Escolar Documentos
Profissional Documentos
Cultura Documentos
Daftar Isi
Table of Contents
Laporan Direksi
Directors Report
Profil Perusahaan
16
Corporate Profile
22
45
56
61
65
eed
Penghargaan
Acknowledgements
Dewan Komisaris
Board of Commissioners
Laporan Direksi
Directors Report
Laporan Direksi
Directors Report
REVIEW OF OPERATIONS
Laporan Direksi
Directors Report
Benih Hortikultura
Horticultural Seeds
Agri-chemical
Laporan Direksi
Directors Report
Laporan Direksi
Directors Report
Pe r t u m b u h a n p e r m i n t a a n p a n g a n a k a n
meningkatkan permintaan atas bahan baku
pertanian dari benih hibrida berkualitas tinggi
hingga pestisida dan pupuk untuk meningkatkan
hasil maksimum per are.
PENGHARGAAN
ACKNOWLEDGEMENTS
Direksi
Directors
Profil Perusahaan
Corporate Profile
IDENTITAS PERUSAHAAN
CORPORATE PROFILE
Nama :
Name :
Telepon : 62-31-7882528
Telephone : 62-31-7882528
Faksimili : 62-31-7882856
Facsimile : 62-31-7882856
Laman : www.bisi.co.id
Website : www.bisi.co.id
SEJARAH SINGKAT
BRIEF HISTORY
Profil Perusahaan
Corporate Profile
KEGIATAN USAHA
BUSINESS ACTIVITIES
a. Menjalankan usaha dalam bidang perdagangan pada umumnya, termasuk ekspor, impor,
grosir, pemasok dan distributor/agen dan/
atau pengecer dari segala macam barang yang
dapat diperdagangkan, baik atas penjualan
langsung maupun melalui pihak ketiga dengan
cara komisi.
d. Menjalankan usaha dalam bidang pengangkutan di darat pada umumnya, ekspedisi dan
pergudangan untuk menunjang usaha perdagangan tersebut.
STRUKTUR ORGANISASI
ORGANIZATION STRUCTURE
Profil Perusahaan
Corporate Profile
Visi:
Vision:
Misi:
Mission:
Profil Perusahaan
Corporate Profile
PROFIL DIREKSI
DIRECTORS PROFILE
.
Putu Darsana, Independent Director
Profil Perusahaan
Corporate Profile
Pemegang Saham
Shareholders
PT Agrindo Pratama
Midsummer Limited
Publik (masing-masing kepemilikan
kurang dari 5 %):
Public (ownership less than 5% each):
%
Saham
Persentase
Jumlah
Percentage
Number of Shares
930.000.000
31,00
692.344.000
23,08
- Lokal / Local
- Asing / Foreign
216.169.530
1.161.486,470
7,21
38,71
Jumlah / Total
3.000.000.000
100,00
I N F O R M AT I O N S O N T H E CO N T R O L L I N G
SHAREHOLDERS
Profil Perusahaan
Corporate Profile
Keluarga Jiaravanon
Jiaravanon Family
100%
Great Emerald Pte Ltd
98.72%
PT Agrindo Pratama
31.00%
Perseroan
Company
LOCATION OF OPERATIONS
eed
Profil Perusahaan
Corporate Profile
Kantor Cabang:
Branches:
ENTITAS ANAK
SUBSIDIARIES
Entitas Anak:
Subsidiaries:
Profil Perusahaan
Corporate Profile
AKUNTAN / ACCOUNTANT
Kantor Akuntan Publik
Purwantono, Suherman & Surja
Gedung Bursa Efek Indonesia, Menara II, Lt. 7,
Jl. Jend. Sudirman kav 52-53, Jakarta 12190.
Akuntan memberikan jasa audit atas informasi
keuangan historis. Periode penugasan adalah
laporan keuangan untuk tahun yang berakhir pada
tanggal 31 Desember 2014.
INTEGRATED OPERATIONS
Benih
Seeds
Tissue-Culture Laboratory
This is to breed plants through embryo culture or
anther with the aim of expediting the breeding
process.
QUALITY ASSURANCE
Benih
Seeds
Penjualan Neto
Net Sales
Produk
Products
Benih Jagung
Corn Seeds
Benih Sayuran dan Buah-buahan
Vegetable and Fruit Seeds
Benih Padi
Paddy Seeds
Pestisida
Pesticide
Lain-lain
Others
TOTAL
2014
2013
Kenaikan (Penurunan)
Increase (Decrease)
Penjualan
Sales
Penjualan
Sales
Nilai
Amount
Persentase
Percentage
421.744
420.435
1.309
24,1%
211.354
180.099
31.255
17,35%
10.510
2.197
8.313
378,46%
488.762
383.302
105.460
27,51%
23.190
17.071
6.119
35,84%
1.155.560
1.003.104
152.456
15,20%
Kenaikan (Penurunan)
51,16%
53,67%
(2,51%)
45,87%
42,25%
3,62%
18,91%
(0,99%)
19,90%
16,79%
23,78%
(6,99%)
28,15%
19,73%
8,42%
Produk
Products
2014
% Laba Bruto
% Gross Profit
Benih Jagung
Corn Seeds
Benih Sayuran dan Buah-buahan
Vegetable and Fruit Seeds
Benih Padi
Paddy Seeds
Pestisida
Pesticide
Lain-lain
Others
Increase (Decrease)
Benih Padi
Paddy Seeds
Pestisida
Pesticides
Aset
Assets
Liabilitas
Liabilities
Ekuitas
Equity
Penjualan Neto
Net Sales
Laba Bruto
Gross Profit
Beban Penjualan
Selling Expenses
Likuiditas
Liquidity
Solvabilitas
Solvency
COLLECTABILITY OF RECEIVABLES
Aktivitas
Activity
STRUKTUR PERMODALAN
CAPITAL STRUCTURE
IKATAN MATERIAL
MATERIAL COMMITMENTS
25.000
20.000
15.000
10.000
5.000
2007
2008
2009
2010
2011
2012
2013*
2014*
4.400.000
4.200.000
4.000.000
3.800.000
3.600.000
3.000.000
3.200.000
2007
2008
2009
2010
2011
2012
2013
2014*
300
250
200
150
100
50
0
Standar
FAO
Indonesia
Malaysia
Thailand
China
Filipina
Singapura
14.000.000
13.500.000
13.000.000
12.500.000
12.000.000
11.500.000
11.000.000
2010
2011
2012
2013
2014
Pa d a L a p o r a n Ta h u n a n 2 0 1 3 , Pe r s e r o a n
memproyeksikan untuk menjaga rasio liabilitas
terhadap ekuitas pada akhir tahun 2014 adalah lebih
kecil dari 250% dan berdasarkan Laporan Keuangan
Konsolidasian 2014 yang diaudit, Perseroan mencatat
rasio liabilitas terhadap ekuitas sebesar 17% pada
tanggal 31 Desember 2014. Sedangkan untuk akhir
tahun 2015, Perseroan memproyeksikan untuk
menjaga rasio liabilitas terhadap ekuitas lebih kecil
dari 250%.
ASPEK PEMASARAN
MARKETING ASPECTS
Pangsa Pasar
Market Share
For fertilizers, the Companys competitors are stateowned enterprises which are subsidized by the
Government. Therefore, the Company only produces
leaf fertilizer (a fertilizer which is sprayed onto leaves)
and markets its products for specific usage and
distributes them in specific markets, especially in the
case of vegetable plantation, where the purchasing
power of farmers is relatively high. Starting from
2014, the Company also introduced leaf fertilizer to
the paddy farmers, in line with the increase of their
purchasing power.
Strategi Pemasaran
Marketing Strategy
Demo Plot
Demonstrasi kualitas produk melalui penanaman
benih dan pemakaian pestisida serta pupuk di
beberapa lahan yang potensial.
Demo Plot
Demonstrating the product quality by planting
the seeds and applying pesticide and fertilizer in
several potential areas.
Penyuluhan
Memberikan informasi tentang keunggulan
produk serta teknik-teknik baru dalam penanaman
tanaman.
Guidance
Giving information about the advantages of the
product as well as introducing new techniques in
plant cultivation.
Studi Banding
Mengundang petani untuk meninjau dan
mencontoh keberhasilan petani di daerah lain.
Comparative Study
Inviting farmers to observe the success of farmers
in other locations and follow their example.
Panen Raya
Melakukan panen produk Perseroan secara
bersama-sama dengan petani agar petani
dapat melihat dan menguji keunggulan produk
Perseroan.
Promosi
Melakukan pemasangan iklan di media radio
maupun media cetak, memasang baliho, banner
serta menyebarkan selebaran dan brosur.
Promotion
Adver tising through television, radio or
newspapers, billboards, and banners as well as
through leaflets and brochures.
