new go beyond expectations - sig · 2020. 5. 29. · the public 35%. in 15 september 1995, pt semen...
TRANSCRIPT
Annual Report
PT Semen Indonesia (Persero) Tbk 2019
GO BEYOND EXPECTATIONS
This Annual Report includes statement of financial positions, results of
operations, projections, plans, strategies, policies, and objectives of the
Company, which are classified as forward-looking statements in terms of
implementation of prevailing laws, except for historical matters. These
statements contain the prospect of risks, uncertainties and may resulted
in actual development materially different from what has been reported.
Prospective statements in this Annual Report are based on various
assumptions of the current state and the Company’s condition in the
future, including the business environment in which the Company
operates its business activities. The Company does not guarantee that
these valid documents will deliver results in accordance with current
expectations.
This Annual Report refers to PT Semen Indonesia (Persero) Tbk as "the
Company", "SIG" and "Semen Indonesia", carrying out business activities
in the cement industry. This Report also contains the word "Group", which
represents the Company's performance on a consolidated basis. The unit
currency denomination of "Rupiah", "Rp", and "IDR" refers to the official
currency of the Republic of Indonesia, while "US Dollar" or "USD" refers
to the official currency of the United States. All financial information is
presented in Rupiah.
Disclaimer and Limitation of Liability
This Report is presented in two languages, Indonesian and English, which
are published separately. Both books are printed using easily readable font
and sizes, and made of good quality. This Annual Report is also available
in and can be downloaded from the official website of Semen Indonesia,
www.SIG.id.
SIG understands that we must be flexible, agile, and brave enough to adapt to
market changes and remain one step ahead in facing a more competitive market.
We are currently transforming from a cement producer into the largest building
material solution provider in the region. This epic move requires stronger synergy
and consolidation with our subsidiaries. We believe that this is the right strategy
to strengthen the Company's fundamentals, to be the best market leader and
contribute to the nation’s economic development.
Go Beyond Expectations
2019 Highlights
In 2019 we completed the acquisition process of PT Holcim Indonesia Tbk to strengthen our new Vision
Installed Capacity
53 millionTons/Year
Integrated Cement Plants
Ports
Locations
Grinding Plants
Packing Plants
8
632
9
7
SIG Vision:
Leading Building Material Solution Provider in the Region 1
53.4%
Cement Producer inSoutheast Asia
Indonesian Market Share
#
Global Cement Manufacturers(Production Capacity)
20Top #
6Cement Brands• Semen Gresik• Semen Padang• Semen Tonasa• Dynamix• Semen Andalas• Thang Long Cement
Concrete Product Innovation & Solutions
10 Business Support Services
• Logistics
• Readymix Concrete Manufacture
• Building Material Trading
• Mining Services
• Packaging Manufacture
• Industrial Estate
• Property
• Information Technology
• Waste Management
• International Trading
ThruCrete
SpeedCrete
DecoCrete
2019 Highlights
Social and Sustainability
kgCO2/tons of cement equivalent
634
39,578 Fostered Partners
72,620 Beneficiaries
Waste reused as alternative raw materials and fuels
Million Tons1.8
Reduce to
Decrease 10% from
708 kg CO2/tons
cement equivalent
(2010 baseline)
Increase
63% from
1.1 million tons
(2010 baseline)
Semen Indonesia at a Glance
PT Semen Indonesia (Persero) Tbk,
previously named PT Semen Gresik
(Persero) Tbk, is a company engaged
in the cement industry. Inaugurated
in Gresik in 7 August 1957 by the first
President of the Republic of Indonesia
with an installed capacity of 250,000
tons of cement per year.
In 17 September 1998, the Government sold its stake in the
Company by 14% through an open tender won by Cemex SA
de CV, a global cement company based in Mexico. The share
ownership composition changed into: the Government of Indonesia
51%, Public 35% and Cemex 14%. Then in 30 September 1999, the
share ownership composition changed again into: the Government
of Indonesia 51.01%, Public 23.46% and Cemex 25.53%.
At the end of March 2010, Blue Valley
Holdings PTE Ltd. sold all of its shares
through a private placement. The
Company’s shareholders composition
changed into: Government of Indonesia
51.01% and public 48.99%. In April 2012,
the Company successfully completed
the construction of Tuban IV Plant
with a capacity of 2.5 million tons.
After commissioning, the plant was
handed over from project on July 2012,
followed by the commercial operations
inauguration in October 2012.
Furthermore, in the
third quarter of 2012,
the Company also
successfully completed
the construction of Tonasa
V plant in Sulawesi. The
commissioning of the new
plant with capacity of 2.5
million tons was carried
out since September 2012
and began the commercial
operation in the first
quarter of 2013.
In 18 December 2012 the
Company officially took
over 70% shares of Thang
Long Cement Joint Stock
Company (TLCC) from Hanoi
General Export-Import Joint
Stock Company (Geleximco)
in Vietnam, with a capacity
of 2.3 million tons. This
corporate action has made
the Company the first
multinational SoE public
company in Indonesia.
On 31 January 2019, the Company officially took over
80.6% shares of PT Holcim Indonesia Tbk (Holcim) from
LafargeHolcim Ltd. Through this acquisition, the Company
became one of the largest cement producers in Southeast
Asia with an installed capacity of 53 million tons per year.
The Company also changed the name of PT Holcim
Indonesia Tbk to be PT Solusi Bangun Indonesia Tbk (SBI)
and changed its brand from Holcim to Dynamix
In 27 July 2006 the shares of
Cemex Asia Holdings Ltd. Was
sold to Blue Valley Holdings PTE
Ltd., thus the share ownership
composition changed into:
Government of Indonesia 51.01%,
Blue Valley Holdings PTE Ltd.
24.90% and Public 24.09%.
In 8 July 1991, Semen Gresik was listed in the
Jakarta Stock Exchange and Surabaya Stock
Exchange (now the Indonesia Stock Exchange) and
became the the first SOE to go public by releasing
its 40 million shares to the public. The shareholders
composition changed to: Government of Indonesia
73% and the public 27%.
In September 1995, the Company conducted the
first Right Issue, which altered the share ownership
composition to: Government of Indonesia 65% and
the public 35%. In 15 September 1995, PT Semen
Gresik consolidate with PT Semen Padang and
PT Semen Tonasa. The total installed capacity of the
Company at that time amounted to 8.5 million tons
of cement per year.
On 20 December 2013,
the Company signed the
deed of establishment of
Joint Venture Company
named PT Krakatau
Semen Indonesia (KSI)
which will build waste
management plant to
produce slag powder
as the alternative raw
material for cement
manufacturing.
On 24 December
2013, the Company
continued
the corporate
transformation
process and
strengthen the role
of Strategic Holding
function through the
establishment of a
new subsidiary,
PT Semen Gresik.
Starting in 2014, the Company
built two new plants in Padang
and Rembang, which then
followed by a decision to
realize the construction of
a new plant in Aceh. The
Company also build the
Ground Granulated
Blast Furnace Slag Plant in
Cigading through PT Krakatau
Semen Indonesia.
In 2016, the Company established
PT Semen Indonesia International
(SII), PT Semen Indonesia Aceh (SIA)
and PT Semen Kupang Indonesia
(SKI), as well as changed the name
of PT SGG Prima Beton to PT Semen
Indonesia Beton (SIB) as part of the
expansion plans in cement and non-
cement sector.
In 2017, the Company established a joint venture company
in building material sector named PT Semen Indonesia
Industri Bangunan (SIIB). This company is a form of effort
to capture growth opportunities of the building materials
industry, which can be a new source of growth while
improving the synergies among subsidiaries. In addition,
the Company's two new plants, the Rembang Plant in
Central Java and the Indarung VI Plant in West Sumatra,
started their commercial operation with 3 million tons of
capacity per year for each plant.
On 20 December
2012, the Company
was officially act as
Strategic Holding
Company and at the
same time change its
name from PT Semen
Gresik (Persero) Tbk to
PT Semen Indonesia
(Persero) Tbk. The date
of 7 January 2013 was
marked as the date of
the establishment of
the Company.
Milestones
1999
Cemex became a strategic
partner with share
ownership of 14.0%. The
share ownership structure
of the Company changed
to:
• Government of
Indonesia: 51%
• Public: 23.5%
• Cemex: 25.5%
The market capitalization
value reached Rp6.6
trillion.
2006
Blue Valley Holdings
acquired SMGR shares
from Cemex, the
capitalization value:
Rp21.5 trillion.
Shareholders:
• Government of
Indonesia: 51%
• Public: 24.1%
• Blue Valley: 24.9%
2010
Blue Valley Holding
sold its entire shares
of SMGR. The market
value in April, 2019
amounted to Rp72.31
trillion. Shareholders:
• Government of
Indonesia: 51%
• Public: 49%
2012
Capitalization of
Rp94 trillion as of
31 December 2012,
installed production
capacity of 28.5 tons
per year.
Completion of the
construction of 2
cement plant units.
Acquisition of Thang
Long Cement Joint
Stock Company (TLCC)
in Vietnam.
Becoming a Strategic
Holding Company and
changed its name to
PT Semen Indonesia
(Persero) Tbk.
2013
Established PT Krakatau
Semen Indonesia, a
waste management Joint
Venture Company to
produce slag powder as
raw material for cement
production. Followed
by the establishment
of PT Semen Gresik
as the next step in the
process of corporate
transformation.
2014
Initiated construction phase of a
new plant’s in Rembang and Padang
(Indarung VI).
Established PT Sinergi Informatika
Semen Indonesia (SISI)
2016
Established PT Semen
Indonesia International (SII),
PT Semen Indonesia Aceh
(SIA) and PT Semen Kupang
Indonesia (SKI) and changed
the name of PT SGG Prima
Beton to PT Semen Indonesia
Beton (SIB) as part of the
expansion plans in the field of
cement and non-cement.
1957
Inauguration year of
the Company has a
production facility
with a capacity of
250,000 tons per
year (designated
capacity).
1991
The Company’s Initial
Public Offering (IPO),
market capitalization
value: Rp0.63 trillion.
The Company’s
ownership structure:
• Government of
Indonesia: 73%
• Public: 27%
1995
The acquisition of
domestic cement
companies, PT Semen
Padang (Persero) and
PT Semen Tonasa
(Persero).
1998
Cemex become a strategic
partner with share ownership
of 14.0%. The share
ownership structure of the
Company changed to:
• Government of Indonesia:
51%
• Public: 35%
• Cemex: 14.0%
The market capitalization
value reached Rp4.9 trillion.
2017
Established a joint venture in the building
material sector, PT Semen Indonesia
Industri Bangunan (SIIB), to capture
growth opportunities in the building
materials industry as a new source
of growth and increase the synergy
between subsidiaries.
Commercial operations of Rembang
Plant in Central Java and Indarung VI
Plant in West Sumatra with the capacity
of 3 million tons per year for each plant.
2019
Acquired 80.64% shares of PT Holcim Indonesia Tbk owned
by Holdervin B.V. on 31 January 2019 through its subsidiary,
PT Semen Indonesia Industri Bangunan, and became the
majority shareholder of PT Holcim Indonesia Tbk.
Changed the name of PT Holcim Indonesia Tbk to
PT Solusi Bangun Indonesia Tbk (SBI).
Conducted a Mandatory Tender Offer, thus the share
ownership of PT Solusi Bangun Indonesia Tbk (SBI)
increased to 98.3%.
Changed Holcim brand to Dynamix.
Logo Interpretation
In early 2020, Semen Indonesia carried out a corporate rebranding.
As a part of it, the Company also changed its logo.
In accordance with the Company’s
new vision "Leading Building Material
Solution Provider in the Region",
the Company decided to undertake a
rebranding after several considerations,
among others
• an increasingly competitive business
environment
• the Company's stakeholders image and
perception of the Company
• to establish and reinforce the vision,
mission and new values of the brand
in order to represents the Company's
growing services or products.
Rebranding was conducted to change the
brand positioning and reaffirms the new
vision of Semen Indonesia. Historically,
Semen Indonesia was the backbone of the
national development and has a reputation
as a leader of the cement industry in
Indonesia. Currently, Semen Indonesia is
continuing its steps to become a company
that inspires our stakeholders to create
sustainable living or a better life in the
future, and transformed into SIG.
SIG wants to realize its vision to be
the leading building material solution
provider in the region by providing a
variety of products with complete service
and quality. Aligned with this vision, SIG’s
corporate brand represents several points
the Company wants to achieved:
• SIG wants to be a leader (trendsetter) in
the building materials industry.
• SIG wants to be a leader in providing
innovative, advance and value-added
building materials solutions.
• SIG wants to be a recognized brand
and sought after by all stakeholders for
its good quality and values.
GoBeyondNe t
Introducing the New Face and Spirit:
Brand Identity
The concept of our corporate identity (logo) derives from the triangleshape with 45o angle and the strong base, represents a sharp focus and
orientation towards advancement with strong foundation.The logo is formed by 9 straight lines, as the number 9 represents
the best number.
Black Color
As the strongest neutral color, black isa symbol of elegant strength.
Black also represents an absolute willpower.
Red Color
Represents courage and leadership, red is a symbol of determination, passion, and real action. Red also represents the important color for Indonesians.
Upward Direction:Represents growth & continuous improvement
Sharp Angle (On Top):Represents SIG’s focus on detailed approach.
The Edge of the Arrow:Represents SIG whose always
moving forward
Wide Base:Represents a foundation which
provide protection and attention to the Company
Philosophy of the Company’s Logo and Name
8 2
7 3
6
5
19
4450
3Company
Profile
TABLE OF CONTENTS
Management Discussion and
Analysis
2
4
Management Report
20 Financial Highlights
22 Operational Highlights
23 Share Highlights
23 Quarterly Share Performance
23 SMGR Share Price and Volume Compared to JCI at IDX
23 Shareholders Composition
23 Share Trading Sanctions
23 Corporate Actions
24 Event Highlights
33 Report from the Board of Commissioners
36 The Board of Commissioners
39 Report from the Board of Directors
42 Directors
46 Company Identity
47 Line of Business
48 Products and Services
52 Operational Areas
54 Vision and Mission
55 Corporate Culture
56 Organization Structure
58 The Board of Commissioners’
Profile
62 The Board of Directors’ Profile
67 Shareholders’ Structure and
Composition
68 Controlling Shareholders’
Profile
69 Chronology of Issuance and/or
Listing of Shares
70 Chronology of Issuance and/or
Listing of Other Securities
72 Subsidiaries
74 Corporate Group Structure
76 Supporting Institutions and
Professionals
78 Company Website Information
80 Awards and Certifications
84 Human Resources
96 Economy and Industrial Overview
99 Operational Overview
111 Financial Overview
1Financial and
Operational Highlights
5
6
7
Corporate Social
Responsibility
Consolidated Financial
Statements
256 Commitment of Corporate
Social Responsibility
Implementation
257 Vision and Mission of Semen
Indonesia’s CSR
258 2024 Commitment to
Sustainability
260 Environmental Conservation
Responsibility
266 Social Responsibility for Labour
and Occupational Health &
Safety
270 Social Responsibility for
Community Development
275 Product and Customer
Responsibility
280 2019 Annual Reporting Liability
285 Consolidated Financial Statements
381 Cross References
Good Corporate Governance
144 The Company’s Commitment
and Policy on Corporate
Governance Implementation
and The Results
146 Quality Improvement of
the Corporate Governance
Implementation
149 Corporate Governance Structure
and Mechanism
151 General Meeting of Shareholders
163 The Board of Commissioners
170 Independent Commissioners
172 The Board of Directors
184 Performance Assessment of the
Board of Commissioners and
Directors
187 Policy on Diversity of the Board
of Commissioners and Directors
190 Policy on Remuneration of the
Board of Commissioners and
Directors
192 Meetings of the Board of
Commissioners and Directors
202 Supporting Organs of the Board
of Commissioners
202 Audit Committee
208 Nomination & Remuneration and
CSR Committee
214 Strategy, Risk Management and
Investment Committee
219 Secretary of the Board of
Commissioners
222 Corporate Secretary
228 Internal Audit Unit
231 Internal Audit Group Authority
232 Scope of Internal Audit Group
235 Public Accountants
237 Risk Management
244 Internal Control Systems
244 Legal Cases of the Company,
Subsidiaries, the Board of
Commissioners and Directors
245 Administrative Sanctions of the
Company
245 Access to Company Information
and Data
246 Code of Conduct
248 Strengthening Corporate Culture
248 Gratification and Anti-Corruption
Control
249 Disclosure of the Company's
Financial and Non-Financial
Statements
250 Provision of Funds for Social
and Political Activities
250 Provision of Funds to Related
Parties
250 Prevention of Insider Transaction
251 Whistleblowing System
We continue our business strategy and restructure our business processes in accordance with the changes in the business model we are currently implementing, so as to deliver total solution services that provides additional values to our customers.
Go BeyondService Excellence
FINANCIAL AND OPERATIONAL HIGHLIGHTS
1
20 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Financial and Operational Highlights Management Report Company Profile
Financial Highlightsin million Rupiah
Description 2019 2018 b) 2017 a)
Consolidated Statements of Financial Position
Current Assets 16,658,531 16,091,024 13,801,819Investments in Associates Entities 89,001 85,638 83,665Fixed Assets 56,601,702 32,391,950 32,523,310Goodwill and Intangible Assets 4,260,059 1,084,687 1,269,644Other Non-Current Assets 2,197,774 1,130,537 1,390,212Total Assets 79,807,067 50,783,836 49,068,650Current Liabilities 12,240,252 8,179,819 8,803,577Non-Current Liabilities 31,674,891 9,988,702 10,219,041Total Liabilities 43,915,143 18,168,521 19,022,618Temporary Syirkah Funds 2,000,000 - -Total Equity 33,891,924 32,615,315 30,046,032Capital Expenditure 1,629,496 1,796,158 3,504,826Net Working Capital 4,418,279 7,911,205 4,998,242Consolidated Statements of Profit or Loss and Other Comprehensive Income
Revenues 40,368,107 30,687,626 27,813,664Gross Profit 12,713,983 9,330,530 7,959,599Operating Income 6,185,043 4,880,639 2,851,306Income for the Year 2,371,233 3,085,704 1,650,006Total Comprehensive Income for the Year 2,268,151 3,517,374 1,314,574Profit for the Year Attributable to the Owners of Parent Entity 2,392,151 3,079,115 1,620,995Profit for the Year Attributable to the Non-Controlling Interests (20,918) 6,589 29,011Total 2,371,233 3,085,704 1,650,006Comprehensive Income Attributable to Owners of Parent Entity 2,316,376 3,475,788 1,295,418Comprehensive Income Attributable to Non-Controlling Interests (48,225) 41,585 19,156Total 2,268,151 3,517,373 1,314,574EBITDA 8,699,497 6,576,705 4,904,308Market Capitalization 71,178,240 68,212,480 58,722,048Weighted Average of Outstanding Shares (in Thousands) 5,931,520 5,931,520 5,931,250Earnings Per Share (Full Amount) 403 519 273Financial Ratios
Gross Profit Margin (%) 31.50 30.40 28.60Operating Margin (%) 15.32 15.90 10.25Net Profit Margin (%) 5.93 10.03 5.83EBITDA Margin (%) 21.55 21.43 17.63EBITDA to Interest (X) 2.71 6.86 6.48Return on Equity (%) c) 7.41 9.87 5.68Return on Asset (%) 3.00 6.06 3.30Current Ratio (%) 136.10 196.72 156.78Return on Investments (%) 19.16 15.65 10.00Debt to Equity Ratio (%) d) 93.08 30.79 35.13Debt to Asset Ratio (%) e) 37.64 18.91 20.42Debt to Capital Ratio (%) 46.99 22.75 25.01
Information :a) As restatedb) As reclassifiedc) Equity attributable to the owners of parent entityd) Total interest bearing debt, temporary syirkah funds, and equity attributable to the owners of parent entitye) Total interest bearing debt and temporary syirkah funds
21Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
2019 2018 2017
2019 2018 2017
2,3
92
3,0
79
1,62
1
79,8
07
50
,78
4
49
,06
9
40
,36
8
30
,68
8
27,
814
EBITDA(Rp billion)
2019 2018 2017
Total Assets(Rp billion)
Revenues(Rp billion)
2019 2018 2017
Return on Assets/ROA(%)
Profit for the Year Attributable to the Owners of Parent Entity(Rp billion)
Return on Equity/ROE(%)
2019 20192018 20182017 2017
8,6
99
6,5
77
4,9
04
7.4
1
9.8
7
5.6
8
3.0
0
6.0
6
3.3
0
22 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Financial and Operational Highlights Management Report Company Profile
Operational Highlights
* Including grinding plants** Excluding domestic clinkers
Industry Unit 2019 2018 2017
Cement
Total Production Capacity* Thousand Tons 52,600 37,800 35,800Domestic Production Thousand Tons 38,280 28,566 28,658Regional Production Thousand Tons 1,430 1,994 2,133Total Production Thousand Tons 39,710 30,560 30,791Domestic Sales** Thousand Tons 36,341 27,421 27,094Regional Sales Thousand Tons 6,271 5,750 4,255Domestic Clinker Thousand Tons 668 213 259Total Sales Thousand Tons 43,280 33,384 31,608Packaging IndustryPasted Woven Production Sheet 18,175,486 10,012,808 3,595,598Sewn Woven Production Sheet 7,829,585 12,393,648 25,802,930Pasted Kraft Production Sheet 221,396,257 228,858,880 233,864,679Total Packaging Production Sheet 247,401,328 251,265,336 263,263,207Industrial Real EstateSales Volume Industrial Land Sales M² 20,400 4,349 20,577Rental Volume Land Rent M² 41,005 44,353 43,849BPSP Rent Units 13 13 15Warehouse Rent Units 83 84 67Office Rent Units - - 1Shophouse Rent Units 13 13 13House Rent Units 2 3 3MiningMining Services Limestone Tons 17,570,468 17,298,592 14,666,153Clay Tons 2,957,301 3,531,226 3,768,303Surface Miner Tons 936,681 1,220,348 1,478,785Sub-Total Tons 21,464,450 22,050,166 19,913,241Other Mining Services BCM Unit BCM 503,346 775,027 813,599Meter Unit Meter 306,924 239,637 193,220Ton Unit Tons 8,487,944 15,792,285 11,193,280Hour Unit Hour 20,906 31,172 31,321Lumpsum Unit Lumpsum 554 38 392Percentage Unit Percentage - - 213M3 Unit M³ - - 49,507Package Unit Package - - 1Ea Unit Ea - - 77Ha Unit Ha - 25 10Sub-Total 9,319,673 16,838,183 12,281,620Total Mining BCM 503,346 775,027 813,599Total Mining Meter 306,924 239,637 193,220Total Mining Ton 29,952,394 37,842,451 31,106,521Total Mining Hour 20,906 31,172 31,321Total Mining Lumpsump 554 38 392Total Mining Percentage - - 213Total Mining Ha - 25 10Total Mining M³ - - 49,507Total Mining Package - - 1Total Mining Ea - - 77
23Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
2019Stock Price (Rp)
Total Shares VolumeMarket
CapitalizationOpening Highest Lowest Closing
1st Quarter 11,475 13,950 11,200 13,875 5,931,520,000 327,151,600 82,745
2nd Quarter 13,800 14,300 10,475 11,575 5,931,520,000 498,787,900 68,657
3rd Quarter 12,475 13,450 11,550 11,550 5,931,520,000 420,872,000 68,509
4th Quarter 11,200 13,325 10,825 12,000 5,931,520,000 328,980,300 71,178
2018Stock Price (Rp)
Total Shares VolumeMarket
CapitalizationOpening Highest Lowest Closing
1st Quarter 9,900 11,750 9,650 10,350 5,931,520,000 323,670,000 61,391
2nd Quarter 10,350 11,000 7,075 7,125 5,931,520,000 311,470,000 42,262
3rd Quarter 7,125 9,925 6,725 9,925 5,931,520,000 314,330,000 58,870
4th Quarter 9,925 12,025 8,600 11,500 5,931,520,000 452,670,000 68,212
Quarterly Share Performance
Share Highlights
In 2019, there was no temporary suspension and/or
delisting of shares sanctioned to PT Semen Indonesia
(Persero) Tbk.
Share Trade Sanctions
Corporate Actions
In 2019, Semen Indonesia did not held any corporate
action related to stock split, reverse stock, bonus
shares nor changes in the nominal value of shares.
ShareholdersComposition
Share Price and Volume of SMGRCompared to JCI in IDX
Shareholders Total Shares %
Government of Indonesia 3,025,406,000 51.01%
Foreign Institutions 2,089,937,204 35.23%
Foreign Individuals 399,700 0.01%
Domestic Individuals 42,583,992 0.72%
Domestic Institutions 773,193,104 13.03%
Total 5,931,520,000 100.00%
0.01%
51.01%
35.23%
13.03%0.72%
Volume SMGR JCI
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
600,000,000
500,000,000
400,000,000
300,000,000
200,000,000
100,000,000
0
Q1 Q1Q2 Q2Q3 Q3Q4 Q4
327,151,600
323,670,000
6,469 6,1896,359 6,1695,977
6,299 6,194
12,000 11,50011,550
9,92511,575
5,799
13,950
10,350
498,787,900
311,470,000
420,872,000
314,340,000
328,980,300
452,670,000
7,125
2019 2018
24 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Financial and Operational Highlights Management Report Company Profile
Event Highlights
31 January 2019
Semen Indonesia finalized acquisition of
shares ownership of PT Holcim Indonesia
Tbk. The closing of stock purchase from
Holderfin B.V. took place on Thursday
(31/01/2019). The acquisition was conducted
by the Company's subsidiary, PT Semen
Indonesia Industri Bangunan (SIIB). Semen
Indonesia purchased 6,179,612,820 shares
at a price of Rp2,097 per share. Thus, total
purchase price of the 80.64% share was
amounted to Rp12.9 trillion.
11 February 2019
The Extraordinary General Meeting of
Shareholders (EGMS) of PT Holcim Indonesia
Tbk in Jakarta approved the change of the
Company’s name into PT Solusi Bangun
Indonesia Tbk (SBI). Additionally, two SBI’s
subsidiaries also changed their names.
PT Holcim Beton becomes PT Solusi Bangun
Beton, and PT Lafarge Cement Indonesia
becomes PT Solusi Bangun Andalas. The
EGMS also approved changes to SBI’s
Board of Directors, which appointed Aulia
Mulki Oemar as President Director, Agung
Wiharto as Director and Lilik Unggul Raharjo
as Independent Director.
22 May 2019
`
The Annual General Meeting of Shareholders (AGMS) of PT Semen Indonesia (Persero)
Tbk in Jakarta changed the composition of the Board of Commissioners and Directors.
The AGMS approved the resignation of Sutiyoso and Wahyu Hidayat from the Board of
Commissioners, as well as Agung Yunanto from the Board of Directors. Soekarwo replaced
Sutiyoso’s position and Lydia Silvanna Djaman to replace Wahyu Hidayat. Meanwhile, Tina
T. Kemala Intan was appointed as the Director of HR and Legal to replace Agung Yunanto.
23 April 2019
PT Semen Indonesia (Persero) Tbk held
BUMN Goes To Campus (BGTC) at the
University of Bung Hatta Bypass Aia Pacah
Padang in West Sumatra (23/4). The event is
part of the 21th Anniversary Celebration of
the Ministry of SOEs. Padang City was one
of the hosting places for BGTC, which was
carried out in eight cities including Medan,
Riau, Bengkulu, Palembang, Majalengka,
Karawang, Tasikmalaya and Sukabumi.
30 May 2019
Semen Indonesia held another SOEs Collective Homecoming (Mudik Bareng BUMN) by
despatching of 5,000 travelers from West Sumatra, Jakarta, West Java, Central Java, East
Java and South Sulawesi, to various destinations in Indonesia. This year the despatch of
travelers was carried out by the Minister of SOEs Rini Soemarno at Bung Karno Stadium,
Jakarta.
25Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
14 August 2019
As part of the 74th Anniversary of the
Independence of the Republic of Indonesia,
Semen Indonesia carried out SOEs for the
Nation (BUMN Hadir Untuk Negeri/BHUN)
Program through the Introducing the Nation
to Students (Siswa Mengenal Nusantara/
SMN) event. The program was initiated by
the Ministry of SOEs with aim to instill a sense
of pride and love for the nation to teenagers
at senior high schools (SMA/SMK/SLB). The
student participants of SMN consisted of 24
representatives from South Sulawesi district/
city, 3 students with disability, 2 teachers and
1 representative from the Education Office
of South Sulawesi Provincial Government.
Meanwhile, through its subsidiary, PT Semen
Padang, the Company will soon dispatch 23
outstanding students from West Sumatra to
visit South Kalimantan.
17 August 2019
To commemorate the 74th Anniversary
of the Republic of Indonesia, PT
Semen Indonesia (Persero) Tbk and
PT Industri Kapal Indonesia (Persero) as
well as PT Perkebunan Nusantara XIV
provided assistance to the community in
Selayar, South Sulawesi, through staple
foods donation worth of Rp1,725 billion.
Another assistance, which is a part of
the BHUN Program, was given through
renovation of 10 houses, electrification of
50 home, water supply system installation
in two locations and construction of public
toilets in 50 locations.
27 August 2019
Two SOEs, Semen Indonesia and PT Pelindo
III, began a collaboration in three areas of
logistics, energy and port. Cooperation
Agreement for the Millenium Challenge
Corporation (MCC) was signed by Semen
Indonesia’s President Director Hendi Prio
Santoso and Pelindo III’s President Director
Doso Agung in Jakarta, Tuesday (27/8).
In this partnership, Pelindo III will provide
shore connection facility (electrical energy
source for docked ships at the pier) which
can be used as energy supply for onboard
loading and unloading cranes (cargo carrier
owned by Semen Indonesia) to improve
operational cost efficiency.
29 August 2019
Through its subsidiary, PT Mitra Kiara Indonesia (MKI), PT Semen Indonesia (Persero) Tbk
started the construction of a dry mortar plant with a capacity of 375 thousand tons per year in
Narogong, Gunung Putri, West Java. The Plant’s Ground Breaking Ceremony was attended
by Semen Indonesia’ President Director Hendi Prio Santoso and Director of ICM, Mirza
Whibowo Soenarto.
26 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Financial and Operational Highlights Management Report Company Profile
25 September 2019
PT Semen Indonesia (Persero) Tbk,
continues to actualize its pace into the
largest building materials provider in the
region. As a follow-up to transformation
action in the financial sector, the Company
established a cooperation agreement
(PKS) with PT Bank Negara Indonesia
(BNI) (Persero) Tbk for the National Polling
service.
Signed in Jakarta on Wednesday
(25/9), Director of Business Strategy &
Development Fadjar Judisiawan stated that
this cooperation is one of the Company's
efforts in realizing financial structure
improvement and is part of the Company's
strategic priorities. Such cooperation will
reinforce synergy between SOEs and
provides added values for both companies.
30 August 2019
PT Semen Indonesia (Persero) Tbk. signed
a Syndicated Loan Agreement amounting
to Rp2,350 trillion with BRI Syariah, Mandiri
Syariah, and CIMB Niaga Syariah in the East
Tower, Jakarta, Friday (30/8).
During the event, Semen Indonesia’s
Director of Finance Doddy Sulasmono
explained that this syndicated loan will be
used to refinance some of loan terms that
will be matured soon and loan needs for
the shareholders of some subsidiaries. The
Company is bound by the terms of the loan
agreement, one of which is having a tenor
of up to 7 years since it was signed.
26 September 2019
Three innovation teams of Semen
Indonesia Group who competed in the 2019
International Convention on Quality Control
Circle (ICQCC) at the Keio Plaza Hotel in
Tokyo, Japan, on 23-26 September, came
home proudly. They have returned with two
Gold and one Silver Awards.
Two Gold Awards were received by
Extrill Team and Piston Team from Semen
Padang. Meanwhile, the Progressive
Building Materials Team from Semen
Indonesia received the Silver Award for
their innovation, the Interlocking Brick Wall
Development. The interlocking brick, or the
lego brick, is better than the conventional
brick as it made building walls resistant to
tremors.
27 September 2019
PT Solusi Bangun Indonesia Tbk (SBI) officially changed its cement brand from Holcim
to Dynamix. Announcement of the rebranding was done through an Internal Launch at
the Intercontinental Hotel, Jakarta. SBI’s President Director Aulia Oemar Mulki said the
rebranding is part of the Company’s transformation process, as well as the continuation of
the integration process that was carried out by PT Semen Indonesia after the acquisition of
SBI in early 2019.
27Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
16 October 2019
It was a prideful achievement for Semen
Indonesia Group when its 10 teams competed
in the Asia Pacific Quality Organization
(APQO) during the 25th International
Conference in Bali, 14-16 October 2019. In the
event, which involved 700 participants from
more than 300 companies in 19 countries, all
teams of SMI Group won 3 Stars, which is the
highest award.
Of the 10 teams, two teams represent Semen
Indonesia Holding, two teams from Semen
Gresik, two teams from Semen Tonasa, and
4 other teams were from Semen Padang.
Another achievement received by the
Rembang Bangkit Team for their innovation,
the 'Semen Gresik Community Challenge
(SGCC)'. In addition to the 3 Stars Award,
they also won the title of Best of the Best
Award as the Most Favorite Team.
28 October 2019
Semen Indonesia made a history in the
global cement industry after deciding to
join the World Cement Association (WCA).
WCA is an international cement association
established in 2016, consists of cement
manufacturers from various countries.
28 November 2019
Unwilling to stay in a comfort zone, Semen
Indonesia Group continues its efforts to foster
a culture of innovation in every activity of the
Company. One of them by holding Semen
Indonesia Innovation Awards 2019. The
awards were held at the Function Hall of South
Quarter, A Tower, South Jakarta, on Thursday
(28/11) to appreciate outstanding innovators
within the Semen Indonesia Group. The event
was aimed to motivate and inspire employees
in the Company as well as their business
performance improvement, in a bid to meet
future business challenges.
The Company's priority programs are aimed at providing total solution services through increased synergy, consolidation, and operational efficiency in order to promote organic growth and win the market competition.
Go Beyond Market Competition
MANAGEMENT REPORT
2
32
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
SoekarwoPresident Commissioner
33
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
We sent our highest praise and gratitude
towards God Almighty for all His blessings
and grace given to all of us, so that PT Semen
Indonesia (Persero) Tbk was able to achieve
good performance in 2019. The Board of
Commissioners acknowledges achievements
recorded by the Company during the fiscal
year of 2019, including the completion of the
acquisition of PT Holcim Indonesia Tbk.
The Board has also conducted our supervisory
function towards the management of the
Company as mandated by the Shareholders.
Evaluation of the Company's performance was
carried out with consideration towards a variety
of targets set in the early year of operation, and
set forth in the Company’s Business Plan, such
as the achievement of the Company’s targets,
as well as various other operational aspects,
including the quality of corporate governance
implementation and the Company's financial
performance improvement.
Evaluation of the Company’s Performance Achievement The cement industry condition in 2019 remained
challenging. Demands for cement was relatively
stagnant compared to the previous year. The
election, which included the election of the
national leaders in April 2019, made a lot of
businesses took a stand in order to wait for the
process outcome. In addition, there were many
infrastructure projects that had been completed
in 2018, while the new project initiatives were
waiting for the election results. Thus, the first
half of 2019 experienced a significant decline of
cement demands.
The cement market remained oversupply of
almost 40 million tons. As a result, the level of
competition became increasingly fierce and put
pressure on cement price. In such condition, the
Board of Commissioners appreciates strategic
initiatives taken by the Board of Directors to
maintain the Company’s performance. On
the acquisition, which was taken in 2019, the
necessary steps have been taken, including
changing the Company's name and brand.
PT Holcim Indonesia Tbk was renamed as PT
Solusi Bangun Indonesia Tbk (SBI) and the
Holcim brand was rebranded as Dynamix.
This was an appropriate step, not only to
strengthen the market share, but also to
Dear Respected Shareholders and Stakeholders,
Report of the Board of Commissioners
The Board of Commissioners continues to promote the continuity of the transformation program to enhance our competitiveness, as well as carving the milestone in achieving the vision and mission of the Company that has been officially renewed in 2019.
34
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
strengthen the Company
as a group. The integration
of SBI would strengthen
the synergy among
existing business units.
On the other side, the
Board of Commissioners
continues to promote
the continuity of the
transformation program
to enhance our
competitiveness, as well
as carving the milestone
in achieving the vision and
mission of the Company that has been officially
renewed in 2019.
In 2019, the Company conducted a
groundbreaking for building a mortar cement
plant in Narogong, West Java. The initiative
was in line with the Company’s new vision and
mission, especially since mortar cement has
a huge potential for growth in the Indonesian
market.
On the financial aspect, the Board of
Commissioners appreciates the Company’s
achievements. The Company was able to
increase the EBITDA margin. The achievement
shows that the strategy carried out by the
Company’s Board of Directors in managing the
market and applying an integrated marketing
strategy was appropriate.
Business Prospects of the CompanyThe economic challenges during 2020 is
expected to be fiercer. The outbreak of the
COVID-19 pandemic would put severe pressure
to the global economy, which has been
predicted to experience a slowdown.
The same pandemic is also spreading in
Indonesia, which will greatly affect the economic
growth in 2020. Bank Indonesia has revised the
2020 economic growth forecast for Indonesia
to be around 2.3%.
In the midst of such condition, the Company
seeks to explore its potential. The continuous
infrastructure development programs carried
out by the government remain one of the
foundations for our business growth. In addition,
the Company is also seeking to optimize any
potential of value-added products.
In 2020, the Company is focusing to carry out
various variety programs: continue integrating
and streamlining the operational functions;
develop building material products and services;
manage the shareholders’ and stakeholders’
expectations; and transform the corporate
culture. Implementation of all priority programs
is aimed to improve operational efficiency of
the Company, strengthen product portfolio,
maintain good relationships with stakeholders,
and increase employee engagement, as well as
fostering a new paradigm that is more oriented
towards the market.
The Board of Commissioner continues to advise
the Board of Directors to conduct business
development by prioritizing the principle of
prudence and committed in implementing good
corporate governance principles.
Corporate Governance Implementation In carrying out the stakeholders’ mandate,
the Board of Commissioners is committed
to implement good corporate governance,
including within the Board of Commissioners
and our supporting functions, as well as the
Board of Directors and their staffs.
The Company is committed to achieving the
Sustainable Development Goals (SDGs) in
Indonesia, which is in line with the commitment
of the Indonesian government on sustainability.
As a cement company with a global mindset,
Semen Indonesia must demonstrate leadership
in implementing such resolution from the United
Nations.
The Board of Commissioners believes that in
order to achieve a sustainable development, it
is absolutely necessary to maintain the balance
between economy, social and environment. This
is aligned with Semen Indonesia's commitment
in ensuring its business activities would bring
long-term positive impacts to the stakeholders.
The Company
is committed
to achieving
the Sustainable
Development Goals
(SDGs) in Indonesia,
which is in line with
the commitment
of the Indonesian
government on
sustainability.
35
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Company shows leadership in carrying
out various initiatives beneficial for social and
environment, such as: reducing fossil fuel
consumption through implementation of the
latest technology. The Company also pioneered
the usage of industrial waste, such as fly ash and
municipal waste as an alternative raw material
or fuel. Detailed description of our various
initiatives is available in this Annual Report and
the Sustainability Report of the Company.
Changes to the BOC CompositionBased on the decision of the Annual General
Meeting of Shareholders on Wednesday,
22 May 2019, the Shareholders honorably
discharged Mr. Sutiyoso and Mr. Wahyu Hidayat
as the members of the Board of Commissioners,
and appointed Mr. Soekarwo and Mrs. Lydia
Silvanna Djaman as the new Commissioners.
The Board of Commissioners conveys its thanks
to Mr. Sutiyoso and Mr. Wahyu Hidayat for their
contribution to the Company during their term
of service.
Appreciation and Closing Remarks The Board of Commissioners would like to
express our appreciation and gratitude to the
Board of Directors and all employees for their
hard work and contribution in ensuring the
Company’s sustainability and improvements.
We would also like to convey our highest
appreciation to our shareholders and
stakeholders for their trust and support. We
strongly believe that the Company's new vision
and direction will provide sustainable values
and a new direction for our transformation in
becoming a capable global organization in
supporting the national development.
Jakarta, 31 March 2020
SoekarwoPresident Commissioner
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 36
The Board of Commissioners
Left to Right
Nasaruddin UmarIndependent Commissioner
Hendrika Nora Osloi SinagaCommissioner
Astera Primanto BhaktiCommissioner
SoekarwoPresident Commissioner
Mochamad CholiqIndependent Commissioner
Lydia Silvanna DjamanCommissioner
Sony SubrataCommissioner
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk 37Laporan Tahunan 2019 PT Semen Indonesia (Persero) TbkAnnual Report 2019 PT Semen Indonesia (Persero) Tbk
38
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Hendi Prio Santoso President Director
39
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Report of the Board of Directors
We sent our highest praise and gratitude
towards God Almighty for all the favors,
gifts, and opportunities given to PT Semen
Indonesia (Persero) Tbk throughout 2019.
Despite the challenging conditions of the
cement industry in 2019, Semen Indonesia
managed to prove its capability in carrying
out its commitment to achieve the Company’s
vision and mission.
To Be A Building Materials and Solutions ProviderThe Indonesian cement industry is facing
challenging competition. The significant
addition of numbers of players and capacity
in the industry has put pressure to the
cement price during 2015-2017. Currently,
the competition remains challenging with
persistent oversupply of nearly 40 million tons.
However, the Company was able to adapt
to the situation and bring back the cement
price to a healthier level. The Company also
noticed a further opportunity in downstream
business, which led the Company to renew
its vision to be the leader of Building Material
Solution Provider in the Region. As one of
the milestones towards achieving the vision,
the Company has completed its corporate
rebranding in 11 February 2020.
One of the strategic actions being taken in
such fierce competition was to acquire PT
Holcim Indonesia Tbk in 2019. This acquisition
has further strengthened the position of Semen
Indonesia in the national cement industry,
especially in Java and the surrounding market.
The Company's presence became more solid
in terms of supply chain, production, and
marketing, both domestically and regionally.
Semen Indonesia also took the opportunity
to diversify its products and downstream
business such as ready mixed concrete
business development, mortar, cement and
other derivative products. Having 53 million
tons of cement capacity, allowing Semen
Indonesia to strengthen the resilience of
state-owned cement companies in Indonesia
to ensure its continuous support for the
national infrastructure development, while
solidifying the Company as a leading cement
company in Asia Pacific region.
2019 PerformanceIn 2019, the Company recorded operational
and financial performance that Go Beyond
Expectations. Revenue in 2019 grew by 31.5%
to Rp40,368 billion, resulted from increased
sales volume and optimized management
2019 achievements were the results of the Company's efforts in carrying out integration and consolidation, as well as maintaining financial performance, thus became the solid foundation towards becoming the leader of building material solutions provider in the region.
Dear Respected Shareholders,
The Company will remain
focused on improving
synergy among units
and subsidiaries, in
order to create new
opportunities aligned
with the Company’s
new vision. Semen
Indonesia believes that
the level of competition
in the cement industry
will remain high, but
the synergy between
the work units and
subsidiaries will bring
greater competitive
advantage for the
Company compared to
other players.
40
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
through multi brand
marketing strategy.
As one of real actions
toward our new vision
to be the leader in the
region, the Company
managed to increase
regional sales by 9.1%
in 2019.
The Company was
also able to manage
the incremental of cost
of revenue resulting
in lower growth
compared to revenue
growth, which in turn
contributed to higher
EBITDA of Rp8,699
billion in 2019, or
grew 32.3% with a
maintained EBITDA
margin.
In terms of profit for the year attributable to
owners of the Company, the Company recorded
a profit of Rp2,392 billion, which has taken into
account the increased finance cost related to
the acquisition of PT Holcim Indonesia Tbk at
the end of January 2019. Some finance cost
efficiency programs have been taken during
2019, such as cash flow management, which
enable the Company to reduce the outstanding
debt of around Rp1.4 trillion in 2019. The
refinancing programs conducted last year also
helped reduce the interest rate to lower the
finance cost.
The strategic initiatives taken, including
cost leadership through cost transformation,
integration of strategic functions within the
group, and synergy with PT Holcim Indonesia
Tbk or PT Solusi Bangun Indonesia Tbk have
enabled Semen Indonesia to achieve stronger
operational and financial performance last year.
Business ProspectsThe global economic condition in 2020 is
severely impacted by the COVID-19 pandemic,
which has been spread worldwide. The
International Monetary Fund (IMF) predicts the
global economic growth to be negative in 2020.
Bank Indonesia expectation for Indonesia
economic growth this year to be 2.3% or far
lower compared to previous expectations.
In responding to the current situation, during
the first quarter of 2020, Bank Indonesia
has cut BI 7 Days Repo Rate twice of 25 bps
each time, which bring the current 7 Days
Repo Rate to be 4.50%. At the same time, the
Financial Service Authority (OJK) has issued
OJK Regulation (POJK) No.11/POJK.03/2020
concerning the National Economic Stimulus as
the Countercyclical Policy on the Impact of the
Spread of Coronavirus Disease in 2019. These
policies are intended to boost economic growth
amid the Covid-19 outbreak.
The Company believes that the economic
condition will recover when the Indonesian
government is able to cope with the Covid-19
outbreak. The national strategic projects will be
rolled back and the private sector will resume its
expansion efforts. The Company will continue
to support the government program of Nawa
Cita, especially in infrastructure development.
The Company will remain focused on improving
synergy among units and subsidiaries, in order
to create new opportunities aligned with the
Company’s new vision. Semen Indonesia
believes that the level of competition in the
cement industry will remain high, but the synergy
between the work units and subsidiaries will
bring greater competitive advantage for the
Company compared to other players. The
Company will also maximize portfolio of
subsidiaries in order to further contribute to the
Company’s increased profitability.
Corporate Governance Implementation The Company's commitment in implementing
good corporate governance continues heading
to a better level. Applied centralization and
digitization have been proven to be effective
generally in the Company’s governance quality.
This is evidenced from GCG score achievement
in 2019, which increased to 94.54 compared to
the previous year, the highest achievements of
the Company so far. GCG assessment in 2019
41
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
was carried out by PT Sinergi Daya Prima using
the same assessment method and criteria as
the previous year.
Commitment to SustainabilityAs the leading cement company in Southeast
Asia, highest commitment to sustainability
aspect is a must. The Company understands
that the impact of operational activities on the
environment, both from the use of energy as
the main factor of production and manufacture
discharges in the form of emissions (greenhouse
gases/GHGs, air pollutants, and dust
emissions), as well as waste (solid and liquid).
Company policy emphasizes the importance
of environmental management to achieve
energy efficiency, emissions control, and waste
reduction and utilization of hazardous and/or
non-hazardous waste.
In 2019, emission intensity or CO2 per product
decreased to 634 kg CO2/ton cement equivalent,
consistent with the Sustainability Development
Goals (SDGs), which become the focus of the
Company, especially goals number 6, 7, and 9.
We also have launched innovative eco-friendly
products such as ThruCrete, with a very good
ability to absorb surface water.
On the social side, the local community
becomes the integral part of the Company
as a social entity. The existence of local
communities impacting the operational security
and licensing. On the other hand, the Company
presence through its cement business units
and subsidiaries have an indirect impact to the
improvement of the community welfare, job
opportunities, and development of the region.
The local government and community put high
expectation towards the Company as a state-
owned company. Through the Partnership
program, Semen Indonesia registered 37
thousand fostered partners with 72 thousand
beneficiaries. Thus, the Company presence
has given the real multiplier effect on Semen
Indonesia areas of operation.
Changes to the BOD CompositionOn 22 May 2019, the Annual General Meeting of
Shareholders honorably discharged Mr. Agung
Yunanto as Director of HR and Legal, and
appointed Mrs. Tina T. Kemala Intan as the new
Director of HR and Legal. The Board of Directors
conveys its thanks to Mr. Agung Yunanto for his
contribution to the Company during his term of
service.
Appreciation and Closing Remarks2019 achievements were the results of the
Company's efforts in carrying out integration and
consolidation, as well as maintaining financial
performance, thus became the solid foundation
towards becoming the leader of building
material solutions provider in the region.
On behalf of the Board of Directors, I would like
to thank and express my profuse appreciation
to all stakeholders, especially management
and employees as our greatest assets, for their
dedication in helping Semen Indonesia to be
the leader of building material solution provider
in Southeast Asia.
Jakarta, 31 March 2020
Hendi Prio Santoso
President Director
279Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
Analisis dan Diskusi Manajemen Laporan Keuangan KonsolidasiTata Kelola Perusahaan yang Baik Tanggung Jawab Sosial Perusahaan
Kami yang bertanda tangan di bawah ini menyatakan bahwa semua informasi dalam Laporan
Tahunan PT Semen Indonesia (Persero) Tbk tahun buku 2019 telah dimuat secara lengkap dan
kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan dan Laporan Keuangan
Konsolidasian Perusahaan. Demikian pernyataan ini dibuat dengan sebenarnya.
Jakarta, 31 Maret 2020
Direksi
Hendi Prio SantosoDirektur Utama
Doddy Sulasmono DiniawanDirektur Keuangan
Tina T. Kemala IntanDirektur SDM & Hukum
Tri AbdisatrijoDirektur Enjiniring & Proyek
Benny WendryDirektur Produksi
Adi MunandirDirektur Pemasaran & Supply Chain
Fadjar JudisiawanDirektur Strategi Bisnis &
Pengembangan Usaha
Surat Pernyataan Anggota Direksi Tentang Tanggung Jawab Atas Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 42
Directors
Left to Right
Fadjar JudisiawanDirector of Business Strategy &
Development
Doddy Sulasmono DiniawanDirector of Finance
Tri AbdisatrijoDirector of Engineering &
Projects
Hendi Prio SantosoPresident Director
Tina T. Kemala IntanDirector of Human Resources &
Legal
Benny WendryDirector of Production
Adi MunandirDirector of Marketing &
Supply Chain
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
43
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) TbkAnnual Report 2019 PT Semen Indonesia (Persero) Tbk
COMPANY PROFILE
3
Tuban Plant East Java
46
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Company Identity
Head Office Address
South Quarter, Tower A, 19th-20th Floor
Jl. R.A. Kartini Kav.8 Cilandak Barat
South Jakarta 12430, Indonesia
Tel. + 62-21-5261174-5
Fax. + 62-21-5261176
E-mail: [email protected]
website: www.SIG.id
Company Name
PT Semen Indonesia (Persero) Tbk
Previous Company Name
PT Semen Gresik (Persero) Tbk
Line of Business
Cement Industry
Establishment
7 August 1957
Legal Basis of Establishment
Indonesian Government
Regulation No. 132 of 1961 on the
Establishment of the State-Owned
Enterprise of Semen Gresik
Stock Listing Date
8 July 1991
Stock Exchange
Indonesia Stock Exchange
Share Code
SMGR
Corporate Secretary
Vita Mahreyni
Ownership
• Republic of Indonesia
51.01%
• Public 48.99%
Authorized Capital
Rp2,000,000,000,000
Issued and Fully Paid Capital
Rp593,152,000,000
Contact
@semenindonesia
@semenindonesiagroup
@semenku
@semenindonesia
pt-semen-indonesia
0 800 - 188888
47
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Line of Business
Introduction of Cement Production Process
In accordance with the latest Articles of Association, the purpose and objective of the Company is to
engage in the cement sector, covering activities of production and distribution of cement products
as well as downstream products. Along with the development of its business, the Company is
currently entering various other businesses that are primarily associated with cement sector and
other supporting businesses.
Roller Press
Clinker
Preheat
Coal
Rotary Klin
Cement
Clinker
BlendingRaw
Cement
CementCement
Cement
Transporting
48
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Products and Services
With a long experience as a cement manufacturer, the Company has produced various types of
cement that has been widely used by the general public or infrastructure projects both domestically
and abroad.
Special Cement
To meet the demand for specialized cement
according to its use, SIG also produces Special
Blended Cement (SBC) which can be used in mega
projects, such as Suramadu Bridge, and other
special cements including:
• Super Masonry Cement (SMC)
• Oil Well Cement (OWC)
Mortar
The Company’s products for wall construction
in the form of brick install, plaster and filler.
• Brick Install Mortar
• Plaster Mortar
• Filler Mortar
Portland Cement Type I-V
Cement product differentiated according to its use (general use and specific construction) and the
type of the area its being applied to (land, sea, swamp, underground, underwater)
Concrete
• Ready Mix (RMX)
49
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Non-Cement Services
• Logistics
• Ready-Mix Concrete
• Building Materials Trading
• Mining Services
Concrete Innovation and Solutions
SpeedCrete : Concrete solution for road renovation, quick dry in a short time
ThruCrete : Concrete solution to minimize puddles on the surface of the concrete with quick absorbent
capability to absorb rainwater from the surface of roads, parking lot, garage and sidewalks
into the soil or water reservoir.
DekoCrete : Innovative and aesthetic concrete for parks, sidewalks, parking areas and roads.
ApexCrete : Concrete solution for large application on warehouse floor.
• Cement Packaging
Production
• Industrial Estate
• Property
• Information System
• Waste Management
(Nathabumi)
• International Trading
Nathabumi is the Company’s
Innovation and Solutions for
waste management services that
are safe, reliable and guaranteed
for the entire industrial waste.
50
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Lhoknga Plant
Tuban - SI Plant
Narogong Plant
Tonasa Plant
Indarung Plant
Rembang Plant
Tuban-SBI Plant
Cilacap Plant
Grinding Plant Thang Long
51
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Integrated Cement Plant
SEMEN PADANG
Operates five cement plants with
installed capacity of 8.5 million tons of
cement per year, located in Indarung,
West Sumatra. Semen Padang also
has ports in Teluk Bayur and Dumai, a
grinding plant in Dumai, and packing
plants in Teluk Bayur, Belawan,
Batam, Tanjung Priok, Ciwandan,
Malahayati, Lhokseumawe, Bengkulu
and Lampung.
THANG LONG CEMENT
Operates one integrated cement plant
in Quang Ninh Province, Vietnam and
one grinding plant in Ho Chi Minh,
Vietnam, with a total installed capacity
of 2.3 million tons of cement per year.
Thang Long has its own port.
SEMEN TONASA
Operates four cement plants with
installed capacity of 7.4 million tons of
cement per year, located in Pangkep,
South Sulawesi. Semen Tonasa also
has a port in Biringkassi and packing
plants in Biringkassi, Makassar,
Mamuju, Sofifi, Palu, Bitung, Kendari,
Samarinda, Ambon, and Celukan
Bawang Bali.
SOLUSI BANGUN INDONESIA
Operates six cement plants with installed
capacity of 14.8 million tons of cement per
year, located in Lhoknga-Aceh, Narogong-
West Java, Cilacap-Central Java, and
Tuban-East Java. SBI has two ports in
Tuban and Lhoknga, as well as grinding
plants in Kuala Indah and Ciwandan.
Solusi Bangun Indonesia operates packing
plants in Lhokseumawe, Belawan, Dumai,
Perawang, Batam, Palembang, Pontianak
and Lampung.
SEMEN GRESIK
Operates five cement plants with
installed capacity of 17.5 million
tons of cement per year in Tuban-
East Java and Rembang-Central
Java. Semen Gresik also has two
ports, Semen Gresik Special Port in
Tuban and Gresik, and operates a
grinding plant in Gresik and packing
plants in Ciwandan, Banyuwangi,
Sorong, Balikpapan, Pontianak and
Banjarmasin.
52
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Operational Area
Bengkulu
Lampung
West Kalimantan
East Kalimantan
Aceh
West Sumatra
North Sumatra
West Java
Vietnam
53
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Quang Ninh Plant - Vietnam
Capacity: 2.3 MT/Year
Lhoknga Plant
Capacity: 1.8 MT/Year
Indarung Plant
Capacity: 8.5 MT/Year
Narogong Plant
Capacity: 6 MT/Year
Rembang Plant
Capacity: 3 MT/Year
Cilacap Plant
Capacity: 3.4 MT/Year
Tuban Plant
Capacity SI: 14.7 MT/Year
Capacity SBI: 3.6 MT/Year
Pangkep Plant
Capacity: 7.4 MT/Year
North Sulawesi
Papua
South Sulawesi
Central Java
Integrated Cement Plants Packing Plants
Grinding Plants
Ports
East Java
Central Sulawesi
Sulawesi Tenggara
Maluku
Thang Long Port
Lhoknga
Dumai
Teluk Bayur
Tuban
Gresik
Biringkasi
Ho Chi Minh
Kuala Indah
Dumai
Cigading
Ciwandan
Gresik
Lhokseumawe
Malahayati
Belawan
Dumai
Batam
Teluk Bayur
Bengkulu
Palembang
Lampung
Ciwandan
Tanjung Priok
Banyuwangi
Pontianak
Banjarmasin
Balikpapan
Samarinda
Makassar
Mamuju
Palu
Biringkassi
Kendari
Bitung
Celukan Bawang
Maluku Utara
Ambon
Sorong
54
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Go Beyond NextSIG is undergoing a transformation
in order to build sustainable living
for future generations. Go Beyond
Next represents our courage to
act one step ahead and always Go
Beyond Next.
OUR PASSION
Vision and Mission
Vision Mission
Leading Building
Material Solution
Provider in the
Region
1. Being customer satisfaction-
oriented in every business
initiative.
2. Applying the best standards to
guarantee the quality.
3. Focusing on the environmental
preservation and sustainable social
responsibility.
4. Providing the best added values for
all stakeholders.
5. Focusing on human capital as
the center of the Company’s
development.
New Vision and Mission
In 2019, the Company renew its
Vision and Mission. It was deemed as
necessary to accommodate changes in
the industry, anticipate challenges, and
adjust the Company's direction. The new
Vision and Mission has been officially
renewed on 13 May 2019.
55
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Corporate Culture
Corporate Culture
out the supporting function, and currently changed
into the Company’s business strategic function,
which means that HC management strategies
should be aligned with the business strategy of the
Company.
The strategy adopted to achieve such objective and
realize strategic changes, is through improvement of
the entire HC management system, which consists
of five groups of systems:
1. High performing human capital management
system
2. Leadership capability enhancement
3. Technical capability enhancement
4. Knowledge enterprise enablement
5. CHAMPS culture crystallization
The whole series of paradigm shift, whether the
strategies, initiatives and objectives of management
of the Company’s HC is depicted in the chart below:
The Company continues to strive to improve
understanding of the corporate culture, that
has been established as the cornerstone of the
Company’s business. With the same corporate
culture, it is expected that the Company’s steps can
be more synergistic in moving together to achieve
the vision that has been set. One of these efforts is
by enhancing the CHAMPS culture.
CHAMPS culture continues to be enhanced
towards all employees as the Company’s employee
identity. The corporate culture is a synergy from
existing corporate culture within the Company
and subsidiaries. The corporate culture formation
process begins with an awareness that the Company
needs a bonding element to unite the entire Group.
The enhancement of culture through culture
internalization, is part of a paradigm shift in the
management of Human Capital (HC), which was
previouslyemphasizing more on success in carrying
The initiatives and objectives of managing the Company's Human Capital are a series of strategies in
achieving SIG success as a "Holding" company supported by a strong corporate culture which inherent
in all employees.
Internalization of the Corporate Culture
CHAMPSBelief
3 Values
7 Key Behaviors
• Diligent and flexible for the best
result
• Always implement new and better
work procedure
• Provide best services and value
added to internal and external
customers
• Act according to
agreement and promises
• Honest, sincere and
responsible
• Open minded and acting first in
the interest of Semen Indonesia
Group
• Positive and responsible
cooperation to maximally
achieve the Company’s
objectives
INTEGRITYSYNERGY MILITANCE
“We Are The CHAMPS!”
56
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Organization Structure
* Temporary concurrence** Temporary appointment
Directorate of Business
Strategy & Development
Fadjar Judisiawan
Directorate of Production
Benny Wendry
Directorate of Engineering
& Projects
Tri Abdisatrijo
Corporate Planning Group
HeadAntonius Ardian Bermana (Pgs)**
Business Development, Systems & Corporate
Risk Group HeadAntonius Ardian Bermana*
SCM Infrastructure Management Group
HeadHeru Indrawidjajanto
(Pgs)**
Department of Corporate
Planning
Department of Business
Development
Department of Production Management
Department of OHS
Management
Department of SCM 1
Infrastructure Management
Department of Research & Development
Department of Design
Engineering
Department of Project
Management
Department of Portfolio
Management
Department of Management
Department of Enterprise Risk Management
Department of Quality Assurance
Management
Department of SCM 2
Infrastructure Management
Corporate Secretary
Vita Mahreyni
Department of Institutional Relationship
Department of CSR
Department of Corporate
Office
Department of Business Process
Development
President Director
Hendi Prio Santoso
Internal AuditDaniel
WirjawanDharmanta
Business Incubation
Team
56 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
57
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Directorate of Marketing &
Supply Chain
Adi Munandir
Directorate of HR & Legal
Tina T. Kemala Intan
Directorate of Finance
Doddy Sulasmono
Diniawan
SMO & Communications
Group HeadAmi Tantri
Sales Group HeadRahman Kurniawan
Supply Chain Group Head
Wahyu Purnomo
HR Group HeadTigor Pangaribuan
Procurement Group Head
Hadi Setiadi
Finance Group HeadAndriano Hosny P
Department of Investor Relations
Department of Regional 1
Sales
Department of Transport Management
Department of HR Planning &
Policy
Department of Legal
Department of Strategic
Procurement
Department of Financial Planning
& Analysis
Department of Regional 2
Sales
Department of Distribution Management
Department of ICT
Department of Operations Procurement
Department of Accounting
Department of Operations HR
Department of Finance
Department of Regional 3
Sales
Department of Regional 4
Sales
Department of Channel
& Salesforce Procurement
Group of Corporate
Sales
Department of Infrastructure
Sales
Department of Industrial Sales
Department of SOE Sales
Department of Technical Sales
Department of Ready Mix (RMX)
& Concrete
Department of Marketing
Department of Training & Development
Strategic Management
Office
Department of Corporate
Communications
57Annual Report 2019 PT Semen Indonesia (Persero) Tbk
58
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Commissioners’ Profile
Soekarwo
President Commissioner
Age: 69 years old
Citizenship: Indonesia
Domicile: Surabaya
Educational Background:• Doctorate degree from the Diponegoro University,
Semarang• Master degree in Law from the University of Surabaya,
Surabaya• Bachelor degree in Law from the Airlangga University,
Surabaya
Work Experiences:• East Java Governor (2014-2019)• East Java Governor (2009-2014)
• President Commissioner of Bank Jatim (2005-2009)
Concurrent Positions:
None
Legal Base of Appointment:
Appointed as President Commissioner by the AGMS on
22 May 2019 with terms of office until 2024
Share Ownership: None
Affiliations:
Does not affiliated with members of the Board of
Commissioners, members of the Board of Directors and
Shareholders
Terms of Office: 2019-2024
59
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Nasaruddin Umar
Independent Commissioner
Age: 60 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Doctorate degree from the Syarif Hidayatullah State
Islamic University, Jakarta (1999)• Master degree from the Syarif Hidayatullah State
Islamic University, Jakarta (1992)• Bachelor degree in Sharia from the Alauddin Islamic
State University, Ujung Pandang (1984)
Work Experiences:
• Vice Minister of Religious Affairs (2012-2014)• Director General of Islamic Community Guidance of
the Ministry of Religious Affairs (2006-2012)
Concurrent Positions:
• Great Imam of the State Mosque of Istiqlal
• Professor of the Syarif Hidayatullah State Islamic
University
Legal Base of Appointment:
Appointed as Independent Commissioner by the AGMS
on 31 March 2017 with terms of office until 2022
Share Ownership: None
Affiliations:
Does not affiliated with members of the Board of
Commissioners, members of the Board of Directors and
Shareholders
Terms of Office: 2017-2022
Mochamad CholiqIndependent Commissioner
Age: 67 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Master degree in Management from the Prasetiya
Mulya Business School, Jakarta (1997)• Bachelor degree in Engineering from the Sepuluh
Nopember Institute of Technology, Surabaya (1979)
Work Experiences:• President Director of PT Waskita Karya (Persero) Tbk
(2008 - 2018)• Director of PT Adhi Karya (Persero) (2001-2006)
Concurrent Positions
None
Legal Base of Appointment:
Appointed as Independent Commissioner by the AGMS
on 31 March 2018 with terms of office until 2023
Share Ownership: None
Affiliations:
Does not affiliated with members of the Board of
Commissioners, members of the Board of Directors and
Shareholders
Terms of Office: 2018-2023
60
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Astera Primanto BhaktiCommissioner
Age: 52 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:
• Master degree in Taxation from the University of Denver, Denver, USA (1997)
• Bachelor of Economics in Management from the
Jenderal Soedirman University, Purwokerto (1990)
Work Experiences:
• Head of Financial Education and Training Agency of the Ministry of Finance (2017-June 2018)
• Advisor of the Minister of Finance for State Revenue Policy Sector (2015-2017)
• Advisor of the Minister of Finance for State Revenue Sector (2015)
• Head of the Center of State Revenue Policy - Fiscal Policy Agency (2012-2015)
Concurrent Positions:Director General of Fiscal Balance of the Ministry of Finance
Legal Base of Appointment:Appointed as Commissioner by the AGMS on 31 March 2017 with terms of office until 2022
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2017-2022
Sony SubrataCommissioner
Age: 54 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Bachelor of Commerce in Marketing from The
University of New South Wales, Sydney, Australia (1988)
Work Experiences:
• Independent Commissioner of PT Ciputra Surya Tbk (1999-2003)
• Chairman of the Bangsa Foundation (1997-1999)
• President Director of PT Adiriasindo (1995)
Concurrent Positions:
• Commissioner of PT Tridaya Nusantara International
• Commissioner of PT Brata Nusa Pratama
Legal Base of Appointment:Appointed as Commissioner by the EGMS on 23 January 2015 with terms of office until 2020
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2015-2020
61
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Lydia Silvanna DjamanCommissioner
Age: 51 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background :• Master degree in Law from the Law School of University
of Technology, Sydney, Australia (1998)• Bachelor degree in Law from the Sebelas Maret
University, Solo (1992)
Work Experiences:
• Deputy Assistant for Economic Affairs of the Ministry of
State Secretariat (2015-2018)
• Deputy Assistant for Economic Law of the Ministry of
State Secretariat (2012-2018)
• Expert Staff of the Minister of State Secretary for Law
and Human Rights at the Ministry of State Secretariat
(July-October 2012)
Concurrent Positions Deputy of Law and Regulations of the Ministry of State Secretariat
Legal Base of Appointment:Appointed as Commissioner by the AGMS on 22 May 2019 with terms of office until 2024
Terms of Office 2019 - 2024
Affiliations:Does not have any affiliation with the members of the Board Commissioners, members of the Board of Directors and Shareholders
Share Ownership: None
Hendrika Nora Osloi SinagaCommissioner
Age: 49 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:
• Master degree in Management from the Post-Graduate Program of the Faculty of Economics of the University of Indonesia, Depok (2003)
• Bachelor degree in Chemical Engineering from the
Faculty of Industrial Technology of the Bandung
Institute of Technology, Bandung (1994)
Work Experiences:• Commissioner of PT Perusahaan Gas Negara (Persero)
Tbk (2016-2018)• Commissioner of PT Perusahaan Pengelola Aset
(Persero) (2014-2016)• Commissioner of PT BTDC (Persero) (2011-2014)• Commissioner of PT Timah Investasi Mineral (2008-
2011)• Commissioners of PT Batubara Bukit Kendi (1999-
2008)
Concurrent Positions:Deputy Assistant for Construction, Facilities and Transportation Infrastructure (KSPP) III of the Ministry of SOEs
Legal Base of Appointment: Appointed as Commissioner by the AGMS on 31 March 2018 with terms of office until 2023
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2018-2023
62
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Directors’ Profile
Hendi Prio Santoso
President Director
Age: 53 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Bachelor of Business Administration (BBA) in
Finance and Economics (double majors) from the University of Houston, Texas, USA (1990)
• Master degree in Economics from the Department of Economics of the University of Texas, Texas, USA (1988)
Work Experiences:• President Director of PT Perusahaan Gas Negara
(Persero) Tbk (2008-4 May 2017)• Finance Director of PT Perusahaan Gas Negara
(Persero) Tbk (2007-2008)
• Investment Banking Director of PT JP Morgan
Securities Indonesia (2001-2007)
Concurrent Positions:
• President Commissioner of PT Semen Gresik
(2018-2023)
• Commissioner of PT Semen Indonesia International
(2018-2021)
Legal Base of Appointment:
Appointed as President Director by the EGMS on 15
September 2017 with terms of office until 2022
Share Ownership: None
Affiliations:
Does not affiliated with members of the Board of Commissioners, members of the Board of Directors
and Shareholders
Terms of Office: 2017-2022
63
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Doddy Sulasmono DiniawanDirector of Finance
Age: 53 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Master degree in Financial Management from the
Padjadjaran University, Bandung (2005)• Bachelor degree in Economics and Management
from the Parahyangan Catholic University, Bandung (1990)
Work Experiences:• Finance & HR Director of PT Engineering Industries
(April 2016-2017)• Executive Vice President-CEO for Jakarta Kota
Regional Office of PT Bank Negara Indonesia (Persero) Tbk (January-March 2016)
• Executive Vice President-Division Head of Corporate Business Risk of PT Bank Negara Indonesia (Persero) Tbk (June-December 2015)
Concurrent Positions:• President Commissioner of PT Semen Indonesia
Logistik (2019-2024)• President Commissioner of PT Semen Indonesia
Beton (2019-2024)
Legal Base of Appointment:Appointed as Director by the EGMS on 15 September 2017 with terms of office until 2022
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2017-2022
Benny Wendry
Director of Production
Age: 50 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Master degree in Management from the Gadjah
Mada University, Yogyakarta (2001).• Bachelor degree in Chemical Engineering from the
Bandung Institute of Technology, Bandung (1994)
Work Experiences:• President Director of PT Semen Padang (November
2014-2017)• Finance Director of PT Semen Padang (July
2014-October 2014)• Commercial Director of PT Semen Padang (June
2011-2014)
Concurrent Positions:• President Commissioner of PT United Tractors
Semen Gresik (2019-2022)• President Commissioner of PT Semen Tonasa
(2018-2023)
Legal Base of Appointment: Appointed as Director by the EGMS on 15 September 2017 with terms of office until 2022
Share Ownerships: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2017-2022
64
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Tri Abdisatrijo
Director of Engineering & Projects
Age: 52 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Degree in Chemical Engineering from the Sepuluh
Nopember Institute of Technology, Surabaya (1992)
Work Experiences:• Commercial Director of PT Semen Tonasa (August
2014- 2017)• General Manager of Energy, Materials and
Environment of PT Semen Indonesia (Persero) Tbk (2014)
• General Manager of OOTC Project Specialist of PT Semen Indonesia (Persero) Tbk (2013-2014)• General Manager of Technical Planning of PT Semen
Tonasa (2012-2013)
Concurrent Positions:• President Commissioner of PT Semen Padang (2019-2024)• President Commissioner of PT Semen Indonesia
Aceh (2018-2023)• (Acting) President Director of PT Semen Indonesia
Aceh (2018-Present)
Legal Base of Appointment: Appointed as Director by the EGMS on 15 September 2017 with terms of office until 2022
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2017-2022
Fadjar Judisiawan
Director of Business Strategy & Development
Age: 48 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Master degree in Management from the Gadjah Mada
University, Yogyakarta (2002)• Bachelor degree in Engineering from the Sepuluh
Nopember Institute of Technology, Surabaya (1995)
Work Experiences:• Acting Deputy of Construction Business and
Transportation Infrastructure and Facilities Sector of the Ministry of SOEs (2017)
• Assistant to Deputy of Construction Business and Transportation Infrastructure and Facilities Sector of the Ministry of SOEs (2015-2017)
• Assistant to Deputy of Construction Services Business Sector of the Ministry for SOEs (2014-2015)
• Assistant to Deputy of Research and Information Sector of the Ministry of SOEs (2013-2014)
Concurrent Positions:• President Commissioner of PT Solusi Bangun
Indonesia Tbk (2019-2021)• President Commissioner of PT Sinergi Mitra Investama
(2019-2024)
Legal Base of Appointment: Appointed as Director by the EGMS on 15 September 2017 with terms of office until 2022
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2017-2022
65
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Tina T. Kemala Intan
Director of Human Resources & Legal
Age: 60 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Bachelor degree in Psychology from the Padjadjaran
University, Bandung (1985)
Work Experiences:• Director of Human Resources, General Affairs and IT
PT Angkasa Pura II(2017-2019)• HR Expert, GIZ (2015-2016)
Concurrent Positions:• President Commissioner of PT Sinergi Informatika
Semen Indonesia (2019-2024)• President Commissioner of PT Industri Kemasan
Semen Gresik (2019-2024)
Legal Base of Appointment:Appointed as Director by the AGMS on 22 May 2019 with terms of office until 2024
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2019-2024
Adi Munandir
Director of Marketing & Supply Chai
Age: 38 years old
Citizenship: Indonesia
Domicile: Jakarta
Educational Background:• Master degree in Management Science from the
University of Indonesia, Depok (2013)• Bachelor degree in Electrical Engineering from the
University of Indonesia, Depok (2003)
Work Experiences:• Group Head of Marketing of PT Perusahaan Gas
Negara (Persero) Tbk (2016-2018)• Commissioner of PT Nusantara Energy Solutions
(2017-2018)• Head of Strategic Management Division of PT
Perusahaan Gas Negara (Persero) Tbk (2015-2016)• Executive Officer – Strategic Management Office of
PT Perusahaan Gas Negara (Persero) Tbk (2013-2015)
Concurrent Positions:• President Commissioner of PT Semen Kupang
Indonesia (2019-2024)• Commissioner of PT Solusi Bangun Indonesia Tbk
(2019-2021)
Legal Base of Appointment:Appointed as Director by the AGMS on 30 April 2018 with terms of office until 2023
Share Ownership: None
Affiliations:Does not affiliated with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Terms of Office: 2018-2023
66
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Indarung Plan
67
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Shareholders’ Structure and Composition
51.01% 48.99%
The shareholders’ composition of PT Semen Indonesia (Persero)
Tbk as of end of 2019 is as follows:
Shareholders Total Shares Percentage of Share Ownership
Shareholders with 5% or More Shares
Republic of Indonesia
C/Q Minister of SOEs of the Republic of Indonesia3,025,406,000 51.01
Members of the Board of Directors and Commissioners as Shareholders
The Board of Commissioners 0 0
The Board of Directors 0 0
Public Shareholders Group with Less Than 5% of Shares
Public (less than 5%) 2,906,114,000 48.99
Total 5,931,520,000 100.00
Government of IndonesiaC/Q The Ministry of SOEs
Public
Controlling ShareholdersNon-Controlling Shareholders
68
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Ministry of SOEs
Controlling Shareholders’ Profile
The Ministry of SOEs has duties and functions to
fostering state companies (SOEs) in Indonesia.
The Ministry of SOEs has been around since
1973, which was originally a part of the work unit
within the Ministry of Finance. Furthermore, the
organization has experienced several changes and
developments.
As the role, functions and contribution of SOEs to
state finance are very significant, in
1998 the Indonesian government changed the
SOEs organization’s foster and manager to be
at the ministerial level. The initial changes from
organization into ministry occurred during the reign
of the 6th Development Cabinet, under a new
name of the State Minister of Investment and SOEs
Development/Head of SOEs Development Agency.
In 2009, following the nomenclature changes
across ministries, this ministry also changed its
nomenclature to become the Ministry of SOEs.
Shareholders’ Composition Based on Classification
Type Number of Shareholders Total Shares Composition (%)
Local Investors
Republic of Indonesia 1 3,025,406,000 51.00558Indonesian Individuals 5,677 42,583,992 0.71793Employees 32 122,000 0.00206Cooperatives 8 409,800 0.00691Foundations 8 5,704,100 0.09677Pension Funds 128 116,189,900 1.95886Insurance 86 193,978,567 3.27030Banks 2 35,390 0.00060Public Companies 57 248,706,618 4.19297Associations 1 5,000 0.00008Other Business Entities 18 84,000 0.00142Mutual Funds 280 207,921,729 3.50537Sub-Total 6,298 3,841,183,096 64.75885
Type Number of Shareholders Total Shares Composition (%)
Foreign Investors
Foreign Individuals 56 399,700 0.00674Foreign institutions 923 2,089,937,204 35.23443Sub-Total 979 2,090,336,904 35.24117Total 7,277 5,931,520,000 100.00000
69
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Composition of Officials
Minister : Erick Thohir
Vice Minister : Budi Gunadi Sadikin
Kartika Wirjoatmodjo
Secretary : Susyanto
Address : Jl. Medan Merdeka Selatan No.13
Jakarta 10110 Indonesia
Tel. +62-21 29935678
Fax. +62-21 29935740
Chronology of Issuance and/or Listing of Shares
The Company initially listed its shares through
Initial Public Offering (IPO) or ‘Go Public’ in Jakarta
Stock Exchange (now IDX) on 8 July 1991. Since the
IPO upto reporting year 2014, the Company has
exercised 3 corporate actions that changed the
volume of outstanding shares, which are:
• Rights Issue on 2 June 1995, which changed
total shares from 148,288,000 to 593,152,000,
accompanied by changes in the value of
authorized capital and paid-up capital.
• Stock Split 1:10 on 7 August 2007, which increased
total shares to 5,931,520,000.
• Shares buy-back and sellback between 13
October 2008 to 9 January 2009 (buyback) and
6-7 October 2009 (sellback), which eventually
did not affect the volume of outstanding shares.
Date DescriptionNominal of
Shares (Rp)Total Shares
Total
Outstanding
Shares
Stock Exchange
17 May 1991 IPO 7,000 40,000,000 40,000,000 JSX
4 July 1991 Company Listing 40,000,000 70,000,000 JSX
30 May 1995 Company Listing 78,288,000 148,288,000 JSX
2 June 1995 Rights Issue 444,864,000 593,152,000 JSX
7 August 2007 Stock Split 1:10 5,000 5,338,368,000 5,931,520,000 IDX
13 October 2008
- 9 January 2009Buyback Shares 2,919 68,032,000 5,863,488,000 IDX
6-7 October 2009 Sell back Shares 6,075 68,032,000 5,931,520,000 IDX
70
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Chronology of Issuance and/or Listing of Other Securities
SecuritiesStock
Exchange
Date of
Issuance
Tenor
(Years)Currency
Value
(billion)
Maturity
Date
Interest
Rate
Share GradeTrustee
2019 2018
Semen
Indonesian
Bond I
Phase I Year
2017
IDX20 June
20175 Rupiah 3,000
20 June
20228.6% AA AA+
PT Bank
Tabungan
Negara
(Persero) Tbk
Semen
Indonesian
Bond I
Phase II Year
2019 A Series
IDX28 May
20195 Rupiah 3,364
28 May
20249% AA
PT Bank
Tabungan
Negara
(Persero) Tbk
Semen
Indonesian
Bond I
Phase II Year
2019 B Series
IDX28 May
20197 Rupiah 714
28 May
20269.1% AA
PT Bank
Tabungan
Negara
(Persero) Tbk
Cement WarehouseNarogong Plant
71
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Loading and unloading cement activityat Tuban port
72
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Subsidiaries
The Company has subsidiaries engaged in cement-related businesses, from cement production,
distribution, cement product utilization and other supporting srvices.
NameLine of
Business
Share
Ownership
(%)
Year of
Operations
Total Assets
in 2019
(Rp million)
Address
PT Semen Padang Cement
Production
99.99% 1913 9,914,107 Indarung, Padang 25237,
Sumatera Barat
Tel. : +62-751-815250
Fax : +62-751-815590
Email : [email protected]
www.semenpadang.co.id
PT Semen Gresik Cement
Production
99.96% 2017 5,713,277 Jl. Veteran Gresik 61122
Jawa Timur, Indonesia
Tel. : +62-31-3981732
Fax : +62-31-3983209
PT Semen Tonasa Cement
Production
99.99% 1968 8,059,432 Kantor Pusat
Desa Bantoa,
Kec. Minasate’ne, Kab. Pangkep,
Sulawesi Selatan 90651
Tel. : +62-410-312345
Fax : +62-410-310113
Email : [email protected]
www. sementonasa.co.id
PT Thang Long
Cement Company
(TLCC)
Cement
Production
70.00% 2008 2,212,022 Le Loi Commune – Hoanh Bo District –
Quang Ninh, Vietnam
Tel. : +84-03-33691325
Fax : +84-03-33691326
Email : www.thanglongcement.com.vn
www.thanglongcement.com.vn
PT Sinergi Mitra
Investama (SMI)
Building Rent 97.00% 2012 44,010 Perumdin PT Semen Indonesia
(Persero) Tbk.
Jl. Awikoen Blok A-7 Segunting,
Gresik 61122
Tel. : +62-31 3970374
Fax : +62-31 3972263
PT Semen
Indonesia Beton
(SIB)
RMX
Production
99.99% 2012 1,955,369 Jl. Tebet Timur Dalam VIII X/15 Jakarta
Selatan 12820
Tel. : +62-21-8295327
Fax : +62-21-29222849
Email: info@semenindonesiabeton.
com www.semenindonesiabeton.com
73
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
NameLine of
Business
Share
Ownership
(%)
Year of
Operations
Total Assets
in 2019
(Rp million)
Address
PT United Tractors
Semen Gresik
(UTSG)
Limestone and
clay mining
services
55.00% 1992 544,900 Desa Sumberarum, Kec Kerek,
Kab. Tuban
PT Industri
Kemasan Semen
Gresik (IKSG)
Cement
Packaging
Production
60.00% 1994 405,019 Desa Socorejo, Kec. Jenu,
Tuban-Jawa Timur 62352
Tel. : +62-356-491200
Fax : +62-356-491234
Email : [email protected]
www.iksg.co.id
PT Kawasan
Industri Gresik
(KIG)
Industrial
Regional
Development
65.00% 1991 396,560 Jl. Tridharma No.3 Gresik 61121
Tel. : +62-31-3984707
Fax : +62-31-3984472
Email : [email protected]
www.kig.co.id
PT Semen Kupang
Indonesia
Cement
Distribution
99.48% 2019 204,843 Jl. Yos Sudarso, Alak, Tenau, Kupang,
NTT
PT Semen
Indonesia Industri
Bangunan* (SIIB)
Building
Materials
100% - 32,471,647 Jakarta
PT Semen
Indonesia Aceh
(SIA)
Cement
Production
52.28% - 569,861 Jl. Banda Aceh – Medan KM 107
No.100,
Gampong, Kampong Baro, Kec. Pidie,
Kab. Pidie 24151
PT Sinergi
Informatika Semen
Indonesia (SISI)
Information
System
100% 2014 113,264 Graha Irama (Indorama) Building
lantai 6, Jl. HR Rasuna Said kav. 1-2,
Jakarta 12950
Tel. : +62-21-5213711
Fax : +62-21-5261176
Email : [email protected]
www.sisi.id
PT Semen
Indonesia
Internasional (SII)
Trading,
services,
logistic
management
and investment
100% 2016 517,328 Menara Anugrah,
Kantor Taman E.3.3, No.22F
Jl. Mega Kuningan Lot 8.6-8,7,
Jakarta12950
Tel. : +62-21-57853977
Fax. : +62-21-57942294
www.semenindonesiainternational.com
PT Semen
Indonesia Logistik
(SILOG)
Trading,
transportation,
loading
services and
construction
73.65% 1974 2,243,388 Jl. Veteran No.129, Gresik-
Jawa Timur 61122
Tel. : +62-31-3981463
Fax : +62-31-3982304
Email : [email protected]
www.silog.co.id
Note: (*) SIIB is a parent company of PT Solusi Bangun Indonesia Tbk.
74
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Corporate Group Structure
PT Semen Gresik
99.96%
PT Semen Kupang Indonesia
99.48%
SBI(Via SIIB)
98.31%
PT Semen Indonesia Aceh
52.28%
TLCC
70%
PT Semen Tonasa
99.99%
PT Semen Indonesia
Industri Bangunan
100%
PT Semen Padang
99.99%
75
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT Semen Indonesia Logistic
73.65%
PT Kawasan Industri Gresik
65%
Industri Kemasan Semen Gresik
60%
PT Semen Indonesia Beton
99.99%
United Tractor Semen Gresik
55%
PT Sinergi Informatika
Semen Indonesia
100%
PT Semen Indonesia International
100%
PT Sinergi Mitra Investama
97%
76
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Supporting Institutions and Professionals
Certified Public
Accountant
Securities Rating
Agency
Securities Administration
Bureau
Name of Institution/Profession KAP Tanudiredja, Wibisana, Rintis & Rekan
(A member of PwC network of firms)
Business License Number: KEP-241/KM.1/2015
Address World Trade Canter 3, Jl. Jend. Sudirman Kav. 29-31
Jakarta 12920 - INDONESIA
Tel. : +62-21-50992901
Fax : +62-21-52905555/52905050
website : www.pwc.com/id
Services Provided Public audit service for Consolidated Financial
Statements for the fiscal year ended 31 December, 2019
Assignment Period July 2019-April 2020
Cost Rp6,477,250,000
Name of Institution/Profession PT Pemeringkat Efek Indonesia
Address Panin Tower Senayan City
Lt. 17 Jl. Asia Afrika Lot. 19 Jakarta 10270 Indonesia
Tel. : +62-21-72782380
Fax : +62-21-72782370
Website : www.pefindo.com
Services Provided Services Provided Annual monitoring service for
sustainable bonds owned by Semen Indonesia and its
subsidiaries
Assignment Period 10 March 2019-10 March 2020
Cost Rp155,000,000
Name of Institution/Profession PT Datindo Entrycom
Address Jalan Hayam Wuruk No. 28 Jakarta 10120
Tel. : +62-21-3508077 (hunting)
Fax : +62-21-3508078
Website : www.datindo.com
Services Provided Services Provided Stock administration services,
dividend administration, RUPS securities administration
Assignment Period January-December 2019
Cost Rp241,686,000
Public Notary
Name of Institution/Profession Leolin Jayayanti, SH
Address Jl. Pulo Raya VI/I, Keb. Baru – Jakarta 12170
Tel. : +62-21-72787232-33
Fax : +62-21-7234607
Services Provided Services Provided GMS Notarial Services
Assignment Period 2019
Cost Rp57,500,000
77
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
78
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Company Website Information
79
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Semen Indonesia’s website consists of 5 channels with the following contents:
SIG’s commitment to continue to improve the
implementation of the principle of transparency
as mandated by Law No. 8 of 1995 on Capital
Markets and to improve the implementation of
good corporate governance (GCG), in particular
to shareholders, customers, communities,
governments, and other stakeholders is through the
presentation of information on the main website:
www.SIG.id.
Channel Name Sub Themes
Home
About Us
Products & Solutions • Residential
• Commercial
• Concrete
• Energy
• Airport & Port
• Road
• Services
• Other Building Materials
News & Articles News
Career Working at SIG
Investor • Prospectus Public Offering
• Annual & Sustainability Reports
• Financial Information & Highlights
• Shareholder Information
• Bond & Sukuk Information
• Business Related News
• AGMS-EGMS
• Sales Reports
• Corporate Presentations
In accordance with Article 6 of Regulation
of Financial Services Authority (POJK)
No. 8/POJK.4/2015 on Public Company’s website, it
is regulated that a public company shall submit the
following information:
1. General Information about Issuer or a Public
Company
2. Information for and about investors
3. Corporate Governance information
4. Corporate Social Responsibility information
80
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Indonesia Original Brands (IOB) Awards2019
Awards and Certifications
Awards
Date : 17 January
Award Sector : CSR
Institute : Regional Government of Tuban
Award Scale : Regional
Date : 31 July
Award Sector : Marketing
institute : SWA Magazine and Business Digest
Award Scale : National
Date : 5 August
Award Sector : Marketing
Institute : Mark Plus
Award Scale : National
Date : 28 March
Award Sector : Communications
Institute : PR Indonesia
Award Scale : National
Date : 23 April
Award Sector : Mining
Institute : Ministry of Environment and Forestry
Award Scale : National
Date : 24 April
Award Sector : Marketing
Institute : Mark Plus
Award Scale : National
Most Optimum Company for UPZ
Go ASEAN Champion 2019
PR Indonesia Awards (PRIA)
SOEs/Private Enterprises as Inspiring Borrow-to-Use Permit Holders (IPPKH) for Forest Reclamation
SOE Marketers Award
81
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Date : 14 August
Award Sector : Innovation
Institute : IDX Channel
Award Scale : National
Date : 29 August
Award Sector : Environment
Institute : Economic News
Award Scale : National
Indonesia Stock Exchange (IDX) Channel Innovation Award 2019
Top 5 Social Business Innovation Company 2019 for Cement Category
Date : 30 August
Award Sector : Communications
Institute : PR Indonesia
Award Scale : National
PR Indonesia Award for Most Popular Online Media Category
Date : 26 September
Award Sector : Marketing
Institute : RRI
Award Scale : National
RRI’s SOE Award
Date : 17 September
Award Sector : Investors Relations
Institute : Alpha South East Asia
Award Scale : International
Annual Institutional Investor Awards for Corporations
Date : 14 October
Award Sector : GCG
Institute : Indonesian Institute for Corporate Directorship (IICD)
Award Scale : National
Date : 13 December
Award Sector : Mining
Institute : ASEAN Minerals
Award Scale : International
Best Right Shareholders Big Cap Company
Best Practices in Sustainable Mineral Development (Non-Metallic Mineral Mining)
82
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Certifications
Name of
CertificateValid Term Scope of Certificate Description Institution Scale
ISO
50001 : 2011
23 May 2019
–
20 August 2021
Manufacture of
Cement Plant 4
& 5 and Power
Generation Facilities
Unit C & D, PT Semen
Tonasa
Manufacture of Cement
Plant 4 & 5 and Power
Generation Facilities
Unit C & D, PT Semen
Tonasa
Sucofindo Regional
ISO
50001 : 2018
17 June 2019
–
17 June 2022
Manufacture of
Cement and Clinker
Energy Management
System
SGS International
ISO
9001 : 2015
20 October 2018
–
20 October 2021
Management of
Business Development,
Research &
Development,
Manufacturing,
Supply Chain,
Procurement &
Marketing for Cement
& Building Materials
and Manufacture of
Cement at Grinding
Plants (Slag Portland
Cement, OPC, PPC,
PCC)
The quality
management
standard system
designed to help
organizations
ensuring their
capability to meet
The needs of their
customers &
stakeholders
and comply with
Prevailing laws
and regulations
Related to their
products or services
SGS Regional &
International
ISO 14001 14 October 2018
–
202 October 14
Management of
Business Development,
Research &
Development,
Manufacturing,
Supply Chain,
Procurement &
Marketing for Cement
& Building Materials
and Manufacture of
Cement at Grinding
Plants (Slag Portland
Cemnet, OPC, PPC,
PCC)
International standards
which determine
requirements for
structured management
approach for
environmental
protection
SGS International
83
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Name of
CertificateValid Term Scope of Certificate Description Institution Scale
ISO
17025 : 2017
24 April 2019
–
23 April 2024
Testing Laboratory The quality standards
made for testing
laboratories and
calibration, which
divided into two main
parts: Management
Requirements and
Technical Requirements
The National
Accreditation
Committee
(KAN)
International
Product
Certificate
for SNI Logo
Usage (SPPT)
9 October 2019
–
8 October 2023
ISO 8363: 2017
Portland Slag Cement
Product Certification for
SNI logo for Portland
Slag Cement under the
trademark Max Strength
Cement
Grand
Central for
Technical
Materials
and Products
(B4T)
National
SMK3/
OHSAS 18001
Cement Producer International
standards for
Occupational Health
and Safety
Management System
The Ministry
of Labor of
the Republic
of Indonesia
National
84
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Human Resources
In response to these changes, the role of human
resources management must change as well. The
Company introduced a new paradigm that is more
in line with the changing business condition and
targets. The most fundamental change is to change
the mindset of human resources management from
Human Resource (HR) into Human Capital (HC).
This change is not just a terminology change. More
than that, just like the "capital", then its value must
The Company sees Human Resources (HR) as a very valuable asset in which the process of achieving the vision,
mission and objectives of the Company will not be successful without the support of excellent and high quality
human resources. On this basis, the Company puts HR as a valuable asset to maintained and developed in
order to sustain their support towards the Company's growth. Therefore, the Company is fully committed to run
a professional HR management, improve their competence on a regular basis, assess their performance based
on a fair assessment system, as well as provide career paths and remuneration package in accordance with their
performance and competence.
A Paradigm Shift
Along with the development of the increasingly
dynamic cement industry, the Company's
organization is also changing. Currently, the
Company becomes a Strategic Company Holding,
which oversees several Operating Company
(OpCo). The changing of the Company's business
orientation from cement producer to building
materials and solutions provider also changed the
Company’s entire components.
85
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Competence Development
The Company is always working to improve the
knowledge and skills of all employees, both in
order to support work quality improvement as well
as the development of the employee’s potential and
career. The Company also encourages employees
to be more open and positive and equip them with
trainings to help them at work.
As a major asset, the Company is committed to
continuously develop our human resources. The
Balance between Quality and Quantity
The basic philosophy of management and human resources development of Semen Indonesia is to support the organization's strategies and objectives. Therefore, management strategies and human resources development should be aligned with the Company’s strategy and objectives.
In short, strategy for human resources management and development in Semen Indonesia is by maintaining a balance between the quality and quantity of the
human resources. The existence of employees with reliable capacity and competence is the key factor that determines the success of the Company. However, the Company must also considers the adequate number of employees so as not to burden the Company.
Based on this philosophy, in 2019 the Company has issued a circular letter to all subsidiaries to perform coordination for employee recruitment. This was conducted in oerder to achieve the Company's objective to become an agile organization.
Company is actively organizing various trainings
and education for employees in order to help the
Company to stay advance when facing a dynamic
business development.
Semen Indonesia continuous to conduct competence
development on various aspects, ranging from tools
used, the program prepared and given training
materials. There are five aspects of investment
related to human resources development of the
increased, especially in terms of skills, knowledge
and behavior of our employees.
Aligned with those changes, another paradigm
that should also change for each HC staff, is the
mindset to see and realize the importance of
synergy between the Operating Companies (OpCo)
in developing the Company's in order to ensure
long-term business growth. Thus, every individual
of the Company should be able to work anywhere
within the OpCos with high militance and integrity.
The same mindset change is also needed in terms
of business process, from focusing on the cement
production process to understand and meet
the demands of our customers in terms of the
availability of building materials (including cement
and derivatives cement products) to support a rapid,
precise and economical physical development.
With this new paradigm, the Human Capital
management is no longer functioning as a
supporting unit, but as the Company’s strategic
partner to help achieve its objectives. Therefore,
the HC management strategy should be aligned
with the Company’s business strategy. One of
the examples that have been implemented is
the Corporate University (Corpu), which altered
its function from learning center for employee
competence development into a business solution
provider.
To ensure a paradigm shift implementation, the
Company through its Directorate of Human Capital
has identified and scheduled changes in three
strategic areas of HR management:
1. Human Capital mindset transformation in carrying
out the business processes;
2. Reviewing and improving Human Capital Master
Plan by improving HC Management System;
3. Improving Development Pattern for HC
Competence.
86
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
employee development in the future, as well
as those from performance issues like failure in
achieving work unit targets, and business issues
faced by the Company.
As part of the implementation of the HR
management paradigm change, the Company
implemented changes to the policy learning
method of training materials. Initially, the Company
was limited to carrying out learning using the In-
class method, currently the Company applies the
Blended Learning method. This method is also
called Method 70:20:10, where number 10 shows
a 10% portion of learning time in class with the
guidance of the Steering Committee. Number 20
shows a portion of 20% of the time needed to
conduct social interaction, where the trainees carry
out activities outside the classroom in the form
of meetings, form networks, share experiences,
including coaching and mentoring activities. While
number 70, shows the allocation of 70% of the time
used by participants in carrying out daily activities,
especially in the office environment, in applying all
the knowledge gained in the training class.
In addition, the learning programs are grouped
into three major groups, namely: Personal Mastery,
Leadership Mastery, and Business Mastery.
a. Personal Mastery
Personal Mastery is a learning group with themes
related to individual competency development
programs to strengthen the character and corporate
culture. Programs such as CHAMPS Strengthening,
strengthening integrity and national insight are the
examples of programs within this group.
Held together with the National Resilience Institute
of The Republic of Indonesia (Lemhannas RI),
the strengthening of national insight program is
conducted for the Board of Directors and Echelon
1 Officials. As part of the effort to achieve the
paradigm shift, the Company is increasing the
content of training materials on the character and
corporate culture.
b. Leadership Mastery
Leadership Mastery is a learning group associated
with leadership development at all levels. The
Company believes that the working climate is
determined by the leader of a work unit, therefore
Company: the Leader as Teacher and Retired Faculty
(via CDL - Corpu), Predicting Future Capability
(through training), Institute for Professional
Certification/LSP (Professional Certification Institute,
Knowledge Management Strategy & Innovation, as
well as Assessment Center & Counseling.
1. Center of Dynamic Learning Semen Indonesia Corporate UniversityIn 2014, the Company formed a Corporate
University, named as The Center of Dynamic
Learning Semen Indonesia Corporate University
(CDL-SI Corpu) designed to be a learning center
for solutions provision, with capability to provide
solutions on issues faced by the Company’s
business. Establishment of this institution is
aligned with the Company’s transformation as a
Strategic Holding Company with more focus on
business development and regional expansion,
thus requiring CDL- SI Corpu to be more proactive
in responding to business issues.
CDL-SI Corpu also responsible for the provision of
business solutions for the Company’s employee
competence development, its subsidiaries in the
Group and its Partners in the Company’s business
chain, proactively responding to the needs of
current and future competencies, by changing its
learning orientation.
In organizing the program, the learning programs
are designed based on learning focus, which is
grouped into 8 academies, namely:
1) Production & Research Academy;
2) Marketing & Distribution Academy;
3) Engineering & Project Academy;
4) Business Development Academy;
5) Finance & Operational Academy;
6) Leadership Academy;
7) Corporate Culture school; and
8) Customer & Stakeholder Center.
2. Training (Learning & Development) ProgramFurthermore, the Company made material
adjustments in the preparation of the Company’s
learning plan based on the Learning Need
Diagnosis (LND) approach. This approach is
carried out to answer the problems of learning
needs that originate from employee competency
gaps in carrying out their current work and
87
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
leadership development becomes one of the
focus of the development programs:
• Global Leadership Development Program for
Echelon 1,
• Transformational Leadership Development
Program for Echelon 2,
• Operational Leadership Development Program
for Echelon 3, and
• Emerging Leadership Development Program
for Echelon 4 are continuously implemented
and enhanced in order to ensure the availability
of qualified leaders at the Company.
c. Business Mastery
Business mastery is a group of competency
development programs, primarily technical
competency functions in the Company, ranging
from production, R&D, engineering, project,
marketing, distribution, logistics, finance, HC,
business development and other operational
functions. Development in the business mastery
is complemented by an assessment and
certification program to ensure that the employee
is competent in their work unit.
3. Professional Certification AgencySince 2015, the Company has established
a Professional Certification Institute (LSP) in
cooperation with the National Professional
Certification Board (BNSP). LPS as the center of
the implementation of competency certification in
the Company and Subsidiaries has the following
tasks:
i Prepares and develops certification scheme,
ii Prepares assessment and competency test
tools,
iii Provides assessors,
iv Performs certification,
v Performs certification maintenance
surveillance,
vi Determines requirements, verifications and
competency test site (TUK),
vii Maintains the performance of assessors and
TUK, and
viii Develop certification services. Currently,
LPS has 51 types of certifications to improve
employees’ competence in regional level.
4. Knowledge ManagementThe Company believes that Knowledge
Management is a pillar for the creation of
learning organization. Therefore, Knowledge
Management is defined as one of the areas of
SICC, under the name of Center of Knowledge
Management (CKM). The CKM’s is established
to support the Company in managing the
knowledge and use it to face intense competition
in the future.
Development Program
The Semen Indonesia leadership development program is divided into:
Soft : Focused on improving soft skills, so that each employee has an API character
Basic : Focused on basic skills in managerial and communication (including presentations)
Hard : Focused on technical capabilities tailored to the needs of the Company
This development program is also adjusted to the development program of each echelon, both Regular and Talent.
Soft Basic Hard Reguler Talent
Agile
Persistent
Innovative
Problem solving & Decision
Impactful Communication
making
Negotiation
How to lead meeting
Leader as coach
Customer service & commercial
Understanding Business Line &
Product SMI
CMO
CFO
Logistik
GLDP
TLDP
OLDP
ELDP
ICDP
Solid kontributor
TTDP
STDP
MTDP
ETDP
BTDP
Sleeping tiger
Rotasi di fungsi yang berbeda
Program pengembangan
kompetensi
Promotable Top Talent
Rotasi (promosi)
CoachingMentoringCounseling
Job AsignmentJob Shadowing
Echelon 1
Echelon 2
Echelon 3
Echelon 4
Echelon 5
88
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Organization’s knowledge is managed under 9
competencies, in which, the first six competencies
is related to knowledge sharing, while the
remaining 3 competencies are the provision of
supporting infrastructure, structured policies
and commitment of the leaders in knowledge
management. The 9 competencies are:
1. Expert Locator
2. Communities of Interest
3. Peer Assist
4. Shared Learning
5. Project Retrospectives
6. Community of Practice
7. Technology
8. Change Management
9. Strategy
The Company has designed and implemented
knowledge management programs as follows:
• Leader Cafe
Leader Cafe is consistently and sustainably
conducted as a means of sharing knowledge
and experience from senior leaders to other
leaders, usually by the Board of Directors,
Commissioners, or external figures qualified in
certain competency aspect. This concept is an
implementation of Shared Learning activities in
Large Scale, involving future leader candidates,
namely the work unit leaders, as participants.
With the concept of such a cafe, participants
are expected to enjoy the process of sharing
knowledge provided by the resource person.
• SMI D'Forum
SMI D’Forum is a learn-and-share activity, which
is a channel to share experience and discussions,
hosted by external speakers and internal experts
as resource persons.
Discussions with experts and cross-department
or cross-corporate teams involving hot topics
from certain fields, relevant to the Company’s
business strategy in accordance with the critical
knowledge required.
89
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Electronic Learning (E-Learning)The Company has a complete e-learning facility as an
online learning portal. E-learning is a breakthrough
in delivery method to boost cost efficiency for
learning in accordance with the function of the
features in it, such as:
• Learners has access freedom to online learning
materials, regardless of time and place. The
online learning materials provided are varied,
from e-books, online article links, as well as
materials designed for specific learnings.
• Learners can also do virtual classroom learning
simultaneously using video conference with
facilitators from various operational locations
of the Company, as well as online discussion
forums, both through video conferences and chat
rooms.
AcademyIn addition to learning with online method, the
Company also developed the learning academy
method, however the academy approach conducted
by the Company is not entirely done in class, but in
a mix of classroom and field practice approach with
bigger weight on the practical session.
The Company currently has 8 academies:
1. Production & Research Academy
2. Marketing & Distribution Academy
3. Engineering & Project Academy
4. Business Development Academy
5. Finance & Operational Academy
6. Leadership Academy
7. Corporate Culture School
8. Customer & Stakeholder Center
Quality Improvement in the Implementation of Human Resources Operational ActivitiesThe HC Directorate of the Company has several
important aspects to be improved, such as the
simplification of SPPD (Business Travel Warrant) &
Service Desk, and the SAP HCM’s Reblueprint as
the main aspect that must be corrected.
1. SPPD & Service Desk Simplification
In order to strengthen internal communication,
a service desk is provided that can be used by
employees as a forum to find out information related
to HR management and development. In addition,
Supporting Facilities for Human Resources Development
HC also developed the SPPD Simplification program
to facilitate employees in conducting the SPPD
process and bypassing the SPPD bureaucracy to
make the process faster.
2. Reblueprint of SAP HCM and Human Resources
Information System Refreshment
In order to support the operations of human
resources management, the Company integrates
the HC management with SAP based information
technology. There are ten (10) Human Resource
Information Systems (HRIS) that have been
implemented in the Company, such as Organization
Management, Personnel Administration, Payroll,
Time Management, Travel Management, People
Development, Learning Solution, Performance
Management System, Appraisal Management,
Compensation Management.
Human Resource Information System is continuously
reviewed, with the objective of continuously
improving the implemented modules, as well as
to implement new modules needed to improve
employee management standards. Changes in
business conditions and orientation, made the
Company develop a new business model through
the development of downstream cement business
units and cement related businesses, this has an
impact on the necessity to integrate all the systems
available on the existing Operating Companies.
The Company also conducts SAP HCM Blueprint
redesign especially in the Talent Management
System module.
90
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Company seeks to build a harmonious industrial
relations with employees through mutual respect
and obey the rights and obligations of each party.
The Company welcomes the existence of Trade
Union organizations within the Company. Trade
Union Organizations are the Company's partners in
matters related to employment.
Meanwhile, as part of the company’s commitment
to fostering a dignified working relationship with
all employees, the Company has renewed the
Collective Labor Agreement document as a result
of discussions with the Semen Indonesia Trade
Union. The Company ensures the rights of all SIG
employees are guaranteed in the agreement.
In 2019, CLA points in each public entity are
standardized in accordance with HR systems and
policy guidance.
Industrial Relations
91
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Employee Demography (The Company and Subsidiaries from Cement Business)
In 2019, the number of employees of the Company
has increased quite high, from 5,448 people by the
end of 2018 to 7,769 people at the end of 2019. This
increase resulted from the acquisition of Holcim
Indonesia.
Employees Based on Employment StatusStatus 2019 2018 2017 2016
Permanent Employees 7,644 5,403 5,465 5,145Internship Employees 0 0 1 10Contract Employees 125 45 87 89Total 7,769 5,448 5,553 5,244
Employees Based on Position LevelPosition Level 2019 2018 2017 2016
Echelon 1 115 116 164 151Echelon 2 327 323 359 315Echelon 3 1,110 685 776 674Echelon 4 3,372 1,835 2,037 1,825Echelon 5 2,769 2,489 2,217 2,279Total 7,769 5,448 5,553 5,244
Employees Based on AgeAge 2019 2018 2017 2016
<25 years 139 175 190 29726-30 years 1,214 1,145 1,092 1,04131-35 years 1,432 979 763 70136-40 years 885 541 580 59841-45 years 1,554 1,221 1,377 1,17046-50 years 1,645 908 941 747> 50 years 875 479 610 690Total 7,769 5,448 5,553 5,244
Employees Based on SexSex 2019 2018 2017 2016
Male 6,990 4,910 5,111 4,812Female 779 538 442 432Total 7,769 5,448 5,553 5,244
Employees Based on EducationEducation Level 2019 2018 2017 2016
Postgraduate 277 181 187 176Bachelor 2,643 1,752 1,704 1,443Diploma 1,061 636 617 702Senior High School & Equivalent
3,788 2,879 3,045 2,923
Total 7,769 5,448 5,553 5,244
The Total Solution Services also affect our efforts in maintaining business sustainability, such as through the implementation of digital reporting system and integrated management information to improve our transparency, including in disseminating information on various initiatives undertaken in environmental and social sectors.
Go Beyond Best Practices
MANAGEMENT DISCUSSION AND ANALYSIS
4
96
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Economy and Industrial Overview
Overview of the National Economy
Amidst of global economic turmoil, Indonesia’s
strong economic fundamental allowed the country
to have a good economic growth. Based on data
from the Central Statistics Agency, Indonesia's
economic growth in 2019 grew by 5.02%. Although
lower than the previous year’s economic growth of
5.17%, such economic growth was one of the highest
achievements among the G20 member countries.
Sustained economic growth was supported by strong
household consumption aligned with maintained
inflation at a low level of 2.72%, a decrease compared
to 2018, which was 3.13%. A stable inflation rate was
driven by controlled price of staple foods aligned with
maintained domestic productivity and distribution of
staple foods in the country.
Controlled inflation was also supported by the
government's strong commitment to maintain
the inflation of the government-regulated price
of goods, such as fuel and energy. Proactive
roles of the Government and Bank Indonesia (BI)
in coordinating with the Local Governments to
maintain inflation has also been improved.
