Annual Report 2015

2015
Annual Report
Enforcing Direction
In a Wave of Competition
Report from Business Development Corporate Information for Operational
the Management Report Information Investors Review
Conditioning Tower,
7 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report
Thang Long Cement Plant, Vietnam
Management Discussion Corporate Governance Corporate Social Corporate Consolidated Financial
and Analysis Implementation Report Responsibility Report Data Statements 2015
Enforcing Direction
In a Wave of Competition
The year 2015 confirmed that the landscape of Indonesias

cement industry was changing. Lower demand as a result of the
economic downturn and the influx of new players have placed
Indonesia, today and in the future, in a new era of fierce domestic
competition in the cement market. A competitive edge and
keen cost management will be the game-changers for products
circulated in the market.
For a while, we have been observing the unfolding of new

situations and accordingly have prepared the Company by
designing a number of strategic programs. These programs
include development of production and distribution facilities, as
well as cement and non-cement product diversification, to ensure
the presence of Semen Indonesias products across all potential
markets in the country and the wider region now and in
the future.
We addressed 2015 by strengthening our internal foundation,

bolstering our synergy to propel the quality of excellence and
executing our development plans wisely as we sought to create
momentum for substantive, long-term growth, overcoming
challenging and competitive years today and going forward, whilst
contributing to national infrastructure development to contribute
to the glory of this nation.
Enforcing Direction In a Wave of Competition PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report 1
Our Journey
1957 1991
The Company was Initial Public Offering (IPO). Market
established with capitalization stood at Rp0.63
production facility of trillion. The Companys ownership
250,000 tons per annum structure:
(design capacity). Government of Indonesia, 73%;
Public 27%.
1999 2006
Cemex increased its ownership Blue Valley Holdings purchased
to 26%. The ownership structure Cemexs entire share ownership
changed to: of SGMR at 24.9%. Market
Government of Indonesia : 51% capitalization value: Rp21.5 trillion
Public : 23%
Ownership:
Cemex : 14.0%
Government of Indonesia : 51%
Market capitalization stood at
Public : 24.1%
Rp6.6 trillion
Blue Valley : 24.9%
Commenced second construction
phase of 2 new cement plants and
1 power plant
2013 2014
Established PT Krakatau Semen Commenced physical construction of
Indonesia, a joint venture company new plants in Rembang and Padang
for slag powder waste management (Indarung VI). Estalished PT Sinergi
to be re-used as raw material in Informatika Semen Indonesia.
cement production. Established PT
Semen Gresik continuing Corporate
Transformation journey.

Our Journey
1995 1998
Acquired national cement Cemex entered as strategic partner
companies, PT Semen Padang with share ownership of 14.0%.
(Persero) and PT Semen Tonasa The Companys ownership structure
(Persero). changed to:
Government of Indonesia,51% ;
Public, 35%; Cemex, 14.0%.
Market capitalization stood at
Rp4.9 trillion.
2010 2012
On 31 March, Blue Valley Holdings Capitalization as of 31 December 2012
divested its entire shares in SGMR. stood at Rp94 trillion. Production capacity
Market capitalization (April 2010): (installed) reached 28.5 tons per annum.
Rp72.31 trillion.
Completed the construction of 2 cement
Ownership: plants.
Government of Indonesia : 51%
Public : 49% Acquired Thang Long Cement Joint Stock
Company (TLCC) in Vietnam.
Transformed into Strategic Holding

Company. Changed its name to PT Semen
Indonesia (Persero) Tbk.
2015
Commenced new plant
development in Aceh.
Ensuring Cost
Leadership
to Increase
Competitiveness
We prioritize cost management strategy to realize
cost leadership in order to increase competitiveness
and address stringent market competition.
We implement production cost management,

improve operational efficiency by reducing energy
use, save maintenance cost, optimize packaging
usage, and increase distribution cost efficiency to
reduce operational cost per ton.
Results:
COGS-to Sales Ratio SGA-Sales

Indicated limited Relatively
increase stable
60.5 17.4
16.4
57.1
55.3 15.8
2013 2014 2015 2013 2014 2015
Cost to Operating Cost

Revenue Ratio to Revenue
(%) Ratio (%)
Packing Plant Banyuwangi, East Java,
Capacity of 300,000 tons cement / year
Maximizing
Excellence to Seize
the Market and
Significant Growth
in the Future
With revenue management as the focus of

our strategy, we strive to maintain market
presence by harnessing our key features
of excellence: reliable production capacity,
production facilities in strategic locations,
packing plants in prospective areas ready to
support effective and efficient distribution
channels, and three brands strongly rooted
in the hearts of consumers.
Results:
Total Sales Volume

stood stable at around
28.7 million tons
Domestic Market Share
maintained leadership at
43.0%
Bulk Cement Truck queues in Tuban Mill, East Java
Creating Robust
Foundation to
Ensure Quality
Growth
As part of our actions in anticipating

demand growth of cement in the future, we
are currently in the process of completing
the development of two units of plant
in Rembang and Padang. Progress of
construction by the end of 2015 was
81.26% and 78.24%, respectively. To
strengthen the Companys presence in
domestic cement industry, at the end of
2015 we also commenced the construction
of one new plant in Aceh.
In addition, to strengthen financial

foundation for our expansion programs
going forward, we consistently retain over
50% of our net income as capital reserve.
We allocate a portion of 2015 net income

amounted to Rp4.5 trillion, to support our
capital.
Preheater in Tuban IV Mill, East Java,
Capacity of 9,000 tons slag / day
Growing
Non-Cement
Business to Support
Future Performance
We commence to expand our business in

accordance with market development to
capture revenue potential from non-cement
products and at the same time increase
our product penetration. We also begin to
design business development measures that
would result in fundamental efficiency of
production and distribution costs.
Results:
Revenue contribution from non-cement business

rose by
21.7%
Inauguration of Light Rapid Transport (LRT)
by the President of RI, September 2015
Sustaining the
Commitment
to Community
Development and
Environmental
Improvement
Unfavorable business condition did not prevent
us from realizing our commitment to advancing
the livelihood of communities through PKBL as
well as other community development programs.
In 2015, we disbursed Rp136.4 billion for Social
and Environmental Responsibility programs;
Rp69.6 billion for Partnership programs, and
Rp30.1 billion for Community Development
initiatives.
In terms of environmental improvement, we

realize our commitment by participating in green
house gas mitigation efforts. We also increase
our usage of alternative energy, manage and
utilize recycled materials, apply innovations
across all our operational activities, and
conduct afforestation as well as environmental
conservation programs in a structured and
planned manner.
Seeding trees education,
introduced since early age of
elementary school in Semen Gresik
Table of Contents
HIGHLIGHTS 102 Information for Investors
016 Financial Highlights 105 Shares Highlights, Dividend Payment dan Share
017 Operational Highlights Listing Chronology
020 Event Highlights 106 Shareholders Composition
022 Awards & Certification 108 20 Top Shareholders
109 Shareholding Structure
026 Report from the Management 110 Share Ownership by the Board of
028 Report from the Board of Commissioners Commissioners and Directors
038 Report from the Board of Directors 111 Dividend and Dividend Policy
111 Capital Market Condition
050 Business Development Report 113 Opinion from Analysts
052 Business Strategy 116 Capital Market Institutions and Supporting
058 Corporate Transformation Profession
067 Production Facility and Distribution

Development 116 Operational Review
071 Funding 118 Human Resource Management
073 Regional Expansion 138 Commitment To Enhancing Environmental
Management Quality
078 Corporate Information 150 Company Innovation
081 Company Identity 156 Information and Communication Technology

082 Vision and Mission 166 Risk and Risk Management
084 Company at a Glance
086 Companys Advantages 178 MANAGEMENT DISCUSSION AND
ANALYSIS
088 Human Resource
181 Economy Overview, Industry Overview and
089 Business Structure, Subsidiaries and Associates
Business Prospects
090 Organization Structure
189 Business Review
092 Operational Areas and Distribution Map
094 Product Types and Supporting Facilities
203 Financial Performance Review
098 Office Address and Information Access
204 Consolidated Income Statements
099 Subsidiaries and Associates
209 Consolidated Financial Position
216 Equity
217 Cash Flows
218 Solvency
220 Investment Policy
223 Work Plan Compared to Realization
224 Quantitative Targets

Table of Contents
225 Consolidated Subsidiary Performance Review
225 Cement Business Review
227 Non-Cement Business Review
230 Other Business Segment
232 Materials Information

232 Investment, Expansion and Divestment
233 Material Commitment for Capital
Investme
233 Hedging Transaction
234 Conflicts of Interest Transactions
234 Banking Loans
235 Regulations and Legislations Amendment
Relevant to and Impacted the Companys
Performance 351 Administrative Sanctions from Relevant
236 Accounting Standards Changes and Disciosures Authorities
239 Related Parties Transactions 351 Law Enforcement Commitment
242 Assets and Monetary Liability in Foreign 352 Information Access and Transparency
Exchange 354 List of Press Releases
242 Information On Business Continuity
358 CORPORATE SOCIAL RESPONSIBILITY
244 CORPORATE GOVERNANCE REPORT
IMPLEMENTATION REPORT 367 Corporate Social Responsibility on the
248 Objectives Environment
249 Governance Charter, Structure and 368 Employment, Occupational Health, and Safety
Mechanisms 372 Corporate Responsibility on Social and
252 Commitment Community
254 GCG Assessment 375 Corporate Responsibility on Consumers

256 GCG Roadmap
259 Quality Implementation of GCG Basic Principles 378 CORPORATE DATA
262 Pillars of GCG Best Practices Implementation 380 Board of Commissioners Profiles
Management System 384 Board of Directors Profiles
265 General Meeting of Shareholders 388 Audit Committee
274 Board of Commissioners 389 Nomination & Remuneration Committee
286 Board of Directors 390 Strategy, Risk Management and

Investment Committee
307 Committees of the Board of Commissioners
318 Corporate Secretary 391 Secretary of the Board of Commissioners
321 Internal Control and Monitoring System 391 Corporate Secretary
325 Internal Audit 391 Head of Internal Audit
333 Companys Accountant 392 Address of Subsidiaries and Affiliated

Companies
335 Risk Management Implementation
394 Information for Shareholders
336 Code of Conduct and Corporate Culture
396 Statements of Responsibility
342 Whistleblowing System
398 OJK References/ARA Criteria
347 Office of The CEO
AR-SMI 2015
348 Governance that Requires Notice
412 CONSOLIDATED FINANCIAL STATEMENTS
348 Corporate Litigation
2015
351 Financial Impacts on All Litigations
Financial Highlights
(in million Rupiah)
Consolidated Statements of Financial Position 2013a) 2014a) 2015
Current Assets 9,972,110 11,648,545 10,538,704
Investment in Associates 127,510 146,980 223,952
Fixed Assets 18,862,518 20,221,067 25,167,683
Intangible Assets 1,158,475 1,103,697 1,134,306
Other Non-Current Assets 712,490 1,211,386 1,088,474
Total Assets 30,883,103 34,331,675 38,153,119
Current Liabilities 5,297,592 5,271,930 6,599,190
Non-Current Liabilities 3,784,029 4,054,815 4,113,131
Total Liabilities 9,081,621 9,326,745 10,712,321
Total Equity 21,751,482 25,004,930 27,440,798
Capital Expenditure 2,707,065 2,493,801 5,650,020
Net Working Capital 4,674,519 6,376,615 3,939,514
Consolidated Statements of Comprehensive Income 2013 2014a) 2015
Revenue 24,501,241 26,987,035 26,948,004
Gross Profit 10,944,094 11,578,877 10,645,996
Operating Income 7,062,993 7,142,178 5,945,532
Profit for the Year 5,354,299 5,567,660 4,525,441
Total Comprehensive Profit for the Year 5,852,023 5,642,318 4,662,164
Profit Attributable to Equity Holders of Parent Entity 5,370,247 5,559,902 4,521,491
Profit/Loss Attributable to Non-Controlling Interest (15,949) 7,758 3,950
Total 5,354,299 5,567,660 4,525,441
Total Comprehensive Profit Attributable to Equity Holders of Parent Entity 5,716,494 5,631,171 4,599,417
Total Comprehensive Profit Attributable to Non-Controlling Interest 135,529 11,147 62,747
Total 5,852,023 5,642,318 4,662,164
EBITDA b) 8,099,042 8,296,817 7,427,384
Market Capitalization 83,931,008 96,090,624 67,619,328
Weighted Average of Issued Shares (in thousand) 5,931,520 5,931,520 5,391,520
Basic Earnings per Share (Rp) 905 937 762
Financial Ratio 2013 2014a) 2015
Gross Profit Margin (%) 44.7 42.9 39.5
Operating Income Margin (%) 28.8 26.5 22.1
EBITDA Margin (%) 33.1 30.7 27.6
EBITDA on Interest Ratio 23.8 21.7 20.0
Return on Equity (%) c) 25.7 23.2 17.1
Return on Assets (%) 17.4 16.2 11.9
Current Ratio (%) 188.2 220.9 159.7
Return on Investment (%) 33.8 29.7 22.5
Liability to Equity Ratio d) 19.6 16.3 15.1
Liability to Asset Ratio (%) e) 13.3 11.4 10.5
Liability to Capital Ratio (%) 15.8 13.5 12.7
a) Restated to comply with the application of new accounting standards
b) Calculated based on the sum of operating income (in addition to revenue and other operating costs) with depletion, depreciation, and amortization
c) Equity attributable to holders of parent entity
d) Total interest-bearing liabilities and equity attributable to holders of parent entity
e) Total interest-bearing liabilities

Operational Highlights
Industry Unit 2013 2014 2015
CEMENT
Total production capacity Thousand tons 30,000 31,800 31,800
Production in Indonesia Thousand tons 25,559 26,435 26,504
Regional Production Thousand tons 1,355 1,825 1,979
Total production 26,914 28,261 28,483
Sales in Indonesia Thousand tons 25,410 26,163 26,069
Regional Sales Thousand tons 2,405 2,363 2,640
PACKING
Sewn Kraft production Sheet - 320,225 451,071
Sewn woven production Sheet 19,233,600 33,312,965 19,834,152
Pasted Kraft production Sheet 199,458,456 229,542,343 233,919,088
Total packing production Sheet 218,692,056 263,175,533 254,504,311
REAL ESTATE INDUSTRIAL

Sales Volume
Sale of Industrial Land M2 109,736 40,429 40,429
Sale of Shops Unit 2 1 1
Sales Volume
Land Lease M2 42,398 46,644 46,644
BPSP Lease Unit 14 15 15
Warehouse Lease Unit 81 82 82
Office Lease Unit - 1 1
Shop lease Unit 17 14 14
MINING
Quarrying Services
Limestone Tons 13,420,122 12,928,832 13,534,452
Clay Tons 3,631,518 3,542,122 3,467,709
Surface Miner Tons 739,538 1,267,650 1,320,135
Subtotal Tons 17,791,178 17,738,604 18,322,296
Other Quarrying Services
In BCM Tons 627,779 630,258 898,405
In Ton Tons 9,047,420 5,991,442 6,864,183
In Hour Tons 144,158 83,087 71,964
Subtotal Tons 9,819,357 6,704,787 7,834,552
Total quarrying Tons 26,838,598 23,730,046 25,186,479
Total quarrying BCM 627,779 630,258 898,405
Total quarrying Hour 144,158 83,087 71,964
Note: consolidated entities numbers
PRODUCTION CAPACITY UTILITY LEVEL

(DESIGN CAPACITY) (in %)
(in million tons)
31.8 31.8
30.0 Total
production 89.7 88.9 89.6
capacity in 2015 was
31.8 million tons/

annum
The largest in Indonesia
2013 2014 2015 2013 2014 2015
PRODUCTION VOLUME SALES VOLUME

(in million tons) (in %)
28.3 28.5 28.5 28.7

27.8
26.9 Production
volume in 2015
28.5 million tons/

annum
2013 2014 2015 2013 2014 2015
REVENUE
(in Rp billion)
26,987 26,948
24,501
2013 2014 2015

NET INCOME (ATTRIBUTABLE RETURN ON ASSETS /

TO EQUITY HOLDERS OF ROA
PARENT ENTITY)
(in Rp billion) (in %)
5,716 17.4
5,560 16.2
4,521
11.9
2013 2014 2015 2013 2014 2015
RETURN ON EQUITY / EBITDA MARGIN RATIO

ROE (in %)
(in %)
33.1
30.7
25.8 27.6
23.1
17.1
2013 2014 2015 2013 2014 2015
EBITDA
(in Rp billion)
8,297
8,099
7,427
2013 2014 2015
Event Highlights
07 23
January January
Launch of Semen Extraordinary General

Indonesia Heritage Meeting of Shareholders
To commemorate the history of In the EGMS 23 January 2015, Mr.
Semen Indonesia, which transformed Suparni was inaugurated as the
from PT Semen Gresik (Persero), the Companys President Director. He
management of PT Semen Indonesia succeeded Mr. Dwi Soetjipto that had
(Persero) Tbk inaugurated the resigned to take up a new position.
development of Semen Indonesia
Heritage on the Companys second The EGMS also appointed Mr. Sonny
anniversary. Subrata as Commissioner to replace
Mr. Farid Prawiranegara (passed) and
Semen Indonesia Heritages design is appointed Mr. Rizkan Chandra as
composed of three elements Semen Director.
Indonesia International University (UISI),
Museum and Education Park, and
Botanical Garden, located in different
sites and constructed on the Companys
existing areas and ex-plant facilities.

Event Highlights
26 07
February August
MOU signing for Cement Inauguration of Waste

Plant Construction in to Zero Processing
Papua Facility
The signing of MOU for cement plant Semen Indonesia indicated
construction in Papua that took place its commitment in improving
on 26 February 2015 presented Semen environmental quality by
Indonesia as one of the pioneers of inaugurating Waste to Zero
industry development and champions processing facility.
of infrastructure advancement in
Papua.
As a follow-up of the MOU, Semen

Indonesia will briefly establish a Joint
Venture with Jayapura Local Company,
which will act as the plants operator in
the future.
Awards & Certification

AWARDS 2015
The Company received 17 awards for various categories from independent parties for its exceptional
performance in 2015. The awards among others are:
19 27
March April
Best State Owned Second Place in Financial
Company (SOE) in Performance in BUMN Award 2015
Obsession Award 2015 held by BUMN Track Magazine
May May
First Place, Best Investor Most Valuable Brand & IHCS
Relations; Fourth Place, Most 2015 in IHCS Award 2015 held by
Committed Paying Good Dividends Dunamis Consulting
in Asias Best Companies held
by Finance Asia Magazine in
Singapore.

June September
Best Listed Company in Basic Second Place, Non-Financial SOE
and Chemical Industry in Bisnis category in Annual Report Award
Indonesia Award 2015 held by Bisnis 2015 held by OJK, BI, Finance
Indonesia Daily Newspaper Ministry, and SOE Ministry
September
Best of The Best in Communication Management Category,
Gold Position in Brand Management & Communication
Management Category, 2 Bronze in Tactical and Strategic
Marketing Category, in BUMN Marketers Award 2015
September October
Best Social Media Integrated in Golden Trophy in Infobank
BUMN Web Award 2015 held by BUMN Award 2015 held by
Investor Magazine InfoBank Magazine
October December
Best of The Best Indonesian
Best State Owned Company
Company in Indonesia Top 50
(SOE) in Investor Award 2015 held
Companies 2015 held by Forbes
by Investor Magazine
Indonesia Magazine
December
Indonesia Most Trusted Company
Based On Investor Analyst
Assessment Survey in GCG
Award 2015 held by SWA and INCG
Magazine

CERTIFICATIONS
ISO 9001: 2008

Quality Management System (Certified by SGS, 2015-2018)
ISO 14001 : 2004

Environment Management System (Certified by SGS, 2015-2018)
OHSAS - 18001 : 2007

Occupational Safety and Health Management System (Certified by
Sucofindo, 2014-2017)
SMK3 :
Occupational Safety and Health Management System (Certified by
Sucofindo, 2014-2017)
ISO/IEC - 17025 : 2008

Material Testing Laboratory Accreditation Certificate
(LP-151-DN) (Certified by KAN, 2015-2019)
Packing Plant Banyuwangi, East Java,

26
Capicity of 30,000 tonsIndonesia
PT Semen cement /(Persero)
year Tbk. | 2015 Annual Report
Report from
the Management
026 Report from the Management

028 Report from the Board of Commissioners
038 Report from the Board of Directors
Report from Business Development Corporate Information Operational
the Management Report Information for Investors Review
Report from the

Board of Commissioners
Mahendra
Siregar
President Commissioner

Report from the Board of Commissioners
Assalaamualaikum Wr. Wb.,

The increasingly challenging
Dear Distinguished Shareholders,
business environment in 2015
We extend our greetings and thanks to God the One
prompted Semen Indonesia and Only. It is with His abundant blessings that PT
to strengthen its solidarity, Semen Indonesia (Persero) Tbk. succeeded in making its
accumulating competence way through 2015, a year fraught with challenges. We
were able to book a performance that has prepared us
across the company to form new for the Companys business development in the future.
strengths as we move toward
an inevitable new era for the Board of Directors Performance Assessment
Indonesian cement industry The Board of Commissioners recognizes that tough
domestic and international conditions made 2015 a
where challenges will become particularly difficult year for all players in the cement
more complex, business players industry and put Semen Indonesia to the test. In 2015,
need to be more prepared with the global economy growing unsatisfactorily, the
national economy also hit the lowest growth rate in the
and operational or strategic
past six years.
inaccuracies are no longer
acceptable. Globally, only the United States continued to show
economic improvement. Even through US growth
rates were not optimum, they were encouraging
The conclusion of the enough for the Federal Reserve to start increasing its
transformation journey into benchmark interest rate. Other major countries, in the
a strategic holding company meantime, still faced economic downturn, including in
the European Union, where financial improvement was
is the beginning of the next
the main agenda of several member countries. In Asia,
transformation, namely a change China recorded its lowest growth in the past 18 years.
in the mindset of all employees.
The Companys strengths and The United States decision to increase interest rates
boosted the US Dollar exchange rate against nearly
advantages need to be optimized all other global currencies, including the Rupiah.
and utilized to overcome Sluggishness in the global economy is projected to
difficulties as we reaffirm our continue for several years ahead.
commitment to supporting the

nations development and to
consistently creating growth
opportunities in the future.
Global economic conditions and sluggishness in China, for the Company to address this situation wisely with
the main market for Indonesias mining and plantation agility and astuteness, accumulating the competence
commodities, affected national economic growth to to triumph amid intense competition. As such, synergy
4.79% from 5.02% in 2014. Consequently, peoples between the OpCo also needs to be strengthened.
purchasing power declined and national demand for
cement followed. The Board of Commissioners would like to once again
remind that from 2015 to several years in the future,
On the other hand, construction on new plants initiated business conditions must be met with the motivation
by several cement players both new and existing, to break through the survival zone and to leave behind
including Semen Indonesia, was completed and entered the business as usual approach. With that spirit, we
their commercial phase in 2015. Consequently, from wish to mandate the organization to no longer tolerate
2015 onwards, the Indonesian cement industry will errors in the implementation of development strategies
experience a period of excess production capacity, and in operational activities, as each mistake tolerated
inevitably tightening competition between cement will bring bigger consequence in the future.
companies. It is important to note that among new
players, some are already leading companies in their Amid a challenging business condition, the Board of
countries and globally, with solid track records of Commissioners believes that the Board of Directors
efficient management and margin yield far lower than and the management had carried out important
Indonesias cement players. breakthroughs and quickly initiated strategic policies, all
of which were then implemented aptly and wisely. We
In 2015, Semen Indonesia was at the final stages of a fully support the policies proposed by and undertaken
transformation process toward becoming a Strategic by the Board of Directors; by interpreting the condition
Holding Company, and now oversees four Operating as a survival zone, the Company had to swiftly identify
Companies (OpCo) as subsidiaries: PT Semen Gresik, PT solutions and at the same time continue opening up
Semen Padang, PT Semen Tonasa and TLCC. opportunities. This was reflected in the intensive efforts
carried out to ensure the seamlessness and progress of
In the view of the Board of Commissioners, the the Companys new plant projects, namely Rembang
conclusion of the transformation process also marked a Plant in Central Java and Indarung VI in Padang, West
turn around for Semen Indonesia to emerge as a fully- Sumatra. The development of these units, despite having
fledged Strategic Holding Company. A challenging time their own challenges, particularly in Rembang, showed
for the industry, as described above, was experienced, encouraging progress. Construction of the units was, as
and this must be accepted as the new normal for at of the end of 2015, still going ahead as planned.
least several years ahead. What is more important is

Other than new plant projects, Semen Indonesia is a year of learning. It was a year of reflection for the
forging ahead with its plan to realize business expansion management to step up its efforts, to better innovate
to one of the key markets in Southeast Asia. We view and introduce more effective methods of working, and
this commitment as a testament of the organizations to prioritize synergy between subsidiaries within the
zeal to stay in pursuit of making Semen Indonesia group.
a leading company not only in Indonesia, but also in
the wider region. Our past experiences show that The Board of Commissioners message going forward is
the commitment to continue investing, with careful for the management to look at the lessons learned from
consideration of strengths and weaknesses in a difficult this year. The management should also stand together
time, provides concrete, encouraging results. and stay fervently dedicated to promoting a Champion
spirit among all individuals of the Company, the spirit
Reflecting the tough business conditions in 2015, the that prioritizes togetherness and the Companys growth,
Board of Directors maintained sales volume at a similar which by extension also means the growth of Indonesia.
rate to the previous year. This was also in line with
stagnant growth of cement sales in Indonesia at 0.9%. Oversight and Advisory Function on the
In terms of market share in the domestic market, Semen Board of Directors
Indonesia led with approximately 43%. The Board of Commissioners was consistent in
performing its duties of oversight on the managements
We also recognized the Board of Directors efforts to policies, mechanisms and the Companys operations
control costs following increases in electricity tariff and executed by the Board of Directors. The Board of
transportations costs. As a result, the increased COGS Commissioners also provided directions to the Board
was still within a reasonable limit. However, as a result of of Directors. In line with the results of operational
the intense competition, cost efficiency was not met by performance during the reporting year, the Board of
a proportional increase in selling price. The Companys Commissioners has mandated the Board of Directors
net income therefore contracted to Rp4.5 trillion, or to continue strengthening the Companys foundations
decrease 18.7% than the previous years income of and to explore potentials that will enable better synergy
Rp5.6 trillion. Earnings per share also decreased to between subsidiaries, complementing the Companys
Rp175 from Rp937. Similarly, EBITDA declined to Rp7.4 journey to become the Strategic Holding that was
trillion from Rp8.3 trillion in the previous year. nearing its end.
The Board of Commissioners noted that 2015 As such, other than operational innovation, including
performance was the first time that the Company implementation of four strategy focuses that entailed
booked decline in growth in the past eight years, having revenue management, cost management, capacity
previously delivered consistent growth in net income. management, and improving competitive advantage,
the Board of Directors should also identify steps to
Looking at the results, and acknowledging that many optimize synergy between subsidiaries using the
targets defined at the beginning of the year were Strategic Holding approach.
missed, the Board of Commissioners sees 2015 as
In addition, with the ASEAN Economic Community Commissioners believes that the quality of corporate
now in place, and, consequently, possible greater governance is central to growing and nurturing
competition, the Board of Commissioners recommends stakeholders trust, which in turn affects business
that risk management intensity and quality be continuity. As such, the Board of Commissioners
improved. Risk Management, under the Enterprise Wide mandates the Board of Directors to continue enhancing
Risk Management (EWRM) approach, should not only good corporate governance implementation not only by
recognize, identify and mitigate risks, but also should completing organizational instruments and policies, but
recognize business improvement opportunities and more importantly by growing the GCG culture reflected
determine the scale of business development. in GCG principles embedded in day-to-day activities.
The Board of Commissioners also supervised the As the Company has now become a regional cement
Board of Directors efforts in increasing synergy player, and with respect to the ASEAN Economic
between subsidiaries, especially in managing increasing Community in place, the Board of Commissioners
distribution expenses. The Company succeeded in advises that corporate governance standards should
building a packing plant, one of the purposes of also conform to regional standards.
which is to reduce distribution expenses by improving
distribution channel optimization. With the support of a full-time Audit Committee,
Strategy Committee, Risk Management and Investment
The Board of Commissioners also consistently monitored Committee (SMRI), Nomination and Remuneration
the realization of the Companys Work and Budget Plan Committee (NRC) and the Board of Commissioners
(RKAP), kept track of capital expenditure realization, Secretary, the Board of Commissioners will continue
carefully monitored the progress of strategic projects to ensure that efforts to improve the quality of good
and monitored and advised the Board of Directors on corporate governance practices remain ongoing, in
various operational duties through regular meetings, addition to performing its oversight and advisory duties.
ad-hoc meetings and visits to project sites.
As part of its duties, the Board of Commissioners also
The Board of Commissioners also offered periodically assesses the quality of recommendations
recommendations and solutions on issues that the Board and input from the Board of Commissioners
of Directors had to address, especially with regards to Committees. Based on these assessments, the Board
the realization of programs that required support and of Commissioners concluded that the committees
were outside of the Board of Directors decision-making had performed their functions properly, efficiently
authority. and effectively. Nevertheless, considering the current
situation, with the Indonesian cement industry entering a
Improving the Quality of Good Corporate tough competition or a new normal with increasingly
Governance complex challenges, the Board of Commissioners
The Board of Commissioners oversight and advisory mandated for the competence and performance quality
function is supported by the Supporting Committee of all committees to be improved.
of the Board of Commissioners. The Board of

Commitment to Growing Human Resource The Board of Commissioners shall promote and
Competence supervise the implementation of HR development
The Board of Commissioners would like to remind that amidst a more competitive environment to ensure that
the success of corporate transformation was not only the it is able to adapt to the changing business landscape.
result of sound capital and management capability, but The Board of Commissioners also supports the Board of
also the ability to enlarge the capacity and competence Directors policy of applying competency-based career
of human resources, and harness human resources to paths and fair, accountable remuneration.
the Companys advantage.
Corporate Social Responsibility
Following the transformation into a holding company Considering the scale of the Companys business, which
and shifts in dynamics and challenges in the business continues to develop, the Board of Commissioners
environment in the future, Semen Indonesia needs to would like to remind the Company to assess and
continually adjust its human resource management and evaluate successful corporate social responsibility
development. programs to be replicated in new locations and
Human resource development must emphasize not communicated to stakeholders. Good and transparent
only competency, but also change the mindset of all communications with stakeholders evidence the
employees and focus on managing the knowledge of commitment and implementation of corporate social
individuals that may, in the past, have been centralized responsibility. Evaluation of programs success improves
in separate units or even in certain individuals. the quality of subsequent programs and achieves the
goal of triple bottom line, where profit (financial),
With respect to that, the Board of Commissioners fully planet (environment) and people (social) objectives are
supports the Board of Directors initiative to change balanced, as well as further improving the welfare of
the mindset, improve the competency and manage surrounding communities.
human resource capabilities previously centered in
respective OpCo, units, and individuals. The Board of The Board of Commissioners fully supports the
Commissioners believes that Knowledge Management, managements consistency in realizing environmental
intensified in various knowledge sharing sessions, preservation programs through the utilization of
invention competition and similar forums, will build industrial waste as precursors in production processes,
the Companys intellectual and collegial competitive concrete participation in improving environmental
advantage. This will allow the Company to produce quality and various planting movements around
cutting-edge innovation and ensure the leadership of operational sites and other locations.
Semen Indonesia.
The Board of Commissioners also supports the Clean
The Board of Commissioners will continue to safeguard Development Mechanism (CDM) project, a global
the process of changing employee mindset and program that aims to reduce CO2 emissions, in which
knowledge management, and will take part according the Company has participated by building a WHRPG
to its authority so that in the future the individuals of unit in Tuban.
Semen Indonesia will be a solid entity that moves forward
as one to support the advancement of Indonesia.
The Board of Commissioners wishes to remind As such, the Board of Commissioners mandates the
Semen Indonesia to realize its triple bottom line and Board of Directors to consistently apply long-term
continuously improve its quality in any area where the strategies, covering production capacity growth, energy
Company is present. security, corporate reputation-strengthening, fulfilling
consumers needs and risk control. Long-term strategies
Outlook and Projection Going Forward should ensure that the Company is able to seize each
The challenges that hindered the Company from opportunity and, with experienced individuals in
achieving its targets in 2015 a difficult year for any overturning difficult times, able to record performance
cement company should serve as valuable lessons, growth, thereby generating tangible benefits for all
especially since in the coming years competition will be stakeholders.
heightened with an estimated oversupply trend given
that plants from new cement players will be operational The Board of Commissioners and its supporting
shortly. In terms of domestic demand for cement, the committees shall continue to observe and remind the
Board of Commissioners predicts that demand growth Board of Directors to implement programs identified
will not be able to offset excessive supply from new in the Companys Long-Term Plan (RJPP), whilst taking
plants despite a number of improvements driven by into account the business conditions. The Board of
infrastructure projects roads, sea ports, and air ports. Commissioners is ready to provide input and suggestions
to ensure that Semen Indonesia is able to overcome all
In light of this, the Board of Commissioners would again barriers and record a positive performance.
like to remind the management and all employees to
optimally harness the change in the Companys status Changes in the Board of Commissioners
to a Strategic Holding by integrating all competencies Composition
and potential, including by maximizing brand equity As the business environment has become more
between the three widely known brands and improving challenging, the controlling shareholder saw the need to
intragroup synergy. A more equal distribution of the strengthen the oversight and advisory role of the Board
infrastructure projects currently undertaken by the of Commissioners following the passing of Independent
government should be captured optimally with the Commissioner Mr. Farid Prawiranegara in August 2014.
support of main plants as well as packing plants located Pursuant to the resolutions of Extraordinary General
in strategic areas, near to infrastructure development Meeting of Shareholders (EGMS) on 23 January 2015,
sites. Mr. Sony Subrata was appointed as Commissioner. We
would like to welcome Mr. Sony Subrata to the Board of
In view of the current situation, demand peaked in Commissioners and wish him all success.
October 2015, which the Board of Commissioners
viewed as the highest monthly demand for Indonesian With this appointment, the composition of the Board of
cement in 2015. Going forward, domestic cement Commissioners of PT Semen Indonesia (Persero) Tbk as
demand is expected to follow economic growth. of 31 December 2015 is as follows: :

No. Name Position Term of Office

1 Mr. Mahendra Siregar President Commissioner AGMS 2017
2 Mr. Hadi Waluyo Independent Commissioner AGMS 2016
3 Mr. Muchammad Zaidun Independent Commissioner AGMS 2019
4 Mr. Achmad Jazidie Commissioner AGMS 2017
5 Mr. Marwanto Harjowiryono Commissioner AGMS 2019
6 Mr. Wahyu Hidayat Commissioner AGMS 2019
7 Mr. Sony Subrata Commissioner AGMS 2020
Closing We also convey our appreciation to all stakeholders for

Finally, the Board of Commissioners would like to their input and support, which enabled the Company
use this opportunity to extend our grace to God the to generate optimum results for the shareholders,
One and Only for our success in journeying through the people and the government of Indonesia. May
a challenging 2015 and closing the year with results the blessings of God the Most Gracious and Merciful
that we are sure will lead to better performance in the continue to be upon us all.
future thanks to the support and utmost dedication of
the Board of Directors and all employees of PT Semen
On behalf of the Board of Commisssioners
Jakarta, April 2016
Wassalamualaikum WrWb.
Mahendra Siregar
Dewan Komisaris
4
2 3
1
5 6 7

1 Mahendra Siregar
2 Wahyu Hidayat
Commissioner
3 Marwanto Harjowiryono
Commissioner
4 Sony Subrata
Commissioner
5 Achmad Jazidie
Commissioner
6 Hadi Waluyo
Independent Commissioner
7 Muchammad Zaidun
Report from the Board of

Directors
Suparni
President Director

Report from the Board of Directors
The Company moved quickly Dear Valued Shareholders,
to address a number of On behalf of the Board of Directors, first of all we

fundamental issues, bolstered would like to express our thanks to God Almighty for
His blessings and grace. Despite the hurdles in 2015,
internal consolidation and we were able to maintain our leadership in the domestic
synergy and optimized its market. Last year was a test for all players in the national
cement industry, including PT Semen Indonesia (Persero)
strategic advantages to Tbk as a leading national and regional entity.
overcome the business
2015 Economic Overview
condition in 2015. It was a
Expectations that the global economy would be in a
dynamic and challenging year, rebound in 2015 were once again disappointed. Data
but we were able to achieve from the International Monetary Fund (IMF) last year
showed that global economic growth slumped to 3.1%
a solid performance that will from 3.4% in 2014, as the structure of the global
strengthen the Companys economy shifted. While in previous years developed
countries had been the most significant contributors
future growth foundation. to global economic growth, 2015 saw a change to
this constellation. Chinas economy dropped to 6.9%
We are confident that our in 2015 from 7.3% in 2014, coupled with Yuan
devaluation, while recession swept Brazil and Russia.
efforts throughout the year
will enhance the Companys Sluggish growth in developed countries also affected
commodity prices. Oil prices plunged by 53.4% to
capability to capture promising US$37.3/barrel as demand slowed while supply was in
growth opportunities and to excess; coal also lost 32.9% of its selling price in 2015.
The United States, the worlds largest economy today,
deliver a continuous optimum was the only country to show positive growth trends.
performance in the future. Signs of economic improvement in the US promoted
the Federal Reserve to increase the federal fund rate
to 0.25% - 0.50% in December 2015. Meanwhile,
the Eurozone focused on the agenda of improving the
economy of several member countries. The European
Central Bank initiated asset purchase and lowered
interest rates to negative in order to maintain the
momentum of economic improvement.
With the global economy trying to find its footing, Responding to the macro economic situation, the
exports of plantation and primary mining commodities government released a series of economic packages
also suffered. In turn, this created pressure on current from October 2015 until present. The packages
accounts and weakened the rupiah exchange rate. covered deregulation and bureaucratic streamlining, tax
Coupled with market anticipation of the Feds fund rate incentives, opening of a number of sectors to foreign
increase and Yuan devaluation, as well as increases in investment, investment license process simplification
foreign exchange to meet liabilities and dividends and and acceleration, logistical effectiveness and efficiency,
concerns of domestic economic downturn, the Rupiah business certainty and infrastructure development.
hit IDR13,785/USD.
Performance in 2015
Given the weakened position of Rupiah, Bank Indonesia The most recent national economic condition confirmed
was unable to lower the benchmark interest rate at a that competition in the cement industry landscape was
more aggressive pace to stimulate economic growth. changing, a moment for which the Company was
High interest rates caused cost of funds to support prepared. In 2015, all cement companies entered an
investment to be less economical and production era of stringent competition caused by the operations
activities declined. Eventually, this led to decreased of new players production facilities, which boosted
income and purchasing power, and affected the overall national installed capacity.
national economy, as evidenced by another drop in
the growth rate from 5.02% to 4.79% in 2015. One The Company also observed changes in consumption
indicator that still showed a positive trend amid the patterns that followed national infrastructure
2015 economic situation was inflation, which was well development. Growth of bulk cement rose by 9%
controlled at only 3.35% compared with 8.36% in the from 2014, while sales of packed cement decreased
previous year. by 1%. Currently, bulk cement accounted for 24%
of total cement consumption, or 2% higher than the
Weak purchasing power also affected business growth, previous years position. The Company had anticipated
including property, thereby curbing demand for cement this increase in bulk cement by executing the strategic
in the Indonesian market. Demand for cement for initiative of setting up distribution facilities located at
infrastructure projects did increase, as government the strategic sites of national infrastructure projects.
disbursed spending for infrastructure, however overall Today, the Company operates packing plants and jetties
market growth of national cement industry in 2015 in 26 locations from Lhokseumawe to Sorong.
remained unsatisfactory at only 0.9% from 3.3% in
the previous year. This weak growth marked the fourth Although domestic cement consumption slowed amid
consecutive year of declining demand trend in the heightened competition, the Company was able to book
cement industry. sales of 26.0 million tons in the domestic market, only
slightly below than 26.2 million in the previous year.
This result allowed the Company to retain its position
as market leader with a market share of 43% in the
domestic market, rising by 0.7% from the previous year.

With these results, the Companys total revenue in 2015 Optimizing Advantages, Maintaining
amounted to Rp26,948 billion, or relatively similar to Performance
the 2014 achievement of Rp26,987 billion. We exerted Macro economic conditions and intensive competition
various efforts in cost management, thereby succeeding resulted in the Companys taking quick actions and
in controlling production cost per ton. Therefore, despite endeavoring to address several fundamental issues,
a 15% average increase in electricity tariffs, cost of bolstering internal consolidation and synergy and
revenue in 2015 increased by only 5.8%. The Company optimizing strategic advantages. The Company focused
also managed to control the operating expenses ratio on a cost leadership strategy by prioritizing cost
at around 17.4%, although revenue decreased. This management through efforts to control production
ratio increased from 16.4% in the previous year, while and distribution costs, which had been increasing.
EBITDA stood at Rp7,427 billion, or a decline of 10.48% Innovations were introduced to that end.
from previous years position of Rp8,297 billion.
One of the Companys strategic initiatives, Move Closer
Overall, earnings attributable to equity holders of parent to the Customer, was executed by applying Supply
entity dropped by 18.7% to Rp4,521.5 billion from Chain Management (SCM). In SCM implementation, the
Rp5,560.0 billion in the previous year. As such, earnings Company integrated a series of business activities along
per share attributable to equity holders of the parent the supply chain to create added value for customers.
entity stood at Rp762 from Rp937 the previous year. These activities may yield products or services, delivered
by harnessing existing resources within the supply chain.
With these operating results, the Companys ROE stood SCM aims to boost revenue and/or decrease operating
at 17.1% and ROA at 11.9% from 23.1% and 16.2%, expenses, thereby elevating the Companys competitive
respectively, in the previous year. The decrease was advantage.
affected by net income as well as increases in project
expenses as the Rembang and Indarung VI projects To improve operational efficiency, the Company has
continued to progress. reduced energy use, saved energy costs, moderated
maintenance costs, optimized packaging utilization and
As of the end of 2015, the Debt to Equity Ratio (DER) drove efficiency of distribution cost to cut operating cost
recorded at 15.1% from 16.3% and the debt to asset per ton. This strategy aims to address lower demand
ratio moved to 10.5% from 11.4% in 2014. By meeting and at the same time augment our competitive edge.
our matured liabilities, we were able to decrease this The Company also put in place an energy conservation
ratio. program to better control energy-related expenses a
significant component in cement production.
In summary, the following table presents the Companys
operating results.
Description Unit 2015 2014 % Change

Production Volume Million tons 28.5 28.3 0.8%
Sales Volume Million tons 28.7 28.5 0.6%
Revenue Billion Rp 26,948 26,987 -0.1%
Earnings Billion Rp 5,946 7,142 -16.8%
Ebitda Billion Rp 7,427 8,297 -10.5%
Net Income Billion Rp 4,521 5,560 -18.7%
To cut energy costs, the Company optimized the The Company also tried to augment revenue contribution
performance of the Waste Heat Recovery Power by driving its competence advantage in activities related
Generator (WHRPG) in Padang, maximized the to the cement industry. Recognizing the increasing
operations of the power plant in Tonasa and intensified demand in construction sector, the Company stepped
the use of biomass as an energy source. The Company up its presence in ready-mix concrete. The Company also
also used lower-calorie coal to produce slag. optimized revenue by managing lands, which had been
used in the past to extract raw materials for cement,
The Company implemented an Improving Competitive turned industrial zones and bolstered competency in
Advantage strategy to increase customer loyalty to producing cement packaging.
mitigate tougher competition in the cement industry.
The goal was to maintain market leadership to ensure The contribution of optimization strategies in non-
sustainable, long-term growth. As part of strategy cement activities rose from Rp651.7 billion in 2014 to
implementation, the Company utilized its competitive Rp793.0 billion in 2015, representing 21.7% growth.
edge of having units located in three strategic regions in
Indonesia and its ownership of three reputable brands Business Expansion to Boost Sustainable
widely known in the market. Performance
Considering the competencies that the Company
These market advantages were coupled with the has at its disposal, and looking at new opportunities,
addition of Grinding Plants and Packing Plants that we the Company intensified its efforts to optimize these
opened in Dumai, Lampung, Balikpapan and Pontianak competencies by building non-cement business lines.
in 2015 to meet the needs of infrastructure projects. These non-cement business lines are still related to
cement industry, thereby securing the Companys
Our market share, which stood significantly above the product market in the future.
Companys capacity share of 38% of total national
capacity in 2015, indicated that the Company was able As part of this initiative, in 2015 the Company acquired
to maintain its competitiveness in domestic market. a 36.67% share of PT Varia Usaha Beton (VUB) through
subsidiary PT SGG Prima Beton (SGG PB). SGG PB is
Moreover, consistent implementation of a Revenue a company directly controlled by Semen Indonesia.
Management strategy was achieved through revenue The Company is looking to build SGG PB as a leading
optimization by focusing sales in key markets, concrete company in Indonesia both in readymix
developing potential markets and synergizing the and precast products. The corporate action aims to
group. Nevertheless, the Company still observed market anticipate shifts in cement consumption in the future.
potential and filled market gaps in other regions to
maintain its brand presence. The Company aims for non-cement business lines to
increase their contributions in subsequent years, backed
by business development plan realization.

Strengthening Foundation for Sustainable The Company also committed to enhancing SICCs vital
Growth role as a center of excellence. To that end, the Company
The Company continued its various strategic initiatives prepared competent and quality human capital,
aimed at strengthening the foundation for sustainable improved performance excellence and strengthened
growth. Various strategic steps currently underway and industry structure. In order to prepare the best people,
prepared are: the Company has formed development institutions
Increasing production capacity: development within SICC: the Center of Engineering, Center of
of new plant in Rembang, Central Java, and Research, Center of Dynamic Learning and Center of
in Padang, West Sumatra. Progress of physical Knowledge Management. SICC also has another pillar
construction as per March 2016 was 88.34% and with an external focus, realized by delivering Training
86.49%, respectively and Consulting Services and by developing the Semen
Strengthening supporting factors: cement mill Indonesia International University (UISI).
construction, upgrading and quarry expansion
Completing packing plant construction in three In the meantime, we also seek to hone the competency
potential market areas of our human capital and enable them to perform
Continuing WHRPG construction in Tuban with in regional and global environments. The Company
30.6 MW capacity and increasing the use of continued executing various strategic initiatives in human
Alternative Fuel and Raw material (AFR). resource management according to its competencies.
Improving human capital competence and The Company intensified its Knowledge Management
completing ICT upgrade program through various knowledge sharing forums,
Continuing programs post-transformation as a invention competition and other similar activities. The
Strategic Holding Company Company also initiated the formation of a talent pool
and delivered training programs for future executives by
Completing these strategic programs will enable the offering learning programs at home and abroad.
Company to improve its competitiveness, address
intense competition in the future and ensure that the In addition, the Company endeavored to build a
Companys vision of becoming a leading international CHAMPS culture. The Company has incorporated six
cement company in Southeast Asia can be realized. essential values in CHAMPS, which all individuals in
Semen Indonesia have to observe and demonstrate
Realizing Strategic Programs Post Corporate in their day-to-day activities. The goal is to capitalize
Transformationt on all competencies of the Companys employees
Continuing its Semen Indonesia Center of the CHAMPS and innovative advantages in the cement sector, or in
(SICC) initiative, the Company sharpened the functions other related activities, as the Companys competitive
of its pillars of Dynamic Learning, the Center of advantage in developing business in the future,
Engineering, the Center of Research and eventually emphasizing integrity as a differentiating factor.
develops the Semen Indonesia International University.
Another strategic program that is currently under The results of SMI innovation were also recognized at
preparation and finalization is the transfer of existing national and international level, including:
production facility management in Tuban to PT Semen
Gresik, a subsidiary, under Operation Cooperation Performance Excellence Criteria - Emerging Industry
Contract (OCC). To ensure a seamless transfer process, Leader;
key management of PT Semen Gresik has been intensively Environmental Innovation PROPER Blue and
involved in strategic and specific operational decision- Green;
making regarding the Tuban plant. The Company also 2015 National Innovation Convention - 6 Silver, 13
maintains close supervision on the preparation process Gold, 4 Diamond, and 1 Platinum;
and program manning, including management and 2015 International Convention 2 Gold at ICQCC,
personnel structure, which the management of PT 4 Bronze at ICQCC, 1 Silver at IETEX, Five Star at
Semen Gresik is currently implementing. APQC, and Encouragement Prizes at APQC
Innovation Improving Best Practice Quality of Corporate

The Company has continued promoting the Semen Governance
Indonesia Innovation Movement (GI-SI) as a part of Committed to improving good corporate governance
intellectual capital that will drive forward the Companys implementation, the Company reviewed and made
competitiveness toward sustainable growth. The necessary adjustments to update regulations and
Company has continuously explored creative ideas that policies, whilst also carrying out other relevant work
match the Companys strategy to realize operational programs.
excellence; ideas that can be turned into leading
practices to overcome future business challenges. The Company demonstrated strong commitment to
enhancing the quality of GCG best practices; we put in
The Company has developed the Semen Indonesia place soft structure and infrastructure needed to bring
Innovation Management (MI-SI) to manage innovation about quality governance. The Company also improved
movement in a structured and integrated manner. MI- its policies and procedures following changes to the
SI management is underpinned by three fundamental corporate structure.
approaches: Problem Based, Potential Based dan
Expectation Based. Programs conducted by the Company in 2015 to
enhance the quality of GCG included:
Innovations developed by the Company include Implementation of an updated whistleblowing
Breakthrough Innovation and Incremental Innovation system
in work processes. Innovation categories include: Implementation of Integrated Governance, Risk, &
raw material, production technology and process, Compliance (GRC)
management, subsidiaries and non-cement affiliation.
Completion of rewriting of Board Manual
Application and dissemination of the updated
In 2015, the Company again held the Semen Indonesia
Code of Conduct guideline
Awards on Innovation (SMI-AI). In its sixth iteration,
SMI-AI provides room for innovation competition to
stimulate sustainable innovative movement.

Adopting Sustainable Development for Under SI Cerdas, in 2015 the Company delivered
Future Generations training for different business groups, including
The Company strengthened its consistency in ensuring sanitation tools in Karangsemanding Village and
that it undertook balanced business development. Balongpanggang Village and a headscarf and hijab
To that end, the Company integrated environmental business in Banyuwangi Village of Manyar Subdistrict,
preservation efforts in its business, contributed to Gresik District.
improving the skills of community members to achieve
welfare improvement and worked to ensure that Under SI Prima, the Company continued its certification
existing and future generations could enjoy quality lives program for construction workers. As of 2015, more
and wellbeing. than 11,000 workers had been certified.
Putting its commitment into practice, we participated Under SI Lestari, the Company enhanced the intensity
in environmental preservation efforts by consistently of the Waste to Zero program, developed the Tuban
applying a Clean Development Mechanism (CDM) Mangrove Center as a learning and biodiversity
program. CDM included energy conservation efforts by conservation center, helped to conserve the habitats of
using biomass, building WHRPG units and using AFR by various land and water organisms and restored a coastal
absorbing certain kinds of industrial waste to be used environment that was damaged by abrasion, and at the
as precursor in slag production. Through these efforts, same time developed the site as an ecotourism location.
the Company successfully reduced CO2 emissions. We The Company also developed parts of post-mining sites
are now waiting to obtain Carbon Emission Reduction into pilot plantations and living laboratories as learning,
(CERs) certification, a global recognition for Semen education and awareness-raising sites for future
Indonesias concrete efforts in improving environmental generations. In addition, the Company maintained its
quality. commitment to increase the intensity of the Green Belt
program around the mining site and to realize planting
Moreover, the Company also implemented a blueprint programs in a sustainable manner.
of CSR activities that reflects a comprehensive sense
of social-environmental responsibility. More than an Under SI Peduli, the Company had as of 2015
obligation, CSR activities for the Company are also empowered 33,804 partners, an increase of 1,874
a channel for building reputation and ensuring the partners from the year earlier. These partners were able
Companys sustainability. The Company has in place to create job opportunities and employ over 65,312
four CSR pillars, namely: people, or an increase of 2,356 workers. Business
SI Smart (SI Pintar), focusing on competence turnaround of Rp1.78 trillion represented a Rp70 billion
building through educational programs increase from the previous year. The company also
SI Excellence (SI Prima), synergizing with programs provided donations for education, sports, arts, health,
under Marketing and Research & Development public facilities and disaster relief across the country.
SI Sustainable (SI Lestari), focusing on environmental In Vietnam, the Company contributed to schools and
programs healthcare of students living around plants areas.
SI Care (SI Peduli), focusing on socio-economic
programs
2016 Outlook and Strategy Today, the Company is better positioned to meet
Drawing upon projections from national and market demand. The completion of an upgrading
international economic institutions, the Company program and distribution infrastructure development,
forecasts that Indonesias economy will grow more including additional Packing plants, has increased
rapidly in 2016, at around 5.3% from 4.79% in 2015. the Companys competitiveness, allowing it a greater
Domestic consumption and investment activities will chance of triumphing over competition and meeting
remain the leading contributors to Indonesias economic growth opportunities.
growth. Inflation and the exchange rate will be more
stable, thus allowing interest rates to be lowered. To ensure the Companys capability to capture
Therefore, basic infrastructure projects such as roads, competitive excellence and at the same time generate
dams, ports, and power, will start making impacts to optimum results, the Company will consistently
economic improvement. implement critical initiatives, including increasing
capacity, securing energy, meeting customers needs,
The governments policy direction in 2016 is to accelerate reinforcing corporate image, maintaining growth,
effective and efficient infrastructure development to controlling main risks and undertaking management
back strategic economic sectors. This includes roads, focused on revenue management, cost management,
railways, irrigation system improvement, and other capacity management, improving competitive
forms of infrastructure. advantage and investment management.
Consistent efforts aimed at creating a better investment The Company believes that new facilities and efforts to
climate also boost our confidence. We will be interested strengthen sustainable growth foundation will create
to see the progress in this area and will refer to the better added value for shareholders and stakeholders
investment climate in our neighbors in the region, as in the future.
well as developed countries, as our point of reference.
Changes in the Board of Directors
Economic growth projections certainly suggest Composition
prospective times ahead for the cement industry, In 2015, there were changes to the composition of
with market demand estimated to grow at 5%-7%. the Companys Board of Directors. The Company,
However, considering the possibility of substantial through EGMS on 23 January 2015, appointed myself,
oversupply, the Company needs to stay prepared to Suparni, as President Director until the AGMS 2017 or in
maintain its performance level, control costs and sustain accordance with prevailing regulations. The EGMS also
operating efficiency. appointed Mr. Rizkan Chandra as Director.

Further, the GMS on 16 April 2015 respectfully Closing

discharged Mr. Suharto and appointed Mr. Aunur Having delivered the 2015 performance report, we would
Rosyidi as Director. With these changes, the composition like to respectfully ask for the shareholders approval of
of the Board of Directors is as follows: this Annual Report, as well as the management of the
President Director : Suparni Company in 2015, to ratify the Financial Statements,
Director : Ahyanizzaman and to grant full acquittal and discharge of responsibility
Director : Amat Pria Darma of the Board of Directors and Board of Commissioners
Director : Gatot Kustyadji management and oversight of the Company in financial
Director : Johan Samudra year 2015.
Director : Rizkan Chandra
Director : Aunur Rosyidi Finally, on behalf of the Board of Directors, we would
like to extend our thanks to the shareholders for their
The controlling shareholder believed that changes in trust and support, to the Board of Commissioners for
the Board of Directors were necessary to address future continuous guidance and advice, and to customers and
challenges, taking into account over-capacity that business partners for their cooperation.
started in 2014 and peaked in 2015, which contributed
to a tougher business environment, as well as changes We also thank and express heartfelt appreciation to
in cement consumption in urban areas. all employees for their hard work, dedication and
contributions, which have made it possible for us to
On behalf of the Companys Board of Directors, we overcome the challenging 2015 and, beyond that,
would like to express our deepest appreciation for the deliver a performance that strengthened the Companys
dedication, hard work and commitment of Mr. Suharto growth foundation. We truly believe that the efforts we
during his term serving on the Board. To Mr. Rizkan have undertaken will enable the Company to welcome
Chandra and Mr. Aunur Roysidi, we welcome them to promising growth opportunities and to achieve a
the Board and wish them a successful time ahead. stronger and more sustainable performance in the
future.
On behalf of the Board of Directors
Gresik, April 2016
Suparni
President Director
Board of Directors
2 3 4
1
7
5 6

Board of Directors
1 Suparni
President Director
2 Aunur Rosyidi
Director of Engineering and Project
3 Rizkan Chandra
Director of Strategy Bussiness &
Enterprise Development
4 Ahyanizzaman
Director of Finance
5 Johan Samudra
Director of Production and R&D
6 Amat Pria Darma A.

Director of Commercial
7 Gatot Kustyadji
Director of Human Capital and Legal
Business
Development
Report
Grinding Plant Ho Chi Minh,

50of 1,15
Capacity millionIndonesia
PT Semen tons / year
(Persero) Tbk. | 2015 Annual Report
050 Business Development Report

052 Business Strategy
058 Corporate Transformation
067 Production Facility and Distribution
Development
071 Funding
073 Regional Expansion
Business Strategy

Overcoming challenging and increasingly
competitive business landscape by applying
short and long-term strategies based on
six identified key issues to optimize the
Companys advantage and maximize
sustainable return.
Business strategy involves systematic, measurable, There are several factors that influence growth of
and specific planning. It also takes into account the demand for cement:
Companys internal resources as well as external industry
structure. First, population growth. Endowed with large
population, population growth in Indonesia is a key
Intensive competition demands the Company to look for driver that can affect increase in cement demand.
ways and leading strategies to overcome and win the
competition. Eventually, the goal is for the Company to Second, government and private spending on various
not only survive, but also grow in a sustainable manner. infrastructure projects that significantly increases with
The following section discusses in brief the Companys the realization of Joko Widodo-Jusuf Kalla Nine Priority
strategic initiatives. Agenda, or NAWA CITA. Particularly relevant to the
industry are NAWA CITA components 3, 5, 6, and 7,
LONG-TERM STRATEGIC PLAN which read as follows:
Based on ASI data, as of the end of 2015, national - NAWA CITA point 3, building Indonesia from the
cement industry was dominated 56% by private and periphery by strengthening regions and rural areas
foreign players, while 44% of the share was controlled under a Unitary State
by SOEs, namely the Company and Semen Baturaja. - NAWA CITA point 5, improve the quality of lives
The Company forecasts that cement demand would - NAWA CITA point 6, increasing productivity and
continue to grow in the future, although sales nationally competitiveness in international market
declined in early 2015. - NAWA CITA point 7, promoting economic
independence by developing domestic strategic
sectors

Business Strategy
Third, cement consumption per capita. In Indonesia, this plants and plants in new locations. One of the
number is still below the average per capita of cement implementation programs was the optimization of
consumption in Asia, which creates growth opportunity vertical cement mill in Dumai that had a capacity
of cement demand in Indonesia. of 0.9 million tons per year. Organic strategy was
also employed to continue the construction of
Fourth, Indonesias promising long-term economic Indarung VI Plant in Sumatra and Rembang Plant
prospect, despite downturn in other countries. Growing in Central Java. The constructions of new plants
economy helps boosting cement demand in Indonesia. are slated for completion and operation in the
third quarter of 2016.
Fifth, investment attractiveness. Indonesia is one of the
investment destinations for industry sector and basic Following the constructions of two new plants,
infrastructure development sector. Projects from both the Company plans to build a new plant in
sectors are expected to drive economic potential across Aceh with a capacity of three million tons per
regions, therefore increasing cement demand. annum in cooperation with strategic partner. The
groundbreaking phase is planned to take place
Sixth, the single market under ASEAN Economic in the second quarter of 2016. In the future, the
Community that started in 2015. As a multinational Company has plans to add production facilities.
company, the Company can benefit from new market
potential especially in ASEANs emerging markets such With the new additions, and given that the
as Vietnam, Myanmar, Laos, and Cambodia. constructions of all plants are realized, production
capacity is expected to increase from 31.8 million
To address the growing potential of cement tons per year at the end of 2015 to 55 million tons
consumption, the Company has identified six key issues per annum by 2020.
upon which its sustainable growth strategy is founded:
1. Growth Capacity 2. Energy Security
2. Energy Security The Company conducts and regularly evaluates
3. Fulfilling Customers Needs energy securitization to ensure coal supply and to
4. Strengthening Corporate Image maintain a balanced power supply sourced from
5. Ability to Sustain Growth PLN and own power plant. To secure coal needs,
6. Control of Main Risks the Company entered into long-term contracts
with subsidiary PT SGG Energi Prima or other third
1. Growth Capacity parties. The contracts are evaluated periodically.
The Company consistently takes measures to
increase production capacity through organic In this regard, the role of PT SGG Energi Prima
and inorganic strategies. Organic strategy is as the Companys strategic tool needs to be
implemented by increasing the capacity of existing optimized to secure coal supply.
Business Strategy
Currently, the Company is continuing the plants spread across Indonesia and Vietnam. The
development of WHRPG in Tuban, a unit with Company manages distribution facilities of each
30.6 MW capacity and FS 19.4 MW to secure existing production unit to ensure reliable supply
power supply by utilizing gas heat recovery. and to have optimum distribution cost through
In addition from converting recovered gas to synergy between Operating Company (OpCo).
electricity, WHRPG is also valuable to reduce
electricity cost and use of electricity supplied by The Company realizes that the importance of
PT PLN (Persero). WHRPG unit in Tuban generates growing brand equity through effective marketing
a potential electricity cost savings of Rp80 billion- programs, such as construction workers
Rp100 billion per annum. community program and other programs that
would ensure the Companys products remain the
To secure power supply, the Company also consumers first choice. To address any complaints
manages 2 x 35 MW power plant in Tonasa V or inquiries, the Company has set up customer
Plant in Pangkep District, South Sulawesi the service line and, if necessary, can dispatch mobile
largest power plant ever integrated to a cement laboratory directly to customers site.
industry.
The Company also diversifies products to ready
The Company also plans to utilize alternative mix concrete, precast concrete, and other building
energy to reduce coal cost and in support of materials through subsidiary PT SGG Prima Beton.
realizing a green industry.
The Company carries out various innovations
3. Fulfilling Customers Needs for cement products and product derivatives,
By fulfilling customers needs, the Company seeks producing high quality materials, to meet
to maintain cement market share in Indonesia and consumers needs. One of the Companys
in the region. The Company has a three-pronged inventions was rapid strength concrete and phorus
strategy ensure to meet the consumers needs, concrete.
namely guaranteeing cement availability in the
market, making Companys products as consumers 4. Strengthening Corporate Image
top choice, and products diversification. One of the Companys growth pillars is
environmental and social management. Efforts
To ensure cement availability in each market to strengthen corporate image focus on the
segment, the Company continues to enlarge its Companys activities around it.
distribution network by expanding the number
of sales partners that currently has reached 225 In environmental management, the Company
throughout Indonesia. To ascertain that cement is committed to CO2 reduction efforts, utilize
distribution reaches each of the Companys industry waste, use of alternative fuel resources,
regions, the Company has developed 31 batching and utilize recovered gas heat.

Business Strategy
The Company also continuously carries out social through mapping of distribution pattern and marketing
and environmental responsibility programs to strategies. Product sales are prioritized in areas that
create favorable operational environment and to generated optimum profit margin, whilst exploring new
improve corporate image. markets in other potential regions.
5. Ability to Sustain Growth Using this focus, the Company had the initiative to
To support business development, the develop the marketing of ready-mix concrete, precast
Company enhances all operational facilities. The concrete, and building materials.
enhancement efforts are expected to become
a direct catalyst to accelerate business growth Cost Management
and include organizational re-arrangement, This strategy maintained the Companys focus on
information and communications technology cost efficiency achieved through robust management
improvement, and human resource management. of material, packaging, energy use, maintenance,
The enhancement is done in an integrated manner distribution pattern, and modes of transport. The goal
and encompasses the Companys entire group. was to ensure that the Company had competitive
excellence.
6. Control of Main Risks
Prudence is continuously embedded in the Capacity Management
Companys business operations. The Company Increase of production capacity was designed and
strives to improve the quality of its risk implemented through organic and inorganic measures.
management by monitoring and taking mitigation These included maintaining operational stability at
steps related to each of the Companys main risks high utilization level to allow the Company sustaining
in order to optimize the potential of performance its market leadership and at the same time meeting
improvement. growing demands for cement.
STRATEGY MANAGEMENT FOCUS Increasing Competitive Advantage

The Company translates long-term strategy into short- To increase competitive advantage, the Company
term strategy with five management focuses defined implements corporate restructuring, subsidiary
to support growth acceleration: revenue management, restructuring, human resource competence building,
cost management, capacity management, increasing and information and communications technology
competitive advantage, and investment management. enhancement within the group.
Revenue Management Investment Management

Strategy implementation focused on the Companys To develop business capacity, the Company implements
marketing activities. By emphasizing on revenue prudent investment strategies to ensure that all
management, the Company manages revenue potential investments generated optimum and sustainable return.
Business Strategy
SYNERGY PROGRAM paper, gypsum, copper slags, fuels, oil, castable, fire
The Company is building synergy to harness bricks, grinding balls, castings, belt conveyor, and
geographical advantage of its production facilities bearing.
located in three of Indonesias main growth regions,
allowing it to have extensive reach to the market. This The impact of joint procurement program was evidenced
synergy entails engineering, procurement, production, by better efficient value of strategic goods inventory,
marketing, distribution, and finance and has been which was up by 40% compared to previous inventory
enabling the Company to book efficient operating value.
costs, thus increasing its competitive advantage.
Efficiency program will be continued, adding more
As the Company has transformed into a Strategic types of strategic goods or services to the list.
Holding Company, it will intensify efforts to implement
synergy programs that can capitalize the potential of Other achievement in efficiency in 2015 was also
all Operating Companies in cement and non-cement supported by the implementation of material substitute
industries. Integrated as a group, the synergy is expected programs, such as copper slag that substituted ironsand
to bring about optimum performance. and the replacement of granular gypsum with purified
gypsum. In these particular examples, the Company
The Company believes that various synergy programs recorded 37% cost efficiency for copper slag and 23%
currently in place will be more effective and result in for purified gypsum.
noteworthy consolidated performance whilst generating
maximum benefits for all stakeholders. To enhance and optimize Goods and Services
Procurement process and to comply with the program
Synergy in Strategic Goods Procurement from Indonesian Government, which required all
Following corporate transformation process as a government agencies including SOEs to abide by good
Strategic Holding, synergy program for procurement corporate governance (GCG), PT Semen Indonesia
is under the responsibility of Strategic Procurement (Persero) Tbk has implemented e-procurement system,
Department. Its primary duty is to coordinate the which represented the Companys commitment to GCG
procurement of goods and services that are considered and quality of procurement.
strategic in the Companys operations. Procurement
process aims to obtain goods and services from the best E-procurement is a series of goods and service
sources, with the best quality, and in efficient process procurement process that take place on an electronic,
and price. IT-backed platform that covers the end-to-end phases
from vendor registration, pre-bidding round, bidding,
To improve efficiency, at the end of each period the negotiation, to winner decision.
number of strategic goods and services is expanded. As
of the end of 2015, there were 12 products in the list E-procurement offers a number of advantages; it
of strategic goods and services in which procurement enhances transparency and accountability, improves
for those materials wil be coordinated under synergized bargaining power, expedites procurement process, and
procurement program. The products are: coal, kraft provides real-time information access.

Business Strategy
BUSINESS PROSPECT AND STRATEGY In 2016, the Government aims for a more equal
2016 distribution of spending in semester I.
Embarking a new journey in 2016, Indonesia is in need
of optimism to whether domestic and global economic The following are Indonesias macro economic and oil
challenges. The susceptibility of global economy to price assumptions for 2016:
crisis needs to be taken into account; reflecting 2015 Indonesias economic growth projected at 5.3%
experience, the sluggishness in China and low oil price (State Budget 2015) in 2016
will remain significant factors that can affect Indonesias 2016 inflation estimated to increase to 4.7%
economy. As oil price is deemed as the yardstick of prices Average exchange rate of Rupiah against USD is
of other commodities, weak oil prices will influence the estimated between Rp13,700-Rp13,900
downward swing of commodity price. Global oil price is projected at around USD25 -
USD50 per barrel.
As Indonesias largest trade partner, economic decline
in China significantly influence export activities. Yet, not The government is committed to perform the 2016
only Indonesia, it is important to also note that global State Budget optimally in terms of revenue, spending,
economy was also affected by Chinas slower economic and funding. Further, the Government also expects that
pace. stronger State Budget will bring favorable impacts to
economic growth and expects that 2016 will outperform
Interest rate policy of the United States Federal Reserve 2015.
will also have a role in the development of domestic
economy, especially the financial sector. It needs to be To realize optimum performance in 2016, the Company
anticipated to ensure the stability of Indonesias financial has defined operational plans, targets, and strategies.
industry. The Company will stay focused to implement its five
strategies: Revenue Management, Cost Management,
The Government of Indonesia has endeavored to Capacity Management, Increasing Competitive
maintain strong economic fundaments at macro, Advantage, and Investment Management.
monetary, and fiscal levels. One of the important steps is
to optimize the absorption of State Revenue and Budget The Company is also confident that final stage and
to support growth in 2016. In this regard, budget completion of corporate transformation to Strategic
implementation has started early and bidding process Holding will optimize Synergy Program across Operating
has been approved to take place from November 2015. Companies, which is backed by information technology,
to generate efficient distribution and operating costs,
In January 2016, several infrastructure projects have thereby boosting financial performance. These plans
been commenced, among others projects under the evidence the Companys readiness to capture growth
Public Works Ministry, Agriculture Ministry, Energy and opportunities in improved domestic and regional
Mineral Resources Ministry, and Transport Ministry. cement market.
Corporate Transformation

The preparation of Tuban facility under
operational cooperation contract, which
is part of the final step of Corporate
Transformation process as Strategic
Holding, signifies the Companys efforts
in mitigating future business condition
while strengthening Semen Indonesias
position as the leading regional and
national cement player.
Head Office Semen Gresik in Tuban, East Java

Business Strategy
Corporate restructuring has undergone a number Operating Holding
of phases. Restructuring process aims to effectively In 1995, the government as the Companys majority
accelerate the Companys growth, enhancing the shareholder initiated the establishment of cement
Companys value in line with national demand for holding company by merging three cement SOEs,
cement that has been predicted to increase following namely PT Semen Gresik (Persero) Tbk (before the
current and future economic development. Overall, the company changed name), PT Semen Padang, and PT
corporate restructuring consists of four main phases: Semen Tonasa. In the process, the Company acquired
Operating Company the two other national cement companies. The merger
Operating Holding of these companies also marked the end of superiority
Functional Holding of private players. The combined production capacity
Strategic Holding of the SOEs led to outperform production capacities of
private companies as they paved the way as the largest
Operating Company cement entity in Indonesia.
The process of becoming Operating Company started
in 1991 when the Company exercised IPO to go public Post-acquisition, the Company began to undertake
and was the first SOE to have its shares listed in the a role as Operating Holding and exerted to improve
Indonesia Stock Exchange (formerly Jakarta Stock performance by upgrading internal as well as group
Exchange). Subsequent to the IPO, the Company operational systems. The Company experienced
conducted a series of corporate restructuring, among numerous implementation bottlenecks on the field,
others organization structure rearrangement and in setting up marketing regions, and in the process
improvement across governance, marketing pattern, to synchronize operational activities. At the time, the
transaction bookkeeping, management practices, to Companys performance as a group was not optimum
financial reporting. The goal of the entire process was as the result of the barriers.
to build an SOE that can robustly perform in operational
and financial sides. Functional Holding
From 2003-2005, the Company started to implement
Various programs successfully resulted in strong growth Functional Holding. The Company aimed to enhance
and business performance, leading to continuously operational and financial performance by synergizing
increasing production capacity as well as extension of operational and marketing competence of the
marketing regions. Until 1995, the Company operated group. The Company worked to improve the quality
as independent operating company, as were PT Semen of organizational management and intensively
Padang and PT Semen Tonasa. These companies, all communicated with stakeholders in each operating
SOEs, competed in the cement industry and in certain company in order to build trust and create favorable
markets to deliver the best results. working environment.
To achieve synergized operational performance, the

Company also optimized geographical advantage from
having three plants located in west, central, and eastern
regions of Indonesia.
Business Strategy
To that end, the Company increased marketing Audit. The Company issued a joint decree (SKB) for
efficiency by supplying products through facilities the procurement of a number of principal and auxiliary
located closest to the market. In addition, synergy was materials for production to improve efficiency. The
also created by putting in place integrated procurement Company also intensified marketing strategy to increase
system for functions of maintenance, spare parts, fuel and maintain market share leadership. In addition, in this
supply, and auxiliary materials for production. phase, the Company conducted a study to determine
the most optimum corporate structure one year into the
In 2007, the Company concluded corporate restructuring functional holding implementation.
blue print with the ultimate goal of integrating
production capabilities of the three companies and In 2010-2011, the study indicated that the functional
taking part in developing markets. As the first step holding brought positive results in a number of certain
in restructuring process, the Company formulated operational function initiatives carried out as a group,
organizational structure and implementation plan for but there were obstacles in other functional areas. This
individual company within the group. indicated that while the Companys operational and
financial performance showed consistent improvement,
The Company then cascaded functional holding there were rooms to optimize results.
concept to other key operational functions (Marketing,
Procurement, Capital Project) to drive synergy between Through in-depth studies involving numerous aspects,
OpCo. This phase was followed by the implementation including a study conducted by independent consultant,
of group-wide initiative for the main functions. the Company concluded and developed a new program
to establish a full strategic holding company, followed
The next step was to establish group functions, which by the process to capitalize the competence of operating
cover marketing, procurement, IT development, companies to support long-term business growth.
financial management, HR management, and Internal
Corporate Transformation Journey Toward Becoming a Leading International Company

YEAR
1991 1995 2005 Consolidation

2012 Business 2015
Individual Companies & Synergy Development
Post Acquisition
GO PUBLIC
FUNCTIONAL HOLDING
CONSOLIDATION SYNERGY & STRATEGIC INTERNATIONAL

IPO SG-SP-ST INNOVATION HOLDING COMPANY
The first Group-wise, Synergy between Blue Print adoption International Business
SOE to GO exhibiting the OpCo Change in AD OpCo Expansion
PUBLIC largest capacity Innovation across Separation of Strategy Business Clustering
in Indonesia different fields and Operational Cement
Cemex entered Semen Indonesia Function Cement Related
as shareholder Award on Innovation HolCo to focus on Non Cement Related
to appreciate Strategic Policy
innovators OpCo to focus on
Operational Excellence
First multinational SOE

Business Strategy
Toward a Promising Strategic Holding Semen Indonesia, the Name that

In 2012, the Company intensified efforts to establish Consolidate Groups Potentials
strategic holding company that would ensure On 20 December 2012, in the extraordinary general
operational synergy across companies within the group. meeting of shareholders (EGMS), the Company officially
changed name from PT Semen Gresik (Persero) Tbk, to
Semen Indonesia strategic holding was designed to PT Semen Indonesia (Persero) Tbk. The change of name
bring together all activities in the group, covering also signified the first step in the process of building
financial, investment, capital expenditure, marketing, strategic holding company. All operating companies
procurement production, information technology, retained their names, considering that their products
research and development, as well as community have become household names with strong brand equity
partnership and development activities. The alignment that are the top of mind in their respective segments.
was expected to accelerate growth and optimize the
Companys performance. The name Semen Indonesia was chosen based on the
following crucial considerations:
Through the implementation of strategic holding, the The name reflected the groups ambission to ex-
position of holding company to subsidiaries (cement pand market reach nationally and regionally
companies and future subsidiaries) became clear: The name signified national characteristic of a com-
the Company, as the strategic holding company, pany that entails operating companies located in
determined the groups current and future business Indonesia
direction. Following the Companys transformation to The name honors the history and tradition of oper-
a holding company under the name Semen Indonesia, ating companies
new operating company emerged, namely PT Semen It reflects the Companys identity as an integrated
Gresik that is equal to other operating companies; company group and pride of Indonesia
PT Semen Padang, Semen Tonasa, and Thang Long
Cement Vietnam. The Company also considered that Semen Indonesia
was a suitable name for the goals it aims to achieve
With the establishment of strategic holding, holding from being a holding company:
function and operational function could be synergized, Ability to increase synergy:
resulting in effective, efficient, and systematic group o Aligned with the positioning of subsidiaries in
management. The Company believes corporate cement industry
transformation would propel the Company in o Reflects a large holding company and symbol-
realizing its vision of becoming reputable national and izes Indonesian background
international cement company.
Business Strategy
o Able to encompass cement subsidiaries lo- PT Semen Gresik is also part of the Companys efforts
cated in different regions (Gresik, Tonasa, to reinforce its function as strategic holding company.
Padang) By establishing PT Semen Gresik as a separate subsidiary
o Easily accepted at both national and regional with the duties to manage operational function that is
levels, as the Company planned to acquire for- currently under the Company, the Company will be able
eign companies to focus on better harnessing synergy through inter-
Implementation Feasibility: operating company cooperation.
o Does not trigger drastic change that might af-
fect phases in strategic holding development PT SEMEN GRESIK AT A GLANCE
o Reflects strategic holding process as national/ PT Semen Gresik (Semen Gresik) was established to
Indonesias movement. undertake the role as an operating company, similar
Enhance marketing and growth potential: to other subsidiaries that are engaged in the cement
o Each existing brand (Semen Gresik, Semen To- industry. Semen Gresik will carry out the management
nasa and Semen Padang) can continue to exist of existing plant in Tuban under operating cooperation
and grow contract (OCC) and a new plant in Rembang, which will
o Potentially more acceptable by other state- be managed as other operational units already under
owned cement companies targeted for ac- Semen Gresik.
quisiton
To prepare the transfer of management of Tuban facility
Strategic Holding implementation, a to OCC, the leadership of Semen Gresik has been
Strong Foundation Toward Becoming involved in managing the units operations, embedded
a Reputable Cement Company in the Companys organization structure, and tasked
As the first step to realize strategic holding function, in strategic position related to the operational
in 2013 the Company refined the blue print of its management under the President Director, Production
organizational management. This step was done by & Research and Development Director, Commercial
adjusting Articles of Association of the Company and Director, and Finance Director.
the subsidiaries to clarify roles, responsibilities, and
functions. Under the President Director, Semen Gresiks
management holds the position of Executive Vice
ESTABLISHMENT OF PT SEMEN GRESIK President (EVP), while under relevant directors the
The Company established a new subsidiary, PT Semen management holds the position of Senior Vice President
Gresik, on 7 January 2014. PT Semen Gresik was (SVP).
established to transfer the operating company function
of Tuban Plant and its entire operational facilities as Meanwhile, to prepare the operations of Rembang
well as Rembang Plant the latter currently under Plant that currently under construction, Semen Gresik
construction. as project owner has been working together with

Business Strategy
the Company under a Project Charter to complete Following the conclusion of a transformation journey
Rembang development as planned. Semen Gresik has into a Holding Company, the Company learned
established Project Counterpart Team to monitor the throughout the phases that there has been an
projects progress. The teams daily activities are carried accumulation of individual competencies subsidiaries,
out by/and under the coordination of Rembang Project especially subsidiaries in the cement industry. The
Team established by PT Semen Indonesia (Persero) Tbk. competencies included engineering skills, mining
innovation, production innovation, financial expertise,
As part of the preparation to manage Tuban facility and others. These competencies had been built up
under OCC and to operationalize Rembang facility, through the years of hard work of the management and
Semen Gresik has designed organization structure, employees in maintaining and increasing the Companys
organization manning, and planned and realized leadership in national cement industry and gradually in
recruitment program of prospective employees. In 2014, the regional level.
Semen Gresik recruited 296 prospective employees that
took part in the selection process and continued the Nevertheless, the Company is determined to synthesize
recruitment process with training programs. the individual competencies in a platform; a platform
that will consolidate all competencies, strengthen them,
Upon project completion, scheduled in the second and elevate them to the holding level in accordance
quarter of 2016, Semen Gresik will be responsible for with the Companys status.
the operational of Rembang facility.
With the tagline Primary Establishment in the Future,
The comprehensive, measurable, and structured the Company is committed to compete in the cement
preparation step indicate that Rembang and Tuban industry, obtain product leadership, and maximize the
Plants operations in the future will be seamless and will ratio of new product sales, as well as to:
meet their defined targets.
SEMEN INDONESIA CENTER OF CHAMPS (SICC)
CENTER OF THE CHAMPS
Business Strategy
Compete in building the structure of a future in- to the Companys development needs. The SICC forms
dustry the aligned and integrated functions, as follows:
Compete to attain leadership in core competen- Center of Dynamic Learning (CDL): strategic learn-
cies ing institution as part of the international focus of
Maximize the rate of new market learning Semen Indonesia Center of the Champs (SICC).
Center of Knowledge Management (CKM):
To that end, the Company requires support from the knowledge management institution as part of the
best resources and capabilities, which will form one international focus of Semen Indonesia Center of
of its competitive advantages. The most effective way the Champs (SICC).
to realize this is by merging all potential from all the Center of Engineering (COE): strategic institution
Companys business lines at holding and operating in engineering and part of internal focus of Semen
company levels. Indonesia Center of the Champs (SICC).
Center of Research (COR): research institution and
The Company then established Semen Indonesia part of internal focus of Semen Indonesia Center
Center of The Champs (SICC) as the bridge that of the Champs (SICC).
connects competency disparity with strategic excellence
Tuban Mill, East Java

Capacity of 14 million tons cement/year
required of a world-class business entity that the International University of Semen Indonesia (UISI):
Company is endeavoring for. The SICC shall: higher education institution and part of the ex-
Drive the creation and strengthening of world-class ternal focus of Semen Indonesia Center of the
engineering competitive edge Champs (SICC)
Support the corporation to become the State- Semen Indonesia Training And Consulting Services
Owned Powerhouse that undertakes significant (SITCS): instution that focuses externally in deliv-
role in Indonesias economic and social landscape. ering training and consulting services in cement
Drive SYNERGY within Semen Indonesia Group by industry and other relevant sectors.
cultivating the CHAMPS value into winning culture
As the center of excellence, SICC focuses on taking

the accumulated competencies of the Companys
individuals and mapping them under the fields relevant

Business Strategy
Integration and Alignment Model of SICCs Functions
s
ta l
rsi iona Co Tech
e n n
i v s Se sult ical
Un ernamen sia rv a
t
In Se one I) (TC ice ncy
d S S) s Objectives
External In (UI
Focus
World Class Human Capital
Internal
competencies in:
(CKM) nt
Focus
Mana ledge
Cente ic
ACCELERATE
Know r of
Dyna g
Learn )
geme
(CDL
Cente
1. Cement Producer
r of
m
CENTER OF THE CHAMPS

in
2. Engineering Services
3. Trading and Logistic
4. Investment Management
Ce f 5. Project Management
n ro
Re ter o nte ing
se f Ce ineer
(CO arch g )
T) En (COE
Semen Indonesia Center of The CHAMPS (SICC)

As the bridge that connects competency disparity with strategic excellence
required of a world-class business entity aimed by the Company.
BUSINESS CLUSTER INITIATIVE i.e. to grow revenue, to increase competitive advantage,

The Company is committed to develop its business to increase profit growth, and to create value added of
that will yield sustainable business growth following the Company.
its corporate transformation journey. There are four
strategic missions articulated in business development, The strategic missions of business development are
detailed as follows.
Increase Revenue Growth Improve Competitive Advantage

(Core Business) (Vertical Diversification)
Cement Business (Indonesia Trading & Logistic
& International) (Trucking, Shipping, Port)
Ready Mix Concrete Energy (Coal & Electricity)
Raw Material
SUSTAINABLE
GROWTH
Create Value Added Improve Profitability Growth

(Research and Technology) (Horizontal Diversification)
Engineering R & D Building Materials
IT R & D Infrastructure
Business Strategy
Business development efforts draw upon the clusters closely related to operational activities in the
Companys long-standing accumulated knowledge and cement business.
are supported by employees competency building as a
result of SICC activities as Semen Indonesia Center of To bring about this long-term aspiration, the Company
Excellence. has kicked start the advanced stage of corporate
transformation by strengthening the foundation of
Based on its strong competitiveness in existing synergy between Holding Company in cement business
businesses and with the availability of world-class human and subsiadiries activities that have been supporting
capital from SICC, the Company has defined a plan to the Companys operations. Foundation strengthening
initiate business cluster to realize sustainable business covers several aspects, namely organization structure,
development with long-term quality performance. work systems, performance appraisal standard,
Business cluster will pave the way for Semen Indonesia development direction, and others.
to move to the next level of operational performance,
and eventually to become the leading international Business cluster development of Semen Indonesia
cement company in Southeast Asia. Cement as the Group in the future is illustrated as follows.
Companys core business will be reinforced by business
Cement
Indonesia Energy Trading &
Logistic
Internasional
Non
Cement Technology Cement Infrastructure
Concrete
Raw &
Material Building
Material
Others

Production Facility and

Distribution Development

Ensuring the completion of two new
production facilities, planning for the
execution of additional new plant,
and fortifying distribution network
by development packing plants in
prospective regions to strengthen
the Companys position as reputable
domestic and regional player in the
future.
To develop its business, the Company realizes various Pursuant to the resolutions of EGMS on 26 June 2012,
investment plans aimed to improve production the Company is currently in the process of developing
capacity and support distribution efficiency. In terms new plants in Sumatra and Java Islands. The site of
of production capacity, the Company undertakes three new plant in Sumatra, located in Indarung, Padang,
approaches: acquiring cement company, building new is adjacent to an existing plant. The new plant will be
plant as part of its strategic projects plan, and to execute the sixth unit in Indarung and named Indarung VI Plant.
upgrading programs. Another project site in Java is located in a new region
(a green field) in Rembang District, Central Java. Both
Meanwhile, to enhance efficiency and expand market plants will have 3 million tons per annum capacity and
coverage, the Company prioritizes the development of slated for completion at the end of 2016.
grinding and packing plants followed by upgrading of
port facilities and buffer warehouses, and development
of information technology for product distribution.
Production Facility and Distribution Development
CONSTRUCTION OF INDARUNG VI Indarung VI plant construction was slower than planned;

PLANT, PADANG progress has reached 78.24% compared to the target
The construction of Indarung VI plant adopts self- of 80.22%. Progress details are as follows:.
management concept, in which PT Semen Padang as Preparation reached 93.14% of the planned
project owner has established Project Team to execute 93.12%
and manage the project. Self-management concept Engineering reached 99.96% of the planned 100%
has been successfully adopted in the development of Procurement reached 92.63% of the planned
the Companys other plants, which demonstrated the 95.14%
Companys capability in building a modern cement Construction reached 54.10% of the planned
production facility. Self-management concept consists 55.78%
of engineering, procurement, construction, and Management reached 77.84% of the planned
commissioning stages. 77.83%. Commissioning is still on hold, pending
the construction that is underway
As of 31 December 2015, the project has entered
construction phase of various facilities. The progress of The following table describes the progress of Indarung
VI Plant as of December 2015.
Cost Weight Plan Actual

Variance
Activity Component (Estimated at Completion) Factor Progress Progress
(%)
(Rp million) (%) (%) (%)
Preparation 73,541 2.50 93.12 93.14 0.02
Management 186,291 4.22 77.83 77.84 0.01
Engineering 68,545 2.15 100.00 99.96 -0.04
Procurement 2,242,199 57.89 95.14 92.63 -2.51
Construction 1,382,015 31.16 55.78 54.10 -1.68
Commisioning 79,924 2.08 - - -
Total 4,032,525 100.00 80.22 78.24 -1.98
Rembang plant project, As of the end of March 2016, progress of Indarung VI

Central Java plant has reached 86.49%.
CONSTRUCTION OF REMBANG PLANT

IN REMBANG, CENTRAL JAVA
Rembang plant project also adopts self-management
concept. As project owner, PT Semen Gresik has
established Counterpart Team to carry out the
construction, while as project executor and coordinator
the Company has established Rembang Project Team.

Rembang project is a green field construction and Engineering reached 100% of the planned 99.95%
thereby involves more complex activities, including land Procurement reached 93.63% of the planned
acquisition and settlement, development of supporting 92.67%
infrastructure, and development of production facilities. Construction reached 50.91% of the planned
57.19%
On 16 June 2014, a groundbreaking ceremony that Management reached 72.34% of the planned
marked the start of the project was held. Rembang 65.37%. Commissioning is still on hold, pending
plant is designed to have 3 million tons annual capacity the construction that is underway.
and is slated for completion in quarter III 2016.
The following table describes the overall progress of
At the end of 2015, physical construction of Rembang Rembang Plant.
Plant has reached 81.26%, slightly under the targeted
81.65%. Progress details are as follows: Table of Rembang Plant constrction progress, December
Preparation reached 97.96% of the planned 2015
97.91%
Cost Weight Plan Actual

Variance
Activity Component (Estimated at Completion) Factor Progress Progress
(%)
(Rp million) (%) (%) (%)
Preparation 402,010 9.00 97.91 97.96 0.05
Management 337,665 7.58 65.37 72.34 6.97
Engineering 144,487 3.28 99.95 100.00 0.05
Procurement 2,713,334 53.94 92.67 93.63 0.96
Construction 1,078,771 24.61 57.19 50.91 -6.28
Commisioning 70,366 1.58 - - -
Total 4,746,632 100.00 81.65 81.26 -0.49
As of the end of March 2016, progress of Rembang

plant has reached 88.34%.
Indarung VI plant project,

Padang, West Sumatera
ACEH FACILITY DEVELOPMENT PLAN Semen Tonasa

The Company cooperates with strategic partners to Semen Tonasa capacity improvement was done
build new facilities in strategic locations. One of these for Tonasa VI plant, increasing the units capacity
locations and planned for immediate execution is in from 7,800 tons per day to 8,500 tons per day. The
Aceh. The new plant in Aceh will be developed by a upgrade was conducted part by part, installing fix
joint venture entity between the Company and PT inlet cooler, ID Fan, and high momentum burner.
Samana Citra Agung.
To meet coal needs as the capacity in Semen Tonasa
The location of the facility (green field) and quarry is increased, the Company has also completed the
planned to be in Pidie District, Aceh Province. The construction of one coal mill unit in Tonasa VI plant
Company currently has acquired over 1,500 hectares of with a capacity of 80 tons per hour.
land, including land for port connected to the Malacca
Strait and Indian Ocean. Mining and investing permits Semen Gresik
for cement plant have also been acquired. At the same The Company has completed clinker cooler
time, the Company is accelerating the engineering modification work in Tuban II and Tuban III units,
process so that the project may begin in 2016. using the latest cross bar cooler technology. Clinker
cooler installation was carried out in 2014 for
Considering the facilitys location and development of Tuban II plant and in 2015 for Tuban III plant.
domestic and regional market, the unit in Aceh will have
3 million tons of annual capacity and equipped with Packing Plant Construction
modern facily to enable product distribution by sea. To support distribution facility, the Company currently
has 23 packing plants located throughout Indonesia. In
UPGRADING PROJECT 2015, the Company completed the construction of 3
An upgrading project is the modification or replacement new units in Lampung, Pontianak, and Balikpapan.
of existing production equipment to enhance their
capacity. The Company has been gradually upgrading The goals of packing plant construction are:
existing plant facilities since 2008 and will be continuously To have efficient transportation, distribution, and
implemented. In upgrading projects, the Company has packing costs
been enhancing the capacity of pyroprocess, coal, and To ensure cement supply continuity in the
cement grinding. Companys marketing regions
Market expansion
In 2015, the Company completed the following
enhancement projects: The completion of various supporting distribution
facilities increases the Companys readiness in seizing
Semen Padang opportunities of domestic demand growth and in
Cement mill in Dumai with a capacity of 150 tons augmenting market share in the future.
per hour has begun operating and now serves
as cement supply facility in the eastern coast of
Sumatra island.

Funding

Optimally managing internal funds
and acquiring efficient funding sources
to meet business development needs
in order to improve the Companys
competitiveness and ablity to overcome
growing business challenges and to
meet domestic as well as regional
market demands.
From the past several years, the Company has and For business development, as discussed in previous
is realizing various business development programs. chapter (see Regional Expansion and Domestic
Numerous investing activities relevant to the programs Expansion sub-chapters), the Company utilizes banking
have been taking place, including: acquisition, loans which have been made available as credit
establishment of subsidiary/new business line, facilities tailored to the Companys needs. In general,
construction of new plants, and development of the Company relies on two funding sources: internal
production and distribution facilities. cash and banking funds.
To meet funding and investment needs, the Company To intensify the optimum use of internal and banking
believes that it is necessary to explore external sources funds that support investment activities, the Company
within acceptable limits to ensure that the investing has stipulated investment approval policy, which
activities would yield optimum benefits in short and among others defines types of investment and amount
long-term. To that end, to secure the support of external of appropriate funds.
funding sources to finance business development
investment, the Company has cooperation with various
financial institutions.
Funding
The Company also applies a number of other policies 2. Subsidiary (ST) signed the 13th addendum of non-
and programs to meet its investment funding cash loan facility agreement with Bank Mandiri
requirements, including: consisting of Import Letter of Credit (LC), Prime
Control loans within limits Lending Rate (Sight/Usance/UPAS), and Bank
Pursues maximum IRR that can generate optimum Guarantee. The maximum amount of facility is
benefit for WACC US$15 million and sub-limit financial supply chain
Pursues covenants that would provide optimum amounted to US$3.5 million. The purpose of this
flexibility for the Company facility is to purchase materials, auxiliary materials,
Optimize the use of corporate internal funds fuel, and spare parts.
Conducting centralized fund raising at the holding
level in order to obtain competitive pricing and 3. Subsidiary (ST) signed the fifth addendum of
terms and conditions treasury transaction services agreement with PT
Bank Mandiri (Persero) Tbk. The agreement enables
FUNDING REALIZATION 2015 the subsidiary to exercise foreign exchange sales
In 2015, the Companys capital expenditure was and purchase and offers maximum limit of USD12.0
primarily focused on the construction of Indarung million. Subsidiary (SG) signed the first addendum
and Rembang plants. The total capital expenditure of treasury transaction services agreement with PT
realized in 2015 amounted to Rp5.65 trillion; internal Bank Mandiri (Persero) Tbk amounted to USD55.00
funding contributed Rp5.35 trillion or 94.7%, while million for the procurement and purchase of foreign
the remaining amount of spending was contributed by exchange to finance regular capital spending and
bank borrowings. other operational activities.
Investing activities that the Company undertook in 2015 4. Subsidiary SP (BSA) transferred the investment loan
are as follows: and bank guarantee facilities from BCA to Bank
1. SGGPB obtained non-revolving loan facility of Negara Indonesia.
Export Investment Facility (EIF) for the purchase of
Batching Plant, Truck Mixer dan Loader. The loan
offered a ceiling of Rp84.80 billion with 60 months
tenor since the signing of the facility and 10.25%
interest rate.

Regional
Expansion

Regional expansion planning is based on
thorough calculation, as we recognize
market growth potential and relevance
with long-term business development
strategy in the pursuit of achieving
harmonized product marketing
strategies at national and regional levels
and bringing optimum benefits.
PROJECT BACKGROUND With the projected growth of domestic consumption, in

Indonesias cement consumption per capita today stands order to maintain market share the Company needs to
around 243 kg/capita, or relatively lower compared to build new plant of 3 million tons annual capacity every
other countries in the region that have reached 400- two years. After the first five years, the Company needs
500 kg/capita (Thailand and Vietnam), or Malaysia and to be able to develop one plant every year.
Singapore that have reached above 700 kg/capita. In
the meantime, as one of the middle-income countries, Today, the Company is building two new plants in
Indonesia is accelerating its development in order to Padang and Rembang, both are near their completion
become a developed country in the future. phase. The Company is also considering the construction
of a new plant in Sumatra.
The aspiration of becoming a developed country can be
achieved through continuous economic development. Considering the complex environment associated with
The government has targeted economic growth new plant construction, the Company has decided to
rate at 5-7% in the coming years and is focusing on pursue the course of inorganic development, namely
infrastructure development in 2015. For the cement by acquiring cement producers in order to expand the
industry, this dynamic represents ample room for Companys own production capacity and business.
demand growth, while for the Company this translates
as substantial opportunity for business growth and a In realizing the inorganic approach of business
challenge that needs to be wisely anticipated. expansion, the Company conducts thorough study
and involves internationally reputable independent
consultant in the process. The Company has also
Regional Expansion
examined potentially acquired companies that have Acquiring TLCC

strong synergy foundation and that will generate The decision to acquire TLCC was made following
mutual benefits in the long term. comprehensive considerations based on internal
assessment and recommendations from competent
The Company determines to focus on regional producers parties. There are a number of key elements that led to
for its inorganic acquisition based on a number of the Companys acquisition of TLCC.
considerations, including:
Economical distribution of cement products located The first consideration was Vietnams geographical
close to key marketing regions feature with its long coastline. This benefits the
The Companys vision of becoming a leading Company, as Vietnam is strategically located as the
regional player in cement industry Companys supply hub to the regional market.
Contribution to elevating Indonesias role in
regional economy Secondly, Vietnam had recently experienced economic
Lowering risk exposure from relying on national downturn, which for the Company represented an
market as key marketing region by expanding to opportunity to enter the market given that countries
regional market with weakeaning economic performance tend to aim
Southeast Asia is a region with relatively stable at attracting new investors. Moreover, Indonesia and
economic growth amid global economy volatility Vietnam have close bilateral relations.
Capturing business potentials post AEC (ASEAN
Economic Community) implementation Third, TLCC has been Vietnams leading cement player.
TLCC employs European technology and manages
integrated infrastructure, with total capacity of 2.3
THANG LONG JOINT STOCK million tons cement per year.
COMPANY (TLCC)
In 2012, the Company embarked the expansion project TLCC has cement facility in Quang Ninh province
to Vietnam and acquired a Vietnamese cement producer connected to Cai Loan seaport, and mill facility at the
company, Thang Long Joint Stock Company (TLCC). outskirts of Ho Chi Minh city (Saigon) connected to
Mekong river transport channel, provincial roads, and
TLCC is one of Vietnams reputable producers with international airport. Integrated infrastructure positions
production capacity that totaled to 2.3 million tons TLCC as an effective and efficient distribution hub.
cement per year. TLCC has cement facility in Quang TLCC also has large material reserves that ensure future
Ninh province integrated with Cai Loan seaport, and mill business continuity.
facility at the outskirts of Ho Chi Minh city connected
to Mekong river transport channel, provincial roads, Acquisition Process and Post-Acquisition
and international airport making it an effective and Integration
efficient distribution hub. TLCC also has large material Prudence principle was applied throughout the process
reserves and therefore significant prospect for future of TLCC acquisition. The Company started by examining
growth. and studying several potential companies in Vietnam and

Regional Expansion
thereafter established Due Diligence Team, consisting of Increase of EBITDA margin to 21.2%
the Companys expert staff and independent consultants Operating Income reached over Rp51.3 billion
from JP Morgan to carry out financial due diligence. The Improvement of product quality and marketing of
team also involved Melli Darsa & Co. that carried out new product, PCB 50, indicated consistent year-
legal due diligence. The Company also appointed public on-year volume growth
appraisal firm Ruky, Safrudin & Rekan (KJPP RSR) to Expansion of new TLCC export markets to:
prepare the fairness opinion of this acquisition. Philippines, Singapore, Cambodia, and Papua
New Guinea.
On 18 December 2012, the Company legally acquired
70% of TLCC ownership and officially became the The Plan Going Forward
controlling shareholder. To realize sustainable growth, TLCC plans to increase
production capacity. TLCC 2 plant project was prepared
Post acquisition, the Company tasked a Post Merger and included in Vietnam Cement Industry Development
Integration (PMI) Team to extricate TLCC from several Plan document 2011-2020, and the 2030 vision was
issues: approved by the government (Prime Minister) by virtue
Large debts of Decree No. 1488/QD-TTG dated 29 August 2011.
Declining market share The approval indicates that TLCC 2 Plant and An Phu
Discrepancy between operational and management Cement JSC (APCC) have principally obtained permits
processes for construction in 2016-2020.
Lack of expert staff in cement business
16% EBITDA margin per end of 2012 The Company also approved TLCC2 and APCC
expansion plans to increase production capacity in
The PMI team consisted of Executive Board, Internal Vietnam. As part of investment
Advisor, Head of PMI Team, Deputy of PMI Team, Head Process all necessary permits and licenses
of Human Capital Sub-Team, Head of ICT Sub-Team, Update Feasibility Study analysis
Head of Financial, Accounting, and Taxes Sub-Team, Formulate project funding strategy proposal
Head of Production Sub-Team, Head of Planning and Define budget requirement in 2016 business plan
Procurement Sub-Team, Head of Marketing Sub-Team,
Head of Marketing, Sales, and Distribution Sub-Team, Meanwhile, to execute the construction of TLCC 2,
Head of Communications Sub-Team, and Head of the Company with full support from GLX its strategic
Legal Sub-Team. The team was embedded to Vietnam partner in TLCC provided direction to the TLCC Board
concurrently with the closing of acquisition process on of Directors to:
18 December 2012 and continued to assist TLCC for Process all necessary permits and licenses
one year. Submit a request for approval to the government
with regards to changes in TLCC2 expansion plan,
PMI Team has successfully made corrective measures given that TLCC plans to commence APCC project
on TLCC performance by applying operational best at the same time.
practices in line with the standards applicable in the
Company.
Current Operational and Financial

Performance
Post acquisition, the new management team has
succeeded in bringing fresh development and changes.
The following are financial performance indicators as of
the end of 2015:
Regional Expansion
INORGANIC EXPANSION IN THE numerous aspects into consideration when studying

FUTURE inorganic expansion program, including material
To strengthen the Companys position in the region, the availability, presence of supporting utilities, local market
Company is considering the acquisition of other cement potential, and the acquisitions synergy with its long-
producers. Prior to the decision making in expanding the term business development strategy.
next market in the region, the Company will be taking
Finish Mill Thang Long, Vietnam

Tonasa plant, Pangkep, South Sulawesi,

Capacity of 7,2 million tons / year
Corporate
Information
Special Port of Semen Indonesia in Tuban, East Java,

Capacity of 30,000 tons
078 Corporate Information
081 Company Identity
082 Vision and Mission
084 Company at a Glance
086 Companys Advantages
088 Human Resource
089 Business Structure, Subsidiaries and
Associates
090 Organization Structure
092 Operational Areas and Distribution Map
094 Product Types and Supporting Facilities
098 Office Address and Information Access
099 Subsidiaries and Associates
Corporate Information

PT Semen Indonesia (Persero) Tbk is
the largest cement producer and the
first Indonesian multinational SOE to
own a subsidiary overseas. To date,
the Company consistently realizes
its business development programs,
strengthens market position,
supports economic growth for
national development, and promotes
the welfare of stakeholders.
Head Office of Semen Indonesia, Gresik, East Java

Company Identity
Company Name Authorized Capital
PT Semen Indonesia (Persero) Tbk. Rp2,000.00 billion
Core Business Issued and

Fully Paid Capital
Cement Industry
Rp593.15 billion
Date of Establishment
25 March 1953 Office Address
PT Semen Indonesia (Persero) Tbk

Head Office
Legal Reference Jl. Veteran Gresik 61122
East Java, Indonesia
Government Regulation No. 132 of 1961 : + 62-31-398-1732
: + 62-31-398-3209
: www.semenindonesia.com
Stock Listing Jakarta Representative Office
The East Building, 18th Floor
Companys share was listed in the Jl. DR Ide Anak Agung Gde Agung
Jakarta Stock Exchange through IPO Kuningan, Jakarta -12950
exercised on 8 July 1991 with trading
code: SMGR : 62-21-5261174-5
: 62-21-5261176
Ownership
Public 48.99% Government of Indonesia 51.01%
Vision
Being a Leading International
Cement Company in Southeast Asia
Mission
1. Developing cement business and related industries
oriented customer satisfaction
2. Realizing international standard company with competitive
advantages and synergies to increase a sustainability
added value
3. Realizing social responsibility and environmentally friendly
4. Providing the best value to the stakeholders
5. Build competencies through human resource development

Corporate Culture
Represented by CHAMPS:
Compete with Clear and Synergized Vision

C Able to direct company resources and capabilities appropriately and accurately to
compete and realize the goal of corporate synergy
Have A High Spirit For Continuous Learning

H Willing and is open to continuous learning to consistently enhance work quality,
able to adapt to changes, and able to address changes in cement industry
landscape
Act with High Accountability

A Reliable and accountable for every statement, action, and decision
Meet Customer Expectation

M Able to meet expectations, wants, and needs of customers for products and
services; deliver focused and responsive assistance according to standard
procedures
Perform Ethically with High Integrity

P Able to demonstrate philosophy, worldview, and behavior that conform with
virtuous moral and ethical values that are held steadfastly without waver
Strengthen Teamwork
S Able to perform as a team to deliver the best performance that creates added
value for the Company and stakeholders
The Companys Vision, Mission, and Culture statements was stipulated by

the Board of Directors on 25 October 2014 and approved by the Board of
Commissioners on 25 October 2014.
Company at a Glance
On 8 July 1991, Semen Gresik shares
PT Semen Indonesia (Persero) Tbk,
were listed on the Jakarta Stock
previously named PT Semen Gresik
Exchange and Surabaya Stock Exchange
(Persero) Tbk, is a company engaged
(now Indonesia Stock Exchange). The
in cement industry. Inaugurated
Company is the first SOE going public
in Gresik on 7 August 1957 by the
first President of RI, the Company initially had by offering 40 shares to the public.
Shareholding composition at the time
production capacity of 250,000 tons
cement per year. was: Government of RI 73% and
public 27%.
On 17 September 1998, the Government

On September 1995, the Company
of RI divested 14% of its stake in the
exercised Rights Issue I, which amended
Company through open offering, which was
the shareholding composition to 65%
acquired by Cemex S. A. de C. V., a global
Government of RI and 35%
cement company based in Mexico. The
shares owned by the public.
shareholding composition changed to 51%
On 15 September 1995, PT Semen Gresik
consolidated with PT Semen Padang and
the Government of RI, 35%
PT Semen Tonasa. The Companys total
public, and 14% Cemex. Further, on
production capacity at the time was 8.5
30 September 1999 the shareholding
composition changed to: Government of RI at
million tons cement per year.
51.01%, public 23.46% and Cemex 25.53%.
On March 2010,
On 27 July 2006, Cemex Asia
Blue Valley Holdings PTE
Holdings Ltd. sold its shares to Blue Valley Ltd, divested all of its shares
Holdings PTE Ltd. thereby changing through private placements.
shareholding composition of the
Company to The Companys shareholding
51.01%, 24.90%, composition then changed to
51.01% & 48.99%

Government Blue Valley Holdings
of RI PTE Ltd.
Government public
& 24.09 ,
%
of RI
public

Furthermore, in the third

On April 2012, the Company quarter of 2012, the Company
succeeded in completing the also succeeded in completing
construction of Tuban IV plant the Tonasa V Plant in Sulawesi.
with the capacity 2.5 million The new plant with 2.5 million
tons. Following the commissioning tons capacity has gone through
stage, the new plant was handed the commissioning stage
over on July 2012, followed by since September 2012, and it
the inauguration of commercial was targeted for commercial
operations in October 2012. operations in the first quarter
of 2013.
On 18 December 2012, the Company

On 20 December 2012, the
officially acquired 70% stakes in
Thang Long Cement Joint Stock Company officially took the
Company (TLCC) from Hanoi General role as Strategic Holding
Export-Import Joint Stock Company
(Geleximco) in Vietnam, with 2.3 Company. Concurrently, it
million tons capacity. Through this changed name from PT Semen
corporate action, the Company
becomes the first Indonesian Gresik (Persero) Tbk to PT
multinational SOE. Semen Indonesia (Persero) Tbk.
On 20 December 2013, the Further, on 24 December 2013,

Company signed deed of joint
venture establishment, PT
the Company continued its
Krakatau Semen Indonesia Corporate Transformation
(KSI), which was assigned process and solidified its role
to build slag powder waste
management plant as raw
as the Strategic Holding by
materials of cement production. forming new subsidiary, PT
Semen Gresik.
In 2014, the Company embarked on another business

development program by commencing the construction
of 2 cement plants in Padang and Rembang. This
was followed by another decision to commence the
construction of 1 plant in Aceh.
Companys Advantages
In addition to the advantages reported in previous

sections, the Companys excellence also includes the
following features:
Distribution Reach
The Companys distribution excellence is backed by 30 supporting
warehouse units, 23 strategically located packing plants, and 651 national
distributors that guarantee the stability of cement supply anywhere in
the archipelago. In Vietnam, TLCC has 78 distributors throughout North,
Central, and South Vietnam.
Raw Materials
The Companys mining sites have material reserve with the best quality and
in sufficient amount to ensure long-term continuity of cement production.
Brand Image
The Company is the owner of three reputable brands. It also controls the
largest domestic (Indonesia) market share at 43.0%, which reflects the
strength of the Companys corporate and brand image.
Financial Fundaments
The Company succeeds in managing strong financial fundaments, thereby
providing greater opportunity for the Company to expand its production
capacity as well as other related businesses.