KEBIJAKAN DIVIDEN
DIVIDEND POLICY
P E R U B A H A N P E R AT U R A N P E R U N DA N G UNDANGAN
CHANGES IN REGULATIONS
UMUM
GENERAL
DEWAN KOMISARIS
BOARD OF COMMISSIONERS
Jabatan
Position
Komisaris Utama
President Commissioner
10
Thomas Effendy
Komisaris
Commissioner
10
Burhan Hidayat
Komisaris Independen
Independent Commissioners
10
DIREKSI
DIRECTORS
Nama
Name
Jemmy Eka Putra
Jabatan
Position
Jumlah Kehadiran
Meetings Attended
Direktur Utama
President Director
10
Setiadi Setiokusumo
Direktur
Director
10
Putu Darsana
Direktur
Director
10
Joseph Suprijanto
Direktur
Director
10
Triono Hardyanto *
Direktur
Director
KOMITE AUDIT
AUDIT COMMITTEE
Jabatan
Position
Jumlah Kehadiran
Meetings Attended
Burhan Hidayat
Ketua
Chairman
Haryjanto Sutrisno
Anggota
Member
Budi Loemaksono
Anggota
Member
SEKRETARIS PERUSAHAAN
CORPORATE SECRETARY
Setiadi Setiokusumo
Setiadi Setiokusumo
Robert Soemenap
Robert Soemenap
RISIKO USAHA
BUSINESS RISK
Th e Co m p a ny i s co nt i n u o u s l y co n d u c t i n g
development of seed products that meet market
conditions and requirements. Thus far, the capability
of the Company to develop seed products that are
in line with market conditions and requirements
represents one of the Companys key success factors.
The development process requires a large amount of
funds, a relatively long period of time, and qualified
human resources. Therefore, failure in development
could result in the Company being unable to produce
the products that meet market conditions and
requirement. This failure may ultimately affect the
performance of the Company.
Risiko Ketenagakerjaan
PERKARA HUKUM
LEGAL CASES
LINGKUNGAN HIDUP
ENVIRONMENT
PENGEMBANGAN KOMUNITAS
COMMUNITY DEVELOPMENT
PRODUCT RESPONSIBILITY
Daftar Isi
Table of Contents
Halaman/
Page
1-2
5-6
7 - 90
*********************
31 Desember 2014/
December 31, 2014
Catatan/
Notes
31 Desember 2013/
December 31, 2013
ASET
ASSETS
ASET LANCAR
CURRENT ASSETS
174.425
2c,2d,4
130.843
614.031
13.406
5,32d
32a
2d
551.993
14.947
164.064
534.245
23.353
5.980
488
2o
1.529.992
1.403
693.081
10.041
4.833
Inventories - net
Advances
Prepaid expenses
1.890
1.409.031
249.245
12.968
12.845
NON-CURRENT ASSETS
Due from related parties
Deferred tax assets
Property, plant
and equipment - net
Claims for tax refund
Other non-current assets
341.051
303.652
1.871.043
1.712.683
TOTAL ASSETS
173
28.439
275.534
23.505
13.400
6
2f,7,
32d,39
8
2g,9
2d
2o,14
2h,10,
32d
2o,14a
2g,11
286
28.308
31 Desember 2014/
December 31, 2014
Catatan/
Notes
31 Desember 2013/
December 31, 2013
CURRENT LIABILITIES
79.419
9.719
18.525
28.592
54.407
2d
13
2o,14
15
80.315
2.495
18.315
13.141
40.424
1.073
19.384
2l
2s,16
267
29.655
Accounts payable
Trade
Third parties
A related party
Others - third parties
Taxes payable
Accrued expenses
Short-term employee
benefit liabilities
Short-term provision
184.612
12
211.119
NON-CURRENT LIABILITIES
54.719
181
2d,32c
52.139
54.900
52.326
266.019
236.938
TOTAL LIABILITIES
2l,17
187
EKUITAS
EQUITY
30.000
1.181.170
20.000
1.061.907
EQUITY ATTRIBUTABLE TO
OWNERS OF THE PARENT
Share capital - Rp100 par value
per share
Authorized - 4,000,000,000
shares
Issued and fully paid 3,000,000,000 shares
Additional paid-in capital - net
Retained earnings
Appropriated
Unappropriated
1.604.865
1.475.602
Equity Attributable
to Owners of the Parent
143
Non-controlling Interest
Kepentingan Nonpengendali
300.000
93.695
159
19
2e,20
21
2b,18
300.000
93.695
TOTAL EKUITAS
1.605.024
1.475.745
TOTAL EQUITY
TOTAL LIABILITAS
DAN EKUITAS
1.871.043
1.712.683
TOTAL LIABILITIES
AND EQUITY
2014
PENJUALAN NETO
BEBAN POKOK PENJUALAN
LABA BRUTO
Beban penjualan
1.155.560
(752.239)
403.321
(135.208)
(61.648)
(19.451)
16.291
LABA USAHA
203.305
Pendapatan keuangan
Biaya keuangan
2d,22,39
2d,10,
23,32a
6.748
(901)
24,39
2d,17,25
32b,32c
26
27
(Disajikan kembali
Catatan 39/
As restated
Note 39)
1.003.104
(608.481)
394.623
GROSS PROFIT
(122.048)
Selling expenses
(76.201)
(55.747)
10.813
151.440
28
29
NET SALES
6.120
(1.325)
209.152
(43.873)
165.279
127.041
165.279
127.041
156.235
2o,14
(29.194)
165.263
16
TOTAL
165.279
55
2b,18
2p,30
127.025
16
127.041
TOTAL
42
The original consolidated financial statements included herein are in the Indonesian language.
Catatan/
Notes
Saldo 1 Januari 2013
Total laba komprehensif tahun berjalan
Modal saham
ditempatkan
dan disetor penuh/
Share capital
issued and
fully paid
Tambahan
modal
disetor - neto/
Additional
paid-in
capital - net
Belum
ditentukan
penggunaanya/
Unappropriated
10.000
974.882
1.378.577
127
1.378.704
127.025
127.025
16
127.041
(30.000)
(30.000)
21
10.000
(10.000)
300.000
93.695
20.000
(30.000)
Cash dividends
1.061.907
1.475.602
143
1.475.745
165.263
165.263
16
165.279
(36.000)
Dividen tunai
21
(36.000)
21
10.000
(10.000)
300.000
93.695
30.000
Total/
Total
93.695
21
Subtotal/
Subtotal
300.000
Dividen tunai
Kepentingan
nonpengendali/
Non-controlling
interest
1.181.170
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari
laporan keuangan konsolidasian secara keseluruhan.
(36.000)
Cash dividends
1.604.865
159
1.605.024
The accompanying notes to the consolidated financial statements form an integral part of
these consolidated financial statements taken as a whole.
2014
ARUS KAS DARI AKTIVITAS
OPERASI
Penerimaan kas dari pelanggan
Pembayaran kas kepada pemasok
Pembayaran kas untuk beban usaha
Pembayaran kas kepada karyawan
2013
1.176.826
(848.306)
922.607
(495.555)
(198.846)
(51.685)
(248.786)
(46.348)
77.989
131.918
(57.498)
(901)
737
6.748
103.004
(4.345)
125.734
14
14
28
6
(51.246)
(950)
2.232
6.120
12.075
100.149
(48.054)
10
2.788
10
(45.266)
(36.000)
(901)
(16.267)
716
(15.551)
21
(30.000)
32d
86.611
32d
(136.634)
(80.023)
(36.901)
2014
KENAIKAN NETO
KAS DAN SETARA KAS
DAMPAK NETO PERUBAHAN
NILAI TUKAR ATAS
KAS DAN SETARA KAS
43.567
15
2013
4.575
NET INCREASE IN
CASH AND CASH EQUIVALENTS
143
130.843
126.125
174.425
130.843
1.
UMUM
a.
1.
GENERAL
a.
1.
UMUM (lanjutan)
a.
1.
GENERAL (continued)
a.
1.
UMUM (lanjutan)
b.
1.
GENERAL (continued)
b.
c.
31 Desember 2014
Dewan Komisaris/
Board of Commissioners
Dewan Direksi/
Board of Directors
Komisaris Utama/
- Jialipto Jiaravanon
President Commissioner
Komisaris/Commissioner
- Tjiu Thomas Effendy
Komisaris Independen/
- Burhan Hidayat
Independent Commissioner
Direktur Utama/
- Jemmy Eka Putra
President Director
Direktur/Director - Setiadi Setiokusumo
- Putu Darsana
- Triono Hardyanto
- Joseph Suprijanto
31 Desember 2013
Dewan Komisaris/
Board of Commissioners
Dewan Direksi/
Board of Directors
Komisaris Utama/
- Jialipto Jiaravanon
President Commissioner
Komisaris/Commissioner
- Tjiu Thomas Effendy
Komisaris Independen/
- Burhan Hidayat
Independent Commissioner
Direktur Utama/
- Jemmy Eka Putra
President Director
Direktur/Director - Sunardi Mukadas Sastrodimojo
- Setiadi Setiokusumo
- Putu Darsana
- Joseph Suprijanto
As
of
December
31,
2014
and
2013, the composition of the Companys audit
committee as appointed at the Board of
Commissioners Meeting held on June 2, 2009
is as follows:
Ketua
Anggota
Anggota
Burhan Hidayat
Budi Loemaksono
Haryjanto Sutrisno
Chairman
Member
Member
1.