Overview of the Global Economy
The global economy dynamics in 2019 is greatly
affected by the increasing tension of trade relations
between the United States (US) and China. The
economic growth realization throughout 2019
showed a downward trending, both from developed
and developing countries.
US economic growth realization in 2019 was 2.3%,
lower than the previous year's growth of 2.9%.
Likewise, China was also decreased from 6.6%
in 2018 to only 6.1% in 2019. It is also the lowest
economic growth for China for the last 29 years.
Commodity prices were pressured aligned with
decreased demands. in 2019, average daily oil price
for Brent decreased to USD64.2 per barrel, from
USD71.1 per barrel. Likewise, coal and palm oil as
the main commodities in Indonesia. Average daily
price for coal and palm oil declined to respectively
USD524.7 and USD77.0 per metric ton, from
previously USD559.5 and USD107.2 per metric ton
in 2018. This decline is impacting the economy of
commodity-producer countries such as Indonesia.
Responding to the global economic slowdown,
central banks around the world are doing fiscal
stimulus and monetary easing policy, including
lowering their interest rates. Throughout 2019, the
Federal Reserve (US Central Bank) was recorded
of cutting their interest rate twice for the Federal
Funds Rate (FFR), from 2.50% to 1.75%. in addition
to lower interest rate, the Fed also implemented
an accommodative policy through the purchase of
securities to cope with tightened liquidity in the US
financial system.
The policies adopted by the Fed are influencing the
capital flows to emerging markets, such as China,
India, Brazil, Thailand, and the Philippines, as well
as Indonesia. Based on data from the Institute for
International Finance (IIF), total foreign capital
flows into emerging markets throughout 2019, both
in the stock market and bond market, reached
USD78 billion, after the previous year’s flow of
foreign capitals of only USD9, 9 billion. This also
gives space for some central banks in developing
countries to reduce their interest rates. Such policy
of interest rates reduction is expected to bring a
positive impact on the global economic growth in
2020.
97
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Indonesian economic stability was also reflected in
Rupiah movement, which was appreciated against
the US Dollar with lower volatility compared to
2018 performance. Additionally, indicators of trade
balance and current account balance in 2019 was
also better than the previous year. Although deficit
remains, but the trade balance deficit in 2019, which
was amounted to USD3.2 billion or Rp43.8 trillion, is
far smaller compared to the previous year’s USD8.7
billion or Rp119.2 trillion.
Indonesia's success in maintaining economic
growth could not be separated from policies issued
by the government and the Bank Indonesia (BI).
in 2019, Bank Indonesia has recorded four times,
lowered the BI reference rate for 7 Days Reverse
Repo Rate, each by 25 basis points (bps) to 5.0%.
This policy is expected to bring loan rates to a
lower level, so that business players can intensify
their investments or business expansion to boost
production. Additionally, declined loan interest
rates is expected to provide stimulus to the public
to maintain their consumption.
In addition to lower interest rates, macroprudential
policies were also taken to encourage bank credit
growth by loosening the provisions for the LTV/
FTV (Loan to Value/Financing to Value) ratio for an
average of 5-10% for home and vehicle ownership,
loosening the provisions for Ratio Macroprudential
Intermediation (RIM) to 84-94% from previously
80-92%, as well as expanding banking funding
including prudent foreign loans of more than 1 (one)
year.
Overview of the National Cement Industry
Challenge in the Indonesian cement industry
continues. Demand for cement in 2019, based on
data from the Indonesian Cement Association (ASI),
only grew under 1%.
The national cement sales in 2019 reached 76.1
million tons. of that number, 69.8 million tons were
from domestic sales and the rest of the sales, or
as much as 6.3 million tons, were from the export
market.
Based on the data from ASI, cement sales in
domestic market only grew 0.34% in 2019. in fact,
domestic cement sales have already dropped by
2% during the first half of 2019. Growth of cement
demand decreased compared to the previous
year due to the national election agendas. Many
infrastructure projects have been completed in
2018, while the new project initiative were delayed
to post-formation of the new ministerial cabinet.
Additionally, the property industry did not show
any improvement that can boost the growth of
domestic cement demand. Meanwhile, from supply
chain perspective, domestic capacity remained
excessive by 37 million tons. With declined growth
of the national cement demand and overcapacity
of cement supplies, the national cement plant
utilization only reached 67.4% in 2019.
Total of capacity development, domestic cement demand and average utilization in 2018-2019
Information Unit 2019 2018
Installed Capacity Million Tons 113 111
Domestic Demand Million Tons 69.8 69.5
Export Sales Million Tons 6.3 5.6
Total National Cement
Industry SalesMillion Tons 76.1 75.1
Utilization % 67.4% 67.6%
98
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Semen Indonesia’s Position in the National Cement Industry
Semen Indonesia is the largest player in the national
cement industry. Moreover, after a corporate
action was conducted on early 2019, in which
the Company acquired PT Holcim Indonesia Tbk,
Semen Indonesia is currently the largest player in
the cement industry in Southeast Asia.
Today, the Company owns production facilities in
many Indonesian regions as well as Vietnam, with
total installed production capacity of 53 million tons
per year. Not just the largest in terms of production
capacity, the Company is also the biggest player
with a market share of 53.4% in Indonesia. This
is made possible by the Company’s five brands
dominating each region, including Semen Gresik,
Semen Padang, Semen Tonasa, Semen Andalas
and Dynamix. in addition to strong brands, the
Company also owns distribution facilities in many
regions in Indonesia, which becomes one of the
Company’s advantages that enable us to maintain
our domination in the national cement market,
as distribution of production across the nation,
especially for bulk cements, is one of the biggest
challenges of cement producers in Indonesia due
to the country’s vast archipelago region.
Sumatera
SIG
62.14%20.58%
total national demand
27.15%total national
demandSIG
59.53%
15.06%total national
demand 13.53%total national
demand
SIG
38.47%
5.95%total national
demand
SIG MS
46.38%
6.38%total national
demand
SIG
57.56%
8.74%total national
demand
Jawa BaratDKI Jakarta
Banten
Jawa
Kalimantan (Borneo)
Sulawesi
Bali Sumbawa
Lombok
Flores
Timor Leste
Pulau Banda
Market Share SIG
National Cement Demands Jawa Tengah& DI Jogjakarta
Jawa Timur
SIG
78.46%
SIG
46.21%
2.60%total national
demand
SIG
35.56%
99
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Operational Overview
Business Development Strategy
To deal with challenging business dynamics,
particularly the oversupply condition and limited
growth of demand, the Company is addressing
them by changing our business model, optimizing
the Company’s advantages, and encouraging
innovation both in business products and processes.
in 2019, the Company focuses on four strategic
priorities:
1. Cost Leadership through Centralized Strategy
and Integrated Operation
The Company focuses on cost efficiency
to improve competitiveness by optimizing
integrated operations towards all business lines
including subsidiaries. Such integration enables
shared resources and complement one’s
weakness with other’s strength.
2. Differentiation through Product Development
and Optimization of Product Portfolio with
Excellence Services
The Company creates differentiation through
actions aligned with the Company’s long-term
strategy to be the biggest building materials
and solutions provider in the region. This step is
conducted by providing a complete high quality
products according to customer requirements,
with reliable services. Product and service
development initiatives were carried out to
create distinctive competitive advantages.
3. Proactive Stakeholder Management and
Sustainable Partnership Oriented
Proactive synergized management with wider
stakeholderss in relation to supplies, market
and the surrounding environment, in order
to create a conducive situation and support
business enhancement and development. The
management is carried out with orientation
towards sustainable partnerships based of
mutual and beneficial sharing of added-values.
4. Culture Transformation towards One Firm
Mentality
Upon the realization that Semen Indonesia
Group has grown bigger and stronger due to
our union, the cultural transformation is carried
out in order to strengthen the mindset as one
united Group. There is no separation between
subsidiaries. Programs throughout the business
lines are directed towards the mental building as
one united group with common shared vision
and mission.
Internal Strengths and Weaknesses
External Opportunities and Threats
Roadmap Towards Leader of Diversified Building Material
Differentiation
through product
development and
optimization of
product portfolio
with excellent
services
Proactive
stakeholderss
management
and sustainable-
oriented
partnership
Culture
transformation
towards one
firm mentality
Cost
leadership
through
centralized
strategy and
integrated
operations
100
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Marketing Aspects
The yeear 2019 is a very challenging year for the
national cement industry. Growth in domestic
demand was below 1%, while the national cement
industry remains oversupplied aligned with
continuous development for cement capacity
building, particularly from the new players.
Strategic Marketing InitiativesAmidst a challenging market condition, the Company
has taken a number of strategic initiatives, especially
in marketing areas, such as:
Rebranding Dynamix
In 2019, the Company took a bold step to rebrand
the Holcim brand as Dynamix. Dynamix rebranding is
part of the transformation process carried out by the
Company after the acquisition of PT Solusi Bangun
Indonesia Tbk. The rebranding reflects the new spirit
of the Company, 'Dare to Change to be Better', to win
the competition amidst an increasingly competitive
national market.
As part of the transformation process of the Company,
Dynamix is expected to provide added values to
meet the customers’ needs for innovation-oriented
building materials for the future.
Premium Brand Strategy
The cement industry has an interesting characteristic.
Cement brand is usually a heritaged brand which
has a fairly strong presence in the area where the
plant is located. Based on this fact, in 2019 the
Company created an integrated marketing function
by implementing a premium brand strategy.
The Company currently has five different cement
brands. Each brand has different characteristics and
strengths as well. in 2019, the Company enhanced
the cement brands with strong presence as
premium brands in their respective region, instead
of introducing encourage more brands in the region.
The presence of other brands is only necessary
when there is a "disruption" from competitors that
threatens the presence of our premium brand.
By implementing this strategy, there are at least
two benefits for the Company: a better profit level
and a more cost-efficient marketing and distribution
process.
Provides Solutions, Not Just Products
Semen Indonesia Group has a very diversed line of
products. in 2019, these advantages were optimized
by carrying out an integrated marketing program. The
Company not only focus in marketing the products,
but also providing solutions that consist of several
products and services.
By implementing this strategy, the Company creates
a very clear differentiation from our competitors.
Additionally, this strategy is also very effective to
open new markets amidst oversupplied cement
market.
Strengthen the Export Market
Furthermore, the Company is strengthening its
position as the largest cement industry player in
Southeast Asia and continues to boost overseas
markets. This approach is taken to ensure and
maintain the Company’s high sales volume, thus the
utilization of production facilities could be maintained
in a bid to implement the capacity management
strategy.
Although domestic market remains as the Company’s
main market, the Company is also expanding our
export markets as their potentials are not to be
ignored, as long as the transport cost is affordable.
Export market development is carried out by
PT Semen Indonesia International (SII), whose
responsible to maintain the Company’s cement sales
volume stability. Through SII, the Company will also
be able to optimize export market potentials for our
cement and clinker products when domestic demand
fall, and vice versa, to meet domestic demands when
it rises.
Customer Focus
The Company changed its sales paradigm from
production focus to customer focus. With this
approach, the Company established direct interaction
with our customers, both retail and corporate.
For retail customers, the Company enhanced
distributors’ active role in production distribution.
As for corporate customers, the Company has the
Corporate Marketing Unit focusing in bulk and bag
cement demands, either the huge demand from
101
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
companies or from real estates, contractors, industry
and many others, including implementing the synergy
concept among SOEs to market our products.
The Corporate Marketing Unit will continue its
competence development in the future, so that it
will be able to market related products of building
materials through product and service solutions, as
well as collaborate and synergize with the Company’s
subsidiaries.
Role Optimization of Distributors
Distributors have a very important role in the
marketing chain of cement products. Hence, the
Company seeks to continue to optimize the role
of distributors, not just as functions act as traders.
Distributors are also required develop store networks
while continue to improve engagement with their
existing store network.
Amidst oversupplied market condition and rampant
cement products with cheaper price, distributors
are expected to play a bigger role in protecting the
Company’s product positioning from competitors.
Marketing CommunicationsIn 2019, the Company carried out a huge change
in terms of marketing communications. By
implementing an integrated marketing strategy, the
Company did not have to force ourselves to run a
national marketing communications. Marketing
communications programs can be done locally to
strengthen our brand positioning.
Marketing communications programs play a role in
ensuring the interaction between the principal and
customers in an effort to establish, expand, and
increase awareness. Included also as the beginning
of an effort to maintain and increase customer
satisfaction and loyalty.
Since 2018 the Company has utilized digital
technology with the use of online applications
and digital in the marketing communication more
touching customers immediately in order to maintain
customer engagement. Various online and digital
programs that have been implemented include:
• Digitization program for each customer segment
the Company has developed a digital program
for each customer segment in order to improve
engagement and customer loyalty. These
programs are Business Sturdy (program for shop),
Family Sturdy (program for End Users), and Jago
Building (program for Artisan)
• Program Customer Care "Connect-SI" program
customer service company by integrating several
existing programs, such as call center, email, live
chat, social media (twitter, facebook), as a medium
to improve the quality of customer service, after-
sales service , complaint, as well as information
and assistance.
• Development online communication channels:
corporate websites, social media (twitter,
facebook, instagram, etc.) with associated
content konten- latest company news, product
information, and so on.
• impressions important events company digitally
in social media, online communities, online news
portals, and so on.
• Implementation activities to raise public
engagement, Such as exhibitions and
competition-competition online.
• Publications We-Green Industry as
environmentally conscious community portal
established by the Semen Indonesia.
Rebranding SIGOn the beginning of 2020 the Company made a
corporate rebranding with a new logo into a SIG. This
rebranding is marked by changes in the Company
logo that no longer contain the word "Cement" in it.
Aligned with the Company's new vision of "Leading
Building Material Solutions Provider in the Region",
the word "Cement" in the Company’s brand became
irrelevant. Even the word "Cement" seems to limit
the Company’s scope of business.
Additionally, the Company’s old logo is still
veryidentical to one of the brands owned by the
Company, while the Company currently own six
different brands and has become the biggest player
in the Southeast Asia region.
Rebranding done to change the brand positioning
and reaffirmed new visions Semen Indonesia.
Historically, the Semen Indonesia has been the
backbone of the national development and has
a reputation as a leader of the cement industry in
Indonesia. Today, Semen Indonesia is continuing its
102
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Market Share
transformation stage to be a company that inspires
stakeholderss in creating sustainable living or a
better life in the future, and transformed into a SIG.
SIG wants to realize its vision to become the largest
building materials solutions provider in the region by
providing various products and a complete service
and quality. in harmony with this vision, corporate
brand SIG represents several things to be achieved
by the Company:
• SIG wants to be a leader (trendsetters) in the
building material industry
• SIG wants to be the leader in building materials
and solutions provider in the region, and the
latest value-added
• SIG would like to become a brand that is
recognized and soughtby stakeholderss for
quality and good value.
Year 2019, the Company was able to maintain its
leadership in the national cement market. Especially
with the acquisitions made against Holcim, market
share The Company is getting stronger. Based on
data from ASI, in 2019, the Company controls 53.4%
of the national cement market (including SBI sales
in January 2019 of 904.7 thousand tons), increased
from 39.4% of the previous year.
Domestic sales comparisonin Java and outside Java
Outside Java Java Growth Source: Indonesian Cement Association
2010 2011
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
2012 2013 2014 2015 2016 2017 2018 2019
21.5
26.5
18.9
21.9
24.6
30.3
25.3
32.6
26.2
33.7
27.5
34.5
28.2
33.4
28.9
37.4
30.5
39.0
30.9
38.9
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
-
Year 2019, the demand for cement in the domestic
market limited growth of 0.3% over the previous
year, reaching 69.8 million tons. The national
cement market is still dominated by sales the island
of Java, which controls 55.7% of the total national
cement sales. However, cement sales outside Java
also showed excellent growth in 2019.
103
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Per Segment Overview of Operations
Cement Business Segment
Cement business segment is still an effortprimary
for the Company. This segment contributes to 73.9%
of total consolidated revenues before elimination of
the Company. Production of cement produced by
the Company and its subsidiaries five enterprises
with majority ownership, either directly or indirectly,
PT Semen Gresik, PT Semen Padang, PT Semen
Tonasa, Thang Long Cement Joint Stock Company
and PT Solusi Bangun Indonesia Tbk.
The Company’s cement production marketed under
the brand Semen Gresik, Semen Padang, Semen
Tonasa, Thang Long Cement and Dynamix.
Production performance
In line with the Company’s strategic priority program
in 2019, which supports the pattern of centralized
and integrated operations for all lines with the
main purpose of the creation of cost-efficiency that
improve the competitiveness of the Company, the
management capacity or utilization of production
facilities and maintenance management is the
primary focus of the Company.
To improve efficiency in the supply chain process
both inbound and outbound plant operations,
implementation of information technology is the
key to success, from planning, implementation,
monitoring and evaluation.
In 2019, accordance with its acquisition of PT Holcim
Indonesia Tbk (now PT Solusi Bangun Indonesia
Tbk) the Company’s installed capacity of cement in
Indonesia has increased to 52.6 million tons, from
37.8 million tons from the previous year. Accordingly,
the Company’s installed capacity of cement is
equivalent to 44.4% of the national installed capacity
in 2019 amounted to 113.1 million tons.
Here is an overview of the performance of the
cement productionThe Company as a result of the
implementation of capacity optimization strategies
that are executed during 2019.
Semen IndonesiaOther players
60.6%39.4%53.4%
46.6%
Corresponding Articles of Association, the Company
engaged in the cement industry. for the purposes
of management evaluation, and in accordance with
the provisions of SFAS 5 (Revised 2015) presents the
report of the Semen Indonesia business segments
into two major groups, namely business segments
of cement and non-cement.
104
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Information2019* 2018 Growth
1 2 1:2
Clinker Production
Domestic 31,988,817 24,279,631 32%
Regional 1,900,107 2,024,572 (6%)
Total 33,888,924 26,304,204 29%
Cement Production
Domestic 38,279,602 28,565,618 34%
Regional 1,429,597 1,994,351 (28%)
Total 39,709,199 30,559,969 30%
Installed Capacity
Domestic 50,300,000 35,500,000 41%
Regional 2,300,000 2,300,000 0%
Total 52,600,000 37,800,000 39%
Utilization
Domestic 76% 80% (4%)
Regional 62% 87% (25%)
Total 76% 81% (5%)
(*) Including SBI production in January 2019 prior to the acquisition, amounted to 774,636 tons of clinker and 867,873 tons of cement.
Domestic Clinker(Tons)
2017 2018 2019
Regional Clinker(Tons)
2017 2018 2019
Total Clinker(Tons)
2017 2018 2019
Domestic Cement(Tons)
2017 2018 2019
Regional Cement(Tons)
2017 2018 2019
Total Cement(Tons)
2017 2018 2019
23
,83
0,9
29
31,
98
8,8
17
1,9
00
,107
33
,88
8,9
24
38
,279
,60
2
1,4
29
,59
7
39
,70
9,19
9
2,0
00
,66
8
25
,83
1,5
79
28
,68
4,5
77 2,13
3,19
0
30
,817
,76
7
24
,279
,63
1
2,0
24
,572
26
,30
4,2
04
28
,56
5,6
18
1,9
94
,35
1
30
,55
9,9
69
in Tons
105
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Realization of domestic cement real production
company in 2019 reached 38,279,602 tons, an
increase of 34% over the previous year amounted
to 28,565,618 tons. Such increase resulted from
the consolidation of PT Solusi Bangun Indonesia
Tbk. While TLCC production in 2019 decreased
28% to 1,429,597 tons of 1,994,351 tons in 2018,
resulting in total production volume of 39,709,199
tons in 2019, increased by 30% from the total
production volume in 2018, which was amounted
to 30,559,969 tons. Increased cement production
company in 2019, mainly from the acquisition of
PT Holcim Indonesia Tbk.
Sales performanceThe Company sales its products in Indonesia as
well as regional market. In 2019, domestic demand
growth was stagnant. At the same time, competition
became increasingly fierceful, in which the national
installed cement capacity increased from 2 million
tons to 113 million tons.
In such situations, implementation of various strategies
above had enable the Company to successfully sell
36.3 million tons of cement (excluding SBI's January
2019 sales of 904.7 thousand tons) in the domestic
market, increased by 32.5% from the 2018 sales of
27.4 million tons. The significant increase was due
to the consolidation of PT Solusi Bangun Indonesia
Tbk by the Company. Domestic clinker sales of the
Company in 2019 reached 667.7 thousand tons, an
increase of 213.2% from the year 2018 amounted to
213.2 thousand tons.
Such achievement of the Company’s sales
performance in 2019 was considered a very good
result, since the national cement market situation was
still experiencing an overcapacity of 37 million tons.
The growth ofCement Sales Volume - Domestic Market- Semen Indonesia, 2018-2019
Note: Excluding domestic clinker and white cement sales (ASI data)
No RegionSemen Indonesia Sales Growth
2019 2018 2019:2018
1 Sumatera 8,671,688 6,276,950 38.2%
2 Jawa 19,791,871 14,064,118 40.7%
3 Kalimantan 2,040,959 1,757,274 16.1%
4 Sulawesi 3,503,490 3,329,827 5.2%
5Bali Nusa
Tenggara1,585,519 1,246,955 27.2%
6 Eastern Indonesia 747,306 746,376 0.1%
Total 36,340,833 27,421,500 32.5%
106
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Growth of Cement and Clinker Sales - Regional Market (Export) - Semen Indonesia 2018-2019
Destination Country 2019 2018 2019 Growth
Australia 1,507,375 827,718 82.1%Bangladesh 1,213,126 878,610 38.1%Cina 603,790 140,085 331.0%Srilangka 304,085 896,298 (66.1%)Timor Leste 149,342 130,100 14.8%Others 278,366 301,915 22.0%Total Export 4,056,083 3,174,726 27.8%
The non-cement segment consists of limestone
and clay mining, cement bag production, industrial
estate development, logistics, trade in building
materials and ready-made concrete. Activities of
these segments including:
• Limestone and clay mining aim to meet the
Company’s needs for raw materials.
• Cement bag production aims to meet the needs
for cement packaging.
• Industrial area construction, including the
management of ex-mining area of raw materials
into area for commercial purposes as well as
public facilities.
• Ready-mix concrete production aims to meet the
needs of construction projects.
• Logistics and raw material trades services.
• Other business activities.
The Company generated a number of non-cement
revenues from these business activities. Aligned with
the Company’s business paradigm shift to develop
non-cement downstream products,
Non-Cement Segment
In 2019, the Company’s cement sales remains
dominant in Java, which reached 54.5% of the total
domestic sales.
In addition to cement supplies to the Indonesian
market, the Company also conducts export sales of
cement and clinker to Australia, Bangladesh, China,
Sri Lanka, Timor Leste and other countries. The
total volume of sales to the export market in 2019
reached 4.06 million tons, an increase of 27.8%
compared to 2018.
Meanwhile the TLCC, a subsidiary in Vietnam, was
able to sell cement and clinker up to 1,355,784
tons in the Vietnamese market and export market
amounted to 859,575 tons. Total sales recorded
by TLCC in Vietnam market in 2019 reached
2,215,359 tons, down to 14% compared to the
previous year which amounted to 2,574,924 tons,
primarily due to the implementation of Safeguard
Duty of Imported Cement by the Philippines Tariff
Commission, which is one of the largest export
market for TLCC after China.
Thus, the Company’s total sales volume in domestic
and regional market in 2019 reached 43,279,972
tons, an increase of 29.6% from the total sales
volume in 2018, which was 33,384,310 tons.
Financial PerformanceIn 2019, the Company’s cement business segment
recorded sales (before elimination) of Rp35,480
billion, up to 32.6% from the previous year’s of
Rp26,759 billion. Of the total sales, an amount of
Rp29,876 billion represent sales to third parties
and related parties. The number increased by
33.6% from the previous year’s amount of Rp22,363
billion. Meanwhile, inter-segment sales in 2019 was
amounted to Rp5,604 billion, an increase of 27.5%
from the previous year’s of Rp4,397 billion.
107
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Non-Cement Business Segment Performance Aligned with the new vision of the Company,
revenue contribution from non-cement business
segment will continue to be improved. The
Company seeks to optimize subsidiaries’
performance through innovation to produce
new products and improve customer services in
order to deliver better performance than the non-
cement business segment.
The Company also seeks to create synergy
among its subsidiaries to optimize each entity’s
potentials and performance.
SIB, formerly PT SGG Prima Beton (SGG-PB), was
established on 11 April 2012 and located in Gresik.
SIB started its first commercial operation in January
2013. the Company owns 99.99% of SIB shares
while Koperasi Warga Semen Gresik owns 0.01%.
In 2016 SIB acquired the shares of PT Varia Usaha
Beton (VUB), with 50.9% ownership at VUB.
SIB is a manufacturer of ready-mix concrete (RMX)
and a wide variety of precast concrete components
and composites, as well as developing raw materials
for concrete production, concentrating in areas
where it operates, the western part of Java and
western Indonesian.
PT Varia Usaha Beton (VUB) as a subsidiary of SIB is
concentrating its operations in central and eastern
Java as well as eastern Indonesia. VUB shares are
owned by SIB by 50.90% and SILOG by 49.10%.
PT Semen Indonesia Beton (SIB)
in billion Rupiah
Description 2019 2018
Income 1,860 2,251
Net Profit (Loss) (161.8) (19.8)
Non-Cement Revenue Contribution Before Elimination(Rp billion)
201720182019
12,5
22
10,7
40
9,4
37
108
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
SMI was established on 29 December 2011
under the former name of PT SGG Energi Prima
(SGGEP) and located in Gresik. The name change
to SMI occurred on 23 July 2018 along with the
transformation of SMI business from coal trading
to the management of non-productive assets of
PT Semen Indonesia (Persero) Tbk.
The main activity of SMI is to manage and optimize
the assets of PT Semen Indonesia (Persero)
Tbk. SMI acts in a professional manner with a
commitment to environment conservation and
contributions. A number of assets managed by
SMI, including the Ngipik Lake, Hollywood Hills,
Dowo Lake, Lepit Mountain, Semen Gresik’s plant
area, housing near the RSSG, housing of the Board
of Directors, A. Yani Guest House, and others. SMI
is open to various forms of cooperation in asset
optimization sector.
SMI shares owned by the Company of 97% and
Cooperation Citizens Semen Gresik (KWSG) of
3%. The main activity of the SMI is prioritized to
support the Company’s activities, especially in the
management of non-productive assets owned by
the Company.
PT Sinergi Mitra Investama (SMI)
in billion Rupiah
* As restated
Description 2019 2018*
Income 16.3 30.9
Net Profit (Loss) (28.3) (44.6)
SISI was established on 9 June 2014, located
in Jakarta. The Company owns 85% of its share
composition, while the rest of shares are owned by
PT Semen Gresik, PT Semen Padang and PT Semen
Tonasa with 5% of shares respectively.
The success of SISI can be measured by its ability to
provide ICT services to the Company with controlled
costs and adding values for the Company.
SIDE acts as a one stop solutions provider, in which
ICT services including operational support, business
solutions delivery, to ICT governance, all of those
are provided by SISI as service packages to meet
the needs the customers.
PT Sinergi Informatika Semen Indonesia (SISI)
in billion Rupiah
Description 2019 2018
Income 143,7 83,2
Net Profit (Loss) 10,0 (31,6)
109
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
On 1 November 2016, the Company acquired an
ownership of shares representing 48.7% of the
total issued and paid-up capital of PT Varia Usaha
(VU) owned by the Dana Pensiun Semen Gresik
(DPSG), so that the shareholders composition of
the VU including 73.65% owned by the Company
and 26.35% owned by the Koperasi Warga Semen
Gresik. Furthermore, on 13 February 2017, VU
changed its name to PT Semen Indonesia Logistik
(SILOG).
SILOG is a subsidiary of the Company that located
in Gresik, East Java, which engages in businesses
of general transportation and expedition services,
building materials trading, agency, cement
distributor, industrial development, and mining.
SILOG has several subsidiaries to anticipate
tremendous business opportunities in logistics.
They are of:
a. PT Semen Indonesia Distribusi (formerly PT Waru
Abadi), which engages in building materials
trading, particularly retails.
b. PT Varia Usaha Bahari, which engages in loading
services at the port.
c. PT Varia Usaha Dharma Segara, which engages
is in transportation management services
(International Freight Forwarder).
d. PT Varia Usaha Lintas Segara, which engages in
shipping and ship agency services.
e. PT Varia Usaha Fabrikasi, which engages in labor
provision.
PT Semen Indonesia Logistik (SILOG)
Description 2019 2018
Income 4,841.1 4,922.1
Net Profit (Loss) 9.4 31.2
in billion Rupiah
Located in Gresik, East Java, KIG engages in industrial
area operations, including acquisition, development,
industrial land sales and leasing, warehouse, shops
as well as Ready-to-Use Plant Buildings (BPSP)
inside and outside the area, including construction
for public facilities development such as roads,
water pipelines, electricity and others. Its shares are
owned by the Company by 65% and PT Petrokimia
Gresik (Persero) by 35%.
PT Kawasan Industri Gresik (KIG)
Description 2019 2018
Income 79.1 59.9
Net Profit (Loss) 36.3 24.4
in billion Rupiah
110
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT Industri Kemasan Semen Gresik (IKSG)
IKSG engages in packaging production, or
the packaging industry, trade and services.
Based in Tuban, East Java, its shareholders
composition including the Company with 60%
of shares, PT Fajar Mas Murni by 30%, and
PT Newlong Indonesia by 10%. Most IKSG
products are manufactured to meet the needs
of the Company’s cement bags, thus most
of the sales results are considered inter-
company sales and will be eliminated in Semen
Indonesia’s consolidated report notes.
PT United Tractors Semen Gresik (UTSG)
UTSG is located in Tuban, East Java, and engages
in mining, trade and other services. UTSG shares
are owned by the Company by 55% and PT United
Tractors Tbk by 45%.
UTSG’s main activities are prioritizing to support the
Company’s production activities, particularly in terms
of services for the cement raw materials mining
process.
UTSG revenues are generally derived from the mining
equipment rental services of cement raw materials,
rock blasting services, mining transportation services,
heavy equipment rental and sale of clay. UTSG’s
profitability is measured by its ability to provide raw
material mining equipment costs to the Company in
the most efficient manner and the ability to utilize
its competencies in the mining sector as well as the
management of its fleet of heavy equipment and
transportation equipment.
in billion Rupiah
Description 2019 2018
Income 576.4 663.2
Net Profit (Loss) 9.5 27.3
in billion Rupiah
Description 2019 2018
Income 313.9 518.2
Net Profit (Loss) 5.8 13.2
111
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Financial Overview
This financial information is summarized from the
consolidated financial statements for the year
ended 31 December 2019, which has been audited
by KAP Tanudiredja, Wibisana, Rintis & Rekan (A
member of PwC network of firms), with an
opinion of fair without exception.
Consolidated Statements of Financial Position
AssetOn 31 December 2019, total assets of the Group
was recorded at Rp79,807 billion, increased by
57.1% compared to the previous year’s amount of
Rp50,784 billion. The increase in total assets was
mainly due to increased non-current assets by 82%
from 2018, as a result of the acquisition of PT Solusi
Bangun Tbk.
The composition of the Group's assets in 2019
was dominated by non-current asset of Rp63,149
billion or 79.1% of the total assets. Total non-current
assets in 2019 increased by 82.0% compared to
the previous year’s amount of Rp34,693 billion due
to growth in fixed assets. Meanwhile, total current
assets in 2019 reached Rp16,658 billion or 20.9%
from total assets. Total current assets rose 3.5%
from the previous year’s amount of Rp16,091billion.
in billion Rupiah
Financial Position 2019 2018Growth
2019:2018
Current Assets 16,658 16,091 3.5%
Non-Current Assets 63,149 34,693 82.0%
Total Assets 79,807 50,784 57.1%
Short-Term Liabilities 12,240 8,180 49.6%
Long-Term Liabilities 31,675 9,989 217.1%
Total Liabilities 43,915 18,169 141.7%Temporary Syirkah Funds 2,000 - 100.0%Equity Attributable to:
- The Owner of the Parent Entity 32,277 31,192 3.5%
- Non-Controlling Interests 1,615 1,423 13.5%
Total Equity 33,892 32,615 3.9%Total Liabilities, Temporary
Syirkah Funds And Equity79,807 50,784 57.1%
112
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Total current assets of the Company in 2019
amounted to Rp16,658 billion, up to 3.5% compared
to the previous year’s Rp16,091 billion. The increase
was mainly due to increased trade receivables
and inventories in line with SBI consolidation
(formerly PT Holcim Indonesia (Persero) Tbk)
into the Company, thus increased the Company’s
production and sales volume.
Cash and cash equivalentsThe Company operates a prudent management
of cash and cash equivalents through optimized
management, while established a sound portfolio
management on excess cash to manage risks and
returns to ensure optimum benefits.
The Company continues to apply financing scheme
for distributors to maintain cash availability. Through
this scheme, distributors who require a longer due
of payment to the Company can use bank funds to
cover the payment in accordance with time period
set by the Company to ensure on time payments.
This facility provides flexible cash flows with
competitive cost of finance for distributors.
As of 31 December 2019, total cash and cash
equivalents was at Rp3,950 billion, down by 24.7%
compared to the end of previous year’s amount of
Rp5,246 billion. That was caused by distributors
who utilized the bank funds to submit their payment
on time to the Company in accordance with the
Company’s time period, as they required a longer
payment due. This provides the flexibility of cash
flow for the distributors with competitive financial
burden.
Almost all of the Company’s cash and cash
equivalents are in Rupiah, aligned with the
Company’s payments that are mostly in Rupiah. The
Company’s cash and cash equivalents consists of
several currencies, this As part of the Company’s
mitigation towards changes to the currencies’
values for capital expenditure in accordance with
the Company’s business development strategy.
Details of the Company’s cash and cash equivalents
based on currencies are as follows:
Current Assetsin billion Rupiah
Current Assets 2019 2018Growth
2019:2018
Cash and Cash Equivalents 3,950 5,246 (24.7%)
Trade Receivables 6,490 5,786 12.2%
Other Receivables 370 174 113.9%
Short-Term Investments 67 8 737.5%
Inventories 4,641 3,544 31.0%
Advances 136 163 (16.6%)
Prepaid Expenses 216 176 22.7%
Prepaid Taxes 764 986 (22.5%)
Other Current Assets 24 8 200.0%
Total Current Assets 16,658 16,091 3.5%
113
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Cash and Cash Equivalents in billion Rupiah
Cash and Cash Equivalents
per Currency2019 2018
Growth
2019:2018
Total Cash and Cash Equivalents
Rupiah 3,255 4,654 (30.06%)
US Dollars 668 557 19.9%
Euro 11 26 (57.7%)Vietnamese Dong 16 9 77.8%
Total 3,950 5,246 (24.7%)
The main currency composition of cash and cash
equivalents is in Rupiah, with 82.4% of the total
cash and cash equivalent balance. Cash and cash
equivalents in 2019 decreased 24.7% to Rp3,950
billion mainly due to the Company's efforts to
reduce the principal outstanding and interest
expenses, which increased significantly in 2019 due
to the acquisition of PT Holcim Indonesia Tbk. The
biggest cash portion after Rupiah is denominated in
US Dollars.
Company places its cash and cash equivalents
predominantly denominated in Rupiah, to support
working capital needs, both dalamrangka purchase
of raw materials and ingredients. Others include
other operating needs to be done in the rupiah
currency. This is done to improve the readiness of
the plant operations in anticipation of increased
demandcement in the domestic market in the future.
The balance of cash and cash equivalents majority
placed on deposit with the bank with good health,
among others: PT Bank Mandiri (Persero) Tbk, PT
Bank Rakyat Indonesia (Persero) Tbk, PT Bank
Negara Indonesia (Persero) Tbk, PT Bank National
savings (Persero) Tbk, PT Bank Bukopin Tbk, and
other banks.
The above funds, the Company is interest income to
the interest rate for rupiah deposits of 3.4% -80% for
balance in Rupiah and 2.50% -3.00% in US Dollars.
Trade Receivables in billion Rupiah
Trade Receivables 2019 2018Growth
2019:2018
Current 5,229 3,972 31.6%
Overdue
1-45 Days 335 720 (53.5%)
46-135 Days 293 393 (25.4%)
136-365 Days 343 445 (23.1%)
More than 365 Days 677 396 71.0%
Total 6,877 5,926 16.0%
Allowance for Impairment Losses (387) (140) 176.4%
Trade Receivables 6,490 5,786 12.2%
Income 40,368 30,688 31.5%
Trade Receivables/Income 16,1% 18,9% (2.8%)
114
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Total accounts receivable of the Company at the
end of 2019 reached Rp6,490 billion, up 12.2% over
the previous year amounting to Rp5,786 billion.
This increase is mainly related to the an increase
in revenues of the Company after the acquisition
of PT Solusi Bangun Indonesia Tbk (d/h PT Holcim
Indonesia Tbk) there by increasing sales volume as
well as the Company’s accounts receivable.
The Company’s net inventories at the end of 2019
amounted to Rp4,641 billion, an increase of 31%
over the previous year. Spare part inventories
increased by Rp627 billion, or up to 55.2%, raw and
indirect materials increased by Rp336 billion or up
to 28% compared to last year, while finished goods
increased by Rp179 billion or 30% of the year 2018.
The increase in inventories in line with the 31.5%
increase in revenue, cost of revenue 29.6% and the
volume of clinker and cement production increased
29% and 30%, respectively, compared to 2018.
Inventoriesin billion Rupiah
Inventories 2019 2018Growth
2019:2018
Finished Goods 776 597 30.0%
Goods in Process 693 689 0.4%
Raw & Indirect Materials 1,536 1,200 28.0%
Goods in Transit 110 84 31.0%
Spare Parts 1,762 1,135 55.2%
Total 4,877 3,705 31.6%
Allowance (236) (161) 46.0%
Inventories - Net 4,641 3,544 31.0%
As of 31 December 2019, the total of non-current
assets of the Company reached Rp63,149 billion, an
increase of 82.0% over the previous year’s amount
of Rp34,693 bilion in 2018.
Non-Current Assetsin billion Rupiah
Non-Current Assets 2019 2018Growth
2019:2018
Restricted Cash 58 31 83.9%
Deferred Tax Assets 658 563 16.9%
Investments in Associate Entities 89 86 3.5%
Investments in Joint Ventures 52 56 (7.1%)
Investment Property 120 132 (9.1%)
Fixed Assets 56,602 32,392 74.7%
Goodwill and Intangible Assets 4,260 1,084 292.6%
Tax Refund Claims 443 0 0.0%
Other Non-Current Assets 867 349 148.4%
Total Non-Current Assets 63,149 34,693 82.0%
115
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Fixed Assetsin billion Rupiah
Fixed Assets 2019 2018Growth
2019:2018
Direct Acquisition 86,727 48,669 78.2%
Finance Leased Assets 244 682 (64.3%)
Total 86,971 49,351 76.2%
Accumulated Depreciation (30,369) (16,959) 79.1%
Total Fixed Assets 56,602 32,392 74.7%
Company's fixed assets are grouped into two
categories: direct ownership assets by the Company
and leased assets. Total (net) value of fixed assets
of the Company in 2019 was amounted to Rp56,602
billion, increased by 74.7% from the previous year’s
amount of Rp32,392 billion. Such increase in fixed
assets is mainly due to SBI consolidation into the
Company, thus the Company included SBI’s fixed
assets. Additionally, the acquisition of SBI also
involving the Purchase Price Allocation to allocate
the transactional purchase price to SBI’s assets
and liabilities based on the fair value of assets and
liabilities at the date of acquisition.
in billion Rupiah
Goodwill and Intangible Assets 2019 2018Growth
2019:2018
Licenses 2,195 798 175.1%
Trademark 1,047 181 478.5%
Computer Softwares 225 180 25.0%
Land Rights Renewal 25 12 108.3%
Total 3,492 1,171 198.2%
Accumulated Amortization (583) (420) 38.8%
Total Intangible Assets 2,909 751 287.3%
Goodwill 1,351 333 305.7%
Goodwill and Intangible Assets 4,260 1,084 292.6%
Goodwill and Intangible Assets
Total goodwill and intangible assets of the Company
by the end of 2019 reached Rp4,260 billion, rose
significantly by 292.6% compared to the previous
year’s amount of Rp1,084 billion from the process
of purchase price allocation of SBI acquisition, into
SBI’s assets and liabilities based on the fair value
during the date of acquisition.
116
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The amount of deferred tax assets of Semen
Indonesia in 2019 was recorded of Rp658 billion,
increased by 16.9% compared to the previous year’s
amount of Rp563 billion, mainly due to additional
accumulation of fiscal loss from subsidiaries by
Rp101 billion.
LiabilitiesAs of 31 December 2019, the Company’s total
liabilities amounted to Rp43,915 billion, increased
by 141.7% compared to the previous year’s amount
of Rp18,169 billion. The increase in total liabilities
was primarily due to the Company’s increased
borrowing, which amounted to Rp18,439 billion
compared to 2018.
Composition of the Company’s liabilities in 2019 was
dominated by long-term liabilities, which amounted
to Rp31,675 billion, or 72.1% of total liabilities.
Total long-term liabilities in 2019 increased by
217.1% compared to the previous year’s amount of
Rp9,989 billion. Meanwhile, the number of short-
term liabilities in 2019 reached Rp12,240 billion or
27.9% of total liabilities. Total short-term liabilities
rose by 49.6% from the previous year’s amount of
Rp8,180 billion. The increase was primarily caused
by increased long-term loans that will reach maturity
within one year.
Deferred Tax Assetsin billion Rupiah
Deferred Tax Assets 2019 2018Growth
2019:2018
Holding 503 504 (0.2%)
Subsidiaries 155 59 162.7%
Total Deferred Tax Assets 658 563 16.9%
On 31 December 2019, total of short-term liabilities of
Semen Indonesia was recorded of Rp12,240 billion,
increased by 49.6% compared to the previous year’s
Rp8,180 billion. The increase in short-term liabilities
is due to increased current maturities of long-term
liabilities by Rp1,942 billion. Additionally, trade
payables also increased by Rp1,194 billion or uo to
26.7% compared to the year 2018, aligned with the
increase in cost of revenue and production volume
due to the SBI consolidation into the Company.
Short-Term Liabilitiesin billion Rupiah
Short-Term Liabilities 2019 2018Growth
2019:2018
Short-Term Borrowings 1,212 1,552 (21.9%)
Trade Payables 5,670 4,476 26.7%
Other Payables 575 319 80.3%
Accrual 1,222 901 35.6%
Tax Payables 626 363 72.5%Short-Term Employee Benefits
Liabilities735 393 87.5%
Sales Advances 120 38 215.8%
Current Maturities of Long-Term
Liabilities2,080 138 1,407.2%
Total Short-Term Liabilities 12,240 8,180 49.6%
117
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Total of the Company’s trade payables at the end
of 2019 reached Rp5,670 billion, an increase of
26.7% over the same period in the previous year
of Rp4,476 billion, the increase is aligned with
increased cost of revenue of 29.5% and increased
production volume of clinker and cement by 29%
and 30%, respectively, compared to 2018 due to
consolidation of SBI into the Company. From the
total value of trade payables in 2019, an amount of
Rp4,931 billion or 87% are trade payables in Rupiah,
while the rest are in foreign currencies.
Trade Payablesin billion Rupiah
Trade Payables 2019 2018Growth
2019:2018
Rupiah 4,931 3,943 25.1%
US Dollar 200 77 159.7%
Vietnamese Dong 463 331 39.9%
Euro 73 121 (38.8%)
Other foreign currencies 3 4 25%
Total Trade Payables 5,670 4,476 26.7%
In order to maintain relationship with our suppliers, the
Company provides financing facilities for suppliers
with competitive financial fee in cooperation with
banks. This facility enables suppliers to receive early
payment according to the needs of each supplier
without affecting the Company’s repayment period.
The Company relies on supports from information
technology, that continues to be developed, to
verify documents and implementing e-procurement
to obtain goods and services with standardized
quality and competitive price.
Short-Term Employee Benefits Liabilities
Total short-term employee benefits liabilities in
2019 increased by 87.0% to Rp735 billion, from
the previous year’s Rp393 billion. This was due to
increased reserve for incentives.
in billion Rupiah
Short-Term Employee Benefits
Liabilities2019 2018
Growth
2019:2018
Productivity Allowance, Incentives,
the Board of Directors’ and
Commissioners’ Tantiem
712 300 137.3%
Other Employee Benefits 23 93 (75.3%)
Total Short-Term Employee Benefits
Liabilities735 393 87.0%
118
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Total of the Company’s accrual in 2019 was Rp1,222
billion, rose by 35.7% compared to the previous
year’s amount of Rp901 billion. This came primarily
from operating and financial expenses, as well as
increased sales promotions and transportation. The
increase was mostly due to SBI’s consolidation in
the Company’s financial statements, thus increased
the Company’s operating and financial expenses
from increased loans.
Accrualin billion Rupiah
Accrual 2019 2018Growth
2019:2018
Transport 223 181 23.2%
Maintenance 177 159 11.3%
Operating Costs 113 28 303.6%
Sales Promotions 108 58 86.2%
Professional Services 81 163 (50.3%)
Financial Expenses 76 21 261.9%
Insurance, Rent and Expedition 74 39 89.7%
Packing Fees 50 40 25.0%
Mining Retribution 31 5 520.0%
Electricity 10 8 25.0%
Others 279 199 39.5%
Total Accrual 1,222 901 35.7%
in billion Rupiah
Current Maturities of Long-Term
Liabilities2019 2018
Growth
2019:2018
Bank Loans 2,052 50 4,004.0%
Finance Lease Liabilities 28 88 (68.2%)
Total Current Maturities of Long-Term
Liabilities2,080 138 1,407.2%
The total of current maturities of long-term liabilities
increased by 1,407.2% to Rp2,080 billion from 2018
which amounted to Rp138 billion. This increase
was mainly due to an increase in long-term bank
loans by 319.9% or Rp15,018 billion in 2019 from the
previous year. The addition of long-term loans is
mainly due to the acquisition and consolidation of
SBI into the Company.
Current Maturities of Long-Term Liabilities
119
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
During 2019, short-term liabilities denominated in
Rupiah decreased by 21.0% from 2018 of Rp1,495
billion to Rp1,180 billion, as well as loans in Dong
which fell by 43.9% after being converted into
Rupiah, from Rp57 billion to Rp32 billion. Therefore,
the Company's total short-term liabilities decreased
by 21.9% to Rp1,212 billion from 2018.
in billion Rupiah
Short-Term Liabilities 2019 2018Growth
2019:2018
Rupiah 1,180 1,495 (21.0%)
Vietnamese Dong 32 57 (43.9%)
Short-Term Liabilities 1,212 1,552 (21.9%)
Non-Current Liabilitiesin billion Rupiah
Non-Current Liabilities 2019 2018Growth
2019:2018
Deferred Tax Liabilities 3,839 207 1,754.6%
Long-Term Employee Benefits
Liabilities2,236 1,433 56.0%
Long-Term Liabilities Net of Current
Maturities24,749 7,913 212.8%
Long-Term Provisions 265 228 16.2%
Other Non-Current Liabilities 586 208 181.7%
Total Non-Current Liabilities 31,675 9,989 217.1%
The increase in the number of long-term liabilities
and deferred tax liabilities made the Company's
total non-current liabilities increase significantly,
from Rp9,989 billion in 2018 to Rp31,675 billion in
2019. The increase in non-current bank loans in
2019 reached 319.9% or Rp15,018 billion from 2018.
Additionally, deferred tax liabilities also increased
by Rp3,632 billion in 2019 to Rp3,839 billion. The
increase in long-term liabilities and deferred tax
liabilities were in line with the consolidation of SBI
into the Company since 1 February 2019.
Short-Term Liabilities
120
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Long-Term Employee Benefits Liabilities
The Company's long-term employee benefits
liabilities in 2019 increased by 56.0% to Rp2,236
billion, from Rp1,433 billion a year earlier. This
increase was mainly due to the consolidation of
SBI in January 2019.
The Company's non-current liabilities in 2019
increased significantly to Rp26.829 billion from
Rp8,051 billion in 2018. Long-term loans after
deducting the current maturities of long-term
liabilities increased from Rp16,836 to Rp24,749
billion. This increase is in line with SBI consolidation
into the Company since 1 February 2019.
in billion Rupiah
Long-Term Employee Benefits
Liabilities2019 2018
Growth
2019:2018
Pension Benefits Liabilities 649 531 22.2%
Other Employee Benefits Liabilities 533 391 35.7%
Other Post Employment Benefit
Liabilities1,054 511 106.3%
Long-Term Employee Benefits
Liabilities2,236 1,433 56.0%
in billion Rupiah
Long-Term Loans 2019 2018
Growth
2019:2018
Bank Loan 19,712 4,694 319.9%
Bonds Debt 7,065 2,995 135.9%
Lease Financing Liabilities 52 362 (85.6%)
Total Long-Term Liabilities Less
Current Portion of Liabilities26,829 8,051 233.3%
Long-Term Loans
in billion Rupiah
Temporary Syirkah Funds 2019 2018
Growth
2019:2018
Temporary Syirkah Funds 2,000 0 100%
Temporary Syirkah Funds
Temporary syirkah funds represent funds received
by the Company based on financing facilities of
the musharaka agreement with Islamic banking,
with a profit sharing ratio paid monthly.
121
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
In 2019, the Company's long-term provisions
increased by 16.2% from 2018 to Rp265 billion. This
was mainly due to the increased cost of ex-mining
land restoration.
Long-Term Provisionsin billion Rupiah
Long-Term Provisions 2019 2018Growth
2019:2018
Rehabilitation and Restoration of
Mining Areas135 109 23.9%
Estimated Cost of Fixed Asset
Disassembly130 119 9.2%
Total Long-Term Provisions 265 228 16.2%
The total equity of the Company as of 31 December
2019 was recorded at Rp33,892 billion, an increase
of 3.9% from the previous year of Rp32,615 billion.
the increase was primarily derived from an increase
in retained earnings attributable to owners of
the parent entity of Rp1,161 billion, in line with the
Company's profit achievement in 2019.
in billion Rupiah
Equity 2019 2018Growth
2019:2018
Share Capital 593 593 0.0%
Additional Paid-In Capital 1,459 1,459 0.0%
Difference in Value of Equity
Transaction with Non-Controlling
Interests
29 29 0.0%
Other Equity Components 422 498 (15.3%)Retained Earnings: Appropriated 253 253 0.0%
Unappropriated 29,521 28,360 4.1%
Total Equity Attributable to the Owners
of the Parent Entity32,277 31,192 3.5%
Non-Controlling Interests 1,615 1,423 13.5%Total Equity 33,892 32,615 3.9%
Equity
122
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Consolidated Statements of Profit or Lossin billion Rupiah
Equity 2019 2018Growth
2019:2018
Revenue 40,368 30,688 31.5%
Cost of Revenue (27,654) (21,357) 29.5%
Gross Profit 12,714 9,331 36.3%
Operating Expenses (6,529) (4,450) 46.7%
Profit 3,196 4,105 (22.1%)
Profit for the Year Attributable To:
Owners of the Parent Entity 2,392 3,079 (22.3%)
Non-Controlling Interests (21) 7 (400%)EBITDA 8,699 6,577 32.3%Total Weighted Average of
Outstanding Shares (in Thousands)5,931,520 5,931,520 0%
Basic Earnings per Share (Rupiah) 403 519 (22.4%)
The Company recorded a significant increase
in revenue and expenses in 2019 due to the
consolidation of SBI into the Company, in which the
sales volume increased by 29.6% and clinker and
cement production volumes increased by 29% and
30% respectively from 2018. The Company was
able to achieve a higher revenue growth than the
cost of revenue, in which the gross profit margin
increased by 1.1% to 31.5% in 2019 from 30.4% in
2018. EBITDA of the Company in 2019 was recorded
at Rp8,699 billion or an increase of Rp2,122 billion
from 2018. EBITDA margin increased by 0.2% to
21.6% compared to 21.4% in 2018. Improvement in
the Company's operational performance, which
occurred amid a very low growth of cement industry
combined with a very high market competition, was
the result of various strategic initiatives undertaken
by the Company.
Net income attributable to owners of the parent
company was recorded down by 22.3% in 2019
from the same period in 2018. The decrease in net
income was due to increased financial burden during
SBI’s acquisition process. The Company has taken
various steps to improve financial cost efficiency,
including by making payments or repaying loans of
Rp1.4 trillion during 2019. Additionally, the Company
has also refinanced its loans in 2019, so as to obtain
a more competitive interest rate. The Company's
steps are expected to reduce the financial burden
for the coming years.
123
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Revenue
As of 31 December 2019, the Company recorded a
revenue of Rp40,368 billion, up to 31.5% from the
previous year of Rp30,688 billion. The increase
in revenue was mainly due to an increase in the
revenue of cement business segment, which in
2019 increased by 30.6% to Rp36,224 billion from
Rp27,729 billion in 2018.
Additionally, revenue from the non-cement
segment in 2019 also increased to Rp4,144 billion
from Rp2,959 billion in 2019. The largest contributor
to the non-cement business segment came from
ready-mix concrete which in 2019 recorded a
revenue of Rp3,121 billion, an increase of 39.0% from
the previous year of Rp2,246 billion. Revenue from
ready-mix concrete contributed up to 75.3% of the
total revenue of the non-cement business segment.
in billion Rupiah
Revenue 2019 2018Growth
2019:2018
Cement* 36,224 27,729 30.6%
Non-Cement 4,144 2,959 40.0%
Total 40,368 30,688 31.5%
* Including the sale of clinker
in billion Rupiah
Revenue of Non-Cement 2019 2018Growth
2019:2018
Ready-Mix Concrete 3,121 2,246 39.0%
Gypsum 228 74 208.1%
Cement bags 67 93 (28.0%)
Land Leasing 40 34 17.6%
Land Leasing for Industrial Estates 24 12 100.0%
Mining services 23 111 (79.3%)
Others 641 389 64.8%
Total Non-Cement 4,144 2,959 40.0%
During 2019, the revenue booked by the Company
from the non-cement segment increased by 40.0%
to Rp4,144 billion from Rp2,959 billion a year earlier.
The increase was mainly derived from increased
revenue from the sale of ready-mix concrete,
which in 2019 increased by 39.0% to Rp3,121 billion.
Additionally, the Company also received a surge in
sales of gypsum to Rp228 billion from the previous
year which amounted to Rp74 billion.
Cost of RevenueEnergy and distribution expenses constitute the
largest component of the Company's cost of
revenue. Therefore, the Company seeks to improve
efficiency in energy use and distribution processes.
Efficiency is also carried out on other components,
such as cost of raw materials, maintenance, and
other operating expenses.
In the year of 2019, the Company has successfully
restrained the cost of revenue. One of the
efforts undertaken by the Company was cost
transformation, a part of the implementation of
Cost Leadership through Centralized Strategies
and Integrated Operations strategic initiative. The
following table mentioned the implementation of
124
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
in billion Rupiah
Cost of Revenue 2019 2018Growth
2019:2018
Energy 8,996 7,349 22.4%
Distribution 3,204 2,376 34.8%
Raw materials 1,874 1,876 (0.1%)
Depreciation 1,956 1,523 28.4%
Labor 2,254 1,223 84.3%
Manufacturing Overhead 9,370 7,010 33.7%
Total 27,654 21,357 29.5%
Total cost of revenue for 2019 was recorded at
Rp27,654 billion, an increase of 29.5% from the
previous year of Rp21,357 billion. This increase
was in line with the increase in sales volume by
29.6%, revenue by 31.5%, and clinker and cement
production volumes of 29% and 30% respectively
from 2018, which was mainly due to the acquisition
and consolidation of SBI into the Company.
The Company is able to maintain the growth rate of cost
of revenue so that it is lower than the revenue growth.
This achievement was a success for the Company, as
several cost components experienced an increase in
line with the inflation rate in 2019 by 2.72%.
This success was increasingly evidence from the
ratio of COGS in 2019, which decreased to 68.5%
from 69.6% of the previous year. The following
is an explanation of efforts undertook by the
Company to manage cost of revenue as part of the
implementation of cost transformation.
Energy Costs Absolute energy costs in 2019 was amounted
to Rp8,996 billion, up to 22.4% from 2018 which
amounted to Rp7,349 billion. This increase is in line
with the increase in production volume in 2019.
However, energy cost per ton was reduced due
to decreasing coal price, as well as various cost
transformation efforts undertaken to save energy
costs, including:
• Managing the consumption figure/coal usage
index and fuel consumption index at the plant
while maintaining the best performance.
• Evaluating coal purchases by prioritizing large
party purchase contracts and considering the
distance of the mine site from the production
facility so as to get the best price and the most
efficient freight. The aim is to reduce energy cost
of clinker per ton.
• Optimizing and centralizing the fuel purchases
from the head office to get competitive prices.
• Optimizing plant’s electricity consumption index,
especially for equipment that uses large power
or kWh, by maintaining the best performance of
each tool.
• Optimizing the utilization of operating power
plants and WHRPG facilities.
Distribution Costs Distribution costs in 2019 was amounted to Rp3,204
billion, up to 34.8% from 2018 which amounted
to Rp2,376 billion, in line with the increase in
the Company's sales and production volume in
2019. Management and implementation of cost
transformation for distribution costs, including:
• Maximizing supply chain management by
integrating SBI's distribution facilities into the
Company's distribution system.
• Integrating procurement contracts for distribution,
transportation and renegotiation.
• Evaluating contracts for freighters to get optimum
routes and transportation costs.
• Optimizing ship utilization through synergy to
improve transportation cost efficiency.
• Optimizing land transportation modes through
the selection of transportation types and
distribution patterns.
these strategic initiatives, as well as their impact
on several expenditure records in the Company's
consolidated financial statements.
125
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
in billion Rupiah
Gross Profit 2019 2018Growth
2019:2018
Gross profit 12,714 9,331 36.3%Gross Profit Margin (%) 31.5% 30.4% 1.1%
Gross Profit
The Company's gross profit in 2019 increased by
36.3% from Rp9,331 billion in 2018 to Rp12,714 billion
in 2019. The increase in gross profit, in addition
to the alignment of SBI consolidation into the
Company, was the result of the Company's efforts
to encouraging growth income as well as reducing
the growth rate of cost of revenue below revenue
growth with various initiatives as described above.
Operating Expensesin billion Rupiah
Operating Expenses 2019 2018Growth
2019:2018
Sales Expenses 3,084 2,237 37.9%General & Administrative Expenses 3,537 2,320 52.5%Other Operating Income (92) (107) 14.9%Total 6,529 4,450 46.7%Operating Expenses/Income 16.20% 14.50% 1.7%
Raw Material Costs Raw material costs in 2019 was recorded at Rp1,874
billion, did not increased from 2018 which amounted to
Rp1,876 billion. Some of the raw material management
initiatives undertaken by the Company are:
• Optimizing the acquisition of raw materials from
the most efficient sources.
• Optimizing the most efficient use of materials and
compositions.
• Optimizing and utilizing recycled materials.
• Optimizing the use of waste products from other
industries.
Other Manufacturing Costs Other manufacturing costs in 2019 was amounted
to Rp9,370 billion, up to 33.7% from 2018 of Rp7,010
billion. Costs included in other manufacturing
costs, are packaging costs, maintenance costs,
general and administrative costs, as well as
tax and insurance costs. The increase of other
manufacturing costs was mainly due to the impact
of SBI’s consolidation carried out since February
2019. Several attempts were made to reduce the
growth of other manufacturing costs, such as the
following:
• Improving efficiency index of maintenance costs
and reducing patch jobs.
• Centralizing the outsourcing and material
management.
• Optimizing the procurement of heavy equipment
with more effective and efficient methods.
• Improving the usage composition of the local
and alternative spare parts, as well as substitute
lubricants with a more competitive one.
• Standardizing and centralizing material needs for
spare parts to get competitive prices.
The Company's total operating expenses in
2019 reached Rp6,529 billion, an increase of
46.7% compared to the previous year of Rp4,450
billion. The increase occurred both in general and
administrative expenses as well as sales expenses.
126
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Selling Expensesin billion Rupiah
Selling expenses 2019 2018Growth
2019:2018
Transportation and loading 2,387 1,769 34.9%Promotion 191 154 24.0%Salaries, Wages and Benefits 339 216 56.9%Other Selling Expenses 167 98 70.4%Total 3,084 2,237 37.9%
Total selling expenses in 2019 was amounted to
Rp3,084 billion, increased by 37.9% compared to
2018 which was Rp2,237 billion. This increase was
mainly due to SBI consolidation into the Company, in
which the selling expenses of SBI was consolidated
into the Company's selling expenses.
in billion Rupiah
General and Administrative
Expenses2019 2018
Growth
2019:2018
Salaries, wages, employee benefits,
and Bonus for the BOD and BOC1,573 1,103 42.6%
Professional services 199 264 (24.6%)Office supplies 296 114 159.6%Maintenance 158 161 (1.9%)Taxes, Insurance and Leasing 229 137 67.2%Depreciation, Amortization and
Depletion547 162 237.7%
Other General and Administrative
Expenses535 379 41.2%
Total 3,537 2,320 52.5%
General and Administrative Expenses
The general and administrative expenses of Semen
Indonesia in 2019 reached Rp3,537 billion, an
increase of 52.5% from 2018 which amounted to
Rp2,320 billion. This increase was mainly due to the
consolidation of SBI into the Company, including:
a. Depreciation, amortization and depletion
increased by Rp385 billion as a result of the
Purchase Price Allocation process for the
allocation of purchase price transactions for SBI’s
assets and liabilities, which is based on the fair
value of those assets and liabilities during the
acquisition date.
b. Office requirements increased by Rp182 billion
due to the allocation of IT and service system
costs mentioned in the Transitional Services and
License Agreement (TSLA) between SBI and
Holcim Technology for the period of 1 February
2019 to 31 January 2020, which was amounted
of USD16.7 million. This service fee was charged
proportionately for 11 months in 2019.
c. The increase in impairment receivables and
others was recorded at Rp162 billion due to an
increase in the allowance for the Company's
trade receivables in 2019.
127
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Operating Profit and EBITDA
The Company's operating profit in 2019 increased
by 26.7%, from Rp4,880 billion in 2018 to Rp6,185
billion in 2019, although operating profit margin
decreased by 0.6% from 2018. Furthermore, the
Company's EBITDA increased both in terms of
absolute and margin. Absolute EBITDA increased
by 32.3% in 2019 from 2018, while EBITDA margin
increased by 0.1% in 2019 to 21.5% from 21.4% in
2018, due to several increases in cost of revenue
and operating expenses originating from non-cash
expenses.
in billion Rupiah
Operating Profit 2019 2018Growth
2019:2018
Operating Profit 6,185 4,880 26.7%
Operating Profit Margin (%) 15.3% 15.9% (0.6%)
EBITDA 8,699 6,577 32.3%
EBITDA Margin 21.6% 21.4% 0.2%
Other Income (Expenses)in billion Rupiah
Other Income (Expenses) 2019 2018Growth
2019:2018
Financial income 218 182 19.8%
Financial Expenses (3,205) (959) 234.2%
Share of Result of Associates and Joint
Venture(2) 2 (200.0%)
Other Income (Expenses) - Net (2,989) (775) 285.7%
The Company recorded other expenses in 2019 of
Rp2,989 billion, increased 285.7% compared to the
previous year's of Rp775 billion. This increase is
aligned with the increase in financial expenses due
to increased interest loans and temporary syirkah
funds by Rp20,439 billion in 2019. The Company
has taken various steps to improve financial cost
efficiency, among others, by optimizing working
capital facilities, reprofiling existing loans and loans
related to Holcim acquisition at a more competitive
interest rate. The Company's efforts are expected to
reduce financial burden going forward.
Current Year’s Profit Attributable to Owner of The Parent Entityin billion Rupiah
Current Year’s Profit Attributable to
Owner of The Parent Entity 2019 2018
Growth
2019:2018
Net Profit for the Year 2,371 3,086 (23.2%)
Profit for the year attributable to:
Owner of the parent entity 2,392 3,079 (22.3%)
Non-controlling interests (21) 7 (400.0%)
Number of Shares (thousand shares) 5,931,520 5,931,520 -
Earnings per share 403 519 (22.4%)
128
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
In 2019, the Company recorded a profit for the year
attributable to the owners of the parent entity of
Rp2,392 billion, down by 22.3% from the previous
year’s amount of Rp3,079 billion. This decrease
was due to increased financial burden in the Holcim
acquisition process.
Profitability and Marginin billion Rupiah
Profitability and Margin 2019 2018Growth
2019:2018
Gross Profit 12,714 9,331 36.3%Gross Profit Margin 31.5% 30.4% 1.1%Operating Profit 6,185 4,881 26.7%Operating Profit Margin 15.3% 15.9% (0.6%)EBITDA 8,699 6,577 32.3%EBITDA Margin 21.6% 21.4% 0.2%Current Year’s Profit Attributable to
Owner of the Parent Entity2,392 3,079 (23.1%)
Net Profit Margin 5.9% 10.0% (4.1%)
The Company recorded a gross profit of Rp12,714
billion in 2019, up to 36.3% from the previous year
which was Rp9,331 billion. Operating profit in 2019
was Rp6,185 billion, up to 26.7% from the previous
year which was Rp4,881 billion. While EBITDA in
2019 was recorded at Rp8,699 billion, up to 32.3%
from the previous year which was Rp6,577 billion.
Profit for the year attributable to owners of the
parent entity in 2019 was Rp2,392 billion, down
22.3% compared to the previous year of Rp3,079
billion.
Based on these operational results, the Company's
overall profitability ratio in 2019 can be maintained.
in billion Rupiah
Cash Flows 2019 2018Growth
2019:2018
Net Cash Flows from Operating
Activities5,609 4,459 25.8%
Net Cash Flows from/for Investing
Activities(17,161) (1,789) 859.3%
Net Cash Flows from/for Financing
Activities10,285 (1,062) (1,068.5%)
Increase/(Decrease) in Cash and
Cash Equivalents (1,267) 1,608 (178.8%)
Cash and Cash Equivalents at the
Beginning of the Year5,246 3,638 44.2%
Impact of Changes from Exchange
Difference(29) - 100%
Cash and Cash Equivalents at the
End of the Year3,950 5,246 (24.7%)
The total cash and cash equivalents of Semen
Indonesia in 2019 decreased to Rp1,267 billion,
from Rp5,246 billion at the beginning of the year to
Rp3,950 billion at the end of the year.
Cash Flows
129
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Cash Flows from Operating Activities
Net cash flow obtained by the Company from
operating activities amounted to Rp5,609 billion, up
25.8% from 2018 which was at Rp4,459 billion. This
increase was mainly derived from cash generated
from operating results by 60.4% or Rp3,471 billion
as a result of increased revenue, as well as the
Company's EBITDA and EBITDA margin in 2019.
in billion Rupiah
Cash Flows from Operating
Activities2019 2018
Growth
2019:2018
Receipts from Customers 40,470 29,775 35.9%Payments to Suppliers (27,448) (21,423) 28.1%Payments to Employees (3,804) (2,605) 46.0%Payments to Income Taxes (617) (543) 13.6%Other Receipts/Payments (2,992) (745) 301.6%Cash Flows from Operating Activities 5,609 4,459 25.8%
Cash flow for investing activities in 2019 was
recorded at Rp17,161 billion, an increase of Rp15,372
from the previous year’s amount of Rp1,789 billion.
The increase in cash flows for investing activities
was mainly due to payments for SBI’s shares
acquisition by 80.64% and Mandatory Tender Offer
for SBI shares by 17.7%.
in billion Rupiah
Cash Flows from/for Investing
Activities2019 2018
Growth
2019:2018
Acquisition of Fixed Assets (1,639) (1,790) (8.4%)Proceeds from Sales of Fixed Assets 7 10 (30.0%)Acquisition of Subsidiary/Associate (15,460) - 100.0%Placement of Short-Term Investments (59) - 100.0%Other Receipts/Payments – Net (10) (9) 11.1%Cash Flows from/for Investing Activities (17,161) (1,789) 859.3%
Cash Flows from/for Financing Activitiesin billion Rupiah
Cash Flows from/for Financing
Activities2019 2018
Growth
2019:2018
Payment (33,616) (6,415) 424.0%Reception 45,743 6,355 619.8%Financing Liabilities (338) (175) 93.1%Loan Provision to Joint-Venture Entity (260) - 100.0%Dividends (1,244) (827) 50.4%Cash Flows from/for Financing Activities 10,285 (1,062) (1,068.5%)
Net cash flows from/for financing activities in 2019
was amounted to Rp10,285 billion. This figure
increased by Rp11,347 billion from the previous year
which amounted to Rp1,062 billion. The increase
was due to loans to acquire SBI shares at 80.64%.
Cash Flows from/for Investing Activities
130
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Capability to Repay Debt and Collectability of Receivables
Capability to Repay DebtThe financing policy is determined by the Company
to maximize internal funding utilization while
ensuring the effectiveness of the Company's cash
flow management. External financing is used by
considering the appropriateness of the financing
instruments with the purpose of using the Company's
cash flow profile.
The Company’s ability to pay debts can be seen
from three relevant financial ratios, namely: liquidity
ratio, solvency ratio and the Company’s receivables
collectability level, as shown in the financial ratios
table and the following explanation:
Key Financial Ratios
Liabilities are interest-bearing liabilities*) Current year’s profit attributable to the owner of the parent entity
Key Financial Ratios 2019 2018Growth
2019:2018
Gross Profit Margin (%) 31.50 30.40 1.10%Operating Profit Margin (%) 15.32 15.90 (0.58%)Net Profit Margin (%) 5.93 10.03 (4.10%)EBITDA Margin (%) 21.55 21.43 0.12%EBITDA to Interest Expense (x) 2.71 6.86 (4,15x)Return on Equity (%) *) 7.41 9.87 2.46%Return on Assets (%) 3.00 6.06 (3.06%)Current Ratio (%) 136.10 196.72 (60.62%)Liabilities to Assets Ratio (%) 37.64 18.91 18.73%Liabilities to Capital Ratio (%) 46.99 22.75 24.24%Equity to Capital Ratio (%) 53.00 77.30 24.30%Liabilities to EBITDA Ratio (x) 3.5 1.5 2xLiabilities to Equity Ratio (%) 93.08 30.79 62.29%
Current Ratioin billion Rupiah
Current Ratio 2019 2018Growth
2019:2018
Current Assets 16,658 16,091 3.5%
Current Liabilities 12,240 8,180 49.6%
Current Ratio (%) 136.10 196.72 (60.6%)
This ratio shows the ability of the Company to meet
its current maturities of long-term liabilities, which
is calculated by dividing current assets with short-
term liabilities. In 2019, the Company's current ratio
was 136.10%, down from 2018 which was 196.72%.
This decrease in current ratio was due to an
increase in current maturities of long-term liabilities,
as well as a decrease in the Company's cash and
cash equivalents to maximize reduction of the
Company's debt level.
131
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
in billion Rupiah
Solvency Ratio 2019 2018Growth
2019:2018
Interest-Bearing Liabilities 30,042 9,602 212.9%
Liabilities to Assets (%) 37.64 18.91 (18.73%)
Liabilities to Capital (%) 46.99 22.75 24.24%
Liabilities to Equity (%) 93.08 30.79 62.29%
The solvency ratio shows the ability of the Company
to meet its obligations, both short and long term, as
indicated by measuring the interest rate liabilities to
equity, capital and total assets. In 2019, the solvency
position of the Company's assets increased from
2018 due to the increase in the number of interest-
bearing liabilities by the Company, specifically to
fund the acquisition of SBI and consolidation impact
of SBI’s liabilities into the Company. Although the
figure increased from the previous year, these ratios
indicate that the Company remains very capable of
meeting its obligations.
Interest-Bearing Liabilities and Temporary Syirkah Funds of the CompanyThe details of all the Company's liabilities with interest-bearing effect are as follows:
in billion Rupiah
Interest-Bearing Liabilities 2019 2018Growth
2019:2018
Short-Term Liabilities 1,212 1,552 (21.9%)
Bank Loans 2,052 50 4,004.0%
Finance Lease Liabilities 28 88 (68.2%)
Long Term Liabilities – Net of Current Maturities
Bank Loans 17,660 4,644 280.3%
Bonds Payable 7,065 2,995 135.9%
Finance Lease Liabilities 25 273 (91.2%)
Temporary Syirkah Funds 2,000 - 100%
Total Interest-Bearing Liabilities 30,042 9,602 212.9%
Collectability of Receivables in billion Rupiah
Receivables Collectability 2019 2018Growth
2019:2018
Revenue 40,368 30,688 31.5%
Average Receivables 6,138 5,336 15.0%
ACP (days) 55 63 8
Solvency Ratio
132
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Average Collection Period (ACP) is calculated by
comparing the average of receivables and income,
then multiplied by the number of days in a year (365
days). In 2019, the level of receivables collectability
was 55 days, faster than the previous year’s 63 days.
This was due to the Company’s implementation
of distributor financing scheme to maintain cash
availability. Through this scheme, distributors who
require a longer period of time to make payments
to the Company can use bank funds to make
payments according to the period determined by
the Company, so payments can be made on time.
This facility provides distributors with cash flow
flexibility, with competitive financial expenses.
Profitability
The Company’s profitability in 2019 increased from
2018. This was the result of improving operational
performance of the Company through various
initiatives, ranging from integration of Solusi Bangun
Indonesia (SBI), optimization of strategic functions
of marketing, supply chain, procurement, as well
as various cost transformation undertaken by the
Company. This improved performance was evidence
in gross profit margin and EBITDA margin, which
were increased from last year. Net profit margin
was reduced due to increased financial expenses
in Holcim's acquisition process. The Company
has also taken various steps to improve financial
expenses’ efficiency, among others, by optimizing
working capital facilities, reprofiling existing loans
and loans related to Holcim acquisition at a more
competitive interest rate. These Company's steps
were expected to reduce the financial burden in the
future.
Return on Equity (ROE) and Return on Assets (ROA)
ratios measure the Company's ability to generate net
profit using available resources. ROE in 2019 was
recorded at 7.4%, reduced from 2018 at 9.9%. ROA
also decreased to 3% from 6.1% in 2018. This decline
was mainly influenced by decrease in current year's
profits due to increased of the Company's liabilities
to fund Holcim acquisition.
in billion Rupiah
Profitability 2019 2018Growth
2019:2018
Gross Profit Margin (%) 31.5 30.4 1.1%
Operating Profit Margin (%) 15.3 15.9 (0.6%)
Net Profit Margin (%) *) 5.9 10.1 (4.2%)
EBITDA Margin (%) 21.6 21.4 0.2%
ROE (%) 7.4 9.9 (2.5%)
ROA (%) 3.0 6.1 (3.1%)
*) Profit for the year attributable to owners of the parent entity
133
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Capital Structure and Capital Structure Policy
Details of Capital StructureThe composition of capital structure in 2019
owned by the Company: 55% of liabilities, 2.5% of
temporary syirkah funds, and 42.5% of equity. This
composition changed from 2018. The composition
of the capital structure of liabilities increased by
19.2%, equity decreased by 21.7%, and temporary
syirkah funds remained at 2.5% of the total capital
of the Company. The Company's liability portion is
closely related to financing of the Company’s normal
operating and business development activities.
in billion Rupiah
Capital Structure 2019 2018Growth
2019:2018
Liabilities* 28,042 9,602 192.0%Temporary Syirkah Funds 2,000 0 100.0%
Equity Attributable to Owners of the
Parent Entity32,277 31,192 3.4%
Total Capital 62,319 40,794 52.7%
Capital Structure Policy The Company continues to implement sound and
prudent financial policies, whereby the Company
has managed to maintain a strong balance sheet,
strong cash flow, and a healthy financial ratio. The
capital structure policy ensures that the Company
has a strong capital structure, which supports
the current business development strategy and
supports the Company's future development.
In general, the Company's current capital structure
policies are as follows:
1. Capital structure always takes into account the
balance of financial risks and rate of return, as an
effort to enhance the Company’s values.
2. Optimizing the regulating the ideal Debt and Equity
combination by taking into account the Company’s
funding needs and cash flow capabilities.
3. The capital structure combination is determined
after conducting a sensitivity analysis with
several core assumptions that the Company will
most likely encounters.
The Company maintains a solid capital structure
through net gearing ratio, which is dividing the
total loan bearing interest after deducting cash and
cash equivalents by the total equity attributable to
the owners of the parent entity. The Company’s
policy is to maintain leverage within an optimum
range by comparing it with similar companies in
Indonesia. This is carried out so as to ensure that
the Company’s financial condition remains sound
thereby maintaining access to competitive funding
sources.
in billion Rupiah
Gearing Ratio and Debt
to EBITDA Ratio2019 2018
Growth
2019:2018
Bank Loans and Bonds Payable 27,990 9,241 202.9%Finance Lease Liabilities 52 362 (85.6%)Total Interest-Bearing Liabilities 28,042 9,602 192.0% Temporary Syirkah Funds 2,000 - 100.0%Total Equity 33,892 32,615 3.9% Net Gearing Ratio (x) 0.81 0.14 0.67xLiabilities to EBITDA Ratio (x) 3.5 1.5 2.0x
*) Liabilities are interest-bearing liabilities
134
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Net Working Capital
Overall, the Company's net working capital in 2019
decreased by 44.1%, from Rp7,911 billion in 2018 to
Rp4,418 billion in 2019. This decrease was mainly
due to increased current maturities of long-term
liabilities, and decreased balance cash used to
reduce the Company's outstanding loans.
Basic Selection for Capital Structure Management PolicyThe capital structure management policy aims
to protect the Company's capability to maintain
business sustainability, in order to continue to
provide returns to shareholders and benefits to
other stakeholders, as well as to optimize the capital
structure to reduce capital expenses.
The Company complies with applicable tax
regulations, such as the Regulation of the Minister
of Finance No. 169/PMK.010/2015 related to
maximum ratio for Debt to Equity (DER) allowed for
tax purposes, which is 4:1. In 2019, DER owned by
the Company was recorded at 93.1%. Under these
conditions, the Company's debt to capital ratio
remained at a good category.
in billion Rupiah
Capital Structure 2019 2018Growth
2019:2018
Current Assets 16,658 16,091 3.5%
Short-Term Liabilities 12,240 8,180 49.6%
Net Working Capital 4,418 7,911 (44.1%)
Material Commitment of Expenditures
The Company has several material commitments
and agreements with certain parties. All of these
were mentioned in Note 32 in the Notes to the
Consolidated Financial Statements of the Company
presented in this annual report. In addition to
various commitments and material agreements,
the Company determines long-term provisions to
cover the costs of demolition of fixed assets and
restoration of ex-mining area. At the end of 2019,
the provision for balance which has been set aside
for this purpose was Rp422 billion.
Realization of Capital Goods Investment
The Company realized the capital expenditure
(capex) to maintain performance and develop
business to grow sustainably. To maintain
performance, the Company implements routine
capex consisting of Operational Continuity
Capex (maintenance), Operational Supporting
Capex (supporting), Operational Enhancement
Capex (efficiency), and Mandatory Capex (legal
complience). As for development, the Company
implements Strategic Capex for long-term interests.
135
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Capital investment in 2019 amounted to Rp1,639 billion, lower than in 2018 which amounted to Rp1,797 billion.
Type of Capital Goods Objectives 2019 2018 Growth
Land Investment 0 9 (100.0%)
Mining area Investment and operations 9 2 350.0%
Buildings, roads, bridges and portsInvestment and operational
support22 58 (62.1%)
Machineries Operational support 255 174 46.6%
Heavy equipment and vehicles Operational support 38 46 (17.4%)
Office fixtures and equipment Operational support 18 31 (41.9%)
Assets under construction:
Land Operational support 43 76 (43.4%)
Buildings, roads, bridges and ports Operational support 386 396 (2.5%)
Machineries Operational support 627 718 (12.7%)
Heavy equipment and vehicles Operational support 103 167 (38.3%)
Equipment Operational support 137 118 16.1%
1,639 1,797 (8.8%)
Material Information and Facts Subsequent to Date of Accountant’s Report
There was no material information nor fact subsequent to date of the accountant’s report.
Comparison Between Target and Actual and Projected One Year Ahead
Comparison of Target and RealizationIn 2019, the Company has implemented several
strategic policies to realize the determined targets.
In 2020, the Company will increase market
penetration and create new market segments in
accordance with the new vision of the Company, in
order to achieve better results than in 2019.
The Company will continue to encourage a culture
of innovation to realize growth targets in 2020.
The Company also estimates domestic cement
demand will continue to grow in a sustainable
manner in the future. This is aligned with the
government's program to build infrastructure, which
is expected to create new centers of economic
growth in the Indonesian territory.
136
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Dividend Policy
Dividend PolicyBased on Law No. 40 of 2007 concerning Limited
Liability Companies, the distribution of dividends
is based on the decision of the General Meeting
of Shareholders. Before the end of the fiscal year,
interim dividends can be distributed as long as they
are allowed in the Company's Articles of Association,
and the distribution of interim dividends does not
cause the Company's Net Assets to be less than the
issued and fully paid capital as well as the Company's
mandatory reserves. Interim dividend distribution is
determined by the Board of Directors after being
approved by the Board of Commissioners.
The Company strives to pay attention to the rights
of shareholders without ignoring the Company's
financial condition. The decision to distribute the
Company's dividends is related to the net profit
obtained in the fiscal year and the Company's
obligation to allocate reserve funds in accordance
with applicable regulations and the Company's
financial condition. Additionally, the Company also
considers future growth rates and expansion plans
in dividend distribution decisions.
When the AGMS determine the distribution of
dividends to shareholders, the Company is required
to make payments no later than 30 days after the
announcement date.
Dividend for Fiscal Year 2018Based on the decision of the AGMS held on 22 May
2019, it was decided that:
• Determination of the Net Income Attributable to
the Parent Entity of the Company for the Fiscal
Year 2018 was amounted to Rp3,079,115,411,000
with details as follows:
- 40% or Rp1,231,646,164,400 or Rp207.64 per
share, determined as cash dividends, thus
dividends owned by the Republic of Indonesia
with 51.01% share ownership was amounted to
Rp628,262,708,460.
- 60% or Rp1,847,469,246,600 was designated
as other reserves.
Chronology of Dividends DistributionChronology of dividends distribution of the
Company in the last two fiscal years are as follows:
Description Fiscal Year 2018 Fiscal Year 2017
Net Profit (Rp Million) 3,079,115 1,620,995
Total Dividends (Rp Million) 1,231,646 805,678
Dividends per Share (Rp) 207.64 135.83
Payout Ratio (%) 40% 40%
Date of Announcement 22 May 2019 22 May 2018
Date of Payment 21 June 2019 30 May 2018
137
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Taxpayers Compliance
The Company always complies with its responsibilities as a taxpayer. Details of payment related to the Company’s
tax obligations are presented in the table below:
in billion Rupiah
Type of Tax 2019 2018 2017
Income Tax 1,418,699 1,109,362 1,898,373
Value-Added Tax 1,667,673 1,282,671 1,397,631
Import Duty 26,404 8,315 6,925
Property Tax 24,124 18,657 32,037
Local Tax 604,555 1,226,792 596,000
Dividend to the Government of Indonesia 1,231,646 922,586 805,680
Total 4,973,100 4,568,384 4,736,646
Employee/Management Share Ownership Program
The Company does not have share ownership program for employees and/or management (ESOP/MSOP).
Material Information Concerning Investment, Expansion, Divestment, Merger/Consolidation, Acquisition, Debt/Capital Restructuring
InvestmentThe Company invests to maintain the continuity
of the plant's operations and the Company’s
development. The said operational continuity
includes maintaining plant’s equipment, supporting
other operational activities such as jetty renovation
in Tuban, and fulfilling applicable laws such as
additional bag filter equipment for pollution control.
The Company’s development means developing the
Company's business to increase revenue, including
through the establishment of a joint venture mortar
company and other investments to reduce costs,
such as additional distribution facilities.
ExpansionThere was no organic expansion during the
reporting period.
DivestmentThere is no business during the reporting period.
Acquisition The Company, through its subsidiary, acquisited
PT Holcim Indonesia Tbk, preceded by the signing
of the Conditional Sale and Purchase Agreement
(CSPA) on 12 November 2018 between the Company
through our subsidiary, PT Semen Indonesia Industri
Bangunan, with Holderfin B.V. The acquisition
process was completed on 31 January 2019.
Merger/ConsolidationThere was no business merger/consolidation during
the reporting year.
Debt/Capital RestructuringThe Company reprofiled the Bridging Loan for
Syndicated Loans with a 2-year tenor from BNP
Paribas, Deutsche Bank AG Singapore Branch,
Maybank Kim Eng Securities Pte Ltd, MUFG Bank
Ltd, and Standard Chartered Bank, which were
used to acquire PT Holcim Indonesia Tbk with
138
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
a value of USD926,970,862, or equivalent to
Rp13,070,289,156,597, including interest rates
at LIBOR 3M + 1.76% and LIBOR 3M + 1.6%, plus
hedging costs of 6.01% to 10.75%, resulting in an
average cost of funds of 11.10%. The Company made
a reprofiling of a Working Capital Loans worth of
Rp600,000,000,000, which was used as a Bridging
Credit to fund the purchase of public shares of PT
Holcim Indonesia Tbk during the Mandatory Tender
Offer.
Reprofiling the two sources of funding, including:
1. Proceeds from the PUB Sustainable Bonds I
Phase II of 2019 with a fixed interest rate of 9% for
a 5-year tenor and 9.1% rate for a 7-year tenor on
28 May 2019 amounted to Rp4,062,549,033,333
(for more information see the section on Use of
Proceeds from Public Offering in 2019).
2. Syndicated loans from PT Bank Negara Indonesia
(Persero) Tbk. (BNI), PT Bank Mandiri (Persero)
Tbk. (Mandiri), PT Bank BTPN Tbk. (BTPN), PT
Bank HSBC Indonesia (HSBC), PT Bank Central
Asia Tbk. (BCA), Citibank NA, Jakarta Branch
(Citibank), and MUFG Bank, Ltd., Jakarta Branch
(MUFG) with an interest rate of JIBOR 3M + 1.85%
equivalent to an average interest rate of 8% for
a 7-year tenor on 30 July 2019 amounted to
Rp2,820,000,000,000 and as of 31 July 2019 of
Rp6,530,000,000,000.
3. The remainder uses the Company's internal
funds.
The Company also reprofiles Bridging Credit
Corporate Loans with a tenor of 2 years from BNI
used for granting Shareholder Loans to subsidiaries
for long-term investment requirements of
Rp2,000,000,000,000 with an interest rate of JIBOR
+ 1.5% (minimum interest rate of 8%) equivalent to
the average interest rate of 8.3%. The reprofiling
uses funding sources of Syndicated Loans from PT
Bank Syariah Mandiri, PT Bank BRI Syariah, and PT
Bank CIMB Niaga Tbk. - Sharia Business Unit with
profit sharing ratio equivalent to JIBOR 3M + 1.85%
equivalent to an average interest rate of 8% for a
7-year tenor on 30 September 2019.
Realization of the Use of Funds from Public Offering
To strengthen the capital structure and support
the funding, in 2019 the Company took corporate
action through the Sustainable Public Offering
(PUB) Sustainable Bonds I of Semen Indonesia
Phase II of 2019 with a principal amount of
Rp4,078,000,000,000 (four trillion and seventy-
eight billion Rupiah) consisting of:
1. Series A Bonds
With 5 (five) years term starting in 28 May 2019, with
a total principal amount of Rp3,364,000,000,000
(three trillion three hundred and sixty-four billion
Rupiah) and a fixed interest rate of 9.0% (nine
point zero percent) per year.
2. Series B Bonds
For a period of 7 (seven) years starting 28 May 2019,
with a principal amount of Rp714,000,000,000
(seven hundred and fourteen billion Rupiah) and a
fixed interest rate of 9.1% (nine point one percent)
per year, with Underwriters for Sustainable Bond I
Phase II of 2019 including PT CGS-CIMB Sekuritas
Indonesia, PT BNI Sekuritas, PT Indo Premier
Sekuritas, PT Mandiri Sekuritas and PT Danareksa
Sekuritas. The trustee of the Sustainable Bond I
Phase II of 2019 of the Company was PT Bank
Tabungan Negara (Persero) Tbk.
All funds obtained from the Public Offering of
Sustainable Bonds I Phase II of 2019 after deducting
commissions, fees and expenses paid for this Bond
have been used to pay off Brigding Loans to BNP
Paribas, Deutsche Bank AG Singapore Branch,
Maybank Kim Eng Securities Pte Ltd, MUFG Bank
Ltd and Standard Chareted Bank used for the
acquisition of PT Holcim Indonesia Tbk.
139
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Material Transaction Information Containing Conflicts of Interest and/or Transactions with Affiliated Parties
Transactions Containing Conflicts of InterestIn 2019, the Company did not conduct transaction
containing conflicts of interest. All of the Company's
transactions were carried out in accordance
with terms and conditions, as well as substantial
economic benefits comparable to transactions with
a third party.
Fairness and Reasons for Conducting TransactionsAll transactions made in 2019 wre carried out fairly
(an Arm's Length) and in accordance with normal
commercial requirements. The reasonableness
of transactions with related parties or containing
conflicts of interest were carried out fairly in
accordance with prevailing regulations. Transactions
were conducted based on the Company's
requirements and free from conflicts of interest.
As for transactions with related parties, the
Company and Subsidiaries conducted transactions
with related parties in accordance with PSAK No.
7 concerning Disclosure of Related Parties as well
as Bapepam-LK Regulation No. KEP-347/BL/2012
dated 25 June 2012 concerning the Presentation
and Disclosure of Financial Statements of Issuers
or Public Companies.
Name, Nature of Related Relationship and Transaction BalanceThe Company and its subsidiaries have transactions
with related parties. Detailed information regarding
Transactions with Related Parties is listed in Note 43
regarding the Nature and Transactions of Related
Parties in the Consolidated Financial Statements, as
part of this Annual Report.
As a result of these related transactions, the
Company has a balance of assets and liabilities
recorded in the context of the transaction as well as
recorded in: cash and cash equivalents, short-term
investments, trade receivables, other payables and
long-term liabilities.
DescriptionSeries A and B Bonds
Rp (Million)
Total Amount of Public Offerings 4,078,000
Cost of Public Offerings 15,451
Net Results 4,062,549
Realization of the Use of Funds:
Reprofiling of Holcim's Bridging Loan Acquisition 4,062,549
Total Realization of the Use of Funds 4,062,549
Remaining Funds from Public Offerings -
The PUB Sustainable Bonds Phase I Year II 2019
are part of the PUB Semen Indonesia Sustainable
Bonds I. In 2017, the Company made Semen
Indonesia’s PUB Sustainable Bond I Phase I of 2017
with a principal amount of Rp3,000,000,000,000
(three trillion Rupiah).
140
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Changes in Laws and Regulations Impacting the Company During the Fiscal Year
No Regulation Explanation Impacts on the Company
1 Government of Indonesia’s
Regulation No. 24 Year 2018
Concerning Licensing Services
through Electronic Integration
Government regulations
related business licensing
service through the Online
Single Submission (OSS)
portal.
The Company must comply and
adjust our operational licensing in
accordance with the OSS portal.
2 Government Regulation No. 29
Year 2018 Concerning Industry
Empowerment
Legal obligation to
use national products
The Company must adjust our
internal guidelines for procurement
and services.
3 Financial Services Authority
Regulation No. 9/POJK.04/2018
Concerning Acquisition of Public
Company
The OJK regulation determines
procedures of the acquisition
of a Public Company
PT Semen Indonesia (Persero) Tbk
must abide by the OJK regulation
particularly concerning transactions
related to the acquisition of PT Solusi
Bangun Indonesia Tbk.
4 Regulation of the Minister of SOEs
PER-08/MBU/12/2019 on General
Guidelines for Implementation of
goods and services procurement
of SOEs
Regulation of the Minister of
SOEs determines concepts
and guidelines for the
Implementation of goods and
services procurement of SOEs
PT Semen Indonesia (Persero) Tbk
must adjust our internal procedures
for procurements.
5 Regulation of the Minister of
Energy and Mineral Resources
No. 11 Year 2018 Concerning
Procedures for Granting Areas,
Licensing, and Reporting for
Mineral and Coal Mining Business
Activities and its Amendments
This Regulation of the Minister
of Energy and Mineral
Resources regulates the
mechanism and procedure
for granting Mining Business
Licenses to companies with
mining business.
The Company is obliged to comply
with the laws and regulations in
the context of obtaining a mining
business permit.
6 Regulation of the Minister of
Environment and Forestry of the
Republic of Indonesia No. P.27/
Menlhk/Setjen/Kum.1/7/2018.
Regulation of the Minister of
Environment and Forestry
related to the guidelines for
Borrow-to-Use Forest Permit
for companies that utilize
forest areas using a borrow-to-
use mechanism.
The Company must comply with these
regulations for all Borrow-to-Use
Forest Permits owned by PT Semen
Indonesia (Persero) Tbk
7 Decree of the Minister of
SOEs No. SK-315/MBU/12/2019
Concerning Management of
Subsidiaries or Joint Venture
Companies for SOEs.
Realignment of management
and establishment of a
subsidiary for SOEs.
The Company reviews the
management of subsidiaries and
plans to establish subsidiaries.
8 Regulation of the Minister of Trade
No. 7 of Year 2018 Concerning
Provisions of Cement and Clinker
Imports.
Regulation on the
implementation of cement and
clinker imports.
Adjustment of cement and clinker
import policies to meet the Company's
needs.
141
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Changes in Accounting Policies Implemented by the Company in the Last Fiscal Year
New standards and interpretations or revisions that
are relevant to the Group's operational activities,
applicable to the financial year in the beginning of
or after 1 January 2019, are as follows:
• PSAK 22 (amendments), Business Combinations.
• PSAK 24 (amendment), Employee Benefits.
• PSAK 26 (amendments), Borrowing Costs.
• PSAK 46 (amendment), Income Taxes.
• PSAK 66 (amendment), Joint Ventures.
• ISAK 33, Foreign Exchange Transactions and
Rewards in Advance.
• ISAK 34, Uncertainties in the Treatment of Income
Taxes.
The adoption of new standards and interpretations
or revisions did not cause a substantial change in
the Group's accounting policies and material effects
on the amounts reported during the fiscal year or in
the previous year.
No Regulation Explanation Impacts on the Company
9 Circular Letter of the Minister
of SOEs No. SE-7/MBU/12/2019
Concerning Compliance with
Legislative Provisions in the
Context of Implementing Good
Corporate Governance.
Affirming the existence of
the obligation to obey GCG
principles.
The Company must comply
with regulations related to GCG
implementation.
10 Circular Letter of the Minister
of SOEs No. SE-8/MBU/12/2019
Concerning Prohibition to for
Gifting of Souvenirs or the Likes.
Prohibition of SOEs from
giving souvenirs or the likes on
certain occasions.
The Company adjusts the policy
of giving souvenirs and the likes in
certain occasions.
11 Circular Letter of the Minister
of SOEs No. SE-9/MBU/12/2019
Concerning Implementation
of Ethics and/or Compliance
in the Framework of Company
Management and Supervision.
Affirmation of the obligation
to implement ethics and/
or compliance in the
management and supervision
of SOEs.
The Board of Directors is committed
to implementing ethics and/or
compliance in the management
and supervision of the Company's
operations.
GOOD CORPORATE GOVERNANCE
5
144
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Company's Commitment and Policy in Corporate Governance Implementation and the Results
part in supporting sustainable economic growth
and stability. This understanding underlies the
Company's commitment to always uphold the
implementation of GCG in every level of the
organization and its operational activities.
With high commitment and consistent
implementation of governance, the Company
can set itself free from Corruption, Collusion and
Nepotism (KKN) and improve the supervisory
function in managing the Company.
Management's commitment to compliance with
GCG is elaborated in a number of policies and
related provisions, including:
• All employees are required to be committed to
implementing all rules and policies as part of
efforts to implement best practices of corporate
governance. Such commitment is displayed by
the Top Management by always basing all key
decisions and policies on relevant rules and laws.
• Top Management shall sign of the Ethics and
Compliance Statement, Conflict of Interest
Statement and Share Ownership Statement to
comply with the Company’s Code of Conduct.
The Ethics and Compliance Statement shall be
signed by all levels of the Company up to the
executives.
• Determine the KPI on GCG implementation.
• Determination of duties and responsibilities
of each function related to the planning,
implementation, and management of the
Company’s internal controls;
• Management of the Company’s internal controls,
target achievement, preparing policies on
operating procedures and controlling disclosure,
documentation, reporting, and providing written
statements regarding the effectiveness of ICOFR
and the results of periodic self-assessments.
On 11 February 2019, the Company completed
the acquisition of PT Holcim Indonesia Tbk, then
changed the company's name into PT Solusi Bangun
Indonesia Tbk. The completion of the acquisition
makes the Company as the largest cement producer
in Southeast Asia with a total production capacity of
53 million tons/year.
Acquisition of Holcim made the Company recorded
a great history once again, particularly in the State
Owned Enterprises (SOEs). Earlier, in 1991 the
Company also recorded as the first SOE to be listed
on the Indonesia Stock Exchange (d/h Jakarta Stock
Exchange and Surabaya Stock Exchange). The
Company is also listed as the first "Multinational
SOE" in Indonesia after officially acquired a 70%
stake in the Thang Long Cement Joint Stock
Company (TLCC) from Hanoi General Export-Import
Joint Stock Company (Geleximco) in Vietnam.
All of these achievements by Semen Indonesia is not
something that can be achieved in a short time. The
Company consistently maintains good performance
achievement for the long term. This is a result of the
awareness and commitment of the Company who
continuously work to improve the implementation of
Good Corporate Governance (GCG) practices at all
levels of the organization.
The Company realizes the importance of the GCG
implementation as a foundation and tools in an
effort to achieve the vision, mission and objectives
of the Company, so that we will be able to maintain
the continuity of business activities and support a
sustainable and stable economic growth.
The Company is assured that GCG implementation
encourages the creation of a healthy competition
and conducive business climate. In addition,
the implementation of GCG is also an important
145
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
In implementing GCG, the Company refers to a
number of rules and regulation, including:
1. Law No. 40 of 2007 on Limited Liability Company;
2. Law No.19 of 2003 on State Owned Enterprises
(SOEs);
3. Indonesian Government Regulation No.45 in
2001 is declared as invalid;
4. Minister of SOE Regulation No. PER-01/
MBU/2011 concerning the Implementation
of Good Corporate Governance in SOE,
later amended by the State Minister of SOE
Regulation Number PER-09/MBU/2012
concerning Amendments to the Regulation
of the Minister of State Owned Enterprises
Number PER-01/MBU/2011 concerning
the Implementation of Good Corporate
Governance in State-Owned Enterprises;
5. SOE Ministry Secretary Decree
No.SK-16/S.MBU/2012 concerning Indicators/
Parameters for the Implementation of Good
Corporate Governance in SOE;
6. Financial Services Authority Regulation
No.21/POJK.04/2015 concerning the Guidelines
for Governance of Public Companies.
7. Financial Services Authority Circular
No.32/SEOJK.04/2015 concerning Public
Company Governance Guidelines.
Legal Basis for GCG Implementation
The Company adopts the principles of good
governance aimed at ensuring optimal results,
including:
1. Increasing the Company’s performance through
the creation of better decision-making processes,
improving the Company’s operational efficiency
and services to stakeholders.
2. Increasing corporate values through improving
financial performance and minimizing investment
risk that contain conflicts of interest.
3. Increasing assurance for investors.
4. Achieving stakeholder satisfaction by increasing
corporate values and the Company’s dividends.
5. Directing and controlling the Company’s Organ
relationships.
6. Increasing the accountability of the management
of the Company to Shareholders while taking into
account the interests of the stakeholders.
7. Encourage and support business development,
effective management of resources and risk so as
to increase the Company's value.
Objective of GCG Implementation
The effectiveness of GCG implementation is
reflected in the achieved results. The Company
and our stakeholders have benefited from the
implementation of GCG by achieving good financial
and operational performance in 2019 as the
following:
Corporate Governance Results
1. The Company's operating income grew by 31.5%
2. EBITDA increased by 32.3%
3. Total assets increased by 57.2%
4. Equity increased by 3.9%
5. Evaluation result for the quality of GCG
implementation scored of 94.54
146
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
To ensure the quality of GCG implementation,
the Company adopted the best standards in
the implementation of GCG, both applicable in
international and in Indonesia, among other criteria
and methodology established bySOE Ministry
Secretary Decree No.SK-16/S.MBU/2012 concerning
Indicators/Parameters for the Implementation of Good
Corporate Governance in SOE and Financial Services
Authority Circular No.32/SEOJK.04/2015 concerning
Public Company Governance Guidelines. These
standards set the role og the Company's Board of
Commissioners in carry out their supervisory function
to ensure that the management of the Company
held by the Board of Directors is in accordance with
applicable legislation and provides advice/opinions
on strategic actions/activities carefully implemented
by the Board of Directors to achieve the objectives
of the Company. The Board of Directors emphasized
that in carrying out its management functions, it was
carried out in a mandate and professional manner
and to avoid any potential conflicts of interest.
Likewise with other GCG organs that work together
to create all of the Company's operational activities
in accordance with applicable laws and regulations.
Implementation Quality Standards of Corporate Governance
Quality Improvement of Corporate Governance Implementation
Road Map of GCG
The purpose and initial target of preparing the
GCG road map is to encourage the Management's
commitment in implementing and improving GCG
consistently. The Company has established the
stages of GCG implementation at the Company with
An Ethical and Responsible Company
• Company’s Organ
• The Board of Commissioners’
supporting Organ
• GCG Guideline
• Company’s Code of Conduct
• Manual Board Charter
• IT Governance
• Whistle Blowing Policy
• System & Procedure
• Implementation
• Review
• Assessment
• Audit
• GCG as culture
in managing the
Company
the aim of becoming an ethical and responsible
company, turning the practice of good governance
into a culture in the management of the Company,
as follows.
Infrastructure & Soft Structure
Continuous Improvement
Target
147
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Since 2009, Semen Indonesia assesses the GCG
annual implementation (except in 2013). The
assessment aims to determine the adequacy of
GCG implementation in the Company, which are
carried out by an internal team, an independent
assessor, as well as government agency, BPKP of
East Java Province. Assessment conducted by the
Semen Indonesia is using various benchmark for
best practice standards applicable in Indonesia as
well as prevailing abroad.
Assessment becomes part of the check and balance
mechanism. With assessment, the results of activities
can be known with certainty and further actions to
improve the performance of these activities can be
determined. The Company regularly measures GCG
implementation. This is done to obtain an objective
assessment of the implementation of GCG in the
Company. GCG assessment in the Company can
be carried out independently by the Company
internally or by using the services of an independent
party (external evaluation).
The Company measures the achievements in
implementing GCG in the form of:
a. Assessment, aimed at periodically measuring the
implementation of GCG in BUMN.
b. Review, evaluate the follow-up of the
implementation of GCG in BUMN that is carried
out after the assessment, which includes
evaluation of the results of the assessment and
follow-up on recommendations for improvement.
2019, Semen Indonesia conducted an assessment
as one of the steps to measure the quality of GCG
implementation. Assessment was carried out by
PT Synergy Power Prima as an independent
appraiser to measure implementations within
Company for various functions in the Company.
Criteria UsedThe GCG assessment is carried out using the
Corporate Governance Scorecard parameters
issued by the Ministry of SOEs based on the Decree
of the Secretary of the Ministry of SOEs No.SK-
16/S.MBU/2012 concerning Indicators for Scoring
Parameter and Evaluation for Good Corporate
Governance Implementation for SOEs issued on 6
June 2012.
The Party Conducting the AssessmentIn 2019, the Company's GCG assessment was
conducted by PT Sinergi Daya Prima, with the
achievement of the GCG score in fiscal year 2019
of 94.54.
GCG Assessment
Follow-ups on GCG Assessment Recommendations
During 2019, improvements were made through follow-up actions taken by the Company upon the 2018
GCG Assessment recommendation:
Aspects Follow-up
Commitment to Sustainable Governance Implementation 4 (four) improvements
Shareholders and the GMS 3 (three) improvements
The Board of Commissioners 11 (eleven) improvements
The Board of Directors 10 (ten) improvements
Information Disclosure and Transparency 2 (two) improvements
Other aspects -
148
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Summary results of the assessment/evaluation of GCG implementation of the Company from 2009 to
2019 using SOE Scorecard criteria are as follows:
Trends of the Score Results of the GCG Assessment
Year GCG Assessment Score Assessors
2019 94.54 PT Sinergi Daya Prima
2018 93.40 PT Sinergi Daya Prima
2017 92.45 PT Sinergi Daya Prima
2016 93.02 PT Sinergi Daya Prima
2015 93.31 Internal Assessment Team
2014 91.38 BPKP of East Java Province
2012 84.57 BPKP of East Java Province
2011 88.91 BPKP of East Java Province
2010 88.37 BPKP of East Java Province
2009 83.88 BPKP ofEast Java Province
149
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Corporate Governance Structure and Mechanism
Pursuant to Law No. 40 Year 2007 concerning
Limited Liability Companies, the corporate
organs are consisted of the General Meeting of
Shareholders (GMS), Board of Commissioners and
Board of Directors. The Company’s management
Implementation of corporate governance is
carried out systematically and continuously and
make GCG as a reference in their daily activities.
Under the Board of Commissioners, the functional
committees have been established to empower the
supervisory function, namely the Audit Committee,
the Nomination and Remuneration Committee as
well as Risk Management Strategy and Investment
Committee (RMSIC). According to government
regulations No.01/2011/KBUMN as also under the
Board of Directors, the operating units has been
formed with the duties to control, monitor and
responsible on GCG implementation, as well as to
serve as working partners of the committees under
the Board of Commissioners, as illustrated in below
chart:
Corporate Governance Structure
A close relationship exist among the Company’s
GCG work units management, that is the Corporate
Secretary who is responsible to the Board
Governance (communication and coordination
function with Board of Directors, Board of
RMSIC
Committee
Audit
Committee
Nomination &
Remuneration
& CSR
Committee
Department
of HR
Planning &
Policy
Corporate
Secretary
BOC
Secretary
Internal
Audit
Department
of Risk
Management
Department
of SHE
Management
Department
of Corporate
Social
Responsibility
Board of Commissioners
Board of Directors
adopts two boards system, namely the Board
of Commissioners and Board of Directors, with
distinctive authority and responsibilities in line
with its functions as mandated in the Articles of
Association and prevailing laws.
Commissioners and Board of Commissioners
Committees), Law Department & GRC (operational
governance, policy formulation and compliance
functions) and Internal Audit as shown in the
following chart:
150
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Corporate Code of Conduct Guideline and SIG's Culture Values Guidelines
Business Ethics, Code of Conduct, CHAMPS
Ove
rsig
ht
& A
ud
it S
yste
m In
tern
al A
ud
it
Ch
art
er,
Bo
ard
Co
mm
itte
es
Ch
ari
er,
Ext
ern
al A
ud
itin
g &
Ass
esm
en
t
GCG Guidelines for PTSIBased on Law for Public Company, Law for SOEs, Law for Capital Market, Articles of
Association, GCG, OJK, and Common Practices (ASEAN GCG Std, etc.)
Wh
istl
eb
low
ing
Po
licy
an
d D
isci
plin
e
En
forc
em
en
t P
roce
ss P
olic
y,
Str
uct
ure
, an
d S
yste
m
Board Governance
Board Manual, Integrity Pact,
Management Contract
Operational Governance
GCG Policy, ICT Governance, ICOFR, ERM,
Whistleblowing System, Compliance, Human
Capital, Procurement, and other policies
Corporate Scretary Dept. of Risk Management
Company implements GCG mechanism in an order,
in which the entire GCG organs have their respective
responsibility yet remains carrying out the GCG
implementation in an integrated manner. GMS has
the highest authority in which the shareholders will
consider carefully the decision for the sake of long-
term interest of the Company. Once a decision is
taken, the GMS will then grants all of the authority
for supervision and implementation of the decision
to the Board of Commissioners and the Board of
Directors.