Companys Advantages
Return On Equity / Return On Assets /

ROE ROA
(In %) (In %)
25.7 17.4
23.1 16.2
17.1 11.9
2013 2014 2015 2013 2014 2015
Debt to Equity Debt to EBITDA

(In %) (In %)
19.6 53.9
50.4
16.3
15.1
47.2
2013 2014 2015 2013 2014 2015
Human Resource
Other than the capability to produce high quality

cement, the Company also has highly competent
human resource in technical engineering and consulting
services in cement and related industries.
Total Employees Development

2015 2014 2013
6.981 6.976 6.971
Rotary Klin Cement Mill of Thang Long, Vietnam

Capacity of 6,000 tons slag/day

Business Structure,
Subsidiaries and
Associates
NON CEMENT COMPANY

KRAKATAU SEMEN
INDONESIA
50.00%
UNITED TRACTORS
SEMEN GRESIK
THANG LONG CEMENT
SEMEN GRESIK SEMEN PADANG SEMEN TONASA
JOINT STOCK COMPANY 55.00%
99.96% 99.99% 99.99% 70.00%
SGG ENERGI PRIMA
SEPATIM THANG LONG CEMENT

97.00%
BATAMTAMA JOINT STOCK COMPANY 2
INDUSTRI KEMASAN
97.00% 99.39% SEMEN GRESIK
BIMA SEPAJA AN PHU CEMENT JOINT

60.00%
ABADI STOCK COMPANY
KAWASAN INDUSTRI
80.00% 99.90% GRESIK
65.00%
SGG PRIMA BETON
99.99%
Sinergi informatika
semen indonesia
100%
VARIA USAHA
24.95%
VARIA USAHA VARIA USAHA VARIA USAHA VARIA USAHA WARU ABADI
BAHARI BETON DHARMA SEGARA LINTAS SEGARA
SWADAYA GRAHA
15.97% 52.44% 11.98% 14.97% 24.83%
25.00%
Organization Structure
President Director
Suparni
Strategy Business & Production & R&D Engineering & Project

Enterprise Development Director Director
Director Johan Samudra Aunur Rosyidi
Rizkan Chandra
Team Office of
Department of Energy, Material, Department Department
Department of Department of The CEO
Raw Material & Environment of Product of Design
Group Capex Project Services Mufti Arimurti
Expansion R&D Application R&D Engineering
M Ludfi Setyadi Durain Parmanoan Agus Subroto
Donny Avianto M Yusuf Ashad Rudi Hermawan Eko Wirantono
Soni Asrul Sani
Department of Project
Department Department of
Technology & Engineering Management Group Internal
of Corporate Productivity &
Product R&D Knowledge & Ahmad Vairal Istiadi Audit
Development Technical Services
Teguh Sutrisno Innovation Bambang Tridoso Ginarko Isnubroto
Sumarwanto Heru Sasono
Ahmad Aris Oktanto
Corporate
Secretary
Agung Wiharto
SVP Production
Prasetyo Utomo
Department of Department Department Department

Department of Department of
Raw Material of Clinker of Clinker of Cement
Technical QSHE
Production Production I Production II Production
Rudhy Rianto S Aris Sunarso
Musiran Joko Sulistiyanto Zaini Martanus Sanjaya

Organization Structure
Human Capital & Legal

Commercial Director Finance Director
Director
Amat Pria Darma Ahyanizzaman
Gatot Kustyadji
Department
Department
Department of Department of of Human Department of Department of Department of
of Strategic
CSR Marketing Capital System Legal & GRC Group Finance Strategic ICT
Procurement
Wahjudi Heru P Tino Darusman Development M Soffan Heri M Supriyadi Adel Rahadi
Mat Sulkan
Wedo Wiroaji
Department
Department of Department
Innovation Department of of Strategic
Distribution & of Center of
Council Group Asset Performance
Logistic Dynamic Learning
Indrati Suhandik Management
Rudi Hartono Guntoro
Fuad Salim
EVP Operational
Sunardi P.
Department of
SVP Commercial Accounting &
M. Saifudin Finance
Lusida Aftiarti
Department of Department of Department of

Department of Department of Department of
Communication & Distribution & Accounting &
Internal Audit Sales Procurement Human Capital
General Affair Transportation Finance
Bambang Djoko S Nugrahadi Himarani Widagdo
Sugeng Raharjo Noto Soebandi Lusida Aftiarti
Operational Areas and

Distribution Map

Operational Areas and Distribution Map
Integrated Cement Plant 4 Locations

Kiln 13 Units
Cement Mill 22 Units
Grinding Plant 2 Locations
Cement Mill 4 Units
Warehouse 30 Locations
Packing Plant 26 Locations
Port 12 Locations
Product Types and

Supporting Facilities
Product Types
The Company produces several cement types. Its flagship product is Portland Cement
Type II-V (Non-OPC). The Company also produces specific types and mixed cement
products for limited usage. The following lists all cement types and their usage.
Portland Cement Type I Portland Cement Type V
Also known as Ordinary Portland Cement (OPC), Portland Cement Type V is used for the
hydraulic cement that widely used in general construction of buildings on high-sulfate
constructions, such as building construction land/water and is highly suitable for waste
without specific requirements, among others management plant installation, underwater
are residential, high-rise buildings, runways and construction, bridges, tunnels, ports, and nuclear
highways power plants.
Special Blended Cement (SBC)

Portland Cement Type II
Packed in bulk, this specific cement was
Porland Cement Type II is resistant to sulfate developed for Surabaya-Madura (Suramadu)
and medium hydration heat. Its usage includes bridge mega project and is customized for
seaside buildings, in wetlands, docks, irrigation constructions in saltwater environment.
channels, mass concrete, and dams.
Portland Pozzolan Cement (PPC)

Portland Cement Type III
Hydraulic cement produced by grinding slags,
Developed for constructions that require high gypsums, and pozzolans. PPC is used in general
initial compressive strength after pouring and constructions and buildings that require sulfate
quick setting, Portland Cement Type III is used and medium hydration heat resistance, such
in projects such as highways, freeways, high-rise as: bridges, highways, houses, docks, mass
buildings, and airports. concrete, dams, irrigation, and fully plated
foundation.

Product Types and Supporting Facilities
Portland Composite Cement (PCC) Oil Well Cement (OWC) Class G HRC
Hydraulic binder cement produced by grinding OWC is a specific type of cement used in
slags, gypsums, and one or more inorganic oil and natural gas wells for underwater oil
materials. The cement type is suitable for general wells construction. The production of OWC
concrete construction, as combination of bricks, includes Class G, High Sulfate Resistant (HSR)
plastering, drainages, construction of specific or Basic OWC. For usage in certain depth and
buildings such as pre-cast concrete, pre-press temperature, additive can be added.
concrete and paving blocks.
Portland cement type I and PPC are available
in the retail market, while the other types are
Super Masonry Cement (SMC)
produced by order and in certain quantity.
SMC is suitable for residential construction

The products are sold primarily for domestic
and irrigation system with maximum concrete
market with some allocation for export. They are
structure of K225. It is also suitable as raw
mainly sold in packs and the rest is sold in bulk.
materials of hollow brick concrete roof tiles,
paving blocks, and tiles.
Supporting Facilities
SEMEN PADANG SEMEN INDONESIA
Operates four cement mills with design capacity Operates four mills with design capacity of 14.4
of 7.3 million tons cement per annum, located million tons cement per annum, located in Tuban,
in Indarung, West Sumatera. Semen Padang also East Java. Semen Gresik also operates and owned
operates eight cement packing plants in Teluk two ports, namely Semen Gresik Special Ports in
Bayur, Belawan, Batam, Tanjung Priok, Ciwandan, Tuban and Gresik. Semen Gresik operates 11 units
Malahayati, Lhokseumawe and Dumai, as well as of supporting warehouse across Java and Bali,
14 supporting warehouse units and 1 port. and operates five packing plants in Ciwandan,
Banyuwangi, Sorong, Balikpapan and Dumai.
Teluk Bayur Port
Capacity DWT : 40.000 DWT Gresik Special Port
Depth : 12,5 m Type : Line Jetty
Length : 150 m Length : 290.8 meter
Total docks :3 Width : 15.5 meter
Capacity : 10,000 DWT
Depth : 9 M LWS
Tuban Special Port

Dock I
Type : Line Jetty
Length : 175 meter
Width : 45.5 meter
Depth : 8 M LWS
Dock II
Type : Line Jetty
Length : 225 meter
Width : 45.5 meter
Depth : 13 M LWS

SEMEN TONASA THANG LONG CEMENT
Operates three cement mills with design capacity Operates one mill with design capacity of 2.3
of 7.8 million tons cement per annum, located million tons cement per annum, located in Quang
in Pangkep, South Sulawesi. Semen Tonasa also Ninh province, has its own port (Thang Long Jetty)
operates and owns 9 cement packing plants with vessel load capacity of up to 30,000 DWT.
equipped with jetties in Biringkassi, Makassar, For greater load capacity, the company uses Cai
Samarinda, Banjarmasin, Pontianak, Bitung, Palu, Lan seaport located approximately 3 km from
Ambon, and Celukan Bawang Bali. Semen Tonasa the companys port. In addition, TLCC operates
has 5 units of supporting warehouse. grinding mills located on the outskirts of Ho Chi
Minh City. TLCC also has 3 cement packing plants
Biringkassi Port (rotary packer).
Type : Line Jetty
Length : 445.5 meter Thang Long Port
Capacity : 30.000 DWT Type : Line Jetty
Depth : 13 M LWS Length : 160 meter
Capacity : 30.000 DWT
Depth : 9 M LWS
Cai Lan Port

Type : Line Jetty
Length : 826 meter
Capacity : 75.000 DWT
Depth : 12 M LWS
Office Address and

Information Access
To access PT Semen Indonesia (Persero) Tbk Annual Reports or to obtain other
information, please contact:
OFFICE ADDRESS INFORMATION ACCESS

PT Semen Indonesia (Persero) Tbk Information pertaining any development in the
Gedung Utama Semen Gresik Company is made available through several channels
Jl. Veteran Gresik 61122 (see detailed explanation under Information Access and
Tel. (62-31) 3981732 Transparency, GCG chapter, page 352), namely:
Fax. (62-31) 3983209 1. Annual and Extraordinary General Meeting of
Shareholders
Or 2. Correspondence with Financial Services Authority
3. Correspondence with Indonesia Stock Exchange
Jakarta Representative Office 4. News coverage in the media
The EAST Tower Lt. 18 5. Internal bulletin accessible via the Companys
Mega Kuningan Business District website
Jln Lingkar Mega Kuningan 6. Press-Release and Press Conference
Kuningan, Jakarta 12950 7. Investor Gathering, Road Show, and Non Deal
Tel. (62-21) 5261174-5 Roadshow
Fax. (62-21) 5261176 8. Companys website, containing the following
basic information:
a. Information on shareholders
b. Corporate structure
c. Quarterly financial performance analysis
d. Annual financial statements (last 5 years).
e. Board of Commissioners and Directors
Profile.
And through:
Jakarta Representative Office

Kantor Perwakilan Jakarta
The EAST Tower Lt. 18
Mega Kuningan Business District
Jln Lingkar Mega Kuningan
Kuningan, Jakarta 12950
Tel. (62-21) 5261174-5
Fax. (62-21) 5261176
Website : www.semenindonesia.com
Email : info@semenindonesia.com

Subsidiaries and
Associates
The Company has subsidiaries, associates, and affiliates in business sectors related to
cement, from cement production, distribution, to use of cement products. All of the
entities are operational.
List of Ownership in Subsidiaries, Associates and Affiliates

Company Name Direct Indirect Activities
PT Semen Padang 99.99% Cement Producer
PT Semen Gresik 99.96% Cement Producer
PT Semen Tonasa 99.99% Cement Producer
PT Thang Long Joint
70.00% Cement Producer
Stock Company (*)
PT Thang Long Joint 99.39% /
Cement Producer
Stock Company 2 through TLCC
An Phu Cement Joint 99.90% /
Cement Producer
Stock Company through TLCC
PT SGG Energi Prima (SEP) 97.00% Coal mining, trading, and transportation
PT SGG Prima Beton (SPB) 99.99% Ready use concrete production
PT United Tractors Semen Onshore mining exploration and exploitation other than
55.00%
Gresik oil and gas
Processing of primary raw materials for packaging or
PT Industri Kemasan
60.00% bags into a variety of packaging or bags with high
Semen Gresik
economic value
Selling of industrial lands, selling of home offices, leasing
PT Kawasan Industri
65.00% of ready to use mills, warehouse, offices and home-
Gresik
offices
Developer, civil contractor, mechanical and electrical
contractor, workshop and manufacture, steel
PT Swadaya Graha 25.00%
fabrications, heavy equipment leasing and maintenance
services, engineering, industry and trading agents
Cargo services; general trading, including imports,
exports, export between domestic inter-islands, also
PT Varia Usaha 24.95%
engaged in business as agents, distributors, and other
trading business
Producing cement-fiber sheets, panels and other building
PT Eternit Gresik 17.60%
materials from cement-fibers
52.44% /
Concrete and other building materials, i.e. ready use
PT Varia Usaha Beton Through SGG
concrete, precast concrete, and concrete roofing
PB and VU
Trading of building materials, cargos & trading,
PT Waru Abadi 24.83%
construction & timber services
Shipping business covering shipping, agents, and vessel
PT Varia Usaha Bahari 15.97%
supplying
Subsidiaries and Associates
Company Name Direct Indirect Activities

Vessel Cargo Expedition (EMKL), covering: arrangement
of imported goods at the port, inter-island freight
PT Varia Usaha Dharma
11.98% handlings, arrangement of export goods through the
Segara
port, land transportation for: general cargo, bulk cargo,
container, heavy lift
PT Varia Usaha Lintas Shipping business covering shipping, agents, and vessel
14.97%
Segara supplying
97.00% / General trading, cement packing, contracting, services,
PT Sepatim Batamtama
through SP and general transportation
80.00%/ General trading and agents, cement packing, and
PT Bima Sepaja Abadi
through SP activities related to cement trading
PT Krakatau Semen Production of ground granulated blast furnace
50.00%
Indonesia slag
Note
(*) TLCC was acquired on 18 December 2012 and has 2 subsidiaries:
1. Thang Long Joint Stock Company 2 -> 99.9% shares owned by TLCC
2. An Phu Cement Joint Stock Company -> 99.9% shares owned by TLCC
The subsidiaries are preparing for new cement plant construction
(**) Under construction

Enforcing Direction In a Wave of Competition CementTbk.

PT Semen Indonesia (Persero) packing
| 2015 in Thang
Annual 101
Long Mill, Vietnam
Report
Information
for Investors
Suramadu Bridge, East Java,

102
was built with PT
Semen
SemenGresiks products
Indonesia (Persero) Tbk. | 2015 Annual Report
102 Information for Investors

105 Shares Highlights, Dividend Payment dan
Share Listing Chronology
106 Shareholders Composition
108 20 Top Shareholders
109 Shareholding Structure
110 Share Ownership by the Board of
Commissioners and Directors
111 Dividend and Dividend Policy
111 Capital Market Condition
113 Opinion from Analysts
116 Capital Market Institutions and Supporting
Profession
Information for Investors

The Companys Share Performance in Indonesia Stock Exchange 2014-2015
SMGR Share price (Price & Trading Volume) VS IDX (Rebased) - 2015
January 2015 - December 2015
Price (Rp/share)
SMGR (LHS) IHSG (LHS) Volume (per000)-(RHS)
22,000 50,000
Start: End: Key market data IDR USD
SMGR : Rp 16,200 SMGR : Rp 11,400
IHSG : 5,226.94 IHSG : 4,593.00 Current share price 11,400 0.83
20,000 45,000
52 week high 16,225 1.18
18,000 52 week low 7,200 0.52

40,000
Market Cap. 67,619bn 4,901mn
16,000
35,000
14,000 -12.1%
30,000
12,000 -29.6%
25,000
10,000
20,000
8,000
15,000
6,000
4,000 10,000
2,000 5,000
0 0
12/30 2/2 3/2 4/1 5/4 6/1 7/1 3-Aug 9/1 1-Oct 11/12 1-Dec 30-Dec
Jakarta Composite Index is rebased to Semen Indonesia Share Price
Note: US$ 1 = IDR 13,795 as of December 31, 2015 *middle rate BI
SMGR Share price SMGR (Share price and trading volume) Vs IDX (Rebased)
January - December 2014
Price (Rp/share)
SMGR (LHS) IHSG (LHS) Volume (per000)-(RHS)
22,000 50,000
20,000 45,000
18,000 40,000
22.3%
16,000
35,000
14.5%
14,000
30,000
12,000
25,000
10,000
20,000
8,000
15,000
6,000
4,000 10,000
2,000 5,000
0 0
12/30 2/3 3/3 4/1 5/2 6/2 7/1 8/4 9/1 10/1 11/3 12/1 12/30

SHARES HIGHLIGHTS
Quarterly shares price and volume in Indonesia Stock Exchange (Rupiah)
2015
Period Opening Highest Lowest Closing Shares Volume Market Cap.
1 Quarter
st
16,200 16,225 12,875 13,650 5,931,520,000 543,342,300 80,965
2nd Quarter 13,650 13,825 12,000 12,000 5,931,520,000 275,193,000 71,178
3rd Quarter 12,000 12,350 7,200 9,050 5,931,520,000 370,611,800 53,680
4 Quarter
th
9,200 11,500 9,100 11,400 5,931,520,000 344,603,600 67,619
2014
Period Opening Highest Lowest Closing Shares Volume Market Cap.
1st Quarter 14,500 16,500 13,875 15,800 5,931,520,000 520,311,400 93,718
2 Quarter
nd
16,500 17,000 14,275 15,075 5,931,520,000 578,076,605 89,418
3 Quarter
rd
15,075 17,050 15,025 15,425 5,931,520,000 444,139,700 91,494
4 Quarter
th
15,150 16,675 14,625 16,200 5,931,520,000 368,610,500 96,091
SHARE LISTING CHRONOLOGY

The Company initially listed its shares through Initial Public Offering (IPO) or Go Public in Jakarta Stock Exchange (now
IDX) on 8 July 1991. From IPO up to 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 2008-9 January 2009 (buyback) and 6-7 October 2009 (sellback),
which eventually did not affect the volume of outstanding shares
Corporate actions related to shares are summarized in the following table.
Authorized Authorized
Description Unit Go Public Capital Right Issue Capital Stock Split Share Buyback Share Sellback
Increment Increment
Authorized Share 500,000,000 741,440,000 741,440,000 2,000,000,000 20,000,000,000 20,000,000,000 20,000,000,000
capital
Issued and Share 148,288,000 148,288,000 593,152,000 593,152,000 5,931,520,000 525,120,000 593,152,000
paid-up capital
Share buyback Share 68,032,000
Share sellback Share 68,032,000
Date of IDX - 8 July 1991 - 2 June 1995 - 7 August 2007 13 October 2008 6-7 October
listing August 1995 - 9 January 2009 2009
CHRONOLOGY OF OTHER STOCK LISTING

The Company did not have other stock listing.
MANAGEMENT/EMPLOYEES STOCK OPTION (MSOP/ESOP)

The Company has never exercised Management Stock Option Program/MSOP) or Employee Stock Option Program/
ESOP).
SHAREHOLDERS COMPOSITION
The composition of shareholders as of 31 December 2015
10.58%
1.43%
Government of The
0.03% Republic of Indonesia
Foreign
Institutions No Shareholders Total Shares %
Government of The
Foreign 1 3,025,406,000 51.01
Individual Republic of Indonesia
2 Foreign Institutions 2,191,289,521 36.94
Domestic
Individual 3 Foreign Individual 2,044,000 0.03
4 Domestic Individual 85,057,560 1.43
Domestic
36.94% Institutions 5 Domestic Institutions 627,722,9191 10.58
Total 5,931,520,000 100.00
51.01%
21.60% Shareholders Composition

Foreign of Non-Government
Institutions
No Shareholders Total Shares %
Foreign
2.93% Individual 1 Foreign Institutions 2,191,289,521 75.40
0.07% Domestic
2 Foreign Individual 2,044,000 0.07
Individual 3 Domestic Individual 85,057,560 2.93
Domestic
4 Domestic Institutions 627,722,9191 21.60
Institutions Total 2,906,144,000 100.00
75.40%
SMGR
Other than shares owned by the Government of Indonesia, as of 2015
shares are also owned by foreign institutions, which account
for 75.40% in non-government shares composition.

Shareholders Composition As of 31 December 2014
9.73%
1.67%
Government of The
0.01% Republic of Indonesia
Foreign No Shareholders Total Shares %
Institutions
Government of The
Foreign 1 3,025,406,000 51.01
Republic of Indonesia
Individual
2 Foreign Institutions 2,288,842,618 38.59
Domestic
3 Foreign Individual 626,100 0.01
Individual
4 Domestic Individual 39,701,872 1.67
Domestic
38.59% Institutions
5 Domestic Institutions 576,943,410 9.73
Total 5,931,520,000 100.00
51.01%
Shareholders Composition
19.85%
Foreign
of Non-Government
Institutions No Shareholders Total Shares %
1.37 %
Foreign 1 Foreign Institutions 2,288,842,618 78.76
0.02% Individual 2 Foreign Individual 626,100 0.02
Domestic 3 Domestic Individual 39,701,872 1.37
Individual 4 Domestic Institutions 576,943,410 19.85
Domestic Total 2,906,144,000 100.00
Institutions
78.76%
Kelok Sembilan, Lima Puluh City, West Sumatra,

was built with Semen Padangs products
20 Top Shareholders
On 31 December 2014, total shares issued and paid-up amounted to Rp593,152,000,000 and consisted of 5,931,520,000
shares, each valued at Rp100 per share. In 2015, there are 11,081 investors recorded as shareholders. The following
table illustrates information related to share ownership of the Company as of 31 December 2015.
No Investor Account Holder Total Shares %

Directorate General of Development of SOE, 51.01
1 Government of Indonesia, cq. Finance Ministry of Indonesia 3,025,406,000
Finance Dept of RI, JKT
2 BPJS Ketenagakerjaan-JHT Bank Rakyat Indonesia (persero), PT 180,611,800 3.04
3 JPMCB-OPPENHEIMER DEVELOPING MARKETS FUND-2157804215 BUT DEUTSCHE BANK AG 159,847,300 2.69
4 BNYM, SA/NY AS CUST OF EMPLOYEES PROVIDENT FD BOARD-2039844119 BUT DEUTSCHE BANK AG 127,416,015 2.15
5 JIPMCB-STICHTING DEPOSITARY APG EME MRKT EQ POOL-2157804478 BUT DEUTSCHE BANK AG 116,227,254 1.96
6 SSB 4545 S/A LAZARD EMERGING MARKETS EQUITY PORTFOLIO-214461024 BUT DEUTSCHE BANK AG 109,466,700 1.85
7 GIC S/A GOVERNMENT OF SINGAPORE BUT DEUTSCHE BANK AG 88,331,920 1.49
8 SSB AEM1 S/A TMTB OF JP, LTD. ATO EATS INV OHDEMF-2144613498 BUT. STANDARD CHARTERED BANK 86,330,300 1.46
9 BBH BOSTON S/A VANGRD EMG MKTS STK INFD BUT DEUTSCHE BANK AG 48,515,004 0.82
10 BBH LUXEMBOURG S/A GENESIS EM MKTS INV CO CITIBANK, N.A 35,411,622 0.60
11 BBH LUXEMBOURG S/A TRUST FOR EMPLOYEE BENEFIT PLANTS-2144 CITIBANK, N.A 34,080,943 0.57
12 PT. PRUDENTIAL LIFE ASSURANCE - REF BUT DEUTSCHE BANK AG 33,509,400 0.56
13 PT Taspen (Persero) - THT BANK MANDIRI, PT - CUSTODY 33,405,200 0.56
14 THE BANK OF NEW YORK MELLON DR The Hongkong and Shanghai Bank Corporation Li 32,839,300 0.55
15 JPMCB-VANGUARD TOTAL INTERNTNL STOCK INDEX FUND-2157804327 BUT DEUTSCHE BANK AG 28,629,800 0.48
16 CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 15 CITIBANK, N.A 26,392,848 0.44
17 SSB U7N3 S/A DE ASS AND WE MA IN GMBH FOR DWS VER I-2144614072 BUT DEUTSCHE BANK AG 24,548,000 0.41
18 GIC S/A MONETARY AUTHORITY OF SINGAPORE BUT. STANDARD CHARTERED BANK 20,509,922 0.35
19 SSB 1BA9 ACF MSCI EQUITY INDEX FUND B-INDONESIA - 2144609619 BUT DEUTSCHE BANK AG 20,067,490 0.34
20 SSB IBIH S/A ISHARES MSCI EMERGING MARKETS ETF-2144609616 BUT DEUTSCHE BANK AG 18,756,300 0.32
Total 4,250,303,118 71.65
11,081 Other Shareholders 1,681,216,882 28.35
GRAND TOTAL 5,931,520,000 100.00
In 2014, there were a total of 6,596 investors. The following table presents top 20 ownership.
No Investor Account Holder Total Shares %
Directorate General of Development of SOE, Finance 51.01
1 Government of Indonesia, cq. Finance Ministry of Indonesia 3,025,406,000
Dept of RI, JKT
2 JPMCB-OPPENHEIMER DEVELOPING MARKETS FUND-2157804215 BUT DEUTSCHE BANK AG 159,847,300 2.69
3 BPJS Ketenagakerjaan-JHT Bank Rakyat Indonesia (persero). PT 156,661,700 2.64
4 GIC S/A GOVERNMENT OF SINGAPORE BUT. STANDARD CHARTERED BANK 127,036,632 2.14
5 BNYM. SA/NY AS CUST OF EMPLOYEES PROVIDENT FD BOARD-2039844119 BUT DEUTSCHE BANK AG 122,253,600 2.06
6 SSB 4545 S/A LAZARD EMERGING MARKETS EQUITY PORTFOLIO-214461024 BUT DEUTSCHE BANK AG 84,078,000 1.42
7 JIPMCB-STICHTING DEPOSITARY APG EME MRKT EQ POOL-2157804478 BUT DEUTSCHE BANK AG 77,220,950 1.30
8 HSBC BANK PLC S/A SAUDI ARABIAN MONETARY AGENCY The Hongkong and Shanghai Bank Corporation Li 58,765,745 0.99
9 BBH BOSTON S/A VANGRD EMG MKTS STK INFD CITIBANK. N.A 55,845,304 0.94
10 PT. PRUDENTIAL LIFE ASSURANCE - REF CITIBANK. N.A 41,091,300 0.69
11 BBH LUXEMBOURG S/A GENESIS EM MKTS INV CO CITIBANK. N.A 38,419,222 0.65
12 GIC S/A MONETARY AUTHORITY OF SINGAPORE BUT. STANDARD CHARTERED BANK 38,407,632 0.65
13 SSB 1LN0 THE GENESIS GROUP TRUST FOR EMPLOYEE BENEFIT PLANS-214 BUT DEUTSCHE BANK AG 38,132,443 0.59
14 PT Taspen (Persero) - THT BANK MANDIRI. PT - CUSTODY 35,405,200 0.56
15 THE BANK OF NEW YORK MELLON DR The Hongkong and Shanghai Bank Corporation Li 33,091,080 0.54
16 DB SPORE DCS A/C T NAVIS ASIA NAVIGATOR MASTER FUND-864134131 BUT DEUTSCHE BANK AG 32,608,200 0.47
17 PT AIA FINL - UL EQUITY CITIBANK. N.A 26,474,600 0.45
18 JPMORGAN CHASE BANK NA RE NON-TREATY CLIENTS - 2157804006 BUT DEUTSCHE BANK AG 24,370,892 0.41
19 SSB OBIH S/A ISHARES MSCI EMERGING MARKETS ETF-2144609616 BUT DEUTSCHE BANK AG 24,220,700 0.41
20 JPMCB-JPMORGAN EMERGING MARKETS EQUITY FUND-2157804201 BUT DEUTSCHE BANK AG 22,520,900 0.38
Total 4,210,857,404 70.99
6,596 Other Shareholders 1,721,662,596 29.01
GRAND TOTAL 5,931,520,000 100.00

SHAREHOLDING STRUCTURE
GOVERNMENT OF THE
PUBLIC
REPUBLIC OF INDONESIA
51.01% 48.99%
PT SEMEN PADANG PT SEMEN TONASA THANG LONG CEMENT, VN*) PT SEMEN GRESIK**)
CEMENT INDUSTRY CEMENT INDUSTRY CEMENT INDUSTRY CEMENT INDUSTRY
99.99 %
99.99 %
70.00 %
99.96%
2 TO SUBSIDIARIES 5 TO SUBSIDIARIES
NON CEMENT NON CEMENT

INDUSTRY INDUSTRY
Note
*) As of 31 December 2015 TLCC has 2 subsidiaries, namely:
1. Thang Long Joint Stock Company 2 99.9% TLCC ownership
2. An Phu Cement Joint Stock Company 99.9% TLCC ownership
**) Approval for PT Semen Gresik from Ministry of Justice and Human Rights dated 10 January 2014
SHARE OWNERSHIP BY THE BOARD OF COMMISSIONERS AND DIRECTORS

In 2015, one member of the Companys Board of Directors owned Semen Indonesia shares in limited amount. Other
members of the Board of Commissioners and Directors as well as their family members do not directly or indirectly
own any shares of the Company, as shown in the following table (See also report of Corporate Governance, Board of
Directors Share Ownership)
Name Total Shares % Shares Position

Mahendra Siregar 0.00 0% President Commissioner
Hadi Waluyo 0.00 0% Independent Commissioner
Muchammad Zaidun 0.00 0% Independent Commissioner
Farid Prawiranegara 0.00 0% Independent Commissioner
Marwanto Harjowiryono 0.00 0% Commissioner
Achmad Jazidie 0.00 0% Commissioner
Wahyu Hidayat 0.00 0% Commissioner
Suparni 0.00 0% Acting President Director
and Director of Production &
Research and Development
Ahyanizzaman 0.00 0% Finance Director
Suharto 0.00 0% Engineering & Project Director
Johan Samudra 0.00 0% Business Development &
Business Strategy Director
Gatot Kustyadji 162,700 0.0027430% Human Resource and Legal
Director
Amat Pria Darma 0.00 0% Commercial Director
Barelang Bridge, Batam, Riau Island,

was built with Semen Padangs products

DIVIDEND AND DIVIDEND POLICY

The Company distributed dividend by taking into account financial condition of business development and return for
shareholders. However, pursuant to the Management policy, the ratio of dividend payout is around 45%-55% of
net profit. The Companys Board of Directors, with approval of the Board of Commissioners, may distribute interim
dividend, so long as the Companys financial condition allows. Interim dividend payout is as part of the final dividend of
which the total will be stipulated at the GMS.
Pursuant to GMS resolutions in 2015, the Company distributed dividends at 40% of net profit amounted to Rp2,226.3
billion or Rp375.34 per share. The compound annual growth rate (CAGR) of dividend payout in the last seven years is
35.8%.
Date of GMS Recording Date Date of Payment Fiscal Dividend Dividend Dividend
Year Pay-out (Billion Rp) per share
Thursday, April 16, Tuesday, April 28, Wednesday, May 20, 2015 2014 40% Rp2,226,3 Rp375,34
2015 2015
Tuesday, March 25, Friday, May 02, Monday, May 19, 2014 2013 45% Rp2,416,6 Rp407,42
2014 2014
Tuesday, April 30, Monday, June 03, Monday, June 17, 2013 2012 45% Rp2,181,2 Rp367,70
2013 2013
Tuesday, June 26, Friday, July 20, Friday, August 03, 2012 2011 50% Rp1,962,7 Rp330,89
2012 2012
Tuesday, June 28, Monday, August Monday, August 15, 2011 2010 50% Rp1,816,7 Rp306,26
2011 01, 2011
Friday, June 25, 2010 Thursday, July 22, Thursday, August 05, 2010 2009 50% Rp1,829,5 Rp308,45
2010
Friday, June 26, 2009 Friday, July 24, Friday, August 07, 2009 2008 50% Rp1,216,7 Rp215,19
2009
Wednesday, May 07, 3-Jun-08 Tuesday, June 17, 2008 2007 50% Rp887,7 Rp149,66
2008
GMS 2016 is planned to be held on 13 May 2016
CAPITAL MARKET CONDITION

Global and national economic condition adversely The sentiment to release investment impacted a drop in
affected the perception of investment prospect in the transaction volume and frequency in the capital market
capital market, which caused national and foreign and at the end of September 2015, Jakarta Composite
investors to hold, even withdrew investment in Indonesia Index (JCI) declined to its lowest position of 4,300. The
capital market. US Dollar gain throughout 2015 also daily average of share transaction value from January to
drove major investors, including fund managers, to December 2015 stood at Rp5,77 trillion, or decreased
focus their portfolio on money market instead. by 3.98% compared to the same period in 2014 at
Rp6.01 trillion.
However, the realization of fuel subsidy shift to basic in IDX), Jakarta Islamic Index, Indeks Bisnis-27, Indeks
infrastructure projects, such as power, roads, dams, and Kompas 100 and Indeks Sri Kehati, which reflects the
seaports that started in June 2015 and with increasing Company as part of the blue chip shares with strong
intensity, coupled with overshoot market condition, awareness towards environmental preservation.
recovered the confidence of market players. Buy
transactions rose and JCI picked up in early October. Capital market volatility in 2015, domestic economic
condition, and market sentiment to the prospect of
At the closing day of the stock exchange on 30 December cement industry influenced the movement of SMGR
2015, Jakarta Composite Index (JCI) of the Indonesia shares in terms of price and transaction volume. At the
Stock Exchange recorded a 12.1% decline and was end of December 2015, Semen Indonesias shares were
closed at the position of 4,593.01 from 5,226.95 at the closed at Rp11,400 per share.
end of 2014.
As we know, the growth of construction and property
JCI trend followed the trend in other stock exchanges, sector in 2015 continued to slow and caused growth
such as the Dow Jones Industrial Average Index in the of demand for cement to hit a 6-year all time low. As
United States (-1.65%), All Ordinaries Australia Index a result, share price of cement players at the end of
(-2.46%), PSE Filipina Index (-3.42%), FTSE 100 UK the year tended to track JCI movement, which showed
Index (-4.74%), FTSE BM KLCI Index Malaysia (-5.14%), consolidation trend, including the Companys shares.
BSE Sensex 30 Index India (-5.33%), Hang Seng Index
Hong Kong (-7.14%), SET Index Thailand (-14.14%), Following market dynamics, SMGR share price in the
and Strait Times Index Singapore (-14.56%). In 2015, first quarter of 2015 rose during early period of trading.
there were 15 new listed companies and 3 new bonds It moved and hit lowest price of Rp12,875 before closed
issuance. at Rp13,650 per share. The volume of SMGR share
trading in the first quarter amounted to 543,342,300
shares.
12.1% drop in JCI in 2015 was
in line with the consolidation
trend of other stock exchange In quarter II, in line with JCI that started to decline,
in Asia and globally. SMGR share price increased slightly to Rp13,825 per
share in intraday trading, and closed at the price of
Following the consolidation trend in stock exchange, Rp12,000 per share. Trading volume hit a lowest point
blue chip shares also recorded a trend of consolidation. of 275,193,000 shares.
A majority of shares declined, including SMGR.
In the third quarter, market sentiment towards cement
Companys Share Performance sector again suffered, driven by negative perception to
The Company shares was listed in Indonesia Stock the prospect of economic growth. As a result, SMGR
Exchange (formerly JSX) since 1991, constituted as one share price hit the lowest level in intraday trading
of the two SOEs cement industry in the exchange. The in 2015 at the position of Rp7,100. Share price was
Company tick code in IDX is SMGR. The Company is then closed at Rp9,050 per share. SMGR share trading
listed on the main board, and also listed as member volume decreased to 444,139,700 during the third
of Jakarta Mining Index, LQ45 (45 most liquid shares quarter.

In the fourth quarter, market perception towards Antonia Febe Hartono (Danareksa)
domestic economy and cement industry prospect SMGR is the only cement company in Indonesia to have
improved as massive infrastructure development such an extensive presence across the country. Given
started. This propelled SMGR share price during the the bulky nature of cement as well as the considerable
quarter, resulting in a position of Rp11,400 per share transportation and distribution costs (which are
when closed at the end of 2015. about 19% of the total manufacturing and operating
costs), plant location is a key factor in determining
The movement of SMGR shares, as shown by share chart competitiveness. As the current government is focusing
on page 104 (SMI AR 2015) tracked the movement of on the development of important infrastructure projects
JCI. out of Java, we believe that SMGR will be a major
beneficiary thanks to its close proximity to infrastructure
OPINION FROM ANALYSTS development sites, particularly those out of Java.
The following are quotes from Indonesia capital market
analysts on the performance of the Company and Jovent Muliadi (CIMB Securities)
Companys shares. Readers are expected to examine Maintain Overweight on the back of anticipated demand
and regard the opinion as input or comparison for recovery. We believe that demand will remain strong in
investment-related decision-making. The Company the coming months amid acceleration in infra projects
provides the following opinions solely in order to and gradual recovery in the property market that would
present objective third party view on the Company, its pave the way for stronger FY16 sales growth.
overall plan, and performance.
Our discussion with the management suggests that
Andri Ngaserin (Morgan Stanley) SMGR is comfortable to maintain 43-44% market share
In a tough 2015 for Indonesia cement industry, regardless of the market condition. Shall the market
Semen Indonesia managed to keep volume growth turns more positive next year, we believes that its
flat, performing better volume-wise in comparison strategy may pay off amidst better operating leverage
with other Big-3 players. While a paradigm shift to a from demand upswing.
more competitive cement industry is ongoing, Semen
Indonesia is well equipped with the widest distribution/ Coria Chow (BNP Paribas)
production network across the archipelago. Semen Indonesia: the largest market player with
production and sales facilities covering five regions in
Indonesia, while other domestic and foreign players are
focused on Java. We expect the company to see a lower
price decline than peers.
Central Control Room of Thang Long Cement Mill, Vietnam

Capital Market Institutions and Shares Registrar

Supporting Profession
PT Datindo Entrycom
Auditor Puri Datindo
KAP Osman Bing Satrio & Eny Belakang Wisma Diners Club
Member of Deloitte Touche Tohmatsu Limited Jl Jendral Sudirman Kav. 34-35, Jakarta 10220
The Plaza Office Tower 32nd Floor Tel. (62-21) 5709009
Jl. M.H. Thamrin Kav 28-30 Fax (62-21) 5709026
Jakarta 10350, Indonesia e-mail : www.datindo.com
Ph. : (021) 2992 3100
Fax : (021) 2992 8200 / 8300 PT Datindo Entrycom is the Companys Share Registrar.
All inquiries from registered shareholders regarding the
status of their share ownership, dividend, loss or share
certificate theft, change of address, and other matters can
be made to the above address.
Notary
Leolin Jayayanti, SH
Jl. Pulo Raya VI/I, Keb. Baru - Jakarta 12170
Telp. (62-21) 727 87 232
Fax. (62-21) 723 4607
Notary & Land Title Registrar

Hana Tresna Widjaja, SH.
Wijaya Grand Center Blok F.45
Jl. Dharmawangsa Raya, Jakarta Selatan 12160
Telp. (62-21) 7245187
Fax. (62-21) 7202973
Banks
PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Central Asia Tbk
PT Bank CIMB Niaga Tbk
PT Bank Danamon Indonesia Tbk
Operational
Review
Raw Material Storage

116
Cement Plant PT
Thang Long,
Semen Vietnam
Indonesia (Persero) Tbk. | 2015 Annual Report
116 Operational Review

118 Human Resource Management
138 Commitment To Enhancing Environmental
Management Quality
150 Company Innovation
156 Information and Communication Technology
166 Risk and Risk Management
Human Resource
Management
We believe that the role of human resource today has

changed. As one of the Companys vital assets and partners,
human resource holds central and strategic role in enhancing
the level of competitiveness and ensuring the successful
achievement of the Companys vision and mission.

Human Resource Management
As such, we seek to augment the role and capability of human

resource through our holistic competency development program,
Semen Indonesia Center of the Champs, which integrates and
builds the Companys strategic capabilities underpinned by its
human resource competency to ensure productive long-term
quality business development plan.
CHANGE IN PARADIGM OF HUMAN Referring to the fundamental philosophy of management

RESOURCE MANAGEMENT Human Capital:
People are part of asset instead of costs;
Today and in the years ahead, the Company in Asset consists of skills, knowledge, and behavior
particular and Indonesian cement industry in general are
experiencing substantial changes in business condition. Each initiative related to people management as an
Economic downturn that has been continuing for the asset must be measurable and can be converted into the
past several years, including in 2015, has brought lower financial language. This is in line with the Companys
growth of cement demands. With new players in the vision of Becoming a Leading International Cement
market and completion of new production facilities on Company in Southeast Asia, which is then translated
existing players, the level of competition has significantly into the vision of the Human Resource Department
heightened as a result of increased production capacity of Becoming a strategic unit for the Company,
in comparison with the volume of demands. As we business units and operational units by improving
know that lower utility level will affect a less economical human capital readiness. This vision becomes
of cement production and reduce business margin. the basis of Human Capital management within the
Company to improve human capital readiness and its
Currently, the world is undergoing a momentous supporting system and to develop human capital that
transformation from the Industrial era to the era is aligned with the Companys business development
of knowledge, which will certainly bear significant strategy in the future as well as to create potential
impacts to the companys approaches in employees talents that exhibit the following characteristics:
management as the vital element that determines the a. Available in appropriate size;
business success. Whereby in the industrial era, the b. Competence in ensuring operational continuity;
employees are collectively termed as human resource, c. Competence and competitive to competitors;
similar to any other company resource, in the knowledge d. Competence in ensuring future development;
information era employees are termed as human capital e. Demonstrating strong work ethics and discipline.
and regarded as a companys most important asset.
Business Performance
Human Capital Readiness
Fresh
HC Acquisition
Workload Analysis Graduate

Recruitment &
Selection Professional
HC Planning & HC Sourcing Policy, Hire
Control System Program Outsourcing
Outplacement/
Employee Wellbeing
Termination
Industrial Relation
Competency Organization Knowledge Management
HC Development
Commitment
Assesment Development
Investation
Functional/Technical
People Development Competency Development
Leadership Development
Assesment Policy, Program
System & Tools
Succession Planning
Talent Development
Career Development
HC Engagement &
Business Corporate Performance

Corporate BSC/KPI
Performance Driver Management System
Retention
Employee Performance
Job Evaluation Unit KPI Management System
Job Classification Performance Based

CHAMPS (Grading Structure) Salary Structure Remuneration System
Human Capital Information System
Business Strategy and Policy Competency Model

Organization
VISION - MISSION Strategic Initiatives
- Design
- Development
- Role Job Competency
Requirement
Business Plan & Budgeting
Change in Strategic Environment and Growth of Cement Industry
In 2015, the Company experienced significant economic activities of assessment, organizational development,
slowdown. Amid the challenges and coupled with the knowledge management, career development,
start of ASEAN Economic Community, the Company succession planning, and talent development.
has put efforts to stay competitive by developing human
capital management system. Employees development programs are designed
to meet future needs of the employees and the
Human capital management system in the Company is Companys. The last phase in the cycle is Human Capital
implemented through three of phases, as follows: Retaining that consists of activities of job evaluation,
job grading analysis, performance management
1. Human Capital Acquiring system, and performance-based reward. The phases of
2. Human Capital Development human capital management are supported by business
3. Human Capital Retaining development strategy and organizational development
that feed into the Companys business strategy.
Human Capital Acquisition is the process of human
capital management in which the Company analyzes The CHAMPS culture is continuously strengthened and
the workload, human capital planning, and system set promoted to all employees as the Companys identity.
up including the Companys policies in managing human The Corporate Culture synergizes the corporate culture
capital within the Companys environment. The next of the Company and Subsidiaries. Human capital
phase is Human Capital Development, which includes management cycle considered as business enabler is

important considering that people (human capital) are Manpower planning calculation is the general process
important elements in the Companys business process. undertaken in Human Capital management in any
A well mapped and implemented management cycle corporate action, such as domestic and overseas
pattern that creates effective and harmonized working business expansion. Should the Companys internal
culture benefit the employees by improving work resources are already adequate, the Company will rely
motivation and identifying talented peopled in the on its internal sources. Otherwise, the Company will
Company as well as delivering desirable performance proceed with the Recruitment Program according to
output. Business Performance is the main goal of the required positions and competency for each of the
developing an integrated human capital management position.
system.
Through Talent mapping within the Companys Talent
HUMAN CAPITAL ACQUIRING Management Program, Human Resource Department
assesses the competency and performance standard
Job Management: The Company updates job required by specific positions. This will be the first
description of all positions in the Company. For the step to fill a vacancy in a new organization overseas
purpose of the update, the Company holds workshops and followed by hiring the employee with suitable
on the implementation of proper job analysis in performance and competency profile.
accordance with applicable guidelines. Subsequently,
employees update their job descriptions. Recruitment: According to Manpower Planning and
job profile design, the Company carries out fresh
In addition, the Company also updates job profile graduate recruitment regularly. The hiring channels
across all positions as basis of assessment and employee from recruitment process are:
performance measurement. Job profile is also applied in Management Trainee (MT): Recruitment for fresh
the recruitment process hence the Company is able to graduate with Bachelors Degree (S1) projected to
identify the best prospective employees that meet the occupy the position of Head of section (Echelon 3).
Companys requirements. 84 employees were recruited through MT channel.
Supevisory Trainee (ST): Recruitment for
Man Power Planning: In line with the Companys employees with Diploma 3 (D3) degree projected
Long Term Business Plan (RJPP), the Company performs to occupy Group Head (Echelon 4), 112 employees
Human Capital planning review with the purpose to were hired through ST channel.
validate the alignment of qualification, amount, and Operator Trainee (OT): Recruitment channel
addition of Human Capital with business development. for employees with High School degree or its
To strengthen review validity, the Company conducts equivalent, projected to occupy Operator position
Workload Analysis. Through this effort, the Company (Echelon 5). 57 employees were recruited thorugh
defines the optimum number of Human Capital for OT.
operating support required by the Company in the
future, which is documented in Manpower Planning
until 2030.
Employment Status: the Company recruits permanent HUMAN CAPITAL DEVELOPMENT

and non-permanent employees in accordance with Job Competencies : According to the Companys
the Republic of Indonesia Law No. 13 of 2003 businesss today and future needs based on RJPP, the
on Employment. The following table presents the Company devises plan to update Employee Competency.
Companys employee demography and distribution: Job Competencies development will be in line with
Total
Employement status 2013 2014 2015
Number of Employees Number of Employees Number of Employees
Permanent 6,320 6,336 6,196
Contract 165 81 249
*Excluding project workers
Total 6,485 6,417 6,445
On Boarding : Newly recruited employees are trained the Job Description and Job Family of each position,
with materials that will support their understanding and thereby allowing for integrated competency level and
acceptance to the Culture, Working Environment, and assessment gap identification using valid method that
Competency required to deliver the best performance in appropriately addresses the Companys requirements.
the Company. On boarding process consists of Mental The results of job competencies development are used
Development Training, Introduction to Corporate Profile, in designing career path in the Company.
Corporate Culture (CHAMPS), Basic Management,
Technical Competence, Personal Mastery, ESQ, Safety
Riding, Plant & Office Visit, On the Job Training (OJT),
and assignment during OJT. Assignments in OJT is
intended to train analytic skill and critical and innovative
behavior of new employees to address real problems in
work environment.

Team Work, Continuous Learning, Service

Core Orientation, Professionalism and Integrity
Competency
Adaptability, Problem Solving, Change

Leadership, Visonary Leadership, Planning
Leadership Organizing, Developing People, Personal
Competency
Resilience, Manage Execution and Change
Employee
Management
Competencies
Adaptability, Problem Solving, Change

Functional Leadership, Visonary Leadership, Planning
Competency Organizing, Developing People, Personal
Resilience, Manage Execution and Change
Management
Training Program: The Company builds Semen Indonesia Centre of The CHAMPS (SICC) to accelerate the Companys
objective to become a World Class Company, in particular the Center of Dynamic Learning (CDL) and Center of
Knowledge Management (CKM). The CDL Department has defined CDL organizational framework and structure that
will operate the Corporate University function. The CDL framework is as follows:
Learning Solutions Delivery Systems

Learning Learning Learning Learning Learning Biiz. CHAMPS Learning
Program Program Program Program Program Leader People Program
Learning Solutions Architecture

Production & Research
Business Development
Finance & Operational

Distribution Academy
Engineering & Project
Leadership Academy
Infrastructure
Stakeholder Center
Corporate School
Management
Knowledge
Marketing &
Customer &
Academy *)
Learning
Academy
Academy
Academy
Learning Focus
Learning Strategy Governance
Centre of Dynamic Learning Framework
Welcoming the ASEAN Economic Community, the Company through CDL Department works with the National Agency
for Professional Certification (BNSP) to establish a Professional Certification Institution (LSP) within the Companys
environment.
The Professional Certification Institution, as the center of competency certification implementation in the Company and
subsidiaries, has the following duties:
a. Design and develop certification schemes Human Capital development program is categorized
b. Develop assessment and competence appraisal into two programs; training development program and
instruments leadership development program, aimed to prepare the
c. Provide assessors Companys future leaders.
d. Conduct certification
e. Perform surveillance on certification maintenance On training, Human Capital employees that hold
f. Identify requirements, verify, and determine the the role as Administration Expert, Business Strategic
location of Competency Test (TUK) Partner, Change Agent, and Employee Champion have
g. Maintain the performance of assessors and TUK undergone Human Capital Professional Certification in
h. Develop certification services cooperation with leading Human Capital practitioners
and academicians. On other functions, the Company
In 2015, LSP was focused on the following: maps the competencies according to organizational
1. Electrical Maintenance needs and employee potential formulated in Training
2. Cement Mill Operations Supervision Need Analysis (TNA). Realizing training and development
3. Process Evaluation programs based on TNA, in 2015 the Company held
4. Kiln Coal Mill Field Operations Supervision various internal and external programs participated by
5. Kiln and Coal Mill Machine Maintenance employees from various levels. The types of training
Supervision were also varied depending on needs and according to
identified competency development program.
LSP generated 27 assessors and 80 assessment
participants (Certified Participants) with the following
details: 39 participants from Semen Indonesia, 11 from
Semen Padang, and 30 from Semen Tonasa.
SEMEN INDONESIA GROUP
Type of Team Section Bureau Department

Operators
Training Leader Head Head Head
Number of Training Number of Training Number of Training Number of Number of Training Number of
Participants Hours Participants Hours Participants Hours Participants Participants Hours Participants
Functional 3589 47260 2788 44206,5 1425 22962 655 11357 152 3371
Management 265 2155,5 567 7923,5 508 15701 486 9608 92 2406,5
General 1055 22570,5 1248 13266 412 7286,5 204 3526,5 36 819
Certification 146 5197,5 49 1643 55 1744 30 923 10 374

All individuals in the Company have the ability and out. Similar trend could be observed in the period of the
interest to pursue self-development according to the fasting month Ramadhan and Eid celebration in July and
CHAMPS culture, as indicated by the percent of learning August 2015. However, overall, learning hours target of
goals met in 2015 in below chart.
4.97
5
4.45 4.38
4.02 3.96
4 3.86 3.87 3.75
3.27
3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33
3 2.84
1.24 1.17
1
Jan Feb Mar Apr Mei Jun Jul Agt Sep Okt Nov Des
SMI Grup RKAP
A more detailed observation revealed that December 43.23 hours/person/year for 2015 was met (target: 40
2015 recorded a peak performance. Performance in hours/person/year).
January 2015 was low as the beginning of the month
period, and most training programs had not been carried Leaderhsip development program is divided into 4 (four)
levels, which are:
Executive Development Program

Board of Directors Semen Indonesia Group
Global Leadership
Development Program Eselon 1 (Department Head)
(GLDP)
Transformational
Leadership Development Eselon 2 (Bureau Head)
Program (TLDP)
Operational Leadership
Development Program Eselon 3 (Section Head)
(OLDP)
Executive Development Program is designed for the Companys Board of Directors to enhance business strategies
amidst increasing competition in the market. Executive Development Program consists of the following.
Sharpening The Strategy to Increase

Competitive Adventage Toward Sustainable
Growth
Strengthening Coaching For High

Performance Skill
Strengthen Coaching Skill Leading with

Global Prespective
Corporate Culture: The Company continues to improve understanding of corporate culture articulated as the
foundation of the Companys operations. Through the same culture, the Company is expected to be more synergized
and able to move in unison towards the defined vision. One of these efforts is strengthening the CHAMPS culture.
CHAMPS
Compete with Clear and
Synergized Vision
Have a High Spirit for

Continuous Learning
Act with High

Accountability
Meet Customer
Expectation
Perform Ethically with

High Integrity
Strengthen
Teamwork

Knowledge Management : Center of Knowledge 4. Shared Learning

Management (CKM) is established to enable the 5. Project Retro
Company in managing and harnessing its knowledge 6. COP
in order to address future competition. Knowledge 7. Technology
Management has 9 areas of competency, including 8. Change Management
Information Technology: 9. Leadership
1. Expert Locator
2. COI They are employed to enable the Company utilizing its
3. Peer Assist knowledge, as shown in the schematics below:
6
Strategic
Collaboration
Communities of (Communities of
All o dr grat edge

ces Cha ge
Expert Locator
e
nt nin cou al
Practice)
ow ive ing st
ses ng
t nte wl
me lear to en ation
Pro g ( ra
Interest
(I no
3 4 5 ing de bu rat
)
k
na n & rs anis
cap liver sin egie

9
Ma ratio drive org
Learning Sharing Learning ab y st ess s)

8
before learning while from every ilit ra an Forum

ll
y s teg d
ab iou g a
doing doing as delivery cycle tra ie Blog

coll ehav ordin
as risk the basis for as a crucial 3rd

r
teg s
ge
Peer Assist Learn & Share mitigation career success outcome of

Peer
ies
b cc
(Peer (Shared every initiative

o
A
assists) learnings) (Project Wiki DMS Assist Learn &

retrospective) Share
Project
Retrospectives
Communities of
Practice
2
Creating a culture of knowledge
exchange through conversation
(Communities of Interest)
Virtual Physical
1
Competence Networking (Expertise Locator)
7
Using technology appropriately
(Technological enablement)
Knowledge Management activities conducted in 2015 are:

- Leader Cafe: the Leader Caf concept is designed as knowledge and experience sharing forum with members
of the Board of Directors, Board of Commissioners, or external parties, and qualified public figures. The event
offers a unique setting compared to standard seminar session. Having a caf concept is expected to enable
unit leaders as the target participants to enjoy the knowledge sharing process.
- Operating Unit Learn and Share: In addition to Leader Caf, knowledge sharing activities are also widely
conducted in the various operating units across the Companys operational areas. In 2015, there were around
900 Learn and Share activities at Operating Unit level. The number of activities is commendable, considering
that it had only been the second year since the activity was first introduced. This achievement evidenced that

Knowledge sharing has become embedded into the Companys culture. Knowledge sharing sessions are
expected to increase and improve in the future, generating significant impacts on the individuals involved in
particular and the Company in general.
- Peer Assist: Peer Assist is part of the knowledge management activities that has been conducted in the
Companys environment. Echelon 1, 2, and 3 employees and team leaders transferred or promoted to a
new unit require to carry out knowledge sharing with employees experienced in certain project or area of
assignment in that unit, particularly on certain issues. This activity is expected to reduce risk at the workplace.
In 2015, there were 50 employees of echelon 1, 2, and 3 as well as new team leaders involved in Peer Assist
program.
Learning Courses: the Company recognizes the need of establishing leaders that are capable to overcome challenges
and take on opportunities in order to prevail over future competition in an increasing competitive business. As such,
the Company continues to provide as wide opportunities as possible to employees that are interested to develop their
competencies through learning courses domestically and overseas. Currently, the Company has sent employees to the
following universities:
1. University of New South Wales, Australia Career Path: By transforming into strategic holding,
2. University of Liverpool, United Kingdom the Company has designed a more up-to-date career
3. University of Glasgow, United Kingdom management system that is suitable to answer to
4. University of Manchester, United Kingdom business needs and challenges in the future. The
5. University of Newcastle, United Kingdom Company has developed integrated career path as
6. University Southampton, United Kingdom career management system. Career path development
involved the entire Group with assistance from leading
HR consultant in Indonesia.
FEEDER RECEPIENT
Level in OPS R&D ENG OPS R&D SCM RISK
Grade
Organisation OPS R&D ENG OPS R&D SCm Group IA_IA GSHC
Competency AT, CO, ACTS AT, CO, INGV AT, CT, AT, CO AT, CO, ACTS AT, CO, INGV AT, CO, ACTS
Competency
20 ENG_20 OPS_20 SCM_20 GSHC_20
Bureau Head 19 ENG_19 OPS_19 R&D_19 SCM_19 Group IA_IA_19 GSHC_19
18 ENG_18 OPS_18 R&D_18 SCM_18 Group IA_IA_18 GSHC_18
Competency
17 OPS_17 ENG_17 OPS_17 SCM_17 GSHC_17
Section Head 16 OPS_16 ENG_16 OPS_16 SCM_16 GSHC_16
15 OPS_15 ENG_15 OPS_15 SCM_15 GSHC_15
Competency
14 OPS_14 ENG_14
13 OPS_13 ENG_13
Team Leader
12 OPS_12 ENG_12
11 OPS_11 ENG_11
Competency
10 OPS_10 ENG_10
09 OPS_09 R&D_09 ENG_09
Operator
08 OPS_08 ENG_08
07 OPS_07 ENG_07
06 OPS_06 ENG_06
information: Career Map

HUMAN CAPITAL ENGAGEMENT AND The three goals of remuneration package are founded
RETENTION upon three basic principles of:
Remuneration: the Company realizes the importance 1. Pay for Person
of recruiting the best talents from the Companys The Company designs remuneration package in
external and at the same time retaining the best proportion to an employees individual competence
available talents hence they can continue growing with
the Company. The Company is committed to offer the 2. Pay for Position
best remuneration package according to prevailing laws The Company seeks to offer remuneration package
and regulations. The fundamental goals of remuneration according to employees position, as reflected from
package offering are: grading score that varies for different positions.
1. Attract the best talents to grow and develop with 3. Pay for Performance
the Company; The Company puts efforts to provide remuneration
2. Retain the best talents in order to create positive package associated with employees performance
working environment and increase loyalty to the according to the employees defined KPIs.
Company;
3. Motivate the best talents to optimally contribute to The remuneration offered by the Company consists of
the Company. basic salary, fixed allowance (job position allowance)
and non-fixed allowance (presence, meal, assignment,
The remuneration package offered by the Company supervision, overtime, location), benefit & donation
is developed based on externally competitive and (wedding, moving cost, bereavement benefit, housing
internally fair principle to create balance. rent, legal assistance), as well as incentive based on or
directly associated with the Companys performance, i.e.
quarterly performance incentive and annual production
service.
Externally
Competitive
Internally
Fair
Employment Status
No Remuneration Component
Permanent Non-Permanent
1 Salary P P
2 Fixed Allowance P
3 Non-Fixed Allowance P P
4 Religious Celebration Benefit P P
5 Leave Travel Expenses P
6 Pension Program P
7 Performance and Production Service Incentive P
8 Loyalty Appreciation P
9 Benefit & Donation P
To support the operation process, especially to improve physical fitness of employees, the Company also provides health
treatment for employees and their family members, as follows:
No Remuneration Component Provided

1 Outpatient treatment by General Practitioner and Specialists P
2 Dental treatment P
3 Family Planning service P
4 Nutritional treatment P
5 Immunization/Vaccination P
6 Regular health check up P
7 Inpatient treatment P
8 Intensive care treatment P
9 Surgical treatment P
10 Emergency care treatment P
11 Medical transportation (ambulance) P
12 Delivery & Maternal and Child Care P
13 Promotive, preventive, and rehabilitative care P
14 Pharmaceutical services P
15 Medical supporting services P
Performance Management System: In line with the remuneration structure standardization, the Company also
promotes performance-based culture using performance-based incentive model. Under the Employee Performance
Management sub-project, the Company determines employee appraisal standardization based on KPI and competency
criteria. The assessment result of both criteria shall become the basis to decide merit increase and incentive. This
method is expected to promote employees behavior in line with the Companys KPIs.

Performance Planning:
Establish performance result/key performance indicators and competency in line with business plan
Joint agreement for ownership and commitment
rmance Plannin
rfo g
Pe
essment
Performance Assessment: Performance Development/Mid-
Perform
Actual assessment vs. target Year Assessment
performance regarding Key Continuous discussion and
Performance
A ss
Performance Indicators and support to meet goals
a
competency
Management Provide input for Key
nce
e
Provide assessment and input on Performance Indicators and

nc
De
a
overall performance m
ve
lop Competency performance
Identify areas for further development or
Perf ment
The performance assessment period for one year is divided into four assessment periods as illustrated by the following
chart.
Performance development process/sustainable coaching
Performance planning Performance Development Final Performance Assessment

For year Y period Evaluation 2 Year Y period
Dec Jan Mar June July Sept Dec Jan
RKAP Performance Performance Final Performance

Formalization Development Development Assessment
Year Y period Evaluation 1 Evaluation 3 Year Y+1 Period
Notes:
Fiscal year commences on 1 January and ended on 31 December
Performance assessment of Y year and performance planning for Y+1 year can be implemented at the same time
between December & January
Employee of The Year: the Company appreciates employees that are able to contribute and set exemplary behavior
in their respective units. The appreciation is extended every year and aims to create conducive and productive work
environment. The Company offers religious pilgrimage package as rewards; Umrah package for Moslem employees and
Jerusalem travel package for Christian employees.
Human Resource Information System: to support the operationalization of human capital management, the
Company has integrated human capital management with SAP-based information technology. The Company has
implemented the following modules in its Human Resources Information System (HRIS):
1. Organization Management
2. Personel Administration
3. Payroll
4. Time Management During IHCS 2015, the Company also participated

5. Travel Management in CEO Commitment, one of the categories in IHCS
6. People Development 2015 that was accomplished by interviewing the CEO.
7. Learning Solution CEO interview session was undertaken to clarify roles,
8. Performance Management System support, and strategic initiatives of the CEO (or President
9. Appraisal Management Director in this regard) for human capital development
10. Compensation Management within the Company and subsidiaries. The goal was to
gain a clear insight on the extent of the impacts of a
Indonesia Human Capital Study (IHCS) 2015: CEOs roles and vision with respect to Human Capital.
Indonesia Human Capital Study (IHCS) is a study on
human capital management practices in organizations/ The Company was proud to be involved in IHCS 2015
companies in Indonesia. The study was conducted by an and recognized for Best of Human Capital Index on
HR consultancy firm with the support from FHCI (Forum Various Industry and Best of CEO Commitment of
Human Capital Indonesia), PMSM (Association of Human Capital Development.
Human Resource Management), and several universities
in Indonesia. Employer of Choice (EOC) 2015 : Indonesian Employers
of Choice Survey is an annual survey conducted by HR
The study has the following purposes: consulting company and one of Indonesian print media.
IHCS study as a benchmark of approach, For the Company, the result of Employer of Choice
process, and results of human capital system (EoC) survey provides insight on its capability and
implementation in the Company, so that learning performance in organizational development.
and transformation process may be accelerated
towards the Companys goals The goals of this survey are:
Creating effective human capital in line with the a. Identify the Companys strengths and opportunities
organizations strategy where human capital for improvement and to prioritize improvement
can strengthen its strategic position as business follow up
partner and drive the organizations growth amidst b. Benchmark the Companys survey result with
Indonesias economic growth today and in the other companies in the HR consulting companys
future database
Collecting Human Capital Index Norm from various c. Establish baseline to track the Companys progress
industries in Indonesia in creating an attractive work environment
Enabling the Company to learn the effectiveness
of Human Capital initiatives carried out in the The benefits gained from participating Employer of
Company Choice Survey 2015 with respect to the Companys
As benchmark and reference for improvements in business scope are:
Human Capital to support business growth and to a. Demonstrate the Companys existence in
achieve the Companys vision and mission. organizational development

b. Provide input to the Top Management to create Working Climate Index (WCI) 2015: To support
a favorable work environment for employees to having a conducive and productive work environtment,
generate excellent performance by: the Company has measured work climate across its
-- Creating employer branding as external operating units. The result on work climate study was
communications and publication vehicle and used as input for the management to improve work
to create competitiveness in talent recruitment environment in the future.
-- Creating the Companys organization as a
performance-oriented organization by defining Employee Demography: As part of the regeneration
clear duties, responsibilities, and standards and process as well as repositioning and re-arrangemnent of
by offering rewards organization in line with the Companys development
-- Consistently promoting an environment and expansion plan in the future, the number of
that motivates active and loyal talents to the employees was adjusted accordingly.
organization
The comparative number of employees in the past 2
Employer of Choice survey last year recognized the (two) years indicates changes. In 2013, there were a
Company as Indonesias 1 st
Employer of Choice total of 6,320 employees and 6,336 employees in 2014.
Survey, The Companys demography in 2015 by management
level, age, and education is as follows:
Management Total
Level 2013 2014 2015
Department Head and equivalent 129 138 130
Bureau Head and Equivalent 338 345 332
Section Head and Equivalent 622 644 652
Team Leader and Equivalent 1,977 2,003 2,022
Operator 3,243 3,194 3,060
Total 6,320 6,336 6,196
Total
2013 2014 2015
Age
Total Total Total
% % %
Employees Employees Employees
>= 51 years old 1,209 19.13% 1,010 15.94% 747 12.06%
46-50 years old 521 8.24% 552 8.71% 647 10.44%
41-45 years old 986 15.60% 1,080 17.05% 1,214 19.59%
36-40 years old 1,220 19.30% 1,154 18.21% 891 14.38%
31-35 years old 569 9.00% 625 9.86% 770 12.43%
26-30 years old 998 15.79% 1,144 18.06% 1,179 19.03%
<=25 years old 817 12.93% 771 12.17% 748 12.07%
Total 6,320 100.00% 6,336 100.00% 6,196 100.00%
TOTAL
2013 2014 2015
Education Level
Total Total Total
% % %
Employees Employees Employees
Doctorate/S3 3 0.05%
Masters 444 7.03% 447 7.05% 180 2.91%
Bachelors 1,204 19.05% 1,269 20.03% 1,373 22.16%
Diploma 3/D3 712 11.27% 773 12.20% 791 12.77%
High School 3,960 62.66% 3,847 60.72% 3,849 62.12%
Total 6,320 100.00% 6,336 100.00% 6,196 100.00%
Talent Management: The Company provides as For employees that are about to enter retirement, the
much self-development opportunities as possible to Company provides various training programs to ensure
all employees regardless of race, religion, and gender. they can lead a productive life after the employment in
The Company recognizes that the organization needs the Company. In addition, pre-retirement training also
to continue evolving, as does the potential of all aims to prepare employees for retirement phase.
employees.
Industrial Relations: the Company seeks to be the
The Company continues to improve talent management employees best partner in professional development
programs in order to develop together with the Company. within and outside the Company. The Company realizes
The Company has designed talent management system the important role of employees and employee union as
that is expected to support the Companys programs in strategic partners to grow and develop. The Company
overcoming increasing business competition. and Workers Union successfully updated the Collective
Labour Agreement in July 2015.
Separation: As of 31 December 2015, a total of 315
people were no longer employees of the Company. As
such, the Companys turnover rate stood at 5.09%.
Total SMIG
Reason of separation
Participant %
Regular retirement 235 75%
Early retirement 6 2%
Resignation 61 19%
Passing 13 4%
Total 315 100%

Operational Cooperation Contract (OCC) between the parties based on their contribution in
As part of the Corporate Transformation Agenda, the the OCC with respect to the operations of cement
Companys function as Holding Company has been production facilities, which terms and conditions are
optimized, in which the Company focuses on the stipulated in the OCC.
implementation of strategic business activities. The
operational role is underlined in the OCC function led The OCC is established to carry out joint operations
by PT Semen Gresik as operational leader of the OCC of cement production plants, product marketing, and
(Gresik and Tuban plants). product sales by the parties and to improve cement
plant efficiency as well as productivity. The contract
The OCC, as profit-sharing Operational Cooperation aims to stipulate the following:
Contract (OCC), is established and exercised by and 1. Execution of cement production, marketing, and
sales.
Duster at Raw Mill unit,

Tuban III Plant, East Java
2. Peformance of cooperation that mutually benefits 3. strengthening of the parties positions in

the parties in terms of strategic, operational, addressing cement industry competition domestic
financial, human capital, procurement, marketing and overseas.
and sales, information technology system, legal,
and secretariat benefits.
EGMS
PT Semen Gresik (Persero) Tbk.
20 December 2012
Corporate Transformation
Functional Strategic
Holding Holding
PT. Semen Gresik PT. Semen Indonesia
(Persero) Tbk. (Persero) Tbk.
Separation of Corporate OCC Establishment

Transformation Functions (Operational Cooperation,
(23 Functions, Blueprint) Tuban Plant), SMI - SG

Commitment To
Enhancing Environmental
Management Quality
Clay Mining Road Tuban Mill, East Java

Implementation of operational system backed by
environmentally friendly technology and realization
of environmental improvement programs reflect the
commitment to enhancing environmental management
quality in any business condition to develop sound business.
Commitment To Enhancing Environmental Management Quality
The Company believes that the management and Social Responsibility initiative under Semen Indonesia
enhancement of environmental quality is inseparable Lestari (SI Lestari) as discussed in a relevant chapter.
from business development endeavors that seek
to balance economic, social, and environmental ENVIRONMENTAL MANAGEMENT
performance. SYSTEM
In carrying out its operational activities, the Company
For the Company, its success in managing the is fully committed to comply with the provisions under
environment indicated by, among others, maintained the Environment Law No. 32 of 2009 concerning the
environmental quality is one of the pillars that Environmental Protection and Management, related
ensure sustainable growth, welfare, and life quality of regulations, and environmental obligations stipulated in
generations today and the future. the environmental documents.
The Companys commitment in Environmental All planning processes, operations of raw material
Management is articulated in its Environmental Policy, extraction, closure, rehabilitation of raw material post-
which reads: extraction site, and production activities are recorded in
the Environmental Impact Analysis Document as well
To manage and control all activities that benefit the as Environmental Management and Monitoring (UKL
stakeholders by striving to comply with prevailing laws and UPL), as refers by the Company in implementing its
and regulations, implementing better environmental overall operational activities.
management, including efforts on the prevention
of pollution, accidents and occupational diseases by To ensure the conformity of operational activities with
constantly taking into account significant impacts, risks, international standards, the Company applies ISO
and best practices of Good Corporate Governance 14001:2004 Environmental Management Systems.
(GCG) in realizing the vision of Becoming Leading This system is periodically certified by an independent
International Cement Company in Southeast Asia. third party. Moreover, the Company also applies
Work Safety and Health Management System OHSAS
18001:2007, continual improvement programs, 5Rs,
For the Company,
environmental quality and Input System that is integrated in Semen Indonesia
management and enhancement Management System (SMSI).
cannot be separated from
business development Environmental MONITORING
programs executed by PROGRAM
promoting balance economic, The Company holds regular environmental monitoring
social, and environmental
activities to comply with prevailing environmental
performance.
laws and regulations. Routine monitoring is done
Realizing the commitment to manage, sustain, and for: air emission of mill funnels; ambient air quality;
improve environmental quality, the Company executes environmental noise levels; dust concentrate and noise
several environmental programs. The programs are around mills; work environment; quality of waste water,
broadly categorized into two groups; programs directly water catchment, and seawater; and availability of
related to the Companys activities, as discussed below, underground water.
and programs that are part of the Companys Corporate

Periodically, the Company conducts measurement that is lower than the parameters. The Company
on several sample sites and analyzes environmental also aims that its environmental programs contribute
parameters by the Companys internal unit as well as by meaningfully to environmental quality improvement
an independent, competent body using Environmental in and outside the Companys operational activities.
Quality Standard (BML) as the reference in assessing the The Companys commitment so far has shown positive
effectiveness of environmental management program. results; the achievement of environmental parameters
The Company also endeavors to always meet all that is regularly monitored has been consistently lower
parameters in BML. than BML parameters and Threshold Value (NAB) as
shown in the below monitoring result tables for all
In practice, the Company strives to ensure minimum cement mill facilities managed by the Company.
environmental impacts from its operational activities,
which would be shown by BML measurement result Monitoring results according to applicable BML
parameters is as follows.
Average Funnel Emission, Tuban 2015
Environmental Parameters Quality Standard Unit Measurement Result
- Raw Mill :
Nitrogen dioxide,NO2 1000 mg/m3 79.66
Sulphur dioxide, SO2 800 mg/m 3
3.35
Dust particles 80 mg/m 3
7.89
- Clinker Cooler 80 mg/m3 2.75
- Coal Mill 80 mg/m 3
32.06
- Cement Mill 80 mg/m3 11.18
- Cement Packer 80 mg/m 3
5.87
*) Quality Standard Value according to Environment Minister Regulation No. 13 of 1995
Average Ambient Air, Tuban, 2015:

Carbon Monoxide, CO 22600 g/Nm3 833.77
Nitrogen Oxide, NOX 92.5 g/Nm 3
24.89
Sulphur dioxide, SO2 262 g/Nm3 3.30
Hydrogen Sulfide, H2S 42 g/Nm 3
0.55
Ammonia, NH3 1360 g/Nm 3
25.82
Oxidant, O3 200 g/Nm3 16.06
Dust particles 0.26 g/Nm 3
0.03
Lead, Pb 0.06 g/Nm3 Not detected
Hydrocarbon, HC 160 g/Nm3 Not detected
*) Quality Standard Value according to Government Regulation Number 41 of 1999
Average domestic wastewater, Tuban and Gresik, 2015:

pH 6.0-9.0 - 7
BOD 100 mg/L 12.28
TSS 100 mg/L 5.50
Oil/Fat 10 mg/L 2.1
Average Funnel Emission, Indarung -

2015:
- Raw Mill :
Nitrogen dioxide, NO2 1000 mg/m3 95.85
Sulphur Dioxide,SO2 800 mg/m 3
54.80
Dust particles 80 mg/m3 33.63
- Clinker Cooler 80 mg/m 3
44.17
- Coal Mill 80 mg/m3 60.46
- Cement Mill 80 mg/m 3
32.16
Not detected
Average Ambient Air Indarung 2015:

Carbon Monoxide, CO 22.600 g/Nm3 3.041
16.20
Sulphur Dioxide,SO2 262 g/Nm3 20.96
Oxidant, O3 200 g/Nm 3
21.72
Dust particles 230 g/Nm3 63.89
Lead, Pb 60 g/Nm 3
0.03
Hydrocarbons, HC 160 g/Nm 3
99.24
Average Domestic Wastewater, Indarung, Padang, 2015:

pH 6.0-9.0 8.77
BOD5 50 mg/l 1.15
TSS 200 mg/l 37.15
Oil/fat 10 mg/l Tidak Terdeteksi

Average Funnel Emission, Tonasa - 2015

- Raw Mill :
Sulphur Dioxide,SO2 800 mg/m 3
19.57
33.87
55.55
51.39
Average Ambient Air, Tonasa - 2015:

Carbon Monoxide, CO 22.600 g/Nm3 279.49
8.79
Sulphur Dioxide,SO2 262 g/Nm3 40.91
Oxidant, O3 200 g/Nm3 Not detected
Dust particles 230 g/Nm 3
90.48
Lead, Pb 60 g/Nm3 <1
Hydrocarbons, HC 160 g/Nm 3
Tidak Terdeteksi
Average domestic wastewater, Tonasa - 2015:

pH 6-9 - 7.88
BOD5 100 mg/L 8.99
TSS 100 mg/L 30.41
Oil/fat 10 mg/L 3.09
Average funnel emission, TLCC - 2015

QCVN23:2009/BTNMT
- Raw Mill :
Sulphur Dioxide,SO2 800 mg/m3 6.30
31.76
17.89
27.71
Average Ambient Air, TLCC, 2015:

QCVN 05:2013/BTNMT
Carbon Monoxide, CO 30,000 g/m3 <7000
Nitrogen Oxide, NOX 200 g/m3 21.09
Sulphur Dioxide, SO2 350 g/m 3
34.85
Oxidant, O3 200 g/m3 No measurement
Dust particles 300 g/m3 68
Lead, Pb 1.5 (8 hours) g/m3
QCVN 06:2009/BTNMT
Hydrocarbon, HC 5000 g/m3 No measurement
Hydrogen sulfide, H2S 42 g/m3
Ammonia, NH3 200 g/m3
Average Domestic Wastewater, TLCC, 2015:

QCVN 40:2011/BTNMT
pH 5.5-9 - 6.81
BOD - Biologycal Oxygen Demend 78 mg/l 9.26
TSS - Total Suspended Solid 156 mg/l 33.2
Oil/fat 15.6 mg/l 0.067
ENVIRONMENTAL MANAGEMENT
PROGRAM
The Company executes various Environmental Air contamination control
Management Programs to prevent contamination and To prevent air contamination, all facilities of the
pollution as well as to build Green Production Culture in Company are equipped with dust containment
its facilities. This is done through: facilities, such as Electrostatic Precipitator (EP),
Water contamination control cyclone, conditioning tower, and bag house filter.
To control water contamination due to
contaminants from rainwater, the Company carries Aside from adequate equipment, the Company also
out prevention efforts: construction of concrete provides buffer zone, plants trees in the geen belt areas
slabs, water channels, and oil trap, accompanied around raw material sites, and develops green barriers
by periodic water quality monitoring conducted by within and around its plants to mitigate air pollution.
the Companys internal unit as well as independent
laboratory.

RESOURCE CONSERVATION Improving equipment performance

PROGRAMS and controlling plant operations to
The Company also places attention on the efforts to have better energy efficiency
ensure efficient utilization of natural resources and Increasing production capacity and
energy in order to sustain its continuity and availability. optimizing operational control
To that end, the Company undertakes resource
conservation actions through the following programs: Hazardous and toxic wastes (B3) and non-B3
B3 and non-B3 waste management is done
Energy Efficiency thoroughly and carefully and consistently observes
To secure energy, the Comapany seeks to achieve compliance with laws and regulations. Co-
energy efficiency by: processing is carried out mainly to ensure that
Utilizing Alternative Fuel and Materials wastes generated from the process can feed into
(BBMA) sourced from side products of production process in accordance with 3R principles
other industries and agricultural wastes as (Reduce, Reuse, and Recycle), including:
substitute of natural resource-based fuel. Utilization of used oil to lubricate plant
Alternative energy used as fuel includes machineries
oil sludge and biomass from rice husks, Utilization of waste cloths and gloves
cocopeat, tobacco wastes, sawdust, and contaminated with oil for alternative fuels
others. Recycling material spills to be re-used in
Until 2015, BBMA utilization reached 6% production process
of the total energy use.
Caption :Unloading biomass to the calciner combustion systems
Conducting audit and energy In addition to processing internal wastes, the

management to improve electricity Company also utilizes wastes from other industries
and heat energy efficiency by: as raw materials and alternative fuels using co-
processing method. The activities aim to provide
alternate solutions for safe and green practices of
industry waste management.
Water Conservation Biodiversity

Water conservation management is undertaken Biodiversity protection is done through efforts of
by utilizing rainwater and wastewater from plants post-mining reclamation and afforestation.
and recycled them as process water to support o Post-mining reclamation
water usage efficiency. Water management is also Post-mining reclamation is carried out in
achieved through continuous water distribution accordance with the Environmental Impact
channels maintenance and inspection (piping, Analysis Document (AMDAL).
valves, etc.). Among the benefits of these activities The following are several reclamation activities
are the provisioning of clean water and irrigation conducted by the Company:
water for paddy fields owned by surrounding -- Utilization of ex-mining site as water
communities. reservoirs, fishing area, or attraction site
Caption : Water Conservation -Utilization of water in the areas of mining

man-made lake for irrigation
In addition to water use conservation, the Company -- Utilization of ex-mining site for
also put efforts to preserve the integrity of agricultural, housing, office, industrial,
waterways, especially ground water, by improving or other commercial purposes
its mining methods limestone and clay. Today, -- Reforesting some parts of ex-mining site
the Company employs Grading system when by planting protective and productive
conducting mining activities of its raw materials, variety of plants.
which has been proven effective to improve
rainwater absorption to the ground and thereby o Afforestation
sustaining groundwater availability. The Company performs planned and
continuous afforestation efforts through the
The Company also develops several water following activities:
catchment ponds as part of conservation process. -- Green Belt and Green Barrier afforestation
under joint management arrangement
with local communities
-- Tree planting along the Gresik-
Lamongan-Sedayu-Tuban road of 150
km
-- Development of Mangrove Center in
Tuban beach by planting mangrove seeds

Caption: Realization of greening of mined areas and floating nets fisheries at the mined areas
As of 2015, through various afforestation programs in different areas, the Company has successfully planted
many tree varieties, totaling to 246,620 trees. Details of activities, sites, and total planted trees are as follows.
Unit Location
Temandang Tuwiri Mliwang
No Activity Telogowaru Total
ha Trunk Limestone Limestone Clay
Clay Quarrying
Quarrying Quarrying Quarrying
1 a. Green Belt 38.54 15.52 4.82 16.15 75.03
b. Green Belt 20.226 6,000 7,268 13,751 47,245
2 a. Green Barrier 8.16 0 0 0 8.16
b. Green Barrier 17,099 - - - 17,099
3 a. Glory Hole 23.00 0 0 0 23.00
b. Glory Hole 42,918 - - - 42,918
a. Post Mining
4 Floor 7.66 0 0 0 7.66
b. Post Mining
Floor 14,444 - - - 14,444
a. Mining Final
5 Stage 10.87 0 2.75 4.49 18.11
b. Mining Final
Stage 7,102 - 4,907 10,750 22,759
a. Facilities (roads,
6 view point, etc) 31.01 0.00 8.91 16.19 56.11
b. Facilities (roads,
facilities, etc) 59,505 - 20,727 21,923 102,155
CDM Implementation Waste Heat Recovery Power Generation (WHRPG)

In 2009, the Company begun to develop Clean in Semen Padang has operated and generated
Development Mechanism (CDM) project to participate additional 8 MVA of electricity. WHRPG in Tuban
in the joint efforts to mitigate global warming. The with 30.6 MVA capacity is still under construction.
participation in CDM project also demonstrates the
Companys commitment to improve the quality of AWARDS
surrounding environment. Various improvement efforts on environmental
performance to build a green Company and to realize
As of the end of 2015, CDM project progress is as the Companys engagement on environmental quality
follows: have earned the Company a number of recognitions in
CDM project Partial substitution of fossil fuels 2015 from the Ministry of Environment and Forestry:
with biomass at Semen Gresik cement plant in
Tuban has been registered with UNFCCC as of 25 GREEN PROPER for Tuban Plant and Indarung Plant
February 2011. BLUE PROPER for Tonasa Plant
o On 6 May 2015, Semen Indonesia and
Sweden (through Swedish Energy Agency) The Company also received awards from Industry
signed ERPA (Emission Reduction Purchase Ministry:
Agreement). ERPA is CER purchase agreement Green Industry, Level 5 for Tuban Plant
between Semen Indonesia and Sweden. Green Industri, Level 4 for Indarung and Tonasa
o CER purchase agreement is valid for 5 years Plants
from 2013-2018. In total, 220,000 tons of
CO2eq has been traded.
o First phase of CER monitoring verification
was conducted on 17 May 2016 by a DOE
appointed by UNFCCC.
CDM Project Partial subtitution of fossil fuel with

biomass at cement plant in Tonasa has been
registered with UNFCCC as of 22 May 2012.
o First phase of CER monitoring verification is
planned for Q4 2016
o Total CER verified in the first phase is 66,000
tons eqCO2
o CER purchase agreement signed with Sweden
is valid until 2019.

Commitment to Environmental Preservation:

Building WHRPG, Providing Additional Electricity and Improving
Environmental Quality
Following the success of the first construction and derived from utilization of waste gas from Tuban Plants
operations of Waste Heat Recovery Power Generation I-IV, which will reduce CO2 emission by 122 thousand
(WHRPG) in Padang Plant with a capacity of 8 MW, the tons per annum - calculated based on total power
Company is currently developing similar facility in Tuban supplied by PLN, where PLN uses fuels for its power
Plant that is slated to have larger capacity of 30.6 MW. plants.
Groundbreaking ceremony of this plant supporting The employment aspect is derived supply of local content
facility took place on 22 October 2014. It is planned that accounts for 52% of the total project value. The
for completion in 26 months or in 2016. The WHRPG technology aspect is achieved from technology transfer
construction utilizes 52% local machineries and the provisions under project development agreement with
remaining needs are supplied from Japan. Japan.
WHRPG has four key aspects of efficiency, environment, As such, WHRPG benefits for the Company are twofold
employment, and technology transfer. The efficiency it provides additional electricity supply that would
is achieved from the projects electricity cost saving enable production cost efficiency and it improves
potential of Rp80 to Rp100 billion per year for the environmental quality around the plants by significantly
Company by substituting PLN electricity supply of 152 reducing heat gas emission in the future.
million kWh per year. The environmental aspect will be
Company Innovation
Movement
Semen Indonesia Innovation Movement reinforces the Companys

endeavors to establish leading practices that support consistent
sustainable growth in order to achieve operational excellence
and generate exceptional performance for the Company amid an
increasingly competitive and dynamic global competition.

Company Innovation Movement
Strong innovation culture develops through creative and The Company believes that innovation is part of the
innovative ideas from Semen Indonesia Group (SMIG) efforts that can grow the competitiveness and realize
employees that are channeled through innovation sustainable growth. To create the spirit of innovation,
movement and organized under Semen Indonesia the Company continuously explores creative ideas that
Innovation Management (MI-SI). Semen Indonesia is an are in line with its strategies.
innovative SOE and this culture is strongly embedded
across employees. As the Companys innovation movement continuously
advances, Semen Indonesia Innovation Management
In line with corporate transformation that started with (MI-SI) is established and focuses on three areas of
consolidation, synergy, and business development innovation:
processes, the Companys innovation strengthens a o Problem Based, innovations to solve issues in the
movement towards leading practices that has been Company
integrated and part of the Companys work system. The o Potential Based, innovations to anticipate
Company aims to create competitive advantage that potential issues or risks with negative impacts to
will be part of the new strength in this globalization era. the Company
o Expectation Based, innovation to capture
the Companys business potential and address
challenges
Pursuant to these categories, the Company has

Problem developed innovation management system integrated
Based to its work system, namely Semen Indonesia Innovation
Management (MI-SI).
Potential
Based
Expectation
Based
Innovation
Socpromed
Innovation Innovation
Protecting Creating
Using Clasifying
Sharing Awarding
Documenting Implementing
As a management system, MI-SI covers promotion, 2. Develop Innovation Management System

stimulation, initiation, documentation, implementation, application that includes Innovation Quality
and appreciation in Semen Indonesia Group. It Management System (IQMS), Innovation Project
encourages innovation culture and competition, Management System (IPMS), Innovation Patent
strengthens consolidation, and creates added value as Management System (IPTMS), and Innovation
well as competitiveness in the Company. Dashboard Management System (IDMS). The
application is user-oriented and seeks to build
Innovation management is continuously improved Innovation Database as a resource of innovation
to create environment for innovators hence they sharing.
may actively innovate. Innovation Council, a special 3. Build Innovation Sharing mechanism, TAHU ISI
operating unit, has been established to that end and forum a forum for idea sharing for innovators
it reflects the Companys dedication to organize and to build operational standardization in Semen
develop innovation by, among others: Indonesia Group by replicating innovation in
1. Embed Semen Indonesia Innovation Movement different units and between operating companies.
to the Companys work system, making it the 4. Incorporate innovation participation in core KPIs
standard methodology and primary tool in problem and cascade to all operating units as one of the
solving as well as in seizing opportunities to boost primary tools to promote performance excellence.
the Companys performance.

Achievements in 2015 The Company also provides protection for innovation

The success of Semen Indonesia Innovation Movement products by applying and registering patents. This is
(GISI) is indicated by increasing participation trend from also part of its efforts to promote innovation spirit and
year to year. to appreciate innovators for their work. Patent rights
application process includes feasibility study, in-depth
review, national/international patent matching, patent
drafting, and patent application to the Directorate
General of Intellectual Property Rights.
148
118
73 69
68 65
51 54
45 46
26 27 29
15 22 20 18
8 4
0
PBB TPPT-RM TPP K-P MANAJ. APA
SMI SP ST SMIG
To support effective innovation management in Semen Innovations greatly impact added value of the Company
Indonesia, the Company has built and developed Semen in terms of performance, better efficiency, productivity,
Indonesia Innovation Management (MI-SI) application and innovation culture among employees. Results of
as the media for knowledge creating, knowledge innovation are recognized at national and international
clasifying, knowledge sharing, knowledge using, and levels, among others:
knowledge documenting. 1. Performance Excellence 2015
Awards:
The application covers all activities from innovation Semen Tonasa -> Emerging Industry Leader
registration, document management, innovation Semen Padang -> Emerging Industry Leader
assessment, innovation implementation monitoring, Semen Indonesia -> Emerging Industry Leader
innovators profile documentation, innovation 2. Environment Innovation 2015
dissemination-promotion-education, innovation Awards:
sharing, reward system, process tracking of innovation Ministry of Environment
patent registration, and reporting of innovation o Semen Tonasa -> Blue Proper
performance management. o Semen Padang -> Blue Proper
o Semen Indonesia -> Green Proper
In 2015, the Company has developed Semen Indonesia 3. Konvensi Inovasi Tingkat Nasional 2015
Innovation Management (MI-SI) as the primary medium Achievements:
in innovation management, innovation repository, and Semen Tonasa: 1 Silver, 6 Gold, and 2 Diamond
innovation participation for all employees in Semen Semen Padang: 4 Silver, 3 Gold, and 1
Indonesia Group (SMIG). Diamond
Semen Indonesia: 1 Silver, 4 Gold, 1 Diamond,
and 1 Platinum
4. International Innovation Convention 2015 Following the invention of ideas, innovators are
Achivements: encouraged to translate creative ideas into strategic
Semen Tonasa: 1 Gold in ICQCC and designs and actualize them as problem solving or
Encouragement Prizes in APQC opportunity solving methods in innovation document. As
Semen Padang: 2 Bronze in ICQCC and Two such, innovators will be more responsive and thorough
Star in APQC in analyzing problems and opportunities, which will
Semen Indonesia: 2 Bronze and 1 Gold in improve employees competency and contribute to
ICQCC, 1 Silver in IETEX and Triple Star di creating best practices in the Companys management.
APQC
To strengthen the Companys innovation culture,
Semen Indonesia Award on Innovation the Innovation Council has defined Key Performance
(SMI-AI) Indicators (KPIs) associated to innovations produced
Semen Indonesia Award on Innovation (SMI-AI) is by each employee. The KPIs have been cascaded to all
expected to create a new culture of innovation as part Operating Units in Semen Indonesia Group to enable
of Semen Indonesias employee values, to increase the Company to monitor, evaluate, and increase
competitive advantage, and strengthen consolidation participation of all employees in Semen Indonesia
in Semen Indonesia, as well as to reward employees, Innovation Movement as seen in the following
business units, and corporations that provide positive participation chart:
impacts to the Companys performance in general.
25% 25%
16%
1924 1874
1663 6%
791
408 486
294
51
SMI SP ST TLCC
Total Employees Total Employees with Innovation
SMI-AI is also expected to encourage all employees Further, Innovation Council also designs the reward
of Semen Indonesia Group to be more sensitive in system for innovators that participate in Semen
recognizing issues or opportunities to come forward Indonesia Innovation Movement (GISI) to extend the
with creative ideas and problem-solving ideas to add Companys appreciation for employees contribution in
value for the Companys performance improvement. creating added value for Semen Indonesia.

SMI-AI is organized annually. With significant growth of participation from innovators, the Company has developed
from three innovation groups in 2011 to five innovation groups as shown in the following chart:
Raw materials and products

Technology and production process: Mining - Raw Mill
Technology and production process: Kiln - Packer
Management
Subsidiaries and Affiliates
The innovation groups are projected to grow in the future years and to involve partners, academicians, and communities
to contribute in growing the Companys competitiveness.
SMI-AI activities are implemented and monitored periodically, especially SMI-AI nominees to ensure that the innovations
bring efficiency and productivity impacts to the Company, synergized with other strategic business units.
75.00%
65.00% 66.67%
58.82%
57
38
17 20 20
10 15 13
SMI SP ST SMIG
Total Innovation Implementation Total Nominee % Innovation Implementation
Innovation Management has become the medium to express appreciation to high-performing employees in bringing
out the spirit of innovation and competitiveness creating the culture of innovation that favors critical and creative
thinking.
Information and
Communications Technology
IT Unit Division Thang Long Mill, Vietnam
Developing the latest information and communications

technology according to operational needs to support
accurate efficiency and expansion strategy that boosts
competitiveness and profitability.

Information and Communications Technology
The Company implements Information and Companys guidelines in carrying out and managing
Communication Technology (ICT) that is reliable ICT. The guidelines were formulated in accordance
and consistent with operational needs. ICT plays with ICT best practices and in compliance with relevant
an important role in supporting the Companys regulations, laws, ministerial regulations, accounting
expansion strategy from system and data provisioning standards, and other related regulations.
for conducting market research, market forecasting
and simulation, raw material reserves simulation and ICT ORGANIZATION STRUCTURE
portfolio, due diligency in acquisition process of other Pursuant to the Board of Directors Decree No. 055/
cement mills, project management, operations of new KPST/DIR/2014 dated 20 November 2014, the Company
production facilities, synergy between production has one dedicated ICT unit, namely Strategic ICT
facilities, and monitoring, evaluating, and consolidating Departement. The department is under the coordination
the Companys performance reports. and responsibility of Finance Director of PT Semen
Indonesia (Persero) Tbk. ICT organization structure as of
GUIDELINES 1 December 2014 is as follows.
ICT Governance and Standard Guidelines was
established in 2013 and has been serving as the
GM of
Strategic ICT
SIM SIM Demand & SIM ICT Perf. &

SIM ICT at OpCo
Strategic ICT Proccess Mgt. Governance
Mgr. ICT. SM Demand &

Mgr. Demand Mgt. Mgr. Performance
Architecture & Coll Process Mgt.
Mgr. Performance
Mgr. Infra Strategy Mgr. ITSM
& Gov
Staff Process
Designer (5)
Mgr.
Mgr. BI & Analystic
Documentation
Mgr. ICT Project

Control & ITFM
In June 2014, the Company established a new company ICT operational activities and development of PT Semen
engaged in ICT, PT Sinergi Informatika Semen Indonesia Indonesia (Persero) Tbk.
(PT SISI). PTSISI is primarily established to support the
Strategic Functions of ICT in the Holding +

ICT Operational & Cevelopment in the SBU
FEB 2014 DEC 2014

DECENTRALIZATION CENTRALIZATION STRATEGIC + SBU
ICT functions at each
Organization ICT functions only in the ICT Strategic Functions
Holding PTSI in the Holding +
ICT Operational &
Development in SBU
ICT functions at PTSI

ICT Operations Dept. ICT Operations Dept.
ICT functions at PTSP

ICT Development ICT Development
Team Team
Coordination Relationship between

Users, ICT Strategic Department, and
ICT Subsidiary
To fulfill the needs of ICT services, ICT Strategic and development activities in PT Semen Indonesia
Department coordinates with ICT subsidiary that also (Persero) Tbk.
serves as ICT counterpart and handles ICT operational

ICT SMIG
User
ICT
Development
ICT
3 Party
rd
Services
Usage
Lines of User Coordination, ICT Strategic Department with ICT Subsidiaries
Service
Development
Demand Performance
Management Management
Requirements &
Policies Marketing Strategic ICT
Service
Requirement
Change Request
Service Request
ICT
Governance Service Support
SMIG Users
Service Operation
Performance
PT SISI ICT Services
Contract :
- Scope Strategy & Demand
- SLA Management
- Tariff
ASSESSMENT ICT MATURITY LEVEL As such, the next strategic step is to implement the SAP-
To improve ICT quality, the external party is annually based Enterprise Resources Planning (ERP) information
appointed to conduct the assessment on maturity system, which covers all lines of business process as
level of ICT management and to provide improvement follows.
recommendations on the Companys ICT management.
In 2015, the Companys Maturity Level score stood at Core Process
4.07 from 3.58 in the previous year. Processes within the Companys supply chain
Non-Existent Initial Repeatable Defined Managed Optimized
0 1 2 3 4 5
2,85 3,34 3,58 4,07 4,25
2012 2013 2014 2015 2016
Legend for rankings used Legend for symbols used

0 - Management Processes are not applied at all
1 - Processes are ad hoc and disorganized Previous Status
2 - Processes follow a regular pattern
3 - Processes are documented and communicated Current Status - 2015
4 - Processes are monitored and measured
5 - Best practices are followed and automated Target State for 2016
ENTERPRISE RESOURCE PLANNING Supporting Process

(ERP) SUPPORT TO THE COMPANYS Processes aimed to provide resources for core process.
BUSINESS PROCESS
In line with the Companys vision and mission, the Monitoring and Improvement Process
implementation of information system in PT Semen Processes aimed to ensure achievement of targets and
Indonesia (Persero) Tbk is aimed to meet the needs and performance improvement
to contribute in improving the welfare of stakeholders.
Vision, MisSion. Policy, Strategy, Culture
Utility
Supporting Communication & Information
Process Human Resources
Finance
Asset & Inventory Management
Identification of Stakeholders Need

Stakeholders Core Stakeholders
Procure to Pay Production Distribution Order to Cash
Requirements Process Value Added
Operational Control
Strategic Planning
Improvement & Breakthrough
Monitoring &
Improvement Performance Evaluation
Process Monitoring, Measurement & Action
Audit & Action
Community Development

ICT Performance 2015 initiatives articulated in ICT master plan in order to support
Throughout 2015, ICT department conducted the business strategy and strengthen its competitiveness in
following activities in line with its KPIs: the cement industry, with cost efficiency as one of the
No Activities Target Achievement

1 Maturity Level 3.60 4.07
2 Availability sistem ERP 99% 99.94%
3 Fulfillment of ICTs SLA operations 85% 92,19%
4 User satisfaction level to ICT services 78% 89%
INFORMATION AND
COMMUNICATION TECHNOLOGY key aspects to win the competition. The Company has
DEVELOPMENT also formulated ICT Target Operating Model to ensure
In an effort to accelerate business decisions and increase that IT is present across all implementation activities of
operational efficiency and effectiveness, the Company business strategies. The Company refers to the following
develops and improves the quality of its main assets, principles of:
namely information capital. The quality enhancement Standardizing Business Processes and Systems
is achieved by expanding the role of Information across Semen Indonesia Group
Technology as the catalyst that can directly boost the Increasing automation level of processes
Companys business growth. Improving control
As such, in line with business development strategy and ICT operating model scheme that supports business
roadmap, the Company has been consistenly executing strategy is shown in the following chart.
Components of Target
Operating Model
IT Vision &
Other Projects Managed Services IT Governance
Organization
Business
Strategy
Drivers
Business
Requirements
Network Human Knowledge

BCM Principle
Architecture Resources Management
Unified Colaboration
Integration Business
Communication on Tools for As is Analysis
Architecture Intelligence
Architecture Customer Portal
Security Application
CRM ERP IT Requirements
Architecture Architecture
ICT MASTER PLAN IMPLEMENTATION The ICTMP II aims to revitalize and improve ERP module,
The Company formulates ICT masterplan using as well as to build the capacity to support the CRM
methodology that ensures the masterplans alignment (Customer Relationship Management) and SCM (Supply
with business needs and ICT initiatives. All requirements Chain Management). The CRM and SCM are key to
and business plans of Operating Company (OpCo) at augment the Companys competitiveness in domestic
operational and strategic levels are identified. Drawing and regional market to drive Companys growth.
upon the identified requirements and business plans, the
Company defines ICT initiatives that support and even CRM will enable the Company to be closer to the
accelerate business target achievements. The initiatives customers by way of providing better knowledge and
are grouped as ICT infrastructure, ICT management, gaining customers support to stay ahead in the market.
and ICT business services. SCM will strengthen the Companys supply chain
network by integrating supply network and strengthen
The ICT Master Plan Phase II (ICTMP II) period 2014- vendor relationship. SCM is designed to lead and
2017 continues the Phase I (ICTMP I), which focused support the Companys strategies to manage energy
on providing an ERP system platform to enable security and manage key risks. The overall ICTMP II will
standardization of business processes between OpCo. build the Companys image.
Continuous Improvement from ICTMP I to ICTMP II
ICTMP I ICTMP II
Core ERP Extended ERP
SAP
SAP ECC
ECC SCM CRM
SAP Core Module: Supply Chain Revitalize SAP Customer

FICO Management: Core Module: Relationship
SD Integrated Maintenance Management:
MM Management of Mangement Attract and Retain
PP, QM Supply Network Integrated Plant Customer Through
PM, PS Supplier Information Integrated :
HR Management System Customer Profile
Purchasing Analytical Report Marketing
Warehouse Project Sales
Transportation Management Support
Distribution Performance
Delivery Management

ICT initiatives in the Masterplan 2014-2017 implemented centralized.

in 2015 include:
Good ICT governance is expected to support KPI
Ict Development Initiative Risk Reduction Opportunity to be Captured
1 ERP enhancement (SAP HANA Reduce complexity and Enhance ERP features
migration) time in some business pro- Increase performance
cesses Process simplification
2 Customer Relationship Reduce inefficiency of order Build/educate market
Management (CRM) and delivery handling Increase customer loyalty
3 Supplier Relationship Reduce uncertainty in Effective sourcing

Management (SRM) material/spare part supply
4 Supply Chain Management (SCM) Reduce inefficiency Build strong networks with part-
Reduce underserve market ners
5 Banking Online System Reduce time for financial Quick payment collection
transactions
6 Mobile Online System Reduce time for business Quick approval process
approval
7 Knowledge Management System Reduce uncaptured Efective Knowledge sharing
8 Business Intelligence Reduce the late visibility of Analyze more granular informa-
key information/data tion
Monitor corporate performance
Early warning system
9 Maturity Level Assessment Reduce ICT regulation, Increase ICT Governance & Per-
policy and procedure viola- formance
tion risk Comply with ICT regulation,
policy & procedure
10 ICT infrastructure Reduce Business disruption Leverage IT resources to
Risk value to business and its
Reduce SLA violation risk strategy
11 RFID Asset management system Reduce untracked or un- Keeping track of critical assets
identified asset while reporting real-time
12 GPS Tracking System Reduce unmonitored ve- Keeping position of vehicle loca-
hicle tion and speed while reporting
real-time
Implementation Strategy
To ensure successful ICTMP implementation, support achievement and improvement of maturity level. To that
Strategic Alignment, and improve efficiency, the end, the ICT Bureau on Performance & Governance is
Company integrates ICT organization at the holding established to oversee governance implementation.
level. Through the integration, ICT planning, service
standardization, strategy execution, and project In addition, in 2014 subsidiary PT Sinergi Informatika
monitoring, as well as operations have become
Semen Indonesia was established and tasked to support An ICT Service Desk/Call Center is set up to provide
the operational activities as well as information system good and measurable services to ICT users. Managed
development in all companies under PT Semen Indonesia centrally, all ICT-related problems at Operating
(Persero) Tbk. Company level can be reported to Service Desk unit. The
reports are registered in the system and are provided
SUPPORTING ELEMENTS OF THE ticket numbers.
COMPANYS INFORMATION SYSTEM
The technicians will be assigned to the problems
Integrated Computer Network according to the tickets and case completion statuses are
The Company has backbone group network that allows reported. This procedure enables robust management
data, voice, and communications to be accessible from of problems or complaints from users and ensures their
each end-point of the Companys branch offices. The satisfaction.
Company has also centralized its servers that enable
all business applications to be accessible from all sites- Business Process Automation
offices, plants, packing plants, distributors, forwarders, To identify and monitor movement of trucks around
vendors, and banking offices. mills and warehouses, the Company has implemented
RFID technology, which automatically feeds data to SAP
Virtual Meeting system when a vehicle passes certain posts. This system
The virtual Meeting to coordinate between operating has improved product distribution process and in 2015
units and companies has been regularly used in Semen more distribution areas have utilized RFID.
Indonesia Group. The sophisticated videoconference
equipment is available in almost every meeting room, Performance of industry machieneries in all plant
allowing users to effectively and efficiently hold remote locations is also monitored real time and displayed as
coordination meeting. This method enables quick dashboard to enable early problem detection.
decision-making and reduces business traveling costs,
time, and energy. Global Positioning System technology is also utilized not
ICT Service Desk / Call Center
Cement Silo at the Port of Thang Long Mill, Vietnam

only to monitor the position of vessels, but is also used In line business service system implementation that
by Area Manager to monitor positions of unidentified has become a single, centralized system, all business
new stores. The technology brings proper management services requested by OpCo are provided by ICT
of sea transshipment and stores. organization at the holding level and will be charged
according to delivered services.
BUSINESS IMPACTS OF ICT Shared services ensure that the groups strategic
DEVELOPMENT policies and business process standardization can
be maintained, improve service quality, and efficient
Corporate Culture operational costs.
ERP SAP single system promotes common
terminologies, thereby ensuring smooth The Company is committed to continuously support
communication between companies within the group. ICT development and expects all parties, from the
It also promotes information transparency, allowing management, employees, to vendors, to demonstrate
groups companies to share strategy and experiences industrious work to assure the optimum role of
in addressing challenges and capturing opportunities ICT that will enhance the Companys sustainable
derived from market growth. performance in the future.
By integrating ICT organization at the holding level,

the Company no longer applies separate ICT planning;
instead, a comprehensive roadmap is designed in a
professional manner to meet the needs of all OpCo in
long-term basis.
IT Shared services
Risk and Risk

Management
Vacuum Car (vacuum cleaner unit)

in Semen Tonasa Mill, Pangkep, South Sulawesi
Improving risk management quality to identify and mitigate

risk impacts, and its application to explore and capture growth
opportunities to augment the Companys competitiveness.
The efforts are aimed to address increased competition and to
ensure long-term, substantial business growth.