UMUM (lanjutan)
c.
d.
1.
GENERAL (continued)
c.
d.
Entitas Anak/
Subsidiaries
Kegiatan Pokok/
Principle Activity
Group Structure
Total Aset/
Total Assets
Domisili/
Domicile
Tahun
Operasi
Komersial/
Start of
Commercial
Operations
Persentase
Kepemilikan/
Percentage of
Ownerships
Mojokerto
2005
99,91%
206.768
217.412
31 Des
2014/
Dec 31,
2014
31 Des
2013/
Dec 31,
2013
Memproduksi pestisida/
Manufacturing pesticide
PT Tanindo Intertraco
(TINCO)
Sidoarjo
2008
99,96%
358.271
292.791
Sidoarjo
1987
99,99%
188.252
111.349
10
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN
a.
Dasar
Penyajian
Konsolidasian
AKUNTANSI
Laporan
YANG
2.
Keuangan
SUMMARY
POLICIES
a.
OF
SIGNIFICANT
ACCOUNTING
11
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
b.
AKUNTANSI
YANG
2.
Prinsip-prinsip Konsolidasian
SUMMARY OF SIGNIFICANT
POLICIES (continued)
b.
ACCOUNTING
Principles of Consolidation
12
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
b.
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
b.
ACCOUNTING
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
c.
AKUNTANSI
c.
of
in
or
as
13
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
d.
e.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
d.
ACCOUNTING
Transaksi
dengan
pihak-pihak
berelasi
dilakukan berdasarkan persyaratan yang
disetujui oleh kedua belah pihak, dimana
persyaratan tersebut mungkin tidak sama
dengan transaksi lain yang dilakukan dengan
pihak ketiga.
e.
14
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
f.
g.
AKUNTANSI
YANG
2.
Persediaan
SUMMARY OF SIGNIFICANT
POLICIES (continued)
f.
Inventories
g.
Prepaid Expenses
Prepaid expenses are amortized and charged
to profit or loss over the periods of benefit.
The long-term portion of prepaid expenses are
presented as part of the Other Non-current
Assets
account
in
the
consolidated
statements of financial position.
ACCOUNTING
Aset Tetap
h.
Setelah
pengakuan
awal,
aset
tetap
dinyatakan pada biaya perolehan dikurangi
akumulasi penyusutan dan akumulasi rugi
penurunan nilai.
15
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
h.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
h.
ACCOUNTING
20
5 dan/and 12
16
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
h.
i.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
h.
ACCOUNTING
Beban
pemeliharaan
dan
perbaikan
dibebankan pada operasi pada saat terjadinya.
Beban pemugaran dan penambahan dalam
jumlah besar dikapitalisasi kepada jumlah
tercatat aset tetap terkait bila memenuhi
kriteria pengakuan.
Sewa
i.
Leases
17
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
i.
j.
AKUNTANSI
YANG
2.
Sewa (lanjutan)
SUMMARY OF SIGNIFICANT
POLICIES (continued)
i.
ACCOUNTING
Leases (continued)
j.
18
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
j.
Penurunan
(lanjutan)
Nilai
AKUNTANSI
Aset
Non
YANG
2.
Keuangan
SUMMARY OF SIGNIFICANT
POLICIES (continued)
j.
Impairment
(continued)
of
ACCOUNTING
Non-financial
Assets
19
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
j.
Penurunan
(lanjutan)
Nilai
AKUNTANSI
Aset
Non
YANG
2.
Keuangan
SUMMARY OF SIGNIFICANT
POLICIES (continued)
j.
Impairment
(continued)
of
ACCOUNTING
Non-financial
Assets
k.
Penjualan Barang
Sales of Goods
20
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
k.
l.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
k.
ACCOUNTING
Beban
Expenses
Imbalan Kerja
l.
Employee Benefits
The Group made additional provision for
employee benefit and other long-term
employee benefit to qualified employees under
Labor Law No. 13/2003 (the Labor Law).
The additional provisions are estimated
through actuarial calculations using the
Projected Unit Credit method.
21
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
l.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
l.
ACCOUNTING
22
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
AKUNTANSI
YANG
2.
n.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
ACCOUNTING
n.
Foreign
Currency
Balances
Transactions
and
23
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
n.
AKUNTANSI
YANG
2.
n.
Foreign
Currency
Balances (continued)
ACCOUNTING
Transactions
and
2014
1 Euro Eropa (EUR1)
1 Dolar Amerika Serikat (AS$1)
o.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
2013
15.133
12.440
Perpajakan
16.821
12.189
o.
Taxation
Pajak Kini
Current Tax
24
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
o.
AKUNTANSI
YANG
2.
Perpajakan (lanjutan)
SUMMARY OF SIGNIFICANT
POLICIES (continued)
o.
ACCOUNTING
Taxation (continued)
Pajak Tangguhan
Deferred Tax
25
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
o.
AKUNTANSI
YANG
2.
Perpajakan (lanjutan)
SUMMARY OF SIGNIFICANT
POLICIES (continued)
o.
ACCOUNTING
Taxation (continued)
Revenue,
expenses
and
assets
are
recognized net of the amount of Value Added
Tax (VAT), except VAT derived from
purchase of property, plant and equipment that
can not be recovered by the tax authorities. In
this case, VAT is recognized as part of the
acquisition cost of property, plant and
equipment.
26
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
p.
q.
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
p.
ACCOUNTING
Laba per saham dihitung berdasarkan ratarata tertimbang jumlah saham yang beredar
selama tahun yang bersangkutan.
Segmen Operasi
q.
Operating Segments
Instrumen Keuangan
r.
Financial Instruments
Aset Keuangan
Financial Assets
27
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
Initial
Recognition
(continued)
Pengukuran Selanjutnya
Subsequent Measurement
28
and
Measurement
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
Penghentian Pengakuan
Derecognition
(i)
(i)
29
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
Derecognition (continued)
Penurunan Nilai
Impairment
30
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
31
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
32
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
Liabilitas Keuangan
Financial Liabilities
Pengukuran Selanjutnya
Subsequent Measurement
33
2.
IKHTISAR KEBIJAKAN
SIGNIFIKAN (lanjutan)
r.
s.
AKUNTANSI
YANG
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
r.
ACCOUNTING
Penghentian Pengakuan
Derecognition
Suatu
liabilitas
keuangan
dihentikan
pengakuannya pada saat kewajiban yang
ditetapkan dalam kontrak dihentikan atau
dibatalkan atau kadaluarsa.
Provisi
s.
Provisions
34
3.
3.
Pertimbangan
Judgments
35
3.
SUMBER
(lanjutan)
ESTIMASI
KETIDAKPASTIAN
3.
Kerugian
Penurunan
SOURCE OF
(continued)
UNCERTAINTY
Allowance for
Receivables
Piutang
a.
Evaluasi Individual
Impairment
Losses
on
Trade
Individual Assessment
The Group evaluates specific accounts where
they have information that certain customers
are unable to meet their financial obligations.
In these cases, the Group exercises its
judgment, based on the best available facts
and circumstances, including but not limited to
the length of its relationship with the customer
and the customers current credit status based
on third party credit reports and known market
factors, to record specific provisions against
customer receivables in order to reduce the
receivable amounts that are expected to be
collected by the Group. These specific
provisions are re-evaluated and adjusted as
additional information received affects the
amounts of allowance for impairment losses
on trade receivables.
ESTIMATION
b.
Evaluasi Kolektif
Collective Assessment
36
3.
SUMBER
(lanjutan)
ESTIMASI
KETIDAKPASTIAN
3.
Penurunan
SOURCE OF
(continued)
ESTIMATION
UNCERTAINTY
Piutang
Losses
on
Trade
Post-employment
Employee Benefits
37
Benefits
and
Long-term
3.
SUMBER
(lanjutan)
ESTIMASI
KETIDAKPASTIAN
3.
SOURCE OF
(continued)
ESTIMATION
UNCERTAINTY
Pajak Penghasilan
Income Tax
Pertimbangan
signifikan
dilakukan
dalam
menentukan provisi atas pajak penghasilan badan.
Terdapat transaksi dan perhitungan tertentu yang
penentuan pajak akhirnya adalah tidak pasti dalam
kegiatan usaha normal. Kelompok Usaha
mengakui liabilitas atas pajak penghasilan badan
berdasarkan estimasi apakah akan terdapat
tambahan pajak penghasilan badan.
38
3.
SUMBER
(lanjutan)
ESTIMASI
KETIDAKPASTIAN
3.
SOURCE OF
(continued)
ESTIMATION
UNCERTAINTY
39
4.
4.
31 Desember/December 31,
2014
Kas
Bank - pihak ketiga
Rupiah
PT Bank Central Asia Tbk
PT Bank Mandiri (Persero) Tbk
Citibank N.A.