Based on this mechanisms, the Company's
management and the implementation of any
decision is carried out by the Board of Directors. The
Board of Commissioners then conduct surveillance
and provide advice to ensure that the objectives
of the Company as well as the decision of the
General Meeting are implemented and achieved. In
carrying out its duty, the Board of Commissioners
is assisted by the BOC organs: BOC Secretary,
Audit Committee, Nomination and Remuneration
Committee, and Risk and Investment Management
Strategy Committee.
The Board of Directors is responsible for managing
the Company, and will be assisted by the Corporate
Secretary, Internal Audit, and other work units in
carrying out its duties of the Company's management
function.
In addition, the Company also conducted an
independent audit of the financial statements
conducted by the Public Accountant. This process is
important, in which the financial statements became
one of the fundamental information that reflect the
Company's performance and the management
conducted by the Management.
Corporate Governance Mechanism
151
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
General Meeting of Shareholders
General Meeting of Shareholders (GMS) is an organ
of the company that has the highest authority and
power that is not owned by the Directors and Board
of Commissioners within the limits specified in the
provisions of the legislation and the Company's
Articles of Association.
The authority of the GMS includes, among other
things, appointing and dismissing members of the
Board of Commissioners and Directors, evaluating
the performance of the Board of Commissioners and
Directors, approving amendments to the Articles
of Association, approving annual reports and
determining the form and amount of remuneration
for members of the Board of Commissioners and
Directors and making decisions related to corporate
actions or other strategic decisions submitted by
the Board of Directors.
The GMS implementation procedure is in
accordance with Law No. 40 of 2007 concerning
Limited Liability Companies as well as the Financial
Services Authority Regulation No. 32/POJK.04/2014
concerning the Plan and Implementation of General
Meeting of Shareholders of Public Company and
refers to the Articles of Association of the Company.
1. Request Proposal for GMS Implementation
Request proposal for the GMS Implementation
can be done by the Board of Commissioners or
Shareholders of one (1) or more which together
represent one tenth or more of the total shares
submitted to the Board of Directors.
2. Announcement of the GMS Agenda
Submission of the agenda to the OJK shall be
no later than 5 (five) business days prior to the
announcement of the GMS.
The GMS is conducted through the process of
announcement and invitation to the GMS, which
is carried out in accordance with applicable
regulations. Required material information about
GMS implementation is delivered together with the
GMS invitation. Should this information not available
at the time of the GMS invitation, the material
information will be delivered during the GMS event.
GMS consists of Annual GMS and Extraordinary
GMS. The Annual GMS is held by the Company
every year, while Extraordinary GMS may be held
at any time according to the needs and for the
Company's benefit.
3. Announcement of the GMS
Announcement of the GMS to shareholders shall
be no later than 14 days before the invitation
through daily newspapers, the website of
the Stock Exchange and the Company who
inform entitled shareholders with the rights to
attend and propose the GMS agenda, date of
implementation, and invitation.
4. Invitation to the GMS
GMS invitation to shareholders shall be no
later than 21 days before the GMS through
daily newspapers, the website of the Stock
Exchange and the Company who informs about
the GMS sate, time and place, decision of
entitled shareholders with the rights to attend,
as well as agenda and explanation of each
meeting agenda.
Procedure of GMS Implementation
152
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Shareholders
Shareholders are individuals or legal entities that are
legally own shares. Shareholders do not intervene
in the functions, duties, and authority of the Board of
Commissioners and Board of Directors.
Under the Articles of Association, the Shareholders
of the Company consists of Series A Dwiwarna
that specifically only be owned by the Republic of
Indonesia and the Series B Shares to possession of
the Republic of Indonesia and/or the public.
Rights of Shareholders The Company recognizes a person or legal entity as
the competent authority exercising the right granted
by law for the shares. Shareholders of Series A
Dwiwarna and Series B Shares have the same
rights and every 1 (one) share provides 1 (one) vote.
According to the Articles of Association, the shares
of Series A Dwiwarna is a special share owned by
the Republic of Indonesia, which gives the holder
the privilege as Series A Dwiwarna Shareholder.
The privilege of Shareholders of Series A Dwiwarna
are:
1. The right to approve the GMA regarding the
following matters:
a. Approval of amendment.
b. Approval of changes in equity.
c. Approval to appoint and dismiss member of
the Board of Directors and Commissioners.
d. Approval related to merger, consolidation,
acquisition, separation and dissolution.
e. Approval of the remuneration of members of
the Board of Directors and Commissioners.
f. Approval of transfer of assets by the Articles of
Association requires approval of the GMS.
g. Approval on inclusion and reduction of the
percentage of equity investment in another
company that is based on the Articles of
Association requires approval of the GMS.
h. Approval of use of profits.
i. Approval on investment and long-term
financing that is not operational by the Articles
of Association requires approval of the GMS.
2. The right to propose candidates for members of
the Board of Directors and Commissioners.
3. The right to propose the GMS agenda.
4. The right to request and access data and
documents of the Company.
GMS Implementation in 2019
In 2019, the Company only hold an Annual General
Meeting of Shareholders on Wednesday, 22 May
2019, from 15:15 pm to 16:58 pm, at the Ballroom of
the Grand Sheraton Jakarta Hotel in Gandaria City,
Jl. Iskandar Muda Kebayoran, Jakarta.
Agenda of the Annual General Meeting of
Shareholders of the Company in Fiscal Year 2019 is
reflected in the following table:
153
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The meeting was led by President Commissioner Mr. Sutiyoso and was attended by:
Board of Commissioners
- President Commissioner : Sutiyoso
- Independent Commissioner : Mochamad Choliq
- Commissioner : Astera Primanto Bhakti
- Commissioner : Hendrika Nora Osloi Sinaga
- Commissioner : Wahyu Hidayat
- Commissioner : Sony Subrata
* Note:
Mr. Nasarudin Umar was unable to attend due to his duty abroad, thus he granted the power to
Mr. Mochamad Choliq through mail No.SRKA-009/SI/ DK/05.2019.
Board of Directors
- President Director : Hendi Prio Santoso
- Director of Finance : Doddy Sulasmono Diniawan
- Director of Business Strategy and Development : Fadjar Judisiawan
- Director of Marketing and Supply Chain : Adi Munandir
- Director of Human Resources and Legal : Agung Yunanto
- Director of Production : Benny Wendry
- Director of Engineering and Projects : Tri Abdisatrijo
Notary : Leolin Jayayanti, SH, M.Kn.
Securities Administration Bureau : PT Dantindo Entrycom
Shareholders : Shareholders and/or their proxies
The meeting was attended by holders of 4,934,942,563 registered shares, including Series
A Dwiwarna, equivalent to 83.2% of the total shares issued by the Company amounted to
5,931,520,000 shares.
Notification Announcement Invitation Implementation Results and Decision
Results and Decisions of
Semen Indonesia have
submitted AGMS Agenda
Notification to the Financial
Services Authority (OJK) as
in Letter No.2576/KS.08.02/
SUP/50045147/2000/03.2019
dated 13 March 2019 and
Changes to the AGM
implementation schedule
in letter No.2955/KS.08.02/
SUP/50045147/2000/03.02019
on 20 March 2019.
Semen Indonesia
submits the AGM
Announcement
to Shareholders
in 1 Indonesian
language daily
newspaper, the
Bisnis Indonesia.
Semen Indonesia
conveyed the
AGM Invitation
to Shareholders
in 1 Indonesian
language daily
newspaper, the
Bisnis Indonesia.
The AGMS
was held on
Wednesday,
22 May 2019,
from 15:15 pm to
16:58 pm, at the
Ballroom of the
Grand Sheraton
Jakarta Hotel in
Gandaria City, Jl.
Iskandar Muda
Kebayoran,
Jakarta.
Summary of Minutes
of the Annual GMS
announced on 24 May
2019.
154
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The implementation of the Meeting and the Resolution of the Meeting Agenda has been stated in the
deed of "Minutes of Annual General Meetings of Shareholders of PT Semen Indonesia (Persero) Tbk."
dated 24 May 2019, made by Notary Leolin Jayayanti, SH, M.Kn. as follows:
First Agenda
Approved the Annual Report on the condition and operation of the Company during the
Fiscal Year 2018 including the Report on the Implementation of the Supervisory Duties
of the Board of Commissioners during the Fiscal Year 2018, and the ratification of the
Company's Financial Statements for the Fiscal Year 2018, as well as the granting of full
redemption and release of responsibility (volledig acquit et decharge) to the Board of
Directors and Commissioners for the Company’s management and supervision duties
carried out during the Fiscal Year 2018.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
24,721,500 (0.50%) 20,822,679 (0.42%) 4,889,398,384 (99.08%)
Meeting Decision
Approved the Fiscal Year 2018 Annual Report, including the Board of Commissioners’
Supervisory Report and endorse the Financial Statements of the Company for Fiscal Year
2018 and restate the Fiscal Year 2017 Financial Statement dated 31 December 2017 audited
by the Public Accounting Firm Satrio Bing Eny & Partners (a member of Deloitte Touche
Tohmatsu Limited), as contained in its report Number 00282/2.1097/AU.1/04/0565-3/1/III/2019
dated 30 March 2019, with the opinion "fair, in all material respects, consolidated financial
statements of PT Semen Indonesia (Persero) Tbk. and its subsidiaries as of 31 December
2018, and financial and performance of its consolidated cash flows for the year ended on
that date, in accordance with Indonesian Financial Accounting Standards ", and provide
full redemption and release of responsibility (volledig acquit et de charge) to the Board of
Directors and Commissioners of the Company for the management and supervision duties
that have been carried out in Fiscal Year ended on 31 December 2018, as long as these
actions do not constitute criminal offenses and is reflected in the Company's report.
Second Agenda
Ratification of the Annual Report for the Partnership and Community Development Program
for Fiscal Year 2018, as well as granting repayment and acquit et decharge to the Board of
Directors and Commissioners for the management and supervision of the partnership and
community development program carried out during Fiscal Year 2018.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
483,500 (0.01%) 20,822,579 (0.42%) 4,913,636,484 (99.57%)
Meeting Decision
Approved the Annual Report of the Partnership and Community Development Program
for the Fiscal Year 2018 and endorsed the Financial Statements of the Partnership and
Community Development Program audited by Public Accounting Firm Satrio Bing Eny
& Partners (a member of Deloitte Touche Tohmatsu Limited), according to their report
Number NAR119 0006 PKBLSI RBP dated 1 March 2019, as well as providing full redemption
and release of responsibility (volledig acquit et de charge) to the Board of Directors
and Commissioners of the Company for the management and supervision duties of the
Partnership and Community Development Program for the Fiscal Year 2018, as long as
these actions do not constitute criminal offenses and is reflected in the Company's report.
155
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Third Agenda Penetapan penggunaan laba bersih Perseroan Tahun Buku 2018.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
34,376,300 (0.69%) - 4,900,566,263 (99.30%)
Meeting Decision
a. Determine the use of the Net Income of the Owners of the Company for the Fiscal Year
2018 amounting to Rp3,079,115,411,000,- as follows:
- 40% or Rp1,231,646,164,400 or Rp207.64 per share, determined as cash dividends,
thus the dividend of the Government of the Republic of Indonesia with 51.01% shares
was amounted to Rp628,262,708,460.-
- 60% or Rp1,847,449,246,600 is designated as other reserves.
b. Granted authority and power to the Board of Directors of the Company with the right
of substitution to further regulate the procedure and implementation of the distribution
of cash dividends in accordance with applicable regulations, including rounding up for
payment of dividends per share.
Fourth AgendaDetermined the Fiscal Year 2018 tantiem, salary for the Board of Directors and honorarium
for the Board of Commissioners along with facilities and other benefits for 2019.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
140,038,712 (2.84%) 574,000 (0.01%) 4,794,329,851 (97.15%)
Meeting Decision
a. Granted authority and power to the Dwiwarna A Series Shareholders to determine the
amount of the tantiem for the Fiscal Year 2018, as well as determine the honorarium,
benefits and facilities for members of the Board of Commissioners for 2019.
b. Granted authority and power to the Board of Commissioners by first obtaining written
approval from Dwiwarna A Series Shareholders to determine the amount of tantiem for
Fiscal Year 2018, as well as determine salary, benefits, facilities and other incentives for
the Board of Directors for 2019.
156
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Fifth Agenda
Approved the Appointment of a Public Accountant Firm ("KAP") to audit the Company's
Financial Statements including auditing the Partnership and Community Development
Program Report for Fiscal Year 2019 and other periods in Fiscal Year 2019.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
240,560,134 (4.87%) 5,418,100 (0,11%) 4,688,964,329 (95.01%)
Meeting Decision
a. Approved the appointment of Public Accounting Firm of KAP Tanudiredja, Wibisana,
Rintis & Rekan (a member of PwC network of firms) to conduct audit services on the
Company's Consolidated Financial Statements and the Financial Statements of the
Implementation of the Partnership and Community Development (PKBL) Program for the
Fiscal Year ending 31 December 2019.
b. Granted delegation of authority to the Board of Commissioners of the Company to
determine the amount of compensation for audit services, additional scope of work
required, and other reasonable requirements for the Public Accounting Firm.
c. Granted authority and power to the Board of Commissioners by first obtaining written
approval from Dwiwarna Series A Shareholders to determine a replacement for the Public
Accounting Firm, in the case of Public Accounting Firm of KAP Tanudiredja, Wibisana, Rintis
& Rekan (a member of PwC network of firms) for whatever reason cannot complete the audit
of the Company's Consolidated Financial Statements for Fiscal Year 2019 and other periods
in Fiscal Year 2019 and the Financial Statements for Implementation of the Partnership and
Community Development (PKBL) Program of the Company for Fiscal Year 2019.
Sixth Agenda Amendment to the Company's Articles of Association.
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
1,318,294,849 (26.71%) 215,233,300 (4.36%) 3,401,414,414 (68.92%)
Meeting Decision
a. Approved changes to the Company's Articles of Association.
b. Approved to rearrange all provisions in the Company's Articles of Association in
connection with the changes referred to in item a of the above-mentioned decision.
c. Granted power and authority to the Board of Directors with the right of substitution
to take all necessary actions related to the decision of the agenda of this Meeting,
including preparing and restating the entire Articles of Association in a Notary Deed and
submitting to authorized institutions to obtain approval and/or receipt of notification of
changes to the Articles of Association of the Company, to conduct everything deemed
necessary and useful for these purposes with none of which is excluded, including
to make additions and/or changes in the Articles of Association if it is required by the
relevant authority.
157
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Seventh Agenda Changes in the Composition of the Company's Management
Number of Shareholders
Ask QuestionsNone
Decision-Making
With Voting
Disagree Abstain Agree
164,402,620 (3.33%) 5,418,100 (0.11%) 4,765,121,843 (96.56%)
Meeting Decision
1. Respectfully dismissed the following names:
- Mr. Sutiyoso as President Commissioner;
- Mr. Wahyu Hidayat as Commissioner;
- Mr. Agung Yunanto as Director of Human Resources and Legal, as of the closing of this
GMS, with gratitude for the contribution of energy and thoughts that have been given
while serving as a member of the Board of Commissioners and Directors of the Company
2. Appointed the following new names:
- Mr. Soekarwo as President Commissioner;
- Mrs. Lydia Silvanna Djaman as Commissioner;
- Mrs. Tina T. Kemala Intan as Director of Human Resources and Law.
3. The term of office of members of the Board of Commissioners and Directors appointed
as in point 2 in accordance with the provision of the Articles of Association by taking into
account the legislation in the Capital Market and to the rights of the GMS to dismiss at
any time without prejudice.
4. With the dismissal and appointment of the Company's Board of Commissioners and Directors
as referred to previously, the Company's new Management Structure is as follows:
a. Board of Commissioners
No Name Position
1 Soekarwo : President Commissioner
2 Lydia Silvanna Djaman : Commissioner
3 Nasaruddin Umar : Independent Commissioner
4 Mochamad Choliq : Independent Commissioner
5 Astera Primanto Bhakti : Commissioner
6 Hendrika Nora O.Sinaga : Commissioner
7 Sony Subrata : Commissioner
b. Board of Directors
No Name Position
1 Hendi Prio Santoso : President Director
2 Doddy Sulasmono Diniawan : Director of Finance
3 Benny Wendry : Director of Production
4 Fadjar Judisiawan : Director of Business Strategy & Development
5 Tri Abdisatrijo : Director of Engineering & Projects
6 Adi Munandir : Director of Marketing & Supply Chain
7 Tina T. Kemala Intan : Director of Human Resources & Legal
5. Granted authority and power to the Board of Directors of the Company with the right
of substitution to take all necessary actions related to the decision of this agenda in
accordance with applicable laws and regulations, including to state in a separate Notary
Deed and notify the composition of the Board of Directors and Commissioners of the
Company to the Ministry of Law and Human Rights.
158
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Resolutions of the Previous Annual General Meeting of Shareholders
In 2018, the Company held one Annual General
Meeting of Shareholders (AGM). The AGM was held
on 30 April 2018 at the Main Hall of the Indonesia
Stock Exchange at Menara I, Jl. Jend. Sudirman
Kav. 52-53, Jakarta, attended quorum by the
shareholders and/or representing 4,805,032,223
shares, including Dwiwarna Series A Shares,
equivalent to 81% of the total issued shares of the
Company amounting to 5,931,520,000 shares.
First Agenda Approved the Annual Report on the condition and operation of the Company during the Fiscal
Year 2017 including the Report on the Implementation of the Supervisory Duties of the Board
of Commissioners during the Fiscal Year 2017, and the ratification of the Company's Financial
Statements for the Fiscal Year 2017, as well as the granting of full redemption and release of
responsibility (volledig acquit et decharge) to the Board of Directors and Commissioners for the
Company’s management and supervision duties carried out during the Fiscal Year 2017.
Decision
Meeting
1. Approved the Fiscal Year 2017 Annual Report, including the Board of Commissioners’ Supervisory
Report and endorse the Financial Statements of the Company for Fiscal Year 2017.
2. Approved the Fiscal Year 2017 Financial Statement dated 31 December 2017 audited by the Public
Accounting Firm Satrio Bing Eny & Partners (a member of Deloitte Touche Tohmatsu Limited),
as contained in its report Number No. GA118 0100 SI FAN dated 23 February 2018, with the
opinion "fair, in all material respects, consolidated financial statements of PT Semen Indonesia
(Persero) Tbk. and its subsidiaries as of 31 December 2017, and financial and performance of its
consolidated cash flows for the year ended on that date, in accordance with Indonesian Financial
Accounting Standards ", and provide full redemption and release of responsibility (volledig acquit
et de charge) to the Board of Directors and Commissioners of the Company for the management
and supervision duties that have been carried out in Fiscal Year ended on 31 December 2017,
as long as these actions do not constitute criminal offenses and is reflected in the Company's
Financial Statements and does not conflict with the provisions and regulations.
Follow-up Immediate decision applied
Status Realized
159
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Second Agenda Ratification of the 2017 Annual Report of the Partnership and Community Development Program,
as well as granting full redemption and release of responsibility (acquit et decharge) to the Board
of Directors and Commissioners for the management and supervision of the partnership and
community development programs carried out during the Fiscal Year 2017
Decision
Meeting
1. Approved the Annual Report of the Partnership and Community Development Program for the
Fiscal Year 2018 and endorsed the Financial Statements of the Partnership and Community
Development Program audited by Public Accounting Firm Satrio Bing Eny & Partners, (members
of Deloitte Touche Tohmatsu Limited) in accordance with their Report in letter No. GA118 0093
PKBLSI FAN dated 20 February 2018 with opinion of "fair, in all material respects, Financial
Statements of the Partnership and Community Development of PT Semen Indonesia (Persero)
Tbk dated 31 December 2017, as well as activity and cash flow reports for the year ended on that
date, in accordance with the Entity's Accountability Financial Standards " as well as providing
full redemption and release of responsibility (volledig acquit et de charge) to the Board of
Directors and Commissioners of the Company for the management and supervision duties
of the Partnership and Community Development Program for the Fiscal Year 2018, as long as
these actions do not constitute criminal offenses and is reflected in the Company's PKBL Annual
Report and does not conflict with the provisions and regulations. Furthermore, for the Subsidiary
and Community Development Program Annual Report 2017 of Subsidiary is approved by the
Subsidiary's Shareholders.
2. Granted power and authority to the Board of Commissioners by first obtaining written approval
from the Dwiwarna Series A Shareholder regarding the authority of the GMS as stipulated in the
Regulation of the Minister of SOEs No. PER-09/MBU/07/2015 as last amended by the Regulation
of the Minister of SOEs No. No. PER-02/MBU/7/2017, and its changes.
Follow-up Immediate decision applied
Status Realized
Third Agenda Determined of the Company's net profit utilization for the Fiscal Year 2017
Decision
Meeting
1. Approved the determination of the current profit attributable to the owners of the Parent Entity
(the Company's Net Profit) as follows:
a. Dividends of 40% or Rp805,678,361,600 or Rp135.83 per share. Share of the Shareholders of
the Government of the Republic of Indonesia is 51.01% or Rp410,940,896,980 and the Public
48.99% or Rp394,737,464,620.
b. The remaining 60% or Rp1,208,336,391,400 were recorded as Retained Earnings to support
the Company's operational and development activities.
2. Granted authority and power to the Board of Directors of the Company with substitution rights
to determine the schedule and procedure for dividend payment for the Fiscal Year 2017 in
accordance with the provisions in force.
Follow-up The Company distributed the dividends as of 31 May 2018
Status Realized
160
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Fourth Agenda Determination of Tantiem for the Fiscal Year 2017, salaries for the Directors, and honorarium for the
Board of Commissioners including facilities and other benefits for 2018.
Decision
Meeting
1. Granted authority and power to the Dwiwarna Series A Shareholders to determine the amount
of the bonus for the Fiscal Year 2017 and determine the honorarium, benefits, facilities and other
benefits for members of the Board of Commissioners for 2018.
2. Granted authority and power to the Board of Commissioners by first obtaining written approval from
the Dwiwarna Series A Shareholder, to determine the amount of tantiem for the Fiscal Year 2017 and
to determine salary, benefits, facilities and other benefits for the Board of Directors for 2018.
Follow-up
Holders of Series A Share have determined the bonuses and honorarium of the Board of
Commissioners and Directors through letter No. S-586/MBU/D2/06/2018 concerning Submission
of Earnings Determination of the Board of Directors and Commissioners of PT Semen Indonesia
(Persero) Tbk. for 2018.
Status Realized
Fifth Agenda Approved the Appointment of a Public Accountant Firm ("KAP") to audit the Company's Financial
Statements including audits of the Partnership and Environment Program Report for Fiscal Year 2018
and other periods in Fiscal Year 2018.
Decision
Meeting
1. The GMS appointed the Public Accounting Firm (KAP) Satrio Bing Eny & Partners, members of
Deloitte Touche Tohmatsu Limited to carry out the work:
a. General Audit of the Company's Consolidated Financial Statements for Fiscal Year 2018 and
other periods of Fiscal Year 2018.
b. General Audit of Financial Statements for the Use of Funds for the Partnership and Community
Development Program Fiscal Year 2018.
c. Audit of compliance with laws and regulations and internal control in 2018.
d. Company Performance Evaluation for the Fiscal Year 2018 ending 31 December 2018 and KPI
determined by the Board of Commissioners.
2. Granted delegation of authority to the Board of Commissioners to:
a. Appointed a substitute public accounting firm and determine the requirements and conditions
of appointment if the appointed public accounting firm is unable to carry out or continue
its work for any reason, including legal reasons and legislation in the capital market or
agreement is not reached regarding the amount of audit services.
b. Determined the amount of compensation for audit services and other appointment
requirements that are reasonable for the Public Accounting Firm.
Follow-up
KAP Satrio Bing Eny & Partners, members of Deloitte Touche Tohmatsu Limited have been
appointed to carry out the work as decided in the Meeting based on letter No. 0000895/HK.01/
DP/50045125/2000/09.2018
Status Realized
Sixth Agenda Accountability for the Realization of the Use of Proceeds from the 2017 Sustainable Bonds I Phase I
of Public Offering Bonds
Decision
Meeting
Received responsibility report on Realization of the Use of Proceeds from Semen Indonesia’s Public
Offering of Sustainable Bonds I Phase I in 2017 amounting to Rp3 trillion.
Follow-up Immediate decision applied
Status Realized
161
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Eight Agenda Ratification of the Regulation of the Minister of State-Owned Enterprises No. PER-03/MBU/08/2017
dated 14 August 2017 concerning Guidelines for Cooperation in State-Owned Enterprises and
No. PER-04/MBU/09/2017 dated 13 September 2017 concerning Amendment to the Regulation
of the Minister of State-Owned Enterprises No. PER-03/MBU/08/2017 concerning Guidelines for
Cooperation in State-Owned Enterprises.
Decision
Meeting
Approved the ratification/confirmation of the enactment of the Minister of State-Owned Enterprises
Regulation No. PER-03/MBU/08/2017 dated 14 August 2017 concerning Guidelines for Cooperation
in State-Owned Enterprises and No. PER-04/MBU/09/2017 dated 13 September 2017 concerning
Amendment to the Regulation of the Minister of State-Owned Enterprises No. PER-03/MBU/08/2017
concerning Guidelines for Cooperation of State-Owned Enterprises and including any changes that
occur in the future.
Follow-up Immediate decision applied
Status Realized
Seventh Agenda Amendment to the Company's Articles of Association
Decision
Meeting
1. Approved changes to the Company's Articles of Association.
2. Approved to rearrange all provisions in the Company's Articles of Association in connection with
the changes referred to in item a of the above-mentioned decision.
3. Granted power and authority to the Board of Directors with the right of substitution to take all
necessary actions related to the decision of the agenda of this Meeting, including preparing
and restating the entire Articles of Association in a Notary Deed and submitting to authorized
institutions to obtain approval and/or receipt of notification of changes to the Articles of
Association of the Company, to conduct everything deemed necessary and useful for these
purposes with none of which is excluded, including to make additions and/or changes in the
Articles of Association if it is required by the relevant authority.
Follow-up Immediate decision applied
Status Realized
Ninth Agenda Changes in the Composition of the Company's Management
Decision
Meeting
1. Honorably dismissed Mr. Ahyanizzaman as Director of Marketing & Supply Chain as of the
closing of this GMS, with gratitude for the contribution of energy and thoughts given while
serving as Director of Marketing and Supply Chain of the Company.
2. Reappointed the following names:
a. Mr. Doddy Sulasmono Diniawan from previously served as Director of Business Strategy &
Development to Director of Finance.
b. Mr. Fadjar Judisiawan previously served as Director of Finance to Director of Business
Strategy & Development with a term of office continuing the remaining term of office
concerned, in accordance with the resolution of the GMS of the appointment in question.
3. Appointed Mr. Adi Munandir as Director of Marketing & Supply Chain.
4. Honorably dismissed Mr. Djamari Chaniago as the Independent Commissioner of the Company,
as of the closing of this GMS, with gratitude for the contribution of energy and thoughts given
while serving as an Independent Commissioner.
5. Honorably dismissed Mr. Hambra as Commissioner of the Company as of 26 April 2018 with
gratitude for the contribution of energy and thought given while serving as the Company's
Commissioner.
162
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
6. Appointed the following names members of the Company's Board of Commissioners:
a. Mr. Mochamad Choliq as Independent Commissioner
b. Ms. Hendrika Nora Osloi Sinaga as Commissioner
7. The term of office of members of the Board of Directors and Commissioners appointed as point
3 and 6 in accordance with the provisions of the Articles of Association by taking into account
the legislation in the Capital Market and the right of the GMS to dismiss at any time without
prejudice.
8. With the transfer of duties, dismissals and appointments of the Board of Directors and
Commissioners of the Company as referred to in numbers 1, 2 and 3, the composition of
members of the Company's Board of Directors and Commissioners are as follows:
a. Board of Directors
No Name Position
1 Hendi Prio Santoso : President Director
2 Doddy Sulasmono Diniawan : Director of Finance
3 Agung Yunanto : Director HR and Legal
4 Adi Munandir : Director of Marketing and Supply Chain
5 Fadjar Judisiawan : Director of Business Strategy & Development
6 Tri Abdisatrijo : Director of Engineering & Projects
7 Benny Wendry : Director of Production
b. Board of Commissioners
No Name Position
1 Sutiyoso : President Commissioner
2 Wahyu Hidayat : Commissioner
3 Astera Primanto Bhakti : Commissioner
4 Sony Subrata : Commissioner
5 Hendrika Nora Osloi Sinaga : Commissioner
6 Nasaruddin Umar : Independent Commissioner
7 Mochamad Choliq : Independent Commissioner
9. Granted power and authority to the Board of Directors of the Company with the right of
substitution to take all necessary actions related to the decisions of this agenda in accordance
with applicable laws and regulations, including to state in a separate Notary Deed and notify the
composition of the Board of Directors and Commissioners of the Company to the Ministry of Law
and Human Rights.
Follow-up Immediate decision applied
Status Realized
163
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Commissioners
The Board of Commissioners is the Organ of the
Company whose duty is to conduct oversight in
general and/or specifically in accordance with
the Articles of Association, provide advice to the
Directors, and ensure that the Company implements
GCG principles. The Board of Commissioners is
responsible to Shareholders in terms of overseeing
the Board of Directors' policies regarding the
Company's operations in general, which refers to
the business plans that have been approved by the
Board of Commissioners and Shareholders, and
ensures compliance with all applicable laws and
regulations.
Each member of the Board of Commissioners
must have high integrity, knowledge, ability and
commitment to provide time in carrying out their
duties. Thus, the role of the Board of Commissioners
is very strategic. Therefore, the composition of the
Company's Board of Commissioners must enable
effective, appropriate and speedy decision makers.
In addition, the Board of Commissioners is also
required to be able to act independently, in the
sense that they do not have a conflict of interest that
can interfere with their ability to carry out their duties
independently and be critical, both in relations
between members of the Board of Commissioners
and with the Directors.
Legal Basis
Legal Basis for Appointment of the Board of
Commissioners:
1. Law No. 40 of 2007 concerning Limited Liability
Companies;
2. Law No. 19 of 2003 concerning State-Owned
Enterprises (BUMN);
3. Financial Services Authority Regulation No.
33/POJK.04/2014 concerning The Board of
BOC’s Guideline/Board Manual
As part of efforts to improve the quality of the
implementation of GCG best practices, in carrying
out its supervisory duties and providing advice to
the Board of Directors, the Board of Commissioners
has a Board Manual that is used as a reference and
work guidelines.
The Board of Commissioners’ guidelines in the
Board Manual include:
Directors and Commissioners of Issuers or Public
Companies;
4. Regulation of the Minister of SOEs No. PER-
02/MBU/02/2015 concerning Requirements,
Procedures for Appointment and Dismissal of
Members of the Board of Commissioners of
SOEs.
• Function of the Board of Commissioners
• Statement of the Board of Commissioners
• Membership of the Board of Commissioners
• President Commissioner
• Independent Commissioner
• Board of Commissioners’ Code of Ethics
• Duties and Powers of the Board of Commissioners
• Decision Making of the Board of Commissioners
• Accountability of the Board of Commissioners
164
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
BOC’s Criteria
The Board of Commissioners' requirements are
explained in the Company's Board Manual, which
confirms the existence of general and specific
requirements, including:
• Has never been a Director or member of the
Board of Commissioners who was found guilty of
causing a company went bankrupt within 5 years
prior to his appointment;
• Has never been convicted of financial crime
within 5 years prior to his appointment;
• Not a manager of political parties and/or
candidates for legislative members;
• Has not occupied a position that has the potential
to create a conflict of interest with the Company,
or is willing to resign if elected as a member of
the Board of Commissioners;
• Has adequate knowledge in the Company's
Business Fields;
• Has the ability to conduct strategic oversight in
terms of the Company's development;
• Understands the Company’s management issues
related to one management function.
Composition of BOC Members in 2019
Members of the Board of Commissioners are
determined by the GMS by taking into account
the Company's vision, mission and strategic plan,
to enable effective, precise and fast decision
making, and able to act independently.
The composition of the Board of Commissioners
of Semen Indonesia, which will serve from
1 January 2019 to 22 May 2019, is the following:
The composition of the Board of Commissioners serving from 22 May 2019 until the end of Fiscal Year 2019:
Name Position Legal Base of Appointment
Letjen TNI (Purn) Sutiyoso President Commissioner AGMS 31 March 2017 – AGMS 22 May 2019
Nasaruddin Umar Independent Commissioner AGMS 31 March 2017 – AGMS 2022
Mochamad Choliq Independent Commissioner AGMS 30 April 2018 – AGMS 2023
Wahyu Hidayat Commissioner AGMS 25 March 2014 – AGMS 22 May 2019
Sony Subrata Commissioner EGMS 23 January 2015 – AGMS 2020
Astera Primanto Bhakti Commissioner AGMS 31 March 2017 – AGMS 2022
Hendrika Nora Osloi Sinaga Commissioner AGMS 30 April 2018 – AGMS 2023
Name Position Legal Base of Appointment
Soekarwo President Commissioner AGMS 22 May 2019 – AGMS 2024
Nasaruddin Umar Independent Commissioner AGMS 31 March 2017 – AGMS 2022
Mochamad Choliq Independent Commissioner AGMS 30 April 2018 – AGMS 2023
Sony Subrata Commissioner EGMS 23 January 2015 – AGMS 2020
Astera Primanto Bhakti Commissioner AGMS 31 March 2017 – AGMS 2022
Hendrika Nora Osloi Sinaga Commissioner AGMS 30 April 2018 – AGMS 2023
Lydia Silvanna Djaman Commissioner AGMS 22 May 2019 – AGMS 2024
165
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Independence of the Board of Commissioners
All members of the Board of Commissioners shall act
independently, free from intervention of any party.
The last board of management of the Company has,
at least, two Independent Commissioners from a
total of seven commissioners, or 30% of the total
members, which means that they have complied
with the applicable laws and regulations. The
Independent Commissioner of the Company has
never had any business relationship or affiliation
and family relations with members of the Board of
Directors or other members of the Commission up
to the third-degree relationship, either in a straight
line or sideways line or a seminal relationship. Thus,
the Board of Commissioners can act independently
in making decisions.
The Board of Commissioners’ independency
commitments have been substantiated by means
of the “Statement Letter” signed by every member
of Board of Commissioners on stamp duty. The
“Statement” contains the following statement:
1. Having good character, morals and integrity.
2. Legally competent.
3. Within 5 (five) years prior to appointment and
during the term of office:
a. Never have been declared bankrupt;
b. Never have once found guilty for causing a
company to be declared bankrupt on their
period of serving as a member of Board of
Directors and/or Board of Commissioners;
c. Never have once been convicted of a crime
that is detrimental to state finances and/or
related to the financial sector;
d. Never have served as a member of the Board
of Directors and/or members of the Board of
Commissioners during term of office that:
PNever held a AGMS;
PThe accountabilities, as a member of the
Board of Directors and/or members of the
Board of Commissioners, has ever been
rejected by the AGMS or has never provided
accountability, as a member of the Board of
Directors and/or members of the Board of
Commissioners, to the General Meeting of
Shareholders;
PNever have caused a company, which has
a license, approval or registration from the
Financial Services Authority, not fulfilling
its obligation to submit annual report and/
or financial report to the Financial Services
Authority;
4. Having the commitment to comply with the
legislation;
5. Having knowledge and/or expertise in the
discipline required by PT Semen Indonesia
(Limited) Tbk (“Company”);
6. Not an individual working for the Company,
or having the authority and responsibility to
plan, lead, control or oversee the Company’s
operations within the last 6 (six) months, except for
reappointment as an Independent Commissioner
of the Company for a subsequent term of office.
7. Do not own the Company’s shares both directly
or indirectly;
8. Do not affiliate with the Company, members of
the Board of Commissioners, and members of
the Board of Directors or major shareholders of
the Company;
9. Do not have any business relationship, whether
directly or indirectly, with the Company.
In 2019, all members of the Board of Commissioners
have signed the “Statement Letter.”
Shareholdings by the Board of Commissioners
All members of the Board of Commissioners do not own shares in SIG.
166
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Purchase/Sales of the Board of Commissioners' Shares
In accordance with OJK Regulation
No. 11/POJK.04/2017 concerning Ownership Reports
or Any Changes in Ownership of Public Company
Shares, in 2019 there were share transactions with
members of the Company's Board of Commissioners.
The transactions have been reported to OJK.
Name Position Transaction
Total
Shares
Before
Transaction
Total
Buying/
Selling
Total
Shares
After
Transaction
Date of
Transaction
Transaction
PurposeReport Pelaporan
Sony
Subrata
Commissioner Share
Buying
0 shares 14,000
shares
Rp11,775 14,000
shares
5 December
2018
Investment 4 January
2019
Share
Selling
14,000
shares
14,000
shares
Rp11,900 0 share 6 December
2018
Private
Name PositionPosition in Other Company/
Institution
Name of Other Company/
Institution
Soekarwo President Commissioner - -
Nasaruddin Umar Independent
Commissioner
Great Imam Istiqlal Mosque
Professor Syarif Hidayatullah State
Islamic University
Mochamad Choliq Commissioner - -
Sony Subrata Commissioner Commissioner PT Arwuda Indonesia
Commissioner PT Tridaya Nusantara
Astera Primanto Bhakti Commissioner Director General of Fiscal
Balance
The Ministry of Finance
Hendrika Nora Osloi
Sinaga
Komisaris Assistant to Deputy of Energy,
Logistics, Region and Tourism I
The Ministry of SOEs
Lydia Silvanna Djaman Komisaris Deputy of Law and Regulations The Ministry of State
Secretariate
Concurrent Position of the Board of Commissioners
The following are concurrent positions held
by the Board of Commissioners. The position
does not interfere with the independence of
the members of the Board of Commissioners in
carrying out supervisory duties and providing
advice on the policies and the course of the
Company, including in making decisions for the
Board of Commissioners.
167
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Affiliations of the Board of Commissioners
Period of 1 January - 22 May 2019
Name Position
Financial Affiliations with Familial Affiliations with Share
Ownership
at Semen
IndonesiaBOC BOD Shareholders BOD BOD Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Ya No
SutiyosoPresident
Commissioner√ √ √ √ √ √ √
Nasaruddin
Umar
Independent
Commissioner√ √ √ √ √ √ √
Mochamad
Choliq
Independent
Commissioner√ √ √ √ √ √ √
Wahyu
HidayatCommissioner √ √ √ √ √ √ √
Sony Subrata Commissioner √ √ √ √ √ √ √
Astera
Primanto
Bhakti
Commissioner √ √ √ √ √ √ √
Hendrika
Nora Osloi
Sinaga
Commissioner √ √ √ √ √ √ √
Periode 22 Mei – 31 Desember 2019
Name Position
Financial Affiliations with Familial Affiliations with Share
Ownership
at Semen
Indonesia
BOC BOD Shareholders BOD BOD Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Ya No
SoekarwoPresident
Commissioner√ √ √ √ √ √ √
Nasaruddin
Umar
Independent
Commissioner√ √ √ √ √ √ √
Mochamad
Choliq
Independent
Commissioner√ √ √ √ √ √ √
Sony
SubrataCommissioner √ √ √ √ √ √ √
Astera
Primanto
Bhakti
Commissioner √ √ √ √ √ √ √
Hendrika
Nora Osloi
Sinaga
Commissioner √ √ √ √ √ √ √
Lydia Silvanna
DjamanCommissioner √ √ √ √ √ √ √
168
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Duties and Responsibilities
In general, in accordance with Law No. 40 of 2007
concerning Limited Liability Companies and Law No. 19
of 2003 concerning SOEs and the Company's Articles
of Association, the duties and scope of responsibilities
of the Board of Commissioners are as follows:
1. Performing supervisory duties on the policies
and the management of the Company and
providing advice on the implementation of the
Company's Long-Term Plan (RJPP), Work Plan
and Corporate Budget (RKAP), including the
Company's KPI and the provisions of the Articles
of Association and GMS decisions, as well as the
laws and regulations that apply to the interests
of the Company and in accordance with the aims
and objectives of the Company.
2. Carrying out GCG principles’ implementation
and supervising their application within the
organization.
3. Providing general views and input on the Board
of Directors' performance report to the GMS.
4. Providing reports on the accountability of activities
and performance of the Board of Commissioners
to the GMS.
5. Leading committees formed by the Board of
Commissioners in carrying out all the duties and
work relationships of the Committee.
6. Giving approval to the Board of Directors, or
providing opinion/response to the GMS on
the Board of Directors' plans in implementing
their policies in accordance with the Articles of
Association of the Company.
7. Following up the development of the Company's
activities and providing opinion and suggestion
regarding the plan and implementation of RJPP,
RKAP, and any issues deemed important to the
Company.
8. Ensuring that the Company discloses the
implementation of GCG principles in the GMS
and Annual Report.
9. Conducted meetings with the Board of Directors,
Audit Committee and other units related to the
management of the Company
Recommendations and Implementation of the Duties of the Board of Commissioners
In accordance with the duties of the Board of
Commissioners, namely to supervise the Company's
management policies, as well as provide advice to
the Directors for the interests of the Company and
in accordance with the aims and objectives of the
Company, in 2019 the Board of Commissioners
provides several directives, as follows:
1. The Board of Directors and all levels of the
Company's Management are requested to pay
special attention to the pursuit of cost efficiency
and increased revenue through the following
steps:
• Conduct a thorough evaluation and maximum
efficiency efforts of the Company's main cost
components, particularly those related to
energy and logistics.
• Intensively plan and implement business
development that is 'cement related' and 'non-
cement related' which will support the increase
in the Company's consolidated income, as well
as seek synergies with SOEs.
• Strengthening operational synergies in terms of
management efficiency for product allocation,
Inter-Company Sales (ICS), and centralized
exports/imports in Holding Companies.
• Increase productivity for production facilities
at GIS, among others through standardization
of production systems Increase research
and development activities to improve the
Company's efficiency and competitiveness
in the fields of energy, fuel, raw materials,
packaging, Alternative Fuel & Raw Materials
(AFR), environment, product quality and
product applications.
• Strengthening distribution channels to expand
networks and market penetration, including
through the implementation of integrated
Supply-Chain Management (SCM) and
Customer Relationship Management (CRM).
• Improve the internal capabilities of GIS in
offering a complete cement solution that suits
customer needs.
• Begin to include financial performance
targets of non-cement business clusters in the
upcoming 2018 RKAP proposal.
169
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
2. For sustainable growth, the Board of Commissioners
directs the Board of Directors to increase:
• Leadership and Human Resources: The
Company must emphasize the importance of
leadership strategies to continue commitment;
PThe Company to produce future leaders;
PThe Company also needs to accelerate the
development of human resource capacity
in line with business development, and
ensure that all of the Company's people are
qualified, have integrity.
Pand are highly motivated. Always evaluating
and perfecting the Company's "culture",
human resource capacity, and organization
in accordance with the latest conditions.
• Improving the application of good corporate
governance (GCG) in accordance with regional
best practice best. This improvement must be
reflected in the growth of GCG-based culture
in the implementation of daily tasks. This must
be a priority for the Company.
• The Social and Environmental Responsibility
Program (CSR) must be continuously improved
because it is very important for the long-term
sustainability of the Company's business, and
also for the community and the environment.
• Improving the implementation of ICT that is
reliable, in line with the business development
and organization of the Company.
Company Introduction Program for New Commissioners
Considering the different backgrounds of members
of the Board of Commissioners, the Company
implements an introduction program, so that it is
expected to be able to provide an overview of the
Company's business activities and matters that are
the responsibility of the Board of Commissioners.
The introduction program includes:
1. Rules
a. Governance Mechanism of the Board of
Commissioners and Directors.
b. Articles of Association of PT Semen Indonesia
(Persero) Tbk.
c. PT Law No.40/2007.
d. OJK regulations regarding the Board
of Commissioners and the Board of
Commissioners' Organs.
e. BUMN Ministry Regulation Number: Per-01/
MBU/2011 concerning GCG.
f. Board Manual, GCG Guidelines, Corporate
Culture, Code of Ethics.
2. Strategic Documents
a. The Vision of Semen Indonesia and the
Company's Long-Term Plan.
b. RKAP.
c. Board of Commissioners Work Program and
Direction.
d. Meetings (Mechanisms, Schedules, Agenda).
e. Board of Commissioners' Supervisory Report.
f. 2018 Semen Indonesia Financial Report
(audited) for the 2018 Annual Report.
3. Remuneration of the Board of Commissioners
Decree No. 004/SI/Kep.DK/04.2014 concerning
the Remuneration of the Board of Commissioners
of PT Semen Indonesia (Persero) Tbk in 2014.
4. Organizational Structure.
a. Results of the Annual General Meeting of
Shareholders on 22 May 2019.
b. Board of Commissioners, Committee and
Secretariat.
Performance Evaluation of Committees under the Board of Commissioners
In carrying out its functions, duties and responsibilities,
the Board of Commissioners is assisted by
Committees under the Board of Commissioners: the
Audit Committee, the Nomination, Remuneration and
CSR Committee, as well as the Risk Management
and Investment Strategy Committee.
In 2019, the Board of Commissioners considered
that all committees have carried out their duties
and responsibilities well and have provided input
related to their respective fields, which was very
useful for the Board of Commissioners in carrying
out the Company's supervisory function.
170
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Independent Commissioner
Independent Commissioner is a member of the
Board of Commissioners that are not affiliated with
the Board of Directors, other member of the Board of
Commissioners, and controlling shareholders. Also
free from business relations or other relations that
may influence its capability to act independently or
act solely for the Company’s interests.
• The mission of Independent Commissioner
is to encourage the creation of an objective
environment and fairness in various interests,
including the Company and stakeholders’
interests as the main principles in decision making
by the Board of Commissioners. Several matters
related to the Independent Commissioner, are as
follows:
• Independent Commissioner has the main
responsibility to encourage the implementation
of good corporate governance principles in the
Company through the Board of Commissioners’
empowerment, so as to achieve effective
implementation of supervisory and advisory
duties to the Board of Directors, and provide
added value to the Company.
• The composition of Independent Commissioner
consists of at least 30% (thirty per hundred) from
the Board of Commissioners’ members.
• In implementing good responsibilities, the
Independent Commissioner pro-actively urges the
Board of Commissioners to carry out supervisory
and advisory to the Board of Directors related to,
but not limited, on the following matters:
PEnsuring of effective corporate business
strategy, including monitoring on schedules,
budgets, and effectiveness of the strategy;
PAssurance on the appointment of professional
executives and managers;
PEnsuring of effective corporate information,
control system, and audit system;
PAssurance of proper identification and
management of risks and risks potential;
PAssurance of proper implementation and
compliance on GCG principles and practices;
PEnsuring of the implementation of corporate
supervisory and management are in
compliance towards all prevailing regulations.
• The Independent Commissioner acts as the
Chairman of the Audit Committee as well as the
Nomination and Remuneration Committee.
Composition and Membership of Independent Commissioners in the Company's Board of Commissioners’ Structure
In accordance with OJK Regulation
No.33/POJK.04/2014, the composition of
Independent Commissioners must be at least 30%
of the total members of the Board of Commissioners.
At the end of 2019, the Company has appointed 2
(two) Independent Commissioners or 30% (thirty
percent) of the total 7 (seven) members of the
Board of Commissioners: Nasaruddin Umar and
Mochamad Choliq. Therefore, the composition
of the Company's Independent Commissioners
is in accordance with the applicable laws and
regulations.
171
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Determination Criteria for Independent Commissioners
Statement of Independence of Independent Commissioners
In accordance with POJK 33/2014 concerning the
Board of Directors and Commissioners of Issuers
or Public Companies, it is required that the number
of Independent Commissioners is at least 30%
(thirty percent) of the total members of the Board of
Commissioners.
All Independent Commissioners of Semen Indonesia have made independence statements and declared
their independence status.
OJK’s Independent Criteria Nasaruddin Umar Mochamad Choliq
Not a person who works or has the authority and responsibility to plan,
lead, control, or supervise the activities of the Issuer or Public Company
within the last 6 (six) months.
√ √
Do not own shares, either directly or indirectly, in the Issuer or Public
Company.√ √
Has no affiliation with the Issuer or Company, Public, members of the
Board of Commissioners, members of the Board of Directors, or Major
Shareholders of the Issuer or Public Company.
√ √
Do not have a business relationship, either directly or indirectly, with the
business activities of the Issuer or Public Company. √ √
172
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Directors
The Board of Directors is the Organ of the Company
that carries out the task of managing the Company
in the interests of the Company, in accordance with
the purposes and objectives of the Company, and
representing the Company both inside and outside
the court, with due observance of applicable laws,
Articles of Association and GMS Decisions.
The position of each member of the Board of
Directors, including the President Director, is
equivalent with the President Director coordinating
Based on the Company's Board Manual, there are
general requirements and special requirements that
are applied when selecting members of the Board
of Directors as follows:
General RequirementsGeneral requirements are the basic requirements
set by the applicable laws and regulations, including:
a. Individual;
b. Having good character and morals;
c. Able to carry out legal actions;
d. Never have been declared bankruptby the Court
within 5 (five) years prior to nomination;
e. Has never been a member of the Board of
Directors or The Board of Commissioners who
all activities of the Board of Directors. The Board
of Directors can make decisions, including at the
Board of Directors’ meetings, and carry out these
decisions in accordance with the division of tasks and
authorities, however collegial responsibilities remain
in force. Actions taken by members of the Board of
Directors outside of those decided by the Board of
Directors meetings are the personal responsibility of
the person concerned until the action is approved by
the Board of Directors meeting.
was guilty of causing a company to go bankrupt
within 5 (five) years prior to nomination;
f. Has never been convicted of a criminal offense
detrimental to the country's finances within 5
(five) years prior to nomination as the Board of
Directors' candidate;
g. Shall not have any blood relations up to the third
degree, either in a vertical or horizontal line or in-
laws relations (son-in-law or brother-in-law) with
other members of the Board of Directors and/or
the Board of Commissioners;
h. Shall not hold concurrent positions of the Board
of Directors and the Board of Commissioners in
a similar company, except for the position of the
Board of Commissioners of a subsidiary.
The Board of Directors’ Work Guidelines
Criteria for the Board of Directors
In carrying out the roles and functions of managing
the Company and managing relations with the
Board of Commissioners, the Board of Directors
refers to the Board of Commissioners and the Board
of Directors Work Guidelines (Manual Board). The
Board of Directors’ Charter and Code of Conduct in
the Company’s Manual Board regulates:
1. Functions of the Board of Directors
2. Requirements for the Board of Directors
3. Membership of the Board of Directors
4. Composition and Independence of the Board of
Directors
5. Ethics of the Board of Directors’ Position
6. Duties and Authorities of the Board of Directors
7. Division of Duties of the Board of Directors
8. Decision Making by the Board of Directors
9. Accountability of the Board of Directors
10. Evaluation of the Board of Directors’ Performance
11. Orientation and Capability Improvement Program
for the Board of Directors
173
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
i. For concurrent positions of the Board of Directors
that are not included in the provisions of point
h above or for exceptions to the provisions
of point h above, approval from the Board
of Commissioners is required, which is then
reported at the General Meeting of Shareholders.
j. Shall not hold concurrent position as an official
in a structural and functional position in a central
and/or regional government agency and/or
military;
k. Shall not hold concurrent position that may cause
conflict of interest, directly or indirectly, with the
Company and or which is in conflict with the
provisions of the applicable laws and regulations;
l. Shall have integrity and morals, and must never
been involved in:
• Engineering deeds and deviant practices in
the management of the previous job prior to
the nomination;
• A breach of contract that can be categorized
as not fulfilling the commitments agreed at
the previous job prior to the nomination;
• Actions that can be categorized as providing
personal benefits to prospective members
of the Board of Directors, employees in the
previous job prior to the nomination;
• Actions that can be categorized as violating
the provisions of the principles of sound
company management;
m. Must have a good character and the ability
to develop business for the progress of the
Company;
n. Must have competence, the ability and experience
in fields that support the implementation of the
duties and obligations of the Board of Directors;
o. Must have good character and morals;
p. Must have a commitment to comply with
applicable laws and regulations;
q. Must not serving as an official of a political party
and/or a candidate/legislative member.
Special Requirements These are requirements tailored to the needs and
nature of the Company's business, including:
a. Adequate and relevant knowledge of the
position;
b. Experienced and have expertise in cement;
c. Able to carry out strategic management to
develop the Company;
d. Understanding of the Company's management
issues related to one of management functions;
e. Dedicated and provides full time to do the work.
f. Able to carry out legal actions and has never
been declared bankrupt or been a member of the
Board of Directors or the Board of Commissioners
guilty of or caused a company to be declared
bankrupt or a person who had been convicted
of a criminal offense detrimental to the country's
finances and/or related to the sector.
Nomination of BOD Members
Policies related to the nomination of the Board
of Directors of Semen Indonesia refer to Ministry
of SOEs Regulation No. PER-03/MBU/02/2015
concerning Requirements, Procedures for
Appointment, and Dismissal of Members of the
Board of Directors of SOEs.
The regulation states that the candidates for the
Board of Directors come from:
1. SOE Directors;
2. SOE Board of Commissioners/Supervisory
Board;
3. SOE talents proposed through the Board of
Commissioners consist of:
• Officials who are one level below the Directors
or officials who have special achievements;
• Directors of SOE subsidiaries/SOE joint
ventures.
4. Ministry of SOEs talents;
5. Other sources consisting of:
• Other SOE officials; and
• Other sources.
The selection is carried out by the Minister, Secretary
of the Minister, Technical Deputy and/or Deputy
looking for prospective candidates by taking into
account the following:
a. Candidates and Talents from SOE, proposed
through the Board of Commissioners/ Supervisory
Board.
b. The Minister, Secretary, Technical Deputy and/or
Deputy may determine prospective candidates
174
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
List, Total, Composition and Legal Basis of Appointment of Members of the Board of Directors in 2019
In 2019, there was a change and the dismissal
of the members of the Board of Directors, which
was ratified at the Company’s AGMS on 22
May 2019. In the seventh agenda of the AGMS
regarding the change in the composition of the
Board of Directors, the Company honorably
The Board of Directors’s Composition until 22 May 2019:
Name Position Basic Appointment
Hendi Prio Santoso President Director AGM 30 April 2018 - AGM 2023
Doddy Sulasmono Diniawan Director of Finance EGMS 15 September 2017 - AGM 2022
Agung Yunanto Director of HR & Legal AGM 31 March 2017 - AGM 2022
Adi Munandir Director of Marketing & Supply Chain AGM 30 April 2018 - AGM 2023
Fadjar Judisiawan Director of Business Strategy & Development EGMS 15 September 2017 - AGM 2022
Tri Abdisatrijo Director of Engineering & Projects EGMS 15 September 2017 - AGM 2022
Benny Wendry Director of Production EGMS 15 September 2017 - AGM 2022
from SOE talents without the proposal of the
Board of Commissioners/Supervisory Board
if the said person is deemed to have good
achievements.
c. Candidates and the Ministry of SOEs talent,
proposed through the Secretary.
d. Candidates from the Board of Directors, the
Board of Commissioners/ Supervisory Board,
and/or Other Sources may submit applications to
or be proposed directly by the Minister, Secretary,
Technical Deputy and/or Deputy.
e. The selection of prospective candidates takes
precedence over SOE talents.
Especially for Public Listed SOE, prospective
candidates from SOE Talents must be proposed
through the Board of Commissioners. If the Minister
views that there are other candidates who have
the potential to become members of the Board
of Directors, but not included in the list of names
proposed by the Board of Commissioners, the
Minister can ask the Board of Commissioners to
evaluate the person concerned and if they meet the
requirements to be proposed to the Minister.
dismissed Mr. Agung Yunanto from the position
of Director of HR and Legal to be replaced by
Mrs. Tina T Kemala.
The following tables are the composition of the
Board of Directors before and after the 2019 AGMS:
The Board of Directors’s Composition from 22 May 2019 to 31 December 2019
Name Position Basic Appointment
Hendi Prio Santoso President Director AGMS 30 April 2018 - AGMS 2023
Doddy Sulasmono Diniawan Director of Finance EGMS 15 September 2017 - AGMS 2022
Benny Wendry Director of Production EGMS 15 September 2017 - AGMS 2022
Fadjar Judisiawan Director of Business Strategy & Development EGMS 15 September 2017 - AGMS 2022
Tri Abdisatrijo Director of Engineering & Projects EGMS 15 September 2017 - AGMS 2022
Adi Munandir Director of Marketing & Supply Chain AGMS 30 April 2018 - AGMS 2023
Tina T. Kemala Intan Director of HR & Legal AGMS 22 May 2019 - AGMS 2024
175
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Concurrent Positions of the Board of Directors
Based on the Articles of Association of the
Company and the Work Guidelines of the Board
of Commissioners and Directors, members of the
Board of Directors are not permitted to concurrently
hold positions in management and supervision of
similar companies, except supervisory positions in
subsidiaries. For concurrent positions of Directors
and exceptions, approval from the Board of
Share Ownership by the Board of Directors
All members of the Company's Board of Directors do not own shares in PT Semen Indonesia (Persero) Tbk.
Purchase/Sale of the Board of Directors' Shares
In accordance with OJK Regulation No. 11/
POJK.04/2017 concerning Reports on Ownership
or Changes in Ownership of Shares of Public
Companies, a share transaction was conducted by
a member of the Company's Board of Directors in
2019. The transaction has been reported to the OJK.
Name Position Transaction
Total
Shares
Before
Transaction
Total
Buying
/Selling
Price
Total
Shares
After
Transaction
Date of
Transaction
Transaction
PurposeReport
Benny
Wendry
Director Share
Selling
3,500
shares
3,500
shares
Rp12,450 0 share 20
September
2019
Private 7
October
2019
Commissioners is required, which is then reported
at the GMS.
All members of the Company's Board of Directors
do not have multiple positions as stipulated in
POJK No. 33/POJK.04/2014 concerning the Board
of Directors and the Board of Commissioners of
Issuers or Public Companies.
176
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Directors' Affiliations
Duties and Authorities
Prohibition of affiliation between members of the
Board of Directors, or the Board of Directors with the
Board of Commissioners, or the Board of Directors
with the Shareholders listed is in accordance with
The duties and authorities of the Board of Directors
include:
1. The Board of Directors are fully responsible
for carrying out their duties for the benefit of
the Company. The main duties of the Board of
Directors are:
• lead and manage the Company in accordance
with the aims and objectives of the Company;
and
• maintain and manage the Company's assets.
2. The Board of Directors is responsible for
formulating and determining the vision, mission
and values of the Company as well as the
Company's Long-Term Plan (RJPP) and Work
Plan and Corporate Budget (RKAP) after being
discussed and approved by the Board of
Commissioners and the GMS.
3. Each member of the Board of Directors is
required, in good faith and full responsibility, to
carry out their duties and act in accordance with
the provisions and provisions in the Articles of
Association, decisions taken at the GMS, Long
Name Position
Financial Affiliations with Familial Affiliations withShare
Ownership
at Semen
IndonesiaBOC BOD Shareholders BOC BOD Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Hendi Prio
Santoso
President
Director
√ √ √ √ √ √ √
Doddy
Sulasmono
Diniawan
Director of
Finance
√ √ √ √ √ √ √
Benny
Wendry
Director of
Production
√ √ √ √ √ √ √
Fadjar
Judisiawan
Director of
Business
Strategy &
Development
√ √ √ √ √ √ √
Tri
Abdisatrijo
Director of
Engineering &
Projects
√ √ √ √ √ √ √
Adi
Munandir
Director of
Marketing &
Supply Chain
√ √ √ √ √ √ √
Tina T.
Kemala
Intan
Director of HR
& Legal
√ √ √ √ √ √ √
the Law Number 40 in 2007 concerning limited
liability companies, aiming to avoid conflicts of
interest so that the Board of Directors would be able
to make decisions without harming the Company.
177
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Term Plan (RJP), the Company’s Work Plan and
Budget (RKAP) and the prevailing laws and
regulations based on GCG principles.
4. Related with the Strategy and Work Plan:
a. Prepares the Company's vision, mission, goals,
strategies and culture.
b. Promotes and guarantees the implementation
of business activities of the Company in
accordance with the aims and objectives and
business activities.
c. Prepares the Company's development plans
and the Company's Long-Term Plan on time.
d. Strives to achieve the long-term goals listed in
the RJPP.
e. Prepares the RKAP on time, which is
an elaboration from annual RJPP to be
subsequently submitted to the Board of
Commissioners for approval.
f. Strives to achieve short-term targets listed in
the RKAP.
5. Related to Risk Management:
a. Takes responsibility for the implementation of
risk management in the Company.
b. Develops written and comprehensive risk
management policies and strategies at the
corporate level including the establishment
and approval of overall risk limits of the
Company, per risk type and per business
activity.
c. Develops a risk management culture at all
levels of the organization, including adequate
communication to all levels of the organization
on the importance of effective internal control.
d. Takes responsibility for the overall implementation
of the Company's risk management policies,
including evaluation and provision of direction
for risk management strategies.
e. Ensures improved human resources
competence related to risk management
implementation, such as establishment of
education and training programs on an
ongoing basis, especially those related to risk
management systems and processes.
f. Conducts periodic reviews with frequency
in accordance with the Company's needs to
ensure:
• Accurate risk management methodology.
• Adequate risk management information
system implementation.
• Accurate policies, procedures and
determination of risk limits.
6. Related to Internal control:
a. Establishes and manages internal control
system in order to obtain adequate confidence
in the achievement of operational effectiveness
and efficiency, reliability of financial reports, as
well as compliance to laws and regulations.
b. Establishes an internal audit function or
unit responsible for conducting assurance
and evaluation of internal control system
effectiveness.
c. The internal audit unit or function assists the
Board of Directors to ensure the achievement
of the Company’s objectives and sustainable
activities through evaluation of the Company's
work plan implementation, provides advice and
recommendation to improve the effectiveness
of internal control system implementation,
risk management system, compliance to the
Company’s regulations, GCG principles and
laws and regulations, as well as coordinates
with External Auditors.
d. The head of the internal audit unit is responsible
to the President Director and has a functional
relationship with the Board of Commissioners
through the Audit Committee.
7. Related to Public Relations:
a. Takes responsibility to ensure and maintain
communication between the Company and
Stakeholders through Corporate Secretary
function.
b. The Corporate Secretary is also responsible to
ensures appropriate access of information for
Stakeholders.
c. The Corporate Secretary is responsible and to
report the implementation of his duties to the
Board of Directors.
8. Related to Corporate Social Responsibility:
a. Establishes corporate social responsibility
policies and programs.
b. Ensures that the Company carries out its
social responsibilities consistently and
continuously.
9. The Board of Directors has the right to represent
the Company in and out of the court on all
matters and incidents, to bind the Company to
other parties and other parties with the Company,
and to carry out all actions, both regarding
management and ownership, but with restriction
that in order to take the following actions, the
Board of Directors must first obtain approval from
the Board of Commissioners.
178
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
a. Receives and/or provides non-operational
medium or long-term and short-term loans in
excess of a certain amount set by the Board of
Commissioners' Meeting;
b. Receives short-term operational loans in
excess of 10% (ten percent) up to 20% (twenty
percent) of the amount determined at the
Board of Commissioners' Meeting;
c. Provides short-term loans in excess of
the amount specified in the Board of
Commissioners' Meeting;
d. Provides and or sells the Company’s shares
on the capital market in the context of utilizing
liquidity that exceeds a certain amount
specified in the Work Plan and Budget of the
Company;
e. Enters agreements or licensing cooperation,
management contracts, leasing assets, Joint
Operations (KSO), Build Operate Transfer
(BOT), Build Own Transfer (BowT), Build
Transfer Operate (BTO) and similar agreements
with business entities or other parties up to a
certain value and/or time period determined
by the Board of Commissioners;
f. Takes part, in part or full, or participate in the
Company and/or other business entity and or
establish a new company conducted through
an exchange with due regard to the provisions
of the applicable laws and regulations;
g. No longer collects and writes off receivables
from records and inventories that exceed a
certain amount specified in the Work Plan and
Corporate Budget;
h. Transfers, releases rights or makes debt
guarantees less or equal to 50% (fifty percent)
of assets in the form of fixed assets of the
Company, whether in one transaction or
several independent transactions or related to
one another;
i. Conducts transaction involving cumulative
deviation of exceeding 10% (ten percent) to
20% (twenty percent) of the budgeted amount
or set aside for:
• Investment included in the capital
expenditure budget;
• Post costs or expenses included in the
operating budget or revenues and expenses
(except financial costs);
• Short-term working capital financing
included in the financial budget;
• All budgets which are included in the Work
Plan and Budget of the Company or any
amendments approved in the fiscal year
concerned;
j. Uses all rights owned by shareholders and/or
majority shareholders in each of the subsidiary
companies operating in the cement industry in
which the Company has equity participation,
except for those matters which are within the
authority of the shareholders and/or majority
shareholders as stipulated in the Articles of
Association;
k. Binds the Company as a guarantor for debts
that have financial consequences exceeding
a certain amount determined at the Board of
Commissioners' Meeting
10. The Board of Directors must obtain approval
from the General Meeting of Shareholders to:
a. Receive short-term operational loans of more
than 20% (twenty percent) of the amount
determined at the Board of Commissioners'
Meeting;
b. Conduct transactions involving cumulative
deviations exceeding 20% (twenty percent)
of the budgeted amount or set aside for:
• Investment included in the capital
expenditure budget;
• Post costs or expenses included in
the operating budget or revenues and
expenses (except financial costs);
• Short-term working capital financing
included in the financial budget;
• All budgets which are included in the
Work Plan and Corporate Budget or
any amendments approved in the fiscal
year concerned. The General Meeting of
Shareholders may determine restrictions
and or other conditions other than those
specified above.
c. Carries out legal actions to transfer, relinquish
rights or make guarantees of debt in whole
or more than 50% (fifty percent) of the
Company's net assets, both in one transaction
or several independent transactions or
related to each other in 1 (one) fiscal year, the
Board of Directors must obtain the approval
of the General Meeting of Shareholders
attended or represented by shareholders
who have at least 3⁄4 (three quarters) of the
total number of shares with valid voting rights
179
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
and are approved by at least 3⁄4 (three fourth)
part of the total number of valid votes cast at
a Meeting.
If the quorum as referred to above is not
reached, then the second Meeting may be
held after the summons of the Meeting is
held without notification for the invitation
of the Meeting no later than 7 (seven) days
before the second Meeting is held, provided
that the Meeting is attended by shareholders
representing at least 2/3 (two per three) part
of the total number of shares with valid voting
rights and decisions approved by more than
3⁄4 (three-fourths) of the total number of votes
present at the Meeting.
If the quorum as referred to above is not
reached, then at the request of the Company,
the quorum, the number of votes to make
decisions, summons and time for holding
a General Meeting of Shareholders is
determined by the Chief Executive of the
Financial Services Authority (OJK) Capital
Market Supervisory Agency.
11. Members of the Company's Board of Directors
cannot represent the Company both inside and
outside the Court, if:
a. case occurs in Court between the Company
and the member of the Board of Directors
concerned; or
b. the member of the Board of Directors
concerned has a conflict of interest with the
Company.
12. Carries out legal actions in the form of a
transaction that contains conflict of interest
between personal economic interest of
members of the Board of Directors, the Board of
Commissioners or major shareholders with the
economic interest of the Company, the Board
of Directors requires approval from the General
Meeting of Shareholders based on the most
agreed votes from shareholders that do not
have any conflict of interest.
13. In the event that the Company has interests that
conflict with the personal interests of a member
of the Board of Directors, the Company will be
represented by other members of the Board
of Directors and if the Company has interests
that conflict with the interests of all members
of the Board of Directors, the Company will be
represented by the Board of Commissioners,
and in the case of all members of the Board
of Directors. and members of the Board of
Commissioners have a conflict of interest,
the Company will be represented by other
parties appointed by the General Meeting of
Shareholders, without prejudice to the provisions
in item 12 above.
14. The President Director has the right and
authority to act for and on behalf of the Board
of Directors and represent the Company. In the
event that the President Director is absent or is
unable to attend due to any reason, which does
not need to be proven to a third party, the Board
of Directors will be represented by the Deputy
President Director. In the event that the Deputy
President Director is absent or unable to attend
due to any reason, which does not need to be
proven to a third party, the Board of Directors will
be represented by 2 (two) Directors together.
15. Without reducing its responsibility, the Board of
Directors for certain actions also has the right
to appoint one or more as representatives or
proxies on conditions determined by the Board
of Directors in a special power of attorney and
such authority must be carried out in accordance
with the provisions of the Company's Articles of
Association.
180
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Responsibilities
Joint and Several Liabilities of the Board of Directors
Duties and Responsibilities of Each Director
1. Arranges and submits the law in a timely
manner in accordance with the applicable laws
and regulations;
2. Establish management and delivery policies in
the corporate environment.
3. Determines and ensures effective
implementation of internal control system,
risk management, corporate governance and
reporting systems (whistleblowing system) in
the Company, both regarding prevention and
action.
In the aspect of prevention:
• The Board of Directors sets together with the
Board of Commissioners, the Company Ethics
Guidelines and Good Corporate Governance
Guidelines.
• The Board of Directors establishes the
Company's standard operating policies,
The Work Division of the Board of Directors of
the Company consists of members who, as a
whole, have competencies in the fields of cement,
marketing, finance, production and management,
The policy taken by the Board of Directors can be
in the form of a policy taken through a board of
directors meeting, or it can also be a policy taken
individually without the said meeting. Actions taken
by members of the Board of Directors outside of
regulations and procedures (SOP),
Governance, Risk & Compliance (GRC)
Guidelines, Internal Control Over Financial
Reporting (ICOFR), and Information
& Communication Technology (ICT)
Governance Guidelines.
In the aspect of prosecution:
• The Board of Directors together with the
Board of Commissioners establishes a
whistleblowing system.
• The Board of Directors establishes policies
regarding Employee Discipline and the
structure of disciplining employees and the
Company’s officials.
4. Establishes the Gratification Control Program
(PPG) and manages gratification within the
Company.
respectively. Each member of the Board of Directors
may carry out and make decisions according to the
division of tasks and authority. However, collegial
responsibilities still apply.
those decided by the Board of Directors Meeting
are the personal responsibility of the person
concerned until the action is approved by the Board
of Directors meeting.
181
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
New Directors Introduction Program
The introduction program for newly appointed
Board of Directors aims to provide knowledge
about the Company, so they understand their duties
and responsibilities as a Director, the Company's
business processes, and able to work in harmony
with other Company Organs.
The Corporate Secretary as the executor of the
Introductory Recognition Program for newly
appointed The Board of Directors, prepares material
for the introductory program which includes the
Corporate Recognition Program relating to:
1. Introduction of current Commissioners and
Directors
2. Implementation of GCG Principles
3. An overview of the condition of the company
4. Authority and supporting devices
5. Legal responsibility of the Board of Directors
6. Duties and responsibilities of the Board of
Directors
7. Site visit on OpCo and its subsidiaries
In 2019 there was a new member of the Board of
Directors who undertook this program, Mrs. Tina T.
Kemala Intan.
Details of the duties and responsibilities of each member of the Board of Directors are as follows:
President Director Responsible for coordinating other members of the Board of Directors, so that all
activities run according to established vision, mission, business goals, strategies,
policies and work programs. Specifically, the President Director is responsible for
aligning all of the Company's strategic initiatives, coordinating operational tasks in the
area of internal audit, human resources, communication, ensuring compliance with
laws and regulations and coordinating risk management and corporate development.
In addition, they also controls and evaluates the implementation of GCG principles and
ethical standards within the Company in a consistent manner.
Director of Finance Responsible for coordinating, controlling and evaluating operational tasks in finance,
budgeting, accounting, ensuring the provision of funding for the development of the
Company and information technology systems.
Director of Marketing &
Supply Chain
Responsible for sales, distribution and transportation and marketing development.
Director of Production Responsible for coordinating, controlling and evaluating the implementation of
operational tasks in the field of production of raw materials, clinker production, cement
production as well as engineering, work safety, the environment and developing
production process efficiency programs.
Director of Engineering &
Projects
Responsible for coordinating, controlling and evaluating the implementation of
operational tasks in the fields of procurement and inventory management, design,
research and development, as well as maintaining product quality assurance.
Director of Human
Resources & Legal
Responsible for coordinating, controlling and evaluating the implementation of
operational tasks in the field of Human Resources, management of Company’s assets
and corporate compliance with applicable laws and regulations and the application of
risk management in the Company.
Director of Business
Strategy & Development
Responsible for coordinating, controlling and evaluating the implementation of operational
tasks in the areas of strategy and business development of the Company, managing the
investment capex strategy, developing group energy and securing raw materials.
182
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No. Title Position Training Name Old Training Organizer Location
Domestic :
1 All of the
Board of
Directors
The Board of
Directors
Personal Coaching Program 5 April Mahadibya
Nurcahyo
Chakrasana
Jakarta
2 All of the
Board of
Directors
The Board of
Directors
Counseling Program 9 April Mahadibya
Nurcahyo
Chakrasana
Jakarta
3 Fadjar
Judisiawan
Director of
Business Strategy &
Development
Counseling Program 15 July Mahadibya
Nurcahyo
Chakrasana
Tangerang
4 All of the
Board of
Directors
The Board of
Directors
Relaxation Response Program 30 July Mahadibya
Nurcahyo
Chakrasana
Jakarta
5 All of the
Board of
Directors
The Board of
Directors
Asset Counseling Program 2 August Mahadibya
Nurcahyo
Chakrasana
Jakarta
6 Tri
Abdisatrijo
Director of
Engineering &
Projects
Leadership Coaching Program 13 September Mahadibya
Nurcahyo
Chakrasana
Gresik
7 Tina T.
Kemala Intan
Director of HR &
Legal
The Art and Science of
Coaching-ICF Accredited Coach
Batch Program Training 1
19-22
September
Vanaya
PT Douna
Affala
International
Sentul,
Bogor
8 Tina T.
Kemala Intan
Director of HR &
Legal
The Art and Science of
Coaching-ICF Accredited Coach
Batch Program Training 2
26-29
September
Vanaya
PT Douna
Affala
International
Sentul,
Bogor
9 Fadjar
Judisiawan
Director of
Business Strategy &
Development
Leadership Coaching Program 25
September
Mahadibya
Nurcahyo
Chakrasana
Jakarta
10 Benny
Wendry
Director of
Production
Leadership Coaching Program 3 October Mahadibya
Nurcahyo
Chakrasana
Tuban
11 Tri
Abdisatrijo
Director of
Engineering &
Projects
Counseling Program 7 October Mahadibya
Nurcahyo
Chakrasana
Jakarta
12 Benny
Wendry
Director of
Production
Counseling Program 16 October Mahadibya
Nurcahyo
Chakrasana
Jakarta
13 Doddy
Sulasmono
Diniawan
Director of Finance The concept of returning to
nature and digital interventions
as well build community for
sustainable business
24 October Ministry of
SOEs
Cirebon
14 Benny
Wendry
Director of
Production
Leadership Coaching Program 10 December Mahadibya
Nurcahyo
Chakrasana
Tonasa
The Board of Directors’ Training and Development Program
183
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No. Title Position Training Name Old Training Organizer Location
Luar Negeri :
1 Hendi Prio
Santoso
President Director JP Morgan 10th Annual Global
Emerging Debt Markets
Corporate Conference
25-28
February
JP Morgan
Securities
Indonesia
Miami
Florida ,
USA
2 Adi
Munandir
Director of Marketing
& Supply Chain
JP Morgan 10th Annual Global
Emerging Debt Markets
Corporate Conference
25-28
February
JP Morgan
Securities
Indonesia
Miami
Florida ,
USA
3 Fadjar
Judisiawan
Director of
Business Strategy &
Development
Asean Global Leadership
Program
25-29 March LSE 2019 AGLP London,
UK
4 Hendi Prio
Santoso
President Director The 22nd Credit Suisse Asian
Investment Conference
25-28 March Credit Suisse Hongkong
5 Adi
Munandir
Director of Marketing
& Supply Chain
The 22nd Credit Suisse Asian
Investment Conference
25-28 March Credit Suisse Hongkong
6 Adi
Munandir
Director of Marketing
& Supply Chain
dbAcces Asia Conference 2019 23-24 May dbAcces Singapore
7 Hendi Prio
Santoso
President Director Asia Cement Workshop Amity
Club Producer (ACPAC)
1 - 5 July Asia Cement
Producere
Amity Club
Tokyo &
Kyoto,
Jepang
8 Adi
Munandir
Director of Marketing
& Supply Chain
Asia Cement Workshop Amity
Club Producer (ACPAC)
1 - 5 July Asia Cement
Producere
Amity Club
Tokyo &
Kyoto,
Jepang
9 Benny
Wendry
Director of
Production
The 8th Annual Modular &
Prefabrication Construction
24-25 July Trueeventus Singapura
10 Tri
Abdisatrijo
Director of
Engineering &
Projects
The 8th Annual Modular &
Prefabrication Construction
24-25 July Trueeventus Singapura
11 Hendi Prio
Santoso
President Director 2019 Indonesian Credit Suisse
Conference
13-16 August Credit Suisse Singapura
12 Adi
Munandir
Director of Marketing
& Supply Chain
2019 Indonesian Credit Suisse
Conference
13-16 August Credit Suisse Singapura
13 Hendi Prio
Santoso
President Director World Cement Association
Conference - Innovation for
Industrial Sustainability
9-12
September
World Cement
Association
Shanghai,
China
14 Adi
Munandir
Director of Marketing
& Supply Chain
World Cement Association
Conference - Innovation for
Industrial Sustainability
9-12
September
World Cement
Association
Shanghai,
China
15 Benny
Wendry
Director of
Production
World Cement Association
Conference - Innovation for
9-12
September
World Cement
Association
Shanghai,
China
16 Fadjar
Judisiawan
Director of
Business Strategy &
Development
World Cement Association
Conference - Innovation for
Industrial Sustainability
9-14
September
World Cement
Association
Shanghai,
China
17 Tina T.
Kemala Intan
Director of HR &
Legal
MIT Technology Review 31 Oct - 3
November
IBM Asia Pasific Singapura
184
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Performance Assessment of The Board
The performance of the Board of Commissioners is
evaluated annually by the Shareholders at the General
Meeting of Shareholders. In general, the performance
of the Board of Commissioners is determined based
on the duties stated in the prevailing laws and
regulations and the Articles of Association and the
mandate of the Shareholders. Formal evaluation
criteria are openly communicated to the Board of
Commissioners since their appointment. The results
of the evaluation of the overall performance of the
Board of Commissioners and the performance
of each member of the Board of Commissioners
individually will form an inseparable part in the
compensation scheme and the provision of incentives
for the Board of Commissioners. The results of the
performance evaluation of each member of the
Board of Commissioners individually is one of the
basic considerations for Shareholders to terminate
and/or reappoint the relevant member of the Board
of Commissioners. The results of the performance
evaluation of the Board of Commissioners both as
a Board and individuals are a means of evaluating
and increasing the effectiveness of the Board of
Commissioners.
Procedure for Implementing Performance Assessment of the Board of CommissionersThe performance of the Board of Commissioners
is reported to Shareholders through the GMS
based on the Board Manual and Work Plan (Renja)
of the Board of Commissioners and Supporting
Organs of the Board of Commissioners, which at
the beginning of each year is signed by the entire
Board of Commissioners of the Company. This Renja
contains the Board of Commissioners' performance
targets.
Performance Evaluation Criteria for the Board of CommissionersThe General Meeting of Shareholders determines
the performance criteria of the Board of
Commissioners and individual members of the
Board of Commissioners. The evaluation criteria
for the individual performance of the Board of
Commissioners include:
1. The level of attendance at the Board of
Commissioners' Meeting and meetings with the
existing committees.
2. His contribution to the Company's supervision
process.
3. His involvement in certain assignments.
4. Its commitment in advancing the interests of the
Company.
5. Compliance with applicable laws and regulations
and Company policies.
The party conducting the assessmentThe party that evaluates the performance of the
Board of Commissioners is the Shareholders at
the GMS, however, the Board of Commissioners
can also carry out a performance Self-Assessment
conducted independently in an effort to carry out an
internal evaluation of the Board of Commissioners
regarding the effectiveness of the implementation
of the functions and duties of the Board of
Commissioners
Performance Evaluation of the Board of Commissioners by the GMS
Performance Appraisal Based on Board Aspect GCG Assessment of The Board of Commissioners and The Board of Directors
Performance Evaluation of the Board of
Commissioners using the Self Assessment method
refers to Ministry of SOEs Regulation Number: PER-
09/MBU/2012 dated 6 July 2012 concerning the
Implementation of Good Corporate Governance
in SOEs and the Decree of the Secretary of the
185
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Ministry of SOEs Number: SK-16/S.MBU/2012 dated
6 June 2012 concerning Indicators/Evaluation and
Evaluation Parameters for the Implementation of
Good Corporate Governance in SOEs.
Procedure for Implementing Performance Assessment of the Board of CommissionersDuring his tenure, members of the Board of
Commissioners will be evaluated for their
performance. The assessment was carried out
through several stages, including: submission of
the required documents, filling out questionnaires
by the Board of Commissioners and the Board
of Directors, interviews, analysis by assessors
of PT Sinergi Daya Prima (SDP) on documents,
questionnaires, interviews and observations
conducted, presentation of preliminary results by
SDP, and reporting by SDP regarding the results
of achievements and recommendations on the
performance of the Board of Commissioners.
Performance Evaluation Criteria for the Board of CommissionersThe Board of Commissioners assessment criteria
include:
1. Implementation of the Board of Commissioners'
training/learning program;
2. The division of tasks and determination of the
factors needed to support the implementation of
the duties of the Board of Commissioners;
3. Granting approval for the RJPP and RKAP draft
submitted by the Board of Directors;
4. Providing direction to the Board of Directors on the
implementation of company plans and policies;
5. Implementation of supervision of the Board of
Directors on the implementation of company
plans and policies;
6. Implementation of supervision of the
implementation management policies of
subsidiaries/joint ventures;
7. Role in nominating members of the Board of
Directors, evaluating the performance of the
Board of Directors (individual and collegial) and
proposing a bonus/incentive for the Board of
Directors' performance;
8. Implement actions on potential conflicts of
interest concerning the Board of Commissioners;
9. Monitoring the application of the principles of
Good Corporate Governance;
10. Organizing meetings of the Board of Commissioners
and their level of attendance at these meetings;
11. Is there Board of Commissioners 'Secretary
who supports the Board of Commissioners'
secretarial duties;
12. Is there Effective Board of Commissioners
Committee.
The party conducting the assessment The Board of Commissioners' GCG Self Assessment
was carried out in 2019 by PT Sinergi Daya Prima.
The results of the evaluation of the overall
performance of the Board of Directors and the
performance of each member of the Board of
Directors are a means of evaluating and increasing
the effectiveness of the Board of Directors as
well as being an inseparable part in providing
compensation schemes for the Board of Directors.
The overall results of the performance evaluation of
each member of the Board of Directors is one of the
basic considerations for Shareholders to dismiss
and/or reappoint the relevant member of the Board
of Directors after receiving recommendations and
reports from the Board of Commissioners.
Procedure for Implementing Performance Assessment The Board of DirectorsThe performance of the Board of Directors is
reported by the Board of Commissioners to
Shareholders through the GMS.
The Board of Directors Performance Evaluation CriteriaCriteria for evaluating the performance of individual
members of the Company's Board of Directors as
listed in the Board Manual include:
1. The performance of the Board of Directors
collectively on the achievement of the Company
in accordance with the criteria set by the Board
of Commissioners;
Penilaian Kinerja Direksi oleh RUPS
186
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Performance Assessment of the Board of Directors
by self-assessment method refers to Ministry of
SOEs Regulation No. PER-09/MBU/2012 dated 6
July 2012 concerning the Implementation of Good
Corporate Governance in SOEs and Decree of the
Ministry of SOEs No. SK-16/S. MBU/2012 dated 6
June 2012 concerning Indicators/Evaluation and
Evaluation Parameters for the Implementation of
Good Corporate Governance in SOEs.
Procedure for Implementing Performance Assessment The Board of DirectorsImplementation The assessment was carried out
through several stages, including: submission of
required documents, filling out questionnaires
by the Board of Commissioners and he Board
of Directors, interviews, analysis by assessors
of PT Sinergi Daya Prima (SDP) on documents,
questionnaires, interviews and observations
conducted, presentation of preliminary results by
SDP, and reporting by SDP regarding the results
of achievements and recommendations on the
performance of the Board of Directors.
The Board of Directors Performance Evaluation CriteriaThe criteria used in evaluating the performance of
the Board of Directors including:
1. Implementation of the Board of Directors'
training/learning program.
2. Division task/function, authority and clear
responsibilities of the Board of Directors.
3. Company planning.
4. Meeting the Company's target performance.
5. Implementation of operational and financial
controls over the implementation of company
plans and policies.
6. Implementation of the management of the
Company in accordance with the prevailing laws
and regulations and the Articles of Association.
7. Implementation of value-added relationships for
the Company and stakeholders.
8. Monitor and manage the potential conflict of
interests of members of the Board of Directors
and management under the Board of Directors.
9. Implementation of information and communication
disclosure, as well as timely delivery of information
to the Board of Commissioners and Shareholders.
10. Organizing the Board of Directors’ meetings
and attendance at the Board of Commissioners
meetings.
11. Implementation of quality and effective internal
supervision.
12. Implementation of a quality and effective
Corporate Secretary function.
13. The holding of the Annual General Meeting
and other General Meeting of Shareholders in
accordance with statutory regulations.
The party conducting the assessment Implementation of GCG Self Assessment for the
Board of DirectorsIn 2019, it was implemented by
PT Sinergi Daya Prima in accordance with Ministry
of SOEs Regulation No. PER-01/MBU/2011 dated
1 August 2011 concerning the Implementation of
Good Corporate Governance in SOEs and their
amendments to the Ministry of SOEs Regulation No.
PER-09/MBU/2012 dated 6 July 2012.
Performance Evaluation of the Board of Directors with the GCG Self Assessment Method
2. Achievement of the Director's performance
individually refers to the KPI approved by the
Board of Commissioners;
3. Implementation of GCG principles both
individually and collegially
The party conducting the assessmentThe party evaluating the performance of the Board
of Directors is the Board of Commissioners as the
supervisor and advisor as well as the Shareholders
in the GMS based on the obligations stated in the
prevailing legislation.
The Board of Directors Performance Assessment ResultsThroughout 2019, the Board of Directors has carried
out the management of the Company. The Board of
Directors in good faith and full responsibility have
carried out all the mandated tasks, managing the
Company's business and affairs while still taking
into account the interests of the Company and the
balance of interests of all parties concerned with
the Company's activities.
187
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Policy on Diversity of the Board of Commissioners and Directors
In accordance with the recommendation of the
Financial Services Authority as set forth in the
Appendix of the Financial Services Authority
Circular No. 32/SEOJK.04/2015 concerning
Guidelines for Public Company Governance stated
that the composition of the members of the Board
of Commissioners and the Board of Directors pay
attention to the diversity of the composition of
the members of the Board of Commissioners. The
diversity of the composition of the members of the
Board of Commissioners and the Board of Directors
is a combination of the desired characteristics both
in terms of organs of the Board of Commissioners
and the Board of Directors as well as members of the
Board of Commissioners and the Board of Directors
individually, in accordance with the needs of the
Public Company. The combination is determined
by paying attention to expertise, knowledge and
appropriate experience in the distribution of duties
and functions of the Board of Commissioners and
the Board of Directors in achieving the objectives
of the Public Company. Therefore, consideration of
the combination of characteristics referred to will
have an impact on the accuracy of the nomination
process and the appointment of individual members
of the Board of Commissioners and the Board of
Directors or the Board of Commissioners and the
Board of Directors collegially.
In 2019, the diversity of the composition of the
Board of Commissioners and the Board of Directors
reflected in education, work experience, age and
gender, can be seen as in the table below:
Name Position Age Sex Education Work Experience Expertise
Dewan Komisaris
Soekarwo President
Commissioner
69
years
old
Male • Doctorate degree from
the Diponegoro University,
Semarang
• Master degree in Law from
the University of Surabaya,
Surabaya
• Bachelor degree in Law from
the Airlangga University,
Surabaya
• Governor of East Java Province
(2015-2019)
• Governor of East Java Province
(2009-2014)
• President Commissioner of Bank
Jatim (2005-2009)
Strategy,
Management
and
Bureaucracy
Nasaruddin
Umar
Commissioner
Independent
60
years
old
Male • Doctorate degree from the
Syarif Hidayatullah State Islamic
University, Jakarta (1999)
• Master degree from the Syarif
Hidayatullah State Islamic
University, Jakarta (1992)
• Bachelor degree in Sharia
from the Alauddin Islamic State
University, Ujung Pandang
(1984)
• Vice Minister of Religious Affairs
(2012-2014)
• Director General of Islamic
Community Guidance of the
Ministry of Religious Affairs
(2006-2012)
Bureaucracy,
Religion and
ethics
Mochamad
Choliq
Commissioner
Independent
67
years
old
Male • Master degree in Management
from the Prasetiya Mulya
Business School, Jakarta (1997)
• Bachelor degree in Engineering
from the Sepuluh Nopember
Institute of Technology,
Surabaya (1979)
• President Director of PT Waskita
Karya (2008-2018)
• Director of PT Adhi Karya (2001-
2006)
Business
Management
Construction
Industry
188
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Name Position Age Sex Education Work Experience Expertise
Sony
Subrata
Commissioner 54
years
old
Male Bachelor of Commerce in
Marketing from The University
of New South Wales, Sydney,
Australia (1988)
• Independent Commissioner of
PT Ciputra Surya Tbk (1999-2003)
• Chairman of the Bangsa
Foundation (1997-1999)
• President Director of
PT Adiriasindo (1995)
Business
Management
and
Marketing
Astera
Primanto
Bhakti
Commissioner 52
years
old
Male • Master degree in Taxation
from the University of Denver,
Denver, USA (1997)
• Bachelor of Economics
in Management from the
Jenderal Soedirman University,
Purwokerto (1990)
• Head of Financial Education and
Training Agency of the Ministry of
Finance (2017-June 2018)
• Advisor of the Minister of Finance
for State Revenue Policy Sector
(2015-2017)
• Advisor of the Minister of Finance
for State Revenue Sector (2015)
• Head of the Center of State
Revenue Policy - Fiscal Policy
Agency (2012-2015)
Fiscal
Finance and
Economy
Hendrika
Nora Osloi
Sinaga
Commissioner 49
years
old
Female • Master degree in Management
from the Post-Graduate
Program of the Faculty of
Economics of the University of
Indonesia, Depok (2003)
• Bachelor degree in Chemical
Engineering from the Faculty
of Industrial Technology of
the Bandung Institute of
Technology, Bandung (1994)
• Commissioner of PT Perusahaan
Gas Negara (Persero) Tbk (2016-
2018)
• Commissioner of PT Perusahaan
Pengelola Aset (Persero) (2014-
2016)
• Commissioner of PT BTDC
(Persero) (2011-2014)
• Commissioner of PT Timah
Investasi Mineral (2008-2011)
• Commissioners of PT Batubara
Bukit Kendi (1999-2008)
Business
Management
Lydia
Silvanna
Djaman
Commissioner 51
years
old
Female • Master degree in Law from the
Law School of University of
Technology, Sydney, Australia
(1998)
• Bachelor degree in Law from
the Sebelas Maret University,
Solo (1992)
• Assistant to Deputy of Law for
Economic Affairs Sector
• Deputy of Law and Legislation of
the Ministry of State Secretariat
(2012-2018)
• Advisor of the Minister of State
Secretariat for Law and Human
Rights Sector (July-October 2012)
Law
Name Position Age Sex Education Work Experience
Direksi
Hendi Prio
Santoso
President
Director
52
years
old
Male • Bachelor of Business
Administration (BBA) in
Finance and Economics
(double majors) from the
University of Houston,
Texas, USA (1990)
• Master degree in
Economics from the
Department of Economics
of the University of Texas,
Texas, USA (1988)
• President Director of PT Perusahaan Gas Negara
(Persero) Tbk (2008-4 May 2017)
• Finance Director of PT Perusahaan Gas Negara
(Persero) Tbk (2007-2008)
• Investment Banking Director of PT JP Morgan
Securities Indonesia (2001-2007)
189
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Name Position Age Sex Education Work Experience
Doddy
Sulasmono
Diniawan
Director of
Finance
52
years
old
Male • Master degree in Financial
Management from the
Padjadjaran University,
Bandung (2005)
• Bachelor degree
in Economics and
Management from the
Parahyangan Catholic
University, Bandung
(1990)
• Finance & HR Director of PT Engineering Industries
(April 2016-2017)
• Executive Vice President-CEO for Jakarta Kota
Regional Office of PT Bank Negara Indonesia
(Persero) Tbk (January-March 2016)
• Executive Vice President-Division Head of Corporate
Business Risk of PT Bank Negara Indonesia (Persero)
Tbk (June-December 2015)
Benny
Wendry
Director of
Production
50
years
old
Male • Master degree in
Management from the
Gadjah Mada University,
Yogyakarta (2001).
• Bachelor degree in
Chemical Engineering
from the Bandung
Institute of Technology,
Bandung (1994)
• President Director of PT Semen Padang (November
2014-2017)
• Finance Director of PT Semen Padang (July
2014-October 2014)
• Commercial Director of PT Semen Padang (June 2011-
2014)
Fadjar
Judisiawan
Director of
Business
Strategy and
Development
48
years
old
Male • Master degree in
Management from the
Gadjah Mada University,
Yogyakarta (2002)
• Bachelor degree in
Engineering from the
Sepuluh Nopember
Institute of Technology,
Surabaya (1995)
• Acting Deputy of Construction Business and
Transportation Infrastructure and Facilities Sector of
the Ministry of SOEs (2017)
• Assistant to Deputy of Construction Business and
Transportation Infrastructure and Facilities Sector of
the Ministry of SOEs (2015-2017)
• Assistant to Deputy of Construction Services Business
Sector of the Ministry for SOEs (2014-2015)
• Assistant to Deputy of Research and Information
Sector of the Ministry of SOEs (2013-2014)
Tri
Abdisatrijo
Director of
Engineering &
Projects
52
years
old
Male • Bachelor degree of
Chemical Engineering
from the Sepuluh
Nopember Institute of
Technology, Surabaya,
1992.
• Commercial Director of PT Semen Tonasa (August
2014- 2017)
• General Manager of Energy, Materials and
Environment of PT Semen Indonesia (Persero) Tbk
(2014)
• General Manager of OOTC Project Specialist of PT
Semen Indonesia (Persero) Tbk (2013-2014)
• General Manager of Technical Planning of PT Semen
Tonasa (2012-2013)
Adi
Munandir
Director of
Marketing &
Supply Chain
38
years
old
Male • Master degree in
Management Science
from the University of
Indonesia, Depok (2013)
• Bachelor degree in
Electrical Engineering
from the University of
Indonesia, Depok (2003)
• Group Head of Marketing of PT Perusahaan Gas
Negara (Persero) Tbk (2016-2018)
• Commissioner of PT Nusantara Energy Solutions
(2017-2018)
• Head of Strategic Management Division of PT
Perusahaan Gas Negara (Persero) Tbk (2015-2016)
• Executive Officer – Strategic Management Office of
PT Perusahaan Gas Negara (Persero) Tbk (2013-2015)
Tina T.
Kemala
Intan
Director of HR
& Legal
60
years
old
Female • Bachelor degree in
Psychology from the
Padjadjaran University,
Bandung (1985)
• Director of Human Resources, General Affairs and IT
PT Angkasa Pura II(2017-2019)
• HR Expert, GIZ (2015-2016)
190
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Policy on Remuneration of the Board of Commissioners and Directors
In granting remuneration for the Board of
Commissioners and the Board of Directors, Semen
Indonesia puts forward the principle of prudence and
refers to the applicable laws and regulations. Semen
Indonesia refers to the Ministry of SOEs Regulation
No. PER-04/MBU/2014 concerning Guidelines for
Determining the Income of the Board of Directors, the
Proposal and Determination Procedure
The amount of remuneration for members of the
Board of Commissioners is to be determined in the
AGMS along with the remuneration for the Board of
Directors. The amount of remuneration for the Board
of Commissioners members is to be proposed during
AGMS, based on the performance of the Board
of Commissioners according to the assessment
results and recommendations of the Nomination and
Remuneration Committee (NRC).
In compiling the basis for establishing and
recommending credible remuneration amounts, the
NRC commissions an independent consultant. Having
solid market survey database of companies with similar
business and the size and taking into consideration
NRC directives, independent consultants set up
several key factors in proposing the amount of
Commissioners’ remuneration.
The Board of Commissioners receives a fixed, variable
remuneration consisting of honorarium, allowances,
and other benefits paid/given monthly, and bonuses
as annual performance incentives, the amount
recommended by the Nomination and Remuneration
Committee, and decided by the shareholders in the
AGMS.
NRC
GMS
-
BOC
• Stipulating inputs of Independent Consultant in determining the remuneration basic stipulation
• Inputs from Independent Consultant based on:
- SOE Ministry Regulation No. PER-04/MBU/2014 dated March 10, 2014
- SOE Ministry Regulation No. PER-02/MBU/06/2016 dated June 20. 2016
- Remuneration survey of peers industry
- Success in risk mitigation
- The Company’s capability, competence and experience
• Propose the Remuneration basic and amount to the Board of Commissioners (BOC)
• Honorarium and tantiem for the Board of Commissioners and the Board of Directors
• Discuss the NRC recommendation and propose the remuneration amount to the GMS
• Delegating the stipulation on honorarium and tantiem implementation to the Board of GMS
Commissioners following the approval of Shareholders Series A.
NRC
Board of Commissioners, and the Supervisory Board
of SOEs as last amended by the Ministry of SOEs
Regulation No. PER-01/MBU/05/2019 concerning the
Fourth Amendment to Ministry of SOEs Regulation
concerning Guidelines for Determining the Income of
the Board of Directors, the Board of Commissioners,
and Supervisory Board of SOEs.
191
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Remuneration Structure
Indicator of Remuneration Determination
The remuneration of Commissioner can be different
in line with the duty and responsibility of each
Commissioner. Total remunerations received by the
Board of Commissioners’ members are reported
to the GMS. The amount of tantiem provided
to the Board of Commissioners and Directors’
members are stipulated based on the Company’s
performance and KPI achievements of the Board of
Commissioners and Directors.
The remuneration stipulation refers to the
Regulation of SOE State Minister No. PER-
04/MBU/2014 concerning the Guidelines of
Remuneration Stipulation of the Board of Directors,
Board of Commissioners, and Supervisory Board
of SOE and Regulation of SOE State Minister No.
PER-02/MBU/06/2016 dated 20 June 2016 on
changes in the Regulation of SOE State Minister
In determining the remuneration indicators for the
Board of Commissioners, Semen Indonesia refers
to the Ministry of SOEs Regulation No. PER-04/
MBU/2014 as amended by the Ministry of SOEs
Regulation No. PER-06/MBU/06/2018 concerning
guidelines for determining the income of the Board
of Directors, the Board of Commissioners, and the
Supervisory Board of SOEs as follows:
1. Business scale factor
2. Business complexity factor
3. Inflation rate
4. The financial condition and capability of the
Company
5. Other relevant factors, and may not conflict with
statutory regulations
No. PER-04/MBU/2014 concerning the Guidelines of
Remuneration Stipulation of the Board of Directors,
Board of Commissioners, and Supervisory Board
of SOE Based on this Regulation, the principles
of remuneration stipulation of the Board of
Commissioners is set out by the GMS, with the
following components:
a. Salary/Honorarium;
b. Allowances;
c. Facilities; and
d. Tantiem/Performance Incentives.
The remuneration given to each member of the
Board of Commissioners shall be conducted
based on decision of the Annual General Meeting
of Shareholders and the Extraordinary General
Meeting of Shareholders of the fiscal year 2017.
Remuneration for the Board of Commissioners
and the Board of Directors refers to the following
indicators:
1. Remuneration is granted in the event that the
Company earns profit in the relevant fiscal year;
2. Remuneration is granted with reference to the
development of the construction industry market;
3. Remuneration is granted through measurement
results of the performance of the Board of
Commissioners and the Board of Directors in
accordance with their duties and responsibilities;
4. Financial performance and achievement of the
Company's Key Performance Indicators (KPI);
5. Individual work performance;
6. Fairness with other company peers;
7. The amount of remuneration received is:
a. President Commissioner, 45% of the
remuneration of the President Director.
b. Member of the Board of
Commissioners, 90% from remuneration of
the President Commissioner.
c. President Director, 100%.
d. Members of the Board of Directors, 85% of
the President Director.
192
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Nominal/Remuneration Component for the Board of Commissioners and the Board of Directors
In 2019, the remuneration of each Board of Commissioners and Directors that have been realized in more detail
can be submitted, as follows:
Meetings of the Board of Commissioners and Directors
Throughout 2019, Semen Indonesia’s Board of Commissioners held 12 (twelve) internal meetings of the Board of
Commissioners. The agenda and level of attendance of the Board of Commissioners in the meetings are as follows:
The Board of Commissioners Meeting
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
1 24 January 2019 a. Company Performance Evaluation &
Capex of December 2018
b. and others.
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Syafrizal
• Irham Dilmy
• Ninda E. Djohaeri
*) including the Board of Commissioners and the Board of Directors whose term of office expires on 22 May 2019**) including the Board of Commissioners and the Board of Directors who took office in 2018
No Type of Income/Facilities
The Board of Commissioners The Board of Directors
Total Persons
Rp (million)Total
PersonsRp (million)
1 Salary/ Honorarium* 9 8.986 8 19.188Transportation Benefits* 9 1.797 - -Housing Allowance* - - 8 2.338Holiday Allowance* 9 971 8 1.833Tantiem** 9 24.053 8 50.947
2 Other facilities in the form natura
Housing (cannot be owned)
Transportation (cannot be owned)
Full Service Insurance (cannot be owned)* 9 2.260 7 4.148Health Insurance (cannot be owned)
Amount of Remuneration Number of the Board of Commissioners Number of the Board of Directors
Above Rp2 billion 7* 9 (* and **)
Above Rp1 billion - Rp2 billion 4** -
Above Rp300 million - Rp1 billion - -
Rp300 million and below - -
193
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
2 22 February 2019 a. Performance Evaluation & Capex The
Company as of January 2019;
b. and others.
• Sutiyoso
• Nasaruddin Umar
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Elok Tresnaningsih
• MZ. Abidin
• Syafrizal
• Irham Dilmy
• Ninda E. Djohaeri
3 19 March 2019 a. Company Performance Evaluation &
Capex of February 2019;
b. Inviting the Board of Directors &
Consultants (Korn Fery)
c. Preparation of the GMS of PT Semen
Indonesia (Persero) Tbk (discussion of
KPI achievements and the Company’s
2018 Proposed Remuneration);
d. and others.
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Syafrizal
• Irham Dilmy
• Ninda E. Djohaeri
4 29 April 2019 a. Company Performance Evaluation &
Capex of Q1 2019;
b. BOC invites HR Director and SBPU
Director concerning Letter of the
Board of Directors No. 3601 on
Proposal for Amendment Approval
for the Composition of the Board
of Commissioners & the Board of
Directors of Subsidiaries
• Sutiyoso
• Nasaruddin Umar
• Mochamad Choliq
• Wahyu Hidayat
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Syafrizal
• Fritz Bonar
Panggabean
• Dedi Kusnendar
• Irham Dilmy
• Ninda E. Djohaeri
Director:
• HR Director
• SBPU Director
5 17 May 2019 a. Performance Evaluation & Capex The
Company in April 2019;
b. and others
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Dedi Kusnendar
• Irham Dilmy
• Ninda E. Djohaeri
6 26 June 2019 a. Commissioner Introduction New
Program set in GMS of 22 May 2019;
b. Company Performance Evaluation &
Capex of May 2019 (Highlights);
c. Establishment of Committees
of Environment of the Board of
Commissioners;
d. The Board of Commissioners'
Approval for the Head of Internal
Audit;
e. and others.
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Sony Subrata
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Dedi Kusnendar
• Irham Dilmy
• Edi Eko Cahyono
• Ninda E. Djohaeri
194
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
7 18 July 2019 a. Company Performance Evaluation &
Capex of the 1st Semester of 2019;
b. and others.
• Soekarwo
• Mochamad Choliq
• Sony Subrata
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna Djaman
• Elok Tresnaningsih
• MZ. Abidin
• Agus Waluyo
• Dedi Kusnendar
• Irham Dilmy
• Edi Eko Cahyono
• Ninda E. Djohaeri
8 21 August 2019 a. Follow-Up of Last Month's Meeting;
b. Company Performance Evaluation &
Capex of July 2019.
c. and others
• Nasaruddin Umar
• Mochamad Choliq
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna Djaman
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Dedi Kusnendar
• Irham Dilmy
• Edi Eko Cahyono
9 18 September 2019 a. Follow-Up of Last Month's Meeting;
b. Company Performance Evaluation &
Capex of August 2019;
c. and others
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Sony Subrata
• Hendrika Nora Osloi
Sinaga
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Agus Waluyo
• Dedi Kusnendar
• Edi Eko Cahyono
10 28 October 2019 a. Follow-Up of Last Month's Meeting;
b. Company Performance Evaluation &
Capex of September 2019 (Q3-2019),
including Financial Statements of the
3rd Quarter of 2019;
c. Discussion on BOC’s 2020 Work Plan
& Budget Draft;
d. Monitoring of Audit Results Follow-Up
(Internal/External);
e. Monitoring of GCG Assessment
Follow-Up;
f. and others
• Soekarwo
• Mochamad Choliq
• Sony Subrata
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna Djaman
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Agus Waluyo
• Dedi Kusnendar
• Edi Eko Cahyono
11 19 November 2019 a. Follow Up to Last Month's Meeting;
b. Performance Evaluation & The
Company’s Capex of October 2019;
c. Discussion on BOC’s 2020 Work Plan
& Budget Draft;
d. Monitoring BOC Pending Matters;
e. Monitoring of GCG Assessment
Follow-Up;
f. and others
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Sony Subrata
• Astera Primanto Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna Djaman
Committee:
• Elok Tresnaningsih
• MZ. Abidin
• Fritz Bonar
Panggabean
• Agus Waluyo
• Dedi Kusnendar
• Edi Eko Cahyono
12 11 December 2019 a. Company Performance Evaluation &
Capex of November 2019 (Highlights);
b. BOC GCG Evaluation Briefing;
c. Evaluation of Proposed RKAP of
2020;
d. and others.
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Hendrika Nora Osloi
Sinaga
Committee:
• Elok Tresnaningsih
• MZ. Abidin
• Agus Waluyo
• Dedi Kusnendar
• Edi Eko Cahyono
195
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Commissioners and the Board of
Directors are the Company’s organs that are
equal before the law. A good working relationship
between the Board of Commissioners and the Board
of Directors is one of the most important things so
that each of these organs can work according to
their respective functions effectively and efficiently.
• The Board of Directors meeting that invites the
Board of Commissioners and or other parties are
held at least twice a year (semester) and annual
and is based on the principles of GCG such as
Transparency, Accountability, Responsibility,
Independence and Fairness (TARIK).
• The Board of Directors can invite the Board of
Commissioners or one of the members of the
Board of Commissioners to explain, provide
input, or discuss a problem as material for the
Board of Directors to carry out its functions.
Joint Meeting
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
1 24 January 2019 a. Company Performance Evaluation &
Capex of December 2018
b. Progess for Integration Management
Office (IMO);
c. Cost Leadership (Supply chain, Energy,
Logistics and Auxiliary Raw Materials);
d. and others
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Hendrika Nora Osloi
Sinaga
• Sony Subrata
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Agung Yunanto
• Tri Abdisatrijo
• Adi Munandir
2 22 February 2019 a. Company Performance Evaluation &
Capex of January 2019;
b. Progess for Integration Management
Office (IMO);
c. Cost Leadership (Supply chain, Energy,
Logistics and Auxiliary Raw Materials);
d. and others
• Sutiyoso
• Nasaruddin Umar
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Hendi Prio Santoso
• Fadjar Judisiawan
• Benny Wendry
• Agung Yunanto
• Tri Abdisatrijo
• Adi Munandir
3 19 March 2019 a. Company Performance Evaluation &
Capex of February 2019;
b. Progess for Integration Management
Office (IMO);
c. Cost Leadership (Supply chain, Energy,
Logistics and Auxiliary Raw Materials);
d. Preparation for PT Semen Indonesia’s
GMS (Persero) Tbk;
e. and others
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
4 29 April 2019 a. Company Performance Evaluation &
Capex of Q1 (1st Quarter) of 2019.
b. Progess for Integration Management
Office (IMO) & Cost Leadership;
c. Preparation of PT Semen Indonesia’s
GMS (Persero) Tbk;
d. PUB Bonds phase 2
e. and others
• Sutiyoso
• Nasaruddin Umar
• Mochamad Choliq
• Wahyu Hidayat
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Agung Yunanto
• Tri Abdisatrijo
• Adi Munandir
196
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
5 17 May 2019 a. Company Performance Evaluation &
Capex of April 2019 (Highlights);
b. Progess for Integration Management
Office (IMO) & Cost Leadership;
c. Explanation of GMS Agenda for
Dividends;
d. GMS rehearsal of PT Semen Indonesia
(Persero) Tbk;
e. and others.
