us|ng a var|er, ol va|uar|on recnn|ques rnar
|nc|uoe rne use ol marnemar|ca| mooe|s. Tne |npurs ro
rnese mooe|s are oer|veo lrom ooservao|e marker oara
unere poss|o|e, our unere ooservao|e marker oara are
nor ava||ao|e, uogmenr |s requ|reo ro esrao||sn la|r
va|ues. Tne uogmenrs |nc|uoe cons|oerar|ons ol ||qu|o|r,
o|scounr rares, prepa,menrrares, ano oelau|r rare
assumpr|ons.

||. Pert|mbangan Pent|ng da|am Penentuan Keb|jakan
Akuntans|
ii. Critical Judgments in Applying the Accounting
Policies
B./#078(",(" 8./0%$# 0"0 208$(# F@.) 7("(L.7." 2(@(7
/(",%( 1."./(1(" %.80L(%(" (%$"#("60 G/$1 +(", 7.70@0%0
1.",(/$) 1(@0", 60,"0D0%(" (#(6 L$7@() +(", 20(%$0 2(@(7
@(1F/(" %.$(",(" %F"6F@02(60("P
Tne lo||ou|ng uogmenrs are maoe o, managemenr |n rne
process ol app|,|ng rne Sroups accounr|ng po||c|es rnar
nave rne mosr s|gn|l|canr ellecrs on rne amounrs
recogn|zeo |n rne conso||oareo l|nanc|a| sraremenrs.

K|as|f|kas| Aset dan L|ab|||tas Keuangan
G/$1 7.".#(1%(" %@(60D0%(60 (#(6 (6.# 2(" @0(80@0#(6 #./#."#$
6.8(,(0 (6.# %.$(",(" 2(" @0(80@0#(6 %.$(",(" 2.",("
7.71./#078(",%(" 80@( 2.D0"060 +(", 20#.#(1%(" BKMT NFP
^^ ?A.\060 9::VC 201."$)0P 5.",(" 2.70%0("; (6.#
%.$(",(" 2(" @0(80@0#(6 %.$(",(" 20(%$0 6.6$(0 2.",("
%.80L(%(" (%$"#("60 G/$1 6.1./#0 20$",%(1%(" 1(2(
U(#(#(" 3PFP
Classification of Financial Assets and Liabilitas
Tne Sroup oererm|nes rne c|ass|l|car|ons ol cerra|n
assers ano ||ao|||r|es as l|nanc|a| assers ano l|nanc|a|
||ao|||r|es o, uog|ng |l rne, meer rne oel|n|r|on ser lorrn |n
P$/r ho. 55 {Rev|seo 2006j. /ccoro|ng|,, rne l|nanc|a|
assers ano l|nanc|a| ||ao|||r|es are accounreo lor |n
accoroance u|rn rne Sroups accounr|ng po||c|es
o|sc|oseo |n hore J.o.

35. Pengelolaan Permodalan 35. Capital Management

G/$1 7.",.@F@( /060%F 7F2(@ $"#$% 7.7(6#0%("
B./$6()((" 2(" ."#0#(6 ("(% 7(71$ 7.@("L$#%("
%.@(",6$",(" $6()( 6.)0",,( 7.7(%607(@%(" 078(@ )(60@
1(2( 1.7.,(", 6()(7 2(" 7.7.@0)(/( F1#07(@06(60 6(@2F
$#(", 2(" .%$0#(6P
Tne Sroup manages r|sk on cap|ra| ro ensure rne
0ompan, ano |rs suos|o|ar|es ao|||r, ro conr|nue as a
go|ng concern |n oroer ro max|m|ze rerurns lor
snareno|oers ano ro ma|nra|n an opr|ma| |oan oa|ance ano
equ|r,.

K#/$%#$/ 7F2(@ G/$1 7./$1(%(" 10"L(7(" 8./60) ?)$#(",
8("% 20 ollser 2.",(" %(6 2(" 6.#(/( %(6C 208("20",%("
2.",(" #F#(@ .%$0#(6P
Tne cap|ra| srrucrure ol rne Sroup cons|srs ol ner |oan
{oank |oan ollser o, casn ano casn equ|va|enrsj compareo
u|rn rora| equ|r,.
DAN PERUSAHAAN ANAK
!"#$% '()$"*#()$" +(", -./(%)0/
1(2( 34 5.6.78./ 9:44 2(" 9:4:; 6./#(
4 <("$(/0 9:4:=34 5.6.78./ 9::>
?5(@(7 A$10() B."$)C
AND SUBSIDIARIES
For rne Years Enoeo
{ln Fu|| Rup|an)

50 1(/(DE
5.Y(" 50/.%60 6.Z(/( 8./%(@( 7.@(%$%(" /.\0.Y 6#/$%#$/
7F2(@ G/$1P K.8(,(0 8(,0(" /.\0.Y; 5.Y(" 50/.%60
7.71./#078(",%(" 80(+( 7F2(@ 2(" /060%F #./%(0#P
3oaro ol 0|recrors regu|ar|, rev|eu rne Sroups cap|ra|
srrucrure. /s parr ol rne rev|eu, 3oaro ol 0|recrors
cons|oers cosr ol cap|ra| ano |rs re|areo r|sk.