PT Bank CIMB Niaga Tbk
PT Bank Rakyat Indonesia
(Persero) Tbk
PT Bank Danamon Indonesia Tbk
Dolar Amerika Serikat
Citibank N.A. (Catatan 36)
(AS$75.687 pada tanggal
31 Desember 2014,
AS$56.877 pada tanggal
31 Desember 2013)
Bank - pihak berelasi (Catatan 31c)
Rupiah
PT Bank Agris Tbk
Deposito berjangka - pihak ketiga
Rupiah
PT Bank CIMB Niaga Tbk
Deposito berjangka - pihak berelasi
(Catatan 31c)
Rupiah
PT Bank Agris Tbk
Total
2013
199
232
12.862
1.172
651
532
18.372
1.111
895
527
190
66
188
117
942
693
211
208
155.600
108.500
2.000
Cash on hand
Cash in banks - third parties
Rupiah
PT Bank Central Asia Tbk
PT Bank Mandiri (Persero) Tbk
Citibank N.A.
PT Bank CIMB Niaga Tbk
PT Bank Rakyat Indonesia
(Persero) Tbk
PT Bank Danamon Indonesia Tbk
United States dollar
Citibank N.A. (Note 36)
(US$75,687 as of
December 31, 2014,
US$56,877 as of
December 31, 2013)
Bank - related party (Note 31c)
Rupiah
PT Bank Agris Tbk
Time deposits - third party
Rupiah
PT Bank CIMB Niaga Tbk
Time deposits - related party
(Note 31c)
Rupiah
PT Bank Agris Tbk
174.425
130.843
Total
PIUTANG USAHA
5.
a. Berdasarkan pelanggan:
a. Based on customers:
31 Desember/December 31,
2014
Pihak ketiga:
Piutang petani
PT Agritech Green Industries, Jakarta
CV Nusa Prima Timur, Makassar
PT Harapan Agro, Surabaya
Toko Semi, Purwodadi
PT Sumber Makmur Agroindo, Surabaya
2013
34.847
33.702
27.198
24.294
21.520
20.445
40
17.229
33.702
33.012
16.097
17.826
5.575
Third parties:
Farmers receivables
PT Agritech Green Industries, Jakarta
CV Nusa Prima Timur, Makassar
PT Harapan Agro, Surabaya
Toko Semi, Purwodadi
PT Sumber Makmur Agroindo, Surabaya
5.
5.
31 Desember/December 31,
2014
CV Indokimia, Semarang
PT Sumber Makmur, Surabaya
UD Subur Makmur, Surabaya
PT Indah Agro Lestari, Makassar
CV Agro Makmur Mandiri, Surabaya
PT Karisma Indoagro Universal,
Surabaya
UD Tani Gorontalo, Makassar
CV Bangkit Sanjaya, Semarang
Toko Anak Tani, Makassar
Lain-lain (masing-masing
di bawah Rp10.000)
2013
20.203
18.870
18.407
18.014
14.596
4.517
34.283
28.218
13.724
15.311
12.766
12.188
11.960
8.844
13.482
6.901
13.706
13.904
CV Indokimia, Semarang
PT Sumber Makmur, Surabaya
UD Subur Makmur, Surabaya
PT Indah Agro Lestari, Makassar
CV Agro Makmur Mandiri, Surabaya
PT Karisma Indoagro Universal,
Surabaya
UD Tani Gorontalo, Makassar
CV Bangkit Sanjaya, Semarang
Toko Anak Tani, Makassar
331.832
300.109
Total
Dikurangi cadangan kerugian
penurunan nilai
629.686
567.596
(15.655)
(15.603)
614.031
551.993
13.406
14.947
627.437
566.940
Total
Total
Less allowance for impairment losses
b. Based on currency:
31 Desember/December 31,
2014
2013
Rupiah
Dolar Amerika Serikat (Catatan 36)
632.573
10.519
569.720
12.823
Rupiah
United States dollar (Note 36)
Total
Dikurangi cadangan kerugian
penurunan nilai
643.092
582.543
Total
(15.655)
(15.603)
Total
627.437
566.940
31 Desember/December 31,
2014
Pihak ketiga:
Kurang dari 31 hari
31-60 hari
61-90 hari
91-180 hari
Lebih dari 180 hari
2013
161.505
136.397
36.330
208.527
86.927
174.497
110.168
50.905
134.739
97.287
Third parties:
Less than 31 days
31-60 days
61-90 days
91-180 days
More than 180 days
Total
Dikurangi cadangan kerugian
penurunan nilai
629.686
567.596
Total
(15.655)
(15.603)
614.031
551.993
41
5.
5.
31 Desember/December 31,
2014
Pihak berelasi:
Kurang dari 31 hari
31-60 hari
61-90 hari
91-180 hari
Lebih dari 180 hari
Pihak berelasi (Catatan 31a)
2013
6.156
980
294
1.581
4.395
1.548
1.933
746
890
9.830
Related parties:
Less than 31 days
31-60 days
61-90 days
91-180 days
More than 180 days
13.406
14.947
Kolektif/Collective
Total
Saldo awal
Penyisihan periode berjalan
Pemulihan periode berjalan
Penghapusan
13.817
4.305
(6.791)
(666)
1.786
4.101
(854)
(43)
15.603
8.406
(7.645)
(709)
Saldo akhir
10.665
4.990
15.655
Beginning balance
Provision during the period
Reversal during the period
Write off
Ending Balance
Kolektif/Collective
Total
Saldo awal
Penyisihan periode berjalan
Pemulihan periode berjalan
Penghapusan
7.452
11.150
(4.492)
(293)
1.447
1.770
(1.431)
-
8.899
12.920
(5.923)
(293)
Saldo akhir
13.817
1.786
15.603
Beginning balance
Provision during the period
Reversal during the period
Write off
Ending Balance
42
6.
PIUTANG LAIN-LAIN
6.
OTHER RECEIVABLES
Other receivables consist of:
31 Desember/December 31,
2014
7.
2013
Klaim asuransi
Lain-lain
161.799
2.265
1.403
Insurance claims
Others
Total
164.064
1.403
Total
PERSEDIAAN
7.
INVENTORIES
Inventories consist of:
31 Desember/December 31,
2014
Barang jadi:
Pestisida
Benih jagung
Benih sayuran dan buah-buahan
Benih padi
Lain-lain
Total barang jadi
2013
88.140
37.930
32.500
1.028
6.118
55.599
70.271
67.827
836
4.848
Finished goods:
Pesticides
Corn seeds
Vegetable and fruit seeds
Paddy seeds
Others
165.716
199.381
43
7.
PERSEDIAAN (lanjutan)
7.
INVENTORIES (continued)
31 Desember/December 31,
2014
2013
160.474
134.580
8.555
2.956
177
153.038
259.902
27.934
2.013
124
Work-in-process:
Corn seeds
Vegetable and fruit seeds
Paddy seeds
Pesticides
Others
306.742
443.011
Total work-in-process
29.441
23.751
5.165
18.438
22.541
25.571
4.220
19.263
Packaging
Raw materials
Inventories in transit
Others
Total
Dikurangi cadangan penurunan nilai pasar
dan keusangan persediaan
549.253
713.987
(15.008)
(20.906)
Total
Less allowance for decline in market value
and obsolescence of inventories
Neto
534.245
693.081
Kemasan
Bahan baku
Persediaan dalam perjalanan
Lain-lain
Net
2013
20.906
14.787
(20.594)
(91)
16.008
5.275
(377)
-
15.008
20.906
Beginning balance
Provision during the period
Reversal during the period
Write off
Ending balance
44
7.
8.
PERSEDIAAN (lanjutan)
7.
INVENTORIES (continued)
UANG MUKA
8.
ADVANCES
The entire amount of advances
operational advances as follows:
represent
31 Desember/December 31,
2014
9.
2013
Perusahaan
Entitas anak:
PT Tanindo Intertraco
PT Multi Sarana Indotani
PT Tanindo Subur Prima
21.987
6.862
1.221
116
29
3.068
90
21
Company
Subsidiaries:
PT Tanindo Intertraco
PT Multi Sarana Indotani
PT Tanindo Subur Prima
Total
23.353
10.041
Total
9.