Risk and Risk Management
In the process of executing business development Establishment of the Companys risk

programs and routine business activities towards management team;
achieving the Companys vision whilst observing good Development of risk management procedure;
corporate governance, the Company faces diverse Risk management dissemination and training
business risks. These business risks are challenges across all elements of the Company;
that need to be addressed and turned into business Risk assessment across all units of the
growth opportunities. To mitigate the risks, recognize Company;
its opportunities, ensure realization of various strategic The first Risk Maturity Level assessment
plans, and ensure business continuity, the Company conducted by independent body;
is implementing Enterprise Wide Risk Management Risk review relating to strategic and
(EWRM) since 2005 an integrated system with the operational risk, conducted by the Company.
Companys entire management. The Company is
consistently and continuously implementing EWRM, Development Phase (2010 - 2015)
embedding EWRM to the entire process of business, The Company developed the implemented structure
strategic decision-making, and operations. and system to test the systems consistency and
sustainability. Targeted to be completed in 2014,
The Companys risk management is developed under a activities in this phase included:
number of phases: Implementation of Risk Based Audit;
Preparation Phase (2005 - 2007) Integration of risk management with the
Preparation phase, carried out over the period of 3 Companys other policies and procedures;
years, was to prepare the required infrastructure of Formulation of Risk Maturity Level evaluation
risk management. This phase included: guideline for self-assessment by the Company;
Risk Management Unit formation; Value at Risk implementation;
Preparation of personnels competency; Implementation of Internal Control of Financial
Risk assessment pilot project in Production Reporting (ICOFR);
and Marketing Division; Application of Key Risk Indicator (KRI) and Key
Establishment of Strategy, Risk Management, Control Indicator (KCI) for Key Performance
and Investment Committee by the Companys Indicator (KPI);
Board of Commissioners; Risk Maturity Level assessment by independent
Risk management audit by the Companys body;
Board of Commissioners Audit Committee; Implementation of ISO 31000 framework;
Development of risk management manual; Implementation of Integrated Governance,
Initiated strategic risk assessment; Risk & Compliance (Integrated GRC);
Development of risk management roadmap Corporate Loss Event Database
implementation;
Implementation Phase (2008 - 2009) Corporate Risk Modeling implementation;
The system designed and analyzed in the previous Development of Governance website Risk
phase was implemented in this phase, which & Compliance Single Platform (E-GRC
activities included: Application);
Formulation of the Companys risk Implementation of Business Continuity
management policies; Management (BCM).
Integrated Governance, Risk & Integrated GRC Policies and Implementation Guideline,
Compliance (Integrated GRC) which further reflect the Companys commitment to
The greater complexity of Companys activities, with professional and accountable corporate management.
operations in various domestic and overseas locations, It is the basic underlying principle of the development of
as a result of planned and measurable business Integrated GRCs system, structure, and infrastructure
development and expansion programs also places the in Semen Indonesia Group and subsidiaries. The
Company on the face of increasingly diverse business integrated governance, risk, and compliance will enable
challenges. Some of these challenges are related to more effective and efficient management of assurance
accurate investment decisions, monitoring of investment functions, supported by monitoring and reporting
activities, subsidiary management, changes in business mechanisms that apply across Semen Indonesia Group
environment, and demand for the Company to comply and subsidiaries.
with prevailing national and foreign laws and regulations
for overseas operating units. In order to realize its goals Integrated GRC Framework and Key
and maintain optimum and sustainable growth, the Components
Company needs to understand and effectively manage The key components in Integrated GRC framework are:
its challenges. Corporate values and culture
Corporate Governance,
In connection to that, the Company has developed Enterprise Risk Management (ERM),
professional and accountable corporate management Compliance Management System, and
practices through integrated Good Corporate Integration Enabler: GRC single-platform.
Governance (GCG) implementation, Enterprise Risk
Management (ERM), and Corporate Compliance The relationship and process of Integrated GRCs
System (CCS). The Company has also established components are illustrated in chart 1 below:

Picture 1
Integrated GRC Component
I. SIG Values and Culture
II. Corporate Group & Board Governance Principles, Manual, Charters,

Governance Structure, Strategic Planning, and Assurance (Report, Certification, Audit)
III. Enterprise Risk Objective identification, strategic Group portfolio Business

Group OPRISK KPI-KRI & SM
Management decision-making, and corporate & investment risk
Management; Integrated
Continuity
strategy formalization; management; Management
IV. Compliance
Documentation and
Management Regulatory HSE standard register of Companys
System ICOFR & CSA; KCI;
compliance; enforcement; obligations and
compliance
V. Integration
Enabler Information Communication Technology
Single I-GRC Platform Across Group
INTEGRATED GRC MONITORING &

CONTROL IMPLEMENTATION
The Companys Integrated GRC System adheres to strongly determined by its human capital. The Three
the integrated involvement concept of entire lines by Lines of Defense iscentralised on the President Director
focusing on competency and integrity of SIG human as the highest organ in charge on the Companys
capital. This is derived from the concept that the Integrated GRC implementation, whereby the daily
Companys performance, growth, and sustainability are management is mandated to the appointed Director.
Picture 2
GRC Monitoring and Control Line
C GRC Executives Officers

Level And Risk & Compliance Managers of
Operating Units
1 Risk & Compliance Chief

Corporate Risk Officer & Compliance Officer
GRC Functions
2
3 BOC
CEO (GRC Champion) Chief Audit
Officer Internal Audit Function
As illustrated by chart 2 above, the line of GRC By implementing ISO 31000 as the framework, the
monitoring and control is detailed as follows: Company expects that risk management implementation
1. Business process owner as the first line adheres to international standard and aligned with its
2. Assurance functions governance, risk vision and mission statements. In addition, the Company
management, and compliance as the second line also expects that risk management can support Good
3. Highest functions accountable for GRC Corporate Governance (GCG), ensuring its business
implementation as the third line are internal audit, process meets stakeholders expectations..
CEO as GRC Champion and the highest party
responsible in GRC implementation, and BOC that ISO 31000 is an international standard utilized in risk
plays important role in ensuring effective oversight management and issued by International Organization
and monitoring of the Companys management for Standardization (ISO). Not developed for certification
through the activities of BOCs committees, purposes, ISO 31000 was issued on 13 November
External Auditor, and GRC functions (internal 2009 and continued the AS/NZS 4360:2004 issued by
audit, risk management, and compliance). Standard Australia.
Risk Management Framework To provide risk management implementation guideline,

The Company has transformed its risk management the Company has built internal system and reference
standard from AS/NZS to ISO 31000 standard. The framework, House of Risk Semen Indonesia (HORSI).
latter and the Companys House of Risk are the core HORSI hosts all the Companys risk management
infrastructure in Semen Indonesia risk management. infrastructures and ensures that its implementation is
consistent and supports the Companys performance.
House of Risk PT Semen Indonesia (Persero) Tbk
Risk
Management
Information System (IT)
Risk Based Audit Risk Management Evaluation
Risk Risk
Assessment Mitigation
Monitoring &
Reporting
Review
Organization Risk Evaluation

Risk Policy Risk Procedure
Structure Guideline

In implementing risk management or other programs, Risk Assessment, Key Risk Indicator,
obstacles are inevitable. The most significant obstacle and Key Control Indicator
in risk management is its dissemination to all the Business process owner regularly carries out risk
Companys internal and external elements. The assessment. In 2012, risk assessment was completed
Company has anticipated this challenge by carrying out with Key Risk Indicator (KRI) and Key Control Indicator
periodical dissemination and integrated with existing (KCI), which are the indicators used to detect risk
system development. Through regular dissemination potential in the Companys key performance indicator
and system development, risk management is expected (KPI). KRI is the leading indicators in KPI achievement.
to be part of the corporate culture that underlies all Identifying KRI and KCI is a method of early detection
activities of the Company. of potential risks and control steps; by doing so, the
Company expects to increase assurance of its target
Risk Management Organization achievements.
Structure
The Company has established Governance, Risk, and Risk assessment conducted by business process
Compliance Unit (GRC Unit) that coordinates risk owner/risk owner has been included in KPI as one
management implementation. The GRC Unit, among of the mandatory KPI (KPI generic) that is evaluated
others, designs risk management system, framework, and monitored on a quarterly basis. The result of risk
and roadmap of infrastructure development and assessment by business process owner/risk owner is
enhancement; facilitates, and promotes activities reported to GRC Unit for monitoring follow-up and
related to risk management. thereafter submitted to the Internal Audit Unit, which
then assesses the effectiveness of risk mitigation actions.
Various work strategies and programs are put in place to In addition, risk assessment result is also used to inform
ensure the consistency and continuity of the Companys risk-based audit activities.
risk management, thereby successfully avoiding risk
impacts, increasing the Companys assurance in Risk Management Maturity Level
achieving its targets, and able to recognize and make Effectiveness Evaluation
use of business opportunities. The Company periodically conducts risk maturity level
assessment using AS/NZS criteria to enhance risk
In risk management, GRC Unit as Corporate Risk management quality. Evaluation is done based on seven
Manager, business process owner as Risk Coordinator, criteria of context determination, risk identification, risk
and Internal Audit Unit as Risk Control are closely analysis and evaluation, risk mitigation, risk control,
linked. Risk management is the responsibility of business information and communication, and monitoring and
process owner; all owners are therefore responsible for review.
risks, risk control, and risk mitigation. The Company has
appointed risk officers assigned throughout its entire
business processes as the parties responsible to manage
and monitor risks.
The result of risk management effectiveness evaluation Enterprise Risk Management

is a range of score from 1 to 5, which represent initial Benchmarking Program in Spain
(level 1), repeatable (level 2), defined (level 3), managed In addition to Risk Maturity Level Assessment as
(level 4), and optimized (level 5). described above, in 2015 the Company also participated
in Enterprise Risk Management Benchmarking
The evaluation process employs methods of document Program in Spain, organized by CRMS Indonesia. The
check, questionnaire distribution, and interview with benchmarked companies in Spain were Banco Bilbao
related parties. The maturity level score for 2015 was Vizcaya Argentaria; American International Grup, Inc
3,90. (AIG); Asociation Espanola de Gerencia de Riesgos y
Seguros; and Risk Center of la Universitat de Barcelona.
The 3,90 score represented increase from 3,70
(in 2014). This signified that the Companys risk There are ten (10) criteria in ERM implementation
management was optimally enhanced, with continuous benchmark, namely sponsorship and positioning,
improvement. With various work programs that will be managing the ERM process, risk identification, risk
implemented, the maturity level score is expected to prioritization, risk treatment, reporting, monitoring,
continue to improve. culture and embedding, communication, and working
Maturity Score
No RM Implementation Component
2009 2012 2013 2015
1 Context determination 3.71 4.01 4.24 4.6
2 Risk Identification 4.08 3.3 3.75 3.8
3 Risk Analysis 3.84 3.12 3.75 4.4
4 Risk Evaluation 3.84 4.16 3.75 3.1
5 Risk Treatment 3.20 3.12 3.21 4.7
6 Communication and Consultation 3.22 3.02 2.86 3.5
7 Monitoring and Review 1.75 3.75 3.54 3.3
The Company strives to enhance and develop risk with counterparties. The benchmark result based on the
management system through work programs to be criteria is as follows:
implemented in 2016. Through these programs, the
Companys maturity level in the subsequent period is
expected to increase.

COMPARISON OF CURRENT STATE High Level Corporate Risk

BETWEEN SEMEN INDONESIA vs. SPAIN
Assessment and Mitigation
Sponsorship & Positioning The Company carries out risk assessment on yearly basis.
100%
Working with 90% Managing the In 2015, the Company assessed business processes
Counterparties 80% RM Process
70%
60% and its KPIs and identified 297 (two hundred ninety
50%
40% seven) significant risks in all departments. Based on the
Communication 30% Risk Identification
20%
10%
significant risks, the Company determined high-level
0
corporate risks to anticipate risk potential that were
Culture Embedding Risk Prioritisation most significant to detriment the target achievement.
Monitoring Risk Treatment To turn risk potential into opportunity that could
Reporting
Semen
Indonesia
generate profits for the Company, the Company
identified several control and mitigation steps for
all risks, prioritizing on high-level corporate risks, to
The above benchmark result indicates that the Company: minimize risk potential and impacts.
- Had the commitment to implement risk

management across all management aspects, The Company identified 297
supported by work programs executed by the
significant risks and took
Board of Directors with supervisory from the Board
mitigation measures, including
of Commissioners
- Had developed the capacity to identify, assess,
for risks categorized as high-level
and consistently build risk priorities across entire corporate risks
aspects of the Companys operations
- Had consistently conducted risk analysis using Risks identified as High-Level Corporate Risk and
qualitative and quantitative approaches mitigated in 2015 are:
- Had risk culture embedded in decision-making and
operational management processes
Risk Type Risk Indicators Mitigation Measures
- Production capacity increase - Active communication with

suppliers, communities, and local
- Issues in land acquisition government
Raw Material Risk
- Limited supply and quality of raw - Expansion and acquisition of land
material for raw material production
Production Capacity - Rapid increase of cement demand - Regional expansion

Risk due to infrastructure development
and improved livelihood - Executed de-bottlenecking
programs
- Maximum capacity utility
- Accelerated construction of new
cement plants
Business Competition - Implementation of ACFTA that - Expansion of marketing network
Risk allows new investors in cement
industry (particularly from China) - Packing plant addition
- Competitors increasingly active in - Construction of new plants

constructing new plants
Customer loyalty and - Sales volume in certain areas - Optimized customer complaint
satisfaction risk decreased treatment
- Increased volume of customer - Promotional programs

complaints
- Marketing communication
- Market share in main sales area program consistent with
declined Companys strategy
Risk of Machine/Main - Production output unstable - Regular maintenance
Production Equipment
Damage - Overheating - Optimization of production
pattern arrangement
- Production process disrupted
- Production exceeded capacity

design
Information Technology Centralized IT Group in the Company - Optimization and management of

Risk operational system
- Development of IT planned in
ICTMP
Distribution and - Extreme weather - Enhanced distribution
Transportation Risk effectiveness by reducing multiple
- Limited options of transport mode handling system
- Added packing plants in strategic

locations
- Optimized the Groups distribution

and transport synergy

Foreign Exchange Risk - Fluctuation of fair value of future - Applied hedging of cash flow by
cash flow of an instrument due using non-derivative instrument
to changing market price related through foreign currency spot buy
to changes in interest rate and
foreign exchange rate - Monitored and reviewed hedging
policies
- Exposure/liability in foreign
exchange, revenues in Rupiah - Optimized excess cash
management
- Synergized group-wide cash

management (Notional Pooling,
Cash Pooling).
Human Resource Risk - Lack of HR productivity - Implemented HCMP to improve
employees competence
- Dissatisfaction towards career
path - Provided performance-based
remuneration
- Lack of performance appreciation
from management - Implemented balanced scorecard
and KPI as career path and
remuneration considerations
- Implemented Knowledge
Management
Environment and Social - Community concerns towards - Implemented SHE and proper
Risk environmental impacts of the environmental management
Companys operations
- Designed and implemented
- Exceeded BML indicators quality and accurate corporate
social responsibility program
Through continuous mitigation steps towards key from extreme and high to medium or manageable, as
risks identified as high-risks, in 2015 the Company shown by the following table:
successfully managed and lowered risk level categories
No Risk Type Risk Level 2014 Risk Level 2015

1 Raw material risk High Medium
2 Production capacity risk High Medium
3 Business competition risk High High
4 Business development risk High Medium
5 Coal risk High Medium
6 IT risk High High
7 Sales & distribution risk Medium Medium
No Risk Type Risk Level 2014 Risk Level 2015

8 Foreign exchange risk High High
9 Human resource risk Medium Medium
10 Main machine risk Medium Medium
11 Electricity risk Medium Medium
12 Liquidity risk Medium Medium
13 Capital expenditure management risk Medium Medium
14 Environment & social risk High Medium
15 Customer satisfaction & loyalty risk Medium Medium
As shown in the Companys table of High Risk 2014 and The Company also optimized production to increase
2015, the Company successfully mitigated a number of utilization level of production equipment and
risks from the high-level risk category to medium level production output. The Company also executed de-
risk category or better manageable. The risks and their bottlenecking project, which was the modification
mitigation measures are: or replacement of production equipment to increase
the speed of production process.
Raw Material Risk
The Company took mitigation measures to address Currently, the Company is in the process of
raw material risk by actively communicating with developing new plants in Java and Sumatra designed
government agencies, suppliers, communities, and with a total production capacity of 6 million tons
other external parties. The Company also conducted per annum. The Company also upgraded existing
feasibility study on raw material site expansion and plant facilities to enhance their yield. In addition,
new land acquisition for raw material in order to the Company continuously assessed opportunities
maintain the flow of raw material supply with to develop capacity through non-organic growth
the quality suitable to the Companys production domestically and overseas.
process.
Business Development Risk
Production Capacity Mitigation steps taken to address this risk was
The Company carried out mitigation efforts to business expansion and development through
address production capacity risk through organic business acquisition and establishment of several
and non-organic growth. On organic growth, the subsidiaries. The acquisition of Thang Long Cement
Company acquired a Vietnamese cement company Company (TLCC) was the Companys first non-
(Thang Long Cement Company), while on non- organic expansion. At the moment, the Company
organic growth the Company executed Tuban IV, is looking into and executing organic expansion
Tonasa V, Rembang, and Indarung VI plant projects. program of several new plants in Java and Sumatra.

The Company has established a number of through programs of environment monitoring,

subsidiaries, namely PT SGG Energi Prima that is environment management, resources conservation,
engaged in energy sector (coal), PT SGG Prima and clean development mechanism (CDM). In
Beton in ready mix concrete, PT Krakatau Semen addition, the Company also designed and carried
Indonesia in waste management, and PT Sinergi out Corporate Social Responsibility programs
Informatika Semen Indonesia (PT SISI) in information effectively and accurately. These are the solutions
technology. the Company put in place to mitigate environment
and social risk.
Coal Risk
The Company mitigates coal supply risk by To optimize waste management, in 2014 the
establishing subsidiary engaged in energy sector Company established PT Krakatau Semen Indonesia.
(PT SGG Energi Prima) and entered into long-term After processing, the waste known as ground
supply contract with regular review. The Company granulated blast furnace slag (GGBFS) is re-used as
also carefully considers mining management cement raw material (as iron sand substitute).
practices that will be implemented by subsidiary.
Considering that risk management is crucial to prevent
Environment and Social Risk the Company from risk impacts, the management and
The Company successfully mitigated environmental all related elements will continually improve efforts to
and social risk by optimizing the implementation embed risk management culture in all business activities.
of health, safety, and environment management
Management
Analysis and
Discussion
Special Port of Semen Padang in Bayur Bay, West Sumatra
225 Consolidated Subsidiary Performance
Review
225 Cement Business Review
178 Management Analysis and
Discussion
228 Non-Cement Business Review
181 Economic, Industry, and Business Prospect 230 Other Business Segment
Overview
189 Business Review 232 Materials Information
232 Investment, Expansion and Divestment
203 Financial Performance Review 233 Material Commitment for Capital
Investment
204 Consolidated Income Statements
209 Consolidated Financial Position 233 Hedging Transaction
216 Equity 233 Conflicts of Interest Transactions
218 Solvency 234 Banking Loans
220 Investment Policy 235 Regulations and Legislations Amendment

Relevant to and Impacted the Companys
223 Material Commitment for Capital
Performance
Investment
224 Quantitative Targets 236 Accounting Standards Changes and
Disclosures
239 Related Parties Transactions
242 Assets and Monetary Liability in Foreign
Exchange
Management Analysis
and Discussion
Belt Conveyor of Clay in Semen Padang Mill, West Sumatra
Realizing the construction of new plants to anticipate

growth of cement demand in the future. This endeavor
is complemented with the development of additional
distribution facilities and optimization programs as well
as astute marketing strategies in order to stay ahead
in the industry, as the market has become increasingly
competitive with lower demands. These activities are
important to ensure market presence and long-term,
quality business growth.

Economic, Industry,
and Business
Prospect Overview
Cement Packer in Tuban Mill, East Java
Overview of Indonesias Economy in The United States, however, showed positive growth
2015 trend propped by its large domestic consumption and
In 2015, impacted by sluggish growth in several the success of its oil industry in exceeding shale oil
developed countries in European, Asian, and American production. This development prompted the Fed to start
regions, global economy remained unfavorable. The planning and executing stimulus reduction program by
European Union countries focused on the agenda to gradually increasing its benchmark interest rate.
improve financial performance. Meanwhile in Asia,
China, which has been recognized as the second largest Large volume of shale oil production in the United
economy in the world, experienced lowest growth States has created pressure on crude oil price globally,
in the last 18 years. Japan and India recorded similar which hit its lowest point in the last 12 years (WTI,
downturn, as with Brazil in the American continent. US$30/barrel, as of December 2015). Low oil price and
Economic, Industry, and Business Prospect Overview
global economic downturn pressured energy needs condition in 2015 was a well-controlled inflation level of
and impacted the price of coal, an alternative energy 3.35% compared to 8.36% in the previous year.
source of oil, which recorded lowest price of US$50/ton
(December 2015 coal spot Newcastle, Australia). Indonesias Macro Economic Indicators
9.00 8.38 8.36
8.00
At the same time, the Feds plan and decision to increase 6.96 7.50
7.00 6.50 6.50 6.50 7.50 7.75
6.23
interest rate strengthened the exchange rate of US 6.00
4.50 6.96 6.00 5.75
Dollar against almost all currencies globally, including 5.00 5.58
5.02
4.79 GDP
4.00 BI Rate
Rupiah. 3.79
4.30
3.35
3.00 Inflation
2.00 2.78
In view of this condition, 2015 became a challenging 1.00

0.00
year for all players in the cement industry and a testing
2009 2010 2011 2012 2013 2014 2015
period for Semen Indonesia. Lower growth of global
economy also led Indonesia to record lowest national
economic growth in the past 6 years. 140
126.6
116.6 117.6
120 116.6
106.5 109.3
107.5
111.3 111.9 105.93
100 147.6
Economic downturn experienced by many countries 96.2 99.6
80
globally, especially China, India, and Japan, led to
Intl Reserves
60
lower demands for primary plantation and mining 66.1
Cons Confidence
40
commodities as Indonesias leading export products.
20
This condition was unfavorable to Rupiah exchange
0
rate, which weakened significantly compared to other 2009 2010 2011 2012 2013 2014 2015
developing countries namely by 12% to Rp13,875/US$
from Rp12,440/US$ in 2014.
An interesting development in 2015 was a notably
Considering the downturn, Bank Indonesia was not accelerated development in the fourth quarter of
able to aggressively lower benchmark interest rate 2015 following the commencement of infrastructure
to stimulate economic growth. High interest rate led development projects across Indonesia. It marked a
the cost of fund for investment to be uneconomic point of turnaround from slowdown to accelerated
and hampered production activities, as reflected from growth.
limited loan growth of national banking industry, which
only rose to 10.1% from 11.6% in 2014. There was also Based on the macro economic indicators, a number
decrease in customers trust index and national foreign of economists viewed that Indonesias economy had
exchange reserves. significant potential to return to its development track
with better prospects in the future.
Eventually, this impacted societys level of income,
purchasing power, and national economic growth. In the next several years, domestic consumption will
This was indicated by contracted national growth from remain as the backbone of Indonesias economy.
5.02% to 4.79%. A positive aspect from the economic Economic growth on the back of domestic consumption

has been proven effective as Indonesias safeguard government budget for these projects. Overall, the
against bigger, negative impacts of global economic national cement market in 2015 was contracted and
condition. Based on various indicators as well as policies grew by only 0.8% compared to 3.3% in the previous
implemented by the Government, it has been concluded year. It marked cement demand weakening trend for
that the trend of economic growth supported by the fourth consecutive year.
domestic consumption, complemented by growth of
real investment, will continue for at least several years The condition of national cement industry influenced a
ahead. change in the landscape of cement industry competition.
From 2015 onwards, all cement players including the
As such, the domestic consumption and growth of Company entered an era of overcapacity. This period
national production capacity to meet domestic demands will be characterized by intense competition, where
will continue to increase in the future. Realization of increase of selling price will be a difficult strategy to
various basic infrastructure projects in potential areas, execute.
including maritime through the construction of ports,
also contribute to the growth. In turn, it will drive higher There are five out of six existing producers, including the
growth of Indonesias economy and national demand Company, which develops new production capacities
of cements. with different capacities. Combined, there is a potential
of additional 23.4 million tons capacity in the next four
Industry Overview years. Meanwhile, among new prospective players,
In the past several years, following greater demands there are five companies that have commenced the
nationally for cement as the implication of development construction of cement facilities with a total combined
in property sector, cement industry was one of the potential of 10.8 million tons. In total, in the next
sectors that considered as prospective by the investors. four years, assuming that all construction projects are
There were plans to develop new production facilities completed, the national cement industry will have
among existing players to expand their businesses as additional capacity of 34.2 million tons. As a point of
well as among new producers to expand their coverage. illustration, the national cement production capacity
as of the end of 2015 was 80.4 million tons (source:
Several of these plans have been commenced, which internal research).
consequently enhance the production capacity of
national cement producers in the short, medium, In the context of the Company, the construction of two
and long term depending on economic growth and new facilities in Padang, West Sumatra and in Rembang,
cement demand going forward. Java, have commenced, each with the capacity of 3.0
million tons. These projects are slated for completion
Year 2015 was particularly characterized by low in the fourth quarter of 2016. With two new mills, the
purchasing power, which resulted in slower growth of Companys total installed capacity for domestic market
property business and cement demand in Indonesia. by the end of 2016 will increase to 35.5 million tons
While cement consumption for infrastructure projects per annum from 29.5 million tons capacity at the end
showed increase in line with the disbursement of of 2015.
In order to maintain market leadership, the Company Growth of Cement Consumption by Region, 2015
has other plans to add new production facilities in the
future following the projects completion in Padang and 70
1.36 1.28 Eastern Indonesia
Rembang. 60 3.49 3.45 6.2%
4.79 4.53
Bali-Nusa Tenggara
50 4.41 4.69
National Cement Production and Sales and 1.2%
Sulawesi
Business Prospects 40
1.2%
In total, the national cement production in 2015 35.33 35.19 Kalimantan
30
dropped by 2.48% to 58,611,347 million tons from 1.2%
20 Java
60,102,712 million tons at the end of 2014.
1.2%
10 Sumatera
In terms of cement consumption in 2015, based 13.07 12.79 1.2%
0
on report from Indonesia Cement Association, the 2015 2014
consumption grew 0.83% from 61,933,023 million
tons in 2014 to 62,445,942 tons. Growth of national Although nationally cement consumption in 2015 did
cement consumption in 2015 contracted compared to not record significant growth (0.8%), the prospect of
national cement consumption in 2014 that reached Indonesias cement market in the future is still promising.
6.75%. Considering the population and potential economic
growth, there is significant room of growth for cement
Unlike in the previous years, as shown by below growth consumption per capita compared to leading ASEAN
chart, the cement consumption in Java in 2015 rose countries.
0.4%. Growth could be seen across other regions;
Sumatra (2.2%), Sulawesi (5.7%), Bali and Nusa The following charts indicate cement consumption per
Tenggara (1.2%), and Eastern Indonesia (6.2%), while capita in 2014 and estimate of cement consumption
Kalimantan experienced a decline (-5.9%). growth in several Southeast Asia countries (source:
Asean Federation Cement Manufacturer, processed).

Cement Consumption per Capital in Several ASEAN

Countries, 2013-2015
1,400
1,284
1,200
1,002
1,000
800 704
600 511
467
400
243
169
200
-
ei
sia
ia
ne
re
m
an
un
ys
po
na
pi
ne
ala
ail
Br
ilip
et
ga
do
Th
Vi
M
Sin
Ph
In
Source: Morgan Stanley Capital Investment
Estimate of Cement Consumption Growth in

Several ASEAN Countries, 2014
10,0% 8.6%
6.0%
5.0%
st)
5.0%
st)
st)
(e
3.3%
(e
(e
re
d
po
ei
an
un
ga
ail
Br
Sin
Th
0.0%
st)
st)
st)
st)
(e
-1.0%
(e
(e
(e
sia
ia
ne
m
ne
ys
na
-5.0%
pi
do
ala
ilip
et
In
Vi
M
Ph
-5.5%
-10.0%
15.0% -13.4%
Prospects of Domestic Cement Industry realization of Indonesias economic growth that did
Up to the third quarter of 2015, most industries indicated not meet its target. Due to delayed ratification of the
negative growth performance compared to the previous State Budget as source of financing, the realization of
year. The situation was mainly influenced by economic planned infrastructure projects was also postponed.
condition during semester I-2015, which impacted the
Weakening exchange rate of Rupiah against US As discussed previously, the Government of Indonesia
Dollar contributed to the delay of infrastructure and currently has better fiscal room to support the
property projects. These conditions impacted demand development of basic infrastructure, which was
for cement, which until quarter III-2015 declined by previously limited by fuel subsidy.
0.9%. On the other hand, national supply of cement
rose following the operationalization of new production Following the ratification of Revised State Budget and
facilities, which increased competition. Expenditure Plan (RAPBN-P) 2015, the Government may
now concentrate on realizing its basic infrastructure
Reflecting the economic condition, demand for cement projects, including roads and ports, which unavailability
in quarter IV-2015 experienced substantial increase. have been hampering the flow of real investments as well
From negative trend until quarter III, growth became as limiting the potential of national economic growth.
positive by 0.8% driven mainly by the realization of Realization of infrastructure projects in 2015 as well as
infrastructure projects. in future years will drive the national consumption of
cement directly and indirectly through project activities
The particular impact felt by the Company due to or through trickle effects of economic activities resulting
lower cement demand was in selling price, which from project executions.
experienced enormous pressure, considering that new
cement players tended to rely on price competition. Taking the condition into account, the Company
As a result, the Company did not meet its profitability forecasts that national cement consumption in 2016
target. Projecting that domestic selling price in 2016 will and 2017 will grow by 5.5% and 7.1%, respectively.
continue to be under pressure, the Company shall focus
on strengthening Cost Leadership Strategy and synergy
between Operating Company to address challenges
related to profitability.
National Cement Consumption Projection 2016-2017
80,000 0.2
17.7% 0.18
70,000
0.16
60,000 14.5%
0.14
50,000 0.12
40,000 0.1
30,000 6.7% 0.08
5.5% 7.1%
20,000 0.06
4.4% 5.5% 0.04
0.8%
10,000
0.02
0 0
2010 2011 2012 2013 2014 2015 2016 2017
Indonesia Sumatera Java Kalimantan

Sulawesi Bali & Nusra Eastern Ind. Nat . Growth (%)

Tuban IV Mill, East Java
Prospects of Regional Cement Consumption to build infrastructures that can link regional growth
As we know, the AEC was implemented at the end hubs and the realization of these projects will drive
of 2015. The AEC creates a new economic zone that growth of cement demand in the region.
covers all ASEAN member countries, the region that is
home to a population of around 600 million people, in The economy of several ASEAN countries, such
which Indonesia makes up the largest component of as Indonesia, Vietnam, Malaysia, the Philippines,
that population and accounts for approximately 40%. and Thailand has been identified as having all the
requirements to propel growth, including natural
Economic integration will make trade flows between resources and human capital. Based on the charts of
the AEC member countries more dynamic and is hoped cement consumption of several ASEAN countries above,
to result in higher economic growth compared to cement consumption in those countries are projected
previous periods. Higher economic growth is expected to grow rapidly in line with economic growth. As such,
to generate positive impacts to the growth of cement the prospect of regional cement consumption is also
demand, which will support the activities of physical estimated to improve in several years ahead.
development across the region. Plans have been devised
DISTRIBUTION AND RAW MATERIAL NETWORK KEY SUCCESS FACTORS

IN CEMENT BUSINESS
The considerable weight of cement products and their demands. As such, the distribution capability is one
physical properties that prevent them from being stored of the key factors in cement business. Transport cost
in a long period of time (as cement will harden) mean is also influenced by a plants distance to market; it
that products must be produced on demand. Due to their is therefore crucial for any cement producer to have
specific use, which are to support physical infrastructure reliable distribution network that is able to efficiently
development such as houses, roads, bridges, and offices reach end consumers.
and residential structures, thus cement mills must be
located close to consumers in big and small cities. To build distribution network and to ensure efficient
and effective product distribution, all cement producers
Cement mills also require supply of specific raw including the Company must actively develop distribution
materials, namely limestone and clay. Currently, cement network; a cement company can choose to use the
production uses dry method, namely by burning the railway or manage its own trucking fleet or to cooperate
mixture of limestone and clay as well as other materials with a third party. As part of distribution network, a
to produce slag. Slag is then grinded together with other company also needs to develop buffer warehouses, or
materials to produce cement. Given the raw materials packing plants, equipped with designated ports.
needed in production, cement mills are generally located
in sites close to limestone formation in general around For the purpose of realizing reliable distribution network,
coastal areas, where clay will also be available. in the past several years the Company has been actively
developing packing plants in several potential areas.
Due to the products features, i.e. no shelf life and The Company believes that having strategically located
used only in physical development, cement requires packing plants will provide two-way benefits for
to be transported from mills to the market within the customers and the Company.
right period of time and in accordance with market

Business Review
Unloading Activities in Special Port ofSemen

Indonesia, Tuban, East Java
SEGMENT INFORMATION
To provide the management evaluation and in Non-cement segment consists of limestone and
compliance with PSAK 5 (Revised 2009), the Company clay quarrying, production of cement packaging,
presents its business review by segment in two development of industrial areas, and ready-mix
broad groups cement and non-cement. Cement concrete. Each sub-segment covers:
as the Companys core business is produced by three Limestone and clay quarrying is to meet the
subsidiaries in which the Company is the direct and Companys raw material needs
majority shareholder: PT Semen Padang, PT Semen Cement packaging production is to meet the
Tonasa, and Thang Long Cement Joint Stock Company demand for cement packs
(TLCC). There is also a production facility in Tuban that
until this report was composed remained under the
management of the Company.
Business Review
Development of industrial area includes, among CEMENT BUSINESS SEGMENT

others, management of post-quarrying site of raw
material, turning the area into commercial or public MARKETING AND DISTRIBUTION
areas
Ready-mix concrete is produced to meet the Sales Volume and Market Share
demand in construction projects To generate optimum sales performance, the Company
focuses on selling cement products in domestic market.
The Company generates some amount of revenue from In line with its geographical competitive advantage,
non-cement streams. where the Company has strategically located
production units in west, central, and east Indonesia,
In details, the Companys revenue by business segment the Managements implemented synergy focused on
for the period of 2014-2015 is as follows. location of supply source, brand, distribution efficiency,
and regional sales to obtain prices with optimum profit
Distribution of the Companys Revenue by margin.
Segment
In Rp million
Business Segment 2015 % Contribution 2014 % Contribution % Growth
Cement *) 26,154,977 97.1% 26,335,351 97.6% -0.7%
Non-cement 793,028 2.9% 651,685 2.4% 21.7%
Total revenue 26,948,005 100.0% 26,987,036 100.0% -0.01%
*) including sales of slag
The Companys sales volume in Indonesia in 2015

The table indicates that the contribution of revenue
amounted to 25,978,351 tons (excluding sales of
from non-cement segment in 2015 increased by 21.7%
domestic clinker of 90,803 tons), or decreased by 0.7%
or to Rp793.0 billion.
from cement sales in 2014 at 26,163,371 tons. Details
of sales are as follows:
Nevertheless, the discussion of operational review
below will focus first on cement segment, which in
2015 contributed 97.1% to the Companys revenue.

Business Review
Sales Realization in Domestic Market from Indonesian Plants

No Regions 2015 (ton) 2014 (ton) Growth (%)
1 Sumatera 5,699,369 5,363,775 6.3%
2 Java 13,045,679 13,643,163 -4.4%
3 Kalimantan 2,145,729 2,280,536 -5.9%
4 Sulawesi 3,031,845 2,856,134 6.2%
5 Bali Nusa Tenggara 1,295,452 1,296,366 -0.1%
6 Eastern Indonesia 760,277 723,396 5.1%
Total Indonesia 25,978,351 26,163,371 -0.7%
Note: excluding sales from domestic clinker
Sales Volume of Indonesian Plants by Main Geographical Region dalam ribu ton
Geographical Regions 2015 % Contribution 2014 % Contribution % Growth
Java 12,630,247 46.9% 12,971,849 48.1% -2.6%
Outside Java 12,929,299 48.0% 12,639,012 46.8% 2.3%
Overseas 1,388,459 5.2% 1,376,175 5.1% 0.9%
Total Penjualan Semen 26,948,005 100.0% 26,987,035 100.0% -0.1%
Note: excluding sales from clinker
Sales volume in Java contributed 49.3%, or 2.5% lower result, the Companys domestic market share decreased
than the previous year. Meanwhile, markets outside slightly from 43.7% in 2014 to 43.0% in 2015.
Java contributed 48.9% or higher by 1.4% compared
to the previous year. The Company maintained 38.7% market share in Java
Island, the largest market in Indonesia.
In addition to supplying cement to domestic market
in Indonesia, the Company also supplies some of its MARKETING DISTRIBUTION
production to export market, among others to Timor The Company continues to enhance its distribution
Leste and Srilanka. In total, overseas sales contributed network and supporting facilities located across
481,942 tons. Indonesia so as to increase the reliability of cement
supply to all consumers and a strategy to maintain
TLCC, a subsidiary in Vietnam, sold 1,420,819 tons market share.
cement to Vietnam market and 736,751 tons exported
cement to Singapore, the Philippines, Malaysia, To support the strategy, in 2015 the Company
Bangladesh, and Taiwan. completed the construction of 3 packing plants in
Lampung, Pontianak, and Balikpapan. Today, the
The Companys total sales volume stood at 28,708,804 Company in total operates 26 packing plants located
tons, or rose by 0.6% from 28,526,365 tons in 2014. in West, Central, and Eastern Indonesia. The additional
packing plants expand the Companys network in
Domestic Market Share Indonesia and will bring it closer to the customers.
National cement supply in 2015 grew by 0.9%, while
the Companys domestic sales contracted by 0.7%. As a
Business Review
Purchasing power
In 2015, the Company opened
3 packing plants in Lampung,
Cement demand
Market competition
Pontianak, and Balikpapan and
continued the construction Increase in production cost
of several new packing plants
in prospective areas so as Based on the above considerations, the average selling
to expand market coverage price of the Companys products for domestic market in
and enable efficient product 2015 rose by only 0.2% from the average selling price
distribution.
in 2014. Meanwhile, selling price of exported products
declined by 9.7%. (See discussion on the Companys
Price and Selling Price Policy
Revenue, page 204).
The Company periodically reviews the selling price of
its products. Price is determined based on a number of
considerations, including:
Commitment to National Economic Growth

As elaborated earlier, the national economic condition friendly business, as well as to generate the best benefit
in 2015 was challenging, marked by low commodity for the stakeholders. Moreover, this action indicated
prices, weak exchange rate, and sluggish direct and that the Company had the capability to manage sound
indirect investment activities, which unfavorably operations; the Company does not operate solely
impacted purchasing power of consumers. This resulted to realize highest profit possible by overlooking the
in narrower capacity of the market to execute new challenges experienced by most Indonesians.
property construction and refurbishment on one hand,
and impaired growth of property market on the other. The lower selling price led to the increase of prices of
cement products nationally. Indirectly, this contributed
As one of the SOEs in basic infrastructure segment to lower inflation rate.
with close link to the development of property sector,
the Company addressed market condition by lowering Moreover, stable cement price is able to stimulate
product selling price to Rp3,000 per pack. This decision growth in property sector and it becomes one of the
showed the Companys commitment to national sectors with positive contribution to the national
economic growth and demonstrated the Companys economic growth. In the long-term, sustainable national
implementation of its mission that also underlined the economic growth will in turn benefit cement business.
determination to realize social responsibility and eco-

Business Review
Marketing Strategy marketing regions, the Company strengthened

The Company implements various efforts to increase Supply Chain Management (SCM), including
brand equity and customer loyalty in order to adopting Outbound Logistics activities in order to
maintain market leadership domestically. To that gain optimum results.
end, the Company defines four marketing strategies:
arrangement of synergistic markets between OpCo; Marketing Communication
marketing communication; implementation of Marketing communication is mainly intended
promotional programs; and expansion of distribution to maintain awareness and cognitive loyalty
network. of customers and part of the process to keep
customer loyalty. Marketing communication
Arrangement of Synergistic Markets through taglines for brand communication
Commenced in 2015, the program aimed to is mainly achieved by placing below the line
synchronize marketing programs across OpCo and print advertisements (billboard and signage of
current main brands in the domestic market. One distributors/stores). Meanwhile, electronic media
of the key activities implemented as optimizing is mainly utilized to communicate corporate
Distribution Network by managing, reviewing, and messages and image. Specific information of
adjusting the competence product supply as well product use and function is presented on product
as local marketing potential in order to maximize packaging, while technical specifications and use
revenue whilst maintaining competitive pricing. or mix instructions are printed on brochures sent
(addressed) to certain customers.
To ensure its success, the Company optimized
research and marketing intelligence activities Marketing communication uses various media
with the support of Information Technology formats, primarily electronic media, print media,
specifically designed for that purpose. The efforts and below the line media. It aims to enhance
were complemented by the execution of another awareness and strengthen brand image.
program to refine cement derivative products Meanwhile, marketing programs of customer
(ready-mix, precast, etc.) for the purpose of market gathering, customer services, rewarding, training,
deepening and provisioning of specific products and certification of construction workers aim to
(SQC, White Cement, etc.). The Company sought improve the loyalty of customers and to capture
to explore local potential of the different locations potential customers.
in Indonesia, each with its unique geographical
features. To measure the effectiveness of implemented
communication program and to learn about
For overseas market, the Company started to customer feedback or expectations, the Company
introduce Semen Indonesia brand, which is periodically conducts market survey. The
supplied among others through TLCC production information from this survey is used to improve
facilities. Considering that production and marketing communication programs in the future.
distribution facilities are present in all key
Business Review
Technology and social media development has Promotional Program

changed consumer behavior; it has provided In promoting customer loyalty, the promotional
great flexibility for consumers to look for product programs always involve the role of Customer
information interactively. As such, the role of Relationship Management (CRM) that spearheads
communities is considered as an effective media to the implementation of these programs.
influence customers preference towards certain
products. Survey is also conducted to determine The promotional programs are targeted at
most effective media to enhance loyalty and brand construction material stores and they include: point
image. collection program, merchandising, shop tour,
etc. Not only aimed to ensure that all construction
Based on the survey, the Company has identified material stores always maintain adequate stock
several media for its marketing communication of cement in the market, but also to specifically
activities, namely: television, outdoor promotional manage demand fluctuation, where distributors
media (billboard, neon box, banners, store and construction material stores during certain
signage), print media (newspaper, magazine, period can manage peak demand.
tabloid), poster, and radio.
Expansion of Distribution Network and Supporting
Marketing communication strategy then focuses Facilities
on media use towards community development The Company seeks to improve distribution
and fostering customer loyalty. network and supporting facilities located across
Indonesia to enhance cement supply reliability for
In 2015, the Company carried out the following all consumers.
marketing communication activities or programs:
o Broadcasting advertisements in national and To support the effectiveness of distribution
local TV stations network, which consists of main distributor, sub-
o Public education through print media distributors, and construction material stores,
including product communication to the the Company continues to develop and add new
public at large through national magazine on ports, packing plants, warehouses, as well as land
a monthly basis and communicate product and sea transport modes located throughout
application in Solid House (Rumah Kokoh) Indonesia.
section in newspaper and tabloid every two
weeks. Further, to optimize the performance of all
o Installed outdoor media and store signage distribution facilities and supporting facilities the
for stores in the Companys marketing areas Company has expanded the role of bulk cargo
o Point reward loyalty program to all customer single control and packing plant by strengthening
segments distribution synergy function at corporate level as
part of Strategic Holding implementation
(see also section on Types of Product and

Supporting Facility page 4-97).

Business Review
PRODUCTION In total, in 2015 the Company produced 28,482,843

tons cement, up 1% from the total production in 2014
Production Capacity and Volume of 28,260,549 tons.
The Companys total cement production capacity in
the domestic market until 2015 was 29.5 million tons. Energy Consumption
In details, the total production was contributed by Energy consumed in the process cement production
Semen Gresik of 14.4 million tons, Semen Padang of consists of 2 types of energy, namely heat and electricity.
7.3 million tons, and Semen Tonasa of 7.3 million tons. Heat is derived from the usage of coal as the main fuel.
Total installed capacity accounted for 36.7% of national In line with the decrease of clinker production, the
production capacity of 80.4 million tons.
36.7 % that reached
of national capacity 29.5 million tons

in 2015
production
represented the
Companys total
domestic capacity
2015 2014
Slag Production Indonesia 21,002,798 21,301,171 -1%
Regional 1,847,828 1,913,325 -3%
Total 22,850,626 23,214,496 -2%
Cement Indonesia 26,503,644 26,435,136 0%
Regional 1,979,199 1,825,413 8%
Total 28,482,843 28,260,549 1%
Installed Capacity Indonesia 29,500,000 29,500,000 0%
Regional 2,300,000 2,300,000 0%
Total 31,800,000 31,800,000 0%
Utilization Indonesia 83.3% 89.6% -7%
Regional 72.2% 79.4% -9%
Total 89.6% 88.9% 1%
The production of the Companys cement in Indonesia Companys total domestic consumption of coal in 2015
in 2015 rose by 1% from 26,435,136 tons in 2014 amounted to 4.82 million tons, down 0.3% from coal
to 26,503,644 tons. Increase of production output consumption in the previous year of 4.80 million tons.
was driven by improved performance and reliability of
production equipment. Decline in coal consumption was also due to the lower
clinker production by 2%.
Meanwhile, TLCC production in 2015 grew by 8% to
1,979,199 tons from 1,825,413 tons in 2014 due to the
growth of domestic consumption in Vietnam.
Business Review
Meanwhile, the Companys total regional coal Implementation of Green Production

consumption from the production facility in TLCC As part of the efforts to implement green production,
in 2015 was 282,718 tons, decreased 10.4% from the Company continuously carries out environmental
315,698 tons in 2014 following the decline in clinker management activities by implementing management
production. system on environment: SML ISO-14001:2004,
Occupational Safety and Health (SMK3), OHSAS
The Companys domestic demand for electricity in 18001:2007, continual improvement programs, 5R,
2015 decreased by 5.3% to 2,559,503 MWH from and Feedback System. These management systems
2,702,915 MWH in 2014, below the increase of cement have been integrated in Semen Indonesia Management
production. System (SMSI).
Regionally, TLCC electricity consumption in 2015 The Company is also taking active participation in efforts
amounted to 205,639 MWh. This level of consumption to mitigate global warming. The Company supports the
grew 6% from MWh in 2014, in line with the increase government in its efforts to reduce CO2 emission by
in cement production by 8%. 26% by 2020 (unilateral), according to the commitment
made by the president in G20 meeting in Pittsburgh and
Total energy cost contributed around 38% of the COP15 in Copenhagen. Several programs implemented
total revenue cost. Considering the increasing trend by the Government in connection with this commitment
of electricity basic tariff, the Company consistently are:
implements efficiency programs to reduce energy cost. - Use of biomass (chaff, coir, corncobs, tobacco
waste, oil sludge, shoe waste, and others) as
As a result, energy use realization in 2015 decreased alternative fuel
while the total cement production rose by 1%. As - Implementation of Waste Heat Recovery Power
shown by the following tables, the realization of coal Generation (WHRPG), power generation that uses
use declined by 0.3% and energy consumption declined heat waste from production facilities
by 5.3%. - Gradual substitution of ozone depleting substances,
such as: APAR, halocarbon, etc.
- Increased production of blended cement
Main Energy Consumption, 2014-2015

Domestic Growth
Type of Energy Unit Regional 2015
2015 2014 (%)
Coal Ton 282,718 4,801,000 4,817,263 -0.3%
Electricity Demand MWH 205,639 2,559,503 2,702,915 -5.3%

Business Review
WHRPG Project: Optimizing the Potential of Energy Saving and

Improving Environmental Quality
The process of slag burning produces heat waste that Pursuant to the agreement, the construction of WHRPG
can be utilized as source of power generator, thereby unit in Tuban started on 22 October 2014. The unit
producing electricity for own use. The Company has also has significant capacity of 30.6 MW. The second
been successful in realizing the potential of energy WHRPG project has four key aspects. The first aspect
from heat waste through WHRPG installation located in is efficiency; this project has the potential of saving
Semen Padang production site. The installation is fully electricity cost of up to Rp120 billion per annum
operational and has been proven beneficial. Not only achieved by substituting PLN electricity supply of 152
it saves electricity cost from electricity supplied by PLN, million kWh per year. The second aspect is environment;
it has also obtained CER certification by reducing CO2 utilization of heat waste from Tuban I-IV will reduce
gas emission in the amount of 43,000 tons per year, CO2 emission by 122 thousand tons per annum.
which can potentially be utilized as additional revenue.
The third aspect is job creation. During its development,
Considering the two-fold benefits from having WHRPG the project will require adequate number of workers.
installation, the Company is currently developing The project is slated for completion in 26 months.
the second WHRPG installation in Tuban production Other than construction phase, job creation is also
site, East Java. This projects agreement was signed in achieved through the use of local components that
October 2013 at the head office of JFE Engineering will account for 52% of the equipment. The fourth
Corporation in Yokohama. This cooperation is fully aspect is technology transfer. As this is the second
supported by Japan government under a special scheme project, Indonesia specifically Semen Indonesia
of Joint Credit Mechanism - funding assistance from employees involved as project counterparts will be
Japan provided for companies in Southeast Asia that able to absorb more knowledge, which will enable
have been proven committed in developing green them to design WHRPG technology in the future.
technology to reduce green house gas emission.
Business Review
RESEARCH AND DEVELOPMENT Product Application Research & Development focuses

As part of corporate transformation process, the on the efforts to develop best product application that
Company seeks to strengthen research and development accurately meets customers needs. It is the innovation
activities by consolidating all competencies at subsidiary center of product application development. This unit
level and launch Center of Research. As discussed in also develops cement downstream products, such
the Corporate Transformation discussion, the Center as ready-mix concrete, precast concrete, pre-stress
of Research is part of Semen Indonesia Center of the concrete, property, and other related application.
Champs (SICC) initiative, an endeavor to capitalize the
Companys excellence that was previously accumulated As a whole, the activities in the three areas aim to
at subsidiary level. The purpose of this initiative is to address the various challenges that the Company faces,
build the Companys competitive advantage, ensure including: increase in energy cost, limited raw material
business continuity, and preserve the environment. resources, demand for environmental conservation, use
and development of effective and efficient production
Semen Indonesia Center of Research consists of three technology as well as fulfillment of customers needs
main areas handled by three departments: Technology that have become increasingly specific for cement and
and Product Research & Development; Energy, Material cement derivative products. Through research and
and Environment Research & Development; and Product development activities focusing on specific themes, the
Application Research & Development. Company is committed to create competitive advantage
and to overcome competition.
Energy, Material and Environment Research &
Development focuses on research and development Research and Development is the Companys strategic
activities in energy conservation, the use of alternative initiative to enhance its performance in innovation,
fuel, raw material, and environmental conservation. This efficiency, as well as consistent and sustainable
unit is the center of innovation in Energy, Material and continuous improvement to ensure quality long-term
Environment within the Company. growth. The Company believes that results of research
and development activities have enabled the Company
Technology and Product Research & Development in overcoming 2015 challenges and will drive the
focuses on the development of effective and efficient Company in capturing growth opportunities as business
cement production technology. This unit also develops climate improves on the back of quality, well-known
cement products that meet the needs of customers and brands in the market.
is the center of innovation in technology and product
development. Research and development activities in 2015 are:

Business Review
Product & Application Research and Packing Research and Development

Development The Company performs packing development for
Product research and development activities aim efficiency, to minimize the impact of increased price of
to create high-quality products with efficient cost. raw packing material, and to reduce the use of kraft
Activities include: paper to contribute to global warming mitigation,
Development of blended cement product: Portland namely by:
Pozzolan Cement (PPC), Special Blended Cement o Maximizing the use of economical packs
(SBC), Portland Composite Cement (PCC), and o Use of 2 ply of 80mm kraft packs
Special Quick Cement (SQC) across all of the o Market trial of 2 ply of 75 gsm kraft packs
Companys production plants o Use of 1 ply woven packs, replacing 3 ply woven
Research and development in product application for market outside Java
to support factory, ready-mix, and project
customers Raw Material and Fuel Research and
Development
Activities in this field of development include:
The Company innovates to
produce high quality cement o Research and development in utilizing wastes
according to various needs of from other industries as alternative fuel, among
consumers at a more efficient others: fly ash, bottom ash, copper slag, gypsum
cost. purified, clay alumina, paper sludge, spent earth,
dust EAF, BFS (blast furnace slag), COCS (crude oil
The application examples from research in this area are: contaminated soil), and others
Porous concrete and bio-pore products that o Research and development in alternative fuel
can function as pavement while allowing water consumption:
absorption into the soil Use of biomass as alternative fuel to support
Colored concrete - construction cement material efficiency effort and to realize the Companys
with color variation for decorative application. commitment in reducing green house gas
Application: outdoor paving, decorative application (global warming)
for buildings RDF (Refuse-Derived Fuel) generated from
Self-compacting concrete - construction cement Municipal Solid Waste as eco-friendly
material with the capability to flow and to compact alternative fuel
without using vibrator. This product is suitable to o Studies to identify sources of raw material through
be applied for buildings with close structure mapping of potential site
Rapid Strength Concrete - innovative concrete with o Upgrading production facilities and new coal mill
rapid strengthening properties, whilst maintaining addition to use low calorie coal
the high quality of concrete.

Gambar : Unit/Instalasi WHRPG
Business Review
Technology & Process Research and o SMIG energy efficiency program to reduce
Development electricity use and heat energy through
The Company conducted process technology research modification of equipment, process
& development to achieve effective, efficient, and green optimization, reduction of false air, and fan
cement production. The activities include: efficiency
o Technology research to upgrade low rank coal, o Development of drying biomass technology
with the purpose to increase calorific value of with the purpose of reducing water content
coal from low to medium or high calorie and increasing calorific value close to coal
o Re-design the geometry of cooler clinker to calorific value
improve operational reliability and capacity of
cooler
Tuban II Mill, East Java

Business Review
RDF Project Intensification: Processing Municipal Solid Waste as

Alternative Energy to Improve Environmental Quality
Municipal solid waste is processed into RDF (Refuse- RDF is the new source of energy that is highly potential
Derived Fuel), which consists of non-biodegradable to be used as alternative fuel since it has high calorific
materials, such as paper, plastic, fabrics, wood, used value between 3,500 to 5,000 kcal/kg.
tires, Styrofoam, and others as alternative of green
energy. The technology that processes municipal waste into RDF
has been implemented in landfills in Ngipik in Gresik
RDF has become one of the Companys strategic District, East Java. It has processing capacity of 250
programs due to its significant and positive impacts to tons per day. Commissioning of this equipment was
environmental sustainability. conducted in January 2016 and the operation waste
processing until today has been smooth.
RDF implementation addresses major issues such as
waste volume and limited availability of landfill. RDF The facility produces RDF in a size of less than 5 cm with
technology allows for waste volume to be continually average calorific value of 3,700 kcal/kg. Its chlorine and
reduced by utilizing wastes as one of the sources of sulfur content is less than 1%. The RDF is supplied to
alternative fuel in production process, namely slag Tuban facility and has been used as alternative fuel in
burning. RDF has a number of benefits; other than Tuban 1 facility.
saving fuel cost especially coal, it also contributes in
improving environmental quality in major, medium-
sized, and small cities.
Energy Security and Efficiency o Entered into long-term coal contract with coal
To ensure the availability of energy supply for continued mining company
factory operations and for efficiency, the Company has o Entered into long-term agreement with PLN to
carried out the following measures: secure electricity supply and tariff
Business Review
o Developed power plant 2x35 MW capacity in Research and Development Awards

Tonasa Plant, currently under construction To appreciate innovative works in research and
o Energy management development, in 2015 the Company received LIPI SBII
Award 2015 (LIPI Science Based Industrial Innovation
Environmental Research and Development Award 2015) from the Indonesian Institution of Science
o Periodically exercises compliance control (LIPI).
o Increases resource conservation efforts
o Increases housekeeping activities
o Carries out EPR efforts for cement product sold
o Increases use of industrial waste as AFR
o Promotes efforts to lower CO2.
Activities in Electrical Workshop

Semen Padang Plant, West Sumatra

Financial
Performance Review
Main Building of Semen Indonesia, Gresik, East Java
The following financial performance review reflects the Touche Tohmatsu Limited) on 15 February 2016 with
Companys operational results discussed in Operational unqualified opinion. The financial position of PT Semen
Review chapter. The financial performance discussion Indonesia (Persero) Tbk and subsidiaries as of 31
and analysis refers to the Companys Consolidated December 2015, and financial performance and cash
Financial Statements 31 December 2015 and 2014 flows ended on the same date, are in compliance with
attached to this Annual Report. The Consolidated Financial Accounting Standards applicable in Indonesia.
Financial Statements was audited by Public Accountant It has been noted that PSAK 24 (revision 2013) on Salary
Firm Osman Bing Satrio & Eny (member of Deloitte was applied retrospectively in 2015.
Financial Performance Review
The discussion in this financial review observes the notes in Consolidated Financial Statements, which are inseparable
part to this Annual Report.
HIGHLIGHTS OF CONSOLIDATED INCOME STATEMENTS

The Companys Consolidated Income Statements, 2015-2014
(in Rp million, unless noted otherwise)
Profit and Loss 2015 2014 % Growth

Revenue 26,948,004 26,987,035 (0.1)
Cost of Revenue (16,302,008) (15,408,158) 5.8
Gross Profit 10,645,996 11,578,877 (8.1)
Operating Expense (4,700,464) (4,436,699) 5.9
Operating Income 5,945,532 7,142,178 (16.8)
Income Attributable to Owners of Parent Entity 4,521,491 5,559,902 (18.7)
EBITDA 7,427,384 8,296,817 (10.5)
(Operating Income excluding other operating income and expenses
plus depletion, depreciation, and amortization)
Total Weighted Average of Shares Outstanding (in Thousand) 5,931,520 5,931,520 -
Basic Earnings per Share (Rupiah) 762 937 (18.7)
REVENUE
In 2015, the Company generated revenue amounted to Rp26,948 billion or the same amount of revenue in the
previous year at Rp26,987 billion. The revenue contribution was mainly derived from cement business that made up
97.1% and non-cement that made up 2.9% of total revenue.
Rp Million
2015 2014
Description Revenue Composition (%) Revenue Composition (%) % Change
Cement1 26,154,977 97.1 26,335,351 97.6 (0.7)

Non Cement 793,027 2.9 651,684 2.4 21.7
TOTAL 26,948,004 100.0 26,987,035 100.0 (0.1)
1
Including sales of slag
The decline in cement revenue was driven by declined average selling price of products in the regional market (export
market), as shown in the following table:
Table of Total Sales Volume and Average Selling Price by Market

Market 2015 2014 % Change
Volume (in thousand tons)
Indonesia 26,069,154 26,163,372 -0.4
Regional 2,639,650 2,362,994 11.7
Total 28,708,804 28,526,366 0.6
Revenue (in Rp Million)
Indonesia 25,559,545 25,610,903 -0.2
Regional 1,388,459 1,376,133 0.9
Total 26,948,004 26,987,035 -0.1

Market 2015 2014 % Change

Average Selling Price
Indonesia 980,452 978,884 0.2
Regional 526,001 582,368 -9.7
Total 938,667 946,038 -0.8
The Companys domestic sales volume in 2015 increased by 2.3% from Rp12,639 billion in 2014.
amounted to 26.07 million tons or decreased 0.4% The contribution of outside Java regions was higher in
from 26.16 million tons in the previous year. 2014 due to greater demands for cement especially in
Sumatra and Sulawesi.

Amid an increasingly
challenging competition, the
Company was able to increase
Java region contributd
46.9% of the total revenue,
sales volume to 28.7 million while regions outside Java
tons or increased by 0.6%. contributed 48.0% of the
Companys total revenue.
In the domestic market, the Company recorded a total
revenue of Rp25,560 billion or decreased 0.2% from Total sales volume of the Company in 2015, including
the previous year performance of Rp25,611 billion, overseas sales was 28.71 million tons or grew 0.6% from
while export revenue rose by 0.9% to Rp1,388 billion 28.53 million tons in 2014, meanwhile the domestic
from Rp1,376 billion in 2014. In 2015, the Company sales volume was 26.07 million tons, decreased by
put greater focus on overseas market, while domestic 0.3% from 26.16 million tons in the previous year.
market remained as the core business.
Rp Million
2015 2014
Description Revenue Composition (%) Revenue Composition (%) % Change
Domestic
Java 12,630,246 46.9 12,971,849 48.1 (2.6)
Outside Java 12,929,299 48.0 12,639,012 46.8 2.3
Overseas
Asia 1,388,459 5.2 1,351,420 5.0 2.7
Europe - 0.0 24,755 0.1 -
TOTAL 26,948,004 100.0 26,987,035 100.0 (0.1)
Java marketing region contributed Rp12,630 billion COST OF REVENUE

or 46.9% of the Companys total revenue. This Cost of revenue in 2015 amounted to Rp16,302 billion
contribution decreased by 2.6% from the previous or grew 5.8% from the previous year figure of Rp15,408
years contribution of Rp12,972 billion. Meanwhile, billion. The increase was mainly driven by increase in the
marketing regions outside Java contributed Rp12,929 Companys cement production volume at 0.8% from
billion or 48.0% of the total domestic revenue, which 28.3 million tons to 28.5 million in 2015.
The main contributors of cost of revenue in cement production were fuel cost (coal), electricity cost, distribution cost,
and packaging cost.
Rp Million
CoST OF REVENUE 2015 2014 % CHANGE
Raw materials used 873,465 873,556 0.0
Labor 1,402,508 1,372,672 2.2
Manufacturing overhead 13,743,411 12,956,346 6.1
Differences of inventories and other expenses 282,624 205,584 37.5
TOTAL COST OF REVENUE 16,302,008 15,408,158 5.8
The increase of cost of revenue in 2015 was primarily influenced by the increase of electricity tariff by an average of
15%, increase of maintenance cost as the impact of minimum wage increased policy as well as increase of sparepart
prices and imported equipment affected by weak Rupiah exchange rate against US Dollar. The Company innovated and
carried out preventive maintenance measures to reduce maintenance cost whilst prioritizing operational continuity and
improvement of plant utilization.
The Company consistently pursues strengthened synergy. Efficiency initiatives and application of innovations employs
by the Company to control the rapid increase in cost of revenue have generated positive results.
The Company also implements the progress of Research and Development activities and as a result the Company was
able to reduce and control the cost of revenue.
Gross Profit
The Companys gross profit in 2015 declined by 8.1% from Rp11,597 billion in 2014 to Rp10,646 billion in 2015, while
gross profit margin decreased to 39.5% compared to 42.9% in 2014.
OPERATING EXPENSES
Rp Million
2015 2014
%
Description
Expenses Composition (%) Expenses Composition (%) Change
Selling expenses 2,658,737 56.6 2,694,237 60.7 (1.3)

General and administrative expenses 2,087,885 44.4 1,937,522 43.7 7.8
Other operating expenses (revenues) (46,157) -1.0 (195,060) -4.4 (76.3)
TOTAL 4,700,465 100.0 4,436,699 100.0 5.9
Operating Expenses/Revenue 17.4% 16.4% 1.0%
Operating expenses in 2015 amounted to Rp4,700 billion, rose 5.9% from Rp4,437 billion from the previous year. The
increase of operating expenses was driven by increase of general and administrative expenses by 7.8% as well as the
decline in other operating revenue from Rp149 billion or 76.3%, although cost of sales decreased by Rp36 billion or
1.3% from the previous year position.

Selling Expenses
Rp Million
2015 2014
%
Description
Expenses Composition (%) Expenses Composition (%) Change
Transportation and Handling 2,077,574 78.1 2,097,602 77.9 (1.0)

Promotion 323,395 12.2 351,850 13.1 (8.1)
Salaries, wages, and benefits 186,503 7.0 172,929 6.4 7.8
Others 71,265 2.7 71,856 2.7 (0.8)
Total 2,658,737 100.0 2,694,237 100.0 (1.3)
The main components of selling expenses in 2015 were transport and handling costs in the amount of Rp2,078 billion
(78.1%), promotional cost in the amount of Rp323 billion (12.2%), and salaries, wages, and benefits totaling to Rp186
billion (7.0%). Decrease in cost of goods sold was primarily due to adjustments to fuel tariff.
To control cost of goods sold, the management applied cost management strategy. Part of this strategy was optimization
of distribution and development of packing plants to reduce unloading cost and cost of transport per ton product.
General and Administrative Expenses

Details of General and Administrative Expenses
Rp Million
2015 2014 %
Description Expenses Composition (%) Expenses Composition (%) Change
Salaries, wages, and other benefits 1,131,438 54.2 934,348 48.2 21.1
Office supplies 147,600 7.1 180,311 9.3 (18.1)
Partnership and community development 136,395 6.5 180,171 9.3 (24.3)
programs
Others 672,452 32.2 642,692 33.2 4.6
TOTAL 2,087,885 100.0 1,937,522 100.0 7.8
The main components in general and administrative expenses in 2015 were salary, wage, and other remuneration
amounted to Rp1,131 billion (54.2%), office equipment at Rp148 billion (7.1%), and Community Partnership and
Development (PKBL) program amounted to Rp136 billion (6.5%). The increase in salary, wage, and remuneration was in
line with the increase in the number of employees required to operate new facilities.
The Company has set out performance-based remuneration. The assessment was made using balanced scorecard and
achievement of Key Performance Indicators (KPIs). The Company also increased its appreciation towards employees. This
strategy was one of the approaches to measure the effectiveness of human resource investment.
With regards to human resource expenses, the management considers this cost component as one of the tools to
motivate performance improvement individually as well as the company-wide. The Company organized training programs
to enhance human resource competency as one of the Companys investments.
In general, profitability margin in 2015 decreased. Gross

the Company realizes training
programs to enhance human
profit margin stood at 39.5%, operating income margin
stood at 22.1%, EBITDA margin stood at 27.6%, and net
resource competency, which
is considered part of the income margin stood at 16.8%. In 2014, the positions
Companys investments. of the same components were 42.9% for gross profit,
26.5% for operating income margin, 30.7% for EBITDA
FINANCE INCOME/(COSTS) margin, and 20.6% for net income margin.
The Company recorded finance costs (net) amounted to
Rp129 billion, grew 33.1% from Rp97 billion in 2014. INCOME TAX EXPENSE
This was mainly due to the decreased interest income The Companys tax expense in 2015 amounted to
from placements of time deposits in rupiah and foreign Rp1,325 billion, or decreased by 12.2% from Rp1,510
currencies, as balance of the Companys fund placement billion in 2014. In this context, the Company has met
moved to Rp3,438 billion from Rp4,475 billion at the the requirements of eligibility to obtain Corporate
end of 2014. The interest income in 2015 amounted Income Tax tariff reduction by 5% for each fiscal year
to Rp241 billion, decreased 15.7% from Rp286 billion 2015 and 2014 pursuant to the Government Regulation
in 2014. (See discussion on Cash and Cash Equivalents) No. 81 of 2007.
PROFITABILITY AND MARGIN (Rp Million)
Income 2015 2014 % Change

Gross Profit 10,645,996 11,578,877 -8.1
Gross Profit Margin (%) 39.5 42.9 -3.4
Operating Income 5,945,532 7,142,178 -16.8
Operating Income Margin (%) 22.1 26.5 -4.4
EBITDA 7,427,384 8,296,817 -10.5
EBITDA Margin (%) 27.6 30.7 -3.2
Net Income 4,521,491 5,559,902 -18.7
Net Income Margin (%) 16.8 20.6 -3.8
In 2015, the Company recorded gross profit amounted By fulfilling its tax obligations above, the Company
to Rp10,646 billion, representing 8.1% decrease contributed Rp1,325 billion of taxes to the states
compared to the position in the previous year of treasury. During the reporting year, the Company has
Rp11,579 billion. The operating income in 2015 was met all tax obligations. There was no tax dispute to be
amounted to Rp5,946 billion, or decreased by 16.8% settled.
from Rp7,142 billion in the previous year. Meanwhile,
EBITDA in 2015 reached Rp7,427 billion or declined by NET INCOME AND NET EARNINGS PER SHARE
10.5% compared to the previous year figure of Rp8,297 In view of the tax expense, the Company was able to
billion. record income attributable to equity holders of parent
entity (net income) amounted to Rp4,521 billion or

decreased by 18.7% from the previous year position of ASSETS

Rp5,560 billion. Thereby, net margin stood at 16.8% or As of 31 December 2015, the Company has a total
decreased 3.8% from 20.6% in the previous year. assets of Rp38,153 billion, increased by 11.1% from the
position of 31 December 2014 at Rp34,332 billion. The
Net earnings per share stood at Rp762 per share or assets consisted of 27.6% current assets and 72.4% of
decreased by 18.7% from 2014 figure of Rp937 per non-current assets. The composition of assets changed
share. This indicated that the Company was able to from 2014 position, where current and non-current
increase value for shareholders. assets stood at 34.0% and 66.1%, respectively.
COMPREHENSIVE INCOME FOR THE YEAR

Rp
38.15trillion 11.1%
The Companys other comprehensive income was derived
from loss from revaluation of defined benefit liabilities,
Assets
changes of net fair value of securities available for sale,
differences from overseas operating activities, and
others. Comprehensive income for the year (including The change of composition was driven by decrease in
income attributable to non-controlling interests) after current assets by 9.5% from Rp11,649 billion in 2014
tax amounted to Rp4,662 bilion, decreased by 18.3% to Rp10,539 billion. Moreover, non-current assets rose
from Rp5,642 billon in 2014. by 21.7% from Rp22,683 billion in 2014 to Rp27,614
billion at the end of 2015. The following section
HIGHLIGHTS OF CHANGES IN discusses changes in main components of financial
CONSOLIDATED FINANCIAL position that influenced changes in current and non-
POSITIONS current assets.
The Companys Consolidated Financial Position
Highlight, 2015 2014
(in Rp million, unless stated otherwise)

2015 2014
Description % Change
Value Composition (%) Value Composition (%)
Current Assets 10,538,704 27.6 11,648,545 33.9 (9.5)

Non-Current Assets 27,614,415 72.4 22,683,130 66.1 21.7
Total Assets 38,153,119 100.0 34,331,675 100.0 11.1
Current Liabilities 6,599,190 61.6 5,271,930 56.5 25.2
Non-Current liabilities 4,113,131 38.4 4,054,815 43.5 1.4
Total Liabilities 10,712,321 100.0 9,326,745 100.0 14.9
Equity attributable to:
- Owner of Parent Entity 26,419,542 96.3 24,046,465 96.2 9.9
- Non-Controlling Interests 1,021,256 3.7 958,465 3.8 6.6
Total Equity 27,440,798 100.0 25,004,930 100.0 9.7
Current Assets
Details of Current Assets (in Rp million)
2015 2014
Assets Composition Assets Composition
(%) (%)
Cash and Cash Equivalents 3,964,018 4,925,950 19.5
Restricted Cash and Cash 25,470 0.2 13,697 0.1 86.0
Equivalents
Short-term Investments 2,263 0.0 91,872 0.8 (97.5)
Trade Receivables - Net 3,543,840 33.6 3,301,248 28.3 7.3
Other Receivables - Net 84,801 0.8 131,309 1.1 (35.4)
Inventories - Net 2,408,974 22.9 2,811,704 24.1 (14.3)
Advances 88,747 0.8 148,717 1.3 (40.3)
Prepaid Taxes 382,061 3.6 171,261 1.5 123.1
Prepaid Expenses 38,530 0.4 52,787 0.5 (27.0)
Total Current Assets 10,538,704 100.0 11,648,545 100.0 (9.5)
The current assets composed of cash and cash equivalents that stood at 37.6%; 33.6% of net receivables 33.6%;
inventories at 22.9%; prepaid taxes at 3.6%; advances of 0.8%, and others at 1.5%.
The composition changed from 2014 as shown in the above table that describes details of Current Assets. Changes in
current asset position are discussed as follows.
Restricted cash and cash equivalents

Management of cash and cash equivalents was conducted prudently through optimum management of cash cycle and
development of robust portfolio as well as excess cash management whilst observing optimum risk and return.
Cash and Cash Equivalents (in Rp Million)

2015 2014 %
Description
Assets Composition (%) Assets Composition (%) Change
Cash 2,783 0.1 2,994 0.1 -7.1
Bank:
Rupiah 347,028 8.7 294,269 6.0 17.9
US Dollar 144,311 3.6 55,082 1.1 162.0
Euro 45,405 1.1 97,560 2.0 -53.5
Singapore Dollar 131 0.0 123 0.0 6.9
Vietnam Dong 11,897 0.3 15,053 0.3 -21.0
Deposito:
Rupiah 3,355,139 84.1 4,300,048 87.1 -22.0
US Dollar 31,693 0.8 37,320 0.8 -15.1
Euro - - 105,933 2.1 -
Vietnam Dong 51,101 1.3 31,264 0.6 -
Total Cash and Cash Equivalents 3,989,488 100.0 4,939,646 100.0 -19.2

The total balance of cash and cash equivalent in 2015 In addition to allocation for new plants and maintenance
stood at Rp3,989 billion. Primarily due to the increase in of existing operational facilities, the Company also
cash flows for investment, this total balance decreased allocated funds to develop a number of supporting
from 2014 position of Rp4,940 billion. facilities as well as other facilities.
Cash and cash equivalents as of the end of 2015 The Company also appropriated cash and cash
consisted of 0.1% cash or amounted to Rp.78 billion; equivalents to meet working capital needs to purchase
the placement in current accounts amounted to Rp549 raw material or any other material that required
billion or 13.8% of total cash and cash equivalents; and transaction in Rupiah. The transactions were necessary
term and call deposits amounted to Rp3,483 billion or to enhance operational readiness of Companys plants
86.2% of total cash and cash equivalents. in anticipating growth of demand for cement in the
domestic market in the future.
In line with business expansion programs and as part
of the efforts to mitigate the fluctuation of exchange The Companys cash and cash equivalents balance was
rate in the interest of capital expenditure, the Company placed as term deposits in banks with sound operational
has placed cash and cash equivalents in the following level, among others: PT Bank Mandiri (Persero) Tbk., PT
currencies as it required: Bank Rakyat Indonesia (Persero) Tbk., PT Bank Negara
Cash and Cash Equivalents by Currency

(in Rp million)
2015 2014
Assets Composition (%) Assets Composition (%)
Rupiah 3,704,870 92.9 4,597,198 93.1 -19.4
US Dollar 176,014 4.4 92,411 1.9 90.5
Euro 45,405 1.1 203,493 4.1 -77.7
Singapore Dollar 131 0.0 123 0.0 6.9
Vietnam Dong 63,067 1.6 46,422 0.9 35.9
Total Cash and Cash Equivalents 3,989,488 100.0 4,939,646 100.0 -19.2
The above table shows increase in cash and cash Indonesia (Persero) Tbk., PT Bank Tabungan Negara
equivalents in US Dollar and decrease in cash and cash (Persero), PT Bank Bukopin Tbk., and other banks.
equivalents in Euro, following shipment realization of
main equipment required in the Companys business As a result of the placements, the Company received
expansion projects. The Company allocated funds in interest income. The interest rate applicable for deposit
relevant currency to mitigate currency fluctuation risk in Rupiah was 4.25% - 10.75% (see also Other
(see also discussion on Risk Management). Revenue/(Expenses) discussion).
Trade Receivables Inventories

Table of the Companys Receivables by Age, 31 Net inventories as of the end of 2015 amounted to
December 2015 and 2014 Rp2,409 billion or decreased by 14.3% from previous
(in Rp Million)
2015 2014 %
Description
Assets Composition (%) Assets Composition (%) Change
Current 2,898,661 81.8 2,932,746 88.8 -1.2

Overdue
1-45 days 313,913 8.9 265,438 8.0 18.3
46-135 days 239,105 6.7 63,654 1.9 275.6
136-365 days 80,800 2.3 21,369 0.6 278.1
Over 365 days 94,355 2.7 90,580 2.7 4.2
Allowance for Impairment Losses (82,994) -2.3 (72,540) -2.2 14.4
Trade Receivables-Net 3,543,840 100.0 3,301,247 100.0 7.3
Income 26,948,004 26,987,035 -0.1
Trade Receivables-Net/Income 13.2 12.2 7.5
The Companys trade receivables amounted to Rp3,544 years position of Rp2,812 billion. The balance of
billion or rose by 7.3% from 2014 position of Rp3,301 inventories consisted of spare parts amounted to
billion. The increase was primarily due to increase of Rp1,028 billion, raw and indirect materials amounted to
the Companys operational activities in order to meet Rp776 billion, work in process at Rp401 billion, finished
customers demands. The increase of trade receivables goods of Rp274 bilion, and goods in transit amounted
was also affected by the implementation of marketing to Rp36 billion.
strategies.
The decrease in inventories was driven by decrease in
The average turnaround of receivables in 2015 was 46 spare parts and goods in transit components due to
days. However, with the development of information improved management of inventories.
technology, the Company was able to maintain and
robustly manage its turnaround quality in order to have
high level of collectability. This was shown allowance Non-Current Assets
for impairment losses that was stable compared to the Table of Non-Current Assets
position in previous year.
(in Rp million)
2015 2014
Assets Composition (%) Assets Composition (%)
Deferred Tax Assets 90,268 0.3 56,553 0.2 59.6
Investments in Associates 223,952 0.8 146,980 0.6 52.4
Investment Properties 175,123 0.6 183,318 0.8 -4.5
Fixed Assets-Net 25,167,683 91.1 20,221,067 89.1 24.5
Deferred Charges - Net 134,694 0.5 113,317 0.5 18.9
Advances for Investment 328,280 1.2 531,935 2.3 -38.3
Intangible Assets 1,134,306 4.1 1,103,697 4.9 2.8
Other Assets 360,109 1.3 326,264 1.4 10.4
Total Non-Current Assets 27,614,415 100.0 22,683,130 100.0 21.7

The main contributors of non-current assets in 2015 were fixed assets that accounted for 9.1% or Rp25,168 billion, and
intangible assets that made up 4.1% and amounted to Rp1,134 billion. The increase in these components significantly
affected the total value of non-current assets.
As of the end of 2015, the non-current assets stood at Rp27,614 billion, grew 21.7% from Rp22,683 billion in 2014.
Fixed Assets
The Companys fixed assets consist of land, property, and production equipment. Fixed assets are grouped into two
categories assets owned by the Company and leased assets. The total book value (net) of the Companys fixed assets
in 2015 amounted to Rp25,168 billion, increased by 24.5% from Rp20,221 billion in the previous year. The increase
was in line with the completion of new plants, packing plants, other buildings as well as increase in leased assets
to support production activities or to replace less productive leased assets (see also discussion on Development of
Production and Distribution Facilities page 67-70 and Capital Expenditure Realization).
Intangible Assets
Intangible assets (net) in 2015 amounted to Rp1,134 billion, or increased by 2.8% compared to Rp1,104 billion in 201.4
The increase was driven by use of software and land rights renewal process.
LIABILITIES
The Companys total liabilities as of 31 December 2015 was amounted to Rp10,712 billion, grew 14.9% from Rp9,327
billion in the previous year. The Companys liabilities in 2015 consisted of current liabilities, at 61.6% or Rp6,559 billion.
Current liabilities increased by 25.2%, while non-current liabilities that accounted 38.4% or a total of Rp4,113 billion
rose by 1.4%.
In Rp million
2015 2014
Liabilities Composition % Liabilities Composition %
Current Liabilities 6,599,190 61.6 5,271,930 56.5 25.2
Non-current Liabilities 4,113,131 38.4 4,054,815 43.5 1.4
Total Liabilities 10,712,321 100.0 9,326,745 100.0 14.9
The following explanation illustrates matters that influenced the changes of liabilities position of the Company.
Current Liabilities Trade payables at the end of 2015 rose by 24.8% to

Table of Composition of Current Liabilities (in Rp Rp3,783 billion compared to Rp3,023 billion in the
million)
2015 2014
Short-Term Borrowings 138,604 2.1 81,809 1.6 69.4
Trade Payables 3,783,246 57.3 3,031,508 57.5 24.8
Other Payables 194,300 2.9 215,001 4.1 -9.6
Tax Payables 275,833 4.2 271,687 5.2 1.5
Short-Term Employee Benefits Liabilities 848,863 12.9 680,197 12.9 24.8
Accrued Expenses 633,616 9.6 445,434 8.4 42.2
Sales Advance 17,646 0.3 30,2254 0.6 -41.6
Current Maturities of Long-Term Liabilities 707,082 10.7 516,070 9.8 37.0
Total Current Liabilities 6,599,190 100.0 5,271,930 100.0 25.2
As of the end of 2015, the Companys current liabilities previous year. The increase was due to operational
consisted of trade payables at 57.3% or Rp3,783 billion; activities to meet production needs.
12.9% of short-term employee benefits at Rp849
billion; 10.7% current maturities of long-term maturities Of the total trade payables in 2015, Rp2,576 billion or
amounted to Rp707 billion; 9.6% accrued expenses at 68.1% was non-mature payables.
Rp634 billion; and 4.2% tax payables amounted to
Rp276 billion. To maintain relationship with suppliers, the
Company offers payment guarantee provided that
The following section discusses the movement of the all procedures and billing documents are completed.
abovementioned balance sheet items and measures The facility is made available by involving financial
that have been taken to manage them. institution (supplier financing). The Company relies on
continuously developed Information Technology (see
Trade Payables
(In Rp million)
2015 2014
Current 2,575,547 68.1 2,241,484 73.9 14.9
Overdue
1-45 days 648,857 17.2 480,108 15.8 35.1
46-135 days 259,862 6.9 128,623 4.2 102.0
136-365 days 231,740 6.1 158,676 5.2 46.0
Over 365 days 67,241 1.8 22,618 0.7 197.3
Trade Payables-Net 3,783,246 100.0 3,031,508 100.0 24.8

also Information and Communication Technology Development, page 156) to verify documents. The Company also
applies e-procurement to obtain goods and services with competitive quality standards and price.
Short-Term Employee Benefits Liabilities

The estimate of employee benefits liabilities in 2015 was Rp849 billion, or increased by 24.8% from Rp680 billion in
2014. This was driven by accrued expenses from employees and managements services.
Accrued expenses
Accrued expenses as of the end of 2015 amounted to Rp634 billion, or grew 42.4% from 2014 position of Rp455
billion. This change was due to the adjustments of sales promotional programs targeted to address the competition in
domestic market, which was experiencing slowdown.
Current maturities of long-term liabilities

The total borrowings that are going to be mature in one year increased by 37.0% to Rp707 billion from Rp516 billion
in 2014. This increase was related to loan facility for new plant construction investment (Tonasa VI) that has been in
operations and for debt restructuring of subsidiary (TLCC).
NON-CURRENT LIABILITIES
Table of Non-Current Liabilities
(In Rp Million)
2015 2014
Deferred Tax Liabilities 107,902 2.6 70,045 1.7 54.0
Long-Term Employee Benefits Liabilities 653,612 15.9 482,605 11.9 35.4
Long-Term Liabilities 3,155,616 76.7 3,315,145 81.8 -4.8
Long-Term Provisions 185,527 4.5 175,065 4.3 6.0
Other Non-Current Liabilities 10,474 0.3 11,955 0.3 -12.4
Total Non-Current Liabilities 4,113,131 100.0 4,054,815 100.0 1.4
Non-current liabilities at the end of 2015 was dominated by long-term liabilities net of current maturities at 76.7% or
amounted to Rp3,156 billion, as well as long-term employee benefits of 15.9% or amounted to Rp654 billion.
In total, non-current liabilities as of the end of 2015 declined by 1.4% at Rp4,113 billion. This was primarily driven by
current maturities component. Long-term employee benefits liabilities rose by 35% following the application of PSAK
24 (revision 2013).
EQUITY
Changes in the Companys equity are as follows.
Profit and Loss 2015 2014 % Change
Equity attributable to equity holders of parent entity:
Share capital-par value of Rp 1,000 per share:
Authorized capital - 2,000,000,000 shares
Issued and fully paid - 593,152,000 shares 593,152 593,152 -
Additional paid-in capital 1,458,258 1,458,258 -
Other components of equity 553,155 475,229 16.4
Retained earnings
Appropriated 253,338 253,338 -
Unappropriated 23,561,638 21,266,488 10.8
Total equity attributable to equity holders of parent entity 26,419,542 24,046,465 9.9
Non-controlling interests 1,021,256 958,465 6.6
Total equity 27,440,798 25,004,930 9.7
Balance of the Companys equity attributable to equity Capital Structure Policy

holders of parent entity as of 2015 was amounted to The Company continuously observes prudence in
Rp26,420 billion, grew 9.9% from Rp24,046 billion defining capital structure policy, thereby forming own
in 2014. This increase was contributed by income capital structure composition with optimum external
attributable to equity holders of parent entity amounted funding that consists of current and non-current
to Rp4,512 billion in 2015. liabilities. With regards to compliance, the Company
maintains consistent capital structure with financial
The increase of 16.4% in other equity components covenant required by creditors.
was mainly due to the financial statements of overseas
subsidiary. In general, the Companys capital structure policy is as
follows:
CAPITAL STRUCTURE AND CAPITAL

STRUCTURE POLICY
Capital Structure
Description
2015 % Composition 2014 % Composition
In Rp million
Liability 10,712 28.1% 9,327 27.2%
Equity 27,441 71.9% 25,005 72.8%
Total Equity & Liability 38,153 100.0% 34,332 100.0%
The Companys capital structure in 2015 consisted of Capital structure to consider the balance of
28.1% liabilities and 71.9% equity. The majority of the cost and benefit as well as enhancement of the
Companys liabilities, or 66% of total liabilities, was Companys value
related to the Companys regular operations.

Optimization of capital structure by managing DIVIDEND

ideal composition of debt and equity by taking into In the past five fiscal years, the Companys dividend
account capital needs and the Companys cashflow payout ratio stood at a range of 40% to 50% with
capacity average CAGR growth of 5.2%.
Composition of capital structure is defined
following sensitivity analysis using various core In accordance with the resolutions of AGMS on 16 April
assumptions from most likely business scenarios. 2015, the Company paid dividend at Rp375.3 per share
(full value). The payout was exercised on 20 May 2015.
The Company tracks the sound level of its capital (For complete report, see Information for Investors,
structure using gearing ratio by dividing total interest- Dividend, and Dividend Policy on page 111.)
bearing loans with total equity attributable to owners
of parent company. The Companys policy also NET WORKING CAPITAL
includes maintaining leverage at an optimum range In total, the Companys net working capital in 2015
by conducting benchmarking with similar companies decreased by 38.2% from Rp6,377 billion in 2014
in Indonesia. The purpose is to ensure a sound level of to Rp3,940 billion in 2015. The decrease was driven
the Companys financial condition and thereby securing by assets expenditure for the Companys business
access to competitive funding sources. development investment as well as the Companys cash
management to support marketing strategies.
Gearing ratio as of 31 December 2015 and 2014 are
as follows.
(in Rp million):
2015 2014
Bank loans 3.765.328 3.728.537
Finance Lease Liabilities 235.972 184.486
Total Interest-Bearing Liabilities 4.001.300 3.913.024
Total equity attributable to equity holders of parent

26.419.542 24.046.465
entity
Gearing Ratio (x) 0.15 0.16
Through the implementation of consistent capital The Company was able to finance its working capital
structure policy, total interest-bearing liabilities at the needs for its operations.
end of 2015 was Rp4,001 billion, while debt to equity
ratio of the Company stood at 0.15x or 0.01x lower CASH FLOWS
than the previous year position. This achievement shows The following table summarizes the Companys cash
the Companys significant potential to attain loans to flows for years ended 31 December 2015 and 2014:
meet its future needs. (See also discussion on Solvency
and Solvency Ratio.)
(in Rp Million)
Cash flows 2015 2014 % Change
Net Cash Flows from Operating Activities 7,288,587 6,245,842 16.7
Net Cash Flows for Investing Activities (5,592,271) (2,405,893) 132.4
Net Cash Flows for Funding Activities (2,658,247) (2,984,492) -10.9
Increase/(Decrease) of Net Cash and Cash Equivalents (961,931) 855,457 -212.4
Cash and Cash Equivalents Beginning Balance 4,925,950 4,070,493 21.0
Cash and Cash Equivalents Ending Balance 3,964,018 4,925,950 -19.5
Cash Flows from Operating Activities Cash Flows for Financing Activities
The Companys net cash flows from operating Cash flows for financing activities in 2015 was Rp2,658
activities amounted to Rp7,289 billion, or increased billion, or decreased 10.9%. The decrease was primarily
by 16.7% compared to 2014 position. The increase contributed by repayment activities of matured loans.
was contributed by the Companys efforts to improve
working capital management. On 31 December 2015, the balance of cash and cash
equivalents of the overall business activities stood at
Cash Flows from/for Investing Activities Rp3,964 billion or 19.5% lower than the balance of cash
Cash flows for investing activities in 2015 amounted and cash equivalents in 2014, which stood at Rp4,926
to Rp5,529 billion, or increased by 132.4% from the billion. The decrease was related to the Companys
previous year. The capital expenditure is focused on activities in financing strategic projects.
funding the Companys strategic investments, both
short and long-term, especially investments related to Solvency
efforts to improve efficiency and increase production The Companys capacity to meet its debts could be seen
capacity. from three relevant financial ratio, namely liquidity ratio,
solvency ratio, and collectability level of receivables, as
shown by the following table and discussion.
Table of Key Financial Ratio

Ratio 2015 2014 % Change
Gross Profit Margin (%) 39.5 42.9 -3.4
Operating Income Margin (%) 22.1 26.5 -4.4
Net Income Margin (%) 16.8 20.6 -3.8
EBITDA Margin (%) 27.6 30.7 -3.2
EBITDA to Interest Expenses (x) 20.1 21.7 -1.6
Return on Equity (%) 17.1 23.1 -6.0
Return on Assets (%) 11.9 16.2 -4.3
Current (%) 159.7 221.0 -61.3
Debt* to Assets (x) 0.3 0.3 0.0
Debt/Capital Composition (%) 12.7 13.5 -0.8
Equity/Capital Composition (%) 87.3 86.5 0.8
Liabilities/EBITDA (x) 0.5 0.5 0.1
EBITDA/Interest expense (x) 20.1 21.7 -1.6
EBITDA/(Interest expense + Loan principal) (x) 4.6 3.3 1.3
Debt/Total Assets (%) 10.5 11.4 -0.9
Debt/Equity (%) 15.1 16.3 -1.1
*Total Liabilities

Liquidity Ratio
Liquidity ratio indicates the Companys capability to meet its current liabilities in maturity. The ratio is calculated by
dividing current assets with current liabilities. In 2015, the Companys liquidity ratio stood at 159.7%, or decreased by
61.3% from 221.0% in 2014. The decrease was in line with the assets expenditure policy for investment that supported
the Companys business development activities, as well as the Companys cash management policy to support marketing
strategies.
Solvency Ratio
Solvency ratio indicates the Companys capability to meet its liabilities both current and non-current. Solvency ratio is
calculated by measuring debt to equity and debt to assets ratio.
In 2015, the Companys solvency to assets ratio reached 10.49%. This position decreased by 0.91% from 2014. The
decrease was related to lower interest-bearing loans (Rp88.2 billion) compared to growth of assets to Rp3.8 trillion.
Further, Debt Service Coverage Ratio (DSCR) in 2015 stood at 4.6x, or rose from 3.3x position in 2014 due to early
repayments of partial syndicated loans of subsidiary (ST) in 2015. The liability to EBITDA ratio in 2015 stood at 0.54x,
up from 0.47x in 2014, with respect to lower achievement of EBITDA in 2015.
Meanwhile, liability to capital in 2015 stood at 12.7% or decreased by 0.8% compared to previous year position. This
indicated that assets can adequately cover liabilities and the Company demonstrated sound ability in managing its
liabilities.
Details of the Companys interest-bearing liabilities are as follows:

(in Rp Million)
Interest-bearing loans 2015 2014 % Change

Current of long-term liabilities
Short-term borrowings 138,604 81,809 69.4
Bank loans 630,044 463,572 35.9
Finance lease liabilities 77,038 52,498 46.7
845,685 597,879 41.4
Long-term liabilities net of current maturities
Bank loans 2,996,681 3,183,156 -5.9
Finance lease liabilities 158,934 131,989 20.4
3,155,615 3,315,145 -4.8
Total Finance lease liabilities 4,001,300 3,913,024 2.3
Debt Management
According to the Companys applicable debt management, new loans will only be obtained after considering the
suitability of debt instruments as well as needs and capacity in financing strategic investments. The considerations are
made in order to attain the most competitive requirements, terms, and conditions of credit facility.
Collection of Receivables The decrease of return on assets was primarily due to

The level of average collection period (ACP) is calculated increase in development activities, including new plant
by comparing average receivables with revenue times construction project that entered its final phase.
the number of days in one-year period (365 days). In
2015, ACP was 46 days from 41 days in the previous INVESTMENT POLICY
year. The increase was an impact of the Companys Investment Requirements
policy on marketing strategies. In general, requirements of capital expenditure
for development or operational improvement
Further, in terms of receivables quality, average current activities are:
receivables in the past two years stood at 81.8%. This a. Able to generate Internal Rate of Return (IRR)
indicated the Companys ability to develop good rapport Weighted Average Cost of Capital (WACC)
with distributors and exercise sound management on + 3%.
the quality of current assets. b. Specifically for business development
(See also discussion on Trade Receivables.) investments, such as expansion of domestic
capacity through organic and non-organic
Profitability strategies, the requirement is able to
Profitability ratio in 2015 decreased compared to 2014 generate IRR WACC.
position as indicated by the financial ratio table above. c. Requirements for construction of new plants,
The ratio of income attributable to owners of parent power plant, packing plant, and capacity
entity in 2015 stood at 16.8% or decreased from 20.6% expansion:
in 2014. The Company recorded 39.5% of gross profit o New plant construction shall take into
margin in 2015, 22.1% of operating income margin, account electricity supply availability.
and 27.4% of EBITDA margin. Power plant development is a possible
solution to address this need.
The indicators showed downward trend in comparison o Packing plant construction in a new
to positions in the previous year of 42.9% gross profit location is considered feasible if sales
margin, 26.5% of operating income margin, and 30.7% volume is sufficient to cover the total
of EBITDA margin. costs and to boost sales in that area.
o Increase of production capacity
Return (expansion) may be achieved through
Return ratio indicates the Companys ability to generate cooperation with a third party, such as
net income using available resources. Implementation of by forming Joint Venture Company (JVC)
revenue management and cost management strategies or through the acquisition by taking into
has enabled the Company to record significant revenue account the competency and reputation
and profit growth. of the prospective company.
d. The Company shall be the majority
Return on equity (ROE) reached 17.1%, or decreased shareholder in JVC or in acquired cement
from 23.1% from the position in 2014. Return on assets and cement-related businesses; the
also decreased to 11.9% from 16.2% in 2014. Company may be a minority shareholder in
non-cement businesses

e. Prospective companies considered for acquisition shall:

o Generate increased revenue/EBITDA/net income
o Demonstrate positive cash flows
Investment Criteria
1. All expenditures to acquire tangible and intangible assets as well as investment shall meet the following
criteria:
a. Procure by means of purchasing, developing, and/or modifying existing assets
b. Utilize in the Companys operations for administrative purposes or other purposes that will generate
direct or indirect benefits in the future
c. Has expected use life of more than 1 (one) year
d. Meets investment minimum threshold
e. In compliance with prevailing accounting policies
2. Investments exercised to meet regulatory requirements (mandatory) are exempted from the criteria as
stated in point 1.b.
3. Expenditures that do not meet investment criteria, such as research, studies, or standalone observations are
not qualified as capital expenditure and will be listed under operational expenditure instead.
Minimum Threshold of Investment

The minimum level of material investments is as follows:
No. Investment Item Minimum Investment per Item
1 Land Not restricted
2 Buildings Rp250,000,000
3 Machineries, heavy equipment, plant equipment, supporting
Rp500,000,000
instruments, electrical/control instruments
4 Vehicles Rp10,000,000
5 Work equipment and supplies for offices and/or plants Rp10,000,000
6 Information technology Rp250,000,000
7 Capital investements (acquisition, company incorporation) Tidak dibatasi
The expenditures for assets that do not meet minimum investment threshold is not considered as capital
expenditure. It will be stated as expenses in the relevant year and shall be managed and recorded separately for
financial reporting (extracomptable).
Type of investment
Investments are grouped into the following 5 (five) categories.
1 M Mandatory:
Investments exercised to meet the prevailing laws and regulations.
2 KO Operational Continuity:
Investments carried out to maintain the operational continuity of plants key equipment and as long
as the investment is attributable to fixed assets or main equipment of the plant, e.g. replacement of
plants components in accordance with the level of fixed assets.
3 STR Strategic:
Investments exercised in the interest of the Companys long-term development, such as: investment
in land for raw and indirect materials, capacity increase, merger & acquisition (M&A), development of
new products, and other strategic development programs of the Company.
4 PO Operational Improvement:
Investments focused on optimization of operations/equipment performance enhancements, reduction
of costs (efficiency) through replacements, additions, equipment modifications, or production process
modifications.
5 PKO Operational Activity Support:
Investments in equipment, facilities, and infrastructures intended to support operational activities where
the benefits from such investment cannot be accurately quantified.
Approval and Validation Authority

o Approval authority
Approval authority for investment proposal is stipulated according to the scope of authority applicable
in the Company.
o Validation authority
Validation authority for investment adheres to stipulations under the Companys Articles of Association.
Investment Proposal Supporting Document

In general, supporting documents that shall be attached to investment proposal for approval and validation
are as follows.
Type of Investment FS Document Note

Strategic (STR) Comprehensive Feasibility Study (CFS) and indicators of IRRWACC
investment performance. Land acquisition for raw and
indirect materials and coal are to attach Cost and Benefit
Analysis, while M&A shall attach result of Due Diligence (DD).
Operational Improvement (PO) Simple Feasibility Study (SFS); Internal Rate of Return (IRR),
Net Present Value (NPV), Pay Back Period, and investment IRR WACC+3%
performance indicators.
Operational Activity Support Objective justification and cost and benefit analysis
(PKO)
Operational continuity (KO) Objective justification and cost and benefit analysis
Mandatory (M) Objective justification and reference to related laws and
regulations.

All feasibility studies for investments shall be projects of several industry players. Combined with
reviewed. The review will consider technical, the presence of new players in the business, market
economics, and risk aspects and signed by related competition became more strenuous and caused
officers stipulated in details in the Company contracted sales and narrowed profit margin overall.
procedures.
The Companys growth in 2015 was -0.1%. This
CAPITAL EXPENDITURE REALIZATION showed that the Company has exercised optimum
In 2015, the Company realized capital expenditure of efforts to achieve growth despite the unfavorable
Rp5,560 billion or increased by 126.6% from Rp2,494 market. On the other hand, the Company recorded
billion last year. The capital expenditure consisted of increase of production expenses in spite of 0.1%
strategic and non-strategic investments. decrease in revenue. This was driven by inflation in
2015 that stood at 3.35%, increase in electricity
Strategic investments were targeted to increase tariff, and others, while the average domestic price
production capacity, ensured supply continuity of raw grew only by 0.2%. This condition led to increase in
and indirect materials, improved cost efficiency, and the proportion of production cost/ton than increase
boosted the Companys competitiveness. Non-strategic in average selling price per ton. Consequently, the
investments were intended to maintain production and Companys profitability in 2015 was lower than 2014
operational efficiency level, among others including profitability as well as work plan.
to maintain production continuity, to meet regulatory
requirement, and to support operational continuity.
Non-strategic investmens included: regular maintenance,

repair, and re-setting of production equipment.
WORK PLAN VS. REALIZATION

Work plan vs. realization, 2015
Performance Indicators Unit 2015 Target 2015 Actual % Achieved
Financial and Market
Total Revenue Rp Triliun 27.59 26.95 97.7%
EBITDA Rp Triliun 7.87 7.43 94.4%
Customer
External customer satisfaction level Index 82.0 89.2 108.8%
As discussed, 2015 was a challenging year for all In spite of the unfavorable climate, the Company
cement players in Indonesia where only 0.9% growth remained committed to deliver the best services
was recorded. At the same time, this period coincided to customers. Survey showed that the Companys
with the completion of production capacity increase customer service quality met its target.
Quantitative Targets The Company expects this condition to bring positive

In 2016, the Company is optimistic that national impacts to the economic growth, which will eventually
economy condition will improve on the back of better return cement consumption level to its normal trend.
climate investment and domestic security coupled with Considering various developments and current situation,
clear national development track for the years ahead. the Companys assumption of the national economic
The development plan 2016 articulated in the Revised growth in 2016 will reach 5.5% with inflation rate at
State Budget and Expenditure (APBN-P) 2016 clearly +4.7%. Based on that assumption, national demand for
targets the completion of basic infrastructure projects, cement is estimated to grow at around 5.5%, which
namely roads, ports, and power plants and appropriates reflects the Companys target on its sales growth.
larger budget compared to previous years.
Tuban IV Mill, East Java

Performance Review of
Consolidated Subsidiaries
CEMENT SEGMENT of slag utilization by increasing the proportion of non-
OPC production to 72.5% of the total production.
PT Semen Padang (SP)
SP is the Companys subsidiary with 99.99% ownership. Growth of Semen
3.3 %
Located in Indarung, Padang, West Sumatera, SP is Padang cement
strategically located to distribute cement in SPs key production in 2015
markets in Sumatra, which positions SP as the largest
cement distributor in Sumatra and some parts of Java.
To support its marketing activities, SP operates several In the domestic market, SP recorded 6.5 million tons of
packing plants in areas such as Padang, Banda Aceh, sales volume or decreased 3.3% from 6.7 million tons
Medan, Batam, Jakarta, Banten, and Dumai. in the previous year. Export realization stood at 397
thousand tons or grew by 243.5% from 116 thousand
SP produces a number of types of cement, namely tons in the previous year. SP still focused its sales on
Ordinary Portland Cement (OPC), Portland Pozzolan domestic market that offered higher margin. In total, SP
Cement (PPC), Portland Composite Cement (PCC), Oil sales contributed 24.1% to the Companys total sales
Well Cement (OWC), Super Masonry Cement (SMC). volume in 2015 and 24.0% of total sales in 2014.
SP has installed the production capacity of 7,300,000 Others

tons per annum from a combined 4 (four) units of Public Accountant Firm Osman Bing Satrio & Eny
production plant. In 2015, SP produced 6,889 thousand (member of Deloitte Touche Tohmatsu Limited) granted
tons with utilization level of 94%. unqualified opinion for the consolidated financial
statements of PT Semen Padang and subsidiaries as of
Production and Sales 31 December 2015, as well as the financial performance
In 2015, SP produced 6,889 thousand tons cement or and consolidated cash flows for the said year and
up 3.3% from 2014 production of 6,671 thousand date according to the Financial Accounting Standards
tons. SPs total production represented 24.2% of the applicable in Indonesia. The report noted the application
Companys overall production in 2015 and 23.6% of of PSAK 24 (revision 23), Employees Salary, which was
overall production in 2014. applied retroactively in 2015.
The increase in production was attributed to smooth SP has quality management accreditation ISO
operations of all production facilities, especially Indarung 9001:2000 certificate No. QSC 00517 from Sucofindo
II, Indarung III, Indarung IV as well as the start of ICS, recognition to the quality of its OWC product
optimized production of Dumai Cement Mill. Indarung from American Petroleum Institute (API) certificate No.
II and Indarung III production decreased by 6.2% and 10A-0044 in 1995, and environmental management
9.1%, respectively, while Indarung IV production system accreditation ISO 14001: 2004, certificate No.
increased by 2.2% compared to 2014 performance. EMS 00013 from Sucofindo ICS, as well as OHS, OHSAS
Production growth was also contributed by optimization 18001 and ISO 17025.
Performance Review of Consolidated Subsidiaries
SP has the following subsidiaries:: Production and Sales

- PT Sepatim Batamtama (SB) In 2015, STs cement production reached 6,6067
SB is located in Batam, Riau and engaged in general thousand tons or decreased by 0.9% from 6,122
trading, cement packing, contracting, services, and thousand tons in 2014. The total production contributed
general transport. SPs effective ownership in SB 21.3% of the Companys group-wide production in
has increased to 97%. SB assets value as of the 2015 and 21.6% to total overall production in 2014.
end of 2015 was Rp29.4 billion.
ST recorded 5.5 million tons sales in 2015, or grew
- PT Bima Sepaja Abadi (BSA) 0.6% from 5.5 million tons in 2014, including export
Located in Tanjung Priok, Jakarta, BSA is engaged to Timor Leste. Total volume of ST sales accounted to
in general trading and agency (representative) 19.3% of the total Companys sales volume in 2015 and
of other companies, cement packing, and other 19.3% to sales volume in 2014.
activities related to cement trading. SP controls
80% ownership and PT Bima Intan Kencana Others
controls 20%. BSA assets value as of the end of Public Accountant Firm Osman Bing Satrio & Eny
2015 stood at Rp182.7 billion. (member of Deloitte Touche Tohmatsu Limited) has
granted unqualified opinion for the consolidated
PT Semen Tonasa (ST) financial statements of PT Semen Tonasa as of 31
The Company owns 99.9% of STs shares. Engaged in December 2015, as well as the financial performance
cement industry, ST is located in Biringere, Pangkep of and consolidated cash flows for the said year and
South Sulawesi. ST has the largest installed capacity of date according to the Financial Accounting Standards
7.8 tons per annum from its 4 (four) plant units: Tonasa applicable in Indonesia. The report noted the application
II, Tonasa III, Tonasa IV dan Tonasa V. of PSAK 24 (revision 23), Employees Salary, which was
applied retroactively in 2015.
The types of cement ST produces consist of Ordinary
Portland Cement (OPC), Portland Composite Cement ST has obtained quality management accreditation
(PCC), and Portland Pozzolan Cement (PPC). ST is now ISO 9001:2000 and environmental management
equipped with its own power plant with a capacity of system ISO 14001:2004 from SGS Yarsley International
2X35 MW. Sertification Services Limited. It has also attained ISPS
Code occupational safety certification for port and
ST is strategically placed to distribute cement in the vessel workplace and has implemented OHS.
Companys main markets of Eastern Indonesia. STs
markets among others are Sulawesi, Kalimantan, and Thang Long Cement Joint STOCK Company
Nusa Tenggara. To support its marketing activities, ST (TLCC)
operates several packing plants in Bitung, Samarinda, On 18 December 2012, the Company acquired 70.00%
Banjarmasin, Bali, Ambon, and Palu. of TLCC shares, a company headquartered in Hanoi,
Vietnam. TLCC is engaged in cement industry with
production capacity of 2.3 million tons per year.