• Sutiyoso
• Mochamad Choliq
• Wahyu Hidayat
• Sony Subrata
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Agung Yunanto
• Tri Abdisatrijo
• Adi Munandir
6 26 June 2019 a. New Board of Directors &
Commissioners Recognition Program
established at AGM in 2 May 2019
(presentation on PT Semen Indonesia
(Persero) Tbk by the Board of Directors;
b. Company Performance Evaluation &
Capex of May 2019 (Highlights);
c. Progess for Integration Management
Office (IMO) & Cost Leadership;
d. and others.
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Sony Subrata
• Hendrika Nora Osloi
Sinaga
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
7 18 July 2019 a. Company Performance Evaluation &
Capex of the 1st Semester of 2019;
b. Progess for Integration Management
Office (IMO) & Cost Leadership;
c. and others.
• Soekarwo
• Mochamad Choliq
• Sony Subrata
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna
Djaman
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
8 21 August 2019 a. Company Performance Evaluation &
Capex of July 2019;
b. Progess for Integration Management
Office (IMO) & Cost Leadership;
c. and others.
• Nasaruddin Umar
• Mochamad Choliq
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna
Djaman
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Adi Munandir
• Tina T. Kemala Intan
9 18 September
2019
a. Company Performance Evaluation &
Capex of August 2019;
b. Progess for Integration Management
Office (IMO) & Cost Leadership;
Special Meeting:
a. The Board of Directors' Exposures for
"Rebranding”
b. Approval of the 2019 RKAP Revision;
c. Holcim Chronological Exposure;
d. and others.
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Sony Subrata
• Hendrika Nora Osloi
Sinaga
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
197
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting AgendaThe Board of
CommissionersCommittee Members
10 28 October 2019 a. Company Performance Evaluation &
Capex of September 2019 (including the
Financial Statements for the 3rd Quarter
of 2019);
b. Progess Integration Management Office
(IMO) & Cost Leadership;
c. and others.
• Soekarwo
• Mochamad Choliq
• Sony Subrata
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna
Djaman
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
11 19 November 2019 a. Company Performance Evaluation &
Capex of October 2019;
b. Program for Transformation
Management Office (TMO) (formerly
IMO & Cost Leadership);
c. and others
• Soekarwo
• Mochamad Choliq
• Astera Primanto
Bhakti
• Hendrika Nora Osloi
Sinaga
• Lydia Silvanna
Djaman
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
12 11 December 2019 a. Company Performance Evaluation &
Capex of November 2019 (Highlights);
b. Ratification of the Board of
Commissioners’ Work Plan and Budget
2020;
c. and others.
• Soekarwo
• Nasaruddin Umar
• Mochamad Choliq
• Hendrika Nora Osloi
Sinaga
• Hendi Prio Santoso
• Fadjar Judisiawan
• Doddy Sulasmono
Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
Attendance of the Board of Commissioners in the Board of Commissioners’s Meeting
No Name PositionPeriod of
Attendance
Meeting Frequency and Attendance Percentage
Internal
BOC%
BOC-
BOD% Special %
1 Sutiyoso President Commissioner Jan - May 2019 5 100 5 100 - -
2 Soekarwo President Commissioner Jun - Dec 2019 6 86 6 86 1 100
3 Nasaruddin Umar Independent
Commissioner
Jan - Dec 2019 5 42 6 50 1 100
4 Mochamad
Choliq
Independent
Commissioner
Jan - Dec 2018 12 100 12 100 1 100
5 Wahyu Hidayat Commissioner Jan - May 2019 5 100 5 100 - -
6 Sony Subrata Commissioner Jan - Dec 2019 8 67 8 67 1 100
7 Astera Primanto
Bhakti
Commissioner Jan - Dec 2019 7 58 7 58 - -
8 Hendrika Nora
Osloi Sinaga
Commissioner Jan - Dec 2019 11 92 11 92 1 100
9 Lydia Silvanna
Djaman
Commissioner Jun - Dec 2019 4 57 4 57 - -
198
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Directors Meeting
Meetings of the Board of Directors are held at a
minimum every month and can be held at any time
if necessary, taking place in the office or place of
main business activities within the territory of the
Republic of Indonesia. All decisions taken at the
meeting will be recorded in minutes of meeting
by the Corporate Secretary and signed by the
No Date of Meeting Meeting Agenda The Board of Directors
1 15 January 2019 1. Company Performance Evaluation & Capex of
December 2018
2. Progress of Integration Management Office (IMO) &
Cost Leadership
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Agung Yunanto
2 19 February 2019 1. Discussion on BOC-BOD Meeting Agenda (2/22/2019)
a. Company Performance Evaluation & Capex of of
January 2019
b. Progress of Integration Management Office (IMO)
c. Cost Leadership (supply chain, energy, logistics &
auxiliary raw materials)
2. Inbreng of the Company’s Assets
3. Progress BTG
• Hendi Prio Santoso
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Agung Yunanto
3 21 February 2019 1. Discussion on BOC-BOD Meeting Agenda (2/22/2019)
2. Progress of Integration Management Office (IMO)
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Agung Yunanto
4 13 March 2019 1. SI’s AGM (Preparation, Timeline, Agenda)
2. Company Performance Evaluation & Capex of
February 2019
3. Update of the Board of Directors' Agenda
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Agung Yunanto
5 18 March 2019 1. Discussion on BOC-BOD Meeting Agenda
2. (3/19/2019)
a. Company Performance Evaluation & Capex of
February 2019
b. Progress of Integration Management Office (IMO)
c. Cost Leadership (supply chain, energy, logistics &
auxiliary raw materials)
3. Inbreng of the Company’s Assets
4. Progress of BTG
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Agung Yunanto
Chairman of the Meeting and one of the Board of
Directors or authorized by a Notary.
During 2019, the Company's Board of Directors held
24 (twenty four) internal meetings with the following
details:
199
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting Agenda The Board of Directors
6 9 April 2019 1. IMO & IBM Team Progress Report
2. HR Committee
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
7 16 April 2019 1. Company Performance Evaluation & Capex of March
2019 - BOC-BOD Meeting (04/23/2019)
a. (Finance, Marketing, Production, Capex, IMO
progress)
2. SBI’s Tuban Port Progress
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
8 3 May 2019 1. AGM 2019
2. AGMS of Subsidiaries 2019
3. Marketing (Push Promo, Rerouting, Brand Strategy)
• Hendi Prio Santoso
• Doddy SulasmonoDiniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
9 14 May 2019 1. DARE - AT Kearney Program Report
2. Company Performance Evaluation & Capex of April
2019 - BOC-BOD Meeting (5/17/2019)
a. Evaluation of Performance & Capex of April 2019
(Highlights, IMO Progress, Dividends)
3. Update Progress Preparation for the 2019 Annual
General Meeting of Shareholders
4. HR Committee
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
10 25 June 2019 1. AT Kearney - TMO
2. Discussion on BOC-BOD Meeting Agenda
3. (6/26/2019)
a. Company Performance Evaluation & Capex of May
2019
b. Progress of IMO & DARE Program
• Hendi Prio Santoso
• Doddy SulasmonoDiniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
11 9 July 2019 1. Presentation of Subsidiaries - SILOG
2. Branding (BOD & Supply Chain Marketing Team)
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
200
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting Agenda The Board of Directors
12 18 July 2019 Company Performance Evaluation & Capex of June 2019
- BOC-BOD Meeting (07/18/2019)
1. Company Performance Evaluation & Capex of June
2019 (Marketing, Production, Finance, Capex)
2. Progress of IMO & DARE Program
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
13 30 July 2019 1. RJPP - AT Kearney
2. Others (BOD Limited)
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
14 19 August 2019 1. Presentation of IKSG
2. Progress of IMO & DARE Program
3. Company Performance Evaluation & Capex of July
2019 - Preparation of BOC-BOD Meetings (08/20/2019)
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
15 4 September 2019 1. RJPP - AT Kearney
2. SILOG Presentation
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
16 16 September 2019 1. EY - Time Motion Study Report (09.30)
2. Rebranding Program (11:00)
3. Preparation of BOC-BOD Meetings (13.30) - August
2019
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
17 1 October 2019 1. Packing Plant in Belawan and Tanjung Priok
2. SILOG Restructuring
3. Others - HR Committee
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
18 9 October 2019 Project Cost • Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
201
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Date of Meeting Meeting Agenda The Board of Directors
19 21 October 2019 1. IKSG & Business Process Pouches (Limited)
2. SMIG Organizational Transformation (Limited)
3. Preparation for BOC-BOD Meetings (10/28/2019)
a. Company Performance Evaluation & Capex of
September 2019
b. Progress of TMO
• Hendi Prio Santoso
• Doddy Sulasmono D
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
20 29 October 2019 1. Corporate Rebranding
2. TMO
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
21 13 November 2019 Re-Evaluation of Tanjung Priok • Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
22 18 November 2019 Preparation for BOC-BOD Joint Meeting (11/19/2019)
1. Company Performance Evaluation & Capex of October
2019
2. Progress of Transformation Management (TMO)
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
23 17 December 2019 1. HR Committee - BOD Limited
2. Corporate Rebranding- Unlimited BOD + Marketing &
Corporate Communications
• Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
24 19 December 2019 HR Committee - BOD Limited • Hendi Prio Santoso
• Doddy Sulasmono Diniawan.
• Fadjar Judisiawan
• Adi Munandir
• Tri Abdisatrijo
• Benny Wendry
• Tina T. Kemala Intan
202
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Attendance of the Board of Directors in the Board of Directors' Meetings and the Joint Meetings of the Board of Commissioners and the Board of Directors
No Name Position Meeting Period
Total of Meetings Attendance and %
Internal
BOD%
BOC-
BOD%
1 Hendi Prio Santoso President Director Jan - Dec 2019 22 83% 12 75%
2 Doddy Sulasmono Diniawan Director of Finance Jan - Dec 2019 23 96% 12 83%
3 Fadjar Judisiawan Director of Production Jan - Dec 2019 22 83% 12 100%
4 Adi Munandir Director of Business
Strategy & Development
Jan - Dec 2019 23 96% 12 92%
5 Tri Abdisatrijo Director of Engineering &
Project
Jan - Dec 2019 24 100% 12 92%
6 Benny Wendry Director of Marketing &
Supply Chain
Jan - Dec 2019 24 100% 12 100%
7 Agung Yunanto Director of HR & Legal Jan - Mar 2019 5 100% 5 80%
8 Tina T. Kemala Intan Director of HR & Legal Mar - Dec 2019 18 95% 7 100%
Supporting Organs of the Board of Commissioners
In order to carry out its functions, duties
and responsibilities effectively, the Board of
Commissioners has formed three Committees
under the Board of Commissioners: the Audit
Audit Committee
The Audit Committee of the Company is
formed by and is responsible to the Board of
Commissioners with the main objective of assisting
the implementation of the supervisory function by
the Board of Commissioners on financial reporting,
internal audit and external audit, internal control and
compliance with applicable laws and regulations.
Committee, Nomination, Remuneration and CSR
Committee, and Investment and Risk Management
Strategy Committee, as well as Secretary of the
Board of Commissioners.
The establishment of the Audit Committee is an
obligation for the company as determined in Law
Number 19 of 2003 concerning State-Owned
Enterprises and Financial Services Authority
Regulation No.55/POJK.04/2015 concerning the
Establishment and Work Guidelines of the Audit
Committee.
203
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Audit Committee Work Guidlines
Term of Office Policy
The oversight responsibility of the Audit Committee
is regulated in the Audit Committee Charter which
is implemented based on the decision of the Board
of Commissioners. The Audit Committee Charter
is regularly evaluated and adjusted to ensure
compliance with the Financial Services Authority
(FSA) regulations and applicable regulations. Based
on the Audit Committee Charter, the Audit Committee
Annual Work Plan shall be prepared annually as an
integral part of the Board of Commissioners Annual
1. The working period of members of the Audit
Committee shall be no longer than the term of
office of the Board of Commissioners as stipulated
in the Company's Articles of Association and can
be re-elected for the next 1 (one) period;
2. The Board of Commissioners may dismiss at any
time a member of the Audit Committee who is not
a member of the Board of Commissioners if the
person concerned is deemed not implementing
Work Plan. The Audit Committee’s Annual Work
Plan includes, among others, the activities and
activities to be carried out by the Audit Committee
as well as the time of implementation and the
parties involved. The Audit Committee members
are collectively responsible for the effectiveness of
the implementation of the Audit Committee’s annual
work plan. This allows each member to be able to
focus their attention on certain tasks, and to ensure
that the mandate of the Audit Committee is fulfilled.
duties as they should be as stated in the Decision
of the Board of Commissioners regarding the
appointment of the relevant members of the
Audit Committee;
3. The rights of members of the Audit Committee
who are not the Board of Commissioners are
regulated in a separate agreement in the Board
of Commissioners' decision letter with the
knowledge of the Company's Board of Directors.
List, Number, Composition and Legal Basis of Appointment of the Audit Committee
Komite audit Perseroan terdiri dari 1 (satu) Ketua
yang merupakan Komisaris Independen, 2 (dua)
anggota Independen dan 1 (satu) anggota yang
merupakan Komisaris non Independen. The
composition of the Audit Committee from 1 January
to 31 December 2019 is as follows:
Name Position Keterangan
Mochamad Choliq Chairman Independent Commissioner
Astera Primanto Bhakti Member Commissioner
Elok Tresnaningsih Member Independent Commissioner
M.Z. Abidin Member Independent Commissioner
204
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
M. Z. Abidin Audit Committee Member
Age: 57 years
Nationality: Indonesia
Residence: Jakarta
Educational Background:
• Master degree in Tax Policy and Administration from
the University of Indonesia.
• State Registered Accountant from the State College
of Accountancy (STAN)
Work Experiences:
• Directors and Commissioners of SOEs’ Subsidiaries
• Chairman of the RNI Pension Fund Supervisory
Board
• Head of Internal Audit
Concurrent Position in other SOEs:
• STAN Accounting & Auditing Lecturer at the Ministry
of Finance
• Main Member of the Indonesian Institute of
Accountants (IAI)
• Member of the Institute of Internal Auditors (the IIA)
• Member of the Indonesian Audit Committee
Association (IKAI)
Affiliations:
Has no affiliation with members of the Board
of Commissioners, the Board of Directors and
Shareholders
Legal Basis of Appointment:
In accordance with the Decree of the Board of
Commissioners
Elok TresnaningsihAudit Committee Member
Age: 60 years
Nationality: Indonesia
Residence: Jakarta
Educational Background:
• Master degree in Accounting, Faculty of
Economics, University of Indonesia (2007).
• Bachelor degree in Economics majoring in
Accounting, Faculty of Economics, University of
Indonesia (1983)
Work Experiences:
• Permanent lecturer at the Department of
Accounting, Faculty of Economics and Business,
University of Indonesia (1985- present)
• Audit Committee of PT Perusahaan Listrik Negara
(Persero) (2007-2012)
Concurrent Position:
• Board of Directors of the Indonesian Audit
Committee Association (IKAI)
• Main Member of the Indonesian Institute of
Accountants (IAI)
Affiliations:
Has no affiliation with members of the Board
of Commissioners, the Board of Directors and
Shareholders
Legal Basis of Appointment:
In accordance with the Decree of the Board of
Commissioners
Mochamad CholiqChairmanProfile of Mr. Muhammad Choliq is already mentioned in the Board of Commissioners’ Profile
Astera Primanto BhaktiMemberProfile of Mr. Astera Primanto Bhakti is already mentioned in the Board of Commissioners’ Profile
Profile of the Audit Committee
205
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Independence of Audit Committee Members
All members of the Audit Committee meet the
independence requirements of Audit Committee
members in accordance with the rules and rules of
GCG practice, namely that members of the Audit
Committee are not people who work or have the
authority and responsibility to plan, lead, control
or supervise the activities of the Company within 6
(six) in the last month, did not have direct or indirect
shares in the Company, had no affiliation with the
Board of Commissioners, Directors or controlling
shareholders of the Company, and did not have
business relations, directly or indirectly, relating to
the Company’s business activities.
Especially for Commissioners (non-independent)
who are members of the Audit Committee, in
order to maintain the independence of the Audit
Committee, do not have voting rights in the decision
making of the Audit Committee in terms of voting in
making decisions.
Independence Aspects Mochamad
Choliq
Astera P
Bhakti
Elok
Tresnaningsih
MZ Abidin
Has no financial relationship with members of the Board of
Commissioners and Directors
√ √ √ √
Has no management relationship in the Company, its
subsidiaries, or affiliated companies
√ √ √ √
Has no management relationship in the Company, its
subsidiaries, or affiliated companies
√ √ √ √
Has no familial relationship with members of the Board of
Commissioners, Directors, and/or fellow members of the Audit
Committee
√ √ √ √
Does not serve as a manager of political parties, officials and
government
√ √ √ √
Duties and Responsibilities
The Audit Committee acts independently in carrying
out its duties and responsibilities, which include:
1. Reviews financial information released by the
Company, in the form of financial statements,
projections and other reports related to the
Company's financial information.
2. Provides independent opinion in the event of
disagreements between Management and the
Independent Accountant/Auditor for the services
they provide.
3. Provides recommendations to the Board of
Commissioners regarding the appointment of
an Independent Accountant/Auditor based on
independence, the scope of the assignment,
and compensation for services.
4. Reviews complaints related to the Company's
accounting and financial reporting processes.
5. Reviews the implementation of audits by
internal and external audits and overseeing the
implementation of the follow-up on audit findings
recommendations by the Board of Directors.
6. Reviews compliance with laws and regulations in
the capital market and other regulations related
to the Company's activities.
7. Examines and provides suggestions for potential
conflicts of interest of the Company.
8. Maintains the confidentiality of the Company’s
documents and information in accordance with
applicable regulations.
206
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Audit Committee Meetings (Frequency of Meetings and Attendance)
Audit Committee Duties
During 2019, the Audit Committee held Audit
Committee internal meetings, attended joint
meetings with the Board of Directors and
Commissioners, special meetings, and work
meetings with the following attendance:
During 2019, the Audit Committee has carried out
tasks in accordance with the Audit Committee
Annual Work Plan. The tasks carried out were:
• Reviewed the Company’s Financial Report.
The review is carried out through discussions
with the Internal Auditor, Independent Auditors
and Management regarding internal controls,
accounting policies and the Company’s financial
reporting business processes. Discussions were
also made about the results of the review of the
quarterly financial statements in 2019. The Audit
Committee has also reviewed and discussed the
consolidated financial statements for 2019 with
Management, including discussions of the quality
of the accounting standards applied, the basis for
the use of significant judgment, and the adequacy
of disclosures in the consolidated financial
statements. The Management has confirmed to
the Audit Committee that the financial statements
are their responsibility prepared with integrity and
objectivity and in accordance with Indonesian
Financial Accounting Standards.
• Monitored the performance of Independent
Auditors.
During 2019, the Audit Committee communicated
regularly with the Independent Auditor, started
since the preparation of the audit plan and
during the implementation until after the audit
implementation. The communication carried out
includes the quality of judgment used by the
Management and the applicable accounting
standards used by the management for the
Financial Statements reporting and the complete
information needed by the Independent Auditor
to be able to carry out audits in accordance with
the audit standards and applicable financial
accounting standards. The Audit Committee also
continuously conducts supervision related to
the independence of the independent Auditor.
• Evaluated and advised the appointment of the
Independent Auditor for the 2019 fiscal year to
the Board of Commissioners.
In the 1st Quarter 2019, the Audit Committee
recommended that the Board of Commissioners
appointed the Public Accounting Firm KAP
Tanudiredja, Wibisana, Rintis & Rekan ("KAP
TWRR"), a member of PwC network of firms,
to conduct a general audit of the Company's
Consolidated Financial Statements and Annual
Partnership and Community Development
Program (PKBL) Report for the 2019 fiscal year
respectively. The Board of Commissioners
approved the recommendation and proposed
it to the GMS through the Board of Directors.
The decision of the Company's Annual General
Meeting of Shareholders, 22 May 2019 in Jakarta,
approved the appointment of the KAP TWRR.
Audit Committee BOC %BOC
BOD% AC %
Total
Meetings
Mochamad Choliq AC Chairman/Independent
Commissioner12 100 12 100 19 91 43
Astera Primanto Bhakti AC Member/Commissioner 7 58 7 58 9 43 23
Elok Tresnaningsih Independent Commissioner 12 100 11 92 21 100 44
M. Z. Abidin Independent Commissioner 12 100 12 100 21 100 45
207
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Training/Education Programs in the Fiscal Year
• Evaluated the implementation of the general
audit of fiscal year 2019 by the Independent
Auditor (KAP TWRR).
The Audit Committee evaluates the provision of
general audit services for the 2019 fiscal year by
the Independent Auditor, namely KAP TWRR a
member of PwC network of firms, which includes:
conformity with applicable audit standards, the
adequate time to conduct a field work, the scope
of services provided and the adequate tests,
recommendations for improvement provided,
and other matters which is deemed necessary
according to the conditions.
• Supervised the implementation of the Internal
Audit function.
On a quarterly basis, the audit committee
conducts discussions with the Internal Audit
Unit regarding the implementation of the 2019
internal audit work plan, including a discussion
of the results of the inspection and follow-up
monitoring reports by Management. In addition,
several other discussions were also conducted,
including those related to the results of the Quality
Assurance Review of the Internal Audit Unit and
the implementation of the follow-up. In 2019 a
review of the 2020 Internal Audit Work Plan was
also conducted which included internal audit
activities and resource adequacy.
Training Name ParticipantTime and Place of
ImplementationOrganizer
Workshop "Understanding PSAK 71,
PSAK 72 and PSAK 73 for the Audit
Committee”
Elok Tresnaningsih 25-26 Juli 2019,
Jakarta
Indonesian Audit Committee
Association (IKAI)
Panel Discussion "Welcoming
Application for Auditing Standards (SA)
701 - Communication Key Audit Matters"
Elok Tresnaningsih 28 Agustus 2019,
Jakarta
Indonesian Audit Committee
Association (IKAI)
Panel Discussion "Audit Committee
Legal Responsibility"
Elok Tresnaningsih 31 Oktober 2019,
Jakarta
Indonesian Audit Committee
Association (IKAI)
Workshop "Certification in Audit
Committee Practices (CACP) Batch X”
M. Z Abidin 9-11 April 2019, Jakarta Indonesian Audit Committee
Association (IKAI)
Panel Discussion "The role of
Independent Commissioner in
overseeing the reliability of financial
reports, learning from the most recent
cases"
M. Z Abidin 5 September 2019,
Jakarta
Indonesian Institute of
Commissioners and Directors
(LKDI)
Corporate Tax Planning M. Z Abidin 23 November 2019,
Jakarta
Indonesian Institute of
Accountants (IAI)
208
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Nomination & Remuneration and CSR Committee
The Nomination & Remuneration and CSR
Committee (NR-CSR Committee) as a supporting
organ of the Board of Commissioners carries out
its duties based on Financial Services Authority
Regulation No. 34/POJK.04/2014.
The NR-CSR Committee has the role of assisting
SIG’s Board of Commissioners in providing
supervisory recommendations and providing advice
to the Board of Commissioners, as well as carrying
out other specific tasks with the main tasks:
1. Determines selection criteria and nomination
procedures and recommends the number and
selection process of members of the Board of
1. NR-CSR Committee must have integrity,
dedication, experience and understanding of the
Company's risk management, have adequate
knowledge in the field of Human Resources and
can provide sufficient time to complete its duties.
2. NR-CSR Committee members must have in-depth
knowledge and understanding of the duties and
responsibilities of the Committee in accordance
with applicable laws and regulations and the
Company's internal policies related to their area
of work.
3. NR-CSR Committee must be independent and be
able to carry out its duties independently, solely
The Company's Nomination & Remuneration and
CSR Committee has a Charter or Work Guidelines
established through the Board of Commissioners'
decision No: 011/SI/Kep.DK/11.2015 regarding
Commissioners and members of the Board of
Directors,
2. Provides remuneration recommendations for
members of the Board of Commissioners and
members of the Board of Directors, as well
as members of the Board of Commissioners'
supporting organs, and
3. Provides input for supervision and advice and
recommendations in the field of management
and development of the Company's Human
Resources (HR).
4. Provides input for supervision and advice in the
areas of Social and Environmental Responsibility
(TJSL) and Corporate Social Responsibility (CSR).
for the benefit of the Company, regardless of the
influence of various parties who have interests
that can conflict with the interests of other parties.
4. NR-CSR Committee shall not:
a. have familial relations with members of the
Board of Directors and members of the Board of
Commissioners up to the second degree, both
in a straight line and to the side or in a marital
relationship (son-in-law and brother-in-law);
b. have any personal interest, directly or indirectly,
in material information about the Company;
c. have status as Director and employees of the
Company within the last 1 (one) year.
Work Guidelines/Charter of the Nomination and Remuneration Committee
Criteria for Member of the Nomination & Remuneration and CSR Committee (NRCSR Committee)
Charter of the Nomination and Remuneration
Committee. This decision refers to OJK Regulation
No. 34/POJK.04/2014 concerning the Nomination
and Remuneration Committee of Issuers or Public
Companies.
209
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The terms of office of members of the NR-CSR Committee who are not members of the Board of
Commissioners is no longer than the term of office of the Board of Commissioners.
The composition of the Nomination & Remuneration and CSR (NRC) in 2019 is as follows:
Terms of Office Policy
List, Number, Composition and Legal Basis of Appointment of the Nomination & Remuneration and CSR Committee
Profile of the Nomination & Remuneration and CSR Committee
Nasaruddin Umar Chairman of NR-CSR CommitteeProfile of Mr. Nasaruddin Umar can be seen in the Board of Commissioners’ Profile
Sony SubrataMember of CSR SubThe profile of Mr. Sony Subrata can be seen in the Board of Commissioners’ Profile
Name Position Information
Nasaruddin Umar Chairman of NRC Independent Commissioner
Wahyu Hidayat 1) Chairman of Sub NR Commissioner
Soekarwo 2) Head of CSR Sub Commissioner
Sony Subrata Member of CSR Sub Commissioner
Irham Dilmy 3) NRC member Professional
Dedi Kusnendar 4) NRC member Professional
1) & 2) his term of office ends on 22 May 2019;3) the term of office ends on 30 November 2019; 4) became a member of the NR CSR Committee in June 2019
210
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Irham DilmyMember of NRC
Age: 63 tahun
Nationality: Indonesia
Residence: Jakarta
Educational Background:• MBA (Master of Business Administration) from the Kogod
School of Business at American University, Washington DC majoring in international Business through Fulbright scholarship (1993-1995).
• Diploma of Human Resources Management from the University of California, Los Angeles in 1986
• Bachelor of Political Science majoring in International Relations from the University of Indonesia in 1981,
Work Experiences:• Country Manager Indonesia, Pedersen & Partners Global
Executive Search (2013-2014);• General Manager, Human Capital Master Plan, PT Semen
Gresik, Tbk. (2011-2012);• Managing Partner, AMROP Indonesia Executive Search
(1996-2010);• Principal, TASA International (1995-1996); Human Resources
Director, Chiquita Brands Int'l (1991-1993);• Country Manager of Human Resources, PT Coca-Cola
Indonesia (1990-1991);• Policy Analyst, The World Bank, Washington, DC (1989-
1990);• Manager, Organization, Compensation & Benefits, ARCO
Indonesia (1982-1989).
Concurrent Positions:Deputy Chair and Commissioner of the State Civil Apparatus Commission (KASN), an independent non-structural institution under the President of Indonesia, for the 2014-2019 term
Affiliations:Has no affiliation with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Legal Basis for AppointmentIn accordance with the Decree of the Board of Commissioners
Dedi Kusnendar
Member of NRC
Age: 58 years
Nationality: Indonesia
Residence: Jakarta
Educational background:• Master of Management (MM), Master of Business
Administration in Technology (MBAT) from the Bandung Institute of Technology in 2003
• Bachelor of Chemical Engineering from the Bandung Institute of Technology in 1986
Work Experiences:• Commissioner of PT Sucofindo EPISI (2014-2018)• Vice President PT Sucofindo's Strategic
Management Division (2014-2017)• Vice President PT Sucofindo Eastern Regional
Division (2012-2014)• Vice President Finance and Accounting Division
of PT Sucofindo (2002-2012)
Concurrent Positions:Senior Consultant at several management consulting firms.
Affiliations:Has no affiliation with members of the Board of Commissioners, members of the Board of Directors and Shareholders
Legal Basis for Appointment:In accordance with the Decree of the Board of Commissioners
211
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
All NRC members have never had a relationship with the Company or family relations with members
of the Board of Commissioners and other members of the Board of Directors of the Company.
The NRC's role is to assist the Board of
Commissioners in providing recommendations
for supervision and advice to the Board of
Commissioners, as well as carrying out other
specific tasks with the main responsibilities:
• Determines selection criteria and nomination
procedures and recommends amount and
selection process of members of the Board of
Commissioners and members of the Board of
Directors,
• Provides recommendations for remuneration of
members of the Board of Commissioners and
members of the Board of Directors, as well as
members of the supporting organs of the Board
of Commissioners, and
• Provides input for supervision and advice and
recommendations in the field of management
and development of the Company's Human
Resources (HR).
• Provides input and advice on CSR policies
aligned with the Company's strategy.
• Ensures CSR programs alignment with the
policies set by the Company.
• Monitors the implementation of the Work Plan
and CSR program budget.
Independence of Nomination & Remuneration and CSR Committee Members
Duties and Responsibilities
Independence Aspect Nasaruddin
Umar
Sutiyoso Soekarwo Wahyu
Hidayat
Sony
Subrata
Irham
Dilmy
Dedi
Kusnendar
Has no financial relationship with
the Board of Commissioners and
Directors
√ √ √ √ √ √ √
Has no managerial relationship
in the Company, subsidiaries or
affiliated companies
√ √ √ √ √ √ √
Has no managerial relationship
in the Company, subsidiaries, or
affiliated companies
√ √ √ √ √ √ √
Has no familial relationship with the
Board of Commissioners, Directors,
and/or fellow Audit Committee
members
√ √ √ √ √ √ √
Does not serve as an administrator
of political parties, officials and
government
√ √ √ √ √ √ √
212
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Throughout 2019, the NRC Committee held 4 (four) internal meetings, in which the frequency of meetings and the
attendance of NRC members can be seen in the following table:
Meeting of the Nomination & Remuneration and CSR Committee
Implementation of Nomination & Remuneration and CSR Committee Duties
The main challenge of the Company in 2019 in
human resources management is how HR policies
can help the Company in dealing with changes in the
cement industry environment as well as increasing
competition in the cement industry nationally and
regionally, while the challenge for CSR issue is how
the Manajemem policy so that the implementation
of CSR programs can benefit Community and the
environment around the factory site.
In an effort to improve the competency and
performance of all elements of leaders and
executors at the holding level, Semen Indonesia,
and at level of operating companies in the cement
sector to be able to move quickly as well as
effectively and efficiently, the Company's Board of
Commissioners through the NRC strives to submit
proposals and input in supervisory framework while
provides advice and recommendations.
NRC tasks completed in the year 2019 includes:
1. Evaluated and proposed names of prospective
members of the Board of Directors of the
Company for the purposes of consideration of
shareholders at the Annual General Meeting
of Shareholders and the Extraordinary General
Meeting of Shareholders.
2. Provided recommendations for the management
process of human resources development, in
order to prepare the Company to face challenges
in national and regional market competition.
3. Together with the Board of Directors of the
Company's HR Management, calculated the
proposed remuneration for the Board of
Directors and Commissioners for fiscal year
2020 and tantiem for fiscal year 2019 to majority
shareholders, which was submitted to the 2020
Annual General Meeting of Shareholders and
recommendations regarding remuneration for
NRC Committee BOC
Intl
% BOC
BOD
% KNR % Total Meetings
2019
Nasaruddin Umar Chairman of NRC
/Independent
Commissioner
5 42 6 50 11
Sutiyoso Chairman of CSR Sub/
Commissioner
5 100 5 100 10
Soekarwo Chairman of CSR Sub/
Commissioner
6 86 6 86 1 100 13
Wahyu Hidayat Chairman of Sub NR/
Commissioner
5 100 5 100 10
Sony Subrata Member of CSR Sub/
Commissioner
8 67 8 67 1 100 17
Irham Dilmy Member of NRC/
Professional member
9 82 8 73 1 100 18
Dedi Kusnendar Member of NRC/
Professional member
8 100 8 100 4 100 20
213
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
To prepare the cadres of future leaders, the
Company organized a Leadership Development
Program and the Talent Management Acceleration
Program. Potential cadres entering the Talent
Pool will undergo a series of training programs
with the main content being capacity building in
management, business development strategies,
evaluation of strategic plans and the like.
At the time of leadership change, the Company
will propose internal candidates through elections
conducted by the Ad-hoc Committee and facilitated
by the Board of Commissioners. The results of the
selection of internal candidates are then submitted
to the Ministry of SOEs to undergo a fit and proper
test.
The Board of Directors Succession Policy
the Board of Commissioners and Directors as of
the beginning of 2020.
4. Carried out the performance achievements (KPI)
of the Board of Commissioners and Directors
collegially for 2019 as the basis for carrying out
the nomination and remuneration functions in
accordance with the needs;
5. Monitored the implementation of several projects
in the Human Resources Management unit for
talent management programs, as a means to
obtain personnels with needed competencies
and qualifications to face business challenges.
6. Reviewed the policies, proposals, implementation
and procedures of the CSR Program’s Work Plan
and Budget, both for programs coordinated under
the Ministry of SOEs and independent programs
in the context of Social and Environmental
Responsibility.
214
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Strategy, Risk Management and Investment Committee
The Strategy, Risk Management and Investment
Committee (SRMIC) is a committee formed by the
Board of Commissioners to assist the Board of
Commissioners in supervising and advising the
Board of Directors on the overall management of
the Company both in its entirety and in accordance
with the laws and regulations.
invitation and Articles of Association of the Company,
specifically for matters related to preparation
process and implementation of strategic corporate
actions, as well as ensuring the implementation of
risk management principles within the Company and
conducting analysis and review of the Company's
investment plans.
Work Guidelines/Charter of the Strategy, Risk Management and Investment Committee
List, Number, Composition and Legal Basis of Appointment of Strategy, Risk Management and Investment Committee
The Company has compiled the Strategy, Risk Management and Investment Committee guidelines in
Board of Commissioners Decree No. 010/SI/Kep.DK/11.2015 Concerning the Charter of the Strategy,
Risk Management and Investment Committee of PT Semen Indonesia (Persero) Tbk.
Composition of Strategy, Risk Management and Investment Committee members as of 1 January
2019 - 31 December 2019
Name Position Information
Wahyu Hidayat 1) Chairman Commissioner
Lydia Silvanna Djaman 2) Chairman Commissioner
Hendrika Nora Osloi. Sinaga Member Commissioner
Syafrizal 3) Member Commissioner
Fritz Bonar Panggabean 4) Member Professional
Agus Waluyo 5) Member Professional
1) Terms of office ended on 22 May 2019;2) Appointed as Commissioner on 22 May 2019;3) Terms of office ended on 30 April 2019;4) Appointed as Committee as of 1 May 2019; 5) Appointed aCommittee as of 1 July 2019.
215
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Profile of the Strategy, Risk Management and Investment Committee
Lydia Silvanna DjamanChairman of the SRMICProfile of Lydia Silvanna Djaman is available in the Board of Commissioners’ Profile
SyafrizalMember of the SRMIC
Age: 48 tahun
Nationality: Indonesia
Residence: Bandung
Educational Background:• Doctor of Engineering from the
Department of Earth Resources Engineering, Graduate School of Engineering, Kyushu University, Japan in 2006
• Master of Engineering in the ITB Mining Engineering Study Program, Bandung, in 2000
• Bachelor of Mining Engineering from the Bandung Institute of Technology, Bandung, in 1996
Work Experiences:Exploration and Mining Consultants
Concurrent Positions:Lecturer Staff in the Mining Engineering Study Program, Faculty of Mining and Petroleum Engineering (FTTM), Bandung Institute of Technology (ITB).
Affiliations:Has no affiliation with members of the Board of Commissioners, members Directors and Shareholders
Legal Basis for Appointment:In accordance with the Decree of the Board of Commissioners
Fritz Bonar PanggabeanMember of the SRMIC
Age: 50 years
Nationality: Indonesian
Residence: Jakarta
Educational Background:Bachelor of Civil Engineering from the Bandung Institute of Technology, Bandung, in 1995.
Work Experiences:• Deputy Director of Sales & Marketing,
SAHID Group (PT Sahid Inti Dinamika) (2014-2017))
• GM Sales & Marketing at PT Graha Cemerlang (2013-2014)
• Senior Manager at Cowell Development Tbk (2010-2012)
• Senior Manager of the Project Sales division, Knight Frank Indonesia (2007-2009)
• Senior Manager. Coldwell Banker Commercial (2002-2006)
• Management Trainee at the Panangian Simanungkalit & Associates property consultancy office (1998-2001)
• Junior engineerat the civil consultant office, PT Dinamaritama Engingeering,Bandung
Concurrent Positions:Director of Business Development of PT Indra Mega Makmur
Affiliations:Has no affiliation with members of the Board of Commissioners, members Directors and Shareholders
Legal Basis for AppointmentIn accordance with the Decree of the Board of Commissioners
Agus WaluyoMember of the SRMIC
Age: 47 years
Nationality: Indonesian
Residence: Jakarta
Educational Background:• Bachelor of Economics at Widya
Wiwaha School of Economics, Yogyakarta, in 2009
• Diploma III in Accounting at Jakarta State College of Accountancy at in 1994
Work Experiences• Audit Committee at PT Angkasa Pura I
(Persero) (2015 - 2019)• Auditor, BPKP Representative of East
Nusa Tenggara Province (2011-2015).• Auditor, BPKP Representative of DI.
Yogyakarta (1999-2011)• Auditor, Development Finance
Supervisory Agency (BPKP) Prov. South Sumatra (1994)
Concurrent PositionsYoung Auditor at the Inspectorate of the Ministry of SOEs (2015 to now).
AffiliationsHas no affiliation with members of the Board of Commissioners, members Directors and Shareholders
Legal Basis for AppointmentIn accordance with the Decree of the Board of Commissioners
Hendrika Nora Osloi SinagaMember of the SRMICProfile of Hendrika Nora Osloi Sinaga is available in the Board of Commissioners’ Profile
216
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Independence of Members of the Strategy, Risk Management and Investment Committee
Duties and Responsibilities
Members of the Strategy, Risk Management and
Investment Committee (SRMIC) are professionals
who have sufficient competence in their respective
fields with at least 5 (five) years experience. These
professionals have never had any relationship with
the Company or family relations with members of the
Board of Commissioners and other Directors. The
SRMIC carries out its duties and responsibilities
professionally and independently. The main duties
and responsibilities of the SRMIC are assisting
the Board of Commissioners in monitoring and
evaluating the preparation and implementation of
the strategic plan, Work Plan and Corporate Budget
(RKAP), risk management system, and investment
plan with the following details:
1. Conduct a comprehensive review of the
Company’s Long Term Plan (RJPP) proposal as
well as the Company’s Work Plan and Budget
(RKAP) submitted by the Directors.
2. Reviewing the implementation of the RJPP and
RKAP to be in line with the RJPP and RKAP
targets authorized by the Commissioner.
3. Evaluate the development and implementation
of the risk system carried out by the Company
and provide further improvement suggestions.
4. Evaluate and advise on improvements to the
identification and mitigation of risks that could
threaten the achievement of the RKAP targets.
background of SRMIC members varies, including
strategic management, performance management,
risk management, mining engineering, financial
banking and accounting. The diversity of
backgrounds is intended to meet the required
competencies and the independence of opinions
and recommendations submitted.
5. Evaluate and advise on improvements to the
identification and mitigation of risks in the
Company’s development projects such as
the construction of new cement plants, and
investments or purchases of cement factories
abroad.
6. Review the proposed divestment investment
and the Company’s capital expenditure within
a certain value limit submitted by the Board
of Directors and monitor the implementation
process.
7. Reviewing the company’s proposed strategic
actions and monitoring the implementation
process.
RMISC’s duties, responsibilities and authority are fully
regulated in a Decree of the Board of Commissioners
regarding the Strategy, Risk Management and
Investment Committee and Charter (charter) which is
regularly reviewed.
Independence Aspect Lydia
Silvanna
Djaman
Hendrika
Nora Osloi
Sinaga
Wahyu
Hidayat
Syafrizal Fritz Bonar
Panggabean
Agus
Waluyo
Has no financial relationship with the Board of
Commissioners and Directors
√ √ √ √ √ √
Has no management relationship in a company,
a subsidiary, or an affiliated company
√ √ √ √ √ √
Has no management relationship in a company,
a subsidiary, or an affiliated company
√ √ √ √ √ √
Has familial relations with the Board of
Commissioners, Directors, and/or fellow
members of the Audit Committee
√ √ √ √ √ √
Has not serve as a manager of political parties,
officials and government
√ √ √ √ √ √
217
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Some notes from SRMIC during 2019 were as follows:
Strategy Sector1. Requirement for uniformity and synchronization
of financial statements of each non-cement
subsidiary in order to be able to do periodic
analysis and evaluation of the financial
performance of each non-cement subsidiary.
2. Requirement to maintain and improve revenue
improvement strategies by harmonizing sales
and marketing program synergies; promotion,
brand switching, market research, and waste
management and synergy implementation
between subsidiaries.
3. Requirement for formulation and implementation
of a comprehensive marketing strategy by
making use of the potential for synergy and taking
into account the addition of production capacity
by competitors, in connection with 2019 there
has been a very dynamic development in the
struggle for the domestic cement market share
by domestic cement producers.
4. Requirement for special attention to improve
the ability and reliability of clinker and cement
production facilities owned by the Company, in
order to ensure that these facilities can at least
produce a production level in accordance with
the targets stated in the RKAP 2019.
5. Requirement for the continuation of efforts and
innovation for efficient costs of production and
transportation through the DARE Program, and
Standardization of cost control.
6. Requirement to strengthen SBI's post-acquisition
integration program through operational synergy
in the procurement function, production function,
distribution function, HR and IT function, and
financial function, as well as through business
process and system transformation.
7. Requirement to increase the productivity of
production facilities at Semen Indonesia Group,
among others through standardizing the
production system.
8. Requirement for increased research and
development activities to support the Company's
efficiency and competitiveness in energy, fuel,
raw materials, packaging, Alternative Fuel & Raw
Materials (AFR), environment, quality, products
and product applications.
9. Requirement to strengthen distribution channels
channel to expand networks and market
penetration, including by implementing integrated
Supply-Chain Management (SCM) and Customer
Relationship Management (CRM).
10. Requirement for internal capacity enhancement
at SIG in offering complete cement solutions that
meets the customer needs.
11. Requirement for intensive efforts to plan and
implement non-cement business development
to support the increase in the Company's
consolidated income.
12. Requirement to increase the readiness of human
resources (HR) to face increasingly competitive
competition, and in line with the Company's
business development strategy going forward,
and improving the implementation of the Human
Capital Master Plan program.
13. Requirement to update the subsidiary governance
(ie blue print) adjusted to the existing cement
business to non-cement.
14. Requirement for IT Development which facilitates
standardization and centralization of the holding-
subsidiary business processes, both cement and
non-cement subsidiaries.
15. Requirement to improve the Company's CSR
programs that are right on target, and have a
direct impact on society, the environment, and
stakeholders.
Risk Management1. Requirement for management to conduct
uniformity/standardization for risk management
between parent and subsidiary entities, both
cement and non-cement subsidiaries. So that
the consolidation of risk management at the
Company level becomes easier.
2. Requirement to continue to improve the
effectiveness of the implementation of the risk
management system developed by the Company
to reach higher maturity level at all operating
companies.
3. Carry out continuous monitoring of risk mitigation
efforts to minimize the impact of risk.
Investment Sector1. Requirement to improve the quality of planning,
disciplining submitted budget proposals, and
implementing Capex in the SIG environment.
2. Requirement for post-project evaluation of the
Capex Strategic projects that were completed,
in order to gain learning lesson to improve the
implementation of other Strategic Investment
Projects in the future.
218
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
3. Continue to make efforts to maintain and
oversee the implementation of new cement plant
construction plans within the Semen Indonesia
Group environment in accordance with the
schedule with due regard to the principles of
good governance.
Strategy, Risk Management and Investment Committee Meeting (Frequency of Meetings and Attendance)
Pelaksanaan Tugas Komite Strategi Manajemen Risiko dan Investasi
The implementation of the functions and roles of
the Activities of the Strategy, Risk Management
and Investment Committee in accordance with their
duties and responsibilities throughout 2019 can be
briefly described as follows:
1. Provided input to the Board of Commissioners for
the focus of supervision throughout 2019.
2. Conducted analysis and evaluation of the
Company's monthly performance reports and
hold meetings and discussions with related
Management units to monitor the achievement of
monthly performance against the 2019 RKAP as
well as submit proposals and recommendations
on the corrective measures that are deemed
necessary.
3. Monitored and evaluated, as well as provided
input to the Company's strategy in terms of
securing the potential of raw materials, securing
the continuity of fuel supply, especially coal, as
well as marketing innovations and distribution
patterns of cement carried out to maintain market
share.
4. Conducted monthly monitoring of the
implementation of the 2019 Capex program
and periodically every quarter to evaluate the
implementation of Capex 2019.
5. Conducted monthly monitoring of the
performance of non-cement subsidiaries against
the 2019 RKAP targets set by each subsidiary.
6. Provided input to the Board of Commissioners
in considering granting approval for Submitting
Loans for Refinancing.
7. Provided input to the Board of Commissioners in
considering granting approval for the 2019 RKAP
Revised Proposal.
8. Provided input to the Board of Commissioners in
considering granting approval to the Proposed
Partnership Program with ROEs in Rembang in
the form of Share Ownership Option of PT Semen
Gresik.
Komite SMRIBOC
Intl%
BOC
BOD% KSMRI %
Total Meetings
2019
Wahyu Hidayat 1) Chairman/Commissioner 5 100 5 100 10
Lydia Silvanna Djaman 2) Chairman/Commissioner 4 57 4 57 4 50 12
Hendrika Nora Osloi Sinaga Member/Commissioner 11 92 11 92 6 75 28
Syafrizal 3) Member 4 100 4 100 8
Fritz Bonar Panggabean 4) Member 6 75 6 75 8 100 20
Agus Waluyo 5) Member 5 83 5 83 8 100 18
1) Terms of office ended on 22 May 2019; 2) Appointed as Commissioner on 22 May 2019;3) Terms of office ended on 30 April 2019;4) Appointed as Commissioner on 1 May 2019; 5) Appointed as Commissioner on 1 July 2019.
The frequency and attendance of Strategy, Risk Management and Investment Committee meetings throughout
2019 can be seen in the following table:
219
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Ninda E. Djohaeri
Secretary of the Board of Commissioners
Age: 60 tahun
Nationality: Indonesia
Residence: Jakarta
Educational Background:
BSc dari Richland College, Dallas, USA.
Work Experiences:
• Team Leader of International Institutional Relations
with IBRA, (2000-2004)
• Secretary to the Board of Commissioners,
PT Telkom Indonesia (Persero) Tbk (2004-2008)
• Country Rep. from Drive Robotic Inc.,
IT Company (2009 to 2010)
Concurrent Positions:
None
Legal Basis for Appointment:
In accordance with the Decree of the Board of
Commissioners
Terms of Office:
15 November 2011 – 30 June 2019
Secretary of the Board of Commissioners
The Secretary of the Board of Commissioners
(Sekdekom) is tasked with assisting the Board of
Commissioners administratively in carrying out the
supervisory and advisory and fiduciary duties of the
Board of Commissioners. As head of the Board of
Commissioners' Secretariat unit, the Sekdekom is in
charge of 2 (two) Secretariat Staff on duty on a full-
time basis.
Sekdekom comes from professionals who are
experienced in the fields of secretariat management,
administration, human resources, regulatory/
compliances, corporate communication, and
"oversight management" in the areas of finance/
internal control, strategic planning, and corporate
risk. On 1 July 2019, there was a change in the
position of Secretary of the Board of Commissioners,
from previously held by Ninda E. Djohaeri replaced
by Edi Eko Cahyono.
Profile of the Secretary of the Board of Commissioners of 2019
220
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Duties and Responsibilities of the Secretary of the Board of Commissioners
1. The Secretary of the Board of Commissioners/
Supervisory is tasked with carrying out activities
to assist the Board of Commissioners/ Supervisory
Board in carrying out their duties in the form of:
a. Organizes meeting agenda of the Board
of Commissioners and Directors, prepares
meeting materials, including briefing sheets
for the Board of Commissioners/Board of
Trustees;
b. Makes minutes of meetings of the Board
of Commissioners/Supervisory Board in
accordance with the provisions of the
Company's Articles of Association;
c. Administers the Board of Commissioners/
Supervisory Board documents, including
incoming letters, outgoing letters, minutes of
meetings and other documents;
d. Prepares a Work and Budget Plan for the
Board of Commissioners/Supervisory Board;
e. Arranges reports of the Board of
Commissioners/ Supervisory Board;
f. Conducts other duties from the Board
Commissioner/Supervisory Board.
2. In addition to carrying out the duties referred to
in paragraph (1), the Secretary of the Board of
Commissioners/Supervisory Board as the leader
of the Secretariat, carries out other tasks such as:
a. Ensures that the Board of Commissioners/
Supervisory Board complies with the laws and
regulations and applies GCG principles;
Edi Eko Cahyono
Secretary of the Board of Commissioners
Age: 37 years
Nationality: Indonesia
Residence: Depok
Educational Background:
• Master of Applied Accounting from Gadjah Mada
University (UGM) in 2014
• Bachelor of Economics from the University of
Indonesia (UI) in 2008
• Diploma from the State College of Accountancy
(STAN) in 2003
Work Experiences:
• Secretary of the Board of Commissioners of PT
Petrokimia Gresik (2016-2019),
• PT Indonesia Asahan Aluminum (Persero) (2014-2016),
• Secretary of the Board of Commissioners of PT Len
Industri (Persero) (2013-2014)
• Secretary of the Board of Commissioners of PT
Industri Nuklir Indonesia (Persero) (2009-2013)
Concurrent Positions:
Head of SOEs Research Sub-Division 1 at the Ministry of
SOEs since 2015
Legal Basis for Appointment:
In accordance with the Decree of the Board of
Commissioners
Terms of Office:
1 July 2019 – 30 June 2021
221
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Duty Implemention of the Secretary of the Board of Commissioners in 2019
b. Provides information needed by the Board of
Commissioners/Supervisory Board in carrying
out its supervisory, advisory and fiduciary
duties;
c. Coordinates Committee members, the results
of studies/analysis/recommendations from the
Committees, to support the supervisory and
advisory tasks of the Board of Commissioners/
Supervisory Board;
d. As a liaison officer of the Board of
Commissioners/Supervisory Board with other
parties.
3. In the framework of orderly administration and
implementation of good corporate governance
the Secretary of the Board of Commissioners/
Supervisory Board must ensure that the
documents for carrying out activities referred
to in paragraph (1) are stored properly in the
Company.
4. In carrying out their duties, the Secretary of
the Board of Commissioners has the authority
to coordinate and request information and/or
information from officials, employees and or
parties related to the implementation of the duties
and functions of the Board of Commissioners in
the Company.
5. The Secretary of the Board of Commissioners
must maintain the confidentiality of information,
data and documents obtained in the context of
carrying out his duties and functions.
No ActivityPIC
OutputL S
1 Developed the Governance mechanism, supervisory and
advisory functions, in line with the prevailing laws and
based on the GCG principles
Sekdekom Sekdekom Presentations, Reports
and Availability of
Materials
2 Development of Annual Commissioners activity plans Sekdekom +
Committees
Sekdekom +
Committees
Annual Activity Plan
3 Development of annual report (the Board of
Commissioners’ section)
Sekdekom +
Committees
Sekdekom +
Committees
Annual Report
4 Development of supervisory report for submission to the
NED GMS
Sekdekom Sekdekom Report of the Board of
Commissioners
5 Coordinated the committees’ reports as the supporting
organs of the Board of Commissioners
Sekdekom Sekdekom Meeting material/
material
6 Organized the meetings/coordination with the Board s
of Directors and its elements; and to provide opinions on
topics of discussion, if required.
BOC Sekdekom Availability of meeting
materials on the
agenda
7 Provided the response on periodical reports of the Board
of Directors (quarterly, annually), as well as at any time that
are required concerning corporate development, and to
promptly report the duties implementation results to the
Shareholders.
BOC Sekdekom Availability of meeting
materials
8 Updates on the Company’s growth, both from internal
provided by the Company as well as external information,
from the media or other resources.
Sekdekom Sekdekom Availability of meeting
material from the
Committee Evaluation
and Analyst Review
9 Provide opinions and suggestions for the GMS in the
appointment and dismissal of Directors
BOC NR-CSR
Committee
NR Recommendation
10 Preparing Annual BOC Supervisory Report Sekdekom +
Committees
Sekdekom +
Committees
Report
222
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Corporate Secretary
As a Public Company, the Company is required
to have a Corporate Secretary who functions as a
liaison between the Company and the Shareholders
and other Stakeholders, as well as ensuring the
Company's compliance with laws and regulations,
particularly in the capital market sector.
Organizational Structure of the Corporate Secretary
Department of
Institutional Relations
Department of
Corporate Office
Staf
StafStaf
StafStaf
President Director
Corporate Secretary
Unit of General Affairs
& Representative Office
Unit of Management Office
and BOD Secretariate
Department of CSR
223
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Requirements and procedures for appointing
a Corporate Secretary refers to the Financial
Services Authority Regulation No.35/POJK.04/2014
concerning Corporate Secretary of Issuers or
Public Companies and the Ministry of SOEs
Regulation No.PER-01/MBU/2011 concerning the
Implementation of Good Corporate Governance in
State Owned Enterprises, as amended by PER-09/
MBU/2012.
The following is the profile of Semen Indonesia’s
Corporate Secretary in 2019:
Profile of Corporate Secretary Officer
Vita Mahreyni
Corporate Secretary
Age: 37 years
Nationality: Indonesia
Residence: Jakarta
Educational Background:• Master of Business Financial Management at Pelita
Harapan University (2016)
Work Experiences:• Corporate Secretary from April 2019 to present• Head of Department of Institutional Relations
Concurrent Position: None
Legal Basis for Appointment:The Board of Directors’ Instruction No.004/Instr/Dir/03.2020
Terms of Office:
2019 - Present
224
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Corporate Secretary has the functions and
responsibilities in formulating the Company’s policy,
planning and communication control. The functions
of the Corporate Secretary include among others:
• Ensuring fluent communication between the
company and its stakeholders,
• Ensuring the availability of information which
may be accessible by the stakeholders based on
stakeholders’ reasonable needs,
• Ensuring that the Company fulfill the obligations
related to the capital market and Shareholders in
accordance with the prevailing provisions,
• Fostering the company’s identity and image
to support the improvement of the Company’s
value,
• Managing the Company’s internal and external
communications media and directing the
subsidiaries in the undertaken corporate
communications activities.
In addition to the aforesaid functions, the Corporate
Secretary has the tasks of:
• Controlling the management of communication
strategies to build the Company’s image
• Acting as a representative of the Company and
liaison officers between the Company and all
stakeholders in communicating the accurate
and prompt communication of the Company’s
activities;
• Control the delivery of Company’s performance
information and corporate action to the capital
market authorities, stock exchange authorities,
investors, analysts and other market participants;
The duties and responsibilities of the Corporate
Secretary are described in Bapepam-LK Regulation
IX.14 on the establishment of the Corporate Secretary
as well as the Decree of the Minister of SOEs no.
KEP- 117/M-MBU/2002 on the Implementation of
GCG Practices on State-Owned Enterprises, and
the latest is the Regulation of the Financial Services
Authority No. 35/POJK.04/2014 dated December 8,
2014 on Corporate Secretary of Issuers or Public
Companies.
• Coordinate the submission of the Company’s
Annual Report and periodic Financial Reports to
the capital market authorities and stock exchange
authorities;
• Coordinate The implementation of the Board
of Directors ‘meeting, the Board of Directors’
meeting with the Board of Commissioners and
the General Meeting of Shareholders.
The function of the Corporate Secretary is
implemented in several functions as follows:
• Compliance officer, to follow and provide input
to the Board of Directors on the updates of
applicable laws and regulations and ensure that
the Company complies with these regulations.
• Stakeholders relation, providing services to the
Shareholders, Board of Commissioners, Board of
Directors and other stakeholders including but
not limited to investors for information related
to the conditions in accordance with Articles of
Association and prevailing laws and regulations.
This service demonstrates the application of
the Company’s transparency and disclosure
principles to Stakeholders.
• Liaison officer/contact person, acting as liaison
officer between the Company and Bapepam-LK,
stock exchange, and the public.
• Business information, providing immediate
information to the Stakeholders on actual events
that occurs in response
The duties and responsibilities and obligations of
the Corporate Secretary are as follows:
1. To follow the development of the Capital Market,
in particular to prevailing laws and regulations in
the Capital Market;
2. To provide input to the Board of Directors and
Board of Commissioners of the Issuers or Public
Companies to comply with the provisions of laws
and regulations in the Capital Market;
Corporate Secretary Function
Duties and Responsibilities
225
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
3. To assist the Board of Directors and Board
of Commissioners in the implementation of
corporate governance which includes:
• Disclosure of information to the public,
including the availability of information on the
Web Site of Issuer or Public Company;
• Ensuring timely delivery of reports to the
Financial Services Authority;
• Convene and make documentation of the
General Meeting of Shareholders;
• To organize and make documentation of
meetings of the Board of Directors and/or
the Board of Commissioners; and Implement
the orientation program of the company for
the Board of Directors and/or the Board of
Commissioners.
4. As a liaison between Issuer or Public Company
with shareholders, the Financial Services
Authority, and other stakeholders.
5. The Corporate Secretary is required to provide
periodic report at least 1 (one) time in 1 (one)
year on the implementation of the corporate
secretary’s function to the Board of Directors and
copied to the Board of Commissioners.
The activities carried out by the Corporate Secretary
include managing relationships with investors, the
public and internal relations, handling internal data,
as well as providing input to the Board of Directors
of the Company in compliance with Capital Market
Law provisions and implementing regulations,
including the implementation of Governments in the
Company.
As the liaison officer between the Company and
the capital market community and other interested
external parties, the Corporate Secretary and
the Investor Relations Department ensure the
fulfillment of aspects of openness as one of the
GCG principles for the capital market community,
fostering relationships with investors in stocks
and bonds, and other securities, with analysts,
journalists, trustees, rating agencies, Self Regulatory
Organizations (SRO), and other related financial
communities.
To ensure that the disclosure of information is
accurate and recorded, processed, summarized
and reported within a certain period of time,
in accordance with the applicable information
disclosure provisions and as a corporate
secretary in carrying out its duties, the Company
issues communication policies as outlined in the
GCG Guidelines and "External Communication
Procedures".
In order to comply with regulations and improve
effective communication, the Company organizes
media gathering, press conference, media visit,
public expose, conference call, investor gathering,
analyst meeting, non-deal road show, forum
of investors and press release distribution to
communicate operational development and The
latest corporate financial condition. In addition,
the Company also provides information for all
employees through the Internal Communication
Program. This is done, to ensure equality in the
dissemination of information to all stakeholders.
In 2019, a number of stakeholder-related activities
carried out by the Corporate Secretary included:
organized the GMS once; attended every Board
of Commissioners' and Directors' Meetings and
prepared Minutes of Meetings of the Board of
Commissioners and Directors; as well as established
communication with the Ministry of SOEs, Ministry of
Finance, State Secretary, Bapepam, Self Regulatory
Organization (BEI, KSEI, KPEI), Registrar, and other
related institutions; organized hearings and work
visits with the DPR-RI; organized/participated in
public expose, media site visit, analyst meeting,
Duty Implementation in 2019
Corporate Secretary Correspondence
226
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
In order to support the disclosure of information to
the public, the Corporate Secretary always reports
to the regulator. Every year, the Corporate Secretary
prepares an Annual Report that refers to existing
regulations.
In the context of information disclosure, the
Company also publishes Press Releases that are
submitted to the mass media. Throughout 2019,
the Press Releases issued by the Company were as
follows:
conference, exhibition and organized press
conferences and teleconferences.
Information Disclosures to Shareholders, Analyst,
Investors and Other Stakeholders Activities
Information Disclosure
No Activity 2019
1 Analyst & Investor Visit 133
2 Conference 12
3 Public Expose 1
4 Outgoing Mails 44
5 Annual Report 1
No Number Date Title
1 001/HM.03/50050407/2000/01.19 11 January 2019 UPS Semen Indonesia Distributes Scholarships to 71
Students Around the Company
2 002/HM.03/50050407/2000/02.19 1 February 2019 Semen Indonesia Acquisitioned Holcim
3 003/HM.03/50050407/2000/04.19 2 April 2019 Semen Indonesia Booked a Net Profit of Rp3.08
Trillion in 2018
4 004/HM.03/50050407/2000/04.19 11 April 2019 Semen Indonesia Invites 150 Netizens for
#MembangunKebaikan (Building Goodness) Through
Social Media
5 005/HM.03/50050407/2000/04.19 23 April 2019 Semen Indonesia Invites Students from West Sumatra
to Share Inspiration and Experience
6 006/HM.03/50050407/2000/04.19 29 April 2019 Commemorating Earth Day, Semen Indonesia Holds
Community Day Titled #Membangun Lingkungan
(Building the Environment
7 007/HM.03/50050407/2000/05.19 2 May 2019 Semen Indonesia #MembangunKemandirian
(Building Independence) Together With Senior High
School/Vocational/Islamic High School Students in
Magetan Regency
8 008/HM.03/50050407/2000/05.19 2 May 2019 2019 First Quarter Report of Financial Performance of
PTSemen Indonesia (Persero) Tbk
9 009/HM.03/50050407/2000/05.19 22 May 2019 Held Safari Ramadhan 1440 H, Semen Indonesia
Provide Donation and Affordable Foods
10 010/HM.03/50050407/2000/05.19 22 May 2019 Semen Indonesia Distributes 40% Dividends
227
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Throughout 2019, the Corporate Secretary of Semen Indonesia did not participate in education and training
programs related to the implementation of its duties and responsibilities.
Competency Development
No Number Date Title
11 011/HM.03/50050407/2000/05.19 30 May 2019 Mass Hometown Travel with SOEs in 2019, Semen
Indonesia Sends 5,000 Travel Participants
12 012/HM.03/50050407/2000/05.19 31May 2019 Semen Indonesia #Mangun Ketakwaan Together with
East Java Journalists
13 013/HM.03/50050407/2000/07.19 23 July 2019 P3H Semen Indonesia Sent 192 Hajj Prospective
Pilgrims to Hajj Dormitory Surabaya
14 014/HM.03/50050407/2000/07.19 31 July 2019 Post-Consolidation, Revenue of Indonesian Cement
Increases 22.9%
15 015/HM.03/50050407/2000/08.19 11 August 2019 Semen Indonesia Distributes 233 Sacrificial Animals
16 016/HM.03/50050407/2000/08.19 15 August 2019 Semen Indonesia Achieved Good Mining Practice
Award from the SOEs Office of Central Java Province
17 017/HM.03/50050407/2000/08.19 21 August 2019 Semen Indonesia Strengthens Group Synergy, Ready
to Compete in Regional Markets
18 018/HM.03/50050407/2000/08.19 29 August 2019 Semen Indonesia Builds a Mortar Plant with a Capacity
of 375 Thousand Tons/Year
19 019/HM.03/50050407/2000/09.19 19 September 2019 Semen Indonesia Received Three Awards from Alpha
Souteast Asia
20 020/HM.03/50050407/2000/09.19 27 September 2019 Holcim changed to Dynamix
21 021/HM.03/50050407/2000/10.19 31 October 2019 Semen Indonesia Revenue Increases 31% From
January to September 2019
22 022/HM.03/50050407/2000/11.19 30 November 2019 Semen Indonesia Exports 3.38 Million Tons of Cement
23 023/HM.03/50050407/2000/12.19 17 December 2019 men Indonesia Receive Award in the 2019 ASEAN
Mineral Awards
24 024/HM.03/50050407/2000/12.19 21 December 2019 Semen Indonesia Exports 3.87 Million Tons of Cement
228
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Internal Audit Unit
The Internal Audit Unit is part of internal control,
which broadly aims to help management realize its
objectives/targets through adequate auditing and
implementation of internal control, risk management
and corporate governance processes.
The establishment of the SPI refers to Chapter VI
of the Republic of Indonesia Law No. 19 of 2003
concerning State-Owned Enterprises, Government
Regulation No.12 of 1998 concerning Companies
(Persero), the Ministry of SOEs Regulation
No.PER-09/MBU/2012 concerning Amendments
to the Minister of SOEs Regulation No.PER-01/
MBU/2011 concerning the Implementation of Good
Corporate Governance (GCG) Practices in State-
Owned Enterprises (SOEs).
Audit Charter
In carrying out its duties the Internal Oversight
Unit has an Internal Audit Charter which has been
approved by the President Director and approved
by the Independent Commissioner as Chairman of
the Audit Committee on 17 July 2017. Aside from
being a work guideline, the Internal Audit Charter
also plays a role in strengthening the role, functions
and responsibilities as well as the basis for the
existence and implementation of Internal Audit
tasks.
The Company's Internal Audit Charter consists of 6
(six chapters), as follows:
1. Chapter I Introduction
2. CHAPTER II Internal Audit Group
3. CHAPTER III Audit Implementation Standards
4. CHAPTER IV Code of Ethics
5. CHAPTER V Synergy of Internal Audit Functions
6. CHAPTER VI Closing
Purpose of Audit
The implementation of the Audit conducted by the
Group Internal Audit Work Unit aims to:
1. Assist Management to achieve the Company's
goals by conducting impartial assessment
and consultation activities to ensure the
effectiveness of the implementation of risk
management, internal control systems, and the
corporate governance process.
2. Provide rational, complete, accurate and timely
recommendations to management to improve
performance, achieve performance and
prevent/avoid irregularities that might arise.
229
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Internal Audit Organizational Structure
Profile of Internal Audit Group Head
Staf
Independen
CommisionerPresident Director
Audit Committee
Department
Head
Department
Head
Internal
Audit Grup
Organizational Structure of the Internal Audit Unit and work relations with the Board of Commissioners'
organs is outlined in the following chart:
Daniel Wirjawan Dharmanta
(Acting) Internal Audit Group Head
Age: 52 Years
Nationality: Indonesia
Residence: Surabaya
Educational background:Economics and Development Studies at Airlangga University, graduated in 1994
Work Experiences:• Senior Corporate Auditor, GIA PT Semen Indonesia
(Persero) Tbk 2018-2019• SM of ICT Audit, Bureau of ICT Audit, PT Semen
Indonesia (Persero) Tbk 2014-2017• ICT Auditor, Bureau of ICT Audit, PT Semen Indonesia
(Persero) Tbk 2014-2014• Internal Aduitor, Internal Audit of PT Semen Gresik
(Persero) Tbk 2011-2013
Legal Basis of Appointment:The Board of Directors Instruction No. 173/Instr/Dir/12.2019, period 23 December 2019 to 22 May 2020 as Acting Internal Audit Group Head
Certification:CISA (Certified Information Systems Auditor)
Terms of Office:23 December 2019 to 22 May 2020
230
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Appointment and Dismissal of the Internal Audit Group Head
The position of the Company's Internal Audit
Group Head is appointed and dismissed by the
President Director with the approval of the Board
of Commissioners and at any time the appointment,
replacement or dismissal of the Internal Audit Group
Head must notify the Financial Services Authority
(OJK).
Internal Audit Personnel Composition
No Name Team Education Professional Certification
1 Bakti Prasetyo, ST Corporat Audit I Electrical Engineering
(Bachelor’s degree)
2 Aji Setyawan, SE Corporat Audit I Accounting Economics
(Bachelor’s degree)
3 Muhamad Soleh, PIA Corporat Audit I Vocational School of
Engineering (STM)
Professional Internal Audit (PIA)
4 Rudy Subijantoro, SE.,PIA. Corporat Audit I Management Economics
(Bachelor’s degree)
Professional Internal Audit (PIA)
5 Andi Sumarwoto, SE., QIA Corporat Audit I Management Economics
(Bachelor’s degree)
Qualified Internal Audit (QIA)
6 Mulyono, SE Corporat Audit I Management Economics
(Bachelor’s degree)
7 Heru Setyadi, ST. Corporat Audit I Mechanical Engineering
(Bachelor’s degree)
8 Erfanti Qodarsih, SE., Akt.,
QIA.
Corporat Audit II Accounting Economics
(Bachelor’s degree)
• Qualified Internal Audit (QIA)
• Certified Risk Management
Professional (CRMP)
• Chartered Accountant (CA)
9 Setyo Budi Prayitno, SE Corporat Audit II Management Economics
(Bachelor’s degree)
10 Dian Prapanca, SE., MM., QIA. Corporat Audit II Accounting Economics
(Bachelor’s degree)
Financial Management
(Master’s Degree)
• Qualified Internal Audit (QIA)
• Certified Risk Management
Officer (CRMO)
11 Eka Kristiani, Se. Corporat Audit II Accounting Economics
(Bachelor’s degree)
12 Daniel Wirjawan D., Se., Cisa. Corporat Audit III Economics &
Development Studies
(Bachelor’s degree)
Certified Information System
Audit (CISA)
13 Budi Setiyawan, SH., PIA Corporat Audit III Law (Bachelor’s degree) Professional Internal Audit (PIA)
14 Muhammad Fakhrudin M.,
S.Kom.
Corporat Audit III Informatics Engineering
(Bachelor’s degree)
15 Yudi Ismanto, S.Kom. Corporat Audit III Informatics Engineering
(Bachelor’s degree)
16 Ummi Cholsum Admin Senior High School
231
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Duties and Responsibilities
In accordance with the Internal Audit Charter, the
Internal Audit Group unit is responsible to assist the
Company in achieving its objectives by:
1. Developing and implementing the Annual
Internal Audit Work Plan includes examination
and assessment of the efficiency and
effectiveness of finance, accounting, operations,
human resources, procurement, marketing,
information technology and other activities.
2. Provide suggestions for improvements and
objective information on activities being
examined at all levels of management.
3. Monitoring, analyzing and reporting on the
follow-up implementation of recommended
improvement.
4. Arrange quality assurance program for internal
audit work.
5. Conducting periodic review and/or audit of
financial statements of the Company.
6. Carry out duties as counterpart in coordinating
with external auditors and other supervisory
institutions.
7. Perform a special audit, if necessary.
8. Provide consultancy services in the form of
advisory service, usually at the specific request
of a work unit/party requiring consultation. The
nature and scope of consultancy services is
based on agreement with the work unit/party
requiring consultation. Internal Audit Group
should maintain at all times its independency
and objectivity, and not to take over the
responsibility of Management. Responsibility of
Management include but is not limited to:
• Operational activities of the work unit/party
requiring consultation.
• Decision making by the work unit/party
requiring consultation should be based on
the results of the consultancy.
9. Perform analysis, assessment, recommendation,
consultation, and report of all activities that was
performed in accordance with:
• Internal Audit Profession Standard,
• International Professional Practices
Framework (IPPF),
• Prevailing laws and regulations,
• Other regulations relevant to the Company
such as Semen Indonesia Management
System, decrees of the Board of Directors,
manuals, work instruction.
10. Prepare a Report of Audit Results to be
submitted to the President Director and the
Board of Commissioners and forwarded to the
Audit Committee.
11. To coordinate, cooperate, and partner with
the Audit Committee in their respective roles
according to prevailing regulation.
Internal Audit Group Authority
In carrying out its duties, the Group Internal Audit is
guided by a Work Plan approved by the President
Director and the Audit Committee, and has unlimited
access authority to:
1. Perform a review of work activity, business
premises, and all areas where the Company has
assets or interests.
2. Request information and explanation from all
management staff and employees, and also to
attend all meetings within the Company that
was deemed relevant.
3. Receive a copy of any decision, cooperation
agreement, and/or other regulations that was in
effect and binding to the Company as well as the
necessary summary and minutes of meetings.
4. Examine and study all data, document, and records
of the Company in order to obtain the necessary
information related to the execution of its duty.
232
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
5. Request the services of external auditor at the
expense of the Company in the absence of
competent or adequate workforce.
6. Access all relevant information about the
Company relevant to its duty and function.
7. Perform direct communication with the Board
of Directors, Board of Commissioners, and/or
Audit Committee.
8. Hold regular or ad hoc meeting with the Board
of Directors, Board of Commissioners, or Audit
Committee.
9. Coordinate its activities with the activities of the
external auditor.
10. Should in performing its duty it found an
indication to a fraud, then it will deliver the
finding to the President Director and/or Audit
Committee for follow up. The investigation for
internal operations under the Board of Directors
will be performed by Internal audit (could be
aided by external auditor), and for Board level
and/or above will be performed by external
auditor.
All ranks within the Company are required to
cooperate fully with the Internal Audit Group. All
limitation to access must be communicated to the
relevant management personnel and a solution
worked out. If necessary, the Head of Internal Audit
Group could report and requesting consideration
for a solution to the President Director and/or Audit
Committee...
Scope of Internal Audit Group
The assignment of Internal Audit Group includes
the entire scope of business conducted by the
Company and subsidiaries through the activities:
1. Testing, evaluating, and offering opinion
on the effectiveness of internal control, risk
management system, and corporate governance
in line with the policies of the Company.
2. Evaluating, assessing, and offering consultation
service including the preparation and execution
of Control Self Assessment (CSA) in the
Company’s main business process.
3. Ensuring and reviewing the quality of Good
Corporate Governance implementation in the
Company.
4. Providing assurance regarding compliance
to prevailing laws, regulations, standard, and
business ethics.
5. Evaluating the reliability and integrity of
information and the method used to identify,
classify, and report the information.
6. Offering an internal consultation service (if
needed) for the Company’s management for:
(1) formulation of the Company’s Work Plan and
Budget, and
(2) facilitate the identification process for risk
and control.
7. Performing an audit to the subsidiary in regards
to blueprint strategic holding and in accordance
with internal audit work plan of the HoldCo.
8. Performing an audit in a subsidiary (if needed)
in line with the disposition of the President
Director (as shareholder in subsidiary) or Board
of Commissioners/Audit Committee, and/or
at the request from the subsidiary’s Board of
Commissioners through the President Director.
9. Performing any other duty and responsibilities
in support of the application of blueprint for
strategic holding prevailing in the Company.
233
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Implementation of Tasks in 2019
Development of Group Internal Audit Competencies
2. Consultancy/Sharing Knowledge
No Title Participants
1 Workshop: Employee Benefits Working Paper All IAG.
2 Finance for Non Finance All IAG.
3 FS Analysis for Audit Performance All IAG.
4 Retirement Tax Calculation All IAG.
5 Creative Accounting All IAG.
6 Employee Benefits All IAG.
7 Creating a Cover Page for Audit Reporting Purpose All IAG.
8 Impact of Organizational Structure Changes on Purchase to
Pay Business Processes
Erfanti Q., Dian P., Setyo Budi P., Eka K.
9 Virtual Cost Center Erfanti Q., Dian P., Setyo Budi P., Eka K.
10 Procurement Procedure Dissemination Erfanti Q., Dian P., Setyo Budi P., Eka K.
1. Workshop/Seminar/Conference/Training
No Title The Auditor
1 MS Excel for Accountant M. Fakhrudin M., Eka K., Setyo Budi P.
2 Compilation of Employee’s Defined Benefits Working Paper
with OCI method in accordance with PSAK 24
Dian P., Erfanti Q., Eka K., Setyo Budi P., M.
Fakhrudin M.
3 Seminar on the Role of Internal Auditors in Supporting the
Company’s goals achievement in an era full of challenges
Tubagus MD, Daniel WD
4 UK ISO 14001 & 9001 Awrn Daniel WD, Bakti P.
Throughout 2019, the Internal Audit Group has
carried out:
a. 7 (seven) Operational Audit
• Strategic Procurement Audit
• Engineering and Project Audit
• Accounting & Finance Audit
• CAPEX and Assets Audit
• PKBL Audit
• Company Development & Strategic Planning
Audit
• Strategic ICT Audit
b. 3 (three) Performance Audit of a subsidiary
• PT SIB and PT VUB
• PT SISI
• PT KSI
c. 1 (one) Risk Maturity Assessment 2019
d. 1 (one) review activity on the work quality of
Internal Audit Group (Quality Assurance Review)
e. Analytical Review
From the operational audit, 71 improvement/
development recommendations were submitted for
24 departments.
In addition to the above activities, the Group Internal
Audit also counterparts the activities of:
• Audit of the Supreme Audit Board of the Republic
of Indonesia
• Audit of the Company's Consolidated Financial
Statements and PKBL Financial Statements
• GCG Assessment
• KPKU Assessment
234
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Internal Audit Synergy Road Map of SI Group 2017-2021
In carrying out its functions, the Group Internal Audit sets the road map for the SI Group's Internal Audit synergy
as follows:
• Implementation of
KSO audit system
design, procedures
and organization
• Implementation of
systems:
1. e-audit Group
(e-GRCA)
2. Timesheet
3. Continuous
monitoring
• Standardization
of IA group
consultative
activities
• Review of Internal
Control and GCG
Self Assessment
• Group Audit
on Strategic
Investments
• Competence
certification of
Internal Auditors
• Optimization of
Group e-audit
(e-GRCA) system
• Implementation of
systems:
1. Timesheet
Group IA
2. Continuous
monitoring
Group IA
3. Group
GCG Self-
Assessment
• Improvement on
IA consultative
activities at SI
• Design of Group
Internal QAR
blueprint
• Group Audit
on Strategic
Investments
• Competence
certification of
Internal Auditors
• Optimization of
Group IA systems:
1. e-audit Group
(e-GRCA)
2. Timesheet
3. Continuous
monitoring
• Improvement
on Group IA
consultative
activities
• Implementation
of Group Internal
QAR
• Group Audit
on Strategic
Investments
• Audit of Non-
Cement Business
Subsidiary
• Internal Auditor
Competency
Certification
• IA Group
Standardization
• Optimization of
Group IA systems:
1. e-audit Group
(e-GRCA)
2. Timesheet
3. Continuous
monitoring
• Improvement on IA
Group consultative
activities
• Implementation
of QAR Internal
Group
• Group Audit
on Strategic
Investments
• Audit of Non-
Cement Business
Subsidiary
• Internal Auditor
Competency
Certification
• IA Group
Standardization
• Optimization of
Group IA systems:
1. e-audit Group
(e-GRCA)
2. Timesheet
3. Continuous
Monitoring
• Improvement
on IA Group
consultative
activities
• Implementation of
External QAR in
Semen Indonesia
(Persero) Tbk.
(Target Maturity
Level: Problem
Solver)
• Group Audit
on Strategic
Investments
• Audit of Non-
Cement Business
Subsidiary
• Internal Auditor
Competency
Certification
• IA Group
Standardization
2017 2019 20202018
No Title Participants
11 Beyond Transformational Leadership to Greater Engagement Erfanti Q., Bakti P., Daniel WD, Budi S., Aji S., M.
Fakhrudin M.
12 Hedging Erfanti Q., Dian P., Setyo Budi P., Eka K.
13 Discussion of the 2019 KPKU Criteria Daniel WD, Yudi I.
14 Semen Indonesia Innovaction Summit 2019 Daniel WD
15 Internal Audit (Semen Gresik Hospital) Daniel WD, Bakti P., Aji S.
235
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Public Accountant
The function of independent oversight of the
Company’s financial aspects is carried out by an
External Audit conducted by the Public Accounting
Firm (KAP). External auditors who examined the
Company’s financial statements for the fiscal year
2019 are determined through the Annual General
Meeting of Shareholders on 22 May 2019 based on
a proposal from the Board of Commissioners that
takes into account the recommendations of the
Audit Committee. The selection process is carried
out in accordance with the applicable procurement
mechanism for goods and services. To guarantee
the independence and quality of the examination
results, the appointed External Auditor must not
have any conflict of interest with the Company.
Policy on Public Accountants Appointment
In engaging with a Public Accountant, the Company
refers to the provisions of the Financial Services
Authority Regulation No. 13 of 2017 concerning Use
of Public Accountants Chapter VI article 16 (1) which
states that the provision of general audit services
for the financial statements of an entity is conducted
by a Public Accountant for a maximum of 3 (three)
consecutive financial years. The appointed Public
Accounting Firm (KAP) is responsible to submit their
opinion on the consolidated financial statements
prepared based on Indonesian Financial Accounting
Standards.
Name and Year of the Public Accounting Firm
Year Public AccountingAccountant Name
(Partner in Charge)Fee (Rp) Opinion
2019 KAP Tanudiredja, Wibisana, Rintis
& Rekan (a member of PwC
network of firms)
M. Jusuf Wibisana (No. AP. 0222) 6,477,250,000 Fair without exception
2018 KAP Satrio Bing Eny & Partners
(member of Deloitte Touche
Tohmatsu)
Muhammad Irfan (No. AP. 0565) 7,215,000,000 Fair without exception
2017 KAP Satrio Bing Eny & Partners
(member of Deloitte Touche
Tohmatsu)
Muhammad Irfan (No. AP. 0565) 6,726,750,000 Fair without exception
2016 KAP Osman Bing Satrio & Eny
(member of Deloitte Touche
Tohmatsu)
Muhammad Irfan (No. AP. 0565) 4,550,765,000 Fair without exception
2015 KAP Osman Bing Satrio & Eny
(member of Deloitte Touche
Tohmatsu)
Eny Indria W. (No. AP. 0559) 4,358,500,000 Fair without exception
236
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Other Assurance Services Provided by KAP in the Fiscal Year 2019
In 2019, the KAP Tanudiredja, Wibisana, Rintis &
Rekan (A member of PwC network of firms) provided
other audit services in addition to the general audit
for PT Semen Indonesia (Persero) Tbk for the fiscal
year 2019, incuding:
1. An audit for the Financial Statements of the
Partnership and Community Development
Program ("PKBL") for the fiscal year ended in 31
December 2019 to the following units:
a. PT Semen Indonesia (Persero) Tbk.
b. PT Semen Padang
c. PT Semen Tonasa
2. Agreed Upon Procedures (AUP) for PKBL
Consolidated Financial Statements of PT Semen
Indonesia (Persero) Tbk for the fiscal year ended
in 31 December 2019.
3. AUP for compliance of financial management and
implementation of PKBL funds toward prevailing
laws and regulations which was applied for the
fiscal year ended in 31 December 2019 to the
following units:
a. PT Semen Indonesia (Persero) Tbk
b. PT Semen Padang
c. PT Semen Tonasa
4. AUP for Report of the Implementation of
Prudential Principles ("KPPK") for the fiscal year
ended in 31 December 2019 to the following
units:
a. PT Semen Indonesia (Persero) Tbk
b. PT Semen Gresik
c. PT Semen Padang
d. PT Semen Tonasa
e. PT Solusi Bangun Indonesia Tbk
f. PT Solusi Bangun Andalas
237
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Risk Management
In order to overcome and mitigate a variety of risks
that arise in the course of implementing operational
as well as investment activities, the Company
since 2005 has comprehensively applied risk
management methods, namely Enterprise Wide
Risk Management (EWRM) that is integrated in all
of the Company’s management system. EWRM has
consistently been applied in all of the business
processes and strategic as well as operational
decision-making.
This system has gradually continued to be developed
in accordance with business scale growth, which
is aligned with the development of the latest risk
management methods and with the enactment of
regulation from the Ministry of SOEs No.PER-01/
MBU/2011 concerning the Implementation of Good
Corporate Governance (GCG) and also the latest
changes with the issuance of the Minister of SOEs
Regulation No. PER-09/MBU/2012, in article 25, on
Risk Management.
The following are brief stages in the development
of the Risk Management method that the Company
has carried out since 2005.
Preparation Phase Implementation Phase Implementation &
Development Phase
• Establishment of a Risk
Management Unit
• Preparation of individual
competence;
• Establishment of the Strategy,
Risk Management and Investment
Committee by the Company's
Board of Commissioners;
• The preparation of the
Company's risk management
manual;
• Risk Assessment Pilot Project in
the Production and Marketing
Division;
• Audit of the Company's risk
management implementation
by the Audit Committee of
the Company's Board of
Commissioners;
• Commencement preparation
of strategic risk review of the
Company;
• Preparation of the Company's
risk management development
roadmap.
• Formulation of the Company’s
Risk Management Policies &
Procedures;
• Implementation of ISO 31000:
2009 based Risk Management
framework;
• Dissemination and Training
on risk management in all
elements of the Company.
• Risk Assessment
implementation in all work
units of the Company;
• Risk Maturity Level
Measurement by an
independent institution;
• Risk Based Audit
Implementation;
• Risk review concerning
strategic and operational
issues.
• Implementation of Internal
Control of Financial Reporting
(ICoFR).
• Review of the Company's
Risk Management Policies &
Procedures;
• Arrangement of Risk
Management Architecture Design
based on ISO 31000: 2018;
• Processing risk governance
integration aligned with the
policies and procedures of the
Company;
• Risk Management Dissemination
and Training for all elements of
the Company;
• Design & initiate the use of online
Risk Management Application;
• Conduct Risk Assessment in all
work units of the Company;
• Hybrid measurement of Risk
Maturity Level by external and
internal parties
• Development of Risk Maturity
Level Assessment Guidelines;
2005-2008 2009-2018 2019
238
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The increasingly complex activities of the Company
currently operating in various regions, both in the
country and abroad as a result of the realization
of development and expansion programs,
confront the Company with increasingly diverse
challenges. These challenges include: the right
investment decision making process, supervision
of the implementation of investment activities,
management of subsidiaries, changes in the
business environment, and demands for compliance
with various applicable laws and regulations, both
domestically and in units operating abroad. These
challenges must be understood and managed
effectively so that the Company can realize its
goals and maintain the desired level of growth and
development optimally and sustainably (optimum
and sustainable growth).
Therefore, the Company develops professional
and responsible corporate management practices
with one of them including Implementation of the
Enterprise Risk Management (ERM) System. The
function and role of the ERM is to develop policies,
framework systems and risk management process
systems in the Company in accordance with
principles that are aligned with standard guidelines
from the International Standards for Organization
(ISO).
Integrated Risk Management (IRM) in the current
era has become the basis of each Management
System implementation as an initial parameter,
which means that Risk Management is no longer
a Secondary but has become a major part of the
entire Management System currently being applied
by most companies, particularly by the Company. In
this case, it is necessary to change the paradigm
of thinking for all components of the Company for
the time being and subsequently to make Risk
Management the foundation for the implementation
of the Management System in the Company,
especially in smaller scopes such as the Working
Unit as risk owner.
Enterprise & Integrated Risk Management System
Interprise Risk Management System
IRM System
En
terp
rise Risk Managem
en
t
OHS & Environ
me
nt
Risk Managem
en
t In
tegr
ated System (RMIS
)
Au
ditQual
ity
Bu
siness Control Manag
em
en
t
239
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Enterprise Risk Management Implementation Policy
ISO 31000 is an international standard used in
the guidelines for implementing risk management
that is published by the International Organization
for Standardization (ISO) and was not developed
for certification purposes. ISO 31000 issued on 13
November 2009 is the development of the AS/
NZS 4360: 2004 standard issued by the Australian
Standards.
The Company has transformed the risk management
standard which was previously using the AS/NZS
standard to ISO 31000: 2009. By implementing ISO
31000: 2009 as our Framework, it is expected that the
implementation of the Company's risk management
is carried out in accordance with international
standards and in line with the Company's vision and
mission. In 2019, the Company has a work program
of migration processes and adjustments from ISO
31000: 2009 Standard to ISO 31000: 2018.
In addition, the risk management implementation
in the Company is also expected to support good
corporate governance (GCG) implementation,
so that the business processes built by the
Company runs according to stakeholders’
expectations.
In implementing a corporate risk management
system, the obstacle that usually arises is the
level of effectiveness in dissemination to all
elements, both internal and external of the
Company, to build a risk culture. The Company
anticipates this by implementing periodic
dissemination assisted with infrastructure
development such as risk management
application system development.
In addition to dissemination, the ERM Department
also remains open to proactively becoming a
facilitator in the discussion process with the
risk process owner, so that the communication
Policy of Enterprise Risk ManagementImplementation
ERMPolicy
Principles
Process Framework
240
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ERM System Organizational Structure
The Company has established an Enterprise
Risk Management (ERM) Department that acts
as a coordinator in implementing the Enterprise
Risk Management System (ERM System). The
unit designs risk management system starting
from the development framework and process
and infrastructure completion required in risk
management implementation, as well as facilitating
and disseminating activities related to risk
management implementation.
In managing the ERM System, there is a close
relationship between the Corporate Risk Manager,
business process owner as the Risk Coordinator,
and Internal Audit Unit as the Risk Controller. Risk
management is the responsibility of the business
process owner, so that each business process
owner is responsible for controlling and handling/
mitigating risks in their respective Work Unit.
To support the implementation of the ERM system,
the Company appointed risk officer in every business
process which responsible to manage and monitor
the risks. In addition, staff in the ERM Department
in charge of managing the system is prepared
through several trainings and certifications in risk
management sector (ERMCP and ERMAP).
Organization Structure of ERM System
Risk Owner as Creator
Employee
Risk Owner as Officer
Work Unit Head
Risk Owner as Coordinator
Department Head
Risk Control/Audit
Internal Audit Group Head
Corporate Risk Manager
ERM Department
Risk Sponsor
The Board of Directors
and consultation process goes according to the
Risk Management Process Guideline. Proactive
dissemination and consultation with risk process
owner periodically, accompanied by system
development, is expected to turn risk management
into a culture that underlies all activities in each
element of the Company.
241
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Evaluation of the Implementation of ERM System
The Company periodically evaluates the risk
management system implementation by conducting
a Risk Maturity Level (RML) Assessment. The output
of the RML Assessment is the RML score where the
range of assessment results from the score starts
from 1 to 5. The score level starts from initial (level 1),
repeatable (level 2), define (level 3), managed (level
4), to integrated (level 5).
The risk management system implementation
in 2019 was scored 3.7. This score is obtained
through a series of assessment processes using
the methods such as document inspection,
questionnaire delivery, as well as interviews with
related parties such as the Board of Directors and
Head of Departments.
Score Achievement of RML Assessment in 2019
1
2
3
4
5
Integrity
Managed
Define
Repeatable
Initial
PT Semen Indonesia
(3.7)
Framework of Evaluation for RML Assessment in 2019
0-20% 21-50% 51-75% 76-90% 91-100%
INITIAL
1 2 3 4 5
REPEATABLE DEFINE MANAGED INTREGATED
242
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Homepage of ERM System Application of PT Semen Indonesia (Persero) Tbk
Specifically, there were technical changes to the
assessment method of the risk maturity level
assessment process in the period of before and after
2018. Before 2018, the assessment method was
used to assess seven criteria in the Management
Process Risks by ISO 31000: 2009. Whereas for
2018 and 2019, the assessment method included
3 elements contained in ISO 31000: 2018 such
as Principles, Framework and Risk Management
Process.
Notes : N.A (not assessed)
ERM Information System
To anticipate the onset of the Industrial Revolution
4.0 era, the Company seeks to adapt to existing
business competition conditions by making changes
in order to meet market needs so that the Company
can continue to sustain and develop in the future.
The existence of information technology systems in
the application of Risk Management in the Company
is an absolute necessity in the era of the Industrial
Revolution 4.0. Therefore, the Company has built
an information technology system that can improve
the effectiveness and efficiency of the process of
implementing Risk Management in order to create
or maintain the Company's values in each of the
company's future policy decisions.
The Company's Score Achievement of RML Assessment
NoComponents of Risk Management
Implementation
Maturity Value
2011 2013 2015 2017 2018 2019
1 Risk Management Principles N.A N.A N.A N.A 3,28 86%
2 Risk Management Framework N.A N.A N.A N.A 3,7 58%
3 Risk Management Process 3.48 3.70 3.90 4.02 3,92 61%
4 Supporting RM Implementation N.A N.A N.A N.A 3,57 N.A
Total Maturity Score 3,72 3,71 (68,03%)
243
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Dashboard view of the Company’s Risk Management Operations
Dashboard view of Risk Management in Work Unit of the Risk Owner1 2 3 4 5
L
C
5
4
3
2
1
1 3
2 1
4
Heatmap (Department of Enterprise Risk Management)
Risk by Level (Department of Enterprise Risk Management) Risk by Status (Department of Enterprise Risk Management)
(Penyelesaian pemutakhiran serta evaluasi : risk register dan mitigation plan 2019) Laporan Pengendalian
Laporan Pengendalian
Jan Feb mar Apr Mei Jun Jul Ags Sep Okt Nov Des
25
22.5
20
17.5
15
12.5
10
RL
Realisasi Target Series 3
Realisasi
L Realisasi : 4
C Realisasi : 4
RL Realisasi : 16
l Low l Medium l High l Extreme l Open l In Progress l Achieved l Closed
High: 8
Extreme: 0 Low: 0
Medium: 3
Achieved: 5
Closed: 0
Open; 2
In Progress: 4
Heatmap by Dampak
Realisasi Pengendalian Risiko by Unit Kerja Realisasi Pengendalian Risiko by All Status
Done (Late): 20
Done (Late) (%): 38
l Upcoming l Late l Done l Done (Late) l Upcoming (%) l Late (%) l Done (%) l Done (Late) (%)
Upcoming: 0Upcoming (%): 0
Late: 5
Late (%): 51
Done: 6
Done (%): 11
Heatmap by All Risk
Tahun
2019
Keuangan
1 2 3 4 5 1 2 3 4 5L L
C C
5
4
3
2
1
5
4
3
2
1
2 1 7 4 1 1
6 8 14 8 17 28 24 28 3
1 5 2 3 10 30 14 17
3 14 11 8 22 63 35 28 2
1 1 6 1 5 3 1
Done Late (%)Jumlah : 38
50050411 - Department of Enterprise Risk Management
244
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Appreciation
Year 2019, the Company has received an award for
the implementation of a risk management system
that has been run during the company's operation,
among them got appreciation:
1. Strongest Adherence to Corporate Governance:
Top 3 companies, given by the 9th Annual
Institutional Investor Awards For Corporates
on September 17, 2019 at the Shangri-La Hotel
Singapore.
2. The Big 4 Risk Management 2019. SOE's Public
Company category, given by the Economic
Review at the Indonesia Enterprise Risk
Management Award III 2019 on August 3, 2019 at
Nusa Dua Beach Hotel Bali.
Internal Control System
The Company evaluates the effectiveness of the
implementation of supervision and internal control
on an ongoing basis. The Company also continues
to carry out monitoring and mitigation main risks
Legal Cases of the Company, Subsidiaries, the Board of Commissioners and Directors
In 2017, Giring et al filed a lawsuit against the
Company with claims for land rights that were on
the Company's certified land use rights (HGU) in
Gaji Village, Tuban, East Java.
as part of the activities of internal control and
supervision activities, which are carried out by
operational work units as well as by the Internal
Audit work unit.
Based on the decision of the State Administrative
CourtSurabaya and Surabaya State Administrative
High Court, the lawsuits filed by Giring et al were
rejected. On February 28, 2019, the Supreme Court
upheld the two previous decisions to reject the
lawsuits.
245
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Access to Company Information and Data
Administrative Sanctions of The Company
Throughout 2019, the Company did not receive any administrative sanctions related to those
provided by the regulator.
In order to build partnership relationships with all
stakeholders, the Company strives for openness
and ease in accessing company information to
all customers, shareholders and the public. The
development of the Company's performance and
other corporate information such as independent
auditor's reports, annual reports, press releases,
corporate activities and events can be widely
accessed through the Company's official website
www.SIG.id
The Company also accepts questions, suggestions,
criticisms and requests for information by sending
requests in writing to the head office and addressed
to the Corporate Secretary at the following address:
Headquarters:
South Quarter, Tower A, Floor 19-20
Jalan RA Kartini Kav.8, Cilandak Barat South Jakarta
12430, Indonesia
Tel. + 62-21-5261174-5
Fax. + 62-21-5261176
E-mail: [email protected]
The website: www.SIG.id
246
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Code of Conduct
The code of conduct is an ethical regulation for the
Company's employees to be carried out in their
daily duties and activities as well as in conducting
business relationships with consumers, business
partners and colleagues. The existence of these
basic rules contained in the Company's Code of
Conduct is one of the Company's commitments
towards the governance principles implementation,
which has been supporting the Company in
achieving its Vision and Mission.
This Code of Conduct Manual is structured to be used
as guidelines to be applied by all employees of the
Company, including the Board of Commissioners,
Supporting Organs of the Board of Commissioners,
the Board of Directors, Management, and all
employees. The Code binds every employee of the
Company and always being updated regularly in
accordance with the development and needs of the
Company.
Every employee of the Company shall sign a
statement of compliance with the Code of Conduct.
Similar to parties with interest to the Company such
as partners, suppliers and others are required to
respect and implement the Code of Ethics while
interacting with the Company.
Code of Conduct Principles
The main points of ethics of Company behavior that
must be fulfilled by Company people, include:
1. Integrity and commitment of the Company's
people
2. Work relations, which are related to a work
environment that is free from discrimination,
harassment, immoral acts, threats and violence
of cooperation between the people of the
Company, superiors and subordinates
3. Compliance with laws and regulations
4. Conflict of Interest and abuse of position
5. Fair employment opportunities
6. Confidentiality of data and information and
information disclosure policies
7. Intellectual property rights
8. The use of electronic communication
9. Insider Information (Insider Trading)
10. Giving and receiving gifts (Gratuities)
11. Donations
12. Bribery
13. Political activity
14. Protection and use of company assets
15. Occupational Safety, Health and Environment
(K3L)
16. Data recording, reporting and documentation
17. Drug abuse, illegal drugs, alcohol and gambling
18. Company image.
Disclosure of Compliance That Code of Ethics Applies to All Organizational Level
The Code of Ethics for the Company applies and is
binding on all Company Personnel and at all levels
of the organization. Every Company Individual must
sign a statement of compliance with the Company's
Code of Ethics. Thus also parties who are interested
in the Company such as business partners, suppliers,
etc. must respect and implement this Code while
interacting with the Company.
247
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Board of Commissioners, Directors and
Employees have signed a commitment to the
adoption of a code of ethics and made GCG
implementation one of the corporate KPIs. In
addition, the Company also always consistently
conducting GCG implementation assessments
conducted by independent parties and the results
of recommendations are always part of the process
of improving the implementation of GCG.
Dissemination and Dissemination of the Code of Ethics
The Company is committed to disseminating,
implementing and monitoring Corporate Ethics
Guidelines whose implementation is coordinated
by the Corporate Secretary, Legal Department,
Enterprise Risk Management and Internal Audit
as an effort to introduce, disseminate information
about the Company's Ethical Guidelines to all
Employees and Company Officials and external
parties Companies with the aim that every individual
understands and understands and can implement
the Guidelines.
Implementation of effective socialization in order to
better understand so as to be able to apply it must
pay attention to the following matters:
1. Disseminating ethical guidelines to company
people
2. Every company employee can download an
electronic copy of the ethical guidelines.
3. Evaluate the achievement or understanding of
Company Personnel both during the orientation
period and the period of work.
4. Periodically review the Company's Ethical
Guidelines in order to develop the Corporate
Ethics Guidelines and if needed can be further
elaborated in various company policies and
regulations.
Types of Sanctions for Each Type of Violation Regulated in a Code of Conduct (Normative)
Number of Code of Conduct Violations and Sanctions in the Last Fiscal Year
Non-compliance with the provisions of the Code of Conduct is categorized as a violation and a crime:
Throughout 2019 there was no case of Code of Conduct violation committed by employees of Semen Indonesia.
Non-Compliance Categories Penalty
Violation Non-compliance categorized as a violation will be followed up with
an Employee Disciplinary Decree or by using the mechanism in the
Whistleblowing Reporting System Guidelines
Crimes
(Crimes include corruption and economic
crimes, and general crime).
Non-compliance categorized as a crime will be followed up in
accordance with applicable laws and regulations
248
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Strengthening Corporate Culture
The Company continues to improve understanding
of the corporate culture that has been formed
as the foundation for the Company's work. With
the same corporate culture, it is hoped that the
Company's steps will be more synergistic and can
move together in achieving the vision that has been
set. One such effort is strengthening the CHAMPS
culture.
The CHAMPS culture continues to be strengthened
to all employees as a form of Company employee
identity. This Corporate Culture is a synergy of
the Corporate Culture that exists in the entire
Company and Subsidiaries. The process of forming
a corporate culture began with the awareness that
the Company needed glue to unite the entire Group
of Companies.
The word CHAMPS is a fragment of the English
word "CHAMPION" which has the meaning of a
Gratification and Anti-Corruption Control
The Company has committed to implement
gratification controls (gifts in any form) to support
efforts to eradicate corruption in the company. On
December 3, 2013, this commitment was signed
by the President Director and witnessed by the
Deputy Chairperson of the Corruption Eradication
Committee (KPK). The Company has compiled the
Gratification Control Guidelines as a guide to the
procedures for receiving, giving, rejecting and
reporting gratuities within the company. These
guidelines have been stipulated in the Decree of
the Board of Directors and are always updated in
accordance with the applicable laws and regulations.
winner, while the letter S at the end of the word
CHAMPS denotes more than one person so that
every person in the Company is a winner who will
realize the victory for the Company in the midst of
intense competition faced by the Company.
The company also has a Spirit of SMI (Synergy,
Militant and Integrity) which is divided into 7 keys to
behave, namely:
1. Think openly and prioritize the interests of the
Semen Indonesia Group
2. Collaborate positively and responsibly to
achieve maximum company goals
3. Persistent and agile to give the best results
4. Always implementing new ways of working
better
5. Provide the best service and added value to
internal and external customers
6. Do according to agreement and promise
7. Honest, sincere, and responsible
Gratification in the form of giving and receiving
gifts or other forms such as business/entertainment
parties and others can cause conflicts of interest
and/or decrease public confidence toward the
integrity of the Company.
Therefore, the Company applies ethical standards
to be implemented by the Company’s employees
regarding the giving and receiving of gifts from and
to third parties outside the Company, such as:
1. It is forbidden to accept gifts of any kind intended
to influence decisions that violate existing
provisions and/or cause unfair decision. The
249
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Disclosure of the Company's Financial and Non-Financial Statements
The Company has fulfilled its obligations for
transparency and publication of financial and non-
financial conditions in accordance with applicable
provisions, such as through delivery and publication
of information on both printed media and the
Company's website as follows:
1. Quarterly Financial Reports to regulator, which
are also published through printed media and
the Company's website.
2. Semen Indonesia’s Annual Report compiled and
presented in accordance with the provisions and
submitted to the regulator.
3. Corporate Governance information, including
Annual Corporate Governance Report, Vision,
Mission, Corporate Values, Composition and
Profile of the Board of Commissioners and the
Board of Directors, as well as internal provisions
related to governance, from the Articles of
Association to the Charter of Committees, which
are also published in the Company's website.
4. Information about the Company’s Products
and Services, including office networks and
subsidiaries, is published through the Company's
Annual Report and website, so that the public
can easily access information on products and
services provided by the Company.
5. Information about Procedure for Complaint
Submission through the Company's website
for the implementation of consumer protection
provisions.
6. Other information that aims to support the
disclosure of information and services to the
public.
exception to this is accepting promotional items
that include the Company’s logo/name.
2. It is forbidden to give or offer things, directly
or indirectly, to state officials and/or individuals
representing business partners, which can
influence the decision making.
3. The Company provides reasonable gifts/
souvenirs at the Company's expense on the
following condition:
• supports the interests of the Company,
• is not meant as a bribe,
• has been budgeted by the Company,
• should the gifts/souvenirs are in the form of
objects, then the Company logo/name must
be printed on it.
4. The Company’s employees are required to sign a
Compliance Statement every year.
Dissemination on this matter has been carried
out in various programs to foster a culture of Anti-
Gratification and Bribery within the Company and
its subsidiaries. Among others, by conducting GCG
internalization activities, printing gratification control
manuals, printing banners placed in locations that
are easily visible to employees, dissemination
through intranet and print media.
The Company also ask, should there are parties who
are aware of gratification requests and/or reception
from SMI individuals to and/or from stakeholders on
behalf of the person or the Company, to be reported
to the Company via email: [email protected] with
clear identity included in the email.
250
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Prevention of Insider Transactions
In the Code of Conduct, the Company has explained
about insider Trading, whereby the Company’s
employees are not permitted to misuse their
position and work to disclose material information
that can influence investors’ decision.
Material information is information that has not been
widely published that may encourage a person to
buy, sell, or hold the Company’s shares.
Ethical Standards that must be considered are:
1. The Company’s employees and parties who
obtain information from insiders are not allowed
to trade shares and other securities issued by the
Company, either directly or through the mediation
of others, as long as material information has not
been published.
2. The Company’s employees are not allowed to
use information or material facts that have not
been made public to gain benefits from the
information.
3. The Company’s employees must maintain
confidentiality of known material information.
Provision of Funds to Related Parties
The Company provides donations only for the
Company's responsibilities to the surrounding
environment and other purposes that are not related
to politics nor affecting the Company's business
interests. All donations given by the Company
can be justified and in accordance with applicable
provision. Therefore the Company requires that
any donation serves as aid must always initiated by
proposal submission to the Company. Donations for
other purposes should only be made in accordance
with applicable laws and regulations.
Provision of Funds for Social and Political Activities
The Company does not use the Company’s funds, assets or profits for political donation purposes, which is stated
in the Company’s Code of Conduct No. 7C of Article 11 regarding Donations.
251
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Whistleblowing System
To improve the quality of transparency, accountability
and fairness in the implementation of GCG, Semen
Indonesia implements a Whistleblowing System (WBS)
that can accommodate all complaints, complaints and
reports from internal and external parties.
The Company classifies violations into three types of
violations, with different handling, viz.
1. Category I (Corruption and Economic Crimes)
a. Criminal acts in the form of criminal acts of
corruption, which either benefit oneself or other
parties, fraud, abuse of authority related to the
management and use of Company owned funds
(financial fraud), bribes, gratuities and conflicts of
interest committed by Company Personnel.
b. Violations of accounting principles and
processes and capital market authority
regulations regarding financial statements,
violations of taxation provisions and other similar
provisions, fraudulent actions or any actions that
The mechanism for handling violations reporting
consists of four main elements, namely:
1. Violation Reporting Management Team (TP3),
tasked with:
- Receive, record (register) and classify violation
reports based on reported categories.
- Implement the whistleblower protection
program in accordance with established
policies, including maintaining the
confidentiality of whistleblowers and reported
(presumption of innocence).
- Maintain regular communication with the
Reporter.
- Reporting progress reports (activity report)
every 6 months to the Board of Commissioners.
2. The Investigation Team, consisting of the Internal
Investigation Team, the External Investigation
Team and the Investigation Team of the
Company WBS Structure and Mechanism
could give rise tofinancial losses for companies
and or other parties committed by the Directors
and / or Board of Commissioners.