PREPAID EXPENSES
Prepaid expenses consist of:
31 Desember/December 31,
2014
2013
Sewa
Asuransi
Lain-lain
3.317
2.359
304
3.377
1.180
276
Rent
Insurance
Others
Total
5.980
4.833
Total
45
Akumulasi Penyusutan
Kepemilikan langsung
Bangunan
Prasarana tanah dan bangunan
Mesin dan peralatan
Peralatan transportasi
Peralatan dan
perabot kantor
Instalasi listrik
Penambahan/
Addition
Reklasifikasi/
Reclassification
Saldo Akhir/
Ending
Balance
Pengurangan/
Deduction
64.419
109.141
19.530
128.059
32.216
28.283
1.296
179
4.046
3.557
1.658
1.266
7.034
165
5.663
2.999
684
6.170
92.702
106.432
17.976
138.455
29.768
13.579
14.331
1.155
148
66
-
1.603
791
13.197
13.688
Cost
Direct ownership
Land
Buildings
Building and land improvements
Machinery and equipment
Transportation equipment
Furniture, fixtures and
office equipment
Electrical installations
381.275
38.664
10.189
17.910
412.218
Total
4.880
7.586
5.505
6.970
(3.131)
(7.058)
7.254
7.498
Construction in progress
Building and land improvements
Machinery and equipment
12.466
12.475
(10.189)
393.741
51.139
14.752
Total
17.910
426.970
Total Cost
32.675
16.437
62.748
18.596
4.641
969
9.639
2.871
1.546
2.964
579
5.499
35.770
14.442
71.808
15.968
10.132
3.908
841
611
1.403
641
9.570
3.878
Accumulated Depreciation
Direct ownership
Buildings
Building and land improvements
Machinery and equipment
Transportation equipment
Furniture, fixtures and
office equipment
Electrical installations
144.496
19.572
12.632
151.436
Nilai Buku
249.245
275.534
Penambahan/
Addition
Reklasifikasi/
Reclassification
Saldo Akhir/
Ending
Balance
Pengurangan/
Deduction
Cost
Direct ownership
Land
Buildings
Building and land improvements
Machinery and equipment
Transportation equipment
Furniture, fixtures and
office equipment
Electrical installations
64.414
109.098
18.026
124.706
26.519
43
575
2.275
6.300
5
929
1.425
-
347
603
64.419
109.141
19.530
128.059
32.216
13.107
14.259
476
72
5
-
9
-
13.579
14.331
370.129
9.741
2.364
959
381.275
Total
4.880
7.586
Construction in progress
Building and land improvements
Machinery and equipment
4.320
3.984
1.489
5.037
(929)
(1.435)
8.304
6.526
(2.364)
378.433
16.267
46
12.466
Total
959
393.741
Total Cost
10. PROPERTY,
(continued)
PLANT
AND
EQUIPMENT
Penambahan/
Addition
Reklasifikasi/
Reclassification
Pengurangan/
Deduction
Saldo Akhir/
Ending
Balance
27.874
14.776
53.643
16.573
4.801
1.661
9.340
2.519
235
496
32.675
16.437
62.748
18.596
9.108
3.294
1.032
614
8
-
10.132
3.908
Accumulated Depreciation
Direct ownership
Buildings
Building and land improvements
Machinery and equipment
Transportation equipment
Furniture, fixtures and
office equipment
Electrical installations
125.268
19.967
739
144.496
Nilai Buku
253.165
249.245
a.
Pembebanan
berikut:
penyusutan
adalah
a.
sebagai
2013
16.592
2.852
128
17.178
2.594
195
Total
19.572
19.967
Total
b.
b. Perhitungan laba (rugi) penjualan aset tetap neto adalah sebagai berikut:
2013
2.788
716
2.088
3.984
220
-
(3.284)
496
3.085
47
10. PROPERTY,
(continued)
PLANT
AND
EQUIPMENT
2013
2.848
(2.743)
c.
105
c.
31 Desember 2014
Prasarana tanah dan
bangunan
Mesin dan peralatan
Estimasi
Persentase Jumlah
Tercatat terhadap
Nilai Kontrak/
Estimated
Carrying Value
Percentage to
Contract Value
Nilai Tercatat/
Carrying Value
80%
65%
7.254
7.498
Total
31 Desember 2013
Prasarana tanah dan
bangunan
Mesin dan peralatan
Cost
Accumulated depreciation
Estimasi Tahun
Penyelesaian/
Estimated Year
of Completion
2015
2015
14.752
Estimasi
Persentase Jumlah
Tercatat terhadap
Nilai Kontrak/
Estimated
Carrying Value
Percentage to
Contract Value
Nilai Tercatat/
Carrying Value
95%
70%
4.880
7.586
Total
12.466
48
Total
Estimasi Tahun
Penyelesaian/
Estimated Year
of Completion
2014
2014
10. PROPERTY,
(continued)
PLANT
AND
EQUIPMENT
d.
d.
e.
e.
f.
f.
g.
g.
31 Desember/December 31,
2014
Aset sitaan dari pelanggan
Sewa dibayar di muka jangka panjang
Pinjaman karyawan
Uang jaminan listrik
Lain-lain
Total
2013
8.758
2.492
1.085
402
663
8.034
2.790
951
402
668
13.400
12.845
Total
49
a. Berdasarkan pemasok:
a. Based on supplier:
31 Desember/December 31,
2014
Pihak ketiga:
Petani
Agronature Co. Ltd., Cina
Hubei Sanonda Co. Ltd., Cina
Indofil Chemical Company, India
Lain-lain (masing-masing
di bawah Rp1.000)
Pihak ketiga
59.493
12.428
6.472
-
18.740
11.194
47.221
1.508
Third parties:
Farmers
Agronature Co. Ltd., China
Hubei Sanonda Co. Ltd., China
Indofil Chemical Company, India
1.026
1.652
79.419
80.315
Third parties
9.719
2.495
89.138
82.810
Total
2013
b. Based on currency:
31 Desember/December 31,
2014
2013
Rupiah
Dolar Amerika Serikat (Catatan 36)
Euro Eropa (Catatan 36)
64.930
24.197
11
20.392
62.418
-
Rupiah
United States dollar (Note 36)
European Euro (Note 36)
Total
89.138
82.810
Total
31 Desember/December 31,
2014
Monsanto Singapore Company
(Pte) Ltd., Singapura (Catatan 32b)
Uang muka pelanggan
CV Asia
Lain-lain (masing-masing
di bawah Rp2.000)
Total
2013
5.253
4.678
2.249
6.410
1.536
1.926
6.345
8.443
18.525
18.315
Total
50
14. PERPAJAKAN
a.
14. TAXATION
a.
31 Desember/December 31,
2014
b.
2013
Pajak penghasilan
Entitas anak
2014
2013
2012
11.352
12.153
-
12.228
740
Income tax
Subsidiaries
2014
2013
2012
Total
23.505
12.968
Total
b.
31 Desember/December 31,
2014
Perusahaan
Pajak penghasilan
Pasal 4(2)
Pasal 21
Pasal 23
Pasal 25
Pasal 26
Pasal 29
Pajak Pertambahan Nilai
Total - Perusahaan
2013
3.459
2.082
89
2.686
280
1.683
-
113
1.806
106
2.718
712
5.048
6
Company
Income taxes
Article 4(2)
Article 21
Article 23
Article 25
Article 26
Article 29
Value Added Tax
10.279
10.509
Total - Company
Entitas anak
Pajak penghasilan
Pasal 4(2)
Pasal 21
Pasal 23
Pasal 25
Pasal 29
Pajak Pertambahan Nilai
3.993
606
214
636
1.596
11.268
3
393
75
944
1.217
Subsidiaries
Income taxes
Article 4(2)
Article 21
Article 23
Article 25
Article 29
Value Added Tax
18.313
2.632
Total - Subsidiaries
Total
28.592
13.141
Total
51
34.121
3.125
32.318
(10.226)
Company
Current tax of:
Current year
Deferred tax
Total - Perusahaan
37.246
22.092
Total - Company
Entitas anak
Pajak kini dari:
Tahun berjalan
Pemeriksaan pajak periode lalu
Pajak tangguhan
Neto
Subsidiaries
Current tax of:
Current year
Previous period tax audit
Deferred tax
9.912
3
(3.288)
9.206
(2.104)
6.627
7.102
Total - Subsidiaries
43.873
29.194
Net
d.
2013
d.
2013
209.152
156.235
(80.804)
59.100
(33.167)
(2.027)
4.883
(4.396)
192.331
52
116.645
Beda temporer:
Beban akrual - neto
Penyisihan imbalan kerja
jangka panjang - neto
2013
3.599
18.718
1.463
4.566
e.
203
24
(1)
8
(1.567)
(1.272)
(2.849)
8.066
(6.607)
9.987
(11.599)
5.227
280
42
-
31
424
27
(4.717)
(836)
170.603
161.590
e.
Temporary differences:
Accrued expenses - net
Provision for
long-term employee benefits - net
Gain (loss) on sale of property, plant
and equipment
Amortization of prepaid expenses
Depreciation of property, plant
and equipment
Provision for impairment losses
on trade receivables - net
Short-term provision
(reversal) - net
Provision (reversal)
for decline in market value
and obsolescence of inventories - net
Permanent differences:
Write off trade receivables
Donation
Interest expenses on bank loan
Tax penalties
Interest income
subjected to final tax
Taxable income of the Company
2013
34.121
9.912
32.318
9.206
Total
44.033
41.524
Total
32.438
19.668
27.270
21.434
Total
52.106
48.704
Total
(11.352)
(12.228)
1.683
1.596
5.048
-
3.279
5.048
53
a.
Pada
tanggal
12
Januari
2015
dan
13 Januari 2014, Perusahaan telah memperoleh
surat keterangan dari Biro Administrasi Efek atas
pemenuhan kriteria-kriteria kepemilikan saham di
atas. Oleh karena itu, Perusahaan telah
menerapkan penurunan tarif pajak dalam
perhitungan pajak penghasilan tahun 2014 dan
2013.