TLCC has two subsidiaries: Others

Thang Long Cement Joint Stock Company 2 Public Accountant Firm Deloitte Vietnam Company Ltd.
(TLCC2). TLCC 2 is engaged in cement business has granted unqualified opinion for TLCC consolidated
and 99.39% of its shares are owned by TLCC. financial statements as of 31 December 2015, as well as
An Phu Cement Joint Stock Company (APCC), the consolidated operating revenues and consolidated
also engaged in cement business, is a subsidiary cash flows for the said date and year according to the
with 99.90% ownership. International Reporting Standards.
NON-CEMENT SEGMENT
Recapitulation of the Companys non-cement segment revenue is as follows:
Non-Cement Segment 2015 % Contribution 2014 % Contribution % Growth

Ready-mix concrete 523,179 66.0 438,101 67.2 19.4
Cement packs 80,574 10.2 38,321 5.9 110.3
Limestone and clay quarrying 142,772 18.0 123,000 18.9 16.1
Industrial estate 34,193 4.3 52,028 8.0 (34.3)
Others 12,310 1.6 234 0.0 5,160.7
Total Revenue from Non-Cement Business 793,028 100.0 651,684 100.0 21.7
Concrete Others
PT SGG Prima Beton Public Accountant Firm Aryanto, Amir Jusuf, Mawar
PT SGG Prima Beton (SGGPB) was established on & Saptoto has granted unqualified opinion for SGGPB
11 April 2012. Located in Gresik, SGGPB produces a financial statements for year ended 31 December 2015.
variety of types of concrete, ready-mix concrete, various
components of pre-cast concrete, composite concrete, Coal
and development of raw materials for concrete PT SGG Energi Prima
production. SGGPB started its commercial operations in PT SGG Energi Prima (SGGEP) was incorporated on
January 2013. The Company owns 99.99% of SGGPB 29 December 2011 and is located in Gresik. SGGEP is
shares and Koperasi Warga Semen Gresik owns 0.01%, engaged in:
SGGPs main activities are focused on meeting market Mining activities
demands for concrete and ready-mix concrete. General trading activities, which include trading,
marketing, and distribution of coal products to
domestic and overseas markets
Transport activities, including transportation of revenue from this stream is treated as sales between
coal products from mining site to transfer point, companies and will be eliminated in the Companys
hauling, jetty operations, load, and unloading notes to consolidated report.
activities
Others
SGGEPs shares are owned by the Company with 97% Public Accountant Firm Osman Bing Satrio & Eny
and Koperasi Warga Semen Gresik with 3%. The priority (member of Deloitte Touche Tohmatsu Limited) has
of core activities of SGGEP are focused on supporting granted unqualified opinion for the financial statements
the Companys production, especially in ensuring coal of IKSG as of 31 December 2015, as well as financial
supply. performance and cash flows for the said year and
date according to the Financial Accounting Standards
Others applicable in Indonesia. The report noted the application
Public Accountant Firm Aryanto, Amir Jusuf, Mawar of PSAK 24 (revision 23), Employees Salary, which was
& Saptoto has granted unqualified opinion for SGGEP applied retroactively in 2015.
financial statements for year ended 31 December 2015.
Mining Services
Industrial Estate PT United Tractors Semen Gresik (UTSG)
PT Kawasan Industri Gresik (KIG) UTSG is located in Tuban, East Java and is engaged in
Located in Gresik, East Java, KIG is engaged in industrial mining, trading, and services. UTSGs share ownership
estate business, which activities include the acquisition, consists of the Company with 55% and PT United
development, sales, and lease of industrial land, Tractors Tbk with 45%. UTSG focuses its activities to
warehouse, shops, and ready-use factory in and outside support the Companys production activities, particularly
the estate as well as construction of public facilities, in terms of supplying limestone and clay quarrying.
such as roads, water supply, electricity, and others. The
Company controls 65% of of KIG, while PT Petrokimia UTSGs revenues primarily come from limestone and
Gresik (Persero) owns 35% of its shares. clay quarrying services, blasting services, equipment
rent, and clay sales. UTSGs profitability is measured
Others from the companys ability and efficiency in supplying
Public Accountant Firm Aryanto, Amir Jusuf, Mawar raw materials to the Company as well as its capacity to
& Saptoto has granted unqualified opinion for KIG harness UTSGs competency in mining and in managing
financial statements for year ended 31 December 2015. its fleets of heavy equipment.
Packing Industry The majority of UTSG sales is intended to meet the

PT Industri Kemasan Semen Gresik (IKSG) Companys raw material requirement and utilized
IKSG engages in packing production or packaging by Tuban plant, which until 2015 was under the
industry, trade, and services. IKSG is located in Tuban, management of the Company. The revenue from this
East Java. IKSG shareholders consist of the Company stream is treated as sales between companies and will
60%, PT Fajar Mas Murni 30%, and PT Newlong be eliminated in the Companys notes to consolidated
Indonesia 10%. As the majority of IKSG products are report.
used to meet the Companys cement pack requirement,

Others Others
Public Accountant Firm Osman Bing Satrio & Eny Public Accountant Firm Osman Bing Satrio & Eny
(member of Deloitte Touche Tohmatsu Limited) has (member of Deloitte Touche Tohmatsu Limited) has
granted unqualified opinion for the consolidated granted unqualified opinion for the financial statements
financial statements of UTSG as of 31 December 2015, of KSI as of 31 December 2015, as well as the financial
as well as financial performance and consolidated performance and cash flows for said date and year
cash flows for the said year and date according to the according to the Financial Accounting Standards
Financial Accounting Standards applicable in Indonesia. applicable in Indonesia.
The report noted the application of PSAK 24 (revision
23), Employees Salary, which was applied retroactively Information Technology
in 2015. PT Sinergi Informatika Semen Indonesia
(SISI)
UTSG has obtained ISO certificate 9001:2000 from the PT Sinergi Informatika Semen Indonesia was
Quality Endorsed Company for quality management incorporated on 9 June 2014. The Company owns 85%
and ISO certificate 14001:2004 from the Certified shares while PT Semen Gresik, PT Semen Padang, and
Environmental Company. PT Semen Tonasa each takes 5%.
Slag Processing Services As ICT service provider, SISI positions its organization
PT Krakatau Semen Indonesia (KSI) as a one stop solution provider, where all ICT needs
With the spirit of promoting synergy between SOEs, including operational support, business solution
on 20 December 2013 the Company and PT Krakatau delivery, to ICT governance can be provided by SISI as
Steel (Persero) Tbk agreed to establish a joint venture service packages suitable to the customers needs.
in Cilegon, Banten. KSIs shares are owned 50% by
the Company and 50% by PT Krakatau Steel (Persero) As of the end of 2015, SISIs entire services were to cater
Tbk. KSI is engaged in processing Granulated Blast to the Company and subsidiaries. The revenue from
Furnace Slag (GBFS) material into Ground Granulated this stream was not recorded in the revenue from non-
Blast Furnace Slag (GGBFS), or slag powder that the cement segment.
Company uses in cement production.
Others
Currently KSI is under the development phase and Public Accountant Firm Herman Dody Tanumihardja
has not yet operational. Until 31 December 2015, the & Rekan has granted unqualified opinion for SISIs
development progress reached 9.51%. KSI is selling financial statements for year ended 31 December 2015.
GBFS material while waiting to complete its production
facilities.
OTHER BUSINESS SEGMENTS PT Varia Usaha (VU)

The Company owns a number of associated companies VU is a subsidiary located in Gresik, East Java and
that recognized in consolidated financial statements is engaged in general transportation and delivery
using equity method. The associated entities are services using/utilizing trucks and/or trains; trading
engaged in various activities that in general support including domestic inter-island export and import,
the Companys operational activities. Some of the agency, distribution, other trading services, industry
associated entities are: and construction, and mining (comprising: general
assessment, exploration, exploitation, refining,
PT Swadaya Graha (SWG) transportation, and sales of mining products). The VUs
Located in Gresik, East Java, SWG is engaged in steel shareholding composition consists of the Company with
fabrication, a civil contractor, mechanical and electrical 24.95% ownership, Dana Pensiun Semen Gresik with
contractor, and lease of heavy and construction 48.7%, and Koperasi Warga Semen Gresik with 26.4%.
equipment. SWG ownership consists of the Company
with 25.0% shares, Dana Pensiun Semen Gresik with Others
62.5% shares, PT Varia Usaha with 8.1%, and Koperasi Public Accountant Firm Aryanto, Amir Jusuf, Mawar &
Warga Semen Gresik with 4.4%, Saptoto has granted unqualified opinion for VU financial
statements for year ended 31 December 2015.
On company management, SWG has obtained ISO
certificate 9001:2008 from the Lloyds Register Quality On the company management, VU has obtained ISO
Assurance and OHS certificate OHSAS 18001:2007 certificate ISO 9001:2000 from SGS Indonesia.
from PT Sucofindo (Persero).
VU Subsidiaries
SWG has the following subsidiaries: To capture business opportunities and meet all
- PT Swabina Gatra: prerequisites, VU has set up several subsidiaries:
Located in Gresik, East Java, this company is engaged
in packaged drinking water, employment services, PT Varia Usaha Beton (VUB)
cleaning, packing, warehousing, trading, equipment Engaged in the downstream sector of cement, the VUBs
maintenance, travel, and lease. The share ownership products include ready-mix concrete, masonry concrete,
composition consists of 6.7% SWG, 6.7% PT Varia pre-cast concrete, and split stone.
Usaha, 13.3% Koperasi Wredatama, and 73.3%
Dana Pensiun Semen Gresik. The VUBs shareholding composition consists of Varia
Usaha with 63.33% ownership and SGGPB with
Others 36.67%. The SGGPBs ownership was acquired from
Public Accountant Firm Aryanto, Amir Jusuf, Mawar DPSG at the end of 2015.
& Saptoto has granted unqualified opinion for SWG
financial statements for year ended 31 December 2015.

To support its operational activities, VUB has PT Varia Usaha Dharma Segara
14.5-hectare adhesit stone quarrying site in Sumber VUDS is one of VUs subsidiaries engaged in international
Suko Village, Pasuruan, East Java. This site is continually freight forwarder business.
developed. VUB has also been recognized for its
efficiency initiatives. It has, among others, obtained VUDSs shares are owned by VU at 48%, 26% by WA,
Semen Indonesia Innovation Award for utilizing steel and 26% by VUBA.
slag to produce paving block, thereby improving
material efficiency. PT Varia Usaha Lintas Segara
VULS was established in 1997 in Gresik and is engaged
PT Waru Abadi in national interinsular shipping services, interinsular
Engaged in the trading of material construction, vessel agency, export/import agency, shipping logistics,
especially as the Companys distributor: steel and and owner/operator of barge fleet.
cement fiber.
VU and VUBA own VULSs shares, 60% and 40%,
The WAs shareholding composition consists of VU respectively.
with 99.5% ownership and Koperasi Karyawan Usaha
Sejahtera Bersama with 0.5%. As part of the market PT Eternit Gresik (EG)
optimization and efficiency efforts, WA opened a EG is the Companys subsidiary in Gresik, East Java.
number of warehouses in 2015, among others in The EGs business scope cover non-asbestos and
Tasikmalaya, Cirebon, and Banjar. As of the end of press building materials. The Company and SA are
2015, WA has owned a total of 18 units warehouse. the shareholders of EG with 17.6% and 82.4% of
ownership, respectively.
PT Varia Usaha Bahari
VUBA is one of VUs subsidiaries that was established On the company management, EG has obtained ISO
in 1992. It engaged in cargo handling at port for bulk, certificate 9001:2000 and ISO 14001:2004 as well as
bag, and general cargo. OHSAS 18001:2007 on the Occupational Safety and
Health from Benchmark Australia.
VUBA owns 64% of the VUBAs shares and 36% by
WA.
Material Information
MATERIAL INFORMATION ON: Expansion

Investment The Company executed business expansion of
The Company carried out investments to improve increasing production capacity by developing new
operational performance through efficiency plants (organic development). The Company is
enhancement, among others by completing 3 completing the construction of 2 cement plants,
packing plant units in Lampung, Balikpapan, each with a capacity of 3 million tons per annum
and Pontianak. The Company is planning to in Rembang (West Java) and in Padang (Indarung
build 2 units of packing plant in North Maluku VI, West Sumatra). It has also entered into MOU to
and Bengkulu, 1 milling unit in Cigading, and is form Joint Venture Company PT Semen Indonesia
currently completing the environmentally friendly Aceh (Aceh) with PT Samana Citra Agung on 17
power plant that captures waste heat (Waste Heat March 2014 with design capacity of 3 million tons
Recovery Power Generator / WHRPG) in Tuban. per annum.

The Company is also developing ready-mix Material Commitment for

business through SGG Prima Beton in order Capital Investment
to strengthen the competitiveness of cement To realize the construction of new cement plants in
business and to capture bulk cement market Padang and Rembang, the Company entered into
share. The development of ready-mix business has commitment to purchase capital goods of main
been performed organic and non-organically. machieneries required in production process. The
financing source of this commitment was the Companys
Divestment internal cash and banking loans (see Business
There was no divestment exercised during this Development Funds discussion).
reporting period.
The commitment was made in Euro. The Company
Merger/Consolidation has prepared the required funds in Euro to meet the
There was no merger/consolidated during this commitments. Hedging has been applied to some of the
reporting period. commitments in 2015.
Acquisition (See also Capital Expenditure Realization, page 223)

Through subsidiary SGG Prima Beton, the
Company acquired 36.67% shares of Varia Usaha HEDGING TRANSACTIONS
Beton (VUB), a company engaged in ready-mix During 2015, the Company performed hedging
business located in East Java. The acquisition was transasctions using forward and cash flow hedging to
completed on 28 December 2015. address exchange rate risk in imports of main equipment
for cement plant development projects in Indarung and
The acquisition was part of the Companys ready- Rembang. The total hedging transactions in 2015 stood
mix business development plan through subsidiary at approximately EUR113.4 million or equal to 80% of
SGG Prima Beton. Further, the Company is in the the total foreign exchange required from the beginning
process of increasing its capital and to be the of the projects until the end of 2015.
controlling majority of VUB to capture the ready-
mix business in East Java. Hedging transactions of material commitments for
capital goods were carried out in reference to the Board
Debt/Capital Restructuring of Directors Decree No. 010/KPTS/DIR/2014 concerning
There was no debt/capital restructuring during the Semen Indonesia Group Hedging Transaction
reporting year 2015. Guideline, which was based on the stipulations of
hedging for SOEs under the SOE Ministry Letter No.
The Company utilized two sources of financing to S-687/MBU/10/2014.
realize its investment and expansion programs, namely
its internal cash and banking loans (see Business
Development Funds and table of Press Release under
the Corporate Secretary sub-chapter that mentions all
the Companys corporate actions in 2015).
TRANSACTIONS WITH CONFLICTS OF Subsidiary ST obtained a syndicated loan from 5

INTERESTS banks led by PT Bank Mandiri (Persero) Tbk for the
During reporting period, the Company did not exercise development of one unit of new cement plant,
transactions with conflicts of interests. Tonasa V, and a power plant with the capacity of
2x35 MW. The balance as of 31 December 2015
BANKING LOANS amounted to Rp2,134.8 billion.
To complete plant construction projects and to support The syndicated loan was signed on 22 June 2009.
operational activities, namely to meet working capital Quarterly installment started in September 2013
requirements, the Company and subsidiaries entered until June 2019. The Company has been able to
into loan agreements with banks to obtain long and consistently pay the installments and interest when
short-term loan facilities. due.
Subsidiary SP entered into a syndicated loan
Short-Term Borrowings agreement in 2014 pursuant to the Agreement
Facilities of short-term borrowings comprised L/C Deed No. 12 dated 8 May 2014. The loan was
opening, Local L/C (Prime Lending Rate), and Trust granted to SP to finance Indarung VI project with
Receipt exercised directly by the Company as well loan facility term of 42 months and loan maturity
as through Subsidiary with several banks, including date scheduled 8 years after the signing of the
related (under common control) entities, namely: PT agreement. Total available facility was Rp1,950.0
Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia billion. As of 31 December 2015, a total of Rp300
(Persero) Tbk, PT Bank Rakyat Indonesia Tbk, and billion of this facility has been utilized.
Indonesia Eximbank.
TLCC (subsidiary in Vietnam) Short-Term MATERIAL TRANSACTIONS AND

Borrowings EXTRAORDINARY EVENTS
As of the end of 2015, the Company (through
subsidiary TLCC) had short-term borrowings from 1 Material Transactions
(one) institution in Vietnam with interest rate ranging The Company did not exercise material transactions
12-15% for loan facility in VND. in 2015. The threshold of material transaction is
stipulated by Bapepam-LK Regulation No. IX.E.2 dated
Long-Term Borrowings 25 November 2009 (Kep-413/BL/2009) concerning the
Subsidiary TLCC on 28 April 2014 obtained a Material Transactions and Changes in Core Business
syndicated loan from 3 banks (Standard Chartered Activities.
Bank, PT Bank Mandiri (Persero) Tbk. and
Sumitomo Mitsui Bank Corporation) amounted to Extraordinary Events
USD99,000,000 and VND21 billion. The facilitys There was no extraordinary events during reporting
total outstanding as of 31 December 2015 was period of 2015.
Rp1,185 billion.
Subsidiary PT United Tractors Semen Gresik (UTSG)
obtained an investment loan facility from PT Bank
CIMB Niaga Tbk., with an outstanding of Rp2.5
billion as of 31 December 2015.

RELEVANT REGULATORY CHANGES AND ITS IMPACTS TO THE COMPANYS

PERFORMANCE
Regulatory Changes
LIST OF LAWS AND REGULATIONS IN 2013, 2014, AND 2015 THAT IMPACT THE COMPANY
No Regulations Contents Impacts on PT Semen Indonesia
1 SOEs Minister Regulation No. General Policy of Hedging for Semen Indonesia is required to
PER-09/MBU/2013 concerning SOEs with regards to Interest perform hedging transactions against
the General Policy of Hedging Rate Risk, Foreign Exchange Risk, the total contract of capital goods
for SOEs Commodity, and Equity from SOEs purchase for new plant projects in
Foreign Exchange position Rembang and Padang.
2 Bank Indonesia Regulation No: SOEs are required to meet See above
16/20/PBI/2014 concerning the minimum hedging ratio of 25% to
Implementation of Prudential liabilities in foreign exchange.
Principles in Managing External
Debt of Non-Bank Corporation
3 SOEs Ministry Circular No Guidelines of hedging transactions Semen Indonesia has performed
S-687/MBU/10/2014. against liabilities in foreign hedging transactions against total
exchange for non-bank SOEs contract of capital goods import for
new plant projects in Rembang and
Padang.
4 SOEs Minister Regulation Guideline of Remuneration for PT Semen Indonesia (Persero) Tbk has
No.PER-04/MBU/2014 the Board of Directors, Board of performed adjustments accordingly.
Commissioners, and Supervisory
Board of State-Owned Enterprises
5 PT BEI Board of Directors PT BEI Board of Directors Decision PT Semen Indonesia (Persero) Tbk
Decision No. KEP-00001/ stipulates that companies listed has met the requirement in PT BEI
BEI/01/01- 2014 of 2014 with the Stock Exchange shall have Board of Directors Decision of 2014
on Regulation Number I-A independent director, as stated in on Regulation Number I-A concerning
concerning Listing of Shares attachment I-A number III.5. Listing of Shares and Equity Securites
and Equity Securites other other than Shares Issued by Listed
than Shares Issued by Listed Companies, Attachnment I-A number
Companies III.5
6 Financial Services Authority OJK Regulation stipulates the PT Semen Indonesia (Persero) Tbk
(OJK) Regulation No. 031/ criteria of information that requires shall refer to the regulation that OJK
POJK.04/2015 regarding the Transparency of Information of has improved regarding Transparency
Transparency of Information Material Facts by Listed Companies of Information to be Immediately
of Material Facts by Listed or Public Companies Released to the Public.
Companies or Public
Companies
LIST OF LAWS AND REGULATIONS IN 2013, 2014, AND 2015 THAT IMPACT THE COMPANY
No Regulations Contents Impacts on PT Semen Indonesia
7 State-Owned Enterprises This SOEs Minister Regulation PT Semen Indonesia (Persero) Tbk
Minister Regulation No. Per-13/ stipulates the concept and Utilized Fixed Assets through:
MBU/09/2014 guidelines of SOEs Fixed a. Build Operate Transfer/BOT;
Concerning the Use of Fixed Asset Use with the purpose of b. Build Transfer Operate/BTO;
Assets of State-Owned optimizing fixed assets that are less c. Operational Cooperation /KSO;
Enterprises productive. d. Business Operation /KSU;
e. Rent; or
f. Lend-use
CHANGES OF ACCOUNTING AND The amendment has been applied retroactively and
DISCLOSURE STANDARDS accordingly other comprehensive income has been
The Company has applied all new and revised PSAK and adjusted to reflect the changes.
new ISAK issued by the Financial Accounting Standards
Board from the Association of Indonesian Chartered PSAK 4 (revision 2013), Separate Financial
Accountant that are relevant to its operations, effective Statements
as of accounting period on 1 January 2015. The PSAK 4 (revision 2009), Consolidated Financial
standards are: Statements and Separate Financial Statements have
been revised to PSAK 4 (revision 2013), Separate
PSAK 1 (revision 2013), Presentation of Financial Financial Statements, which provides standards
Statements concerning the separate financial statements. There
The amendments to PSAK 1 introduce new is no amendment made to the existing guideline of
terminology for the statement of comprehensive separate financial statements.
income. Under the amendments to PSAK 1, the
statement of comprehensive income is renamed The application of PSAK 4 bears no material
as a statement of profit or loss and other impacts on the disclosures or recognized amounts
comprehensive income. The amendments to in consolidated financial statements.
PSAK 1 retain the option to present profit or loss
and other comprehensive income in either a single PSAK 15 (revision 2013), Investment in Associates
statement or in two separate but consecutive and Joint Ventures
statements. However, the amendments to PSAK PSAK 15 (revision 2009), Investment in Associates,
1, require additional disclosures to be made in has been changed to PSAK 15 (revision 2013),
the other comprehensive income section such Investment in Associates and Joint Ventures. The
that items of other comprehensive income are scope of the revised standards has been expanded
grouped into two categories: (1) items that will not to include entities where investors have joint
be reclassified subsequently to profit or loss; and control or significant influence over investee.
(2) items that may be reclassified subsequently to
profit or loss when specific conditions are met.

The application of PSAK 15 bears no material PSAK 46 (revision 2014), Taxes

impacts on the disclosures or recognized amounts Amendment to PSAK 46: (1) removes references
in consolidated financial statements. to final taxes that were previously scoped in the
standard; and (2) establish a rebuttable presumption
PSAK 24 (revision 2013), Employee Benefits that the carrying amount of an investment property
The amendments to PSAK 24 change the accounting measured using the fair value model in PSAK 13,
for defined benefit plans and termination Investment Property, will be recovered entirely
benefits. The most significant change relates to thorugh sale.
the accounting for changes in defined benefit
obligations and plan assets. The amendments Under the amendments, unless the presumption
require the recognition of changes in defined is rebutted, the measurement of the deferred
benefit obligations and in fair value of plan assets tax liability or deferred tax asset is required to
when they occur, and hence eliminate the corridor reflect the tax consequences of recovering the
approach permitted under the previous version carrying amount of the investment property
of PSAK 24 and accelerate the recognition of past through sale. The sale presumption is rebutted
service costs. The amendments require all actuarial if the investment property is depreciable and the
gains and losses to be recognized immediately investment property is held within a business model
through other comprehensive income in order for whose objective is to consume substantially all of
the net pension asset or liability recognised in the the economic benefits embodied in the investment
consolidated statements of financial position to property over time, rather than through sale.
reflect the full value of the plan deficit or surplus.
Furthermore, the interest cost and expected return The application of PSAK 46 has no material
on plan assets used in the previous version of PSAK impacts on the disclosure or amounts recognized
24 are replaced with a net interest amount in consolidated financial statements except on
under PSAK 24 (revision 2013) which is calculated the reclassification of final income tax to other
by applying the discount rate to the net defined operating income (Note 50).
benefit liability or asset.
PSAK 48 (revision 2014), Impairment of Assets
In addition, PSAK 24 (revision 2013) introduces PSAK 48 has been amended to incorporate
certain changes in the presentation of the defined the requirements from PSAK 68, Fair Value
benefit cost including more extensive disclosures. Measurement.
Specific transitional provisions are applicable to
first-time application of PSAK 24 (revision 2013). The application of PSAK 48 has no material
The Group has applied the relevant transitional impacts on the disclosure or recognized amounts
provisions and restated the comparative amounts in consolidated financial statements.
on a retrospective basis (Note 50).
PSAK 50 (revision 2014), Financial Instruments: The application of PSAK 55 has no material
Presentation impacts on the disclosure or recognized amounts
The amendments to PSAK 50 clarify existing in consolidated financial statements.
application issues relating to the offsetting
requirements. Specifically, the amendments clarify PSAK 60 (revision 2014), Financial Instruments:
the meaning of currently has a legal enforceable Disclosures
right of set-off and simultaneous realization and The amendments to PSAK 60 increase the
settlement. The amendments also clarify that disclosure requirements for transactions involving
income tax on distributions to holder of an equity transfers of financial assets. These amendments are
instrument and transaction costs of an equity intended to provide greater transparency around
transaction should be accounted for in accordance risk exposures when a financial asset is transferred
with PSAK 46 (revision 2014). but the transferor retains some level of continuing
exposure in the assets. The amendments also
The amendments require retroactive application. As require disclosures where transfers of financial
the Group does not have offsetting arrangement in assets are not evenly distributed throughout
place, the application of the amendments has no the period. Further, entities are required to
material impacts on the disclosure or recognized disclose information about rights of offset and
amounts in consolidated financial statements. related arrangements (such as collateral posting
requirements) for financial instruments under an
PSAK 55 (revision 2014), Financial Instruments: enforceable master netting agreement or similar
Recognition and Measurement arrangement.
The amendments to PSAK 55 provide relief from
the requirement to discontinue hedge accounting The amendments require retroactive application.
when a derivative designated as a hedging As the Group does not have ofsetting agreement,
instrument is novated under certain circumstances. the application of this amendment has no material
The amendments also clarify that any change to the impacts on the disclosure or recognized amounts in
fair value of the derivative designated as a hedging consolidated financial statements.
instrument arising from the novation should be
included in the assessment and measurement of PSAK 65, Consolidated Financial Statements
hedge effectiveness. Further, the amendments PSAK 65 replaces part of PSAK 4 (revision 2009),
clarify the accounting for embedded derivatives in Consolidated and Separate Financial Statements,
the case of a reclassification of a financial asset out which stipulates consolidated financial statements
of the fair value through profit or loss category. and ISAK 7, Consolidation-Special Purpose Entities.
This standard is also amended to incorporate Under PSAK 65, there is only one basis for
requirements from PSAK 68, Fair Value consolidation for all entities and that basis is
Measurement. control.
PSAK 65 also adds an application guideline to

assist in assessing whether an investor controls an
investee in complex scenarios.

PSAK 65 requires investors to re-assess whether Other new PSAK and ISAK that have no significant
or not they have control over the investees on impacts on the presentation and amounts recognized in
transition and requires retroactive application of consolidated financial statements are:
this standard. The application of this amendment PSAK 66 Joint Arrangements
has no material impacts on the disclosure or ISAK 26 Reassessment of Embedded Derivatives
recognized amounts in consolidated financial
statements. Detailed information regarding the amendments
of PSAK and ISAK effective since 1 January 2015 is
PSAK 67, Disclosures of Interests in Other Parties available under Notes 2a, Notes to the Consolidated
PSAK 67 is a new disclosure standard and is Financial Statements of the Company and subsidiaries.
applicable for entities that have interests in
subsidiaries, joint arrangements, associates, and TRANSACTIONS WITH RELATED
unconsolidated structured entities. PARTIES
The Company and subsidiaries engage in the transactions
In general, the application of PSAK 67 provides with related parties. A related party is defined according
additional and greater disclosures for consolidated to the stipulations under BAPEPAM-LK Regulation No.
financial statements. See Notes 1b, 13, and 31. VIII.G.7 concerning the Presentation and Disclosures
of Financial Statements of Listed or Public Companies
PSAK 68, Fair Value Measurements in the attachment to BAPEPAM-LK Chairman Decision
PSAK 68 establishes a single source of guidance Letter No. KEP-347/BL/2012 dated 25 June 2012.
for fair value measurements and disclosures about
fair value measurements. The standard does not Complete information regarding Transactions with
change the requirements regarding which items Related Parties is available under Note 42 Transactions
should be measured or disclosed at fair value. with Related Parties to the Audited Consolidated
Financial Statements.
PSAK 68 defines fair value, establishes framework
for measuring fair value, and requires disclosure As a result of the related transactions, the Company
about fair value measurements. has assets and liabilities balance recognized in the
transaction and the following accounts: cash and cash
The scope of PSAK 68 applies to both financial equivalents, short-term investments, trade receivables,
instrument items and non-financial instrument other payables, and non-current liabilities.
items for which other PSAK require or permit fair
value measurements and disclosures about fair value Policy on transactions with related parties
measurements, except in specified circumstances. In the transaction with related parties, the Company has
PSAK 68 requires prospective application starting the following policies:
1 January 2015. Sales of products and services to related parties
are determined on contract basis, which in general
use market price as the basis with certain margin
as agreed.
Product shipment and transport by related parties generate optimum benefits for the Company.
are determined based on agreed transport Borrowings are obtained through negotiated
contract pursuant to negotiations and by taking terms and conditions that are most optimum for
into account cost components and certain margin. the Companys operational interests.
Fund placement is carried out based on needs
and mutually beneficial agreement, which would The following are relationship and nature of transactions
with related parties by the Company in 2015.
Related Parties Relationship Transaction

- PT Bank Mandiri (Persero) Tbk
- PT Bank Rakyat Indonesia (Persero) Tbk
- PT Bank Negara Indonesia (Persero) Tbk Fund placements and/or
State-Owned Enterprise
- PT Bank Tabungan Negara (Persero) Tbk borrowings
- PT Bank Syariah Mandiri
- PT Bank Syariah BRI
- PT Perusahaan Listrik Negara (Persero) State-Owned Enterprise Electrcity consumption
- PT Pertamina (Persero)
- PT Petrokima Gresik (Persero)
- PT Varuna Tirta Prakasya
- PT Waskita Karya (Persero)
- PT Hutama Karya (Persero)
- PT Rekayasa Industri (Persero)
- PT Kereta Api Indonesia (Persero)
- PT Asuransi Jasa Indonesia (Persero) Purchase of specific
- PT Nindya Karya (Persero) products and services
- PT Adhi Karya (Persero) Tbk State-Owned Enterprise according to the business
- PT Dahana (Persero) of entities under common
- PT Asuransi Jiwasraya (Persero) control.
- PT Pelabuhan Indonesia III (Persero)
- PT Jamsostek (Persero)
- PT Sucofindo (Persero)
- PT Pelabuhan Indonesia IV (Persero)
- PT Aneka Tambang (Persero) Tbk
- PT Barata Indonesia (Persero)
- PT Telekomunikasi Indonesia (Persero) Tbk
- PT Swadaya Graha
- PT Varia Usaha Purchase and/or sales of
Associates
- PT Igasar relevant products/services
- PT Varia Usaha Beton
- Hanoi General Export - Import Company
(Geleximco)
Companies controlled by an
- Thang Long Power JSC
entity which has significant
- Sapa Geleximco JSC
influence over subsidiary
- Geleximco Trading and Investment JSC
- Southern General Import dan Export JSC

Related Parties Relationship Transaction

- Koperasi Warga Semen Gresik
- PT Pelayaran Tonasa Lines
- PT Swabina Gatra
- PT EMKL Topabiring
- PT Pasoka Sumber Karya
- PT PBM Biringkasi Raya
- PT Yasiga Sarana Utama
- PT Prima Karya Manunggal
Entities which have the same key
- PT United Tractors Tbk
management personnel as the Purchase and/or sales of
- Koperasi Karyawan Semen Tonasa
Company and have significant relevant products/services
- PT Varia Usaha Dharma Segara
influence over such entities
- Koperasi Keluarga Besar Semen Padang
- PT Varia Usaha Bahari
- PT Varia Usaha Lintas Segara
- PT Sumatera Utara Perkasa Semen
- Dana Pensiun Semen Padang
- Dana Pensiun Semen Gresik
- PT Konsulta
- PT Cipta Nirmala
The following table summarizes transactions with related parties by type of transaction.
Transaction value
Type of transaction Note Percentage (%)
(Billion Rp)
2015 2014 2015 2014
Sales of goods 5,063.3 3,704.3 Percentage of total revenue 18.8 13.7
Sales of other goods and Percentage of other total
39.4 37.0 85.5 18.3
services operating income
Sales of goods and services 6,070.6 5,319,1 Percentage of total expenses 28.84 26.55
Compensation of key
91.6 81.3 Percentage of total SGA 1.93 1.76
management (Note1)
Interest Income 241.1 286,1.8 Percentage of interest income 55.96 49.78
Percentage of total finance
Finance cost 370.0 382.9 2.16 6.65
costs
Balance of cash and cash
2,416.7 3,232.8 Percentage of total assets 6.33 9.42
equivalents
Balance of restricted cash and
25.5 13.7 Percentage of total assets 0.07 0.04
cash equivalents
Short-term investments 2.3 2.3 Percentage of total assets 0.01 0.01
Trade receivables - net 827.6 747.6 Percentage of total assets 2.17 2.18
Other receivables 28.0 27.5 Percentage of total assets 0.07 0.08
Transaction value
Type of transaction Note Percentage (%)
(Billion Rp)
2015 2014 2015 2014
Payables to related parties 1,116.6 903.2 Percentage of total liabilities 10.42 9.68
Current liabilities 3.9 4.2 Percentage of total liabilities 0.04 0.05
Non-current liabilities 2,103.3 2,024.9 Percentage of total liabilities 19.63 21.71
MONETARY ASSETS AND LIABILITIES USE OF PUBLIC OFFERING PROCEEDS

IN FOREIGN CURRENCY The Company held its first General Meeting of
The Company has monetary assets and liabilities in Shareholders on 4 July 1991. Proceeds have been
foreign currency. They have been converted to Rupiah utilized as detailed in the Prospectus.
as of 31 December 2015 using the exchange rate of
USD1 = Rp13,795 and EUR1 = Rp15,070 (full value) From 1991 up to reporting year 2015, the Company has
based on Bank Indonesia middle rate. not exercised any share issuance.
The net value of total assets and liabilities in INFORMATION ON BUSINESS

foreign currencies or Net Assets was an equivalent CONTINUITY
amount of Rp97.7 billion. Engaged in the processing and cement production, the
Company requires limestone and clay as raw materials.
A number of important aspects that may significantly
The details of assets and liabilities are available under influence the Companys business continuity are:
Note 45 of the Companys Audited Consolidated Raw Material availability
Financial Statements. The Companys business continuity depends on
the availability of main raw materials, namely
SIGNIFICANT EVENTS SUBSEQUENT limestone and clay. As such, the Company carries
out consistent efforts to also set up limestone
TO THE DATE OF ACCOUNTANTS
quarrying site when developing a new plant by
REPORT purchasing all areas with economic value and
There was no significant events subsuequent to the date preparing areas as limestone and clay reserves.
of Accountants report for reporting period of 2015.
In addition, the Company continuously meets
EMPLOYEE AND/OR MANAGEMENT license procedures (Environmental Impact
Analysis/AMDAL, Environmental Management
SHARE OPTION PROGRAM (ESOP/
and Monitoring Documents/UKL-UPL) when
MSOP) constructing new plants. The Company also
The Company did not exercise the employee and/or carries out environmental management plan post-
management share option program. mining as part of its compliance with all relevant
laws and regulations.

Competitiveness Financing capacity

The ability to compete in cement industry is The Companys financing needs are closely
mainly determined by the Companys ability to related with capacity development projects, which
produce quality and economical cement products include construction of new plants in new sites to
and to develop reliable distribution network. The supply cement to potential markets and address
Company always seeks to implement and exercise increasing market demands following economic
cost control efforts as part of its cost leadership growth. The capacity development is necessary
strategy. when raw material supply in existing plant sites is
no longer economical.
The Company has in place research and
development programs to ensure that its products Financing requirements for new plant investment
can fully compete in the market, including by can utilize considerable debt capacity (DER:
providing customer complaint channel. Thereby, 14.6%). This will support the Company in meeting
with thorough calculation, the Company develops market growth and thereby maintaining market
distribution network that includes packing plants share.
in potential areas to boost competitiveness, ensure
market presence, and efficiently supply products. To anticipate the needs in order to secure business
continuity, in 2015 the Company conducted regular risk
and mitigation reviews on strategic aspects. In addition
to monitoring main risks, the Company also monitored
various risks categorized as critical and extreme in the
operations, HR, environmental as well as other aspects
and the mitigation actions.
Corporate
Governance
307 Board of Commissioners Supporting
Committees
318 Corporate Secretary
321 Internal Control and Monitoring
System
244 Corporate Governance Implementation 325 Internal Audit
Report 333 Companys Accountant
248 Objectives 335 Risk Management Implementation
249 Governance Charter, Structure and 336 Code of Conduct and Corporate Culture
Mechanisms 342 Whistleblowing System
252 Commitment 347 Office of The CEO
254 GCG Assessment 348 Governance that Requires Notice
256 GCG Roadmap 348 Corporate Litigation
259 Implementasi Praktek GCG 351 Financial Impacts on All Litigations
262 Pillars of GCG Best Practices Implementation 351 Administrative Sanctions from Relevant
Management System Authorities
265 General Meeting of Shareholders 351 Law Enforcement Commitment
274 Board of Commissioners 352 Information Access and Transparency
286 Board of Directors 354 List of Press Releases
Corporate Governance
Implementation Report
The Company is fully committed to improve the quality

implementation of GCG best practices by implementing
laws and regulations, policies and charters in accordance
with the latest corporate management principles to ensure
long term sound business growth and stakeholders
welfare improvement.

Corporate Governance Implementation Report
As the manifestation of this commitment, the Company

in 2015 re-analyzed every aspect of GCG completeness
softstructure, imposed a ban policy on gratuities,
obligated the compliance with LHKPN submission for the
management, and refined the provisions on Corporate
Ethics.
Consistent implementation of Good Corporate Financial Services Authority Regulation No. 33/
Governance (GCG) constitutes a significant factor in the POJK.04/2014 on the Board of Directors and Board
companys management considering the increasing risks of Commissioners of Issuers or Public Companies.
and challenges faced by the company. To ensure GCG Financial Services Authority Regulation No.
best practices implementation that in line with the latest 34/POJK.04/2014 on the Nomination and
development and in compliance with the latest laws and Remuneration Committee of Issuers or Public
regulations from the OJK, as one of SOEs in managing Companies.
the company especially related to GCG, the Company Financial Services Authority Regulation No. 35/
refers to the following regulations: POJK.04/2014 on the Corporate Secretary of
SOEs Minister Regulation No: Per-01/MBU/2011 Issuers or Public Companies.
concerning Good Corporate Governance Financial Services Authority Regulation No. 21/
Implementation in SOEs by referring to the POJK.04/2015 on the Implementation of Corporate
stipulated criteria and methodology by the SOEs Governance Charter of Public Companies.
Ministry Office under SK-16/S.MBU/2012. Financial Services Authority Circular Letter No.
SOEs Circular Letter No. SE-05/MBU/2013 on the 32/SEOJK.04/2015 on the Corporate Governance
Roadmap Toward Clean SOEs. Charter of Public Companies.
General Charter of Good Corporate Governance
Indonesia established by the Governance Policy The Company is fully committed to implement Good
National Committee as a reference in GCG Corporate Governance in all organization levels
management and implementation enhancement. and elements founded by GCG regulations and
Decree of the Board of Directors PT Semen requirements, which among others are manifested in:
Indonesia No. 051/Kpts/Dir/2009 dated 07 August o Clear and independent implementation of
2009 concerning the Implementation of Good roles and responsibilities between the Board of
Corporate Governance (GCG) Charter within PT Commissioners and Board of Directors.
Semen Indonesia Tbk. o Focusing on corporate long term strategic plan
The Indonesian Corporate Governance Manual, and business activities appropriateness.
Financial Services Authority (OJK), 2014. o Transparency and fairness towards stakeholders as
Financial Services Authority Regulation No. 32/ well as protection of minority shareholders rights.
POJK.04/2014 On the Plan and Convention o Implementation of compliance, internal auditors,
of General Meeting of Shareholders of Public and external auditors functions.
Companies.
o Effective decision making system. assessments, carried out by the independent party
o Responsibility towards social, environmental and (BPKP of East Java Province), and the recommendation
development issues. results of GCG implementation improvement process.
o Comprehensiveness and duties implementation
of committees and units in conducting internal GCG IMPLEMENTATION OBJECTIVES
control functions. In line with the corporate vision and mission, the
o Risk management implementation, including Company committed to direct GCG as the corporate
internal control system. management culture. To achieve this purpose, the
o Transparency of the Companys financial and non- Company sets the following GCG mission:
financial conditions. To realize corporate sustainability through a
management that is based on the principles
of transparency, accountability, responsibility,
The Company fully
committed to implement Good independency, as well as fairness and equality.
Corporate Governance in all To manifest the empowerment of functions and
business process to foster independence of each corporate organs, namely
a professional, transparent, General Meeting of Shareholders, Board of
and efficient management Commissioners, and Board of Directors.
through the enhancement of To realize the decision making process by all
transparency, accountability,
corporate organs that are constantly based on high
responsibility, and fairness
principles. self-esteem values and compliance towards the
prevailing regulations and laws.
To optimize Good Corporate Governance
implementation, the Company strengthens its GCG The Company implements good governance principles to
infrastructure and soft structure, conducts internal ensure optimum achievement of GCG implementation,
restructuring, improves internal control functions and which includes:
process in line with GCG best practices, adjustment and
renewal of required systems and procedures to support a. Performance improvement through proper
good and effective corporate governance. decision-making process, operations efficiency
enhancement, as well as service improvement to
As the enforcement of corporate governance and the stakeholders.
management commitment, the Company has carried b. Enhancement of corporate values, through financial
out corporate transformation to segregate the strategic performance improvement and to minimize the risk
and operations functions. The corporate transformation in investment decision with conflicts of interests.
is the enforcement process of compliance and c. Improvement in investor trusts.
responsibilities in the corporate governance. d. Achievement of stakeholders satisfaction through
the corporate value and dividend improvement.
The Board of Commissioners and Board of Directors e. Directing and controlling the Companys Organs
has all signed the GCG implementation commitment work relations, namely General Meeting of
and set the GCG implementation as the KPI for all Shareholders, Board of Commissioners and Board
Operating Units and Employees. In addition, the of Directors.
Company consistent in enacting GCG implementation

f. Improving the management accountability to the implementing corporate social responsibility toward
Shareholders by taking into account the interests communities, including the prosperity of communities
of stakeholders. in the surrounding areas and environment. Moreover,
g. Creating work relations clarity between the the Company implements working standards which
company and stakeholders. prioritizing the ethics, honesty, transparency and
h. Directing the Companys vision and mission accountability that are applicable to all levels and
achievement and improving the professionalism of elements of organization.
human resources.
i. Fostering and supporting business development, Charters
corporate resources management, and effective The Company has refined the Board Manual, Code of
risk management in order to enhance Corporate Conduct, Whistleblowing System, Gratification Control,
Value. and IT Governance Guidelines, as one of GCG guidelines
implementation and has been endorsed through the
Through high commitment and consistent Board of Directors decree.
implementation of good corporate governance, the
Company is confidently able to prevent the Corruption, The Board Manual was developed based on the article
Collusion and Nepotism (CCN) practices, and to improve 2 of SOEs Minister Regulation No: Per-01/MBU/2011,
the supervisory functions in the corporate management. as the working codes of the Board of Commissioners,
Additionally, consistent implementation of GCG will Board of Directors and its Elements, with the following
also improve business performance and sustainable objectives:
growth, which eventually will enhance Corporate Value 1. Facilitating the Board of Commissioners and
for shareholders and other stakeholders. Board of Directors in comprehending the
regulations related to the work ethics of the Board
The Managements commitment on GCG compliance of Commissioners and Board of Directors.
is consisted of several policies and regulations related 2. As the reference of main duties, functions and
to duties and responsibilities of every function that are quality improvement as well as effectiveness of
connected to internal control planning, implementation, working relations between both organs.
and management, determination of accurate level 3. Implementing GCG principles of transparency,
of internal control, target achievements, designing accountability, responsibility, independency, and
the policy on control procedures and disclosures, fairness.
documentations, reporting, and provision of written
statements on ICOFR effectiveness results and self As the governance implementation, the Company
assessment results that are periodically conducted. continuously refines the Standard Operating Procedures
(SOP) in all business processes, which is stated in the
GOVERNANCE CHARTER, STRUCTURE Semen Indonesia Management System (SMSI).
AND MECHANISMS
The corporate governance has already well implemented As the frameworks of GCG implementation endorsed
and constantly established by ethical, transparent by the Board of Commissioners and Board of Directors,
and Trustworthy work ethics. The Company has also the Company has finalized all soft structures required
formulated comprehensive governance structures: in the corporate management based on the GCG
taking into account the stakeholders interests, principles. The soft structure policy frameworks include
managing business risks, maintaining good image, and Board Manual, GCG Guidelines, Code of Conduct, and
other Policies, signed by the Board of Commissioners The guidelines and policies are distinctly regulated all
and Board of Directors. corporate management aspects, including defining
the corporate vision, mission and values; defining
strategy formulation policy, organization development,
The Company periodically
carries out refinement of the corporate secretary, risk management, internal control
corporate management soft and monitoring system, ethical standards, finance,
structure with due observance accounting, HR management, and others. With the
to GCG principles and improves extensive competency of GCG practices initiator and
the effectiveness of its its supporting soft structure, the Company believes
infrastructure management that the corporate governance as illustrated in below
to enhance GCG implementation
structure can be well implemented.
quality.
To improve quality implementation of GCG principles Overall guidelines and provisions has taking into
best practices, the Company has finalized the required account the points stated in General Guidelines of
governance infrastructures and constantly reviewing Good Corporate Governance Indonesia, Law No. 40
and refining its soft structures, namely guidelines and year 2007 concerning Limited Liability Companies and
policies, in line with GCG principles in order to enhance GCG practices of common standards.
corporate management effectiveness.
GCG IMPLEMENTATION INFRASTRUCTURE

COMPLETENESS
Infrastructure Soft Structure
GMS Corporate Culture
Board of Commissioners GCG Charter
Board of Directors Corporate Ethics Manual
Commissioners Supporting Committees Board Manual
Audit Committee Charter
Strategy, Risk Management and Investment
Corporate Rules
Committee
SMSI
Nomination & Remuneration Committee
Manual (level 1)
Procedures (level 2)
Corporate Secretary Work Instructions
Risk Management Record
Internal Audit Whistle Blower System
External Audit Gratification Controls Manual

Structures Companys interests. The GMS or Shareholders shall not

Pursuant to Law No. 40 of 2007 on the Limited exercise any intervention toward the duties, functions
Liability Companies, the company organs consist of and authorities of the Board of Commissioners and Board
General Meeting of Shareholders (GMS), Board of of Directors without eliminating the GMS authority
Commissioners and Board of Directors. The Company in conducting its rights with due observation to the
management adheres with two boards system, namely Articles of Association and Laws and Regulations. Under
the Board of Commissioners and Board of Directors, equal composition, the shareholders will prudently
which has distinctive authority and responsibilities consider the resolutions for the Companys long term
according to each function as mandated in the Articles interests. Following the resolutions, GMS will then grant
of Association and Laws and Regulations. all supervisory authority and its implementation to the
Board of Commissioners and Board of Directors, as in
The Company has in place a required infrastructure for line with the Companys Articles of Association and
the GCG implementation, the functional committees prevailing laws.
within the Board of Commissioners have been
established to empower the supervisory functions. The The corporate management and implementation
operating units are also established within the Board of of GMS resolutions are carried out by the Board of
Directors levels, which controlling, safeguarding and has Directors. The Board of Commissioners will then
the responsibility to implement GCG, as well as serve as implement supervisory and advisory to ensure the
working partners with the Committees under the Board implementation and achievement of the Companys
of Commissioners, as illustrated in below chart. objectives and GMS resolutions. With significant duties
The following is the Companys Governance Structure.

Board of Board of
Commissioners Directors
Strategy, Risk Environment

Nomination & Capacity
Management Audit HR Corporate Internal Legal & Risk & Corporate
Remuneration Development
& Investment Committee Department Secretary Audit Management Social
Committee Team
Committee Management
Corporate Governance Mechanisms and responsibilities in maintaining the Companys

As illustrated in the structure, the shareholders can continuity, the Board of Commissioners is assisted by
exercise important decision making in the GMS forum the Supporting Committees, whereas the Board of
related to the investment in the Company. The GMS Directors is supported by operating units related to the
resolutions are taken with due observance to the governance mechanisms.
GCG IMPLEMENTATION Accounting Standards

COMMITMENT The Companys accounting policy shall reflect every
The entire elements of Semen Indonesia have high financial transactions and assets amendments as well as
commitment to implement all rules and policies as part ensuring accurate record of all financial transactions in
of the effort in implementing corporate governance accordance with the Financial Accounting Standard of
best practices. This commitment is exemplified by the Indonesia. Thereby:
top management, which are continuously, founded the a) The Company will continuously improve its
company principal decrees and policy stipulations upon accounting policy so as to continuously be in
relevant laws and regulations. line with the Financial Accounting Standard of
Indonesia.
In addition, the Top Management is also pioneering b) Every elements of the Company that responsible
the signing-off of Employees Annual Statements Letter on financial functions shall comprehend and
in compliance towards all rules stated in the Code of consistently implement the financial policy.
Conduct. The statements are signed by both spouses c) Every element of the Company responsible on
of the entire elements to the administrators of the the financial functions shall conduct the financial
Company. The compliance to Code of Conduct that information in accordance with its authorities.
regulates business procedures and ethics, as well
as interaction between internal and external parties Conflict of Interest Transactions
constitutes as one of the commitment to implement The Company has stipulated the Conflict of Interest
Corporate Governance best practices. Transaction regulation, in which firmly prohibits the
internal and external parties of the Company that has
On the Board of Commissioners level, the commitment the opportunity in this transaction to engage in the
to implement corporate governance best practices decision making related to this transactions. As such,
is carried out through supervisory on the Companys all Companys organs shall avoid domination by one
compliance in stipulating the policies and conducting party against another, free from any influences and
operations activities in accordance with the prevailing pressures hence the decision-making regarding conflict
laws and regulations. of interests transactions can be objectively enacted. To
prevent conflict of interest, all elements of the Board of
CORPORATE GOVERNANCE POLICIES Directors shall not hold any shares of the Company, both
The Company continues to intensify and refine the directly or indirectly. All Board of Directors also shall not
operations policies as part of GCG best practices take share ownership in the Companys affiliates or in
implementation. In implementing its business activities, the subsidiaries.
the Company carries out GCG principles in line with the
vision, mission and corporate culture. GCG principles Related Parties Transactions
constitute as code of conduct and behavior of all the The Company conducts transactions for parties with
companys elements and stakeholders, which has to be special relationships, namely Companies under Semen
implemented based on the following principal policies: Indonesia Group/Company Group and other companies
under the same management with and/or come from
Business Integrity Semen Indonesia. The transactions with related parties
Good relations between the Company and Stakeholders are enacted transparently and fairly, thus to prevent
and Shareholders value enhancement in the long losses on the Shareholders and Companys interests.
term can only be achieved through corporate business
integrity in every business activity.

Insider Trading Products Quality Control

As one of public companies listed in IDX, the Company As part of the Companys responsibility toward its
has in place the stipulations on insider trading. As this customers and consumers, the Company implements
was stipulated in the code of conduct, the Company an integrated quality management system on quality
also endorsed the rules based on the Capital Market control of the Companys products and services. The
Law (Law No. 8 of 1995, Explanation on Article guarantee of products and services quality constitutes
95) concerning the Capital Market and BAPEPAM a result of production processes with international
Regulations which prohibits the Insider to buy or sell standards implemented in every production activities
the shares of listed companies, unless if it meets the and distribution.
exception as stipulated in the BAPEPAM Regulation No.
XI.C.1 concerning the Permitted Shares Transactions Remuneration
for Insider. The Companys Business Ethics and Work The remuneration system of the Board of Commissioners
Ethics also stated that the Company firmly upholds and Board of Directors is founded upon fairness
the prevailing laws and regulations regarding insider principle and companys performance. The Board of
information specifically on sensitive and confidential Commissioners remuneration is determined based on
information access. the Companys remuneration levels stipulated by the
GMS.
In certain cases, such as during Share Buy-back Program,
the Company prohibited the Board of Commissioners, The Board of Directors remuneration is stipulated
Board of Directors and employees to execute the by the GMS by taking into accounts the Board of
Companys stock transactions during the program. Commissioners recommendation.
Procurement of Goods/Services Information Disclosure

The Company implements transparent and accountable The implementation of information disclosure is
procurement policy, fulfills effective and efficient founded upon the developed information classification
principles, transparent and competes in fairness and are policy with due observance to the Articles of Association
not discriminative. The goods and services procurement and prevailing laws and regulations. The unclassified
process is conducted through sound competition with information can be published and accessed by public
due observance to the prevailing laws and regulations through existing media and facilities. The Company
and prevents the conflict of interest. provides and publishes the immediate informations
to the Stakeholders for immediate decision-making
process.
customers, internal business processes, and learning

The Company continuously
constantly disclosed
and growth. In its implementations, KPI achievement
progress and corporate performance optimization
significant information timely,
accurately, clearly and programs are regularly discussed, in a monthly period
objectively of the Board of Directors meetings and reported to
the Board of Commissioners. By adopting the Balanced
The significant information is disclosed timely, Score Card (BSC) models, all Companys strategies are
accurately, clearly and objectively in the Annual Report expected to be executed systematically and formulated
and Financial Statements to the Shareholders and related based on the organization hierarchy to support short
Government Institutions in accordance with the Articles term and long term corporate objectives achievement.
of Association and prevailing laws and regulations.
The comprehensive regulation on this policy, such as GCG ASSESSMENT
communication procedures with external parties, serves The Company conducts GCG practices assessment
as a reference for the Corporate Secretary in carrying aimed to measure the depth of GCG practices
out activities. implementation at the same time to obtain feedback
for future improvements. The assessment is carried
Performance Management out by using the parameter of Corporate Governance
The Company stipulates the Key Performance Scorecard, endorsed by the State-Owned Entreprises
Indicators (KPI) as the performance measurement Ministry based on the Decree of SOEs Ministry
that shall be achieved by the management as the Secretary No. SK-16/S.MBU/2012 on the Assessment
target achievement benchmark in operations strategy. Parameter Indicators and Evaluation on Good Corporate
Currently, the Company implements the performance Governance Implementation in the State-Owned
measurement on holding levels and is cascading into Enterprises published on 6 June 2012.
the Companys Operations on the functional levels.
To ensure the conformity of KPI with the achievement For 2015, the Company, assisted by GCG Assessment
of the Companys vision and mission, the vertical and Internal Team, conducted the GCG Assessment of 2015
horizontal alignments are continuously implemented. (1 January 2015 up to 18 December 2015).
In an effort to achieve strategy targets, the Company GCG Assessment Results in 2015
implements strategy initiatives which among The GCG assessment results by independent party on
others are: New Mill Constructions and Power the Companys GCG practices in 2015 conducted by
Plant, ICTMP Implementation, Debottlenecking, the GCG Assessment Internal Team indicated a result
Business Development, Packing Plant Construction, of VERY GOOD category, with a score of 93.33.
HCMP Implementation, Innovation and Continuous Whereas the score of GCG assessment result in 2014
Improvement. was 91.38 with a VERY GOOD category. The GCG
assessment results of these last two years reflected the
The overall performance management policy is Companys commitment in implementing GCG best
implemented with Balanced Scorecard that include practices.
measurements based on the perspectives of financial,

The following are summary of GCG assessment/evaluation in 2014 and 2015:
2014 2015
Weight
No Assessment Aspects Company Company
% Percentage Percentage
Achievement Achievement
I Continuous Commitment toward Good
7 6.06 86.61% 6.05 86.50%
Corporate Governance Implementation
II Shareholders and GMS/Capital
9 8.44 93.72% 8.43 93.72%
Ownerships
III Board of Commissioners 35 32.85 93.86% 32.96 94.18%
IV Board of Directors 35 31.65 90.44% 32.11 91.73%
V Information Disclosure and Transparency 9 8.01 88.96% 8.78 91.58%
Sub Total 95 87.01 87.01
VI Other Aspects 5 4.38 87.50% 5.00 100%
Total 100 91.38 93.33
Based on GCG evaluation results, the GCG Assessment Internal Team recommended the following:
1. Follow up on Aol 2015.
2. Improve the compliance of State Officials in the Company in submitting LHKPN according to prevailing stipulations.
3. Periodical written reports by the Company on the development of LHKPN submission obligation to KPK.
4. Fulfillment of several vacant positions by the Company and to immediately completing the employee development
program (HCMP).
5. Refine the reward and punishment regulation by relating it to the compliance with Corporate Ethics.
6. Periodical agenda by the Board of Directors on the evaluation of GCG implementation and Risk Management for
input and improvement.
7. Ratification of information control by the Company, by prioritizing material and sensitive matters, started from the
Holding Company.
GCG Assessment Recommendations Follow Up

Recommendations Follow Up
In 2015 the Company did not carried out the Policy on The Company has regulated the implementation of
compliance of State Officials assets reporting according Policy on compliance of State Officials assets reporting
to SDN No. 012/KPTS/DIR/2014 dated 24 March 2014. according to SDN No. 012/KPTS/DIR/2014 dated 24
March 2014.
The Company has not published the Policy/mechanisms The Company has published the Policy/mechanisms on
on gratification controls to the stakeholders through gratification controls to the stakeholders through media,
media, such as website, magazines and others. such as website, and others.
The existing performance assessment system of the The draft has been formulated to be endorsed as
Board of Commissioners and Board of Directors was not stipulation to equip the Board of Commissioners KPI.
yet stipulated and implemented consistently.
Recommendations Follow Up
The Shareholders are not yet able to present the The Shareholders are not yet able to present the
document of Fit and Proper Test Implementation of 3 document of Fit and Proper Test Implementation of 3
candidates of the Board of Directors conducted by PT candidates of the Board of Directors conducted by PT
DDI. DDI.
The Board of Commissioners has reported the share The reporting of share ownerships in the Company
ownership data in the Company, however has not yet and other companies by the Board of Commissioners is
reported share ownerships in other companies. already regulated in the Corporate Ethics Manual.
Performance Indicators of Employees Satisfaction Performance Indicators of Employees Satisfaction Survey

Survey has not yet included in the Semen Indonesia has been included in the Semen Indonesia Management
Management System. The document of follow up plan System. The document of employees satisfaction survey
on employees satisfaction survey in 2015 was not result and follow up plan is available.
available.
Fulfillment of vacant position and employees Several positions were occupied in 2015 and employees
development program (HCMP) completion was not yet development program (HCMP) was completed.
carried out.
The Company has not yet associated the code of Draft of Corporate Ethics has been formulated as the
conduct as the foundation of reward and punishment foundation of reward and punishment for employees.
for employees.
Whilst GCG infrastructure is intensify with required

GCG ROADMAP organizational refinement.
The initial objectives and targets of GCG roadmap
are to foster the management commitment on GCG The Company has determined the stages of GCG
implementation and strive for refinement and consistent implementation with the aim to become ethical and
implementation. The soft structure refinement is aimed responsible company, by encouraging GCG as the
to intensify supporting policies, in addition to improve corporate management culture, as follows:
responsibility in maintaining stakeholders interests.
Activity in Repair Service

Semen Padang Mill, West Sumatra

ETHICAL AND RESPONSIBLE COMPANY

Infrastructure & Soft
Sustainable Refinement Target
Structure
Company Organs Implementation GCG becomes a culture in the
Board of Commissioners Review management of the company
Supporting Organs Assessment
GCG Charter Audit
Code of Conduct Manual
Board Manual
Charter
IT Governance
Whistle Blowing Policy
Systems & Procedures
Improvement Plan of GCG Implementation The Company has implemented stage I SOEs Clean
Quality survey conducted in the early 2014 together with
As a follow up and high commitment on the continuity BPKP assessment team of East Java Representative
of GCG practices improvement in all operational levels, to assess the perception of measurement and
the Company plans several substantial activities related commitment assessment on the Companys
to GCG practices. The following are the activities: Board of Directors and Board of Commissioners
to be cleaned and free from gratifications, fraud
1. Participate in SOEs Clean program, in accordance and Corruption-Collusion-Nepotism. The final
with SOEs Minister Letter No. SE-05/MBU/2013 on assessment result of the Company was in the
the Roadmap Toward Clean SOEs. The Companys Committed category with internal efforts/
commitment and participation in SOEs Clean application documents score of 8.59 out of 10.00
program is stated in the letter attachment No. and perception/questionnaires score of 8.28 out of
S-684/MBU/2013 on the Preparation of SOEs Clean 10.00.
Survey. The program to become Clean SOEs, free
from gratification, fraud, and Corruption-Collusion- For the preparation of stage II and III, the Company
Nepotism is carried out in 3 Stages, which will be will carry out dissemination on SOE Clean program
done in cascading following the positive results of to employees 1 (one) and 2 (two) levels under the
previous stages.
Board of Directors, and administrative levels.
2. Complete all soft structures with due observance to prevailing regulations and GCG best practices, as well as
analyse to refine existing regulations in order to improve GCG implementation quality.
3. The Company will conduct monitoring, regular reporting, and review on GCG implementation, as well as facilitating
the assessment by independent parties toward the Companys GCG implementation so as to obtain feedback.
The Company will consistently realize several programs aimed to improve GCG implementation quality as part of GCG
implementation quality improvement program that carried out in stages as illustrated below.
Year <2006 Year 2006 2009 Year 2009 - 2012 Year 2012 - 2015
Good Corporate Citizen
Well managed GCG
Good Corporate Governance
IMPLEMENTATION Becoming a company of

good corporate citizen
PREPARATION through social responsibility
Well internal control of
implementation
operations and control, risk
In compliance with all laws control and whistleblowing
and regulations related system application
to GCG (Obligatory &
voluntary)
GOOD CORPORATE GOVERNANCE & VALUES CREATION

QUALITY IMPLEMENTATION OF GCG electronic media as provided in the Companys

BASIC PRINCIPLES website. The types of information are varied, from
The Company ensures the application of GCG quantitatives to qualitatives. The Company strives to
principles in every business aspects and in all disclose immediate information with significant impacts
elements. The Corporate Governance basic principles on the operational activity and eventually impacts the
cover transparency, accountability, responsibility, stakeholders prosperity.
independency, and fairness.
To ensure the information disclosures are not
Aligned with the corporate transformation program and detrimental to the company, the Company applies
enhanced innovation, the Company strives to intensify Information Disclosures policy, in which regulates the
various organizational rules and develops excellent information classification policy developed in accordance
business management mechanisms. This is manifested with the Articles of Association and prevailing laws
through consistent GCG practices implementation in all and regulations. On operations, several measures
organization levels and elements, hence ensuring the implemented to ensure transparency implementation
creation of excellent and comprehensive (360 degree) quality include:
of business balanced, for all stakeholders and interests,
including economics, social, individual or group, internal Stipulation of standard procedures to determine
and external, short term and long term. The interests the Mission, Vision, Strategy, Policy and targets that
of shareholders and stakeholders will aim toward the has been cascaded to the lowest operating units,
balance of GCGs five basic principles implementation in and manages with proper software applications,
the company operational activity as part of the effort to provides clear directives in manifesting the
improve GCG best practices quality implementation as Corporate Mission and Vision, as well as facilitates
elaborated below. the stakeholders in monitoring and supervisory
through online dashboard management.
Transparency Principle Implementation Stipulation of standard procedures that includes all
The transparency principle is conducted through various companys management activities and application
activities and intensive communication media supported of ERP & online automation system to ensure
by professional management, hence the investors, transparency and facilitation of access for the
shareholders, creditors, society and all stakeholders may stakeholders as well as simplicity in supervisory and
equally informed on the companys performance and internal and external controlling.
activities. Stipulation of standard procedures to evaluate
the Companys performance that are conducted
The information are disclosed through several channels: periodically (daily, weekly, monthly, annually) with
print media, face to face through press release, the aimed to encourage all Companys organs
presentation and press gathering events, including to implement continuous improvement and
innovation creation in improving the Companys o Stipulation of Organization Structure that is aligned
performance and enhancing added value for the with the Mission, Vision, Strategy, and targets;
stakeholders. duties and responsibilities; and competency
requirements of each Companys organ under the
Accountability Principle Implementation position or management to ensure effective and
The Company implements accountability by efficient supervision.
emphasizing on functions and roles enhancement of o Stipulation of standard procedures based on the
every Companys Organs and Management, hence cycles of Plan, Do, Check, Action and periodical
to achieve good corporate management. To ensure review and refinement through the SMSI Quality
optimum functions and roles of the Companys Organs, Refinement and Improvement Team (P2M-SMSI
the Company develops and implements regulations Team) to ensure the effectiveness of business
and policies as the guidelines for each organ and its management and acceleration of the achievement
elements in implementing proper duties, authority and of the Companys Vision.
responsibilities. o Stipulation of standard procedures on Internal
Audit to ensure the implementation of check and
The developed policies are reviewed and implemented balance mechanism in the implementation of the
to enhance the enforcement of accountability in every Companys internal control system.
conduct, including: Code of Conduct, Accounting o Stipulation of Key Performance Indicators (KPI)
Standards, Integrity Pact, and other similar policies. of the Companys organs with the cascading
mechanism from corporate KPI up to the lowest
operating units to assure consistency and harmony
Accountability principle is
implemented through division in the Companys targets, strategy, vision and
of duty of the Companys mission.
Organs, namely the Board o Stipulation of the Companys code of conduct
of Directors and Board of that constitutes as the written codes on ethical
Commissioners, with clarity, sensibility, ethical reasoning, and ethical
detailed and measured duties, conduct, in the effort to achieve Good Corporate
as well as uphold responsibility
Governance.
on every action.
The Company implements internal control system Responsibility Principle Implementation

with partial duties of internal supervisory, to ensure The Company implements responsibility principle by
measured implementation duties of all elements in continuously upholding prudent principle and ensuring
line with its authority. This is applied in the operations compliance with the prevailing laws and regulations.
activities through: The compliance is applied on the main points in the
companys articles of association and its policies.

Several policies implemented to enhance the quality

of responsibility principle, includes: Risk Management
All Employees, Board
of Directors and Board
Policy, Business Continuity Plan, Risk Management
of Commissioners are
Application, and others. These policies are realized continuously conducted
through: professional duties without
o The Companys risk potential has been managed conflict of interest or
so as to provide direction in decision making as pressures from any parties,
a form of the Companys prudence measures in and prevent any decision making
with conflict of interest.
managing its businesses.
o Stipulation of standard procedures on
On the management or operations level, the Company
identification, reference, and evaluation of the
applies several policies in order to enhance the quality of
Companys adherence in the Laws & Other
GCG best practices, which includes: Conflict of Interest
Requirements to ensure the compliance in its
Transaction Policy, Prohibition of Giving and Receiving
business management.
Gifts and Donations, E-Procurement Application in the
o Stipulation of standard procedures on partnership
procurement process of Goods/Services, and so forth.
and community development in an effort to
enhance the community empowerment, social,
These policies are formulated by the corporate
and environment to ensure the Companys
philosophy, values, and code of conduct as the
business sustainability, founded on:
foundation to shaping the Companys characteristics and
Law No. 19/2003 Article 88 concerning the
referring to the stipulated standard procedures, set out
Development of Small Business/Corporations
to reflect the good, clean and independent corporate
and Community Development around SOEs
culture for the Companys organs in implementing its
Law No. 40/2007 Article 74 concerning the
duties and responsibilities.
Social and Environmental Responsibility, and
Government Regulation 005/MBU/2007
Fairness/Equality Principle Implementation
Article 5 concerning the Partnership &
The Company implements the fairness principle by
Community Development Program (PKBL)
equal treatment to all stakeholders between rights
and obligations provided to and by the Company. The
Independency Principle Implementation
Company opens information access to all stakeholders
The independency principle is implemented with the
to provide recommendations for the Companys
decision making process in which are free of conflict of
progress, however the Company also stipulates
interest and influences from any parties that are not in
information confidentiality that limits the information
conformity with the prevailing laws and regulations as
access to unauthorized parties.
well as sound corporate principles.
The operations policies that represents the Companys

high commitment to improve the implementation
of fairness principle are: Insider Trading Transactions
Prohibition, CSMS Implementation in performance Code of Ethics of Semen Indonesia.

evaluation of Goods/Service Vendors, Performance Refinement of Whistle Blowing system.
Management Application in promoting and stipulating Refinement of Gratification Control.
employees career path and remuneration, and so forth. Optimum implementation of IT Governance
The policies are followed up by: Charter.
Stipulation of standard procedures by referring Communication and dissemination of GCG
to the fairness principle in line with the functions, implementation in stages to stakeholders.
duties and responsibilities of the Companys Fulfillment of liaison officer functions according to
organs. its plans.
Stipulation of standard procedures on the Fulfillment of Capital Market stipulations.
employees recruitment, mutation, rotation, Completion of BPKP recommendations follows up
and promotion by the principles of equality and on GCG assessment fiscal year 2014.
fairness in line with the required competency. GCG Excecutive Briefing by BPKP to the Companys
Board of Directors and Group concerning the GCG
The following are programs carried out in 2015 as the regulation amendments and assessment criteria.
Companys management commitment in improving GGC implementation report was included in the
GCG quality implementation: Work Meeting of the Company and Group of
Evaluation, re-formulation and refinement 2015.
of Board Manual as the guidelines of duties GCG assessment implementation by the GCG
implementation of the Board of Commissioners Assessment Internal Team for fiscal year 2015.
and Board of Directors.
Evaluation, re-formulation and refinement of
SEMEN INDONESIA MANAGEMENT SYSTEM PILLARS of GCG BEST PRACTICES

IMPLEMENTATION MANAGEMENT SYSTEM
ATE GOVER
STAKEHOLDERS R POR NA REGULATIONS
EXPECTATIONS CO NC
D E
ISO (
O
GC
9001
GO
I S
G)
OTHERS ISO
SISTEM 14001
COSTOMERS MANAJEMEN BUSSINESS
NEEDS R K COMPETITION
ISOMEC
SMK3
17025
ISO 31000
OHSAS
STANDARD 18001
ENVIRONMENTS
DEVELOPMENT

Semen Indonesia Management System The application of SMSI is expected to enhance added
Aligned with business strategy and targets to become values for shareholders in particular other stakeholders.
a World Class Company in the dynamics of climate
change of increasingly fierce business competition, the Management and Development of SMSI
agility of all elements are required in responding and SMSI is founded on the Companys business process with
taking business opportunity as the effort to improve integrated-based on Quality Management System ISO
the Companys competitiveness. The business climates 9001, Environment Management System (ISO 14001),
dynamics are influenced by several factors among others OHS Management System (SMK3-OHSAS 18001)
are the changes in policy and ownership, Companys and Laboratory Testing Management System (ISO/IEC
business orientation, competitive conditions and 17025), which is expected to enable the development
increasing demands of stakeholders. To that end, the of comprehensive and flexible Management System
effective and efficient governance is required to ensure: in responding the dynamics in strategy changes and
Fulfilment of stakeholders requirement and corporate organizational by remained focusing on the
expectation. stakeholders expectation.
The Companys efficiency in responding to the
dynamics of business strategy changes. On its management, the Company established P2M-
Efficiency in strategic decision-making. SMSI Team (SMSI Quality Enhancement and Refinement)
Companys facility in the transfer of knowledge. with the following duties and responsibilities:
Realization of High Assurance Organization. Review, refinement and enhancement of SMSI
Analyze and formulate the development of SMSI
Integrate other management systems into SMSI
SMSI is a forum of all
Companys business process Coordinate with the SMSI officers in each operating
to ensure that all corporate company to improve and refine SMSI
business activities are Enhance the effectiveness of SMSI implementation
implemented with due Provide stimuli and improve the understanding on
observance to Good Corporate SMSI implementation
Governance principles.
In its management, SMSI has gone through an Integrated
In realizing the governances effectiveness and efficiency,
Audit both internal and external audits to ensure
the Company has implemented integrated management
effective, consistent and consequent management
by referring to GCG principles, namely Semen Indonesia
system.
Management System (SMSI), which covers:
Quality Management System (ISO 9001),
Environment Management System (ISO 14001),
OHS Management System (SMK3-OHSAS 18001),
Laboratory Testing Management System (ISO/IEC
17025),
Risk Management System (ISO 31000), and
Other Management Systems
Meanwhile the development of SMSI is designed Received the OHS Management System (SMK3)
according to the needs and progress of the company. award from East Java Governor with the
One of the current efforts include the formulation satisfaction category for 3 consecutive years.
and preparation of Assets Management System Received the SNI Award 2014 in the category of
application based on ISO 55001 in order to improve large goods corporation organized by BSN.
the companys assets management. The roadmap of Increased score at the level of Emerging Industry
Assets Management System is began by gap analysis, Leader in Excellent Performance Assessment based
documentations, integration, management system on Malcolm Baldrige Criteria by the Ministry of
implementation up to certification estimated for SOEs.
completion in 2016. Received PROPER award in the Green rating from
the Environment Ministry.
The following are roles of SMSI in the corporate Received Green Industry Award level V organized
transformation process to become Strategic Holding by the Ministry of Industry of Republic of Indonesia.
Company:
Implement adjustment on all Management System Moreover, SMSI implementation reflects the GCG
certifications principles of transparency, accountability, responsibility,
Standardize the SMSI documents independency and fairness, as described in the
Develop the application of Back Up Document discussion of GCG Basic Principles section.
Control to minimize risk potential on loss of
corporate documents Awards Related to GCG Implementation
Develop the application of Document Management The Companys success in implementing consistent
System in Semen Indonesia good corporate governance resulted in recognition
Implement mapping and formulation of corporate from independent institutions in several perspectives in
business process both by Holding Company and 2015, they are as follows:
Operating Companies. GCG Awards 2015 as the Trusted Company Based
Investors and Analysts Assessment Survey awarded
The following are SMSI performance results in 2015: by SWA Magazine and IICG in 2015.
Able to maintain Accreditation Certificate from the 2nd Rank of Non-Financial SOEs-Listed in the Annual
National Accreditation Committee as Laboratory Report Award 2015.
Testing (LP-151-IDN) Best Social Media Integrated 2015 in BUMN Web
Able to maintain ISO 9001 and ISO 14001 Award 2015
Certificates from SGS Indonesia as cement
manufacturing company

GENERAL MEETING OF In GMS, all shareholders, both majority and minority

SHAREHOLDERS has equal rights to vote in the decision making on every
General Meeting of Shareholders (GMS) is the highest investment plan as well as other corporate plans. In
organ in the Company. GMS serves as a forum for the order to ensure the protection of minority shareholders
shareholders in taking significant decision in which interests, the Company assigned the Independent
authority are not delegated to the Board of Directors Commissioner to ascertain all decision making
and Board of Commissioners based on the provisions of mechanisms and meeting implementation are able to
Articles of Association and prevailing regulations. accommodate the minority shareholders voting.
The authority includes mandate of accountability of the GENERAL MEETING OF SHAREHOLDERS

Board of Commissioners and Board of Directors related IMPLEMENTATION PROCEDURES
to the Companys management, amendment of articles The GMS implementation procedures are aligned
of association, appointment and dismissal of Directors with Law No. 40 year 2007 concerning the Limited
and Members of the Board of Commissioners, decisions Liability Companies and BAPEPAM regulation No.
on division of duties and authority of management IX.I.1 concerning the plan and implementation of the
between the Directors and others. The Company assures General Meeting of Shareholders.
the provision of all information related to the Company
to the GMS, in which are not against the Companys In line with its implementation, GMS is consisted of:
interests and laws. Annual General Meeting of Shareholders (AGMS), an
annual regular agenda and is held minimum one time;
and Extraordinary General Meeting of Shareholders

General Meeting of
Shareholders is a forum for
(EGMS), which can be held outside of AGMS.
the shareholders to take

significant decision in which the During 2015, the Company convened 2 (two) GMS
authorities are not delegated namely 1 (one) Extraordinary GMS on 23 January
to the Board of Directors and 2015 and 1 (one) Annual GMS held on 16 April 2015.
Board of Commissioners.
The voting mechanism by Shareholders in AGMS
and EGMS is stipulated as stated in the meeting
procedures.
GMS Schedules Venues Agenda Public Disclosures

EGMS 23 January Raflesia Changes of the Companys Management Notification Ad on 24
2015 Grand December 2014 in the
Ballroom following newspapers:
Balai Kartini 1. Bisnis Indonesia
Jl.Gatot 2. Jawa Pos
Subroto, 3. Jakarta Post
Jakarta 4. Companys Website
Invitation Ad and
agenda on 8 January
2015:
1. Bisnis Indonesia
2. Jawa Pos
3. Jakarta Post
4. Companys Website
GMS resolution ad on
27 January 2015:
1. Bisnis Indonesia
2. Jawa Pos
3. Jakarta Post
4. Companys Website
AGMS 16 April Raflesia 1. Approval of the Annual Report Notification Ad on 10
2015 Grand concerning the Companys conditions and March 2015:
Ballroom management during the Fiscal Year 2014 1. Daily News Paper
Balai Kartini including the Supervisory Duties Report Bisnis Indonesia
Jl.Gatot of the Board of Commissioners during 2. Website of
Subroto, 2014, and Ratification of the Financial Indonesia Stock
Jakarta Statements for the fiscal year 2014 and Exchange
granted the full release and discharge of 3. Companys Website
responsibility (volledig acquit et decharge)
to the Board of Directors and Board
of Commissioners on the Companys
management and supervisory conducted
during the fiscal year 2014.
2. Ratification of the Financial Statements of Invitation Ad and
Partnership and Community Development agenda on 25 March
Program for the fiscal year 2014 and the 2015:
full release and discharge of responsibility 1. Daily News Paper
(acquit et de charge) to the Board of Bisnis Indonesia
Directors and Board of Commissioners on 2. Website of
the management and supervisory of the Indonesia Stock
Partnership and Community Development Exchange
Program conducted for the fiscal year 3. Companys Website
2014.

GMS Schedules Venues Agenda Public Disclosures

3. Stipulation on the use of the Companys GMS resolution ad
Net Profit fiscal year 2014. was published on 20
4. Stipulation on Tantiem of Fiscal Year April 2015 in:
2014, salary for the Board of Directors 1. Daily News Paper
and honorarium for the Board of Bisnis Indonesia.
Commissioners including facilities and 2. Website of
other benefits for Year 2015. Indonesia Stock
5. Approval of Public Accountant Firm to Exchange
audit the Companys Financial Statements 3. Companys Website
including Audit Report of PKBL Fiscal Year
2015 and other periods within Fiscal Year
2015.
6. Approval of the Changes of the
Companys Articles of Association.
7. Changes of the Companys Management
Composition
EGMS Resolutions in 2015 and Follow Up 76.11% from 5,931,520,000 shares that has been
The EGMS on 23 January 2015 was convened in issued/placed by the Company.
compliance with the procedures and mechanisms
and attended with quorum by the shareholders and/ The following summarized the EGMS resolutions and
or represented a total of 4,514,368,736 shares or followed up.
No EGMS Resolutions on 23 January 2015 Follow Up

1 Affirmed the termination with honour of Dwi Soetjipto as the Companys
The resolution was
President Director effective as of 28 November 2014 with appreciation on his
immediately effective
dedication and support during his term of service as the President Director.
2 Transferred the position of Suparni to become the President Director by The resolution was
continuing his previous term of service. immediately effective
3 Appointed Rizkan Chandra as member of the Companys Board of Directors
effective as of the closing of this Meeting, hence will be ended at the The resolution was
closing of GMS Year 2020, by not diminishing the GMS rights to at anytime immediately effective
terminate.
4 Following the termination and appointment, the Board of Directors
composition became as follows:
Name Position End of Term
Suparni President Director GMS Year 2017
Ahyanizzaman Director GMS Year 2016
The resolution was
Suharto Director GMS Year 2015
Amat Pria Darma Director GMS Year 2017
Gatot Kustyadji Director GMS Year 2019
Johan Samudra Director GMS Year 2019
Rizkan Chandra Director GMS Year 2020
No EGMS Resolutions on 23 January 2015 Follow Up

5 Terminated with honour Farid Prawiranegara (Passed away) as Independent
Commissioner, due to his passing since 21 August 2014, with appreciation The resolution was
of his dedication during the tenure as member of the Board of immediately effective
Commissioners.
6 Appointed Sony Subrata as member of the Board of Commissioners effective
The resolution was
as of the closing of this Meeting, hence will be ended at the closing of GMS
Year 2020, by not diminishing GMS rights to at anytime terminate.
7 Following the termination and appointment, the Board of Commissioners
composition became as follows:
Name Position End of Term
Mahendra Siregar President Commissioner GMS Year 2017
Hadi Waluyo Independent Commissioner GMS Year 2016
The resolution was
Muchammad Zaidun Independent Commissioner GMS Year 2019
Achmad Jazidie Commissioner GMS Year 2017
Marwanto Harjowirjono Commissioner GMS Year 2019
Wahyu Hidyat Commissioner GMS Year 2019
Sony Subrata Commissioner GMS Year 2020
8 Affirmed the prohibition of concurrent position of Commissioners and The resolution was
Directors at SOEs companies immediately effective
9 Determined the amount of end of tenure allowances for members of the The Board of Commissioners
Board of Commissioners and Board of Directors that has ended their tenures endorsed the Decree No.
at the closing of this Meeting as stipulated in the Regulation of SOEs State 004/SI/Kep.DK/04.2014
Minister No. PER-04/MBU/2014 concerning the Guidelines of Remuneration year 2104, concerning the
Stipulation of the Board of Directors, Board of Commissioners, and Supervisory Remuneration of the Board
Board of State-Owned Enterprises. of Commissioners of PT
Semen Indonesia (Persero)
Tbk. And Decree No 005/
SI/Kep.DK/04.2014 year
2104, concerning the
Remuneration of the Board
of Directors of PT Semen
10 Granted authority with substitution rights to the Companys Board of
Notary Deed No 37, dated
Directors to re-stated the resolutions of EGMS in the notary deeds and
30 January 2015 has been
further announced the changes of composition of member of the Board of
made by Notary Leolin
Commissioners and Board of Directors to the Ministry of Law and Human
Jayayanti, SH.
Rights of Republic of Indonesia.
AGMS Resolutions in 2015 and Follow Up

The AGMS on 16 April 2015 was convened in compliance with the procedures and mechanisms and attended with
quorum by the shareholders and/or represented a total of 4,491,918,433 shares or 75.73% from 5,931,520,000
shares that has been issued/placed by the Company.

The following summarized the AGMS resolutions and followed up.
Agenda AGMS Resolutions on 16 April 2015 Follow Up

Approved the Annual Report concerning the Companys conditions
and management during the Fiscal Year 2014 including the Supervisory
Duties Report of the Board of Commissioners during Fiscal Year 2014.

Ratified the Financial Statements for the year ended 31 December 2014 The resolution was
1
that has been audited by Public Accountant Firm Osman Bing Satrio & immediately effective
Eny, member of Deloitte Touche Tohmatsu Limited, and granted the full
release and discharge of responsibility (volledig acquit et decharge) to the
Board of Directors and Board of Commissioners on the management and
supervisory conducted during the year ended 31 December 2014.
Ratified the Financial Statements of Partnership and Community
Development Program for the fiscal year ended 31 December 2013
and granted the full release and discharge of responsibility (acquit et
de charge) to the Board of Commissioners and Board of Directors on
the supervisory and management of the Partnership and Community
Development Program conducted for the year ended 31 December 2013.

Ratified the Financial Statements of Partnership and Community
Development Program of PT Semen Indonesia (Persero) Tbk for the year
The resolution was
2 ended 31 December 2014 that has been developed based on PKBL
Financial Report audited by Public Accountant Firm Osman Bing Satrio
& Eny, member of Deloitte Touche Tohmatsu Limited, and granted the
full release and discharge of responsibility (acquit et de charge) to the
Board of Directors and Board of Commissioners on the management
and supervisory of the Partnership and Community Development
Program conducted for the fiscal year 2014. Further the Annual Report
of the Partnership and Community Development Program Fiscal Year
2014 of PT Semen Padang and PT Semen Tonasa was ratified by the
Shareholders.
Approved the stipulation on the use of Net Profit of PT Semen Indonesia Dividend payout was
(Persero) Tbk Fiscal Year 2014 amounted to Rp5,565,857,595,000, as carried out on 20
follows: May 2015
o Dividend at 40% or Rp2,226,339,939,000 or valued at The resolution
Rp375.34 per share. Shareholders Part of Republic of Indonesia on reserved was
3
at 51.01% or Rp1,135,656,003,000 and Public at 48.99% or immediately effective.
Rp1,090,683,936,000.
o The balance 60% or Rp3,339,517,656,000 was allocated as
Reserved.

Granted authority and power of attorney to the Board of Commissioners Letter of SOEs State
following the approval of Majority Shareholders to determine the amount Minister No. SR-154/
of tantiem Fiscal Year 2014 and to set out the salary/honorarium, MBU/D2/2014 dated 7
allowances and facilities for the Board of Directors and Board of April 2014 and SR-175/
Commissioners for the year 2015. MBU/D2/2014 dated 17
April 2014 Concerning
the Stipulation of
4
Tantiem year 2013 and
Salary/Honorarium Year
2014 for Members of
Board of Directors and
of PT Semen Indonesia
(Persero) Tbk
Reappointed the Public Accountant Firm Osman Bing Satrio & Eny, The approval of
member firm of Deloitte Touche Tomatsu Limited, to conduct General Public Accountant
Audit of the Companys Consolidated Financial Statements Fiscal Year Firm was immediately
2015 and other periods on fiscal year 2015. effective.
Reappointed the Public Accountant Firm Osman Bing Satrio & Eny, Agreement Letter
member firm of Deloitte Touche Tomatsu Limited, to conduct General No.162/05/14/GA/
Audit of the Financial Statements of Partnership and Community EIW dated 13 May
Development Program Fiscal Year 2015. 2014 concerning
5 Delegation of authority to the Board of Commissioners to: General Audit.
o Appoint the replacement of Public Accountant Firm and stipulate the Agreement Letter No.
conditions and requirements of its appointment in case the appointed 163/05/14/GA/EIW
Public Accountant Firm are not able to conduct or continue its tasks dated 13 May 2014
as a result of any means including legal grounds and capital market concerning PKBL
laws or the audit fees are not reached upon. Audit.
o Delegation of authority to the Board of Commissioners to determine
the amount of audit fees and other appointment requirements fair
for the said Public Accountant Firm.
Approved the changes of the Companys Articles of Association Article The resolution was
12 and adjustment with the POJK regulations No. 32/POJK.04/2015 immediately effective
on the Plan and Convention of the General Meeting of Shareholders
of Public Companies and POJK No. 33/POJK.04/2014 on the Board of
Directors and Board of Commissioners of Issuers or Public Companies.
Approved to re-formulate all stipulations in the Articles of Association in
relations to the amendment as described in the above point 1 (one).
Granted the power and authority to the Board of Directors with
6
substitution rights to carry out any necessary actions related to the
resolutions of the Meetings agenda, including to reformulate and
restatement of the Articles of Association in the Notary Deed and further
to submit to the relevant authorities for approval and/or receipt of
notification on the amendment as well as to implement any necessary
and useful actions for the said purpose whithout any exemption,
including to add and/or modify in the said changes where it is required
by the relevant authorities.


Terminated with honour member of the Companys Board of Directors The resolution was
namely Suharto effective as of the closing of this Meeting with immediately effective
appreciation on his dedication and support during his term of service as
the Director of the Company;
Appointed member of the Board of Directors namely Aunur Rosyidi The resolution was
effective as of the closing of this meeting, with 5 (five) year terms of immediately effective
office, and ended on the closing of GMS Year 2020 or end of tenure
(whichever come first), by not eliminating the GMS rights to at anytime
terminate;
Following the termination and appointment, the Board of Directors The resolution was
composition became as follows: immediately effective
For the appointed members of the Board of Directors and are
currently serving other positions prohibited by the laws to take
concurrent position as member of the Board of Directors of SOEs,
the members shall resign or terminate from the current position.
Granted power and substitution rights to the Board of Directors to
develop notarial deeds and disclosed the changes of management
composition to the Ministry of Law and Human Rights.
Nama Jabatan Berakhir The resolution was

Suparni President Director GMS Year 2017 immediately effective
Ahyanizzaman Director GMS Year 2016
Aunur Rosyidi Director GMS Year 2020 The Board of Directors
Amat Pria Darma Director GMS Year 2017 has made the Notarial
Gatot Kustyadji Director GMS Year 2019 Deeds regarding the
Johan Samudra Director GMS Year 2019 changes, with Deed No.
Rizkan Chandra Director GMS Year 2020 42, dated 16 April 2014
Notary Leolin Jayayanti,
SH.
BOARD MANUAL APPLICATION

Following the evaluation and refinement of Board
Board Manual is the
elaboration of policies
Manual in 2014, the Company consistently implements regulated in the Companys
all policies within the Board Manual to ensure the GCG Codes, specifically to
alignment of the Board of Commissioners and Board of illustrate working relations
Directors relations with prevailing policies and the latest between the Board of
GCG practices development. Commissioners and Board of
Directors.
The Board Manual serves as the working codes of the
PROCEDURES OF AFFILIATED RELATIONS
Board of Commissioners, Board of Directors and its
OF THE BOARD OF COMMISSIONERS,
elements, which aims at:
BOARD OF DIRECTORS, MAJORITY AND/OR
Facilitate the Board of Commissioners and Board of
CONTROLLING SHAREHOLDERS
Directors in understanding the regulations related
Work Relations
to their working codes.
The Company has stipulated the relations procedures
Become a reference on main duties, functions and
of the Board of Commissioners and Board of Directors
improve the quality as well as effectiveness of work
in line with the points of provisions within the Board
relations of the two organs.
Manual. The Board of Commissioners and Board
Apply GCG principles, which are transparency,
of Directors are the corporate organs with equal
accountability, responsibility, independency, and
composition before the laws. Good working relations
fairness.
between the Board of Commissioners and Board
Improve the effectiveness of the Board of
of Directors become an important factor to achieve
Commissioners and Board of Directors in carrying
effective and efficient functions implementation. The
out fiduciary duties, thereby are protected from the
following are principles in maintaining good working
breach categorized as piercing the corporate veil.
relations between the Board of Commissioners and
Board of Directors:
The Board Manual covers elaboration of duties and
The Board of Commissioners respects the
authority the Board of Commissioners and Board of
functions and roles of the Board of Directors in
Directors, as well as agreement on working mechanisms
the Companys management as regulated by the
and relations between the two organs in the company,
laws as well as Articles of Association;
by referring to the prevailing regulations and laws,
The Board of Directors respects the functions and
Articles of Association, and directives of Shareholders,
roles of the Board of Commissioners in conducting
which are stipulated in the General Meeting of
supervisory and advisory towards the Companys
Shareholders (GMS) that regulates the working codes
management policy;
of the Board of Commissioners and Board of Directors.
Every working relations of the Board of
Commissioners and Board of Directors are formal in
The Board Manual is a system that ensures good
nature, which are constantly founded by standard
management in the stipulation and achievement of
mechanisms or accountable correspondence;
the Companys goals, hence to be able to compete
Each member of the Board of Commissioners and
efficiently, effectively and soundly, as well as to achieve
Board of Directors are able to conduct informal
and maintain leading position in increasingly tight
working relations, however it may not be used as
competitive markets.
formal policy prior to accountable mechanisms
and correspondence process;
The Board of Commissioners, collectively or
individually has the rights to enter the Companys

premises and buildings, or to other venues that Matters pertaining to working relations between
are used and owned by the Company, at anytime the Board of Commissioners and Board of
within working hours; and has the rights to verify Directors that are not yet regulated in the
the books, correspondences and other evidences, Articles of Association and Board Manual, will be
to check and conform the cash conditions and regulated through the meetings of the Board of
others, as well as has the rights to be informed on Commissioners on the agreement between the
all actions of the Board of Directors; Board of Commissioners and Board of Directors
The Board of Commissioners shall obtain enacted based on GCG principles. The meeting
information access of the Company timely and decision results will be recorded in the minutes of
completely; meeting of the Board of Commissioners.
The Board of Directors and every Director shall
provide explanation on all matters requested by Financial and Familial Relations
the Board of Commissioners; The Company stipulated neither non-financial nor
The Board of Directors is responsible to assure familial relations between members of the Board
timely and complete information provision to of Commissioners and/or members of the Board of
the Board of Commissioners, and is responsible Directors up to the second degree. With free relations
to submit reports required by the Board of status, all Companys Board of Directors constantly acts
Commissioners periodically in line with the independently, in which are not taking any conflict of
prevailing regulations; interests that may disrupt its ability to implement an
The Board of Commissioners has the authority to independent and critical duty, both in relations with
request the Board of Directors and/or executives fellow members or with the Board of Commissioners.
under the Board of Directors with the knowledge Semen Indonesias Board of Directors is led by the
of the Board of Directors to attend the Board of President Director that are independent from the
Commissioners meetings; controlling shareholders.
The Board of Commissioners has the authority
to attend the Board of Directors meetings and Affiliated Relations of the Board of
provides opinions on matters of discussion; Commissioners, Board of Directors, Majority and/
or Controlling Shareholders
Financial Relations with Familial Relation with
Controlling Controlling
Name BOC BOD BOC BOD
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Board of Commissioners (BOC)
Mahendra Siregar
Hadi Waluyo
Muchammad Zaidun
Achmad Jazidie
Marwanto Harjowirjono
Wahyu Hidayat
Sony Subrata
Board of Directors (BOD)
Suparni
Ahyanizzaman
Aunur Rosyidi
Amat Pria Darma
Gatot Kustyadji
Johan Samudra
Rizkan Chandra
BOARD OF COMMISSIONERS of Directors that violates the Companys articles of

Law No. 40 Year 2007 concerning Limited Liability association, as well as the prevailing regulations and
Companies (Corporate Law) required all corporations laws.
established under the Indonesian laws to assign the Board
of Commissioners with the supervisory duties on the BOARD MANUAL OF THE BOARD OF
managements policy, general corporate management COMMISSIONERS
and its business, as well as advisory to the Board of As part of the quality improvement of GCG best
Directors. The supervisory and advisory are enacted for practices implementation, in performing its supervisory
the corporates interests and in line with the corporate and advisory duties to the Board of Directors, the Board
goals and objectives. The Board of Commissioners that of Commissioners refers to the Board Manual.
consists of more than 1 member serves as the assembly
and each member of the Board of Commissioners shall The working codes of the Board of Commissioners in
not act independently, but based on the decree of the the Board Manual are specifically elaborated in Chapter
Board of Commissioners. The Government Regulation II, as follows:
No. 12 Year 1998 concerning the Company (PERSERO) Board of Commissioners Functions
regulates that the Board of Commissioners of State- Board of Commissioners Requirements
Owned Enterprises (SOEs) has the rights to appoint a Board of Commissioners Composition
Secretary of the Board of Commissioners. President Commissioner
Every member of the Board of Commissioners shall Board of Commissioners Position Ethics
have good intentions, prudence, and responsible in Board of Commissioners Duties and Authority
enacting supervisory and advisory duties to the Board Board of Commissioners Decision Making
of Directors, for the interests of the Company, and in Board of Commissioners Accountability
line with the Companys goals and objectives. Every Board of Commissioners Performance Evaluation
member of the Board of Commissioners shall have
personal responsibility on the Companys losses in which REQUIREMENTS AND DIVERSITY OF THE
are derived due to any mishandling or negligence by the BOARD OF COMMISSIONERS COMPOSITION
members in performing its duties. The Board of Commissioners requirements is elaborated
in the Board Manual Chapter 2.3, which firmly stated
In the event of bankruptcy due to the mishandling or the General and Specific Requirements, among others
negligence of the Board of Commissioners in performing are:
supervisory on the Board of Directors management, and He/she never serves as the Director or Member of
in the event of no sufficient funds from the Companys the Board of Commissioners that were responsible
assets to settle the obligations due to the bankruptcy, for affecting a company to go bankrupt within 5
every member of the Board of Commissioners has the years prior to the appointment;
collective responsibility with the Board of Directors on He/she never been convicted of a criminal act in
the outstanding liabilities. the financial sector within 5 years prior to the
appointment;
In performing supervisory duties, the Board of He/she is not a board member of political parties
Commissioners has the rights to request any required and/or legislative candidates;
information from the Board of Directors and shall be He/she is not currently served the position with
provided. The Board of Commissioners has also the conflict of interests potential towards the Company,
authority to temporary terminate member of the Board or is willing to resign upon the appointment as
Member of the Board of Commissioners;

He/she has an adequate knowledge on the the Companys losses in which are derived due to any
companys business; mishandling or negligence by the members in performing
He/she has the capability to perform strategic its duties. In the event of the Board of Commissioners
supervision for the companys growth; composition comprised 2 (two) members or more, the
He/she has the understanding on matters regarding members have the collective responsibility (Clause 114
the companys management that related to one of Corporate Law).
the managements functions.
The Board of Commissioners members are not
Meanwhile to determine the composition of the Board accountable on the losses upon the presentation of
of Commissioners members, the Company put in following evidences: (a) has performed the supervisory
place the policy to consider background experience duties with good intentions and prudence principles
and competency of each member of the Board of for the interests of the Company, and in line with the
Commissioners. As an example, considering that the Companys goals and objectives; (b) does not have
Companys operations both in product marketing and direct or indirect personal interests on the management
distribution are strongly related to the construction actions that brought the Companys losses; and (c)
and inter-regions transportation, thus the composition has provided advices to the Board of Directors on the
of the Board of Commissioners are assigned with the prevention or continuation of the losses (Clause 114
competency background in military, government, and Corporate Law).
transportation.
In performing supervisory duties, the Board of
This policy refers to the Regulation of SOEs Minister Commissioners has the rights to request any required
No. Per-04/MBU/2014 concerning the Requirement information from the Board of Directors and shall be
and Procedures of Appointment and Termination of provided. The Board of Commissioners has also the
the Board of Commissioners and Board of Directors authority to temporary terminate member of the Board
Members of State-Owned Enterprises. of Directors that violates the Companys articles of
association, as well as the prevailing regulations and
BOARD OF COMMISSIONERS DUTIES AND laws.
RESPONSIBILITIES
The Board of Commissioners carried out the supervisory BOARD OF COMMISSIONERS WORKING
duties to the Board of Directors, on the managements MECHANISMS
policy, general management of the Company and its For effective supervisory duties, the Board of
business, as well as providing advisory to the Board of Commissioners established 3 (three) interconnected
Directors. Committees, namely Audit Committee; Strategy, Risk
The supervisory and advisory are performed for the Management and Investment Committee (SRMIC),
Companys interests and in line with the Companys and Nomination & Remuneration Committee (NRC).
goals and objectives. (Clause 108 Corporate Law). Committees composition is divided into two types,
Chairman and Member, which constitutes as the
The Board of Commissioners shall perform with good Board of Commissioners members and non-members
intentions, prudence, and is responsible in supervisory (professionals). There are 2 non- Commissioners
and advisory duties to the Board of Directors, for the members Committee, assigned from the experienced
interests of the Company and in line with the Companys professional fields, including a full time Board of
goals and objectives. Every member of the Board of Commissioners Secretary with experienced in
Commissioners shall have personal responsibility on professional fields.
With the Committees position serves as the Board of The mission of Independent Commissioner are to
Directors assistant, thus the Board of Commissioners encourage an objective environment and fairness
Work Program become the umbrella for the in various interests, including the company and
Committees Work Program, which includes strategic stakeholders interests as the main principles in decision
duties and responsibilities. Meanwhile, the technical making by the Board of Commissioners. Several matters
operations are assigned under the Committees Work related to the Independent Commissioner, are as
Program. follows:
Independent Commissioner has the main
In its advisory and recommendation to the Board of responsibility to encourage good corporate
Directors, and in stakeholders treatments, the Board of governance principles implementation in the
Commissioners refers to the following principles: Company through the Board of Commissioners
The Board of Commissioners conducted the empowerment, so as to achieve effective
supervisory duties to the Board of Directors, on implementation of supervisory and advisory duties
the managements policy, general management of to the Board of Directors, and provide added value
the Company and its business, as well as providing to the company.
advisory to the Board of Directors. The composition of Independent Commissioner
Policy is based on good intentions, prudence consists of at least 30% (thirty per hundred) from
and responsibility towards the interests of the the Board of Commissioners members.
Company, and in line with the Companys goals In implementing good responsibilities, the
and objectives. Independent Commissioner proactively urges the
Transparent policy implementation to the Board of Board of Commissioners to carry out supervisory
Directors and stakeholders. and advisory to the Board of Directors related to,
Objectivity in policy, as well as fair and consistent but not limited, on the following matters:
treatments on data and information that are Ensuring of effective corporate business
disseminated by the Board of Directors to the strategy, including monitoring on schedules,
Board of Commissioners. budgets, and effectiveness of the strategy;
Assurance on the appointment of
INDEPENDENT COMMISSIONER professional executives and managers;
Independent Commissioner is a member of the Board Ensuring of effective corporate information,
of Commissioners that are not affiliated with the control system, and audit system;
Board of Directors, other Board of Commissioners Assurance of proper identification and
members, and controlling shareholders. Also free from management of risks and risks potential;
business relations or other relations that may influence Assurance of proper implementation and
its capability to act independently or act solely for the compliance on GCG principles and practices;
Companys interests.

Ensuring of the implementation of The above composition ensures the competency in

corporate supervisory and management the supervision of industrial as well as financial fields.
are in compliance towards all prevailing Through the fulfillment of these basic requirements,
regulations; the Company believes the contribution of credible
The Audit Committee is chaired by the Independent and independent opinions and supervision by the
Commissioner. Independent Commissioners.
BOARD OF COMMISSIONERS INDEPENDENCY Board of Commissioners Appointment and

All Board of Commissioners members act independently Termination
and free from any parties intervention. The Company The Board of Commissioners members are appointed
minimally has two Independent Commissioners from the and terminated by GMS following candidacy process
total seven members in the last management, or 30% in accordance with the laws and regulations. The
of total members, which constitutes of the fulfilment candidacy is binding by the GMS.
of prevailing regulations. The Companys Independent
Commissioners does not have business relations or As appropriate for SOEs, the fit and proper test process
affiliated relations and familial relations with the Board of is conducted according to the prevailing regulations, in
Directors members or other Commissioners members, order to ensure independency of the Commissioners,
up to the third degree, vertically and horizontally or free from affiliates or other conflict of interests, and the
relationship by marriage. fulfilment of minority shareholders interests fairly.
Some members of Independent Commissioner has BOARD OF COMMISSIONERS COMPOSITION

education background and expertise in economic and IN 2015
finance, to ensure competency in the supervision of The Companys Board of Commissioners composition
the Companys financial fields. Other members have in accordance with EGMS resolutions convened
the education background in industrial and systems on 23 January 2015 is consisted of one President
engineering, legal, as well as mass communications. Commissioner, and 6 Commissioners. Out of total 7
(seven) members, two (2) members are Independent
Commissioner.
Through the fulfillment
of basic requirements,
the Company believes the
contribution of credible and
independent opinions and
supervision by the Independent
Commissioners.
The composition is as follows.

Name Position First Basis of Appointment End of Terms
Mahendra Siregar President Commissioner 26 June 2012 AGMS 2017
Achmad Jazidie Commissioner 10 December 2007 AGMS 2017
Marwanto Harjowiryono Commissioner 25 March 2014 AGMS 2019
Wahyu Hidayat Commissioner 25 March 2014 AGMS 2019
Sony Subrata Commissioner 23 January 2015 AGMS 2020
Hadi Waluyo Independent Commissioner 11 March 2011 AGMS 2016
Muchammad Zaidun Independent Commissioner 25 March 2014 AGMS 2019
BOARD OF COMMISSIONERS the Board of Directors monthly plans informing the

AND BOARD OF DIRECTORS opportunities, and strategic issues that required the
COORDINATIONS Board of Commissioners approval.
To achieve the Companys long term goals, the Board
of Commissioners and Directors have stipulated and Moreover, both organs also conduct ad-hoc meetings
agreed on joint performance benchmarks, and carried outside the scheduled monthly meetings, implemented
out periodical evaluation and controlling in the joint to address pressing matters for immediate conclusions.
meeting of the Board of Commissioners and Directors. This is enacted in line with the accountability and
responsibility principles in GCG implementation.
The Board of Commissioners and Directors have
clear duties and authority in line with its functions as In order to fulfill the joint responsibility of the Board of
mandated in the Articles of Association and prevailing Commissioners and Directors in maintaining long term
laws (fiduciary responsibility). Both organs have the business sustainability, the two highest organs agreed
responsibility to maintain the Companys long term to set out four principals targets as the benchmark of
business sustainability. To that end, both organs shall joint performance, which are:
hold same aspirations on the corporate vision, mission, Proper implementation of internal control and risk
values, and strategies. management.
Achievement of optimum returns for the
shareholders.

To unite its aspirations and
decisions on significant matters
Protection of the stakeholders interests fairly.
related to the Companys Fair leadership succession for the sustainable

business and operations management in all lines of organization.
continuity, the Board of
Commissioners and Directors The above duties are not easy to achieve, thereby the
as two main organs constantly two highest organs set out an intensive communication
held periodical meetings. agenda in the form of monthly meetings, ad-hoc
meetings as well as other interactive communication
media depending on the urgency.
To unite its aspirations and decisions on significant
matters related to the Companys business
The most significant working agenda of the Company
and operations continuity, the Board of
that becomes main discussion in the meetings of the
Commissioners and Directors as two main organs
Board of Commissioners and Directors, among others
constantly held periodical meetings. The coordination
are:
between the Board of Commissioners and Directors
Stipulation of long term plans, strategy including
is conducted through the Board of Commissioners
work plans and annual budgets.
meetings by inviting the Board of Directors. The meetings
Discussion of policy to ensure the fulfilment and
are held every month by the Board of Commissioners, to
compliance on the regulations.
discuss previous month of the Companys performance,

The Companys Articles of Association and Joint Meeting Mechanisms

prevention of conflict of interests. 1) President Commissioner approves the final
Stipulation of the Companys assessment policy, agenda and extends written submission to
business units and its supporting human resources. the Board of Directors.
Discussion and stipulation of organization structure 2) Monthly/annual agenda are coordinated by
up to one level below the Board of Directors to the Board of Commissioners Secretary and
support the achievement of the Companys vision, Corporate Secretary.
mission and values through the strategy set forth. 3) Meetings materials/supplement items are
submitted by the Corporate Secretary to the
BOARD OF COMMISSIONERS MEETING Board of Commissioners Secretary prior to
FREQUENCY POLICY the Joint Meetings.
Pursuant to the Ministry of SOEs Regulation No. PER- 4) The Board of Directors report in the meetings
01/M-MBU/2011 dated 1 August 2011 concerning are pertaining to:
the Implementation of Good Corporate Governance in a. The Companys progress and
the State-Owned Enterprises especially Article 14 and performance evaluation of the previous
Stipulations of Articles of Association, the Meeting of months (financial performance,
the Board of Commissioners and Board of Directors production performance, marketing
has to be convened periodically at least once a month, performance, and profitability).
and the Board of Commissioners may extend meeting b. Reports or Discussion on strategic
invitation to the Board of Directors. matters in accordance with the
annual/monthly meeting agenda that
BOARD OF COMMISSIONERS MEETINGS have been agreed upon by the Board
Supervisory process on the Companys operations of Directors and Commissioners,
activity is carried out through the following meetings as well as discussion on issues that
mechanisms; required the approval of the Board
of Commissioners, as submitted by
Joint Meetings of the Board of Commissioners and the Board of Directors prior to the
Directors. meetings.
Joint Meetings discussed the Companys monthly 5) On issues that required deepening and
performance and are held once a month with the focused discussion, can be submitted by the
following mechanisms: Board of Directors at Ad-Hoc meetings.
6) The Minutes of Meetings are submitted by
the Board of Commissioners Secretary to
the Corporate Secretary.
The following are meetings arrangement of events:
Topics of Discussions Durations Presented by
President
Opening, agenda and directives of the Board of Commissioners 5 minutes Commissioner
Information
Summary performance achievement

Targets vs achievements 30 minutes Board of
Monitoring Explanation on deviations, actions and corrective measures
Directors
Topics/theme previously presented by the BoC to BoD, which

required the alignment and in-depth discussion, as well Board of Directors,
as presentations that required the approval of the Board of 1-2 hour PIC, Board of
Discussion Commissioners Commissioners
Recap of meeting results, directives. Board of

Recap/ Determination of definition of meeting results, for example 30 minutes
Approval/ Person Incharge, Timeline, Deadline, and others. Commissioners &
Acceptance President Director
President
Closing or Unclosed further topics and/or items, if any 10 minutes Commissioner
Closing
(SP, ST, SG) are held once in 3 months, as the

1. Ad-Hoc Meetings communication/meetings facility, organize
The Ad-Hoc/specific meetings of the Board of alternately at the Subsidiary offices.
Commissioners-Directors are conducted as required
to discuss specific matters. Synchronization of meeting agenda with the
management cycles:
2. Board of Commissioners Internal Meetings The joint meeting agenda of the Board of Commissioners
The internal meetings are held once a month, and Board of Directors are aligned with the management
conducted prior to the Joint Meetings. The Board cycles, as illustrated in the following chart:
may also invite the Committees, and others.
3. Meetings or Working Visists

Meetings or Working Visits to the Subsidiaries

Management
Cycles Q1 Q2 Q3 Q4
Focus 1. KPI RJP Management Qualitify RJP RKAP

Company 5 yrs goals Agenda into financial Qualitify goals
KPI Drivers Strategic plans into financial plans
2. Implementation Organizational Qualitify RJP (RKAP)
Strategic Holding Si Revisions into operating
plans
Participants DOD, Senior Management of related subjects, PIC of related subjects
Timeline BOC Q1 Q2 Q3 Q4
Overview
1. Evaluasi Approve RJP Review/ Approve: Review/ Approve:
Company KPI 2015 Review target vs Organizational RKAP 2016
Focus 2. Reviews actual Strategic
Implementation Review rolling/update Non Organic
Strategic Holding Si RJP, if any Acquisition
Investment
Diversification
BOD, BOC BOD, BOC BOD, BOC BOD, BOC

Participants Jan: BOCBOD SI Apr: BOCBOD SP Jul: BOCBOD ST Dec: BOCBOD SG
Based on the synchronization of management cycles with the Board of Commissioners timeline as stated above, the
meetings agenda can be planned timely and on targets, with proper preparation both for the Board of Directors and
Commissioners.
Throughout 2015, the meetings details and schedules were as follows:
Q1 Q2 Q3 Q4
No. Agenda
Jan Feb Mar Apr MAy Jun Jul Aug Sep Oct Nov Dec
Date >> 15 14 18 17 19 16 14 18 17 16 17 17
Management Performance/ Monthly Update
> Production
KPI KPI KPI
1 > Marketing
Q1 Q2 Q3
> Profitability
> Deviation explanation Targets Vs Realizations
2 Evaluation of Capex Achievement, 2015 KPI
3 Strategic Holding Optimalization (Cost Efficiency)

Marketing Strategy
4 (Synchronization of Production, Transportation &
Marketing)
5 New Mills Progress (update of % completion)
6 Performance Evaluation of Subsidiaries

Internal Control/ Audit Issues/ Quarter Financial
7
Statements to Public
8 Human Resource Development
9 Development of ICT, CSR
10 Discussion of Work and Budget Plan 2016 & KPI 2016
11 Working Visits to OpCo SP SG ST
Throughout 2015, the Meeting Attendance of the Board of Commissioners is as follows:
Specific Joint
BOC % % %
Name Position Meetings Meetings
Internal Attendance Attendance Attendance
BOC BOD BOC BOD
President
Mahendra Siregar 11 100% 4 100% 12 100%
Commissioner
Independent
Hadi Waluyo 11 100% 3 75% 12 100%
Commissioner
Independent
Muchammad Zaidun 10 91% 1 25% 11 92%
Commissioner
Achmad Jazidie Commissioner 9 82% 3 75% 11 92%
Wahyu Hidayat Commissioner 10 91% 3 75% 12 100%
Marwanto Harjowiryono Commissioner 8 73% 1 25% 12 100%
Sony Subrata 1) Commissioner 5 45% 1 50% 8 73%
1
) Sony Subrata - appointed at the EGMS 23 January 2015, end of terms at the GMS 2020

Minutes of Meetings / Recommendations and Memos of the Board of Commissioners

In 2015, apart from advisory and directives through meeting forums with the Board of Directors, the Board of
Commissioners has issued letters and or decrees both addressed to the Board of Directors or between the Committees
with the following recaps: 38 letters, 15 decrees and 24 internal memos.
Correspondents 38 6 Related to Audit Committee

8 Related to NRC
12 Related to the Board of Commissioners Approval
2 Related to Work and Budget Plan
5 Related to GMS
2 Related to KPI
3 Related to WBS
Decrees 15 9 BOC Decree on the Nomination and Remuneration
1 BOC Decree on the Audit Committee
1 BOC Decree on the SRMI Committee
2 BOC Decree on the Work and Budget Plan
2 BOC Decree on the NRC & SRMIC Charters
Memos 24 12 SRMIC memo
10 AC memo
1 NRC memo
1 BOC memo
DUTIES IMPLEMENTATION ASSESSMENTS OF PROCEDURES OF REMUNERATION

THE BOARD OF COMMISSIONERS STIPULATION AND AMOUNTS OF THE
In line with the prevailing laws, the Board of BOARD OF COMMISSIONERS
Commissioners carried out the supervisory duties on The remuneration amounts of the Board of
the managements policy, general management of the Commissioners and Board of Directors members
Company and its business, as well as providing advisory are stipulated annually in the GMS. The amounts are
to the Board of Directors. The supervisory and advisory proposed to the GMS, based on the performance
are implemented for the interests of the Company, and achievements and in line with the analysis and
in line with the Companys goals and objectives (Law recommendations of the Nomination & Remuneration
No. 40 year 2007). Committee (NRC).
To implement supervisory duties on the operations In formulating the credible basis of stipulation and
management by the Board of Directors, the Board of recommendation of amounts, the NRC engaged an
Commissioners refers to the prevailing laws and the independent consultant. With the support of strong
Companys Articles of Association. database from market surveys of similar companies
and peers, and by considering the NRCs directives,
To assure the achievement on these duties, the Board of the independent consultant formulates main factors
Commissioners conducts performance self-assessment in providing recommendation of the remuneration
periodically, and reports it to the Annual GMS for amounts for the Commissioner.
approval. The GMS is the authorized party that carried
out the assessment of the Board of Commissioners
duties implementation.
The stipulation of remuneration refers to market condition of similar industries, as well as refers to the stipulation as
stated in the Ministry of SOEs Regulation No. PER-04/MBU/2014 concerning the Guidelines of Remuneration Stipulation
of the Board of Directors, Board of Commissioners, and SOEs Supervisory Board. Pursuant to the Regulation, the
principle of remuneration stipulation of the Board of Commissioners is set out by the GMS, whereby the remuneration
components of the Board of Commissioners consist of:
a. Salary/Honorarium;
b. Allowances;
c. Facilities; and
d. Tantiems/Performance Incentives.
The Board of Commissioners receives fixed and non-fixed remuneration that consists of honorarium, insurance, tantiem
as well as facilities and other allowances in which the total are recommended by the Nomination & Remuneration
Committee, and decided by the shareholders in the Annual GMS.
Herewith brief illustration of Remuneration Stipulation Procedures of the Board of Commissioners.
Receive inputs from consultant to stipulate remuneration basis

NRC Independent Consultant provides inputs based on:
Regulation of SOEs Minister no PER-04- MBU/2014 dated 10 March 2014 clause 5
Remuneration survey of similar industry
Achievement in risk mitigation
Companys Capability, Competency and Experience
Propose the remuneration basis and amounts to the Board of Commissioners (BOC)
NRC
Discuss the NRC proposal and propose the remuneration amounts to the GMS
BOC
Approve the Board of Commissioners honorarium and tantiem
GMS
Board of Commissioners honorarium and tantiem
-
Remuneration Structure of each member of the Board of Commissioners

The remuneration of Commissioner can be differed 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 Companys performance
and KPI achievements of the Board of Commissioners and Directors.