2. Category 2 (Crimes related to general crime)
Various forms of criminal / criminal acts as regulated
in the Criminal Code and other laws and regulations,
including but not limited to theft, use of violence
against employees or leaders, extortion, drug
use, harassment, and other criminal acts including
actions that endanger safety and health, work
security the company, and the life of the community
and the environment carried out by Company
Individuals
3. Category 3 (Violations related to Company policy)
All violations other than corruption and economic
criminal offenses, as well as general criminal acts
are regulated in the Company Ethics Guidelines
and in various policies and regulations / operational
procedures of the company, as well as Employee
Discipline Policy conducted by Company Personnel.
subsidiary. Its task as a whole is to conduct further
investigations of the substance of the violations
reported with the aim of finding and gathering
the evidence needed to ensure that the violation
has occurred.
3. The Board of Commissioners, with the main tasks:
Selecting, confirming (in terms of categories
of types of violations, who committed and
completeness of the documents) and verification,
and deciding whether the report will be followed
up or archived for violations committed by
Members of the Board of Commissioners,
Directors and Supporting Organs of the Board
Commissioner.
If the violation report is decided to be followed
up, the Board of Commissioners:
- Assign an Investigation Team to carry out an
investigation, if the violation is committed
252
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The WBS Guidelines also explain the reporting
procedures and procedures for handling violations,
complete with the scheme the method of reporting
in accordance with the alleged reported. Reporting
violations can be done through the following
channels:
Submission Mechanisms for Violation Reports
Letter:
Violation Reporting Management Team (TP3)
South Quarter, Tower A, Floor 19-20
Jalan RA Kartini Kav.8, Cilandak Barat
South Jakarta 12430, Indonesia
Tel. + 62-21-5261174-5
Fax. + 62-21-5261176
Telephone :
+62 - 031 - 3981732 ext 3132 and/or 3026
Email :
PO Box :
Box 5000
The Company is committed to protecting
whistleblower protection in good faith and the
company will comply with all relevant laws and
best practices that apply in the implementation of
violation reporting systems.
Employees who report are in good faith will be
protected from acts of dismissal, demotion or
harassment, harassment or discrimination in any
form and adverse records in their personal data
files.
The Company provides sanctions for misuse WBS
and confirmed that the parties (good internal
or external) who submit reports in the form of
defamation or false reports will be sanctioned
including legal proceedings and not obtain either a
guarantee of confidentiality or Reporter protection.
The Company guarantees the confidentiality of
the whistleblower's identity, unless the disclosure
is required in connection with a report or an
investigation conducted by the authorities. The
Company even gives appropriate awards for reports
that are proven true and when the reporter is not
involved in them.
Protection for Whistleblowers
by Members of the Board of Commissioners
(individuals), Directors and Supporting Organs
of the Board of Commissioners, or
- Recommend to the Directors (as the
Shareholders of a subsidiary) to follow up
through the investigation process, if violations
are committed by the Board of Commissioners
and Directors of the subsidiary.
4. Directors, with the main tasks:
- Conduct selection, confirmation (in terms
of categories of types of violations, who
committed and the completeness of the
documents) and verification, and decide
whether the report will be followed up
or archived for violations committed by
employees.
- The Board of Directors has the authority to
assign the Investigation Team to carry out
investigations related to violations committed
by the Board of Commissioners, Directors and
Employees of Subsidiaries
253
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
No Information Practice
1 Reports on the activities of companies that pollute the environment Nothing
2 Fulfillment of tax obligations Nothing
3 Compliance of the presentation of annual reports and financial statements with
regulations applicable and financial accounting standards (SAK)
Nothing
4 Cases related to workers and employees Nothing
5 Disclosure of operating segments Nothing
The Handling of Complaints
The procedure and handling of alleged violation
reporting is carried out in accordance with the
mechanism stipulated in the violation reporting
system guideline, namely the mechanism of the
management of reporting violations allegedly
carried out by:
1. Employee
2. Directors, Members of the Board of Commissioners
(Individual) and Supporting Organs of the Board
of Commissioners
3. Company Board of Commissioners
4. Directors and Board of Commissioners of
subsidiaries
5. Employees of subsidiaries
6. Complaints related to the accounting process and
financial reporting of issuers or public companies
The Party That Manages Complaints
The Board of Directors is responsible for the
implementation of the violation reporting system in
the Company and the Board of Commissioners is
responsible for overseeing the implementation of
the system. Directors and Board of Commissioners
together form a violation reporting organization
in the Company. This organization is centralized
including the management of whistleblowing in the
Company and in subsidiaries
Number of Complaints Received and Processed in the Last Fiscal Year
During 2019, there was no report of alleged violations submitted through the WBS mechanism.
Complaint Sanctions/Follow Ups Processed in the Fiscal Year
Throughout 2019, there was no sanction nor follow-up report to be submitted on this report as there is no report
submitted through the WBS mechanism.
Transparency of Bad Governance Practices
The implementation of Good Corporate Governance
at Semen Indonesia is continuously improved
from year to year by making many improvements
and changes in policies that are adjusted to the
conditions of the Company and economic conditions.
SI is aware of bad corporate practices governance
will disrupt the Good Governance (GCG) system that
has been built, therefore the Company does not take
any actions that are contrary to the rules and policies
related to GCG shown in the following table:
CORPORATE SOCIAL RESPONSIBILITY
6
256
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Commitment of Corporate Social Responsibility Implementation
As a good corporate citizen, Semen Indonesia
believes that running good business activities
includes responsibility and care for key stakeholders,
especially the community, both around the
Company's operational environment, and in other
regions throughout Indonesia. Therefore, the
Company is fully committed to aligning business
with the provision of benefits to society and the
environment as part of the Company's stakeholders.
In line with this commitment, the Company is also
committed to the success of the United Nations
(UN) resolution on 21 October 2015 on Sustainable
Development Goals (SDGs). This resolution was
declared by various countries as a joint development
ambition by 2030. The SDGs consist of 17 goals with
169 measurable achievements and deadlines set
by the United Nations as the global development
agenda for the benefit of the people and the earth.
Semen Indonesia is committed to succeeding this
resolution in accordance with its capacity. The
National Development Planning Agency (Bappenas)
also continues to push for achieving SDGs, which
are simplified into 4 main pillars:
Pillar of Social Development, Pillar of Economic
Development, Pillar of Environmental Development
and Pillars of Legal and Governance Development.
This commitment is implemented through the
Corporate Social Responsibility (CSR) program with
a focus on meeting the expectations of stakeholders
through implementation of various programs, with
the aim to balance achievements in economic
performance with social and environmental
sustainability, or the fulfillment of the tripple bottom
line concept, including employee development and
customer protection.
In addition, as a State-Owned Enterprise (SOE) that
should always in line with the government’s vision,
Semen Indonesia has a role in implementing Social
Responsibility into all layers, particularly in relation
to the role of SOEs as Agents of Development.
For employees as internal stakeholders, the
Company must pay attention to their welfare and
provide working environment that supports the
development of each employee. For the community
as external stakeholders, the Company carries out
various social community development activities —
specifically through the Partnership and Community
Development Program.
257
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Vision and Mission of Semen Indonesia’s CSR
In order to implement the CSR program in a more targeted manner and achieve the desired goals, the
Company has compiled the vision and mission of Semen Indonesia’s CSR:
As an SOE, SIG has a big vision to become the
largest provider of building material solutions in the
region, with one of its missions to focus on creating
environmental conservation and sustainable social
responsibility. Therefore, SIG is not only pursuing
financial benefits for the Company, but also to
provide positive benefits in the aspects of social,
economic and environment for the nation.
SIG is has a sustainability commitment to become
a pioneer in the building materials industry that
empowers stakeholders to create sustainable living
for the future. The Company's commitment to create
a sustainable living is manifested in four pillars of
sustainability, including:
1. Sustainable Economic Growth;
2. Climate and Energy;
3. Circular Economy;
4. People and Community.
Vision
Mission
To be a CSR manager that focuses on sustainable environmental conservation and social responsibility, thus providing added values for stakeholders.
• Carrying out the CSR programs based on the principle of triple bottom line harmonization (Profit, Planet, People) and SDGs Concept.
• Realizing a CSR management towards a Good Corporate Citizen.
• To reach a level of an ethical & responsible company.
• To contribute significantly to prosperous society and high environmental awareness.
• To gain support from the stakeholders and environment for the smooth operations of the company (Social License to Operate).
Strategic Objectives
258
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
2 0 2 4Commitment to Sustainability
We strive to continue our
innovation to create sustainable
solutions and to strengthen the
supply chain
• Providing sustainable solutions
with innovative products
and services to mitigate the
increasing demand for limited
resources
• Enhancing the supply
chain and developing
of sustainableoriented
partnership with strategic
partners
• Increase the revenue
proportion from sustainability
solutions every year
• Enforce strategic partner
screening using sustainability
criteria established by the
Company
Commitment
Strategy
2024
Target
SDGs
Sustainable Economic Growth
We will continue to support
Indonesia’s commitment to
COP21 (2015) to reduce GHG
emissions in 2030 by 29% by
independent efforts, or
41% with international
assistance
• Reduction of greenhouse
emissions (CO2)
• Significant reduction of air
emissions (dust/particles,
NOx, SOx)
• Reduction of energy
consumption
• Reduce 16% emission of
CO2 of 1 specific coverage
(per cement equivalent)
using the 2010 baseline
• 67% of clinker factor
• 15% of Thermal
Substitution Rate
Strategy
2024
Target
SDGs
Climate and Energy
Commitment
259
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
We are committed to use all
materials in a responsible
manner
• Using raw materials
efficiently through
product development
• Utilizing renewable
resources (made from
waste) as alternative
fuels
• Utilizing 1.8 million tons
of waste as alternative
fuels
• Utilizing 1.9 million tons
of waste as alternative
raw materials
Strategy
2024
Target
SDGs
Circular Economy
As we value our people
and community highly, we
implement good corporate
governance and ensure
proactive stakeholder
management
• Promoting health and
safety for employees
and contractors
• Creating shared values
for community
• Zero Fatality
• LTIFR ≤ 0.90
• A total of 73,000 people
benefited through
partnership program
(PK), cumulative since
the program began
Strategy
2024
Target
SDGs
People and Community
To become a pioneer in building materials industry
that empower stakeholders to create a sustainable
living in the future
Commitment Commitment
260
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Environmental Conservation Responsibility
Policy
The Company’s commitment to environmental
preservation is outlined in the Environmental Policy,
which confirms that: “In carrying out its business
activities, the Company manages the environment
to anticipate the effects of global warming,
including efforts to reduce air pollution; reduction
and utilization of hazardous and toxic material
(HTM) and/or non-HTM waste; water conservation;
biodiversity protection; and energy efficiency.”
The Company carries out the mandate of
the regulations as stated in Law No. 32 of
2009 concerning Environmental Protection
and Management as well as related laws and
environmental obligations. Therefore, every
operational step in the field is always carried out by
adhering to the items as stated in the EIA, UKL and
UPL document which are both prerequisites and
parameters agreed upon by all stakeholders prior
to operational activities.
Targets and Plans
The Company is committed to ensure that what
we have managed today can provide sustainable
benefits for all Indonesian people and stakeholders,
both today and in the future.
As a manifestation and commitment of the Company
in realizing sustainable environmental management,
the Company has made various efforts, ranging
from the establishment of policies and regulations,
to the monitoring and management of operational
activities which are affecting the environment both
within and the surrounding area of the Company.
Various strategic initiatives have been carried
out in order to conserve resources, including
the concept of environmentally friendly mining,
creating a greenbelt area around the mine, utilizing
other industrial waste as alternative raw materials,
efficient usage of water by optimizing the utilization
of mined surface water, increasing the use of
alternative fuels by using biomass and hazardous
waste, implementing energy management systems,
reducing CO2 gas emissions, reclamation and
revegetation of post-mining lands, conservation of
biodiversity by conserving rare flora and fauna in
post-mining areas, as well as utilizing post-mining
land for agricultural irrigation, aquaculture and
tourism facilities.
The Company has established routine
environmental monitoring activities, combined with
monitoring of production aspects as outlined in SI
Ramah. This routine monitoring includes monitoring
environmental aspects such as monitoring of
greenhouse gas emissions, air emissions and
waste management. In addition, the Company also
continues to strive for efficiency in terms of energy
usage, especially fossil energy, one of which is
done by using alternative fuels.
Environmental Monitoring and Management
261
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Greenhouse Gas Emissions (GRK)
In cement production process, there are activities
such as burning limestone and using coal in the
process of making clinkers. The process produces
direct GHG emissions. Thus, the Company monitors
GHG emissions generated through calculation
based on WBCSD CSI Version 3 every once a year.
The main strategies of Semen Indonesia Group in
reducing carbon emissions are as follows:
1. Increasing Energy Efficiency
2. Switching to Low Carbon Fuels
3. Reducing the Clinker-Cement Ratio
4. Improving Technological Processes and
Innovations
The Company has set a target to reduce emission
intensity (GHG) on coverage 1 to reach 595 kg CO2/
ton cement equivalent, or equivalent to a decrease
of 16% in 2024 compared to the baseline in 2010.
The commitment to reduce emission is included in
all of the Company's operations in Indonesia. The
Company calculates GHG emissions based on
the WBCSD Cement Sustainability Initiative (CSI)
Version 3.
Total GHG Emissions and Emissions Intensity
Air Emissions
The Company realizes that minimizing air emissions
has an effect in reducing negative impacts on
climate change and has a positive impact on
maintaining the health and safety of employees
and communities around the Company's work area.
Therefore, the Company is committed to adhere
to quality standards according to the Minister of
Environment and Forestry Regulation No. 19 of 2007
concerning Quality Standards for Cement Industry
Businesses and/or Activities, and is committed to
continue efforts to manage air emissions produced
by all of the Company's factories.
The Company carries out measures for air pollutant
emissions (dust/particulate, NOx, SOx) consistently
using the Continuous Emission Monitoring System
(CEMS). In addition to periodic monitoring and
measurement, the Company has several strategies
to reduce air pollutant emissions:
• Managing quality standards for coal and certain
raw materials and measure air pollutant emissions
regularly.
• Installing electrostatic precipirators, cyclones,
conditioning towers and bag filters in our plants
to manage dust emissions.
These initiatives have succeeded in reducing total
dust/particulate emissions, annually. The Company
continues to reduce NOx and SOx emissions to
achieve our target in 2024.
GHG Emissions Unit 2019 2018 2017
The total scope 1 GHG emissions tons of CO2 27,959,111 21,589,455 20,654,528
The total scope 1 GHG emissions tons of CO2 2,601,828 2,611,944 2,539,845
Total GHG emissions scope 1 and 2 tons of CO2 30,560,939 24,201,399 23,194,372
Scope 1 GHG emissions intensitykg CO2/ ton cement
equivalent634 667 696
Scope 1 GHG emissions intensity and 2
kg CO2/ ton cement equivalent
693 748 781
Scope 1 GHG emissions intensitykg CO2/ ton
cementitious material640 689 705
GHG emissions intensity scope 1 and 2
kg CO2/ ton cementitious material
700 773 791
262
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Total Air Emissions
Energy Efficiency
The Company seeks to continue on reducing the
energy usage, especially fossil energy. One of the
steps taken was the annual regular internal energy
audits and external energy audits every three years.
In 2019, an external energy audit was conducted
by PT ISBI (Institut Semen & Beton Indonesia)
which produced several recommendations for the
Company.
Total energy consumption within the Company
reached 125,903,072 GJ, an increase of 22 percent
from the previous year due to merger of PT Solusi
Bangun Indonesia in 2019. This calculation includes
self-produced energy and purchased energy for
the production process. In energy calculation, heat
energy is calculated based on the amount of fuel
usage multiplies by the calorie value (NHV) of each
fuel, then totaled for all types of heated fuel. As
for electricity, the electricity index multiplies by the
amount of cement production, then converted from
kwh to GJ.
Energy Consumption within the Company
Use of Alternative Raw Materials
One of the Company's commitment manifestation
to environmental preservation is the utilization of
industrial waste as an alternative raw material. The
use of alternative raw materials has double meaning
for the Company, in addition to being a saving key
raw materials and helping prevent further pollution
of hazardous waste produced by other industries.,
the use of alternative materials in the form of other
industrial waste, also generates other revenues for
the company.
The various alternative raw materials routinely used
by the Company are: bottom ash, fly ash, dust EAF,
steel slag, COCS, spent bleaching earth, drilling
cutting and paper sludge. The volume of alternative
raw materials used by the Company continues to
show increase each year.
In 2019, the Company's products used 1,659,627
tons of alternative materials as a substitute for
clinker. The Company has succeeded in reducing
the clinker factor from year to year and continues
the ambition to reduce the use of clinker factor
through various initiatives to increase the use of
alternative materials.
Air Emissions Unit 2019 2018 2017
Dust/particulate ton 3,206.97 3,006.62 2,475.08
NOx emission ton 22,914.64 17,137.37 14,707.77
NOx emission ton 6,194.08 2,388.02 2,426.65
Business Unit UnitSatuan
2019 2018 2017
Total Energy Consumption GJ 125,903,072 98,186,913 94,591,473
263
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Increased Use of Alternative Fuels
In addition to alternative raw materials, the Company
has been using alternative fuels as well, some of
which are obtained from other industrial wastes,
such as biomass and hazardous waste. Biomass
used includes rice husks, cocopeat, tobacco
plantation waste and cigarette waste. Whereas the
hazardous waste used includes oil sludge, used oil,
resin, used filter bags, used rags, and Impregnated
Biomass.
The Company utilizes agricultural production
(biomass) waste such as rice husks, sawdust,
cocopeat and tobacco waste as alternative fuels in
the burning process of clinker cement. This effort
aims to manage energy, reduce CO2 emissions,
receive the CER-CDM Project, as a solution for
agricultural waste handling in the plants' surrounding
environment, so as to create an environmentally
friendly plant, and supporting the government
programs related to global warming. In 2019, the
total volume of AFR usage reached 232,904 tons.
Waste Management
The Company's operations produce various types of
waste, ranging from domestic waste to hazardous
waste. The Company has a comprehensive waste
management system. For hazardous waste,
the Company already has a hazardous waste
management permit from the Ministry of Environment
and Forestry, through Letter No. 281 of 2016. Several
types of hazardous waste such as used oil, used
waste, and used filter bags are utilized as alternative
fuels and 'used refractories' as alternative raw
materials by co-processing methods.
Solid hazardous waste that cannot be reused such
as used batteries, used TL lamps, toner/cartridge,
and chemical bottles are handed over to licensed
third party approved by the Ministry of Environment
and Forestry. Non-hazardous waste category
consists of domestic waste, damaged material, and
used goods (avfal). The Company reuses domestic
waste into alternative fuels in kilns. Non-hazardous
metal solid waste is generally reprocessed by third
party to be recycled as other metal goods.
Waste Management Methods Hazardous Non-Hazardous
Waste for reuse Palette from overhaul activities
Recycled waste as alternative raw materials • Fly Ash• Bottom Ash• Copper Slag• Crude Oil Contaminated Soil
(COCS)• Drilling Cutting Cement (DCC)• Spent Bleaching Earth • Paper Sludge• Used refractories (used oil filters,
used refractory stones)
Rejected materials or products, dust return
Waste to be processed into compost (composting) Dry leaves from the plant's garden and forest
Waste for energy recovery as alternative fuels • Sludge oil• Sludge WWTP• Spent Bleaching Earth • Used lubricating oil• Used waste• Used filter bags
• Biomass• Paper craft (rejected package due to broken
bags, craft waste from customers)• Domestic office waste (paper and plastic)• Dry leaves from the plant's park and forest
Waste for mass combustion (incineration) • Clinical waste• Pharmaceutical product packaging
Waste discharged to landfills Clinker material or freelime products from the cooler unit
264
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Storage Facility for Waste Production and Utilization of
Biomass for Alternative Fuels
265
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Company Complaints Received Complaints Resolved
Business Unit Tuban 1 1
PT Semen Padang 2 2
PT Semen Tonasa 0 0
PT Semen Gresik 6 6
PT Solusi Bangun Indonesia Tbk 0 0
Total 9 9
Completion Status of Complaints Concerning Social and Environment
Complaints Mechanism for Environmental Issues
SIG understands that every business process
has the potential to get complaints from the
surrounding communities, both regarding social
and environmental issues. Therefore, the Company
opens communication channels for the public
to sent their complaints if they have social and
environmental issues within the vicinity of the
Company's operational area. Every complaint will
be followed up by the Public Relations function in
accordance with the Standard Operating Procedure
(SOP) mechanism for conflict resolution. During
2019, SIG received 9 complaints, all of which were
successfully resolved.
Complaints Received and Recorded
Coordinating with related Work Unit
Persuasive Approach and Visits
Resolved
Fail or Success Handover to the Authorities
266
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Social Responsibility for Labour and Occupational Health & Safety
Semen Indonesia strives to be a company that
abides by principles and rules, including in terms
of employment, health and safety. The Company
strives to comply with all applicable laws and
regulations. The Company pays attention and
high commitment in terms of gender equality and
employment opportunities, job trainings to improve
employee professionalism, commensurate reward
system as well as health and safety system for all
employees.
Employment
The Company strives to create harmonious industrial
relations with all employees. Therefore, building
a work relationship with employees are based on
the principle of mutual respect and compliance with
the rights and obligations of each party. The Law
No. 13 Year 2003 concerning Manpower became
the basis for Semen Indonesia policy in the field
of manpower. The Company fulfills the employees'
normative rights as regulated by the Act.
Gender Equality and Equality
The Company grants everyone the same right to
participate in the recruitment process carried out by
the Company while fulfilling specified administrative
requirements, regardless of gender, ethnicity, race
and religion. The recruitment process is carried out
openly for the purpose of equity and openness.
The Company also provides equal opportunities to
every employee who has been recruited to develop
their competence and career in accordance with
the needs of the Company.
At the end of 2019, the number of employees of
the Company was 7,769 people, of which 6,990
employees are males and 779 are females. Although
the composition of the Company's employees is
dominated by men, it is generally caused by the
character of the industry that is run by the Company,
which is more in line with the male groups.
Employee Welfare
The Company provides appropriate remuneration
and benefits to employees in an effort to provide
better welfare for them. In terms of remuneration
and benefits for employees, the Company refers
to applicable statutory provisions, including the
Provincial Minimum Wage (UMP).
267
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
In addition to remuneration, the Company also provides numerous benefits to employees as an effort to improve
employees’ welfare. Additional benefits provided by the Company are as follows:
Benefit
Type of FacilitiesEmployment Status
Permanent Employee Contracted Employees
Basic Salary Provided Provided
Health Allowance Provided Provided
Life Insurance Not Provided Not Provided
Work Accident Allowance Provided Provided
Maternity Leave Not Provided Not Provided
Pension Allowance Provided Not Provided
Pension Guarantee of Employement BPJS Provided Provided
Tax Allowance Provided Provided
Social-Religion Allowance (Baznas) Not Provided Not Provided
Death Allowance Provided Not Provided
Parental Leave Not Provided Not Provided
268
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Competence DevelopmentThe Company provides equal opportunities to all
employees to take part in competency development
programs that are carried out in accordance with
the needs of the Company. In addition to supporting
the performance of the Company, this competency
development program is carried out to increase
employee capacity and career development.
In 2019, the Company organized various training
programs that were attended by 10,154 participants,
both in-house and third parties. To support the
competence development program, the Company
has also completed various facilities, including
the Learning Center and learning with e-Learning
methods.
Complaint Mechanism for Employment IssuesFor issues related to employment, employee has
the right to submit complaint to their superiors or to
the Human Capital Division. Complain resolution is
completed in stages through employee superiors
with a Bipartite mechanism. Should the resolution
up to the level of the Bipartite mechanism does not
reach an agreement, then the resolution will use a
mechanism in accordance with applicable laws and
regulations.
Occupational Health & Safety (OHS)The Company has established a fundamental policy
on Occupational Safety and Health, which reads
“Occupational Safety and Health is the responsibility
of all parties, therefore the Company and related
parties are determined to create a healthy work
environment, prevent the occurrence of occupational
diseases, injury free and carry out operational
activities according applicable rules”.
Best practices implementation for occupational
safety, security and health, are carried out to
support the creation of a safe and healthy working
condition for every employee, as well as a realization
of our commitment to create an eco-friendly work
environment.
The Company continues to improve employee safety
awareness by referring to applicable regulations
regarding OHSMS implemented since 2007, OHS
standard system of OHSAS 18001: 2007, and accident
prevention programs in the 5R program and the
Suggestion System. In addition, the Company also
implements Standard Operating Procedures (SOP)
for Safety, Health, and Environment (SHE) to achieve
zero accident target.
In addition, the Company has also implemented a
Contractory Safety Management System (CSMS)
which is intended to determine the performance of
work units within the Company and work partners or
third-party contractors, in implementing SMK3.
In accordance with the required Occupational Safety
and Health implementation standards, the Company
routinely carries out safety committee meetings
both with related work units and with partners/
mining contractors. Regular meetings aim to remind
all parties to continue to implement all provisions
relating to Occupational Safety and Health.
OHS OrganizationThe Company has formed P2K3 (Occupational
Safety and Health Advisory Committee)/SC (Safety
Committee) as a forum for employee participation in
the implementation of OHS in the workplace. The main
task of P2K3 as an auxiliary body in the workplace is
to provide suggestions and considerations, whether
requested or not, to the employer/administrator
of the workplace concerned regarding issues of
occupational safety and health.
In its implementation, P2K3 members at each
Operating Company of Semen Indonesia
represented all (100%) permanent employees in
submitting proposals, inputs, and criticisms related
to the implementation of Occupational Safety and
Health. The total representation of employees in
P2K3 in each Operating Company varies, for 2018,
the intended representatives are: at PT Semen
Gresik 28 representatives, at PT Semen Padang
27 representatives and at PT Semen Tonasa 30
representatives, so the total representation in SIG is
85 people.
Employee HealthThe Company pays great attention to aspects of
employee health. One of the steps taken was to
provide healthcare facilities and physical fitness
for employees. In addition, the Company also
encourages the creation of a healthy living culture
through the provision of sports facilities, sports
competitions, and facilities to join activities at certain
sports clubs.
269
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
The Company also has a comprehensive medical
check-up (MCU) program for all employees every
once a year for early detection of illnesses, as
well as medical treatment if needed. Medical for
employees, including physical examination, physical
fitness, laboratory, EKG, spirometri, audiometry,
x-ray, and dental and eye examination. Employee
MCU results are sent directly to each employee’s
e-mail. If abnormalities are found in the results of
the employees’ MCU will be summoned to consult
the doctor. On the other hand, each member of
Semen Indonesia Group provides health clinics as a
means of treating sick employees due to work. If the
employees need medical procedure that cannot be
done at the clinic, they are referred to the nearest
hospital, such as employees of Semen Padang will
be referred to Semen Padang Hospital, Semen
Tonasa to Regional General Hospital (RSUD) of
Pangkep and other hospitals in Makassar City, RSUD
Blora for Semen Gresik, and Semen Gresik Hospital
for Business Unit Tuban.
Prevention ProgramThe Company continuously strives to improve
employee safety awareness by referring to
applicable regulations regarding OHSMS.
Employees are required to fulfill all provisions
relating to OSH governance and can refuse to work
if the conditions are considered to endanger work
safety. In addition to regulating OSH aspects through
the agreement, the Company prevents incidents of
work accidents through the implementation of the
following programs: Brief, Neat, Clean, Care and
Diligent assessment program conducted every
three months;
OHS Performance of the Company Unit 2019 2018 2017
A. Employees
Total Fatality Incident 0 0 1
Lost Time Injury Frequency Rate (LTIFR) Rate 1.16 1.28 1.60
B. Contractors
Total Fatality Incident 0 - -
Lost Time Injury Frequency Rate (LTIFR) Rate 0.70 - -
• Internal audit program by Internal Audit and external
audit by the certification body once a year;
• Establishment of a Safety Officer team and
independent OHS activities of the work unit;
• Conduct safety talk once a week in work units;
• Increasing P2K3 work unit activities through
appointment of OHS Ambassadors;
• Increase employee knowledge/competency
through General OHS Expert Certification, Boiler
Operator Certification.
OHS trainingTo support target achievement for the establishment
of a safe, comfortable and free from accident in the
working environment, one of the steps taken by the
Company was by carrying out a number of trainings
related to Occupational Health and Safety.
Occupational Health and Safety Facilities In addition to conducting training, the Company also
strives to create a healthy, safe and comfortable work
environment by providing facilities and equipment to
prevent work accidents, such as:
• APAR
• First Aid Box
• Health Clinic (in the plant environment)
• Evacuation Pathways
OHS Performance in 2019OHS aspect performance is measured through the
achievement of work accident frequency parameters
and severity index, as well as the number of hours/
days lost due to work accident incidents.
The work accident statistics of the Company for the
past 3 years are as follows:
Note: In 2017 and 2018, we have not recorded the contractor's calculations.
270
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Social Responsibility for Community Development
In good corporate citizen concept development, the
Company is fully aware that its existence is part of
the community. The business growth achieved by
the Company so far cannot be separated from the
community participation. To that end, the Company
pays great attention to social development that
is manifested in various CSR and PKBL activities
related to the socio-cultural community.
Implementation of corporate social responsibility
in social aspects is directed at programs that
are empowering and providing benefits to the
community at the sites around the Company's
operations, especially the micro, small and medium
enterprises (MSMEs) as well as people who are in
the category of economically disadvantaged.
The Company implements CSR programs through
the Partnership and Community Development
Program (PKBL) as stipulated in the Minister of SOEs
Regulation No.Per.09/MBU/05/2015 concerning the
Partnership Program for State-Owned Enterprises
with Small Businesses and the Community
Development Program.
In addition, the Company also took part in a program
run by the Ministry of SOEs, SOEs for the Nation
(BUMN Hadir Untuk Negeri).
Policy
CSR Strategic Objectives 2019
The Company's commitment to the implementation
of corporate social responsibility programs cannot
be doubted. This commitment is even mentioned as
one of the Company's mission, which is "Focusing
on the environment preservation and sustainable
social responsibility".
The Company embodies a community welfare
enhancement program with reference to Law
No.40/2007 and Government Regulation no.
47/2012, as well as Law No.25/2007 on Investment.
As a stateowned enterprise, we also implement
the Regulation of the Minister of State-Owned
Enterprises Number: PER-09/MBU/07/2015 jo. PER-
03/MBU/12/2016 jo. PER-02/MBU/07/2017 on the
Partnership and Community Development Program
of State-Owned Enterprises.
In order for the realization of all these activities to
provide optimal benefits in accordance with the
availability of funds, the allocation of funds was
prioritized to Ring I areas of operational activities as
the areas most affected by the Company’s business
activities. The realization of these programs is the
result of Pilar SI Peduli.
Ensuring & Creating Sustainable Environmental &
Social Responsibility, through:
• CSR activities that oriented on sustainable
environment;
• Conducting Community Involment &
Development (CID) activities.
271
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
CSR Program Management
Responsible for managing CSR in Semen Indonesia
under the CSR Department, which is part of the
Corporate Secretary. Based on the Decree of the
Board of Directors of PT Semen Indonesia (Persero)
Tbk. SKD No.60/Kpts/Dir/2018 dated 28 December
2018 concerning the Organizational Structure of
the Company, the composition of the SI’s PKBL Unit
Description 2019 2018 2017
Social & Environmental Responsibility 93,920.0 73,410.0 133,725.3
Partnership Program *) 5,350.0 77,548.0 77,625.8
Community Development Program 54,010.0 23,692.3 59,128.7
Total 153,280.0 174,650.3 270,479.8
in million rupiahCSR Program
Management is effective since 1 January 2019. The
CSR Department is an organizational structure that
manages the function of Partnership and Community
Development Program, CSR Planning and Evaluation,
CSR reporting and financial management, as well
as management of the SOEs for the Nation (BUMN
Hadir Untuk Negeri/BHUN) Program.
CSR Budget
As a tangible manifestation of the Company's
commitment to support the realization of SDGs in
Indonesia, the Company provides a special budget
for CSR and PKBL programs implementation. The
amount of the CSR budget determined by the
Company is very dependent on the work program
plan of the CSR Department by considering the
Company's financial capability.
The amount of the Company's CSR budget for the
past 4 years were as follows:
Supervisor 1 : President DirectorSupervisor 2 : Corporate SecretaryPerson in Charge : Department of CSRChief Executive : Head of Partnership & Community Development Program BureauExecutors : All functions in the CSR Department
President Director
Corporate Secretary
CSR Planning & Evaluation Bureau
The Partnership & Community Development
Program
Staff Staff
Department of CSR
272
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Partnership and Community Development Program
The Partnership and Community Development
program is implemented in accordance with the
provisions of the SOE Minister Regulation No: PER-
09/MBU/07/2015 related to PER-03/MBU/12/2016
related to PER-02/MBU/07/2017 concerning the
State-Owned Enterprise Partnership and Community
Development Program. As one of the leading SOEs,
the Company realizes the PKBL program as one of
the programs aiming to improve the standard of living
and welfare of the surrounding community through
activities in developing economic competencies
and social life. Through the Partnership Program,
the Company provides business capital loans
intended to empower micro, small and medium
enterprises and cooperatives (MSMEs). While
through Community Development activities, the
Company provides assistance to improve the quality
of life of the community through the construction of
public facilities and infrastructure, as well as social
assistance to victims of natural disasters.
Partnership Program
In 2019, there was a fundamental change in the
implementation of the Partnership Program. Starting
1 January 2019, the Company will not channel
funds through partnership programs to fostered
partners. Distribution of partnership funds in 2019
is conducted through a grant program to a Special
SOE appointed by the Ministry of SOEs, PT PNM.
In 2019, the Partnership Program funds channeled
by the Company to PT PNM was amounted to Rp5
billion.
In accordance with the policy, in 2019 the focus
of the Company's Partnership Program is on the
withdrawal of current receivables from the fostered
partners and undertake collection efforts through
several mechanisms such as rescheduling, interest
abolishment, etc. to the non-current, doubtful and
non-performing fostered partners.
Until the end of 2019, collection of receivables from
fostered partners was amounted to Rp56 billion
from the target of Rp58.5 billion.
Community Development Program
In accordance with the provisions of the SOE
Minister Regulation above, there are 7 types of
activities carried out in the context of implementing
the Community Development Program, namely:
Natural Disaster Aid, Education/Training Assistance,
Health Improvement Aid, Development of Public
Facilities/ Infrastructure, Worship Aid, Nature
Conservation Aid and Social Community Assistance
in the context of Poverty Alleviation.
Throughout 2019, the Company implemented the
following Community Development programs:
1. P4T Program at Rembang Plant.
2. Development of ecopark and edupark areas in
the Tuban Plant.
3. Empowering the green belt farmers.
4. Development of an integrated farming program.
5. Development of the Kehati Park and Semen
Tonasa Geopark Programs.
6. Conservation of the Biih fishes as West
Sumatran endemic for the livelihood of the local
communities.
7. Empowering the Sikayan Balumuik forest
community group.
8. Vocational education of EVE (Enterprise-based
Vocational Education).
9. and other programs.
273
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
SOEs for the Nation Program (BUMN Hadir Untuk Negeri/BHUN)
Local Workforce
BHUN is a program initiated by the Ministry of State
Enterprises of the Republic of Indonesia together
143 state-owned companies as a commitment to
cultivate and foster a sense of prideIndonesian
nation and landless water to all communities
throughout the country. As the cement industry SOE
Holding company, Semen Indonesia was involved
in several flagship programs BHUN.
In 2019, the Indonesian Cement appointed
Ministry SOE as the person in charge (PIC) BHUN
implementation in Selayar, South Sulawesi, together
with co-PIC of PT Industri Ships Indonesia (Persero)
and PT Perkebunan Nusantara XIV (Persero).
BHUN Activities in Selayar Islands
1. Siswa Mengenal Nusantara (SMN)
2. SOEs Present at Certified Universities &
Internships
3. Ramadhan Safari
4. Free Homecoming Program
5. Independence Day of the Republic of
Indonesia
a. Independence Day Ceremonial
b. Healthy Walk and Clean Environment
c. House Renovation
d. Provision of Community’s Basic Needs
e. Cheap Market
6. Balkondes & Homestay
7. Christmas and New Year Celebrations
a. Donations for Children
b. Donations for Orphanage/Church
SIG provides equal opportunities for everyone to
join the employee recruitment process regardless of
ethnicity, religion, race and group. Recruitment is held
in a transparent manner according to the needs and
qualifications required. However, for certain types
of work SIG has a policy to accept local workers in
the selection process with equal qualifications and
competencies. Local labor is defined as workforce
originating from the Company's operational areas.
Recruiting local workers is a form of commitment to
empower local communities.
274
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
“I am very grateful to be able to join
this program. When dispatched to Papua
and upon our arrival, we were greeted
by a nice and friendly local government
and the Jayapura student council forum.
I participated in all activities with grateful
and honored feeling.”
“The event introduced us to new things
we obviously have never encountered in
our previous place, such as State Defense
education, cultural awareness, traditional
foods, and South Sulawesi dance. As
Papua representative, I thank you for
organizing this event.”
Diva Aulia Zhiqkyah
SMN Participant from
South Sulawesi
Stenli Reinold Bouway
SMN Participant from
Papua
Testimonials
Siswa Mengenal Nusantara (SMN)
• 24 senior high/vocational school students • 2 Model Teachers
• 3 students with disability • 1 Representative from the Education
Office
SOEs Present at Certified Universities & Internships
Ramadhan Safari
• Donation to 1,000 orphans,
• Provision of 1,000 Quran books,
• Donation of a 50-meters of praying mat,
• Scholarship for 221 students
Free Homecoming Program
• Land route: 28 Buses and 1,271 Passengers
• Sea route: 7 Ships and 4,303 Passengers
• Total of 5,574 Participants
Independence Day Celebration
• Independence Day Ceremonial
• Healthy Walk and Clean Environment
• House Renovation
• Provision of Community’s Basic Needs
• Cheap Market
Balkondes & Homestay
275
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Service Commitment to Customers
Target
As one of concern for the customer, the Company has
a Customer Complaint Center to receive questions,
suggestions, or complaints from the community
and from customers. Feedback from customers is
one important factor in the effort to fulfill the quality
standards and the protection of consumers against
each product. In addition, the Company also has
a social media account that periodically provide
various information regarding products and services
providedCompany to the public.
Company always give priority to the principle of
transparency and responsibility in providing services
to consumers in order to meet the best service
commitment to consumers, provide a rapid response
to various requests and complaints of consumers as
part of its commitment to service and maintain the
confidentiality of its customers.
Targets to be achieved from the implementation of
customer responsibility include several aspects:
• Product availability in the market in adequate
amount.
• Customer expectations’ fulfillment on product
specifications as conveyed in the packaging and
in the marketing kit exposure.
• Cement supply contracts’ fulfillment in a timely
and appropriate manner, to support the physical
construction project completion from customers.
• Protecting the customers from the risk of health
and safety impacts when using the Company's
products.
Product and Customer Responsibility
In carrying out its business activities, the Company
always prioritizes customer satisfaction by providing
the best service. The Company not only provides
quality products, but also provides maximum
protection to customers. Excellent service policy
for customers is continuously being improved every
year and implemented in the form of improved
services to customers and information availability
on products and services.
Quality Products According to Customer Expectations
To meet customer expectations for quality cement
products according to required specifications, the
Company carries out several activities, including:
• Implementation of Research and Development
activities, to produce the best products according
to customers’ requirements and needs.
• Implementation of quality control, randomly
and continuously, by examining products based
on random sampling methods according to the
existing quality management system.
• Provision of customer complaints channels and
customer complaint resolution teams that will be
ready to help resolve customer complaints on-
the spot.
276
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Customer Service Center
Customer Satisfaction Survey
The Company has a contact center service
accessible through dial number 0800-1088888.
Customers and public can contact this number to get
all information and submit complaints and questions
about the Company's products and services.
Contact Center Semen Indonesia operates 24
hours a day and 7 days a week. Any questions
regarding general information about the Company's
products and services will be responded directly
by the Contact Center Agent and complaints will
be forwarded to authorized department for follow-
up. Overall, both questions and complaints will be
recorded in the Contact Center database.
The Company measures customer satisfaction
regularly to continue to monitor the Company's
performance consistency for products and services
at every opportunity with customers and stay alert
about the changing expectations and needs of the
customer.
The survey results are displayed in the Customer
Satisfaction Index (CSI) for the distribution and
customers channel, which will be an input for the
Company to continue to provide the best services
and improve service performance.
To ensure customer safety, the Company and
its subsidiaries produce sack packaging cement
weighing of 40 kilograms and 50 kilograms. This
is in accordance with the maximum weight of
ergonomic burden that can be lifted by humans
without tools.
The Company complements each product
produced and sold to customers with information
on quality and other specifications, which are
listed on the outside of the package and contains:
1. Symbol/logo from the manufacturer.
2. Product name.
3. National Industrial Standard Number (SNI).
4. Packaging weight.
5. Type of cement.
6. Instructions for use.
7. Customer service number for complaints/reports.
Customer Health and Safety Risk Mitigation
277
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
2019 ANNUAL REPORTING LIABILITY
280
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk 279Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
Analisis dan Diskusi Manajemen Laporan Keuangan KonsolidasiTata Kelola Perusahaan yang Baik Tanggung Jawab Sosial Perusahaan
Kami yang bertanda tangan di bawah ini menyatakan bahwa semua informasi dalam Laporan
Tahunan PT Semen Indonesia (Persero) Tbk tahun buku 2019 telah dimuat secara lengkap dan
kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan dan Laporan Keuangan
Konsolidasian Perusahaan. Demikian pernyataan ini dibuat dengan sebenarnya.
Jakarta, 31 Maret 2020
Direksi
Hendi Prio SantosoDirektur Utama
Doddy Sulasmono DiniawanDirektur Keuangan
Tina T. Kemala IntanDirektur SDM & Hukum
Tri AbdisatrijoDirektur Enjiniring & Proyek
Benny WendryDirektur Produksi
Adi MunandirDirektur Pemasaran & Supply Chain
Fadjar JudisiawanDirektur Strategi Bisnis &
Pengembangan Usaha
Surat Pernyataan Anggota Direksi Tentang Tanggung Jawab Atas Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
We, the undersigned, hereby declare that all information in the Annual Report of PT Semen
Indonesia (Persero) Tbk for the fiscal year of 2019 are presented completely and we are fully
responsible for the accuracy of the contents of this Annual Report and the Consolidated
Financial Statements of the Company. Thus, this statement is made truthfully.
Jakarta, 31 March 2020
The Board of Commissioners
SoekarwoPresident Commissioner
Sony SubrataCommissioner
Lydia Silvanna DjamanCommissioner
Mochamad CholiqIndependent Commissioner
Astera Primanto BhaktiCommissioner
Hendrika Nora Osloi SinagaCommissioner
Nasaruddin UmarIndependent Commissioner
Liability Statement of The Board of Commissioners for The 2019 Annual Report PT Semen Indonesia Tbk
281
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk 279Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
Analisis dan Diskusi Manajemen Laporan Keuangan KonsolidasiTata Kelola Perusahaan yang Baik Tanggung Jawab Sosial Perusahaan
Kami yang bertanda tangan di bawah ini menyatakan bahwa semua informasi dalam Laporan
Tahunan PT Semen Indonesia (Persero) Tbk tahun buku 2019 telah dimuat secara lengkap dan
kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan dan Laporan Keuangan
Konsolidasian Perusahaan. Demikian pernyataan ini dibuat dengan sebenarnya.
Jakarta, 31 Maret 2020
Direksi
Hendi Prio SantosoDirektur Utama
Doddy Sulasmono DiniawanDirektur Keuangan
Tina T. Kemala IntanDirektur SDM & Hukum
Tri AbdisatrijoDirektur Enjiniring & Proyek
Benny WendryDirektur Produksi
Adi MunandirDirektur Pemasaran & Supply Chain
Fadjar JudisiawanDirektur Strategi Bisnis &
Pengembangan Usaha
Surat Pernyataan Anggota Direksi Tentang Tanggung Jawab Atas Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
We, the undersigned, hereby declare that all information in the Annual Report of PT Semen
Indonesia (Persero) Tbk for the fiscal year of 2019 are presented completely and we are fully
responsible for the accuracy of the contents of this Annual Report and the Consolidated
Financial Statements of the Company. Thus, this statement is made truthfully.
Jakarta, 31 March 2020
The Board of Directors
Hendi Prio SantosoPresident Director
Director of Finance
Tina T. Kemala IntanDirector of Human Resources & Legal
Tri AbdisatrijoDirector of Engineering & Projects
Benny WendryDirector of Production
Adi MunandirDirector of Marketing & Supply Chain
Fadjar JudisiawanDirector of Business Strategy & Development
Liability Statement of The Board of Directors for The 2019 Annual Report PT Semen Indonesia Tbk
CONSOLIDATED FINANCIAL STATEMENTS
7
Ikhtisar Data Keuangan dan Operasional Laporan Manajemen Profil Perusahaan Analisis dan Diskusi Manajemen
Laporan Tahunan 2019 PT Semen Indonesia (Persero) Tbk
284
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
This page is intentionally left blank
285
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
286
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
287
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
288
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
ASET ASSETS
ASET LANCAR CURRENT ASSETSKas dan setara kas 3.950.448 5 5.245.731 Cash and cash equivalentsInvestasi jangka pendek 67.222 8.453 Short-term investmentsPiutang usaha: Trade receivables:
- Pihak berelasi 1.493.872 6 1.187.905 Related parties -- Pihak ketiga 4.995.989 6 4.598.310 Third parties -
Piutang lain-lain: Other receivables:- Pihak berelasi 111.994 45.306 Related parties -- Pihak ketiga 257.736 128.196 Third parties -
Persediaan 4.641.646 7 3.544.142 InventoriesUang muka 136.159 162.972 AdvancesBeban dibayar di muka 215.667 176.399 Prepaid expensesPajak dibayar di muka: Prepaid taxes:
- Pajak penghasilan badan 538.150 8a 744.716 Corporate income tax -- Pajak lain-lain 225.728 8a 241.012 Other taxes -
Aset lancar lainnya 23.920 7.882 Other current assets
Jumlah Aset Lancar 16.658.531 16.091.024 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETSKas yang dibatasi penggunaannya 57.356 9 31.332 Restricted cashAset pajak tangguhan 658.262 8e 562.609 Deferred tax assetsInvestasi pada entitas asosiasi 89.001 10 85.638 Investments in associatesInvestasi pada ventura bersama 52.108 55.822 Investments in joint ventureProperti investasi 119.602 11 132.043 Investment propertiesAset tetap 56.601.702 12 32.391.950 Fixed assetsGoodwill dan aset takberwujud 4.260.059 13 1.084.687 Goodwill and intangible assetsTagihan pengembalian pajak: Claims for tax refund:
- Pajak penghasilan badan 299.367 8b - Corporate income tax -- Pajak lain-lain 143.766 8b - Other taxes -
Aset tidak lancar lainnya 867.313 348.731 Other non-current assets
Jumlah Aset Tidak Lancar 63.148.536 34.692.812 Total Non-Current Assets
JUMLAH ASET 79.807.067 50.783.836 TOTAL ASSETS
289
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
ASET ASSETS
ASET LANCAR CURRENT ASSETSKas dan setara kas 3.950.448 5 5.245.731 Cash and cash equivalentsInvestasi jangka pendek 67.222 8.453 Short-term investmentsPiutang usaha: Trade receivables:
- Pihak berelasi 1.493.872 6 1.187.905 Related parties -- Pihak ketiga 4.995.989 6 4.598.310 Third parties -
Piutang lain-lain: Other receivables:- Pihak berelasi 111.994 45.306 Related parties -- Pihak ketiga 257.736 128.196 Third parties -
Persediaan 4.641.646 7 3.544.142 InventoriesUang muka 136.159 162.972 AdvancesBeban dibayar di muka 215.667 176.399 Prepaid expensesPajak dibayar di muka: Prepaid taxes:
- Pajak penghasilan badan 538.150 8a 744.716 Corporate income tax -- Pajak lain-lain 225.728 8a 241.012 Other taxes -
Aset lancar lainnya 23.920 7.882 Other current assets
Jumlah Aset Lancar 16.658.531 16.091.024 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETSKas yang dibatasi penggunaannya 57.356 9 31.332 Restricted cashAset pajak tangguhan 658.262 8e 562.609 Deferred tax assetsInvestasi pada entitas asosiasi 89.001 10 85.638 Investments in associatesInvestasi pada ventura bersama 52.108 55.822 Investments in joint ventureProperti investasi 119.602 11 132.043 Investment propertiesAset tetap 56.601.702 12 32.391.950 Fixed assetsGoodwill dan aset takberwujud 4.260.059 13 1.084.687 Goodwill and intangible assetsTagihan pengembalian pajak: Claims for tax refund:
- Pajak penghasilan badan 299.367 8b - Corporate income tax -- Pajak lain-lain 143.766 8b - Other taxes -
Aset tidak lancar lainnya 867.313 348.731 Other non-current assets
Jumlah Aset Tidak Lancar 63.148.536 34.692.812 Total Non-Current Assets
JUMLAH ASET 79.807.067 50.783.836 TOTAL ASSETS
290
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/3 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
EKUITAS EQUITYEkuitas yang dapat diatribusikan Equity attributable to equity
kepada pemilik entitas induk: holders of the parent entity:Modal saham - nilai nominal Share capital - par value of
Rp 100 (angka penuh) per saham Rp 100 (full amount) per share foruntuk saham Seri A Dwiwarna Series A Dwiwarna share anddan saham Seri B, Series B sharesModal dasar - 1 lembar saham Seri A Authorized - 1 Series A Dwiwarna
Dwiwarna dan 19.999.999.999 share and 19,999,999,999lembar saham Seri B Series B shares
Modal ditempatkan dan disetor Issued and fully paidpenuh - 1 lembar saham - 1 Series A Dwiwarna shareSeri A Dwiwarna dan 5.931.519.999 and 5,931,519,999lembar saham seri B 593.152 19 593.152 Series B shares
Tambahan modal disetor 1.458.258 20 1.458.258 Additional paid-in capitalSelisih transaksi ekuitas Difference in value of
dengan pihak equity transaction with nonpengendali 28.928 28.928 non-controlling interest
Komponen ekuitas lainnya 422.194 497.969 Other equity componentsSaldo laba Retained earnings
- Ditentukan penggunaannya 253.338 253.338 Appropriated -- Belum ditentukan penggunaannya 29.520.945 28.360.440 Unappropriated -
Jumlah ekuitas yang dapatdiatribusikan kepada Total equity attributable to thepemilik entitas induk 32.276.815 31.192.085 owners of the parent entity
Kepentingan nonpengendali 1.615.109 22 1.423.230 Non-controlling interests
Jumlah Ekuitas 33.891.924 32.615.315 Total Equity
JUMLAH LIABILITAS, TOTAL LIABILITIES,DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH DAN EKUITAS 79.807.067 50.783.836 FUNDS AND EQUITY
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/2 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIESPinjaman jangka pendek 1.211.916 14 1.551.659 Short-term borrowingsUtang usaha: Trade payables:
- Pihak berelasi 864.792 16 670.705 Related parties -- Pihak ketiga 4.804.967 16 3.805.444 Third parties -
Utang lain-lain: Other payables:- Pihak berelasi 19.462 32.116 Related parties -- Pihak ketiga 555.664 286.787 Third parties -
Akrual 1.222.508 17 901.429 AccrualsUtang pajak: Taxes payable:
- Pajak penghasilan badan 326.508 8c 148.088 Corporate income tax -- Pajak lain-lain 299.122 8c 214.695 Other taxes -
Liabilitas imbalan kerja Short-term employeejangka pendek 735.066 29 392.573 benefits liabilities
Uang muka penjualan 119.918 37.800 Sales advancesPinjaman jangka panjang yang jatuh Current maturities of
tempo dalam satu tahun: long-term borrowings:- Pinjaman bank 2.052.348 14 50.136 Bank loans -- Liabilitas sewa pembiayaan 27.981 14 88.387 Finance lease liabilities -
Jumlah Liabilitas Jangka Pendek 12.240.252 8.179.819 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESLiabilitas pajak tangguhan 3.838.407 8e 207.233 Deferred tax liabilitiesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 2.235.955 29 1.433.259 liabilitiesPinjaman jangka panjang, setelah
dikurangi bagian yang jatuh tempo Long-term borrowings,dalam satu tahun: net of current maturities:- Pinjaman bank 17.659.900 14 4.644.083 Bank loans -- Utang obligasi 7.065.345 14 2.994.902 Bonds payable -- Liabilitas sewa pembiayaan 24.457 14 273.293 Finance lease liabilities -
Provisi jangka panjang 264.891 18 228.188 Long-term provisionLiabilitas jangka panjang lainnya 585.936 207.744 Other non-current liabilities
Jumlah Liabilitas Total Non-Current Jangka Panjang 31.674.891 9.988.702 Liabilities
Jumlah Liabilitas 43.915.143 18.168.521 Total Liabilities
DANA SYIRKAH TEMPORER 2.000.000 15 - TEMPORARY SYIRKAH FUNDS
291
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/3 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
EKUITAS EQUITYEkuitas yang dapat diatribusikan Equity attributable to equity
kepada pemilik entitas induk: holders of the parent entity:Modal saham - nilai nominal Share capital - par value of
Rp 100 (angka penuh) per saham Rp 100 (full amount) per share foruntuk saham Seri A Dwiwarna Series A Dwiwarna share anddan saham Seri B, Series B sharesModal dasar - 1 lembar saham Seri A Authorized - 1 Series A Dwiwarna
Dwiwarna dan 19.999.999.999 share and 19,999,999,999lembar saham Seri B Series B shares
Modal ditempatkan dan disetor Issued and fully paidpenuh - 1 lembar saham - 1 Series A Dwiwarna shareSeri A Dwiwarna dan 5.931.519.999 and 5,931,519,999lembar saham seri B 593.152 19 593.152 Series B shares
Tambahan modal disetor 1.458.258 20 1.458.258 Additional paid-in capitalSelisih transaksi ekuitas Difference in value of
dengan pihak equity transaction with nonpengendali 28.928 28.928 non-controlling interest
Komponen ekuitas lainnya 422.194 497.969 Other equity componentsSaldo laba Retained earnings
- Ditentukan penggunaannya 253.338 253.338 Appropriated -- Belum ditentukan penggunaannya 29.520.945 28.360.440 Unappropriated -
Jumlah ekuitas yang dapatdiatribusikan kepada Total equity attributable to thepemilik entitas induk 32.276.815 31.192.085 owners of the parent entity
Kepentingan nonpengendali 1.615.109 22 1.423.230 Non-controlling interests
Jumlah Ekuitas 33.891.924 32.615.315 Total Equity
JUMLAH LIABILITAS, TOTAL LIABILITIES,DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH DAN EKUITAS 79.807.067 50.783.836 FUNDS AND EQUITY
292
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 2 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
Catatan/2019 Notes 2018
PENDAPATAN 40.368.107 23 30.687.626 REVENUEBEBAN POKOK PENDAPATAN (27.654.124) 24 (21.357.096) COST OF REVENUELABA KOTOR 12.713.983 9.330.530 GROSS PROFITBeban penjualan (3.084.107) 25 (2.237.003) Selling expenses
General and administrationBeban umum dan administrasi (3.536.797) 25 (2.320.262) expensesPenghasilan keuangan 217.823 181.973 Finance incomeBeban keuangan (3.205.298) 26 (959.259) Finance costsBagian atas hasil bersih entitas Share of result of
asosiasi dan ventura bersama (1.793) 1.606 associates and joint venturePenghasilan operasi lainnya - bersih 91.964 27 107.374 Other operating income - net
LABA SEBELUM PAJAKPENGHASILAN 3.195.775 4.104.959 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan (824.542) 8d (1.019.255) Income tax expenseLABA TAHUN BERJALAN 2.371.233 3.085.704 PROFIT FOR THE YEAR(RUGI)/PENGHASILAN OTHER COMPREHENSIVE
KOMPREHENSIF LAIN (LOSS)/INCOMEPos-pos yang tidak akan Items that will not be reclassified
direklasifikasi ke laba rugi: to profit or loss:Pengukuran kembali atas Remeasurements of defined
liabilitas imbalan pasti (7.523) 413.113 benefit obligationPajak penghasilan terkait 1.795 8e (97.606) Related income tax
(5.728) 315.507 Pos-pos yang akan Items that will be reclassified
direklasifikasi ke laba rugi: to profit or loss:Selisih kurs dari penjabaran Exchange difference from
kegiatan usaha luar negeri (97.354) 116.162 translation of foreign operationsJumlah (rugi)/penghasilan
komprehensif lain tahun Total other comprehensive (loss)/berjalan - setelah pajak (103.082) 431.669 income for the year - net of tax
JUMLAH PENGHASILAN TOTAL COMPREHENSIVEKOMPREHENSIF TAHUN BERJALAN 2.268.151 3.517.373 INCOME FOR THE YEAR
LABA TAHUN BERJALANYANG DIATRIBUSIKAN PROFIT FOR THE YEARKEPADA: ATTRIBUTABLE TO:- Pemilik entitas induk 2.392.151 3.079.115 Owners of the parent entity -- Kepentingan nonpengendali (20.918) 22 6.589 Non-controlling interests -
LABA TAHUN BERJALAN 2.371.233 3.085.704 PROFIT FOR THE YEAR
JUMLAH PENGHASILAN KOMPREHENSIF TAHUN TOTAL COMPREHENSIVEBERJALAN YANG DIATRIBUSIKAN INCOME FOR THE YEARKEPADA: ATTRIBUTABLE TO:- Pemilik entitas induk 2.316.376 3.475.788 Owners of the parent entity -- Kepentingan nonpengendali (48.225) 41.585 Non-controlling interests -
JUMLAH PENGHASILAN TOTAL COMPREHENSIVE INCOME KOMPREHENSIF TAHUN BERJALAN 2.268.151 3.517.373 FOR THE YEAR
Laba per saham Earnings per share(dinyatakan Rupiah penuh) (expressed in full Rupiah)Dasar dan dilusian 403 28 519 Basic and diluted
293
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT S
EMEN
IND
ON
ESIA
(PER
SER
O) T
bk
DAN
ENT
ITAS
AN
AK/A
ND
SU
BSI
DIA
RIE
S
Hal
aman
- 3
- Sch
edul
e
Cat
atan
ata
s la
pora
n ke
uang
an k
onso
lidas
ian
mer
upak
an b
agia
n ya
ng ti
dak
terp
isah
kan
dari
lapo
ran
keua
ngan
kon
solid
asia
n.
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
con
solid
ated
fin
anci
al s
tate
men
ts.
LAPO
RAN
PER
UB
AHAN
EK
UIT
AS K
ONS
OLI
DAS
IAN
TA
HUN
YAN
G B
ERAK
HIR
31
DES
EMB
ER 2
019
DAN
201
8 (D
inya
taka
n da
lam
juta
an R
upia
h, k
ecua
li di
nyat
akan
lain
)
CO
NSO
LID
ATE
D S
TATE
MEN
TS O
F C
HA
NG
ES IN
EQ
UIT
Y FO
R T
HE
YEA
R E
ND
ED 3
1 D
ECEM
BER
201
9 A
ND
201
8 (E
xpre
ssed
in m
illio
ns o
f Rup
iah,
unl
ess
othe
rwis
e st
ated
)
Selis
ihtra
nsak
si ek
uita
sde
ngan
pih
akno
npen
gend
ali/
Kom
pone
nDi
ffere
nce
in v
alue
ekui
tas
Tam
baha
nof
equ
itylai
nnya
/Ke
pent
inga
nm
odal
dise
tor/
trans
actio
n wi
thOt
her
Belu
mno
npen
gend
ali/
Cata
tan/
Moda
l sah
am/
Addi
tiona
lno
n-co
ntro
lling
equi
tyDi
cada
ngka
n/di
cada
ngka
n/Ju
mlah
/No
n-co
ntro
lling
Jum
lah/
Note
sCa
pita
l sto
ckpa
id-in
cap
ital
inte
rest
com
pone
nts
Appr
opria
ted
Unap
prop
riate
dTo
tal
inte
rest
sTo
tal
Saldo
1 Ja
nuar
i 201
859
3.15
2
1.
458.
258
28
.928
101.
296
253.
338
26.0
87.0
03
28.5
21.9
75
1.40
3.07
7
29.9
25.0
52
Ba
lance
as a
t 1 Ja
nuar
y 20
18
Laba
tahu
n be
rjalan
-
-
-
-
-
3.
079.
115
3.
079.
115
6.58
9
3.
085.
704
Pr
ofit f
or th
e ye
ar
Peng
hasil
an ko
mpre
hens
if lain
Othe
r com
preh
ensiv
e in
com
e fo
r the
year
,
tahu
n be
rjalan
sete
lah p
ajak
-
-
-
39
6.67
3
-
-
39
6.67
3
34.9
96
431.
669
net o
f tax
Divid
en20
-
-
-
-
-
(8
05.6
78)
(805
.678
)
(21.
432)
(827
.110
)
Divid
ends
Sald
o 31
Des
embe
r 201
859
3.15
2
1.
458.2
58
28
.928
497.
969
253.
338
28.3
60.44
0
31
.192.
085
1.
423.
230
32
.615
.315
Bala
nce
as a
t 31
Dece
mbe
r 201
8
Laba
tahu
n be
rjalan
-
-
-
-
-
2.
392.
151
2.
392.
151
(20.
918)
2.37
1.23
3
Prof
it for
the
year
Akuis
isi e
ntita
s ana
k-
-
-
-
-
-
-
25
3.40
6
25
3.40
6
Ac
quisi
tion
of a
subs
idiar
y
Rugi
kom
preh
ensif
lain
Othe
r com
preh
ensiv
e los
s for
the
year
,ta
hun
berja
lan se
telah
paja
k-
-
-
(75.
775)
-
-
(7
5.77
5)
(27.
307)
(103
.082
)
net o
f tax
Divid
en20
-
-
-
-
-
(1
.231
.646
)
(1.2
31.6
46)
(13.
302)
(1.2
44.9
48)
Divid
ends
Sald
o 31
Des
embe
r 201
959
3.15
2
1.
458.2
58
28
.928
422.
194
253.
338
29.5
20.94
5
32
.276.
815
1.
615.
109
33
.891
.924
Bala
nce
as a
t 31
Dece
mbe
r 201
9
Diat
ribus
ikan
kepa
da p
emilik
ent
itas i
nduk
/Attr
ibut
able
to o
wner
s of
the
pare
nt e
ntity
Reta
ined
ear
ning
sSa
ldo
laba/
294
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/1 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Semen Indonesia (Persero) Tbk (“Perseroan“) didirikan dengan nama NV Pabrik Semen Gresik pada tanggal 25 Maret 1953 dengan Akta Notaris Raden Mr. Soewandi No. 41. Pada tanggal 17 April 1961, NV Pabrik Semen Gresik dijadikan Perusahaan Negara (Persero) berdasarkan Peraturan Pemerintah No. 132 Tahun 1961, kemudian berubah menjadi PT Semen Gresik (Persero) berdasarkan Akta Notaris J.N. Siregar, S.H. No. 81 tanggal 24 Oktober 1969.
PT Semen Indonesia (Persero) Tbk (the “Company”) was established on 25 March 1953 as NV Pabrik Semen Gresik based on Notarial Deed No. 41 of Raden Mr. Soewandi. On 17 April 1961, NV Pabrik Semen Gresik has become a state enterprise (Persero) based on Government Regulation No. 132 Year 1961, and subsequently became PT Semen Gresik (Persero) based on Notarial Deed No. 81 dated 24 October 1969 of J.N. Siregar, S.H..
Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan dan yang terakhir antara lain mengenai tempat, maksud dan tujuan, tugas, wewenang dan kewajiban Direksi berdasarkan Akta No. 29 tanggal 13 Juni 2019 yang dibuat dihadapan Leolin Jayayanti, S.H., Notaris di Jakarta. Perubahan ini telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia pada tanggal 9 Juli 2019, melalui surat keputusan No. AHU-0035582.AH.01.02 tanggal 9 Juli 2019.
The Company’s Articles of Association have been amended several times, the most recent was concerning, among others, the location, scope of business, the dutys, authorities and responsibility of the Board of Director based on Notarial Deed No. 29 dated 13 June 2019 of Leolin Jayayanti, S.H., Notary in Jakarta. The amandment was approved by Ministry of Law and Human Rights of the Republic of Indonesia by virtue of its letter dated 9 July 2019 with decree No. AHU-0035582.AH.01.02 dated 9 July 2019.
Ruang lingkup kegiatan usaha Perseroan menurut Anggaran Dasar adalah menjalankan usaha dalam bidang industri semen, termasuk kegiatan produksi, menambang dan/atau menggali bahan yang diperlukan dalam industri semen atau industri lainnya, perdagangan, pemasaran dan distribusi terkait dengan industri semen serta pemberian jasa untuk industri semen dan/atau industri lainnya.
The scope of business activities of the Company in accordance with its Articles of Association includes conducting business in the field of cement industry, production, mining and/or digging materials required in cement or other industries, trading, marketing and distribution related to cement industry, and providing services for cement and/or other industries.
Perseroan berkedudukan dan berkantor pusat di Jakarta Selatan. Perseroan memulai kegiatan komersialnya pada tanggal 7 Agustus 1957.
The Company’s head office is located at West South Jakarta. The Company commenced commercial operations on 7 August 1957.
Lokasi pabrik semen Perseroan dan Entitas Anak (“Grup“) berada di Gresik dan Tuban di Jawa Timur, Rembang dan Cilacap di Jawa Tengah, Narogong di jawa barat, Indarung di Sumatera Barat, Lhoknga di Aceh, Pangkep di Sulawesi Selatan dan Quang Ninh di Vietnam.
The Company and its subsidiaries’ (“the Group”) cement plants are located in Gresik and Tuban in East Java, Rembang and Cilacap in Central Java, Narogong in West Java, Indarung in West Sumatera, Lhoknga in Aceh, Pangkep in South Sulawesi and Quang Ninh in Vietnam.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 4 - Schedule
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
The accompanying notes form an integral part of these consolidated financial statements.
LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2019 dan 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED
31 DECEMBER 2019 and 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2019 2018CASH FLOWS FROM
ARUS KAS DARI AKTIVITAS OPERASI OPERATING ACTIVITIESPenerimaan dari pelanggan 40.470.215 29.774.761 Receipts from customersPembayaran kepada pemasok (27.448.166) (21.422.720) Payments to suppliersPembayaran kepada karyawan (3.804.203) (2.605.272) Payments to employeesKas yang dihasilkan dari operasi 9.217.846 5.746.769 Cash generated from operationsPenghasilan keuangan yang diterima 213.468 181.973 Finance income receivedPembayaran pajak penghasilan badan (616.721) (542.907) Payment of corporate income taxesPembayaran beban keuangan (3.163.479) (961.590) Payment of finance cost(Pembayaran)/penerimaan lainnya (42.183) 35.095 Others (payments)/receipts
Arus kas bersih yang diperoleh dari Net cash flows provided fromaktivitas operasi 5.608.931 4.459.340 operating activities
CASH FLOWS FROMARUS KAS DARI AKTIVITAS INVESTASI INVESTING ACTIVITIESPembelian aset tetap (1.639.080) (1.790.173) Acquisition of fixed assetsPenempatan kas yang dibatasi penggunaannya (4.755) (2.599) Placement of restricted cashPerolehan properti investasi (2.309) - Additions of investment propertyHasil penjualan aset tetap 6.708 9.726 Proceeds from sale of fixed assetsAkuisisi entitas anak (15.459.602) - Acquisition of a subsidiaryPenambahan investasi pada entitas asosiasi (625) - Addition investment in associatePenambahan aset takberwujud (2.116) (5.985) Additions of intangible assetsPenempatan investasi Placement of short-term
jangka pendek (58.769) - investmentsArus kas bersih yang digunakan Net cash flows used in
untuk aktivitas investasi (17.160.548) (1.789.031) investing activitiesCASH FLOWS FROM
ARUS KAS DARI AKTIVITAS PENDANAAN FINANCING ACTIVITIESPenerimaan utang bank jangka pendek 6.451.326 2.080.919 Proceeds from short-term borrowingsPembayaran utang bank jangka pendek (8.506.886) (1.774.146) Payment of short-term borrowingsPenerimaan utang bank jangka panjang 33.214.334 4.273.689 Proceeds from long-term bank loanPembayaran utang bank jangka panjang (25.109.036) (4.640.981) Payment of long-term bank loanPenerimaan dana syirkah temporer 2.000.000 - Proceeds from temporary syirkah fundsPenerimaan utang obligasi 4.078.000 - Proceeds from bonds payablePembayaran liabilitas sewa pembiayaan (337.938) (174.709) Payment of finance lease liabilitiesPemberian pinjaman kepada Loan given to
entitas ventura bersama (260.000) - joint venture entityPembayaran dividen: Payment of dividends:
- Pemilik entitas induk (1.231.646) (805.678) Equity holders of parent entity -- Kepentingan nonpengendali (13.302) (21.432) Non-controlling interests -
Arus kas bersih yang diperoleh dari/ Net cash flows provided from/(digunakan untuk) aktivitas pendanaan 10.284.852 (1.062.338) (used in) financing activities
(PENURUNAN)/KENAIKAN BERSIH NET (DECREASE)/INCREASE INKAS DAN SETARA KAS (1.266.765) 1.607.971 CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSPADA AWAL TAHUN 5.245.731 3.637.760 AT THE BEGINNING OF THE YEAR
EFFECT OF EXCHANGE RATEDAMPAK PERUBAHAN SELISIH KURS CHANGES ON CASH AND
TERHADAP KAS DAN SETARA KAS (28.518) - CASH EQUIVALENTSKAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
PADA AKHIR TAHUN 3.950.448 5.245.731 AT THE END OF THE YEAR
295
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/1 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Semen Indonesia (Persero) Tbk (“Perseroan“) didirikan dengan nama NV Pabrik Semen Gresik pada tanggal 25 Maret 1953 dengan Akta Notaris Raden Mr. Soewandi No. 41. Pada tanggal 17 April 1961, NV Pabrik Semen Gresik dijadikan Perusahaan Negara (Persero) berdasarkan Peraturan Pemerintah No. 132 Tahun 1961, kemudian berubah menjadi PT Semen Gresik (Persero) berdasarkan Akta Notaris J.N. Siregar, S.H. No. 81 tanggal 24 Oktober 1969.
PT Semen Indonesia (Persero) Tbk (the “Company”) was established on 25 March 1953 as NV Pabrik Semen Gresik based on Notarial Deed No. 41 of Raden Mr. Soewandi. On 17 April 1961, NV Pabrik Semen Gresik has become a state enterprise (Persero) based on Government Regulation No. 132 Year 1961, and subsequently became PT Semen Gresik (Persero) based on Notarial Deed No. 81 dated 24 October 1969 of J.N. Siregar, S.H..
Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan dan yang terakhir antara lain mengenai tempat, maksud dan tujuan, tugas, wewenang dan kewajiban Direksi berdasarkan Akta No. 29 tanggal 13 Juni 2019 yang dibuat dihadapan Leolin Jayayanti, S.H., Notaris di Jakarta. Perubahan ini telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia pada tanggal 9 Juli 2019, melalui surat keputusan No. AHU-0035582.AH.01.02 tanggal 9 Juli 2019.
The Company’s Articles of Association have been amended several times, the most recent was concerning, among others, the location, scope of business, the dutys, authorities and responsibility of the Board of Director based on Notarial Deed No. 29 dated 13 June 2019 of Leolin Jayayanti, S.H., Notary in Jakarta. The amandment was approved by Ministry of Law and Human Rights of the Republic of Indonesia by virtue of its letter dated 9 July 2019 with decree No. AHU-0035582.AH.01.02 dated 9 July 2019.
Ruang lingkup kegiatan usaha Perseroan menurut Anggaran Dasar adalah menjalankan usaha dalam bidang industri semen, termasuk kegiatan produksi, menambang dan/atau menggali bahan yang diperlukan dalam industri semen atau industri lainnya, perdagangan, pemasaran dan distribusi terkait dengan industri semen serta pemberian jasa untuk industri semen dan/atau industri lainnya.
The scope of business activities of the Company in accordance with its Articles of Association includes conducting business in the field of cement industry, production, mining and/or digging materials required in cement or other industries, trading, marketing and distribution related to cement industry, and providing services for cement and/or other industries.
Perseroan berkedudukan dan berkantor pusat di Jakarta Selatan. Perseroan memulai kegiatan komersialnya pada tanggal 7 Agustus 1957.
The Company’s head office is located at West South Jakarta. The Company commenced commercial operations on 7 August 1957.
Lokasi pabrik semen Perseroan dan Entitas Anak (“Grup“) berada di Gresik dan Tuban di Jawa Timur, Rembang dan Cilacap di Jawa Tengah, Narogong di jawa barat, Indarung di Sumatera Barat, Lhoknga di Aceh, Pangkep di Sulawesi Selatan dan Quang Ninh di Vietnam.
The Company and its subsidiaries’ (“the Group”) cement plants are located in Gresik and Tuban in East Java, Rembang and Cilacap in Central Java, Narogong in West Java, Indarung in West Sumatera, Lhoknga in Aceh, Pangkep in South Sulawesi and Quang Ninh in Vietnam.
296
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/3 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Struktur Entitas Anak b. The Subsidiaries Structure
Kepemilikan saham Perseroan pada entitas anak adalah sebagai berikut:
The Company’s ownership interests in subsidiaries are as follows:
Dimulainya
kegiatankomersial/
Start ofDomisili/ Jenis usaha/ commercialDomicile Nature of business 2019 2018 activities 2019 2018
Pemilikan langsung/Direct ownership
PT Semen Padang (“SP”) Indarung, Produksi semen/ 99,99% 99,99% 1913 9.914.107 9.992.063 dan entitas anak/ Sumatera Barat/ Cement manufacturingand its subsidiaries West Sumatera
PT Semen Indonesia Aceh Produksi semen/ 52,28% 52,28% - 569.861 605.916 Aceh ("SIA") Cement manufacturing
PT United Tractors Semen Tuban, Jasa penambangan 55,00% 55,00% 1992 544.900 617.601 Gresik (“UTSG”) Jawa Timur/ batu kapur dan tanah liat/
East Java Limestone and clay mining service
PT Industri Kemasan Tuban, Produksi kantong semen/ 60,00% 60,00% 1994 405.019 425.888 Semen Gresik (“IKSG”) Jawa Timur/ Cement bag manufacturing
East Java
PT Sinergi Mitra Investama (”SMI”) Gresik, Persewaan bangunan/ 97,00% 97,00% 2012 44.010 46.253 Jawa Timur/ Building rentalEast Java
PT Semen Gresik (“SG”) Tuban, Produksi semen/ 99,96% 99,96% 2017 5.713.277 5.622.948 Jawa Timur/ Cement manufacturingEast Java
PT Semen Indonesia Logistik ("SIL") Gresik Perdagangan, transportasi, jasa 73,65% 73,65% 1974 2.243.388 2.434.028 dan entitas anak/and its subsidiaries Jawa Timur/ bongkar muat dan konstruksi/
East Java Trade, transporation,and construction
PT Kawasan Industri Gresik, Pengembangan kawasan 65,00% 65,00% 1991 396.560 368.286 Gresik (“KIG”) Jawa Timur/ industri/Industrial real
East Java estate development
PT Semen Indonesia Beton (”SIB”) DKI Jakarta Produksi beton siap pakai/ 99,99% 99,99% 2012 1.955.369 2.225.722 dan entitas anak/and its subsidiary Production of ready mix concrete
PT Sinergi Informatika DKI Jakarta Sistem informasi/ 100,00% 100,00% 2014 113.264 61.406 Semen Indonesia ("SISI") Information system
PT Semen Indonesia International DKI Jakarta Perdagangan, jasa pelayanan, 100,00% 100,00% 2016 517.328 468.413 ("SII") dan entitas anak/ manajemen logistik dan investasi/and its subsidiary Trade, service logistic management
and investment
PT Semen Tonasa (“ST”) Pangkep, Produksi semen/ 99,99% 99,99% 1968 8.059.432 8.742.767 Sulawesi Selatan/ Cement manufacturingSouth Sulawesi
PT Semen Indonesia Industri DKI Jakarta Bahan bangunan/ 100,00% 100,00% - 32.471.647 1.000 Bangunan ("SIIB") dan entitas anak/ Building materialand its subsidiaries
PT Semen Kupang Kupang, Distribusi semen/ 99,48% 99,48% 2019 204.843 192.418 Indonesia (”SKI”) Nusa Tenggara Cement distribution
Timur
Thang Long Cement Joint Hanoi, Produksi semen/ 70,00% 70,00% 2008 2.212.022 2.480.514 Stock Company (”TLCC”) Vietnam Cement manufacturingdan entitas anak/and its subsidiaries
Persentase kepemilikan/ Jumlah aset sebelum eliminasi/Entitas anak/ Percentage of ownership Total assets before eliminationsSubsidiaries
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/2 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued) Entitas induk langsung dan entitas induk akhir Perseroan adalah Pemerintah Republik Indonesia.
The Company's immediate parent and ultimate parent is Government of the Republic of Indonesia.
Susunan Dewan Komisaris dan Direksi Perseroan, dan Komite Audit pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The members of the Company’s Board of Commissioners and Directors, and Audit Committee, as at 31 December 2019 and 2018 were as follows:
2019 2018
Dewan Komisaris Board of CommissionersKomisaris Utama Soekarwo Sutiyoso President CommissionerKomisaris Hendrika Nora Osloi Sinaga Hendrika Nora Osloi Sinaga Commissioners
Astera Primanto Bhakti Astera Primanto BhaktiSony Subrata Sony SubrataLydia Silvanna Djaman Wahyu Hidayat
Komisaris Independen Mochamad Choliq Mochamad Choliq Independent CommissionersNasaruddin Umar Nasaruddin Umar
Dewan Direksi Board of DirectorsDirektur Utama Hendi Prio Santoso Hendi Prio Santoso President DirectorDirektur Fadjar Judisiawan Fadjar Judisiawan Directors
Doddy Sulasmono Diniawan Doddy Sulasmono DiniawanAdi Munandir Adi MunandirTri Abdisatrijo Tri AbdisatrijoTina T. Kemala Intan Agung YunantoBenny Wendry Benny Wendry
Komite Audit Audit CommitteeKetua Mochamad Choliq Mochamad Choliq ChairmanAnggota Astera Primanto Bhakti Astera Primanto Bhakti Members
M. Z. Abidin M. Z. AbidinElok Tresnaningsih Elok Tresnaningsih
Personil manajemen kunci meliputi Dewan Komisaris dan Direksi Perseroan. Kompensasi imbalan kerja jangka pendek yang dibayarkan kepada personil manajemen kunci Perseroan untuk tahun yang berakhir pada 31 Desember 2019 sebesar Rp 108.746 (2018: Rp 76.997).
Key management personnel are the Company’s Boards of Commissioners and Directors. Short-term compensation paid to the key management personnel of the Company for the year ended 31 December 2019 amounted to Rp 108,746 (2018: Rp 76,997).
Pada tanggal 31 Desember 2019, Grup mempunyai karyawan 11.518 (2018: 9.536 karyawan) - tidak diaudit.
As at 31 December 2019, the Group had 11,518 employees (2018: 9,536 employees) -unaudited.
297
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/3 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Struktur Entitas Anak b. The Subsidiaries Structure
Kepemilikan saham Perseroan pada entitas anak adalah sebagai berikut:
The Company’s ownership interests in subsidiaries are as follows:
Dimulainya
kegiatankomersial/
Start ofDomisili/ Jenis usaha/ commercialDomicile Nature of business 2019 2018 activities 2019 2018
Pemilikan langsung/Direct ownership
PT Semen Padang (“SP”) Indarung, Produksi semen/ 99,99% 99,99% 1913 9.914.107 9.992.063 dan entitas anak/ Sumatera Barat/ Cement manufacturingand its subsidiaries West Sumatera
PT Semen Indonesia Aceh Produksi semen/ 52,28% 52,28% - 569.861 605.916 Aceh ("SIA") Cement manufacturing
PT United Tractors Semen Tuban, Jasa penambangan 55,00% 55,00% 1992 544.900 617.601 Gresik (“UTSG”) Jawa Timur/ batu kapur dan tanah liat/
East Java Limestone and clay mining service
PT Industri Kemasan Tuban, Produksi kantong semen/ 60,00% 60,00% 1994 405.019 425.888 Semen Gresik (“IKSG”) Jawa Timur/ Cement bag manufacturing
East Java
PT Sinergi Mitra Investama (”SMI”) Gresik, Persewaan bangunan/ 97,00% 97,00% 2012 44.010 46.253 Jawa Timur/ Building rentalEast Java
PT Semen Gresik (“SG”) Tuban, Produksi semen/ 99,96% 99,96% 2017 5.713.277 5.622.948 Jawa Timur/ Cement manufacturingEast Java
PT Semen Indonesia Logistik ("SIL") Gresik Perdagangan, transportasi, jasa 73,65% 73,65% 1974 2.243.388 2.434.028 dan entitas anak/and its subsidiaries Jawa Timur/ bongkar muat dan konstruksi/
East Java Trade, transporation,and construction
PT Kawasan Industri Gresik, Pengembangan kawasan 65,00% 65,00% 1991 396.560 368.286 Gresik (“KIG”) Jawa Timur/ industri/Industrial real
East Java estate development
PT Semen Indonesia Beton (”SIB”) DKI Jakarta Produksi beton siap pakai/ 99,99% 99,99% 2012 1.955.369 2.225.722 dan entitas anak/and its subsidiary Production of ready mix concrete
PT Sinergi Informatika DKI Jakarta Sistem informasi/ 100,00% 100,00% 2014 113.264 61.406 Semen Indonesia ("SISI") Information system
PT Semen Indonesia International DKI Jakarta Perdagangan, jasa pelayanan, 100,00% 100,00% 2016 517.328 468.413 ("SII") dan entitas anak/ manajemen logistik dan investasi/and its subsidiary Trade, service logistic management
and investment
PT Semen Tonasa (“ST”) Pangkep, Produksi semen/ 99,99% 99,99% 1968 8.059.432 8.742.767 Sulawesi Selatan/ Cement manufacturingSouth Sulawesi
PT Semen Indonesia Industri DKI Jakarta Bahan bangunan/ 100,00% 100,00% - 32.471.647 1.000 Bangunan ("SIIB") dan entitas anak/ Building materialand its subsidiaries
PT Semen Kupang Kupang, Distribusi semen/ 99,48% 99,48% 2019 204.843 192.418 Indonesia (”SKI”) Nusa Tenggara Cement distribution
Timur
Thang Long Cement Joint Hanoi, Produksi semen/ 70,00% 70,00% 2008 2.212.022 2.480.514 Stock Company (”TLCC”) Vietnam Cement manufacturingdan entitas anak/and its subsidiaries
Persentase kepemilikan/ Jumlah aset sebelum eliminasi/Entitas anak/ Percentage of ownership Total assets before eliminationsSubsidiaries
298
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/5 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Penawaran Umum Efek Perseroan c. Public Offering of Shares of the Company
Perseroan mendapat persetujuan melalui Keputusan Menteri Keuangan No. 859/KMK.01/1987 tanggal 23 Desember 1987, juncto Keputusan Menteri Keuangan No. 1548/KMK.013/1990 tanggal 4 Desember 1990 untuk menawarkan saham kepada masyarakat. Berdasarkan izin Menteri Keuangan cq Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (“BAPEPAMLK”) No. S-622.PM/1991 tanggal 17 Mei 1991, Perseroan melakukan Penawaran Umum Perdana atas 40.000.000 saham lembar saham, dengan nilai nominal Rp 1.000 (nilai penuh) per saham dengan harga penawaran Rp 7.000 (nilai penuh) per lembar saham, sehingga jumlah saham beredar meningkat menjadi 70.000.000 lembar saham.
The Company obtained the approval of the Minister of Finance in his decision No. 859/KMK.01/1987 dated 23 December 1987, as amended by Decree No. 1548/KMK.013/1990 dated 4 December 1990, to offer its shares to the public. Based on the approval of the Minister of Finance cq Head of Capital Market and Financial Institutions Supervisory Agency ("BAPEPAM-LK") No. S-622.PM/1991 dated 17 May 1991, the Company conducted an Initial Public Offering of 40,000,000 shares, with par value of Rp 1,000 (full amount) per share with offering price of Rp 7,000 (full amount) per share, such that issued shares increased to 70,000,000 shares.
Pada tahun 1995, Perseroan melakukan pencatatan tambahan 78.288.000 saham, dengan harga penawaran Rp 1.000 (nilai penuh) per saham. Selanjutnya, Perseroan melakukan Penawaran Umum Terbatas dengan Hak Memesan Efek Terlebih Dahulu dengan dasar tiga lembar saham baru untuk setiap satu lembar saham beredar, yang meningkatkan jumlah saham beredar sebesar 444.864.000 lembar saham, dengan harga penawaran Rp 1.000 (nilai penuh). Dengan demikian, jumlah saham beredar Perseroan menjadi 593.152.000 lembar saham.
In 1995, the Company conducted an additional listing of 78,288,000 shares with offering price of Rp 1,000 (full amount) per share. Subsequently, the Company conducted Limited Public Offering with pre-emptive rights on a three to one basis, increasing the number of shares issued 444,864,000 shares, with offering price of Rp 1,000 (full amount). Therefore, the total shares issued increased to become 593,152,000 shares.
Pada tahun 2007, Perseroan melakukan pemecahan saham dengan perbandingan 1:10, yang meningkatkan jumlah saham beredar menjadi 5.931.520.000 lembar saham dan merubah nilai nominal saham dari Rp 1.000 (nilai penuh) menjadi Rp 100 (nilai penuh).
In 2007, the Company executed a stock split with a ratio of 1:10, increasing the number of share issued to 5,931,520,000 shares and changed in par value from Rp 1,000 (full amount) to Rp 100 (full amount).
Seluruh saham Perseroan telah dicatatkan pada Bursa Efek Indonesia.
All of the Company’s issued shares are listed on the Indonesia Stock Exchange.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/4 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Struktur Entitas Anak (lanjutan) b. The Subsidiaries Structure (continued)
Dimulainya
kegiatankomersial/
Start ofEntitas anak/ Domisili/ Jenis usaha/ commercialSubsidiaries Domicile Nature of business 2019 2018 activities 2019 2018
Pemilikan tidak langsung/Indirect ownership
Melalui/Through SP:
PT Sepatim Batamtama Batam, Pengantongan dan 97,00% 97,00% 1994 35.946 35.386 (“Sepatim”) Kepulauan Riau distribusi semen/Cement
packing and distribution
PT Bima Sepaja Abadi DKI Jakarta Pengantongan semen, distribusi, 80,00% 80,00% 1996 131.260 182.346 (”BSA”) dan jasa transportasi/Cement
packing, distribution transportation
Melalui/Through SIL:
PT Semen Indonesia Distributor ("SID") Gresik Perdagangan/Trading 73,28% 73,28% 1989 842.405 971.785 (dahulu/formerly PT Waru Abadi) Jawa Timur/
East Java
PT Varia Usaha Dharma Segara ("VUDS") Gresik Jasa pengurusan transportasi/ 73,65% 73,65% 1995 64.819 63.344 Jawa Timur/ Freight forwarding servicesEast Java
PT Varia Usaha Fabrikasi ("VUFA") Gresik Jasa ketenagakerjaan/ 48,40% 48,40% 2015 11.905 16.998 (dahulu/formerly PT Megah Sejahtera Jawa Timur/ Outsourcing servicesBersama (MSB) East Java
PT Varia Usaha Bahari ("VUBA") *) Gresik Jasa bongkar muat/ 73,65% 73,65% 1992 125.492 99.843 Jawa Timur/ Stevedoring servicesEast Java
PT Varia Usaha Lintas Segara ("VULS") Gresik Jasa transportasi laut/ 73,65% 73,65% 1997 143.157 136.549 Jawa Timur/ Sea transportation servicesEast Java
Melalui/Through SIB:
PT Varia Usaha Beton ("VUB") Sidoarjo, Produksi beton siap pakai/ 63,15% 63,15% 1991 782.008 1.022.121 Jawa Timur/ Ready mix concrete productionEast Java
Melalui/Through SIIB:
PT Solusi Bangun Indonesia Tbk DKI Jakarta Produksi semen/ 98,31% - 1971 19.567.499 - (dahulu/formely PT Holcim Indonesia Tbk) Cement manufacturingdan entitas anak/and its subsidiaries
PT Solusi Bangun Beton DKI Jakarta Beton jadi dan tambang agregat/ 98,31% - 1990 1.264.394 - (dahulu/formely PT Holcim Beton) Readymix concrete and
aggregates quarry
PT Pendawa Lestari Perkasa ("PLP") Surabaya Perijinan tambang agregat/ 98,31% - 2007 237.111 - Aggregates quarry license
PT Readymix Concrete Indonesia ("RCI") Surabaya Beton jadi dan tambang agregat/ 98,31% - 1992 82.111 - Readymix concrete andaggregates quarry
PT Aroma Sejahtera Indonesia ("ASI") DKI Jakarta Jasa konsultansi/ 98,31% - - 462 - Consulting services
PT Aroma Cipta Anugrahtama ("ACA") DKI Jakarta Izin usaha tambang (IUP)/ 98,31% - 2000 4.576 - Mining production license
PT SBI Bangun Nusantara DKI Jakarta Aktivitas tambang/ 98,31% - - 178 - (dahulu/formely PT Langkat Mineral Mining activitiesIndonesia) ("SBN")
PT Solusi Bangun Andalas Aceh Produksi semen/ 98,31% - 1983 2.837.202 - (dahulu/formely PT Lafarge Cement manufacturingCement Indonesia)
PT Ciptanugrah Indonesia ("CI") DKI Jakarta Jasa konsultansi/ 98,31% - 2018 2.115 - Consulting services
Melalui SII/Through SII :
SI International Trading Singapura/ Perdagangan umum/ 100,00% 100,00% 2017 411.709 84.832 PTE. LTD ("SIIT") Singapore General trading
Melalui TLCC/Through TLCC :
Thang Long Cement Joint Hanoi, Produksi semen/ 69,57% 69,57% - 39.239 42.577 Stock Company 2 Vietnam Cement manufacturing
An Phu Cement Joint Stock Hanoi, Produksi semen/ 69,93% 69,93% - 57.294 57.922 Company (”APCC”) Vietnam Cement manufacturing
Persentase kepemilikan/ Jumlah aset sebelum eliminasi/Percentage of ownership Total assets before eliminations
299
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/5 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Penawaran Umum Efek Perseroan c. Public Offering of Shares of the Company
Perseroan mendapat persetujuan melalui Keputusan Menteri Keuangan No. 859/KMK.01/1987 tanggal 23 Desember 1987, juncto Keputusan Menteri Keuangan No. 1548/KMK.013/1990 tanggal 4 Desember 1990 untuk menawarkan saham kepada masyarakat. Berdasarkan izin Menteri Keuangan cq Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (“BAPEPAMLK”) No. S-622.PM/1991 tanggal 17 Mei 1991, Perseroan melakukan Penawaran Umum Perdana atas 40.000.000 saham lembar saham, dengan nilai nominal Rp 1.000 (nilai penuh) per saham dengan harga penawaran Rp 7.000 (nilai penuh) per lembar saham, sehingga jumlah saham beredar meningkat menjadi 70.000.000 lembar saham.
The Company obtained the approval of the Minister of Finance in his decision No. 859/KMK.01/1987 dated 23 December 1987, as amended by Decree No. 1548/KMK.013/1990 dated 4 December 1990, to offer its shares to the public. Based on the approval of the Minister of Finance cq Head of Capital Market and Financial Institutions Supervisory Agency ("BAPEPAM-LK") No. S-622.PM/1991 dated 17 May 1991, the Company conducted an Initial Public Offering of 40,000,000 shares, with par value of Rp 1,000 (full amount) per share with offering price of Rp 7,000 (full amount) per share, such that issued shares increased to 70,000,000 shares.
Pada tahun 1995, Perseroan melakukan pencatatan tambahan 78.288.000 saham, dengan harga penawaran Rp 1.000 (nilai penuh) per saham. Selanjutnya, Perseroan melakukan Penawaran Umum Terbatas dengan Hak Memesan Efek Terlebih Dahulu dengan dasar tiga lembar saham baru untuk setiap satu lembar saham beredar, yang meningkatkan jumlah saham beredar sebesar 444.864.000 lembar saham, dengan harga penawaran Rp 1.000 (nilai penuh). Dengan demikian, jumlah saham beredar Perseroan menjadi 593.152.000 lembar saham.
In 1995, the Company conducted an additional listing of 78,288,000 shares with offering price of Rp 1,000 (full amount) per share. Subsequently, the Company conducted Limited Public Offering with pre-emptive rights on a three to one basis, increasing the number of shares issued 444,864,000 shares, with offering price of Rp 1,000 (full amount). Therefore, the total shares issued increased to become 593,152,000 shares.
Pada tahun 2007, Perseroan melakukan pemecahan saham dengan perbandingan 1:10, yang meningkatkan jumlah saham beredar menjadi 5.931.520.000 lembar saham dan merubah nilai nominal saham dari Rp 1.000 (nilai penuh) menjadi Rp 100 (nilai penuh).
In 2007, the Company executed a stock split with a ratio of 1:10, increasing the number of share issued to 5,931,520,000 shares and changed in par value from Rp 1,000 (full amount) to Rp 100 (full amount).
Seluruh saham Perseroan telah dicatatkan pada Bursa Efek Indonesia.
All of the Company’s issued shares are listed on the Indonesia Stock Exchange.
300
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/7 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
b. Perubahan pada Pernyataan Standar Akuntansi Keuangan (‘‘PSAK’’) dan Interprestasi Pernyataan Standar Akuntansi Keuangan (‘‘ISAK’’)
b. Changes to the Statements of Financial Accounting Standards (‘‘SFAS’’) and Interpretations of Statements of Financial Accounting Standards (‘‘ISFAS’’)
Standar dan interpretasi baru/revisi yang relevan terhadap kegiatan operasi Grup dan berlaku untuk tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2019 adalah sebagai berikut:
New/amended standards and interpretations relevant to the Group’s operation that are effective for the financial year beginning on or after 1 January 2019 are as follows:
PSAK 22 (amandemen), Kombinasi Bisnis PSAK 22 (amendment), Business
Combination PSAK 24 (amendemen), Imbalan Kerja PSAK 24 (amendment), Employee Benefits PSAK 26 (amandemen), Biaya Pinjaman PSAK 26 (amendment), Borrowing Costs PSAK 46 (amandemen), Pajak Penghasilan PSAK 46 (amendment), Income Taxes PSAK 66 (amandemen), Pengaturan
Bersama PSAK 66 (amendment), Joint Arrangements
ISAK 33, Transaksi Valuta Asing dan Imbalan di muka
ISAK 33, Foreign Currency Transactions and Advance Consideration
ISAK 34, Ketidakpastian dalam Perlakuan Pajak Penghasilan
ISAK 34, Uncertainty over Income Tax Treatments
Penerapan dari standar dan interpretasi baru/revisi tidak menimbulkan perubahan substansial terhadap kebijakan akuntansi Grup dan pengaruh yang material atas jumlah yang dilaporkan atas tahun berjalan atau tahun sebelumnya.
The adoption of the new/amended standards and interpretations did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years.
Standar dan interpretasi baru/revisi yang relevan terhadap kegiatan operasi Grup yang telah dikeluarkan tetapi belum wajib diterapkan untuk tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2019 dan belum diterapkan secara dini oleh Grup adalah sebagai berikut:
New/amended standards and interpretations that relevant to the Group’s operation have been published that are not mandatory for the financial year beginning on or after 1 January 2019 and have not been early adopted by Group are as follows:
PSAK 1 (amandemen), Penyajian Laporan
Keuangan PSAK 1 (amendment), Presentation of
Financial Statements PSAK 15 (amendemen), Investasi pada
Entitas Asosiasi dan Ventura Bersama tentang Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama
PSAK 15 (amendment), Investments in Associates and Joint Ventures: Long Term Interest in Associate and Joint Ventures
PSAK 22 (amandemen), Kombinasi Bisnis PSAK 22 (amendment), Business Combination
PSAK 25, Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan
PSAK 25, Accounting Policies, Changes in Accounting Estimates and Errors
PSAK 71, Instrumen Keuangan PSAK 71, Financial Instruments PSAK 72, Pendapatan dari Kontrak dengan
Pelanggan PSAK 72, Revenue from Contracts with
Customers PSAK 73, Sewa PSAK 73, Leases
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/6 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING 2. SIGNIFICANT ACCOUNTING POLICIES
Laporan keuangan konsolidasian ini telah diotorisasi oleh Direksi pada tanggal 12 Maret 2020.
The consolidated financial statements have been authorised by Directors on 12 March 2020.
Berikut ini adalah ikhtisar kebijakan akuntansi penting yang diterapkan dalam penyusunan laporan keuangan konsolidasian
The principal accounting policies applied in the preparation of the consolidated financial statements are set out below.
a. Dasar Penyusunan a. Basis of Preparation
Dasar penyusunan laporan keuangan konsolidasian adalah biaya historis, kecuali instrumen keuangan tertentu yang diukur pada nilai wajar melalui laba rugi pada setiap akhir periode pelaporan, yang dijelaskan dalam kebijakan akuntansi di bawah ini serta menggunakan dasar akrual kecuali untuk laporan arus kas konsolidasian.
The consolidated financial statements have been prepared on the historical cost basis except for financial instruments that are measured fair value through profit or loss at the end of each reporting period, as explained in the accounting policies below and using the accrual basis except for the consolidated statement of cash flow.
Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas ke dalam aktivitas operasi, investasi dan pendanaan.
The consolidated statement of cash flow is prepared based on the direct method by classifying cash flows on the basis of operating, investing, and financing activities.
Penyusunan laporan keuangan konsolidasian Grup, sesuai dengan Standar Akuntansi Keuangan di Indonesia dan peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (“Bapepam-LK”) Indonesia; sekarang Otoritas Jasa Keuangan (“OJK”) No. VIII.G.7 tentang Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik, yang terlampir dalam surat keputusan No. KEP-347/BL/2012.
The preparation of the consolidated financial statements of the Group are in conformity with Indonesian Financial Accounting Standards and Indonesian Capital Market and Financial Institution Supervisory Agency’s (“Bapepam-LK”) regulations; now Authority of Financial Services (“OJK”) No. VIII.G.7 regarding the Presentation and Disclosures of Financial Statements of Listed Entity, enclosed in the decision letter No. KEP-347/BL/2012.
Seluruh angka dalam laporan keuangan konsolidasian ini, dibulatkan dan disajikan dalam jutaan Rupiah (“Rp”), kecuali dinyatakan lain. Lihat Catatan 2d untuk informasi mata uang fungsional Grup.
Figures in the consolidated financial statements are rounded to and stated in millions of Rupiah (“Rp”), unless otherwise stated. Refer to Notes 2d for the information on the Group’s functional currency.
Penyusunan laporan keuangan konsolidasian sesuai dengan Standar Akuntansi Keuangan di Indonesia mengharuskan penggunaan estimasi dan asumsi. Hal tersebut juga mengharuskan manajemen untuk membuat pertimbangan dalam proses penerapan kebijakan akuntansi Grup. Area yang kompleks atau memerlukan tingkat pertimbangan yang lebih tinggi atau area di mana asumsi dan estimasi dapat berdampak signifikan terhadap laporan keuangan konsolidasian diungkapkan di Catatan 3.
The preparation of consolidated financial statements in conformity with Indonesian Financial Accounting Standards requires the use of certain critical accounting estimates and asumptions. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.
301
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/7 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
b. Perubahan pada Pernyataan Standar Akuntansi Keuangan (‘‘PSAK’’) dan Interprestasi Pernyataan Standar Akuntansi Keuangan (‘‘ISAK’’)
b. Changes to the Statements of Financial Accounting Standards (‘‘SFAS’’) and Interpretations of Statements of Financial Accounting Standards (‘‘ISFAS’’)
Standar dan interpretasi baru/revisi yang relevan terhadap kegiatan operasi Grup dan berlaku untuk tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2019 adalah sebagai berikut:
New/amended standards and interpretations relevant to the Group’s operation that are effective for the financial year beginning on or after 1 January 2019 are as follows:
PSAK 22 (amandemen), Kombinasi Bisnis PSAK 22 (amendment), Business
Combination PSAK 24 (amendemen), Imbalan Kerja PSAK 24 (amendment), Employee Benefits PSAK 26 (amandemen), Biaya Pinjaman PSAK 26 (amendment), Borrowing Costs PSAK 46 (amandemen), Pajak Penghasilan PSAK 46 (amendment), Income Taxes PSAK 66 (amandemen), Pengaturan
Bersama PSAK 66 (amendment), Joint Arrangements
ISAK 33, Transaksi Valuta Asing dan Imbalan di muka
ISAK 33, Foreign Currency Transactions and Advance Consideration
ISAK 34, Ketidakpastian dalam Perlakuan Pajak Penghasilan
ISAK 34, Uncertainty over Income Tax Treatments
Penerapan dari standar dan interpretasi baru/revisi tidak menimbulkan perubahan substansial terhadap kebijakan akuntansi Grup dan pengaruh yang material atas jumlah yang dilaporkan atas tahun berjalan atau tahun sebelumnya.
The adoption of the new/amended standards and interpretations did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years.
Standar dan interpretasi baru/revisi yang relevan terhadap kegiatan operasi Grup yang telah dikeluarkan tetapi belum wajib diterapkan untuk tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2019 dan belum diterapkan secara dini oleh Grup adalah sebagai berikut:
New/amended standards and interpretations that relevant to the Group’s operation have been published that are not mandatory for the financial year beginning on or after 1 January 2019 and have not been early adopted by Group are as follows:
PSAK 1 (amandemen), Penyajian Laporan
Keuangan PSAK 1 (amendment), Presentation of
Financial Statements PSAK 15 (amendemen), Investasi pada
Entitas Asosiasi dan Ventura Bersama tentang Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama
PSAK 15 (amendment), Investments in Associates and Joint Ventures: Long Term Interest in Associate and Joint Ventures
PSAK 22 (amandemen), Kombinasi Bisnis PSAK 22 (amendment), Business Combination
PSAK 25, Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan
PSAK 25, Accounting Policies, Changes in Accounting Estimates and Errors
PSAK 71, Instrumen Keuangan PSAK 71, Financial Instruments PSAK 72, Pendapatan dari Kontrak dengan
Pelanggan PSAK 72, Revenue from Contracts with
Customers PSAK 73, Sewa PSAK 73, Leases
302
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/9 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
c. Prinsip-prinsip Konsolidasi (lanjutan) c. Principles of Consolidation (continued) Selisih lebih imbalan yang dialihkan, jumlah setiap kepentingan nonpengendali pada pihak diakuisisi dan nilai wajar pada tanggal akuisisi kepentingan ekuitas sebelumnya dimiliki oleh pihak pengakuisisi pada pihak diakuisisi atas nilai wajar aset bersih teridentifikasi yang diperoleh dicatat sebagai goodwill (Catatan 12). Jika jumlah tersebut lebih rendah dari nilai wajar aset bersih teridentifikasi atas bisnis yang diakuisisi dalam kasus pembelian dengan diskon, selisihnya diakui dalam laba rugi.
The excess of the consideration transferred the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill (Note 12). If those amount are less than the fair value of the net identifiable assets of the business acquired, in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Biaya yang terkait dengan akuisisi dibebankan pada saat terjadinya.
Acquisition-related costs are expensed as incurred.
Ventura bersama adalah suatu entitas dimana Grup memiliki pengendalian bersama dengan satu venturer atau lebih. Entitas asosiasi adalah seluruh entitas dimana Grup memiliki pengaruh signifikan namun bukan pengendalian, biasanya melalui kepemilikan hak suara antara 20% dan 50%. Investasi pada ventura bersama dan entitas asosiasi dicatat dengan metode ekuitas, setelah pada awalnya diakui pada nilai perolehan.
Joint ventures are entities which the Group jointly controls with one or more other venturers. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investment in joint venture and associates are accounted for using the equity method of accounting, after initially being recognised at cost.
Transaksi, saldo dan keuntungan antar entitas Grup yang belum direalisasi telah dieliminasi. Kerugian yang belum direalisasi juga dieliminasi. Jika diperlukan, nilai yang dilaporkan oleh entitas anak telah diubah untuk menyesuaikan dengan kebijakan akuntansi yang diadopsi oleh Grup.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies.
d. Transaksi dan Penjabaran Laporan
Keuangan Dalam Mata Uang Asing d. Foreign Currency Transactions and
Translation Mata uang fungsional dan penyajian Functional and presentation currency Pos-pos yang disertakan dalam laporan keuangan setiap entitas anggota Grup diukur menggunakan mata uang yang sesuai dengan lingkungan ekonomi utama dimana entitas beroperasi ("mata uang fungsional").
Items included in the financial statements of each of the Group’s entites are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”).
Mata uang fungsional Perseroan dan sebagian besar dari entitas anak adalah Rupiah. Laporan keuangan konsolidasian disajikan dalam mata uang Rupiah.
The functional currency of the Company and most of subsidiaries is Rupiah. The consolidated financial statements are presented in Rupiah.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/8 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
b. Perubahan pada Pernyataan Standar Akuntansi Keuangan (‘‘PSAK’’) dan Interprestasi Pernyataan Standar Akuntansi Keuangan (‘‘ISAK’’) (lanjutan)
b. Changes to the Statements of Financial Accounting Standards (‘‘SFAS’’) and Interpretations of Statements of Financial Accounting Standards (‘‘ISFAS’’) (continued)
Pada saat laporan keuangan konsolidasian diotorisasi, Grup masih mempelajari dampak yang mungkin timbul dari penerapan standar baru dan revisi yang telah diterbitkan namun belum berlaku efektif di atas serta pengaruhnya pada laporan keuangan konsolidasian Grup.
As at the authorisation date of these consolidated financial statements, the Group is still evaluating the potential impact of the implementation of the above new and amended standards issued but not yet effective to the Group’s consolidated financial statements.
c. Prinsip-prinsip Konsolidasi dan Investasi
Entitas Asosiasi c. Principles of Consolidation and Investment
in Associates Entitas anak adalah seluruh entitas (termasuk entitas terstruktur) dimana Grup memiliki pengendalian. Grup mengendalikan entitas lain ketika Grup terekspos atas, atau memiliki hak untuk, pengembalian yang bervariasi dari keterlibatannya dengan entitas dan memiliki kemampuan untuk mempengaruhi pengembalian tersebut melalui kekuasaannya atas entitas tersebut. Entitas anak dikonsolidasikan secara penuh sejak tanggal di mana pengendalian dialihkan kepada Grup. Entitas anak tidak dikonsolidasikan lagi sejak tanggal dimana Grup kehilangan pengendalian.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which that control ceases.
Grup menerapkan metode akuisisi untuk mencatat kombinasi bisnis. Imbalan yang dialihkan untuk akuisisi suatu entitas anak adalah sebesar nilai wajar aset yang dialihkan, liabilitas yang diakui terhadap pemilik pihak yang diakusisi sebelumnya dan kepentingan ekuitas yang diterbitkan oleh Grup. Imbalan yang dialihkan termasuk nilai wajar aset atau liabilitas yang timbul dari kesepakatan imbalan kontinjensi. Aset teridentifikasi yang diperoleh dan liabilitas serta liabilitas kontinjensi yang diambil alih dalam suatu kombinasi bisnis diukur pada awalnya sebesar nilai wajar pada tanggal akuisisi.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.
Grup mengakui kepentingan nonpengendali pada pihak yang diakuisisi sebesar bagian proporsional kepentingan nonpengendali atas aset neto pihak yang diakuisisi. Kepentingan nonpengendali disajikan di ekuitas dalam laporan posisi keuangan konsolidasian, terpisah dari ekuitas pemilik entitas induk.
The Group recognises any non-controlling interest in the acquiree at the non-controlling interest’s proportionate share of the acquiree’s net assets. Non-controlling interest is reported as equity in the consolidated statement of financial position, separate from the owner of the parent’s equity.