54
f.
f.
Perhitungan penghasilan
adalah sebagai berikut:
pajak tangguhan
2013
(900)
(4.679)
(366)
(1.141)
(51)
(6)
(2)
392
Total
Entitas anak
Manfaat pajak - tangguhan - neto
318
725
(2.017)
1.652
(2.497)
2.900
(1.307)
(1.221)
1.099
3.125
(3.288)
(10.226)
(2.104)
Total
Subsidiaries
(163)
(12.330)
55
2013
209.152
52.288
14.775
156.235
39.059
(507)
274
60
313
146
73
133
106
63
(105)
(105)
(1.687)
(1.530)
(13.759)
121
3
(8.530)
(26)
43.873
56
(18)
(8.080)
-
31 Desember/December 31,
2014
2013
Perusahaan
Piutang usaha
Persediaan
Biaya dibayar di muka
Aset tetap
Beban akrual
Provisi jangka pendek
Liabilitas imbalan kerja
jangka panjang
2.159
3.309
109
(6.896)
6.986
2.381
2.885
4.988
103
(6.554)
6.086
4.032
11.102
10.655
Company
Trade receivables
Inventories
Prepaid expenses
Property, plant and equipment
Accrued expenses
Short-term provision
Long-term employee
benefit liabilities
19.150
22.195
Entitas anak
Aset pajak tangguhan - neto
9.289
6.113
Subsidiaries
Deferred tax assets - net
28.439
28.308
i.
Perusahaan
Company
57
j.
31 Desember/December 31,
2014
2013
43.499
4.317
906
228
5.457
34.047
3.619
823
1.258
677
Total
54.407
40.424
Total
58
2013
Saldo awal
Penyisihan
Realisasi
Pemulihan
29.655
19.384
(15.152)
(14.503)
13.852
29.655
(13.852)
-
Saldo akhir
19.384
29.655
17. LIABILITAS
PANJANG
IMBALAN
KERJA
JANGKA
Beginning balance
Provision
Realization
Reversal
Ending balance
31 Desember/December 31,
2014
2013
Imbalan pascakerja
Imbalan kerja jangka panjang lainnya
53.885
834
51.215
924
Post-employment benefits
Other long-term employee benefits
Saldo akhir
54.719
52.139
Ending balance
59
17. LIABILITAS
IMBALAN
PANJANG (lanjutan)
KERJA
JANGKA
Imbalan Pascakerja
Post-employment Benefits
2014
Tingkat bunga diskonto
Tingkat kenaikan gaji
Usia pensiun
Tingkat kematian
Tingkat kecacatan
2013
8% per tahun/annum
8% per tahun/annum
55 tahun/years
TMI III
10% dari tingkat kematian
of mortality rate
9% per tahun/annum
8% per tahun/annum
55 tahun/years
TMI III
10% dari tingkat kematian/
of mortality rate
Discount rate
Salary increase rate
Pension age
Mortality rate
Disability rate
2013
3.041
3.552
3.853
3.102
120
121
(529)
178
7.254
6.184
31 Desember/December 31,
2014
2013
42.943
41.157
11.319
10.556
53.885
(377)
60
(498)
51.215
17. LIABILITAS
IMBALAN
PANJANG (lanjutan)
KERJA
JANGKA
benefit
2013
Saldo awal
Penyisihan periode berjalan
Biaya jasa kini
Biaya bunga
Amortisasi atas biaya jasa lalu non-vested
Amortisasi atas keuntungan atau
kerugian aktuarial - neto
Pengalihan liabilitas atas karyawan mutasi
Pembayaran periode berjalan
51.215
45.572
3.041
3.552
3.853
3.102
120
121
(529)
(132)
(3.382)
178
146
(1.757)
Saldo akhir
53.885
51.215
Beginning balance
Provision during the period
Current service cost
Interest cost
Amortization of non-vested past
service cost
Amortization of actuarial
gains or losses - net
Transfer liabilities of transferred employees
Payments during the period
Ending balance
2013
Saldo awal
Biaya jasa kini
Biaya bunga
Pembayaran periode berjalan
Dampak perubahan asumsi aktuaria
Pengalihan liabilitas atas karyawan mutasi
Keuntungan aktuarial atas kewajiban
41.157
3.041
3.552
(3.382)
(1.188)
(132)
(105)
48.609
3.853
3.102
(1.757)
(9.313)
146
(3.483)
Saldo akhir
42.943
41.157
42.943
(105)
2013
Ending balance
The amounts of experience adjustments in postemployment benefit liabilities for the year ended
December 31, 2014 and the previous four annual
periods of employee benefits are as follows:
Beginning balance
Current service cost
Interest cost
Payments during the period
Effect of changes in actuarial assumptions
Transfer liabilities of transferred employees
Actuarial gain on obligation
2012
2011
41.157
48.609
59.101
(3.483)
(4.321)
2.558
61
2010
35.709
(644)
17. LIABILITAS
IMBALAN
PANJANG (lanjutan)
KERJA
JANGKA
Kenaikan/
Increase
Dampak pada agregat biaya jasa kini
dan biaya bunga
Dampak kewajiban manfaat pasti
Penurunan/
Decrease
3.103
(3.528)
2014
Tingkat bunga diskonto
Tingkat kenaikan emas
2013
8% per tahun/annum
7% per tahun/annum
8% per tahun/annum
7% per tahun/annum
Discount rate
Gold increase rate
2013
174
68
182
46
(186)
(214)
56
14
62
17. LIABILITAS
IMBALAN
PANJANG (lanjutan)
KERJA
JANGKA
31 Desember/December 31,
2014
Liabilitas imbalan
kerja jangka panjang lainnya
2013
834
924
2013
924
919
174
68
182
46
(186)
(146)
(214)
(9)
834
924
Beginning balance
Provisions during the period
Current service cost
Interest cost
Recognition of actuarial gain
during the year
Payments during the period
Ending balance
2013
924
174
68
(146)
(77)
919
182
46
(9)
(70)
Beginning balance
Current service cost
Interest cost
Payments during the period
Effect of changes in actuarial assumptions
(109)
(144)
834
924
63
Ending balance
17. LIABILITAS
IMBALAN
PANJANG (lanjutan)
KERJA
JANGKA
2014
Nilai kini kewajiban
Penyesuaian liabilitas
program
2013
2012
2011
2010
834
924
919
(109)
(144)
87
Penurunan/
Decrease
15
(16)
of
31 Desember/December 31,
2014
2013
111
38
10
90
43
10
Total
159
143
Total
of
2013
21
(5)
0
7
9
0
Total
16
16
Total
64
Pemegang saham
Total Saham
Ditempatkan dan
Disetor Penuh/
Number of
Shares Issued
and Fully Paid
Persentase
Pemilikan/
Percentage
of Ownership
Nominal/
Amount
Shareholders
PT Agrindo Pratama
Midsummer Limited, Seychelles
Publik (masing-masing di bawah 5%)
930.000.000
692.344.000
1.377.656.000
31,00
23,08
45,92
93.000
69.234
137.766
PT Agrindo Pratama
Midsummer Limited, Seychelles
Public (less than 5% ownership each)
Total
3.000.000.000
100,00
300.000
Total
31 Desember/December 31,
2014
Agio saham
Penawaran umum perdana saham
Penerbitan saham
Biaya emisi saham
Selisih nilai transaksi dengan
entitas sepengendali
Perubahan ekuitas pada entitas anak
Total
2013
90.000
78
(3.683)
90.000
78
(3.683)
8.710
(1.410)
8.710
(1.410)
93.695
93.695
Share premium
Initial public offering
Issuance of shares
Share issuance costs
Difference in value of transactions with
entities under common control
Changes in equity of subsidiary
Total
Entitas
Selisih
Nilai
Sepengendali
Transaksi
dengan
Harga Pengalihan/
Transfer Price
PT Tanindo Subur Prima (2006)
PT Multi Sarana Indotani (2006)
PT Tanindo Subur Prima (2011)
Total
Nilai Buku
Aset Neto/
Book Value
of Net Assets
Selisih Nilai
Transaksi
dengan Entitas
Sepengendali/
Difference
in Value of
Transaction with
Entities under
Common Control
50.313
11.983
53.942
55.693
12.466
56.789
5.380
483
2.847
116.238
124.948
8.710
Total
65
20. ADDITIONAL
(continued)
PAID-IN
CAPITAL
NET
Entitas
Selisih
Nilai
Transaksi
Sepengendali (lanjutan)
dengan
66
2014
Pihak ketiga
Benih
Benih jagung
Benih sayuran dan buah-buahan
Benih padi
Third parties
Seeds
Corn seeds
Vegetable and fruit seeds
Paddy seeds
421.744
206.454
10.510
420.435
173.214
2.197
Total benih
638.708
595.846
Total seeds
Pestisida
Lain-lain
447.914
23.190
359.965
17.071
Pesticides
Others
1.109.812
972.882
40.848
4.900
23.337
6.885
45.748
30.222
1.155.560
1.003.104
67
2013
502.105
3.635
227.184
328.639
4.655
208.812
732.924
542.106
443.011
(306.742)
511.199
(443.011)
869.193
610.294
199.381
146.114
(165.716)
204.029
31.876
(199.381)
1.048.972
646.818
(272.614)
752.239
608.481
(24.119)
(38.337)
terdapat
terhadap
kumulatif
penjualan
68
2014
Promosi penjualan
Gaji dan kesejahteraan karyawan
Pengangkutan dan penanganan
persediaan
Transportasi dan perjalanan dinas
Penyusutan
Pajak dan retribusi
Perlengkapan kantor
Listrik, air, telepon, dan pos
Perbaikan dan pemeliharaan
Asuransi
Sewa
Rapat
Lain-lain (masing-masing
di bawah Rp1.000)
Total
46.139
28.790
43.387
24.938
Sales promotion
Salaries and employee benefits
24.153
17.577
2.852
2.817
2.471
2.235
1.820
1.756
1.309
1.028
19.240
15.722
2.594
3.613
1.967
2.303
1.795
1.469
1.213
1.320
2.261
2.487
135.208
122.048
Total
2013
21.841
18.275
6.130
4.289
3.329
1.455
1.276
22.404
18.506
6.304
3.354
1.881
541
1.165
967
12.920
5.275
4.086
3.851
Total
61.648
76.201
Total
69
2013
14.949
3.389
386
250
115
612
10.196
45.295
6
Total
19.451
55.747
Total
operasi
lainnya
adalah
2013
9.458
2.008
5.807
377
5.923
1.026
496
2.009
16.291
10.813
70
2013
165.263
127.025
3.000.000.000
3.000.000.000
55
42
31. BALANCES
AND
RELATED PARTIES
TRANSACTIONS
WITH
a.