The remuneration for each member of the Board of Commissioners based on AGMS resolution fiscal year 2015 is as
follows.
Name Honorarium T. Cash Allowances Tantiem
Achmad Jazidie 692,200,080 138,440,016 57,683,340 3,194,921,739
Hadi Waluyo 692,200,080 138,440,016 57,683,340 3,194,921,739
Mahendra Siregar 769,111,200 153,822,240 64,092,600 3,549,913,043
Muchammad Zaidun 692,200,080 138,440,016 57,683,340 2,396,191,304
Marwanto 692,200,080 138,440,016 57,683,340 2,396,191,304
Wahyu Hidayat 692,200,080 138,440,016 57,683,340 2,396,191,304
Sony Subrata 651,263,540 130,252,708 53,341,583
BOARD OF COMMISSIONERS COMPETENCY IMPROVEMENT PROGRAM

To improve the quality in supervisory and directives in the Companys management as well as development in the future,
the Board of Commissioners has participated in several competence improvement programs, both in the Company and
outside.
The programs conducted in 2015 are as follows:
Trainings Date Organizers Tempat Location

Cement Industry Challenges 8 August 2015 PT Semen Indonesia Gresik Mahendra Siregar,
Second Semester 2015 and (Persero) Tbk Achmad Jazidie, Wahyu
Economic Outlook 2016 Hidayat, Marwanto
Harjowiryono, Hadi
Waluyo.
Discussion on Strategic 7 September 2015 PT Semen Indonesia Jakarta Achmad Jazidie, Wahyu
Holding Policy Implementation (Persero) Tbk Hidayat, Muchammad
in Semen Indonesia Zaidun
Group (Corporate Legal &
Governance, Risk, Compliance
Aspects)
BOARD OF DIRECTORS Board of Directors Position Ethics

In managing the Company, the Board of Directors has Board of Directors Duties and Responsibilities
the vision to become the Companys Organ with high Board of Directors Division of Duties
competency, professional and independent in carrying Decision Making by Board of Directors
out its duties. Whereas in its application, the Board of Board of Directors Accountability
Directors has the mission to support the achievement Board of Directors Performance Evaluation
of vision by conducting the functions of international
standards corporation, in line with good corporate REQUIREMENTS AND DIVERSITY OF THE
governance principles to achieve the corporate vision, BOARD OF DIRECTORS COMPOSITION
and in compliance with the prevailing laws as well as the The Board of Directors requirements are elaborated
Companys Articles of Association. in the Board Manual Chapter 3.3, which affirmed the
General and Specific Requirements, which are:
With good intentions and responsibility, the Board He/she never serves as the Director or Member of
of Directors as the Companys Organ manages the the Board of Commissioners that were responsible
Company for the corporate interests and in line with its for affecting a company to go bankrupt within 5
goals and objectives, and represents the Company both years prior to the appointment;
in and out of court by complying the prevailing laws, He/she never been convicted of a criminal act in
Articles of Association, and GMS Resolutions. the financial sector within 5 years prior to the
appointment as a Director candidate;
Shall not hold concurrent positions as the Board
The Board of Directors
is responsible on the
of Directors and Board of Commissioners in similar
companies, except the position of the Board of
management of the Company
and ensuring its sustainability, Commissioners in Subsidiaries;
as well as accountability of its Shall not hold other concurrent positions as
management to the GMS. executives in the structural and functional positions
of the central government agencies/institutions
BOARD MANUAL OF THE BOARD OF and/or regional and/or military;
DIRECTORS Shall not hold other concurrent positions that
In performing its roles and functions in the Companys may cause conflict of interests directly or indirectly
management, as well as managing relations with the with the Company and or against the prevailing
Board of Commissioners, the Board of Directors refers regulations and laws.
to the Board Manual. The Board Manual is specifically Adequate and relevant knowledge with its
elaborated in Chapter III, which includes:Fungsi Direksi positions;
Board of Directors Functions Experience and expertise in cement industry;
Board of Directors Requirements Capability in performing strategic supervision for
Board of Directors Membership the Companys growth;
Board of Directors Composition & Independence Understanding on the management issues related
to one of the management functions.

To determine the Board of Directors composition, the Company in line with the goals and objectives set forth,
Company has the policy to consider the background which are:
experience and competence of each Directors candidate. To maintain and manage the Companys assets;
As such, considering that the Companys operations are To manage with good intentions and prudence
strongly related to the series of mining, production and principles for the interests, and in line with the
product distribution process, thereby in its composition, Companys goals and objectives;
the Company considers the background competence in Does not have direct or indirect conflict of interests
mechanical engineering, mining engineering, general on the management actions that may cause losses;
management and finance. Has taken measures to prevent the onset or
continuation of the losses;
This policy refers to the Regulation of SOEs Minister Shall not represents the Company if the conflict of
No. Per-16/MBU/2012 on the Second Amendment of interests with the Company are arising;
SOEs Regulation No. Per-01/MBU/2012 concerning the In principle, the Board of Directors is working in
Requirements and Procedures of the Appointment and a collegial manner, the decision of each member
Termination of Members of the Board of Commissioners serves as the decision of the Board of Directors as
and Board of Directors in State-Owned Enterprises. an organ.

BOARD OF DIRECTORS SUCCESSION POLICY
To prepare future leaders, the Company held Leadership A collegial scheme of duties and responsibilities of
Development Program and Talent Management the Board of Directors in managing the Company is
acceleration program. The potential candidates aimed to enhance the value driver, thus to improve
included in the Talent Pool will go through a series of operations profitability with end results of enhancing
training programs with the main objectives to improve the Companys values. Each member of the Board of
management capability, business development strategy, Directors to perform and take decision-making in
strategic plan evaluation and others. line with its duties and authority division, as such the
collegial responsibility is applicable.
On changes of leadership, the Company will propose
internal candidates through the selection carried out by The Companys management functions by the Board of
the Ad hoc Committee and facilitate by the Board of Directors include 5 (five) main duties, which are:
Commissioners. The internal candidates selection will
then be proposed to the SOEs Ministry for fit and proper Management
test. The Board of Directors formulates the corporate
vision, mission and values, short term and long
BOARD OF DIRECTORS SCOPE OF WORKS term programs, controlling the resources effectively
AND MANAGEMENT FUNCTIONS and efficiently, taking into account the minority
The Board of Directors is the Companys organ that shareholders interests fairly, and has a clear charter.
has full authority and responsibility in managing the Risk Management
Company for the Companys interests. Pursuant to the The Board of Directors develops and implements risk
articles of association, the Board of Directors performs management that covering all operations aspects of
the management functions to lead and manage the the Company.
Internal Control (a) leading and managing the Company in line

The Board of Directors establishes internal control with the Companys goals and objectives; and (b)
unit to monitor and prevent the possibility of frauds maintaining and managing the Companys assets.
or failures in the implementation of the Companys The Board of Directors is responsible to formulate
strategy. and determine the corporate vision, mission, and
Communication values, as well as Corporate Long Term Plan, and
The Board of Directors assures the continuity of Work and Budget Plan, following the discussion
internal communication or inter section and external and approval of the Board of Commissioners and
with the stakeholders. GMS.
Social Responsibility Every member of the Board of Directors shall with
The Board of Directors also formulates and ensures good intentions and responsibility to perform
the implementation of corporate social responsibility duties and actions in line with the provisions in the
programs, in line with the prevailing laws. Articles of Association, GMS resolutions, Long Term
Plan, Work and Budget Plan, as well as prevailing
Moreover, the Board of Directors also has the duty Laws and founded by GCG principles.
to assure any information related to the responsibility
of the Directorates from each section shall constantly BOARD OF DIRECTORS COLLECTIVE
available for the Board of Commissioners. RESPONSIBILITY
The Board of Directors shall perform duties with good
The Board of Directors shall develops the Annual intentions and responsibility. The Board of Directors can
Reports that contains among others the Financial formulate policies resulted from the Boards meetings,
Statements, Corporate Performance report, Social and or individually outside of the meetings.
Environmental Responsibility report, details of issues
occurred during relevant fiscal year. The GMS will be
requested to approve the Annual Reports, and ratify the Directors
Every member of the Board of
is fully responsible,
Financial Statements. individually and collectively
on the Companys losses, in
Following the approval of Annual Reports, and which are derived from the
ratification of the Financial Statements, the GMS members mishandlings or
grants full release and discharge of responsibility to the
negligence in performing
duties in accordance with the
management and supervision of the Company during
regulations and laws.
relevant fiscal year, in which the measures are recorded
in the Report and are not against the prevailing laws The actions performed by members of the Board of
and regulations. Directors that are taken outside of the Boards meetings,
become the individual responsibility until the approval
BOARD OF DIRECTORS DUTIES AND of such actions by the Board of Directors meeting. Every
AUTHORITY member of the Board of Directors is fully responsible,
Including among others: individually and collectively on the Companys losses, in
The Board of Directors is fully responsible in which are derived from the members mishandlings or
duties implementation for the interests of the negligence in performing duties in accordance with the
Company. The Board of Directors main duties are: regulations and laws.

General policy on the Board of Directors is to perform Director of Commercial is responsible on Sales,
collective duties, yet in achieving the efficient and Distribution, and Transportation as well as
effective duties, the job descriptions are enacted marketing development.
between the Directors. To that end, the Board of Director of Production is responsible to coordinate,
Directors as the Companys organs (all Directors control and evaluate the operations duty
collectively) has the management authority on specific implementation of raw material production, slag
duties entrusted to a Director. production, cement production as well as technical,
work safety, environmental, and developing
The job descriptions serve as division of duties, authority production process efficiency program.
and responsibilities of each Director. The GMS has the Director of Operations & R&D is responsible to
authority to stipulate the Job Descriptions, though the coordinate, control and evaluate the operations
division of duties and authority is stipulated based on duty implementation of inventory procurement and
the Board of Directors Decree. management, design, as well as product research &
development and maintaining guaranteed product
One member of the Board of Directors is appointed quality.
by the Boards Meeting as a person in charge in Director of Human Resources is responsible to
the implementation and monitoring of GCG in the coordinate, control and evaluate the operations
Company. duty implementation of Human Resources,
corporate assets management, and compliance
BOARD OF DIRECTORS JOB DESCRIPTIONS with prevailing Laws and Regulations, as well
The following are job description of each member of the as implementation of risk management in the
Board of Directors: Company.
President Director has the duty to coordinate other Director of Business Development and Business
members of the Board of Directors, to ensure Strategy is responsible to coordinate, control and
the implementation of business activities are in evaluate the operations duty implementation
line with the vision, mission, business targets, of business strategy and development, capex
strategy, policies and work programs set forth. investment strategy management, group energy
Specifically, the President Director is responsible development, and raw material conservation.
to harmonize all Companys strategic initiatives,
coordinate operations duty in internal audit, COMPOSITION
human resources, communication, ensure the Members of the Board of Directors including President
compliance with laws and regulations, as well Director have equal composition, with the duty of
as coordinate risk management and business President Director to coordinate the Board of Directors
development. Moreover, to also control and activities. The Board of Directors can take decisions,
evaluate GCG principles application and code of including in the Boards meeting, and performing the
conduct consistently in the Company. decisions based on division of duties and authority, with
Director of Finance is responsible to coordinate, collective responsibility. The actions taken by members
control, and evaluate operations duty in finance, of the Board of Directors outside of the Boards
budgeting, accounting fields, to ensure funding Meetings, become the individual responsibility of the
for the Companys development and information members, until such actions are stipulated in the Board
technology system. of Directors meetings.
Board of Directors Composition and Changes Composition Changes

The Board of Directors composition is stipulated based During 2015, there were changes in the composition
on the Companys complexity by taking into account of the Board of Directors members. On 28 November
the effectiveness, accuracy and acceleration in decision 2014 Dwi Soetjipto tendered his resignation and Suparni
making, as well as acting independently without any was appointed as Acting President Director. Further,
interests that may disrupt its ability to implement an following the EGMS resolutions dated 27 January 2015,
independent and critical duty. Suparni was confirmed to serve as the President Director
and Rizkan Chandra was appointed as Director, thereby
The candidacy and appointment process of the Board the Companys Board of Directors composition effective
of Directors from external SOEs shall be conducted as of 27 January 2015 is as follows:
to maintain the minority shareholders opinion, as
the manifestation of protection towards the minority
shareholders interests.
Name Position First Appointment End of Terms

Suharto Director of Operations & R&D 28 Jun 2005 GMS Year 2015
Suparni President Director 10 Dec 2007 GMS Year 2017
Ahyanizzaman Director of Finance 11 Mar 2011 GMS Year 2016
Amat Pria Darma Director of Commercial 26 Jun 2012 GMS Year 2017
Gatot Kustyadji Director of HR & Legal 27 Mar 2014 GMS Year 2019
Johan Samudra Director of Business Development & Business 27 Mar 2014 GMS Year 2019
Strategy
Rizkan Chandra Director 23 Jan 2015 RUPS Tahun 2020
Pursuant to AGMS resolutions dated 16 April 2015, following the honourable terminations of Suharto and the
appointment of Aunur Rosyidi as Director, the Companys Board of Directors composition is as follows:
Name Position First Appointment End of Terms
Suparni President Director 10 Dec 2007 GMS Year 2017
Ahyanizzaman Director of Finance 11 Mar 2011 GMS Year 2016
Amat Pria Darma Director of Commercial 26 Jun 2012 GMS Year 2017
Gatot Kustyadji Director of HR & Legal 27 Mar 2014 GMS Year 2019
Johan Samudra Director of Operations & R&D 27 Mar 2014 GMS Year 2019
Rizkan Chandra Director of Business Development & Business 23 Jan 2015 GMS Year 2020
Strategy
Aunur Rosyidi Director of Engineering & Projects 16 Apr 2015 RUPS Tahun 2020

BOARD OF DIRECTORS INDEPENDENCY AND BOARD OF DIRECTORS MEETINGS

CONCURRENT POSITIONS To coordinate all activities, monitor and anticipate issues
Based on the Articles of Association and Board Manual that may disrupt the operations of the Company, the
of the Board of Commissioners and Directors, there Board of Directors holds regular Meetings. The meetings
are no familial relations between fellow members of can be held at anytime as necessary on the request of
Directors with members of the Board of Commissioners, the President Director or propose by one-third of total
up to the third degree, both vertically and horizontally Board of Directors members and on written request by
or relationship by marriage (in-laws). To achieve proper the Board of Commissioners. The Board of Directors
management by the Board of Directors for the interests meetings are legitimates and has the rights to ratify
of the Company, the Board of Directors independency any resolutions and binding based upon the attendance
serves as important factor and shall be maintained. To by more than three quarter of the Board of Directors
this end, the Company stipulates the following: members or its legitimate proxies.
Apart from the Board of Directors, no other
parties are allowed to perform or engage in the In every Board of Directors meetings, each Director is
management of the Company; entitled to one vote and provides one vote as the proxy
The Board of Directors shall take objective decision on other Director. The Board of Directors resolutions
making, without conflict of interests and free from shall be taken in consensus for agreement. In the event
pressures of any parties; of no agreement, the resolutions shall be taken based on
The Board of Directors shall not perform activities the majority votes, and in the event of balanced votes,
that may disrupt the independency in managing the President Director shall determine the decisions. The
the Company. Board of Directors shall perform legitimate decisions
and binding without the Board of Directors meeting, in
The Board of Directors members shall not hold which all members of the Board of Directors approved
concurrent position in the management and supervision and signed the written documents.
of similar companies, except the supervisory position in
subsidiaries. For this purpose, the approval of the Board Throughout 2015, the Company has held 63 Board
of Commissioners is required for further report to the of Directors meetings that consisted of 51 Internal
GMS. Meetings and 12 Group Corporate Meetings. The
agenda discussion of these meetings among others
were:
Internal Meetings Agenda

2015 Date Agenda
January 14 January 2015 1. Strategic Capex Progress
2. Production and Marketing Update
3. BOC BOD Meeting Preparation
26 January 2015 1. BOD Coordination

2. Monitoring of Retail Cement Price
3. Monitoring of Stock Market and Investors Concern
February 2 February 2015 1. Program Cost Management Directorate
9 February 2015 1. Strategic Projects Progress
13 February 2015 1. BOC BOD Meeting Preparation
23 February 2015 1. Tuban Mining Site Expansion Progress

2. Rembang Project Site Progress
3. Strategic Capex
4. AGMS Preparation of SMI and Subsidiaries
March 2 March 2015 1. Follow Up on MoU of Papua Cement Mill

2. JV Aceh Progres and Cooperation of SGG PB with HK
3. February Market Update and March Prospects
7 March 2015 1. Revision of Work & Budget Plan 2015
9 March 2015 1. Flash Report February 2015

2. Papua, Pomihoa, and Kalimantan Projects Progress
13 March 2015 1. HR Programs

2. AGMS Preparation of SG, SP, ST, dan TLCC
18 March 2015 1. BOC BOD Meeting Preparation

2. GMS Rantus of Semen Tonasa
27 March 2015 1. TLCC Rantus Finalization

2. Follow Up of Unaudited Data Request by Audit Board (BPK)
3. Rembang Project Communication Program and Progress


2015 Date Agenda
April 10 April 2015 1. Strategic Projects Progress
22 April 2015 1. BOD Nomenclature

2. Market and Production Update
3. Rembang PTUN Power Plant Follow Up
4. Work & Budget Plan 2015
29 April 2015 1. Revision Progress of Work & Budget Plan 2015

2. Market Condition and Competitor Update
3. Regional Expansion
4. FM Indarung VI Location Finalization
May 4 May 2015 1. Revision Progress of Work & Budget Plan 2015
2. Regional Expansion Progress
3. FM Indarung VI Location Finalization
4. Board of Commissioners Decree and Establishment Plan of
AP
11 May 2015
1. Bangladesh Project Progress
18 May 2015
2. SI Group Marketing Programs
3. Charter IA Revision
4. Strategic Projects Update
5. HR Policy
21 May 2015
1. JVC Aceh Project
2. Strategic Capex Discussion
3. Market and Marketing Strategy Update
June 4 June 2015 1. Aceh JVC Project

2. Strategic Capex Discussion
3. Market Update and Marketing Strategy
18 June 2015 1. Semen Padang Performance Update

2. BOC BOD Meeting Preparation
3. Marketing Performance and Strategy Update
4. Strategic Capex Update
24 June 2015 1. Aceh Project Progress Update

2. Inalum Port Progress Report
27 June 2015 1. Preparation Coordination of SOEs Cheap Bazaar 2015

2015 Date Agenda
July 7 July 2015 1. Flash Report June 2015
2. Strategic Projects Progress
10 July 2015 1. Corporate Business Development
15 July 2015 1. Discussion of BPK Audit Findings
23 July 2015 1. Marketing

2. Reports of Central Java Governor Rembang Porject & SOEs
Minister
3. NU Conference
25 July 2015
31 July 2015
1. SMI Work Meeting Preparation
2. SMI Anniversary Preparation
3. Follow Up of BPK Findings
August 3 August 2015 1. SMI Work Meeting Preparation
12 August 2015 1. JV Aceh Progress
27 August 2015 1. Exchange Rate Influence on Strategic Capex

2. Stock Market Condition and Buy Back Plan
3. Market Condition and Production Update
4. Efficiency Monitoring
September 2 September 2015 1. Strategic Projects Progress

2. Stock Market Condition and Buy Back Plan
3. Market Condition and Production Update
4. Efficiency Monitoring
3 September 2015 1. Aceh Cement Project Agreement Finalization

2. CNBM Cooperation Plan
21 September 2015 1. OpCo Audit Charter Finalization

2. Assumption of Work & Budget Plan 2016
3. KPI and Strategy Map 2016
4. Tuban Dock Follow Up
25 September 2015 1. Assumption of Work & Budget Plan 2016 Finalization

2. Rembang Project Progress
3. Cigading Grinding Plant
4. JV Aceh Project Progress


2015 Date Agenda
October 1 October 2015 1. Market Performance and Condition
2. Market Readiness and October Production
3. Capex Proposal
7 October 2015 1. Discussion of Overrun Budget of Rembang Mill

2. Rembang Plant Operations Readiness
16 October 2015 1. Social Media Development

2. Rembang Project Legal Process
20 October 2015 1. WHRPG Development & Operations Insurance

2. Merger Process of SGG PB and VUB
3. Regional Expansion
4. Rembang Land Acquisition Progress
25 October 2015 1. Finalization of Work & Budget Plan 2016

2. Capex Plan 2016
3. Rembang Project Budgeting Progress
4. Work & Budget Plan Strategy Map
26 October 2015 1. Discussion of Overrun Budget of Rembang Plant
28 October 2015 1. Finalization of Work & Budget Plan 2016
November 3 November 2015 1. Capex Description 2016 and 5 Years Onward

3. KIG GMS Follow Up
10 November 2015 1. KIG Follow Up
17 November 2015 1. BOC BOD Meeting Preparation

2. JV Aceh Finalization
23 November 2015 1. BOC BOD Follow Up Meeting -Waskita Karya Precast

2. Custome Duty Audit
3. BPK Audit Follow Up - Kertas Kraft
30 November 2015 1. Finalization of Work & Budget Plan 2016

2. KBS MoU Finalization
3. Rembang Power Plant PTUN Project Follow Up
4. Tanah Gaji Tuban Settlement

2015 Date Agenda
December 3 December 2015 1. HR Discussion
2. APCC and TLCC 2 Projects
3. Capex 2016
4. Capacity Development
5. 2016 Work & Budget Plan Finalization
14 December 2015 1. Custom Duty Audit Progress and GCG Self Asesment
2. Critical Issues of Strategic Projects
3. Settlement Progress of Rembang and Tuban Permits
4. MSP Cooperation Follow Up
5. Market Condition Update
6. Market Supply 1Q/2016 Preparation
28 December 2015 1. Preparation of Material for the BOC BOD OpCo Meeting
2. Rembang & Indarung VI Projects Investment Values
Corporate Meetings Agenda

2015 Date Agenda
January 7 January 2015 1. Strategic Initiatives on Pending Matters
2. December 2014 Performance Report
3. Capex Achievement Evaluation
February 10 February 2015 1. Strategic Initiatives on Pending Matters

2. January Performance Evaluation and Analysis
March 11 March 2015 1. Strategic Initiatives on Pending Matters

2. February Performance Evaluation and Analysis
April 10 April 2015 1. Strategic Initiatives on Pending Matters

2. March Performance Evaluation and Analysis
May 11 May 2015 1. Strategic Initiatives on Pending Matters

2. April Performance Evaluation and Analysis

Corporate Meetings Agenda

2015 Date Agenda
June 11 June 2015 1. Strategic Initiatives on Pending Matters
2. May Performance Evaluation and Analysis
July 10 July 2015 1. Strategic Initiatives on Pending Matters

2. June Performance Evaluation and Analysis
August 10 August 2015 1. Strategic Initiatives on Pending Matters

2. July Performance Evaluation and Analysis
September 10 September 2015 1. Strategic Initiatives on Pending Matters

2. August Performance Evaluation and Analysis
October 12 October 2015 1. Strategic Initiatives on Pending Matters

2. September Performance Evaluation and Analysis
November 9 November 2015 1. Strategic Initiatives on Pending Matters

2. October Performance Evaluation and Analysis
December 11 December 2015 1. Strategic Initiatives on Pending Matters

2. November Performance Evaluation and Analysis
Meeting Attendance Levels

Internal Corporate Total Meetings
Name
R H % R H % R H %
Suparni 51 49 96% 12 10 83% 63 59 94%
Ahyanizzaman 51 39 76% 12 10 83% 63 49 78%
Amat Pria Darma 51 34 67% 12 10 83% 63 44 70%
Gatot Kustyadji 51 40 78% 12 12 100% 63 52 83%
Johan Samudra 51 41 80% 12 11 92% 63 52 83%
Rizkan Chandra 51 38 75% 12 10 83% 63 48 76%
Aunur Rosyidi * 51 32 63% 12 8 % 63 40 63%
Suharto 51 10 20% 12 3 % 63 13 21%
*) Appointed at the AGMS 16 April 2015
**) Terminated at the AGMST 16 April 2015
CORPORATE MANAGEMENT POLICY In the stipulation of polices by the Board of

STIPULATION BY THE BOARD OF DIRECTORS Directors that comprising corporate image, risks or
The corporate management policy is the decisions or material consequences, shall be endorsed through
measures taken by the Board of Directors in managing, the approval of the Board of Directors Meeting;
directing and controlling certain activities or settlement In the stipulation of the above policies by the
of certain issues, in which the substance of the Director in line with its sector/field duties, the
concerned issues or activities are not yet regulated in concerned Director shall take the responsibility
the standard rules. upon the approval by the Board of Directors
Meeting;
In the stipulation of polices by the Board of Directors
The policies stipulated
by the Board of Directors
with the same substance and continuously
implemented to become daily requirements by
have the same substance and
continuously implemented to the Company, to this end the concerned Director
become daily requirements has proposed to establish the policies into binding
by the Company, to this end regulations;
the concerned Director need In establishing the polices or decisions on any
to propose to the Board to issues, every Director shall considers the following
establish the policies into
points:
binding regulations.
o Good intentions;
o Rationale considerations and sufficient
The policies established by the Board of Directors are
information;
stipulated through the Boards Meeting, or taken
o Adequate investigations on existing issues,
individually without the meetings.
including its resolutions, as well as positive and
negative impacts to the Company;
The following are principles that shall be complied by
the Board of Directors in stipulating the policies:

o Established based on the consideration of The President Director holds the responsibility
solely the interests of the Company; to implement the orientation program, or in the
o Coordination with concerned Director absence of the President Director, the responsibility
specifically on the policies that will give direct will be held by the President Commissioner or other
or indirect impacts to the duties and authority Directors members;
of the concerned Director. The following are materials in the Orientation
In performing daily obligations, the Board of Program:
Directors constantly considers the alignment of o Implementation of good corporate governance
actions with the Companys goals and objectives; principles;
The delegation of the Board of Directors authority o Corporate information related to the objectives,
to Employees or other parties to carry out legal natures, scope of activities, products, financial
actions on behalf of the Company, the actions and operations performance, strategy, short
shall be stated in written documents and approved term and long term business plans, competitive
by the President Director; positions, risks, and other strategic issues;
The Companys management policies such as o Elaboration on delegated authority, internal
Decree and others shall be regulated on separate audit, external audit, internal control policy
corporate documents. and system, as well as duties and roles of
Team, other Committees established by the
ORIENTATION Program AND CAPABILITY Company;
ENHANCEMENTS o Legal responsibility of the Board of Directors
Members;
Orientation Program o Explanation on working relations, duties and
With diverse background of the Board of Directors responsibilities of the Board of Directors;
members that comes from several parties representing o Team building, this activity engages all
shareholders and stakeholders, and the possibility of Members of the Board of Directors, new or
not yet introduced and/or have not been cooperated existing members with the aims to create
between the members, the implementation of solidarity and teamwork.
Orientation Program is considered to be important. Orientation Program can be done by presentation,
meetings or visits to the Companys facilities,
Several points that needs to be taken into account in the introduction to the Members of the Board of
implementation of Orientation Program are as follows: Commissioners, Board of Directors and Employees,
Orientation Program on the Company shall be as well as other programs based on the needs, by
provided to new Members of the Board of Directors; remained prioritizing the accountability and cost
Orientation Program is held to improve the efficiency.
functions and work effectiveness of the Board of
Directors; Capability Enhancement Program
The cost of Orientation Program is budgeted in the Capability Enhancement Program is one of important
Work and Budget Plan of the Board of Directors; program for the Board of Directors Members to
update information on latest development of corporate
business activities and other knowledge related to the
duties implementation.
Points to be taken into account in the implementation Material of Capability Enhancement Program
of Capability Enhancement Program are as follows: shall be neatly documented in specific section.
Capability Enhancement Program is held to Responsibility of documentation is held by
improve the Board of Directors functions and work Corporate Secretary and shall be available upon
effectiveness; request.
The cost of Capability Enhancement Program
is budgeted in the Work and Budget Plan of the Implementation List of the Board of Directors
Board of Directors; Competency Improvement Program
Every Members of the Board of Directors To improve the supervision quality and proper directives
participated in the Capability Enhancement on both the management and development of the
Program, such as seminar, training, workshop are Company in the future, the Board of Directors has
expected to share information and knowledge to implemented competency improvement programs,
other Members of the Board of Directors that are in the Companys venues or outside. The programs
not participating in the program; conducted in 2015 are as follows:
Board of Directors Trainings

Name Date Programs
28/05/2015 Executive Development Program
07/09/2015 Workshop for Executive
Suparni 20/11/2015 FGD of SOEs Roadmap
27/11/2015 BOD Preparation for Talent Program I
18/12/2015 BOD Preparation for Talent Program II
28/01/2015 Business English Two
07/05/2015 Certified Management Accountant (CMA)
Ahyanizzaman
17/10/2015 Financial Governance Policy Seminar
20/10/2015 English Learning Program Intuitive Learning
20/10/2015 17th Asia Cement Trade Summit
Amat Pria Darma
19/11/2015 The 39th AFCM Council Meeting and Conference
17/02/2015 English Exercising
23/04/2015 Legal Compliance and Risk Management
16/05/2015 The Four Demands of Strong Management
17/05/2015 International Conference and Exposition
Gatot Kustyadji

Board of Directors Trainings

Name Date Programs
Johan Samudra
19/11/2015 The 39th AFCM Council Meeting and Conference
16/09/2015 Doing Business in Asia
Rizkan Chandra
22/09/2015 Demand and Supply Planning Excellence
20/11/2015 FGD Roadmap BUMN
Aunur Rosyidi 28/10/2015 World Class Leadership Excellence 2015
ASSESSMENT TOWARDS THE BOARD Implementation of Evaluation on Excellent Performance

OF COMMISSIONERS AND BOARD OF Criteria Year 2014, conducted with the following
DIRECTORS procedures:
Assessment Process 1. The Board of Directors proposes an independent
The assessment process on the performance of the assessor to obtain the approval and stipulation of
Board of Commissioners is held through GMS. The the Board of Commissioners.
GMS is a meeting organized by the Board of Directors 2. The Board of Commissioners convenes the proposal
to meet the regulations or by the written request from in separate forums.
one or more members of the Board of Commissioners 3. The Board of Commissioners discussion results are
or from one or more Shareholders that are collectively conveyed to the Board of Directors as stipulation.
representing 1/10 of shares or more from the total 4. The Board of Directors follow up the Board of
issued shares with voting rights. Commissioners decision by appointing the assessor
that has been approved to conduct assessment.
The performance assessment process of the Board
of Directors is held by the Board of Commissioners Performance Criteria/Indicators
based on the assessment parameters (Key Performance The criteria of the Board of Commissioners performance
Indicators), which has been signed by the Board of assessment is set out through the duties implementation
Commissioners and Board of Directors. of the Board of Commissioners in supervisory of the
Companys management policy, and advisory to the
The measurement of performance assessment of the Board of Directors for the interests and objectives of
Board of Directors and Board of Commissioners in the the Company, as well as specific duties implementation
Company refers to the Clause 44 Chapter XII, Regulation provided based on the Articles of Association and/
of SOEs State Minister No. PER-01/MBU/2011 dated 1 or based on the GMS resolutions in the corridor of
August 2011 and letter from SOEs Ministry No. S-281/S. prevailing laws and regulations.
MBU/2014 dated 13 October 2014 concerning the
The parameter of the Board of Directors performance Assesors of the Board of Commissioners and Board
assessment is stipulated based on general criteria, as of Directors Performance Assessment
follows: Structurally, the performance assessment of the Board
a. Implementation of duties and responsibilities of of Commissioners and Board of Directors is conducted
each member of the Board of Directors in line with by the Shareholders through GMS mechanisms.
the Companys Articles of Association; However, the Company also periodically conducts
b. Implementation of Annual GMS resolutions Year assessment that implements by the external assessors,
2014; namely Financial and Development Supervisory Agency
c. Collective performance of the Board of Directors (BPKP) of East Java Representative in conjunction with
on the Companys performance in line with the the GCG assessment, and SOEs Ministry Assessor Team
criteria established by the Board of Commissioners; established based on the letter of SOEs Secretary No.
d. Individual Directors performance achievement S-272/S.MBU/09/2014 dated 18 September 2014 in
referring to KPI and acknowledge by the Board of relations to KPKU implementation assessment. The
Commissioners; assessment of the Board of Commissioners and Board
e. The KPI is measured based on Excellent Performance of Directors refers to the stipulated indicators of
Criteria that comprising 5 perspectives: Ministry Regulation 01/MBU/2011 concerning Good
- Financial and Market; Corporate Governance in SOEs with the methods of
- Customer Focus; documentation reviews, questionnaires, interviews,
- Product and Process Effectiveness; analysis, presentations and reportings.
- Manpower Focus; and
- Leadership, Governance and Community
Responsibility.
The results of evaluation and assessment of the Board of Directors Performance in 2015 are as follows:
2015 2014 2013
No Excellent Performance Criteria Perspectives Unit
Realization Realization Realization
1 I-1 Financial and Market (7.5)
EBITDA Rp (Trillion) 7.43 8.30 8.10
2 I-2 Gross Revenue Rp (Trillion) 26.95 26.99 24.50
3 I-3 Cement Sales Volume Million Tons 29.71 28.53 27.80
II Customer Focus (7.2)
4 II-1 External customers satisfaction % 89.20 91.30 82.00
III Product and Process Effectiveness (7.1)
5 II-1 Cement Production Volume Million Tons 28.48 28.26 26.91
6 II-2 % Capex Program % 96.21 97.60 95.00
7 II-3 Proper Environment Ratings
III-3-1. Tuban Hijau Hijau Hijau
III-3-2. Indarung Biru Biru Biru
III-3-3. Tonasa Biru Hijau Hijau
IV Manpower Focus (7.3)
8 IV-1 Knowledge management Point Points 727.45 - -
V Governance Leadership (7.4)
9 V-1 IT Maturity Level Points 4.07 3.58 3.34
10 V-2 GCG Indexs Scores 93.30 91.38 84.58
11 V-3 % Increased Scores of KPKU/IQAF % 6.39 4.21 9.25

The parameter and criteria applied in the assessment of e. Control on the implementation of corporate policy
the Board of Commissioners and Directors are consisted plans;
of 44 parameters for the Board of Commissioners and f. Measures of the Board of Directors on the potential
52 parameters for the Board of Directors that reflected of conflict of interests;
the compliance and best practices in duties and g. Information transparency;
responsibilities, which include: h. Regular meetings implementation.
Board of Commissioners: The Board of Commissioners and Directors submit their

a. Learning opportunities for the Board of accountability of assessment results on the supervisory
Commissioners; and advisory of the corporate management to the GMS
b. Clarity of functions, duties division, responsibilities in line with the prevailing laws and regulations.
and authority;
c. Approval of the Board of Commissioners on the GCG assessment results on the fulfilment level of each
achievement assumption and plan in Corporate parameter and criteria are as follows: for the Board
Long Term Plan, and Work and Budget Plan; of Commissioners, the parameter implementation
d. Directives of the Board of Commissioners towards achieved the category of very good or a score of
the Board of Directors on the implementation of 94.18%, whereas for the Board of Directors received
corporate plans and policies; the category of very good or a score of 91.73%. For the
e. Control of the Board of Commissioners towards the assessment result of Excellent Performance Criteria, the
Board of Directors on implementation of corporate Company received a score of 645.25 with a category of
plans and policies; Emerging Industry Leader.
f. Access for the Board of Commissioners on
corporate information; The following are some of the assessment results
g. Roles of the Board of Commissioners in the that was achieved and practically met the best
candidate selection of members of the Board of practices, which include stipulation of decision making
Directors; mechanisms in the Board of Commissioners Meeting,
h. Measures by the Board of Commissioners on division of duties between members of the Board of
potential of conflict of interests related to the Commissioners, signing off the work plans, feedback
Board; and approval of Corporate Long Term Plan, analyzing
i. Information transparency and monitoring of GCG the appropriateness of corporate vision and mission,
practices effectiveness; authorize the transactions that required the approval of
j. Regular meetings, documentation of the Board the Board of Commissioners and others.
of Commissioners activities implementation, and
roles of the Board of Commissioners Secretary. As for the Board of Directors, among others are
organization structure establishment, duties and
Board of Directors: responsibilities, timely submission of Corporate Long
a. Learning opportunities for the Board of Directors; Term Plan and Work and Budget Plan to the Board
b. Clarity of functions, duties division, responsibilities of Commissioners, operations policy and standards to
and authority; implement corporate actions and strategies, succession
c. Roles of the Board of Directors in the corporate plan for key executives, establish performance
planning; measurement system, and others.
d. Roles of the Board of Directors in the fulfilment of
corporate performance targets;
BOARD OF DIRECTORS Brief procedures on establishment of the Board of

REMUNERATION Directors remuneration in 2015 are as follows:
Stipulation Basic and Procedures a. Request of 2015 remuneration analysis from the
The Board of Directors remuneration amount is set Nomination & Remuneration Committee to the
out in the annual GMS (see also the Commissioners independent consultant.
Remuneration Stipulation). The analysis of b. Independent consultant formulates the basic
remuneration amount is performed by independent criteria of remuneration by taking into account the
consultant with experienced and strong database Regulation of SOEs Minister No.Per-04/MBU/2014
in handling similar services. The Board of Directors dated 10 March 2014, remuneration survey of peers
remuneration amount is established by taking into industry, and develop comprehensive remuneration
account the prevailing rules. recommendation with the basic considerations and
alternatives to the Nomination & Remuneration
The Company stipulates the Board of Directors Committee.
remuneration by considering the profit achievement c. The Nomination & Remuneration Committee
target, ability in maintaining business sustainability and develops the remuneration recommendation for
development. 2015 Board of Directors members by taking into
account the analysis results of consultant to the
Board of Commissioners, complete with its basic
and
The Board of Commissioners
Directors remuneration
considerations.
d. The Board of Commissioners convenes to discuss
are established on five main
factors and preservation of the proposal of Nomination & Remuneration
check and balances mechanism. Committee, and stipulates the proposal for
submission to the majority shareholders.
The Company, through the Board of Commissioners, e. The GMS stipulations stated the provision of authority
considers five main factors in establishing the Board of and attorney to the Board of Commissioners
Directors remuneration proposal, which are: following the approval of the majority shareholders
Service allowances to cover the required costs in to set out the tantiem amounts for fiscal year 2014,
performing business. and stipulate the salary/honorarium, allowances and
Respect the competency and experience, required facilities for the Board of Directors and Board of
by the Company. Commissioners for year 2015.
Commitment in dedicating a full time of energy
and aspiration in performing the corporate duties. The following is the chart of brief procedures on the
Ability to mitigate risks, and provision of benefit remuneration stipulation of the Board of Directors.
on measures that may bring risk to the concerned
personal.
Respect the target achievement in line with the
established key performance indicators.

Request input of independent consultant*) in establishing basic stipulation of

NRC remuneration
Propose remuneration basic and amount to the Board of Commissioners

NRC
Discuss NRC recommendation and propose the remuneration amounts to the General
BOC Meeting of Shareholders
Stipulate the amount of salary and tantiem of the Board of Directors

GMS
Salary and Tantiem of the Board of Directors Member
was provided based on the Companys performance

The Board of Directors
remuneration is stipulated and achievement of Directors KPI. The details of
based on the balance of remuneration received by all members of the Board
duties, responsibilities and of Directors are reported in the GMS. (See also the
performance of each member. description of the Board of Commissioners honorarium/
remuneration stipulation).
Description:
*) Independent Consultant formulates basic and The Board of Directors remuneration stipulation refers
consideration of remuneration by taking into account to the Decree of the Board of Commissioners 004/SI/
the following: Kep.DK/04.2014 for the Board of Commissioners and
Regulation of SOEs Minister No. Per-04/ 005/SI/Kep.DK/04.2014 for the Board of Directors
MBU/2014 dated 10 March 2014 Clause 5 dated 16 April 2014, which was established based on
Remuneration survey results the Regulation of SOEs Minister No.: PER-04/MBU/2014
Time availability concerning the Guidelines of Remuneration Stipulation
Capability to mitigate risks of the Board of Directors, Board of Commissioners, and
KPI target achievements Supervisory Board of State-Owned Enterprises.
Remuneration Amount and Components Pursuant to the Minister Regulation, the Board of Directors
The Board of Directors receives fixed and non-fixed remuneration stipulation principle is determined by the
remunerations that consists of salary, allowances, General Meeting of Shareholders (GMS). The Board of
tantiem and facilities, as well as other allowances, in Directors remuneration components are consist of:
which the total are recommended by the Nomination & The salary portion of Director is set out at 90%
Remuneration Committee and Board of Commissioners, from the President Director
and stipulated by the GMS. The tantiem amount Board of Directors Allowances
o Religious Idul Firtri Allowances of 1 (one) o Provision of legal assistance facilities in the
month salary. event of actions/conducts for and on behalf of
o Communication allowances at costs. the Directors position that related to the goals
o Post-position compensation in the form of post- and objectives as well as business activities of
position insurance, pension fund insurance, or the Company.
other forms effective as of the appointment o Provision of Club Membership/Corporate
period up to the tenure completion. The Member at maximum 2 (two) memberships
premium charged to the Company is maximum by taking into account the capability of
25% (twenty five percent) from salary in one the Company. The facility is in the form of
year that was budgeted in the annual Work enrolment and annual fees.
and Budget Plan. Tantiem/Performance Incentives
o Provision on 1 (one) official house for each The stipulations of tantiem/performance incentives
Director, including amenities, maintenance for the Board of Directors as set out in the Minister
and security. Regulations, among others are:
Board of Directors Facilities o Tantiem is provided in the event of SOEs
o Provision of 1 (one) official vehicle including achievement in generating profits in the
maintenance and operations costs for each relevant fiscal year.
Director, in which the types and amounts o Tantiem for the Board of Directors is provided
are stipulated by taking into account the as the annual working compensation based
appropriateness aspects and the Companys on the Companys performance in which the
financial capability. amounts are approved by the General Meeting
o Provision of healthcare facilities to each of Shareholders.
Director in accordance with the applicable
regulations in the Company.
The following are remuneration details received by the Board of Directors for the fiscal year 2015.
Religious
Name Honorarium Tantiem Total
Allowances
Suharto *) 448,648,200 7,099,826,087 7,548,474,287
Suparni 1,709,136,000 142,428,000 7,099,826,087 8,951,390,087
Ahyanizzaman 1,538,222,400 128,185,200 7,099,826,087 8,766,233,687
Amat Pria Darma 1,538,222,400 128,185,200 7,099,826,087 8,766,233,687
Gatot Kustyadji 1,538,222,400 128,185,200 5,324,869,565 6,991,277,165
Johan Samudra 1,538,222,400 128,185,200 5,324,869,565 6,991,277,165
Rizkan Chandra **) 1,447,252,312 62,369,681 1,509,621,993
Aunur Rosyidi ***) 1,089,574,200 32,563,176 1,122,137,376
*) Served until 16 April 2016
**) Serve as of 23 January 2016
***) Serve as of 16 April 2016

SHARES OWNERSHIP AND INSIDER TRADING

In line with transparency principle and to prevent conflict of interests, the Board of Commissioners, Board of Directors
and their families are not in the position to take share ownership of the Company, directly or indirectly. The Companys
Code of Conduct also stipulates that the Board of Directors is not to take share ownership in the affiliates companies
or shares in subsidiaries. The rules are firmly held and implemented by all Board of Directors.
The Companys Code of Conduct also regulates the transactions that can be enacted and can not be enacted by the
internal of the Company or insider trading, and by the person who receives information from internal of the Company
related to the material transactions conducted by the Company and other companies including stock transactions of
other companies, which are not yet disclosed to the public. The Board of Commissioners, Board of Directors, and
Employees of the Company shall acknowledge and maintain the confidentiality of the matters including the material
information.
BOARD OF COMMISSIONERS SUPPORTING COMMITTEES

In implementing supervisory duties towards the company operations management, the Board of Commissioners up to
the end of 2015, is supported by three Committees, and secretary, namely:
Audit Committee
Strategy, Risk Management and Investment Committee
Nomination & Remuneration Committee
Board of Commissioners Secretary
Chairman : Hadi Waluyo
Member : Achmad Jazidie
Audit Committee
Sahat Pardede
Elok Tresnaningsih
Chairman : Mahendra Siregar
Committees of Strategy, Member : Marwanto Harjowiryono
the Board of Risk Management and Wahyu Hidayat
Commissioners Investment Committee Syafrizal
Yuki Indrayadi
Nomination & Chairman : Muchammad Zaidun

Remuneration Member : Wahyu Hidayat
Committee Irham Dilmy
In performing its duties, every committee has working division within the management, both as a separate departments
or as a management unit consisting of several departments.
Committee membership is consisted of two types, namely Chairman and Member, which represent the Board of
Commissioners members and non-members (professionals) that are independent with extensive experience. With the
Committee position to assist the Board of Commissioners, the final decision remains as the responsibility of the Board
of Commissioners.
The functions, members and reports of the committees DUTIES AND RESPONSIBILITIES
are as follows: IMPLEMENTATION
The Audit Committee conducts the oversight duty
AUDIT COMMITTEE through periodical meeting with related parties
The Audit Committee is established to fulfill the such as independent auditors, internal audit unit
provisions of laws and regulations in Indonesia for listed and management. The discussions in the periodical
companies and State-Owned Enterprises (SOEs) given meetings, among others are, implementing oversight
the increasing complexity of duties and functions of on financial reporting process including monitoring
the Board of Commissioners in conducting supervisory and evaluation on the independency of independent
toward Issuers or Public Companies. auditors and providing independent opinions in the
case of differences between the management and
DUTIES AND RESPONSIBILITIES independent auditor on its fees. The Management
The Audit Committee has the duties and responsibilities, are fully responsible on the consolidated financial
among others, to ensure the target achievements statements.
of: (i) fair presentation of the Companys financial
information in line with the financial accounting The oversight responsibility of the Audit Committee
standard in Indonesia and prevailing laws; (ii) providing is regulated in the Audit Committee Charter, which
independent opinions in the event of disagreement is implemented based on the resolution of the Board
between the management and Accountant on its of Commissioners. The Audit Committee Charter is
services; (iii) providing recommendation to the Board regularly evaluated and adjusted to ensure its conformity
of Commissioners on the appointment of Accountant with the regulation of Financial Services Authority (OJK)
founded upon independency, scope of duties, and and prevailing regulations.
fees; (iv) effective implementation of internal control
including analysis of whistleblowing related to the The Audit Committees Members are collectively
accounting process and financial reporting, (v) internal responsible towards the effectiveness of Audit
and external audits are carried out based on applicable Committees duties implementation. This is to enable
audit standards, and (vi) compliance with the Capital the focus of every member on certain duties, and to
Market regulations and other laws that relevant to the assure the fulfillment of Audit Committees mandates.
Companys activities.
AUDIT COMMITTEES MEMBERS
QUALIFICATIONS
The qualifications of expertise and education
background of Audit Committees Members can be
viewed in the profile of the Board of Commissioners and
related Audit Committees Profile.
AUDIT COMMITTEE COMPOSITION AND INDEPENDENCY AUDIT

The Audit Committee composition in 2015 is as follows:
No. Name Position
1 Hadi Waluyo Chairman - (Independent Commissioner)
2 Achmad Jazidie Member - (Commissioner non-Independent - no voting rights)
3 Sahat Pardede Member - (Professional-Independent Party)
4 Elok Tresnaningsih Member - (Professional-Independent Party)

All members of Audit Committee have met the Discussion with the Management.
independency requirements in line with the regulations The Audit Committee and the Management has
and GCG practices principles, in which are all members reviewed and discussed the audited consolidated
of Audit Committee are not working or have authority financial statements fiscal year 2015, including
and responsibilities to plan, lead, control, or supervise discussion on accounting quality and principles,
the Companys activities within the last 6 (six) months, do significant basis of consideration (judgment),
not hold any shares directly or indirectly in the Company, and adequacy of disclosures of the report.
are not affiliated with the Board of Commissioners, The Management has confirmed to the Audit
Board of Directors or controlling shareholders, and does Committee on the accountability of the report,
not have direct or indirect business relations that are which has been developed with integrity and
related to the Companys business activities. objectives, and has already in line with the financial
accounting standard in Indonesia.
MEETING FREQUENCY AND ATTENDANCE
During 2015, the Audit Committee held 12 meetings, Evaluation and recommendation on the
attended 12 Joint Meetings of the Board of Directors appointment of Public Accountant Firm to the
and Commissioners. The meetings were conducted Board of Commissioners.
and in line with the Audit Committee Charter, and to At Quarter I 2015, the Audit Committee has
facilitate the duties and responsibilities of each member. proposed to the Board of Commissioners on the
The following is meeting frequency and attendance: appointment of Independent Auditor, Public
Committees Meetings BOC BOD

Audit % % %
Name internal with the Joint
Committee Attendance Attendance Attendance
Meetings BOC Meetings
Hadi Waluyo Chairman 13 100% 11 100% 12 100%
Achmad Jazidie Member 9 69% 9 82% 10 83%
Sahat Pardede Member 13 100% 11 100% 11 92%
Elok Tresnaningsih Member 12 92% 10 91% 11 92%
BRIEF REPORT OF AUDIT COMMITTEE Accountant Firm Osman Bing Satrio & Eny, a firm
ACTIVITY IMPLEMENTATION member of Deloitte Touche Tohmatsu Limited, to
Financial information review. conduct general audit on the Consolidated Financial
The oversight on financial reporting process is Statements and the Annual Report of Partnership
carried out through periodical meetings with and Community Development Program (PKBL)
Independent Auditors, Internal Audit Unit, and for fiscal year 2015. The Board of Commissioners
Management, to discuss and analyze matters on approved and extended the proposal to the GMS,
internal control, accounting, auditing and financial through the Board of Directors. The Annual GMS
reporting resolutions dated 30 April 2015 has approved the
appointment of Public Accountant Firm Osman Companys Annual Report.

Bing Satrio & Eny, as the Independent Auditor The Audit Committee provides recommendation to
to conduct general audit on the Consolidated the Board of Directors upon reviewed and discussion
Financial Statements and the Annual Report of as stated above. The Board of Commissioners has
PKBL for fiscal year 2015. approved the inclusion of consolidated financial
statements into the annual report of 2015, which
Review of auditing by Internal Auditor. then reported to the OJK.
The Audit Committee is empowering and
cooperating with the Internal Audit by emphasizing Nomination & Remuneration
on its auditing direction, in both operations audit Committee
as well as in the oversight of financial statements The Nomination & Remuneration Committee (NRC), as
presentation and evaluation of internal control. the supporting organ of the Board of Commissioners,
Periodically, the Audit Committee and internal performs its duties based on the Financial Services
auditor convene to discuss work programs Authority Regulation No. 34/POJK.04/2014 concerning
realization that has been set forth and personnel the Nomination and Remuneration Committee of Issuers
requirements including infrastructures to complete and Public Companies; BOC & BOD Board Manual of PT
work programs. Semen Gresik (Persero) Tbk; NRC Charter; and Decree
of the Board of Commissioners of PT Semen Indonesia
Discussion with Independent Auditor. (Persero) Tbk No. 011/SI/Kep.DK/05-2013 dated 17
The Audit Committee discussed and reviewed the May 2013 jo the Decree of the Board of Commissioners
financial statements quality with the independent of PT Semen Indonesia (Persero) Tbk No. 008/SI/Kep.
auditor. The Independent Auditor is responsible DK/04.2014 dated 17 April 2014.
to provide opinion on the fairness of the audited
consolidated financial statements presentation The NRC has the roles to assist the Board of
based on the financial accounting standards in Commissioners of PT Semen Indonesia (Persero) Tbk in
Indonesia. The review also includes consideration recommendation of oversight and advices to the Board
quality (judgment) that utilized by the Management of Commissioners, and performing other specific duties,
in the development of financial statements and including:
other matters required by the auditing standards, To determine the selection criteria and procedures
for further discussion and communication with the of nomination and recommendation on total
Audit Committee. members of the Board of Commissioners and
Directors.
The Audit Committee and Independent Auditor Remuneration recommendation of members of
discussed the independency of Public Accountant the Board of Commissioners and Directors, as
Firm and its auditors on the Management and well as members of the Board of Commissioners
the Company including matters stated in the supporting organs, and
independency letter of Public Accountant Firm that Oversight input and advises in HR management.
required by the auditing standards.

QUALIFICATIONS OF NOMINATION & Department/GM), specifically on the nomination

REMUNERATION COMMITTEES MEMBERS of executives at one level below the Directors,
The qualifications of expertise and education background which have delivered adequate competency,
of Nomination & Remuneration Committees Members related to the preparation of directors candidacy
can be viewed in the NRC profile section. in the company and in subsidiaries;
2. Developed and formulated the remuneration
COMPOSITION AND INDEPENDENCY OF calculation proposal for the Board of Directors
NOMINATION AND REMUNERATION and Board of Commissioners for fiscal year 2015
COMMITTEE and tantiem of fiscal year 2014, which further
The following is the composition of Nomination & presented to the GMS Year 2015, recommendation
Remuneration Committee in 2015: of the Board of Commissioners and Directors
No. Name Position

1 Muchammad Zaidun Chairman - (Independent Commissioner)
2 Wahyu Hidayat Member - (Commissioner)
3 Irham Dilmy Member - (Professional)
All NRCs members have never had relations with the remuneration effective as of 1 January 2015,
Company or familial relations with other members of recommendation of the Board of Commissioners
the Board of Commissioners and members of the Board and Directors remuneration of 2015 is based on
of Directors of other company (independent). the 2014 GMS resolutions;
3. Monitored the 2015 KPI achievement of the Board
MEETING FREQUENCY AND ATTENDANCE of Commissioners and Directors collectively as the
The composition and attendance of Nomination &
Remuneration Committee during 2015 are as follows.
Committee Joint
NRC % Meeting with % %
Name Internal Meetings of
Committee Attendance Commissioners Attendance Attendance
Meetings BOC BOD
Muchammad Zaidun Chairman 1 25 10 91 11 92
Wahyu Hidayat Member 3 75 10 82 12 100
Irham Dilmy Member 3 75 9 82 10 83
NOMINATION & REMUNERATION basis of nomination and remuneration functions

COMMITTEE REPORT implementation;
The NRC has completed its duties in 2015, as follows: 4. Monitored the advanced development of
1. Monitored and evaluated the talent management Human Capital Projects to seek final results and
program including its relevant activities in 2015 implementation of the Companys HR policy, as
to ensure employees development with potential the means to develop competent and excellent
and good performance, especially employees at employee in facing the challenges through
one level below the Board of Directors (Head of advisory and recommendations.
The challenge faced by the Company in 2015 was 1. Comprehensively reviewing the proposal of the
the acceleration efforts in preparing HR to support Board of Directors on the Corporate Long Term
the Companys future business growth in facing the Plan, and the Corporate Work and Budget Plan.
increasing fierce competition of cement industry. To that 2. Reviewing the implementation of Corporate Long
end, HR strategic policy that in line with the Companys Term Plan, and the Corporate Work and Budget
business strategy development is required, including Plan, to be in line with the targets ratified by the
its subsidiaries (OpCo), namely Semen Padang, Semen Commissioners.
Tonasa, Semen Gresik as well as Thang Long Cement 3. Evaluation of risk system development and
Joint-Stock Company (TLCC), as well as the Holding (PT implementation carried out by the Company and
Semen Indonesia (Persero) Tbk. Thorugh the NRC, the providing advises on further improvements.
Board of Commissioners strives to provide oversight and 4. Evaluation and suggestion on improvements
advisory as well as recommendations. towards risk identification and mitigation that
can jeopardize the target achievements of the
STRATEGY, RISK MANAGEMENT AND Corporate Work and Budget Plan.
INVESTMENT COMMITTEE 5. Evaluation and suggestion on improvements
The Strategy, Risk Management and Investment towards risk identification and mitigation for the
Committee (SRMIC) is established by the Board of Companys development projects, including new
Commissioners to assist in the oversight and advisory cement mills construction, and investments or
to the Board of Directors on the overall or specific purchase of cement mills abroad.
Companys management in line with the laws, and 6. Reviewing the Board of Directors proposals on the
Articles of Association, specifically matters pertaining investment/divestment and capital expenditure
to the development and implementation of strategic within certain value limits, and monitoring its
corporate actions, and to ensure the implementation of implementation.
risk management principles in the Company, as well as 7. Reviewing the corporate strategic actions proposal,
to analyze and review the Companys investment plans. and monitoring its implementation process.
DUTIES AND RESPONSIBILITIES The SRMIC duties, responsibilities, and authority are
The SRMIC performs a professional and independent comprehensively regulated in the Decree of the Board
duties and responsibilities. The SRMIC main duties and of Commissioners regarding the SRMIC Charter, which
responsibilities are assisting the Board of Commissioners are periodically reviewed.
in monitoring and evaluation of the development and
implementation of: strategic plans, Work and Budget QUALIFICATION OF SRMICS MEMBERS
Plan, risk management system, and investment plans, The qualification of expertise and education background
with the following details: of SRMICs Members can be viewed in the SRMICs
Profile section.

COMPOSITION AND INDEPENDENCY OF SRMIC REPORT IN 2015

STRATEGY, RISK MANAGEMENT AND The SRMIC functions and roles implementation in line
INVESTMENT COMMITTEE with its duties and responsibilities throughout 2015 are
The following is composition of SRMIC in 2015: briefly described as follows:
No. Name Position
1 Mahendra Siregar Chairman - (Commissioner)
2 Marwanto Harjowiryono Member - (Commissioner)
3 Wahyu Hidayat Member - (Commissioner)
4 Syafrizal Member - (Commissioner)
5 Yuki Indrayadi Member - (Commissioner)
The SRMICs members comprising professionals with 1. Provided recommendations to the Board of
adequate competency in their fields, with at least 5 (five) Commissioners on the oversight focus during
years experience. The members have never had relations 2015.
with the Company or familial relations with other 2. Analyzed and evaluated the Companys monthly
members of Commissioners and Board of Directors. The performance reports, and convened meetings
SRMICs members background is diversed, including and discussions with relevant Management
strategic management, performance management, risk units to monitor the monthly performance
management, mining engineering, banking/finance and achievements towards 2015 Work and Budget
accounting. This background diversity is aimed to fulfill Plan. The Committee also presented proposals
required competency and independency in opinion or and recommendations on any necessary
recommendations. improvements.
3. Monitoring and recommendation on marketing
MEETING FREQUENCY AND ATTENDANCE strategy and distribution methods including its
The composition and meeting attendance of SRMIC impacts towards cement supply conservation and
during 2015 can be viewed on below table. maintaining market shares.
Committee Commissioners BOC BOD
SRMI % % %
Name Ad Hoc Internal Joint
Committee Attendance Attendance Attendance
Meetings Meetings Meetings
Chairman -
Mahendra Siregar 1 8% 11 100% 12 100%
(Commissioner)
Marwanto Member -
1 8% 8 73% 12 100%
Harjowiryono (Commissioner)
Member -
Wahyu Hidayat 4 33% 10 91% 12 100%
(Commissioner)
Member -
Syafrizal 11 92% 11 100% 12 100%
(Commissioner)
Member -
Yuki Indrayadi 12 100% 11 100% 12 100%
(Commissioner)
4. Monitored, evaluated and recommendation on 13. Review the proposal of Corporate Work and
corporate strategy in terms of raw material supply Budget Plan Year 2016 and itssynchronisation to
conservation, continuity of fuel supplies, especially the Corporate Long Term Plan, as well as review
coal, including marketing innovations, and cement the readiness of production units and new mills to
distribution methods. enhance the 2016 Work and Budget Plan.
5. Monthly monitoring of Capex program 14. Recommendation to the Board of Commissioners
implementation 2015. in considering the approval on the Board of
6. Recommendation to the Board of Commissioners Directors proposal regarding Concrete Business
in considering the approval towards the Board of Development Plan of Subsidiary PT SGG Prima
Directors proposal to conduct initial offer on the Beton.
acquisition target of cement company in Vietnam.
7. Recommendation to the Board of Commissioners The SRMIC periodically (minimum once a month)
in considering the approval on the Board of reports its activities and recommendations to the Board
Directors proposal related to the hand over of of Commissioners. Following are several notes from the
goods ex insurance claims. SRMIC during 2015:
8. Recommendation to the Board of Commissioners
in considering the approval on the Board of STRATEGY
Directors plan to establish Joint Venture Company 1. The necessity of sharpening the roadmap, including
of Integrated Cement Mill at Pidie Aceh. refinement of financial projection report, from all
9. Recommendation to the Board of Commissioners business clusters as stated in the Corporate Long
in considering the approval on addition of Capex Term Plan 2015-2019.
Budget 2015 for the Emission Reduction Program 2. In anticipating the oversupply trend in the market
at PT Semen Padang. of national cement industry that will remain
10. Recommendation to the Board of Commissioners continuing in 2016, specific attention need to
in considering the approval on the proposal to sell/ be considered in an effort to implement cost
release the fixed assets of heavy equipment and ex efficiency and income improvement.
operational vehicles of Gresik & Tuban. 3. Recommendation on comprehensive formulation
11. Recommendation to the Board of Commissioners and marketing strategy, by utilizing intensive
in considering the approval on the Board of synergy potential, and taking into account
Directors proposal related to the addition of the production capacity enhancement by the
Capex Budget 2015 for the expansion of JPF & BHF competitors. This is in considering the sufficiently
Coal Mill Indarung 4 and 5 at PT Semen Padang. high dynamics during 2015 in the competition of
12. Recommendation to the Board of Commissioners domestic cement market shares by local cement
in considering the approval on the Board of producers
Directors proposal regarding the changes of 4. The necessity of specific attention on the
authorized capital and paid-up capital of PT improvement of slag and cement production
Semen Gresik. facilities capability and reliability, to ensure
production levels that in line with the target of
Work and Budget Plan 2016.

5. Continue the efforts and innovations of production RISK MANAGEMENT

cost efficiency by advancing best practices at 1. The necessity of optimization of capex and
OpCos for collective implementation at holding investment funds, particularly on increasing
levels external funding due to the addition of capex and
6. Strengthen operations synergy in the efficient investment programs.
management of production allocation, Inter- 2. The necessity of management to intensively
Company Sales (ICS), and export/import that are safeguard the development plan of new mills
centralized in the Holding Company. projects within Semen Indonesia Group that in line
7. The necessity to improve the production facility with the budget and on schedules.
productivity in Semen Indonesia Group, among 3. The necessity of intensive efforts to fulfill the quality
others through production system standardization. standard of emissions from overall plant operations
8. The necessity to improve research and development within Semen Indonesia Group.
activity to enhance efficiency and competitiveness 4. The necessity to improve the effectiveness of
in energy, fuel, raw material, packaging, AFR risk management implementation that has been
(Alternative Fuel & Raw Material), environmental, developed by the Company hence to achieve
quality, products and product applications. higher maturity levels in all operating companies.
9. The necessity to strengthen distribution channel to
expand market network and penetration, among INVESTMENT
other by implementing an integrated Supply-Chain 1. The necessity to conform the investment proposals
Management (SCM) and Customer Relationship and approval procedures in relations to the
Management (CRM). establishment of the holding company, PT. Semen
10. The necessity to enhance internal capability Indonesia (Persero) Tbk.
of Semen Indonesia Group (SMIG) in offering 2. The necessity to improve the quality of planning,
complete cement solution that in line with the budget proposal disciplines, and Capex
customers needs. implementation within Semen Indonesia Group.
11. The necessity of intensive efforts to plan and 3. The necessity to evaluate post projects on the
implement non-cement business development completed Capex Strategic projects, for lesson-
that will enhance the Companys consolidated learnt in the refinement of future Strategic
income improvement. Investment Projects.
12. The necessity of HR readiness enhancement in 4. Continue the efforts to maintain and safeguard the
facing increasing competition, and in line with the implementation of new cement mills constructions
Companys future business development strategy. within Semen Indonesia Group, so as on schedules
13. The necessity to improve CSR programs with by taking into account the governance principles
accurate targets, and directly impact the
community, environment, as well as stakeholders.
BOARD OF COMMISSIONERS f. Conducting other duties from the Board of

SECRETARY (SECRETARY) Commissioners/Supervisory Board
The Board of Commissioners Secretary (Secretary) 2. In addition duties stated in the point (1), Secretary
has the administrative duties in assisting the Board of the Board of Commissioners/Supervisory Board
of Commissioners in its supervisory and advisory as as the head of secretariat, implements other duties,
well as fiduciary duties. As the head of the Board of as follows:
Commissioners Secretariat, the Secretary manages 2 c. Ensuring the compliance of the Board of
(two) Secretariat Staffs. Commissioners/Supervisory Board on the laws
and regulations, as well as implements GCG
The Secretary is assigned from the Professional fields with principles;
experience in secretariat management, administrative, d. Providing required information by the Board of
HR, regulatory/compliances, corporate communication, Commissioners/Supervisory Board periodically
and oversight management in finance/internal control, and/or at anytime upon requests;
strategic planning, as well as corporate risks, especially e. Coordinating the Committees members,
for public companies. in required to expedite the Board of
Commissioners/ Supervisory Boards duties;
DUTIES AND RESPONSIBILITIES f. As the liaison officer of the Board of
1. The Secretary duties in assisting the Board of Commissioners/Supervisory Board with other
Commissioners/Supervisory Board are as follows: party.
a. Preparing the meetings of the Board of 3. For the orderly administration and implementation
Commissioners/Supervisory Board, including of good corporate governance, the Secretariat of
briefing sheet; the Board of Commissioners/Supervisory Board
b. Preparing minutes of meetings of the Board of shall assure the proper filing of the activities
Commissioners/Supervisory Board in line with documentations as stated in point (1).
the companys articles of association; 4. In performing its duties, Secretary of the Board of
c. Administration of the Board of Commissioners/ Commissioners/Supervisory Board has the authority
Supervisory Boards documents, including to coordinate and request the information and
in and out correspondences, minutes of or statements from the executives, employees
meetings, and other documents; and or related parties with regards to the duties
d. Formulating the Board of Commissioners/ implementation and functions of the Board of
Supervisory Boards Work and Budget Plan Commissioners.
Drafts; 5. Secretary of the Board of Commissioners shall
e. Formulating the Board of Commissioners/ maintain confidentiality information, data, and
Supervisory Board Reports Drafts; documents.

Report of Duties/Activities Implementation in 2015
PIC
No Activities Output
L S
Development of Annual Commissioners activity
1 NED + Committee Annual activity plans
plans
Development of annual report (Commissioners
2 NED + Committee Annual reports
section)
Development of supervisory report for
3 NED NED Reports
submission to the GMS
Coordinated the committees management and
4 evaluation reports as the supporting organs of NED NED Materials/Meeting Materials
the Board of Commissioners
Organized the meetings/coordination with
the Board of Directors and its elements; and Meeting Agenda and Minutes of
5 BOC NED
provided opinions on topics of discussion, if Meeting
required
Provided the response on periodical reports of
the Board of Directors (quarterly, annually), as
well as at anytime that are required concerning
6 BOC NED Minutes of Meeting and Letters
corporate development, and to report the duties
implementation results to the Shareholders
timely
Updates on the Companys growth, both
7 from internal information as well as external NED NED Minutes of Meeting and Letters
information, from the media or other resources
Provided opinions and suggestions for the GMS
8 on the appointment and dismissal of the Board NED NED NR Recommendations
of Directors
Developed the supervisory annual report of the
9 NED NED Reports
Developed the Governance mechanism,
supervisory and advisory functions, in line with
10 NED NED Reports
the prevailing laws and based on the GCG
principles
CORPORATE SECRETARY Functions

Corporate Secretary is a structural position under and The Corporate Secretary holds the functions and
directly responsible to the Board of Directors. Corporate responsibilities in preparing the policies, planning
Secretary assists the Board of Directors in conducting and control of corporate communication and investor
good relations between the Company as a Issuers with relations. The functions of Corporate Secretary among
Regulators and capital market supporting institutions, others are (i) to ensure the fluency of communications
investors, public and stakeholders in general, and as between the company and stakeholders, (ii) to ensure
the information agent related to the corporate business the accessibility of information disclosures to the
environment. stakeholders that are suitable to the proper needs of

Corporate Secretary ensures the fluency of communication
between the Company and stakeholders, as well as to ascertain the
accessibility of information disclosures to the stakeholders that
are suitable to the proper needs of stakeholders.
Organization Structure and Profile
President
Director
Corporate
Secretary
Investor Corporate Corporate Secretary & Corporate

Jakarta Office
Relations Communication Archive Protocol Activity
Bureau Bureau
Bureau Bureau Bureau Bureau
In the Companys organization structure, the Corporate stakeholders and (iii) to fulfill the Companys obligations
Secretary is directly responsible to the President related to the capital market and shareholders
Director. Pursuant to POJK No. 35/POJK.04/2014 the according to prevailing rules, (iv) to foster the companys
Corporate Secretary is appointed and terminated based identity and image in order to promote better value of
on the Board of Directors decree. On 1 May 2012, the the Company, (v) manage the internal and external
stipulation to appoint Agung Wiharto as the Corporate communication media and provide direction to the
Secretary was enacted based on the Board of Directors subsidiaries in corporate communications activities.
decree No. DIR/P/0023/2012.
Profile of Agung Wiharto
Obtained Bachelors degree in Communication Studies from the University of Gadjah Mada in 1993. Joined the
Company in 1994. Served as the Head of Documentation & Information Division (1996-2001), Head of Jakarta
Representative Division (2001-2002), and Head Investor Relations Bureau (2006-2012). He then serves as the
Corporate Secretary since 2012 up to present time.

Moreover, the Corporate Secretary also has the duties

among others are (i) to control the management
Corporate Secretary
conducts four functions,
of communication strategy to build the Companys
image, (ii) to act as a representative of the Company namely as a Compliance officer,
and as the liaison officer between the Company and stakeholders relations, liaison
stakeholders in communicating the Companys activity officer/contact person and
accurately and timely, (iii) to control the disclosures of business information.
information regarding the Companys performance and
corporate actions to the capital market authority, the Duties and Responsibilities
stock exchange, investors, analysts and other capital The duties and responsibilities of Corporate Secretary
market communities, (iv) to submit the Companys are described in the Regulation of Bapepam-LK IX.I.4
Annual Reports and Financial Statements periodically regarding the establishment of Corporate Secretary
to the capital market and stock exchange authorities, and the Decree of Ministry of SOEs No. KEP-117/M-
(v) to coordinate meetings of the Board of Directors, MBU/2002 regarding the Implementation of GCG
joint meetings of the Board of Directors with Board of Practices in the State-Owned Enterprises, as well as
Commissioners, and General Meeting of Shareholders. the Regulation of Financial Services Authority No. 35/
POJK.04/2014 dated 8 December 2014 concerning the
The functions of Corporate Secretary shall be Corporate Secretary of Issuers or Public Companies.
implemented into several functions, which are:
The following are duties and responsibilities of
Compliance officer, to update and provide inputs Corporate Secretary:
to the Board of Directors regarding laws and To keep abreast of capital market development,
regulatory developments, as well as to ensure the particularly its prevailing laws and regulations;
Companys compliance to the laws and regulations To provide inputs to the Board of Directors and
Commissioners regarding compliance to capital
Stakeholders relation, to provide services to the market laws and regulations
Shareholders, Board of Commissioners, Board of To assist the Board of Directors and Commissioners
Directors, and other Stakeholders, including but in the implementation of GCG, which includes:
not limited to investors upon information related o Disclosures of information to public, as well as
to the condition according to the Articles of its availability in the Companys website;
Association and prevailing laws and regulations. o Timely submission of reports to the Financial
This function indicates the implementation of Services Authority;
transparency principle and disclosures by the o Organizing and documentation of General
Company to Stakeholders. Meeting of Shareholders;
o Organizing and documentation of the Board
Liaison officer/ contact person, to act as the of Directors and/or Commissioners meetings;
liaison officer between the Company, OJK, Stock and
Exchange and public. o Organizing the corporate orientation
program for the Board of Directors and/or
Business information, to provide information Commissioners.
regarding the actual events as the respond of To be a liaison officer between the listed companies
rumours or issues either negative or positive to the and shareholders, Financial Services Authority and
stakeholders. other stakeholders.
Corporate Secretary shall prepare periodic reports
at least once in a year regarding the implementation
of Corporate Secretary functions, to be submitted
to the Board of Directors and copied to the Board
of Commissioners.
Competency Development Duties Implementation in 2015

Pursuant to Article 7 POJK No. 35/POJK.04/2014 in The activities implementation include managing
order to improve knowledge and understanding in Investor relations, public relations, and internal
its duties implementation, the Corporate Secretary relations, managing internal data, provide inputs to
participates in the workshops and/or trainings. To the Companys Board of Directors to comply with the
that end, the Corporate Secretary has participated in Capital Market Laws and its application, including the
following Trainings/Workshops/Seminars: implementation of Governance in the Company.
1. Markplus Conference 2015 As the liaison officer of the Company with the capital
2. 17th Asia Cement Trade Summit market communities and other external parties, the
3. Economic, Leadership, and HR Workshop Company has formed the Investor Relations Bureau
4. Semen Indonesia Global Leadership Development under the Corporate Secretary, which are responsible to
Program ensure the compliance of transparency aspects as one
5. Improvement GCG & Sharing Discussion Workshop of GCG principles to the capital market communities,
6. Good Corporate Governance Workshop to manage the relationship with the investors and
7. Journalistic and Media Handling Workshop bondholders, as well as other securities, analyst,
8. Indonesia Macro Economy Seminar journalist, trustee, rating agencies, Self Regulatory
9. Capital Market Regulation Dissemination Seminar Organization (SROs), and other related financial
10. Indonesian Economic Outlook: Managing Asset communities.
and Liabilities in Dynamic Markets
11. Certified Investor Relations Training To ensure the disclosures of accurate information and
12. Achieving Greatness in a Turbulent World Seminar recorded, processed, summarized, as well as reported
13. The 12th Annual Company Secretary Conference at certain terms, according to the applicable provision
of information disclosures, and as a guidance for the
Performance Realization Corporate Secretary in conducting duties, the Company
The Corporate Secretarys performance assessment is published the communication policy outlined in the GCG
based on several indicators, such as: Guidelines and External Communication Procedures.
1. Document automation and system workflow
2. Budgeting realization
3. Good Corporate Governance Index The Company strives to
harmonize the communication
4. Average of knowledge management
5. Risk management and mitigation
with the stakeholders to
6. Innovation and improvement
continuously attain positive
7. Management and follow up of news media
contribution and provide
8. Corporate image and reputation index
sustainable added value.
9. Successful corporate event
10. Shares value per share Communication and Information Disclosures
11. Incompetent employee (Semen Indonesia) In complying with the regulations and improving
12. Working climate index (Semen Indonesia) effective communication, the Company holds public
13. Monthly department performance management expose, conference calls, investor gatherings, analyst
meeting meetings, non-deal road shows, investor forums as well
14. Follow up on OFI KPKU Semen Indonesia as disseminating press releases to inform the Companys
operations progress and recent financial conditions.
Based on the performance realization assessment result, Moreover, the Company also shares the information
the Key Performance Indicators (KPI) score of Corporate to all employees through Internal Communication
Secretary in 2015 was 95%. Program. The objective is to ensure equality in
information distribution to all stakeholders.

In 2015, the Corporate Secretary has conducted commitment of the Board of Commissioners, Board of
several activities related to stakeholders, among others Directors, Top Management and administrators. The
organized two AGMS; attended every meeting of Company is highly committed to continuously enhance
the Board of Commissioners and Directors, prepared the Internal Control System according to the Clause 26
minutes of meetings, established the communication and 28 of the State-Owned Enterprises (SOEs) Ministry
with the State Ministry of SOEs, Ministry of Finance, Regulation No. PER-01/2011 (in lieu of the Decree of
State Secretary, OJK (Bapepam-LK), Self Regulatory SOEs Ministry No-KEP-11/M-MBU/2002 regarding
Organisations (IDX, KSEI, KPEI), Share Registrar, and the Implementation of Good Corporate Governance
other related institutions; organized the hearing and Practices in SOEs). The Company is determined to
business trips with DPR-RI; organized/participated implement the controlling activities in every functional
in public expose, media site visits, analyst meetings, level in the organization structure.
conferences, exhibition as well as organized press
conferences and teleconference. The effort is enacted in order for the Company to attain
adequate assurance in maintaining and securing all
Throughout 2015, the Company has submitted assets, ensuring the availability of accurate reporting, to
and announced information, consisting of material improve compliance with the prevailing regulations, to
information reported according to prevailing rules, reduce the impact of financial loss, to prevent all forms
other corporate information, and press releases. In of frauds, and violations of prudential aspects, as well as
addition, the Company also held several activities, with to increase the organization effectiveness and increase
details as in the following table. cost efficiency. The objectives of internal control and
monitoring implementation are:
Investor Relations Activity List. To ensure the compliance of all prevailing
No Activities 2015 regulations and laws in all operations activities,
1 Analyst & Investor Visit 175 including from the government, capital market
monitoring authority, as well as established internal
2 Conference 6
policies, decrees and regulations.
3 Public Expose 1 To ensure the availability of correct, comprehensive
4 Non Deal Roadshow 2 and timely financial and managerial information,
5 Letters to Regulators and Capital 34 and particularly relevant information required in
Market Supervisory decision-makings.
6 Annual Report 1 To achieve efficiency and effectiveness in the
7 Press Releases 45 Companys business, covering the utilization of
assets and other resources in order to protect the
8 Press Conference 51
Company from risk of loss.
9 Media Visit 5 To reduce the loss impacts, financial frauds and
10 Media Gathering 15 violations of prudential aspects.
Operations and Financial Control

INTERNAL CONTROL AND The Company implements operations and financial
MONITORING SYSTEM control in tiers covering all elements of the Company.
Internal Control and Monitoring System is a mechanism The internal control environment needs to be managed
of monitoring process established by the Company in a disciplined, structured, high integrity and aligned
at on going basis, in which the design quality with the employee ethics and competency.
and implementation are mostly depended on the
The Board of Commissioners implements the Financial Internal Control over Financial Reporting
and Operations Monitoring by conducting supervisory The Company has carried out internal control system on
and advisory related to adequacy and fairness process the financial statements initiated since 2010, which is
in the composition and presentation of the financial known as Internal Control over Reporting (ICoFR). In 2014,
statements, as well as risk management by taking into the ICoFR has been stipulated as the Companys internal
account the principle of prudency. In doing so, the Board control system. Aligned with its business development,
of Commissioners is assisted by Audit Committee. the Company updated the activity of internal control
related to the financial statements in 2015.
The Board of Directors implements internal control
system through the Companys policy and procedures The ICoFR update was conducted with COSO Framework
in a consistent application and in compliance with the 2013 approach, which consisted of five basic components,
prevailing laws and regulations. The systems are related namely:
to the Companys business, risk management, strategic
plans, duty delegations, authority assignments, as well
1. Control Environment
as proper accounting policy. As such, the Board of
Directors establishes an effective internal control system
to secure the Company investments and assets. A set of standards, processes and structures that
provides the basis to implement internal control in
the overall organization.
Evaluation on Internal Control and
Monitoring Effectiveness
2. Risk Assessment
The Company continuously conducts the evaluation
on effectiveness of internal control and monitoring.
Involving dynamic and interactive processes for
In ensuring the reliability of financial statements, the
risk identification and assessment toward the
Company implements Internal Control over Financial achievement of goals.
Reporting (ICoFR) Program. In addition, the Company
constantly conducts the main risks oversight and
mitigation as part of the internal control and monitoring 3. Control Activities
activity, carried out by the operating units and Internal
Several actions stipulated through policies
Audit Unit. and procedures that support in ensuring the
managements direction to reduce risk in the
The Company had carried out the assessment on achievement of goals.
effectiveness of internal control upon the financial
reporting as of 31 December 2014, applying the criteria 4. Information and Communication
established by Internal Control-Integrated Framework
published by Committee of Sponsoring Organizations Key information for every entity to implement
of the Tradeway Commissions (COSO). Based on this internal control responsibility, and continued
assessment, the Companys management concluded that communication of information.
the internal control of financial reporting of the Company
had been performed effectively. 5. Monitoring Activities
Evaluation activity (continuously, segregate and

of both combination), in order to ensure good
functions of existing internal control components.

There are three main aspects that need to be taking into account in the development of ICoFR reporting, as follows:
A. Entity Level Control (ELC)
A. Transaction Level Control (TLC)
B. Information Technology
General Control (ITGC)
The following is elaboration of each aspect:

1. Entity Level Control
Entity level update, the Company uses 17 principles that constitutes detail elaboration of internal control framework
(COSO Framework 2013).
Control Environment
Commitment by the organization on integrity and ethic values
Independency of the Board of Directors in the monitoring management and implementation
toward development and application
With the Board of Directors monitoring, the management sets out the structures, reporting
styles, responsibilities and require authority
The organization takes into account the responsible individual in IC in order to achieve the goals
Risk Assessment
The organization stipulates specific aims hence can identify and assess the objectives
The organization identifies risk related to the goals achievement in all entities and analyses risk
as the basis for further risks mitigation
The organization considers fraud potential in risk assessment
The organization identifies and assess the changes that will significantly influence internal
control system
Control Activities
The organization selects and develops control activities that contributes toward risk mitigation
up to the acceptable levels in an effort to achieve goals
The organization selects and develops control activities in general related to technology in
order to achieve goals
The organization disseminates control activities through policies and procedures in its
implementation
Information and Communication

The organization obtains and uses quality and relevant information in order to boost the
functions of IC other components
Internally, the organization communicates the information, including internal control objectives
and responsibilities in order to support the functions of IC other components
The organization communicates with external parties related to matters that influences the
functions of IC other components
Monitoring Activities
The organization selects, develops and implements the continuous and/or segregate evaluation
to ensure the existence and functionality of IC components
The organization selects, develops and implements the continuous and/or segregate evaluation
to ensure the existence and functionality of IC components
*note IC stand for Internal Control
Transactional Level Control and IT General Control Follow up on control attribute that has been mapped
Update at transactional and information technology become test material of audit activity with advanced risk
levels, includes several business process flows, which based audit conducted by the Internal Audit.
are:
Transaction level control In addition to internal control systems component, ICoFR
Income business process implementation serves as an inseparable integrated
Inventory & Production business process GRC system. To that end, the result of ICoFR update is
Expenditure business process included within the system & infrastructure that are being
Fixed Assets business process developed by the Company, namely Website Governance,
Remuneration & Personnel business process Risk & ComplianceSingle Platform (E-GRC Application).
Taxes business process Hence, internal control and risk monitoring on financial
Equity business process statements of Semen Indonesia Group and Subsidiaries
End of fiscal year & financial reporting business can be easily monitored integratedly.
process
IT General Control
Development program and change program
business process
Computer operation business process
Access control business process
The result of business process flows update indicated

several changes in the total of control attributes. The
control attributes are mapped into risk control matrix
that relates to the financial reporting, with the following
details:
Total Control Total Risks

Operating Units
Attributes High Moderate Low
Accounting and Finance Department 157 51 102 4
Procurement Department 91 14 76 1
HR Department 45 6 38 1
Sales Department 24 12 11 1
ICT Group Department 24 6 18
Distribution and Transportation Department 14 5 8 1
Quality Guaranteed, OHS & Environmental Department 9 3 6
Engineering Department 4 4
Raw Material Production Department 2 2
R&D Product Application Department 2 1 1
HR System Development Department 2 2
Group Financial Department 1 1
Internal Audit 1 1
Total 376 100 268 8


The Company had carried out the assessment on effectiveness of
internal control upon the financial reporting based on the criteria
established by Internal Control-Integrated Framework published
by the Committee of Sponsoring Organizations of the Tradeway
Commissions (COSO). As a result, the internal control of financial
reporting of the Company had been performed effectively.
INTERNAL AUDIT
Internal Audit is an Internal supervisory unit of the Company with the duty to conduct assurance as well as independent
and objective consultation, which is designed to create added value and improve the operations of the Company.
Internal Audit assists the Company to achieve its goals, through a systematic and regular approach, evaluate and
improve the effectiveness of risk management, control and progress upon the governance in the business operation of
the Company and its subsidiaries.
Internal Audit Charter

In performing its duties, Internal Audit refers to the Audit Charter that has been ratified by the President Director and
approved by Independent Commissioner as the Head of Audit Committee on 17 February 2012 that was refined on 9
June 2015. In addition to its functions as work guidelines, Internal Audit Charter also aims in strengthening the roles
and responsibilities, and the basic presence and implementation of Internal Audit duties. Thereby, the Internal Audit
Charter shall be disseminated to all employees and related parties, in order to develop mutual understanding and good
teamwork, in realizing the Companys Vision, Mission and Goals.
The following are contents of Internal Audit Charter:

No Chapter Title Content
1 Chapter I Preface Discuss the background, vision and mission, also the objectives of the charter
2 Chapter II Internal Audit Describe the definition and goals, structure and composition, authority, scope
of duties of Internal Audit, duties and responsibilities, auditors requirements, as
well as communication.
3 Chapter III Standard of As the benchmarks that shall be met by the auditors in performing audits,
Operations contains the professional classification and competency of the Internal Auditors,
internal control, Internal Audit management, implementation and monitoring of
follow up.
4 Chapter IV Code of Ethics As the disciplinary guidance for the Internal Auditors to maintain the character
and conduct, exceeding the regulatory references, and contains the auditor
standard of conducts.
5 Chapter V Synergy of As the segregation of strategic function which has to be assumed by the
Internal Audit Company as the Holding Company and operations function implemented by
Functions OpCo in accordance with the strategic holding blueprints.
6 Chapter VI Closure Stipulate the enforcement date of the charter
Internal Audit activities is part of corporate governance process, which provides assurance of the internal control system,
operations effectiveness and efficiency, compliance with the laws and regulations, and accuracy and reliability of financial
reporting, hence to be able to create added value for the Company and improve the operations of organization.
In its implementation, the Internal Audit activities are c. Shall disclose all known material facts in which
aligned with the International Professional Practices if not disclosed will disrupt the audit activity
Framework (IPPF) published by The Institute of Internal reporting.
Auditors. The harmonization of Internal Audit activities 3. Confidentiality
with IPPF is evaluated periodically by independent body a. Shall be prudent in using and protecting the
as well as by the Company. The evaluation included information obtained during the duty.
the Company and subsidiaries business activity through b. Shall not take any benefits from the obtained
Quality Assurance Review. information for personal gains or in anyway
will contradict with the laws and regulations
Auditor Code of Ethics or detrimental to the legal objectives and
In performing the functions and duties, in addition to organizations ethics.
following the Companys Code of Conduct in general, 4. Competency
Internal Audit also refers to the Auditor Code of Ethics, a. Shall only provide services based on skills,
which is stated in the Internal Audit Charter: knowledge and necessary experiences.
1. Integrity b. Shall conduct internal audit based on IPPF.
a. Shall perform duties in honesty, diligence, and c. Shall continuously enhance ability and
responsibility effectiveness as well as service quality.
b. Shall adhere by the laws and prepare disclosures
required by the stipulation of laws and Internal Audit Unit Composition
professions. To ensure its independency in organization structure,
c. Awareness to avoid involvement in any illegal Internal Audit is positioned in a level that enable the
activities, or actions that dishonor the profession unit to implement its authority independently, free
of Internal Audit or the organization. from intervention of other parties. The following is the
d. Shall contribute to the legal objectives and Internal Audits structure in the Company.
organizations ethics.
2. Objectivity Head of Internal Audit and Internal Auditors
a. Shall avoid any activities or relations that The Internal Audit Unit of the Company is led by the
may disrupt, or assumed as disruption, in an Head of Internal Audit responsible to the President
unfamiliarity assessment. This participation Director. The segregation of duties of Internal Audit is
includes activities or relations that are as follows:
contradictionary to the organizations interest.
b. Shall not accept any items that may disrupt, or
assumed as disruption to the professionality of
assessment.

Organizational Structure
Internal Audit Group
AUDIT PRESIDENT
COMMITTEE DIRECTOR
DEPARTMENT Internal audit LEGAL & RM

HEAD grOup DEPARTMENT
AUDIT
AUDIT AUDIT AUDIT
BUREAU OF
BUREAU OF BUREAU OF BUREAU OF
ACCOUNTING
COMMERCIAL ENGINEERING ITC
& FINANCE
Internal Audit
Group
Bureau Audit of
Bureau Audit of Bureau Audit of Bureau Audit of
Group Accounting &
Group Commercial Group Engineering Group ICT
Finance
2 Auditors 6 Auditors 3 Auditors
5 Auditors
The above Internal Audit structure (except ICT Audit Bureau) is also applied in PT Semen Padang (SP) and PT Semen
Tonasa (ST).
The total of internal auditors within group in 2015 is as

follows:
Chief Head of Internal Audit,
No Companies Head Auditors Total
Bureau Internal Auditors
1 PT Semen Indonesia (Persero) Tbk. 1 4 13 2 20
2 PT Semen Padang 1 3 22 0 26
3 PT Semen Tonasa 1 3 12 1 17
Total: 63
Appointment and Dismissal of Head of Internal The Company intends to improve the internal
Audit audit quality by up grading its competencies and
Head of Internal Audit is appointed and dismissed by qualifications, through professional certifications that
the President Director following the approval of the includes Professional Internal Auditor (PIA), Qualified
Board of Commissioners. As of 31 December 2015, the Internal Auditor (QIA), Certified Risk Management
Head of Internal Audit is served by Ginarko Isnubroto. (CRM), Certified Internal Auditor (CIA), Certified
Profile of Head of Internal Audit
Ginarko Isnubroto serves as Head of Internal Audit since 1 January 2015. Previously
served as GM of Group Finance Department (2014), GM of Group Finance Management
(2013), VP Office of The CEO Officer President Directorate (2013), VP Office of The
CEO Officer (2012) and VP Chief Finance Officer Finance Directorate (2011). Joined the
Company since 1992 as Trainee in Accounting.
Completed his education in Bachelor of Accounting from Airlangga University in

Ginarko Isnubroto
1992, and continued to obtained Master in Strategic Management from Gadjah Mada
University in 2012. In addition to formal education, Ginarko had also joined various
seminar and trainings, including certified trainings, to improve core competency in audit
and finance as well as other relevant areas. In 2015, Ginarko obtained certification of
Certified Risk Governance Professional (CRGP).
Certification of Audit Qualification Information System Auditor (CISA), Certified Control

As mandated in the regulation of Bapepam (now Self Assessment (CCSA), Certified Risk Governance
OJK), International Audit Standard IPPF and Internal Professional (CRGP), Certified Ethical Hacking (CEH),
Audit Charter, the Company auditors are required to EC Council Network Security Administrator (ENSA), and
continuously improve knowledge and audit skills. In this SMK3.
regards, Head of Internal Audit has been complying
by conducting the certification for auditors suitable to In 2015, several internal auditors have participated
respective areas. The following are data of Certifications in education and trainings for certifications in stages,
that has been obtained or being processed, including which consist of PIA, QIA, CRGP, CISA, and CEH
participation in workshops and seminars. certifications.

To fulfill the Internal Auditor competencies related to standards, business requirements and changes of system that
affecting the operations of the Company, continuous enhancement was applied to all Internal Auditors both in PT
Semen Indonesia (Persero) Tbk. (SI) as well as SP and ST. Hence as a group, the certifications related to the audit duties
obtained by internal auditors as of 31 December 2015 are as follows:
Certifications Total
Professional Internal Audit (PIA) 21
Qualified Internal Audit (QIA) 6
Certified Risk Management (CRM) 2
Certified Information System Audit (CISA) 2
Certified Risk Governance Professional (CRGP) 1
Certified Ethical Hacking (CEH) 1
EC Council Network Security Administrator (ENSA) 4
Besides the education for certifications in Internal Audit, the Company also strives to improve HR competency in
Auditing by participation in the workshops, seminars and conferences that are organized by external parties with topics
relevant to its duties.
HR Development of Internal Audit

The competency development of the Companys auditors has been prepared according to job group in the Internal
Audit, to meet the required competence in conducting learning intent methods, as follows:
Competency
Job Group Learning Intent
Requirement
Internal Audit Group Certifications for Internal Professional Certification for Auditor in accordance with
Head, Bureau Head, Auditor (PIA, QIA, CRM, CIA, standard from OJK/IPPF/Internal Audit Charter and job
Section Head, Team CISA, CEH, CRMA, CCSA, descriptions.
Leader CRGP, ENSA, SMK3)
Chief, Team Leader Training of Marketing Audit Update on the latest development and audit system for
Marketing
Chief, Team Leader Training of Procurement Thorough and systematic understanding regarding
Audit procurement procedures for goods and services, including the
current prevailing regulations.
Bureau Head, Chief, Training of Customs Update on prevailing customs regulations.
Team Leader Capable to act in accordance with the regulations
Capable to improve import implementation process
Chief, Team Leader Training of HR Audit Update on the latest development and audit system for HR.
Chief, Team Leader Training of Transportation Knowledge on various techniques in transportation and
Management Audit distribution management, including the audit system.
Chief, Team Leader Training of Taxation and Knowledge of taxation and latest progress of accounting.
Insurance
Bureau Head, Chief, Training of Project Audit Applying project planning, scheduling, controlling, and
Team Leader decision support concept and methodologies.
Bureau Head, Chief, Training of ICT Audit Knowledge and expert in audit process of ICT business.
Team Leader
Competency
Requirement
Bureau Head, Chief, Training of latest PSAK To improve capability and competency related to Financial
Team Leader Reporting.
To discuss accounting issues occurred in the Company and
its solutions.
Bureau Head, Chief, Training of IFRS Knowledge on the importance of IFRS implementation
Team Leader Knowledge on the scope and core concept of IFRS
Knowledge on accounting treatment in IFRS
Knowledge on reporting and disclosure concept in IFRS
Knowledge on differences between IFRS and PSAK, and
the convergence of PSAK into IFRS
Knowledge on the Financial Analysis and Interpretation in
IFRS and its comparison to PSAK
Bureau Head, Chief, Training of Enterprise Risk To expand the knowledge of ERMs effective implementation
Team Leader Management
Chief, Team Leader Training of Risk Based Audit
To expand knowledge of the internal auditors through
new paradigm and practical actions in conducting audit
To understand details of the all process of risk based audit
To implement the technique used in testing and carry out
review to the audit papers
Bureau Head, Chief, Training of COSO Updating Knowledge on the concept of internal control using
Team Leader COSO-based approach
Knowledge on how COSO concept enable improvement
the performance of audit department
Knowledge on how COSO concept refer to Sarbanes -
Oxley
To learn the application of COSO based IC
Training of ICoFR Knowledge, control and prevent misstatement in financial
statements
Knowledge on the technique of defining risk and
implement internal control into business process
Knowledge on the technique in evaluating internal control
design and operation
Knowledge on system review and test of control
Bureau Head, Chief, Training of Control Self To provide management and staffs, general comprehension
Team Leader Assessment regarding CSA and its benefits, to enable proper implementation
of CSA in the organization, and supported by staffs and
managements.
Bureau Head, Chief, Training of GRC Audit To provide description of how audit implementation process
Team Leader related to the Companys governance activity.
Bureau Head, Chief, Training of Audit on Anti To provide description of activities related to fraud, fraud
Team Leader Fraud System detection, and to design system to prevent the fraud
Bureau Head, Chief, Financial Statement Fraud Knowledge of theory and practical advice to assist in recognizing
Team Leader and cease the frauds in Financial Statements.
Chief, Team Leader Training of SAP To simplify audit process
Chief, Team Leader Training of Qlikview Tools to extract, process and present data from Oracle database

Competency
Requirement
Bureau Head, Chief, COBIT Manual of Enterprise IT Governance Implementation
Team Leader
Head of IA, Bureau National and International To provide knowledge of the latest development of auditing
Head, Chief, Team Seminar Internal Audit technique
Leader
Bureau Head, Chief, IT Forensic Audit To improve capability of IT auditor in analyze an occurrence
Team Leader during examination related to IT area
Chief, Team Leader Effective Writing To develop skill required to prepare the write-ups of an effective
audit report as the reference in managements decision making
process
Internal Audit Duties and Responsibilities

In accordance with Internal Audit Charter, the Internal Audit Duties Implementation
Internal Audit Unit was in charge to ensure the goals During 2015, audit activities were performed based on
achievement and business continuity by: Advanced Risk Based Audit, which covers Operational
Developing and implementing Annual Internal Audit, Strategic Capex Audit and Specific Audit, as
Audit Work Plan including audit and assessment follows:
on efficiency and effectiveness of finance, Operational Audit, discussion upon several issues
accounting, operations, human resource, and its follow ups has been conducted, including
procurement, marketing, information technology business process of Marketing, Inventory, Production,
and other activities. Energy, Accounting & Finance (Analytical Review
Providing advises on improvement and objective and ICoFR), HR, as well as ICT.
information on audited activities in all level of Strategic Capex Audit, a collective audit between
managements. Group Internal Audit, SP Internal Audit and ST
Monitoring, analysis and reporting on follow up of Internal Audit. During 2015, the audit has been
suggested improvements. conducted at I Indarung VI and Rembang projects.
Periodical review and/or audit of the companys Specific Audit, conducted upon the instruction of SI
financial statements. President Director with the set forth audit areas.
Implementing duty as counterpart in the
coordination with external auditors and other All follow ups upon the findings and recommendations
supervisory institutions. of Internal Auditor, which was carried out by Auditee,
Conducting analysis, assessment, will be monitored periodically by utilizing the Follow
recommendations, consultations and submission Up Monitoring of web-based application by the
of information regarding activities. Companys in-house development through Strategic ICT
Department.
Audit implementation conducted by the Internal Audit
Unit is aimed to: 2015 Audit Findings and Follow Up
a. Assisting the management in the achievement of As of the end of 2015, Internal Audit has performed
the Companys goals by conducting assessment audit examination with a total of 1.146 findings. 939 of
and impartial consultation to ensure the them had been followed up, 43 under the investigation
effectiveness of risk management, internal control process, and 164 will be investigated in 2016.
system, and corporate governance process.
b. Providing rationale, accurate and timely The completion progress of recommendation
recommendations to the management in an implemented by operating units is as follows:
effort to improve performance, performance
achievement and to prevent/avoid any irregularities
that may occur.
Number of In Progress Open

No Department Closed
Recomm.
BSC BSU TBS TT BT
1 Corporate Secretary 9 9 - - - - -
2 Department of Accounting & Finance 46 42 2 - - - 2
3 Department of Cement Production 70 58 - - - 1 11
4 Department of Center of Dynamic Learning 2 - 2 - - - -
5 Department of Clinker Production I 70 69 - - - - 1
6 Department of Clinker Production II 26 26 - - - - -
7 Dept. of Communication and General Affair 14 5 3 - - - 6
8 Department of Corporate Development 2 2 - - - - -
9 Department of CSR 194 150 16 - - - 28
10 Department of Design & Engineering 57 57 - - - - -
11 Department of Distribution & Transportation 89 44 3 - - - 42
12 Department of Energy, Material & Env. RD 12 10 2 - - - -
13 Department of Group Asset 24 24 - - - - -
14 Department of Group Finance 10 8 1 - - - 1
15 Department of HC System Development 46 30 1 - - - 15
16 Department of Human Capital 15 4 - - - - 11
17 Department of Legal & GRC 3 2 - 1 - - -
18 Department of Procurement 92 74 - - - - 18
19 Department of Product Application RD 73 73 - - - - -
20 Department of QSHE 5 5 - - - - -
21 Department of Raw Material Expansion 1 1 - - - - -
22 Department of Raw Material Production 71 69 - - - - 2
23 Department of Sales 44 23 2 - - - 19
24 Department of Strategic ICT 79 68 7 - 2 - 2
25 Department of Strategic Procurement 3 3 - - - - -
26 Department of Technical 89 83 1 - - - 5
Total 1,146 939 40 1 2 1 163
Internal Assessment Good Corporate

Governance (GCG)
Pursuant to the Minister of SOEs Regulation No. 01/ b. Review, a program to describe the follow up of
MBU/2011 concerning the Implementation of Good GCG implementation and application conducted
Corporate Governance, which stated that SOEs shall in the following year after the assessment,
conduct the GCG assessment in the form of: including evaluation on assessment results and
a. Assessment, a periodical program conducted at follow up on improvement recommendations.
every 2 (two) years to identify GCG implementation
through measurement of GCG implementation To that end in 2015 the Company through the Board
and application. of Directors Decree No. 059/KPTS/DIR/2015 established
the GCG Assessment Internal Team, with the Internal
Audit as the team leader. The objectives of internal
assessment are as follows:

a. Evaluation on the adequacy of GCG infrastructure of area of improvement and recommendation, as well
and implementation practices as dashboard design to monitor the evaluation and
b. Monitoring on GCG application consistency and follow up on recommendations.
follow up implementation on the previous period
recommendations The application serves as part of Internal Audit roadmap
c. Identification of area that requires improvement 2015, which further will be applied by SP and ST during
and refinement their internal assessment.
d. Formulation of recommendation on required
improvement/refinement CORPORATE ACCOUNTANT
Independent supervisory functions towards financial
GCG evaluation result in 2015 indicated a score of aspect of the Company IS carried out by performing
93.33% for the Company GCG or increased compared audit on the fairness of transaction records and financial
with the 2014 GCG assessment score of 91.38%. position, conducted by Public Accountant Firm. The
appointed External Independent Auditor shall not be
under the control of the Board of Commissioners, Board
The Companys GCG evaluation score trend is illustrated of Directors or other party of any interests.
in the following chart.
100
95 93.33
90
91.71 91.38
88.32 88.91
85
84.58
80
75
2009 2010 2012 2013 2014 2015
No. Scores Classifications

1 Score above 85 Excellent
2 75 < Score < 85 Good
3 60 < Score < 75 Moderate
4 50 < Score < 60 Poor
5 Score < 50 Bad
Internal assessment is carried out by using in-house The appointed independent auditor is responsible to
development GCG application. The web-based present its opinion upon the conformity of audited
application is developed with the inclusion of planning, consolidated financial statements toward the accounting
document distributions from relevant operating units, principles applicable in Indonesia.
digital document submission, score entry, formulation
Public Accountant Firm of PT Semen Indonesia

(Persero) Tbk.
Fiscal Accountant Public Accountant Contract Agreements Audit Fees Opinion
Year Firms
KAP Osman Bing 0974/ HK-06/ 50000733/
2013 Deloitte Rp3,825,000,000 Unqualified
Satrio & Eny 07.2013
KAP Osman Bing 0448/ HK-06/ 50029553/
KAP Osman Bing 0398/ HK-06/ 733010/
Corporate Accountant Firm 2015

The General Meeting of Shareholders on 16 April 2015 Assignment Periods, Duties and Honorarium
has stipulated the appointment of Public Accountant In accordance with the prevailing regulations (Republic
Firm Osman Bing Satrio & Eny, a member firm of of Indonesia Government Regulation No. 20 of 2015
Deloitte Touche Tohmatsu Limited with the licence KMK concerning Public Accountant Practices), the audit fees
No. 758/KM.1/2007, to audit and present opinion upon on historical financial information toward an entity
the Company financial statements for the year ended (including SOEs) by Public Accountant are limited for
31 December 2015. a maximum period of 5 (five) consecutive fiscal years.
The limitation is also applied for Public Accountant of
Based on the Contract 0398/HK-06/733010/06.2015 Associates Party.
dated 19 June 2015, the team from Osman Bing
Satriyo & Eny that performed audit to the Companys The assignment of Osman Bing Satrio & Eny is enacted
consolidated financial statements are as follows: for the third year in performing general audit of the
Eny Indria (Lead Engagement Partner and Signing Company financial statements.
Partner)
Xenia Ubhakti (Auditor) Based on the contract on General Audit Provision
Dahnu Teguh Adrianto (Auditor) of Consolidated Financial Statements of PT Semen
Indonesia (Persero) Tbk Fiscal Year 2015, the general
Based on the Contract 0399/HK-06/733010/06.2015 audit fees for the Consolidated Financial Statements
dated 19 June 2015, the team from Osman Bing Satriyo & amounted to Rp4.82 billion including Out of Pocket
Eny that performed the audit upon Financial Statements Expenses (OPE). Based on the contract on General Audit
of Partnership and Community Development Program Provision of Partnership and Community Development
(PKBL) are as follows: Program of PT Semen Indonesia (Persero) Tbk Fiscal Year
Eny Indria (Partner) 2015, the General Audit fees for the Partnership and
Muhammad Irfan (Partner) Community Development Program amounted to Rp721
Xenia Ubhakti (Auditor) million including OPE.
Yusuf Karim (Auditor)
Auditor Scope of Works
The appointed External Auditors have declared to Osman Bing Satrio & Eny was appointed based on the
hold independency towards the Company, and be Contract Agreement between PT Semen Indonesia
responsible to present the opinions independently (Persero) Tbk and Public Accountant Firm Osman Bing
upon the conformity of audited financial statements to Satrio & Eny No. 0398/HK-06/733010/06.2015 dated
accounting principles applicable in Indonesia. 19 June 2015 to perform audit and present opinion of
the Companys financial statements for the fiscal year
ended 31 December 2015, with scope of works as
follows:

Providing General Audit service on the Consolidated o Circular Letter of SOEs Minister No. SE-
Financial Statements of the Company and perform 433/MBU/2003 dated 16 September 2003
general audit on the Consolidated Financial concerning the Implementation Manual of
Statements of Thang Long Cement Joint Stock SOEs Partnership Program for Small Enterprises
Company (IFRS Conversion) for the completion and Community Development Program.
of consolidated financial statements of PT Semen o Other Regulations and stipulations related
Indonesia (Persero) Tbk. to recent or future implementation of SOEs
Partnership Program for Small Enterprises and
Presenting the Independent Auditor Reports on Community Development Program, as long as
the Consolidated Financial Statements of the the assignments are still in progress.
Company for the fiscal year ended 31 December
2015 in Bahasa Indonesia and English in which RISK MANAGEMENT
its form and outlines are in accordance with the IMPLEMENTATION
applicable standards of reporting. The Company is committed to implement Risk
Management sustainably in all business processes
Providing recommendations of improvement on and management of the Company in order to drive
internal control system in the form of Management achievement of the Companys goals, as well as to
Letter. increase added value for the stakeholders.
In addition, Osman Bing Satriyo & Eny was also The commitment is reflected in the Companys
appointed to perform general audit on the Partnership Integrated Governance, Risk & Compliance, which
and Community Development Program, based on the further elaborated in detail in the Risk Management
Contract Agreement between PT Semen Indonesia Policy and Risk Management Implementation
(Persero) Tbk and Public Accountant Firm Osman Bing Procedure. The Risk Management Policy is applied as
Satrio & Eny No. 0399/HK-06/733010/06.2015 dated the basis in managing risks in the Companys strategic
19 June 2015 with the following scope of works:: decision-making and operations. The Risk Management
Performing general audit on the Financial Implementation Procedure is further elaborated from
Statements of PKBL Report of PT Semen Indonesia the Risk Management Policy that provides details of the
(Persero) Tbk. for the fiscal year ended 31 December Companys risk management process.
2015, in accordance with the audit standard
specified by Indonesia Public Accountant Institute The Companys risk management process is performed
(applicable auditing standards in Indonesia). by applying risk management patterns in all Operating
Performing review on internal control system, Units or business process owners, as well as risk
including IT-based Information System used by management related to the strategic and operations
PKBL, and providing advises/recommendations of issues. A periodic evaluation and monitoring is
improvement on the internal control system in the carried out upon the implementation, to ensure risk
form of Management Letter. managements design adequacy and effectiveness.
Carrying out the commitment to apply agreed
upon procedures for PKBL by PT Semen Indonesia
Risk Management Unit
(Persero) Tbk, including the follow ups on 2014
As the realization of commitment in implementing
audit findings and implementation of certain
effective GCG, the Company has formed a Risk
aspects towards:
Management Unit that are responsible in coordinating,
o Regulation of SOEs Minister regarding State-
evaluation, and facilitating risk management activity
Owned Enterprises Partnership Program
in the Company. Those are enacted to ensure the
for Small Enterprises and Community
achievement of comprehensive, effective and efficient
Development Program.
risk management according to the Companys plan. The
Risk Management Unit also has the functions as:
- Coordinator of the corporate risk management and CODE OF CONDUCT

operational risk management, that holds significant As the realization of its commitment in implementing
impacts to the Company. business activities to create a long term Corporate
- Facilitate the implementation of risk management Value, the Company has formulated and stipulated
in the Company. Code of Conduct for all Companys employees, which
- Integrate cross-function risk management consists of Business Ethics and Conduct Ethics.
implementation.
- Provide advice to Head of Operating Unit as risk The Code of Conduct is developed as the foundation
owner regarding risk management implementation to influence, to form, to regulate and to perform the
in respective unit. conformity of conduct based on the principles of ethical
- Report and communicate the implementation of risk sensibility, ethical reasoning, and ethical conduct, hence
management to the Board of Directors periodically. to achieve consistent output suitable to corporate
- Assurance of effective and consistent risk working culture in achieving its vision and mission.
management implementation.
Risk Management Unit Structure
Risk Sponsor
Risk Coordinator Risk Control/Audit Corporate Risk Manager
Risk Officer Risk Manager
Risk Owner
The above structure describes the manifestation of The code is developed with the aim to:
Risk Management in the entire process and activities To provide practical guidance to all employees of
of the Company. As such, the Risk Management Unit the Company, Subsidiaries, and Affiliates as well
constantly coordinates with respective Operating Units as other Stakeholders, which has to be applied in
as risk owner (Risk Coordinator) and Internal Audit (Risk daily interaction with all parties, and to become a
Control/Audit). foundation of mind set in decision-making process.
Please refer to Chapter Risks and Risk Management

page 166-177 for more complete description.