303
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/9 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
c. Prinsip-prinsip Konsolidasi (lanjutan) c. Principles of Consolidation (continued) Selisih lebih imbalan yang dialihkan, jumlah setiap kepentingan nonpengendali pada pihak diakuisisi dan nilai wajar pada tanggal akuisisi kepentingan ekuitas sebelumnya dimiliki oleh pihak pengakuisisi pada pihak diakuisisi atas nilai wajar aset bersih teridentifikasi yang diperoleh dicatat sebagai goodwill (Catatan 12). Jika jumlah tersebut lebih rendah dari nilai wajar aset bersih teridentifikasi atas bisnis yang diakuisisi dalam kasus pembelian dengan diskon, selisihnya diakui dalam laba rugi.
The excess of the consideration transferred the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill (Note 12). If those amount are less than the fair value of the net identifiable assets of the business acquired, in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Biaya yang terkait dengan akuisisi dibebankan pada saat terjadinya.
Acquisition-related costs are expensed as incurred.
Ventura bersama adalah suatu entitas dimana Grup memiliki pengendalian bersama dengan satu venturer atau lebih. Entitas asosiasi adalah seluruh entitas dimana Grup memiliki pengaruh signifikan namun bukan pengendalian, biasanya melalui kepemilikan hak suara antara 20% dan 50%. Investasi pada ventura bersama dan entitas asosiasi dicatat dengan metode ekuitas, setelah pada awalnya diakui pada nilai perolehan.
Joint ventures are entities which the Group jointly controls with one or more other venturers. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investment in joint venture and associates are accounted for using the equity method of accounting, after initially being recognised at cost.
Transaksi, saldo dan keuntungan antar entitas Grup yang belum direalisasi telah dieliminasi. Kerugian yang belum direalisasi juga dieliminasi. Jika diperlukan, nilai yang dilaporkan oleh entitas anak telah diubah untuk menyesuaikan dengan kebijakan akuntansi yang diadopsi oleh Grup.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies.
d. Transaksi dan Penjabaran Laporan
Keuangan Dalam Mata Uang Asing d. Foreign Currency Transactions and
Translation Mata uang fungsional dan penyajian Functional and presentation currency Pos-pos yang disertakan dalam laporan keuangan setiap entitas anggota Grup diukur menggunakan mata uang yang sesuai dengan lingkungan ekonomi utama dimana entitas beroperasi ("mata uang fungsional").
Items included in the financial statements of each of the Group’s entites are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”).
Mata uang fungsional Perseroan dan sebagian besar dari entitas anak adalah Rupiah. Laporan keuangan konsolidasian disajikan dalam mata uang Rupiah.
The functional currency of the Company and most of subsidiaries is Rupiah. The consolidated financial statements are presented in Rupiah.
304
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/11 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued) f. Instrumen Keuangan (lanjutan) f. Financial Instruments (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Pinjaman yang diberikan dan piutang adalah aset keuangan nonderivatif dengan pembayaran yang tetap atau dapat ditentukan dan tidak mempunyai kuotasi harga di pasar aktif. Pinjaman yang diberikan dan piutang dimasukkan sebagai aset lancar, kecuali jika jatuh temponya melebihi 12 bulan setelah akhir periode pelaporan. Pinjaman yang diberikan dan piutang ini dimasukkan sebagai aset tidak lancar.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of reporting period. These are classified as non-current assets.
Pinjaman yang diberikan dan piutang Grup terdiri dari kas dan setara kas, kas yang dibatasi penggunannya, investasi jangka pendek, piutang usaha dan piutang lain-lain.
The Group’s loans and receivables comprise of cash and cash equivalents, restricted cash, short-term investments, trade receivables and other receivables.
Pinjaman yang diberikan dan piutang pada awalnya diakui sebesar nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada biaya perolehan yang diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai. Pinjaman yang diberikan dan piutang dihentikan pengakuannya ketika hak untuk menerima arus kas dari asset telah berakhir atau telah ditransfer dan Grup telah secara substansial mentransfer seluruh risiko dan manfaat kepemilikan.
Loans and receivables are initially recognised at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest rate method less any impairment. Loans and receivables are derecognised when the rights to receive cash flows from the assets have ceased to exist or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Liabilitas keuangan Financial liabilities Grup mengklasifikasikan liabilitas keuangan dalam kategori berikut ini: diukur pada nilai wajar melalui laba rugi dan yang diukur pada biaya perolehan diamortisasi.
The Group classifies its financial liabilities in the following categories: at fair value through profit or loss and measured at amortised costs.
Pada tanggal 31 Desember 2019 dan 2018, Grup hanya memiliki liabilitas keuangan yang diukur pada biaya perolehan diamortisasi.
As at 31 December 2019 and 2018, the Group only had financial liabilities measured at amortised costs.
Grup memiliki liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi yang meliputi utang usaha, utang lain-lain, akrual, dan pinjaman.
The Group has financial liabilities measured at amortised cost, which comprised of trade payables, accruals, other payables, accruals and borrowings.
Setelah pengakuan awal yaitu sebesar nilai wajar ditambah biaya transaksi, Grup mengukur seluruh liabilitas keuangan pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif. Liabilitas keuangan dihentikan pengakuannya pada saat liabilitas tersebut dilepaskan atau dibatalkan atau kadaluarsa.
After initial recognition which is at fair value plus transaction costs, the Group measures all financial liabilities at amortised cost using effective interest rate method. Financial liabilities are derecognised when the obligation under the liability is discharged or cancelled or expired.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/10 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
d. Transaksi dan Penjabaran Laporan Keuangan Dalam Mata Uang Asing (lanjutan)
d. Foreign Currency Transactions and Translation (continued)
Mata uang fungsional dan penyajian (lanjutan) Functional and presentation currency (continued) Aset dan kewajiban entitas anak dengan mata uang fungsional yang bukan Rupiah dijabarkan ke dalam mata uang penyajian. Selisih kurs yang dihasilkan diakui pada penghasilan komprehensif lain-lain dan diakumulasikan dalam ekuitas pada komponen ekuitas lainnya.
The assets and liabilities of subsidiaries for which functional currency is not Rupiah are translated into presentation currency. The resulting exchange differences are recognised in the other comprehensive income and accumulated in equity under other equity components.
Transaksi dan saldo Transactions and balances Transaksi dalam mata uang asing dijabarkan ke dalam mata uang Rupiah dengan menggunakan kurs yang berlaku pada tanggal transaksi. Aset dan liabilitas moneter dalam mata uang asing dijabarkan ke dalam mata uang Rupiah dengan menggunakan kurs yang berlaku pada akhir periode pelaporan.
Foreign currency transactions are translated into Rupiah using the exchange rates prevailing at the dates of the transactions. Foreign currency monetary assets and liabilities are translated into Rupiah at the rates of exchange prevailing at the end of the reporting period.
Kurs utama yang digunakan, berdasarkan kurs tengah yang diterbitkan Bank Indonesia, adalah sebagai berikut (nilai penuh):
The main exchange rates used, based on the middle rate published by the Indonesian Central Bank, are as follows (full amount):
2019 2018
Dolar Amerika Serikat ("USD") 13.901 14.481 United States Dollar ("USD")Dong Vietnam ("VND") Vietnamese Dong ("VND") (per Rp 1.000 jumlah penuh) 600 625 (at Rp 1,000 full amount) Euro ("EUR") 15.589 16.560 Euro (''EUR'')
e. Transaksi Pihak-pihak Berelasi e. Transactions with Related Parties Grup melakukan transaksi dengan pihak-pihak berelasi sebagaimana didefinisikan dalam PSAK 7, Pengungkapan Pihak-Pihak Berelasi.
The Group enters into transactions with related parties as defined in PSAK 7, Related Party Disclosures.
Seluruh transaksi dan saldo material dengan pihak-pihak berelasi diungkapkan dalam catatan atas laporan keuangan konsolidasian.
All significant transactions and balances with related parties are disclosed in the notes to consolidated financial statements.
f. Instrumen Keuangan f. Financial Instruments
Aset keuangan Financial assets
Grup mengklasifikasikan aset keuangan dalam kategori berikut ini: diukur pada nilai wajar melalui laba rugi, pinjaman dan piutang, tersedia untuk dijual, serta dimiliki hingga jatuh tempo.
The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, available-for-sale, and held to maturity.
Pada tanggal 31 Desember 2019 dan 2018, Grup memiliki aset keuangan yang diklasifikasikan sebagai pinjaman yang diberikan dan piutang.
As at 31 December 2019 and 2018, the Group has financial assets classified as loans and receivables.
305
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/11 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued) f. Instrumen Keuangan (lanjutan) f. Financial Instruments (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Pinjaman yang diberikan dan piutang adalah aset keuangan nonderivatif dengan pembayaran yang tetap atau dapat ditentukan dan tidak mempunyai kuotasi harga di pasar aktif. Pinjaman yang diberikan dan piutang dimasukkan sebagai aset lancar, kecuali jika jatuh temponya melebihi 12 bulan setelah akhir periode pelaporan. Pinjaman yang diberikan dan piutang ini dimasukkan sebagai aset tidak lancar.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of reporting period. These are classified as non-current assets.
Pinjaman yang diberikan dan piutang Grup terdiri dari kas dan setara kas, kas yang dibatasi penggunannya, investasi jangka pendek, piutang usaha dan piutang lain-lain.
The Group’s loans and receivables comprise of cash and cash equivalents, restricted cash, short-term investments, trade receivables and other receivables.
Pinjaman yang diberikan dan piutang pada awalnya diakui sebesar nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada biaya perolehan yang diamortisasi dengan menggunakan metode suku bunga efektif dikurangi penurunan nilai. Pinjaman yang diberikan dan piutang dihentikan pengakuannya ketika hak untuk menerima arus kas dari asset telah berakhir atau telah ditransfer dan Grup telah secara substansial mentransfer seluruh risiko dan manfaat kepemilikan.
Loans and receivables are initially recognised at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest rate method less any impairment. Loans and receivables are derecognised when the rights to receive cash flows from the assets have ceased to exist or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Liabilitas keuangan Financial liabilities Grup mengklasifikasikan liabilitas keuangan dalam kategori berikut ini: diukur pada nilai wajar melalui laba rugi dan yang diukur pada biaya perolehan diamortisasi.
The Group classifies its financial liabilities in the following categories: at fair value through profit or loss and measured at amortised costs.
Pada tanggal 31 Desember 2019 dan 2018, Grup hanya memiliki liabilitas keuangan yang diukur pada biaya perolehan diamortisasi.
As at 31 December 2019 and 2018, the Group only had financial liabilities measured at amortised costs.
Grup memiliki liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi yang meliputi utang usaha, utang lain-lain, akrual, dan pinjaman.
The Group has financial liabilities measured at amortised cost, which comprised of trade payables, accruals, other payables, accruals and borrowings.
Setelah pengakuan awal yaitu sebesar nilai wajar ditambah biaya transaksi, Grup mengukur seluruh liabilitas keuangan pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif. Liabilitas keuangan dihentikan pengakuannya pada saat liabilitas tersebut dilepaskan atau dibatalkan atau kadaluarsa.
After initial recognition which is at fair value plus transaction costs, the Group measures all financial liabilities at amortised cost using effective interest rate method. Financial liabilities are derecognised when the obligation under the liability is discharged or cancelled or expired.
306
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/13 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
g. Kas dan Setara Kas g. Cash and Cash Equivalents Kas dan setara kas mencakup kas, simpanan yang sewaktu-waktu bisa dicairkan dan investasi likuid jangka pendek lainnya dengan yang jatuh tempo dalam waktu tiga bulan atau kurang.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.
Deposito berjangka dan call deposits yang jatuh tempo lebih dari tiga bulan disajikan sebagai “investasi jangka pendek”.
Call and time deposits with maturities over three months are included within “short-term investments”.
Kas dan setara kas yang dibatasi penggunaannya disajikan sebagai “kas yang dibatasi penggunaannya”.
Cash and time deposits, which are restricted in use, are included within "restricted cash”.
h. Piutang Usaha dan Lain-lain h. Trade and Other Receivables
Piutang usaha adalah jumlah piutang dari pelanggan untuk barang yang dijual atau jasa yang diberikan dalam kegiatan usaha biasa. Piutang lain-lain adalah piutang dari transaksi selain penjualan barang dan jasa.
Trade receivables are amounts due from customers for goods sold or services rendered in the ordinary course of business. Other receivables are receivables from transactions other than the sale of goods and services.
Piutang usaha dan piutang lain-lain pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur sebesar biaya perolehan yang diamortisasi dengan menggunakan metode bunga efektif, kecuali dampak diskontonya tidak signifikan, dikurangi penyisihan untuk penurunan nilai.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, unless the impact of discounting is not significant, less any provision for impairment.
Penyisihan penurunan nilai piutang diukur berdasarkan penelaahan atas kolektibilitas saldo piutang. Piutang dihapuskan pada saat piutang tersebut dipastikan tidak akan tertagih.
A provision for impairment of trade receivables is established based on a review of the collectibility of outstanding amounts. Accounts are written-off as bad debts during the period in which they are determined to be non-collectible.
i. Persediaan i. Inventories
Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode rata-rata tertimbang untuk barang jadi dan barang dalam proses serta metode rata-rata bergerak untuk bahan baku, penolong dan suku cadang. Harga perolehan barang jadi dan barang dalam proses terdiri dari biaya bahan baku, tenaga kerja langsung, biaya-biaya langsung lainnya dan biaya overhead yang dinyatakan sebesar nilai yang terkait dengan produksi. Nilai realisasi bersih adalah taksiran harga jual dalam kegiatan usaha dikurangi taksiran biaya penyelesaian dan taksiran biaya yang diperlukan untuk melakukan penjualan.
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the weighted average method for finished goods and work-in-progress and using the moving average method for raw and indirect materials and spare parts. The cost of finished goods and work-in-progress comprises of raw and indirect materials, direct labor, other direct costs and related production overheads. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated selling cost necessary to make the sale.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/12 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued) f. Instrumen Keuangan (lanjutan) f. Financial Instruments (continued)
Saling hapus antar instrumen keuangan Offsetting financial instruments Aset keuangan dan liabilitas keuangan disalinghapuskan dan jumlah netonya dilaporkan pada laporan posisi keuangan ketika terdapat hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut dan adanya niat untuk menyelesaikan secara neto, atau untuk merealisasikan aset dan menyelesaikan liabilitas secara bersamaan. Hak saling hapus tidak kontinjen atas peristiwa di masa depan dan dapat dipaksakan secara hukum dalam situasi bisnis yang normal dan dalam peristiwa gagal bayar, atau peristiwa kepailitan atau kebangkrutan Grup atau pihak lawan.
Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default in solvency or bankcrupty of the Group or the counterparty.
Penurunan nilai aset keuangan Impairment of financial assets Pada setiap akhir periode pelaporan, Grup menilai apakah terdapat bukti objektif bahwa aset keuangan atau kelompok aset keuangan telah mengalami penurunan nilai. Aset keuangan atau kelompok aset keuangan diturunkan nilainya dan kerugian penurunan nilai terjadi hanya jika terdapat bukti objektif bahwa penurunan nilai merupakan akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset (peristiwa kerugian) dan peristiwa kerugian (atau peristiwa) tersebut memiliki dampak pada estimasi arus kas masa datang atas aset keuangan atau kelompok aset keuangan yang dapat diestimasi secara andal.
At the end of each reporting period, the Group assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.
Untuk kategori pinjaman yang diberikan dan piutang, kerugian penurunan nilai diukur sebagai selisih antara jumlah tercatat aset dengan nilai kini estimasi arus kas masa depan yang didiskontokan menggunakan suku bunga efektif pada saat pengakuan awal dari aset tersebut. Jumlah tercatat aset tersebut dikurangi melalui penggunaan akun penyisihan. Jumlah kerugian yang terjadi diakui dalam laba rugi.
For the loan and receivables, loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at original effective interest rate of the financial assets. The carrying amount of the asset is reduced through the use of an allowance account. The amount of the loss is recognised in profit or loss.
Manajemen awalnya akan menentukan apakah terdapat bukti objektif penurunan nilai secara individual atas aset keuangan yang signifikan secara individual. Jika tidak terdapat bukti objektif mengenai penurunan nilai aset keuangan secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan dengan karakteristik risiko kredit yang serupa dan menentukan penurunan nilai secara kolektif.
Management initially assesses whether objective evidence of impairment exists individually for financial assets that are individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset whether significant or not, it includes the asset in a group of financial assets with similiar credit risk characteristics and collectively assesses them for impairment.
307
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/13 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
g. Kas dan Setara Kas g. Cash and Cash Equivalents Kas dan setara kas mencakup kas, simpanan yang sewaktu-waktu bisa dicairkan dan investasi likuid jangka pendek lainnya dengan yang jatuh tempo dalam waktu tiga bulan atau kurang.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.
Deposito berjangka dan call deposits yang jatuh tempo lebih dari tiga bulan disajikan sebagai “investasi jangka pendek”.
Call and time deposits with maturities over three months are included within “short-term investments”.
Kas dan setara kas yang dibatasi penggunaannya disajikan sebagai “kas yang dibatasi penggunaannya”.
Cash and time deposits, which are restricted in use, are included within "restricted cash”.
h. Piutang Usaha dan Lain-lain h. Trade and Other Receivables
Piutang usaha adalah jumlah piutang dari pelanggan untuk barang yang dijual atau jasa yang diberikan dalam kegiatan usaha biasa. Piutang lain-lain adalah piutang dari transaksi selain penjualan barang dan jasa.
Trade receivables are amounts due from customers for goods sold or services rendered in the ordinary course of business. Other receivables are receivables from transactions other than the sale of goods and services.
Piutang usaha dan piutang lain-lain pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur sebesar biaya perolehan yang diamortisasi dengan menggunakan metode bunga efektif, kecuali dampak diskontonya tidak signifikan, dikurangi penyisihan untuk penurunan nilai.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, unless the impact of discounting is not significant, less any provision for impairment.
Penyisihan penurunan nilai piutang diukur berdasarkan penelaahan atas kolektibilitas saldo piutang. Piutang dihapuskan pada saat piutang tersebut dipastikan tidak akan tertagih.
A provision for impairment of trade receivables is established based on a review of the collectibility of outstanding amounts. Accounts are written-off as bad debts during the period in which they are determined to be non-collectible.
i. Persediaan i. Inventories
Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode rata-rata tertimbang untuk barang jadi dan barang dalam proses serta metode rata-rata bergerak untuk bahan baku, penolong dan suku cadang. Harga perolehan barang jadi dan barang dalam proses terdiri dari biaya bahan baku, tenaga kerja langsung, biaya-biaya langsung lainnya dan biaya overhead yang dinyatakan sebesar nilai yang terkait dengan produksi. Nilai realisasi bersih adalah taksiran harga jual dalam kegiatan usaha dikurangi taksiran biaya penyelesaian dan taksiran biaya yang diperlukan untuk melakukan penjualan.
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the weighted average method for finished goods and work-in-progress and using the moving average method for raw and indirect materials and spare parts. The cost of finished goods and work-in-progress comprises of raw and indirect materials, direct labor, other direct costs and related production overheads. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated selling cost necessary to make the sale.
308
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/15 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
k. Aset Tetap (lanjutan) k. Fixed Assets (continued) Biaya legal awal untuk mendapatkan hak legal diakui sebagai bagian biaya akuisisi tanah, biaya-biaya tersebut tidak didepresiasikan. Biaya terkait dengan pembaruan hak atas tanah diakui sebagai aset takberwujud dan diamortisasi sepanjang umur hukum hak.
Initial legal costs incurred to obtain legal rights are recognised as part of the acquisition cost of the land, and these costs are not depreciated. Costs related to renewal of land rights are recognised as intangible assets and amortised during the period of the land rights.
Suku cadang utama dan peralatan siap pakai diklasifikasikan sebagai aset tetap bila diperkirakan akan digunakan dalam operasi selama lebih dari satu tahun.
Major spare parts and stand-by equipment are classified as fixed assets when they are expected to be used in operations during more than one year.
Tanah tidak disusutkan. Land is not depreciated. Penyusutan (selain tanah pertambangan) dihitung menggunakan metode garis lurus setelah memperhitungkan nilai residu berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut:
Depreciation (except for mining properties) is calculated using the straight-line method after calculating the residual value based on the estimated useful lives of the assets as follows:
Tahun/ Years Bangunan, jalan, jembatan dan pelabuhan 15 - 50 Buildings, roads, bridges and harbors Mesin 2 - 50 Machinery Alat-alat berat dan kendaraan 4 - 30 Heavy equipment and vehicles Perlengkapan dan peralatan kantor 2 - 8 Furniture and office equipment Nilai sisa aset, masa manfaat dan metode penyusutan ditelaah dan jika perlu disesuaikan, pada setiap akhir periode pelaporan dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif.
The assets’ residual values, useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting period with the effect of any changes in estimate accounted for on a prospective basis.
Tanah pertambangan dideplesi dengan menggunakan metode unit produksi berdasarkan estimasi cadangan.
Mining properties are depleted using the unit of production method based on estimated reserves.
Nilai tercatat aset segera diturunkan sebesar jumlah yang dapat dipulihkan jika nilai tercatat aset lebih besar dari estimasi jumlah yang dapat dipulihkan.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Keuntungan atau kerugian bersih atas pelepasan aset tetap ditentukan dengan membandingkan hasil yang diterima dengan nilai tercatat dan diakui dalam laba rugi.
Net gains or losses on disposals of fixed assets are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/14 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
j. Properti Investasi j. Investment Properties Properti investasi adalah properti (tanah atau bangunan atau bagian dari suatu bangunan atau kedua-duanya atau prasarana) yang dikuasai Grup untuk menghasilkan rental atau untuk kenaikan nilai atau keduanya. Properti investasi diakui sebesar biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai.
Investment properties are properties (land or a building - or part of a building - or both or infrastructures) which are held by the Group to earn rentals or for capital appreciation or both. Investment properties are stated at cost less accumulated depreciation and any accumulated impairment losses.
Penyusutan bangunan dan prasarana dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset antara 10 sampai 30 tahun.
Depreciation of buildings and infrastructure is computed using the straight-line method based on the estimated useful life of the assets for 10 to 30 years.
Tanah tidak disusutkan. Land is not depreciated. Masa manfaat ekonomis, nilai residu dan nilai penyusutan ditelaah setiap akhir tahun dan pengaruh dari perubahan estimasi tersebut berlaku prospektif.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimated accounted for on a prospective basis.
Nilai wajar properti investasi diungkapkan dalam catatan atas laporan keuangan konsolidasian berdasarkan metode penilaian profesional untuk menentukan harga pasar kini atau dengan menerapkan metode arus kas diskonto.
The fair value of investment properties is disclosed in the notes to the consolidated financial statements based on the professional valuation methods used to determined the current market price or by applying the discounted cash flow methods.
k. Aset Tetap k. Fixed Assets
Aset tetap yang dimiliki untuk digunakan dalam produksi atau penyediaan barang atau jasa atau untuk tujuan administratif dicatat berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai. Harga perolehan termasuk pengeluaran yang dapat diatribusikan secara langsung atas perolehan aset tersebut. Biaya perolehan juga termasuk estimasi biaya pembongkaran, dan pemindahan aset tetap, dan restorasi lokasi aset.
Fixed assets held for use in the production or supply of goods or services, or for administrative purposes, are stated at cost, less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Such cost also includes estimated costs of dismantling and removing of the item and restoring the site on which the asset is located.
Biaya-biaya setelah pengakuan awal diakui sebagai bagian nilai tercatat aset atau sebagai aset yang terpisah, sebagaimana mestinya, hanya jika kemungkinan besar Grup mendapat manfaat ekonomis di masa depan berkenaan dengan aset tersebut dan biaya perolehan aset dapat diukur dengan andal. Nilai tercatat dari komponen yang diganti dihapuskan. Biaya perbaikan dan pemeliharaan dibebankan ke dalam laba rugi dalam periode keuangan ketika biaya-biaya tersebut terjadi.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of replaced part is derecognised. All other repairs and maintenance are charged to the profit or loss during the financial period in which they are incurred.
309
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/15 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
k. Aset Tetap (lanjutan) k. Fixed Assets (continued) Biaya legal awal untuk mendapatkan hak legal diakui sebagai bagian biaya akuisisi tanah, biaya-biaya tersebut tidak didepresiasikan. Biaya terkait dengan pembaruan hak atas tanah diakui sebagai aset takberwujud dan diamortisasi sepanjang umur hukum hak.
Initial legal costs incurred to obtain legal rights are recognised as part of the acquisition cost of the land, and these costs are not depreciated. Costs related to renewal of land rights are recognised as intangible assets and amortised during the period of the land rights.
Suku cadang utama dan peralatan siap pakai diklasifikasikan sebagai aset tetap bila diperkirakan akan digunakan dalam operasi selama lebih dari satu tahun.
Major spare parts and stand-by equipment are classified as fixed assets when they are expected to be used in operations during more than one year.
Tanah tidak disusutkan. Land is not depreciated. Penyusutan (selain tanah pertambangan) dihitung menggunakan metode garis lurus setelah memperhitungkan nilai residu berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut:
Depreciation (except for mining properties) is calculated using the straight-line method after calculating the residual value based on the estimated useful lives of the assets as follows:
Tahun/ Years Bangunan, jalan, jembatan dan pelabuhan 15 - 50 Buildings, roads, bridges and harbors Mesin 2 - 50 Machinery Alat-alat berat dan kendaraan 4 - 30 Heavy equipment and vehicles Perlengkapan dan peralatan kantor 2 - 8 Furniture and office equipment Nilai sisa aset, masa manfaat dan metode penyusutan ditelaah dan jika perlu disesuaikan, pada setiap akhir periode pelaporan dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif.
The assets’ residual values, useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting period with the effect of any changes in estimate accounted for on a prospective basis.
Tanah pertambangan dideplesi dengan menggunakan metode unit produksi berdasarkan estimasi cadangan.
Mining properties are depleted using the unit of production method based on estimated reserves.
Nilai tercatat aset segera diturunkan sebesar jumlah yang dapat dipulihkan jika nilai tercatat aset lebih besar dari estimasi jumlah yang dapat dipulihkan.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Keuntungan atau kerugian bersih atas pelepasan aset tetap ditentukan dengan membandingkan hasil yang diterima dengan nilai tercatat dan diakui dalam laba rugi.
Net gains or losses on disposals of fixed assets are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.
310
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/17 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
l. Aset Tak berwujud (lanjutan) l. Intangible Assets Piranti Lunak Komputer Computer Software
Biaya pengembangan yang dapat secara langsung diatribusikan kepada desain dan pengujian produk piranti lunak yang dapat diidentifikasi dan unik yang dikendalikan oleh Grup diakui sebagai aset takberwujud dan diamortisasi selama estimasi masa manfaat, yang tidak lebih dari lima tahun.
Development cost that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group is recognised as intangible assets and amortised over their estimated useful lives, which does not exceed five years.
Biaya yang dapat diatribusikan secara langsung dikapitalisasi sebagai bagian produk piranti lunak mencakup beban pekerja pengembang piranti lunak dan bagian overhead yang relevan.
Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.
Pengeluaran pengembangan yang lain yang tidak memenuhi kriteria ini diakui sebagai beban pada saat terjadinya. Biaya pengembangan yang sebelumnya diakui sebagai beban tidak dapat diakui sebagai aset pada periode berikutnya. Biaya yang terkait dengan pemeliharaan program piranti lunak komputer diakui sebagai beban pada saat terjadinya.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Cost associated with maintaining computer software programs are recognised as an expense as incurred.
m. Goodwill m. Goodwill
Goodwill merupakan selisih lebih biaya perolehan atas kepemilikan Grup terhadap nilai wajar aset net teridentifikasi entitas anak, pada tanggal akuisisi.
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary, at the effective date of acquisition.
Peninjauan atas penurunan nilai pada goodwill dilakukan setahun sekali atau dapat lebih sering apabila terdapat peristiwa atau perubahan keadaan yang mengindikasikan adanya potensi penurunan nilai. Goodwill dinyatakan sebesar nilai perolehan dikurangi akumulasi kerugiaan penurunan nilai.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Goodwill is carried at cost less accumulated impairment losses.
Untuk pengujian penurunan nilai, goodwill yang diperoleh dalam kombinasi bisnis dialokasikan pada setiap unit penghasil kas, atau kelompok unit penghasil kas, yang diharapkan dapat memberikan manfaat dari sinergi kombinasi bisnis tersebut. Setiap unit atau kelompok unit yang memperoleh alokasi goodwill menunjukkan tingkat terendah dalam entitas yang goodwill-nya dipantau untuk tujuan manajemen internal. Goodwill dipantau pada level segmen operasi.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (“CGU”), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Rugi penurunan nilai yang diakui atas goodwill tidak dibalik lagi.
Impairment losses relating to goodwill would not be reversed.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/16 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
k. Aset Tetap (lanjutan) k. Fixed Assets (continued) Akumulasi biaya konstruksi bangunan, jalan, jembatan, pelabuhan, pembangkit tenaga listrik dan pabrik semen serta pemasangan mesin dikapitalisasi sebagai aset dalam pembangunan. Biaya bunga dan biaya pinjaman lain, seperti pinjaman yang digunakan untuk mendanai proses pembangunan aset tertentu, dikapitalisasi sampai dengan saat proses pembangunan tersebut selesai. Biaya-biaya ini direklasifikasi ke akun aset tetap pada saat proses konstruksi atau pemasangan selesai. Penyusutan aset dimulai pada saat aset tersebut siap untuk digunakan, yaitu pada saat aset tersebut berada pada lokasi dan kondisi yang diinginkan agar aset siap digunakan sesuai dengan keinginan dan maksud manajemen.
The accumulated costs of the construction of buildings, roads, bridges, harbors, power and cement plants and the installation of machinery are capitalized as construction in progress. Interest and other borrowing costs, such as fees on loans used in financing the construction of a qualifying asset, are capitalized up to the date when the construction is completed. These costs are reclassified into fixed asset accounts when the construction or installation is complete. Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.
Biaya bunga dan biaya pinjaman lainnya yang digunakan baik secara langsung atau tidak langsung untuk pendanaan konstruksi aset kualifikasian, dikapitalisasi hingga aset tersebut selesai secara substansial dan siap untuk digunakan. Untuk pinjaman yang dapat diatribusikan secara langsung pada aset kualifikasian, jumlah yang dikapitalisasi ditentukan dari biaya pinjaman aktual yang terjadi selama periode berjalan, dikurangi penghasilan yang diperoleh dari investasi sementara atas dana hasil pinjaman tersebut. Untuk pinjaman yang tidak dapat diatribusikan secara langsung pada suatu aset kualifikasian, jumlah yang dikapitalisasi ditentukan dengan mengalikan tingkat kapitalisasi terhadap jumlah yang dikeluarkan untuk memperoleh aset kualifikasian. Tingkat kapitalisasi dihitung berdasarkan rata-rata tertimbang biaya pinjaman yang dibagi dengan jumlah pinjaman yang tersedia selama periode, selain pinjaman yang secara spesifik diambil untuk tujuan memperoleh suatu aset kualifikasian.
Interest and other borrowing costs either directly or indirectly used in financing the construction of a qualifying asset, are capitalised up to the date the assets are substantially completed and are ready for its intended use. For borrowings that are directly attributable to a qualifying asset, the amount to be capitalised is determined as the actual borrowing cost incurred during the period, less any income earned on the temporary investment of such borrowings. For borrowings that are not directly attributable to a qualifying asset, the amount to be capitalised is determined by applying a capitalisation rate to the amount expended on the qualifying assets. the capitalisation rate is the weighted average of the total borrowing costs applicable to the total borrowings outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset.
l. Aset Tak berwujud l. Intangible Assets
Merk dan Lisensi Trademarks and Licenses Merk dan lisensi memiliki masa manfaat yang terbatas dan dicatat sebesar harga perolehan dikurangi akumulasi amortisasi dan akumulasi kerugian penurunan nilai. Jika merk dan lisensi yang diperoleh sebagai bagian dari kombinasi bisnis, maka biaya perolehannya adalah nilai wajar pada tanggal akuisisi. Amortisasi dihitung dengan menggunakan metode garis lurus untuk mengalokasikan harga perolehan merk dan lisensi selama estimasi masa manfaatnya masing-masing 10 tahun dan 40 tahun.
Trademarks and licenses have a limited useful life and are recorded at acquisition cost less accumulated amortisation and accumulated impairment losses. If the trademarks and licenses are obtained as part of a business combination, the acquisition cost is the fair value at the date of acquisition. Amortisation is calculated using the straight-line method to allocate the acquisition cost of trademarks and licenses over their estimated useful lives of 10 and 40 years, respectively.
311
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/17 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
l. Aset Tak berwujud (lanjutan) l. Intangible Assets Piranti Lunak Komputer Computer Software
Biaya pengembangan yang dapat secara langsung diatribusikan kepada desain dan pengujian produk piranti lunak yang dapat diidentifikasi dan unik yang dikendalikan oleh Grup diakui sebagai aset takberwujud dan diamortisasi selama estimasi masa manfaat, yang tidak lebih dari lima tahun.
Development cost that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group is recognised as intangible assets and amortised over their estimated useful lives, which does not exceed five years.
Biaya yang dapat diatribusikan secara langsung dikapitalisasi sebagai bagian produk piranti lunak mencakup beban pekerja pengembang piranti lunak dan bagian overhead yang relevan.
Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.
Pengeluaran pengembangan yang lain yang tidak memenuhi kriteria ini diakui sebagai beban pada saat terjadinya. Biaya pengembangan yang sebelumnya diakui sebagai beban tidak dapat diakui sebagai aset pada periode berikutnya. Biaya yang terkait dengan pemeliharaan program piranti lunak komputer diakui sebagai beban pada saat terjadinya.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Cost associated with maintaining computer software programs are recognised as an expense as incurred.
m. Goodwill m. Goodwill
Goodwill merupakan selisih lebih biaya perolehan atas kepemilikan Grup terhadap nilai wajar aset net teridentifikasi entitas anak, pada tanggal akuisisi.
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary, at the effective date of acquisition.
Peninjauan atas penurunan nilai pada goodwill dilakukan setahun sekali atau dapat lebih sering apabila terdapat peristiwa atau perubahan keadaan yang mengindikasikan adanya potensi penurunan nilai. Goodwill dinyatakan sebesar nilai perolehan dikurangi akumulasi kerugiaan penurunan nilai.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Goodwill is carried at cost less accumulated impairment losses.
Untuk pengujian penurunan nilai, goodwill yang diperoleh dalam kombinasi bisnis dialokasikan pada setiap unit penghasil kas, atau kelompok unit penghasil kas, yang diharapkan dapat memberikan manfaat dari sinergi kombinasi bisnis tersebut. Setiap unit atau kelompok unit yang memperoleh alokasi goodwill menunjukkan tingkat terendah dalam entitas yang goodwill-nya dipantau untuk tujuan manajemen internal. Goodwill dipantau pada level segmen operasi.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (“CGU”), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Rugi penurunan nilai yang diakui atas goodwill tidak dibalik lagi.
Impairment losses relating to goodwill would not be reversed.
312
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/19 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
p. Sewa (lanjutan) p. Leases (continued) Grup menyewa aset tetap tertentu. Sewa aset tetap dimana Grup, sebagai lessee, memiliki sebagian besar risiko dan manfaat kepemilikan diklasifikasikan sebagai sewa pembiayaan. Sewa pembiayaan dikapitalisasi pada awal masa sewa sebesar yang lebih rendah antara nilai wajar aset sewaan dan nilai kini pembayaran sewa minimum.
The Group leases certain fixed assets. Leases of fixed assets where the Group as lessee has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased asset and the present value of the minimum lease payments.
Setiap pembayaran sewa dialokasikan antara porsi pelunasan liabilitas dan beban keuangan. Jumlah liabilitas sewa, setelah dikurangi beban keuangan, disajikan sebagai liabilitas jangka panjang kecuali untuk bagian yang jatuh tempo dalam waktu 12 bulan atau kurang yang disajikan sebagai liabilitas jangka pendek. Unsur bunga dalam beban keuangan dibebankan ke laba rugi selama masa sewa yang menghasilkan tingkat suku bunga konstan atas saldo liabilitas. Aset tetap yang diperoleh melalui sewa pembiayaan disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset dan masa sewa.
Each lease payment is allocated between the liability portion and a finance charge. The corresponding rental obligations, net of finance charges are included in other long-term liabilities, except for those with maturities of 12 months or less which are included in current liabilities. The interest element of the finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability. Fixed assets acquired under finance leases are depreciated over the shorter of the useful life of the assets or the lease term.
Sewa dimana sebagian besar risiko dan manfaat yang terkait dengan kepemilikan dipertahankan oleh lessor diklasifikasikan sebagai sewa operasi. Pembayaran sewa operasi (dikurangi insentif yang diterima dari lessor) dibebankan pada laporan laba rugi dengan menggunakan metode garis lurus selama periode sewa.
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the term of the lease.
Pendapatan sewa guna usaha dari kegiatan operasi sewa dimana Grup bertindak sebagai pemberi sewa diakui sebagai pendapatan secara garis lurus selama masa sewa.
Lease income from operating leases where the Group is a lessor is recognised in income on a straight line basis over the lease term.
q. Provisi q. Provision
Provisi diakui ketika: Grup memiliki kewajiban hukum atau konstruktif masa kini sebagai akibat peristiwa masa lalu; terdapat kemungkinan besar penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya; dan jumlah kewajiban tersebut dapat diukur secara andal. Provisi tidak diakui untuk kerugian operasi masa depan.
Provision is recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provision is not recognised for future operating losses.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/18 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
n. Penurunan Nilai Aset Nonkeuangan kecuali Goodwill
n. Impairment of Non-Financial Assets except Goodwill
Aset tetap dan aset takberwujud, selain goodwill diuji ketika terdapat indikasi bahwa nilai tercatatnya mungkin tidak dapat dipulihkan. Penurunan nilai diakui jika nilai tercatat aset melebihi jumlah terpulihkan. Jumlah terpulihkan adalah yang lebih tinggi antara nilai wajar aset dikurangi biaya untuk menjual dan nilai pakai aset.
Fixed assets and intangible assets, other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.
Dalam menentukan penurunan nilai, aset dikelompokkan pada tingkat yang paling rendah dimana terdapat arus kas masuk yang dapat diidentifikasi, yang sebagian besar tidak tergantung pada arus masuk kas dari aset lain atau kelompok aset (unit penghasil kas). Aset nonkeuangan selain goodwill yang mengalami penurunan nilai diuji setiap tanggal pelaporan untuk menentukan apakah terdapat kemungkinan pemulihan penurunan nilai.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or group of assets (cash generating units). Non-financial assets other than goodwill that suffer impairment are reviewed for possible reversal of the impairment at each reporting date.
Pemulihan rugi penurunan nilai, untuk aset selain goodwill, diakui jika, dan hanya jika, terdapat perubahan estimasi yang digunakan dalam menentukan jumlah terpulihkan aset sejak pengujian penurunan nilai terakhir kali. Pembalikan rugi penurunan nilai tersebut diakui dalam laba rugi.
Reversal on impairment loss for assets other than goodwill would be recognised if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment test was carried out. Reversal on impairment losses will be recognised on profit or loss.
o. Utang Usaha o. Trade Payables
Utang usaha adalah kewajiban untuk membayar barang atau jasa yang dibeli dalam kegiatan usaha biasa dari pemasok.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Utang lain-lain terutama merupakan utang atas pembelian aset tetap dan transaksi penyedia jasa untuk proyek.
Other payables primarily represents payables for purchase of fixed assets and transaction services for the project.
Utang usaha dan utang lain-lain pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur sebesar biaya perolehan yang diamortisasi dengan menggunakan metode bunga efektif, kecuali dampak diskontonya tidak signifikan.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, unless the impact of discounting is not significant.
p. Sewa p. Leases
Penentuan apakah suatu perjanjian merupakan, atau mengandung, sewa dibuat berdasarkan substansi perjanjian itu sendiri dan penilaian apakah pemenuhan atas perjanjian bergantung dari penggunaan aset tertentu atau aset, dan apakah perjanjian memberikan hak untuk menggunakan aset.
Determination whether an arrangement is, or contains, a lease is made based on the substance of the arrangement and assessment of whether fulfilment of the arrangement is dependent on the use of a specific asset or assets, and the arrangement conveys a right to use the asset.
313
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/19 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
p. Sewa (lanjutan) p. Leases (continued) Grup menyewa aset tetap tertentu. Sewa aset tetap dimana Grup, sebagai lessee, memiliki sebagian besar risiko dan manfaat kepemilikan diklasifikasikan sebagai sewa pembiayaan. Sewa pembiayaan dikapitalisasi pada awal masa sewa sebesar yang lebih rendah antara nilai wajar aset sewaan dan nilai kini pembayaran sewa minimum.
The Group leases certain fixed assets. Leases of fixed assets where the Group as lessee has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased asset and the present value of the minimum lease payments.
Setiap pembayaran sewa dialokasikan antara porsi pelunasan liabilitas dan beban keuangan. Jumlah liabilitas sewa, setelah dikurangi beban keuangan, disajikan sebagai liabilitas jangka panjang kecuali untuk bagian yang jatuh tempo dalam waktu 12 bulan atau kurang yang disajikan sebagai liabilitas jangka pendek. Unsur bunga dalam beban keuangan dibebankan ke laba rugi selama masa sewa yang menghasilkan tingkat suku bunga konstan atas saldo liabilitas. Aset tetap yang diperoleh melalui sewa pembiayaan disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset dan masa sewa.
Each lease payment is allocated between the liability portion and a finance charge. The corresponding rental obligations, net of finance charges are included in other long-term liabilities, except for those with maturities of 12 months or less which are included in current liabilities. The interest element of the finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability. Fixed assets acquired under finance leases are depreciated over the shorter of the useful life of the assets or the lease term.
Sewa dimana sebagian besar risiko dan manfaat yang terkait dengan kepemilikan dipertahankan oleh lessor diklasifikasikan sebagai sewa operasi. Pembayaran sewa operasi (dikurangi insentif yang diterima dari lessor) dibebankan pada laporan laba rugi dengan menggunakan metode garis lurus selama periode sewa.
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the term of the lease.
Pendapatan sewa guna usaha dari kegiatan operasi sewa dimana Grup bertindak sebagai pemberi sewa diakui sebagai pendapatan secara garis lurus selama masa sewa.
Lease income from operating leases where the Group is a lessor is recognised in income on a straight line basis over the lease term.
q. Provisi q. Provision
Provisi diakui ketika: Grup memiliki kewajiban hukum atau konstruktif masa kini sebagai akibat peristiwa masa lalu; terdapat kemungkinan besar penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya; dan jumlah kewajiban tersebut dapat diukur secara andal. Provisi tidak diakui untuk kerugian operasi masa depan.
Provision is recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provision is not recognised for future operating losses.
314
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/21 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
s. Dana Syirkah Temporer s. Temporary Syirkah Funds Dana syirkah temporer adalah dana yang diterima oleh Grup, berdasarkan akad musyarakah mutanaqisha, yaitu akad kerjasama antara Grup dengan bank untuk suatu usaha tertentu, dimana masing-masing pihak memberikan kontribusi dana dengan ketentuan bahwa keuntungan dibagi berdasarkan kesepakatan sedangkan kerugian berdasarkan porsi kontribusi dana. Pada akad ini, bagian dana bank akan menurun sejalan dengan pembayaran bertahap oleh Grup kepada bank dan pada akhir masa akad, Grup akan menjadi pemilik penuh atas usaha tersebut.
Temporary syirkah funds is the fund received by the Group, based on musyarakah mutanaqisha agreement, which is cooperation between the Group and the Bank to conduct certain business, where the Group and the Bank will give fund contribution with condition that profit sharing is based on fund contribution portion. Under the agreement, the bank’s portion will be diminished as the Group will gradually make installments to the bank and the Group will be the full owner of the business eventually.
Penerimaan dana dari bank diakui sebagai akun dana syirkah temporer, yang bukan merupakan bagian dari liabilitas maupun ekuitas. Dana syirkah temporer pada awalnya diakui sebesar jumlah kas yang diterima dan selanjutnya diukur pada jumlah kas yang diterima dikurangi dengan jumlah dana yang telah dikembalikan dan dikurangi kerugian (jika ada). Keuntungan yang menjadi hak bank sesuai kesepakatan diakui sebagai bagi hasil di laba rugi.
Receipts of funds from the Bank will be recognised as temporary syirkah funds account, which does not belong to liabilities nor equity accounts. Initially, temporary syirkah funds will be recognised based on cash received and then will be measured based on total cash received deducted with funds repayment and loss (if any). Gain which is the rights of Bank as agreed will be recognised as profit-sharing in profit or loss.
t. Pengakuan Pendapatan dan Beban t. Revenue and Expense Recognition Pendapatan diukur pada nilai wajar imbalan yang diterima atau akan diterima dari penjualan barang dan jasa dalam kegiatan usaha normal Grup. Pendapatan disajikan neto setelah dikurangi pajak pertambahan nilai, retur, potongan harga dan diskon dan setelah mengeliminasi penjualan dalam Grup.
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.
Grup mengakui pendapatan ketika jumlah pendapatan dapat diukur secara andal, besar kemungkinan manfaat ekonomis masa depan akan mengalir kepada entitas dan kriteria tertentu telah dipenuhi untuk setiap aktivitas Grup seperti dijelaskan dibawah ini.
The Group recognises revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group’s activities as described below.
Pendapatan Revenue Pendapatan dari penjualan barang diakui pada saat risiko dan manfaat secara signifikan terkait kepemilikan barang telah ditransfer kepada pembeli sesuai dengan ketentuan penjualan.
Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customers in accordance with the sales term.
Pendapatan dari penyediaan jasa diakui pada saat jasa telah diserahkan dengan acuan pada tingkat penyelesaian berdasarkan kontrak.
Revenue from rendering of services is recognised when the service is rendered by reference to the percentage of completion of the contract.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/20 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
q. Provisi (lanjutan) q. Provision (continued) Provisi diukur sebesar nilai kini dari estimasi terbaik manajemen atas pengeluaran yang diharapkan diperlukan untuk menyelesaikan kewajiban kini pada akhir periode pelaporan. Tingkat diskonto yang digunakan untuk menentukan nilai kini adalah tingkat diskonto sebelum pajak yang mencerminkan penilaian pasar atas nilai waktu uang dan risiko yang terkait dengan kewajiban. Peningkatan provisi karena berjalannya waktu diakui sebagai biaya keuangan.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as finance costs.
Rehabilitasi dan restorasi tanah tambang Quarry rehabilitation and restoration Rehabilitasi dan restorasi tanah tambang yang dilaksanakan Grup mencakup, namun tidak terbatas pada, penggantian tanah bagian atas (top soil), pengerukan endapan pada kolam dan bendungan, pengawasan atas kualitas air, pengolahan limbah, penanaman kembali, dan pembibitan tanaman hutan.
Quarry rehabilitation and restoration at the Group includes, but is not limited to, top soil replacement, dredging of sediment ponds and dams, water quality control, waste handling, forest planting, and seeding.
Provisi atas rehabilitasi dan restorasi tanah tambang ditentukan berdasarkan ketentuan dan peraturan yang berlaku. Estimasi beban tersebut diakui dan dibebankan sebagai biaya produksi. Provisi tersebut dinilai kembali secara rutin dan dampak perubahannya diakui secara prospektif.
The provision for quarry rehabilitation and restoration is based principally on legal and regulatory requirements. Such estimated costs are expensed as production cost. The provision is reassessed regularly and the effects of change are recognised prospectively.
r. Pinjaman r. Borrowings
Pada saat pengakuan awal, pinjaman diakui sebesar nilai wajar, dikurangi dengan biaya-biaya transaksi yang terjadi. Selanjutnya, pinjaman diukur sebesar biaya perolehan diamortisasi; selisih antara penerimaan (dikurangi biaya transaksi) dan nilai pelunasan dicatat pada laporan laba rugi selama periode pinjaman dengan menggunakan metode bunga efektif.
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the profit or loss over the period of the borrowings using the effective interest method.
Pinjaman diklasifikasikan sebagai liabilitas jangka pendek kecuali Grup memiliki hak tanpa syarat untuk menunda pembayaran liabilitas selama paling tidak 12 bulan setelah tanggal pelaporan.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date.
315
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/21 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
s. Dana Syirkah Temporer s. Temporary Syirkah Funds Dana syirkah temporer adalah dana yang diterima oleh Grup, berdasarkan akad musyarakah mutanaqisha, yaitu akad kerjasama antara Grup dengan bank untuk suatu usaha tertentu, dimana masing-masing pihak memberikan kontribusi dana dengan ketentuan bahwa keuntungan dibagi berdasarkan kesepakatan sedangkan kerugian berdasarkan porsi kontribusi dana. Pada akad ini, bagian dana bank akan menurun sejalan dengan pembayaran bertahap oleh Grup kepada bank dan pada akhir masa akad, Grup akan menjadi pemilik penuh atas usaha tersebut.
Temporary syirkah funds is the fund received by the Group, based on musyarakah mutanaqisha agreement, which is cooperation between the Group and the Bank to conduct certain business, where the Group and the Bank will give fund contribution with condition that profit sharing is based on fund contribution portion. Under the agreement, the bank’s portion will be diminished as the Group will gradually make installments to the bank and the Group will be the full owner of the business eventually.
Penerimaan dana dari bank diakui sebagai akun dana syirkah temporer, yang bukan merupakan bagian dari liabilitas maupun ekuitas. Dana syirkah temporer pada awalnya diakui sebesar jumlah kas yang diterima dan selanjutnya diukur pada jumlah kas yang diterima dikurangi dengan jumlah dana yang telah dikembalikan dan dikurangi kerugian (jika ada). Keuntungan yang menjadi hak bank sesuai kesepakatan diakui sebagai bagi hasil di laba rugi.
Receipts of funds from the Bank will be recognised as temporary syirkah funds account, which does not belong to liabilities nor equity accounts. Initially, temporary syirkah funds will be recognised based on cash received and then will be measured based on total cash received deducted with funds repayment and loss (if any). Gain which is the rights of Bank as agreed will be recognised as profit-sharing in profit or loss.
t. Pengakuan Pendapatan dan Beban t. Revenue and Expense Recognition Pendapatan diukur pada nilai wajar imbalan yang diterima atau akan diterima dari penjualan barang dan jasa dalam kegiatan usaha normal Grup. Pendapatan disajikan neto setelah dikurangi pajak pertambahan nilai, retur, potongan harga dan diskon dan setelah mengeliminasi penjualan dalam Grup.
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.
Grup mengakui pendapatan ketika jumlah pendapatan dapat diukur secara andal, besar kemungkinan manfaat ekonomis masa depan akan mengalir kepada entitas dan kriteria tertentu telah dipenuhi untuk setiap aktivitas Grup seperti dijelaskan dibawah ini.
The Group recognises revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group’s activities as described below.
Pendapatan Revenue Pendapatan dari penjualan barang diakui pada saat risiko dan manfaat secara signifikan terkait kepemilikan barang telah ditransfer kepada pembeli sesuai dengan ketentuan penjualan.
Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customers in accordance with the sales term.
Pendapatan dari penyediaan jasa diakui pada saat jasa telah diserahkan dengan acuan pada tingkat penyelesaian berdasarkan kontrak.
Revenue from rendering of services is recognised when the service is rendered by reference to the percentage of completion of the contract.
316
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/23 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
u. Imbalan Kerja (lanjutan) u. Employee Benefits (continued) Program Iuran Pasti (lanjutan) Defined Contribution Plans (continued) Liabilitas imbalan pensiun merupakan nilai kini liabilitas imbalan pasti pada akhir periode pelaporan dikurangi dengan nilai wajar aset program. Liabilitas imbalan pasti dihitung setiap tahun oleh aktuaris independen dengan menggunakan metode projected unit credit.
The pension benefit obligation is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method.
Nilai kini liabilitas imbalan pasti ditentukan dengan mendiskontokan estimasi arus kas di masa depan dengan menggunakan tingkat bunga obligasi pemerintah jangka Panjang pada akhir periode pelaporan dalam mata uang Rupiah sesuai dengan mata uang di mana imbalan tersebut akan dibayarkan dan yang memiliki jangka waktu yang sesuai dengan liabilitas imbalan pensiun yang bersangkutan.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using the yield at end of the reporting period of long-term government bonds denominated in Rupiah in which the benefits will be paid and that have terms to maturity similar to the related pension obligation.
Pengukuran kembali yang timbul dari penyesuaian dan perubahan dalam asumsi-asumsi aktuarial langsung diakui seluruhnya melalui penghasilan komprehensif lainnya. Akumulasi saldo pengukuran kembali dilaporkan di komponen ekuitas lainnya.
Remeasurements arising from experience adjustments and changes in actuarial assumptions are directly recognised in other comprehensive income. The balance of accumulated remeasurements is reported in other equity components.
Biaya jasa lalu yang timbul dari amandemen atau kurtailmen program diakui sebagai beban dalam laba rugi pada saat terjadinya.
Past service costs arising from amendment or curtailment programs are recognised as expense in profit or loss when incurred.
Imbalan kerja jangka panjang lain Other long-term employee benefits Perseroan dan entitas anak memberikan imbalan kerja jangka panjang lain dalam bentuk cuti panjang dan penghargaan masa kerja. Perhitungan imbalan kerja jangka panjang lain menggunakan metode Projected Unit Credit. Seluruh keuntungan atau kerugian aktuaria dan biaya jasa lalu diakui sebagai beban dalam laba rugi.
The Company and its subsidiaries provide other long-term employee benefits in the form of long service leave and loyalty awards. The cost of providing other long-term employee benefits is determined using Projected Unit Credit method. All actuarial gains or losses and past service cost are recognised as expenses in profit or loss.
Jumlah yang diakui sebagai kewajiban untuk imbalan kerja jangka panjang lain di laporan posisi keuangan konsolidasian adalah nilai kini kewajiban imbalan pasti per tanggal pelaporan.
The other long-term employee benefits obligation recognised in the consolidated statement of financial position represents the present value of defined benefit obligation at the reporting date.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/22 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued) t. Pengakuan Pendapatan dan Beban (lanjutan) t. Revenue and Expense Recognition
(continued) Beban Expenses Beban diakui pada saat terjadinya dengan menggunakan dasar akrual.
Expenses are recognised when incurred on an accrual basis.
u. Imbalan Kerja u. Employee Benefits
Imbalan kerja jangka pendek Short-term employee benefits Imbalan kerja jangka pendek adalah imbalan kerja yang jatuh tempo dalam jangka waktu dua belas bulan setelah akhir periode pelaporan dan diakui pada saat pekerja telah memberikan jasa kerjanya.
Short-term employee benefits are employee benefits which are due for payment within twelve months after the reporting period and recognised when the employees have rendered the related service.
Imbalan pascakerja Post-employment benefits Grup memiliki program imbalan pascakerja yang terdiri atas program imbalan pasti dan iuran pasti.
The Group has post-employment benefits comprise of defined benefit and defined contribution plans.
Program Imbalan Pasti Defined Benefit Plans Perseroan dan entitas anak menyelenggarakan program pensiun imbalan pasti yang dikelola oleh Dana Pensiun untuk seluruh karyawan tetapnya sebagaimana ditetapkan dalam Peraturan Perseroan dan entitas anak. Jumlah kontribusi terdiri dari kontribusi karyawan yang dihitung sebesar 5% dari penghasilan dasar pensiun dan kontribusi Perseroan dan entitas anak yang dihitung secara aktuaria.
The Company and its subsidiaries have defined benefit pension plans covering all of their permanent employees which is managed by a Pension Fund as stipulated in the Company’s and subsidiaries’ regulations. Total contributions consist of employee contributions of 5% of employees’ basic pensionable salaries and the Company’s and its subsidiaries’ contributions computed on an actuarial basis.
Program imbalan pasti lainnya dalam bentuk manfaat pascakerja sesuai dengan UU Ketenagakerjaan No. 13/2003 dan lain-lain.
Other defined benefit plans in the form of benefits in accordance with Labor Law No. 13/2003 and others.
Program Iuran Pasti Defined Contribution Plans Program pensiun iuran pasti adalah program pensiun dimana Grup membayar iuran tetap kepada sebuah entitas yang terpisah dan tidak memiliki kewajiban hukum atau kewajiban konstruktif untuk membayar iuran lebih lanjut bila dana tersebut tidak memiliki aset yang cukup untuk membayar imbalan kerja terkait dengan jasa yang diberikan oleh karyawan pada periode berjalan dan sebelumnya.
Defined contribution plans are pension plans under which the Group pays fixed contributions into a separate entity and have no legal and constructive obligation to pay further contributions if the fund does not have sufficient assets to pay all employee benefits related to the employees’ services in the current and prior periods.
Grup menghitung selisih antara imbalan berdasarkan undang-undang yang berlaku dengan manfaat yang diterima dari program pensiun untuk pensiun normal.
For normal pension scheme, the Group calculates and recognises the higher of the benefits under the Labow Law and those under such pension plan.
317
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/23 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
u. Imbalan Kerja (lanjutan) u. Employee Benefits (continued) Program Iuran Pasti (lanjutan) Defined Contribution Plans (continued) Liabilitas imbalan pensiun merupakan nilai kini liabilitas imbalan pasti pada akhir periode pelaporan dikurangi dengan nilai wajar aset program. Liabilitas imbalan pasti dihitung setiap tahun oleh aktuaris independen dengan menggunakan metode projected unit credit.
The pension benefit obligation is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method.
Nilai kini liabilitas imbalan pasti ditentukan dengan mendiskontokan estimasi arus kas di masa depan dengan menggunakan tingkat bunga obligasi pemerintah jangka Panjang pada akhir periode pelaporan dalam mata uang Rupiah sesuai dengan mata uang di mana imbalan tersebut akan dibayarkan dan yang memiliki jangka waktu yang sesuai dengan liabilitas imbalan pensiun yang bersangkutan.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using the yield at end of the reporting period of long-term government bonds denominated in Rupiah in which the benefits will be paid and that have terms to maturity similar to the related pension obligation.
Pengukuran kembali yang timbul dari penyesuaian dan perubahan dalam asumsi-asumsi aktuarial langsung diakui seluruhnya melalui penghasilan komprehensif lainnya. Akumulasi saldo pengukuran kembali dilaporkan di komponen ekuitas lainnya.
Remeasurements arising from experience adjustments and changes in actuarial assumptions are directly recognised in other comprehensive income. The balance of accumulated remeasurements is reported in other equity components.
Biaya jasa lalu yang timbul dari amandemen atau kurtailmen program diakui sebagai beban dalam laba rugi pada saat terjadinya.
Past service costs arising from amendment or curtailment programs are recognised as expense in profit or loss when incurred.
Imbalan kerja jangka panjang lain Other long-term employee benefits Perseroan dan entitas anak memberikan imbalan kerja jangka panjang lain dalam bentuk cuti panjang dan penghargaan masa kerja. Perhitungan imbalan kerja jangka panjang lain menggunakan metode Projected Unit Credit. Seluruh keuntungan atau kerugian aktuaria dan biaya jasa lalu diakui sebagai beban dalam laba rugi.
The Company and its subsidiaries provide other long-term employee benefits in the form of long service leave and loyalty awards. The cost of providing other long-term employee benefits is determined using Projected Unit Credit method. All actuarial gains or losses and past service cost are recognised as expenses in profit or loss.
Jumlah yang diakui sebagai kewajiban untuk imbalan kerja jangka panjang lain di laporan posisi keuangan konsolidasian adalah nilai kini kewajiban imbalan pasti per tanggal pelaporan.
The other long-term employee benefits obligation recognised in the consolidated statement of financial position represents the present value of defined benefit obligation at the reporting date.
318
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/25 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
v. Perpajakan (lanjutan) v. Taxation (continued) Aset dan liabilitas pajak penghasilan tangguhan dapat saling hapus apabila terdapat hak yang berkekuatan hukum untuk melakukan saling hapus antara aset pajak kini dengan liabilitas pajak kini dan apabila aset dan liabilitas pajak penghasilan tangguhan dikenakan oleh otoritas perpajakan yang sama, baik atas entitas kena pajak yang sama ataupun berbeda dan adanya niat untuk melakukan penyelesaian saldo-saldo tersebut secara neto.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
w. Laba per Saham w. Earnings per Share
Laba per saham dasar dihitung dengan membagi laba bersih yang tersedia bagi pemegang saham Perseroan dengan jumlah rata-rata tertimbang saham biasa yang beredar pada tahun berjalan.
Basic earnings per share are computed by dividing profit attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.
Laba per saham dilusian dihitung dengan membagi laba bersih yang diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.
Diluted earnings per share is computed by dividing net profit attributable to the owners of the Company by the weighted average number of shares outstanding as adjusted for the effects of all dilutive potential ordinary shares.
x. Dividen x. Dividends
Pembagian dividen final diakui sebagai liabilitas ketika dividen tersebut disetujui Rapat Umum Pemegang Saham Perseroan. Pembagian dividen interim diakui sebagai liabilitas ketika dividen disetujui berdasarkan keputusan rapat Direksi dan persetujuan Dewan Komisaris telah diperoleh serta sudah diumumkan kepada publik.
Final dividend distributions are recognised as a liability when the dividends are approved in the Company’s General Meeting of the Shareholders. Interim dividend distributions are recognised as a liability when the dividends are approved by a Board of Directors’ resolution, approval has been obtained from the Board of Commissioners and a public announcement has been made.
y. Pelaporan Segmen y. Segment Reporting
Segmen operasi dilaporkan dengan cara yang konsisten dengan pelaporan internal yang diberikan kepada pengambil keputusan operasi utama. Pengambil keputusan operasi utama, yang bertanggung jawab mengalokasikan sumber daya dan menilai kinerja segmen operasi, telah diidentifikasi sebagai komite pengarah yang mengambil keputusan strategis.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the steering committee that makes strategic decisions.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/24 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
v. Perpajakan v. Taxation Beban pajak penghasilan terdiri dari pajak penghasilan kini dan pajak tangguhan. Pajak penghasilan kini dan pajak tangguhan diakui dalam laba rugi, kecuali untuk pajak penghasilan yang berasal dari transaksi atau kejadian yang langsung diakui ke ekuitas atau penghasilan komprehensif lain. Dalam hal ini, pajak penghasilan diakui dalam ekuitas atau penghasilan komprehensif lain.
The income tax expense is comprised of current and deferred income tax. Current and deferred income tax is recognised in the profit or loss, except to the extent that it relates to items recognised directly in equity or other comprehensive income. In this case, the income tax is recognised in equity or other comprehensive income.
Beban pajak penghasilan kini dihitung dengan menggunakan tarif pajak yang berlaku pada akhir periode pelaporan.
The current income tax is calculated using tax rates that have been enacted at the end of the reporting period.
Manajemen secara berkala mengevaluasi ketentuan yang diambil dalam Surat Pemberitahuan Pajak sehubungan dengan situasi dimana peraturan pajak yang berlaku membutuhkan penafsiran. Hal ini menentukan jumlah provisi diperlukan yang sesuai dengan jumlah yang diharapkan akan dibayarkan kepada otoritas pajak.
Management periodically evaluates positions taken in tax returns with respect to situations in which the applicable tax regulation is subject to interpretation. It establishes provision where appropriate on the basis of the amounts expected to be paid to the tax authorities.
Pajak penghasilan tangguhan diakui dengan menggunakan metode balance sheet liability untuk semua perbedaan temporer yang berasal dari selisih antara dasar pengenaan pajak aset dan liabilitas dengan nilai tercatatnya pada laporan keuangan konsolidasian. Namun, liabilitas pajak penghasilan tangguhan tidak diakui jika berasal dari pengakuan awal goodwill.
Deferred income tax is provided, using the balance sheet liability method, on temporary differences which arise from the difference between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Pajak penghasilan tangguhan juga tidak diperhitungkan jika pajak penghasilan tangguhan tersebut timbul dari pengakuan awal aset atau pengakuan awal liabilitas dalam transaksi yang bukan kombinasi bisnis yang pada saat transaksi tidak mempengaruhi laba akuntansi maupun laba kena pajak/rugi pajak.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Pajak penghasilan tangguhan diukur dengan menggunakan tarif pajak yang sudah diberlakukan atau secara substantif berlaku pada akhir periode pelaporan dan diekspektasi akan digunakan ketika aset pajak tangguhan yang berhubungan direalisasi atau liabilitas pajak tangguhan diselesaikan.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Aset pajak tangguhan diakui hanya jika kemungkinan jumlah penghasilan kena pajak di masa depan akan memadai untuk dikompensasi dengan perbedaan temporer yang masih dapat dimanfaatkan dan rugi fiskal yang masih dapat dimanfaatkan.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and and tax losses carried forward can be utilised.
319
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/25 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
v. Perpajakan (lanjutan) v. Taxation (continued) Aset dan liabilitas pajak penghasilan tangguhan dapat saling hapus apabila terdapat hak yang berkekuatan hukum untuk melakukan saling hapus antara aset pajak kini dengan liabilitas pajak kini dan apabila aset dan liabilitas pajak penghasilan tangguhan dikenakan oleh otoritas perpajakan yang sama, baik atas entitas kena pajak yang sama ataupun berbeda dan adanya niat untuk melakukan penyelesaian saldo-saldo tersebut secara neto.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
w. Laba per Saham w. Earnings per Share
Laba per saham dasar dihitung dengan membagi laba bersih yang tersedia bagi pemegang saham Perseroan dengan jumlah rata-rata tertimbang saham biasa yang beredar pada tahun berjalan.
Basic earnings per share are computed by dividing profit attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.
Laba per saham dilusian dihitung dengan membagi laba bersih yang diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.
Diluted earnings per share is computed by dividing net profit attributable to the owners of the Company by the weighted average number of shares outstanding as adjusted for the effects of all dilutive potential ordinary shares.
x. Dividen x. Dividends
Pembagian dividen final diakui sebagai liabilitas ketika dividen tersebut disetujui Rapat Umum Pemegang Saham Perseroan. Pembagian dividen interim diakui sebagai liabilitas ketika dividen disetujui berdasarkan keputusan rapat Direksi dan persetujuan Dewan Komisaris telah diperoleh serta sudah diumumkan kepada publik.
Final dividend distributions are recognised as a liability when the dividends are approved in the Company’s General Meeting of the Shareholders. Interim dividend distributions are recognised as a liability when the dividends are approved by a Board of Directors’ resolution, approval has been obtained from the Board of Commissioners and a public announcement has been made.
y. Pelaporan Segmen y. Segment Reporting
Segmen operasi dilaporkan dengan cara yang konsisten dengan pelaporan internal yang diberikan kepada pengambil keputusan operasi utama. Pengambil keputusan operasi utama, yang bertanggung jawab mengalokasikan sumber daya dan menilai kinerja segmen operasi, telah diidentifikasi sebagai komite pengarah yang mengambil keputusan strategis.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the steering committee that makes strategic decisions.
320
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/27 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI
YANG PENTING (lanjutan) 3. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS (continued) Penurunan nilai piutang usaha Impairment of trade receivables
Grup menelaah portofolio piutang usaha untuk mengevaluasi kerugian penurunan nilai setiap tanggal pelaporan. Grup menentukan kerugian penurunan nilai piutang usaha dengan mempertimbangkan beberapa faktor, yaitu kesulitan keuangan yang signifikan dari debitur, kemungkinan debitur mengalami pailit, reorganisasi keuangan yang dilakukan oleh debitur, serta wanprestasi atau tunggakan pembayaran. Penyisihan penurunan nilai dibuat berdasarkan estimasi jumlah yang tidak dapat terpulihkan yang ditentukan dari rekam jejak tunggakan masa lalu.
The Group reviews its trade receivables portfolios to assess impairment at reporting date. The Group determines the impairment losses of trade receivables by considering significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy, financial reorganisation and default or delinquency in payment. An allowance for impairment is made based on the estimated irrecoverable amount determined by reference to past default experience.
Liabilitas imbalan kerja Employee benefit obligations
Nilai kini liabilitas imbalan kerja tergantung pada sejumlah faktor yang ditentukan dengan menggunakan asumsi aktuaria. Asumsi yang digunakan dalam menentukan biaya bersih untuk pensiun termasuk tingkat pengembalian jangka panjang yang diharapkan atas aset program yang sama dan relevan, tingkat kenaikan gaji di masa datang dan tingkat diskonto. Setiap perubahan dalam asumsi ini akan berdampak pada nilai tercatat liabilitas imbalan kerja.
The present value of the employee benefit obligations depends on a number of factors that are determined by using actuarial assumptions. The assumptions used in determining the net cost for pensions include the same and relevant rate for expected long-term rate of return on plan assets, future salary increase and the discount rate. Any changes in these assumptions will impact the carrying amount of employee benefit obligations.
Perpajakan Taxation Grup beroperasi di bawah peraturan perpajakan di Indonesia. Pertimbangan yang signifikan diperlukan untuk menentukan provisi pajak penghasilan badan dan pajak lainnya. Apabila keputusan final atas pajak tersebut berbeda dari jumlah yang pada awalnya dicatat, perbedaan tersebut akan dicatat di laba rugi pada periode dimana hasil tersebut dikeluarkan.
The Group operates under the tax regulations in Indonesia. Significant judgement is required in determining the provision for corporate income taxes and other taxes. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will be recorded in profit or loss in the period in which such determination is made.
4. KOMBINASI BISNIS 4. BUSINESS COMBINATION Pada tanggal 31 Januari 2019, Perseroan melalui entitas anak, SIIB melakukan akuisisi 80,64% saham PT Solusi Bangun Indonesia Tbk (sebelumnya PT Holcim Indonesia Tbk) ("SBI") perusahaan terbuka yang berdomisili di Jakarta dan bergerak dalam bidang produksi semen dengan nilai USD 916,9 juta atau setara dengan Rp 12.926.876. Akuisisi ini dilakukan dalam rangka memperkuat posisi di pasar domestik.
On 31 January 2019, the Company through subsidiary entity, SIIB acquired 80.64% shares of PT Solusi Bangun Indonesia Tbk (previously PT Holcim Indonesia Tbk) ("SBI"), a listed company based in Jakarta and engages in producing of cement amounting to USD 916.9 million or equivalent to Rp 12,926,876. The acquisition of SBI is to strengthen domestic market position.
Pada bulan April 2019, SIIB telah melakukan penawaran tender wajib sebagai mana yang dipersyaratkan oleh Peraturan Otoritas Jasa Keuangan (“POJK”) dengan nilai Rp 2.838.365 sehingga kepemilikan SIIB di SBI menjadi 98,31%.
In April 2019, SIIB conducted mandatory tender offers as required by Peraturan Otoritas Jasa Keuangan (“POJK”) with a value of Rp 2,838,365 so that the ownership of SIIB in SBI became 98.31%.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/26 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI
YANG PENTING 3. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS Estimasi dan pertimbangan yang digunakan dalam mempersiapkan laporan keuangan dievaluasi secara berkala berdasarkan pengalaman historis dan faktor-faktor lainnya, termasuk ekspektasi dari kejadian-kejadian di masa depan yang mungkin terjadi. Hasil aktual dapat berbeda dengan jumlah yang diestimasi. Estimasi dan asumsi yang mempunyai pengaruh signifikan terhadap jumlah tercatat atas aset dan liabilitas diungkapkan dibawah ini.
The estimates and judgements used in preparing the financial statements are evaluated regularly based on historical experience and other factors, including expected future events that may occur. Actual results may differ from these estimates. The estimates and assumptions that have a significant effect on the carrying amount of assets and liabilities are disclosed below.
Akuisisi entitas anak Acquisitions of subsidiaries Proses awal atas akuisisi entitas anak melibatkan identifikasi dan penentuan nilai wajar yang akan dialokasikan untuk aset, liabilitas dan liabilitas kontinjensi yang dapat diidentifikasi dari entitas yang diakuisisi. Nilai wajar aset tetap dan aset takberwujud ditentukan oleh penilai independen dengan mengacu pada harga pasar atau nilai sekarang dari arus kas bersih yang diharapkan dari aset tersebut. Setiap perubahan dalam asumsi dan estimasi yang digunakan dalam menentukan nilai wajar akan berdampak pada jumlah tercatat dari aset dan liabilitas ini.
The initial process on the acquisition of subsidiary involves identifying and determining the fair values to be assigned to the identifiable assets, liabilities and contingent liabilities of the acquired entities. The fair values of fixed assets and intangible assets are determined by independent valuers by reference to market prices or present value of expected net cash flows from the assets. Any changes in the assumptions used and estimates made in determining the fair values will impact the carrying amount of these assets and liabilities.
Penyusutan dan amortisasi Depreciation and amortisation Manajemen menentukan estimasi masa manfaat, beban penyusutan dan beban amortisasi dari aset tetap dan aset takberwujud yang dimiliki Grup.
Management determines the estimated useful lives, related depreciation and amortisation charges for the Group’s fixed assets and intangibles assets.
Manajemen akan menyesuaikan beban penyusutan dan amortisasi jika masa manfaatnya berbeda dari estimasi sebelumnya atau manajemen akan menghapusbukukan atau melakukan penurunan nilai atas aset yang secara teknis telah usang atau aset non-strategis yang dihentikan penggunaannya atau dijual.
Management will revise the depreciation and amortisation charge where useful lives are different to those previously estimated, or it will write off or write down technically obsolete or non-strategic assets that have been abandoned or sold.
Penurunan nilai aset nonkeuangan Impairment of non-financial assets Grup melakukan tes penurunan nilai setiap tahun untuk goodwill. Aset nonkeuangan lainnya ditelaah untuk penurunan nilai apabila terdapat kejadian atau perubahan keadaan yang mengindikasikan bahwa jumlah tercatat aset melebihi nilai yang dapat diperoleh kembali. Nilai yang dapat diperoleh kembali suatu aset atau unit penghasil kas ditentukan berdasarkan yang lebih tinggi antara harga jual bersih dan nilai pakai, yang dihitung berdasarkan asumsi dan estimasi manajemen. Perubahan asumsi penting, termasuk asumsi tingkat diskonto atau tingkat pertumbuhan dalam proyeksi arus kas dan asumsi harga, dapat memengaruhi perhitungan nilai yang dapat diperoleh kembali secara material.
The Group tests annually whether goodwill suffered any impairment. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount. The recoverable amount of an asset or a cash generating unit is determined based on the higher of its fair value less costs to sell and its value in use, calculated on the basis of management’s assumptions and estimates. Changing the key assumptions, including the discount rates or the growth rate assumptions in the cash flow projections and price assumptions, could materially affect the calculations of recoverable amount.
321
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/27 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI
YANG PENTING (lanjutan) 3. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS (continued) Penurunan nilai piutang usaha Impairment of trade receivables
Grup menelaah portofolio piutang usaha untuk mengevaluasi kerugian penurunan nilai setiap tanggal pelaporan. Grup menentukan kerugian penurunan nilai piutang usaha dengan mempertimbangkan beberapa faktor, yaitu kesulitan keuangan yang signifikan dari debitur, kemungkinan debitur mengalami pailit, reorganisasi keuangan yang dilakukan oleh debitur, serta wanprestasi atau tunggakan pembayaran. Penyisihan penurunan nilai dibuat berdasarkan estimasi jumlah yang tidak dapat terpulihkan yang ditentukan dari rekam jejak tunggakan masa lalu.
The Group reviews its trade receivables portfolios to assess impairment at reporting date. The Group determines the impairment losses of trade receivables by considering significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy, financial reorganisation and default or delinquency in payment. An allowance for impairment is made based on the estimated irrecoverable amount determined by reference to past default experience.
Liabilitas imbalan kerja Employee benefit obligations
Nilai kini liabilitas imbalan kerja tergantung pada sejumlah faktor yang ditentukan dengan menggunakan asumsi aktuaria. Asumsi yang digunakan dalam menentukan biaya bersih untuk pensiun termasuk tingkat pengembalian jangka panjang yang diharapkan atas aset program yang sama dan relevan, tingkat kenaikan gaji di masa datang dan tingkat diskonto. Setiap perubahan dalam asumsi ini akan berdampak pada nilai tercatat liabilitas imbalan kerja.
The present value of the employee benefit obligations depends on a number of factors that are determined by using actuarial assumptions. The assumptions used in determining the net cost for pensions include the same and relevant rate for expected long-term rate of return on plan assets, future salary increase and the discount rate. Any changes in these assumptions will impact the carrying amount of employee benefit obligations.
Perpajakan Taxation Grup beroperasi di bawah peraturan perpajakan di Indonesia. Pertimbangan yang signifikan diperlukan untuk menentukan provisi pajak penghasilan badan dan pajak lainnya. Apabila keputusan final atas pajak tersebut berbeda dari jumlah yang pada awalnya dicatat, perbedaan tersebut akan dicatat di laba rugi pada periode dimana hasil tersebut dikeluarkan.
The Group operates under the tax regulations in Indonesia. Significant judgement is required in determining the provision for corporate income taxes and other taxes. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will be recorded in profit or loss in the period in which such determination is made.
4. KOMBINASI BISNIS 4. BUSINESS COMBINATION Pada tanggal 31 Januari 2019, Perseroan melalui entitas anak, SIIB melakukan akuisisi 80,64% saham PT Solusi Bangun Indonesia Tbk (sebelumnya PT Holcim Indonesia Tbk) ("SBI") perusahaan terbuka yang berdomisili di Jakarta dan bergerak dalam bidang produksi semen dengan nilai USD 916,9 juta atau setara dengan Rp 12.926.876. Akuisisi ini dilakukan dalam rangka memperkuat posisi di pasar domestik.
On 31 January 2019, the Company through subsidiary entity, SIIB acquired 80.64% shares of PT Solusi Bangun Indonesia Tbk (previously PT Holcim Indonesia Tbk) ("SBI"), a listed company based in Jakarta and engages in producing of cement amounting to USD 916.9 million or equivalent to Rp 12,926,876. The acquisition of SBI is to strengthen domestic market position.
Pada bulan April 2019, SIIB telah melakukan penawaran tender wajib sebagai mana yang dipersyaratkan oleh Peraturan Otoritas Jasa Keuangan (“POJK”) dengan nilai Rp 2.838.365 sehingga kepemilikan SIIB di SBI menjadi 98,31%.
In April 2019, SIIB conducted mandatory tender offers as required by Peraturan Otoritas Jasa Keuangan (“POJK”) with a value of Rp 2,838,365 so that the ownership of SIIB in SBI became 98.31%.
322
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/29 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
a. Kas pada bank a. Cash in banks
2019 2018Pihak berelasi/Related parties :
Rupiah:PT Bank Negara Indonesia (Persero) Tbk 984.653 69.571 PT Bank Mandiri (Persero) Tbk 972.761 1.620.263 PT Bank Rakyat Indonesia (Persero) Tbk 75.181 53.872 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 1.072 971
2.033.667 1.744.677 USD:
PT Bank Mandiri (Persero) Tbk 262.264 403.267 PT Bank Negara Indonesia (Persero) Tbk 109.238 85.589 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 98 103
371.600 488.959 EUR:
PT Bank Mandiri (Persero) Tbk 5.197 17.532 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 2.396 7.564
7.593 25.096 Dolar Singapura/Singapore Dollar :
PT Bank Mandiri (Persero) Tbk 36 37
2.412.896 2.258.769
Pihak ketiga/Third parties :Rupiah:
Standard Chartered Bank 93.492 - PT Bank DKI 91.326 154 PT Bank CIMB Niaga Tbk 43.477 7.307 PT Bank Central Asia Tbk 37.078 22.450 PT Bank ICBC Indonesia 17.234 12.316 Sumitomo Mitsui Indonesia 9.654 5 PT Bank Danamon Indonesia Tbk 8.807 64 PT Bank Permata Tbk 6.216 1.669 PT Bank Maybank Indonesia Tbk 5.988 - PT Bank Bukopin Tbk 4.371 851 Lain-lain/Others 2.806 5.052
320.449 49.868 USD:
Standard Chartered Bank 36.451 65.745 Bank for Investment and Development of Cambodia Plc 4.731 - BNP Paribas 3.288 - Lain-lain/Others 1.158 2.167
45.628 67.912 EUR:
Lain-lain/Others 3.125 850 VND:
Bank for Investment and Development of Cambodia Plc 8.255 - Ho Chi Minh City Development Joint-Stock Commercial Bank 2.881 362 Lain-lain/Others 5.217 8.462
16.353 8.824 385.555 127.454
Jumlah kas pada bank/Total cash in banks 2.798.451 2.386.223
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/28 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
4. KOMBINASI BISNIS (laporan keuangan) 4. BUSINESS COMBINATION (continued)
Nilai wajar aset dan liabilitas SBI yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:
The fair value of the identifiable assets and liabilities of SBI as at the date of acquisition were:
Nilai wajar yang diakuipada saat tanggal akuisisi/
Fair value recognisedon acquisition date
Kas dan setara kas 305.639 Cash and cash equivalentsAset lancar lain-lain 2.341.138 Other current assetsAset tetap 25.330.178 Fixed assets Goodwill 1.024.193 GoodwillAset takberwujud 2.321.691 Intangible assetsAset pajak tangguhan 21.417 Deferred tax assetsAset tidak lancar lainnya 272.567 Other non-current assetsLiabilitas jangka pendek dan jangka Other current and non-current
panjang lainnya (11.692.953) liabilitiesLiabilitas pajak tangguhan (3.788.359) Deferred tax liabilitiesLiabilitas kontijensi (401.303) Contingent liabilitiesKepentingan nonpengendali (253.406) Non-controlling interestsJumlah harga perolehan 15.480.802 Total purchase priceAset indemnifikasi 284.439 Indemnification assetsKas dan setara kas yang diperoleh (305.639) Cash and cash equivalent acquiredArus kas keluar atas akuisisi 15.459.602 Cash outflows from acquisitions
Goodwill yang timbul dari akuisisi tersebut terutama diatribusikan atas harapan profitabilitas dan sinergi melalui bisnis yang diakuisisi.
Goodwill arising from the acquisition is primarily attributable to the expected profitability and synergy arising from the acquired business.
Nilai wajar aset dan liabilitas SBI yang dapat diidentifikasi tersebut ditentukan berdasarkan laporan penilaian yang diterbitkan oleh KJPP Firman Suryantoro, Sugeng, Suzy, Hartomo dan Rekan, penilai independen, dalam laporannya tertanggal 21 Juni 2019.
The fair value of the identifiable assets and liabilities of SBI are determined based on an appraisal report issued by KJPP Firman Suryantoro, Sugeng, Suzy, Hartono & Rekan, an independent valuer, in its report dated 21 June 2019.
Selama tahun 2019, sejak tanggal akuisisi, SBI memiliki kontribusi pendapatan sebesar Rp 10.214.306 dan laba tahun berjalan sebesar Rp 856.762. Jika akuisisi telah terjadi sejak awal tahun, pendapatan konsolidasian akan menjadi Rp 41.299.388 dan laba tahun berjalan menjadi sebesar Rp 2.165.849.
During 2019, from the date of acquisition, SBI has contributed revenue of Rp 10,214,306 and profit for the year of Rp 856,762 If the combination had taken place at the beginning of the year, the consolidated revenue would have been Rp 41,299,388 and the consolidated profit for the year would have been Rp 2,165,849.
Biaya terkait akuisisi sebesar Rp 146.054 telah dibebankan pada laba rugi tahun 2018.
The acquisition-related cost of Rp 146,054 have been expensed in 2018 profit or loss.
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
2019 2018Kas 16.716 16.491 Cash on handKas pada bank 2.798.451 2.386.223 Cash in banksDeposito berjangka dan call deposits 1.135.281 2.843.017 Time and call deposits
3.950.448 5.245.731
323
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/29 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
a. Kas pada bank a. Cash in banks
2019 2018Pihak berelasi/Related parties :
Rupiah:PT Bank Negara Indonesia (Persero) Tbk 984.653 69.571 PT Bank Mandiri (Persero) Tbk 972.761 1.620.263 PT Bank Rakyat Indonesia (Persero) Tbk 75.181 53.872 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 1.072 971
2.033.667 1.744.677 USD:
PT Bank Mandiri (Persero) Tbk 262.264 403.267 PT Bank Negara Indonesia (Persero) Tbk 109.238 85.589 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 98 103
371.600 488.959 EUR:
PT Bank Mandiri (Persero) Tbk 5.197 17.532 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 2.396 7.564
7.593 25.096 Dolar Singapura/Singapore Dollar :
PT Bank Mandiri (Persero) Tbk 36 37
2.412.896 2.258.769
Pihak ketiga/Third parties :Rupiah:
Standard Chartered Bank 93.492 - PT Bank DKI 91.326 154 PT Bank CIMB Niaga Tbk 43.477 7.307 PT Bank Central Asia Tbk 37.078 22.450 PT Bank ICBC Indonesia 17.234 12.316 Sumitomo Mitsui Indonesia 9.654 5 PT Bank Danamon Indonesia Tbk 8.807 64 PT Bank Permata Tbk 6.216 1.669 PT Bank Maybank Indonesia Tbk 5.988 - PT Bank Bukopin Tbk 4.371 851 Lain-lain/Others 2.806 5.052
320.449 49.868 USD:
Standard Chartered Bank 36.451 65.745 Bank for Investment and Development of Cambodia Plc 4.731 - BNP Paribas 3.288 - Lain-lain/Others 1.158 2.167
45.628 67.912 EUR:
Lain-lain/Others 3.125 850 VND:
Bank for Investment and Development of Cambodia Plc 8.255 - Ho Chi Minh City Development Joint-Stock Commercial Bank 2.881 362 Lain-lain/Others 5.217 8.462
16.353 8.824 385.555 127.454
Jumlah kas pada bank/Total cash in banks 2.798.451 2.386.223
324
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/31 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
6. PIUTANG USAHA 6. TRADE RECEIVABLES
2019 2018
Pihak berelasi: Related parties:Rupiah 1.533.090 1.215.872 Rupiah
Dikurangi: Less:Penyisihan penurunan nilai (39.218) (27.967) Provision for impairment
1.493.872 1.187.905 Pihak ketiga: Third parties:
Rupiah 5.172.844 4.495.669 RupiahUSD 140.230 178.165 USDVND 30.860 36.912 VND
5.343.934 4.710.746 Dikurangi: Less:Penyisihan penurunan nilai (347.945) (112.436) Provision for impairment
4.995.989 4.598.310 Jumlah 6.489.861 5.786.215 Total
Umur piutang usaha adalah sebagai berikut: The aging of trade receivables is as follows:
2019 2018Lancar 5.229.302 3.972.046 CurrentLewat jatuh tempo: Overdue:
1 - 45 hari 335.078 720.420 1 - 45 days46 - 135 hari 292.928 393.237 46 - 135 days136 - 365 hari 342.423 445.077 136 - 365 daysLebih dari 365 hari 677.293 395.838 Over 365 days
Jumlah 6.877.024 5.926.618 Total
Pada tanggal 31 Desember 2019, piutang usaha sebesar Rp 1.260.559 (2018: Rp 1.814.169) telah lewat jatuh tempo namun tidak mengalami penurunan nilai. Hal ini terkait piutang dari sejumlah pelanggan yang tidak memiliki sejarah gagal bayar.
As at 31 December 2019, trade receivables of Rp 1,260,559 (2018: Rp 1,814,169) were past due but not impaired. These relate to customers whom there is no recent history of default.
Pada tanggal 31 Desember 2019, piutang usaha sebesar Rp 387.163 (2018: Rp 140.403) berpotensi mengalami penurunan nilai dan telah diprovisikan. Piutang yang diturunkan nilainya terutama terkait dengan pelanggan yang secara tidak terduga mengalami situasi ekonomi yang sulit.
As at 31 December 2019, trade receivables of Rp 387,163 (2018: Rp 140,403) with potentially impaired and has been provisioned. The impaired receivables mainly related to the customers, which are in unexpectedly difficult economic situations.
Mutasi penyisihan penurunan nilai piutang adalah sebagai berikut:
The movement of provision for impairment of receivables is as follows:
2019 2018
Saldo awal 140.403 121.815 Beginning balanceAkuisisi entitas anak 62.443 - Acquisition of a subsidiaryPenyisihan penurunan Provision for impairment
nilai piutang usaha 184.317 18.588 of trade receivables
Saldo akhir 387.163 140.403 Ending balance
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/30 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
b. Deposito berjangka dan call deposits b. Time and call deposits
2019 2018Pihak berelasi/Related parties :
Rupiah:PT Bank Negara Indonesia (Persero) Tbk 471.472 520.800 PT Bank Rakyat Indonesia (Persero) Tbk 159.100 830.000 PT Bank Tabungan Negara (Persero) Tbk 80.000 442.000 PT Bank Mandiri (Persero) Tbk 61.658 210.681 PT Bank Syariah Mandiri 10.000 16.000 PT Bank Rakyat Indonesia Agroniaga Tbk - 6.000
782.230 2.025.481 USD:
PT Bank Negara Indonesia (Persero) Tbk 180.713 - PT Bank Mandiri (Persero) Tbk 69.505 -
250.218 -
1.032.448 2.025.481 Pihak ketiga/Third parties :
Rupiah:PT Bank Syariah Bukopin 39.500 39.500 PT Bank Bukopin Tbk 27.300 30.700 PT Bank Central Asia Tbk 24.000 - PT Bank Syariah Mega Indonesia 7.000 - PT Bank Kesejahteraan Ekonomi 5.000 5.000 PT Bank CIMB Niaga Tbk - 100.000 Lain-lain/Others 33 642.336
102.833 817.536 Jumlah deposito berjangka dan call deposits /
Total time and call deposits 1.135.281 2.843.017
Suku bunga tahunan atas deposito berjangka dan call deposits adalah sebagai berikut:
Annual interest rates on time and call deposits are as follows:
2019 2018
Rupiah 3,40% - 8,00% 3,50% - 8,25% RupiahUSD 2,50% - 3,00% 2,50% - 3,00% USD Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of related parties.
325
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/31 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
6. PIUTANG USAHA 6. TRADE RECEIVABLES
2019 2018
Pihak berelasi: Related parties:Rupiah 1.533.090 1.215.872 Rupiah
Dikurangi: Less:Penyisihan penurunan nilai (39.218) (27.967) Provision for impairment
1.493.872 1.187.905 Pihak ketiga: Third parties:
Rupiah 5.172.844 4.495.669 RupiahUSD 140.230 178.165 USDVND 30.860 36.912 VND
5.343.934 4.710.746 Dikurangi: Less:Penyisihan penurunan nilai (347.945) (112.436) Provision for impairment
4.995.989 4.598.310 Jumlah 6.489.861 5.786.215 Total
Umur piutang usaha adalah sebagai berikut: The aging of trade receivables is as follows:
2019 2018Lancar 5.229.302 3.972.046 CurrentLewat jatuh tempo: Overdue:
1 - 45 hari 335.078 720.420 1 - 45 days46 - 135 hari 292.928 393.237 46 - 135 days136 - 365 hari 342.423 445.077 136 - 365 daysLebih dari 365 hari 677.293 395.838 Over 365 days
Jumlah 6.877.024 5.926.618 Total
Pada tanggal 31 Desember 2019, piutang usaha sebesar Rp 1.260.559 (2018: Rp 1.814.169) telah lewat jatuh tempo namun tidak mengalami penurunan nilai. Hal ini terkait piutang dari sejumlah pelanggan yang tidak memiliki sejarah gagal bayar.
As at 31 December 2019, trade receivables of Rp 1,260,559 (2018: Rp 1,814,169) were past due but not impaired. These relate to customers whom there is no recent history of default.
Pada tanggal 31 Desember 2019, piutang usaha sebesar Rp 387.163 (2018: Rp 140.403) berpotensi mengalami penurunan nilai dan telah diprovisikan. Piutang yang diturunkan nilainya terutama terkait dengan pelanggan yang secara tidak terduga mengalami situasi ekonomi yang sulit.
As at 31 December 2019, trade receivables of Rp 387,163 (2018: Rp 140,403) with potentially impaired and has been provisioned. The impaired receivables mainly related to the customers, which are in unexpectedly difficult economic situations.
Mutasi penyisihan penurunan nilai piutang adalah sebagai berikut:
The movement of provision for impairment of receivables is as follows:
2019 2018
Saldo awal 140.403 121.815 Beginning balanceAkuisisi entitas anak 62.443 - Acquisition of a subsidiaryPenyisihan penurunan Provision for impairment
nilai piutang usaha 184.317 18.588 of trade receivables
Saldo akhir 387.163 140.403 Ending balance
326
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/33 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN 8. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes
2019 2018
Pajak penghasilan badan Corporate Income TaxPerseroan The CompanyPasal 28a Article 28a- 2017 432.329 432.329 2017 -- 2016 59.060 59.060 2016 -
491.389 491.389
Entitas anak SubsidiariesPasal 28 34.122 - Article 28Pasal 28a 12.639 253.327 Article 28a
46.761 253.327 538.150 744.716
Pajak lain-lain Other TaxesEntitas anak SubsidiariesPajak Pertambahan Nilai 160.086 205.841 Value Added TaxLain-lain 65.642 35.171 Others
225.728 241.012
Jumlah 763.878 985.728 Total
b. Tagihan pengembalian pajak b. Claim for tax refund
2019 2018Entitas anak Subsidiaries
- Pajak penghasilan badan 299.367 - Corporate income tax -- Pajak lain-lain 143.766 - Other taxes -
Jumlah 443.133 - Total
c. Utang pajak c. Taxes payable
2019 2018Pajak penghasilan badan Corporate income taxPerseroan The CompanyPasal 29 93.850 2.367 Article 29
Entitas anak SubsidiariesPasal 29 232.658 145.721 Article 29
326.508 148.088
Pajak lain-lain Other TaxesPerseroan The CompanyPajak Penghasilan: Income Taxes:- Pasal 21 9.704 12.068 Article 21 -- Pasal 22 8.470 5.985 Article 22 -- Pasal 23 dan 26 2.122 679 Articles 23 and 26 -- Final 1.709 810 Final -Pajak Pertambahan Nilai 111.251 80.841 Value Added Tax
133.256 100.383
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/32 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
6. PIUTANG USAHA (lanjutan) 6. TRADE RECEIVABLES (continued)
Manajemen berkeyakinan bahwa penyisihan atas penurunan nilai piutang usaha tersebut cukup untuk menutup risiko kerugian dari tidak tertagihnya piutang usaha.
Management believes that the provision for impairment of trade receivables is adequate to cover risk of losses on uncollectible trade receivables.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of related parties.
7. PERSEDIAAN 7. INVENTORIES
2019 2018Barang jadi 776.046 596.949 Finished goodsBarang dalam proses 693.291 689.587 Work in processBahan baku dan penolong 1.536.375 1.200.152 Raw and indirect materialsBarang dalam perjalanan 109.968 83.665 Goods in transitSuku cadang 1.761.366 1.135.263 Spare parts
4.877.046 3.705.616 Dikurangi: Less:Penyisihan persediaan usang Provision for obsolete
dan bergerak lambat (235.400) (161.474) and slow moving inventories
Jumlah 4.641.646 3.544.142 Total
Mutasi penyisihan persediaan usang dan bergerak lambat adalah sebagai berikut:
The movement in the provision for obsolete and slow moving inventories is as follows:
2019 2018
Saldo awal 161.474 117.072 Beginning balanceAkuisisi entitas anak 93.879 - Acquisitions of a subsidiary(Pembalikan)/penambahan, bersih (19.953) 44.402 (Reversal)/additions, net
Saldo akhir 235.400 161.474 Ending balance
Manajemen Grup berkeyakinan bahwa penyisihan persediaan usang dan bergerak lambat telah mencukupi untuk menutup kemungkinan kerugian yang timbul dari persediaan usang dan bergerak lambat.
The management of the Group believes that the provision for obsolete and slow moving inventories is adequate to cover possible losses from obsolete and slow moving inventories.
Pada tanggal 31 Desember 2019, persediaan sebesar Rp 1.556.283 dijadikan jaminan atas pinjaman tertentu (Catatan 14).
As at 31 December 2019, inventories of Rp 1,556,283 were pledged as collateral for certain borrowings (Note 14).
Pada tanggal 31 Desember 2019, persediaan senilai Rp 3.544.670 telah diasuransikan terhadap risiko kerugian yang disebabkan oleh bencana alam, kebakaran, dan risiko kerugian lainnya dengan nilai pertanggungan sebesar Rp 2.584.818.
As at 31 December 2019, inventories amounted to Rp 3,544,670 are covered by insurance against the risk of loss due to natural disaster, fire, and other risks with a total coverage of Rp 2,584,818.
Manajemen berpendapat bahwa, nilai pertanggungan asuransi tersebut telah memadai untuk menutupi kerugian yang mungkin timbul dari risiko-risiko tersebut.
Management believes that the insurance coverage is adequate to cover possible losses arising from such risks.
327
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/33 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN 8. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes
2019 2018
Pajak penghasilan badan Corporate Income TaxPerseroan The CompanyPasal 28a Article 28a- 2017 432.329 432.329 2017 -- 2016 59.060 59.060 2016 -
491.389 491.389
Entitas anak SubsidiariesPasal 28 34.122 - Article 28Pasal 28a 12.639 253.327 Article 28a
46.761 253.327 538.150 744.716
Pajak lain-lain Other TaxesEntitas anak SubsidiariesPajak Pertambahan Nilai 160.086 205.841 Value Added TaxLain-lain 65.642 35.171 Others
225.728 241.012
Jumlah 763.878 985.728 Total
b. Tagihan pengembalian pajak b. Claim for tax refund
2019 2018Entitas anak Subsidiaries
- Pajak penghasilan badan 299.367 - Corporate income tax -- Pajak lain-lain 143.766 - Other taxes -
Jumlah 443.133 - Total
c. Utang pajak c. Taxes payable
2019 2018Pajak penghasilan badan Corporate income taxPerseroan The CompanyPasal 29 93.850 2.367 Article 29
Entitas anak SubsidiariesPasal 29 232.658 145.721 Article 29
326.508 148.088
Pajak lain-lain Other TaxesPerseroan The CompanyPajak Penghasilan: Income Taxes:- Pasal 21 9.704 12.068 Article 21 -- Pasal 22 8.470 5.985 Article 22 -- Pasal 23 dan 26 2.122 679 Articles 23 and 26 -- Final 1.709 810 Final -Pajak Pertambahan Nilai 111.251 80.841 Value Added Tax
133.256 100.383
328
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/35 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
d. Beban pajak penghasilan (lanjutan) d. Income tax expense (continued)
2019 2018
Laba konsolidasian sebelum Consolidated profit before beban pajak penghasilan 3.195.775 4.104.959 income tax expense
Pajak dihitung dengan tarif pajak Tax calculated at applicableyang berlaku 798.944 1.026.240 tax rate
Penghasilan kena pajak final (54.456) (45.493) Income subject to final taxBeban yang tidak dapat dikurangkan 159.004 87.552 Non-deductible expensesPerbedaan tarif pajak Perseroan Differences in tax rate of
dengan entitas anak (239.826) (49.044) the Company and subsidiariesAset pajak tangguhan yang tidak diakui 90.245 - Unrecognised deferred tax assetsPenyesuaian tahun sebelumnya 70.631 - Prior year adjustment
824.542 1.019.255
Rekonsiliasi antara laba sebelum pajak penghasilan dengan taksiran penghasilan kena pajak Perseroan untuk tahun-tahun yang berakhir pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The reconciliation of profit before income tax and estimated taxable income of the Company for the years ended 31 December 2019 and 2018 are as follows:
2019 2018
Laba konsolidasian sebelum Consolidated profit beforebeban pajak penghasilan 3.195.775 4.104.959 income tax expense
Laba entitas anak sebelum Subsidiaries’ profit beforebeban pajak penghasilan (1.528.336) (1.980.578) income tax expense
Bagian atas hasil bersih entitas asosiasi Share of result of associatesdan ventura bersama 1.793 (1.606) and joint venture
Disesuaikan dengan eliminasi Adjusted for consolidationkonsolidasi (17.233) 42.464 eliminations
Laba sebelum pajak penghasilan Profit before income tax -Perseroan 1.651.999 2.165.239 the Company
Penyesuaian pajak: Tax adjustments:Beban yang tidak dapat dikurangkan 416.361 209.218 Non-deductible expensesPenghasilan kena pajak final (215.047) (154.071) Income subject to final taxPerbedaan penyusutan dan Difference between fiscal and commercial
amortisasi fiskal dan komersial (698.373) (722.959) depreciation and amortisationLiabilitas imbalan kerja 278.012 (68.900) Employee benefits liabilitiesPenyisihan persediaan usang Provision for obsolete and
dan bergerak lambat 26.325 17.220 slow moving inventoriesCadangan penurunan Provision for impairment
nilai piutang usaha - (4.231) of trade receivableProvisi lainnya 10.014 16.183 Other provisions
(182.708) (707.540) Penghasilan kena pajak - Perseroan 1.469.291 1.457.699 Taxable income - the Company
Beban pajak penghasilan Income tax expense ofPerseroan - kini 293.858 291.541 the Company - current
Pembayaran pajak dimuka Prepayment of income taxesPerseroan (200.008) (289.174) of the Company
Utang pajak penghasilan - Perseroan 93.850 2.367 Income tax payable - the Company
Dalam laporan keuangan konsolidasian ini, jumlah penghasilan kena pajak tahun 2019 didasarkan atas perhitungan sementara, karena Perseroan belum menyampaikan Surat Pemberitahuan Tahunan (“SPT”) pajak penghasilan badan.
In these consolidated financial statements, the amount of taxable income for the year 2019 is based on preliminary calculations, as the Company has not submitted its annual corporate income tax return.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/34 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
c. Utang pajak (lanjutan) c. Taxes payable (continued)
2019 2018Entitas anak SubsidiariesPajak Penghasilan: Income Taxes:- Pasal 21 28.284 25.857 Article 21 -- Pasal 22 8.390 3.772 Article 22 -- Pasal 23 dan 26 38.318 17.297 Articles 23 and 26 -- Final 1.318 1.407 Final -Pajak Bumi dan Bangunan 1.475 6.263 Land and Building TaxPajak Pertambahan Nilai 66.676 45.241 Value Added TaxLainnya 21.405 14.475 Others
165.866 114.312 299.122 214.695
Jumlah 625.630 362.783 Total
Perseroan ditunjuk sebagai Wajib Pungut Pajak Penghasilan Pasal 22 dan Pajak Pertambahan Nilai masing-masing pada tanggal 9 Juni 2015 dan 20 Juni 2012.
The Company was appointed as an Income Tax Article 22 and Value Added Tax collector on 9 June 2015 and 20 June 2012, respectively.
d. Beban pajak penghasilan d. Income tax expense
Beban pajak Grup terdiri dari: Tax expense of the Group consists of the following:
2019 2018
Perseroan The CompanyKini 293.858 291.541 CurrentTangguhan 2.224 142.925 Deferred
296.082 434.466
Entitas anak SubsidiariesKini 689.679 431.832 CurrentTangguhan (231.850) 152.957 DeferredPenyesuaian tahun sebelumnya 70.631 - Prior year adjustment
528.460 584.789
Konsolidasian ConsolidatedKini 983.537 723.373 CurrentTangguhan (229.626) 295.882 DeferredPenyesuaian tahun sebelumnya 70.631 - Prior year adjustment
Jumlah 824.542 1.019.255 Total
Berdasarkan Peraturan Pemerintah No. 81/2007, perseroan terbuka yang memenuhi syarat-syarat tertentu berhak memperoleh penurunan tarif pajak penghasilan sebesar 5% dari tarif pajak penghasilan yang berlaku. Perseroan telah memenuhi syarat-syarat tersebut dan telah menerapkan penurunan tarif pajak untuk tahun fiskal 2019 dan 2018.
Based on the Government Regulation No. 81/2007, public listed entities which meet certain requirements are entitled to a 5% tax rate reduction from the applicable tax rates. The Company has complied with these requirements and has applied for such reduction for fiscal years 2019 and 2018.
Rekonsiliasi pajak atas laba sebelum pajak Grup secara teoritis dengan beban pajak penghasilan adalah sebagai berikut:
Reconciliation of theoretical tax amount on the Group profit before tax to the income tax as follows:
329
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/35 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
d. Beban pajak penghasilan (lanjutan) d. Income tax expense (continued)
2019 2018
Laba konsolidasian sebelum Consolidated profit before beban pajak penghasilan 3.195.775 4.104.959 income tax expense
Pajak dihitung dengan tarif pajak Tax calculated at applicableyang berlaku 798.944 1.026.240 tax rate
Penghasilan kena pajak final (54.456) (45.493) Income subject to final taxBeban yang tidak dapat dikurangkan 159.004 87.552 Non-deductible expensesPerbedaan tarif pajak Perseroan Differences in tax rate of
dengan entitas anak (239.826) (49.044) the Company and subsidiariesAset pajak tangguhan yang tidak diakui 90.245 - Unrecognised deferred tax assetsPenyesuaian tahun sebelumnya 70.631 - Prior year adjustment
824.542 1.019.255
Rekonsiliasi antara laba sebelum pajak penghasilan dengan taksiran penghasilan kena pajak Perseroan untuk tahun-tahun yang berakhir pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The reconciliation of profit before income tax and estimated taxable income of the Company for the years ended 31 December 2019 and 2018 are as follows:
2019 2018
Laba konsolidasian sebelum Consolidated profit beforebeban pajak penghasilan 3.195.775 4.104.959 income tax expense
Laba entitas anak sebelum Subsidiaries’ profit beforebeban pajak penghasilan (1.528.336) (1.980.578) income tax expense
Bagian atas hasil bersih entitas asosiasi Share of result of associatesdan ventura bersama 1.793 (1.606) and joint venture
Disesuaikan dengan eliminasi Adjusted for consolidationkonsolidasi (17.233) 42.464 eliminations
Laba sebelum pajak penghasilan Profit before income tax -Perseroan 1.651.999 2.165.239 the Company
Penyesuaian pajak: Tax adjustments:Beban yang tidak dapat dikurangkan 416.361 209.218 Non-deductible expensesPenghasilan kena pajak final (215.047) (154.071) Income subject to final taxPerbedaan penyusutan dan Difference between fiscal and commercial
amortisasi fiskal dan komersial (698.373) (722.959) depreciation and amortisationLiabilitas imbalan kerja 278.012 (68.900) Employee benefits liabilitiesPenyisihan persediaan usang Provision for obsolete and
dan bergerak lambat 26.325 17.220 slow moving inventoriesCadangan penurunan Provision for impairment
nilai piutang usaha - (4.231) of trade receivableProvisi lainnya 10.014 16.183 Other provisions
(182.708) (707.540) Penghasilan kena pajak - Perseroan 1.469.291 1.457.699 Taxable income - the Company
Beban pajak penghasilan Income tax expense ofPerseroan - kini 293.858 291.541 the Company - current
Pembayaran pajak dimuka Prepayment of income taxesPerseroan (200.008) (289.174) of the Company
Utang pajak penghasilan - Perseroan 93.850 2.367 Income tax payable - the Company
Dalam laporan keuangan konsolidasian ini, jumlah penghasilan kena pajak tahun 2019 didasarkan atas perhitungan sementara, karena Perseroan belum menyampaikan Surat Pemberitahuan Tahunan (“SPT”) pajak penghasilan badan.
In these consolidated financial statements, the amount of taxable income for the year 2019 is based on preliminary calculations, as the Company has not submitted its annual corporate income tax return.