a.
Total/Total
2014
2013
2014
2013
PT Centralpertiwi Bahari
PT Central Proteina Prima Tbk
Tanindo Seed Private Ltd., India
Chia Tai Co. Ltd., Thailand
Lain-lain
21.836
17.978
3.449
1.451
1.034
3.884
17.822
4.164
2.721
1.631
1,89
1,56
0,30
0,13
0,09
0,39
1,78
0,42
0,27
0,16
PT Centralpertiwi Bahari
PT Central Proteina PrimaTbk
Tanindo Seed Private Ltd., India
Chia Tai Co. Ltd., Thailand
Others
Total
45.748
30.222
3,97
3,02
Total
71
31. BALANCES
AND
TRANSACTIONS
RELATED PARTIES (continued)
Total/Total
2014
Tanindo Seed Private Ltd., India
PT Central Proteina Prima Tbk
PT Central Pertiwi Bahari
Chia Tai Co. Ltd., Thailand
Lain-lain
Total
b.
2013
2014
7.336
2.743
4.716
7
145
0,41
0,18
0,12
0,01
0,43
0,16
0,28
0,00
0,01
13.406
14.947
0,72
0,88
Total
b.
2014
2013
40.368
2014
44.773
7,36
Total/Total
2013
9.719
2013
5,37
2014
Total/Total
2013
7.677
3.318
2.272
139
WITH
2014
2.495
72
2013
3,65
1,05
31. BALANCES
AND
TRANSACTIONS
RELATED PARTIES (continued)
c.
2013
Persentase/Percentage*)
Total/Total
2014
WITH
2014
2013
3.138
0,31
250
215
0,41
0,28
7
5
-
197
183
2
0,00
0,00
-
0,01
0,01
0,00
12
382
0,00
0,02
Total
91
0,03
53
-
77
157
1
0,02
-
0,03
0,07
0,00
Transfer of employees to
PT Charoen Pokphand Jaya Farm
PT Charoen Pokphand
Indonesia Tbk
PT Centralavian Pertiwi
PT SHS International
144
235
0,05
0,10
Total
terhadap
total
penjualan
* Persentase
neto/beban
umum
dan
administrasi
/aset/liabilitas konsolidasian
Total/Total
2014
Kas dan setara kas
PT Bank Agris Tbk
2013
2014
2013
2.211
208
0,12
0,01
147
19
7
147
137
2
0,01
0,00
0,00
0,01
0,01
0,00
Total
173
286
0,01
0,02
Total
73
31. BALANCES
AND
TRANSACTIONS
RELATED PARTIES (continued)
Persentase terhadap Total
Liabilitas Konsolidasian/
Percentage to Total
Consolidated Liabilities
Total/Total
2014
d.
WITH
2013
2014
2013
116
64
1
69
118
-
0,04
0,02
0,00
0,03
0,05
-
Total
181
187
0.06
0,08
Total
d.
2013
6.602
1.212
2.314
8.089
1.911
2.110
10.128
12.110
Total
Sifat berelasi
Nature of relationships
Pihak-pihak Berelasi/
Related Parties
PT Centralpertiwi Bahari
PT Central Proteina Prima Tbk
PT SHS International
PT Vista Agung Kencana
Sifat Berelasi/
Nature of Relationship
Entitas dengan pengendalian bersama/
Entity under common control
Transaksi/
Transaction
Penjualan pestisida/Sales of pesticides
PT Agrico International
PT Centralavian Pertiwi
PT Indovetraco Makmur Abadi
PT Kharisma Proteindo Utama
PT SHS International
PT Satwa Utama Raya
PT Sarana Proteindo Utama
74
Perusahaan
mengadakan
perjanjian
kerjasama produksi benih dengan petani.
Perusahaan akan menjual benih induk untuk
ditanam dan kemudian memberikan bimbingan
teknis dan pengawasan selama proses
penanaman. Petani akan menanggung seluruh
biaya produksi. Perusahaan akan membeli
hasil panen benih tersebut dari petani
berdasarkan ketentuan yang telah ditetapkan
dalam perjanjian. Perjanjian kerjasama ini
hanya berlaku untuk satu kali masa tanam dan
dapat diperpanjang secara berkala.
b.
b.
Perjanjian Lisensi
License Agreement
75
c.
Perjanjian Sewa
Rental Agreements
The Group rents an office building and
warehouses located in Sidoarjo from
PT Charoen Pokphand Indonesia Tbk,
a related party. Based on the annual rental
agreements, the annual rental expense in both
2014 and 2013 amounted to Rp250 and
Rp215, respectively.
d.
76
c.
d.