As the standard of best conduct for all employees of Board of Commissioners, Board of Directors and
the Company, based on GCG principles to promote Employees
the creation of expected corporate culture, which o Provide guidelines and directions for the
directly or indirectly will increase the corporate Board of Commissioners, Board of Directors
value. and Employees regarding the proper and
As a means to develop the character of employees required, as well as prohibited conducts in the
that are responsible and ethical in engaging with Company.
other employees or with external parties. o Create working environment that highly
As a means to create sound and favourable upholds moral and ethic values, hence to
working environments and to minimize possibility enhance performance and productivity of the
of breaches. Board of Commissioners, Board of Directors,
As a means to create harmony, synergy and mutual and Employees
benefits between stakeholders and the Company. Partners
As one of the management manual and To create harmonious relationship by placing as
enhancement of Corporate Value that eventually strategic partners in engaging cooperation more
will increase the Companys image. effectively and efficiently based on professionalism,
transparency and fairness.
Whilst the objectives are: Public and other Related Parties
Shareholders To create harmonious, synergic and mutually
To enhance confidence and assurance to the beneficial relationship with the Company, which
shareholders on the efficient, transparent, eventually will create socio-economy welfare for
accountable and fair management of the Company the community and other related parties.
in line with GCG principles in order to achieve
profitability as expected by Shareholders while The Companys code of conduct regulates the
taking into account the interests of the Company responsibility of the Company, individuals, or other
and other Stakeholders parties engaging with the Company, as follows:
Company Business Ethics, which elaborates the Company
o Drive the Companys business activity to be standing as a business entity in engaging behaviors,
more efficient and effective by taking into ethics and conducts in its efforts to balance the
account the standard of business ethics with interests of the Company with stakeholders in
customers, community, government, and accordance with GCG principles.
other Stakeholders. Personal Ethics, which describes the Companys
o Develop working environment of the Company employees in engaging, behaviors, ethics and
to promote professionalism and productivity. conducts in accordance with the prevailing
o Provide assurance and protection for the principles and regulations.
stakeholders in engaging with the Company,
to increase the corporate value, which Business Ethics
guarantee the success and long term business The Companys business ethics describes the Company
sustainability. standing as a business entity in engaging behaviors,
ethics and conducts in its efforts to engage Relations
with the stakeholders, in order to balance mutual
interests in accordance with GCG principles and sound
corporate values.
The following are specifics of Business Ethics: Customers Relations

Shareholders Relations o The Company strives to be the best
The Company has the commitment to continuously preferences for its customers. The Company
respect and assure that the Shareholders rights, prioritizes Customers satisfaction and trust,
in accordance with the Companys Articles of which is done by engaging excellent relations
Association, GMS stipulations as well as other and services, quality and innovative solutions
prevailing regulations, are properly fulfilled in a to the Customers.
transparent, fair, timely and efficient manners. o The Company directly interacts with the
Customers so as to obtain Customers
Employees Relations requirements and to further provide services
o The Company places Employees as significant according to the Customers needs.
and valuable assets. To that end, the Company
provides good and secure working conditions, Competitors Relations
protects from any possibility of harm to health The Company views and places competitors as
and safety, entitles the Employees to conduct a driver for self-improvement, hence able to
association in accordance with the prevailing compete in business competition. The Company
regulations. highly upholds business ethics and sound and fair
competition with the competitors.
o The Company implements human resource
management system based on the values Suppliers Relations
of transparency, fairness and free from bias The Company strives to maintain relations and
due to differences in ethnicities, origins, cooperation with the vendors/partners, which
genders, religion and origin of births as founded upon professionalism, equality, trust
well as matters that are not related to the and respect. The Company conducts proper
Employees performance. The policy and communication with the vendors including follows
procedures of human resource management up on complains and objections. Honest and
such as recruitment, promotion, demotion, effective communication is carried out to maintain
mutation or rewards and punishment, as well confidentiality of data and information.
as workshops and trainings will be consistently
carried out based on prevailing rules. Creditors Relations
The Company fosters the relations with creditors,
o The Company is committed to provide which founded upon commitment, trust, honesty,
indiscriminative working environment, free respect, as well as provision of equal opportunity
from any harassments, as well as ensuring free for the creditors. The Company strives to maintain
of action or threat of violence in the workplace. reputation in the disbursement of funds from the
The employees engage in acts of threats and Creditors.
violence will be subjected to disciplinary action
and even lawsuits. Investors Relations
Investors trust is embedded into the Companys
o In conformity, the Company also expects goals achievement. On investors relations,
every Employees participation and active roles the Company prioritizes business interests and
to enhance productivity through dynamic, enhancement of added value for the Company.
harmonious and balanced relations between
the Company and Employees.

Business Partners Relations Subsidiaries Relations

The Company carries out professional, equal In Subsidiaries relations, the Company takes into
and mutually benefit relations with the business account GCG principles and in compliance with
partners and prospective business partners. the prevailing laws and regulations. The Company
strives to foster good relations with the Subsidiaries
Government Relations to develop synergy and enhance the Companys
o The Company has the commitment to develop image within its group.
and maintain good relations and effective
communication with Central and Regional Personal Ethics
Governments. The Company upholds moral The Personal Ethics describes the Companys employees
and ethical business principles by adhering in engaging, behaving, ethics and conducts in accordance
to and in compliance with business rules and with the prevailing principles and regulations.
is committed to comply with the prevailing
laws and regulations. Every relation with The Companys Personal Ethics underlined the required
Government officials will be maintained in an points to be implemented by Employees, which are:
arms-length nature and to avoid any colluding (a) Integrity and Commitment; (b) Work Relations,
or manipulations. which related to Work Environment that are Free from
Discrimination, Harassment, immoral misconduct,
o The Company strives to engage in positive Threats and Violence; Teamwork between Employees;
business impacts and has both direct and and Supervisors and Administrators; (c) Compliance
indirectly added values toward economic with Laws and Regulations; (d) Conflict of Interest and
growth. The Company will continuously Position Misconduct; (e) Fair Working Opportunity; (f)
support the Government programs with the Confidentiality of Data and Information and Policy of
principle of mutual benefit. Information Disclosures; (g) Intellectual Property Rights;
(h) Use of Electronic Communication; (i) Insider Trading;
Public Relations (j) Gratification; (k) Donation; (l) Bribes; (m) Political
o The Company has the commitment to Activity; (n) Protection and Use of Companys Assets; (o)
continuously pay attention on the communitys Occupational Health, Safety and Environment (HSE); (p)
condition wherever the Company operates. Data Filing, Reporting and Documentation; (q) Misuse of
Good relations and community development Narcotics, Drugs, Alcohol and Gambling; (r) Companys
serves as the main foundation for the Image.
Companys long term achievement.
o The Company strives to maintain and enhance

The Companys Code of
Conduct is manifested through
harmonious relations with the surrounding
communities. The Company continuously the Signing of Compliance
avoids discriminations to the community in Statement, Conflict of Interest
terms of ethnic, religion, race and sectarian. and Shares Ownership, as well
as Partnership Commitment
Mass Media Relations Statement.
The Company considers mass media as the partner
in the disclosure of information and promotion in
order to enhance positive image. The Company
strives to foster good and proactive relations so as
to disseminate the roles, policies and performances
of the Company.
Code of Conduct Statement of Compliance GRATIFICATION CONTROL

To develop compliance culture in all levels of To support efforts in eradicating corruption within
organization, the Company disseminates the Statement Semen Indonesias environment, the Company is
of Compliance for all employees that shall be signed. The committed to implement gratification control with the
application of ethics value become part of compliance following principles:
to GCG implementation. Basic Principles:
- Shall not offer and give bribes, gratification in
The Company required all Organs, Employees, any forms to other parties or any interested
Subsidiaries, and Affiliates, including other Stakeholders, parties to obtain various forms of benefits or
to understand and comply the Code of Conduct, GCG facilities as prohibited by the prevailing laws.
Manual, Articles of Association, as well as prevailing - Shall not ask or accept bribes, gratification
Laws and regulations, particularly related to respective in any forms from other parties or interested
duty and responsibility. parties related to its main duties and functions
as prohibited by the prevailing laws.
Code of Conduct Socialization and - Responsible to avoid and conduct prevention
Internalization towards corruption within the Companys
The Company is committed to implement the Code of environment, by improving integrity, control
Conduct socialization, internalisation, and monitoring to and system enhancement in each respective
all employees and executives including external parties, duty and function.
with the aim of understanding and comprehension by
every individual in implementing the codes. Implement and enforce the gratification control
function in the Group
The socialization is coordinated by the Corporate Prepare necessary budget and resources for the
Secretary, Legal & GRC Department, and Internal Audit. implementation of gratification control
The effectiveness of socialization is taking into account With KPK (Corruption Eradication Committee), will
the following: maintain the confidentiality of whistleblowing to
Socialization to all Employees of the Company, any party, except if required based on the prevailing
Customers, and Partners and periodical updating. laws and regulations.
Every Employee of the Company receives one
copy of Code of Conduct, and sign the form of As its commitment in realizing gratification control, the
commitment statement to comply and implement Company has signed the Commitment Statement on 3
the Code of Conduct. December 2013, by President Director of the Company
Evaluation on achievement or comprehension of and Chairman of KPK. Todate, the Company has finalized
Code of Conduct to Employees of the Company, the stage of Gratification Control implementation,
during orientation period and tenures. namely Development of Gratification Control Manual
Periodic review on Code of Conduct, for further stipulated by the Board of Directors Decree No. 031/
enhancement and if necessary can be further KPTS/Dir/2015, Training of Trainer by KPK, and formation
described in the companys policies and regulations. of Gratification Control Unit, tasked to take the role
as Gratification Control Unit based on the Board of
Directors Decree No. 061/Kpts/Dir/2014. The Company
also socialized Gratification Control Program through
internal media, national media, and announcement
letter to employees and Partners.

The objectives of Gratification Control are to provide o The Company, Employees and or members
direction and guidance for the Employees regarding of their main family are PROHIBITED in giving
gratification; the importance of reporting gratification to bribes (money, goods, services or any other
prevent violation and accusation of bribery to themselves forms) as the rewards to any party that may
and family; as well as to develop awareness and control influence the decision making in which are
in handling the gratification, to uphold transparency against the regulations.
and accountability in managing the operations and daily o The Company MAY give regular gifts/souvenirs
business activity. at the Company expense, with the following
conditions:
Gratification Control Policy: - Supporting interests of the Company
Refusal to Gratification - Unintentionally to bribe
Employees and or their main family members are - Include in the Companys budget
OBLIGED TO DECLINE politely to any first chance - The gifts/souvenirs shall show logo/name
of offers on gifts or souvenirs and entertainments, of the provider
and to immediately report to GCU Semen Indonesia
Throughout 2015, the Company has reported 9 items
Acceptance of Gratification suspected as gratification to KPK. The verification results
o Employees and or their main family members indicated that 7 items gratification were considered as
are PROHIBITED to accept gifts in any forms, bribe, with 1 settlement has been submitted to KPK to
which are intended to influence the decision become states property, and 6 items gratification were
making that will violates the regulations and damaged and submitted to the Orphanage Foundation
or create irregularities. Exclusion for this point by Gratification Control Team. Meanwhile 2 items
is to accept promotion items that show the gratification were not considered a bribe and has been
Companys logo or name of the providers. informed as a belonging of the whistleblower.
o The Company, Employees and or members of
their main family are PROHIBITED to accept CORPORATE CULTURE
bribes (money, goods, services or in other As part of business development and actualization of
forms) as rewards from any party that may the vision, since 2011 the Company has introduced the
influence the decision making in which are new culture formulated from the cultural values, which
against the regulations. are developed and assured, will bring strength into
all elements to collectively innovate and improve the
Provision of Gratification performance. The establishment process of corporate
o Employees are PROHIBITED to give or culture was initiated from the awareness of tools to
offer anything, directly or indirectly, to the synergize the companies under the Group, namely
government officials and or individual that Semen Padang and Semen Tonasa, by formulating
represents business representatives, which will the universal corporate culture and to accommodate
influence the decision-making. the employees aspirations. With the establishment
of universal corporate culture and in accommodating
employees aspirations, the culture is embodied and
applied in daily activity and had become accelerator of
the Companys performance growth, in order to achieve
vision of becoming leading cement corporation in South
East Asia.
The Corporate Culture becomes the means (software) The effective Whistleblowing System will foster
of all corporate management, which is developed from participation of employees and stakeholders to
the philosophy and values as guidance and belief of all courageously act in preventing violations by reporting
employees in performing duties. it to the party in charge. This meant for the expectation
of Whistleblowing System in changing the silence
The Corporate Culture is formulated in an acronym of culture towards honesty and transparency culture.
CHAMPS that consists of cultural values, as follows: Through Whistleblowing System, strong perceptions
will emanate that for any violators, the violations can be
C ompete With a Clear & Synergized Vision detected and reported. As such, the implementation of
H ave a High Spirit for Continuous Learning firm and consistent Whistleblowing System will create
A ct with High Accountability the excellent performance of Companys employees,
M eet Customer Expectation compliance with the laws, clean and upholding high
P erform ethically with high Integrity ethics.
S trengthening Teamwork
Objectives
CHAMPS is a fraction of CHAMPION which The goals and application of Whistleblowing System
meant winner. Letter S at the end of CHAMPS (WBS) are to manage and follow up any violations as
indicates a plural or more than one winners, which part of GCG implementation in operations level.
are the employees of the Group. The cultural values
are actualized into key behaviours. Redefinition of The targets of WBS application, among others are:
Corporate Culture is part of the efforts to improve Creating conducive environment and fostering the
readiness of the Companys elements in realizing long reporting on matters that may trigger financial and
term plans and seizing opportunity of business growth. non-financial losses, including matters that can
impair the organization image;
WHISTLEBLOWING SYSTEM Facilitating the management to effectively handling
To improve the quality of transparency, accountability the whistleblowing and at the same time to protect
and fairness in GCG best practices, the Company the confidentiality of the whistleblowers, and to
consistently disseminates and enforces Whistleblowing maintain the information into specific record that
System as the entity level control. Pursuant to ensures its safety;
article 27 of SOEs Minister Regulation No. PER-01/ Developing policy and infrastructure to protect the
MBU/2011 concerning the Implementation of Good whistleblowers from internal or external parties
Corporate Governance and the Holding Transformation avenges;
program as well to enhance best implementation Reducing the losses due to the violations through
of corporate governance, the Company has refined early detection;
the whistleblowing system mechanisms among Improving the corporate reputations.
others refinement of Whistleblowing System Manual,
establishment of Whistleblowing System Executives Whistleblowing System Organization
Team (TP3), formation of Investigation Team, and The Board of Directors is responsible to implement
formation of Sub Investigation Team in Subsidiaries. whistleblowing system in the Company, and the
The Whistleblowing System Manual ratified through Board of Commissioners is responsible to supervise its
the Decree signed by the President Commissioner implementation. The Board of Directors and Board of
and President Director was designed to accept, review Commissioners have established the whistleblowing
and follow up all complaints, claims and reporting system organization. The organization is centralistic
from internal and external parties by maintaining the covering the whistleblowing in the Company and
whistleblowers confidentiality. Subsidiaries.

The whistleblowing system organization consists of four Board of Directors, with main duty:
main elements, which are: o On selection, confirmation (from the
Whistleblowing Executives Team (TP3), has the category aspects of violations types, the party
duties to: responsible, and its documentations) and
o Accept, register and grouping the verification, as well as taking the decision on
whistleblowing based on the suspect category. the reports for follow up or filing. This duty is
o Implement whistleblower protection program conducted for violations by Employees.
in line with the established policy, including to o The Board of Directors has the authority to
maintain confidentiality of whistleblower and assign the investigation team to investigate the
suspect (the presumption of innocence). violations occurred by the Subsidiaries Board
o Maintain regular communication with the of Commissioners, Directors, and Employees.
Whistleblower.
o Submit the activity report once in 6 month to Types of Whistleblowing
the Board of Commissioners. The Company has classified the whistleblowing in three
Investigation Team consists of Internal Investigation types, with varying methods in handlings, which are:
Team, External Investigation Team, and Subsidiary Category I (Corruption and Economics Crime):
Investigation Team. Category 2 (Crimes related to Common Crime):
The overall duties are conducting further Category 3 (Company Policy related Violations):
investigations on the reported violations substances
with the aims to seek and compile evidences The Company guarantees the confidentiality of the
required to ensure the indication of violations. whistleblowers identity, however upon reports
Board of Commissioners, with main duties: verification or investigation by the authorities the
o On selection, confirmation (from the category disclosure will be required. The Company will reward
aspects of violations types, the party responsible, appropriately for the reports that are proven true and
and its documentations) and verification, as the whistleblowers are free from the involvement in the
well as taking the decision on the reports for cases.
follow up or filing. This duty is conducted
for violations by Members of the Board of Whistleblowers Protection
Commissioners, Directors and Supporting The Company is committed to implement whistleblower
Organs of the Board of Commissioners. protection for the whistleblowers with good intentions,
o For any violations to be followed up, the Board and the Company will be in compliance with relevant
of Commissioners will: laws and regulations, including applicable best practices
- Assign the Investigation Team to in the implementation of whistleblowing system.
investigate the violations occurred by
Members of the Board of Commissioners The employees as whistleblowers with good intentions
(individual), Directors and Supporting; or will be protected from the acts of termination, demotion
- Recommendation to the Board of Directors or reduction of promotion, harassment or discrimination
(as the Shareholders of Subsidiaries) to in all its forms, and records that disadvantage the
follow up the investigation process, if the personal data files.
violations occurred by the Subsidiaries
Board of Commissioners and Directors.
Anonymous submission of whistleblowing will still be Telephone : (031) 3981732 ext 3132 and/or 3026
accepted by the executives team, with the note of PO Box : Box 5000
difficulty in clarifications, the reports will be followed up Email :semenindonesiabersih@semenindonesia.com
in line with the existing procedures. Letter : Whistleblowing Executives Team (TP3)
The Company set outs the sanctions on misuse of Jl.Veteran, Gresik 61122
WBS, and firmly establishes that all parties (internal or
external) forwarding defamation or false reports will The whistleblowing procedures and handling are
be given sanctions including legal proceedings and are carried out according to the mechanismsestablishedin
not authorized for any guarantee of confidentiality nor the manual, namely mechanism of whistleblowing
whistleblower protections. management process that are allegedly done by:
i) Employees of the Company.
Whistleblowing Cases and Handling ii) Board of Directors, Members of the Board
Development of Commissioners (Individual) and Board of
Throughout 2015, 7 cases have been reported Commissioners Supporting Organs
through WBS mechanisms, 5 cases through email iii) Board of Commissioners
semenindonesiabersih@semenindonesia.com, and 2 iv) Board of Directors and Board of Commissioners of
cases through Letter addressed to the TP3 Team. The Subsidiaries
handling results of 7 cases as of the end of 2015 were 6 v) Employees of the Subsidiaries
cases has been completed and closed, and 1 case is still vi) Whistleblowing related to accounting process and
under progress of settlement. financial reporting of Issuers or Public Companies
Reporting Category and Information:
Description Total Information

Total Whistleblowing 7 Accepted whistleblowing
Meeting the requirements 5 Accepted for follow up
2 Not accepted for follow up
Whistleblowing Category 2 Category 1 Corruption & Economics Crimes
5 Other categories excluded of crimes related to common
crime and company policy related violations
Settlement Progress 6 Have been completed
1 In settlement process
Whistleblowing System Procedures

The procedures of whistleblowing submission and
handling are stated in the WBS Manual, completed with
the reporting schemes according to reported allegations.
Whistleblowing reporting can be implemented through
the following channels:

The following are mechanisms of whistleblowing

management process.
Reporting Scheme of Whistleblowing Managements Reporting Scheme of Whistleblowing Managements

alleged by the Board of Commissioners (Board) of PTSI alleged by the Board of Commissioners (Board) of PTSI
Reporting Channels Reporting Channels
(031) 398 1732 (031) 398 1732

www.semenindonesia.com/ www.semenindonesia.com/
ext. 3132 or 3028 Box 5000 ext. 3132 or 3028 Box 5000
whistleblowing whistleblowing
or 5027 or 5027t
Corporate Corporate Corporate Corporate

Whistleblowing Executives Team Whistleblowing Executives Team
Secretary Secretary Secretary Secretary
(TP3) (BOCs Secretary. CorpSec, (TP3) (BOCs Secretary. CorpSec,
(Member of (Member of (Member of (Member of
Legal & GRC) Legal & GRC)
TP3) TP3) TP3) TP3)
No follow
Shareholders up
(Majority) TP3 Archive Follow up
Yes
Investigation Team
Coordination of investigations
Board of
with institutions and authorities in
Commissioners
accordance with the prevailing laws
and regulations
Met the indications of
crimes and violations
Category Violations Category 2 Violations Category 3 Violations
Follow ups by Laws

and Regulations or
KPK/Police/Attorney Police/Attorney
Shareholders Policy
Follow Ups by Laws and Follow Ups by Authority

Regulations and Procedures
SCHEME OF WHISTLEBLOWING MANAGEMENT PROCESS RELATED TO Reporting Scheme of Whistleblowing Managements

ACCOUNTING PROCESS AND FINANCIAL REPORTING OF ISSUERS OR PUBLIC alleged by PTSI Subsidiaries Board of Directors and
COMPANIES Board of Commissioners
Reporting Channels Reporting Channels
(031) 398 1732 (031) 398 1732

www.semenindonesia.com/ www.semenindonesia.com/
ext. 3132 or 3028 Box 5000 ext. 3132 or 3028 Box 5000
whistleblowing whistleblowing
or 5027 or 5027
Corporate Whistleblowing Executives Team Corporate Corporate Whistleblowing Executives Team Corporate
Secretary (TP3) (BOCs Secretary. CorpSec, Secretary Secretary (TP3) (BOCs Secretary. CorpSec, Secretary
(Member of TP3) Legal & GRC) (Member of TP3) (Member of TP3) Legal & GRC) (Member of TP3)
Board of Commissioners Board of Commissioners

PTSI
Audit Committee
No
TP3 Archive Followed up
No
TP3 Archive Followed up Yes
Yes
Board of Directors PT SI
as shareholders
Investigation Team Does not meet
the indications
of crimes and
violations External Investigation
Audit Committee
Team
Board of Directors PT SI
as shareholders
Board of Directors
Category 1 Violations Category 2 Violations Category 3 Violations
Category 1 Violations Category 2 Violations Category 3 Violations
Follow Ups by Laws and Follow Ups by Authority Follow Ups by Laws and Follow Ups by Authority
Regulations and Procedures Regulations and Procedures

OFFICE OF THE CEO (OOTC) Developing the Companys capability in

Office of the CEO (OOTC) is a specific team assigned as achieving transparency of inter-corporation in
the think tank for the President Director, which covered the business group.
3 (three) areas, namely: Monitoring the operations progress towards
performance targets.
Vision & Strategy Reviewing and providing inputs on the
Assisting the President Director to stipulate Companys main risks management and
the Companys vision and mission, as well as mitigation.
formulating comprehensive business strategy and Managing and developing the knowledge
development. In this area, the team is assigned for: management for mutual progress.
Providing inputs in re-analyzing and stipulating
the Companys Vision and Mission Special Projects
With the Division/Department Heads, Assisting the President Director to supervise the
identifying the corporate issues and strategic, corporate strategic projects, formulating the
business opportunities and strategic progress summary of initiatives/strategic projects,
development with the bottom up approach. and enacting risks mitigation on the projects. The
Developing strategic ideas and agenda, roles include:
covering: Ensuring the comprehension of all parties on
o Consideration of supporting data and the strategic initiatives, covering:
facts in analyzing and responding to the o Strategic values, objectives, targets,
strategic issues. scopes, persons in charge, resources
o Analyzing and stipulating the priority including teamwork.
of strategic plan implementation in line o Determining performance measurement
with the resources allocation (capital, that shall be met and supervised.
competency), strategic benefits and o Identification of potential risks and its
advantages. mitigations.
o Analyzing and developing long term plan Monitoring - Supervision on strategic
and five year Strategic Plan in harmony initiatives, covering:
with the business environment movement. o Monitoring the performance
Analyzing and providing measurement of strategic initiatives.
recommendation on business o Reviewing and supervising the strategic
opportunities periodically by initiatives performance, namely its main
engaging functional executives. activities and its critical measures.
Evaluating the Companys strategic Execution - Risk mitigation of small or medium
issues. scales, conducted with project management
team, prior to the risks movement. This
Performance Improvement includes assistance and facilitation of project
Assisting the President Director to establish executors in the management of inter-
performance achievement measurement in line functions strategic initiatives.
with the Companys targets, and monitoring as Providing brief reports on the strategic
well as providing recommendation on operations initiatives progress, covering:
performance improvement. The activities are: o Performance panel design from the
Supervising management mechanism to strategic initiatives progress
ensure transparency and monitoring the o Comprehensive performance panel
operations activity by comparison of strategic design from the strategic initiatives
target achievements. progress.
Formulation of corporate performance
achievement measurement to achieve OOTC strives to ensure the development directives, KPI
optimum results. and strategic project implementation in line with the
programs set out in the Corporate Work and Budget
Plan.
GOVERNANCE THAT REQUIRES

NOTICE Employee Satisfaction IK Survey was not yet
Pursuant to the Government Regulation 1/MBU/2011 included in the Semen Indonesia Management
concerning the Implementation of GCG that the System. Follow up plan of employee satisfaction
Independent Party Assessment is carried out once survey result 2016 is not yet available.
in 2 years, thus the Company did not conducted the Vacant positions remain available and employee
independent party assessment in 2015, however self development program settlement remains
assessment was carried out by internal party that unresolved.
achieved a score of 93.4. There are several matters that The Company has not yet relating the code of
require attention in the governance, hence to prevent conduct implementation as the basis of providing
bad corporate governance. reward and punishment for employees.
Several conditions that requires immediate attention The required Guidelines and SOP are not yet developed
and indications on area of improvements to achieve or including its adjustment with the Holding Company
closely towards best practices, among others are: Blue Print that has been formulated.
In 2015 the Company did not implemented
the policy on State Officials Assets Reporting Following the assessment results that noticed the
Compliance in accordance with SKD No. 012/ weaknesses for area of improvements, the Company
Kpts/Dir/2014 dated 24 March 2014. has implemented the follow up as priorities of
The Company has not yet published the improvements.
gratification control policy/mechanism to the
stakeholders through media such as website, CORPORATE LITIGATION
magazines and others. The Company and subsidiaries are facing 6 (six) lawsuits
The performance assessment system of the Board with the following case summary and development.
of Commissioners and Directors is available, Meanwhile, the detailed principal cases, and its
however it is not yet consistently stipulated and developments can be viewed on the Notes 48.4. Other
implemented. Significant Information from the Audited Consolidated
The document of Fit and Proper Test for 3 Financial Statements of the Company year 2015.
candidacy of the Board of Directors conducted by
PT DDI is not yet submitted by the Shareholders.
The Board of Commissioners has reported shares
ownership in the Company, however has not yet
reported the stakes in other companies.

No Principal Cases and Latest Developments Financial Impacts

1 On 24 October 2008, Semen Padang (SP) filed the Lawsuit No. 99/Pdt.G/2008/PN.PDG No impacts, SP has prepared
in Padang District Court, on the failures of PT Berkala International (PT BI) to meet its the Provision of Rp23.76
obligations (default) to deliver coals in line with the Sale and Purchase Agreement set out in billion
2008 by SP with PT BI.
In its filing submitted to the Padang District Court, SP pleads three points:
- Annulment of coals sale and purchase agreement between SP and PT BI.
- Prohibition in disbursing / claiming / accepting / debiting the SPs account through
Domestic Letter of Credit (Prime Lending Rate) on related sale and purchase
agreement transactions by Bank Mandiri, PT BI, PT Eksplorasi Mantap Indonesia (as the
beneficiary), PT Maybank Indocorp (as the correspondence bank - Maybank).
On 17 April 2009, PN Padang issued a ruling that granted the Provision and lawsuit of SP as
follows:
- Prohibits PT BI, Bank Mandri, PT Eksplorasi Mantap Indonesia, Maybank Indocorp or
any other parties and its proxies in disbursing / claiming / accepting / debiting the SPs
account or other accounts in Bank Mandiri.
- Cancelled the coal Sale and Purchase Agreement between SP with PT BI including all
legal consequences.
- Declared void of Prime Lending Rate issued for the Coal Sale and Purchase Agreement.
On the verdict of PN Padang dated 17 April 2009, Bank Mandiri and Maybank appealed to
the High Court of West Sumatra, and issued a decision on 27 January 2010, which upheld the
verdict of PN Padang dated 17 April 2009.
Further on the High Courts verdict, Bank Mandiri and Maybank Indocorp filed its objections to
the Supreme Court. On 20 May 2010, the Supreme Court endorsed the Cassation ruling No.
217K/PDT/2011 which granted the SPs pleads, and rejected the Cassation of Bank Mandiri
and Maybank Indocorp.
Following the Cassation ruling of the Supreme Court, Bank Mandiri filed the Reconsideration
(PK) to the Supreme Court.
On 14 March 2013, the Supreme Court of PK level issued the verdict No. 527/PK/Pdt/2012
which cancels all previous verdicts and granted part of SP pleads, among others:
- Stating that PT BI and PT PT Eksplorasi Mantap Indonesia has been in default.
- Cancelled the Coal Sale and Purchase Agreement between SP with PT BI.
- Enforcing the issued Prime Lending Rate for the Coal Sale and Purchase Agreement
between SP with PT BI.
On 30 January 2014, on the permanent legal verdicts SP has made a payment of Rp25,903,089.
Recent case developments

On 4 November 2014, Central Jakarta District Court issued a ruling on a lawsuit filed by SP,
as follows:
- Declared that PT BI and PT Eksplorasi Mantap Indonesia acted against the law
(onrechtmatigdaad) as stipulated in article 1365 of the Civil Code.
- Stipulated that PT BI and PT Eksplorasi Mantap International to indemnify SP in joint
responsibility of Rp26,050,404 in cash and collectively.
Further on the verdict of Central Jakarta District Court, PT BI and PT Eksplorasi Mantap has
appealed on 17 November 2014, but until the reporting date, the appeals document has not
been submitted to the High Court.

2 On 1 September 2014, WALHI and Joko Priyanto and 6 rembang communities filed a lawsuit No material financial impacts
against the state administrative on the Cement Factory Establishment Environmental Permit
No. 660/177 dated 7 June 2012 of PT Semen Indonesia (Persero) Tbk., which was issued by
the Governor of Central Java.
On 16 April 2015 the State Administrative of Semarang has published the Ruling No. 064,
which stated that the Lawsuit was not accepted (Niet onvankelijk verklaard) due to expiration
date of the lawsuit proposal.
On the verdict of Semarang State Administrative, the Plaintiff appealed to the High Court
of Surabaya. On 3 November 2015, Surabaya High Court issued a decision on Case No. 135
which primarily upheld the verdict of Semarang State Administrative.
By the completion of this consolidated financial statements, the Plaintiff did not filed a
cassation to the Supreme Court hence the Company has had permanent legal force (Inkracht
van Gewijsde) on the lawsuit of environmental permit.
3 In 1954, the Company purchased a land area of 2.876 ha in Sidorukun Village, Gresik Sub- No material financial impacts
District, to H.Mardjuki. In 1977, H. Yusuf as heir of H Mardjuki sold the land area of 2,500
m2 to H. Ashari.
Further in 1978 to 2014, legal issues occurred between the Company and H. Joseph and heirs
(details can be viewed in the Consolidated Financial Statements).
We submitted the litigation effective as of 2008 to 2014.
In 2008, H. Slamet again filed a lawsuit in Gresik District Court, then appealed to the
Surabaya High Court. On 2 March 2009, Surabaya High Court issued the ruling that endorsed
the Companys pleads, and further, H. Slamet filed a cassation to the Supreme Court. On
20October 2010, the Supreme Court issued the ruling that endorsed H.Slamets pleads.
On 12 April 2011, the Company filed the Reconsideration Memo (PK) to the Supreme Court,
and on 30 April 2013, in its website, the Supreme Court elaborated its ruling of endorsing the
Companys Reconsideration Memo.
The Company was officially obtained the complete ruling on the Recommendation verdict,
and has filed a revocation seized on 2 December 2014 through Gresik District Court.
4 On 24 May 2012, Sunarto, Sunoto, Sudi (Sunarto and friends) filed a lawsuit against the No material financial impacts
Company as the Defendants and the Auctioneer, PT Tri Agung Lumintu as Co-Defendant in
Tuban District Court.
The points of lawsuit are material suit of Rp5,000,000 and immaterial lawsuit of Rp10,000,000
as Sunarto and friends considered the Company has breached the agreement in prioritizing
Sunarto and friends to participate in the second-hand auction (afval) in Tuban Mill.
On 29 January 2013, Tuban District Court has issued the verdict in which point was rejecting
the lawsuit of Sunarto and friends.
On 5 July 2013 Sunarto and friends has appealed No. W.14.U29/1271/Pdt.01.01/VII/2013

to Surabaya High Court. As of the publication of this consolidated financial statements, the
appeal of Sunarto and friends is under process and Surabaya High Court has not yet issued
the decision.


5 On 27 September 2012, the Company, as the Perseroan, as plaintiff, filed a lawsuit against PT No material financial impacts
Trimarta Nusaperdana (Trimarta) in the Bekasi District Court. This was due to the construction
building by Trimarta in the form futsal indoor building on the land owned by the Company
covering an area of 3,167 m2. The land is part of the Building Use Rights Certificate No. 2249.
On 4 March 2013, Bekasi District Court has issued the verdict No.329/PDT.G/2012/PN.Bks,
in which point was endorsed the Companys pleads. On the verdict, PT Trimarta did not
appealed, as such, the Bekasi District Courts verdict has the permanent legal force (inkracht).
The Company has filed the execution to Bekasi District Court and will be coordinated by Gresik
District Court and Surabaya High Court.
6 On 11 November 2013, Suhartini filed a lawsuit against Semen Gresik Residents Cooperative No material financial impacts
(KWSG) as the Plaintiff and the Company (as Co-Defendant) in Yogyakarta District Court.
The points of lawsuit was material lawsuit of Rp674,230,980 from Suhartini to KWSG. The
lawsuit by Suhartini was filed due to her assumption that KWSG has breached the agreement
that KWSG has not settled the delivery cost of the cement that has been purchased by
Suhartini from KWSG.
On 23 April 2014, Yogyakarta District Court has issued the Injunctions against Suhartini
claims, in which point has dismissed the lawsuit of Suhartini with the Relative Competence
consideration that the Yogyakarta District Court does not have the authorization to rule a
verdict on a lawsuit filed by Suhartini.
Up to the completion of this consolidated financial statements, the Company officially has not
received complete copy of the Injunctions Verdict from the Yogyakarta District Court.
Financial Impacts on All Litigations Every breach in code of conduct or legal violations that
The Company believes that all litigations have not
involved the Employees will be charged legal sanctions
had significant impacts on the operations or financial
according to the prevailing laws and regulations.
conditions of the Company. In addition to those cases,
in the reporting year the Company did not face other
On violation cases of severe discipline that indicated the
cases, neither experienced any administrative sanctions
involvement of internal and external parties, with direct
from the authorities, both to the companies and to
or indirect impacts to the Company, and supported
members of the Board of Directors and/or Board of
by strong evidences, Semen Indonesia applied firm
Commissioners.
sanctions such as work relation termination including
legal process based on prevailing regulations.
Administrative Sanctions from
Relevant Authorities In its law enforcement, the Company cooperates with
During the reporting year, all Company litigations several law enforcement agencies:
did not engaged any Management or executives of 1. Joint Agreement No. 0233/HK-
Semen Indonesia, thereby there were no administrative 06/50031940/04.2014 and B-105/G/
sanctions ruled by relevant authorities (OJK and BEI) Gs.1/04/2014 dated 17 April 2014 between PT
against the Company, both as the institution and to Semen Indonesia (Persero) Tbk and Attorney
individual Management or executives. for Civil and State Administrative Attorney of
the Republic of Indonesia Concerning the Legal
Law Enforcement Commitment Enforcement of Civil and State Administrative.
The Company has strong commitment toward law
enforcement and violations by Employees.
2. Statement of Gratification Control Commitment between PT Semen Indonesia (Persero) Tbk and the Corruption
Eradication Committee dated 3 December 2014.
INFORMATION ACCESS AND TRANSPARENCY

The Company also submits various information related to the company operations in order to uphold information
disclosures to OJK including Press Releases, among others are:
Information Disclosure Correspondences with the Regulators and Capital Market Supervisory
No Months Letter No. Date Subjects Addressed to
1 January 40895/HM- 8-Jan-15 Invitation Ads of EGMS of PT Semen OJK-BEI-KSEI
00/50000043/01.2015 Indonesia (Persero) Tbk
0463/HK- 15-Jan-15 Monthly Report of Share Registrar OJK-BEI
02/50000043/01.2015 December 2014
0731/HM- 22-Jan-15 Elaboration Submission on Mass BEI
00/50000043/01.2015 Media News
0832/HK- 27-Jan-15 EGMS Resolutions of PT Semen OJK-BEI-KSEI
02/50000043/01.2015 Indonesia (Persero) Tbk.
0833/HK- 27-Jan-15 EGMS Resolutions Ads of OJK-BEI-KSEI
02/50000043/01.2015 PT Semen Indonesia (Persero) Tbk.
2 March 1623/KU- 2-Mar-15 Consolidated Financial Statements OJK-BEI
02.01/212040/03.2015 of PT Semen Indonesia (Persero) Tbk
and Subsidiaries dated 31 December
2014 (Audited)
1624/KU- 3-Mar-15 Proof of Ads of Consolidated OJK-BEI
02.01/212040/03.2015 Financial Statements of PT Semen
Indonesia (Persero) Tbk and
Subsidiaries dated 31 December
2014 (Audited)
2228/HK- 4-Mar-15 AGMS Plan Announcement of Fiscal OJK-BEI-KSEI
05/212000/03.2015 Year 2014
0042/HM- 10-Mar-15 Proof of Ads of AGMS OJK-BEI-KSEI
00/212040/03.2015 Announcement of PT Semen
2882/HK- 19-Mar-15 Monthly Report of Share Registrar OJK-BEI
02/212040/03.2015 January 2015
2883/HK- 19-Mar-15 Monthly Report of Share Registrar OJK-BEI
02/212040/03.2015 February 2015
2994/HM- 25-Mar-15 Invitation Ads of AGMS of PT Semen OJK-BEI-KSEI
00/212040/03.2015 Indonesia (Persero) Tbk
3053/HM- 25-Mar-15 Annual Report of PT Semen OJK-BEI
00/212040/03.2015 Indonesia (Persero) Tbk Fiscal Year
2014


4 April 3556/HM- 6-Apr-15 Information disclosure with OJK-BEI
00/212040/04.2015 Immediate Notification to the Public
relating to Cement Mill Construction
Plan in Papua.
3663/HK- 8-Apr-15 Monthly Report of Share Registrar BEI - OJK
02/212040/04.2015 March 2015
4098/HK- 20-Apr-15 Submission of Dividend Payout OJK-BEI-KSEI
02/212040/04.2015 Schedule
4048/HK- 20-Apr-15 AGMS Resolutions of PT Semen OJK-BEI-KSEI
4045/HK- 20-Apr-15 AGMS Resolutions Ads of PT Semen OJK-BEI-KSEI
4352/KU- 29-Apr-15 Consolidated Financial Statements OJK-BEI
02.01/212040/04.2015 Quarter 1 Year 2015 (Unaudited)
5 May 5223/HK- 20-May-15 Monthly Report of Share Registrar BEI - OJK
02/212040/05.2015 April 2015
6 June 6115/HK- 26-May-15 Monthly Report of Share Registrar OJK-BEI
02/212040/06.2015 May 2015
7 July 9339/HK- 8-Jul-15 Monthly Report of Share Registrar OJK-BEI
02/212000/07.2015 June 2015
0055/KU- 30-Jul-15 Consolidated Financial Statements OJK-BEI-KSEI
02.01/212040/07.2015 Half-Year 1 of 2015 (unaudited)
0056/KU- 31-Jul-15 Proof of Ads of Consolidated OJK-BEI-KSEI
02.01/212040/07.2015 Financial Statements Half-Year 1 of
2015 (unaudited)
8 August 9334/HK- 8-Aug-15 Monthly Report of Share Registrar BEI-OJK
02/212000/08.2015 July 2015
9 September 9333/HK- 7-Sep-15 Monthly Report of Share Registrar BEI-OJK
02/212000/09.2015 August 2015
9757/HM- 17-Sep-15 Explanation on publication news by BEI
00/50031887/09.2015 Tempo Newspaper
10 October 11382/KU- 29-Oct-15 Consolidated Financial Statements OJK-BEI-KSEI
02.01/212051/10.2015 Quarter III Year 2015 (Unaudited)
11376/HM- 28-Oct-15 Public Expose - Investor Summit BEI
00/212040/10.2015
11 November 1811/HM- 6-Nov-15 Public Expose Material - Investor BEI
00/212040/11.2015 Summit
12136/HM- 13-Nov-15 Presentation of Public Expose Report BEI
00/212040/11.2015 -Investor Summit
12187/HK- 16-Nov-15 Monthly Report of Share Registrar BEI-OJK
02/212040/11.2015 September 2015

12 December 13255/HK- 10-Dec-15 Monthly Report of Share Registrar BEI -OJK
02/212040/12.2015 November 2015
13991/HK- 29-Dec-15 Submission of information disclosure BEI -OJK
02/212040/12.2015 and Statement Letter of PT Semen
Indoenesia (Persero) Tbk regarding
the Transaction between PT SGG
Prima Beton (the Companys
controlled entity) with Semen Gresik
Pension Fund (the Companys
affiliated)
List of Press Releases

No Dated Subjects
Semen Indonesia Builds the Biggest Theme Park, Industrial Museum, and
1 7 January 2015
Education Park in Gresik Regency
2 23 Januari 2015 Suparni, The Companys President Director
Semen Indonesia Holds the Celebration of Prophets Birthday and the 110th
3 6 February 2015
Anniversary of R.A Kartini in Rembang
200 Rembang Residents Visit Semen Indonesia Mill in Tuban, To See the
4 3 March 2015
Benefits of the Plant for the Surrounding Communities
Semen Indonesia Employees Innovation 2014, Potential of Cost Efficiency of Rp
5 17 March 2015
777 Billion
6 19 March 2015 Heru Indrayana: Limestone in Rembang Has No Water Contents
Rejection of Cement Plant of SI, University Students Damage the Banners that
7 2 April 2015
Supported by the Communities
Proposal to the Judge to Consider Refusal of the Lawsuit by 6 Rembang
8 2 April 2015
Residents
Semen Gresik Targets a 71% Market Share in 2015, for the Areas of Gresik,
9 7 April 2015
Surabaya, Sidoarjo and Mojokerto
10 11 April 2015 Semen Indonesia Organizes Harelip Surgery in Rembang
Peace in Rembang: Pro and Contra Residents on Cement Plant, Hugging at the
11 11 April 2015
Komnas HAM
12 11 April 2015 Semen Gresik Targets a 26% Market Share for the South Kalimantan Area
Semen Indonesia Organizes Health Walk in Conjunction with Kartini Day in
13 12 April 2015
Tegaldowo Rembang
14 13 April 2015 Adnan Buyung Nasution: Independency of Judges Should be Protected
15 16 April 2015 Semen Indonesia Carried Out the Payout of 40% Dividend
Chief of Commission A Regional-House of Representative (DPRD) of Rembang:
16 20 April 2015
Respect the PTUN Results
17 23 April 2015 Semen Gresik targets a 77% Market Share for Malang and Pasuruan Areas
Semen Indonesia Provides Lecturing, Breakthrough of a Company in Providing
18 6 May 2015
Pupils on Cement Industry
Semen Indonesia Boosts the Promotion of Mentoring Partners Through
19 21 May 2015
Exhibitions
Semen Indonesias Reclamation of 30.7 Ha of Used Land Mines in Tuban Mill by
20 4 June 2015
Planting a total of 57,362 Trees

No Dated Subjects
21 11 June 2015 Semen Indonesia has been Fostering 10,635 Construction Workers in 2015
Celebrating Ramadan Safari in Rembang and Gresik, Semen Indonesia
22 4 July 2015
Disburses Rp 2.1 Billion Grant
Maintaining Market Share of 22,8% in West Java, Semen Gresik Strengthens
23 29 July 2015
Distribution Network by Organizing Customer Gathering in Bandung
Celebrating 58th Anniversary of Gresik Plant, Semen Indonesia Organizes Mass
24 1 August 2015
Circumcision Participated by 250 Participants
Celebrating 58th Anniversary of Gresik Plant, Semen Indonesia Provides Loyalty
25 7 August 2015
Award to 127 Employees with Certain Terms of Office
As of end of 2015, Semen Indonesia targets certification for 6,000
26 12 August 2015
Construction Workers
27 19 August 2014 Prof Daud Silalahi: No Legal Action For Environmental Permits
Sales in Semen Gresik in Solo and its surrounding Reached 299.000 Tons in the
28 19 August 2015
first half of 2015, Increased 3.9%
29 30 August 2015 Semen Indonesia Participates in Sending 217 Hajj Candidates
Semen Indonesia Improves the Competency of Construction Workers in
30 2 September 2015
Rembang Regency
31 4 September 2015 Universitas Internasional Semen Indonesia Formally Accepts 567 New Students
Semen Indonesia Strengthens Synergy with Sales Partners of Yogyakarta,
32 16 September 2015
Organizes Customer Gathering
Semen Gresik Residents Cooperative (KWSG) Inaugurates Fiber Cement Board
Mill with a Capacity 81,600 Tons Per Annum
Semen Indonesia Grants 102 Animals Sacrifice In the Celebration of Eid Al
Adha 1436 H
Appreciation of Mentoring Construction Workers, Semen Indonesia Organizes
Communities Gathering
Semen Indonesia Organizes Giving of Fortune Giving of Gift with the Value of
36 12 October 2015
1 Billion
Enhancing Human Capital Competition, Semen Indonesia Establishes Profession
37 13 October 2015
Certification Institute
A total of 7,700 Bikers Participate in Fun Bike of 18 Km Organized by Semen
38 25 October 2015
Indonesia
Reaching Sales of 433.930 Tons, Semen Gresik Focuses on Maintaining 11%
39 25 October 2015
Market Share in Jakarta Area
SMGR Reaches a Total Sales Volume of 20.29 Million Tons up to September
40 29 October 2015
2015
A total of 1,785 People Participate in the Free-of-Charge Treatment and
41 9 November 2015
Medication Organized by Semen Indonesia, Rembang Regency
Semen Gresik Reaches a total of 117,000 Cement Tons Holds 35% Market
42 12 November 2015
Share of West Kalimantan
Construction of Tourism Area Have Improved Semen Gresik Sales in Bali to
43 19 November 2015
Reach 11%
Commercial Operations of Packing Plant, Semen Gresik Targets Sales
44 26 November 2015
Improvement in East Kalimantan
200 Children in Rembang Central Java Participate in Mass Circumcision
45 29 December 2015
Organized by Semen Indonesia
Moreover, the Company annually publishes a bilingual

annual report, namely Indonesian and English, which
provides information on the Companys performance.
The Companys Annual Report and other information
can be attained at the Corporate Secretary in the office
of PT Semen Indonesia (Persero) Tbk.
Information on the Companys development can be

searched by the Shareholders and public in general
through the website http://www.semenindonesia.com.
WEBSITE
The Company strives to fulfill information disclosures
to the public. This compliance is manifested through
information access of several reporting and significant
information submission through the companys website
presented in Indonesian as well as English, namely www.
semenindonesia.com and corporate email of info@
semenindonesia.com. To support good management
system, the Company has in place the work standard
for the website management.
The following are information presented in the website

for public facilitation on the companys performance:
1. Annual Reports The Company continues to upgrade its website
2. Quarterly Performance Reports on Operations and features and contents so as to facilitate the public on
Financial Performances information and reporting access. Information updates
3. Monthly Sales Reports through news and press release features continuously
4. Sustainability Performance Reports become one of benchmark of website management
5. Publications of Products and Services for public access on latest information of the company.
6. Management Profiles The website popularity of the Company for cement
industry in Indonesia is placed at the top ranks based on
ALEXA rating, which shows total visitors of above the
competitors, evidence of more access by public.

Social Media that are accessible to the public. Based on the

The development of communication technology will also measurement with KLOUT platform, the Companys
contribute to the companys performance. In awareness twitter engagement is considered the best in Indonesias
of this, the Company has taken social media as a cement industry. This indicates a positive impact from
channel of two-way communication that is accessible the news published in Twitter, hence can extend positive
to the public. The effectiveness of communication image in social media.
through social media has provided positive impact to the
companys image, which enable the company to make The Company sees that apart from promotion aspect
social media as one of effective promotion facility. and creation of positive image in social media, intensive
interaction with the public through social media also
Since May 2014, the Company begins to actively apply will facilitate product development required by the
Twitter with the account @semenku and fanspage/ customers and public in general, at the same time as
semenindonesiagroup followed by You Tube and an effort to continuously improve service excellence to
Instagram to add social media communication channel the customers.
Belt Conveyor of Limestone,Tuban Mill, East Java
Corporate
Social
Responsibility
Report

358 Corporate Social Responsibility
Report
367 Corporate Social Responsibility on the
Environment
368 Employment, Occupational Health, and Safety
372 Responsibility On Social and Community
375 Responsibility on Consumers/Customers
Corporate Social
Responsibility Report
Enhancing the quality of corporate social responsibility implementation, which

includes responsibilities toward all stakeholders founded upon 4 pillars of CSR
programs and in line with good corporate governance principles. At the same
time to ensure mutual interaction that benefits both parties in order to boost
the quality business growth, improve prosperity of surrounding communities,
and the preservation of environmental quality.

Corporate Social Responsibility Report
LEGAL REFERENCES RI Social Minister Regulation No. 13 of 2012

RI Law No. 8 of 1999 concerning Consumers concerning Private Sector Responsibility Forum
Protection. on Social Welfare Programs Implementation at
RI Law No. 13 of 2003 concerning Employment. Provincial Levels.
RI Law No. 40 of 2007 concerning Limited Liability
Companies OBJECTIVES
RI Law No. 19 of 2003 concerning SOEs. The Company is remained committed to contribute
Investment Law No. 25 of 2007. in improving the people welfare and to maintain
Law No. 13 of 2011 concerning the Poverty environmental quality as part of its focus and strategy.
Management. This is in line with the Companys vision of becoming
Government Regulation No. 47 of 2012 concerning the leading international player in cement business
Social and Environment Responsibility. in South East Asia, as the Company seeks to balance
Government Regulation No. Per-09/MBU/07/2015 the operations performance, profit growth, and its
concerning the Partnership and Community responsibilities towards social environment, clean and
Development of State-Owned Enterprises. healthy ecosystem, as well as community welfare.
Profit
People Planet
3P Harmonization
To align the performance across the three fundamental POLICY

aspects, it is vital that the Company implements its The Company views the successful implementation
responsibilities towards all stakeholders, which largely of triple bottom line, which aligns growth across
comprise: the environment, shareholders, nearby three aspects, the economy, social, and environment,
communities, the government, employees, and as a success indicator of the Companys sustainable
customers. development efforts. In terms of the environment, the
Company has developed Green Productivity concept
In this context, nearby communities and the environment that places the welfare of families and environment at
are the stakeholders that are predominantly affected, the heart of its environmental preservation endeavours.
both positively and negatively, by the Companys
presence, its operations, production process, and To carry out social responsibility, the Company seeks
transportation activities. to optimize reciprocal relationship with communities.
The Company also builds collaboration with
The communities living around and nearby the different parties, such as the Government, Non-Profit
Company are also part of Semen Indonesia, and it is Organizations, Mass Organizations, and others through
the Companys duty to grow with them. Meanwhile, the its Partnership and Community Development Program
Company sees the environment as the place where all (PKBL) that has been thoroughly designed. Involvement
components of the Company, especially human capital, of all stakeholders would ensure that the programs are
reside and conduct their activities. targeting the appropriate beneficiaries as well as the
very foundation of life. Stakeholder involvement also
As the Company develops, it will be able to bring more invites community members to be the active actors of
positive impacts to communities, among others: the programs.
Increased fund allocation for social and
environmental responsibility programs as a share As the Company transforms into a Strategic Holding
of profit. Company, the Company has started to initiate and
Economic activities around the Company are monitor the comprehensive process of formulating
thriving. new framework to manage and channel PKBL and
community development funds. The Company
has introduced changes to programs objectives,
implementation strategy and focus of activities,
principles of implementation that observe best practices
of GCG, and has established three performance pillars
in order to achieve sustainable growth..

Sustainable
Growth
THREE MAIN PILLARS
ECONOMY ENVIRONMENT SOCIAL

(Profit) (Planet) (People)
Controlling negative Developing positive

Delivering financial
impacts on the impacts on the
performance growth
environment community
Good Corporate Governance (GCG)

Transparancy Accountability Responsibility Independency Fairness
Resources, Value, Culture and Code of Ethics
The monitoring and formulation of new framework STRATEGIC OBJECTIVES

was completed in 2013 and has been implemented The Company has established the following strategic
optimally ever since. Today, the Company is further objectives of its social responsibility:
refining various CSR continued programs, seeking To realize harmonious relationship between the
to generate greater contribution to the communities Company and communities.
and environment. PKBL and community development To help the growth and development of small
programs that the Company has designed reflect the businesses and cooperatives to become self-
programs synergy with operational activities, a synergy reliant, resilient, and competitive enterprises that
that is important in supporting Semen Indonesia in its is able to drive employment through professional
role as the largest cement company in Indonesia as well management.
as regionally.
To develop assistance scheme for small businesses and cooperatives, both related and unrelated with the Companys
business, through fund channelling and continuous assistance by upholding the principles of equity, self-reliance,
professionalism, and ethics.
To maintain the sustainability of the environment and to help communities improve their living quality through
education, better health, and better welfare.
The Company has defined parameters of the objectives effectiveness that are in line with the Companys vision and
mission: improved welfare of the communities, improved environmental quality, improved and increased corporate
image, and added value for stakeholders generated. The Companys social responsibility enactment covers communities,
consumers, business partners, employees, and the environment.
OUTLINE OF ACTIVITIES
Pursuant to Bapepam-LK regulations No. KEP-431/BL/2012 dated 1 August 2012 Concerning the Submission of Annual
Reports of Issuers or Public Companies, the Company further submit the corporate social responsibility report, including:
1. Responsibility toward Environment

2. Responsibility toward Employment, Occupational Health and Safety
3. Social and Community Development
4. Responsibility toward Consumers
During 2015, the Company has disbursed CSR fund of Rp206.01 billion (2014: Rp268.74 billion).
The following is details of funds realization:

Description 2015 2014 2013
Social & Environmental Responsibility 136.395,32 180.170,91 141.822,57
Partnership Program 69.588,00 88.156,31 107.962,90
Community Development Program 30,07 413,95 38.777,40
Total 206.013,39 268.741,17 288.562,87
CSR BLUE PRINT

Showcasing its strong commitment on social and environmental responsibility programs (TJSL), in 2013 Semen Indonesia
completed a CSR blue print design. The blue print reflects an understanding that TJSL is more than an obligation for
companies that engage in natural resources utilization, but moreover CSR is believed to be the medium to enhance the
Companys reputation and the cornerstone to build the Companys sustainability.
CSR THEME, PILLARS AND PROGRAMS

Tema
For 2011-2015, the Company has defined CSR theme: BERSINERGI (Synergized), an acronym that stands for BERsama
Semen INdonesia cERdaskan neGerI (Educating the Nation with Semen Indonesia). Constitutes as CSR Theme of Semen
Indonesia in the achievement of Sustainable Development.

Sub Theme
To strengthen the CSR Strategy Theme of Semen Indonesia, we apply a Sub Theme of: Sustainability to Enhance
Human Resources and Maintain Natural Resources
Pillars
The Company has established four pillars to implement BERSINERGI and empower communities, namely:
- SI CERDAS
- SI PRIMA
- SI LESTARI
- SI PEDULI
BERSINERGI
(SYNERGIZED)
Sustainability to enhance HR and Natural Resources
SI CERDAS SI PRIMA SI LESTARI SI PEDULI
EDUCATION PRODUCT & ENVIRONMENT SOCIO-

SERVICES ECONOMY
Programs:
Programs:
Programs: Achievement since Contributing to
Vendors
Services innovation carbon neutrality Human Rights
competency
of cement Renewable fulfillment:
enhancement
products that alternative energy Natural disaster
Training and
exceed consumers utilization response assistance
competency
expectation Utilization of Community social
enhancement of
Sustainable mined land for and economic
cement manpower
innovation of conservation of empowerment
Education and
cement products biological diversity Business and SME
vocational skills
Sustainable Application of empowerment
of communities
innovation of environmentally Community
to fulfill the
cement derivatives friendly technologies healthcare
requirement of
products Control of improvement
reliable construction
Implementing fair sustainable (sports and health
and building
business practices environmental programs)
manpower
impacts Employee
Training &
Management volunteering
certification of
and utilization of
construction workers
domestic waste
as an alternative
energy
Conservation
The Companys Main Quality:

GCG and Employment
Education Program Environmental Program
SI CERDAS SI LESTARI
Education is the priority of Semen Indonesia to enhance Semen Indonesias business operations rely on
the quality of its human capital, internal and external, sustainable efforts of natural resources preservation.
which supports business process. Semen Indonesia, through SI Lestari, carries out
Leading programs under the pillar of SI Cerdas ongoing innovation using latest and green technology,
that addresses education, training, and assistance and partakes in the utilization of renewable alternative
are provided for: energy.
* Construction workers
* Local business partners Socio-Economy Program
* Local employee candidates through vocational
and skill training.
* Employees involvement in different areas of
the Company to take part in the programs as
CSR volunteers under employee volunteering/ SI PEDULI
social hour initiative.
Semen Indonesia strives in the commitment to improve
Products and Customer Service Program the quality of communities members as part of human
capital as needed in reasonable and balanced manner.
Semen Indonesia aims to contribute to improving
social and economic quality through SI Peduli, and to
maximize the management of operational impact.
SI PRIMA
Through SI Prima, Semen Indonesia is committed to

continuously improve the quality of service excellence
and maintain mutually beneficial relationship with
customers, workers, distributors, agents, contractors,
suppliers, and developers. This is part of the Companys
efforts to obtain reputation and recognition as eco-
friendly cement company.

CORPORATE SOCIAL RESPONSIBILITY

ON THE ENVIRONMENT
Corporate social responsibility on the environment is In addition to realizing various operational activities
carried out through various environmental programs that aim to generate minimum environmental impact,
and by ensuring that all production and operations the Company realizes a number of programs to
activities are executed with adherence to SI Lestari improve environmental quality, such as reclamation,
pillar. rehabilitation, and reforestation. Aside from programs
executed by the Company, Semen Indonesia also
To ensure that green operations are in place, the participates in environmental initiatives from the
Company refers to Environmental Impact Analysis government or other communities.
(AMDAL) formulation manual for cement and mining
businesses issued by the Minister of Environment. In its Detailed explanation on Environmental Management
operations, from mining, production, and distribution, programs conducted by the Company throughout
the Company observes all aspects with regards to the reporting period 2015 is presented under Chapter
environment, covering: implementation of preventive Commitment to the Enhancement of Environmental
aspects of environmental damage; environmentally- Management Quality, page 138-149.
friendly means of facility management and production
that entail energy needs management, emission control, The Company also realizes environmental programs
water conservation, waste management, material needs together with the surrounding communities, which
management, and environmental monitoring and open the opportunities for the Company to deliver
control. environmental preservation education as part of its CSR
activities.
Reclamation Area in Mined Land of Limestone,

EMPLOYMENT, OCCUPATIONAL
HEALTH, AND SAFETY
EMPLOYMENT OHSAS 18001:2007, both certified by Sucofindo

Detailed elaboration on the Companys responsibility (2011) and ISO Environmental Management System
on Employment aspects that related to employee 14001:2004. The Company also applies 5R program
management is presented under sub-chapter and Suggestion System.
Operational Review - Human Capital Management.
Regular programs include:
OCCUPATIONAL HEALTH AND SAFETY Identification & Assessment of Activity Impact
(IPDK) as part of risk management implementation
in OHS;

Training programs are Work incident and work-related illnesses prevention
complemented with compliance program;
monitoring on OHS-oriented Workplace and Companys environment
work procedure to promote measurement;
risk-awareness culture. This Occupational health services;
is followed with investments Monitoring program in community health centers
and maintenance of equipment, around the Company on 10 major illnesses; and
fire equipment and protective Employee insurance program (BPJS).
equipment, as part of the
efforts to create a safe and The Company carries out IPDK program to define
healthy workplace in supporting reference and priority scale in managing OHS and to
efficiency and productivity design and evaluate implementation of OHS activities.
enhancements across the
organization Based on evaluation on work incidents and development
planning in the future, including the preparation of
The Company is committed to reduce the level of work the commercial phase of a new factory, the Company
incident as well as absence level by managing quality focuses its efforts to prevent work incidents through the
occupational health and safety (OHS). OHS management following activities:
also demonstrates the Companys commitment to Monthly 5R evaluation
create a convenient, safe, and healthy workplace. Annual internal audit conducted by Internal Audit
unit
Certifications and Regular Programs Annual external audit conducted by certification
OHS management is part of the Companys endeavors to institutions
continuously ensure the safety and health of employees, Safety patrol, oversight on unsafe action, unsafe
including employees of subsidiaries assigned in the condition, and job implementation in production
Companys environment. The Company implements process
accredited operational system, namely Occupational Establishment of Safety Officer team and OHS
Health and Safety Management System (OHSMS), independent unit activity

Employment, Occupational Health, and Safety
Weekly safety talk in working units OHS Program in 2015

Provision of Personal Protective Equipment (PPE). In 2015, the Company carried out a number of OHS
Design and maintain OHS signs (safety promotion). programs, covering:
Fire equipment check (fire system alarm, APAR, Safety induction to all parties entering the
hydrant, and fire truck). companys operational areas.
Thorough investigations on any work incidents, Reconditioned hydrant system in Tuban Factory 3.
followed with quick and accurate handling Designed fitness program and monitoring, started
Create OHS information board in each working by increasing the frequency of fitness test for
unit employees to 2 times annually.
Increase activities of P2K3 (Assignment of OHS Conducted workshop on healthy diet for employees
Ambassadors) and their spouses.
Certifications of lifting transport equipment, Improved capacity bulding for the safety officer
pressure vessels, lightning channeling, and contractors
electrical installations in the plant
Enhancing employees knowledge/competency To prevent work incident, in 2015 the Company also
through General OHS Expert Certification, Boiler held a number of programs, consisting of:
Operator Certification Identification and Assessment of Activity Impact
(IPDK)
Moreover, the Company enhances coordination IPDK is a program to identify and assess impacts
between operating units to complement and conduct of the Companys activities, products, and services
training on the use of coal mill safety device in to the environment, safety, and health at work.
anticipation of increasing consumption of low-calorie This program aims to identify, measure, a control
coal that is known to be highly flammable. Safety potential threats and risks arising from operational
awareness training is regularly held to raise awareness and production activities, regular and non-regular.
on the importance of implementing quality OHS Unsafe Action and Unsafe Condition Inspection
management. Other safety training includes: Unsafe action and unsafe condition inspection
Fireground training is done on periodic basis in all areas of Tuban
Emergency response training Factory. Result of inspection, or findings of unsafe
Firefighting competition between departments action and unsafe condition, is recorded. Work
OHS Benchmark and comparison study to other Units or contractors are expected to follow-up or
companies take improvement actions based on the findings in
order to minimize work incidents.
The Company has added fire extinguisher units and Safety Induction
hydrants in areas vulnerable to fire, added bag filter Safety Induction is an OHS-related activity aiming to
in Finish Mill area to reduce dust emission, and added disseminate important information regarding OHS,
evacuation routes in areas prone to fire incident. entailing condition, risks, and hazards existing in
work environment as well as means of self-rescue under emergency situation. The induction is provided for guests
and new employees at a Factory.
Fire Equipment maintenance (APAR, Hydrant, Fire Alarm). Checking APAR, hydrant, and fire alarm.
OHS Statistics
All efforts of preventing work incidents have been continuously enhanced both in terms of frequency and quality
implementation, aiming to raise OHS risk-awareness culture and awareness on negative consequences of those very
risks. With growing OHS risk awareness culture, zero accident targets will be achieved.
Meanwhile in 2015 work accidents still occurred. The accidents were generally minor and moderate, which did not
cause lost of workdays. Hence based on FR and SR chart, the accident level was near zero, as shown below.
Frequency Rate (FR) Severity Rate (SR)

7.57 2,750.28
1.32
1.04
1.36 71.96
0.51
0.3 21.57
5.71 2.051 0.3
2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Occupational Health
Not only preventing work accidents, the Company also strives to maintain and improve the quality of work environment.
The Company always monitors the condition of work environment, especially with respect to the level of sound pollution
and air quality (dust level), and has recorded the following results:
Tuban Mill Work Environment

Data of Tuban Mill Work Environment, 2015:
Environmental Parameter Threshold Value *) Unit Measurement Result
Dust level in work environment 10 mg/m3 5.24
Noise in work environment 85 dB 74.54
*) The Threshold Value is based on Manpower & Transmigration Minister Regulation No. 13 of 2011

Indarung Mill, Padang Work Environment

Data of Work Environment, Indarung Mill, 2015:
Environmental Parameter Threshold Value *) Unit Measurement Result
Pangkep Mill, Tonasa Work Environment

Data of Work Environment, Tonasa Mill, 2015:
Environmental Parameter Quality Standard Unit Measurement Result
Dust level in work environment 10 mg/m 3
1.08
TLCC Mill Work Environment

Data of Work Environment, TLCC, Vietnam, 2015:
Quality Standard
Environmental Parameter QD No.3733/2002/ Unit Measurement Result
QD-BYT
Noise in work environment 85 dBA 67
The Company is committed to maintain the health of Rehabilitation efforts: medical treatment at
its employees. Not only engaging professional medical hospitals and work adjustment (occupancy)
personnel to monitor the positive impacts of health level considering health condition at work
on productivity, the Company also has in place health Development and monitoring on work environment
initiatives that cover a number of programs, including: and sanitation
Regular and special health check for employees Prevention and treatment on general illness and
Clean Wednesday 2 and clean Friday activities work-related diseases
Friday joint exercise, focusing on exercises for the Nutrition development and monitoring and food
heart, respiration function, and aerobic provision
Health services provision Medical and occupational rehabilitation
Monitoring program on employees health and
fitness: evaluation and consultation based on The Company conducts monitoring over community
medical-check up result, evaluation on medical health centers around the Company on 10 major
record, and occupational health surveillance diseases, and providing free medication in order to
Promotive and preventive efforts: health seminar, promote better health for nearby communities.
dissemination of health information via intranet,
and emergency response training Awards
Curative: treatment and health maintenance For its efforts in OHS, in 2015 the Company
through the provision of Health Insurance received Golden Flag award from OHS Management
implementation audit pursuant to Minister of Labor
Regulation 05/1996.
RESPONSIBILITY ON SOCIAL AND

COMMUNITY
The Community Involvement and Development concerning the Partnership Program of State-Owned
implementation program, namely Partnership and Enterprises with Small Enterprises and Community
Community Development Program as well as CSR Development Programs, which was amended by Minister
activities, are carried out sustainably as a means to Regulation No. PER-09/MBU/07/2015 concerning the
cultivate trust between the Company and communities. Partnership and Community Development Program of
The Companys community development programs are State-Owned Enterprises.
focused on three main areas, namely the economy,
social, and environment. In order to ensure that all activities generate optimum
impacts in accordance with available funds, the
Realization of these programs is also a manifestation of Company has classified the activities into three major
SI Peduli pillar. activity zones; namely Ring 1, Ring 2, and Ring 3.
The programs to improve community welfare refer to The objectives of activities are environmental, social,
Law No. 40/2007; Government Regulation No. 47/2012; and economic development, hence to boost the level of
and Law No. 25/2007 on the Capital Investment. As the welfare to meet Human Development Index (HDI) and
SOEs, the Company also carries out the State-Owned Millennium Development Goals (MDGs).
Enterprises Minister Regulation No. PER-08/MBU/2013
Semen Indonesia CSR Activities
SEMEN INDONESIA
Community Services Community Relation Community Empowerment

(Community Service) (Public Relations) (Community Empowerment)
Fostering mutually beneficial Fostering community Empowering potential of

community relations for the empowerment through the community to improve economic
prevention and proactive efforts to provision of Public Facilities, growth and equal development
avoid and anticipate social unrest. Religion, Education, Social Real sector growth
Welfare, Health and other
Regional income per capita
Infrastructure Assistance
growth
Creation of local economic
players
Financial institutions
Manpower inclusions
Development of
Environmental, Social
and Economy
IPM Achievement PROSPERITY Achievement SDGs
Note : MDGs in the chart is replaced with SDGs

Responsibility on Social and Community
PARTNERSHIP AND COMMUNITY DEVELOPMENT (PKBL)

As one of the leading SOEs, the Companys PKBL is one among other programs that target livelihood and welfare
improvement of the people, particularly nearby communities, through economic competence development and other
activities to stimulate the community. Under Partnership Program, the Company provides capital loan to empower
micro, small, and medium enterprises and cooperatives (MSMEC), while under Community Development program the
Company channels assistance to improve the living quality of the communities through building public means/facilities
and infrastructure and social assistance to victims of natural disaster.
To enhance the quality of PKBL management, since 2014 the Company launched PKBL Information Management
System (IMS). This web-based program enables improved information management and PKBL accounting process.
IMS PKBL is capable to enhance the quality of programs management through accurate, accountable, efficient, and
transparent financial transaction records and accounting, and can be accessed by public. In 2015 the Group IMS PKBL
was launched in Gresik, Tuban, Padang and Tonasa to levelling and integrating all systems in all OpCo.
Partnership Program
As of the end of 2014, Semen Indonesia Group had assisted 30,067 mentoring partners, mainly in Padang, Pangkep
Gresik, and Tuban. Businesses include trading, culinary, agribusiness, creative industry, and other sectors of small
industry.
Meanwhile in 2015, utilizing its revolving account, the Company disbursed soft loan program, offering capital assistance
to 1,874 mentoring partners. Acumulatively, PT Semen Indonesia Group has assisted a total of 31,941 mentoring
partners.
Total Mentoring Partners

2014 Realization 2015 Realization Acumulative of Partners as of 2015
30,067 1,874 31,941
Fund Disbursement of Partnership Program (Rp Million)

2014 Realization 2015 Realization Acumulative of Funds as of 2015
720.605,47 69,844.59 790,450.06
In addition to the disbursement of Partnership Program funds to the communities around Tuban plant, since 2013
Semen Indonesia has also disbursed the Partnership Program funds to SME owners in Rembang. In total, in 2015 the
Company disbursed Rp2.14 billion and granted to 107 SME players in industry, services, trade, and husbandry sectors.
Responsibility on Social and Community
Community Development Program and built drilled well. The gateway was a project
The Community Development activities carried out by chosen as village identifier and to mark village
the Company in 2015 are: boundary.
Disaster Relief Total funds for public facilities/infrastructures
The Company has disbursed Semen Indonesia development in 2015 was Rp11,325,500,000.
Peduli relief packages to victims of natural disaster
amounted to Rp287,196,035 (Excluding Padang Religious Facilities
and Tonasa). The assistance was provided for flood Assistance for religious activities included: funds to
disaster, eruption of Bromo mountain, drought support religious celebrations and activities; funds
season in Gresik and Rembang, provision of masks, to support the construction of place of worship
equipment, foods and medicines. and religious organization; cement donation for
the construction of place of worship; donation
Education/Training of praying outfit sarong and mukena, and food
Total funds for education amounted to Rp1.9 billion packages during Ramadhan; donation of sacrificial
was disbursed as scholarship. This fund covered ox during Eid-al Adha; donation for orphanage and
2,653 students in primary, secondary, and higher mandatory zakat; and haj preparation period.
education levels. Recipients came from Tuban Total funds for the programs/activities was
and Gresik Districts in East Java, Padang in West Rp6,227,849,000.
Sumatera, and Pangkep District in South Sulawesi.
Natural Conservation
Health Improvement The Company conducted nine programs/activities
Regularly, the Company organizes health assistance of natural conservation, and planted a total of
programs: mass treatment, community health post 47,923 trees. The programs aimed to prevent and
development efforts, and cataract surgery. The recovery natural damages, and were implemented
Company also develops liveable housing. in timely manner.
Aside from the regular programs, the Company The total value of replanting and reforestation
conducted home improvement program for the was Rp915,245,000. The programs included
surrounding communities in Tuban Plant. In 2015, planting the strips on the right and left side of
this program absorbed a total of Rp810 million, roads, reforestation of coastal area, reforestation
which was allocated to improve 3,027 housing units of critical lands, donation of productive plants and
within Ring 1 area of Tuban Plant. The program potted plants, assistance and empowerment for
is targeted for low-income households. The green belt farmers, and assistance to create bio
Company cooperated with village administration pores.
to accurately collect data of beneficiaries.
The total value of health improvement program in In addition to programs by PT Semen Indonesia (Persero)
2015 was Rp1,291,080,650. Tbk in its Tuban, Gresik, and Rembang facilities, the
subsidiaries also conducted programs of corporate
Public Facilities/Infrastructures Development responsibility focusing on social and community
In 2015, the Company built village gateway, development in their respective areas: PT Semen Padang
expanded roads, built embankment around in Indarung, Palembang, and surrounding areas, and PT
rainwater reservoir, renovated village office, built Semen Tonasa in Tonasa.
Islamic Learning Center, renovated security post,

RESPONSIBILITY ON CONSUMERS/
CUSTOMERS
Aside from the corporate social responsibility on Companys continuity. In view of this, the Company
implementation on community, small-scale economy, continuously enhances its customer services and
and other social issues as described above, the Company protection as prescribed in the Law No.8 of 1999 on
also carries out various activities as the enactment of its Consumers Protection.
responsibility on consumers/customers as the users of
the Companys products. To ensure the fulfillment of the SOCIAL RESPONSIBILITY ACTIVITIES
Companys responsibilities toward consumers, whether As the implementation of its responsibilities toward
individual or corporate consumers i.e. construction and consumers, the Company realized the following
housing contractors, the Company provides a wide programs:
variety of cement products that meet the specific needs Customer Service
of customers. Consumer Health and Safety Protection
Consumer Satisfaction Survey
To assist customers identify the right products in
accordance with their needs and conditions of Customer Service
construction projects, the Company publishes and The Companys activities to build two-way
distributes booklets containing brief and succinct communication with customers and to step up service
explanation on products features. The Company also quality provided to the customers are as follows:
puts similar information on product packaging for retail Providing multiple customer complaint channels:
market. In addition, to ensure safety of retail users, the free-toll phone service, post, email, and SMS. These
Company produces 50 kg-cement packages for retail channels can be utilized by end-users, stores, or
marketing, made from select woven packaging material distributors.
that is durable from tear/split during transport. Publishing bulleting as communications medium
with Semen Gresik Distribution.
The corporate responsibility toward consumers is Providing birthday presents for leaders of distributor
enacted by safeguarding product quality both in during companies.
production and transportation demonstrates Si Prima
pillar.
The Company resolves all
complaints and is committed to
The complete report on the programs is presented improve the
under Products and Services, Operational Review- quality of its service and
Marketing, and Management Discussion and Analysis - products.
Business Review (see Marketing Strategy on page 183).
The Company has resolved all 33 (thirty three) complaints
Other activities, particularly for consumers and services, during 2015 through the following measures and steps:
are detailed as follows. All complaints are received, recorded, and
responded immediately
POLICY Organize coordination with Technical Service Team
The consumers, distributors or end-users are part of to conduct field visit and clarification to Customers
the Companys stakeholders that have direct impact who lodge complaints
Responsibility on Consumers/Customers
If necessary, the Technical Service Team may bring The Company also conducts comprehensive evaluation
Mobile Laboratory Facility to conduct sample on all complaints and coordinates with relevant units
testing on the field. to prevent the complaints from reoccurring. In addition,
the Company has regular visit program, executed by
The following are customer complaint details received Technical Service Team, to mills, ready mix companies,
during 2015. and projects that use the Companys products to deliver
Semen Semen Semen Semen

Gresik Padang Tonasa Indonesia
Quality 0 1 9
Color 0
Long Setting 0
Quick Setting 0
Compressive Strength 8 1 9
Product Failure 0
USAGE 1 0 4 5
Hairline Cracks 3 3
Mishandling 1 1
Expired 1 1
Packing 0 4 9 13
Split 4 9 13
Weight 2 0 1 3
Weight inconsistency 2 1 3
Distribution 0 1 2 3
Late Distribution 1 1
Hardened Cement 2 2
TOTAL 3 13 17 33

Responsibility on Consumers/Customers
Product Knowledge presentation and assistance in Customer Satisfaction Survey

cement processing. The Company conducts survey to identify the level of
customer satisfaction on services provided. Customer
Consumers Health and Safety Protection satisfaction index (CSI) for distribution and customers
To ensure consumers safety, the Company and in 2015 are:
subsidiaries produce cement packages of 40 kg and 50 1. CSI for Distribution Channels 4.44 (of maximum
kg, which represent the maximum ergonomic weight index 5.00)
that can be lifted manually by human force without 2. CSI Customers 4.42 (of maximum index 5.00)
assisting equipment.
Customer Access
The Company equipped all products that are produced To disseminate information on products and product
and sold to the customers with quality information use, the Company also provides:
and specifications label, placed on the packaging. The Company website management, www.
information contains: semenindonesia.com
1. Company logo The customers/consumers may browse information
2. Product name on products and learn complete information on
3. Number of National Industry Standard (SNI). product use from the website.
4. Weight in package Semen Indonesia Contact Centre.
5. Type of cement Consumer Complaint Service in each OpCo.
6. User Manual
7. Customer service number for complaint/report.
Corporate
Data
Cement Packer Mill Tuban I, East Java

378 CORPORATE DATA
380 Board of Commissioners Profiles
384 Board of Directors Profiles
388 Audit Committee
389 Nomination & Remuneration Committee
390 Strategy, Risk Management and
Investment Committee
391 Secretary of the Board of Commissioners
391 Corporate Secretary
391 Head of Internal Audit
392 Address of Subsidiaries and Affiliated
Companies
394 Information for Shareholders
Board of Commissioners Profiles
Mahendra Siregar Hadi Waluyo

53 years 66 years
President Commissioner Independent Commissioner
Appointed as the President Commissioner of the Appointed as the Commissioner of the Company in
Company through EGMS on 26 June 2012. The current 2011. Further as the Independent Commissioner since
position in the Company will be in effect until 2017. 2013. This current position in the Company will be
He had served as Chairman of BKPM (Investment in effect until 2016. He had served as the President
Coordinating Board) since October 2013-2014 prior Commissioner of PT Mandala Airlines (2004-2006). He
to his position as Deputy Minister of Finance Republic also had served in military with last rank as Lieutenant
of Indonesia 2011-2013 and Deputy Minister of Trade General. He had served several positions, namely the
Republic of Indonesia 2009-2011. He joined the Commander of Army Strategic Command (Pangkostrad)
Coordinator Ministry of Economy around the end of (2004-2006), Commander of Army Center of Education
2001 as Advisor to the Minister. From May 2005 until and Training (Kodiklat TNI AD), Operation Assistant
2009 he served as Deputy Minister for Coordination to Army Chief of Staff (KASAD) in 2003, Commander
of International Cooperation. In addition, he became of Military Distric VI / TPR (2000-2002), and Center of
member of Adaption Fund Board of The United Nations Teritory (1999), including several other titles.
Framework Convention on Climate Change (UNFCCC)
representing Asia in 2007-2009. Obtained Bachelor in Political Science from Universitas
Terbuka (1994) and Master of Science from a joint
Obtained Bachelor of Economy from Economic Faculty education program between National Defense
Indonesia University in 1986 and Master of Economy Institution (LEMHANAS) and a university in United State
from Monash University, Australia in 1991. of America (1998).

Muchammad Zaidun Achmad Jazidie

63 years 56 years
Independent Commissioner Commissioner
Appointed as the Independent Commissioner of the Appointed as the Independent Commissioner of
Company in 2014. The current positions in the Company the Company in 2007, then in 2013 appointed as
will be in effect until 2019. He served as Dean of Law Commissioner. The current position in the Company will
Faculty Airlangga University Surabaya (2007-2015), be in effect until 2017. He served as Professor in Electrical
Member of Ethic Board of Constitutional Supreme Engineering Faculty of Industrial Technology, Sepuluh
Court (2013-present) and Management of Indonesia Nopember Institute of Technology (ITS) Surabaya
Mediator Association (AMINDO) (2011-present). (2006-present), Head of Project Implementation Board
for PREDICT - ITS (Project for Research and Education
Obtained a Professor in Law of Investment from Development on ICT in ITS), Cooperation JICA - ITS
Airlangga University in 2007. Obtained Doctoral degree (2006-2010) prior to his position as Deputy Rector III
in Science of Law, Law of Investment from Airlangga ITS (2003-2007), Commissioner of PT ITS Kemitraan
University in 2005, and Master of Social Science in (2006-2007), Professor at Tamudi Saga University,
1996, as well as Bachelor in Law in 1981 from the same Japan (2004) and Head of Public University Link System
university. program - East Java (2003-2007), Director of Institution
and Cooperation, Dikti, Ministry of National Education
(2010-present), Directorate General of Secondary
Education Kemdikbud (2013-2015), Rector of NU
University Surabaya (2015-present).
Obtained Doctorate in Industrial and System Engineering

from Hiroshima University, Japan and Master of
Information Engineering from the same university, and
Bachelor of Electrical Engineering from ITS.
Marwanto Harjowiryono Wahyu Hidayat

56 years 61 years
Commissioner Commissioner
Appointed as the Commissioner of the Company in Appointed as the Commissioner of the Company on
2014. The Current position in the Company will be in 25 March 2014. The current position in the Company
effect until 2019. Presently serves as Director General will be in effect until 2019. He served as the Deputy of
of Treasury, Ministry of Finance (2013-present) prior to Restructuring and Strategic Planning Affairs, Ministry of
his position as Director General of Financial Balance, SOEs (2013-2014) prior to his position as Secretary of
Ministry of Finance (2011-2013) and Advisor to the Ministry of SOEs (2012-2013). In addition, he had served
Minister of Finance, State Expenditures (2006-2009). as President Director and Commissioner in several SOEs,
In addition, he had served as Executive Director, Asian namely as Commissioner of PT Bank Mandiri (Persero)
Development Bank, Manila (2009-2011). Tbk (2012-2014).
Obtained Doctorate from Gadjah Mada University, Obtained Bachelor in Economy from Gadjah Mada
Yogyakarta in 2009 and Master in Administration University, Yogyakarta in 1979.
from Vanderbilt University, Nashville, Tennessee, USA
in 1991, and Bachelor in Economy from Gadjah Mada
University, Yogyakarta in 1983.

Sony Subrata
50 years
Commissioner
Appointed as the Commissioner of the Company
through EGMS 23 January 2015. He had also held
positions as Commissioner of PT Ciputra Surya Tbk
(1999-2003).
Completed education in University of New South Wales,

Sidney Australia. In addition to formal education, he
had been actively involved as speaker in various seminar
and conferences focusing on Communication Strategy.
Board of Directors Profiles
Suparni Ahyanizzaman
58 years 50 years
President Director Director of Finance
Appointed as Director of Production and R&D in 2007 Appointed as Director of Finance of the Company in
and responsible for maintenance and production 2011. Responsible for Finance, Accounting and IT. The
activities of the Company. His appointment as Director current position in the Company will be in effect until
has been extended and will be in effect until 2017. He 2016. Previously served as Division Head of Finance
joined the Company in 1986, and had served as Head of and Accounting (2010-2011), Division Head of Finance
Production Compartment in Tuban Facility (2007), Head (2007-2010), Head of Financial Accounting Department
of Corporate Development Department (2006-2007) (2006-2007), Head of Accounting Department (2004-
and Head of Production II in Tuban Mill (2002-2006). 2006), and Deputy Head of Accounting Department
(2002). He joined the Company since 1991.
Held position as Deputy President Director from
28 November 2014 replacing Dwi Soetjipto upon Obtained Bachelor in Accounting from Airlangga
resignation. Appointed as President Director of the University, Surabaya. He also participated in various
Company through EGMS on 23 January 2015, and will relevant trainings both in Indonesia and abroad, which
be in effect until 2017. includes Overcome deceptive accounting & earnings
manipulation (2005), Strategic Cost Management
Graduated from Electrical Engineering ITS Surabaya (2004), Cutting Edge Cost Strategies (2005), Internal
Control Training Complying with Sarbanes-Oxley
(2006), Beyond Budgeting (2005) and Training of Middle
Management Course (2004), Certified Management
Accountant in Unair (2015).

Aunur Rosyidi Amat Pria Darma

50 years 55 years
Director of Operations & Engineering Director of Commercial
Appointed as Director of the Company in April 2015. Appointed as Director of the Company through
Responsible for Design, and Strategic Projects. The EGMS on 26 June 2012. Responsible for Procurement
current position in the Company as Director will be in and Marketing aspects of the Companys products.
effect until 2020. He joined Semen Indonesia in 1992 The current position in the Company as Director of
prior to his position as Commercial Director of PT Semen Commercial will be in effect until 2017. Responsible
Gresik 2013-2015, and Commissioner of PT Kawasan for marketing activities. Previously held the position as
Industri Gresik. In addition, he had served as GM of GM of Distribution and Transportation (2011-2012),
Procurement & Inventory Management (2013), GM following the position as Division Head of Distribution
of Group Packing Plant Project (2013), Assignment and Transportation (2006-2010) and as Staff of
of Cigading Project (2010), Associate II R&D Division Production Compartment (2004-2006). He joined the
(2007) and Head of Occupational Health & Environment Company in 1986.
(2006). He had served as President Commissioner of PT
Varia Usaha Dharma Segara (2013). Obtained Bachelor in Chemical Engineering degree from
Sepuluh Nopember Institute of Technology, Surabaya in
Obtained a Bachelor of Mechanical Engineering 1985. Had also joined various trainings program and
degree from Institute of Technology Surabaya in 1991, seminars, including: Frontier Marketing Club (2011),
completed post-graduate S-2 Industrial Management Holding Company Management (2010), The 33rd AFCM
from Institute of Technology Surabaya in 2003. In Council Meeting & 16th Conference & The 11th AFCM
addition to formal education, he participates in several (2009), Professional Public Speaking (2009).
certification trainings and skill trainings of cement
industry and general management.
Gatot Kustyadji Johan Samudra

53 years 59 years
Director of Human Resources & Legal Director of R&D and Operations
Appointed as Director of the Company in March Appointed as Director of the Company on March 2014,
2014. Responsible for developing HR competency and and will be in effect until 2019. Responsible for Research
managing employment aspects of the Company. The & Development, Maintenance, Quality Assurance and
position as Director of the Company will be in effect until Productions. Previously served as CEO of Thang Long
2019. Previously served as R&D Director of PT Semen Cement Vietnam, Director of R&D PT Semen Padang
Tonasa (2005-2010), Director of R&D and Operation of (2003-2005) and GM of Capex Management Group PT
PT Semen Tonasa (2011-2012), Director of Production Semen Gresik.
PT Semen Tonasa (2012-2014) and President Director
of PT. Semen Gresik. Completed Bachelor in Mechanical Engineering from
ITB in 1980, and Master in Financial Management from
Completed education of Bachelor degree in Chemical Andalas University.
Engineering from Sepuluh Nopember Institute of
Technology, and Bachelor of Management from
Indonesia University. Continued education of Master in
the Development Planning Economy, Andalas University.
Obtained Doctorate in HR from Brawijaya University.

Rizkan Chandra
47 years
Director of Strategic Business & Enterprise Development
Appointed as Director of the Company through
EGMS on January 2015, and will be in effect until
2020. Responsible for Strategic Business & Enterprise
Development of the Company. Previously served as
Director of Network, IT & Solution of PT Telekomunikasi
Indonesia (Persero) Tbk, Commissioner of
PT Telkomsel and President Director of PT Sigma Cipta
Caraka.
Completed Bachelor in Information Engineering

Bandung Institute of Technology, and Master of Science
in the Management of Technology from the National
University of Singapore.
Profile of Committees Members
Audit Committee
Hadi Waluyo Achmad Jazidie
Chairman Member
Please see his profile on page 380. Please see his profile on page 381.
Sahat Pardede
Member
Member of Audit Committee of the Company since July 2008. Currently also serve as Advisor of
Supervisory Committee for SKK of Oil & Gas. Member of Indonesia Public Accountant Association
and is licensed to practice as Public Accountant in Indonesia.
Obtained Diploma in Accounting from Academy of State Accounting (STAN), Jakarta and Master
in Business Administration from Saint Marys University, Canada.
Elok Tresnaningsih
Member
Member of Audit Committee of the Company since 1 October 2013. Currently active as Lecturer
in Accounting Department Faculty of Economy Indonesia University (FEUI) and as Ventura Manager
FEUI. Held the experience as Deputy Head of Centre Development of Accounting FEUI, Management
Consultant in several companies, and Audit Committee in SOEs.
Obtained Bachelor of Economy in Accounting from Faculty of Economy Indonesia University, and
also Master of Accounting Science from Indonesia University in 2007.

Komite Nominasi dan Remunerasi

Muchammad Zaidun Wahyu Hidayat
Chairman Member
Irham Dilmy
Member
Member of Nomination and Remuneration Committee since 1 December 2014. Previously served
as 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); Human Resources Director, Chiquita Brands
International (1991-1993); Country Manager Human Resources, PT Coca-Cola Indonesia (1990-
1991); Policy Analyst, The World Bank, Washington, DC; Manager, Organization, Compensation
& Benefits, ARCO Indonesia.
Completed Bachelor in Political Science/International Affairs in Faculty of Social and Political Science,
Indonesia University (1981) and obtained Master of Business Administration from Kogod School
of Business in American University, Washington DC through Fulbright Scholarship (1993-1995).
Currently completing Doctoral dissertation of Business Administration in Indonesia University.
Strategy, Risk Management and Investment Committee

Mahendra Siregar
Chairman
Please see his profile on page 380.
Marwanto Harjowiyono Wahyu Hidayat

Chairman Member
Syafrizal
Member
Member of Strategy, Risk Management and Investment Committee of the Company since October
2010. Has experience in research and consulting service for exploration and mining business since
1998. Currently active as Lecturer in Mining Engineering Program, Faculty of Oil and Mining
Engineering Bandung Institute of Technology (ITB).
Completed Bachelor of Mining Engineering ITB and graduated in 1996. Obtained Magister in
Mining Engineering, ITB in 2000. Obtained Doctorate degree in Department of Earth Resources
Engineering, Graduate School of Engineering, Kyushu University, Japan, and obtained Doctor of
Engineering in 2006.
Yuki Indrayadi
Member
Member of Strategy, Risk Management and Investment Committee of the Company since November
2013. Has experience in Corporate Planning, Capital Market and Supervisory Administration of
the Board of Commissioners. He had also worked as Head of Research in Securities Company,
and had served as Member of Planning and Risk Assessment, as well as Secretary to the Board
of Commissioners of PT Telekomunikasi Indonesia Tbk. Currently active as Lecturer in Faculty of
Engineering Swiss German University, BSD-Serpong.
Studied in Industrial Engineering ITB (graduated in 1996) and continued to take Master of
Engineering in Manufacture Simulation System (graduated in 1998), and Doctor of Applied
Sciences, Manufacture System Control (graduated in 2002) from the Katholieke Universiteit
Leuven, Belgia.