330
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/37 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan (lanjutan)
e. Deferred tax assets and liabilities (continued)
Dikreditkan/ Dibebankan(dibebankan) ke penghasilanke laporan komprehensif lain/laba rugi/ Charged/
Saldo awal/ Credited to other Saldo akhir/Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Aset pajak tangguhan - bersih Deferred tax asset - net
Perseroan The CompanyAset tetap 432.742 (162.605) - 270.137 Fixed assets
Aset sewa pembiayaan - 57 - 57 Finance Lease assetsAset takberwujud 4.044 27.568 - 31.612 Intangible assetsPenyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 14.260 3.444 - 17.704 moving inventoriesPenyisihan penurunan nilai Provisions for impairment of
piutang usaha 2.600 (846) - 1.754 trade receivablesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 145.624 13.948 (22.550) 137.023 liabilities
Lain-lain 70.323 (24.491) - 45.832 Others
669.593 (142.925) (22.550) 504.119
Entitas anak SubsidiariesAset tetap (97.886) 107.736 - 9.850 Fixed assets
Aset takberwujud - (15.596) - (15.596) Intangible assetsAset sewa pembiayaan 98 (5.585) - (5.487) Finance lease assetsPenyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 7.548 (7.365) - 183 moving inventories
Penyisihan penurunan nilai Provisions for impairment of
piutang usaha 11.110 (683) - 10.427 trade receivablesLiabilitas imbalan kerja Short-term employee benefits
jangka pendek 51.001 (47.537) - 3.464 liabilitiesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 139.905 (95.006) (27.077) 17.822 liabilities
Akumulasi rugi fiskal 20.035 5.814 - 25.849 Accumulated fiscal lossLain-lain 18.996 (7.018) - 11.978 Others
150.807 (65.240) (27.077) 58.490
Jumlah aset pajak tangguhan - bersih 820.400 (208.165) (49.627) 562.609 Total deferred tax assets - net
Liabilitas pajak tangguhan - bersih Deferred tax liabilities - net
Entitas anak SubsidiariesAset tetap (349.981) (304.994) - (654.975) Fixed assetsNilai wajar aset atas Fair value assets
akuisisi entitas anak (19.276) 19.276 - - of acquisition subsidiaryAset sewa pembiayaan (17.191) 7.782 - (9.409) Finance lease assets
Penyisihan persediaan usang dan Provisions for obsolete and slowbergerak lambat 6.540 12.384 - 18.924 moving inventories
Penyisihan penurunan nilai Provisions for impairment of
piutang usaha 13.034 1.650 - 14.684 trade receivablesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 144.316 85.934 (47.979) 182.271 liabilities
Akumulasi rugi fiskal 18.990 23.346 - 42.336 Fiscal loss carryforwardLain-lain 132.031 66.905 - 198.936 Others
Jumlah liabilitas pajak tangguhan - bersih (71.537) (87.717) (47.979) (207.233) Total deferred tax liabilities - net
Beban pajak tangguhan - bersih (295.882) (97.606) Deferred tax expense - net
2018
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/36 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
Dikreditkan/(dibebankan) Dikreditkanke laporan ke penghasilanlaba rugi/ komprehensif lain/ Akuisisi
Saldo awal/ Credited/ Credited to other entitas anak/ Saldo akhir/ Beginning (charged) to comprehensive Acquisition of Ending
balance profit or loss income a subsidiary balance
Aset pajak tangguhan - bersih Deferred tax assets, net
Perseroan The CompanyAset tetap 270.137 (86.938) - - 183.199 Fixed assets
Aset sewa pembiayaan 57 (57) - - - Finance lease assets
Aset takberwujud 31.612 (3.817) - - 27.795 Intangible assets
Penyisihan persediaan usang dan Provision for obsolete and slow
bergerak lambat 17.704 5.265 - - 22.969 moving inventories
Penyisihan penurunan nilai Provision for impairment of
piutang usaha 1.754 - - - 1.754 trade receivables
Liabilitas imbalan kerja Long-term employee benefits
jangka panjang 137.023 21.562 1.536 - 160.121 liabilities
Lain-lain 45.832 61.427 - - 107.259 Others
504.119 (2.558) 1.536 - 503.097
Entitas anak SubsidiariesAset tetap 9.850 (86.873) - - (77.023) Fixed assets
Aset sewa pembiayaan (5.487) (490) - - (5.977) Finance lease assets
Aset takberwujud (15.596) 3.395 - - (12.201) Intangible assets
Penyisihan persediaan usang dan Provision for obsolete and slow
bergerak lambat 183 496 - - 679 moving inventories
Penyisihan penurunan nilai Provision for impairment of
piutang usaha 10.427 29.542 - - 39.969 trade receivables
Liabilitas imbalan kerja Long-term employee benefits
jangka panjang 17.822 35.956 259 - 54.037 liabilities
Akumulasi rugi fiskal 25.849 100.899 - - 126.748 Accumulated fiscal loss
Lain-lain 15.442 (7.926) - 21.417 28.933 Others
58.490 74.999 259 21.417 155.165
Jumlah aset pajak tangguhan - bersih 562.609 72.441 1.795 21.417 658.262 Total deferred tax assets - net
Liabilitas pajak tangguhan - bersih Deferred tax liabilities - net
Entitas anak SubsidiariesAset tetap (654.975) 551.431 - (3.239.178) (3.342.722) Fixed assets
Aset sewa pembiayaan (9.409) 94 - - (9.315) Finance lease assets
Aset takberwujud - - - (573.625) (573.625) Intangible assets
Penyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 18.924 2.886 - - 21.810 moving inventories
Penyisihan penurunan nilai Provision for impairment of
piutang usaha 14.684 30.833 - - 45.517 trade receivables
Liabilitas imbalan kerja Long-term employee benefits
jangka panjang 182.271 171.714 - - 353.985 liabilities
Akumulasi rugi fiskal 42.336 (14.162) - - 28.174 Accumulated fiscal loss
Lain-lain 198.936 (585.611) - 24.444 (362.231) Others
Total liabilitas pajak tangguhan - bersih (207.233) 157.185 - (3.788.359) (3.838.407) Total deferred tax liabilities - net
Manfaat pajak tangguhan - bersih 229.626 1.795 (3.766.942) Deferred tax benefit - net
2019
331
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/37 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan (lanjutan)
e. Deferred tax assets and liabilities (continued)
Dikreditkan/ Dibebankan(dibebankan) ke penghasilanke laporan komprehensif lain/laba rugi/ Charged/
Saldo awal/ Credited to other Saldo akhir/Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Aset pajak tangguhan - bersih Deferred tax asset - net
Perseroan The CompanyAset tetap 432.742 (162.605) - 270.137 Fixed assets
Aset sewa pembiayaan - 57 - 57 Finance Lease assetsAset takberwujud 4.044 27.568 - 31.612 Intangible assetsPenyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 14.260 3.444 - 17.704 moving inventoriesPenyisihan penurunan nilai Provisions for impairment of
piutang usaha 2.600 (846) - 1.754 trade receivablesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 145.624 13.948 (22.550) 137.023 liabilities
Lain-lain 70.323 (24.491) - 45.832 Others
669.593 (142.925) (22.550) 504.119
Entitas anak SubsidiariesAset tetap (97.886) 107.736 - 9.850 Fixed assets
Aset takberwujud - (15.596) - (15.596) Intangible assetsAset sewa pembiayaan 98 (5.585) - (5.487) Finance lease assetsPenyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 7.548 (7.365) - 183 moving inventories
Penyisihan penurunan nilai Provisions for impairment of
piutang usaha 11.110 (683) - 10.427 trade receivablesLiabilitas imbalan kerja Short-term employee benefits
jangka pendek 51.001 (47.537) - 3.464 liabilitiesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 139.905 (95.006) (27.077) 17.822 liabilities
Akumulasi rugi fiskal 20.035 5.814 - 25.849 Accumulated fiscal lossLain-lain 18.996 (7.018) - 11.978 Others
150.807 (65.240) (27.077) 58.490
Jumlah aset pajak tangguhan - bersih 820.400 (208.165) (49.627) 562.609 Total deferred tax assets - net
Liabilitas pajak tangguhan - bersih Deferred tax liabilities - net
Entitas anak SubsidiariesAset tetap (349.981) (304.994) - (654.975) Fixed assetsNilai wajar aset atas Fair value assets
akuisisi entitas anak (19.276) 19.276 - - of acquisition subsidiaryAset sewa pembiayaan (17.191) 7.782 - (9.409) Finance lease assets
Penyisihan persediaan usang dan Provisions for obsolete and slowbergerak lambat 6.540 12.384 - 18.924 moving inventories
Penyisihan penurunan nilai Provisions for impairment of
piutang usaha 13.034 1.650 - 14.684 trade receivablesLiabilitas imbalan kerja Long-term employee benefits
jangka panjang 144.316 85.934 (47.979) 182.271 liabilities
Akumulasi rugi fiskal 18.990 23.346 - 42.336 Fiscal loss carryforwardLain-lain 132.031 66.905 - 198.936 Others
Jumlah liabilitas pajak tangguhan - bersih (71.537) (87.717) (47.979) (207.233) Total deferred tax liabilities - net
Beban pajak tangguhan - bersih (295.882) (97.606) Deferred tax expense - net
2018
332
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/39 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
10. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 10. INVESTMENT IN ASSOCIATES (continued)
Seluruh entitas asosiasi dicatat dengan menggunakan metode ekuitas dalam laporan keuangan konsolidazsian ini.
All of the above associates are accounted for using the equity method in these consolidated financial statements.
Persentase kepemilikan pada PT Igasar kurang dari 20% namun kepemilikan tersebut diklasifikasi sebagai investasi pada entitas asosiasi karena Grup mempunyai pengaruh signifikan pada PT Igasar melalui Koperasi Karyawan Semen Padang.
The percentage ownership in PT Igasar is less than 20%, but such ownership is classified as investment in associate as the Group has significant influence on PT Igasar through Koperasi Karyawan Semen Padang.
Ringkasan laporan posisi keuangan PT Swadaya Graha pada tanggal 31 Desember 2019 dan 2018 serta rekonsiliasinya dengan jumlah tercatat atas kepentingan Grup pada PT Swadaya Graha adalah sebagai berikut:
Summarised statements of financial position of PT Swadaya Graha as at 31 December 2019 and 2018 and the reconciliation with the carrying amount of the Group’s interest in PT Swadaya Graha are as follows:
PT Swadaya Graha
PT Swadaya Graha
Aset lancar 792.356 863.869 Current assetsAset tidak lancar 116.033 130.806 Non-current assetsJumlah Aset 908.389 994.675 Total Assets
Liabilitas jangka pendek 698.987 787.672 Current liabilitiesLiabilitas jangka panjang 56.941 68.008 Non-current liabilitiesJumlah Liabilitas 755.928 855.680 Total Liabilities
2019 2018
Persentase kepemilikan efektif 33,06% 33,06% Percentage of effective ownershipBagian Grup atas aset bersih entitas The Group's share of the net
asosiasi 50.404 45.952 asset of associatesPenyesuaian metode ekuitas 38.597 39.041 Equity method adjustments
Jumlah Tercatat 89.001 84.993 Total Carrying Value
Ringkasan laporan laba rugi dan penghasilan komprehensif lain PT Swadaya Graha untuk tahun yang berakhir pada 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of profit or loss and other comprehensive PT Swadaya Graha for the years ended 31 December 2019 and 2018 are as follows:
PT Swadaya Graha
PT Swadaya Graha
Pendapatan 925.344 1.199.228 RevenueBeban (913.525) (1.185.165) ExpensesLaba tahun berjalan 11.819 14.063 Profit for the year
Penghasilan/(rugi) komprehensif lain Other comprehensive income/(loss)tahun berjalan setelah pajak 5.163 (5.748) for the year, net of tax
Jumlah penghasilan komprehensif Total comprehensive incometahun berjalan 16.982 8.315 for the year
Dividen yang dibayarkan 5.614 - Dividen paid
2019 2018
Informasi diatas adalah jumlah sebelum eliminasi antar entitas.
The information above is the amount before inter-company eliminations.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/38 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
f. Surat ketetapan pajak f. Tax assessments
Pada tahun 2019 dan 2018, Grup telah menerima beberapa surat ketetapan pajak untuk berbagai tahun pajak. Grup menyetujui sebagian ketetapan pajak tersebut dan telah membukukan tambahan beban sebesar Rp 100.694 (2018: Rp 29.074) dalam laba rugi.
In 2019 and 2018, the Group has received a number of assessments for various tax years. The Group has accepted a portion of these assessments and booked an additional amount of Rp 100,694 (2018: Rp 29,074) of expenses in profit or loss.
Atas jumlah sisanya, Grup telah mengajukan keberatan dan banding. Pada tanggal 31 Desember 2019 dan 2018, jumlah ketetapan pajak yang masih dalam proses keberatan dan banding adalah sebagai berikut:
For the remaining amounts, the Group has field objections and appeals. As at 31 December 2019 and 2018, the amount of assessments in the process of objection and appeal were as follows:
2019 2018
Pajak penghasilan badan 1.268.597 159.136 Corporate income taxPajak lain-lain 578.870 21.721 Other taxes
1.847.467 180.857
9. KAS YANG DIBATASI PENGGUNAANNYA 9. RESTRICTED CASH
2019 2018
Pihak berelasi/Related parties :Rupiah:
PT Bank Rakyat Indonesia (Persero) Tbk 3.600 100 PT Bank Mandiri (Persero) Tbk 3.216 - Lain-lain/Others (masing-masing di bawah/
each below Rp 3,000) 1.453 882 8.269 982
Pihak ketiga/Third parties :Rupiah:
PT Bank Pembangunan Daerah Jawa Timur Tbk 44.938 26.201 PT Bank Pembangunan Daerah Jawa Tengah 4.149 4.149
49.087 30.350 Jumlah/Total 57.356 31.332
Kas yang dibatasi penggunaannya merupakan dana yang ditempatkan sebagai jaminan biaya rehabilitasi dan restorasi tanah tambang, jaminan atas fasilitas pinjaman Grup.
Restricted cash are used as guarantee of quarry rehabilitation and restoration, collateral required in relation to the Group’s credit borrowing facilities.
10. INVESTASI PADA ENTITAS ASOSIASI 10. INVESTMENT IN ASSOCIATES
Lokasi usaha/Nama entitas asosiasi/ Aktivitas utama/ Business
Name of associates Principal activity location 2019 2018 2019 2018
PT Swadaya Graha Kontraktor dan persewaan alat berat/ Gresik 33,06% 33,06% 89.001 84.993 Contractor and lessor of heavy equipment
PT Mitra Kiara Indonesia Distributor bahan bangunan/ Jakarta 20,00% 0,00% - - Distributor building material
PT Igasar Distributor semen/Cement distributor Padang 12,00% 12,00% - 645
Jumlah / Total 89.001 85.638
Saldo/
Balance
Persentase kepemilikan/
Percentage of ownership
333
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/39 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
10. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 10. INVESTMENT IN ASSOCIATES (continued)
Seluruh entitas asosiasi dicatat dengan menggunakan metode ekuitas dalam laporan keuangan konsolidazsian ini.
All of the above associates are accounted for using the equity method in these consolidated financial statements.
Persentase kepemilikan pada PT Igasar kurang dari 20% namun kepemilikan tersebut diklasifikasi sebagai investasi pada entitas asosiasi karena Grup mempunyai pengaruh signifikan pada PT Igasar melalui Koperasi Karyawan Semen Padang.
The percentage ownership in PT Igasar is less than 20%, but such ownership is classified as investment in associate as the Group has significant influence on PT Igasar through Koperasi Karyawan Semen Padang.
Ringkasan laporan posisi keuangan PT Swadaya Graha pada tanggal 31 Desember 2019 dan 2018 serta rekonsiliasinya dengan jumlah tercatat atas kepentingan Grup pada PT Swadaya Graha adalah sebagai berikut:
Summarised statements of financial position of PT Swadaya Graha as at 31 December 2019 and 2018 and the reconciliation with the carrying amount of the Group’s interest in PT Swadaya Graha are as follows:
PT Swadaya Graha
PT Swadaya Graha
Aset lancar 792.356 863.869 Current assetsAset tidak lancar 116.033 130.806 Non-current assetsJumlah Aset 908.389 994.675 Total Assets
Liabilitas jangka pendek 698.987 787.672 Current liabilitiesLiabilitas jangka panjang 56.941 68.008 Non-current liabilitiesJumlah Liabilitas 755.928 855.680 Total Liabilities
2019 2018
Persentase kepemilikan efektif 33,06% 33,06% Percentage of effective ownershipBagian Grup atas aset bersih entitas The Group's share of the net
asosiasi 50.404 45.952 asset of associatesPenyesuaian metode ekuitas 38.597 39.041 Equity method adjustments
Jumlah Tercatat 89.001 84.993 Total Carrying Value
Ringkasan laporan laba rugi dan penghasilan komprehensif lain PT Swadaya Graha untuk tahun yang berakhir pada 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of profit or loss and other comprehensive PT Swadaya Graha for the years ended 31 December 2019 and 2018 are as follows:
PT Swadaya Graha
PT Swadaya Graha
Pendapatan 925.344 1.199.228 RevenueBeban (913.525) (1.185.165) ExpensesLaba tahun berjalan 11.819 14.063 Profit for the year
Penghasilan/(rugi) komprehensif lain Other comprehensive income/(loss)tahun berjalan setelah pajak 5.163 (5.748) for the year, net of tax
Jumlah penghasilan komprehensif Total comprehensive incometahun berjalan 16.982 8.315 for the year
Dividen yang dibayarkan 5.614 - Dividen paid
2019 2018
Informasi diatas adalah jumlah sebelum eliminasi antar entitas.
The information above is the amount before inter-company eliminations.
334
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/41 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
12. ASET TETAP 12. FIXED ASSETS
AkuisisiSaldo awal/ Selisih kurs/ entitas anak/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Acquisition of Ending
balance Additions Deductions Reclassifications*) exchange a subsidiary balance
Harga perolehan: Acquisition cost:
Kepemilikan Langsung Direct Ownership
Tanah 847.284 - (1.012) (170.618) - 4.321.695 4.997.349 Land
Tanah pertambangan 952.211 9.357 (40.824) 287.162 - 902.397 2.110.303 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 12.226.299 21.821 (15.872) 528.463 (58.499) 7.031.837 19.734.049 and harbors
Mesin 28.862.784 255.078 (50.537) 1.191.672 (100.030) 23.117.797 53.276.764 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 2.664.431 38.436 (137.382) 59.341 (522) 587.126 3.211.430 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 1.094.612 18.356 (27.107) 62.476 (179) 319.085 1.467.243 equipment
Aset dalam pembangunan: Construction in progress:
Tanah 167.539 42.553 (41) (81.101) - 2.356 131.306 Land
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 500.345 385.791 - (490.758) (2.673) 229.292 621.997 and harbors
Mesin 1.264.181 627.153 (763) (1.199.776) - 275.454 966.249 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 25.658 103.381 - (113.819) - - 15.220 vehicles
Perlengkapan 63.519 137.154 - (14.894) - 9.785 195.564 Equipment
48.668.863 1.639.080 (273.538) 58.148 (161.903) 36.796.824 86.727.474
Aset Sewa Pembiayaan Finance Lease Assets
Alat-alat berat dan Heavy equipment and
kendaraan 646.359 28.699 (445.502) 11.270 - - 240.826 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 36.151 1.292 - (34.652) - - 2.791 equipment
682.510 29.991 (445.502) (23.382) - - 243.617
Jumlah biaya perolehan 49.351.373 1.669.071 (719.040) 34.766 (161.903) 36.796.824 86.971.091 Total acquisition cost
Akumulasi penyusutan Accumulated depreciation
dan penurunan nilai: and impairment:
Kepemilikan Langsung Direct Ownership
Tanah pertambangan 109.008 27.195 (70) 6.514 - 149.529 292.176 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 3.098.629 681.982 (8.502) 7.969 (19.873) 1.912.038 5.672.243 and harbors
Mesin 11.119.920 1.304.148 (40.882) - (41.154) 8.768.892 21.110.924 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 1.587.754 209.412 (129.228) (16.725) (451) 444.357 2.095.119 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 740.600 95.304 (6.351) 16.725 (169) 191.829 1.037.938 equipment
16.655.911 2.318.041 (185.033) 14.483 (61.647) 11.466.645 30.208.400
Aset Sewa Pembiayaan Finance Lease Assets
Alat-alat berat dan Heavy equipment and
kendaraan 287.650 26.047 (160.602) 5.103 - - 158.198 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 15.862 - - (13.071) - - 2.791 equipment
303.512 26.047 (160.602) (7.968) - - 160.989
Jumlah akumulasi penyusutan Total accumulated depreciation
dan penurunan nilai 16.959.423 2.344.088 (345.635) 6.515 (61.647) 11.466.645 30.369.389 and impairment
Nilai buku bersih 32.391.950 56.601.702 Net book value
*) Direklasifikasikan dari aset tidak lancar lainnya sebesar Rp 28.251 *) Reclassified from other non-current assets amounting to Rp 28,251
2019
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/40 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
11. PROPERTI INVESTASI 11. INVESTMENT PROPERTIES
Saldo awal/ Saldo akhir/Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deductions balanceBiaya perolehan Acquisition costTanah 3.716 - - 3.716 LandBangunan 232.597 2.309 - 234.906 Buildings
236.313 2.309 - 238.622
Akumulasi penyusutan Accumulated depreciationBangunan 104.270 14.750 - 119.020 Buildings
104.270 14.750 - 119.020 Nilai buku bersih 132.043 119.602 Net book value
2019
Saldo awal/ Saldo akhir/Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deductions balanceBiaya perolehan Acquisition costTanah 3.843 - (127) 3.716 LandBangunan 232.055 542 - 232.597 Buildings
235.898 542 (127) 236.313
Akumulasi penyusutan Accumulated depreciationBangunan 89.436 14.834 - 104.270 Buildings
89.436 14.834 - 104.270 Nilai buku bersih 146.462 132.043 Net book value
2018
Hak atas tanah Grup berupa Sertifikat Hak Guna Bangunan (“SHGB”). SHGB memiliki masa berlaku hingga tahun 2044. Manajemen berkayinan bahwa SHGB tersebut dapat diperpanjang.
The Group’s land represents land-use rights (“SHGB”). The SHGB will expire until 2044. Management believes that the SHGB are extendable.
Beban penyusutan untuk tahun-tahun yang berakhir pada 31 Desember 2019 dan 2018 masing-masing sebesar Rp 14.750 dan Rp 14.834 dicatat sebagai beban pokok pendapatan.
Depreciation expense for years ended 31 December 2019 and 2018 amounting to Rp 14,750 and Rp 14,834, respectively, were recorded under cost of revenue.
Pada tanggal 31 Desember 2019 dan 2018, nilai wajar properti investasi masing-masing sebesar Rp 740.036 and Rp 752.268.
As at 31 December 2019 and 2018, fair value of investment properties amounted to Rp 740,036 and Rp 752,268, respectively.
Pada tanggal 31 Desember 2019, properti investasi telah diasuransikan dengan jumlah pertanggungan sebesar Rp 100.118.
As at 31 December 2019, investment properties were insured with total coverage of Rp 100,118.
Manajemen berpendapat bahwa jumlah pertanggungan asuransi tersebut telah memadai untuk menutup kemungkinan kerugian atas aset yang diasuransikan.
Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.
335
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/41 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
12. ASET TETAP 12. FIXED ASSETS
AkuisisiSaldo awal/ Selisih kurs/ entitas anak/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Acquisition of Ending
balance Additions Deductions Reclassifications*) exchange a subsidiary balance
Harga perolehan: Acquisition cost:
Kepemilikan Langsung Direct Ownership
Tanah 847.284 - (1.012) (170.618) - 4.321.695 4.997.349 Land
Tanah pertambangan 952.211 9.357 (40.824) 287.162 - 902.397 2.110.303 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 12.226.299 21.821 (15.872) 528.463 (58.499) 7.031.837 19.734.049 and harbors
Mesin 28.862.784 255.078 (50.537) 1.191.672 (100.030) 23.117.797 53.276.764 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 2.664.431 38.436 (137.382) 59.341 (522) 587.126 3.211.430 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 1.094.612 18.356 (27.107) 62.476 (179) 319.085 1.467.243 equipment
Aset dalam pembangunan: Construction in progress:
Tanah 167.539 42.553 (41) (81.101) - 2.356 131.306 Land
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 500.345 385.791 - (490.758) (2.673) 229.292 621.997 and harbors
Mesin 1.264.181 627.153 (763) (1.199.776) - 275.454 966.249 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 25.658 103.381 - (113.819) - - 15.220 vehicles
Perlengkapan 63.519 137.154 - (14.894) - 9.785 195.564 Equipment
48.668.863 1.639.080 (273.538) 58.148 (161.903) 36.796.824 86.727.474
Aset Sewa Pembiayaan Finance Lease Assets
Alat-alat berat dan Heavy equipment and
kendaraan 646.359 28.699 (445.502) 11.270 - - 240.826 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 36.151 1.292 - (34.652) - - 2.791 equipment
682.510 29.991 (445.502) (23.382) - - 243.617
Jumlah biaya perolehan 49.351.373 1.669.071 (719.040) 34.766 (161.903) 36.796.824 86.971.091 Total acquisition cost
Akumulasi penyusutan Accumulated depreciation
dan penurunan nilai: and impairment:
Kepemilikan Langsung Direct Ownership
Tanah pertambangan 109.008 27.195 (70) 6.514 - 149.529 292.176 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 3.098.629 681.982 (8.502) 7.969 (19.873) 1.912.038 5.672.243 and harbors
Mesin 11.119.920 1.304.148 (40.882) - (41.154) 8.768.892 21.110.924 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 1.587.754 209.412 (129.228) (16.725) (451) 444.357 2.095.119 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 740.600 95.304 (6.351) 16.725 (169) 191.829 1.037.938 equipment
16.655.911 2.318.041 (185.033) 14.483 (61.647) 11.466.645 30.208.400
Aset Sewa Pembiayaan Finance Lease Assets
Alat-alat berat dan Heavy equipment and
kendaraan 287.650 26.047 (160.602) 5.103 - - 158.198 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 15.862 - - (13.071) - - 2.791 equipment
303.512 26.047 (160.602) (7.968) - - 160.989
Jumlah akumulasi penyusutan Total accumulated depreciation
dan penurunan nilai 16.959.423 2.344.088 (345.635) 6.515 (61.647) 11.466.645 30.369.389 and impairment
Nilai buku bersih 32.391.950 56.601.702 Net book value
*) Direklasifikasikan dari aset tidak lancar lainnya sebesar Rp 28.251 *) Reclassified from other non-current assets amounting to Rp 28,251
2019
336
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/43 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
Rincian kerugian/keuntungan penjualan aset tetap adalah sebagai berikut:
Details of loss/gain on sale of fixed assets are as follows:
2019 2018
Hasil penjualan Net proceeds from sale ofaset tetap 6.708 4.078 fixed assets
Nilai buku bersih 12.471 898 Net book value
(Kerugian)/keuntungan atas (Loss)/gain on sale of penjualan aset tetap (5.763) 3.180 fixed assets
Pada tahun 2019 pengurangan aset tetap dengan nilai buku bersih sebesar Rp 76.034 (2018: Rp 11.000) merupakan penghapusan aset yang telah usang dan penurunan nilai.
In 2019, the deduction of fixed assets with net book value of Rp 76,034 (2018: Rp 11,000) represents writte-off assets and impairment losses.
Beban penyusutan dan kerugian penurunan nilai aset tetap dialokasikan sebagai berikut:
Depreciation expense and impairment loss of fixed assets were allocated as follows:
2019 2018
Beban pokok pendapatan 1.941.831 1.506.131 Cost of revenueBeban penjualan, umum dan Selling, general and administration
administrasi 402.257 117.328 expensesBeban lain-lain - 2.191 Other expenses
Jumlah 2.344.088 1.625.650 Total
Persentase penyelesaian aset dalam pembangunan pada tanggal 31 Desember 2019 berkisar antara 2% – 99% (2018: 4% – 98%) dari jumlah yang dianggarkan. Sebagian besar bangunan, mesin dan peralatan dalam penyelesaian diperkirakan akan selesai antara tahun 2020 – 2022.
The percentage of completion for construction in progress as at 31 December 2019 ranges from 2% – 99% (2018: 4% – 98%) of total budgeted costs. Most of the buildings, machinery, and equipment under construction are estimated to be completed between 2020 – 2022.
Jumlah tercatat aset tetap yang telah disusutkan penuh dan masih digunakan pada tanggal 31 Desember 2019 dan 2018 masing-masing sebesar Rp 7.986.168 dan Rp 5.351.541.
The carrying amount of fixed assets that are fully depreciated and still in used for production as at 31 December 2019 and 2018 amounted to Rp 7,986,168 and Rp 5,351,541 respectively.
Jumlah tercatat aset tetap yang tidak digunakan sementara untuk aktivitas operasi pada tanggal 31 Desember 2019 dan 2018 masing-masing adalah sebesar Rp 45.848 dan Rp 12.060.
The carrying amount of fixed assets which are not used in operations as at 31 December 2019 and 2018 amounted to Rp 45,848 and Rp 12,060, respectively.
Berdasarkan penilaian internal, nilai wajar aset tetap pada tanggal 31 Desember 2019 dan 2018 masing-masing sebesar Rp 72.891.439 dan Rp 48.510.864. Nilai wajar aset tetap diukur menggunakan input level 3.
Based on internal valuation, the fair value of fixed assets as of December 31, 2019 and 2018 amounted to Rp 72,891,431 and Rp 48,510,864, respectively. The fair value of the Group’s fixed assets are measured using input level 3.
Pada tanggal 31 Desember 2019, aset tetap (kecuali tanah, tanah pertambangan, dan aset tetap dalam pembangunan) telah diasuransikan dalam industrial special risk dan resiko lainnya dengan jumlah pertanggungan sebesar Rp 69.566.385.
As at 31 December 2019, fixed assets (except land, quary, and assets under construction),were insured under industrial special risks and other risks with total coverage of Rp 69,566,385
Manajemen berpendapat bahwa jumlah pertanggungan asuransi tersebut memadai untuk menutup kemungkinan kerugian atas aset yang dipertanggungkan.
Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/42 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
Saldo awal/ Selisih kurs/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Endingbalance Additions Deductions Reclassifications exchange balance
Biaya perolehan: Acquisition cost:
Pemilikan Langsung Direct OwnershipTanah 819.190 8.898 - 19.196 - 847.284 LandTanah pertambangan 873.565 2.285 - 76.361 - 952.211 Mining propertiesBangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 11.438.209 58.494 (4.149) 670.056 63.689 12.226.299 and harborsMesin 27.115.806 173.524 (8.706) 1.464.588 117.572 28.862.784 MachineryAlat-alat berat dan Heavy equipment and
kendaraan 2.517.068 46.254 (23.856) 124.338 627 2.664.431 vehiclesPerlengkapan dan peralatan Furniture and office
kantor 856.717 31.936 (233) 205.983 209 1.094.612 equipment
Aset dalam pembangunan: Construction in progress:Tanah 186.772 76.490 - (95.723) - 167.539 LandBangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 800.236 396.373 (2.014) (697.463) 3.213 500.345 and harborsMesin 1.887.519 718.076 - (1.341.414) - 1.264.181 MachineryAlat-alat berat dan Heavy equipment and
kendaraan 75.664 166.558 - (216.564) - 25.658 vehiclesPerlengkapan 133.439 117.623 (109) (187.434) - 63.519 Equipment
46.704.185 1.796.511 (39.067) 21.924 185.310 48.668.863
Aset Sewa Pembiayaan Finance Lease AssetsAlat-alat berat dan Heavy equipment and
kendaraan 788.109 21.158 (123.202) (39.706) - 646.359 vehiclesPerlengkapan dan peralatan Furniture and office
kantor 36.151 - - - - 36.151 equipment
824.260 21.158 (123.202) (39.706) - 682.510
Jumlah biaya perolehan 47.528.445 1.817.669 (162.269) (17.782) 185.310 49.351.373 Total acquisition cost
Akumulasi penyusutan Accumulated depreciationdan penurunan nilai: and impairment:
Pemilikan Langsung Direct OwnershipTanah pertambangan 105.427 3.746 - (165) - 109.008 Mining propertiesBangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 2.795.423 283.620 (2.038) 165 21.459 3.098.629 and harborsMesin 10.101.889 964.954 (5.584) - 58.661 11.119.920 MachineryAlat-alat berat dan Heavy equipment and
kendaraan 1.415.619 190.190 (18.646) 105 486 1.587.754 vehiclesPerlengkapan dan peralatan Furniture and office
kantor 662.066 78.540 (184) - 178 740.600 equipment
15.080.424 1.521.050 (26.452) 105 80.784 16.655.911 Aset Sewa Pembiayaan Finance Lease AssetsAlat-alat berat dan Heavy equipment and
kendaraan 265.797 104.600 (82.642) (105) - 287.650 vehiclesPerlengkapan dan peralatan Furniture and office
kantor 15.862 - - - - 15.862 equipment
281.659 104.600 (82.642) (105) - 303.512
Jumlah akumulasi penyusutan Total Accumulated Depreciation
dan penurunan nilai 15.362.083 1.625.650 (109.094) - 80.784 16.959.423 and impairment
Nilai buku bersih 32.166.362 32.391.950 Net book value
2018
337
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/43 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
Rincian kerugian/keuntungan penjualan aset tetap adalah sebagai berikut:
Details of loss/gain on sale of fixed assets are as follows:
2019 2018
Hasil penjualan Net proceeds from sale ofaset tetap 6.708 4.078 fixed assets
Nilai buku bersih 12.471 898 Net book value
(Kerugian)/keuntungan atas (Loss)/gain on sale of penjualan aset tetap (5.763) 3.180 fixed assets
Pada tahun 2019 pengurangan aset tetap dengan nilai buku bersih sebesar Rp 76.034 (2018: Rp 11.000) merupakan penghapusan aset yang telah usang dan penurunan nilai.
In 2019, the deduction of fixed assets with net book value of Rp 76,034 (2018: Rp 11,000) represents writte-off assets and impairment losses.
Beban penyusutan dan kerugian penurunan nilai aset tetap dialokasikan sebagai berikut:
Depreciation expense and impairment loss of fixed assets were allocated as follows:
2019 2018
Beban pokok pendapatan 1.941.831 1.506.131 Cost of revenueBeban penjualan, umum dan Selling, general and administration
administrasi 402.257 117.328 expensesBeban lain-lain - 2.191 Other expenses
Jumlah 2.344.088 1.625.650 Total
Persentase penyelesaian aset dalam pembangunan pada tanggal 31 Desember 2019 berkisar antara 2% – 99% (2018: 4% – 98%) dari jumlah yang dianggarkan. Sebagian besar bangunan, mesin dan peralatan dalam penyelesaian diperkirakan akan selesai antara tahun 2020 – 2022.
The percentage of completion for construction in progress as at 31 December 2019 ranges from 2% – 99% (2018: 4% – 98%) of total budgeted costs. Most of the buildings, machinery, and equipment under construction are estimated to be completed between 2020 – 2022.
Jumlah tercatat aset tetap yang telah disusutkan penuh dan masih digunakan pada tanggal 31 Desember 2019 dan 2018 masing-masing sebesar Rp 7.986.168 dan Rp 5.351.541.
The carrying amount of fixed assets that are fully depreciated and still in used for production as at 31 December 2019 and 2018 amounted to Rp 7,986,168 and Rp 5,351,541 respectively.
Jumlah tercatat aset tetap yang tidak digunakan sementara untuk aktivitas operasi pada tanggal 31 Desember 2019 dan 2018 masing-masing adalah sebesar Rp 45.848 dan Rp 12.060.
The carrying amount of fixed assets which are not used in operations as at 31 December 2019 and 2018 amounted to Rp 45,848 and Rp 12,060, respectively.
Berdasarkan penilaian internal, nilai wajar aset tetap pada tanggal 31 Desember 2019 dan 2018 masing-masing sebesar Rp 72.891.439 dan Rp 48.510.864. Nilai wajar aset tetap diukur menggunakan input level 3.
Based on internal valuation, the fair value of fixed assets as of December 31, 2019 and 2018 amounted to Rp 72,891,431 and Rp 48,510,864, respectively. The fair value of the Group’s fixed assets are measured using input level 3.
Pada tanggal 31 Desember 2019, aset tetap (kecuali tanah, tanah pertambangan, dan aset tetap dalam pembangunan) telah diasuransikan dalam industrial special risk dan resiko lainnya dengan jumlah pertanggungan sebesar Rp 69.566.385.
As at 31 December 2019, fixed assets (except land, quary, and assets under construction),were insured under industrial special risks and other risks with total coverage of Rp 69,566,385
Manajemen berpendapat bahwa jumlah pertanggungan asuransi tersebut memadai untuk menutup kemungkinan kerugian atas aset yang dipertanggungkan.
Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.
338
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/45 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
13. GOODWILL DAN ASET TAKBERWUJUD
(lanjutan) 13. GOODWILL AND INTANGIBLE ASSETS
(continued)
b. Goodwill b. Goodwill
2019 2018
Saldo awal 333.119 385.179 Beginning balanceAkuisisi entitas anak 1.024.193 - Acquisition of subsidiaryAkumulasi kerugian penurunan nilai - (60.000) Accumulated impairment lossSelisih kurs (6.616) 7.940 Foreign exchange
Jumlah tercatat 1.350.696 333.119 Carrying amount
Goodwill timbul dari akuisisi SBI, TLCC, SILOG dan VUB.
Goodwill was arising from acquisition of SBI, TLCC, SILOG and VUB.
Pengujian penurunan nilai atas goodwill dilakukan setiap tahun dan ketika terdapat suatu indikasi bahwa nilai tercatatnya mengalami penurunan nilai.
Goodwill is tested for impairment annually and when circumstances indicate the carrying value may be impaired.
Manajemen telah menunjuk KJPP Ruky, Safrudin dan Rekan, penilai independen, untuk menilai nilai yang dapat terpulihkan dari goodwill tersebut. Nilai terpulihkan tersebut telah ditelaah dengan mengacu pada nilai pakai unit penghasil kas.
Management has appointed KJPP Ruky, Safrudin dan Rekan, an independent appraiser, to assess the recoverable value of the goodwill. The recoverable value has assessed by reference to the cash-generating unit’s value-in-use.
Nilai terpulihkan dari nilai pakai unit penghasil kas ditentukan dengan menggunakan pendekatan pendapatan (metode arus kas yang didiskontokan). Nilai tersebut berada dalam kategori pengukuran nilai wajar Level 3.
The recoverable amount of the cash-generating unit’s value-in-use has been determined using the income approach (a discounted cash flows method). The value is within the category of fair value measurement Level 3.
Asumsi kunci yang digunakan dalam perhitungan pendekatan pendapatan sebagai berikut:
Key assumptions used in the income approach calculation were as follows:
2019 2018 Tingkat pertumbuhan volume penjualan 2,5% - 6,5% 0,9% - 6,8% Sales volume growth rate Tingkat pertumbuhan harga 2,0% - 3,0% 1,7% - 2,0% Sales price growth rate Tingkat diskonto 9,4% - 12,9% 9,7% - 12,8% Discount rate Tingkat pertumbuhan jangka panjang 3,0% 3,0% Long-term growth rate
Berdasarkan penelaahan tersebut, tidak ada penurunan nilai goodwill pada tahun 2019 (2018: kerugian penurunan nilai sebesar Rp 60.000).
Based on the assessment, there is no impairment of goodwill in 2019 (2018: impairment loss of Rp 60,000).
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/44 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
13. GOODWILL DAN ASET TAKBERWUJUD 13. GOODWILL AND INTANGIBLE ASSETS
2019 2018Aset takberwujud 2.909.363 751.568 Intangible assetsGoodwill 1.350.696 333.119 Goodwill
Jumlah 4.260.059 1.084.687 Total
a. Aset takberwujud a. Intangible assets
Saldo awal/ Akuisisi entitas Selisih kurs/ Saldo akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ anak/Acquisition Foreign Ending
balance Additions Deductions Reclassifications of a Subsidiary exchange balance
Biaya perolehan: Acquisition cost:
Lisensi 798.139 - - - 1.428.574 (31.807) 2.194.906 LicensesMerek dagang 181.225 27 - - 872.628 (7.248) 1.046.632 TrademarkPerangkat lunak komputer 180.232 2.089 - - 43.489 (712) 225.098 Computer softwarePengurusan perpanjangan
hak atas tanah 11.680 - - (613) 14.235 - 25.302 Land rights renewal
1.171.276 2.116 - (613) 2.358.926 (39.767) 3.491.938
Akumulasi Accumulated amortisasi dan amortisation andpenurunan nilai: impairment:
Lisensi 130.418 65.997 (177) - 6.685 (5.070) 197.853 LicensesMerek dagang 108.721 63.365 - - - (4.621) 167.465 TrademarkPerangkat lunak komputer 173.394 6.375 - - 28.961 (709) 208.021 Computer softwarePengurusan perpanjangan
hak atas tanah 7.175 472 - - 1.589 - 9.236 Land rights renewal419.708 136.209 (177) - 37.235 (10.400) 582.575
Nilai buku bersih 751.568 2.909.363 Net book value
2019
Saldo awal/ Selisih kurs/ Saldo akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Ending
balance Additions Deductions Reclassifications exchange balanceBiaya perolehan: Acquisition cost:
Lisensi 760.855 - - (885) 38.169 798.139 LicensesMerek dagang 172.521 6 - - 8.698 181.225 TrademarkPerangkat lunak komputer 173.940 5.373 - 885 34 180.232 Computer softwarePengurusan perpanjangan
hak atas tanah 11.068 635 (23) - - 11.680 Land rights renewal
1.118.384 6.014 (23) - 46.901 1.171.276
Akumulasi Accumulated amortisasi dan amortisation andpenurunan nilai: impairment:
Lisensi 95.673 30.069 - (307) 4.983 130.418 LicensesMerek dagang 86.252 17.927 - - 4.542 108.721 TrademarkPerangkat lunak komputer 172.326 727 - 307 34 173.394 Computer softwarePengurusan perpanjangan
hak atas tanah 6.645 553 (23) - - 7.175 Land rights renewal
360.896 49.276 (23) - 9.559 419.708
Nilai tercatat bersih 757.488 751.568 Net book value
2018
Lisensi dan merk dagang merupakan aset takberwujud yang diperoleh dari akusisi SBI, SILOG dan TLCC.
Trademark and licenses arising from acquisition of SBI, SILOG and TLCC.
Beban amortisasi aset takberwujud seluruhnya dicatat pada beban umum dan administrasi.
Amortisation of intangible assets is recorded to general and administrative expenses.
339
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/45 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
13. GOODWILL DAN ASET TAKBERWUJUD
(lanjutan) 13. GOODWILL AND INTANGIBLE ASSETS
(continued)
b. Goodwill b. Goodwill
2019 2018
Saldo awal 333.119 385.179 Beginning balanceAkuisisi entitas anak 1.024.193 - Acquisition of subsidiaryAkumulasi kerugian penurunan nilai - (60.000) Accumulated impairment lossSelisih kurs (6.616) 7.940 Foreign exchange
Jumlah tercatat 1.350.696 333.119 Carrying amount
Goodwill timbul dari akuisisi SBI, TLCC, SILOG dan VUB.
Goodwill was arising from acquisition of SBI, TLCC, SILOG and VUB.
Pengujian penurunan nilai atas goodwill dilakukan setiap tahun dan ketika terdapat suatu indikasi bahwa nilai tercatatnya mengalami penurunan nilai.
Goodwill is tested for impairment annually and when circumstances indicate the carrying value may be impaired.
Manajemen telah menunjuk KJPP Ruky, Safrudin dan Rekan, penilai independen, untuk menilai nilai yang dapat terpulihkan dari goodwill tersebut. Nilai terpulihkan tersebut telah ditelaah dengan mengacu pada nilai pakai unit penghasil kas.
Management has appointed KJPP Ruky, Safrudin dan Rekan, an independent appraiser, to assess the recoverable value of the goodwill. The recoverable value has assessed by reference to the cash-generating unit’s value-in-use.
Nilai terpulihkan dari nilai pakai unit penghasil kas ditentukan dengan menggunakan pendekatan pendapatan (metode arus kas yang didiskontokan). Nilai tersebut berada dalam kategori pengukuran nilai wajar Level 3.
The recoverable amount of the cash-generating unit’s value-in-use has been determined using the income approach (a discounted cash flows method). The value is within the category of fair value measurement Level 3.
Asumsi kunci yang digunakan dalam perhitungan pendekatan pendapatan sebagai berikut:
Key assumptions used in the income approach calculation were as follows:
2019 2018 Tingkat pertumbuhan volume penjualan 2,5% - 6,5% 0,9% - 6,8% Sales volume growth rate Tingkat pertumbuhan harga 2,0% - 3,0% 1,7% - 2,0% Sales price growth rate Tingkat diskonto 9,4% - 12,9% 9,7% - 12,8% Discount rate Tingkat pertumbuhan jangka panjang 3,0% 3,0% Long-term growth rate
Berdasarkan penelaahan tersebut, tidak ada penurunan nilai goodwill pada tahun 2019 (2018: kerugian penurunan nilai sebesar Rp 60.000).
Based on the assessment, there is no impairment of goodwill in 2019 (2018: impairment loss of Rp 60,000).
340
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/47 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
a. Pinjaman jangka pendek (lanjutan) a. Short-term borrowings (continued)
Dalam perjanjian pinjaman tersebut, diatur beberapa pembatasan yang harus dipenuhi oleh Grup, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, likuidasi atau perubahan pembatasan dalam pemberian pinjaman kepada pihak ketiga, dan kepatuhan terhadap rasio-rasio keuangan tertentu.
In the borrowing agreements, there are several restrictions that have to be fulfilled by the Group, such as to obtain written approval from lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status restrictions on provide borrowing to third parties, and requirement to comply with certain financial ratios.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam semua perjanjian-perjanjian fasilitas pinjaman tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in all of these borrowing facility agreements.
b. Pinjaman bank jangka panjang b. Long-term bank loans
2019 2018Pihak berelasi/Related parties :
RupiahPinjaman sindikasi/syndicated loan -
PT Bank Negara Indonesia (Persero) Tbk 15.700.000 - PT Bank Negara Indonesia (Persero) Tbk 1.734.942 4.302.823 PT Bank Rakyat Indonesia (Persero) Tbk 2.612 3.908 PT Bank Mandiri (Persero) Tbk - 291.168
17.437.554 4.597.899 Pihak ketiga/Third parties :
RupiahPT Bank Maybank Indonesia Tbk 1.045.897 - PT Bank CIMB Niaga Tbk 700.000 11.008 PT Bank Permata Tbk 500.000 - PT Bank ICBC Indonesia - 85.767
2.245.897 96.775 EUR
KfW 116.110 -
2.362.007 96.775
19.799.561 4.694.674 Biaya transaksi yang belum diamortisasi/
Unamortised transaction cost (87.313) (455) 19.712.248 4.694.219
Bagian jangka pendek/Current portion (2.052.348) (50.136)
Bagian jangka panjang/Non-current portion 17.659.900 4.644.083
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/46 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN 14. BORROWINGS
2019 2018
Pinjaman jangka pendek 1.211.916 1.551.659 Short-term borrowingsPinjaman bank jangka panjang 19.712.248 4.694.219 Long-term bank loansUtang obligasi 7.065.345 2.994.902 Bonds payableLiabilitas sewa pembiayaan 52.438 361.680 Finance lease liabilities
28.041.947 9.602.460 Bagian jangka pendek (3.292.245) (1.690.182) Current portion
Bagian jangka panjang 24.749.702 7.912.278 Non-current portion
a. Pinjaman jangka pendek a. Short-term borrowings
2019 2018
Pihak berelasi/Related parties :Rupiah
PT Bank Negara Indonesia (Persero) Tbk 788.269 14.636 PT Bank Mandiri (Persero) Tbk 391.423 1.265.843
1.179.692 1.280.479
Pihak ketiga/Third parties :Rupiah
PT Bank CIMB Niaga Tbk - 100.200 Lembaga Pembiayaan Ekspor/Eksport Indonesia - 87.544 PT Bank ICBC Indonesia - 26.123
- 213.867 VND
Bank for Investment and Development of Vietnam 24.262 - Ho Chi Minh City Development Joint-Stock Commercial Bank 4.229 34.981 Sapa Vietnam Joint Stock Company 3.733 3.889 Vietnam Prosperity Joint Stock Commercial Bank - 18.443
32.224 57.313 Jumlah pinjaman jangka pendek/Total short-term borrowings 1.211.916 1.551.659
Informasi lain mengenai pinjaman jangka pendek pada tanggal 31 Desember 2019 adalah sebagai berikut:
Other information relating to short-term borrowings as at 31 December 2019 are as follows:
Jatuh tempo fasilitas/ Jumlah fasilitas/ Suku bunga/
Maturity of facility Total facility Interest rate
PT Bank Mandiri (Persero) Tbk 20 Maret/March 2020 Rp 2,4 triliun/trillion Lembaga pembiayaan ekspor/export + 2,00%
PT Bank Negara Indonesia (Persero) Tbk 25 September 2020 Rp 2,4 triliun/trillion Lembaga pembiayaan ekspor/export + 2,00%
PT Bank Negara Indonesia (Persero) Tbk - Kredit Modal Kerja 16 April 2020 Rp 1,0 triliun/trillion BI Rate + 2%PT Bank Negara Indonesia (Persero) Tbk 16 April 2020 Rp 0,25 triliun/trillion 11,00%Ho Chi Minh City Development Joint Stock Commercial Bank 15 Mei/May 2020 VND 150 miliar/billion 6,40%Sapa Vietnam Joint Stock Commercial Bank 29 Desember/ VND 7,5 miliar/billion 12,00% - 13,00%
December 2020
Bank for Investment and Development of Vietnam 16 September 2020 VND 55 miliar/billion 6,60%
Bank
Fasilitas-fasilitas ini digunakan untuk membiayai modal kerja, belanja modal dan keperluan pendanaan umum lainnya.
The facilities are used to finance working capital funding requirements, capital expenditures and for other general corporate funding purposes.
Pada tanggal 31 Desember 2019, persediaan (Catatan 7) sebesar Rp 1.556.283 dijadikan jaminan atas pinjaman tertentu.
As at 31 December 2019, inventories (Note 7) of Rp 1,556,283 were pledged as collateral for certain borrowings.
341
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/47 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
a. Pinjaman jangka pendek (lanjutan) a. Short-term borrowings (continued)
Dalam perjanjian pinjaman tersebut, diatur beberapa pembatasan yang harus dipenuhi oleh Grup, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, likuidasi atau perubahan pembatasan dalam pemberian pinjaman kepada pihak ketiga, dan kepatuhan terhadap rasio-rasio keuangan tertentu.
In the borrowing agreements, there are several restrictions that have to be fulfilled by the Group, such as to obtain written approval from lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status restrictions on provide borrowing to third parties, and requirement to comply with certain financial ratios.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam semua perjanjian-perjanjian fasilitas pinjaman tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in all of these borrowing facility agreements.
b. Pinjaman bank jangka panjang b. Long-term bank loans
2019 2018Pihak berelasi/Related parties :
RupiahPinjaman sindikasi/syndicated loan -
PT Bank Negara Indonesia (Persero) Tbk 15.700.000 - PT Bank Negara Indonesia (Persero) Tbk 1.734.942 4.302.823 PT Bank Rakyat Indonesia (Persero) Tbk 2.612 3.908 PT Bank Mandiri (Persero) Tbk - 291.168
17.437.554 4.597.899 Pihak ketiga/Third parties :
RupiahPT Bank Maybank Indonesia Tbk 1.045.897 - PT Bank CIMB Niaga Tbk 700.000 11.008 PT Bank Permata Tbk 500.000 - PT Bank ICBC Indonesia - 85.767
2.245.897 96.775 EUR
KfW 116.110 -
2.362.007 96.775
19.799.561 4.694.674 Biaya transaksi yang belum diamortisasi/
Unamortised transaction cost (87.313) (455) 19.712.248 4.694.219
Bagian jangka pendek/Current portion (2.052.348) (50.136)
Bagian jangka panjang/Non-current portion 17.659.900 4.644.083
342
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/49 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
c. Utang obligasi (lanjutan) c. Bonds payable (continued)
Rincian dari utang obligasi adalah sebagai berikut:
Details of bonds are as follows:
Peringkat/ Jumlah/ Suku bunga/ Wali amanat/ Jadwal pembayaran/Rating Total Interest rate Trustee Repayment schedule
Obligasi berkelanjutan/Public Offering Shelf Bond I Semen Indonesia:- Tahap/Shelf I 2017 idAA 3.000.000 8,6% PT Bank Tabungan Negara (Persero) Tbk 20 Juni/June 2022- Tahap/Shelf II 2019 A idAA 3.364.000 9,0% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2024- Tahap/Shelf II 2019 B idAA 714.000 9,1% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2026
Peringkat/ Jumlah/ Suku bunga/ Wali amanat/ Jadwal pembayaran/Rating Total Interest rate Trustee Repayment schedule
Obligasi berkelanjutan/Public Offering Shelf Bond I Semen Indonesia:- Tahap/Shelf I 2017 idAA+ 3.000.000 8,6% PT Bank Tabungan Negara (Persero) Tbk 20 Juni/June 2022
Obligasi/Bonds
Obligasi/Bonds
2019
2018
Utang obligasi tersebut ditujukan untuk pembiayaan kembali pinjaman bank dan modal kerja dalam rangka pembiayaan operasional.
The bonds are intended for refinancing of bank loans and working capital for operational funding.
Pada bulan Juni 2017 Perseroan memperoleh pernyataan efektif dari OJK melalui surat tertanggal 14 Juni 2017 No. S-303/D.04/2017 dalam rangka Penawaran Umum Obligasi Berkelanjutan I Semen Indonesia Tahap I Tahun 2017 sebesar Rp 8.000.000 yang diterbitkan dalam beberapa tahap.
In June 2017, the Company received the effective notification from OJK based on its letter dated 14 June 2017 No. S-303/D.04/2017 in conjunction with the Shelf Public Offering Shelf Bond I Semen Indonesia Tranche I Year 2017 amounting to Rp 8,000,000 which were issued in series.
Grup diharuskan untuk memenuhi beberapa persyaratan, antara lain untuk memperoleh persetujuan sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, dan menjaminkan aset atau pendapatannya dengan pengecualian secara khusus; pembatasan dalam mengubah aktivitas utama dan harus mematuhi rasio-rasio keuangan tertentu.
The Group is required to comply with certain covenants, such as to obtain approval before entering into certain transactions such as mergers, takeovers, and collateralising assets or revenue with certain exceptions; restrictions on change in core business activities, and required to comply with certain financial ratios.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam perjanjian penerbitan obligasi tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in all of these bonds.
Utang obligasi tidak dijamin dengan aset tertentu yang dimiliki oleh Grup.
Bonds payable was not collateralised by any specific Group assets.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/48 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
b. Pinjaman bank jangka panjang (lanjutan) b. Long-term bank loans (continued)
Informasi lain mengenai pinjaman bank tanggal 31 Desember 2019 adalah sebagai berikut:
Other information relating to bank loans as at 31 December 2019 are as follows:
Jatuh tempo fasilitas/ Jumlah fasilitas/ Suku bunga/
Maturity of facility Total facility Interest rate
PT Bank Negara Indonesia (Persero) Tbk 26 September 2020 Rp 4,93 triliun/trillion 3 Month JIBOR + 1,5% (minimum 8.00%)
PT Bank Negara Indonesia (Persero) Tbk 10 Februari/February 2020 Rp 0,01 triliun/trillion 11,00%
PT Bank Rakyat Indonesia (Persero) Tbk 28 Desember/December 2021 Rp 0,007 triliun/trillion 11,00%Pinjaman Sindikasi/Syndicated loan
PT Bank Negara Indonesia (Persero) Tbk 22 Juli/July 2026 Rp 9,35 triliun/trillion 3 Month JIBOR + 1,85%
KfW 15 Juni/June 2020 EUR 72 juta/million 1,60%
PT Bank Maybank Indonesia Tbk 31 Januari/January 2021 Rp 2,1 triliun/trillion 3 Month JIBOR + 1,80%
Pinjaman Sindikasi/Syndicated loanPT Bank Negara Indonesia (Persero) Tbk 12 Desember/December 2025 Rp 6,35 triliun/trillion 3 Month JIBOR + 2,00%
PT Bank Permata Tbk 26 September 2022 Rp 0,5 triliun/trillion 3 Month JIBOR + 2,75%
PT Bank CIMB Niaga Tbk 31 Januari/January 2021 Rp 2,7 triliun/trillion 3 Month JIBOR + 2,00%
PT Bank Negara Indonesia (Persero) Tbk 26 September 2020 Rp 4,93 triliun/trillion 3M JIBOR + 1.5% (min. 8%)
Bank
Dalam perjanjian pinjaman tersebut, diatur beberapa pembatasan yang harus dipenuhi oleh Grup, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, likuidasi atau perubahan pembatasan dalam pemberian pinjaman kepada pihak ketiga, dan kepatuhan terhadap rasio-rasio keuangan tertentu.
In the borrowing agreements, there are several restrictions that have to be fulfilled by the Group, such as to obtain written approval from lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status restrictions on provide borrowing to third parties, and requirement to comply with certain financial ratios.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam perjanjian-perjanjian fasilitas pinjaman tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in all of these borrowing facility agreements.
Pinjaman bank jangka panjang tidak dijamin dengan aset tertentu yang dimiliki Grup.
Long-term banks loan were not collateraised by any specific Group assets.
c. Utang obligasi c. Bonds payable
2019 2018
Pokok pinjaman 7.078.000 3.000.000 Principal loanBiaya transaksi yang belum diamortisasi (12.655) (5.098) Unamortized transaction costs
7.065.345 2.994.902
343
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/49 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
c. Utang obligasi (lanjutan) c. Bonds payable (continued)
Rincian dari utang obligasi adalah sebagai berikut:
Details of bonds are as follows:
Peringkat/ Jumlah/ Suku bunga/ Wali amanat/ Jadwal pembayaran/Rating Total Interest rate Trustee Repayment schedule
Obligasi berkelanjutan/Public Offering Shelf Bond I Semen Indonesia:- Tahap/Shelf I 2017 idAA 3.000.000 8,6% PT Bank Tabungan Negara (Persero) Tbk 20 Juni/June 2022- Tahap/Shelf II 2019 A idAA 3.364.000 9,0% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2024- Tahap/Shelf II 2019 B idAA 714.000 9,1% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2026
Peringkat/ Jumlah/ Suku bunga/ Wali amanat/ Jadwal pembayaran/Rating Total Interest rate Trustee Repayment schedule
Obligasi berkelanjutan/Public Offering Shelf Bond I Semen Indonesia:- Tahap/Shelf I 2017 idAA+ 3.000.000 8,6% PT Bank Tabungan Negara (Persero) Tbk 20 Juni/June 2022
Obligasi/Bonds
Obligasi/Bonds
2019
2018
Utang obligasi tersebut ditujukan untuk pembiayaan kembali pinjaman bank dan modal kerja dalam rangka pembiayaan operasional.
The bonds are intended for refinancing of bank loans and working capital for operational funding.
Pada bulan Juni 2017 Perseroan memperoleh pernyataan efektif dari OJK melalui surat tertanggal 14 Juni 2017 No. S-303/D.04/2017 dalam rangka Penawaran Umum Obligasi Berkelanjutan I Semen Indonesia Tahap I Tahun 2017 sebesar Rp 8.000.000 yang diterbitkan dalam beberapa tahap.
In June 2017, the Company received the effective notification from OJK based on its letter dated 14 June 2017 No. S-303/D.04/2017 in conjunction with the Shelf Public Offering Shelf Bond I Semen Indonesia Tranche I Year 2017 amounting to Rp 8,000,000 which were issued in series.
Grup diharuskan untuk memenuhi beberapa persyaratan, antara lain untuk memperoleh persetujuan sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, dan menjaminkan aset atau pendapatannya dengan pengecualian secara khusus; pembatasan dalam mengubah aktivitas utama dan harus mematuhi rasio-rasio keuangan tertentu.
The Group is required to comply with certain covenants, such as to obtain approval before entering into certain transactions such as mergers, takeovers, and collateralising assets or revenue with certain exceptions; restrictions on change in core business activities, and required to comply with certain financial ratios.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam perjanjian penerbitan obligasi tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in all of these bonds.
Utang obligasi tidak dijamin dengan aset tertentu yang dimiliki oleh Grup.
Bonds payable was not collateralised by any specific Group assets.
344
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/51 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
15. DANA SYIRKAH TEMPORER (lanjutan) 15. TEMPORARY SYIRKAH FUNDS (continued)
Dalam akad tersebut, bagian dana Bank akan menurun sejalan dengan pembayaran bertahap per 6 bulan kepada Bank sampai dengan Juli 2026.
Under the agreement, the Bank’s portion will be diminished as the Group will gradually make 6 monthly installments to the Bank until July 2026.
Dalam perjanjian tersebut, diatur beberapa pembatasan yang harus dipenuhi oleh Grup, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, likuidasi atau perubahan status serta Anggaran Dasar; pembatasan dalam mengubah aktivitas utama dan harus mematuhi rasio-rasio keuangan tertentu.
In the agreements, there are several restrictions that have to be fulfilled by the Group, such as to obtain written approval from lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status and Articles of Association, restrictions on change in core business activities, and required to comply with certain financial ratio.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam perjanjian tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in the agreements.
16. UTANG USAHA 16. TRADE PAYABLES
2019 2018Pihak berelasi: Related parties:
Rupiah 864.792 667.913 RupiahMata uang asing lainnya - 2.792 Other foreign currencies
864.792 670.705
Pihak ketiga: Third parties:Rupiah 4.065.860 3.275.405 RupiahUSD 199.881 76.881 USDVND 462.536 330.906 VNDEuro 73.520 121.217 EuroMata uang asing lainnya 3.170 1.035 Other foreign currencies
4.804.967 3.805.444
5.669.759 4.476.149
Utang usaha merupakan utang yang berasal dari pembelian barang dan jasa.
Trade payables represent payables arising from purchases of goods and services.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of to related parties.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/50 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
d. Informasi lainnya
Mutasi pinjaman adalah sebagai berikut:
d. Other information
The movements in borrowings are as follows:
Pinjamanjangka Liabilitas sewa
pendek/ Pinjaman pembiayaan/Short-term bank/ Utang obligasi/ Finance lease Jumlah/borrowings Bank loans Bonds payable liabilities Total
Saldo awal 1.551.659 4.694.219 2.994.902 361.680 9.602.460 Beginning balanceArus kas: Cash flow:
Proceeds fromPenerimaan pinjaman 6.451.326 33.214.334 4.078.000 - 43.743.660 borrowingsPembayaran kembali Repayments of
pinjaman (8.506.886) (25.109.036) - (337.938) (33.953.860) borrowingsPerubahan nonkas: Non-cash movements:Akuisisi entitas anak 1.715.817 6.931.537 - - 8.647.354 Acquisition of a subsidiary
Biaya transaksi - - (12.655) - (12.655) Transaction costAkrual bunga (18.806) - - (18.806) Acrued interestLainnya - - 5.098 28.696 33.794 Others
Saldo akhir 1.211.916 19.712.248 7.065.345 52.438 28.041.947 Ending balance
2019
Pinjamanjangka Liabilitas sewa
pendek/ Pinjaman pembiayaan/Short-term bank/ Utang obligasi/ Finance lease Jumlah/borrowings Bank loans Bonds payable liabilities Total
Saldo awal 1.193.063 5.317.298 2.993.704 515.228 10.019.293 Beginning balanceArus kas: Cash flow:
Proceeds fromPenerimaan pinjaman 2.080.919 4.273.689 - - 6.354.608 borrowingsPembayaran kembali Repayments of
pinjaman (1.774.146) (4.640.981) - (174.709) (6.589.836) borrowingsPerubahan nonkas: Non-cash movements:
Lainnya 51.823 (255.787) 1.198 21.161 (181.605) Others
Saldo akhir 1.551.659 4.694.219 2.994.902 361.680 9.602.460 Ending balance
2018
15. DANA SYIRKAH TEMPORER 15. TEMPORARY SYIRKAH FUNDS
Dana syirkah temporer merupakan dana yang diterima oleh Grup, berdasarkan fasilitas pembiayaan atas dasar akad musyarakah dengan PT Bank Syariah Mandiri, PT Bank CIMB Niaga Tbk, dan PT Bank BRI Syariah Tbk (“Bank”) di tahun 2019. Berdasarkan akad ini Grup dan Bank melakukan kerjasama dengan nilai kerjasama sebesar Rp 34.736.295, dimana porsi pembiayaan Grup dan Bank adalah masing-masing sebesar Rp 32.736.295 dan Rp 2.000.000, dengan nisbah bagi hasil sebesar 0,14%-1,33% yang dibayarkan tiap 3 bulan.
Temporary syirkah funds is the fund received by Group, based on the financing facility of musyarakah with PT Bank Syariah Mandiri, PT Bank CIMB Niaga Tbk, dan PT Bank BRI Syariah Tbk (“Bank”) in 2019. Based on the agreement, the Group and the Bank agree to conduct a joint partnership of amounting to Rp 34,736,295, where the portion of fund invest by the Group and Bank is amounting to Rp 32,736,295 and Rp 2,000,000, respectively with predetermined profit sharing ratio ranging from 0.14%-1.33% which will be paid every 3 months.
345
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/51 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
15. DANA SYIRKAH TEMPORER (lanjutan) 15. TEMPORARY SYIRKAH FUNDS (continued)
Dalam akad tersebut, bagian dana Bank akan menurun sejalan dengan pembayaran bertahap per 6 bulan kepada Bank sampai dengan Juli 2026.
Under the agreement, the Bank’s portion will be diminished as the Group will gradually make 6 monthly installments to the Bank until July 2026.
Dalam perjanjian tersebut, diatur beberapa pembatasan yang harus dipenuhi oleh Grup, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi tertentu seperti mengadakan penggabungan usaha, pengambilalihan, likuidasi atau perubahan status serta Anggaran Dasar; pembatasan dalam mengubah aktivitas utama dan harus mematuhi rasio-rasio keuangan tertentu.
In the agreements, there are several restrictions that have to be fulfilled by the Group, such as to obtain written approval from lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status and Articles of Association, restrictions on change in core business activities, and required to comply with certain financial ratio.
Pada tanggal 31 Desember 2019, Grup telah memenuhi batasan-batasan yang diwajibkan dalam perjanjian tersebut.
As at 31 December 2019, the Group was in compliance with the covenants required in the agreements.
16. UTANG USAHA 16. TRADE PAYABLES
2019 2018Pihak berelasi: Related parties:
Rupiah 864.792 667.913 RupiahMata uang asing lainnya - 2.792 Other foreign currencies
864.792 670.705
Pihak ketiga: Third parties:Rupiah 4.065.860 3.275.405 RupiahUSD 199.881 76.881 USDVND 462.536 330.906 VNDEuro 73.520 121.217 EuroMata uang asing lainnya 3.170 1.035 Other foreign currencies
4.804.967 3.805.444
5.669.759 4.476.149
Utang usaha merupakan utang yang berasal dari pembelian barang dan jasa.
Trade payables represent payables arising from purchases of goods and services.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of to related parties.
346
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/53 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
19. MODAL SAHAM 19. SHARE CAPITAL
Sesuai dengan daftar pemegang saham yang dikeluarkan oleh Biro Administrasi Efek, PT Datindo Entrycom, susunan pemegang saham Perseroan pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
Based on the list of shareholders issued by the Securities Administration Bureau, PT Datindo Entrycom, the Company’s shareholders and their ownership interests as at 31 December 2019 and 2018 are as follows:
Jumlah sahamditempatkan dandisetor penuh/ Presentase
Number of kepemilikan/Shares issued Percentage of Nilai/and fully paid ownership Amount
Saham seri A Dwiwarna: Series A Dwiwarna share:Pemerintah Negara Government of the RepublicRepublik Indonesia 1.000 0,01% 0 of Indonesia
Saham seri B: Series B share:Pemerintah Negara Government of the RepublicRepublik Indonesia 3.025.405.000 51,01% 302.541 of Indonesia
Masyarakat (masing-masing dibawah 5%) 2.906.114.000 48,99% 290.611 Public (below 5% each)
5.931.520.000 100,00% 593.152
2019 dan/and 2018
Pemegang saham Seri A memperoleh hak istimewa tertentu sebagai tambahan diluar yang diperoleh saham Seri B. Hak istimewa tersebut mencakup hak menyetujui (a) perubahan anggaran dasar (b) pengangkatan dan pemberhentian anggota dewan komisaris dan direksi (c) persetujuan penggunaan laba (d) pemindah-tanganan aset (e) penyertaan dan pengurangan penyertaan modal (f) penggabungan, peleburan, pengambilalihan, pemisahan dan pembubaran.
The holder of Series A shares has certain special rights in addition to the rights held by the holders of the series B shares. These special rights include the right to approve (a) amendements to the Articles of Association, (b) the appointment and dismissal of the members of the Boards of commissioners and directors, (c) approval for use the Company’s net profits (d) transfer of assets (e) participation and disposal of investee (f) merger, acquisition, separation and liquidation.
20. TAMBAHAN MODAL DISETOR 20. ADDITIONAL PAID-IN CAPITAL Rincian tambahan modal disetor pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The additional details of paid-up capital as at 31 December 2019 and 2018 are as follows:
2019 2018Agio saham 1.252.066 1.252.066 Share premiumBiaya emisi efek ekuitas (4.710) (4.710) Share issuance costsSelisih nilai perolehan dengan hasil Difference between the cost and the
penjualan saham yang diperoleh proceeds from the sale of treasurykembali 210.902 210.902 stock
1.458.258 1.458.258
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/52 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
17. AKRUAL 17. ACCRUALS
2019 2018
Pengangkutan 223.202 181.162 TransportationPemeliharaan 177.471 158.562 MaintenanceBiaya operasional 112.627 27.670 Operational expensePromosi peningkatan penjualan 107.653 58.119 Sales promotionJasa profesional 81.386 163.154 Professional feesBeban keuangan 75.714 21.365 Finance costAsuransi, sewa dan ekspedisi 73.872 38.731 Insurance, rent and expeditionBeban pengantongan 50.215 39.780 Packer feesRetribusi pertambangan 30.680 4.936 Mining rights feesListrik 10.251 8.110 ElectricityLain-lain 279.437 199.840 Others
Jumlah 1.222.508 901.429 Total
18. PROVISI JANGKA PANJANG 18. LONG-TERM PROVISION
Provisitambahan Jumlah
(pengurangan)/ yang PenyesuaianSaldo awal/ Additional terealisasi/ nilai kini/ Akuisisi entitas Saldo akhir/Beginning (deduction) Amount Present value anak /Acquisition Endingbalance provision realised adjustment of a subsidiary balance
Rehabilitasi dan restorasi Quarry rehabilitation andtanah tambang 109.445 2.441 (19.747) - 43.174 135.313 restoration
Estimasi biaya pembongkaran Estimated cost of dismantlingaset tetap 118.743 11.235 (400) - - 129.578 of fixed assets
228.188 13.676 (20.147) - 43.174 264.891
2019
Provisitambahan Jumlah
(pengurangan)/ yang PenyesuaianSaldo awal/ Additional terealisasi/ nilai kini/ Saldo akhir/Beginning (deduction) Amount Present value Endingbalance provision realised adjustment balance
Rehabilitasi dan restorasi Quarry rehabilitation andtanah tambang 118.337 (7.804) (4.321) 3.233 109.445 restoration
Estimasi biaya pembongkaran Estimated cost of dismantlingaset tetap 105.699 10.288 (2.403) 5.159 118.743 of fixed assets
224.036 2.484 (6.724) 8.392 228.188
2018
Rehabilitasi dan restorasi tanah tambang dilakukan setiap tahun sesuai dengan rencana yang disampaikan kepada otoritas terkait. Pembongkaran aset tetap akan dilakukan pada saat selesainya masa sewa lahan terkait aset tetap tersebut.
Quarry rehabilitation and restoration is carried out every year based on plan reported to the authority. Dismantling of fixed assets will be realised at the end of land rent period of related fixed assets.
347
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/53 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
19. MODAL SAHAM 19. SHARE CAPITAL
Sesuai dengan daftar pemegang saham yang dikeluarkan oleh Biro Administrasi Efek, PT Datindo Entrycom, susunan pemegang saham Perseroan pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
Based on the list of shareholders issued by the Securities Administration Bureau, PT Datindo Entrycom, the Company’s shareholders and their ownership interests as at 31 December 2019 and 2018 are as follows:
Jumlah sahamditempatkan dandisetor penuh/ Presentase
Number of kepemilikan/Shares issued Percentage of Nilai/and fully paid ownership Amount
Saham seri A Dwiwarna: Series A Dwiwarna share:Pemerintah Negara Government of the RepublicRepublik Indonesia 1.000 0,01% 0 of Indonesia
Saham seri B: Series B share:Pemerintah Negara Government of the RepublicRepublik Indonesia 3.025.405.000 51,01% 302.541 of Indonesia
Masyarakat (masing-masing dibawah 5%) 2.906.114.000 48,99% 290.611 Public (below 5% each)
5.931.520.000 100,00% 593.152
2019 dan/and 2018
Pemegang saham Seri A memperoleh hak istimewa tertentu sebagai tambahan diluar yang diperoleh saham Seri B. Hak istimewa tersebut mencakup hak menyetujui (a) perubahan anggaran dasar (b) pengangkatan dan pemberhentian anggota dewan komisaris dan direksi (c) persetujuan penggunaan laba (d) pemindah-tanganan aset (e) penyertaan dan pengurangan penyertaan modal (f) penggabungan, peleburan, pengambilalihan, pemisahan dan pembubaran.
The holder of Series A shares has certain special rights in addition to the rights held by the holders of the series B shares. These special rights include the right to approve (a) amendements to the Articles of Association, (b) the appointment and dismissal of the members of the Boards of commissioners and directors, (c) approval for use the Company’s net profits (d) transfer of assets (e) participation and disposal of investee (f) merger, acquisition, separation and liquidation.
20. TAMBAHAN MODAL DISETOR 20. ADDITIONAL PAID-IN CAPITAL Rincian tambahan modal disetor pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The additional details of paid-up capital as at 31 December 2019 and 2018 are as follows:
2019 2018Agio saham 1.252.066 1.252.066 Share premiumBiaya emisi efek ekuitas (4.710) (4.710) Share issuance costsSelisih nilai perolehan dengan hasil Difference between the cost and the
penjualan saham yang diperoleh proceeds from the sale of treasurykembali 210.902 210.902 stock
1.458.258 1.458.258
348
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/55 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
22. KEPENTINGAN NONPENGENDALI (lanjutan) 22. NON-CONTROLLING INTERESTS (continued)
Ringkasan laporan posisi keuangan pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of financial position as at 31 December 2019 and 2018 is as follows:
PT Semen Indonesia Thang Long Cement PT Semen Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiaries and subsidiaries
Aset lancar 3.207.285 290.912 1.174.048 234.675 1.252.825 Current assets
Aset tidak lancar 29.264.362 1.921.110 1.069.340 2.245.839 1.181.204 Non-current assets
Jumlah Aset 32.471.647 2.212.022 2.243.388 2.480.514 2.434.029 Total Assets
Liabilitas jangka pendek 2.963.920 546.019 1.172.781 745.236 1.514.500 Current liabilities
Liabilitas jangka panjang 25.259.821 294.822 461.196 293.138 309.947 Non-current liabilities
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk 3.928.411 1.370.891 605.651 1.441.840 608.866 of the parent
Kepentingan nonpengendali 319.495 290 3.760 300 717 Non-controlling interests
Jumlah Liabilitas dan Ekuitas 32.471.647 2.212.022 2.243.388 2.480.514 2.434.029 Total Liabilities and Equity
20182019
Ringkasan laporan laba rugi dan penghasilan komprehensif lain untuk tahun yang berakhir pada 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of profit or loss and other comprehensive income for the year ended 31 December 2019 and 2018 are as follows:
PT Semen Indonesia Thang Long Cement PT Semen Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiaries and subsidiaries
Pendapatan 10.214.306 1.291.058 4.841.177 1.518.384 4.922.079 Revenue
Beban (11.071.111) (1.305.747) (4.815.361) (1.493.406) (4.890.876) Expenses
Laba/(rugi) tahun berjalan (856.805) (14.689) 25.816 24.978 31.203 Profit/(loss) for the year
Penghasilan/(rugi) komprehensif lain 67.212 (55.973) 1.362 (178.557) 1.427 Other comprehensive income/(loss)
Jumlah laba/(rugi) komprehensif lain Total other comprehensive income/
tahun berjalan (789.593) (70.662) 27.178 (153.579) 32.630 (loss) for the year
Laba/(rugi) yang dapat diatribusikankepada: Profit/(loss) attributable to:
Pemilik entitas induk (868.011) (14.690) 24.010 24.990 30.452 Owners of the company
Kepentingan nonpengendali 11.206 1 1.806 (12) 751 Non-controlling interests
Laba/(rugi) tahun berjalan (856.805) (14.689) 25.816 24.978 31.203 Profit/(loss) for the year
Jumlah penghasilan komprehensif lain Total other comprehensive income
yang dapat distribusikan kepada attributable to
Pemilik entitas induk (801.934) (53.871) 25.373 24.990 31.875 Owners of the company
Kepentingan nonpengendali 12.341 (16.791) 1.806 (11) 755 Non-controlling interests
Jumlah penghasilan komprehensif Total other comprehensive income
lain tahun berjalan (789.593) (70.662) 27.178 24.978 32.630 for the year
20182019
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/54 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
21. DIVIDEN 21. DIVIDENDS
Berdasarkan Rapat Umum Pemegang Saham Tahunan (RUPST) tahun 2019 yang diselenggarakan pada tanggal 22 Mei 2019, yang tertuang dalam Akta Notaris No. 29, pemegang saham memutuskan, antara lain, untuk membagi dividen sebesar Rp 207,64 per lembar saham (nilai penuh) dengan total pembayaran Rp 1.231.646.
Based on the Annual General Meeting of Shareholders (AGMS) in 2019 which was held on 22 May 2019, as stated on Notarial Deed No. 29 the shareholders approved, among others, the distribution of dividend amounting to Rp 207.64 per share (full amount) for a total amount paid of Rp 1,231,646.
Berdasarkan Rapat Umum Pemegang Saham Tahunan (RUPST) tahun 2018 yang diselenggarakan pada tanggal 30 April 2018, yang tertuang dalam Akta Notaris No.155, pemegang saham memutuskan, antara lain, untuk membagi dividen sebesar Rp 135,83 per lembar saham (nilai penuh) dengan total pembayaran Rp 805.678.
Based on the Annual General Meeting of Shareholders (AGMS) in 2018 which was held on 30 April 2018, as stated on Notarial Deed No.155 the shareholders approved, among others, the distribution of dividend amounting to Rp 135.83 per share (full amount) for a total amount paid of Rp 805,678.
22. KEPENTINGAN NONPENGENDALI 22. NON-CONTROLLING INTERESTS Kepentingan nonpengendali pada 31 Desember 2019 dan 2018 adalah sebagai berikut:
Non-controlling interests as at 31 December 2019 and 2018 are as follows:
Berikut ini adalah ringkasan informasi keuangan entitas anak yang memiliki kepentingan nonpengendali yang material terhadap Grup.
Set out below is the summarised financial information of subsidiaries that have non-controlling interests that are material to the Group.
2019 2018
Thang Long Cement Joint Stock Company 649.316 696.101 Thang Long Cement Joint Stock CompanyPT Semen Indonesia Industri PT Semen Indonesia Industri
Bangunan 253.149 - BangunanPT Semen Indonesia Aceh 212.607 235.518 PT Semen Indonesia AcehPT Kawasan Industri Gresik 116.178 106.924 PT Kawasan Industri GresikPT Semen Indonesia Logistik 185.701 186.408 PT Semen Indonesia LogistikPT Industri Kemasan Semen Gresik 97.680 96.808 PT Industri Kemasan Semen GresikPT United Tractors Semen Gresik 86.839 87.357 PT United Tractors Semen GresikPT Bima Sepaja Abadi 12.708 12.798 PT Bima Sepaja AbadiPT Semen Kupang Indonesia 988 960 PT Semen Kupang IndonesiaPT Semen Gresik 607 515 PT Semen GresikPT Semen Indonesia Beton 12 25 PT Semen Indonesia BetonPT Sinergi Mitra Investama (676) (184) PT Sinergi Mitra Investama
Jumlah 1.615.109 1.423.230 Total
349
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/55 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
22. KEPENTINGAN NONPENGENDALI (lanjutan) 22. NON-CONTROLLING INTERESTS (continued)
Ringkasan laporan posisi keuangan pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of financial position as at 31 December 2019 and 2018 is as follows:
PT Semen Indonesia Thang Long Cement PT Semen Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiaries and subsidiaries
Aset lancar 3.207.285 290.912 1.174.048 234.675 1.252.825 Current assets
Aset tidak lancar 29.264.362 1.921.110 1.069.340 2.245.839 1.181.204 Non-current assets
Jumlah Aset 32.471.647 2.212.022 2.243.388 2.480.514 2.434.029 Total Assets
Liabilitas jangka pendek 2.963.920 546.019 1.172.781 745.236 1.514.500 Current liabilities
Liabilitas jangka panjang 25.259.821 294.822 461.196 293.138 309.947 Non-current liabilities
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk 3.928.411 1.370.891 605.651 1.441.840 608.866 of the parent
Kepentingan nonpengendali 319.495 290 3.760 300 717 Non-controlling interests
Jumlah Liabilitas dan Ekuitas 32.471.647 2.212.022 2.243.388 2.480.514 2.434.029 Total Liabilities and Equity
20182019
Ringkasan laporan laba rugi dan penghasilan komprehensif lain untuk tahun yang berakhir pada 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of profit or loss and other comprehensive income for the year ended 31 December 2019 and 2018 are as follows:
PT Semen Indonesia Thang Long Cement PT Semen Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiaries and subsidiaries
Pendapatan 10.214.306 1.291.058 4.841.177 1.518.384 4.922.079 Revenue
Beban (11.071.111) (1.305.747) (4.815.361) (1.493.406) (4.890.876) Expenses
Laba/(rugi) tahun berjalan (856.805) (14.689) 25.816 24.978 31.203 Profit/(loss) for the year
Penghasilan/(rugi) komprehensif lain 67.212 (55.973) 1.362 (178.557) 1.427 Other comprehensive income/(loss)
Jumlah laba/(rugi) komprehensif lain Total other comprehensive income/
tahun berjalan (789.593) (70.662) 27.178 (153.579) 32.630 (loss) for the year
Laba/(rugi) yang dapat diatribusikankepada: Profit/(loss) attributable to:
Pemilik entitas induk (868.011) (14.690) 24.010 24.990 30.452 Owners of the company
Kepentingan nonpengendali 11.206 1 1.806 (12) 751 Non-controlling interests
Laba/(rugi) tahun berjalan (856.805) (14.689) 25.816 24.978 31.203 Profit/(loss) for the year
Jumlah penghasilan komprehensif lain Total other comprehensive income
yang dapat distribusikan kepada attributable to
Pemilik entitas induk (801.934) (53.871) 25.373 24.990 31.875 Owners of the company
Kepentingan nonpengendali 12.341 (16.791) 1.806 (11) 755 Non-controlling interests
Jumlah penghasilan komprehensif Total other comprehensive income
lain tahun berjalan (789.593) (70.662) 27.178 24.978 32.630 for the year
20182019
350
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/57 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
24. BEBAN POKOK PENDAPATAN 24. COST OF REVENUE
2019 2018
Pemakaian bahan baku 1.874.416 1.876.244 Raw materials usedTenaga kerja 2.253.967 1.223.049 LaborBeban pabrikasi: Manufacturing overhead:
- Bahan bakar dan energi 8.995.635 7.348.735 Fuel and energy - - Penyusutan dan amortisasi 1.955.818 1.523.467 Depreciation and amortisation - - Lain-lain 12.711.422 9.003.116 Others -
Jumlah beban produksi 27.791.258 20.974.611 Total manufacturing costs
Persediaan barang dalam proses Work-in-progress inventoriesPada awal tahun 689.587 867.063 At the beginning of the yearPembelian 41.726 88.464 PurchasesPada akhir tahun (693.291) (689.587) At the end of the year
Harga pokok produksi 27.829.280 21.240.551 Cost of goods manufactured
Persediaan barang jadi Finished goods inventoryPada awal tahun 595.570 682.574 At the beginning of the yearPembelian 5.320 30.920 PurchasesPada akhir tahun (776.046) (596.949) At the end of the year
27.654.124 21.357.096
Tidak ada pembelian dari satu pemasok yang melebihi 10% dari jumlah pendapatan.
There were no purchases from any suppliers representing more than 10% of total revenue.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of related parties.
25. BEBAN BERDASARKAN SIFAT 25. EXPENSES BY NATURE
2019 2018
Beban penjualan 3.084.107 2.237.003 Selling expensesBeban umum dan administrasi 3.536.797 2.320.262 General and administration expenses
Jumlah 6.620.904 4.557.265 Total
a. Beban penjualan a. Selling expenses
2019 2018
Ongkos angkut dan bongkar 2.387.011 1.769.245 Transportation and handlingGaji, upah dan manfaat 338.751 216.232 Salaries, wages and benefitsPromosi 191.043 153.686 PromotionPenelitian, pengembangan Research, development and
jasa profesional 27.369 7.126 professional feesPerjalanan dinas 25.439 22.194 Business tripsPemeliharaan 16.375 11.241 MaintenancePenyusutan dan amortisasi 10.754 10.250 Depreciation and amortisationLain-lain 87.365 47.027 Others
3.084.107 2.237.003
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/56 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
22. KEPENTINGAN NONPENGENDALI (lanjutan) 22. NON-CONTROLLING INTERESTS (continued)
Ringkasan laporan arus kas pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
Summarised statements of cash flows as at 31 December 2019 and 2018 is as follows:
PT Semen Indonesia Thang Long Cement PT Semen Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiaries and subsidiaries
Arus kas bersih yang diperoleh dari Net cash flows generated from
aktivitas operasi 290.817 50.515 91.893 294.230 118.210 operating activities
Arus kas bersih yang
digunakan untuk Net cash flows used in
aktivitas investasi (15.662.045) (999) (7.855) (1.059) (50.830) investing activities
Arus kas bersih yang Net cash flows
diperoleh dari/(digunakan) generated from/(used) in
untuk aktifitas pendanaan 15.756.411 (94.165) (58.206) (268.718) (40.009) financing activities
Kenaikan bersih Net increase in
kas dan setara kas 385.183 (44.649) 25.832 24.453 27.371 cash and cash equivalents
Kas dan setara kas pada Cash and cash equivalents
awal tahun 921 74.197 89.140 49.744 61.769 at the beginning of the year
Dampak perubahan Effect of exchange rate
selisih kurs terhadap changes on cash and
kas dan setara kas 988 1.481 (51) - - cash equivalents
Kas dan setara kas pada Cash and cash equivalents
akhir tahun 387.092 31.029 114.921 74.197 89.140 at the end of the year
20182019
23. PENDAPATAN 23. REVENUE
2019 2018Semen 33.143.056 25.721.698 CementBeton jadi dan siap pakai 3.121.398 2.246.416 Precast and readymix concreteTerak 3.081.458 2.006.908 ClinkerGipsum 228.335 73.679 GypsumKantong semen 66.567 92.876 Cement bagsPersewaan tanah 39.814 33.597 Land rentalTanah kawasan industri 24.480 12.375 Industrial real estate landJasa penambangan 22.689 111.114 Mining servicesLain-lain 640.310 388.963 Others
40.368.107 30.687.626
Pihak berelasi (2.621.242) (2.811.344) Related parties
Pihak ketiga 37.746.865 27.876.282 Third parties
Tidak ada penjualan kepada satu pelanggan yang melebihi 10% dari jumlah pendapatan.
There were no sales to any party representing more than 10% of total revenue.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of related parties.
351
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/57 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
24. BEBAN POKOK PENDAPATAN 24. COST OF REVENUE
2019 2018
Pemakaian bahan baku 1.874.416 1.876.244 Raw materials usedTenaga kerja 2.253.967 1.223.049 LaborBeban pabrikasi: Manufacturing overhead:
- Bahan bakar dan energi 8.995.635 7.348.735 Fuel and energy - - Penyusutan dan amortisasi 1.955.818 1.523.467 Depreciation and amortisation - - Lain-lain 12.711.422 9.003.116 Others -
Jumlah beban produksi 27.791.258 20.974.611 Total manufacturing costs
Persediaan barang dalam proses Work-in-progress inventoriesPada awal tahun 689.587 867.063 At the beginning of the yearPembelian 41.726 88.464 PurchasesPada akhir tahun (693.291) (689.587) At the end of the year
Harga pokok produksi 27.829.280 21.240.551 Cost of goods manufactured
Persediaan barang jadi Finished goods inventoryPada awal tahun 595.570 682.574 At the beginning of the yearPembelian 5.320 30.920 PurchasesPada akhir tahun (776.046) (596.949) At the end of the year
27.654.124 21.357.096
Tidak ada pembelian dari satu pemasok yang melebihi 10% dari jumlah pendapatan.
There were no purchases from any suppliers representing more than 10% of total revenue.
Lihat Catatan 30 untuk rincian informasi mengenai pihak berelasi.
Refer to Note 30 for details information of related parties.
25. BEBAN BERDASARKAN SIFAT 25. EXPENSES BY NATURE
2019 2018
Beban penjualan 3.084.107 2.237.003 Selling expensesBeban umum dan administrasi 3.536.797 2.320.262 General and administration expenses
Jumlah 6.620.904 4.557.265 Total
a. Beban penjualan a. Selling expenses
2019 2018
Ongkos angkut dan bongkar 2.387.011 1.769.245 Transportation and handlingGaji, upah dan manfaat 338.751 216.232 Salaries, wages and benefitsPromosi 191.043 153.686 PromotionPenelitian, pengembangan Research, development and
jasa profesional 27.369 7.126 professional feesPerjalanan dinas 25.439 22.194 Business tripsPemeliharaan 16.375 11.241 MaintenancePenyusutan dan amortisasi 10.754 10.250 Depreciation and amortisationLain-lain 87.365 47.027 Others
3.084.107 2.237.003
352
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/59 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
28. LABA PER SAHAM 28. EARNINGS PER SHARE
2019 2018Laba tahun berjalan yang
diatribusikan kepada Profit for the year attributablepemilik entitas induk 2.392.151 3.079.115 to owners of the parent entity
Total rata-rata tertimbang Weighted average number ofsaham yang beredar (lembar saham) 5.931.520.000 5.931.520.000 shares outstanding (shares)
Laba per saham dasar Basic earnings per share(nilai penuh) 403 519 (full amount)
Perusahaan tidak memiliki saham biasa yang berpotensi dilutif. Dengan demikian, laba per saham dilusian setara dengan laba per saham dasar.
The Company has no potential dilutive ordinary shares. Therefore, the diluted earnings per share is equivalent to the basic earnings per share.
29. LIABILITAS IMBALAN KERJA 29. EMPLOYEE BENEFITS LIABILITIES
Estimasi liabilitas imbalan kerja tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The estimated employee benefits liabilities as at 31 December 2019 and 2018 are as follows:
a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities
2019 2018
Productivity allowances,Tunjangan produktivitas, uang jasa, incentives, and Directors'
bonus Direktur dan Komisaris 712.271 299.617 and Commissioners' bonusesTunjangan pegawai lainnya 22.795 92.956 Other employee allowances
Jumlah 735.066 392.573 Total
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities
2019 2018
Liabilitas imbalan pensiun 649.114 530.717 Pension benefits obligationsOther post employment benefits
Liabilitas imbalan pasca kerja lainnya 1.054.401 510.923 liabilitiesLiabilitas imbalan kerja jangka panjang Other long-term employee benefits
lainnya 532.440 391.619 liabilities
Jumlah 2.235.955 1.433.259 Total
Asumsi aktuarial utama yang digunakan adalah sebagai berikut:
The principal actuarial assumptions used were as follows:
2019 2018
Tingkat kenaikan gaji: Salary increase:Program pensiun 7,5% per tahun/per annum 7,5% per tahun/per annum Pension planImbalan kerja lainnya 10% per tahun/per annum 10% per tahun/per annum Other employee benefits
Tingkat diskonto 7,47% - 8,5% per tahun/per annum 8,14% - 9,59% per tahun/per annum Discount rate
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/58 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
25. BEBAN BERDASARKAN SIFAT (lanjutan) 25. EXPENSES BY NATURE (continued)
b. Beban umum dan administrasi b. General and administration expenses
2019 2018Salaries, wages, employee
Gaji, upah, kesejahteraan karyawan welfare and Director's anddan bonus Direksi dan Komisaris 1.573.459 1.102.853 Commissioners' bonuses
Penyusutan dan amortisasi 546.996 162.349 Depreciation and amortisationKeperluan kantor 296.311 114.359 Office suppliesPajak, asuransi, dan sewa 228.529 136.698 Taxes, insurance and rentals
Impairment loss of trade receivablePenurunan nilai piutang dan lain-lain 205.478 43.426 and other receivableJasa profesional 198.766 264.466 Professional feesPemeliharaan 157.828 160.724 MaintenancePemakaian bahan, listrik, air dan Supplies, electricity, water and
telepon 41.445 59.255 telephonePerjalanan dinas 40.112 73.440 Business tripsPromosi dan jamuan 53.299 51.049 Promotion and entertainmentPendidikan, latihan dan Education, training and
pengembangan 30.129 32.477 developmentLain-lain 164.445 119.166 Others
3.536.797 2.320.262
26. BEBAN KEUANGAN 26. FINANCE COSTS
2019 2018Pinjaman bank 2.173.983 338.114 Bank loansPinjaman jangka pendek 522.769 225.801 Short-term borrowingsObligasi 475.150 259.197 BondsLiabilitas sewa pembiayaan 7.679 107.565 Financial lease liabilitiesLain-lain 25.717 28.582 Others
3.205.298 959.259
27. PENGHASILAN OPERASI LAINNYA - BERSIH 27. OTHER OPERATING INCOME - NET
2019 2018Sewa 61.087 39.115 RentalPenghasilan penanganan limbah 23.845 26.288 Income from waste treatmentPenjualan barang usang 6.269 3.854 Sales of scrap materialsKlaim dan denda 3.333 9.022 Claims and penaltiesPenurunan nilai goodwill - (60.000) Impairment of goodwill(Kerugian)/keuntungan penjualan (Loss)/gain on sale of
aset tetap (5.763) 3.180 fixed assets(Kerugian)/keuntungan selisih kurs (13.078) 30.761 Foreign exchange (loss)/gainLain-lain, bersih 16.271 55.154 Others, net
Jumlah 91.964 107.374 Total
353
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/59 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
28. LABA PER SAHAM 28. EARNINGS PER SHARE
2019 2018Laba tahun berjalan yang
diatribusikan kepada Profit for the year attributablepemilik entitas induk 2.392.151 3.079.115 to owners of the parent entity
Total rata-rata tertimbang Weighted average number ofsaham yang beredar (lembar saham) 5.931.520.000 5.931.520.000 shares outstanding (shares)
Laba per saham dasar Basic earnings per share(nilai penuh) 403 519 (full amount)
Perusahaan tidak memiliki saham biasa yang berpotensi dilutif. Dengan demikian, laba per saham dilusian setara dengan laba per saham dasar.
The Company has no potential dilutive ordinary shares. Therefore, the diluted earnings per share is equivalent to the basic earnings per share.
29. LIABILITAS IMBALAN KERJA 29. EMPLOYEE BENEFITS LIABILITIES
Estimasi liabilitas imbalan kerja tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The estimated employee benefits liabilities as at 31 December 2019 and 2018 are as follows:
a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities
2019 2018
Productivity allowances,Tunjangan produktivitas, uang jasa, incentives, and Directors'
bonus Direktur dan Komisaris 712.271 299.617 and Commissioners' bonusesTunjangan pegawai lainnya 22.795 92.956 Other employee allowances
Jumlah 735.066 392.573 Total
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities
2019 2018
Liabilitas imbalan pensiun 649.114 530.717 Pension benefits obligationsOther post employment benefits
Liabilitas imbalan pasca kerja lainnya 1.054.401 510.923 liabilitiesLiabilitas imbalan kerja jangka panjang Other long-term employee benefits
lainnya 532.440 391.619 liabilities
Jumlah 2.235.955 1.433.259 Total
Asumsi aktuarial utama yang digunakan adalah sebagai berikut:
The principal actuarial assumptions used were as follows:
2019 2018
Tingkat kenaikan gaji: Salary increase:Program pensiun 7,5% per tahun/per annum 7,5% per tahun/per annum Pension planImbalan kerja lainnya 10% per tahun/per annum 10% per tahun/per annum Other employee benefits
Tingkat diskonto 7,47% - 8,5% per tahun/per annum 8,14% - 9,59% per tahun/per annum Discount rate
354
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/61 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Beban imbalan kerja yang dibebankan pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian merupakan jumlah neto dari:
Amounts recognised in the consolidated statement of profit or loss and other comprehensive income consists of the net total of the following amounts:
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Biaya jasa kini 87.578 40.826 102.366 230.770 Current service costBiaya jasa lalu 3.261 (42.170) 26.543 (12.366) Past service costBeban bunga besih 23.397 81.932 32.858 138.187 Net interest expensePengukuran kembali liabilitas Remeasurement on the net
imbalan pasti - neto: defined benefit liability:
Perubahan asumsi keuangan - - 28.726 28.726 Changes in financial assumptions
Penyesuaian atas pengalaman - - (3.500) (3.500) Experience adjustmentKomponen dari biaya imbalan pasti Components of defined benefit costs
yang diakui dalam laba rugi 114.236 80.588 161.767 356.591 recognized in profit or loss
Pengukuran kembali liabilitas Remeasurement on the netimbalan pasti - bersih: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,tidak termasuk bunga bersih 161.100 - - 161.100 excluding amount of net interest expense
Perubahan asumsi keuangan 176.582 6.699 - 183.281 Changes in financial assumptionsPenyesuaian atas pengalaman (53.688) (92.801) - (146.489) Experience adjustmentImbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amountsdalam beban bunga bersih) (205.415) - - (205.415) included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costsyang diakui dalam penghasilan recognised in other comprehensivekomprehensif lain 78.579 (86.102) - 7.523 income
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Biaya jasa kini 52.302 15.507 65.236 133.045 Current service costBiaya jasa lalu 6.076 - - 6.076 Past service costBeban bunga neto 58.576 43.314 30.059 131.949 Net interest expensePengukuran kembali liabilitas Remeasurement of the net liabilities
imbalan jangka panjang lainnya - - (9.359) (9.359) of other long-term benefitsKeuntungan dari penyelesaian - - 8.094 8.094 Gains from settlements
Komponen dari biaya imbalan pasti Components of defined benefit costsyang diakui dalam laba rugi 116.954 58.821 94.030 269.805 recognized in profit or loss
Pengukuran kembali liabilitas Remeasurement on the netimbalan pasti - neto: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,tidak termasuk bunga neto 61.781 - - 61.781 excluding amount of net interest expense
Perubahan asumsi keuangan (452.405) (59.252) (52.517) (564.174) Changes in financial assumptionsPenyesuaian atas pengalaman 1.324 (16.070) (7.930) (22.676) Experience adjustmentImbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amountsdalam beban bunga neto) 111.956 - - 111.956 included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costsyang diakui dalam penghasilan recognised in other comprehensivekomprehensif lain (277.344) (75.322) (60.447) (413.113) income
2019
2018
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/60 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Liabilitas bersih imbalan pensiun yang diakui di laporan posisi keuangan konsolidasian adalah sebagai berikut:
The net liability for pension benefits recognised in the consolidated statements of financial position is as follows:
2019 2018
Nilai kini kewajiban Present value of defined imbalan pasti 3.273.530 2.625.876 benefits obligation
Nilai wajar aset program (2.624.416) (2.095.159) Fair value of plan assets
649.114 530.717
Other post employment benefitsLiabilitas imbalan pascakerja lainnya 1.054.401 510.923 liabilitiesLiabilitas imbalan kerja jangka panjang Other long-term employee benefits
lainnya 532.440 391.619 liabilities
1.586.841 902.542
2.235.955 1.433.259
Mutasi nilai kini liabilitas imbalan kerja adalah sebagai berikut:
Movements of the present value of employee benefits liabilities is as follows:
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Saldo awal 2.625.876 510.923 391.619 3.528.418 Beginning balanceBiaya jasa kini 87.578 40.826 102.366 230.770 Current service costBiaya jasa lalu 3.261 (42.170) 26.543 (12.366) Past service costBiaya bunga 141.548 81.932 32.858 256.338 Interest costAkuisisi entitas anak 452.143 609.758 - 1.061.901 Acquisition of a subsidiaryPengukuran kembali liabilitas Remeasurement on the employee
imbalan kerja benefits liabilities- Perubahan asumsi keuangan 176.582 6.699 28.726 212.007 Change in financial assumption -- Penyesuaian atas pengalaman (53.688) (92.801) (3.500) (149.989) Experience adjustments -
Pembayaran manfaat (165.789) (60.766) (46.172) (272.727) Benefits paidKontribusi peserta 6.019 - - 6.019 Participant contributions
Saldo akhir 3.273.530 1.054.401 532.440 4.860.371 Ending balance
2019
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Saldo awal 2.953.589 553.298 414.349 3.921.236 Beginning balanceBiaya jasa kini 52.302 15.507 65.236 133.045 Current service costBiaya jasa lalu 6.076 - - 6.076 Past service costBiaya bunga 203.293 43.314 30.059 276.666 Interest costKeuntungan aktuaria yang timbul Actuarial gains arising from
dari liabilitas lain-lain - - 5.533 5.533 other long-termbenefitsKeuntungan dari kurtailmen - - 8.094 8.094 Gains from settlementsPengukuran kembali liabilitas Remeasurement on the employee
imbalan kerja benefits liabilities- Perubahan asumsi keuangan (452.405) (59.252) (52.517) (564.174) Change in financial assumption -- Penyesuaian atas pengalaman 1.324 (16.070) (7.930) (22.676) Experience adjustments -
Pembayaran manfaat (144.223) (25.874) (71.205) (241.302) Benefits paidKontribusi peserta 5.920 - - 5.920 Participant contributions
Saldo akhir 2.625.876 510.923 391.619 3.528.418 Ending balance
2018
355
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/61 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Beban imbalan kerja yang dibebankan pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian merupakan jumlah neto dari:
Amounts recognised in the consolidated statement of profit or loss and other comprehensive income consists of the net total of the following amounts:
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Biaya jasa kini 87.578 40.826 102.366 230.770 Current service costBiaya jasa lalu 3.261 (42.170) 26.543 (12.366) Past service costBeban bunga besih 23.397 81.932 32.858 138.187 Net interest expensePengukuran kembali liabilitas Remeasurement on the net
imbalan pasti - neto: defined benefit liability:
Perubahan asumsi keuangan - - 28.726 28.726 Changes in financial assumptions
Penyesuaian atas pengalaman - - (3.500) (3.500) Experience adjustmentKomponen dari biaya imbalan pasti Components of defined benefit costs
yang diakui dalam laba rugi 114.236 80.588 161.767 356.591 recognized in profit or loss
Pengukuran kembali liabilitas Remeasurement on the netimbalan pasti - bersih: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,tidak termasuk bunga bersih 161.100 - - 161.100 excluding amount of net interest expense
Perubahan asumsi keuangan 176.582 6.699 - 183.281 Changes in financial assumptionsPenyesuaian atas pengalaman (53.688) (92.801) - (146.489) Experience adjustmentImbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amountsdalam beban bunga bersih) (205.415) - - (205.415) included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costsyang diakui dalam penghasilan recognised in other comprehensivekomprehensif lain 78.579 (86.102) - 7.523 income
Pasca Imbalan kerjakerja lainnya/ jangka panjangOther post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/Pension fund benefit benefit Total
Biaya jasa kini 52.302 15.507 65.236 133.045 Current service costBiaya jasa lalu 6.076 - - 6.076 Past service costBeban bunga neto 58.576 43.314 30.059 131.949 Net interest expensePengukuran kembali liabilitas Remeasurement of the net liabilities
imbalan jangka panjang lainnya - - (9.359) (9.359) of other long-term benefitsKeuntungan dari penyelesaian - - 8.094 8.094 Gains from settlements
Komponen dari biaya imbalan pasti Components of defined benefit costsyang diakui dalam laba rugi 116.954 58.821 94.030 269.805 recognized in profit or loss
Pengukuran kembali liabilitas Remeasurement on the netimbalan pasti - neto: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,tidak termasuk bunga neto 61.781 - - 61.781 excluding amount of net interest expense
Perubahan asumsi keuangan (452.405) (59.252) (52.517) (564.174) Changes in financial assumptionsPenyesuaian atas pengalaman 1.324 (16.070) (7.930) (22.676) Experience adjustmentImbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amountsdalam beban bunga neto) 111.956 - - 111.956 included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costsyang diakui dalam penghasilan recognised in other comprehensivekomprehensif lain (277.344) (75.322) (60.447) (413.113) income
2019
2018
356
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/63 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Analisa sensitivitas didasarkan pada perubahan atas satu asumsi aktuarial dimana asumsi lainnya dianggap konstan. Dalam prakteknya, hal ini jarang terjadi dan perubahan beberapa asumsi mungkin saling berkorelasi. Analisa sensitivitas tersebut dihitung menggunakan metode yang sama (projected unit credit).
The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The sensitivity analyses are calculated using the same method (projected unit credit).
Melalui program imbalan pasti, Grup menghadapi sejumlah risiko signifikan sebagai berikut:
Through its defined benefit pension plans, the Group is exposed to a number of significant risks of which are detailed below:
- Perubahan imbal hasil obligasi
Liabilitas imbalan kerja yang dihitung berdasarkan PSAK No. 24 menggunakan tingkat diskonto obligasi. Jika tingkat diskonto tersebut turun, maka kewajiban imbalan pasti akan cenderung mengalami kenaikan.
- Changes in bond yields The employee benefit obligations calculated under SFAS No. 24 use a discount rate on bond yields. If bond yields decrease, the defined benefit will tend to increase.
- Tingkat kenaikan gaji
Liabilitas imbalan kerja Grup berhubungan dengan tingkat kenaikan gaji. Semakin tinggi tingkat kenaikan gaji akan menyebabkan semakin besarnya jumlah liabilitas.
- Salary growth rate The Group’s employee benefits obligations are linked to salary growth rate. Higher salary growth rate will lead to higher liabilities.
- Volatilitas aset
Liabilitas program dihitung menggunakan tingkat diskonto yang merujuk kepada tingkat imbal hasil obligasi pemerintah/perusahaan. Jika imbal hasil aset program lebih rendah, maka akan menghasilkan defisit program.
- Asset volatility The employee benefit obligations are calculated using a discount rate referred to government/corporate bond yields. If plan assets underperform this yield, this will create a plan deficit.
Durasi rata-rata dari kewajiban imbalan pada tanggal 31 Desember 2019 adalah 8 tahun untuk program dana pensiun dan 15 tahun untuk program manfaat lainnya (2018: 13 tahun dan 15 tahun).
The average duration of the benefit obligation at 31 December 2019 is 8 years for pension benefits and 15 years for other employee benefits (2018: 13 years and 15 years).
Pada tanggal 31 Desember 2019, Grup diharapkan membayar iuran sebesar Rp 249.040 untuk program manfaat pasti selama tahun anggaran berikutnya.
As at 31 December 2019, the Group expected to make a contribution amounting to Rp 249,040 to the defined benefit plans during the next financial year.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/62 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Perubahan dalam nilai wajar aset program adalah sebagai berikut:
Changes in the fair value of plan assets are as follows:
2019 2018
Saldo awal 2.095.159 2.143.356 Beginning balanceAkuisisi entitas anak 469.357 - Acquisition of subsidiariesPendapatan bunga 118.151 159.608 Interest incomeKontribusi pemberi kerja 90.647 109.017 Employer contributionsKontribusi peserta 5.995 7.868 Participant contributionsPembayaran manfaat (160.308) (140.136) Benefits paidPengukuran kembali atas Remeasurement on the net
nilai wajar neto aset program: fair value of plan assets:Imbal hasil atas aset program 205.415 (111.956) Return on plan assets
Penyesuaian atas aset program (200.000) (72.598) Adjustment for asset program
Saldo akhir 2.624.416 2.095.159 Ending balance
Aset program terdiri dari: Plan assets comprise the following:
2019 2018
Surat Berharga Negara 32% 32% Government BondsKas dan deposito 11% 9% Cash and time depositSaham 10% 10% StocksObligasi 14% 16% BondsReksadana 8% 8% Mutual fundsTanah dan bangunan 12% 12% Land and buildingsPenempatan langsung 13% 13% Direct placement
Jumlah 100% 100% Total
Sensitivitas dari kewajiban imbalan pasti terhadap perubahan asumsi aktuarial utama adalah sebagai berikut:
The sensitivity of the defined benefit obligation to changes in the principal actuarial assumptions is as follows:
Perubahan Kenaikan Penurunanasumsi/ asumsi/ asumsi/
Change in Increase in Decrease inassumption assumption assumption
Penurunan sebesar/ Kenaikan sebesar/Tingkat diskonto 1,0% Decrease by Rp 4.491.180 Increase by Rp 5.449.051 Discount rateKenaikan gaji Kenaikan sebesar/ Penurunan sebesar/ Future salary
masa datang 1,0% Increase by Rp 5.130.076 Decrease by Rp 4.748.634 increment
Dampak atas kewajiban imbalan pasti/Impact on defined benefit obligation
2019
357
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/63 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka Panjang (lanjutan)
b. Long-term employee benefits liabilities (continued)
Analisa sensitivitas didasarkan pada perubahan atas satu asumsi aktuarial dimana asumsi lainnya dianggap konstan. Dalam prakteknya, hal ini jarang terjadi dan perubahan beberapa asumsi mungkin saling berkorelasi. Analisa sensitivitas tersebut dihitung menggunakan metode yang sama (projected unit credit).