2011 2010
Rp Rp
B0"L(7("
4Q;343;:VV;W9W 9W;3QR;^:^;399
loans
T(6 2(" K.#(/( T(6
4^;W^>;9VQ;Q4W 4:;393;4:3;Q:R
0asn ano 0asn Equ|va|enrs
B0"L(7(" * -./60)
9;^^3;W>W;>4: 4W;:V4;R:4;^4Q
her - Pa,ao|e
_%$0#(6
W:;944;Q9V;:9V R4;93W;WQ>;4W3
Equ|r,
A(60F B0"L(7(" -./60) #./)(2(1 _%$0#(6 Rd R4d her 0eor Dver Equ|r, Rar|o

36. Penyajian Kembali Laporan 36. Restatements of The Consolidated
Keuangan Konsolidasian Financial Statements

G/$1 7."+(L0%(" %.78(@0 @(1F/(" %.$(",(" %F"6F@02(60("
1(2( 34 5.6.78./ 9:4: 2(" 4 <("$(/0 9:4:=34 5.6.78./
9::> 2(" #()$" +(", 8./(%)0/ 1(2( #(",,(@ 34 5.6.78./
9:4: $"#$% 7."Z./70"%(" 1./$8()(" (#(6E
Tne Sroup resrareo rne conso||oareo l|nanc|a| sraremenrs
as ol 0ecemoer J', 20'0 ano Januar, ', 20'0/0ecemoer
J', 2009 ano lor rne ,ears 0ecemoer J', 20'0 enoeo ro
rel|ecr rne lo||ou|ng cnanges.

K.L(% #(",,(@ 4 <("$(/0 9:44; 6.6$(0 2.",(" BKMT 4
?A.\060 9::>C; IO(% S0"F/0#(6J #.@() 20$8() 7."L(20
IT.1."#0",(" NF"*1.",."2(@0J 2(" 206(L0%(" 6.8(,(0
8(,0(" 2(/0 .%$0#(6P K.8.@$7 4 <("$(/0 9:44; O(%
S0"F/0#(6 206(L0%(" 6.Z(/( #./106() 20("#(/( @0(80@0#(6
2(" .%$0#(6P

Ellecr|ve Januar, ', 20'', |n accoroance u|rn P$/r
' {Rev|seo 2009j, "V|nor|r, lnreresr nas oeen
cnangeo ro "hon-conrro|||ng lnreresrs ano presenreo
as parr ol equ|r,. Pr|or ro Januar, ', 20'', V|nor|r,
lnreresr uas presenreo separare|, oerueen ||ao|||r|es
ano equ|r,.
K.L(% #(",,(@ 4 <("$(/0 9:44; 6.6$(0 2.",(" BKMT 4
?A.\060 9::>C; %.$"#$",(" (#($ %./$,0(" 8.@$7
20/.(@06(60 (#(6 0"\.6#(60 +(", 20%@(60D0%(60%(" 6.8(,(0
#./6.20( $"#$% 20L$(@ 206(L0%(" 6.8(,(0 8(,0(" 2(/0
1."2(1(# %F71/.)."60D @(0""+( 1(2( @(1F/(" @(8( /$,0
%F71/.)."60D %F"6F@02(60("P K.8.@$7 4 <("$(/0 9:44;
%.$"#$",(" (#($ %./$,0(" 8.@$7 20/.(@06(60 (#(6
0"\.6#(60 20%@(60D0%(60%(" 6.8(,(0 8(,0(" 2(/0 .%$0#(6P
Ellecr|ve Januar, ', 20'', |n accoroance u|rn P$/r
' {Rev|seo 2009j, unrea||zeo ga|n or |oss lrom
ava||ao|e lor sa|e |nvesrmenrs snou|o oe presenreo
as parr ol orner comprenens|ve |ncome on rne
conso||oareo sraremenr ol comprenens|ve |ncome.
Pr|or ro Januar, ', 20'', unrea||zeo ga|n or |oss lrom
ava||ao|e lor sa|e |nvesrmenrs uas presenreo as parr
ol equ|r,.

37. Tanggung Jawab Manajemen atas 37. Management Responsibility on the
Laporan Keuangan Konsolidasian Consolidated Financial Statements

S("(L.7." B./$6()((" 8./#(",,$", L(Y(8 (#(6 1."+.@.6(0("
@(1F/(" %.$(",(" %F"6F@02(60(" +(", 206.@.6(0%(" 1(2( #(",,(@
99 S(/.# 9:49P
Tne Vanagemenr ol rne 0ompan, |s respons|o|e lor rne
preparar|on ol rne conso||oareo l|nanc|a| sraremenrs rnar uere
comp|ereo on Varcn 22, 20'2.
i,keu

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