Secretary of the Board of Commissioners
Ninda E. Djohaeri
Appointed as Head of Secretary to the Board of Commissioners (Sekdekom) of PT Semen Indonesia
(Persero) Tbk since 15 November 2010 until present. Previously worked at PT Telkom Indonesia
(Persero) Tbk as Secretary to the Board of Commissioners (2004-2008), and as a Country Rep. of
Drive Robotic Inc., IT company based in Palo Alto, SFO, USA (2009-2010).
Began her career in ARCO Indonesia Oil & Gas Company (1986-1999) including in Human Capital
and Training, Project Support & Control, Contracts Administration, Production Engineering.
Further served as Team Leader of International Institutional Affairs with BPPN (IBRA) (2004-2004),
responsible for LOI Reporting to IMF/WB.
Obtained BSc from Richland College, Dallas, USA, and participates in various trainings in Petroleum
Engineering, Petroleum Contracts, Leadership, Directorship and Oversight Management,
Regulatory/Compliances.
Corporate Secretary
Agung Wiharto
He serves as Corporate Secretary since 2012. Previously served as Head of Investor Relations
Bureau since 2006. Served as Head of Representative Office Jakarta (2001-2002) and Head of
Documentation & Information (1996-2001). He joined the Company in 1994.
Obtained a Bachelor of Communication Studies from the University of Gadjah Mada in 1999. In
addition, he participates in several courses and trainings relevant to his duties both locally and
abroad, such as the 12th annual company secretary conference, achieving greatness in a
turbulent world, certified investor relations, journalism and media handling and so forth.
Head of Internal Audit

Ginarko Isnubroto
He serves as Head of Internal Audit of the Company since 1 January 2015. Previously he served as
GM of Group Finance Department of Group Finance (2014), GM of Group Finance Management
(2013), VP Office of the CEO Officer President Directorate (2013), VP Office of the CEO Officer
Team of Office of the CEO (2012), and VP Chief Finance Officer Finance Directorate (2011). He
joined the Company since 1992 as Trainee in Accounting Division.
Obtained a Bachelor of Accounting from Airlangga University in 1992, further completed Master
program study in Strategic Management from Gadjah Mada University in 2012. Apart from
formal education, Ginarko has participated in various Seminars and Trainings, both certified and
uncertified, in order to improve competency mainly in finance and audit as well as other relevant
fields.
Address of Subsidiaries and

Affiliated Companies
Cement Producer Subsidiaries Non-Cement Producer Subsidiaries
PT SEMEN PADANG PT UNITED TRACTORS SEMEN GRESIK

Head Office: Indarung - Padang, West Sumatra 25237 Mining Office: Sumberarum Village,
Tel: (0751) 815250 Fax: (0751) 815590 Kerek District - Tuban
Tel: (0356) 711800 (hunting), Fax: (0356) 711600
Jakarta Representative Office: Graha Irama XI Fl. th
Email: utsg@sg.sggrp.com. http://www.utsg.co.id
Jl. HR Rasuna Said, Kuningan - Jakarta 12950
Tel: (021) 5261272, Fax: (021) 5261414 PT INDUSTRI KEMASAN SEMEN GRESIK
Email: pts@semenpadang.co.id, Head Office/Mill: Socorejo Village, Jenu District,
http://www.semenpadang.co.id Tuban Regency, East Java 62352
Tel: (0356)491200 (hunting), Fax: (0356) 491234
PT SEMEN TONASA Email: pt.iksg@iksg.co.id, http://www.iksg.co.id
Head Office: Bantoa Village, Minasatene District,
Pangkep Regency, South Sulawesi 90651 PT KAWASAN INDUSTRI GRESIK
Tel: (0410) 312345 Fax: (0410) 310113, 310006-8 Office: Jl. Tridharma No. 3, Gresik 61121
Tel: (031) 3984271, 3984272, Fax: (031) 3982117
Jakarta Representative Office: Graha Irama XIth Fl. Email: marketing@kig.co.id, kig@kig.co.id, http://www.
Jl. HR Rasuna Said, Kuningan - Jakarta 12950 kig.co.id
Tel: (021) 5261161, Fax: 5261160
Email: tonasa@sementonasa.co.id, PT SWADAYA GRAHA
http://www.sementonasa.co.id The Plant Builder Specialist
Office: Jl. R.A. Kartini No. 25, Gresik 61122
THANG LONG JOINT STOCK COMPANY Tel: (62-31) 39884477 (hunting), Fax: (62-31) 3982253
Head Office: No. 3 Ln., 191 Lac Long St., Email: contact@swadayagraha.com
CauGiay District http://www.swadayagraha.com
Hanoi, Vietnam
Tel: 84 (04) 3753-4862 Fax: 84 (04) 3836-1898 PT VARIA USAHA
Email: www.thanglongcement.com.vn Head Office: Jl.Veteran No.129, Gresik - 61122
Tel: (031) 3981463, Fax: (031) 3982304
PT THANG LONG JOINT STOCK COMPANY 2 Email: kantorpusat@variausaha.com,
Head Office: No. 3 Ln., 191 Lac Long St., ptvugs@indosat.net.id
CauGiay District http://www.variausaha.com
Hanoi, Vietnam
Tel: 84 (04) 3753-4862 Fax: 84 (04) 3836-1898 PT ETERNIT GRESIK
Head Office and Mill: Jl. Indro No.1,
AN PHU CEMENT JOINT STOCK COMPANY Gresik 61124 East Java
Head Office: No. 3 Ln., 191 Lac Long St., Tel: (62-31) 3981091 Hotline: (62-31) 3973104 Fax:
CauGiay District (62-31) 3982647
Hanoi, Vietnam Email: eternitgresik@rad.net.id,
Tel: 84 (04) 3753-4862 Fax: 84 (04) 3836-1898 http://www.eternitgresik.com

Address of Subsidiaries and Affiliated Companies
PT SEPATIM BATAMTAMA Supporting Institutions

Office: Jln Lumba-lumba No.1 Pulau Batam - 29432
Tel. 0778-412980, 412978, 412979 COMMUNITY COOPERATIVE OF SEMEN GRESIK
Fax. 0778-412978 Head Office:
Jl. Tauchid Perum PTSG Tubanan - Gresik 61122
PT BIMA SEPAJA ABADI Tel: (031) 3985761, 3989018, 3971811, 3974674 Fax:
Office: Packing plant Jl. Alas No.1 Depan Gudang 114, (031) 3983262
Pelabuhan Tj. Priok, North Jakarta Email: kwsg@ksggpst.or.id
Tel. 021- 4372337, 4309688, 4372338
Fax. 021-4358223 SEMEN GRESIK FOUNDATION
Jl. Awikoen B-1 Gresik
Tel: (031) 3981732 psw.3600, (031) 3970935,
Affiliates Fax: (031) 3970935
PT VARIA USAHA BETON Email: sgfoundt@yahoo.com
Head Office
Jl. Letjen S.Parman No. 38 Waru Sidoarjo PT CIPTA NIRMALA
Tel: 031-8535049 (hunting) Fax: 031-8531396 Jl.R.A Kartini No. 280, Gresik 61111
Email: info@variabeton.com, Tel: (031) 3987840, 3987841
http://www.variabeton.com Fax: (031) 3987842
Email: rs_semengresik@indo.net.id
PT WARU ABADI
Jl. Tauchid Kompleks Semen Gresik Tubanan PENSION FUND OF SEMEN GRESIK
Sidomoro, Kebomas District, Gresik 61122 Office:
Tel: (062-31) 3977218, 3977219 Jl.R.A. Kartini No. 23 Gresik 61122
Fax: (062-31) 3977219 Tel: (031) 3984492, 3981732 ext. 3619-3621
Email: Opsidi@waruabadi.com Fax: (031) 3981371
PT SWABINA GATRA
Head Office: Jl. R.A Kartini No.21 A, Gresik 61122
Tel: (031) 3984719 (hunting);
Travel: (031) 3985888;
AMDK: (031) 3985830,3981732 ext. 3642-3644
Fax: (031) 3985794
Representative Office:
Sumberarum Village, Kerek District, Tuban 62356
Tel: (0356) 71192, 325001-3 ext. 7820-7821
Fax:(0356) 711966
http://www.swabinagatra.co.id
Information for Shareholders
2015 Annual Report

The 2015 Annual Report of the Company largely comprise of Financial Information presented in the form of book of
2015 Annual Report. Copies of the book of 2015 Annual Report can be attained by submitting written request letter to:
Corporate Secretary
Semen Gresik Main Building
Jl. Veteran Gresik 61122
Tel. (62-31) 3981732
Fax. (62-31) 3983209
Or
Jakarta Representative
The East Tower 18th Fl.
Jl. Lingkar Mega Kuningan, Kuningan, Jakarta 12950
Tel. (62-21) 5261174-5
Fax. (62-21) 5261176

Statements of Responsibility of the Board

of Commissioners and Board of Directors
LETTER OF STATEMENT OF MEMBER OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS REGARDING
THE RESPONSIBILITY OF THE 2015 ANNUAL REPORT OF PT SEMEN INDONESIA (PERSERO) TBK.
We, the undersigned, hereby declare that all information in the 2015 Annual Report of PT Semen Indonesia (Persero)
Tbk have been presented in their entirety, and that we assume full responsibility for the accuracy of the contents of this
annual report.
This statement is duly made in all integrity.
MAHENDRA SIREGAR
HADI WALUYO MUCHAMMAD ZAIDUN

Independent Commissioner Independent Commissioner
ACHMAD JAZIDIE WAHYU HIDAYAT

MARWANTO HARJOWIRYONO Sony Subrata


Statements of Responsibility of the Board of Commissioners

and Board of Directors
The 2015 Annual Report also comprises Consolidated Financial Statements of the Company for the year ended 31
December 2015 and 2014.
Gresik, 23 April 2015
Board of Directors
SUPARNI
President Director
Ahyanizzaman Aunur RosYidi

Director Director
Amat Pria Darma Gatot Kustyadji

Director Director
Johan Samudra Rizkan Chandra

Director Director
OJK References/ARA Criteria

AR-SMI 2015
I. General Remarks Page
1 The Annual Report shall be written in good and

correct Indonesian, and is
recommended to be presented in English a
2 The Annual Report shall be printed with good
quality using readable type and size of fonts a
3 The Annual Report shall present clear identity of Company name and the annual report financial
the company year shall be presented on:
1. Front Cover;
2. Side Cover;
3. Back Cover; and
4. Every page
a
4 The Annual Report shall be posted in the Including previous and the latest annual reports
companys website a
II Key Financial Highlights Remarks Page
1 Income statement in comparison Information contains the following:

for 3 (three) financial years or since 1. Income; 16
the commencement of business if 2. Profit (loss): 16
the company has been running its a. Attributable to equity holders of the parent entity; 16
business activities for less than 3 and
(three) years b. Attributable to non controlling interest; 16
3. Total comprehensive profit (loss): 16
a. Attributable to equity holders of the parent entity; 16
and
b. Attributable to non controlling interest; 16
4. Earning (loss) per share. 16
Note: If the company does not have subsidiaries, the profit
(loss) and other comprehensive income is presented
in total.
2 Financial position in comparison Information contains the following:
for 3 (three) financial years or since 1. Total investment on associates; 16
the commencement of business if 2. Total assets 16
the company has been running its 3. Total liabilities; and 16
business activities for less than 3 4. Total equity. 16
(three) years
3 Financial ratio in comparison for Information covers 5 (five) financial ratios, which are 16
3 (three) financial years or since generally applied and relevant to the the companys industry
the commencement of business if
the company has been running its
business activities for less than 3
(three) years
4 Share price information in tables and 1. The table forms contain the following information:
charts a. Number of outstanding share;
b. Market capitalization; 16
c. The highest, lowest, and closing share price; and 16
d. Trading volume. 16
2. The chart forms contain at least closing prices and share
volume. 16
For each quarter in 2 (two) the latest financial years
5 Information regarding outstanding Information contains:
bonds, sukuk or convertion bonds, in 1. Number of outstanding bonds/sukuk/convertion bonds; 104
2 (two) latest financial years 2. Interest rate; 105
3. Maturity date; and 105
4. Bonds/sukuk rating. 105

OJK References/ARA Criteria AR-SMI 2015
Board of Commissioners and

III Remarks Page
Board of Directors Report
1 Board of Commissioners Report Contains the following:
1. Assessment on the performance of the Board of Directors 29
in managing the company and its valuation basis;
2. View on the prospects of the companys business as 34
established by the Board of Directors and its valuation
basis;
3. Assessment on the performance of Committees under 32
the Board of Commissioners;
4. Changes of the Board of Commissioners composition (if 35
any) and its reason.
2 Board of Directors Report Contains the following:
1. The companys performance analysis, which covering 40-41
among others strategic policy, comparison between
results and targets, and challenges faced by the
company;
2. Business prospects analysis; 46
3. Corporate governance implementation; 44
4. Assessment on the performance of Committees under n.a
the Board of Directors; and
5. Changes of the Board of Directors composition (if any) 47
and its reason.
3 Board of Commissioners and Board Contains the following: 396-397

of Directors Signatures 1. Signatures are given on separate page;
2. Statement of full responsibility on the accuracy of the
Annual Report contents by Board of Commissioners
and Board of Directors;
3. Signed by all members of Board of Commissioners and
Board of Directors by stating names and positions; and
4. Written explanation in separate letter from the
person(s) concerned in the event that member(s) of
Board of Commissioners or Board of Directors fail
to sign the annual report; or: written explanation in
separate letter from other member(s) in the event that
no written explanation from the person(s) concerned.
IV Company Profile Remarks Page
1 Name and complete address of the Information contains among others name and address, post 81, Back
company code, telephone number, fax, email and website Cover
2 Brief history of the company Contain among others: date/year of establishment, name, 84-85
and change of company name (if any) change name
Note: T o disclose information if there are no changes in the in 2012
company name
3 Core business Description include:
1. The line of business as stated in the latest Articles of 81
Association;
2. Business activity; and 81
3. Products and/or services. 94-95
4 Organization structure In the form of diagram, contains name and title of at least
until one level below the board of directors
5 Vision, Mission and Corporate Includes:
Culture 1. Vision; 82
2. Mission; and 82
3. Statement that vision and mission has been approved by 83
the Board of Directors/Board of Commissioners
4. Statement of the corporate culture 83
6 Profiles of the Board of Includes:

Commissioners members 1. Name; 277, 380-383
2. Position (include position in the company or other 380-383
institutions);
3. Age; 380-383
4. Domicile; 380-383
5. Education (Study Field and Education Institution); 380-383
6. Work experience (Position, Institution, and Position 380-383
Period); and
7. Resume of appointment as member of the Board of 277,380-383
Commissioners in the Company.
7 Profiles of the Board of Directors Includes:
members 1. Name; 290, 384-387
2. Position (include position in the company or other 384-387
institutions);
3. Age; 384-387
4. Domicile; 384-387
5. Education (Study Field and Education Institution); 384-387
6. Work experience (Position, Institution, and Position 384-387
Period); and
7. Resume of appointment as member of the Board of 384-387
Directors in the Company.
8 Total Employees (2 years Includes:
comparative) description of the 1. Number of employee for each organization level; 88
competency development (such as: 2. Number of employee for each education level; 136
education and training aspects) 3. Number of based on employment status; 122
4. Description and employees competency development 126
data that has been done by reflecting the equality of
opportunity to all employees; and
5. Cost of employees competency development 126
9 Shareholders Composition Includes:
1. Details of the largest 20 shareholders and its ownership 108
percentage;
2. Details of shareholders and its ownership percentage,
covers:
a. Shareholders with 5% of more ownerships; 107
b. Commissioners and Directors who own shares; 110
c. Group of shareholders with ownerships of less than 108
5%
10 Subsidiaries and/or associates Includes:
1. Name of subsidiaries and/or associates; 89
2. Ownerships percentage; 89
3. Description of business activity of subsidiaries and/or 89
associates; and
4. Information of subsidiaries and associations operational 89
status (has operated or has not operated yet)
11 Corporate Group Structure Corporate group structure in diagram that illustrates 89
subsidiaries, associates, joint ventures, and special purpose
vehicle (SPV)

12 Shares Listing Chronology Includes:

1. Share listing chronology; 105
2. Corporate action that are affecting total shares; 105
3. Changes in total shares from initial listing up to the end 105
of financial year; and
4. Name of stock exchange where the share is listed. 105
13 Other securities listing chronology Includes: n.a
1. Other securities listing chronology;
2. Corporate action that are affecting total other securities;
3. Changes in total other securities from initial listing up to
the end of financial year;
4. Name of stock exchange where the other securities is
listed; and
5. Securities rating.
14 Name and address of capital market Includes:
agencies and/or professionals 1. Name and address of Share Registrar; 115
2. Name and address of Public Accountant; and 115
3. Name and address of rating agency. 115
15 Awards and/or certification received Includes:
at both national and international 1. Name of awards and/or certificates; 22-24
levels during the latest financial year 2. Year of granted; 22-24
(if any) 3. Organizers that grants the awards and/or certificates; and 22-24
4. Validity (for certificates). 25
16 Name and addresses of subsidiaries Includes:
and or branch offices or 1. Name and addresses of subsidiaries; and 392-393
representative offices (if any) 2. Name and addresses of branch offices/representatives. No Branch
Note: To disclose if the company does not have subsidiaries/ office
branches/representatives
17 Information on the Company Includes at least:
Website 1. Shareholders information up to individual ownerships; 98
2. Corporate group structure (if any); 98
3. Financial performance analysis; 98
4. Annual financial statements (last 5 years); and 98
5. Profiles of the Board of Commissioners and Board of 98
Directors.
Management Discussion and

V Analysis on the Company Remarks Page
Performance
1 Operation review per business Includes analysis on:
segment 1. Elaboration on each business segment. 189-190
2. Performance of each business segment, among others: Segment
a. Production; Cement:
b. Increase/Decrease of production capacity; 190-227
c. Sales/income; and Non-Cement:
d. Profitability. 228-231

Performance
2 Description on the Companys The financial performance analysis that includes a
financial performance comparison between the financial performance of the
current year and that of the previous year (in the form of
narration and tables) and the background of increasing/
decreasing, among others include:
1. Current assets, non current assets, and total assets; 209-213
2. Current liabilities, non current liabilities, and total 209, 213-215
liabilities;
3. Equity; 216
4. Sales/income, expenses and profit (loss), other 204-209
comprehensive income, and total profit (loss) and other
comprehensive income; and
5. Cash flows. 217-218
3 Discussion and analysis on solvability Explanation on:
and level of the company receivables 1. Solvability, both short term and long term; and 218-219
collactibility, by presenting relevant 2. Level of receivables collectability. 220
ratio calculation in line with the
companys type of industry
4 Discussion on capital structure, and Explanation on:
capital structure policy 1. Capital structure; and 216
2. Capital structure policies and basis of policy 216-217
establishment.
5 Discussion on material commitments Explanation on:
of capital investments in the last 1. Objectives of the commitments; 233
financial year 2. Sources of funds expected to meet the commiments; 71-72
3. Denomination currencies; and 233
4. The companys plan on the measures to mitigate related 233
foreign currencies risk.
Note: To disclose if the company does not have
commitments on capital goods investment in the last
financial year.
6 Discussion on capital investment Explanation on:
realized at the latest financial year 1. Type of capital investments; 223
2. The objectives of capital investments; 223
3. Value of capital investments realized at the latest 223
financial year.
Note: T o disclose if there are no realization on capital
investment.
7 Information on the comparison Includes:
between initial target at the 1. Comparison of initial target at the beginning of financial 223
beginning of financial year and the year with results (realization); and
realization and target or projection 2. Future targets or projections 224
for the next year concerning income,
profit, capital structure, and others
considered significant target for the
company.
8 Information and material facts Description of significant events following the date of 242
following the date of accounting accounting report including its impact on business risk and
report (Subsequent events) performance in the future
9 Business Prospects Description on business prospects related to the general 184-188
industry and economy including quantitative supporting data
from the liable resources


Performance
10 Marketing Aspects Description on marketing aspects of the companys products
and/or services, among others marketing strategy and 190-194
market shares
11 Description on dividend policy and Covers the following:
total cash dividend per share and 1. Dividend payout policy; 111, 217
total dividend per year that are 2. Total dividend disbursement; 111
published or disbursed during last 2 3. Total cash dividend per share; 111
(two) financial years 4. Payout ratio; and 111
5. Announcement date and cash dividend payout for each 111
year.
Note: To disclose if there are no dividend disbursement and
its reasons.
12 Program of shares ownership by Covers the following:
employees and/or managmenet by 1. Total ESOP/MSOP shares and its realization;
the company (ESOP/MSOP) 2. Tenor; No program
3. Requirements for entitled employees and/or MSOP-ESOP
management; and
4. Exercise prices.
Note: To disclose if does not have the program.
13 Realization of initial public offering Covers the following:
proceeds (in the event of the 1. Total proceeds; IPO was
company is obligated to submit the 2. Proceeds utilization plan; implemented
report) 3. Proceeds utilization details; in 1991
4. Proceeds balance; and
5. The date of GMS resolution on the change of proceeds
utilization (if any).
14 Material transaction information with Covers the following:
conflict of interest and/or transaction 1. Name of transacting parties and the nature of related 233- Conflict
with related parties parties; of Interest
2. Description of the transaction fairness; 240-241
3. Transaction brackground; 239
4. Transaction realization at the last financial year; 239
5. Company policy related with transaction review 241-242
mechanism; and
6. Compliance to relevant regulations and provisions. 239-240
Note: To disclose if there are no transactions.
15 Description on the changes in laws Descriptions include among others: changes in laws and 235-236
and regulations that are impacted regulations and its impact to the company
the company Note: T o disclose if there are no changes in the laws and
regulations that have significant impacts
16 Description on the changes in Descriptions include among others: changes in accounting 236-239
accounting policy implemented by policy, reasons and impacts toward financial statements
the company at the last financial year Note: T o disclose if there are no changes in accounting
policies

Performance
17 Business Continuity Information Disclosures on:
1. Significant issues on the company business continuity at 242
the last financial year;
2. Management assessment on point 1; and 243
3. Assumption implemented by the management in 243
conducting the assessment.
Note: if there are no issues that potentially have significant
influences to the companys business continuity
at the last financial year, to disclose the basis of
management assumption in ensuring that there are
no issues that potentially have significant influences to
the companys business continuity at the last financial
year.
VI Good Corporate Governance Remarks Page
1 Description on the Board of Covers the following:

Commissioners 1. Board of Commissioners responsibilities;
2. Training programs for competency enhancement or 275
orientation programs for new commissioner; and 285
3. Board Charter disclosures (Board of Commissioners 274
work guidelines and procedures)
2 Information on Independent Covers the following:
Commissioner 1. Assignment criteria of Independent Commissioners; and 276
2. Independency statement of each Independent 277
Commissioner.
3 Description on the Board of Directors Covers the following:
1. Duties and responsibilities of each member of the Board 288-289,
of Directors; 289
2. Training programs for competency enhancement or 299-301
orientation programs for new director; and
3. Board Charter disclosures (Board of Directors work 286
guidelines and procedures)
4 Assessment of the Board of Covers the following:
Commissioners and / or Board of 1. Assessment procedures on the performance of the 284,
Directors Board of Commissioners and Board of Directors; 301-302
2. Assessment criteria on the performance of the Board of 302
Commissioners and Board of Directors;
3. Assessors. 284, 302
5 Description of the remuneration Covers the following:
policy for the Board of 1. Disclosure on remuneration determination procedure of 283- 284
Commissioners and Board of the Board of Commissioners;
Directors 2. Disclosure on remuneration determination procedure of 303-305
the Board of Directors;
3. Remuneration structure with type and total short term 284-285
amounts, post-employment, and/or other long term for
each member of the Board of Commissioners; 305-306
4. Remuneration structure with type and total short term
amounts, post-employment, and/or other long term for
each member of the Board of Directors;
5. Disclosure on indicators to determine the Board of 302-304,
Directors remuneration. 305-306

6 Meeting frequency and attendance Information includes: 279-282 ->

of the Board of Commissioners 1. Meeting dates; BOC meeting
meeting, the Board of Directors 2. Meeting participants; and 291-298->
meeting, and joint meeting of the 3. Meeting agenda. BOD meeting
Boards for each meeting of the Board of Commissioners, Board of
Directors, and joint meeting.
7 Information on ultimate and In schemes and charts, except SOEs that are under 119, BUMN
controlling shareholders, both direct government ownerships
or indirect up to the individual
ownerships
8 Disclosure on affiliates relations Covers the following:
between member of the Board of 1. Affiliates relations between members of the Board of 273
Directors, Board of Commissioners, Directors with other fellow members;
and Ultimate and/or controlling 2. Affiliates relations between members of the Board of 273
Shareholders Directors with members of the Board of Commissioners;
3. Affiliates relations between members of the Board of 273
Directors with ultimate and/or controlling Shareholders;
4. Affiliates relations between members of the Board of 273
Commissioners with other fellow members;
5. Affiliates relations between members of the Board 273
of Commissioners with ultimate and/or controlling
Shareholders.
Note: To disclose if there are no affiliates relations
9 Audit Committee Includes the following:
1. Name and position of audit committee members; 307, 308
2. Education qualifications and work experience of audit 388-389
committee members; 308
3. Independency of audit committee members; 308
4. Duties and responsibilities; 308-309,
5. Brief report of audit committee activity; and 309-310
6. Meeting frequency and attendance of audit committee. 309
10 Nomination and/or Remuneration Includes the following:
Committee/Functions 1. Name, position, and brief profiles of member of 307, 311
nomination and/or remuneration committee; 389
2. Independency of member of nomination and/or 311
remuneration committee;
3. Duties and responsibilities; 310-311
4. Description of activity implementation of nomination 311-312
and/or remuneration committee; and
5. Meeting frequency and attendance of nomination and/ 311
or remuneration committee.
11 Other committees under the Board Includes the following:

of Commissioners formed by the 1. Name, position, and brief profiles of member of other 313, 389
company committees;
2. Independency of member of other committees; 313
3. Duties and responsibilities; 312
4. Description of activity implementation of other 313-315
committees; and
5. Meeting frequency and attendance of other 313
committees.
12 Description of duties and functions Includes the following:
of Corporate Secretary 1. Name and brief profiles of corporate secretary; 391
2. Description of corporate secretary duties; and 320-321
3. Training programs for competency enhancement of 320
corporate secretary.
13 Description on General Meeting of Includes the following:

Shareholders (GMS) of previous year 1. Previous year GMS resolutions; 267-271
2. Fiscal year GMS resolutions; and 267-271
3. Background information on any unrealized GMS 267-271
resolutions.
14 Description on internal audit unit Includes the following:
1. Name of internal audit unit head; 328,391
2. Total employees (internal auditors) in internal audit unit; 328
3. Certification on internal audit profession; 328-329
4. Internal audit unit composition in the companys 327
structure;
5. Brief report on internal audit unit activity 331-333
implementation; and
6. The parties responsible to appoint/terminate the 328
internal audit unit head.
15 Public Accountant (Eksternal Auditor) Includes the following:
1. Name and year of public accountant that audits the 334
annual financial statements in the last 5 years;
2. Name and year of Public Accountant Firm that audits 334
the annual financial statements in the last 5 years;
3. The amount of fee for each service provided by public 334
accountant at the last financial year; and
4. Other services provided by the accountant apart from 334-335
the audit service of annual financial statements at the
last financial year.
Note: to disclose if there are no other services rendered

16 Description on risk management of Includes the following:

the company 1. Explanation on risk management system implemented 168-170,
by the company; 335-336
2. Explanation on risk management system effectiveness 171-172
evaluation;
3. Explanation on risks faced by the company; and 173-177
4. Risk mitigation. 175-177
17 Description on internal control Includes the following:
system 1. Brief explanation on internal control system, among 321-323
others on financial and operational control;
2. Explanation on internal control system alignment with 322-324
international standard framework (COSO internal
control framework); and
3. Explanation on internal control system effectiveness 322
evaluation.
18 Description on corporate Includes the following:
social responsibility related to 1. Management policy;
environmental 2. Activities;
related to the environmental program that are linked to
the company operations activity, such as material usage
and environmentally friendly and recycled energy, the
company waste management system, and so forth
3. Environmental certifications
19 Description on corporate social Includes the following:
responsibility related to occupational, 1. Management policy; 140,367-368
health and safety 2. Activities; 140-148
related to occupational, health, and safety practices, such 140
as gender equality and work opportunity, work safety and
facility, employees turnover level, work incident level, and so
forth.
responsibility related to social and 1. Management policy; 368
community development 2. Activities; 119-137,
related to social and community development, such as 368-370,
recruitment of local manpower, community empowerment 370-371
near the companys location, improvement of social facility
and infrastructure, other donations, and so forth.
responsibility related to responsibility 1. Management policy; 375
to consumers 2. Activities; 375-377
related to product responsibility, such as consumers
health and safety, product informations, facility, total
and handling of consumers claims, and so forth.
22 Significant litigation currently faced Includes the following:

by the company, subsidiaries, 1. The principal litigation/claims; 348-351
and members of the Board of 2. Settlement status of litigation/claims; 348-351
Commissioners and Board of 3. Impact to the companys condition; and 348-351
Directors that served the position at 4. Administration sanctions charged to the company, 351
the annual report period members of the Board of Commissioners and
Board of Directors, by relevant authorities (capital
market, banking and others) at the last fiscal year
(or a statement of no administration sanctions being
charged)
Note: To disclose in the event of no litigation
23 Information Access and company Description on access information and company data to the 352-357
data public, such as through website (in Indonesian and English
languages), mass media, mailing lists, bulletins, analyst
meetings, and others
24 Discussion on code of conduct Includes the following:
1. Code of conduct contents; 336-340
2. Disclosure of code of conduct application in all level of 340
organization; 340
3. Code of conduct dissemination; 336-340,
4. Discipline effort and sanctions on code of conduct 340-341
violations; and 341
5. Corporate culture statements
25 Disclosure on whistleblowing system Includes the following mechanism of whistleblowing system: 342-343,
1. Violations report submission; 345-346
2. Whistleblowers protection; 343-344
3. Claims handling; 342
4. Claims managers; and 343
5. Total claims registered and processed at the last fiscal 344
year including its follow up measures.
26 Diversity of the Board of Description of company policy regarding diversity of the 274-275->
Commissioners and Board of Board of Commissioners and Board of Directors Composition BOC
Directors Composition in the field of education (Study), work experience, age, and 286-278 ->
gender BOD
Note: to disclose the reasons and considerations, if there is
no policy applied

VII Financial Information Remarks Page
1 Board of Directors and/or Board Conformity with related regulations regarding the 416
of Commissioners Statements Financial Statements Responsibility
regarding the Responsibility for the
Financial Statements
2 Independent auditor opinion on 418
financial statements
3 Independent Auditor Description in Description contains the following: 418

the Opinion 1. Name & signatures;
2. Audit Report date; and
3. License of Public Accountant Firm and license of
Public Accountant
4 Comprehensive financial statements Comprehensively covers the financial statements
elements:
1. Statements of financial position; 419-420
2. Statements of comprehensive income and other 421
comprehensive income;
3. Statements of changes in equity; 422
4. Statements of cash flows; 423
5. Notes to financial statements; 424-580
6. Comparative information on previous periods; 579-580
and
7. Statements of financial position at the 579-580
beginning of previous periods upon the
application of retrospective accounting policy
by the entity or representation of financial
statements postings, or reclasifications of
postings in the financial statements (if relevant).
5 Profitability level comparison Comparison of current profit (loss) with previous 421
years
6 Statements of Cash Flows Conformity to the following provisions:
1. Grouping into three category of activities of 423
operations, investment, and financing;
2. Direct method application in the statements of 423
cash flows from operations activity;
3. Separation of presentation between cash in 423
and or cash out during current year in the
operation, investment and financing activities;
4. Disclosure of non cash transaction shall be 423
stated in the notes to financial statements.
7 Summary of Accounting Policies Including at least:
1. Compliance statement to SAK; 436
2. Basis of measurement and formulation of 437-444
financial statements;
3. Recognition of income and expense; 466-468
4. Employee benefits; and 463-466
5. Financial instrument. 445-449
8 Disclosure of related parties The disclosures includes:
transactions 1. Name of related parties, and the nature and 539-540
relationship with related parties;
2. Transaction values and its percentage to total 541-544
income and expense; and
3. Total balance and its percentage to total assets 545-551
or liabilities.
9 Disclosure related to taxes The disclosures shall includes:

1. Fiscal reconciliation and current tax expense 525
calculation;
2. Explanation of relationship between tax 466-468, 526
expenses (income) and accounting profit;
3. Statement that Taxable Income as a result of 526
reconciliation is use as the basis in completing
the Annual corporate income tax return;
4. The details of deferred tax assets and liabilities 526-529
recognized in the financial position statements
for every presentation period, and total deffered
tax expenses (income) recognized in the income
statements if the total are not visible from the
total deferred tax assets or liabilities recognized
in the financial position statements; and
5. Disclosure of availability or un-availability of tax
disputes. 529-530
10 Disclosure related to fixed assets The disclosures shall includes:
1. Used depreciation method; 455
2. Description on accounting policies selected 455-456, 473
between revaluation model and cost model;
3. Significant methods and assumptions used 492-493
in estimation of fixed assets fair value (for
revaluation model) or disclosure of fixed assets
fair value (for cost model); and
4. Reconciliation of gross total recorded and 490-491
accumulation of fixed assets depreciation at
the beginning and end of period by presenting:
addition, deduction and reclassification.

11 Disclosure related to operations The disclosures shall includes:

segments 1. General information covering used factors to 470, 552-554
identify reported segments;
2. Information on segments reported profit loss, 552-554
assets, and liabilities;
3. Reconciliation of segments total revenues, 552-554
segments reported profit loss, segments
assets, segments liabilities, and segments other
material elements to related total in entity; and
4. Disclosure of entity level, which covers 552-554
information on products and/or services,
geographic areas and main customers.
12 Disclosure related to Financial The disclosures shall includes:
Instruments 1. Accounting requirements, conditions and 445-449,
policies for every financial instuments group;
2. Financial instrument classification; 564-565
3. Fair value of every financial instrument group; 564-565, 571
4. Risk management objectives and policies; 565-566
5. Explanation on risks related to financial 567-572
instrument: market risk, credit risk and liquidity
risk; and
6. Risk analysis related to financial instrument in 571-572
quantitative way.
13 Financial statements publication The disclosures includes: 581
1. Date of financial statements authorized for
publication; and
2. Parties responsible to authorize the financial
statements.
Laporan Laporan Pengembangan Informasi Informasi Bagi Tinjauan
Manajemen Usaha Perusahaan Investor Operasional
Consolidated
Financial
Statements
2015
412 PT Semen Indonesia (Persero) Tbk. | 2015 Laporan Tahunan

Pembahasan dan Laporan Pelaksanaan Tata Laporan Tanggung Jawab Data Laporan Keuangan
Analisis Manajemen Kelola Perusahaan Sosial Perusahaan Perusahaan Konsolidasian 2015
Menegaskan Arah di Tengah Gelombang Persaingan PT Semen Indonesia (Persero) Tbk. | 2015 Laporan Tahunan 413
PT SEMEN INDONESIA (PERSERO) Tbk

DAN ENTITAS ANAK / AND ITS SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN/
CONSOLIDATED FINANCIAL STATEMENTS
PADA TANGGAL 31 DESEMBER 2015, 2014 DAN

1 JANUARI 2014/ 31 DESEMBER 2013, DAN
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL
31 DESEMBER 2015 DAN 2014/
AS OF DECEMBER 31, 2015, 2014 AND
JANUARY 1, 2014/ DECEMBER 31, 2013, AND
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
DAN LAPORAN AUDITOR INDEPENDEN/
AND INDEPENDENT AUDITORS REPORT

PT SEMEN INDONESIA (PERSERO) Tbk PT SEMEN INDONESIA (PERSERO) Tbk

DAN ENTITAS ANAK AND ITS SUBSIDIARIES
DAFTAR ISI TABLE OF CONTENTS
Halaman/
Page
SURAT PERNYATAAN DIREKSI DIRECTORS STATEMENT LETTER
LAPORAN AUDITOR INDEPENDEN 1

417 INDEPENDENT AUDITORS REPORT
LAPORAN KEUANGAN KONSOLIDASIAN - CONSOLIDATED FINANCIAL STATEMENTS -

Pada tanggal 31 Desember 2015, 2014 dan As of December 31, 2015, 2014 and
1 Januari 2014/ 31 Desember 2013, January 1, 2014/ December 31, 2013, and
dan untuk tahun-tahun yang berakhir for the years ended December 31, 2015 and
pada tanggal 31 Desember 2015 dan 2014 2014
Laporan Posisi Keuangan Konsolidasian 419

3 Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan 5

421 Consolidated Statements of Profit or Loss and
Komprehensif Lain Konsolidasian Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian 6

422 Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian 7

423 Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian 424

8 Notes to Consolidated Financial Statements
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
Daftar I : Informasi Investasi dalam Entitas 166

582 Schedule I : Information on Investment in
Anak Subsidiaries


PT SEMEN INDONESIA (PERSERO) Tbk DAN ENTITAS ANAK PT SEMEN INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2015, 2014 DAN DECEMBER 31, 2015, 2014 AND
1 JANUARI 2014/ 31 DESEMBER 2013 JANUARY 1, 2014/ December 31, 2013
(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain) (Expressed in thousands of Rupiah, unless otherwise stated)
1 Januari 2014/
31 Desember 2013/
31 Desember / 31 Desember / January 1, 2014/
Catatan/ December 31, December 31, December 31,
Notes 2015 2014*) 2013*)
ASET ASSETS
ASET LANCAR CURRENT ASSETS

Kas dan setara kas 5 3.964.018.180 4.925.949.551 4.070.492.871 Cash and cash equivalents
Kas dan setara kas yang Restricted cash and cash
dibatasi penggunaannya 5 25.469.712 13.696.811 37.599.156 equivalents
Investasi jangka pendek 6 2.263.173 91.872.422 104.835.223 Short-term investments
Piutang usaha Trade receivables
- Pihak ketiga, setelah dikurangi - Third parties, net of allowance
cadangan penurunan nilai sebesar for impairment losses of
Rp61.893.997 pada 31 Desember 2015, Rp61,893,997 at December 31, 2015
Rp52.350.448 pada 31 Desember 2014 Rp52,350,448 at December 31, 2014
dan Rp45.911.409 pada 1 Januari 2014 7 2.716.270.338 2.553.653.508 2.238.452.900 and Rp45,911,409 at January 1, 2014
- Pihak berelasi, setelah dikurangi - Related parties, net of allowance
dan Rp24.231.524 pada 1 Januari 2014 7,42 827.569.631 747.593.796 586.655.740 and Rp24,231,524 at January 1, 2014
Piutang lain-lain Other receivables
- Pihak ketiga, setelah dikurangi - Third parties, net of allowance
dan Rp4.671.914 pada 1 Januari 2014 8 56.818.134 103.802.566 73.674.404 and Rp4,671,914 at January 1, 2014
- Pihak berelasi, setelah dikurangi - Related parties, net of allowance
Rp427.104 pada 31 Desember 2014 Rp427,104 at December 31, 2014
dan Rp660.330 pada 1 Januari 2014 8,42 27.982.398 27.506.685 17.278.860 and Rp660,330 at January 1, 2014
Persediaan 9 2.408.974.072 2.811.704.405 2.645.892.517 Inventories
Uang muka 10 88.747.138 148.716.926 90.824.054 Advances
Beban dibayar dimuka 11 38.530.615 52.786.968 48.622.460 Prepaid expenses
Pajak dibayar dimuka 12 382.060.519 171.261.037 57.782.185 Prepaid taxes
Jumlah Aset Lancar 10.538.703.910 11.648.544.675 9.972.110.370 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETS

Aset pajak tangguhan 39 90.267.923 56.552.571 109.974.764 Deferred tax assets
Investasi pada entitas asosiasi 13 223.952.239 146.980.208 127.509.500 Investments in associates
Properti investasi 14 175.123.263 183.317.846 48.654.931 Investment properties
Aset tetap, setelah dikurangi akumulasi Fixed assets, net of accumulated
penyusutan dan deplesi sebesar depreciation and depletion of
Rp11.483.289.749 pada 31 Desember 2015 Rp11,483,289,749 at December 31, 2015
Rp10.117.480.338 pada 31 Desember 2014 Rp10,117,480,338 at December 31, 2014
dan Rp8.880.960.386 pada 1 Januari 2014 15 25.167.682.710 20.221.066.650 18.862.518.157 and Rp8,880,960,386 at January 1, 2014
Beban tangguhan 16 134.693.976 113.316.617 100.627.005 Deferred charges
Aset takberwujud 17 1.134.306.236 1.103.697.255 1.158.474.986 Intangible assets
Uang muka investasi 18 328.280.118 531.935.259 214.473.111 Advances for investment
Aset lain-lain 19 360.108.557 326.263.656 238.759.953 Other assets
Jumlah Aset Tidak Lancar 27.614.415.022 22.683.130.062 20.860.992.407 Total Non-Current Assets
JUMLAH ASET 38.153.118.932 34.331.674.737 30.833.102.777 TOTAL ASSETS
*) Disajikan kembali (Catatan 50) *) As Restated (Note 50)
Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.
-3-
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2015, 2014 DAN DECEMBER 31, 2015, 2014 AND
1 JANUARI 2014/ 31 DESEMBER 2013 JANUARY 1, 2014/ December 31, 2013
(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain) - Lanjutan (Expressed in thousands of Rupiah, unless otherwise stated) - Continued
1 Januari 2014/
31 Desember 2013/
31 Desember / 31 Desember / January 1, 2014/
December 31, December 31, December 31,
2015 2014*) 2013*)
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Pinjaman jangka pendek 20,42 138.603.568 81.808.678 320.926.026 Short-term borrowings
Utang usaha Trade payables
- Pihak ketiga 22 2.709.634.659 2.160.613.721 1.672.272.211 - Third parties
- Pihak berelasi 22,42 1.073.611.340 870.893.891 829.461.699 - Related parties
Utang lain-lain Other payables
- Pihak ketiga 23 151.290.680 182.704.936 295.622.862 - Third parties
- Pihak berelasi 23,42 43.009.298 32.295.840 24.761.055 - Related parties
Beban yang masih harus dibayar 24 633.616.432 445.434.118 438.205.233 Accrued expenses
Utang pajak 25 275.833.026 271.687.005 398.536.742 Taxes payable
Short-term employee benefits
Liabilitas imbalan kerja jangka pendek 41 848.863.477 680.196.988 774.779.665 liabilities
Uang muka penjualan 26 17.645.606 30.224.619 23.752.035 Sales advances
Liabilitas jangka panjang yang Current maturities of
jatuh tempo dalam satu tahun long-term liabilities
- Pinjaman bank 20,42 630.043.935 463.572.257 469.973.512 - Bank loans
- Liabilitas sewa pembiayaan 21 77.037.601 52.497.495 49.300.788 - Finance lease liabilities
Jumlah Liabilitas Jangka Pendek 6.599.189.622 5.271.929.548 5.297.591.828 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Liabilitas pajak tangguhan 39 107.902.730 70.045.322 9.154.573 Deferred tax liabilities
Long-term employee benefits
Liabilitas imbalan kerja jangka panjang 41 653.612.297 482.604.646 362.416.321 liabilities
Liabilitas jangka panjang -
setelah dikurangi yang jatuh tempo Long-term liabilities -
dalam satu tahun net of current maturities
- Pinjaman bank 20,42 2.996.680.899 3.183.156.388 3.129.289.131 - Bank loans
- Liabilitas sewa pembiayaan 21 158.934.642 131.988.819 113.093.127 - Finance lease liabilities
Provisi jangka panjang 27 185.526.840 175.064.953 157.622.095 Long-term provisions
Liabilitas jangka panjang lainnya 23 10.473.501 11.955.057 12.453.908 Other non-current liabilities
Jumlah Liabilitas Jangka Panjang 4.113.130.909 4.054.815.185 3.784.029.155 Total Non-Current Liabilities
Jumlah Liabilitas 10.712.320.531 9.326.744.733 9.081.620.983 Total Liabilities
EKUITAS EQUITY
Ekuitas 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
Rp100 (angka penuh) per saham Rp100 (full amount) per share
Modal dasar - 20.000.000.000 saham Authorized - 20,000,000,000 shares
Modal ditempatkan dan disetor Issued and fully paid
penuh - 5.931.520.000 saham 28 593.152.000 593.152.000 593.152.000 5,931,520,000 shares
Tambahan modal disetor 29 1.458.257.900 1.458.257.900 1.458.257.900 Additional paid-in capital
Komponen ekuitas lainnya 553.155.266 475.228.790 403.959.446 Other components of equity
Saldo laba Retained earnings
- Ditentukan penggunaannya 253.338.000 253.338.000 253.338.000 - Appropriated
- Belum ditentukan penggunaannya 23.561.638.624 21.266.487.985 18.123.197.076 - Unappropriated
Jumlah ekuitas yang dapat

diatribusikan kepada Total equity attributable to the
pemilik entitas induk 26.419.541.790 24.046.464.675 20.831.904.422 owners of the parent entity
Kepentingan nonpengendali 31 1.021.256.611 958.465.329 919.577.372 Non-controlling interests
Jumlah Ekuitas 27.440.798.401 25.004.930.004 21.751.481.794 Total Equity
JUMLAH LIABILITAS DAN EKUITAS 38.153.118.932 34.331.674.737 30.833.102.777 TOTAL LIABILITIES AND EQUITY
-4-

LAPORAN LABA RUGI DAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN OTHER COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014 FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
Catatan/
2015 Notes 2014*)
PENDAPATAN 26.948.004.471 32 26.987.035.135 REVENUE
BEBAN POKOK PENDAPATAN (16.302.008.098) 33 (15.408.157.860) COST OF REVENUE
LABA KOTOR 10.645.996.373 11.578.877.275 GROSS PROFIT
Beban penjualan (2.658.736.792) 34 (2.694.236.894) Selling expenses

Beban umum dan administrasi (2.087.885.344) 35 (1.937.522.487) General and administration expenses
Penghasilan operasi lainnya 46.157.493 36 195.060.184 Other operating income
Penghasilan keuangan 241.075.757 37 286.070.140 Finance income
Beban keuangan (370.004.717) 37 (382.919.122) Finance costs
Bagian laba bersih entitas asosiasi 34.320.727 13 31.946.912 Share in net profit of associates
LABA SEBELUM PAJAK PENGHASILAN 5.850.923.497 7.077.276.008 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan (1.325.482.459) 39 (1.509.616.169) Income tax expense
LABA BERSIH TAHUN BERJALAN 4.525.441.038 5.567.659.839 NET PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos-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 (83.486.981) 38 80.088.812 benefit obligation
Beban pajak penghasilan 22.485.951 38,39 (19.199.223) Income tax expense
Pengukuran kembali atas Remeasurements of defined
liabilitas imbalan pasti - setelah pajak (61.001.030) 60.889.589 benefit obligation - net of tax
Pos-pos yang akan Items that may be reclassified
direklasifikasi ke laba rugi: subsequently to profit or loss:
Net changes in fair value of
Perubahan neto nilai wajar investasi available-for-sale investments in
efek tersedia untuk dijual 492.451 38 2.037.199 securities
Mutasi neto lindung nilai arus kas (1.101.102) 38 (3.883) Net movement on cash flow hedges
Selisih kurs dari penjabaran Exchange difference from translation
kegiatan usaha luar negeri 198.332.979 38 11.735.196 of foreign operation
Jumlah penghasilan komprehensif lain Total other comprehensive income
tahun berjalan - setelah pajak 136.723.298 74.658.101 for the year - net of tax
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 4.662.164.336 5.642.317.940 FOR THE YEAR
LABA YANG DAPAT DIATRIBUSIKAN KEPADA: PROFIT ATTRIBUTABLE TO:

Pemilik entitas induk 4.521.490.578 40 5.559.902.041 Owners of parent entity
Kepentingan nonpengendali 3.950.460 31 7.757.798 Non-controlling interests
LABA BERSIH TAHUN BERJALAN 4.525.441.038 5.567.659.839 NET PROFIT FOR THE YEAR
JUMLAH LABA KOMPREHENSIF YANG DAPAT TOTAL COMPREHENSIVE INCOME

DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 4.599.417.054 5.631.171.385 Owners of parent entity
Kepentingan nonpengendali 62.747.282 11.146.555 Non-controlling interests
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 4.662.164.336 5.642.317.940 FOR THE YEAR
Laba per saham dasar Basic earnings per share

(dinyatakan dalam angka penuh (expressed in Rupiah full
Rupiah per saham) 762 40 937 amount per share)
-5-
Operational
Review
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014 FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
Information for
Komponen Ekuitas Lainnya/ Saldo laba/

Other Components of Equity Retained earnings
Investors
Keuntungan dan Selisih kurs Ekuitas yang

kerugian aktuarial dari penjabaran dapat diatribusikan
Revaluasi investasi atas kewajiban Cadangan kegiatan usaha kepada pemilik
Tambahan efek tersedia imbalan pasti/ lindung nilai luar negeri/ Belum entitas induk/ Kepentingan
modal disetor/ untuk dijual/ Actuarial gains arus kas/ Exchange difference Ditentukan ditentukan Equity attributable nonpengendali/
Catatan/ Modal saham/ Additional AFS investments or losses of Cash flow hedge from translation penggunaannya/ penggunaannya/ to owners of Non-controlling Jumlah ekuitas/
Notes Capital stock paid-in capital revaluation defined benefits reserve of foreign operation Appropriated Unappropriated the parent entity interests Total equity
Saldo per 1 Januari 2014 Balance as of January 1, 2014
(sebelum disajikan kembali) 593.152.000 1.458.257.900 (2.529.650) - 3.883 352.748.216 253.338.000 18.227.572.979 20.882.543.328 921.432.547 21.803.975.875 (as preivously reported)
Penyesuaian saldo awal sehubungan dengan Adjustments of opening balance in relation to
penerapan standar akuntansi baru 50 - - - 53.736.997 - - - (104.375.903) (50.638.906) (1.855.175) (52.494.081) the application of new accounting standards
Information
Corporate
Saldo per 1 Januari 2014*) 593.152.000 1.458.257.900 (2.529.650) 53.736.997 3.883 352.748.216 253.338.000 18.123.197.076 20.831.904.422 919.577.372 21.751.481.794 Balance as of January 1, 2014*)
Laba tahun berjalan *) - - - - - - 5.559.902.041 5.559.902.041 7.757.798 5.567.659.839 Profit for the year *)
Komponen ekuitas lainnya *) 38 - - 2.037.199 61.021.382 (3.883) 8.214.646 - - 71.269.344 3.388.757 74.658.101 Other components of equity *)
Bagian ekuitas kepentingan Share of non-controlling interests
nonpengendali atas pendirian in equity of newly established
entitas anak - - - - - - - - - 37.673.050 37.673.050 subsidiary
Dividen 30 - - - - - - - (2.416.611.132) (2.416.611.132) (9.931.648) (2.426.542.780) Dividends
PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

Saldo per 31 Desember 2014*) 593.152.000 1.458.257.900 (492.451) 114.758.379 - 360.962.862 253.338.000 21.266.487.985 24.046.464.675 958.465.329 25.004.930.004 Balance as of December 31, 2014*)
Laba tahun berjalan - - - - - - - 4.521.490.578 4.521.490.578 3.950.460 4.525.441.038 Profit for the year
Komponen ekuitas lainnya 38 - - 492.451 (60.298.148) (1.101.102) 138.833.275 - - 77.926.476 58.796.822 136.723.298 Other components of equity
Business Development
Transaksi ekuitas dengan Equity transaction with

pihak nonpengendali - - - - - - - - - 10.000.000 10.000.000 non-controlling interests
Dividen 30 - - - - - - - (2.226.339.939) (2.226.339.939) (9.956.000) (2.236.295.939) Dividends
Saldo per 31 Desember 2015 593.152.000 1.458.257.900 - 54.460.231 (1.101.102) 499.796.137 253.338.000 23.561.638.624 26.419.541.790 1.021.256.611 27.440.798.401 Balance as of December 31, 2015
Report
the Management
Report from
422
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014
2015 2014
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaan dari pelanggan 26.682.379.871 26.514.971.229 Receipts from customers
Pembayaran kepada pemasok (15.246.599.163) (15.955.882.980) Payments to suppliers
Pembayaran kepada karyawan (2.441.072.759) (2.379.058.070) Payments to employees
Penghasilan bunga yang diterima 241.075.757 286.070.140 Interest income received
Penarikan (penempatan)
kas dan setara kas Withdrawal (placement) of restricted
yang dibatasi penggunaannya (11.772.901) 23.902.345 cash and cash equivalents
Pembayaran pajak penghasilan (1.343.605.458) (1.540.546.571) Payment of income taxes
Pembayaran bunga dan beban keuangan (684.458.377) (858.248.188) Payment of interest and finance charges
Penerimaan lainnya - neto 92.639.567 154.633.907 Others receipts - net
Arus Kas Neto Yang Diperoleh Dari Net Cash Flows Provided by
Aktivitas Operasi 7.288.586.537 6.245.841.812 Operating Activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Aset tetap: Fixed Assets:
Pembelian aset tetap (5.168.034.789) (2.105.732.452) Acquisition of fixed assets
Hasil penjualan aset tetap 299.272 22.758.761 Proceeds from sales of fixed assets
Akuisisi entitas asosiasi (55.000.000) - Acquisition of an associate
Penerimaan dari saham entitas anak Proceeds from issuance of shares
yang dikeluarkan kepada kepentingan of subsidiary to a
non-pengendali 10.000.000 37.673.050 non-controlling interest
Uang muka investasi (450.141.500) (358.870.689) Advances for investment
Penambahan beban tangguhan (30.773.814) (28.212.733) Additions to deferred charges
Penambahan aset takberwujud (1.070.207) (984.886) Additions to intangible assets
Pencairan investasi jangka pendek - neto 90.101.698 15.000.000 Withdrawal of short-term investments - net
Dividen yang diterima 12.348.697 12.476.204 Dividends received
Arus Kas Neto Yang Digunakan Untuk Net Cash Flows Used in
Aktivitas Investasi (5.592.270.643) (2.405.892.745) Investing Activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Pinjaman: Borrowings:
Pembayaran kembali pinjaman (1.175.180.918) (2.083.890.331) Repayment of borrowings
Penerimaan pinjaman 818.341.091 1.583.700.849 Proceeds from borrowings
Pembayaran liabilitas sewa pembiayaan (65.111.499) (57.760.125) Payment of finance lease liabilities
Pembayaran dividen: Payment of dividends:
Pemilik entitas induk (2.226.339.939) (2.416.611.132) Equity holders of parent entity
Kepentingan non-pengendali (9.956.000) (9.931.648) Non-controlling interest
Arus Kas Neto Yang Digunakan Untuk Net Cash Flows Used in
Aktivitas Pendanaan (2.658.247.265) (2.984.492.387) Financing Activities
Kenaikan (penurunan) neto Net increase (decrease) in

kas dan setara kas (961.931.371) 855.456.680 cash and cash equivalents
Cash and cash equivalents
Kas dan setara kas pada awal tahun 4.925.949.551 4.070.492.871 at the beginning of the year
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AKHIR TAHUN 3.964.018.180 4.925.949.551 AT THE END OF THE YEAR
Komponen kas setara kas terdiri dari: Components of cash and cash equivalents:
Kas 2.782.678 2.993.872 Cash on hand
Bank 523.303.043 448.390.013 Cash in banks
Deposito berjangka 3.437.932.459 4.474.565.666 Time deposits
3.964.018.180 4.925.949.551
-7-

CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
PADA TANGGAL 31 DESEMBER 2015, 2014 DAN AS OF DECEMBER 31, 2015, 2014 AND
1 JANUARI 2014/ 31 DESEMBER 2013, DAN JANUARY 1, 2014/ DECEMBER 31, 2013,
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA AND FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014
(Disajikan dalam ribuan Rupiah, (Expressed in thousands of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Semen Indonesia (Persero) Tbk PT Semen Indonesia (Persero) Tbk

(Perseroan) didirikan dengan nama NV Pabrik (the Company) was established on March 25,
Semen Gresik pada tanggal 25 Maret 1953 1953 as NV Pabrik Semen Gresik based on
dengan Akta Notaris Raden Mr. Soewandi Notarial Deed No. 41 of Raden Mr. Soewandi.
No. 41. Pada tanggal 17 April 1961, NV Pabrik On April 17, 1961, NV Pabrik Semen Gresik
Semen Gresik dijadikan Perusahaan Negara has become a state enterprise (Persero)
(Persero) berdasarkan Peraturan Pemerintah based on Government Regulation No. 132
No. 132 tahun 1961, kemudian berubah menjadi year 1961, and subsequently became
PT Semen Gresik (Persero) berdasarkan Akta PT Semen Gresik (Persero) by virtue of
Notaris J.N. Siregar, S.H. No. 81 tanggal Notarial Deed No. 81 dated October 24, 1969
24 Oktober 1969. of J.N. Siregar, S.H.
Anggaran Dasar Perseroan telah mengalami The Companys Articles of Association have
beberapa kali perubahan dan yang terakhir been amended several times, the most recent
antara lain mengenai perubahan dewan direksi was concerning, among others, the change in the
berdasarkan Akta No. 144 tanggal 17 April 2015 board of directors based on National Deed No.
yang dibuat dihadapan Leolin Jayayanti, SH, 144 dated April 17, 2015 of Leolin Jayayanti,
Notaris di Jakarta. Perubahan ini telah SH, Notary in Jakarta. This amendment was
dilaporkan kepada Menteri Hukum dan Hak reported to Ministry of Law and Human Rights of
Asasi Manusia Republik Indonesia. the Republic of Indonesia.
Ruang lingkup kegiatan utama Perseroan The scope of activities of the Company in
menurut Anggaran Dasar adalah menjalankan accordance with its Articles of Association is to
usaha dalam bidang industri persemenan. engage in the cement industry. The Company
Lokasi pabrik semen Perseroan dan Entitas and its subsidiaries (the Group) cement
Anak (Grup) berada di Gresik dan Tuban di plants are located in Gresik and Tuban in East
Jawa Timur, Indarung di Sumatera Barat, Java, Indarung in West Sumatera, Pangkep in
Pangkep di Sulawesi Selatan dan Quang Ninh South Sulawesi and Quang Ninh in Vietnam.
di Vietnam. Hasil produksi Grup dipasarkan di The Group's products are marketed
dalam dan di luar negeri. domestically and internationally.
Perseroan berkedudukan dan berkantor pusat The Companys head office is located at
di Jl. Veteran, Gresik 61122, Jawa Timur. Jl. Veteran, Gresik 61122, East Java. The
Perseroan memulai kegiatan komersialnya pada Company commenced commercial operations
tanggal 7 Agustus 1957. on August 7, 1957.
Pemegang saham pengendali Perseroan The Company's controlling shareholder is the

adalah Pemerintah Republik Indonesia. Government of the Republic of Indonesia.
424 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report - 8-


kecuali dinyatakan lain) (Lanjutan) unless otherwise stated) (Continued)
Susunan Dewan Komisaris, Direksi Perseroan, The members of the Companys Boards of
Komite Audit, Kepala Internal Audit dan Commissioners and Directors, member of
Sekretaris Perusahaan pada tanggal Audit Committee, Head of Internal Audit, and
31 Desember 2015 dan 2014 adalah sebagai Corporate Secretary as at December 31, 2015
berikut: and 2014 were as follows:
31 Desem ber / 31 Desem ber /

December 31, December 31,
2015 2014
Dew an Kom isaris Board of Com m issioners
Komisaris Utama Mahendra Siregar Mahendra Siregar President Commissioner
Komisaris Achmad Jazidie Achmad Jazidie Commissioner
Komisaris Marw anto Harjow irjono Marw anto Harjow irjono Commissioner
Komisaris Wahyu Hidayat Wahyu Hidayat Commissioner
Komisaris Sony Subrata - Commissioner
Komisaris Independen Hadi Waluyo Hadi Waluyo Independent Commissioner
*)
Komisaris Independen - Farid Praw iranegara Independent Commissioner
Komisaris Independen Muchammad Zaidun Muchammad Zaidun Independent Commissioner
Direksi Directors
Direktur Utama Suparni Suparni **) President Director
Direktur Ahyanizzaman Ahyanizzaman Director
Direktur Rizkan Chandra Suparni Director
Direktur Amat Pria Darma Amat Pria Darma Director
Direktur Aunur Rosyidi Suharto Director
Direktur Gatot Kustyadji Gatot Kustyadji Director
Direktur Johan Samudra Johan Samudra Director
Kom ite Audit Audit Com m ittee

Ketua Hadi Waluyo Hadi Waluyo Chairman
Anggota Achmad Jazidie Achmad Jazidie Member
Anggota Sahat Pardede Sahat Pardede Member
*)
Anggota - Farid Praw iranegara Member
Anggota Elok Tresnaningsih Elok Tresnaningsih Member
***)
Kepala Internal Audit Ginarko Isnubroto Hera Milarti Head of Internal Audit
Sekretaris Perusahaan Agung Wiharto Agung Wiharto Corporate Secretary
*) Meninggal dunia pada tanggal 21 Agustus 2014. *) Deceased on August 21, 2014.
**) Pelaksana tugas (Plt) Direktur Utama. **) Acting President Director (Plt).
***) Pelaksana tugas (Plt) Kepala Internal Audit. ***) Acting Head of Internal Audit (Plt).
Personil manajemen kunci meliputi Dewan Key management personnel are the Companys
Komisaris dan Direksi Perseroan. Kompensasi Boards of Commissioners and Directors. Short-
imbalan kerja jangka pendek yang dibayarkan term compensation paid to the key
kepada personil manajemen kunci Perseroan management personnel of the Company for the
untuk tahun yang berakhir pada 31 Desember period ended December 31, 2015 amounted to
2015 sebesar Rp91.632.377 (31 Desember Rp91,632,377 (December 31, 2014:
2014: Rp81.328.921). Tidak ada kompensasi Rp81,328,921). There is no compensation of
dalam bentuk imbalan pascakerja, imbalan kerja post-employment benefits, other long-term
jangka panjang lainnya, pesangon pemutusan benefits, termination benefits, and share-based
kontrak kerja dan pembayaran berbasis saham. payment.
Pada tanggal 31 Desember 2015 dan 2014, As of December 31, 2015 and 2014, the Group
Grup mempunyai masing-masing 6.981 dan had 6,981 and 6,976 employees, respectively.
6.976 karyawan.
- 9-

b. Entitas Anak b. Consolidated Subsidiaries
Kepemilikan saham Perseroan pada entitas The Companys ownership interests in

b. Entitas Anak b. Consolidated Subsidiaries
Kepemilikan saham Perseroan pada entitas The Companys ownership interests in

anak yang dikonsolidasi sebagai berikut: consolidated subsidiaries are as follows:
Dimulainya
Persentase kepemilikan/ kegiatan Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before eliminations
Jenis usaha/ 31 Desember/ 31 Desember/ Start of 31 Desember/ 31 Desember/
Entitas anak/ Domisili/ Nature of December 31, December 31, commercial December 31, December 31,
Subsidiaries Domicile business 2015 2014 operations 2015 2014**)
PT Semen Padang (SP) Indarung, Produsen semen/ 99,99% 99,99% 1913 7.393.030.784 5.908.276.533
Sumatera Barat/ Cement manufacturing
West Sumatera
PT Sepatim Batamtama Batam, Riau Pengantongan semen 97,00% 97,00% 1994 29.396.686 22.361.720
(SB) 97% saham dan distribusi/Cement
dimiliki SP/97% shares packing and distribution
owned by SP
PT Bima Sepaja Abadi Tanjung Priok, Pengantongan semen 80,00% 80,00% 1996 182.661.386 193.656.094
(BSA) 80% saham Jakarta dan distribusi/Cement
owned by SP
PT Semen Tonasa (ST) Pangkep, Produsen semen/ 99,99% 99,99% 1968 8.367.129.198 8.241.179.491
Sulawesi Selatan/ Cement manufacturing
South Sulawesi
PT Semen Gresik (SG) Gresik, Produksi semen/ 99,96% 99,23% - 3.175.043.752 574.268.992
Jawa Timur/ Cement manufacturing
East Java
PT United Tractors Semen Tuban, Penambangan 55,00% 55,00% 1992 324.265.574 264.297.525
Gresik (UTSG) Jawa Timur/ batu kapur dan tanah liat/
East Java Limestone and clay mining
PT Industri Kemasan Tuban, Produsen kantong semen/ 60,00% 60,00% 1994 236.139.375 228.436.937
Semen Gresik (IKSG) Jawa Timur/ Cement bag manufacturing
East Java
PT Kawasan Industri Gresik, Pengembangan kawasan 65,00% 65,00% 1991 345.076.082 361.107.508
Gresik (KIG) Jawa Timur/ industri/Industrial real
East Java estate
PT SGG Energi Prima (SEP) Gresik, Pertambangan, perdagangan 97,00% 97,00% 2012 40.678.132 32.971.868
Jawa Timur/ dan pengangkutan Batubara/
East Java Mining, trade and coal
transportations
PT SGG Prima Beton (SPB) Gresik, Produksi beton siap pakai/ 99,99% 99,99% 2012 554.984.487 362.233.724
Jawa Timur/ Production ready mix concrete
East Java
PT Krakatau Semen Cilegon, Produksi semen/ 50,00% 50,00% 2014 95.063.941 71.318.258
Indonesia ("KSI") Jawa Barat/ Cement manufacturing
West Java
PT Sinergi Informatika Jakarta Selatan, Sistem Informasi/ 100,00% 100,00% 2014 48.773.225 19.123.811
Semen Indonesia ("SISI") DKI Jakarta Information system
Thang Long Cement Joint Hanoi, Produksi semen/ 70,00% 70,00% 2008 3.182.910.109 3.085.208.041
Stock Company (TLCC) Vietnam Cement manufacturing
Thang Long Cement Joint Hanoi, Produksi semen/ 69,57% 69,57% - 39.022.404 36.995.543
Stock Company 2 Vietnam Cement manufacturing
(TLCC2) 99,39% saham
dimiliki TLCC/99.39% shares
owned by TLCC
An Phu Cement Joint Hanoi, Produksi semen/ 69,93% 69,93% - 59.867.825 53.266.400 *)
Stock Company (APCC) Vietnam Cement manufacturing
99,90% saham
owned by TLCC
*) Sebelum penyesuaian nilai wajar pada tanggal akuisisi *) Before fair value adjustments as at acquisition date
**) Disajikan kembali (Catatan 50) **) As restated (Note 50)
- 10 -
anak yang dikonsolidasi sebagai berikut: consolidated subsidiaries are as follows:

Dimulainya
West Sumatera
owned by SP
owned by SP
South Sulawesi
East Java
East Java
East Java estate
transportations
East Java
West Java
owned by TLCC
99,90% saham
owned by TLCC

- 10 -

Pada tanggal 9 Juni 2014, berdasarkan Akta On June 9, 2014, based on Notarial Deed
Notaris No. 27, Notaris Leolin Jayayanti, S.H, No. 27, Notary of Leolin Jayayanti, S.H, the
Perseroan mendirikan PT Sinergi Informatika Company established PT Sinergi Informatika
Semen Indonesia (SISI). Akta ini disahkan oleh Semen Indonesia (SISI). The deed was
Menteri Hukum dan Hak Asasi Manusia approved by Minister of Law and Human
Republik Indonesia dalam surat keputusan Rights of the Republic of Indonesia in his
No.AHU-12544.40.10.tahun 2014, tanggal 10 decision letter No.AHU-12544.40.10.tahun
Juni 2014. 2014, dated June 10, 2014.
Pada tanggal 24 Desember 2013, berdasarkan On December 24, 2013, based on Notarial
Akta Notaris No. 63, Notaris Dr. Slamet Wahjudi Deed No. 63, Notary of Dr. Slamet Wahjudi
S.H, M.Kn Perseroan mendirikan PT Semen S.H, M.Kn the Company established
Gresik (SG). Akta ini disahkan oleh Menteri PT Semen Gresik (SG). The deed was
Hukum dan Hak Asasi Manusia Republik approved by Minister of Law and Human
Indonesia dalam surat keputusan Rights of the Republic of Indonesia in his
No.AHU-01530.AH.01.01.tahun 2014, tanggal decision letter No.AHU-01530.AH.01.01.tahun
10 Januari 2014. Hingga 31 Desember 2015, 2014, dated January 10, 2014. As of
SG belum beroperasi secara komersial. December 31, 2015, SG has not yet started its
commercial operation.
Pada tanggal 20 Desember 2013, berdasarkan On December 20, 2013, based on Notarial
Akta Notaris No. 40, Notaris Jose Dima Satria Deed No. 40, Notary of Jose Dima Satria S.H.,
S.H., M.Kn Perseroan dan PT Krakatau Steel M.Kn the Company and PT Krakatau Steel
(Persero) Tbk, mendirikan PT Krakatau Semen (Persero) Tbk, established PT Krakatau
Indonesia (KSI). Akta ini disahkan oleh Menteri Semen Indonesia (KSI). The deed was
Hukum dan Hak Asasi Manusia Republik approved by Minister of Law and Human
Indonesia dalam surat keputusan Rights of the Republic of Indonesia in his
No.AHU-04359.AH.01.01.tahun 2014, tanggal decision letter No.AHU-04359.AH.01.01.tahun
3 Pebruari 2014. 2014, dated February 3, 2014.
c. Penawaran Umum Efek Perseroan c. Public Offering of Shares of the Company
Perseroan mendapat persetujuan melalui The Company obtained the approval of the
Keputusan Menteri Keuangan Minister of Finance in his decision
No.859/KMK.01/1987 tanggal 23 Desember No. 859/KMK.01/1987 dated December 23,
1987, juncto Keputusan Menteri Keuangan 1987, as amended by Decree
No.1548/KMK.013/1990 tanggal 4 Desember No. 1548/KMK.013/1990 dated December 4,
1990 untuk menawarkan saham kepada 1990, to offer its shares to the public. Based
masyarakat. Berdasarkan izin Menteri on the approval of the Minister of Finance cq
Keuangan cq Ketua Badan Pengawas Pasar Head of Capital Market and Financial
Modal dan Lembaga Keuangan (BAPEPAM- Institutions Supervisory Agency ("BAPEPAM-
LK) No. S-622.PM/1991 tanggal 17 Mei 1991 LK") No.S-622.PM/1991 dated May 17, 1991,
Perseroan melakukan Penawaran Umum the Company conducted an Initial Public
Perdana kepada masyarakat atas 40.000.000 Offering of 40,000,000 shares with nominal
saham dengan nominal per saham Rp1.000 amount of Rp1,000 (full amount) and offering
(angka penuh) dengan harga perdana per price of Rp7,000 (full amount)
saham sebesar Rp7.000 (angka penuh). Pada per share. On July 4, 1991, BAPEPAM-LK
tanggal 4 Juli 1991, BAPEPAM-LK menyetujui approved the listing of 70,000,000 of the
pencatatan saham sebanyak 70.000.000 saham Companys shares on the Jakarta Stock
di Bursa Efek Jakarta dan Bursa Efek Surabaya Exchange and Surabaya Stock Exchange
(sekarang bergabung menjadi Bursa Efek (currently merged as the Indonesia Stock
Indonesia). Exchange).
Pada tanggal 30 Mei 1995, Bursa Efek On May 30, 1995, the Indonesia Stock
Indonesia menyetujui pencatatan tambahan Exchange approved the additional listing of
78.288.000 saham Perseroan. Pada tanggal 78,288,000 of the Companys shares. On
20 Juli 1995, BAPEPAM-LK menyetujui July 20, 1995, BAPEPAM-LK agreed to a
Penawaran Umum Terbatas sejumlah rights issue of 444,864,000 common shares on
444.864.000 saham biasa dengan dasar tiga a three to one basis.
saham baru untuk setiap saham yang beredar.
- 11 -

Pada tanggal 7 Agustus 2007, Perseroan telah On August 7, 2007 the Company executed a
melakukan pemecahan saham dengan stock split with a ratio of 1:10. Total issued
perbandingan 1:10. Jumlah lembar saham shares after the stock split became
Perseroan yang beredar setelah pemecahan 5,931,520,000 shares with an opening share
saham tersebut menjadi sebesar 5.931.520.000 price after exercising the stock split of Rp5,000
lembar saham dengan harga pasar saham awal (full Rupiah amount).
setelah pelaksanaan pemecahan saham
tersebut adalah Rp5.000 (Rupiah penuh).
Pada tanggal 31 Desember 2015, seluruh As of December 31, 2015, all of the
saham Perseroan atau sejumlah 5.931.520.000 Companys 5,931,520,000 outstanding shares
lembar saham telah dicatatkan pada Bursa Efek are listed on the Indonesia Stock Exchange.
Indonesia.
2. PENERAPAN PERNYATAAN STANDAR 2. ADOPTION OF NEW AND REVISED

AKUNTANSI KEUANGAN (PSAK) BARU DAN STATEMENTS OF FINANCIAL ACCOUNTING
REVISI PSAK SERTA INTERPRETASI STNDAR STANDARDS (PSAK) AND INTERPRETATION
AKUNTANSI KEUANGAN (ISAK) OF PSAK (ISAK)
a. Standar yang Berlaku Efektif pada Tahun a. Effective Standards in the Current Year
Berjalan
Dalam tahun berjalan, Grup telah menerapkan In the current year, the Group has adopted all of
semua PSAK baru dan revisi dan ISAK baru the new and revised PSAKs and ISAK issued by
yang dikeluarkan oleh Dewan Standar Akuntansi the Financial Accounting Standard Board of the
Keuangan dari Ikatan Akuntan Indonesia yang Indonesian Institute of Accountants that are
relevan dengan operasinya dan efektif untuk relevant to its operations and effective for
periode akuntansi yang dimulai pada tanggal accounting period beginning on January 1, 2015.
1 Januari 2015.
PSAK 1 (revisi 2013), Penyajian Laporan PSAK 1 (revised 2013), Presentation of

Keuangan Financial Statements
Amandemen terhadap PSAK 1 The amendments to PSAK 1 introduce new

memperkenalkan terminologi baru untuk terminology for the statement of
laporan laba rugi komprehensif. comprehensive income. Under the
Berdasarkan amandemen terhadap PSAK 1, amendments to PSAK 1, the statement of
laporan laba rugi komprehensif telah diubah comprehensive income is renamed as a
namanya menjadi laporan laba rugi dan statement of profit or loss and other
penghasilan komprehensif lain. Amandemen comprehensive income. The amendments
terhadap PSAK 1 mempertahankan opsi to PSAK 1 retain the option to present profit
untuk menyajikan laba rugi dan penghasilan or loss and other comprehensive income in
komprehensif lain baik sebagai suatu either a single statement or in two separate
laporan tunggal atau disajikan dalam dua but consecutive statements. However, the
laporan terpisah tetapi berturut-turut. amendments to PSAK 1, require additional
Namun, amandemen terhadap PSAK 1, disclosures to be made in the other
mengharuskan tambahan pengungkapan comprehensive income section such that
dalam bagian penghasilan komprehensif lain items of other comprehensive income are
dimana pos-pos dari penghasilan grouped into two categories: (1) items that
komprehensif lain dikelompokkan menjadi will not be reclassified subsequently to
dua kategori: (1) Tidak akan direklasifikasi profit or loss; and (2) items that may be
lebih lanjut ke laba rugi; dan (2) akan reclassified subsequently to profit or loss
direklasifikasi lebih lanjut ke laba rugi ketika when specific conditions are met.
kondisi tertentu terpenuhi.

- 12 -

Amandemen ini telah diterapkan secara The amendments have been applied
retrospektif, dan oleh karena itu penyajian retrospectively, and hence the presentation
pos penghasilan komprehensif lain telah of items of other comprehensive income
dimodifikasi untuk mencerminkan perubahan has been modified to reflect the changes.
tersebut.
Amandemen PSAK 1 juga relevan terhadap Also relevant to the Group is the
Grup jika laporan posisi keuangan pada amendment to PSAK 1 regarding when a
posisi awal periode terdekat sebelumnya statement of financial position as of the
(laporan posisi keuangan ketiga) dan beginning of the preceding period (third
catatan terkait harus disajikan. Amandemen statement of financial position) and the
menjelaskan bahwa laporan posisi related notes are required to be presented.
keuangan ketiga diharuskan jika a) suatu The amendments specify that a third
entitas menerapkan kebijakan akuntansi statement of financial position is required
secara retrospektif, atau penyajian kembali when a) an entity applies an accounting
retrospektif atau reklasifikasi dari pos-pos policy retrospectively, or makes a
dalam laporan keuangannya, dan b) retrospective restatement or reclassification
penerapan penyajian kembali retrospektif of items in its financial statements, and b)
atau reklasifikasi mempunyai pengaruh the retrospective application, restatement
material atas informasi dalam laporan posisi or reclassification has a material effect on
keuangan ketiga. Amandemen menjelaskan the information in the third statement of
bahwa catatan terkait tidak perlu disajikan financial position. The amendments
dalam laporan posisi keuangan ketiga. specify that related notes are not required
to accompany the third statement of
financial position.
Dalam tahun berjalan, Grup telah In the current year, the Group has applied a
menerapkan sejumlah PSAK revisi dan baru number of new and revised PSAK (see
(lihat penjelasan di bawah), yang discussion below), which has resulted in
menghasilkan pengaruh material pada material effects on the information in the
informasi dalam laporan posisi keuangan consolidated statement of financial position
konsolidasian pada tanggal 1 Januari as of January 1, 2014/December 31, 2013.
2014/31 Desember 2013. Sesuai dengan In accordance with the amendments to
amandemen terhadap PSAK 1, Grup telah PSAK 1, the Group has presented a
menyajikan laporan posisi keuangan ketiga consolidated third statement of financial
pada tanggal 31 Desember 2013 tanpa position as of December 31, 2013 without
catatan yang terkait kecuali persyaratan the related notes except for the disclosure
pengungkapan dari PSAK 25, Kebijakan requirements of PSAK 25, Accounting
Akuntansi, Perubahan Estimasi Akuntansi Policies, Changes in Accounting Estimates
dan Kesalahan sebagaimana dirinci di and Errors as detailed below.
bawah ini.
PSAK 4 (revisi 2013), Laporan Keuangan PSAK 4 (revised 2013), Separate Financial
Tersendiri Statements
PSAK 4 (revisi 2009), Laporan Keuangan PSAK 4 (revised 2009), Consolidated and
Konsolidasian dan Laporan Keuangan Separate Financial Statements has been
Tersendiri telah diubah namanya menjadi renamed PSAK 4 (revised 2013), Separate
PSAK 4 (revisi 2013), Laporan Keuangan Financial Statements which continues to
Tersendiri yang menjadi suatu standar yang be a standard dealing solely with separate
mengatur laporan keuangan tersendiri. financial statements. The existing guidance
Panduan yang telah ada untuk laporan for separate financial statements remains
keuangan tersendiri tetap tidak diubah. unchanged.
Penerapan PSAK 4 tidak mempunyai The application of PSAK 4 has had no
pengaruh material atas pengungkapan atau material impact on the disclosures or on the
jumlah-jumlah yang diakui dalam laporan amounts recognized in the consolidated
keuangan konsolidasian. financial statements.
- 13 -

PSAK 15 (revisi 2013), Investasi pada PSAK 15 (revised 2013), Investments in

Entitas Asosiasi dan Ventura Bersama Associates and Joint Ventures
PSAK 15 (revisi 2009), Investasi pada PSAK 15 (revised 2009), Investments in

Entitas Asosiasi telah diubah namanya Associates has been renamed PSAK 15
menjadi PSAK 15 (revisi 2013), Investasi (revised 2013), Investments in Associates
pada Entitas Asosiasi dan Ventura and Joint Ventures. The scope of the
Bersama. Ruang lingkup standar revisi revised standard was expanded to cover
diperluas untuk mencakup entitas dimana entities that are investors with joint control
investor memilki pengendalian bersama atau of, or significant influence over, an
pengaruh signifikan atas investee. investee.

PSAK 24 (revisi 2013), Imbalan Kerja PSAK 24 (revised 2013), Employee

Benefits
Amandemen terhadap PSAK 24 atas The amendments to PSAK 24 change the

akuntansi program imbalan pasti dan accounting for defined benefit plans and
pesangon. Perubahan paling signifikan termination benefits. The most significant
terkait akuntansi atas perubahan dalam change relates to the accounting for
kewajiban manfaat pasti dan aset program. changes in defined benefit obligations and
Amandemen mensyaratkan pengakuan plan assets. The amendments require the
perubahan dalam kewajiban imbalan pasti recognition of changes in defined benefit
dan nilai wajar aset program ketika obligations and in fair value of plan assets
amandemen terjadi, dan karenanya when they occur, and hence eliminate the
menghapus pendekatan koridor yang 'corridor approach' permitted under the
diijinkan berdasarkan PSAK 24 versi previous version of PSAK 24 and
sebelumnya dan mempercepat pengakuan accelerate the recognition of past service
biaya jasa lalu. Amandemen tersebut costs. The amendments require all
mensyaratkan seluruh keuntungan dan actuarial gains and losses to be recognised
kerugian aktuaria diakui segera melalui immediately through other comprehensive
penghasilan komprehensif lain agar supaya income in order for the net pension asset or
aset atau liabilitas pensiun bersih diakui liability recognised in the consolidated
dalam laporan posisi keuangan statement of financial position to reflect the
konsolidasian mencerminkan jumlah full value of the plan deficit or surplus.
keseluruhan dari defisit atau surplus Furthermore, the interest cost and
program. Selanjutnya, biaya bunga dan expected return on plan assets used in the
ekspektasi imbal hasil aset program yang previous version of PSAK 24 are replaced
digunakan dalam PSAK 24 versi with a net interest amount under PSAK 24
sebelumnya digantikan dengan nilai bunga (revised 2013) which is calculated by
neto berdasarkan PSAK 24 (Revisi 2013) applying the discount rate to the net
yang dihitung dengan mengalikan tingkat defined benefit liability or asset.
diskonto dengan liabilitas atau aset imbalan
pasti neto.
Selanjutnya PSAK 24 (revisi 2013), In addition, PSAK 24 (revised 2013)

memperkenalkan perubahan tertentu dalam introduces certain changes in the
penyajian biaya manfaat pensiun termasuk presentation of the defined benefit cost
pengungkapan yang lebih luas. Ketentuan including more extensive disclosures.
transisi yang spesifik berlaku untuk Specific transitional provisions are
penerapan pertama kali atas PSAK 24 applicable to first-time application of PSAK
(revisi 2013). Grup menerapkan ketentuan 24 (revised 2013). The Group has applied
transisi yang relevan dan menyajikan the relevant transitional provisions and
kembali jumlah-jumlah komparatif atas dasar restated the comparative amounts on a
retrospektif (Catatan 50). retrospective basis (Note 50).

- 14 -

PSAK 46 (revisi 2014), Pajak Penghasilan PSAK 46 (revised 2014), Income Taxes
Amandemen terhadap PSAK 46: (1) The amendments to PSAK 46: (1) remove
menghilangkan pengaturan tentang pajak references to final tax which was previously
final yang sebelumnya termasuk dalam scoped in the standard; and (2) establish a
ruang lingkup standar, dan (2) menetapkan rebuttable presumption that the carrying
praduga (rebuttable presumption) bahwa amount of an investment property
jumlah tercatat properti investasi yang diukur measured using the fair value model in
menggunakan model nilai wajar dalam PSAK 13, Investment Property, will be
PSAK 13, Properti Investasi, akan dipulihkan recovered entirely through sale.
sepenuhnya melalui penjualan.
Berdasarkan amandemen tersebut, kecuali Under the amendments, unless the
praduga yang dapat dibantah, pengukuran presumption is rebutted, the measurement
liabilitas pajak tangguhan atau aset pajak of the deferred tax liability or deferred tax
tangguhan disyaratkan untuk mencerminkan asset is required to reflect the tax
konsekuensi pajak dari pemulihan jumlah consequences of recovering the carrying
tercatat properti investasi melalui penjualan. amount of the investment property through
Praduga penjualan ini dapat dibantah jika sale. The sale presumption is rebutted if
properti investasi dapat disusutkan dan the investment property is depreciable and
investasi properti dimiliki dalam model bisnis the investment property is held within a
yang bertujuan untuk mengonsumsi secara business model whose objective is to
substantial seluruh manfaat ekonomis atas consume substantially all of the economic
investasi properti dari waktu ke waktu, benefits embodied in the investment
bukan melalui penjualan. property over time, rather than through
sale.
keuangan konsolidasian, selain reklasifikasi financial statements, except on the
atas pajak penghasilan final ke dalam reclassification of final income tax to other
penghasilan operasional lainnya (Catatan operating income (Note 50).
50).
PSAK 48 (revisi 2014), Penurunan Nilai Aset PSAK 48 (revised 2014), Impairment of
Assets
PSAK 48 telah diubah untuk memasukkan PSAK 48 has been amended to incorporate
persyaratan dari PSAK 68, Pengukuran Nilai the requirements of PSAK 68, Fair Value
Wajar. Measurement.
PSAK 50 (revisi 2014), Instrumen PSAK 50 (revised 2014), Financial

Keuangan: Penyajian Instruments: Presentation
Amandemen terhadap PSAK 50 The amendments to PSAK 50 clarify
mengklarifikasi penerapan tentang existing application issues relating to the
persyaratan saling hapus. Secara khusus, offsetting requirements. Specifically, the
amandemen tersebut mengklarifikasi arti amendments clarify the meaning of
dari saat ini memiliki hak yang dapat currently has a legal enforceable right of
dipaksakan secara hukum untuk melakukan set-off and simultaneous realization and
saling hapus dan realisasi dan settlement. The amendments also clarify
penyelesaian secara simultan. Amandemen that income tax on distributions to holders
tersebut juga mengklarifikasi bahwa pajak of an equity instrument and transaction
penghasilan yang terkait dengan distribusi costs of an equity transaction should be
kepada pemegang instrumen ekuitas dan accounted for in accordance with PSAK 46
biaya transaksi dicatat sesuai dengan PSAK (revised 2014).
46 (revisi 2014).
- 15 -

Amandemen ini mengharuskan penerapan The amendments require retrospective

secara retrospektif. Grup tidak mempunyai application. As the Group does not have
perjanjian saling hapus, penerapan any offsetting arrangements in place, the
amandemen tidak mempunyai pengaruh application of the amendments has had no
material atas pengungkapan atau jumlah- material impact on the disclosures or on the
jumlah yang diakui dalam laporan keuangan amounts recognized in the consolidated
konsolidasian. financial statements.

Keuangan: Pengakuan dan Pengukuran Instruments: Recognition and
Measurement
Amandemen terhadap PSAK 55 The amendments to PSAK 55 provide relief

memberikan panduan persyaratan untuk from the requirement to discontinue hedge
menghentikan akuntansi lindung nilai ketika accounting when a derivative designated
derivatif yang ditetapkan sebagai instrumen as a hedging instrument is novated under
lindung nilai dinovasi berdasarkan keadaan certain circumstances. The amendments
tertentu. Amandemen tersebut juga also clarify that any change to the fair value
mengklarifikasi bahwa setiap perubahan of the derivative designated as a hedging
nilai wajar derivatif yang ditetapkan sebagai instrument arising from the novation should
suatu instrumen lindung nilai akibat dari be included in the assessment and
novasi termasuk dalam penilaian dan measurement of hedge effectiveness.
pengukuran dari efektivitas lindung nilai. Further, the amendments clarify the
Selanjutnya, amandemen tersebut accounting for embedded derivatives in the
mengklarifikasi akuntansi dari derivatif case of a reclassification of a financial
melekat dalam hal reklasifikasi aset asset out of the fair value through profit or
keuangan keluar dari kategori nilai wajar loss category.
melalui laba rugi.
Standar ini juga diubah untuk memasukkan This standard is also amended to
persyaratan dari PSAK 68, Pengukuran Nilai incorporate the requirements of PSAK 68,
Wajar. Fair Value Measurement.


Keuangan: Pengungkapan Instruments: Disclosures
Amandemen terhadap PSAK 60 The amendments to PSAK 60 increase the

menambahkan persyaratan pengungkapan disclosure requirements for transactions
transaksi termasuk pengalihan aset involving transfers of financial assets.
keuangan. Amandemen ini dimaksudkan These amendments are intended to provide
untuk memberikan transparansi yang lebih greater transparency around risk exposures
besar terkait eksposur risiko jika aset when a financial asset is transferred but the
keuangan dialihkan tetapi entitas yang transferor retains some level of continuing
mengalihkan tetap memilih keterlibatan exposure in the asset. The amendments
berkelanjutan atas aset tersebut. also require disclosures where transfers of
Amandemen tersebut juga mensyaratkan financial assets are not evenly distributed
pengungkapan jika aset keuangan dialihkan throughout the period. Further, entities are
tidak merata sepanjang periode. required to disclose information about
Selanjutnya, entitas disyaratkan untuk rights of offset and related arrangements
mengungkapkan tentang hak saling hapus (such as collateral posting requirements)
dan pengaturan terkait (sebagai contoh for financial instruments under an
persyaratan penyerahan jaminan) untuk enforceable master netting agreement or
instrumen keuangan berdasarkan perjanjian similar arrangement.
menyelesaikan secara neto yang dapat
dipaksakan dan perjanjian serupa.

- 16 -

Amandemen ini diterapkan secara The amendments have been applied

retrospektif. Grup tidak mempunyai retrospectively. As the Group does not
pengaturan saling hapus, penerapan have any offsetting arrangements in place,
amandemen tidak mempunyai pengaruh the application of the amendments has had
material atas pengungkapan atau jumlah- no material impact on the disclosures or the
jumlah yang diakui dalam laporan keuangan amounts recognized in consolidated
konsolidasian. financial statements.
PSAK 65, Laporan Keuangan Konsolidasian PSAK 65, Consolidated Financial

Statements
PSAK 65 menggantikan bagian dari PSAK 4 PSAK 65 replaces the part of PSAK 4
(Revisi 2009), Laporan Keuangan (Revised 2009), Consolidated and
Konsolidasian dan Tersendiri, yang Separate Financial Statements, that deals
mengatur laporan keuangan konsolidasian, with consolidated financial statements, and
dan ISAK 7, Konsolidasian - Entitas ISAK 7, Consolidation - Special Purpose
Bertujuan Khusus. Entities.
Berdasarkan PSAK 65, terdapat hanya satu Under PSAK 65, there is only one basis for
dasar untuk konsolidasian bagi seluruh consolidation for all entities, and that basis
entitas, dan dasarnya adalah pengendalian. is control.
Definisi pengendalian yang lebih tegas dan A more robust definition of control has been
diperluas termasuk tiga elemen: (a) developed that includes three elements: (a)
kekuasaan atas investee; (b) eksposur atau power over an investee; (b) exposure, or
hak atas imbal hasil variabel dari rights, to variable returns from its
keterlibatannya dengan investee; dan (c) involvement with the investee; and (c)
kemampuan untuk menggunakan ability to use its power over the investee to
kekuasaannya atas investee untuk affect the amount of the investors returns.
mempengaruhi jumlah imbal hasil investor. Previously, control was defined as the
Sebelumnya, definisi pengendalian adalah power to govern the financial and operating
kekuasaan untuk mengatur kebijakan policies of an entity so as to obtain benefits
keuangan dan operasional suatu entitas from its activities.
untuk memperoleh manfaat dari aktivitas
entitas tersebut.
PSAK 65 juga menambahkan pedoman PSAK 65 also adds an application

penerapan untuk membantu dalam penilaian guidance to assist in assessing whether an
apakah investor mengendalikan investee investor controls an investee in complex
dalam skenario yang kompleks. scenarios.
PSAK 65 mensyaratkan investor menilai PSAK 65 requires investors to reassess

kembali apakah investor tersebut whether or not they have control over the
mempunyai pengendalian atas investee investees on transition, and requires
pada saat ketentuan transisi, dan retrospective application. The application of
mensyaratkan penerapan pernyataan ini the amendments has had no material
secara retrospektif. Penerapan amandemen impact on the disclosures or the amounts
tidak mempunyai pengaruh material atas recognized in consolidated financial
pengungkapan atau jumlah-jumlah yang statements.
diakui dalam laporan keuangan
konsolidasian.
PSAK 67, Pengungkapan Kepentingan PSAK 67, Disclosures of Interests in Other

dalam Entitas Lain Entities
PSAK 67 adalah standar pengungkapan PSAK 67 is a new disclosure standard and

baru dan berlaku untuk entitas yang is applicable to entities that have interests
mempunyai kepentingan dalam entitas anak, in subsidiaries, joint arrangements,
pengaturan bersama, entitas asosiasi atau associates or unconsolidated structured
entitas terstruktur yang tidak dikonsolidasi. entities.
- 17 -

Pada umumnya, penerapan PSAK 67, In general, the application of PSAK 67, has
memberikan tambahan pengungkapan yang resulted in more extensive disclosures in
lebih luas atas laporan keuangan the consolidated financial statements as
konsolidasian lihat Catatan 1b, 13 dan 31. stated in Notes 1b, 13 and 31.
PSAK 68, Pengukuran Nilai Wajar PSAK 68, Fair Value Measurements
PSAK 68 menetapkan acuan tunggal atas PSAK 68 establishes a single source of

pengukuran nilai wajar dan pengungkapan guidance for fair value measurements and
atas pengukuran nilai wajar. Standar disclosures about fair value measurements.
tersebut tidak mengubah persyaratan The standard does not change the
mengenai pos-pos yang harus diukur atau requirements regarding which items should
diungkapkan pada nilai wajar. be measured or disclosed at fair value.
PSAK 68 mendefiniskan nilai wajar, PSAK 68 defines fair value, establishes a

menetapkan suatu kerangka dasar atas framework for measuring fair value, and
pengukuran nilai wajar, dan mensyaratkan requires disclosure about fair value
pengungkapan tentang pengukuran nilai measurements.
wajar.
Ruang Lingkup PSAK 68 berlaku pada pos- The scope of PSAK 68 applies to both
pos instrumen keuangan dan pos-pos financial instrument items and non-financial
instrumen non-keuangan ketika PSAK lain instrument items for which other PSAK
mensyaratkan atau mengijinkan pengukuran require or permit fair value measurements
nilai wajar dan pengungkapan atas and disclosures about fair value
pengukuran nilai wajar, kecuali kondisi measurements, except in specified
tertentu. circumstances.
PSAK 68 mengharuskan penerapan secara PSAK 68 requires prospective application

prospektif sejak 1 Januari 2015. from January 1, 2015.
Selain itu, ketentuan transisi khusus In addition, specific transitional provisions

diberikan kepada entitas sehingga entitas were given to entities such that they need
tidak perlu menerapkan persyaratan not apply the disclosure requirements set
pengungkapan yang ditetapkan dalam out in this standard in comparative
standar ini dalam informasi komparatif yang information provided for periods before the
disediakan untuk periode sebelum initial application of this standard. In
penerapan awal dari standar. Sesuai accordance with these transitional
dengan ketentuan transisi ini, Grup tidak provisions, the Group has not made any
membuat pengungkapan baru yang new disclosures required by PSAK 68 for
disyaratkan oleh PSAK 68 untuk periode the 2014 comparative period (see Note 47
komparatif tahun 2014 (lihat Catatan 47 for the 2015 disclosures). Other than the
untuk pengungkapan tahun 2015). Selain additional disclosures, the application of
pengungkapan tambahan, penerapan PSAK PSAK 68 has not had any material impact
68 tidak berdampak material atas jumlah on the amounts recognized in the
yang diakui dalam laporan keuangan consolidated financial statements.
konsolidasian.
PSAK dan ISAK baru lainnya yang tidak The other new PSAK and ISAK that did not
berdampak signifikan atas penyajian dan jumlah have significant impact on presentation and
yang dilaporkan dalam laporan keuangan amounts reported in consolidated financial
konsolidasian adalah: statements are as follows:
PSAK 66 Pengaturan Bersama PSAK 66 Joint Arrangements
ISAK 26 Penilain Kembali Derivatif Melekat ISAK 26 Reassessment of Embedded

Derivatives

- 18 -

b. Standar dan Interpretasi telah Diterbitkan tapi b. Standards and Interpretation in Issue Not Yet
Belum Diterapkan Adopted
Standar dan penyesuaian standar berikut efektif Standard and improvements to standards
untuk periode yang dimulai pada atau setelah 1 effective for periods beginning on or after
Januari 2016, dengan penerapan dini January 1, 2016, with early application
diperkenankan yaitu: permitted as are follows:
PSAK 110 (revisi 2015): Akuntansi Sukuk. PSAK 110 (revised 2015): Accounting for
Sukuk,
Penyesuaian Improvements
PSAK 5: Segmen Operasi, PSAK 5: Operating Segments,
PSAK 7: Pengungkapan Pihak-pihak PSAK 7: Related Party Disclosures,
Berelasi,
PSAK 13: Properti Investasi, PSAK 13: Investments Property,
PSAK 16: Aset Tetap, PSAK 16: Property, Plant and
Equipment,
PSAK 19: PSAK Aset Takberwujud, PSAK 19: Intangible Assets,
PSAK 22: Kombinasi Bisnis, PSAK 22: Business Combination,
PSAK 25: Kebijakan Akuntansi, PSAK 25: Accounting Policies, Changes
Perubahan Estimasi Akuntansi dan in Accounting Estimates and Errors,
Kesalahan,
PSAK 53: Pembayaran Berbasis Saham PSAK 53: Share-based Payments, and
dan
PSAK 68: Pengukuran Nilai Wajar. PSAK 68: Fair Value Measurement.
Amandemen standar dan interpretasi berikut Amendments to standards and interpretation
efektif untuk periode yang dimulai pada atau which are effective for periods beginning on or
setelah 1 Januari 2016, dengan penerapan after January 1, 2016, with retrospective
secara retrospektif yaitu: application are as follows:
PSAK 4: Laporan Keuangan Tersendiri PSAK 4: Separate Financial Statements

tentang Metode Ekuitas dalam Laporan about Equity Method in Separate
Keuangan Tersendiri, Financial Statements,
PSAK 15: Investasi Pada Entitas Asosiasi PSAK 15: Investment in Associates and
dan Ventura Bersama tentang Entitas Joint Venture about Investment Entities:
Investasi: Penerapan Pengecualian Applying the Consolidation Exception,
Konsolidasi,
PSAK 24: Imbalan Kerja tentang Program PSAK 24: Employee Benefits about
Imbalan Pasti: Iuran Pekerja, Defined Benefit Plans: Employee
Contributions,
PSAK 65: Laporan Keuangan PSAK 65: Consolidation Financial
Konsolidasian tentang Entitas Investasi: Statements about Investment Entities:
Penerapan Pengecualian Konsolidasi, Applying the Consolidation Exception,
PSAK 67: Pengungkapan Kepentingan PSAK 67: Disclosures of Interest in
Dalam Entitas Lain tentang Entitas Other Entities about Investment Entities:
Investasi: Penerapan Pengecualian Applying the Consolidation Exception,
Konsolidasi dan and
ISAK 30: Pungutan. ISAK 30: Levies.
Amandemen standar berikut efektif untuk The amendments to standards effective for
periode yang dimulai pada atau setelah periods beginning on or after January 1, 2016,
1 Januari 2016, yang diterapkan secara with amendments to be applied prospectively
prospektif yaitu: are as follows:
PSAK 16: Aset Tetap tentang Klarifikasi PSAK 16: Property, Plant and Equipment
Metode yang Diterima untuk Penyusutan about Clarification of Acceptable
dan Amortisasi, Methods of Depreciation and
Amortization,
- 19 -

PSAK 19: Aset Takberwujud tentang PSAK 19: Intangible Asset about
Klarifikasi Metode yang Diterima untuk Clarification of Acceptable Methods of
Penyusutan dan Amortisasi, dan Depreciation and Amortization, and
PSAK 66: Pengaturan Bersama tentang PSAK 66: Joint Arrangements about
Akuntansi Akuisisi Kepentingan dalam Accounting for Acquisitions of Interests in
Operasi Bersama. Joint Operation.
Amandemen standar dan interpretasi berikut Amendments to standard and interpretation

efektif untuk periode yang dimulai pada atau effective for periods beginning on or after
setelah 1 Januari 2017, dengan penerapan dini January 1, 2017, with early application
diperkenankan yaitu amandemen PSAK 1: permitted are amendments to PSAK 1:
Penyajian Laporan Keuangan tentang Prakarsa Presentation of Financial Statements about
Pengungkapan dan ISAK 31: Interpretasi atas Disclosure Initiative and ISAK 31, Scope
Ruang Lingkup PSAK 13: Properti Investasi. Interpretation of PSAK 13: Investment
property.
Standar dan amandemen standar berikut efektif Standard and amendment to standard
untuk periode yang dimulai pada atau setelah effective for periods beginning on or after
tanggal 1 Januari 2018, dengan penerapan dini January 1, 2018, with early application
diperkenankan yaitu PSAK 69: Agrikultur dan permitted are PSAK 69: Agriculture and
Amandemen PSAK 16: Aset Tetap tentang Amendments to PSAK 16: Property, Plant and
Agrikultur: Tanaman Produktif. Equipment about Agriculture: Bearer Plants.
Manajemen telah mengantisipasi standar dan The Management had anticipated that these
intrepetasi yang akan diadopsi dalam laporan standards and intrepetation which will be adopted in
keuangan konsolidasian Grup untuk periode buku the Groups consolidated financial statements for
yang dimulai pada 1 Januari 2016, 2017 dan 2018. the annual period beginning January 1, 2016, 2017
and 2018.
Sampai dengan tanggal penerbitan laporan As of the issuance date of the consolidated
keuangan konsolidasian, manajemen sedang financial statements, management is evaluating the
mengevaluasi dampak dari standar dan interpretasi effect of these standards and interpretations on the
terhadap laporan keuangan konsolidasian. consolidated financial statements.
3. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 3. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES
a. Pernyataan Kepatuhan a. Statement of Compliance
Laporan keuangan konsolidasian ini telah The consolidated financial statements have
disusun dan disajikan sesuai dengan Standar been prepared and presented in accordance
Akuntansi Keuangan di Indonesia, yang with Indonesian Financial Accounting
mencakup pernyataan dan interpretasinya yang Standards, which comprise the statements and
dikeluarkan oleh Dewan Standar Akuntansi interpretation issued by the Financial
Keuangan - Ikatan Akuntan Indonesia dan Accounting Standard Board of the Indonesian
peraturan-peraturan serta pedoman dan Institute of Accountants and the regulations
penyajian dan pengungkapan laporan keuangan and the guidelines on financial statements and
yang diterbitkan oleh Otoritas Jasa Keuangan disclosures issued by Financial Services
(OJK). Authority (OJK).

- 20 -

b. Dasar Penyusunan b. Basis of Preparation
Laporan keuangan konsolidasian, kecuali untuk The consolidated financial statements, except
laporan arus kas konsolidasian, disusun for the consolidated statements of cash flows,
menggunakan dasar akrual. Dasar are prepared under the accrual basis of
pengukurannya menggunakan biaya historis, accounting. The measurement basis used is
kecuali beberapa akun tertentu yang historical cost, except for certain accounts
menggunakan dasar pengukuran lain which are measured on the bases described in
sebagaimana diuraikan dalam kebijakan the related accounting policies for those
akuntansi masing-masing akun tersebut. accounts.
Biaya historis umumnya didasarkan pada nilai Historical cost is generally based on the fair
wajar dari imbalan yang diberikan dalam value of the consideration given in exchange
pertukaran barang dan jasa. for goods and services.
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang akan to sell an asset or paid to transfer a liability in
dibayar untuk mengalihkan suatu liabilitas an orderly transaction between market
dalam suatu transaksi teratur antara pelaku participants at the measurement date,
pasar pada tanggal pengukuran, terlepas regardless of whether that price is directly
apakah harga tersebut dapat diobservasi secara observable or estimated using another
langsung atau diestimasi menggunakan teknik valuation technique. In estimating the fair
penilaian lain. Dalam mengestimasi nilai wajar value of an asset or a liability, the Group takes
aset atau liabilitas, Grup memperhitungkan into account the characteristics the asset or a
karakteristik aset atau liabilitas, jika pelaku liability if market participants would take those
pasar memperhitungkan karakteristik tersebut characteristics into account when pricing the
ketika menentukan harga aset atau liabilitas asset or liability at the measurement date. Fair
pada tanggal pengukuran. Nilai wajar untuk value for measurement and/or disclosure
tujuan pengukuran dan/atau pengungkapan purposes in these consolidated financial
dalam laporan keuangan konsolidasian statements is determined on such a basis,
ditentukan berdasarkan basis tersebut, kecuali except for share-based payment transactions
untuk transaksi pembayaran berbasis saham that are within the scope of PSAK 53, leasing
dalam ruang lingkup PSAK 53, transaksi sewa transactions that are within the scope of PSAK
dalam ruang lingkup PSAK 30, dan pengukuran 30, and measurements that have some
yang memiliki beberapa kemiripan dengan nilai similarities to fair value but are not fair value,
wajar tetapi bukan merupakan nilai wajar, such as net realizable value in PSAK 14 or
seperti nilai realisasi neto dalam PSAK 14 dan value in use in PSAK 48.
nilai pakai dalam PSAK 48.
Selain itu, untuk tujuan pelaporan keuangan, In addition, for financial reporting purposes,
pengukuran nilai wajar dikategorikan ke Level 1, fair value measurements are categorized into
2 atau 3 berdasarkan tingkat input untuk Level 1, 2 or 3 based on the degree to which
pengukuran nilai wajar yang dapat diobservasi the inputs to the fair value measurements are
dan signifikansi input pada pengukuran nilai observable and the significance of the inputs
wajar secara keseluruhan, yang digambarkan to the fair value measurement in its entirety,
sebagai berikut: which are described as follows:
Input Level 1 adalah harga kuotasian Level 1 inputs are quoted prices
(tanpa penyesuaian) di pasar aktif untuk (unadjusted) in active markets for
aset atau liabilitas yang identik yang dapat identical assets or liabilities that the entity
diakses entitas pada tanggal pengukuran; can access at the measurement date;
Input Level 2 adalah input, selain harga Level 2 inputs are inputs, other than
kuotasian yang termasuk dalam Level 1, quoted prices included within Level 1,
yang dapat diobservasi untuk aset atau which are observable for the asset or
liabilitas, baik secara langsung maupun liability, either directly or indirectly; and
tidak langsung; dan
Input Level 3 adalah input yang tidak dapat Level 3 inputs are unobservable inputs for
diobservasi untuk aset atau liabilitas. the asset or liability.
- 21 -

Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows is
menggunakan metode langsung dengan prepared using the direct method with
mengelompokkan arus kas dalam aktivitas classifications of cash flows into operating,
operasi, investasi, dan pendanaan. investing, and financing activities.
c. Dasar Konsolidasian c. Basis of Consolidation
Laporan keuangan konsolidasian menggabungkan The consolidated financial statements

laporan keuangan Perseroan dan entitas yang incorporate the financial statements of the
dikendalikan oleh Perseroan (entitas anak). Company and entities controlled by the
Pengendalian tercapai dimana Perseroan memiliki Company (its subsidiaries). Control is achieved
kekuasaan atas investee; eksposur atau hak atas where the Company has the power over the
imbal hasil variabel dari keterlibatannya dengan investee; is exposed, or has rights, to variable
investee; dan kemampuan untuk menggunakan returns from its involvement with the investee;
kekuasaannya atas investee untuk mempengaruhi and has the ability to use its power to affect its
jumlah imbal hasil investor. returns.
Perseroan menilai kembali apakah entitas The Company reassesses whether or not it
tersebut adalah investee jika fakta dan keadaan controls an investee if facts and circumstances
yang mengindikasikan adanya perubahan indicate that there are changes to one or more
terhadap satu atau lebih dari tiga elemen of the three elements of control listed above.
pengendalian yang disebutkan di atas.
Ketika Perseroan memiliki kurang dari hak When the Company has less than a majority of
suara mayoritas di-investee, ia memiliki the voting rights of an investee, it has power
kekuasaan atas investee ketika hak suara over the investee when the voting rights are
investor cukup untuk memberinya kemampuan sufficient to give it the practical ability to direct
praktis untuk mengarahkan aktivitas relevan the relevant activities of the investee
secara sepihak. Perseroan mempertimbangkan unilaterally. The Company considers all
seluruh fakta dan keadaan yang relevan dalam relevant facts and circumstances in assessing
menilai apakah hak suara Perseroan cukup whether or not the Companys voting rights in
untuk memberikan Perseroan kekuasaan, an investee are sufficient to give it power,
termasuk (i) ukuran kepemilikan hak suara including (i) the size of the Companys holding
Perseroan relatif terhadap ukuran dan of voting rights relative to the size and
penyebaran kepemilikan pemilik hak suara lain; dispersion of holding of the other vote holders;
(ii) hak suara potensial yang dimiliki oleh (ii) potential voting rights held by the Company,
Perseroan, pemegang suara lain atau pihak other vote holders or other parties; (iii) rights
lain; (iii) hak yang timbul dari pengaturan arising from other contractual arrangements;
kontraktual lain; dan (iv) setiap fakta dan and (iv) any additional facts and circumstances
keadaan tambahan apapun mengindikasikan that indicate that the Company has, or does
bahwa Perseroan memiliki, atau tidak memiliki, not have, the current ability to direct the
kemampuan kini untuk mengarahkan aktivitas relevant activities at the time that decisions
yang relevan pada saat keputusan perlu dibuat, need to be made, including voting patterns at
termasuk pola suara pemilikan dalam RUPS previous shareholders meetings.
sebelumnya.
Konsolidasi entitas anak dimulai ketika Consolidation of a subsidiary begins when the
Perseroan memperoleh pengendalian atas Company obtains control over the subsidiary
entitas anak dan akan dihentikan ketika and ceases when the Company loses control
Perseroan kehilangan pengendalian pada of the subsidiary. Specifically, income and
entitas anak. Secara khusus, pendapatan dan expense of a subsidiary acquired or disposed
beban entitas anak diakuisisi atau dijual selama of during the year are included in the
tahun berjalan termasuk dalam laporan laba consolidated statement of profit or loss and
rugi dan penghasilan komprehensif lain other comprehensive income from the date the
konsolidasian dari tanggal diperolehnya Company gains control until the date when the
pengendalian Perseroan sampai tanggal ketika Company ceases to control the subsidiary.
Perseroan berhenti untuk mengendalikan
entitas anak.

- 22 -

Laba rugi dan setiap komponen penghasilan Profit or loss and each component of other
komprehensif lain diatribusikan kepada pemilik comprehensive income are attributed to the
entitas induk dan untuk kepentingan owners of the Company and to the non-
nonpengendali. Perseroan juga controlling interest. Total comprehensive
mengatribusikan total laba komprehensif entitas income of subsidiaries is attributed to the
anak kepada pemilik entitas induk dan owners of the Company and the non-
kepentingan nonpengendali meskipun hal controlling interest even if this results in the
tersebut mengakibatkan kepentingan non-controlling interest having a deficit
nonpengendali memiliki saldo defisit. balance.
Jika diperlukan, penyesuaian dapat dilakukan When necessary, adjustment are made to the
terhadap laporan keuangan entitas anak agar financial statements of subsidiaries to bring
kebijakan akuntansi sesuai dengan kebijakan their accounting policies in line with the
akuntansi Grup. Groups accounting policies.
Seluruh aset dan liabilitas dalam intra kelompok All intragroup assets and liabilities, equity,
usaha, ekuitas, pendapatan, biaya dan arus kas income, expenses and cash flows relating to
yang berkaitan dengan transaksi dalam transactions between members of the Group
kelompok usaha dieliminasi secara penuh pada are eliminated in full on consolidation.
saat konsolidasian.
Perubahan kepemilikan Grup pada entitas anak Changes in the Groups ownership interest in
yang tidak mengakibatkan kehilangan subsidiaries that do not result in the Group
pengendalian Grup atas entitas anak dicatat losing control over the subsidiaries are
sebagai transaksi ekuitas. Jumlah tercatat dari accounted for as equity transactions. The
kepemilikan Grup dan kepentingan carrying amounts of the Groups interest and
nonpengendali disesuaikan untuk the non-controlling interest are adjusted to
mencerminkan perubahan kepentingan reflect the changes in their relative interest in
relatifnya dalam entitas anak. Selisih antara the subsidiaries. Any difference between the
jumlah tercatat kepentingan nonpengendali amount by which the non-controlling interest
yang disesuaikan dan nilai wajar imbalan yang are adjusted and the fair value of the
dibayar atau diterima diakui secara langsung consideration paid or received is recognized
dalam ekuitas dan diatribusikan dengan pemilik directly in equity and attributed to owners of
entitas induk. the Company.
Ketika Grup kehilangan pengendalian pada When the Group losses control of a subsidiary,
entitas anak, keuntungan atau kerugian diakui a gain or loss is recognized in profit or loss and
dalam laba rugi dan dihitung sebagai perbedaan is calculated as the difference between (i) the
antara (i) agregat nilai wajar pembayaran yang aggregate of the fair value of the consideration
diterima dan nilai wajar sisa kepemilikan received and the fair value of any retained
(retained interest) dan (ii) jumlah tercatat interest and (ii) the previous carrying amount
sebelumnya dari aset (termasuk goodwill), dan of the assets (including goodwill), and liabilities
liabilitas dari entitas anak dan setiap of the subsidiary and any non-controlling
kepentingan nonpengendali. Seluruh jumlah interest. All amounts previously recognized in
yang diakui sebelumnya dalam penghasilan other comprehensive income in relation to that
komprehensif lain yang terkait dengan entitas subsidiary are accounted for as if the Group
anak yang dicatat seolah-olah Grup telah had directly disposed of the related assets or
melepaskan secara langsung aset atau liabilities of the subsidiary (i.e. reclassified to
liabilitas terkait entitas anak (yaitu direklasifikasi profit or loss or transferred to another category
ke laba rugi atau ditransfer ke kategori lain dari of equity as specified/permitted by applicable
ekuitas sebagaimana ditentukan / diizinkan oleh accounting standards). The fair value of any
standar akuntansi yang berlaku). Nilai wajar investment retained in the former subsidiary at
setiap sisa investasi pada entitas anak the date when control is lost is regarded as the
terdahulu pada tanggal hilangnya pengendalian fair value on initial recognition for subsequent
dianggap sebagai nilai wajar pada saat accounting under PSAK 55, Financial
pengakuan awal untuk akuntansi berikutnya Instruments: Recognition and Measurement or,
dalam PSAK 55, Instrumen Keuangan: when applicable, the cost on initial recognition
Pengakuan dan Pengukuran atau, ketika of an investment in an associate or a jointly
berlaku, biaya perolehan pada saat pengakuan controlled entity.
awal dari investasi pada entitas asosiasi atau
ventura bersama.
- 23 -

Kepentingan nonpengendali pada entitas anak di Non-controlling interests in subsidiaries are

identifikasi secara terpisah dan disajikan identified separately and presented within
dalam ekuitas. Kepentingan pemegang saham equity. The interest of non-controlling
nonpengendali awalnya diukur baik pada nilai shareholders initially measured either at fair
wajar atau pun pada proporsi pemilikan value or at the non-controlling interests
kepentingan nonpengendali dari nilai wajar aset proportionate share of the recognized amounts
neto yang dapat diidentifikasi dari pihak yang at the fair value of the acquirees identifiable net
diakuisisi. Pilihan pengukuran dilakukan untuk asset. The choice of measurement is made on
setiap akuisisi dengan dasar akuisisi. Setelah acquisition by acquisition basis. Subsequent to
akuisisi, jumlah tercatat kepentingan acquisition, the carrying amount of non-
nonpengendali adalah jumlah kepemilikan pada controlling interests is the amount of those
pengakuan awal ditambah bagian kepentingan interests at initial recognition plus non-
nonpengendali dari perubahan selanjutnya dalam controlling interests share of subsequent
ekuitas. Jumlah laba rugi komprehensif entitas changes in equity. Total comprehensive income
anak diatribusikan kepada pemilik Perseroan dan of subsidiaries is attributed to the owners of the
pada kepentingan nonpengendali bahkan jika hal Company and to the non-controlling interests
ini mengakibatkan kepentingan nonpengendali even if this results in the non-controlling
mempunyai saldo defisit. interests having deficit balance.
d. Kombinasi Bisnis d. Business Combination
Akuisisi bisnis dicatat dengan menggunakan Acquisitions of businesses are accounted for
metode akuisisi. Imbalan yang dialihkan dalam using the acquisition method. The consideration
suatu kombinasi bisnis diukur pada nilai wajar, transferred in a business combination is
yang dihitung sebagai hasil penjumlahan dari measured at fair value, which is calculated as the
nilai wajar tanggal akuisisi atas seluruh aset sum of the acquisition-date fair values of the
yang dialihkan oleh Grup, liabilitas yang diakui assets transferred by the Group, liabilities
oleh Grup kepada pemilik sebelumnya dari incurred by the Group to the former owners of
pihak yang diakuisisi dan kepentingan ekuitas the acquiree, and the equity interests issued by
yang diterbitkan oleh Grup dalam pertukaran the Group in exchange for control of the
pengendalian dari pihak yang diakuisisi. Biaya- acquiree. Acquisition-related costs are
biaya terkait akuisisi diakui di dalam laba rugi recognized in profit or loss as incurred.
pada saat terjadinya.
Pada tanggal akuisisi, aset teridentifikasi yang At the acquisition date, the identifiable assets
diperoleh dan liabilitas yang diambil alih diakui acquired and the liabilities assumed are
pada nilai wajar kecuali untuk aset dan liabilitas recognized at their fair value except for certain
tertentu yang diukur sesuai dengan standar assets and liabilities that are measured in
yang relevan. accordance with the relevant standards.
Goodwill diukur sebagai selisih lebih dari nilai Goodwill is measured as the excess of the
gabungan dari imbalan yang dialihkan, jumlah sum of the consideration transferred, the
setiap kepentingan nonpengendali pada pihak amount of any non-controlling interests in the
diakuisisi dan nilai wajar pada tanggal akuisisi acquiree, and the fair value of the acquirers
kepentingan ekuitas yang sebelumnya dimiliki previously held equity interest in the acquire (if
oleh pihak pengakuisisi pada pihak diakuisisi any) over the net of the acquisition-date
(jika ada) atas jumlah neto dari aset amounts of the identifiable assets acquired
teridentifikasi yang diperoleh dan liabilitas yang and the liabilities assumed. If, after the
diambilalih pada tanggal akuisisi. Jika, setelah reassessment, the net of the acquisition-date
penilaian kembali, jumlah neto dari aset amounts of the identifiable assets acquired
teridentifikasi yang diperoleh dan liabilitas yang and liabilities assumed exceeds the sum of the
diambilalih pada tanggal akuisisi melebihi consideration transferred, the amount of any
jumlah imbalan yang dialihkan, jumlah dari non-controlling interests in the acquiree and
setiap kepentingan non pengendali pada pihak the fair value of the acquirers previously held
diakuisisi dan nilai wajar pada tanggal akuisisi interest in the acquiree (if any), the excess is
kepentingan ekuitas yang sebelumnya dimiliki recognized immediately in profit or loss as a
oleh pihak pengakuisisi pada pihak diakuisisi bargain purchase option.
(jika ada), selisih lebih diakui segera dalam laba
rugi sebagai pembelian dengan diskon.