77
operasi
sayuran
lainnya
sebagai
Jagung/
Corn
Padi/
Paddy
Pestisida/
Pesticide
Penjualan segmen
Penjualan eksternal
Penjualan antarsegmen
421.744
-
211.354
-
10.510
-
488.762
9.512
421.744
211.354
10.510
498.274
Laba bruto
215.780
96.955
1.988
91.580
(91.995)
(29.348)
(2.298)
(69.522)
Lain-lain/
Others
Eliminasi/
Elimination
23.190
3.492
Konsolidasian/
Consolidated
(13.004)
1.155.560
-
26.682
(13.004)
1.155.560
10.022
(13.004)
403.321
(3.693)
Segment sales
External sales
Inter-segment sales
Gross profit
Laba usaha
Pendapatan bunga
Biaya keuangan
203.305
6.748
(901)
Laba sebelum
pajak penghasilan
Beban pajak
penghasilan - neto
209.152
165.279
781.537
1.089.506
Segment assets
Unallocated assets
Aset segmen
Aset tidak dapat dialokasi
(43.873)
274.907
188.150
46.640
266.685
5.155
13.874
Total aset
Liabilitas segmen
Liabilitas tidak dapat dialokasi
Total liabilitas
Pengeluaran barang modal
dapat dialokasi
Pengeluaran barang modal
tidak dapat dialokasi
7.998
11.424
2.927
Total assets
Segment liabilities
Unallocated liabilities
46.059
48.054
Penyusutan dan
amortisasi
10.555
5.752
264
2.835
166
19.572
19.573
7.422
66
3.047
145
30.252
78
13.874
252.145
1.995
Total
Income before
income tax
1.871.043
266.019
23.710
Total liabilities
Allocated capital
expenditures
Unallocated capital
expenditures
Total
Depreciation and
amortization
Non-cash expenses other
than depreciation and
amortization
Sayuran dan
buah-buahan/
Vegetable and
fruit
Jagung/
Corn
Penjualan segmen
Penjualan eksternal
Penjualan antarsegmen
420.435
-
180.099
-
420.435
Laba bruto
225.667
(115.362)
(42.818)
Padi/
Paddy
Pestisida/
Pesticide
Lain-lain/
Others
Eliminasi/
Elimination
Konsolidasian/
Consolidated
2.197
-
383.302
17.651
17.071
3.114
(20.765)
1.003.104
-
Segment sales
External sales
Inter-segment sales
180.099
2.197
400.953
20.185
(20.765)
1.003.104
76.609
(2.190)
108.819
6.483
(20.765)
394.623
Gross profit
(88.261)
(4.500)
(565)
Laba usaha
Pendapatan bunga
Biaya keuangan
151.440
6.120
(1.325)
Laba sebelum
pajak penghasilan
Beban pajak
penghasilan - neto
156.235
(29.194)
Aset segmen
Aset tidak dapat dialokasi
319.428
358.379
82.899
270.290
4.455
Total aset
Liabilitas segmen
Liabilitas tidak dapat dialokasi
109.951
Total liabilitas
Pengeluaran barang modal
dapat dialokasi
Pengeluaran barang modal
tidak dapat dialokasi
8.093
2.730
3.900
999
127.041
1.035.451
677.232
Segment assets
Unallocated assets
1.712.683
Total assets
109.951
126.987
Segment liabilities
Unallocated liabilities
236.938
15.722
545
Total
Penyusutan dan
amortisasi
16.267
8.298
3.714
42
7.580
333
19.967
34.421
4.736
53
9.667
425
49.302
Total liabilities
Allocated capital
expenditures
Unallocated capital
expenditures
Total
Depreciation and
amortization
Non-cash expenses other
than depreciation and
amortization
Jagung/
Corn
Sayuran dan
buah-buahan/
Vegetable and
fruit
Padi/
Paddy
Pestisida/
Pesticide
Lain-lain/
Others
Eliminasi/
Elimination
Konsolidasian/
Consolidated
Penjualan
Jawa
Sumatera
Sulawesi
Kalimantan
Luar negeri
213.050
39.496
164.469
4.519
210
141.979
32.605
13.892
9.796
13.082
7.529
2.381
552
48
-
194.307
162.671
99.480
41.816
-
20.203
3.306
1.180
1.993
-
(13.004)
-
564.064
240.459
279.573
58.172
13.292
Sales
Jawa
Sumatera
Sulawesi
Kalimantan
Overseas
Total
421.744
211.354
10.510
498.274
26.682
(13.004)
1.155.560
Total
79
Jagung/
Corn
Sayuran dan
buah-buahan/
Vegetable and
fruit
Padi/
Paddy
Pestisida/
Pesticide
Lain-lain/
Others
Eliminasi/
Elimination
Konsolidasian/
Consolidated
Penjualan
Jawa
Sumatera
Sulawesi
Kalimantan
Luar negeri
232.337
22.835
161.848
2.011
1.404
101.472
31.615
14.380
11.977
20.655
1.808
377
12
-
153.871
118.369
94.397
34.316
-
15.165
2.580
885
1.555
-
(20.765)
-
483.888
175.776
271.522
49.859
22.059
Sales
Jawa
Sumatera
Sulawesi
Kalimantan
Overseas
Total
420.435
180.099
2.197
400.953
20.185
(20.765)
1.003.104
Total
liabilitas
tanggal
31 Desember/December 31,
2014
2013
Aset Keuangan
Pinjaman yang diberikan dan piutang
Kas dan setara kas
Piutang usaha
Pihak ketiga
Pihak berelasi
Piutang lain-lain
Pihak ketiga
Piutang pihak berelasi non-usaha
Aset tidak lancar lainnya
174.425
130.843
614.031
13.406
551.993
14.947
164.064
173
1.487
1.403
286
1.407
Financial Assets
Loans and receivables
Cash and cash equivalents
Accounts receivable - trade
Third parties
Related parties
Accounts receivable - others
Third parties
Due from related parties
Other non-current assets
Total
967.586
700.879
Total
Liabilitas Keuangan
Liabilitas keuangan yang diukur dengan
biaya diamortisasi
Utang usaha
Pihak ketiga
Pihak berelasi
Utang lain-lain - pihak ketiga
Beban akrual
Liabilitas imbalan kerja jangka pendek
Utang pihak berelasi non-usaha
Total
Financial Liabilities
79.419
9.719
18.525
54.407
1.073
181
80.315
2.495
18.315
40.424
267
187
163.324
142.003
Total
80
MANAJEMEN
a.
a.
Risiko kredit
Credit risk
Credit risk is the risk that the Group will incur
loss arising from customers that fail to fulfill
their contractual obligations.
81
MANAJEMEN
Tidak Mengalami
Penurunan Nilai/
Not impaired
115.386
Total/
Total
482.990
(15.655)
99.731
482.990
82
598.376
(15.655)
614.031
MANAJEMEN
Tidak Mengalami
Penurunan Nilai/
Not impaired
97.287
Total/
Total
470.309
(15.603)
567.596
81.684
(15.603)
470.309
551.993
b.
Risiko likuiditas
Liquidity risk
1-2 tahun/
1-2 years
Total/
Total
79.419
9.719
79.419
9.719
18.525
54.407
18.525
54.407
1.073
1.073
181
181
163.143
181
163.324
Total
83
MANAJEMEN
c.
1-2 tahun/
1-2 years
Total/
Total
80.315
2.495
80.315
2.495
18.315
40.424
18.315
40.424
267
267
187
187
141.816
187
142.003
Total
c.
Risiko pasar
Market risk
84
MANAJEMEN
Kebijakan
Kelompok
Usaha
untuk
meminimalkan risiko yang berasal dari
fluktuasi risiko mata uang asing adalah dengan
mengawasi tingkat optimal persediaan benih
sayuran, buah-buahan dan bahan baku utama
pestisida untuk produksi yang berkelanjutan.
Selain itu, Kelompok Usaha juga berusaha
mengurangi risiko tersebut dengan cara
melakukan
penyesuaian
harga
kepada
pelanggan bila terjadi fluktuasi nilai tukar mata
uang asing.
Perubahan
tingkat Rp/
Change in
Rp rate
31 Desember 2014
Dolar AS
Dolar AS
1%
-1%
85
(127)
127
MANAJEMEN
e.
1%
-1%
(491)
491
e.
Pengelolaan modal
Capital management
Kelompok
Usaha
mengelola
struktur
permodalan dan melakukan penyesuaian
terhadap perubahan kondisi ekonomi. Untuk
memelihara dan menyesuaikan struktur
permodalan,
Kelompok
Usaha
dapat
menyesuaikan pembayaran dividen kepada
pemegang saham, menerbitkan saham baru
atau pendanaan melalui pinjaman. Tidak ada
perubahan atas tujuan, kebijakan maupun
proses untuk tahun yang berakhir pada
tanggal 31 Desember 2014 dan 2013.
86
MANAJEMEN
Kelompok
Usaha
memantau
tingkat
permodalan dengan menggunakan ukuran
keuangan seperti rasio utang terhadap ekuitas
tidak lebih dari 2,5 kali pada tanggal
31 Desember 2014 dan 2013.
36. ASET DAN LIABILITAS
MATA UANG ASING
MONETER DALAM
31 Desember 2014
Mata Uang
Asing/
Foreign
Currency
AS$/US$
AS$/US$
Setara dengan
Rupiah/
Rupiah
Equivalent
75.687
845.567
Total
Liabilitas
Utang usaha
LIABILITIES
IN
FOREIGN
Aset
Kas dan setara kas
Piutang usaha
AS$/US$
1.945.109
EUR/ EUR
713
942
10.519
Assets
Cash and cash equivalents
Accounts receivable - trade
11.461
Total
24.197
11
Liabilities
Accounts payable - trade
Total
24.208
Total
12.747
31 Desember 2013
Aset
Kas dan setara kas
Piutang usaha
Mata Uang
Asing/
Foreign
Currency
Setara dengan
Rupiah/
Rupiah
Equivalent
693
12.823
Assets
Cash and cash equivalents
Accounts receivable - trade
13.516
Total
62.418
240
Liabilities
Accounts payable - trade
Accounts payable - other
Total
62.658
Total
49.142
AS$/US$
AS$/US$
56.877
1.052.047
Total
Liabilitas
Utang usaha
Utang lain-lain
AS$/US$
AS$/US$
5.120.863
19.684
87
KEUANGAN YANG
TETAPI
BELUM
37. FINANCIAL
ACCOUNTING
STANDARDS
ISSUED BUT NOT YET EFFECTIVE
a.
a.
b.
b.
PSAK
4
(2013):
Separate
Financial
Statements, effective January 1, 2015. This
PSAK prescribes only the accounting
requirements when a parent entity prepares
separate financial statements as additional
information. Accounting for consolidated
financial statements is determined in PSAK 65.
c.
c.
d.
d.
e.
e.
88
37. FINANCIAL
ACCOUNTING
STANDARDS
ISSUED BUT NOT YET EFFECTIVE (continued)
f.
f.
g.
g.
h.
h.
i.
i.
j.
j.
k.
k.
89
37. FINANCIAL
ACCOUNTING
STANDARDS
ISSUED BUT NOT YET EFFECTIVE (continued)
l.
l.
2014
2013
709
91
5
7
3.085
10b
3.085
10b
293
-
Sebelum
Reklasifikasi/
Before
Reclassification
Penjualan neto
Beban penjualan - insentif penjualan
Reklasifikasi/
Reclassification
1.056.361
175.305
(53.257)
(53.257)
90
Setelah
Reklasifikasi/
After
Reclassification
1.003.104
122.048
Net sales
Selling expenses - sales incentive