The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The sensitivity analyses are calculated using the same method (projected unit credit).
Melalui program imbalan pasti, Grup menghadapi sejumlah risiko signifikan sebagai berikut:
Through its defined benefit pension plans, the Group is exposed to a number of significant risks of which are detailed below:
- Perubahan imbal hasil obligasi
Liabilitas imbalan kerja yang dihitung berdasarkan PSAK No. 24 menggunakan tingkat diskonto obligasi. Jika tingkat diskonto tersebut turun, maka kewajiban imbalan pasti akan cenderung mengalami kenaikan.
- Changes in bond yields The employee benefit obligations calculated under SFAS No. 24 use a discount rate on bond yields. If bond yields decrease, the defined benefit will tend to increase.
- Tingkat kenaikan gaji
Liabilitas imbalan kerja Grup berhubungan dengan tingkat kenaikan gaji. Semakin tinggi tingkat kenaikan gaji akan menyebabkan semakin besarnya jumlah liabilitas.
- Salary growth rate The Group’s employee benefits obligations are linked to salary growth rate. Higher salary growth rate will lead to higher liabilities.
- Volatilitas aset
Liabilitas program dihitung menggunakan tingkat diskonto yang merujuk kepada tingkat imbal hasil obligasi pemerintah/perusahaan. Jika imbal hasil aset program lebih rendah, maka akan menghasilkan defisit program.
- Asset volatility The employee benefit obligations are calculated using a discount rate referred to government/corporate bond yields. If plan assets underperform this yield, this will create a plan deficit.
Durasi rata-rata dari kewajiban imbalan pada tanggal 31 Desember 2019 adalah 8 tahun untuk program dana pensiun dan 15 tahun untuk program manfaat lainnya (2018: 13 tahun dan 15 tahun).
The average duration of the benefit obligation at 31 December 2019 is 8 years for pension benefits and 15 years for other employee benefits (2018: 13 years and 15 years).
Pada tanggal 31 Desember 2019, Grup diharapkan membayar iuran sebesar Rp 249.040 untuk program manfaat pasti selama tahun anggaran berikutnya.
As at 31 December 2019, the Group expected to make a contribution amounting to Rp 249,040 to the defined benefit plans during the next financial year.
358
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/65 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
Sifat Hubungan dengan Pihak Berelasi (lanjutan)
Nature of Relationships with Related Parties (continued)
Sifat Hubungan/Relationship Pihak berelasi/Related parties • Entitas asosiasi/Associates - PT Swadaya Graha - PT Igasar • Entitas ventura bersama/Joint venture - PT Krakatau Semen Indonesia • Entitas dimana Perseroan memiliki pengaruh - Koperasi Warga Semen Gresik signifikan secara tidak langsung/ - PT Konsulta Semen Gresik Entities which the Company has indirect - PT Swabina Gatra significant influence • Entitas dimana entitas anak memiliki pengaruh - Koperasi Karyawan Warga Varia Usaha Beton signikan secara tidak langsung/ - Koperasi Karyawan Semen Padang Entities which subsidiaries have indirect - Koperasi Karyawan Semen Tonasa significant influence - Koperasi Karyawan Usaha Sejahtera Bersama - Semen Indonesia Foundation - PT EMKL Topabiring - PT Kabau Sirah Semen Padang - PT Pasoka Sumber Karya - PT PBM Biringkasi Raya - PT Pelayaran Tonasa Lines - PT Prima Karya Manunggal - PT Sumatera Utara Perkasa Semen - PT Yasiga Sarana Utama • Entitas adalah suatu program imbalan pasca - Dana Pensiun Semen Gresik kerja untuk imbalan kerja dari Perseroan - Dana Pensiun Semen Padang atau entitas anak/ Entities is a post-employment benefit plan for the benefit of employees of the Company or subsidiaries • Personil manajemen kunci/ Dewan Komisaris dan Direksi Perseroan dan entitas anak/
Key management personnel Board of Commissioner and Directors of the Company and subsidiaries
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/64 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES Sifat Hubungan dengan Pihak Berelasi Nature of Relationships with Related Parties Sifat Hubungan/Relationship Pihak berelasi/Related parties • Pemegang saham utama/Majority shareholder - Pemerintah Republik Indonesia/ Government of Republic of Indonesia • Entitas sepengendali: - PT Askes (Persero) Badan Usaha Milik Negara (BUMN)/ - PT Adhi Karya (Persero) Tbk Entities under common control: - PT Adhi Persada Beton State-owned Enterprise (SOE) - PT Adhi Persada Gedung - PT Asuransi Jasa Indonesia (Persero) - PT Asuransi Jiwa Inhealth Indonesia
- PT Bank Mandiri (Persero) Tbk - PT Bank Negara Indonesia (Persero) Tbk - PT Bank Rakyat Indonesia (Persero) Tbk - PT Bank Syariah Mandiri - PT Bank Tabungan Negara (Persero) Tbk - PT Brantas Abipraya (Persero)
- PT Pembangunan Perumahan Presisi Tbk - PT Pertamina Hulu Mahakam - PT Dahana (Persero) - PT Hakaaston
- PT Hutama Karya (Persero) - PT Jamsostek (Persero) - PT Kereta Api Indonesia (Persero) - PT Krakatau Daya Listrik - PT Krakatau Steel (Persero) Tbk - PT Nindya Karya (Persero) - PT Pelabuhan Indonesia II (Persero) - PT PP (Persero) Tbk - PT Pertamina (Persero) - PT Perusahaan Listrik Negara (Persero) - PT Perusahaan Perdagangan Indonesia (Persero) - PT Petrokimia Gresik (Persero) - PT Pindad (Persero)
- PT PP Urban - PT Wijaya Karya Beton Tbk - PT Wijaya Karya Bangunan Gedung Tbk - PT Semen Baturaja (Persero) Tbk
- PT Sucofindo (Persero) - PT Telekomunikasi Indonesia (Persero) Tbk - PT Telekomunikasi Seluler - PT Varuna Tirta Prakasya (Persero) - PT Waskita Beton Precast Tbk - PT Waskita Karya (Persero) Tbk - PT Wijaya Karya (Persero) Tbk - PT Wijaya Karya Realty Tbk
359
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/65 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
Sifat Hubungan dengan Pihak Berelasi (lanjutan)
Nature of Relationships with Related Parties (continued)
Sifat Hubungan/Relationship Pihak berelasi/Related parties • Entitas asosiasi/Associates - PT Swadaya Graha - PT Igasar • Entitas ventura bersama/Joint venture - PT Krakatau Semen Indonesia • Entitas dimana Perseroan memiliki pengaruh - Koperasi Warga Semen Gresik signifikan secara tidak langsung/ - PT Konsulta Semen Gresik Entities which the Company has indirect - PT Swabina Gatra significant influence • Entitas dimana entitas anak memiliki pengaruh - Koperasi Karyawan Warga Varia Usaha Beton signikan secara tidak langsung/ - Koperasi Karyawan Semen Padang Entities which subsidiaries have indirect - Koperasi Karyawan Semen Tonasa significant influence - Koperasi Karyawan Usaha Sejahtera Bersama - Semen Indonesia Foundation - PT EMKL Topabiring - PT Kabau Sirah Semen Padang - PT Pasoka Sumber Karya - PT PBM Biringkasi Raya - PT Pelayaran Tonasa Lines - PT Prima Karya Manunggal - PT Sumatera Utara Perkasa Semen - PT Yasiga Sarana Utama • Entitas adalah suatu program imbalan pasca - Dana Pensiun Semen Gresik kerja untuk imbalan kerja dari Perseroan - Dana Pensiun Semen Padang atau entitas anak/ Entities is a post-employment benefit plan for the benefit of employees of the Company or subsidiaries • Personil manajemen kunci/ Dewan Komisaris dan Direksi Perseroan dan entitas anak/
Key management personnel Board of Commissioner and Directors of the Company and subsidiaries
360
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/67 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
a. Transaksi-transaksi Pihak Berelasi (lanjutan) a. Transactions with Related Parties
(continued)
2019 2018Pembelian produk dan jasa/Purchases of goods and services
PT Perusahaan Listrik Negara (Persero) 2.253.037 1.260.782 PT PBM Biringkasi Raya 480.482 115.093 PT EMKL Topabiring 453.460 103.245 PT Krakatau Semen Indonesia 321.259 93.458 PT Pelayaran Tonasa Lines 283.524 258.041 PT Swabina Gatra 253.542 239.684 Koperasi Warga Semen Gresik 200.355 297.891 PT Pertamina (Persero) 166.967 168.071 PT Pasoka Sumber Karya 138.021 139.766 Koperasi Karyawan Semen Tonasa 100.145 113.086 Koperasi Karyawan Semen Padang 81.770 86.694 PT Pelabuhan Indonesia II (Persero) 77.140 39.545 PT Swadaya Graha 60.471 246.878 PT Yasiga Sarana Utama 60.235 76.980 PT Asuransi Jasa Indonesia (Persero) 60.138 45.083 PT Prima Karya Manunggal 59.365 67.871 PT Petrokima Gresik (Persero) 57.039 44.919 Dana Pensiun Semen Padang 54.181 103.755 PT Jamsostek (Persero) 46.481 48.021 PT Kereta Api Indonesia (Persero) 45.281 59.774 Koperasi Karyawan Warga Varia Usaha Beton 35.923 37.992 PT Telekomunikasi Indonesia 33.648 2.554 PT Igasar 26.828 26.082 PT Dahana (Persero) 24.441 22.573 PT Sumatera Utara Perkasa Semen 21.566 29.768 PT Konsulta Semen Gresik 16.742 24.722 Dana Pensiun Semen Gresik 14.395 1.230.113 PT Varuna Tirta Prakasya (Persero) 12.044 11.120 PT Kabau Sirah Semen Padang 10.780 13.279 PT Sucofindo (Persero) 10.692 11.027 PT Asuransi Jiwa Inhealth Indonesia 7.041 24.121 PT Askes (Persero) 6.551 6.727 PT Telekomunikasi Seluler 3.122 34.823 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 57.526 203.809
5.534.192 5.287.347 Sebagai persentase terhadap jumlah beban/As a percentage of total expense 16,15% 20,40%
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/66 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
a. Transaksi-transaksi Pihak Berelasi a. Transactions with Related Parties
Rincian transaksi dengan pihak berelasi adalah sebagai berikut:
The details of transactions with related parties are as follows:
2019 2018Penjualan produk/Sales of goods
Koperasi Warga Semen Gresik 1.177.662 1.526.908 PT Wijaya Karya Beton Tbk 240.636 7.575 PT Prima Karya Manunggal 148.054 536 PT Adhi Karya (Persero) Tbk 147.533 239.966 PT Wijaya Karya (Persero) Tbk 113.448 97.231 PT PP (Persero) Tbk 110.099 168.210 PT Igasar 91.729 151.390 PT Pembangunan Perumahan Presisi Tbk 89.665 60.534 Koperasi Karyawan Semen Padang 82.814 76.655 PT Adhi Persada Beton 57.727 35.117 PT PP Urban 54.287 12.657 PT Waskita Karya (Persero) Tbk 47.400 110.184 PT Krakatau Semen Indonesia 47.109 48.810 PT Waskita Beton Precast Tbk 42.794 11.355 PT Brantas Abipraya (Persero) 32.766 22.620 PT Hutama Karya (Persero) 30.919 34.892 PT Semen Baturaja (Persero) Tbk 22.070 59.120 PT Hakaaston 21.320 12.655 PT Perusahaan Perdagangan Indonesia (Persero) 15.721 21.347 PT Swadaya Graha 14.483 14.820 PT Adhi Persada Gedung 9.586 1.785 PT Pasoka Sumber Karya 9.116 4.099 PT Wijaya Karya Bangunan Gedung Tbk 7.165 298 PT Wijaya Karya Realty Tbk 5.628 1.741 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 1.511 90.839
2.621.242 2.811.344 Sebagai persentase terhadap jumlah pendapatan/As a percentage of total revenue 6,49% 9,16%
361
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/67 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
a. Transaksi-transaksi Pihak Berelasi (lanjutan) a. Transactions with Related Parties
(continued)
2019 2018Pembelian produk dan jasa/Purchases of goods and services
PT Perusahaan Listrik Negara (Persero) 2.253.037 1.260.782 PT PBM Biringkasi Raya 480.482 115.093 PT EMKL Topabiring 453.460 103.245 PT Krakatau Semen Indonesia 321.259 93.458 PT Pelayaran Tonasa Lines 283.524 258.041 PT Swabina Gatra 253.542 239.684 Koperasi Warga Semen Gresik 200.355 297.891 PT Pertamina (Persero) 166.967 168.071 PT Pasoka Sumber Karya 138.021 139.766 Koperasi Karyawan Semen Tonasa 100.145 113.086 Koperasi Karyawan Semen Padang 81.770 86.694 PT Pelabuhan Indonesia II (Persero) 77.140 39.545 PT Swadaya Graha 60.471 246.878 PT Yasiga Sarana Utama 60.235 76.980 PT Asuransi Jasa Indonesia (Persero) 60.138 45.083 PT Prima Karya Manunggal 59.365 67.871 PT Petrokima Gresik (Persero) 57.039 44.919 Dana Pensiun Semen Padang 54.181 103.755 PT Jamsostek (Persero) 46.481 48.021 PT Kereta Api Indonesia (Persero) 45.281 59.774 Koperasi Karyawan Warga Varia Usaha Beton 35.923 37.992 PT Telekomunikasi Indonesia 33.648 2.554 PT Igasar 26.828 26.082 PT Dahana (Persero) 24.441 22.573 PT Sumatera Utara Perkasa Semen 21.566 29.768 PT Konsulta Semen Gresik 16.742 24.722 Dana Pensiun Semen Gresik 14.395 1.230.113 PT Varuna Tirta Prakasya (Persero) 12.044 11.120 PT Kabau Sirah Semen Padang 10.780 13.279 PT Sucofindo (Persero) 10.692 11.027 PT Asuransi Jiwa Inhealth Indonesia 7.041 24.121 PT Askes (Persero) 6.551 6.727 PT Telekomunikasi Seluler 3.122 34.823 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 57.526 203.809
5.534.192 5.287.347 Sebagai persentase terhadap jumlah beban/As a percentage of total expense 16,15% 20,40%
362
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/69 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2019 2018
Investasi jangka pendek/Short-term invesmentsPT Bank Tabungan Negara (Persero) Tbk 45.001 - PT Swabina Gatra 6.190 6.190 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 2.263 2.263
53.454 8.453
Sebagai persentase terhadap jumlah aset/As a percentage of total assets 0,07% 0,02%
Piutang usaha /Trade receivablesKoperasi Warga Semen Gresik 252.910 299.766 PT PP (Persero) Tbk 188.147 154.071 PT Adhi Karya (Persero) Tbk 137.908 165.944 PT Wijaya Karya (Persero) Tbk 136.051 63.833 PT Prima Karya Manunggal 113.325 104.021 PT Wijaya Karya Beton Tbk 105.032 50.399 PT Pembangunan Perumahan Presisi Tbk 98.386 44.163 PT PP Urban 62.746 17.495 PT Adhi Persada Beton 60.914 36.202 PT Igasar 50.768 51.707 PT Hutama Karya (Persero) 32.467 38.848 PT Waskita Karya (Persero) Tbk 31.126 38.997 PT Hakaaston 28.597 13.744 PT Wijaya Karya Bangunan Gedung Tbk 25.790 400 PT Semen Baturaja (Persero) Tbk 17.912 27.300 PT Brantas Abipraya (Persero) 12.465 5.969 Koperasi Karyawan Semen Padang 11.899 11.901 PT Adhi Persada Gedung 10.895 2.210 PT Swadaya Graha 10.521 8.063 PT Nindya Karya (Persero) 8.945 16.357 PT Wijaya Karya Realty Tbk 7.780 1.934 PT Waskita Beton Precast Tbk 4.794 12.634 PT Krakatau Steel (Persero) Tbk 3.338 2.888 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 120.374 47.026
1.533.090 1.215.872 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 1,92% 2,39%
0 0Piutang lain-lain/Other receivables
PT Pertamina Hulu Mahakam 26.697 - Yayasan Semen Padang 23.468 20.259 PT Asuransi Jasa Indonesia (Persero) 16.770 170 PT Swadaya Graha 16.638 11.533 Semen Indonesia Foundation 4.289 3.106 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 24.132 10.238
111.994 45.306 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 0,14% 0,09%
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/68 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
a. Transaksi-transaksi Pihak Berelasi (lanjutan) a. Transactions with Related Parties
(continued)
2019 2018Penghasilan keuangan/Finance income
PT Bank Mandiri (Persero) Tbk 121.546 75.929 PT Bank Negara Indonesia (Persero) Tbk 41.372 7.957 PT Bank Rakyat Indonesia (Persero) Tbk 19.982 5.231 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 577 851
183.477 89.968
Sebagai persentase terhadap jumlah penghasilan keuangan/As a percentage of total finance income 84,22% 49,44%
Beban keuangan/Finance costsPT Bank Negara Indonesia (Persero) Tbk 684.823 100.245 PT Bank Syariah Mandiri 38.652 - PT Bank Mandiri (Persero) Tbk 30.158 261.349 Dana Pensiun Semen Gresik - 1.172
753.633 362.766 Sebagai persentase terhadap jumlah beban keuangan/As a percentage of total finance costs 23,51% 37,82%
b. Saldo dengan pihak berelasi b. Balances with related parties
2019 2018Aset/AssetsKas dan setara kas/Cash and cash equivalents
PT Bank Negara Indonesia (Persero) Tbk 1.748.295 683.331 PT Bank Mandiri (Persero) Tbk 1.371.422 2.251.780 PT Bank Rakyat Indonesia (Persero) Tbk 234.560 884.168 PT Bank Tabungan Negara (Persero) Tbk 80.560 442.484 PT Bank Syariah Mandiri 10.507 16.487 PT BRI Agroniaga Tbk - 6.000
Kas dan setara kas/Cash and cash equivalents 3.445.347 4.284.250
Jumlah 3.445.344 4.284.250 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 4,32% 8,44%
Kas yang dibatasi penggunaannya/Restricted cash
PT Bank Rakyat Indonesia (Persero) Tbk 3.600 100 PT Bank Mandiri (Persero) Tbk 3.216 - Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 1.453 882
Kas yang dibatasi penggunaannya/Restricted cash 8.269 982 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 0,01% 0,00%
363
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/69 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2019 2018
Investasi jangka pendek/Short-term invesmentsPT Bank Tabungan Negara (Persero) Tbk 45.001 - PT Swabina Gatra 6.190 6.190 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 2.263 2.263
53.454 8.453
Sebagai persentase terhadap jumlah aset/As a percentage of total assets 0,07% 0,02%
Piutang usaha /Trade receivablesKoperasi Warga Semen Gresik 252.910 299.766 PT PP (Persero) Tbk 188.147 154.071 PT Adhi Karya (Persero) Tbk 137.908 165.944 PT Wijaya Karya (Persero) Tbk 136.051 63.833 PT Prima Karya Manunggal 113.325 104.021 PT Wijaya Karya Beton Tbk 105.032 50.399 PT Pembangunan Perumahan Presisi Tbk 98.386 44.163 PT PP Urban 62.746 17.495 PT Adhi Persada Beton 60.914 36.202 PT Igasar 50.768 51.707 PT Hutama Karya (Persero) 32.467 38.848 PT Waskita Karya (Persero) Tbk 31.126 38.997 PT Hakaaston 28.597 13.744 PT Wijaya Karya Bangunan Gedung Tbk 25.790 400 PT Semen Baturaja (Persero) Tbk 17.912 27.300 PT Brantas Abipraya (Persero) 12.465 5.969 Koperasi Karyawan Semen Padang 11.899 11.901 PT Adhi Persada Gedung 10.895 2.210 PT Swadaya Graha 10.521 8.063 PT Nindya Karya (Persero) 8.945 16.357 PT Wijaya Karya Realty Tbk 7.780 1.934 PT Waskita Beton Precast Tbk 4.794 12.634 PT Krakatau Steel (Persero) Tbk 3.338 2.888 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 120.374 47.026
1.533.090 1.215.872 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 1,92% 2,39%
0 0Piutang lain-lain/Other receivables
PT Pertamina Hulu Mahakam 26.697 - Yayasan Semen Padang 23.468 20.259 PT Asuransi Jasa Indonesia (Persero) 16.770 170 PT Swadaya Graha 16.638 11.533 Semen Indonesia Foundation 4.289 3.106 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 24.132 10.238
111.994 45.306 Sebagai persentase terhadap jumlah aset/As a percentage of total assets 0,14% 0,09%
364
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/71 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2019 2018
Liabilitas jangka pendek/Current liabilitiesPinjaman jangka pendek/Short-term borrowingsPT Bank Negara Indonesia (Persero) Tbk 788.269 14.636 PT Bank Mandiri (Persero) Tbk 391.423 1.265.843
1.179.692 1.280.479 Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 2,69% 7,05%
Liabilitas jangka panjang/Non current liabilitiesPinjaman bank/Bank loansSindikasi/Syndicated - PT Bank Negara Indonesia (Persero) Tbk 15.700.000 - PT Bank Negara Indonesia (Persero) Tbk 1.734.942 4.302.823 PT Bank Rakyat Indonesia (Persero) Tbk 2.612 3.908 PT Bank Mandiri (Persero) Tbk - 291.168
17.437.554 4.597.899
Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 39.71% 25,31%
Liabilitas sewa pembiayaan/Finance lease liabilitiesLain-lain/Others (masing-masing di bawah/each below Rp 3.000) - 312.951
Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 0% 1,72%
Dana syirkah temporer/Temporary syirkah fundsPT Bank Syariah Mandiri 2.000.000 -
Sebagai persentase terhadap jumlah dana syirkah temporer/As a percentage of total temporary syirkah funds 100% 0%
31. INFORMASI SEGMEN 31. SEGMENT INFORMATION
Grup melaporkan segmen-segmen berdasarkan PSAK 5 (revisi 2015) berdasarkan segmen usaha sebagai berikut:
The Group’s reportable segments under PSAK 5 (revised 2015) are based on the following business segments:
1. Manufaktur semen dan pendukungnya
(Produksi semen);
2. Produksi non semen yang terdiri dari penambangan batu kapur dan tanah liat, pembuatan kantong kemasan, pengembangan kawasan industri, beton jadi dan siap pakai, jasa sistem informasi, logistik, dan perdagangan.
1. Cement manufacturing and support (Cement production);
2. Non-cement productions consist of limestone and clay mining, cement bag manufacturing, industrial real estate, precast and readymix concrete, IT services, logistics, and trading.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/70 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2019 2018Liabilitas/LiabilitiesUtang usaha/Trade payablesEntitas sepengendali - BUMN/Under common control - SOE :PT Perusahaan Listrik Negara (Persero) 310.904 217.651 PT Swabina Gatra 89.142 55.125 PT Pasoka Sumber Karya 46.090 30.376 PT Pertamina (Persero) 44.097 12.935 Koperasi Warga Semen Gresik 41.562 44.812 PT Swadaya Graha 28.910 56.190 PT Pelayaran Tonasa Lines 27.600 30.552 PT Petrokimia Gresik (Persero) 21.952 13.582 Koperasi Karyawan Semen Padang 21.735 4.230 Koperasi Karyawan Warga Varia Usaha Beton 20.530 24.070 PT Pindad (Persero) 18.077 24.100 PT Yasiga Sarana Utama 16.698 20.473 PT PBM Biringkasi Raya 16.555 21.798 PT Krakatau Semen Indonesia 16.111 - PT Dahana (Persero) 16.081 4.136 PT Pelabuhan Indonesia II (Persero) 15.316 8.636 PT EMKL Topabiring 14.431 4.657 PT Sumatera Utara Perkasa Semen 12.832 2.320 PT Prima Karya Manunggal 11.920 3.622 Koperasi Karyawan Semen Tonasa 10.281 19.536 PT Igasar 8.964 3.501 PT PP (Persero) Tbk 6.793 6.793 PT Konsulta Semen Gresik 4.926 6.506 PT Sucofindo (Persero) 4.911 2.714 PT Varuna Tirta Prakasya (Persero) 4.347 3.876 PT Tekomunikasi Indonesia (Persero) Tbk 4.279 915 PT Asuransi Jiwa Inhealth Indonesia 3.560 - Koperasi Karyawan Usaha Sejahtera Bersama 3.462 2.222 PT Asuransi Jasa Indonesia (Persero) 3.161 1.888 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 19.565 43.489
864.792 670.705 Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 1,97% 3,69%
Utang lain-lain/Other payables
PT Petrokima Gresik (Persero) 10.182 11.549 PT Telekomunikasi Indonesia (Persero) Tbk 3.243 3.243 Lain-lain/Others (masing-masing di bawah/each below Rp 3.000) 6.037 17.324
19.462 32.116
Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 0,04% 0,18%
365
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/71 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
30. SIFAT DAN TRANSAKSI PIHAK BERELASI
(lanjutan) 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2019 2018
Liabilitas jangka pendek/Current liabilitiesPinjaman jangka pendek/Short-term borrowingsPT Bank Negara Indonesia (Persero) Tbk 788.269 14.636 PT Bank Mandiri (Persero) Tbk 391.423 1.265.843
1.179.692 1.280.479 Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 2,69% 7,05%
Liabilitas jangka panjang/Non current liabilitiesPinjaman bank/Bank loansSindikasi/Syndicated - PT Bank Negara Indonesia (Persero) Tbk 15.700.000 - PT Bank Negara Indonesia (Persero) Tbk 1.734.942 4.302.823 PT Bank Rakyat Indonesia (Persero) Tbk 2.612 3.908 PT Bank Mandiri (Persero) Tbk - 291.168
17.437.554 4.597.899
Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 39.71% 25,31%
Liabilitas sewa pembiayaan/Finance lease liabilitiesLain-lain/Others (masing-masing di bawah/each below Rp 3.000) - 312.951
Sebagai persentase terhadap jumlah liabilitas/As a percentage of total liabilities 0% 1,72%
Dana syirkah temporer/Temporary syirkah fundsPT Bank Syariah Mandiri 2.000.000 -
Sebagai persentase terhadap jumlah dana syirkah temporer/As a percentage of total temporary syirkah funds 100% 0%
31. INFORMASI SEGMEN 31. SEGMENT INFORMATION
Grup melaporkan segmen-segmen berdasarkan PSAK 5 (revisi 2015) berdasarkan segmen usaha sebagai berikut:
The Group’s reportable segments under PSAK 5 (revised 2015) are based on the following business segments:
1. Manufaktur semen dan pendukungnya
(Produksi semen);
2. Produksi non semen yang terdiri dari penambangan batu kapur dan tanah liat, pembuatan kantong kemasan, pengembangan kawasan industri, beton jadi dan siap pakai, jasa sistem informasi, logistik, dan perdagangan.
1. Cement manufacturing and support (Cement production);
2. Non-cement productions consist of limestone and clay mining, cement bag manufacturing, industrial real estate, precast and readymix concrete, IT services, logistics, and trading.
366
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/73 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)
2018
Jumlah sebelum
Produksi semen/ Produksi non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENDAPATAN REVENUE
Penjualan pada pihak ketiga Sales to third parties
dan pihak-pihak berelasi 22.362.733 8.324.893 30.687.626 - 30.687.626 and related parties
Penjualan antar segmen 4.396.543 2.415.090 6.811.633 (6.811.633) - Inter-segment sales
Jumlah pendapatan 26.759.276 10.739.983 37.499.259 (6.811.633) 30.687.626 Total revenue
LABA USAHA OPERATING INCOME
Hasil segmen 4.747.875 220.599 4.968.474 (87.835) 4.880.639 Segment result
Penghasilan keuangan 179.703 11.836 191.539 (9.566) 181.973 Finance income
Beban keuangan (759.731) (209.094) (968.825) 9.566 (959.259) Finance cost
Bagian atas hasil bersih Share of result of
entitas asosiasi dan ventura bersama (52.004) 14.754 (37.250) 38.856 1.606 associates and joint venture
Laba sebelum pajak penghasilan 4.115.843 38.095 4.153.938 (48.979) 4.104.959 Profit before income tax
Beban pajak penghasilan (997.045) (29.016) (1.026.061) 6.806 (1.019.255) Income tax expense
Laba tahun berjalan 3.118.798 9.079 3.127.877 (42.173) 3.085.704 Profit for the year
Laba yang dapat diatribusikan kepada : Profit attributable to :
Pemilik entitas induk 3.131.046 2.702 3.133.748 (54.633) 3.079.115 Equity holders of parent entity
Kepentingan nonpengendali (12.249) 6.376 (5.873) 12.462 6.589 Non-controlling interest
Total laba tahun berjalan 3.118.797 9.078 3.127.875 (42.171) 3.085.704 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 45.632.372 6.939.561 52.571.933 (1.873.735) 50.698.198 Segment assets
Investasi pada entitas asosiasi Investments in associates
and ventura bersama 1.549.194 109.317 1.658.511 (1.572.873) 85.638 and joint venture
Jumlah aset 47.181.566 7.048.878 54.230.444 (3.446.608) 50.783.836 Total assets
Liabilitas segmen 14.994.470 5.158.256 20.152.726 (1.984.205) 18.168.521 Segment liabilities
INFORMASI LAINNYA OTHER INFORMATION
Pengeluaran modal 1.374.540 235.650 1.610.190 185.968 1.796.158 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 1.351.539 310.495 1.662.034 34.032 1.696.066 and amortisation expense
Segmen Geografis Geographical Segments Tabel berikut menunjukkan distribusi dari aset konsolidasian dan pengeluaran modal Grup berdasarkan segmen geografis:
The following table shows the distribution of the Group’s consolidated assets and capital expenditures by geographical segment:
2019 2018
Aset AssetsIndonesia 77.595.045 48.737.197 IndonesiaLuar Negeri 2.212.022 2.046.639 Overseas
Jumlah 79.807.067 50.783.836 Total
Pengeluaran modal Capital expendituresIndonesia 1,622,424 1,711,110 IndonesiaLuar Negeri 7,072 85,048 Overseas
Jumlah 1,629,496 1,796,158 Total Grup berdomisili di Indonesia dan Vietnam. The Group is domiciled in Indonesia and Vietnam.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/72 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)
Berikut ini adalah informasi segmen berdasarkan segmen usaha:
Segment information based on business segments is presented below:
2019
Produksi Jumlah sebelum
Produksi semen/ non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENDAPATAN REVENUE
Penjualan pada pihak ketiga Sales to third parties
dan pihak-pihak berelasi 29.876.043 10.492.065 40.368.108 - 40.368.108 and related parties
Penjualan antar segmen 5.604.220 2.030.137 7.634.357 (7.634.357) - Inter-segment sales
Jumlah pendapatan 35.480.263 12.522.202 48.002.465 (7.634.358) 40.368.108 Total revenue
LABA USAHA OPERATING INCOME
Hasil segmen 7.503.101 (1.318.549) 6.184.552 491 6.185.043 Segment result
Penghasilan keuangan 203.394 15.350 218.744 (921) 217.823 Finance income
Beban keuangan (3.011.596) (194.622) (3.206.218) 920 (3.205.298) Finance cost
Bagian atas hasil bersih Share of result of
entitas asosiasi dan ventura bersama - (1.793) (1.793) - (1.793) associates and joint venture
Laba sebelum pajak penghasilan 4.694.899 (1.499.614) 3.195.285 490 3.195.775 Profit before income tax
Beban pajak penghasilan (841.177) 16.635 (824.542) - (824.542) Income tax expense
Laba tahun berjalan 3.853.722 (1.482.979) 2.370.743 490 2.371.233 Profit for the year
Laba yang dapat diatribusikan kepada : Profit attributable to :
Pemilik entitas induk 3.894.540 (1.502.879) 2.391.661 490 2.392.151 Equity holders of parent entity
Kepentingan nonpengendali (40.818) 19.900 (20.918) - (20.918) Non-controlling interest
Total laba tahun berjalan 3.853.722 (1.482.979) 2.370.743 490 2.371.233 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITIONAset segmen 73.072.539 6.127.930 79.200.469 465.489 79.665.958 Segment assets
Investasi pada entitas asosiasi dan Investments in associates
ventura bersama - 141.109 141.109 - 141.109 and joint venture
Jumlah aset 73.072.539 6.269.039 79.341.578 465.489 79.807.067 Total assets
Liabilitas segmen 39.839.960 3.899.760 43.739.720 175.423 43.915.143 Segment liabilities
Dana syirkah temporer 2.000.000 - 2.000.000 - 2.000.000 Temporary syirkah loan
INFORMASI LAINNYA OTHER INFORMATION
Pengeluaran modal 1.346.328 131.611 1.477.939 151.557 1.629.496 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 2.207.033 307.421 2.514.454 - 2.514.454 and amortisation expense
367
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/73 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)
2018
Jumlah sebelum
Produksi semen/ Produksi non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENDAPATAN REVENUE
Penjualan pada pihak ketiga Sales to third parties
dan pihak-pihak berelasi 22.362.733 8.324.893 30.687.626 - 30.687.626 and related parties
Penjualan antar segmen 4.396.543 2.415.090 6.811.633 (6.811.633) - Inter-segment sales
Jumlah pendapatan 26.759.276 10.739.983 37.499.259 (6.811.633) 30.687.626 Total revenue
LABA USAHA OPERATING INCOME
Hasil segmen 4.747.875 220.599 4.968.474 (87.835) 4.880.639 Segment result
Penghasilan keuangan 179.703 11.836 191.539 (9.566) 181.973 Finance income
Beban keuangan (759.731) (209.094) (968.825) 9.566 (959.259) Finance cost
Bagian atas hasil bersih Share of result of
entitas asosiasi dan ventura bersama (52.004) 14.754 (37.250) 38.856 1.606 associates and joint venture
Laba sebelum pajak penghasilan 4.115.843 38.095 4.153.938 (48.979) 4.104.959 Profit before income tax
Beban pajak penghasilan (997.045) (29.016) (1.026.061) 6.806 (1.019.255) Income tax expense
Laba tahun berjalan 3.118.798 9.079 3.127.877 (42.173) 3.085.704 Profit for the year
Laba yang dapat diatribusikan kepada : Profit attributable to :
Pemilik entitas induk 3.131.046 2.702 3.133.748 (54.633) 3.079.115 Equity holders of parent entity
Kepentingan nonpengendali (12.249) 6.376 (5.873) 12.462 6.589 Non-controlling interest
Total laba tahun berjalan 3.118.797 9.078 3.127.875 (42.171) 3.085.704 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 45.632.372 6.939.561 52.571.933 (1.873.735) 50.698.198 Segment assets
Investasi pada entitas asosiasi Investments in associates
and ventura bersama 1.549.194 109.317 1.658.511 (1.572.873) 85.638 and joint venture
Jumlah aset 47.181.566 7.048.878 54.230.444 (3.446.608) 50.783.836 Total assets
Liabilitas segmen 14.994.470 5.158.256 20.152.726 (1.984.205) 18.168.521 Segment liabilities
INFORMASI LAINNYA OTHER INFORMATION
Pengeluaran modal 1.374.540 235.650 1.610.190 185.968 1.796.158 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 1.351.539 310.495 1.662.034 34.032 1.696.066 and amortisation expense
Segmen Geografis Geographical Segments Tabel berikut menunjukkan distribusi dari aset konsolidasian dan pengeluaran modal Grup berdasarkan segmen geografis:
The following table shows the distribution of the Group’s consolidated assets and capital expenditures by geographical segment:
2019 2018
Aset AssetsIndonesia 77.595.045 48.737.197 IndonesiaLuar Negeri 2.212.022 2.046.639 Overseas
Jumlah 79.807.067 50.783.836 Total
Pengeluaran modal Capital expendituresIndonesia 1,622,424 1,711,110 IndonesiaLuar Negeri 7,072 85,048 Overseas
Jumlah 1,629,496 1,796,158 Total Grup berdomisili di Indonesia dan Vietnam. The Group is domiciled in Indonesia and Vietnam.
368
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/75 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
32. IKATAN DAN PERJANJIAN SIGNIFIKAN
(lanjutan) 32. COMMITMENTS AND SIGNIFICANT
AGREEMENT (continued) a. Ijin usaha pertambangan (lanjutan) a. Mining license (continued)
No. Surat keputusan/Decree Izin/Permit Lokasi/Location
Nomor/Number Tanggal/Date Oleh/By Pemegang/ Period akhir/ Holder End period
11 No. P2T/96/15.02/IX/2018 13 September 2018
Gubernur Jawa Timur/ Governor of East Java SBI 13 September
2024
Desa Mliwang, Kecamatan Kerek, Kabupaten Tuban/ Mliwang Village, Kerek Sub-District, Tuban District
12 No. P2T/98/15/02.IX/2018 13 September 2018
Gubernur Jawa Timur/ Governor of East Java SBI 13 September
2022
Desa Mliwang, Kecamatan Kerek, Kabupaten Tuban/ Mliwang Village, Kerek Sub-District, Tuban District
13 IUP No. 544-81-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2028
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
14 IUP No. 544-82-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Indarung, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Indarung Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
15 IUP No. 544-83-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
16 IUP No. 544-84-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
17 IUP OP No 1/I.03.p/P2T/01/2016
20 Januari/ January 2016
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 20 Januari/ January 2026
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
18 IUP OP No 39/I.03a.P/P2T/10/2017
18 Oktober/ October 2016
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 9 Juli/July 2026 Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
19 IUP OP No 95/I.03/PTSP/2018 5 Juni/June 2018
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 5 Juni/June 2028 Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
20 IUP OP No 28/I.03a/PTSP/2018 5 Juni/June 2018 Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 19 Agustus/ August 2023
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
21 IUP OP No 23/I.03a/PTSP/2019 23 Desember/ December 2019
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 28 Desember/ December 2024
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
22 No. 324 Tahun 2012 03 September 2012
Bupati Aceh Besar/ Regent of Aceh Besar ACA 03 September
2022
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi Aceh/ Lhoknga Sub-District, Aceh Besar District, Aceh Besar Province
23 No. 325 Tahun 2012 03 September 2012
Bupati Aceh Besar/ Regent of Aceh Besar ACA 03 September
2022
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi Aceh/ Lhoknga Sub-District, Aceh Besar District, Aceh Besar Province
24 No. 540/53/10.1.06.2/DPMPTSp/2017
09 November 2017
Kepala Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ Head of Investment Office and One-Stop Integrated Services
SBB 09 November 2022
Kampung Maloko, Desa Sukasari dan Desa Cipinang, Kecamatan Rumpin, Kabupaten Bogor/ Maloko Village, Village Sukasari and Village Cipinang, Rumpin Sub-Dsitrict, Bogor District
25 No. P2T/1/15.02/02/VIOI/2017 17 Juli /July 2017 Gubernur Jawa Timur/ Governor of East Java PLP 17 Juli/July 2022
Desa Jeladri, Kecamatan Winongan, Kabupaten Pasuruan, Provinsi Jawa Timur/ Jeladri Village, Winongan Sub-District, Pasuruan District, Jawa Timur Province
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/74 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
32. IKATAN DAN PERJANJIAN SIGNIFIKAN 32. COMMITMENTS AND SIGNIFICANT
AGREEMENT a. Ijin usaha pertambangan a. Mining license
Pada tanggal 31 Desember 2019, Grup memiliki ijin usaha pertambangan dan membayarkan pajak retribusi atas tanah pertambangan untuk lahan sebagai berikut:
As at 31 December 2019, the Group has a mining business license and paid for tax levy for the following areas:
No. Surat keputusan/Decree Izin/Permit Lokasi/Location
Nomor/Number Tanggal/Date Oleh/By Pemegang/ Period akhir/ Holder End period
1 IUP OP P2T/1/15.02/02/I/2019 14 Mei/May 2019 Gubernur Jawa Timur/ Governor of East Java Perseroan 14 Mei/May 2029
Desa Temandang, Pongpongan, Sumberarum dan Senori, Kecamatan Merakurak dan Kerek, Kabupaten Tuban, Provinsi Jawa Timur/ Temandang, Pongpongan, Sumberarum and Senori Village, Meakurak and Kerek Sub-District, Tuban District, East Java.
2 IUP OP P27/80/15.02/VIII/2018 6 Agustus/August 2018
Gubernur Jawa Timur/ Governor of East Java Perseroan 6 Agustus/August
2023
Desa Temandang, Sugihan dan Tobo, Kecamatan Merakurak, kabupaten Tuban, Provinsi Jawa Timur/ Temandang, Sugihan and Tobo Village, Meakurak Sub-District, Tuban District, East Java.
3 IUP OP No P2T/8/15.02/02/XI/2017
23 November 2017
Gubernur Jawa Timur/ Governor of East Java Perseroan 23 November
2023
Desa Mliwang, Tobo dan Karangasem, Kabupaten Tuban, Provinsi Jawa Timur/ Mliwang, Tobo and Karangasem Village, Tuban District, East Java.
4 IUP OP No 543.32/1712 Tahun 2017
8 Maret/March 2017
Kepala Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ Head of Investment Office and One-Stop Integrated Services
Perseroan 8 Maret/March 2027
Desa Kajar, Desa Pasucen, Desa Tegaldowo, Desa Timbrangan, Kecamatan Gunem, Kabupaten Rembang, Provinsi Jawa Tengah/ Tegaldowo, Pasucen, Timbrangan and Kajar Village, Gunem Sub-District, Rembang District, Central Java.
5 IUP OP No 543.32/1529 Tahun 2017
2 Maret/March 2017
Kepala Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ Head of Investment Office and One-Stop Integrated Services
Perseroan 2 Maret/March 2037
Desa Tegaldowo dan Desa Kajar, Kecamatan Gunem, Kabupaten Rembang, Provinsi Jawa Tengah/ Tegaldowo and Kajar Village, Gunem Sub-District, Rembang District, Central Java.
6 No. 503/IUP-OP/3301.4.40.16 Tahun 2015 22 Mei/May 2015 Gubernur Jawa Tengah/
Governor of Central Java SBI 22 Mei/May 2023
Kecamatan Cilacap Selatan, Kabupaten Cilacap/ South Cilacap Sub-District, Cilacap District
7 No. 503/IUP-OP/3301.4.39.15 Tahun 2015 22 Mei/May 2015 Gubernur Jawa Tengah/
Governor of Central Java SBI 22 Mei/May 2023
Desa Tritih Lor, Kecamatan Jeruklegi dan Desa Jangrana, Kecamatan Kesugihan, Kabupaten Cilacap/ Tritih Lor Village, Jeruklegi Sub-District and Jangrana Village, Kesugihan Sub-District, Cilacap District
8 No. 541.3/018/Kpts/ESDM/2012 26 Desember/ December 2012
Bupati Bogor/ Regent of Bogor SBI 26 Desember/
December 2022
Desa Nambo dan Desa Klapanunggal, Kecamatan Klapanunggal, Kabupaten Bogor/ Nambo Village and Klapanunggal Village, Bogor District
9 No.540/Kep.32/10.1.02.2/BPMPT/2016.39/Kep./10.1.03.0/BPMPT/2016
27 Juli/July 2016
Kepala Badan Penanaman Modal dan Perijinan Terpadu Provinsi Jawa Barat/ Head of Investment Office and One-Stop Integrated Services of West Java Province
SBI 27 Juli/July 2021
Desa Nambo dan Desa Lulut, Kecamatan Klapanunggal, Kabupaten Bogor/ Nambo Village and Lulut Village, Klapanungal Sub-District, Bogor District
10 No. P2T/97/15.02/IX/2018 13 September 2018
Gubernur Jawa Timur/ Governor of East Java SBI 13 September
2034
Desa Sawir dan Desa Kedungrejo, Kecamatan Tambakboy dan Kecamatan Kerek, Kabupaten Tuban/ Sawir Village and Kedungrejo Village, Tambakboy Sub-District and Kerek Sub-District, Tuban District
369
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/75 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
32. IKATAN DAN PERJANJIAN SIGNIFIKAN
(lanjutan) 32. COMMITMENTS AND SIGNIFICANT
AGREEMENT (continued) a. Ijin usaha pertambangan (lanjutan) a. Mining license (continued)
No. Surat keputusan/Decree Izin/Permit Lokasi/Location
Nomor/Number Tanggal/Date Oleh/By Pemegang/ Period akhir/ Holder End period
11 No. P2T/96/15.02/IX/2018 13 September 2018
Gubernur Jawa Timur/ Governor of East Java SBI 13 September
2024
Desa Mliwang, Kecamatan Kerek, Kabupaten Tuban/ Mliwang Village, Kerek Sub-District, Tuban District
12 No. P2T/98/15/02.IX/2018 13 September 2018
Gubernur Jawa Timur/ Governor of East Java SBI 13 September
2022
Desa Mliwang, Kecamatan Kerek, Kabupaten Tuban/ Mliwang Village, Kerek Sub-District, Tuban District
13 IUP No. 544-81-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2028
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
14 IUP No. 544-82-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Indarung, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Indarung Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
15 IUP No. 544-83-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
16 IUP No. 544-84-2018 06 April 2018 Gubernur Sumatera Barat/ Governor of West Sumatera
SP 06 April 2023
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan, Padang, Sumatera Barat/ Batu Gadang Regency, Lubuk Kilangan Sub-district, Padang, West Sumatera
17 IUP OP No 1/I.03.p/P2T/01/2016
20 Januari/ January 2016
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 20 Januari/ January 2026
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
18 IUP OP No 39/I.03a.P/P2T/10/2017
18 Oktober/ October 2016
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 9 Juli/July 2026 Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
19 IUP OP No 95/I.03/PTSP/2018 5 Juni/June 2018
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 5 Juni/June 2028 Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
20 IUP OP No 28/I.03a/PTSP/2018 5 Juni/June 2018 Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 19 Agustus/ August 2023
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
21 IUP OP No 23/I.03a/PTSP/2019 23 Desember/ December 2019
Gubernur Sulawesi Selatan/ Governor of South Sulawesi
ST 28 Desember/ December 2024
Kabupaten Pangkep, Provinsi Sulawesi Selatan/ Pangkep District, South Sulawesi
22 No. 324 Tahun 2012 03 September 2012
Bupati Aceh Besar/ Regent of Aceh Besar ACA 03 September
2022
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi Aceh/ Lhoknga Sub-District, Aceh Besar District, Aceh Besar Province
23 No. 325 Tahun 2012 03 September 2012
Bupati Aceh Besar/ Regent of Aceh Besar ACA 03 September
2022
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi Aceh/ Lhoknga Sub-District, Aceh Besar District, Aceh Besar Province
24 No. 540/53/10.1.06.2/DPMPTSp/2017
09 November 2017
Kepala Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ Head of Investment Office and One-Stop Integrated Services
SBB 09 November 2022
Kampung Maloko, Desa Sukasari dan Desa Cipinang, Kecamatan Rumpin, Kabupaten Bogor/ Maloko Village, Village Sukasari and Village Cipinang, Rumpin Sub-Dsitrict, Bogor District
25 No. P2T/1/15.02/02/VIOI/2017 17 Juli /July 2017 Gubernur Jawa Timur/ Governor of East Java PLP 17 Juli/July 2022
Desa Jeladri, Kecamatan Winongan, Kabupaten Pasuruan, Provinsi Jawa Timur/ Jeladri Village, Winongan Sub-District, Pasuruan District, Jawa Timur Province
370
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/77 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
33. ASET DAN LIABILITAS MONETER DALAM MATA
UANG ASING 33. MONETARY ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES Pada tanggal 31 Desember 2019 dan 2018, Grup mempunyai aset dan liabilitas moneter dalam mata uang asing sebagai berikut:
As at 31 December 2019 and 2018, the Group had monetary assets and liabilities denominated in foreign currencies as follows:
JumlahMata uang setara
USD EUR VND asing lainnya/ Rupiah/(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent inin thousand) in thousand) in thousand) currencies* Rupiah
Aset: Assets:Kas dan setara kas 48.014 687 27.255.000 - 694.553 Cash and cash equivalentsPiutang usaha 10.088 - 51.433.333 - 171.090 Trade receivablesPiutang lain-lain 609 - - - 8.466 Other receivables
Jumlah aset 58.711 687 78.688.333 - 874.109 Total assets
Liabilitas: Liabilities:Utang usaha 14.379 4.716 770.893.333 242 739.107 Trade payablesUtang lain-lain 18.997 - - - 264.077 Other payablesPinjaman bank - 7.448 53.706.667 - 148.334 Bank loan
Jumlah liabilitas 33.376 12.164 824.600.000 242 1.151.518 Total liabilities
Aset bersih 25.335 (11.477) (745.911.667) (242) (277.410) Net assets
2019
JumlahMata uang setara
USD EUR VND asing lainnya/ Rupiah/(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent inin thousand) in thousand) in thousand) currencies* Rupiah
Aset: Assets:Kas dan setara kas 38.455 1.567 14.118.400 51 591.678 Cash and cash equivalentsPiutang usaha 12.303 - 59.059.200 - 215.077 Trade receivablesPiutang lain-lain 7.974 - - - 115.471 Other receivables
Jumlah aset 58.732 1.567 73.177.600 51 922.226 Total assets
Liabilitas: Liabilities:Utang usaha 5.309 7.320 529.449.600 275 532.831 Trade payablesUtang lain-lain 1.652 3.907 - - 23.923 Other payablesPinjaman bank - - 91.700.800 - 57.313 Bank loan
Jumlah liabilitas 6.961 11.227 621.150.400 275 614.067 Total liabilities
Aset bersih 51.771 (9.660) (547.972.800) (224) 308.159 Net assets
2018
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/76 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
32. IKATAN DAN PERJANJIAN SIGNIFIKAN
(lanjutan) 32. COMMITMENTS AND SIGNIFICANT
AGREEMENT (continued)
b. Fasilitas kredit b. Credit facilities
Perseroan dan beberapa entitas anak tertentu memiliki fasilitas kredit untuk modal kerja, pembiayaan, jaminan bank, letters of credit dan kontrak valuta asing. Fasilitas kreditT yang belum digunakan oleh Perseroan dan entitas anak pada tanggal 31 Desember 2019 sejumlah Rp 20.129.709.
The Company and certain subsidiaries have credit facilities for working capital, financing, bank guarantees, letters of credit and foreign exchange contracts. The total available credit facilities of the Company and subsidiaries as at 31 December 2019 amounted to Rp 20,129,709.
c. Komitmen pembelian barang modal c. Capital commitments
Kontrak pembelian barang modal pada tanggal 31 Desember 2019 adalah sejumlah Rp 421.972.
Capital expenditure contracted as at 31 December 2019 amounted to Rp 421,972.
d. Komitmen sewa operasi d. Operating lease commitments
Grup menyewa beberapa jenis aset tetap di bawah perjanjian sewa operasi yang tidak dapat dibatalkan.
The Group leases various fixed assets under non-cancellable operating leases agreements.
Jumlah pembayaran sewa minimum yang akan dibayarkan di masa datang yang berasal dari kontrak sewa operasi yang tidak dapat dibatalkan tetapi belum diakui sebagai piutang pada tanggal pelaporan, adalah sebagai berikut:
The future minimum lease payments under non-cancellable operating leases contracted for at the reporting date, but not recognised as receivables, are as follows:
2019 2018
Dalam 1 tahun 15.999 183.426 Within 1 year1 sampai 5 tahun 60.631 426.391 Between 1 up to 5 yearsLebih dari 5 tahun 109.627 497.993 More than 5 years
Jumlah 186.257 1.107.810 Total
371
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/77 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
33. ASET DAN LIABILITAS MONETER DALAM MATA
UANG ASING 33. MONETARY ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES Pada tanggal 31 Desember 2019 dan 2018, Grup mempunyai aset dan liabilitas moneter dalam mata uang asing sebagai berikut:
As at 31 December 2019 and 2018, the Group had monetary assets and liabilities denominated in foreign currencies as follows:
JumlahMata uang setara
USD EUR VND asing lainnya/ Rupiah/(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent inin thousand) in thousand) in thousand) currencies* Rupiah
Aset: Assets:Kas dan setara kas 48.014 687 27.255.000 - 694.553 Cash and cash equivalentsPiutang usaha 10.088 - 51.433.333 - 171.090 Trade receivablesPiutang lain-lain 609 - - - 8.466 Other receivables
Jumlah aset 58.711 687 78.688.333 - 874.109 Total assets
Liabilitas: Liabilities:Utang usaha 14.379 4.716 770.893.333 242 739.107 Trade payablesUtang lain-lain 18.997 - - - 264.077 Other payablesPinjaman bank - 7.448 53.706.667 - 148.334 Bank loan
Jumlah liabilitas 33.376 12.164 824.600.000 242 1.151.518 Total liabilities
Aset bersih 25.335 (11.477) (745.911.667) (242) (277.410) Net assets
2019
JumlahMata uang setara
USD EUR VND asing lainnya/ Rupiah/(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent inin thousand) in thousand) in thousand) currencies* Rupiah
Aset: Assets:Kas dan setara kas 38.455 1.567 14.118.400 51 591.678 Cash and cash equivalentsPiutang usaha 12.303 - 59.059.200 - 215.077 Trade receivablesPiutang lain-lain 7.974 - - - 115.471 Other receivables
Jumlah aset 58.732 1.567 73.177.600 51 922.226 Total assets
Liabilitas: Liabilities:Utang usaha 5.309 7.320 529.449.600 275 532.831 Trade payablesUtang lain-lain 1.652 3.907 - - 23.923 Other payablesPinjaman bank - - 91.700.800 - 57.313 Bank loan
Jumlah liabilitas 6.961 11.227 621.150.400 275 614.067 Total liabilities
Aset bersih 51.771 (9.660) (547.972.800) (224) 308.159 Net assets
2018
372
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/79 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES (continued)
b. Risiko nilai tukar mata uang asing (lanjutan) b. Foreign exchange risk (continued)
Risiko harga Price risk
Grup terkena dampak risiko harga yang terutama diakibatkan oleh pembelian batu bara yang merupakan komponen utama biaya produksi. Harga batu bara tersebut dipengaruhi oleh beberapa faktor, antara lain permintaan, pasokan, nilai tukar, dan cuaca.
The Group is exposed to price risk that is mainly due to the purchase of coal which is the main component of production costs. The price of coal is influenced by several factors, including demand, supply, exchange rates, and weather.
Kebijakan Grup untuk meminimalkan risiko yang berasal dari fluktuasi harga batu bara adalah antara lain dengan mengadakan kontrak pembelian yang berjangka waktu 12 bulan atau kurang dan pembelian secara bersama antara Grup kepada pemasok agar mendapatkan harga yang menguntungkan.
The Group’s policy to minimize risks arising from fluctuations in the price of coal is among other things entered into purchase contracts for a period of 12 months or less and a joint purchase between the Group to suppliers in order to obtain favorable prices.
c. Risiko kredit b. Credit risk
Risiko kredit timbul dari kas dan setara kas, piutang usaha, piutang lain-lain dan kas yang dibatasi penggunaannya Jumlah tercatat aset di laporan posisi keuangan konsolidasian Grup merupakan eksposur maksimal dari risiko kredit.
Credit risk arises from cash and cash equivalent, trade receivables, other receivables and restricted cash. The carrying amount of financial assets in the Group’s consolidated statement of financial position represents maximum credit risk exposure.
Untuk kas dan setara kas, dan kas yang dibatasi penggunaannya, Grup hanya memilih bank yang memiliki reputasi dan kredibilitas yang baik.
Regarding cash and cash equivalent, and restricted cash, the Group only selects bank with a good reputation and credibility.
Terkait dengan eksposur kredit atas piutang usaha kepada pelanggan, Grup melakukan analisa kredit dan menetapkan batasan kredit konsumen sebelum penerimaan konsumen baru. Batasan kredit ini ditinjau secara berkala. Grup juga melakukan pengawasan secara berkelanjutan untuk portofolio kredit untuk meminimalisasi dampak dari risiko kredit. Analisa lebih lanjut terhadap piutang usaha disajikan pada Catatan 6 dalam laporan keuangan konsolidasi.
In respect of credit exposures of trade receivable due from customers, the Group assesses the potential customer’s credit quality and sets credit limits before accepting any new customers. These limits are reviewed periodically. The Group also performs ongoing credit portfolio monitoring as well as manages the collection of the receivables in order to minimise the credit risk exposure. Further analysis on trade receivables is provided in Note 6 to the consolidated financial statements.
Semua saldo piutang lain-lain jatuh tempo yang belum mengalami penurunan nilai yang merupakan pelanggan, pihak berelasi dan karyawan tanpa adanya kasus gagal bayar di masa lalu.
All balances of other receivables are neither pass due nor impaired in which represent customers, related parties and employees with no history of default in the past.
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/78 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES
Grup terpengaruh terhadap risiko pasar, risiko kredit, dan risiko likuiditas. Manajemen menerapkan manajemen risiko atas risiko-risiko tersebut dengan melakukan evaluasi atas risiko keuangan dan kerangka pengelolaan risiko keuangan yang tepat untuk Grup. Pengelolaan resiko tersebut memberikan keyakinan kepada manajemen bahwa aktivitas keuangan dikelola secara pruden sesuai kebijakan dan prosedur yang tepat dan risiko keuangan diidentifikasi, diukur dan dikelola sesuai dengan kebijakan dan risk appetite.
The Group is exposed to market risk, credit risk and liquidity risk. Management applies risk management for such risks by evaluating the financial risks and the appropriate financial risk governance framework for the Group. Such risk management provides assurance to management that prudent financial activities are managed according to appropriate policies and procedures and financial risks are identified, measured and managed in accordance with policies and risk appetite.
Manajemen menerapkan kebijakan pengelolaan risiko-risiko sebagaimana dirangkum di bawah ini:
The management applies policies for managing each of these risks which is summarised below:
a. Risiko pasar a. Market risk
Risiko pasar adalah risiko nilai wajar arus kas masa depan suatu instrumen keuangan akan berfluktuasi karena perubahan harga pasar. Harga pasar mengandung tiga tipe risiko: risiko nilai tukar mata uang asing, risiko harga, dan risiko tingkat suku bunga. Instrumen keuangan yang terpengaruh oleh risiko pasar termasuk kas dan setara kas, investasi jangka pendek, piutang usaha, piutang lain-lain, kas dan setara kas yang dibatasi penggunaannya, utang usaha, utang lain-lain, akrual, dan pinjaman jangka panjang.beban
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three type of risk: foreign currency risk, price risk, and interest rate risk. Financial instruments affected by market risk included cash and cash equivalent, short-term investment, trade receivables, other receivables, restricted cash and cash equivalent, trade payable, other payables, accrued expenses and long-term borrowings.
b. Risiko nilai tukar mata uang asing b. Foreign exchange risk
Grup rentan terhadap risiko nilai tukar mata uang asing yang timbul dari berbagai eksposur mata uang. Risiko nilai tukar mata uang asing timbul dari aset dan liabilitas moneter yang diakui dalam USD.
The Group is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from recognised monetary assets and liabilities in USD.
Manajemen telah menetapkan kebijakan yang mengharuskan entitas-entitas dalam Grup mengelola risiko nilai tukar mata uang asing terhadap mata uang fungsionalnya. Untuk mengelola risiko nilai tukar mata uang asing yang timbul dari transaksi komersial masa depan serta aset dan liabilitas yang diakui, entitas menggunakan kontrak berjangka, yang ditransaksikan dengan bank-bank yang telah ditunjuk dan memiliki swap mata uang asing.
Management has set up a policy to require Group companies to manage their foreign risk against their functional currency. To manage their foreign exchange risk arising from future commercial transactions and recognised assets and liabilities, entities in the Group use forward contracts, transacted with the banks appointed and enter into foreign currency swap.
Pada tanggal 31 Desember 2019, jika Rupiah melemah/menguat sebesar 5%, terhadap USD dengan variabel lain konstan, laba setelah pajak untuk tahun berjalan akan lebih rendah/tinggi sebesar Rp 55.941(2018:Rp 28.008) terutama diakibatkan (kerugian)/keuntungan dari penjabaran aset dan liabilitas moneter dalam mata uang asing.
As at 31 December 2019, if Rupiah had weakened/strengthened by 5% against USD with all other variables held constant, post-tax profit for the year would have been Rp 55,941 (2018: Rp 28,008) lower/higher, mainly as a result of foreign exchange (losses)/gains on translation of monetary assets and liabilities in foreign currency.
373
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/79 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES (continued)
b. Risiko nilai tukar mata uang asing (lanjutan) b. Foreign exchange risk (continued)
Risiko harga Price risk
Grup terkena dampak risiko harga yang terutama diakibatkan oleh pembelian batu bara yang merupakan komponen utama biaya produksi. Harga batu bara tersebut dipengaruhi oleh beberapa faktor, antara lain permintaan, pasokan, nilai tukar, dan cuaca.
The Group is exposed to price risk that is mainly due to the purchase of coal which is the main component of production costs. The price of coal is influenced by several factors, including demand, supply, exchange rates, and weather.
Kebijakan Grup untuk meminimalkan risiko yang berasal dari fluktuasi harga batu bara adalah antara lain dengan mengadakan kontrak pembelian yang berjangka waktu 12 bulan atau kurang dan pembelian secara bersama antara Grup kepada pemasok agar mendapatkan harga yang menguntungkan.
The Group’s policy to minimize risks arising from fluctuations in the price of coal is among other things entered into purchase contracts for a period of 12 months or less and a joint purchase between the Group to suppliers in order to obtain favorable prices.
c. Risiko kredit b. Credit risk
Risiko kredit timbul dari kas dan setara kas, piutang usaha, piutang lain-lain dan kas yang dibatasi penggunaannya Jumlah tercatat aset di laporan posisi keuangan konsolidasian Grup merupakan eksposur maksimal dari risiko kredit.
Credit risk arises from cash and cash equivalent, trade receivables, other receivables and restricted cash. The carrying amount of financial assets in the Group’s consolidated statement of financial position represents maximum credit risk exposure.
Untuk kas dan setara kas, dan kas yang dibatasi penggunaannya, Grup hanya memilih bank yang memiliki reputasi dan kredibilitas yang baik.
Regarding cash and cash equivalent, and restricted cash, the Group only selects bank with a good reputation and credibility.
Terkait dengan eksposur kredit atas piutang usaha kepada pelanggan, Grup melakukan analisa kredit dan menetapkan batasan kredit konsumen sebelum penerimaan konsumen baru. Batasan kredit ini ditinjau secara berkala. Grup juga melakukan pengawasan secara berkelanjutan untuk portofolio kredit untuk meminimalisasi dampak dari risiko kredit. Analisa lebih lanjut terhadap piutang usaha disajikan pada Catatan 6 dalam laporan keuangan konsolidasi.
In respect of credit exposures of trade receivable due from customers, the Group assesses the potential customer’s credit quality and sets credit limits before accepting any new customers. These limits are reviewed periodically. The Group also performs ongoing credit portfolio monitoring as well as manages the collection of the receivables in order to minimise the credit risk exposure. Further analysis on trade receivables is provided in Note 6 to the consolidated financial statements.
Semua saldo piutang lain-lain jatuh tempo yang belum mengalami penurunan nilai yang merupakan pelanggan, pihak berelasi dan karyawan tanpa adanya kasus gagal bayar di masa lalu.
All balances of other receivables are neither pass due nor impaired in which represent customers, related parties and employees with no history of default in the past.
374
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/81 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES (continued)
d. Risiko likuiditas (lanjutan) d. Liquidity risk (continued)
Pengelolaan modal Capital management Tujuan utama pengelolaan modal Grup adalah untuk memastikan pemeliharaan rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham dan pemangku kepentingan lainnya.
The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value and other stakeholders.
Grup mengelola struktur permodalan dan melakukan penyesuaian, bila diperlukan, berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Grup dapat menyesuaikan pembayaran dividen kepada pemegang saham, menerbitkan saham baru atau mengusahakan pendanaan melalui pinjaman.
The Group manages its capital structure and makes adjustments to it, if necessary, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, issue new shares or raise debt financing.
Grup mengawasi modal dengan menggunakan rasio gearing, dengan membagi jumlah pinjaman berbunga yang sudah dikurangkan dengan kas dan setara kas, dengan jumlah ekuitas yang dapat diatribusikan kepada pemilik entitas induk.
The Group monitors its capital using gearing ratios, by dividing interest bearing loan after deducted with cash and cash equivalent, by total equity attributable to equity holders of the parent entity.
Rasio gearing pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The gearing ratios as at 31 December 2019 and 2018 are as follow:
2019 2018
Pinjaman bank 20.924.164 6.245.878 Bank loansUtang obligasi 7.065.345 2.994.902 Bonds payableLiabilitas sewa pembiayaan 52.438 361.680 Finance lease liabilitiesDana syirkah temporer 2.000.000 - Temporary syirkah fund
Jumlah pinjaman dan dana Total borrowings and temporarysyirkah temporer 30.041.947 9.602.460 syirkah fund
Dikurangi: Less:- Kas dan setara kas (3.950.448) (5.245.731) Cash and cash equivalent -
26.091.499 4.356.729
Jumlah ekuitas yang dapat diatribusikan Total equity attributable to ownerskepada pemilik entitas induk 32.276.815 31.192.085 of the parent entity
Rasio pengungkit (x) 0,81 0,14 Gearing ratio (x)
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/80 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES (continued)
d. Risiko likuiditas d. Liquidity risk
Risiko likuiditas muncul dalam situasi dimana Grup mengalami kesulitan dalam memperoleh pendanaan. Manajemen risiko likuiditas berarti menjaga kecukupan saldo kas dan setara kas. Grup mengelola risiko likuiditas dengan terus memantau perkitaan dan arus kas aktual dan mencocokan profil jatuh tempo aset dan kewajiban keuangan, dan memanfaatkan fasilitas kredit dari bank.
Liquidity risk arises in situations where the Group has difficulties in obtaining funding. Prudence liquidity risk management implies maintaining sufficient cash and cash equivalents. The Group manages liquidity risk by continuosly monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities, and utilising the credit facilities from the bank.
Tabel dibawah merangkum profil jatuh tempo liabilitas keuangan Grup berdasarkan pembayaran kontraktual yang tidak didiskontokan pada tanggal 31 Desember 2019 dan 2018.
The table below summarises the maturity profile of the Group financial liabilities based on contractual undiscounted payments as at 31 December 2019 and 2018.
Kurang dari 1 tahun/ 1-2 tahun Lebih dari 2 tahun Jumlah/Less than 1 year 1-2 years More than 2 years Total
Pinjaman jangka pendek 1.211.916 - - 1.211.916 Short-term borrowingsUtang usaha 5.669.759 - - 5.669.759 Trade payablesUtang lain-lain 575.126 - - 575.126 Other payablesAkrual 1.222.508 - - 1.222.508 AccrualsLiabilitas imbalan kerja Short-term employee jangka pendek 735.066 - - 735.066 benefit liabilitiesPinjaman bank 4.155.572 5.071.165 17.593.145 26.819.882 Bank loansUtang obligasi 625.734 625.734 8.256.283 9.507.751 Bonds payableLiabilitas sewa pembiayaan 10.897 44.132 - 55.029 Finance lease liabilities
14.206.578 5.741.031 25.849.428 45.797.037
2019
Kurang dari 1 tahun/ 1-2 tahun Lebih dari 2 tahun Jumlah/Less than 1 year 1-2 years More than 2 years Total
Pinjaman jangka pendek 1.551.659 - - 1.551.659 Short-term borrowingsUtang usaha 4.476.149 - - 4.476.149 Trade payablesUtang lain-lain 318.903 - - 318.903 Other payablesAkrual 901.429 - - 901.429 AccrualsLiabilitas imbalan kerja Short-term employee jangka pendek 392.573 - - 392.573 benefit liabilitiesPinjaman bank 882.945 5.082.349 473.967 6.439.261 Bank loansUtang obligasi 258.000 258.000 3.516.000 4.032.000 Bonds payableLiabilitas sewa pembiayaan 88.387 436.840 496.909 1.022.136 Finance lease liabilities
8.870.045 5.777.189 4.486.876 19.134.110
2018
Estimasi Nilai Wajar Fair value estimation
Nilai tercatat dari aset dan liabilitas keuangan dengan jatuh tempo kurang dari 1 tahun, termasuk kas setara kas, piutang usaha, piutang lain-lain, pinjaman bank jangka pendek, utang usaha, dan akrual diperkirakan mendekati nilai wajarnya karena bersifat jangka pendek. Nilai tercatat pinjaman bank, liabilitas sewa pembiayaan, dan utang obligasi dengan jatuh tempo lebih dari 1 tahun juga mendekati nilai wajarnya karena dampak pendiskontoan tidak signifikan.
The carrying amount of financial assets and liabilities with maturities of less than 1 year, including cash equivalents, trade receivables, other receivables, short-term bank loans, trade payables and accruals, are estimated to be near their fair values because they are short-term. The carrying value of bank loans, finance lease liabilities, and bonds payable with maturities of more than 1 year also approaches their fair value because the impact of discounting is not significant.
375
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/81 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL
DAN RISIKO KEUANGAN (lanjutan) 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
OBJECTIVES AND POLICIES (continued)
d. Risiko likuiditas (lanjutan) d. Liquidity risk (continued)
Pengelolaan modal Capital management Tujuan utama pengelolaan modal Grup adalah untuk memastikan pemeliharaan rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham dan pemangku kepentingan lainnya.
The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value and other stakeholders.
Grup mengelola struktur permodalan dan melakukan penyesuaian, bila diperlukan, berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Grup dapat menyesuaikan pembayaran dividen kepada pemegang saham, menerbitkan saham baru atau mengusahakan pendanaan melalui pinjaman.
The Group manages its capital structure and makes adjustments to it, if necessary, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, issue new shares or raise debt financing.
Grup mengawasi modal dengan menggunakan rasio gearing, dengan membagi jumlah pinjaman berbunga yang sudah dikurangkan dengan kas dan setara kas, dengan jumlah ekuitas yang dapat diatribusikan kepada pemilik entitas induk.
The Group monitors its capital using gearing ratios, by dividing interest bearing loan after deducted with cash and cash equivalent, by total equity attributable to equity holders of the parent entity.
Rasio gearing pada tanggal 31 Desember 2019 dan 2018 adalah sebagai berikut:
The gearing ratios as at 31 December 2019 and 2018 are as follow:
2019 2018
Pinjaman bank 20.924.164 6.245.878 Bank loansUtang obligasi 7.065.345 2.994.902 Bonds payableLiabilitas sewa pembiayaan 52.438 361.680 Finance lease liabilitiesDana syirkah temporer 2.000.000 - Temporary syirkah fund
Jumlah pinjaman dan dana Total borrowings and temporarysyirkah temporer 30.041.947 9.602.460 syirkah fund
Dikurangi: Less:- Kas dan setara kas (3.950.448) (5.245.731) Cash and cash equivalent -
26.091.499 4.356.729
Jumlah ekuitas yang dapat diatribusikan Total equity attributable to ownerskepada pemilik entitas induk 32.276.815 31.192.085 of the parent entity
Rasio pengungkit (x) 0,81 0,14 Gearing ratio (x)
376
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/83 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
35. INFORMASI PENTING LAINNYA (lanjutan) 35. OTHER SIGNIFICANT INFORMATION (continued)
Rencana Konstruksi Regional Provinsi Quang Ninh Regional construction plan of Quang Ninh Province Berdasarkan Keputusan No.1488/QD-TTg tahun 2011 yang dikeluarkan oleh Perdana Menteri Vietnam yang meratifikasi atas rencana pengembangan industri semen di Vietnam untuk periode 2011–2020 atas visi 2030, proyek pabrik semen TLCC telah termasuk dalam daftar proyek yang disetujui. Namun, pada tahun 2014, berdasarkan Keputusan No. 1588/QD-UBND yang dikeluarkan oleh Komite Rakyat Provinsi Quang Ninh terkait persetujuan rencana konstruksi regional Provinsi Quang Ninh atas visi 2030-2050 dan setelah 2050, lokasi proyek pabrik semen TLCC kemungkinan akan direlokasi ke area lain.
According to Decision No.1488/QD-TTg issued in 2011, issued by the Prime Minister of Vietnam, ratifying the cement industry development plan in Vietnam for the period 2011–2020 of vision 2030, the cement plant project of TLCC was included in the approved list of projects. However, in 2014, based on Decision No. 1588/QD-UBND issued by People’s Committee of Quang Ninh Province relating to approval of regional construction plan of Quang Ninh Province of vision 2030-2050 and beyond 2050, the site of TLCC cement plant might be subject to relocation to another area.
Pada tanggal penyelesaian laporan keuangan konsolidasian ini, TLCC telah mengirimkan dokumen kepada otoritas terkait untuk memohon perijinan melanjutkan proyek konstruksi namun hingga saat ini belum mendapatkan tanggapan. Manajemen yakin bahwa pabrik semen TLCC tidak akan direlokasi sesuai dengan Keputusan No.1488/QD-TTg tahun 2011.
As at the completion date of these consolidated financial statements, TLCC had sent a document to relevant authorities requesting for permission to continue the project construction but has not yet received any feedback. Management believes that TLCC cement plant would not be subject to relocation as per Decision No.1488/QD-TTg year 2011.
36. TRANSAKSI NON-KAS 36. NON-CASH TRANSACTIONS
Aktivitas investasi signifikan yang tidak mempengaruhi arus kas:
Significant investing activities not affecting cash flows:
2019 2018
Pembelian aset tetap melalui Acquisition of fixed assetssewa pembiayaan 28.699 21.061 through finance lease
Kapitalisasi estimasi biaya Capitalization of the estimatedpembongkaran aset tetap 6.057 17.357 cost of fixed assets dismantling
Reklasifikasi uang muka Reclassification of advancesuntuk pembelian aset tetap 9.199 14.255 for purchase of fixed assets
43.955 52.673
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/82 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
35. INFORMASI PENTING LAINNYA 35. OTHER SIGNIFICANT INFORMATION
PT Wijaya Karya Industri & Konstruksi PT Wijaya Karya Industri & Kontruksi Pada tanggal 4 Agustus 2016, PT Wijaya Karya Industri & Konstruksi (WIKON) dan SP sepakat untuk mengalihkan pekerjaan proyek pekerjaan Mechanical Construction Paket (MC) 2 dan 3 sehubungan dengan pembangunan Indarung VI dari WIKON ke SP (total kontrak sebesar Rp 108.998). Kedua belah pihak juga sepakat bahwa biaya atas pengalihan pekerjaan tersebut akan diperhitungkan dengan tagihan dari WIKON. Pada tanggal 4 Mei 2017, kedua belah pihak sepakat untuk memutuskan kontrak MC2 dan MC3 dengan posisi progres pekerjaan masing-masing sebesar 59,13% dan 42,28%.
On 4 August 2016, PT Wijaya Karya Industri & Konstruksi (WIKON) and SP agreed to transfer the work of the Mechanical Construction Projects (MC) 2 and 3 in connection with the construction of Indarung VI from WIKON to SP (total contract of Rp 108,998). It was also agreed that the additional cost arising from the transfer of workload will be incorporated to billing calculation from WIKON. On 4 May 2017, both parties agreed to terminate MC2 and MC3 contract with work progress status of 59.13% and 42.28%, respectively.
Pada tahun 2016, WIKON menyampaikan klaim pertama sebesar Rp 90.207 dan kemudian direvisi menjadi Rp 173.345 pada tahun 2017. Pada Februari 2018, SP menyampaikan surat penolakan atas klaim WIKON karena klaim tersebut tidak didukung dengan bukti-bukti yang valid. SP juga menyampaikan klaim kepada WIKON dengan jumlah sebesar Rp 26.119.
In 2016, WIKON submitted a claim of Rp 90,207, which subsequently was revised to Rp 173,345 in 2017. In February 2018, SP submitted a rejection letter because the claim was not supported by a valid evidence. SP also submitted a claim to WIKON totaling to Rp 26,119.
Pada Agustus 2018, berdasarkan proses mediasi, Kementerian BUMN menyatakan bahwa klaim WIKON tidak memiliki bukti-bukti yang valid.
In August 2018, based on mediation process, the Ministry of State-owned enterprice concluded that WIKON’s claim was not supported by a valid evidence.
Pada tanggal penyelesaian laporan keuangan konsolidasian, hasil-hasil litigasi di atas belum dapat dipastikan dan estimasi andal tidak dapat ditentukan pada saat ini, sehingga tidak ada provisi kerugian yang dibukukan dalam laporan keuangan konsolidasian ini.
At the completion date of the consolidated financial statements, the results of the litigation above have not yet been determined and reliable estimates cannot be determined at this time, so there are no provision for losses recorded in these consolidated financial statements.
Kasus tanah Land cases Pada tahun 2017, Giring dkk mengajukan gugatan terhadap Perseroan dengan tuntutan klaim hak atas tanah yangberada diatas tanah bersertifikat Hak Guna Usaha (”HGU”) milik Perseroan di Desa Gaji, Tuban, Jawa Timur.
In 2017, Giring et al filed a lawsuit against the Company, claiming for a land right which is located on the Right to Exploit (”HGU”) land owned by the Company at Gaji Village, Tuban, East Java.
Berdasarkan putusan Pengadilan Tata Usaha Negara Surabaya dan Pengadilan Tinggi Tata Usaha Negara Surabaya, tuntutan hukum yang diajukan Giring dkk ditolak. Pada 28 Februari 2019, Makamah Agung menguatkan kedua putusan sebelumnya untuk menolak tuntutan hukum tersebut.
Based on the decision of the Surabaya Administrative Court and Surabaya High Administrative Court, the claims by Giring et al was rejected. On 28 February 2019, the Supreme Court upheld the previous two decisions to reject the claims.
377
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/83 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
35. INFORMASI PENTING LAINNYA (lanjutan) 35. OTHER SIGNIFICANT INFORMATION (continued)
Rencana Konstruksi Regional Provinsi Quang Ninh Regional construction plan of Quang Ninh Province Berdasarkan Keputusan No.1488/QD-TTg tahun 2011 yang dikeluarkan oleh Perdana Menteri Vietnam yang meratifikasi atas rencana pengembangan industri semen di Vietnam untuk periode 2011–2020 atas visi 2030, proyek pabrik semen TLCC telah termasuk dalam daftar proyek yang disetujui. Namun, pada tahun 2014, berdasarkan Keputusan No. 1588/QD-UBND yang dikeluarkan oleh Komite Rakyat Provinsi Quang Ninh terkait persetujuan rencana konstruksi regional Provinsi Quang Ninh atas visi 2030-2050 dan setelah 2050, lokasi proyek pabrik semen TLCC kemungkinan akan direlokasi ke area lain.
According to Decision No.1488/QD-TTg issued in 2011, issued by the Prime Minister of Vietnam, ratifying the cement industry development plan in Vietnam for the period 2011–2020 of vision 2030, the cement plant project of TLCC was included in the approved list of projects. However, in 2014, based on Decision No. 1588/QD-UBND issued by People’s Committee of Quang Ninh Province relating to approval of regional construction plan of Quang Ninh Province of vision 2030-2050 and beyond 2050, the site of TLCC cement plant might be subject to relocation to another area.
Pada tanggal penyelesaian laporan keuangan konsolidasian ini, TLCC telah mengirimkan dokumen kepada otoritas terkait untuk memohon perijinan melanjutkan proyek konstruksi namun hingga saat ini belum mendapatkan tanggapan. Manajemen yakin bahwa pabrik semen TLCC tidak akan direlokasi sesuai dengan Keputusan No.1488/QD-TTg tahun 2011.
As at the completion date of these consolidated financial statements, TLCC had sent a document to relevant authorities requesting for permission to continue the project construction but has not yet received any feedback. Management believes that TLCC cement plant would not be subject to relocation as per Decision No.1488/QD-TTg year 2011.
36. TRANSAKSI NON-KAS 36. NON-CASH TRANSACTIONS
Aktivitas investasi signifikan yang tidak mempengaruhi arus kas:
Significant investing activities not affecting cash flows:
2019 2018
Pembelian aset tetap melalui Acquisition of fixed assetssewa pembiayaan 28.699 21.061 through finance lease
Kapitalisasi estimasi biaya Capitalization of the estimatedpembongkaran aset tetap 6.057 17.357 cost of fixed assets dismantling
Reklasifikasi uang muka Reclassification of advancesuntuk pembelian aset tetap 9.199 14.255 for purchase of fixed assets
43.955 52.673
378
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 5/84 - Schedule
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2019 DAN 2018 (Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2019 AND 2018 (Expressed in millions of Rupiah,
unless otherwise stated)
37. REKLASIFIKASI 37. RECLASSIFICATION
Akun-akun tertentu pada laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2018 telah direklasifikasi untuk menyesuaikan dengan penyajian laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2019. Rincian akun yang direklasifikasi adalah berikut ini:
Certain accounts in the consolidated financial statements for the year ended 31 December 2018 have been reclassified to conform with the presentation of the consolidated financial statements for the year ended 31 December 2019. The details of the accounts being reclassified are as follow:
Sebelum Setelahreklasifikasi/ reklasifikasi/
Before Reklasifikasi/ After reclassification Reclassification reclassification
Laporan posisi keuangan Consolidated statementskonsolidasian of financial positionASET ASSETS
ASET LANCAR CURRENT ASSETSKas yang dibatasi penggunaannya 31.332 (31.332) - Restricted cashBeban dibayar di muka 61.728 114.671 176.399 Prepaid expenses
ASET TIDAK LANCAR NON-CURRENT ASSETSKas yang dibatasi penggunaannya - 31.332 31.332 Restricted cashBeban tangguhan 114.671 (114.671) - Deferred chargesInvestasi pada ventura bersama - 55.822 55.822 Investment in joint ventureAset tetap 32.748.895 (356.945) 32.391.950 Fixed assetsAset pajak tangguhan 506.557 56.052 562.609 Deferred tax assetsGoodwill dan aset takberwujud 1.211.670 (126.983) 1.084.687 Goodwill and intangible assets
LIABILITAS LIABILITIESPinjaman bank (4.955.877) 261.658 (4.694.219) Bank loans
Trade payables - relatedUtang usaha - pihak berelasi (3.794.859) (10.585) (3.805.444) parties Kepentingan nonpengendali (1.544.211) 120.981 (1.423.230) Non-controlling interests
Laporan arus kas Consolidated statementskonsolidasian of cash flows
Arus kas dari Cash flows from aktivitas investasi investing activities Penempatan kas yang Placement of dibatasi penggunaannya - 2.599 2.599 restricted cash
Arus kas dari Cash flows from aktivitas pendanaan financing activities Penempatan kas yang Placement of dibatasi penggunaannya (2.599) 2.599 - restricted cash
31 Desember/December 2018
379
Management Discussion and Analysis Consolidated Financial StatementsGood Corporate Governance Corporate Social Responsibility
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
This page is intentionally left blank
380 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
SEOJK REFERENCE NO.30-SEOJK.04-2016: ANNUAL REPORT OF PUBLIC COMPANY
381Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Cross Reference
Cross Reference to SEOJK No.30/SEOJK.04/2016 Concerning Annual Report Form and Contents of the Issuer of Public Company
ANNUAL REPORT FORM PAGE
1. Annual Report is presented in printed documents and copies of electronic documents. v
2. Annual Report is presented in the form of printed document, printed on plain and good
quality paper, A4 size, binded, and can be copied with good quality.
v
3. Annual Report is presented in the form of a copy of an electronic document. Annual Report
has been converted to pdf format.
v
ANNUAL REPORT CONTENTS PAGE
1. GENERAL PROVISION
a. Annual Reports shall at least contain the following information:
1. Overview of key financial data;
20-22
2. Share information (if any); 23
3. Report of the Board of Directors; 38-41
4. Report of the Board of Commissioners; 32-35
5. Profile of the Issuer or Public Company; 46-91
6. Management analysis and discussion; 96-141
7. Corporate Governance of the Issuer or Public Company; 144-253
8. Share information (if any);
9. Social and environmental responsibility of the Issuer or Public Company; 256-276
10. Audited annual financial statements; and 285-378
11. Statement letter from member of the Board of Directors and the Board of
Commissioners on Annual Reporting liability;
280-281
b. Annual Reports may present information in pictures, graphs, tables, and/or diagrams with
specific title and/or description, making it easy to read and understand;
v
2. DESCRIPTION OF ANNUAL REPORT CONTENTS
A. SUMMARY OF IMPORTANT FINANCIAL INFORMATION
Summary of Important Financial Information contains financial information presented in
comparative form for 3 (three. fiscal years or since starting the business if the Issuer or
Public Company runs its business activities for less than 3 (three. years, including at least:
1. Revenue/sales; 20
2. Gross profit; 20
3. Profit (loss); 20
382 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
4. The amount of profit (loss) attributable to owners of the parent and non-controlling
interests;
20
5. Total comprehensive income (loss); 20
6. Total comprehensive income (loss) attributable to owners of the parent company and
non-controlling interests;
20
7. Profit (loss) per share; 20
8. Total assets; 20
9. Total liabilities; 20
10. Total equity; 20
11. Profit (loss) ratio to total assets; 20
12. Profit (loss) to equity ratio; 20
13. Ratio of profit (loss) to income/sales; 20
14. Current ratio; 20
15. Ratio of liabilities to equity; 20
16. Ratio of liabilities to total assets; and 20
17. Other information and financial ratios that are relevant to the Issuer or Public Company
and the type of industry.
20
B. SHARE INFORMATION
1. Shares that have been issued for each quarterly period (if any) are presented in
comparative form for the last 2 (two) fiscal years, including at least:
23
a. The number of shares outstanding; 23
b. Market capitalization based on prices on the Stock Exchange where the shares are
listed;
23
c. Highest, lowest, and closing stock prices based on prices on the Stock Exchange
where the shares are listed; and
23
d. Trading volume on the Stock Exchange where the shares are listed; 23
The information on paragraph a. disclosed by the Issuer which is a Public Company
publicly listed or not listed on a stock exchange; information on paragraph b., c. and d.
are only disclosed if the Issuer is a listed company and its shares are listed on the stock
exchange;
v
2. In the case of corporate actions, such as stock split, reverse stock, stock dividend,
bonus shares, and changes in the nominal value of shares, the share information as
referred to in number 1. shall be added with explanation including at least:
23
a. The execution date of corporate actions; 23
b. Ratio of stock split, reverse stock, stock dividend, bonus shares, and changes in
nominal value of shares;
23
c. Number of outstanding shares before and after corporate actions; and 23
d. Share prices before and after corporate actions; 23
3. In the event of a suspension of stock trading, and/or delisting of shares during the fiscal
year, the Issuer or Public Company explains the reason for the temporary suspension of
stock trading and/or delisting of shares; and
23
383Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
4. In the event of a temporary suspension and/or delisting as referred to in number 3. is
still going on until the end of the Annual Report period, the Issuer or Public Company
explains the actions taken to complete the temporary suspension of stock trading and/
or delisting of shares.
23
C. REPORT FROM THE BOARD OF DIRECTORS
The Board of Directors’ Report must include at least:38-41
1. A brief description of the performance of Issuer or Public Company, including at least:: 39-40
a. Strategic strategies and policies of the Issuer or Public Company; 39-40
b. Comparison between the results achieved with those targeted; and 39-40
c. Obstacles faced by Issuer or Public Company; 39-40
2. Description of business prospects; 40
3. Corporate governance implementation of Issuer or Public Company; and 40-41
4. Changes in the composition of the members of the Board of Directors and the reasons
for the changes (if any).
41
D. REPORT FROM THE BOARD OF COMMISSIONERS
The Board of Commissioners’ report including at least:32-35
1. Performance assessment of the Board of Directors regarding the management of Issuer
or Public Company;
33-34
2. Supervision of strategic implementation of the Issuer or Public Company; 33-34
3. Review on business prospects of the Issuer or Public Company compiled by the Board
of Directors;
34
4. Review on corporate governance implementation of Issuer or Public Company; 34-35
5. Changes in the composition of the members of the Board of Commissioners and the
reasons for the changes (if any); and
35
6. Frequency and ways of giving advice to members of the Board of Directors. 34
E. PROFILE OF THE ISSUER OR PUBLIC COMPANY
Profile of the Issuer or Public Company at least contains:46-91
1. Name of Issuer or Public Company including if there is a change in name, reason for
change, and effective date of name change in the fiscal year;
46
2. Access to Issuer or Public Company including branch offices or representative offices
that enable the public to obtain information about said Issuer or Public Company,
including:
46
a. Address; 46
b. Telephone number; 46
c. Facsimile number; 46
d. E-mail address; and 46
e. Website address; 46
3. A brief history of the Issuer or Public Company; 8-9
4. Vision and mission of the Issuer or Public Company; 54
5. Business activities according to the latest articles of association, business activities
carried out during the fiscal year, as well as the types of goods and/or services
provided;
47-53
384 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
6. Organizational structure of the Issuer or Public Company in the form of a chart, at least
up to 1 (one. level below the Board of Directors, accompanied by names and positions;
56-57
7. Profile of the Board of Directors, at least contains: 62-66
a. Name and position in accordance with their duties and responsibilities; 62-66
b. Recent photo; 62-66
c. Age; 62-66
d. Citizenship;; 62-66
e. Education history; 62-66
f. History of position, information including at least: 62-66
i. Legal basis for appointment as a member of the Board of Directors of the
Issuer or Public Company in question;
62-66
ii. Concurrent positions, both as members of the Board of Directors, members
of the Board of Commissioners, and/or committee members as well as other
positions (if any); and
62-66
iii. Work experience and period of time both inside and outside the Issuer or
Public Company;
62-66
g. Education and/or training conducted by members of the Board of Directors to
improve their competencies during the fiscal year (if any); and
62-66
h. Affiliation with other members of the Board of Directors, members of the Board of
Commissioners, and major shareholders (if any) including the name of affiliated
party;
62-66
8. Profile of the Board of Commissioners, at least containing: 58-61
a. Name; 58-61
b. Recent photo; 58-61
c. Age; 58-61
d. Citizenship;; 58-61
e. Education history; 58-61
f. History of position, information including at least: 58-61
i. Legal basis for appointment as a member of the Board of Commissioners for
non-Independent Commissioner in the Issuer or Public Company concerned;
58-61
ii. The legal basis for the first appointment as a member of the Board of
Commissioners for Independent Commissioner in the Issuer or Public
Company concerned;
58-61
iii. Concurrent positions, either as a member of the Board of Commissioners,
members of the Board of Directors, and/or committee members and other
positions (if any); and
58-61
iv. Work experience and period of time both inside and outside the Issuer or
Public Company;
58-61
g. Education and/or training conducted by members of the Board of Commissioners to
improve their competencies in the fiscal year (if any);
58-61
h. Affiliations with other members of the Board of Commissioners and major
shareholders (if any) including the name of affiliated party; and
58-61
i. statement of independence for Independent Commissioner in the event that the
Independent Commissioner has served more than 2 (two) periods (if any);
58-61
385Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
9. In the event that there is a change in the composition of the members of the Board of
Directors and/or members of the Board of Commissioners that occur from after the end
of fiscal year until the deadline of the Annual Report submission, the composition stated
in the Annual Report is the last and previous composition of the Board of Directors and/
or Board of Commissioners;
N/A
10. Number of employees and description of the distribution of education levels and age of
employees in the fiscal year;
91
11. Name of shareholder and percentage of ownership at the end of the fiscal year,
consisting of:
67-68
a. Shareholders who own 5% (five percent) shares or more of the Issuer or Public
Company;
67
b. Members of the Board of Directors and the Board of Commissioners who hold
shares of the Issuer or Public Company; and
67
c. A group of community shareholders, such as a group of shareholders who each
own less than 5% (five percent) of the shares of the Issuer or Public Company;
68
12. Number of shareholders and percentage of ownership per the end of the fiscal year
based on classification below:
68
a. Ownership by local institutions; 68
b. Ownership by foreign institutions; 68
c. Ownership by local individuals; and 68
d. Ownership by foreign individuals 68
13. Information about the major and controlling shareholders of the Issuer or Public
Company, either directly or indirectly, to individual owners, which are presented in the
form of schemes or charts;
68
14. Names of subsidiaries, associated companies and joint venture companies, in which
the Issuer or Public Company has joint control of the entity, along with the percentage
of share ownership, business field, total assets, and operating status of the Issuer or
Public Company (if any); For subsidiaries, information is added about the address of the
subsidiary;
72-75
15. Chronology of share listing, number of shares, nominal value, and bid price from the
beginning of listing until the end of the fiscal year and name of Stock Exchange where
the shares are listed (if any);
69
16. Chronology of other Securities listing other than Securities as referred to in number 15.,
which at least contains the name of Securities, year of issuance, due date, bid value,
and Securities rating (if any);
70
17. Name and address of capital market supporting institutions and/or professions; 76
18. In the event that there are capital market supporting professions that provide services
periodically to the Issuer or Public Company, information about services provided, fees
(commission), and assignment periods should be disclosed; and
76
19. Awards and/or certifications received by the Issuer or Public Company both nationally
and internationally in the last fiscal year (if any), which including:
80-81
a. Name of award and/or certification; 80-81
b. The body or institution that provides; and 80-81
c. Validity period of the award and/or certification (if any). 80-81
386 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
F. MANAGEMENT ANALYSIS AND DISCUSSION
Management’s analysis and discussion contains an analysis and discussion of financial
statements and other important information with an emphasis on material changes that
occur in the fiscal year, which including at least:
1. Review of operations per operating segment according to the type of industry of the
Issuer or Public Company, including at least:
a. Production, which includes the process, capacity and development; 103-111
b. Income/sales; and 103-111
c. Profitability; 103-111
2. Comprehensive financial performance which includes a comparison of financial
performance in the last 2 (two) fiscal years, an explanation of the causes of changes and
the impact of these changes, including at least:
a. Current assets, non-current assets, and total assets; 112-117
b. Short-term liabilities, long-term liabilities and total liabilities;; 117-122
c. Equity; 122
d. Income/sales, expenses, profit (loss), other comprehensive income, and total
comprehensive income (loss); and
123-129
e. Cash flow; 129-130
3. Ability to pay debts by presenting relevant ratio calculations; 131-132
4. The level of debt collectability of the Issuer or Public Company by presenting relevant
ratio calculation;
132-133
5. Capital structure and management policy on capital structure accompanied by the basis
for determining the policy in question;
134-135
6. Discussion of material bonds for capital goods investment with explanation including at
least:
135
a. The purpose of the bond; 135
b. Sources of funds that are expected to fulfill the bond; 135
c. Denominated currencies; and 135
d. Steps planned by the Issuer or Public Company to manage risk from related foreign
currency position;
135
7. Discussion of investment in capital goods realized in the last fiscal year, including at
least:
a. Type of capital investment; 135-136
b. The purpose of investment in capital goods; and 135-136
c. The investment value of capital goods issued; 135-136
8. Material information and facts that occur after the accountant’s report date (if any); 136
9. Business prospects of the Issuer or Public Company related to the general industrial,
economic and international market conditions along with quantitative supporting data
from reliable data sources;
40
10. Comparison between target/projection at the beginning of the fiscal year with the
results achieved (realization), regarding:
a. Income/sales; 136
b. Profit (loss); 136
387Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
c. Capital structure; or 136
d. Other things that are considered important by the Issuer or Public Company; 136
11. Targets/projections to be achieved by the Issuer or Public Company for the next 1 (one.
year, regarding:
a. Income/sales; 136
b. Profit (loss); 136
c. Vapital structure; 136
d. Dividend policy; or 136
e. Other things considered important by the Issuer or Public Company; 136
12. Marketing aspects of goods and/or services of Issuer or Public Company, including at
least marketing and market share strategies;
100-103
13. Description of dividends for the last 2 (two) fiscal years (if any), including at least:
a. Dividend policy; 137
b. Date of cash dividend payment and/or non-cash dividend distribution date; 137
c. The amount of dividends per share (cash and/or non-cash); and 137
d. The amount of dividends paid annually; 137
14. realization of the use of funds from the Public Offering, with the following requirement:
a. in the event that during the fiscal year, the Issuer has the obligation to submit a
report on the realization of the use of funds, the cumulative realization of the use of
funds from the Public Offering is disclosed until the end of the fiscal year; and
139-140
b. in the event that there is a change in the use of funds as stipulated in the Financial
Services Authority Regulation concerning the Report on the Use of Funds from the
Public Offering, the Issuer explains the changes;
139-140
15. Material information (if any), including investment, expansion, divestment, merger/
joint, acquisition, debt/capital restructuring, Affiliated transactions, and transactions
containing conflicts of interest, which occurred in the fiscal year, including but not
limited to:
a. The date, value and object of the transaction; 138-139
b. The name of the party conducting the transaction; 138-139
c. Type of affiliation (if any); 138-139
d. Explanation of the fairness of the transaction; and 138-139
e. Fulfillment of related provisions; 138-139
16. Amendments to statutory provisions and their significant effect on Issuer or Public
Company and their impact on financial statements (if any); and
141-142
17. Changes in accounting policies, reasons and their impact on financial statements (if
any);
142
G. GOVERNANCE OF THE ISSUER OR PUBLIC COMPANY
The corporate governance of the Issuer or Public Company including at least a brief description of:
1. The Board of Directors, including among others::
a. The duties and responsibilities of each member of the Board of Directors; 182-183
b. Statement that the Board of Directors has BOD guidelines or charter; 174
388 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
c. Procedures, basis for determining, structure, and amount of remuneration for each
member of the Board of Directors, as well as the relation between remuneration
and the performance of the Issuer or Public Company;
192-194
d. Policies and frequency of the Board of Directors’ meetings, including joint meetings
with the Board of Commissioners, and the attendance of members of the Board of
Directors in the meeting;
194-204
e. Information regarding the resolution of the previous year’s GMS, including:
i. Decision of the GMS which is realized in the fiscal year; and 153-164
ii. Reasons in the event that a decision has not been realized; 153-164
f. Information on GMS decisions in the fiscal year, including:
i. Decision of the GMS which is realized in the fiscal year; and 153-164
ii. Reasons in the event that a decision has not been realized; and 153-164
g. Performance assessment of committees that support the implementation of the
duties of the Board of Directors;
2. The Board of Commissioners, including among others:
a. The duties and responsibilities of the Board of Commissioners; 170
b. Statement that the Board of Commissioners has BOC guidelines or charter; 165-166
c. Procedures, basis for determining, structure, and amount of remuneration for each
member of the Board of Commissioners;
192-194
d. Policies and frequency of the Board of Commissioners meetings, including joint
meetings with the Board of Directors, and the attendance of members of the Board
of Commissioners in the meeting;
194-204
e. The policy of the Issuer or Public Company regarding the performance assessment
of members of the Board of Directors and the Board of Commissioners and their
implementation, including at least:
i. Procedures for carrying out performance appraisal; 186-188
ii. Criteria used; and 186-188
iii. The party conducting the assessment; 186-188
f. Performance assessment of committees that support the implementation of duties
of the Board of Commissioners; and
171
g. In the event that the Board of Commissioners does not establish a Nomination and
Remuneration Committee, the least information should include:
i. Reasons for not forming a committee; and N/A
ii. Cedures for nomination and remuneration carried out in the fiscal year; N/A
3. Sharia Supervisory Board, for Issuer or Public Company that carry out business activities
based on sharia principles as stated in the articles of association, the least information
should include:
N/A
a. Name;
b. The duties and responsibilities of the Sharia Supervisory Board; and
c. Frequency and ways of giving advice and suggestion as well as supervision
towards the fulfillment of Sharia Principles in the Capital Market for the Issuer or
Public Company;
4. Audit Committee, including among others::
389Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
a. Name and position in committee membership; 206
b. Age;; 206
c. Citizenship; 206
d. Education history; 206
e. Position history, including information:
i. The legal basis for appointment as committee members;
206
ii. Concurrent positions, either as members of the Board of Commissioners,
members of the Board of Directors, and/or committee members and other
positions (if any); and
206
iii. Work experience and period of time both inside and outside the Issuer or
Public Company;
206
f. Period and term of service of members of the Audit Committee; 206
g. Statement of the independence of the Audit Committee; 207
h. Policy and frequency of the Audit Committee meetings, and the attendance of
members of the Audit Committee in the meeting;
208
i. Education and/or training conducted in the fiscal year (if any); and 209
j. Implementation of the Audit Committee activities in the fiscal year in accordance
with the Audit Committee guidelines or charter;
208-209
5. Other committees owned by the Issuer or Public Company to support the functions and
duties of the Board of Directors and/or Commissioners, such as the Nomination and
Remuneration Committee, including:
a. Name and position in the committee membership; 211-212
b. Age; 211-212
c. Citizenship; 211-212
d. Education history; 211-212
e. Appointment history, including information such as: 211-212
ii. The legal basis for appointment as committee members; 206
iii. Concurrent positions, either as members of the Board of Commissioners,
members of the Board of Directors, and/or committee members and other
positions (if any); and
206
iii. Work experience and period of time both inside and outside the Issuer or
Public Company;
f. Period and term of service of the committee members; 211-212
g. Description of duties and responsibilities; 213
h. Statement that the committee has guidelines or charter; 210
i. Statement of committee independence; 213
j. Policy and frequency of the committee meetings, and the attendance of committee
members in the meeting;
214
k. Education and/or training conducted in the fiscal year (if any); and 214
l. Brief description of the implementation of committee activities in the fiscal year; 214-125
6. Corporate Secretary, including among others:
a. Name; 225
b. Domicile; 225
390 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
c. History of position, including information:
i. Legal basis for appointment as Corporate Secretary; and 225
ii. Work experience along with the period of time both inside and outside the
Issuer or Public Company;
225
d. Educational background; 225
e. Education and/or training conducted in the fiscal year; and 229
f. A brief description of duties implementation of Corporate Secretary in the fiscal
year
227
7. Internal Audit Unit, including among others:
a. Name of the head of the Internal Audit Unit; 231
b. Work history, including information:
i. Legal basis for appointment as head of the Internal Audit Unit; and
ii. Work experience along with the period of time both inside and outside the
Issuer or Public Company;
231
c. Qualification or certification as an internal audit profession (if any); 231
d. Education and/or training conducted in the fiscal year; 235
e. Structure and position of the Internal Audit Unit; 231
f. Description of duties and responsibilities; 232-233
g. Statement that the Internal Audit Unit has a guideline or charter; and 230
h. Brief description of the implementation of the Internal Audit Unit duties in the fiscal
year;
234-235
8. A description of the internal control system applied by the Issuer or Public Company, at
least regarding:
a. Financial and operational control, and compliance with other laws and regulations;
and
246
b. Review of the effectiveness of the internal control system; 246
9. Risk management system implemented by Issuer or Public Company, including at least: 246
a. General description of risk management system of the Issuer or Public Company; 240
b. Types of risk and the management method; and 245
c. Review of the effectiveness of the risk management system of the Issuer or Public
Company;
243-244
10. Important cases faced by Issuer or Public Company, subsidiaries, members of the Board
of Directors and members of the Board of Commissioners (if any), including:
a. Subject matter/lawsuit; 246
b. The status of settlement of the case/claim; and 246
c. Effect on the condition of the Issuer or Public Company; 246
11. Information about administrative sanctions imposed on Issuer or Public Company,
members of the Board of Commissioners and Directors, by the Capital Market
authorities and other authorities in the fiscal year (if any);
247
12. Information regarding the code of ethics of Issuer or Public Company includes:
a. The points of the code of ethics; 248
b. Form of socialization of the code of ethics and its enforcement efforts; and 249
391Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
c. Statement that the code of ethics applies to members of the Board of Directors,
members of the Board of Commissioners, and employees of the Issuer or Public
Company;
248-249
13. Information about corporate culture or values (if any); 250
14. A description of the employee and/or management share ownership program carried
out by the Issuer or Public Company (if any), including:
a. Number of shares and/or options; 138
b. The period of implementation; 138
c. Eligibility of employees and/or management; and 138
d. Implementation price; 138
15. Description of the whistleblowing system in the Issuer or Public Company (if any),
including:
a. How to submit a violation report; 254
b. Protection for reporters; 254
c. Handling of complaints; 255
d. Parties who manage complaints; and 255
e. Results of complaints handling, including at least:
i. Number of complaints received and processed in the fiscal year; and 255
ii. Follow-up actions for the complaints; 255
16. Spplication of Corporate Governance Guidelines of Public Company for Issuer that issue
Equity Securities, including:
a. Statement regarding recommendations that have been implemented; and/or -
b. Explanation of recommendations that have not been implemented, accompanied
by reasons and alternatives for their implementation (if any).
-
H. SOCIAL AND ENVIRONMENTAL RESPONSIBILITIES OF THE ISSUER OR PUBLIC COMPANY
1. Information regarding the social and environmental responsibilities of the Issuer or
Public Company including policies, types of programs, and costs incurred, related to the
following aspects:
a. Environment, including:
i. The use of environmentally friendly materials and energy that can be recycled; 261
ii. The waste treatment system of the Issuer or Public Company; 263
iii. Complaints mechanism for environmental problems; and 265
iv. Certification in the field of environment owned;; 265
b. Employment practices, health and work safety, among others:
i. Gender equality and employment opportunities; 266
ii. Facilities and work safety; 268-269
iii. Level of employee turnover; 266
iv. The level of workplace accidents; 269
v. Education and/or training; 89
vi. Remuneration; and 266-267
vii. Complaints mechanism on labor issues; 269
392 Annual Report 2019 PT Semen Indonesia (Persero) Tbk
ANNUAL REPORT CONTENTS PAGE
DESCRIPTION OF ANNUAL REPORT CONTENTS
c. Social and community development, including:
i. The use of local labor; 273
ii. Empowerment of communities around Issuer or Public Company, such as the
use of raw materials produced by the community or providing education;
272-273
iii. Improvement of social facilities and infrastructure; 273
iv. Other forms of donation; and 273
v. Communication about anti-corruption policies and procedures in the Issuer or
Public Company, as well as training on anti-corruption (if any);
273
d. Responsibility for goods and/or services, including:
i. Consumer health and safety; 275
ii. Information on goods and/or services; and 276
iii. Facilities, amount, and response to consumer complaints. 276
2. In the event that the Issuer or Public Company presents information regarding social
and environmental responsibilities as referred to in number 1. in a separate report such
as a report on social and environmental responsibility or sustainability report, the Issuer
or Public Company is excluded from disclosing information about liability social and
environmental responsibility in the Annual Report; and
v
3. Reports as referred to in number 2. shall be submitted to the Financial Services
Authority together with the submission of the Annual Report.
v
I. ANNUAL FINANCIAL STATEMENTS
The annual financial statements contained in the Annual Report are prepared in accordance
with the Financial Accounting Standards in Indonesia and have been audited by an
Accountant.
286-378
J. STATEMENT FROM MEMBERS OF THE BOARD OF DIRECTORS AND THE BOARD OF
COMMISSIONERS REGARDING ANNUAL REPORTING RESPONSIBILITY
The statement of the members of the Board of Directors and members of the Board of
Commissioners regarding responsibility for the Annual Report is prepared in accordance
with the format in the Appendix which is an integral part of the Financial Services Authority
Circular No.30/SEOJK.04/2016 concerning the Form and Content of Annual Reports of
Issuer or Public Company
280-281
393Annual Report 2019 PT Semen Indonesia (Persero) Tbk
Halaman ini sengaja dikosongkan
394
Financial and Operational Highlights Management Report Company Profile
Annual Report 2019 PT Semen Indonesia (Persero) Tbk
PT Semen Indonesia (Persero) Tbk
South Quarter, Tower A, Lantai 19-20
Jalan R.A. Kartini Kav. 8, Cilandak Barat
Jakarta Selatan 12430, Indonesia
Tel. +62-21-5261174-5
Fax. +62-21-5261176
Email: [email protected]
www.SIG.id