- 24 -

Kepentingan nonpengendali yang menyajikan Non-controlling interests that are present

bagian kepemilikan dan memberikan mereka ownership interests and entitle their holders to
hak atas bagian proposional dari aset neto a proportionate share of the entitys net assets
entitas dalam hal terjadi likuidasi pada awalnya in the event of liquidation may be initially
diukur baik pada nilai wajar ataupun pada measured either at fair value or at the non-
bagian proporsional kepemilikan kepentingan controlling interests proportionate share of the
nonpengendali atas aset neto teridentifikasi dari acquirees identifiable net assets. The choice
pihak yang diakuisisi. Pilihan dasar pengukuran of measurement basis is made on a
dilakukan atas dasar transaksi. Kepentingan transaction-by-transaction basis. Other types
nonpengendali jenis lain diukur pada nilai wajar of non-controlling interests are measured at
atau, jika berlaku, pada dasar pengukuran lain fair value or, when applicable, on the basis
yang ditentukan oleh standar akuntansi lain. specified in another accounting standard.
Bila imbalan yang dialihkan oleh Grup dalam When the consideration transferred by the
suatu kombinasi bisnis termasuk aset atau Group in a business combination includes
liabilitas yang berasal dari pengaturan imbalan assets or liabilities resulting from a contingent
kontinjen, imbalan kontinjen tersebut diukur consideration arrangement, the contingent
pada nilai wajar pada tanggal akuisisi dan consideration is measured at its acquisition-
termasuk sebagai bagian dari imbalan yang date fair value and included as part of the
dialihkan dalam suatu kombinasi bisnis. consideration transferred in a business
combination.
Perubahan dalam nilai wajar atas imbalan Changes in the fair value of the contingent
kontinjen yang memenuhi syarat sebagai consideration that qualify as measurement
penyesuaian periode pengukuran disesuaikan period adjustments are adjusted
secara retrospektif, dengan penyesuaian terkait retrospectively, with corresponding
terhadap goodwill. Penyesuaian periode adjustments against goodwill. Measurement
pengukuran adalah penyesuaian yang berasal period adjustments are adjustments that arise
dari informasi tambahan yang diperoleh selama from additional information obtained during the
periode pengukuran (yang tidak melebihi satu measurement period (which cannot exceed
tahun sejak tanggal akuisisi) tentang fakta-fakta one year from the acquisition date) about facts
dan kondisi yang ada pada tanggal akuisisi. and circumstances that existed at the
acquisition date.
Akuntansi selanjutnya atas perubahan dalam The subsequent accounting for changes in the
nilai wajar atas imbalan kontinjen yang tidak fair value of the contingent consideration that
memenuhi syarat sebagai penyesuaian periode do not qualify as measurement period
pengukuran tergantung pada bagaimana adjustments depends on how the contingent
imbalan kontinjen tersebut diklasifikasikan. consideration is classified. Contingent
Imbalan kontinjen yang diklasifikasikan sebagai consideration that is classified as equity is not
ekuitas tidak diukur kembali pada tanggal remeasured at subsequent reporting dates and
sesudah tanggal pelaporan dan penyelesaian its subsequent settlement is accounted for
selanjutnya dicatat dalam ekuitas. Imbalan within equity. Contingent consideration that is
kontinjen yang diklasifikasikan sebagai aset classified as an asset or liability is remeasured
atau liabilitas diukur setelah tanggal pelaporan subsequent to reporting dates in accordance
sesuai dengan standar akuntansi yang relevan with the relevant accounting standards, as
dengan mengakui keuntungan atau kerugian appropriate, with the corresponding gain or
terkait dalam laba rugi atau dalam penghasilan loss being recognized in profit or loss or in
komprehensif lain. other comprehensive income.
Bila suatu kombinasi bisnis dilakukan secara When a business combination is achieved in
bertahap, kepemilikan terdahulu Grup atas stages, the Groups previously held equity
pihak terakuisisi diukur kembali ke nilai wajar interest in the acquiree is remeasured to fair
pada tanggal akuisisi dan keuntungan atau value at the acquisition date and the resulting
kerugiannya, jika ada, diakui dalam laba rugi. gain or loss, if any, is recognized in profit or
Jumlah yang berasal dari kepemilikan sebelum loss. Amounts arising from interests in the
tanggal akuisisi yang sebelumnya telah diakui acquire prior to the acquisition date that have
dalam penghasilan komprehensif lain previously been recognized in other
direklasifikasi ke laba rugi dimana perlakuan comprehensive income are reclassified to
tersebut akan sesuai jika kepemilikannya profit or loss where such treatment would be
dilepas/dijual. appropriate if that interests were disposed of.
- 25 -

Jika akuntansi awal untuk kombinasi bisnis If the initial accounting for a business
belum selesai pada akhir periode pelaporan combination is incomplete by the end of the
saat kombinasi terjadi, Grup melaporkan jumlah reporting period in which the combination
sementara untuk pos-pos yang proses occurs, the Group reports provisional amounts
akuntansinya belum selesai dalam laporan for the items for which the accounting is
keuangannya. Selama periode pengukuran, incomplete. Those provisional amounts are
pihak pengakuisisi menyesuaikan, aset atau adjusted during the measurement period, or
liabilitas tambahan yang diakui, untuk additional assets or liabilities are recognized,
mencerminkan informasi baru yang diperoleh to reflect new information obtained about facts
tentang fakta dan keadaan yang ada pada and circumstances that existed as of the
tanggal akuisisi dan, jika diketahui, akan acquisition date that, if known, would have
berdampak pada jumlah yang diakui pada affected the amount recognized as of that
tanggal tersebut. date.
e. Transaksi dan Penjabaran Laporan e. Foreign Currency Transactions and

Keuangan Dalam Mata Uang Asing Translation
Pembukuan tersendiri dari masing-masing The individual books of accounts of each

entitas anak, kecuali TLCC, diselenggarakan subsidiary, except TLCC, are maintained in
dalam mata uang Rupiah, mata uang dari Indonesian Rupiah, the currency of the primary
lingkungan ekonomi utama dimana entitas economic environment in which the entity
beroperasi (mata uang fungsionalnya). operates (its functional currency).
Dalam penyusunan laporan keuangan setiap In preparing the financial statements of each
entitas individual grup, transaksi dalam mata individual group entity, transactions in
uang asing selain mata uang fungsional entitas currencies other than the entitys functional
(mata uang asing) diakui pada kurs yang currency (foreign currencies) are recognized at
berlaku pada tanggal transaksi. Pada setiap the rates of exchange prevailing at the dates of
akhir perode pelaporan, pos moneter dalam the transactions. At the end of each reporting
valuta asing dijabarkan kembali pada kurs yang period, monetary items denominated in foreign
berlaku pada tanggal tersebut. Pos-pos non currencies are retranslated at the rates
moneter yang diukur pada nilai wajar dalam prevailing at that date. Non-monetary items
valuta asing dijabarkan kembali pada kurs yang carried at fair value that are denominated in
berlaku pada tanggal ketika nilai wajar foreign currencies are retranslated at the rates
ditentukan. Pos nonmoneter diukur dalam biaya prevailing at the date when the fair value was
historis dalam valuta asing yang tidak determined. Non-monetary items that are
dijabarkan kembali. measured in terms of historical cost in a
foreign currency are not retranslated.
Selisih kurs atas pos moneter diakui dalam laba Exchange differences on monetary items are
rugi pada periode saat terjadinya kecuali untuk: recognized in profit or loss in the period in
which they arise except for:
Selisih kurs atas pinjaman valuta asing Exchange differences on foreign currency
yang berkaitan dengan aset dalam borrowing relating to assets under
konstruksi untuk penggunaan yang construction for future productive use,
produktif di masa depan, termasuk dalam which are included in the cost of those
biaya perolehan aset tersebut ketika assets when they are regarded as an
dianggap sebagai penyesuaian atas biaya adjustment to interest costs on those
bunga atas pinjaman valuta asing. foreign currency borrowing.
Selisih kurs atas transaksi yang ditetapkan Exchange differences on transaction

untuk tujuan lindung nilai risiko valuta asing entered into in order to hedge certain
tertentu (lihat Catatan 2.dd dibawah ini foreign currency risks (see Note 2.dd
untuk kebijakan akuntansi lindung nilai). below for hedge accounting policies).
442 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report - 26 -


Selisih kurs atas pos moneter piutang atau Exchange differences on monetary items
utang pada kegiatan dalam valuta asing receivable from or payable to a foreign
yang penyelesaiannya tidak direncanakan currency operation for which settlement is
atau tidak mungkin terjadi (membentuk neither planned nor likely to occur
bagian dari investasi bersih dalam kegiatan (therefore forming part of the net
usaha luar negeri), yang pada awalnya investment in the foreign operation), which
diakui pada penghasilan komprehensif lain are recognized initially in other
dan direklasifikasi dari ekuitas ke laba rugi comprehensive income and reclassified
pada pembayaran kembali pos moneter. from equity to profit or loss on repayment
of the monetary items.
Pembukuan TLCC diselenggarakan dalam The books of TLCCs account are maintained
Dong Vietnam. Untuk tujuan penyajian laporan in Vietnam Dong. For the purposes of
keuangan konsolidasian, aset dan liabilitas presenting these consolidated financial
kegiatan usaha luar negeri Grup dijabarkan ke statements, the assets and liabilities of the
dalam Rupiah dengan menggunakan kurs yang Groups foreign operations are translated into
berlaku pada akhir periode pelaporan. Pos Indonesian Rupiah using exchange rates
penghasilan dan beban dijabarkan prevailing at the end of each reporting period.
menggunakan kurs rata-rata untuk periode Income and expense items are translated at
tersebut, kecuali kurs berfluktuasi secara the average exchange rates for the period,
signifikan selama periode tersebut, dalam hal ini unless exchange rates fluctuate significantly
kurs yang berlaku pada tanggal transaksi yang during that period, in which case the exchange
digunakan. Selisih kurs yang timbul diakui rates at the dates of the transactions are used.
dalam penghasilan komprehensif lain dan Exchange differences arising, if any, are
diakumulasi dalam ekuitas (dan diatribusikan recognized in other comprehensive income
pada kepentingan nonpengendali). and accumulated in equity (and attributed to
non-controlling interests as appropriate).
Pada pelepasan kegiatan usaha luar negeri On the disposal of foreign operation (i.e., a
(contoh: pelepasan dari seluruh kepentingan disposal of the Groups entire interest in
Grup pada kegiatan usaha luar negeri, atau foreign operation, or disposal involving loss of
pelepasan melibatkan hilangnya pengendalian control over a subsidiary that includes a
pada entitas anak yang mencakup kegiatan foreign operation, or a partial disposal of an
usaha luar negeri, atau pelepasan parsial atas interest in a joint arrangement or an associate
kepentingan dalam pengaturan bersama atau that includes a foreign operation of which the
entitas asosiasi yang mencakup kegiatan retained interest becomes a financial asset), all
operasi luar negeri, merupakan aset keuangan of the exchange differences accumulated in
yang mencakup kegiatan usaha luar negeri), equity in respect of that operation attributable
seluruh jumlah selisih kurs yang terkait dengan to the owners of the Company are reclassified
kegiatan usaha luar negeri yang telah to profit or loss.
diatribusikan ke pemilik entitas induk
direklasifikasi ke laba rugi.
Selanjutnya, dalam pelepasan sebagian dari In addition, in relation to a partial disposal of a

entitas anak yang mencakup kegiatan usaha subsidiary that includes a foreign operation
luar negeri, yang tidak mengakibatkan that does not result in the Group losing control
hilangnya pengendalian Grup atas entitas anak, over the subsidiary, the proportionate share of
entitas mereatribusi bagian yang sebanding dari accumulated exchange differences are re-
jumlah kumulatif selisih kurs yang diakui dalam attributed to non-controlling interests and are
penghasilan komprehensif lain ke kepentingan not recognized in profit or loss. For all other
non pengendali pada kegiatan usaha luar negeri partial disposals (i.e., partial disposal of
tersebut dan tidak diakui dalam laba rugi. Untuk associates or joint arrangements that do not
seluruh pelepasan sebagian kepentingannya result in the Group losing significant influence
(contoh: pelepasan sebagian dari entitas or joint control), the proportionate share of the
asosiasi atau pengaturan bersama yang tidak accumulated exchange differences is
mengakibatkan hilangnya pengaruh signifikan reclassified to profit or loss.
atau pengendalian bersama Grup), bagian
proporsional dari jumlah kumulatif kurs
direklasifikasi ke laba rugi.
Enforcing Direction In a Wave of Competition - 27PT- Semen Indonesia (Persero) Tbk. | 2015 Annual Report 443

Goodwill dan penyesuaian nilai wajar aset Goodwill and fair value adjustments to
teridentifkasi yang diperoleh dan liabilitas yang identifiable assets acquired and liabilities
dalihkan melalui akuisisi dari kegiatan usaha assumed through acquisition of a foreign
luar negeri diperlakukan sebagai aset dan operation are treated as assets and liabilities
liabilitas dari kegiatan usaha luar negeri dan of the foreign operation and translated at the
dijabarkan pada kurs yang berlaku pada akhir rate of exchange prevailing at the end of each
periode pelaporan. Selisih kurs yang timbul reporting period. Exchange differences arising
diakui pada penghasilan komprehensif lain. are recognized in other comprehensive
income.
f. Transaksi Pihak-pihak Berelasi f. Transactions with Related Parties
Pihak-pihak berelasi adalah orang atau entitas A related party is a person or entity that is
yang terkait dengan Grup (entitas pelapor): related to the Group (the reporting entity):
a. Orang atau anggota keluarga dekatnya a. A person or a close member of that

mempunyai relasi dengan entitas pelapor person's family is related to the reporting
jika orang tersebut: entity if that person:
i. memiliki pengendalian atau i. has control or joint control over the

pengendalian bersama atas entitas reporting entity;
pelapor;
ii. memiliki pengaruh signifikan atas ii. has significant influence over the
entitas pelapor; atau reporting entity; or
iii. merupakan personil manajemen kunci iii. is a member of the key management
entitas pelapor atau entitas induk dari personnel of the reporting entity or of
entitas pelapor. a parent of the reporting entity.
b. Suatu entitas berelasi dengan entitas c. b. An entity is related to the reporting entity if
pelapor jika memenuhi salah satu hal any of the following conditions applies:
berikut:
i. Entitas dan entitas pelapor adalah i. The entity, and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
sama (artinya entitas induk, entitas means that each parent, subsidiary
anak, dan entitas anak berikutnya and fellow subsidiary is related to the
saling berelasi dengan entitas lainnya). others).
ii. Satu entitas adalah entitas asosiasi ii. One entity is an associate or joint
atau ventura bersama dari entitas lain venture of the other entity (or an
(atau entitas asosiasi atau ventura associate or joint venture of a
bersama yang merupakan anggota member of a group of which the other
suatu kelompok usaha, yang mana entity is a member).
entitas lain tersebut adalah
anggotanya).
iii. Kedua entitas tersebut adalah ventura iii. Both entities are joint ventures of the
bersama dari pihak ketiga yang sama. same third party.
iv. Satu entitas adalah ventura bersama iv. One entity is a joint venture of a third
dari entitas ketiga dan entitas yang lain entity and the other entity is an
adalah entitas asosiasi dari entitas associate of the third entity.
ketiga.


v. Entitas tersebut adalah suatu program v. The entity is a post-employment

imbalan pasca kerja untuk imbalan benefit plan for the benefit of
kerja dari salah satu entitas pelapor employees of either the reporting
atau entitas yang terkait dengan entitas entity, or an entity related to the
pelapor. Jika entitas pelapor adalah reporting entity. If the reporting entity
entitas yang menyelenggarakan is itself such a plan, the sponsoring
program tersebut, maka entitas employers are also related to the
sponsor juga berelasi dengan entitas reporting entity.
pelapor.
vi. Entitas yang dikendalikan atau vi. The entity is controlled or jointly
dikendalikan bersama oleh orang yang controlled by a person identified in
diidentifikasi dalam huruf (a). (a).
vii. Orang yang diidentifikasi dalam huruf vii. A person identified in (a) (i) has
(a) (i) memiliki pengaruh signifikan atas significant influence over the entity or
entitas atau merupakan personil is a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or a parent of
induk dari entitas). the entity).
Seluruh transaksi yang dilakukan dengan pihak- All transactions with related parties, whether or
pihak berelasi, baik dilakukan dengan kondisi not made at similar terms and conditions as
dan persyaratan dengan pihak ketiga maupun those done with third parties, are disclosed in
tidak, diungkapkan pada laporan keuangan the consolidated financial statements.
konsolidasian.
g. Aset Keuangan g. Financial Assets
Seluruh aset keuangan diakui dan dihentikan All financial assets are recognized and
pengakuannya pada tanggal diperdagangkan derecognized on trade date where the
dimana pembelian dan penjualan aset purchase or sale of a financial asset is under a
keuangan berdasarkan kontrak yang contract whose terms require delivery of the
mensyaratkan penyerahan aset keuangan financial asset within the timeframe
dalam kurun waktu yang ditetapkan oleh established by the market concerned, and are
kebiasaan pasar yang berlaku, dan awalnya initially measured at fair value plus transaction
diukur sebesar nilai wajar ditambah biaya costs, except for those financial assets
transaksi, kecuali untuk aset keuangan yang classified as at fair value through profit or loss
diukur pada nilai wajar melalui laba rugi yang (FVTPL), which are initially measured at fair
awalnya diukur sebesar nilai wajar. value.
Aset keuangan Grup diklasifikasikan sebagai The Groups financial assets are classified as
berikut: follows:
Tersedia untuk dijual Available-for-Sale (AFS)

Pinjaman yang diberikan dan piutang Loans and Receivable
Aset keuangan tersedia untuk dijual (AFS) Available-for-sale (AFS)
Berikut ini investasi Grup yang diklasifikasikan The following are the Groups investments
sebagai aset keuangan tersedia untuk dijual: classified as AFS:
Investasi saham dengan kepemilikan Investments in share of stock in which the

ekuitas kurang dari 20% yang tidak equity interest is less than 20% that are
mempunyai kuotasi harga pasar dipasar not quoted in an active market and whose
aktif dan nilai wajarnya tidak dapat diukur fair value cannot be reliably measured.
secara andal, dinyatakan sebesar biaya These are measured at cost less
perolehan, dikurangi penurunan nilai. impairment.
Investasi reksadana yang nilai wajarnya Investments in mutual funds that have
tersedia dicatat sebesar nilai wajarnya. readily determinable fair value. These are
carried at fair value.

Keuntungan atau kerugian yang timbul dari Gains and losses arising from changes in fair
perubahan nilai wajar diakui dalam penghasilan value are recognized in other comprehensive
komprehensif lainnya dan dan diakumulasi di income and accumulated in equity as AFS
ekuitas sebagai revaluasi investasi aset Investment Revaluation, with the exception of
keuangan tersedia untuk dijual, kecuali untuk impairment losses, interest calculated using
kerugian penurunan nilai, bunga yang dihitung the effective interest method, and foreign
dengan metode suku bunga efektif dan laba rugi exchange gains and losses on monetary
selisih kurs atas aset moneter yang diakui pada assets, which are recognized in profit or loss.
laba rugi. Jika investasi dilepas atau mengalami Where the investment is disposed of or is
penurunan nilai, akumulasi laba atau rugi yang determined to be impaired, the cumulative gain
sebelumnya diakumulasi pada revaluasi or loss previously accumulated in AFS
investasi aset keuangan tersedia untuk dijual, Investment Revaluation is reclassified to profit
direklas ke laba rugi. or loss.
Dividen atas instrumen ekuitas aset keuangan Dividends on AFS equity instruments, if any,
tersedia untuk dijual, jika ada, diakui pada laba are recognized in profit or loss when the
rugi pada saat hak Grup untuk memperoleh Groups right to receive the dividends is
pembayaran dividen ditetapkan. established.
Pinjaman yang diberikan dan piutang Loans and receivables
Kas dan setara kas, piutang pelanggan dan Cash and cash equivalents, receivable from
piutang lain-lain dengan pembayaran tetap atau customers and other receivables that have
telah ditentukan dan tidak mempunyai kuotasi di fixed or determinable payments that are not
pasar aktif diklasifikasi sebagai pinjaman yang quoted in an active market are classified as
diberikan dan piutang, yang diukur pada biaya loans and receivables, which are measured
perolehan yang diamortisasi dengan at amortized cost using the effective interest
menggunakan metode suku bunga efektif method less impairment.
dikurangi penurunan nilai.
Bunga diakui dengan menggunakan metode Interest is recognized by applying the effective
suku bunga efektif, kecuali piutang jangka interest method, except for short-term
pendek dimana pengakuan bunga tidak receivables when the recognition of interest
material. would be immaterial.
Metode suku bunga efektif Effective interest method
Metode suku bunga efektif adalah metode yang The effective interest method is a method of
digunakan untuk menghitung biaya perolehan calculating the amortized cost of a financial
diamortisasi dari instrumen keuangan dan instrument and of allocating interest income or
metode untuk mengalokasikan pendapatan expense over the relevant period. The effective
bunga atau biaya selama periode yang relevan. interest rate is the rate that exactly discounts
Suku bunga efektif adalah suku bunga yang estimated future cash receipts or payments
secara tepat mendiskontokan estimasi (including all fees and points paid or received
penerimaan atau pembayaran kas masa depan that form an integral part of the effective
(mencakup seluruh komisi dan bentuk lain yang interest rate, transaction costs and other
dibayarkan dan diterima oleh para pihak dalam premiums or discounts) through the expected
kontrak yang merupakan bagian yang tak life of the financial instrument, or where
terpisahkan dari suku bunga efektif, biaya appropriate, a shorter period to the net
transaksi dan premium dan diskonto lainnya) carrying amount on initial recognition.
selama perkiraan umur instrumen keuangan,
atau, jika lebih tepat, digunakan periode yang
lebih singkat untuk memperoleh nilai tercatat
bersih dari aset keuangan pada saat pengakuan
awal.
Pendapatan diakui berdasarkan suku bunga Income is recognized on an effective interest

efektif. basis.


Penurunan nilai aset keuangan Impairment of financial assets
Aset keuangan dievaluasi terhadap indikator Financial assets are assessed for indicators of
penurunan nilai pada setiap tanggal pelaporan. impairment at each reporting date. Financial
Aset keuangan diturunkan nilainya bila terdapat assets are impaired when there is objective
bukti objektif, sebagai akibat dari satu atau lebih evidence that, as a result of one or more
peristiwa yang terjadi setelah pengakuan awal events that occurred after the initial recognition
aset keuangan, dan peristiwa yang merugikan of the financial asset, the estimated future
tersebut berdampak pada estimasi arus kas cash flows of the investment have been
masa depan atas aset keuangan yang dapat affected.
diestimasi secara andal.
Untuk investasi ekuitas AFS yang tercatat dan For listed and unlisted equity investments
tidak tercatat di bursa, penurunan yang classified as AFS, a significant or prolonged
signifikan atau jangka panjang dalam nilai wajar decline in the fair value of the security below
dari instrumen ekuitas di bawah biaya its cost is considered to be objective evidence
perolehannya dianggap sebagai bukti obyektif of impairment.
terjadinya penurunan nilai.
Untuk aset keuangan lainnya, bukti obyektif For all other financial assets, objective
penurunan nilai termasuk sebagai berikut: evidence of impairment could include:
kesulitan keuangan signifikan yang dialami significant financial difficulty of the issuer
penerbit atau pihak peminjam; atau or counterparty; or
pelanggaran kontrak, seperti terjadinya default or delinquency in interest or

wanprestasi atau tunggakan pembayaran principal payments; or
pokok atau bunga; atau
terdapat kemungkinan bahwa pihak a probability that the borrower will enter
peminjam akan dinyatakan pailit atau bankruptcy or financial re-organisation.
melakukan reorganisasi keuangan.
Untuk kelompok aset keuangan tertentu, seperti For certain categories of financial asset, such
piutang, aset yang dinilai tidak akan diturunkan as receivables, assets that are assessed not to
secara individual akan dievaluasi penurunan be impaired individually are, in addition,
nilainya secara kolektif. Bukti objektif dari assessed for impairment on a collective basis.
penurunan nilai portofolio piutang dapat Objective evidence of impairment for a
termasuk pengalaman Grup atas tertagihnya portfolio of receivables could include the
piutang di masa lalu, peningkatan Groups past experiences of collecting
keterlambatan penerimaan pembayaran piutang payments, an increase in the number of
dari rata-rata periode kredit, dan juga delayed payments in the portfolio past the
pengamatan atas perubahan kondisi ekonomi average credit period, as well as observable
nasional atau lokal yang berkorelasi dengan changes in national or local economic
default atas piutang. conditions that correlate with default on
receivables.
Untuk aset keuangan yang diukur pada biaya For financial assets carried at amortized cost,
perolehan yang diamortisasi, jumlah kerugian the amount of the impairment is the difference
penurunan nilai merupakan selisih antara between the assets carrying amount and the
jumlah tercatat aset keuangan dengan nilai kini present value of estimated future cash flows,
dari estimasi arus kas masa depan yang discounted at the financial assets original
didiskontokan menggunakan suku bunga efektif effective interest rate.
awal dari aset keuangan.

Untuk aset keuangan yang dicatat pada biaya For financial asset carried at cost, the amount
perolehan, jumlah kerugian penurunan nilai of the impairment loss is measured as the
diukur berdasarkan selisih antara jumlah difference between the assets carrying
tercatat aset keuangan dan nilai kini estimasi amount and the present value of the estimated
arus kas masa depan yang didiskontokan pada future cash flows discounted at the current
tingkat imbal hasil yang berlaku di pasar untuk market rate of return for a similar financial
aset keuangan yang serupa. Kerugian asset. Such impairment loss cannnot be
penurunan nilai tersebut tidak dapat dibalik reversed in subsequent periods.
pada periode berikutnya.
Jumlah tercatat aset keuangan tersebut The carrying amount of the financial asset is
dikurangi dengan kerugian penurunan nilai reduced by the impairment loss directly for all
secara langsung atas seluruh aset keuangan, financial assets with the exception of
kecuali piutang yang jumlah tercatatnya receivables, where the carrying amount is
dikurangi melalui penggunaan akun cadangan reduced through the use of an allowance
piutang. Jika piutang tidak tertagih, piutang account. When a receivable is considered
tersebut dihapuskan melalui akun cadangan uncollectible, it is written off against the
piutang. Pemulihan kemudian dari jumlah yang allowance account. Subsequent recoveries of
sebelumnya telah dihapuskan dikreditkan amounts previously written off are credited
terhadap akun cadangan. Perubahan jumlah against the allowance account. Changes in the
tercatat akun cadangan piutang diakui dalam carrying amount of the allowance account are
laba rugi. recognized in profit or loss.
Jika aset keuangan AFS dianggap menurun When an AFS financial asset is considered to
nilainya, keuntungan atau kerugian kumulatif be impaired, cumulative gains or losses
yang sebelumnya telah diakui dalam ekuitas previously recognized in equity are reclassified
direklasifikasi ke laba rugi. to profit or loss.
Kecuali untuk instrumen ekuitas AFS, jika, pada With the exception of AFS equity instruments,
periode berikutnya, jumlah kerugian penurunan if, in a subsequent period, the amount of the
nilai berkurang dan pengurangan tersebut dapat impairment loss decreases and the decrease
dikaitkan secara obyektif dengan peristiwa yang can be related objectively to an event
terjadi setelah penurunan nilai diakui, kerugian occurring after the impairment was recognized,
penurunan nilai yang diakui sebelumnya dibalik the previously recognized impairment loss is
melalui laba rugi hingga nilai tercatat investasi reversed through profit or loss to the extent
pada tanggal pemulihan penurunan nilai tidak that the carrying amount of the investment at
melebihi biaya perolehan diamortisasi sebelum the date the impairment is reversed does not
adanya pengakuan kerugian penurunan nilai exceed what the amortized cost would have
dilakukan. been had the impairment not been recognized.
Dalam hal efek ekuitas AFS, kerugian In respect of AFS equity investments,
penurunan nilai yang sebelumnya diakui dalam impairment losses previously recognized in
laba rugi tidak boleh dibalik melalui laba rugi. profit or loss are not reversed through profit or
Setiap kenaikan nilai wajar setelah penurunan loss. Any increase in fair value subsequent to
nilai diakui secara langsung ke penghasilan an impairment loss is recognized directly in
komprehensif lain. other comprehensive income.


Penghentian pengakuan aset keuangan Derecognition of financial assets
Grup menghentikan pengakuan aset keuangan The Group derecognizes a financial asset only
jika dan hanya jika hak kontraktual atas arus when the contractual rights to the cash flows
kas yang berasal dari aset keuangan berakhir, from the asset expires, or when it transfers the
atau Grup mentransfer aset keuangan dan financial asset and substantially all the risks
secara substansial mentransfer seluruh risiko and rewards of ownership of the asset to
dan manfaat atas kepemilikan aset kepada another entity. If the Group neither transfers
entitas lain. Jika Grup tidak mentransfer serta nor retains substantially all the risks and
tidak memiliki secara substansial atas seluruh rewards of ownership and continues to control
risiko dan manfaat kepemilikan serta masih the transferred asset, the Group recognizes its
mengendalikan aset yang ditransfer, maka Grup retained interest in the asset and an
mengakui keterlibatan berkelanjutan atas aset associated liability for amounts it may have to
yang ditransfer dan liabilitas terkait sebesar pay. If the Group retains substantially all the
jumlah yang mungkin harus dibayar. Jika Grup risks and rewards of ownership of a transferred
memiliki secara substansial seluruh risiko dan financial asset, the Group continues to
manfaat kepemilikan aset keuangan yang recognize the financial asset and also
ditransfer, Grup masih mengakui aset keuangan recognizes a collateralised borrowing for the
dan juga mengakui pinjaman yang dijamin proceeds received.
sebesar pinjaman yang diterima.
Dalam penghentian pengakuan aset keuangan On derecognition of financial asset in its

secara keseluruhan, selisih antara jumlah entirety, the difference between the assets
tercatat aset dan jumlah pembayaran dan carrying amount and the sum of the
piutang yang diterima dan keuntungan atau consideration received and receivable and the
kerugian kumulatif yang telah diakui dalam cumulative gain or loss that had been
penghasilan komprehensif lain dan terakumulasi recognized in other comprehensive income
dalam ekuitas diakui dalam laba rugi. and accumulated in equity is recognized in
profit or loss.
Dalam penghentian pengakuan aset keuangan On derecognition of financial asset other than
terhadap satu bagian saja (misalnya ketika its entirety (e.g., when the Group retains an
Grup masih memiliki hak untuk membeli option to repurchase part of a transferred
kembali bagian aset yang ditransfer), Grup asset), the Group allocates the previous
mengalokasikan jumlah tercatat sebelumnya carrying amount of the financial asset between
dari aset keuangan tersebut pada bagian yang the part it continues to recognize under
tetap diakui berdasarkan keterlibatan continuing involvement, and the part it no
berkelanjutan dan bagian yang tidak lagi diakui longer recognizes on the basis of the relative
berdasarkan nilai wajar relatif dari kedua bagian fair values of those parts on the date of the
tersebut pada tanggal transfer. Selisih antara transfer. The difference between the carrying
jumlah tercatat yang dialokasikan pada bagian amount allocated to the part that is no longer
yang tidak lagi diakui dan jumlah dari recognized and the sum of the consideration
pembayaran yang diterima untuk bagian yang received for the part no longer recognized and
tidak lagi diakui dan setiap keuntungan atau any cumulative gain or loss allocated to it that
kerugian kumulatif yang dialokasikan pada had been recognized in other comprehensive
bagian yang tidak lagi diakui tersebut yang income is recognized in profit or loss.
sebelumnya telah diakui dalam penghasilan A cumulative gain or loss that had been
komprehensif lain diakui pada laba rugi. recognized in other comprehensive income is
Keuntungan dan kerugian kumulatif yang allocated between the part that continues to be
sebelumnya diakui dalam penghasilan recognized and the part that is no longer
komprehensif lain dialokasikan pada bagian recognized on the basis of the relative fair
yang tetap diakui dan bagian yang dihentikan values of those parts.
pengakuannya, berdasarkan nilai wajar relatif
kedua bagian tersebut.

h. Liabilitas Keuangan dan Instrumen Ekuitas h. Financial Liabilities and Equity Instruments
Klasifikasi sebagai liabilitias atau ekuitas Classification as debt or equity
Liabilitas keuangan dan instrumen ekuitas yang Financial liabilities and equity instruments
diterbitkan oleh Grup diklasifikasi sesuai dengan issued by the Group are classified according to
substansi perjanjian kontraktual dan definisi the substance of the contractual arrangements
liabilitas keuangan dan instrumen ekuitas. entered into and the definitions of a financial
liability and an equity instrument.
Instrumen ekuitas Equity instruments
Instrumen ekuitas adalah setiap kontrak yang An equity instrument is any contract that
memberikan hak residual atas aset Grup evidences a residual interest in the assets of
setelah dikurangi dengan seluruh liabilitasnya. an entity after deducting all of its liabilities.
Instrumen ekuitas yang diterbitkan oleh Grup Equity instruments issued by the Group are
dicatat sebesar hasil penerimaan bersih setelah recorded at the proceeds received, net of
dikurangi biaya penerbitan langsung. direct issue costs.
Pembelian kembali instrumen ekuitas Repurchase of the Companys own equity

Perseroan (saham treasuri) diakui dan instruments (treasury shares) is recognized
dikurangkan secara langsung dari ekuitas. and deducted directly in equity. No gain or loss
Keuntungan dan kerugian yang timbul dari is recognized in profit or loss on the purchase,
pembelian, penjualan, penerbitan atau sale, issue or cancellation of the Companys
pembatalan instrumen ekuitas Perseroan own equity instruments.
tersebut tidak diakui dalam laba rugi.
Liabilitas keuangan Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified at amortized

biaya perolehan diamortisasi. cost.
Liabilitas keuangan pada biaya perolehan Financial liabilities at amortized cost

diamortisasi
Liabilitas keuangan meliputi utang usaha dan Financial liabilities, which include trade and
lainnya, pinjaman bank dan pinjaman lainnya, other payables, bank loans and other
pada awalnya diukur pada nilai wajar, setelah borrowings, are initially measured at fair value,
dikurangi biaya transaksi, dan selanjutnya net of transaction costs, and subsequently
diukur pada biaya perolehan yang diamortisasi measured at amortized cost using the effective
menggunakan metode suku bunga efektif. interest method.
Penghentian pengakuan liabilitas keuangan Derecognition of financial liabilities
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities

keuangan, jika dan hanya jika, liabilitas Grup when, and only when, the Groups obligations
telah dilepaskan, dibatalkan atau kadaluarsa. are discharged, cancelled or expires. The
Selisih antara jumlah tercatat liabilitas keuangan difference between the carrying amounts of the
yang dihentikan pengakuannya dan imbalan financial liability is recognized and the
yang dibayarkan dan utang diakui dalam laba consideration paid and payable is recognized
rugi. in profit or loss.


i. Saling Hapus antar Aset Keuangan dan i. Netting of Financial Assets and Financial
Liabilitas Keuangan Liabilities
Aset dan liabilitas keuangan Grup saling hapus The Group only offsets financial assets and
dan nilai bersihnya disajikan dalam laporan liabilities and presents the net amount in the
posisi keuangan konsolidasian jika dan hanya consolidated statement of financial position
jika: where it:
saat ini memiliki hak yang berkekuatan currently has a legal enforceable right to
hukum untuk melakukan saling hapus atas set off the recognized amount; and
jumlah yang telah diakui tersebut; dan
berniat untuk menyelesaikan secara neto intends either to settle on a net basis, or to
atau untuk merealisasikan aset dan realize the asset and settle the liability
menyelesaikan liabilitasnya secara simultaneously.
simultan.
j. Kas dan Setara Kas j. Cash and Cash Equivalents
Untuk tujuan penyajian arus kas, kas dan setara For cash flow presentation purposes, cash and
kas terdiri dari kas, bank dan semua investasi cash equivalents consist of cash on hand and
yang jatuh tempo dalam waktu tiga bulan atau in banks and all unrestricted investments with
kurang dari tanggal perolehannya dan yang tidak maturities of three months or less from the
dijaminkan serta tidak dibatasi penggunaannya. date of placement.
k. Kas yang Dibatasi k. Restricted Cash
Kas dan setara kas yang ditempatkan sebagai Cash and cash equivalents which are placed
margin deposits atas fasilitas letter of credit, as margin deposits for letters of credit, and
dan jaminan utang bank disajikan sebagai collateralized for bank loan facilities are
Kas dan setara kas yang dibatasi classified as Restricted cash and cash
penggunaannya. equivalents.
l. Investasi Jangka Pendek l. Short-term Investment
Deposito berjangka yang jatuh tempo lebih dari Time deposits with maturities of more than
tiga bulan disajikan sebagai Investasi jangka three months are classified as Short-term
pendek. investment.
m. Investasi pada Entitas Asosiasi m. Investments in Associates
Entitas asosiasi adalah suatu entitas dimana An associate is an entity over which the Group
Grup mempunyai pengaruh yang signifikan. has significant influence. Significant influence
Pengaruh signifikan adalah kekuasaan untuk is the power to participate in the financial and
berpartipasi dalam keputusan kebijakan operating policy decisions of the investee but
keuangan dan operasional investee tetapi tidak is not control or joint control over those
mengendalikan atau mengendalikan bersama policies.
atas kebijakan tersebut.

Penghasilan dan aset dan liabilitas dari entitas The results of operations and assets and
asosiasi digabungkan dalam laporan keuangan liabilities of associates are incorporated in
konsolidasian dicatat dengan menggunakan these consolidated financial statements using
metode ekuitas, kecuali ketika investasi the equity method of accounting, except when
diklasifikasikan sebagai dimiliki untuk dijual, the investment is classified as held for sale, in
sesuai dengan PSAK 58 (revisi 2009), Aset which case, it is accounted for in accordance
Tidak Lancar yang Dimiliki untuk Dijual dan with PSAK 58 (revised 2009), Non-current
Operasi yang Dihentikan. Dengan metode Assets Held for Sale and Discontinued
ekuitas, investasi pada entitas asosiasi diakui di Operations. Under the equity method, an
laporan posisi keuangan konsolidasian sebesar investment in an associate is initially
biaya perolehan dan selanjutnya disesuaikan recognized in the consolidated statement of
untuk perubahan dalam bagian kepemilikan financial position at cost and adjusted
Grup atas laba rugi dan penghasilan thereafter to recognize the Groups share of
komprehensif lain dari entitas asosiasi yang the profit or loss and other comprehensive
terjadi setelah perolehan. Ketika bagian Grup income of the associate. When the Groups
atas kerugian entitas asosiasi melebihi share of losses of an associate exceeds the
kepentingan Grup pada entitas asosiasi (yang Groups interest in that associate (which
mencakup semua kepentingan jangka panjang, includes any long-term interests that, in
yang secara substansi, membentuk bagian dari substance, form part of the Groups net
investasi bersih Grup dalam entitas asosiasi). investment in the associate) the Group
Grup menghentikan pengakuan bagiannya atas discontinues recognizing its share of further
kerugian selanjutnya. Kerugian selanjutnya losses. Additional losses are recognized only
diakui hanya apabila Grup mempunyai to the extent that the Group has incurred legal
kewajiban bersifat hukum atau konstruktif atau or constructive obligations or made payments
melakukan pembayaran atas nama entitas on behalf of the associate.
asosiasi.
Investasi pada entitas asosiasi dicatat dengan Investments in associates is accounted for
menggunakan metode ekuitas dari tanggal pada using the equity method from the date on the
saat investasi menjadi entitas asosiasi. Setiap investee becomes an associate. Any excess of
kelebihan biaya perolehan investasi atas bagian the cost of acquisition over the Groups share
Grup atas nilai wajar bersih dari aset yang of the net fair value of identifiable assets,
teridentifikasi, liabilitas dan liabilitas kontinjen liabilities and contingent liabilities of the
asosiasi yang diakui pada tanggal akuisisi, associate recognized at the date of acquisition,
diakui sebagai goodwill. Goodwill termasuk is recognized as goodwill. Goodwill is included
dalam jumlah tercatat investasi, dan diuji within the carrying amount of the investment
penurunan nilai sebagai bagian dari investasi. and assessed for impairment as part of that
Setiap kelebihan dari kepemilikan Grup dari nilai investment. Any excess of the Groups share
wajar bersih dari aset yang teridentifikasi, of the net fair value of the identifiable assets,
liabilitas dan liabilitas kontinjen atas biaya liabilities and contingent liabilities over the cost
perolehan investasi, sesudah pengujian of acquisition, after reassessment, are
kembali, segera diakui di dalam laba rugi pada recognized immediately in profit or loss in the
periode dimana investasinya diperoleh. period which the investment is acquired.
Persyaratan dalam PSAK 55 (revisi 2014) The requirements of PSAK 55 (revised 2014),
Instrumen Keuangan: Pengakuan dan Financial Instruments: Recognition and
Pengukuran, diterapkan untuk menentukan Measurement, are applied to determine
apakah perlu untuk mengakui setiap penurunan whether it is necessary to recognize any
nilai sehubungan dengan investasi pada entitas impairment loss with respect to the Groups
asosiasi Grup. Jika perlu, jumlah tercatat investment in an associate. When necessary,
investasi yang tersisa (termasuk goodwill) diuji the entire carrying amount of the investment
penurunan nilai sesuai dengan PSAK 48 (revisi (including goodwill) is tested for impairment in
2014), Penurunan Nilai Aset, sebagai suatu accordance with PSAK 48 (revised 2014),
aset tunggal dengan membandingkan antara Impairment of Assets, as a single asset by
jumlah terpulihkan (mana yang lebih tinggi comparing its recoverable amount (higher of
antara nilai pakai dan nilai wajar dikurangi biaya value in use and fair value less costs to sell)
untuk menjual) dengan jumlah tercatatnya. Rugi with its carrying amount. Any impairment loss
penurunan nilai yang diakui pada keadaan recognized forms part of the carrying amount
tersebut tidak dialokasikan pada setiap aset of the investment.
yang membentuk bagian dari nilai tercatat
investasi pada entitas asosiasi.


Setiap pembalikan dari penurunan nilai diakui Any reversal of that impairment loss is
sesuai dengan PSAK 48 (revisi 2014) recognized in accordance with PSAK 48
sepanjang jumlah terpulihkan dari investasi (revised 2014) to the extent that the
tersebut kemudian meningkat. recoverable amount of the investment
subsequently increases.
Grup menghentikan penggunaan metode The Group discontinues the use of the equity
ekuitas dari tanggal ketika investasinya berhenti method from the date when the investment
menjadi investasi pada entitas asosiasi atau ceases to be an associate or when the
ketika investasi diklasifikasi sebagai dimiliki investment is classified as held for sale. Upon
untuk dijual. Pada saat pelepasan suatu entitas disposal of an associate that results in the
asosiasi yang mengakibatkan Grup kehilangan Group losing significant influence over that
pengaruh signifikan atas entitas asosiasi, associate, any retained investment is
investasi yang tersisa diukur pada nilai wajar measured at fair value at that date and the fair
pada tanggal tersebut dan nilai wajarnya value is regarded as its fair value on initial
dianggap sebagai nilai wajar pada saat recognition as a financial asset in accordance
pengakuan awal sebagai suatu aset keuangan with PSAK 55 (revised 2014). The difference
sesuai dengan PSAK 55 (revisi 2014). Selisih between the previous carrying amount of the
antara jumlah tercatat sebelumnya atas entitas associate attributable to the retained interest
asosiasi diatribusikan ke sisa kepemilikan dan and the fair value is included in the
nilai wajar termasuk dalam penentuan determination of the gain or loss on disposal of
keuntungan atau kerugian atas pelepasan entitas the associate. In addition, the Group accounts
asosiasi. Selanjutnya, Grup memperhitungkan for all amounts previously recognized in other
seluruh jumlah yang sebelumnya diakui dalam comprehensive income in relation to that
penghasilan komprehensif lain yang terkait associate on the same basis as would be
dengan entitas asosiasi tersebut dengan required if that associate had directly disposed
menggunakan dasar yang sama dengan yang of the related assets or liabilities. Therefore, if
diperlukan jika entitas asosiasi telah melepaskan a gain or loss previously recognized in other
secara langsung aset dan liabilitas yang terkait. comprehensive income by that associate
Oleh karena itu, jika keuntungan atau kerugian would be reclassified to profit or loss on the
yang sebelumnya telah diakui dalam disposal of the related assets or liabilities, the
penghasilan komprehensif lain oleh entitas Group reclassifies the gain or loss from equity
asosiasi akan direklasifikasi ke laba rugi atas to profit or loss (as a reclassification
pelepasan aset atau liabilitas yang terkait, maka adjustment) when the equity method is
Grup mereklasifikasi keuntungan atau kerugian discontinued.
dari ekuitas ke laba rugi (sebagai penyesuaian
reklasifikasi) sejak Grup menghentikan
menggunakan metode ekuitas.
Jika Grup mengurangi bagian kepemilikan pada When the group reduces its ownership interest
entitas asosiasi tetapi Grup tetap menerapkan in an associate but the Group continues to use
metode ekuitas, Grup mereklasifikasi ke laba the equity method, the Group reclassifies to
rugi proporsi keuntungan yang telah diakui profit or loss the proportion of the gain that had
sebelumnya dalam penghasilan komprehensif previously been recognized in other
lain yang terkait dengan pengurangan bagian comprehensive income relating to that
kepemilikan (jika keuntungan atau kerugian reduction in ownership interest (if that gain or
tersebut akan direklasifikasi ke laba rugi atas loss would be reclassified to profit or loss on
pelepasan aset atau liabilitas yang terkait). the disposal of the related assets or liabilities.
Ketika Grup melakukan transaksi dengan When a group entity has transactions with its
entitas asosiasi, keuntungan dan kerugian yang associate, profits and losses resulting from the
timbul dari transaksi dengan entitas asosiasi transaction with the associate are recognized
diakui dalam laporan keuangan konsolidasian in the Groups consolidated financial
Grup hanya sebesar kepemilikan dalam entitas statements only to the extent of its interest in
asosiasi yang tidak terkait dengan Grup. the associate that are not related to the Group.
Enforcing Direction In a Wave of Competition - 37PT-Semen Indonesia (Persero) Tbk. | 2015 Annual Report 453

n. Persediaan n. Inventories
Persediaan dinyatakan berdasarkan biaya Inventories are stated at cost or net realizable
perolehan atau nilai realisasi bersih, mana yang value, whichever is lower. Cost is determined
lebih rendah. Biaya perolehan ditentukan using the weighted average method for
dengan metode rata-rata tertimbang untuk finished goods and work-in-progress and using
barang jadi dan barang dalam proses serta the moving average method for raw and
metode rata-rata bergerak untuk bahan baku, indirect materials and spare parts. The cost of
penolong dan suku cadang. Harga perolehan finished goods and work-in-progress
barang jadi dan barang dalam proses terdiri dari comprises of raw and indirect materials, direct
biaya bahan baku, tenaga kerja langsung, labor, other direct costs and related production
biaya-biaya langsung lainnya dan biaya overheads. Net realizable value is the
overhead yang dinyatakan sebesar nilai yang estimated selling price in the ordinary course
terkait dengan produksi. Nilai realisasi bersih of business, less the estimated costs of
adalah taksiran harga jual dalam kegiatan completion and the estimated selling cost
usaha normal dikurangi taksiran biaya necessary to make the sale.
penyelesaian dan taksiran biaya yang
diperlukan untuk melakukan penjualan.
Cadangan persediaan usang dan bergerak The allowance for obsolete and slow moving
lambat dihitung setelah dikurangi persediaan inventories is calculated after deducting safety
pengaman. stock.
o. Beban Dibayar Dimuka o. Prepaid Expenses
Beban dibayar dimuka diamortisasi selama Prepaid expenses are amortized over their
manfaat masing-masing beban dengan beneficial periods using the straight-line
menggunakan metode garis lurus. method.
p. Properti Investasi p. Investment Properties
Properti investasi adalah properti (tanah atau Investment properties are properties (land or a
bangunan atau bagian dari suatu bangunan building or part of a building or both or
atau kedua-duanya atau prasarana) yang infrastructures) which are held by a subsidiary
dikuasai entitas anak (KIG dan SP) untuk (KIG and SP) to earn rentals or for capital
menghasilkan rental atau untuk kenaikan nilai appreciation or both. Investment properties
atau keduanya. Properti investasi diukur are measured at cost less accumulated
sebesar nilai perolehan setelah dikurangi depreciation and any accumulated impairment
akumulasi penyusutan dan akumulasi kerugian losses.
penurunan nilai.
Penyusutan bangunan dan prasarana dihitung Depreciation of buildings and infrastructure is

dengan menggunakan metode garis lurus computed using the straight-line method based
berdasarkan taksiran masa manfaat ekonomis on the estimated useful life of the assets for 10
aset antara 10 sampai 30 tahun. to 30 years.
Tanah dinyatakan berdasarkan biaya perolehan Land is stated at cost and is not depreciated.
dan tidak disusutkan.
Masa manfaat ekonomis, nilai residu dan nilai The estimated useful lives, residual values and
penyusutan direviu setiap akhir tahun dan depreciation method are reviewed at each year
pengaruh dari perubahan estimasi tersebut end, with the effect of any changes in
berlaku prospektif. estimated accounted for on a prospective
basis.
Properti investasi mencakup juga properti dalam Investment property includes properties in the
proses pembangunan dan akan digunakan process of development and will be used as
sebagai properti investasi setelah selesai. investment property after completion.
Akumulasi biaya perolehan dan biaya Accumulated acquisition and development
pembangunan (termasuk biaya pinjaman yang costs (including borrowing costs incurred) are
terjadi) diamortisasi pada saat selesai dan siap amortized when completed and ready for use.
untuk digunakan.


Properti investasi dihentikan pengakuannya An investment property is derecognized upon

pada saat dilepaskan atau ketika properti disposal or when the investment property is
investasi tidak digunakan lagi secara permanen permanently withdrawn from use and no future
dan tidak memiliki manfaat ekonomi masa economic benefits are expected from the
depan yang diperkirakan dari pelepasannya. disposal. Any gain or loss arising on
Keuntungan atau kerugian yang timbul dari derecognition of the property (calculated as the
penghentian atau pelepasan properti investasi difference between the net disposal proceeds
ditentukan dari selisih antara hasil neto and the carrying amount of the asset) is
pelepasan dan jumlah tercatat aset dan diakui included in profit or loss in the period in which
dalam laba rugi pada periode terjadinya the property is derecognized.
penghentian atau pelepasan.
Transfer ke properti investasi dilakukan jika, dan Transfers are made to investment properties
hanya jika, terdapat perubahan penggunaan when, and only when, there is a change in use,
yang ditunjukkan dengan berakhirnya evidenced by the end of owner occupation,
pemakaian oleh pemilik, dimulainya sewa commencement of an operating lease with
operasi ke pihak lain. Transfer dari properti another party. Transfers are made from
investasi dilakukan jika, dan hanya jika, terdapat investment properties when, and only when,
perubahan penggunaan yang ditunjukkan there is a change in use, evidenced by
dengan dimulainya penggunaan oleh pemilik commencement of owner occupation or
atau dimulainya pengembangan untuk dijual. commencement of development with a view to
sale.
q. Aset Tetap q. Fixed Assets
Aset tetap yang dimiliki untuk digunakan dalam Property, plant and equipment held for use in
produksi atau penyediaan barang atau jasa atau the production or supply of goods or services,
untuk tujuan administratif dicatat berdasarkan or for administrative purposes, are stated at
biaya perolehan setelah dikurangi akumulasi cost, less accumulated depreciation and any
penyusutan dan akumulasi kerugian penurunan accumulated impairment losses. Such cost
nilai. Biaya perolehan termasuk biaya includes the cost of replacing part of the fixed
penggantian bagian aset tetap saat biaya assets when that cost is incurred, if the
tersebut terjadi, jika memenuhi kriteria recognition criteria are met. Such cost also
pengakuan. Biaya perolehan juga termasuk includes estimated costs of dismantling and
estimasi biaya pembongkaran, dan pemindahan removing of the item and restoring the site on
aset tetap, dan restorasi lokasi aset. which the asset is located.
Biaya legal untuk mendapatkan hak atas tanah Legal costs to obtain land rights when land
ketika tanah diperoleh pertama kali diakui was first acquired is recognized as part of the
sebagai bagian dari harga perolehan tanah. cost of land.
Suku cadang utama dan peralatan siap pakai Major spare parts and stand-by equipment are
diklasifikasikan sebagai aset tetap bila classified as fixed assets when they are
diperkirakan akan digunakan dalam operasi expected to be used in operations during more
selama lebih dari satu tahun. than one year.
Penyusutan (selain tanah dan tanah Depreciation (except for land and mining
pertambangan) diakui sebagai penghapusan properties) is recognized so as to write-off the
biaya perolehan aset dikurangi nilai residu cost of assets less residual values using the
dengan menggunakan metode garis lurus straight-line method based on the estimated
berdasarkan taksiran masa manfaat ekonomis useful lives of the assets as follows:
aset tetap sebagai berikut:
Tahun/
Years
Bangunan, jalan, jembatan dan Buildings, roads, bridges and

pelabuhan 15 - 40 harbors
Mesin-mesin 2 - 30 Machineries
Alat-alat berat dan kendaraan 5 - 10 Heavy equipment and vehicles
Perlengkapan dan peralatan kantor 2-8 Furniture and office equipment

Aset sewa pembiayaan disusutkan berdasarkan Assets held under finance leases are
taksiran masa manfaat ekonomis yang sama depreciated over their expected useful lives on
dengan aset yang dimiliki sendiri atau the same basis as owned assets or where
disusutkan selama jangka waktu yang lebih shorter, the term of the relevant lease.
pendek antara periode masa sewa dan umur
manfaatnya.
Masa manfaat ekonomis, nilai residu dan The estimated useful lives, residual values and
metode penyusutan direviu setiap akhir tahun depreciation method are reviewed at each year
dan pengaruh dari setiap perubahan estimasi end, with the effect of any changes in estimate
tersebut berlaku prospektif. accounted for on a prospective basis.
Tanah pertambangan dideplesi dengan Mining properties are depleted using the unit of
menggunakan metode unit produksi berdasarkan production method based on estimated
estimasi cadangan. reserves.
Tanah dicatat sesuai dengan biaya perolehannya Land is stated at cost and is not depreciated.
dan tidak disusutkan.
Aset tetap dihentikan pengakuannya pada saat Fixed assets is derecognized upon disposal or
dilepaskan atau saat tidak ada manfaat when no future economic benefits are
ekonomis masa depan yang diharapkan dari expected from its use or disposal. Any gain or
penggunaan atau pelepasannya. Laba atau rugi loss arising on derecognition of the asset
yang timbul dari penghentian pengakuan aset (calculated as the difference between the net
(dihitung sebagai perbedaan antara jumlah neto disposal proceeds and the carrying amount of
hasil pelepasan dan jumlah tercatat dari aset) the asset) is included in profit or loss in
diakui dalam laporan laba rugi pada tahun aset the year in which the asset is derecognized.
tersebut dihentikan pengakuannya.
Biaya konstruksi bangunan, jalan, jembatan, The costs of the construction of buildings,
pelabuhan, pembangkit tenaga listrik dan pabrik roads, bridges, harbors, power and cement
semen serta pemasangan mesin dikapitalisasi plants and the installation of machinery are
sebagai aset dalam penyelesaian. Biaya capitalized as construction in progress. Interest
bunga dan biaya pinjaman lain, seperti pinjaman and other borrowing costs, such as fees on
yang digunakan untuk mendanai proses loans used in financing the construction of a
pembangunan aset tertentu, dikapitalisasi qualifying asset, are capitalized up to the date
sampai dengan saat proses pembangunan when the construction is completed. These
tersebut selesai. Biaya-biaya ini direklasifikasi ke costs are reclassified into fixed asset accounts
akun aset tetap pada saat proses konstruksi atau when the construction or installation is
pemasangan selesai. Penyusutan aset dimulai complete. Depreciation of an asset begins
pada saat aset tersebut siap untuk digunakan, when it is available for use, i.e. when it is in the
yaitu pada saat aset tersebut berada pada lokasi location and condition necessary for it to be
dan kondisi yang diinginkan agar aset siap capable of operating in the manner intended
digunakan sesuai dengan keinginan dan maksud by management. The costs of construction in
manajemen. Biaya perolehan atas aset dalam progress include the transfer of foreign
penyelesaian termasuk transfer keuntungan dan exchange gains and losses on qualifying cash
kerugian selisih kurs atas lindung nilai arus kas flow hedges for the acquisition of assets.
berkaitan dengan pengadaan aset tersebut.
Beban pemeliharaan dan perbaikan dibebankan The cost of maintenance and repairs is
pada laba rugi pada saat terjadinya. Biaya-biaya charged to operations as incurred. Other costs
lain yang terjadi selanjutnya yang timbul untuk incurred subsequently to add to, replace part
menambah, mengganti atau memperbaiki aset of, or service an item of property, plant and
tetap dicatat sebagai biaya perolehan aset jika equipment, are recognized as asset if, and
dan hanya jika besar kemungkinan manfaat only if it is probable that future economic
ekonomis di masa depan berkenaan dengan benefits associated with the item will flow to
aset tersebut akan mengalir ke entitas dan the entity and the cost of the item can be
biaya perolehan aset dapat diukur secara andal. measured reliably.


r. Aset Takberwujud r. Intangible Assets
i. Goodwill i. Goodwill
Goodwill yang timbul dari kombinasi Goodwill arising in a business combination

bisnis diakui sebagai aset pada tanggal is recognized as an asset at the date that
diperolehnya pengendalian (tanggal control is acquired (the acquisition date).
akuisisi). Goodwill diukur sebagai selisih dari Goodwill is measured as the excess of the
imbalan yang dialihkan, jumlah setiap sum of the consideration transferred, the
kepentingan nonpengendali pada pihak amount of any non-controlling interest in
yang diakuisisi dan nilai wajar dari the acquiree and the fair value of the
kepentingan ekuitas yang sebelumnya acquirers previously held equity interest (if
dimiliki pihak pengakuisisi pada pihak yang any) in the entity over net of the
diakuisisi (jika ada) atas jumlah selisih bersih acquisition-date amounts of the
dari aset teridentifikasi yang diperoleh dan identifiable assets acquired and the
liabilitas yang diambil alih pada tanggal liabilities assumed.
akuisisi.
Jika setelah penilaian kembali, kepemilikan If, after reassessment, the Groups interest
Grup pada nilai wajar aset bersih yang in the fair value of the acquirees
teridentifikasi dari pihak yang diakuisisi identifiable net assets exceeds the sum of
melebihi dari imbalan yang dialihkan, the consideration transferred, the amount
jumlah setiap kepentingan nonpengendali of any non-controlling interest in the
pihak yang diakuisisi dan nilai wajar dari acquiree and the fair value of the
kepentingan ekuitas yang sebelumnya acquirers previously held equity interest in
dimiliki pihak pengakuisisi pada pihak yang the acquiree (if any), the excess is
diakuisisi (jika ada), selisihnya diakui recognized immediately in profit or loss as
segera dalam laba atau rugi sebagai a bargain purchase gain.
pembelian dengan diskon.
Untuk tujuan uji penurunan nilai, goodwill For the purpose of impairment testing,
dialokasikan pada setiap unit penghasil kas goodwill is allocated to each of the
dari Grup yang diharapkan memberikan Groups cash-generating units expected to
manfaat dari sinergi kombinasi bisnis benefit from the synergies of the
tersebut. Unit penghasil kas yang telah combination. A cash-generating unit to
memperoleh alokasi goodwill diuji which goodwill has been allocated is
penurunan nilainya secara tahunan, dan tested for impairment annually, or more
ketika terdapat indikasi bahwa unit tersebut frequently when there is an indication that
mengalami penurunan nilai. Jika jumlah the unit may be impaired. If the
terpulihkan dari unit penghasil kas kurang recoverable amount of the cash-
dari jumlah tercatatnya, rugi penurunan nilai generating unit is less than its carrying
dialokasikan pertama untuk mengurangi amount, the impairment loss is allocated
jumlah tercatat aset atas setiap goodwill first to reduce the carrying amount of any
yang dialokasikan pada unit dan selanjutnya goodwill allocated to the unit and then to
ke aset lainnya dari unit dibagi prorata atas the other assets of the unit pro-rata on the
dasar jumlah tercatat setiap aset dalam unit basis of the carrying amount of each asset
tersebut. Rugi penurunan nilai yang diakui in the unit. An impairment loss recognized
atas goodwill tidak dapat dibalik pada for goodwill is not reversed in subsequent
periode berikutnya. period.
Pada pelepasan unit penghasil kas, jumlah On disposal of the cash-generating unit, the
yang dapat diatribusikan dari goodwill attributable amount of goodwill is included in
termasuk dalam penentuan laba atau rugi the determination of the profit or loss on
atas pelepasan. disposal.
Kebijakan Grup atas goodwill yang timbul The Groups policy for goodwill arising on
dari akusisi entitas asosiasi dijelaskan pada the acquisition of an associate is
Catatan 3m. described in Note 3m.

ii. Merk dan Lisensi ii. Trademarks and Licenses
Merk dan lisensi memiliki masa manfaat Separately acquired trademarks and
yang terbatas dan dicatat sebesar harga licenses are shown at historical cost.
perolehan dikurangi akumulasi amortisasi Trademarks and licenses acquired in a
dan akumulasi kerugian penurunan nilai. business combination are recognized at fair
Jika merk dan lisensi yang diperoleh value at the acquisition date. Trademarks
sebagai bagian dari kombinasi bisnis, maka and licenses have a finite useful life and are
biaya perolehannya adalah nilai wajar pada carried at cost less accumulated
tanggal akuisisi. Amortisasi dihitung amortization. Amortization is calculated
dengan menggunakan metode garis lurus using the straight-line method to allocate the
untuk mengalokasikan harga perolehan cost of trademarks and licenses over their
merk dan lisensi selama estimasi masa estimated useful lives of 10 to 40 years.
manfaatnya antara 10 sampai 40 tahun.
iii. Piranti Lunak Komputer iii. Computer Software
Biaya pengembangan yang dapat secara Development cost that are directly
langsung diatribusikan kepada disain dan attributable to the design and testing of
pengujian produk piranti lunak yang dapat identifiable and unique software products
diidentifikasi dan unik yang dikendalikan controlled by the Group is recognized as
oleh Grup diakui sebagai aset takberwujud intangible assets and amortized over their
dan diamortisasi selama estimasi masa estimated useful lives, which does not
manfaat, yang tidak lebih dari lima tahun. exceed five years.
Biaya yang dapat diatribusikan secara Directly attributable costs that are
langsung dikapitalisasi sebagai bagian capitalized as part of the software product
produk piranti lunak mencakup beban include the software development
pekerja pengembang piranti lunak dan employee costs and an appropriate
bagian overhead yang relevan. portion of relevant overheads.
Pengeluaran pengembangan yang lain Other development expenditures that do

yang tidak memenuhi kriteria ini diakui not meet these criteria are recognized as
sebagai beban pada saat terjadinya. Biaya an expense as incurred. Development
pengembangan yang sebelumnya diakui costs previously recognized as an
sebagai beban tidak dapat diakui sebagai expense are not recognized as an asset in
aset pada periode berikutnya. a subsequent period.
Biaya yang terkait dengan pemeliharaan Cost associated with maintaining

program piranti lunak komputer diakui computer software programs are
sebagai beban pada saat terjadinya. recognized as an expense as incurred.
iv. Perpanjangan Hak atas Tanah iv. Renewal of Land Rights
Biaya legal pengurusan hak atas tanah The legal cost of land rights upon
pada saat perolehan tanah tersebut diakui acquisition of the land is recognized as
sebagai bagian dari biaya perolehan tanah part of the cost of land under property,
aset tetap dan properti investasi. plant and equipment and investment
property.
Biaya pembaruan atau pengurusan The cost of renewal or extension of legal

perpanjangan hak atas tanah diakui rights on land is recognized as an
sebagai aset takberwujud dan diamortisasi intangible asset and amortized over the
selama periode hak atas tanah period of land rights as stated in the
sebagaimana tercantum dalam kontrak contract or economic life of the asset,
atau umur ekonomis aset, mana yang lebih whichever is shorter.
pendek.


Aset takberwujud yang melekat pada suatu Intangible assets embedded to a physical
komponen fisik dan bukan merupakan bagian component and are not a significant part of a
yang signifikan dari suatu aset fisik, diakui physical asset, is recognized as part of the
sebagai bagian dari aset berwujud dan tangible asset and treated as fixed assets.
diperlakukan sebagai aset tetap.
Umur manfaat suatu aset takberwujud yang Useful life of an intangible asset incurred from
timbul dari hak kontraktual atau hak hukum contractual rights or other legal rights shall not
lainnya tidak boleh melebihi periode hak exceed the period of contractual rights or other
kontraktual atau hak hukum lainnya tersebut. legal rights. However, if the contractual rights
Akan tetapi, jika hak kontraktual atau hak or other legal rights can be renewed, the useful
hukum lainnya tersebut dapat diperbaharui, life includes a renewed period, only if there is
maka umur manfaat mencakup periode yang an evidence to support renewal by the entity
diperbaharui, hanya jika terdapat bukti yang without significant cost.
mendukung pembaruan yang dilakukan oleh
entitas tanpa biaya yang signifikan.
Suatu aset tak berwujud dihentikan An intangible asset is derecognized upon

pengakuannya pada saat dilepaskan atau ketika disposal or when no future benefits are
tidak ada lagi manfaat masa depan expected from its use or disposal.
yang diharapkan dari penggunaan atau
pelepasannya.
Laba atau rugi yang timbul dari penghentian Any gain or loss arising on derecognition of the
pengakuan aset (dihitung sebagai perbedaan asset (calculated as the difference between
antara jumlah neto hasil pelepasan dan jumlah the net disposal proceeds and the carrying
tercatat dari aset) diakui dalam laporan laba rugi amount of the asset) is recognized in profit or
pada tahun aset tersebut dihentikan loss in the year in which the asset is
pengakuannya. derecognized.
s. Penurunan Nilai Aset Non-Keuangan kecuali s. Impairment of Non-Financial Assets Except

Goodwill Goodwill
Pada setiap akhir periode pelaporan, Grup At the end of each reporting period, the Group
menelaah nilai tercatat aset non-keuangan reviews the carrying amount of non-financial
untuk menentukan apakah terdapat indikasi assets to determine whether there is any
bahwa aset tersebut telah mengalami indication that those assets have suffered an
penurunan nilai. Jika terdapat indikasi tersebut, impairment loss. If any such indication exists,
nilai yang dapat diperoleh kembali dari aset the recoverable amount of the asset is
diestimasi untuk menentukan tingkat kerugian estimated in order to determine the extent of
penurunan nilai (jika ada). Bila tidak the impairment loss (if any). Where it is not
memungkinkan untuk mengestimasi nilai yang possible to estimate the recoverable amount of
dapat diperoleh kembali atas suatu aset an individual asset, the Group estimates the
individu, Grup mengestimasi nilai yang dapat recoverable amount of the cash generating
diperoleh kembali dari unit penghasil kas atas unit to which the asset belongs.
aset.
Estimasi jumlah yang dapat diperoleh kembali Estimated recoverable amount is the higher of
adalah nilai tertinggi antara nilai wajar dikurangi fair value less cost to sell and value in use. In
biaya untuk menjual dan nilai pakai. Dalam assessing value in use, the estimated future
menilai nilai pakai, estimasi arus kas masa cash flows are discounted to their present
depan didiskontokan ke nilai kini menggunakan value using a pre-tax discount rate that reflects
tingkat diskonto sebelum pajak yang current market assessments of the time value
menggambarkan penilaian pasar kini dari nilai of money and the risks specific to the asset for
waktu uang dan risiko spesifik atas aset yang which the estimates of future cash flows have
mana estimasi arus kas masa depan belum not been adjusted.
disesuaikan.

Jika jumlah yang dapat diperoleh kembali dari If the recoverable amount of the non-financial
aset non-keuangan (unit penghasil kas) kurang asset (cash generating unit) is less than its
dari nilai tercatatnya, nilai tercatat aset (unit carrying amount, the carrying amount of the
penghasil kas) dikurangi menjadi sebesar nilai asset (cash generating unit) is reduced to its
yang dapat diperoleh kembali dan rugi recoverable amount and an impairment loss is
penurunan nilai diakui langsung ke laba rugi. recognized immediately against earnings.
Kebijakan akuntansi untuk penurunan nilai aset Accounting policy for impairment of financial
keuangan dijelaskan dalam Catatan 3g; assets is discussed in Note 3g; while
penurunan nilai untuk goodwill dijelaskan dalam impairment for goodwill is discussed in Note
Catatan 3r.i. 3r.i.
t. Sewa t. Leases
Sewa diklasifikasikan sebagai sewa Leases are classified as finance leases

pembiayaan jika sewa tersebut mengalihkan whenever the terms of the lease transfer
secara substansial seluruh risiko dan manfaat substantially all the risks and rewards of
yang terkait dengan kepemilikan aset. Sewa ownership to the lessee. All other leases are
lainnya, yang tidak memenuhi kriteria tersebut, classified as operating leases.
diklasifikasikan sebagai sewa operasi.
Sebagai lessor As lessor
Pendapatan sewa dari sewa operasi diakui Rental income from operating leases is
sebagai pendapatan dengan dasar garis lurus recognized on a straight-line basis over the
selama masa sewa. Biaya langsung awal yang term of the relevant lease. Initial direct costs
terjadi dalam proses negosiasi dan pengaturan incurred in negotiating and arranging an
sewa operasi ditambahkan dalam jumlah operating lease are added to the carrying
tercatat aset sewaan dan diakui dengan dasar amount of the leased asset and recognized on
garis lurus selama masa sewa. a straight-line basis over the lease term.
Sebagai lessee As lessee
Aset pada sewa pembiayaan dicatat pada awal Assets held under finance leases are initially
masa sewa sebesar nilai wajar aset sewaan recognized as assets of the Group at their fair
Grup yang ditentukan pada awal kontrak atau, value at the inception of the lease or, if lower,
jika lebih rendah, sebesar nilai kini dari at the present value of the minimum lease
pembayaran sewa minimum. Liabilitas kepada payments. The corresponding liability to the
lessor disajikan di dalam laporan posisi lessor is included in the consolidated
keuangan konsolidasian sebagai liabilitas sewa statements of financial position as a finance
pembiayaan. lease obligations.
Pembayaran sewa dipisahkan antara bagian Minimum lease payments are apportioned
yang merupakan beban keuangan dan bagian between the finance charge and the reduction
yang merupakan pelunasan kewajiban sewa. of the outstanding liability. The finance charge
Beban keuangan dialokasikan pada setiap is required to be allocated to each period
periode selama masa sewa, sehingga during the lease term so as to produce a
menghasilkan tingkat suku bunga periodik yang constant periodic rate of interest on the
konstan atas saldo liabilitas. Rental kontinjen remaining balance of the liability. Contingent
dibebankan pada periode terjadinya. Beban rents are required to be charged as expenses
keuangan dicatat dalam laporan laba rugi dan in the periods in which they are incurred.
penghasilan komprehensif lain konsolidasian. Finance charges are reflected in the
consolidated statement of profit or loss and
other comprehensive income.
Untuk sewa operasi, Grup mengakui Under an operating lease, the Group
pembayaran sewa sebagai beban dengan recognizes lease payments as an expense on
dasar garis lurus (straight-line basis) selama a straight-line basis over the lease term,
masa sewa, kecuali terdapat dasar sistematis except where another systematic basis is more
lain yang dapat lebih mencerminkan pola waktu representative of the time pattern in which
dari manfaat aset yang dinikmati pengguna. economic benefits from the leased asset are
Rental kontinjen diakui sebagai beban di dalam consumed. Contingent rentals arising under
periode terjadinya. operating leases are recognized as an
expense in the period in which they are
incurred.


Dalam hal insentif diperoleh dalam sewa In the event that lease incentives are received
operasi, insentif tersebut diakui sebagai to enter into operating leases, such incentives
liabilitas. Keseluruhan manfaat dari insentif are recognized as a liability. The aggregate
diakui sebagai pengurangan dari biaya sewa benefit of incentives is recognized as a
dengan dasar garis lurus kecuali terdapat dasar reduction of rental expense on a straight-line
sistematis lain yang lebih mencerminkan pola basis, except where another systematic basis
waktu dari manfaat yang dinikmati pengguna. is more representative of the time pattern in
which economic benefits from the leased asset
are consumed.
Jual dan sewa-balik Sales and leaseback

Aset yang dijual berdasarkan transaksi jual dan Assets sold under a sale and leaseback
sewa balik diperlakukan sebagai berikut: transaction are accounted for as follows:
Jika transaksi jual dan sewa-balik menghasilkan If the sale and leaseback transaction results in
sewa pembiayaan, selisih lebih hasil penjualan a finance lease, any excess of sales proceeds
dari nilai tercatat aset ditangguhkan dan over the carrying amount of the asset is
diamortisasi selama masa sewa. deferred and amortized over the lease term.
u. Beban Tangguhan u. Deferred Charges

Pengeluaran tertentu yang memiliki masa Certain expenditures which have benefits of
manfaat lebih dari satu tahun, ditangguhkan dan more than one year are deferred and
diamortisasi sesuai dengan taksiran masa amortized using the straight-line method over
manfaatnya dengan menggunakan metode the period of the expected benefit.
garis lurus.
v. Provisi v. Provision
Provisi diakui ketika Grup memiliki kewajiban Provisions are recognized when the Group has
kini (baik bersifat hukum maupun bersifat a present obligation (legal or constructive) as a
konstruktif) sebagai akibat peristiwa masa lalu, result of a past event, it is probable that the
kemungkinan besar Grup diharuskan Group will be required to settle the obligation,
menyelesaikan kewajiban dan estimasi yang and a reliable estimate can be made of the
andal mengenai jumlah kewajiban tersebut amount of the obligation.
dapat dibuat.
Jumlah yang diakui sebagai provisi adalah hasil The amount recognized as a provision is the
estimasi terbaik pengeluaran yang diperlukan best estimate of the consideration required to
untuk menyelesaikan kewajiban kini pada akhir settle the present obligation at the end of the
periode pelaporan, dengan mempertimbangkan reporting period, taking into account the risks
risiko dan ketidakpastian yang meliputi and uncertainties surrounding the obligation.
kewajibannya. Apabila suatu provisi diukur Where a provision is measured using the cash
menggunakan arus kas yang diperkirakan untuk flows estimated to settle the present obligation,
menyelesaikan kewajiban kini, maka nilai its carrying amount is the present value of
tercatatnya adalah nilai kini dari arus kas. those cash flows.
Ketika beberapa atau seluruh manfaat ekonomi When some or all of the economic benefits
untuk penyelesaian provisi yang diharapkan required to settle a provision are expected to
dapat dipulihkan dari pihak ketiga, piutang be recovered from a third party, a receivable is
diakui sebagai aset apabila terdapat kepastian recognized as an asset if it is virtually certain
bahwa penggantian akan diterima dan jumlah that reimbursement will be received and the
piutang dapat diukur secara andal. amount of the receivable can be measured
reliably.

w. Biaya Pinjaman w. Borrowing Costs
Biaya pinjaman yang dapat diatribusikan secara Borrowing costs directly attributable to the
langsung dengan perolehan, konstruksi atau acquisition, construction or production of
pembuatan aset kualifikasian, merupakan aset qualifying assets, which are assets that
yang membutuhkan waktu yang cukup lama necessarily take a substantial period of time to
agar siap untuk digunakan atau dijual, get ready for their intended use or sale, are
ditambahkan pada biaya perolehan aset added to the cost of those assets, until such
tersebut, sampai dengan saat aset secara time as the assets are substantially ready for
substansial siap untuk digunakan atau dijual. their intended use or sale.
Penghasilan investasi diperoleh atas investasi Investment income earned on the temporary
sementara dari pinjaman yang secara spesifik investment of specific borrowings pending their
belum digunakan untuk pengeluaran aset expenditure on qualifying assets is deducted
kualifikasian dikurangi dari biaya pinjaman yang from the borrowing costs eligible for
dikapitalisasi. capitalization.
Semua biaya pinjaman lainnya diakui dalam All other borrowing costs are recognized in
laba rugi pada periode terjadinya. profit or loss in the period in which they are
incurred.
x. Pengakuan Pendapatan dan Beban x. Revenue and Expense Recognition
Pendapatan diukur dengan nilai wajar imbalan Revenue is measured at the fair value of the
yang diterima atau dapat diterima, pendapatan consideration received or receivable. Revenue
dikurangi dengan estimasi retur pelanggan, is reduced for estimated customer returns,
rabat dan cadangan lain yang serupa. rebate and other similar allowances.
Penjualan barang Sale of goods
Pendapatan dari penjualan barang harus diakui Revenue from sales of goods is recognized
bila seluruh kondisi berikut dipenuhi: when all of the following conditions are
satisfied:
Grup telah memindahkan risiko dan The Group has transferred to the buyer
manfaat secara signifikan kepemilikan the significant risks and rewards of
barang kepada pembeli; ownership of the goods;
Grup tidak lagi melanjutkan pengelolaan The Group retains neither continuing
yang biasanya terkait dengan kepemilikan managerial involvement to the degree
atas barang ataupun melakukan usually associated with ownership nor
pengendalian efektif atas barang yang effective control over the goods sold;
dijual;
Jumlah pendapatan dapat diukur dengan The amount of revenue can be measured
andal; reliably;
Kemungkinan besar manfaat ekonomi yang It is probable that the economic benefits
terkait dengan transaksi akan mengalir associated with the transaction will flow to
kepada Grup tersebut; dan the Group; and
Biaya yang terjadi atau akan terjadi The cost incurred or to be incurred in
sehubungan transaksi penjualan tersebut respect of the transaction can be
dapat diukur dengan andal. measured reliably.
Penjualan jasa Rendering of services
Penjualan atas jasa penambangan dan Revenue from mining and blasting services is
peledakan diakui pada saat jasa telah recognized when the service is rendered.
diserahkan.


Penjualan properti Sale of properties
Entitas anak (KIG) mengakui penjualan A subsidiary (KIG) recognizes the sale of
bangunan rumah dan bangunan sejenis lainnya houses and other similar types of buildings and
beserta kavling tanahnya dengan menggunakan land using the full accrual method, if all of the
metode akrual penuh apabila seluruh kriteria following criteria are satisfied: a sale is
berikut terpenuhi: proses penjualan telah consummated, the selling price is collectible,
selesai; harga jual akan tertagih; tagihan KIG KIGs receivable is not subject to future
tidak akan bersifat subordinasi di masa yang subordination to other loans which will be
akan datang terhadap pinjaman lain yang akan obtained by the buyer, and KIG has transferred
diperoleh pembeli, dan KIG telah mengalihkan to the buyer the usual risks and rewards of
risiko dan manfaat kepemilikan unit bangunan ownership in a transaction that is in substance
kepada pembeli melalui suatu transaksi yang a sale and KIG does not have a substantial
secara substansi adalah penjualan dan KIG continuing involvement with the property.
tidak lagi berkewajiban atau terlibat secara
signifikan dengan bangunan tersebut.
Penjualan kavling tanah tanpa bangunan diakui Sales of land without buildings are recognized
dengan syarat jumlah pembayaran oleh pembeli provided that down payments from customers
telah mencapai 20% dari harga jual, harga jual are a minimum of 20% of the sales price, the
akan tertagih, tagihan KIG tidak subordinasi sales proceeds are considered to be
terhadap pinjaman lain, proses pengembangan collectible, KIGs receivable will not be
tanah telah selesai sehingga penjual tidak subordinated to other loans, the process of
berkewajiban lagi untuk menyelesaikan tanah land development has been completed that the
kavling yang dijual, seperti kewajiban untuk seller is no longer obligated to develop the lots
mematangkan tanah kavling atau kewajiban sold, such as the obligation to construct
untuk membangun fasilitas-fasilitas pokok yang amenities or other facilities applicable to the
dijanjikan oleh atau yang menjadi kewajiban lots sold as provided in the agreement
penjual, sesuai dengan pengikatan jual beli atau between the seller and the buyer or regulated
ketentuan peraturan perundang-undangan dan by law and the sale consists only of the lots of
hanya kavling tanah saja yang dijual tanpa land, without any involvement of the seller in
diwajibkan keterlibatan KIG dalam pendirian the construction of the building on the lots sold.
bangunan di atas tanah kavling tersebut.
Pendapatan dividen Dividend revenue
Pendapatan dividen dari investasi diakui ketika Dividend revenue from investments is
hak pemegang saham untuk menerima recognized when the shareholders rights to
pembayaran ditetapkan. receive payment has been established.
Pendapatan bunga Interest revenue
Pendapatan bunga diakru berdasarkan waktu Interest revenue is accrued on time basis, by
terjadinya dengan acuan jumlah pokok reference to the principal outstanding and at
terhutang dan tingkat bunga yang berlaku. the applicable interest rate.
Beban Expenses
Beban diakui pada saat terjadinya atau sesuai Expenses are recognized when incurred or
dengan masa manfaatnya. based on their beneficial period.
y. Imbalan Kerja y. Employee Benefits
Imbalan kerja jangka pendek Short-term employee benefits
Imbalan kerja jangka pendek adalah imbalan Short-term employee benefits are employee
kerja yang jatuh tempo dalam jangka waktu dua benefits which are due for payment within
belas bulan setelah akhir periode pelaporan dan twelve months after the reporting period and
diakui pada saat pekerja telah memberikan jasa recognized when the employees have
kerjanya. rendered the related service.

Imbalan pascakerja Post-employment benefits
Grup memiliki program imbalan pascakerja The Group has post-employment benefits
yang terdiri atas program imbalan pasti dan comprise of defined benefit and defined
iuran pasti. contribution plans.
Program imbalan pasti adalah program pensiun A defined benefit plan is a pension plan that
yang menetapkan jumlah imbalan pensiun yang defines the amount of pension benefit that will
akan diterima oleh karyawan pada saat be received by the employee upon retirement,
pensiun, yang biasanya tergantung pada faktor- which generally depends on certain factors
faktor, seperti masa kerja dan jumlah such as years of service and compensation.
kompensasi.
Program pensiun iuran pasti adalah program Defined contribution plans are pension plans
pensiun dimana Grup membayar iuran tetap under which the Group pays fixed contributions
kepada sebuah entitas yang terpisah dan tidak into a separate entity and have no legal and
memiliki kewajiban hukum atau kewajiban constructive obligation to pay further
konstruktif untuk membayar iuran lebih lanjut contributions if the fund does not have
bila dana tersebut tidak memiliki aset yang sufficient assets to pay all employee benefits
cukup untuk membayar imbalan kerja terkait related to the employees services in the
dengan jasa yang diberikan oleh karyawan current and prior periods.
pada periode berjalan dan sebelumnya.
a) Program Imbalan Pasti a) Defined Benefit Plans
i) Program Pensiun Imbalan Pasti - i) Defined Benefit Pension Plans the

Perseroan dan entitas anak (SP dan Company and its subsidiaries (SP and
ST) menyelenggarakan program ST) have defined benefit pension
pensiun imbalan pasti yang dikelola plans covering all of their permanent
oleh Dana Pensiun untuk seluruh employees which is managed by a
karyawan tetapnya sebagaimana Pension Fund as stipulated in the
ditetapkan dalam Peraturan Perseroan Companys and subsidiaries (SP and
dan entitas anak (SP dan ST). Jumlah ST) regulations. Total contributions
kontribusi terdiri dari kontribusi consist of employee contributions of
karyawan yang dihitung sebesar 5% 5% of employees basic pensionable
dari penghasilan dasar pensiun dan salaries and the Companys and its
kontribusi Perseroan dan entitas anak subsidiaries contributions computed
yang dihitung secara aktuaria. on an actuarial basis.
ii) Program imbalan pasti lainnya dalam iii)ii) Other defined benefit plans in the form
bentuk manfaat pascakerja sesuai of benefits in accordance with Labor
dengan UU Ketenagakerjaan No. Law No. 13/2003 and others.
13/2003 dan lain-lain.
Grup menghitung selisih antara imbalan For normal pension scheme, the Group
berdasarkan undang-undang yang berlaku calculates and recognizes the higher of
dengan manfaat yang diterima dari the benefits under the Labow Law and
program pensiun untuk pensiun normal. those under such pension plan.


Biaya penyediaan imbalan ditentukan The cost of providing benefits is

dengan menggunakan metode projected determined using the projected unit credit
unit credit dengan penilaian aktuaria yang method, with actuarial valuations being
dilakukan pada setiap akhir periode carried out at the end of each annual
pelaporan tahunan. Pengukuran kembali, reporting period. Remeasurement,
terdiri dari keuntungan dan kerugian comprising actuarial gains and losses, the
aktuarial, perubahan dampak batas atas effect of the changes to the asset ceiling
aset (jika ada) dan dari imbal hasil atas (if applicable) and the return on plan
aset program (tidak termasuk bunga), yang assets (excluding interest), is reflected
tercermin langsung dalam laporan posisi immediately in the consolidated statement
keuangan konsolidasian yang dibebankan of financial position with a charge or credit
atau dikreditkan dalam penghasilan recognised in other comprehensive
komprehensif lain periode terjadinya. income in the period in which they occur.
Pengukuran kembali diakui dalam Remeasurement recognised in other
penghasilan komprehensif lain tercermin comprehensive income is reflected in
dalam pos keuntungan/kerugian aktuaria unrealized gain/loss on employee benefits
imbalan kerja pada penghasilan under other comprehensive income in
komprehensif lain di ekuitas dan tidak akan equity and will not be reclassified to profit
direklasifikasi ke laba rugi. Biaya jasa lalu or loss. Past service cost is recognised in
diakui dalam laba rugi pada periode profit or loss in the period of a plan
amandemen program. Bunga neto dihitung amendment. Net interest is calculated by
dengan mengalikan tingkat diskonto pada applying the discount rate at the beginning
awal periode imbalan pasti dengan liabilitas of the period to the net defined benefit
atau aset imbalan pasti neto. Biaya imbalan liability or asset. Defined benefit costs are
pasti dikategorikan sebagai berikut: categorised as follows:
Biaya jasa (termasuk biaya jasa kini, Service cost (including current service
biaya jasa lalu serta keuntungan dan cost, past service cost, as well as
kerugian kurtailmen dan penyelesaian) gains and losses on curtailments and
settlements)
Beban atau pendapatan bunga neto Net interest expense or income
Pengkuran kembali. Remeasurement.
Grup menyajikan dua komponen pertama The Group presents the first two
dari biaya imbalan pasti di laba rugi, components of defined benefit costs in
Keuntungan dan kerugian kurtailmen profit or loss. Curtailment gains and losses
dicatat sebagai biaya jasa lalu. are accounted for as past service costs.
Liabilitas imbalan pensiun yang diakui pada The retirement benefit obligation
laporan posisi keuangan konsolidasian recognised in the consolidated statement
sehubungan dengan program imbalan of financial position in respect of defined
pascakerja imbalan pasti merupakan defisit benefit post-employment plans represents
atau surplus aktual dalam program imbalan the actual deficit or surplus in the Groups
pasti Grup. Surplus yang dihasilkan dari defined benefit plans. Any surplus
perhitungan ini terbatas pada nilai kini resulting from this calculation is limited to
manfaat ekonomik yang tersedia dalam the present value of any economic
bentuk pengembalian dana program dan benefits available in the form of refunds
pengurangan iuran masa depan ke from the plans or reductions in future
program. contributions to the plans.

b) Program Iuran Pasti b) Defined Contribution Plans
Beban sehubungan dengan program iuran The expenses relating to defined

pasti dihitung berdasarkan persentase contribution plans are determined based
tertentu dari gaji dasar pensiun atau gaji on certain percentages of the basic
dasar asuransi dari setiap peserta pensionable salaries or insurable salaries
program yang menjadi tanggungan of respective participants which are
Perseroan dan entitas anak (SP, ST, borne by the Company and its
UTSG dan IKSG). Perseroan dan entitas subsidiaries (SP, ST, UTSG and IKSG).
anak (SP, ST, UTSG dan IKSG) mengakui The Company and its subsidiaries (SP,
utang iuran atau utang premi asuransi ST, UTSG and IKSG) recognize
dalam periode dimana karyawan contributions payable or insurance
memberikan jasanya. premiums payable when an employee
has rendered service during the period.
Imbalan kerja jangka panjang lainnya Other long-term employee benefits
Perseroan dan entitas anak (SP dan ST) The Company and its subsidiaries (SP and ST)
memberikan imbalan kerja jangka panjang provide other long-term employee benefits in
lainnya dalam bentuk cuti panjang dan the form of long service leave and loyalty
penghargaan masa kerja. Perhitungan imbalan awards. The cost of providing other long-term
kerja jangka panjang lainya menggunakan employee benefits is determined using
metode Projected Unit Credit. Seluruh Projected Unit Credit method. All actuarial
keuntungan atau kerugian aktuaria dan biaya gains or losses and past service cost are
jasa lalu dibebankan langsung. recognized immediately.
Jumlah yang diakui sebagai kewajiban untuk The other long-term employee benefits
imbalan kerja jangka panjang lainya di laporan obligation recognized in the consolidated
posisi keuangan konsolidasian adalah nilai kini statement of financial position represents the
kewajiban imbalan pasti per tanggal pelaporan. present value of defined benefit obligation at
the reporting date.
z. Perpajakan z. Taxation
Pajak saat terutang berdasarkan laba kena The tax currently payable is based on taxable
pajak untuk suatu tahun. Laba kena pajak profit to the year. Taxable profit differs from
berbeda dari laba sebelum pajak seperti yang profit before tax as reported in the
dilaporkan dalam laporan laba rugi dan consolidated statement of profit or loss and
penghasilan komprehensif lain karena pos other comprehensive income because of items
pendapatan atau beban yang dikenakan pajak of income or expense that are taxable or
atau dikurangkan pada tahun berbeda dan pos- deductible in other years and items that are
pos yang tidak pernah dikenakan pajak atau never taxable or deductible.
tidak dapat dikurangkan.
Beban pajak kini ditentukan berdasarkan laba Current tax expense is determined based on
kena pajak dalam periode yang bersangkutan the taxable income for the year computed
yang dihitung berdasarkan tarif pajak yang using prevailing tax rates.
berlaku.


Pajak tangguhan diakui atas perbedaan Deferred tax is recognized on temporary

temporer antara jumlah tercatat aset dan differences between the carrying amounts of
liabilitas dalam laporan keuangan konsolidasian assets and liabilities in the consolidated
dengan dasar pengenaan pajak yang financial statements and the corresponding tax
digunakan dalam perhitungan laba kena pajak. bases used in the computation of taxable
Liabilitas pajak tangguhan umumnya diakui profit. Deferred tax liabilities are generally
untuk seluruh perbedaan temporer kena pajak. recognized for all taxable temporary
Aset pajak tangguhan umumnya diakui untuk differences. Deferred tax assets are generally
seluruh perbedaan temporer yang dapat recognized for all deductible temporary
dikurangkan sepanjang kemungkinan besar differences to the extent that is probable that
bahwa laba kena pajak akan tersedia sehingga taxable profits will be available against which
perbedaan temporer dapat dimanfaatkan. Aset those deductible temporary differences can be
dan liabilitas pajak tangguhan tidak diakui jika utilized. Such deferred tax assets and liabilities
perbedaan temporer timbul dari pengakuan are not recognized if the temporary differences
awal (bukan kombinasi bisnis) dari aset dan arises from the initial recognition (other than in
liabilitas suatu transaksi yang tidak a business combination) of assets and
mempengaruhi laba kena pajak atau laba liabilities in a transaction that affects neither
akuntansi. Selain itu, liabilitas pajak tangguhan the taxable profit nor the accounting profit. In
tidak diakui jika perbedaan temporer timbul dari addition, deferred tax liabilities are not
pengakuan awal goodwill. recognized if the temporary differences arises
from the initial recognition of goodwill.
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are
dengan menggunakan tarif pajak yang measured at the tax rates that are expected to
diharapkan berlaku dalam periode ketika apply in the period in which the liability is
liabilitas diselesaikan atau aset dipulihkan settled or the asset realized, based on the tax
berdasarkan tarif pajak (dan peraturan pajak) rates (and tax laws) that have been enacted,
yang telah berlaku atau secara substantif telah or substantively enacted, by the end of the
berlaku pada akhir periode pelaporan. reporting period.
Pengukuran aset dan liabilitas pajak tangguhan The measurement of deferred tax assets and
mencerminkan konsekuensi pajak yang sesuai liabilities reflects the tax consequences that
dengan cara Grup memperkirakan, pada akhir would follow from the manner in which the
periode pelaporan, untuk memulihkan atau Group expects, at the end of the reporting
menyelesaikan jumlah tercatat aset dan period, to recover or settle the carrying amount
liabilitasnya. of their assets and liabilities.
Untuk tujuan pengukuran liabilitas pajak For the purposes of measuring deferred tax
tangguhan dan aset pajak tangguhan untuk liabilities and deferred tax assets for
properti investasi yang diukur dengan investment properties that are measured using
menggunakan model nilai wajar, nilai tercatat the fair value model, the carrying amounts of
properti tersebut dianggap dipulihkan such properties are presumed to be recovered
seluruhnya melalui penjualan, kecuali praduga entirely through sale, unless the presumption
tersebut dibantah. Praduga tersebut dibantah is rebutted. The presumption is rebutted when
ketika properti investasi dapat disusutkan dan the investment property is depreciable and is
dimiliki dalam model bisnis yang bertujuan held within a business model whose objective
untuk mengonsumsi secara substansial seluruh is to consume substantially all of the economic
manfaat ekonomi atas investasi properti dari benefits embodied in the investment property
waktu ke waktu, bukan melalui penjualan. over time, rather than through sale. The
Direksi Perusahaan mereviu portofolio properti directors of the Company reviewed the
investasi Grup dan menyimpulkan bahwa tidak Groups investment property portfolios and
ada properti investasi Grup yang dimiliki dalam concluded that none of the Groups investment
model bisnis yang bertujuan untuk properties are held under a business model
mengonsumsi secara substansial seluruh whose objective is to consume substantially all
manfaat ekonomik atas investasi properti dari of the economic benefits embodied in the
waktu ke waktu, bukan melalui penjualan. Oleh investment properties over time, rather than
karena itu, direksi telah menentukan bahwa through sale. Therefore, the directors have
praduga penjualan yang ditetapkan dalam determined that the sale presumption set out in
amandemen PSAK 46 tidak dibantah. the amendments to PSAK 46 is not rebutted.
Akibatnya, Grup tidak mengakui pajak As a result, the Group has not recognized any
tangguhan atas perubahan nilai wajar properti deferred taxes on changes in fair value of the
investasi karena Grup tidak dikenakan pajak investment properties as the Group is not
penghasilan atas perubahan nilai wajar properti subject to any income taxes on the fair value
investasi. changes of the investment properties.

Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of deferred tax asset is
ulang pada akhir periode pelaporan dan reviewed at the end of each reporting period
dikurangi jumlah tercatatnya jika kemungkinan and reduced to the extent that it is no longer
besar laba kena pajak tidak lagi tersedia dalam probable that sufficient taxable profits will be
jumlah yang memadai untuk available to allow all or part of the asset to be
mengkompensasikan sebagian atau seluruh aset recovered.
pajak tangguhan tersebut.
Pajak kini dan pajak tangguhan diakui sebagai Current and deferred tax are recognized as an
beban atau penghasilan dalam laba rugi expense or income in profit or loss, except
periode, kecuali sepanjang pajak penghasilan when they relate to items that are recognized
yang timbul dari transaksi atau peristiwa yang outside of profit or loss (whether in other
diakui, di luar laba rugi (baik dalam penghasilan comprehensive income or directly in equity), in
komprehensif lain maupun secara langsung di which case the tax is also recognized outside
ekuitas), dalam hal tersebut pajak juga diakui di of profit or loss, or where they arise from the
luar laba rugi atau yang timbul dari akuntansi initial accounting for a business combination.
awal kombinasi bisnis. Dalam kombinasi In the case of a business combination, the tax
bisnis, pengaruh pajak termasuk dalam effect is included in the accounting for the
akuntansi kombinasi bisnis. business combination.
aa. Laba per Saham aa. Earnings per Share

Laba per saham dasar dihitung dengan Basic earnings per share is computed by
membagi laba bersih yang diatribusikan kepada dividing net income attributable to the owners
pemilik entitas induk dengan jumlah rata-rata of the Company by the weighted average
tertimbang saham yang beredar pada tahun number of shares outstanding during the year.
yang bersangkutan.
Laba per saham dilusian dihitung dengan Diluted earnings per share is computed by
membagi laba bersih yang diatribusikan kepada dividing net income attributable to the owners
pemilik entitas induk dengan jumlah rata-rata of the Company by the weighted average
tertimbang saham biasa yang telah disesuaikan number of shares outstanding as adjusted for
dengan dampak dari semua efek berpotensi the effects of all dilutive potential ordinary
saham biasa yang dilutif. shares.
bb. Dividen bb. Dividends

Pembagian dividen kepada pemegang saham Dividend distributions to the Companys
Perseroan diakui sebagai liabilitas dalam shareholders are recognized as a liability in the
laporan keuangan konsolidasian pada periode consolidated financial statements in the period
saat dividen tersebut disetujui oleh para the dividends are approved by the Companys
pemegang saham Perseroan. shareholders.
Pembagian dividen interim kepada pemegang Interim dividend distributions to the Companys
saham Perseroan diakui sebagai liabilitas shareholders are recognized as a liability
berdasarkan keputusan Direksi dengan based on decisions of the Board of Director
persetujuan Dewan Komisaris. with the approval from the Board of
Commissioners.
cc. Tanah untuk Pengembangan cc. Land for Development
Tanah untuk pengembangan dinyatakan The cost of land for development is stated at
sebesar nilai yang lebih rendah antara biaya cost or net realizable value, whichever is
perolehan dan nilai realisasi bersih. Biaya lower. The costs of land for development
perolehan tanah untuk pengembangan meliputi consist of the acquisition and purchase costs
biaya perolehan tanah ditambah kapitalisasi of land, borrowing costs and other costs
biaya pinjaman dan biaya lainnya sehubungan related to the acquisition of land.
dengan perolehan tanah.


dd. Akuntansi Lindung Nilai dd. Hedge Accounting
Grup menunjuk instrumen lindung nilai tertentu, The Group designates certain hedging
termasuk derivatif, derivatif melekat dan instruments, which include derivatives,
nonderivatif sehubungan dengan risiko embedded derivatives and non-derivatives in
perubahan nilai tukar baik sebagai lindung nilai respect of foreign currency risk, as either fair
atas nilai wajar, lindung nilai atas arus kas atau value hedges, cash flow hedges, or hedges of
lindung nilai atas investasi neto pada usaha net investments in foreign operations. Hedges
kegiatan usaha luar negeri. Lindung nilai risiko of foreign exchange risk on firm commitments
perubahan nilai tukar atas komitmen dicatat are accounted for as cash flow hedges.
sebagai lindung nilai atas arus kas.
Pada awal dimulainya hubungan lindung nilai, At the inception of the hedge relationship, the
Grup mendokumentasi hubungan antara Group documents the relationship between the
instrumen lindung nilai dan item yang dilindung hedging instrument and the hedged item,
nilai, bersama dengan tujuan manajemen risiko along with its risk management objectives and
dan strategi untuk melakukan transaksi its strategy for undertaking various hedge
tersebut. Selanjutnya, pada saat dimulainya transactions. Furthermore, at the inception of
lindung nilai dan secara berkelanjutan, Grup the hedge and on an ongoing basis, the Group
mendokumentasikan apakah instrumen lindung documents whether the hedging instrument is
nilai sangat efektif dalam rangka saling hapus highly effective in offsetting changes in fair
perubahan nilai wajar atau arus kas dari item values or cash flows of the hedged item
yang dilindung nilai yang berhubungan dengan attributable to the hedged risk.
risiko lindung nilai.
Lindung nilai atas arus kas Cash flow hedges
Bagian efektif dari perubahan nilai wajar The effective portion of changes in the fair
derivatif yang ditujukan dan memenuhi value of derivatives that are designated and
kualifikasi sebagai lindung nilai arus kas diakui qualify as cash flow hedges is recognized in
sebagai penghasilan komprehensif lainnya dan other comprehensive income and accumulated
terakumulasi di bawah judul cadangan lindung under the heading of cash flow hedging
nilai arus kas. Keuntungan atau kerugian yang reserve. The gain or loss relating to the
terkait dengan bagian yang tidak efektif ineffective portion is recognized immediately in
langsung diakui dalam laba rugi. profit or loss.
Jumlah yang sebelumnya diakui sebagai Amounts previously recognized in other

penghasilan komprehensif lainnya dan comprehensive income and accumulated in
terakumulasi dalam ekuitas direklasifikasi ke equity are reclassified to profit or loss in the
laba rugi pada periode ketika item yang periods when the hedged item is recognized in
dilindung nilai diakui dalam laba rugi, di baris profit or loss, in the same line of the
yang sama dari laporan laba rugi dan consolidated statement of profit or loss and
penghasilan komprehensif lain konsolidasian other comprehensive income with the
dengan item yang dilindung nilai diakui. Namun, recognized hedged item. However, when the
ketika suatu lindung nilai atas prakiraan hedged forecast transaction results in the
transaksi yang kemudian menimbulkan recognition of a non-financial asset or a non-
pengakuan aset non-keuangan atau liabilitas financial liability, the gains and losses
non-keuangan, keuntungan dan kerugian yang previously recognized in other comprehensive
sebelumnya diakui sebagai penghasilan income and accumulated in equity are
komprehensif lainnya dan terakumulasi di transferred from equity and included in the
ekuitas dipindahkan dari ekuitas dan termasuk initial measurement of the cost of the non-
dalam pengukuran awal biaya dari aset non- financial asset or non-financial liability.
keuangan atau liabilitas non-keuangan.

Akuntansi lindung nilai dihentikan pada saat Hedge accounting is discontinued when the
Grup membatalkan hubungan lindung nilai, Group revokes the hedging relationship, when
ketika instrumen lindung nilai kadaluwarsa atau the hedging instrument expires or is sold,
dijual, diakhiri atau dieksekusi, atau ketika tidak terminated, or exercised, or it no longer
lagi memenuhi persyaratan akuntansi lindung qualifies for hedge accounting. Any gain or
nilai. Keuntungan dan kerugian diakui dalam loss recognized in other comprehensive
penghasilan komprehensif lainnya dan income and accumulated in equity at that time
terakumulasi di ekuitas saat itu tetap berada di remains in equity and is recognized when the
bagian ekuitas dan akan diakui pada saat forecast transaction is ultimately recognized in
prakiraan transaksi yang pada akhirnya diakui profit or loss. When a forecast transaction is no
dalam laba rugi. Ketika prakiraan transaksi tidak longer expected to occur, the gain or loss
lagi diharapkan akan terjadi, akumulasi accumulated in equity is recognized
keuntungan atau kerugian dalam ekuitas immediately in profit or loss.
langsung diakui dalam laba rugi.
ee. Informasi Segmen ee. Segment Information
Segmen operasi diidentifikasi berdasarkan Operating segments are identified on the basis
laporan internal mengenai komponen dari Grup of internal reports about components of the
yang secara reguler direviu oleh pengambil Group that are regularly reviewed by the chief
keputusan operasional dalam rangka operating decision maker in order to allocate
mengalokasikan sumber daya dan menilai resources to the segments and to assess their
kinerja segmen operasi. performances.
Segmen operasi adalah suatu komponen dari An operating segment is a component of an

entitas: entity:
a) yang terlibat dalam aktivitas bisnis yang a) that engages in business activities from
mana memperoleh pendapatan dan which it may earn revenues and incurred
menimbulkan beban (termasuk pendapatan expenses (including revenues and
dan beban terkait dengan transaksi dengan expenses relating to the transactions with
komponen lain dari entitas yang sama); other components of the same entity);
b) yang hasil operasinya dikaji ulang secara b) whose operating results are reviewed
reguler oleh pengambil keputusan regularly by the entitys chief operating
operasional untuk membuat keputusan decision maker to make decision about
tentang sumber daya yang dialokasikan resources to be allocated to the segments
pada segmen tersebut dan menilai and assess its performance; and
kinerjanya; dan
c) dimana tersedia informasi keuangan yang c) for which discrete financial information is
dapat dipisahkan. available.
Informasi yang digunakan oleh pengambil Information reported to the chief operating
keputusan operasional dalam rangka alokasi decision maker for the purpose of resource
sumber daya dan penillaian kinerja mereka allocation and assessment of performance is
terfokus pada kategori dari setiap produk. more specifically focused on the category of
each product.


4. PERTIMBANGAN KRITIS AKUNTANSI DAN 4. CRITICAL ACCOUNTING JUDGEMENTS AND

ESTIMASI AKUNTANSI YANG SIGNIFIKAN SIGNIFICANT ACCOUNTING ESTIMATES
Dalam penerapan kebijakan akuntansi Grup, yang In the application of the Group accounting policies,
dijelaskan dalam Catatan 3, direksi diwajibkan untuk which are described in Note 3, the directors are
membuat pertimbangan, estimasi dan asumsi required to make judgments, estimates and
tentang jumlah tercatat aset dan liabilitas yang tidak assumptions about the carrying amounts of assets
tersedia dari sumber lain. Estimasi dan asumsi yang and liabilities that are not readily apparent from
terkait didasarkan pada pengalaman historis dan other sources. The estimates and associated
faktor-faktor lain yang dianggap relevan. Hasil assumptions are based on historical experience
aktualnya mungkin berbeda dari estimasi tersebut. and other factors that are considered to be
relevant. Actual results may differ from these
estimates.
Estimasi dan asumsi yang mendasari ditelaah The estimates and underlying assumptions are
secara berkelanjutan. Revisi estimasi akuntansi reviewed on an ongoing basis. Revisions to
diakui dalam periode dimana estimasi tersebut accounting estimates are recognized in the period
direvisi jika revisi hanya mempengaruhi periode which the estimate is revised if the revision affects
tersebut, atau pada periode revisi dan periode masa only that period, or in the period of the revision and
depan jika revisi mempengaruhi periode saat ini dan future periods if the revision affects both current
masa depan. and future periods.
Pertimbangan Kritis dalam Penerapan Kebijakan Critical Judgments in Applying Accounting

Akuntansi Policies
Di bawah ini adalah pertimbangan kritis, selain dari Below are the critical judgments, apart from those
estimasi yang telah diatur, dimana direksi telah involving estimations, that the directors have made
membuat suatu proses penerapan kebijakan in the process of applying the Group accounting
akuntansi Grup dan memiliki pengaruh paling policies and that have the most significant effect on
signifikan terhadap jumlah yang diakui dalam the amounts recognized in the consolidated
laporan keuangan konsolidasian. financial statements.
Sewa Lease
Grup mempunyai perjanjian-perjanjian sewa dimana The Group entered into lease agreements where
Grup bertindak sebagai leasee untuk beberapa aset the Company and its subsidiaries act as lessee for
tetap tertentu. Grup mengevaluasi apakah terdapat certain fixed assets. The Group evaluates whether
risiko dan manfaat yang signifikan dari aset sewa there are significant risks and rewards of assets
yang dialihkan berdasarkan PSAK No. 30 (revisi transferred under PSAK No. 30 (revised 2011),
2011), Sewa, yang mensyaratkan Grup untuk "Leases", which requires the Group to make
membuat pertimbangan dan estimasi dari judgments and estimates of the transfer of risks
pengalihan risiko dan manfaat terkait dengan and rewards incidental to ownership.
kepemilikan aset.
Grup mengadakan perjanjian sewa bangunan, kapal The Group entered into a lease of buildings, ships,
laut, kendaraan dan peralatan kantor tertentu. Grup vehicles and certain office equipment. The Group
telah menentukan, berdasarkan evaluasi atas syarat had determined, based on an evaluation of the
dan ketentuan dalam perjanjian, bahwa secara terms and conditions of the agreement, that
substansial seluruh risiko dan manfaat yang terkait substantially all the risks and rewards incidental to
dengan kepemilikan aset yang disewa dialihkan di ownership of these leased assets are transferred to
Grup sehingga perjanjian sewa tersebut diakui the Group, therefore the lease agreement are
sebagai sewa pembiayaan. Penjelasan lebih lanjut recognized as a finance lease. Further details are
diungkapkan dalam Catatan 21. disclosed in Note 21.

Sumber Estimasi Ketidakpastian Key Sources of Estimation Uncertainty
Rugi penurunan nilai pada pinjaman dan piutang Impaiment loss on loans and receivables
Grup mengevaluasi pelanggan tertentu jika terdapat The Group evaluates specific customers where it
informasi bahwa pelanggan tersebut tidak dapat has information that certain customers are unable
memenuhi kewajiban keuangannya. Dalam hal to meet their financial obligations. In these cases,
tersebut, Grup mempertimbangkan, berdasarkan the Group uses judgment, based on the best
fakta dan situasi yang tersedia, termasuk namun available facts and circumstances, including but not
tidak terbatas pada, jangka waktu hubungan dengan limited to, the length of its relationship with the
pelanggan, kualitas jaminan yang diterima dan customer, quality of collateral received and the
status kredit dari pelanggan berdasarkan catatan customers current credit status based on any
kredit pihak ketiga yang tersedia dan faktor pasar available third party credit reports and known
yang telah diketahui, untuk mencatat cadangan yang market factors, to record specific allowance for
spesifik atas jumlah piutang pelanggan guna customers against amounts due to reduce its
mengurangi jumlah piutang yang diharapkan dapat receivable amounts that the Group expect to
diterima oleh Grup. Cadangan yang spesifik ini collect. These specific allowances are re-evaluated
dievaluasi kembali dan disesuaikan jika diterima and adjusted as additional information received
tambahan informasi yang mempengaruhi jumlah affects the amounts of allowance for impairment
cadangan penurunan nilai piutang. losses on trade receivables.
Bila Grup memutuskan bahwa tidak terdapat bukti If the Group determine that no objective evidence
obyektif atas penurunan nilai pada evaluasi of impairment exists for an individually assessed
individual atas piutang usaha, baik yang nilainya trade receivables, whether significant or not, it
signifikan maupun tidak, Grup menyertakannya includes the asset in a group of financial assets
dalam kelompok piutang usaha dengan risiko kredit with similar credit risk characteristics and
yang serupa karakteristiknya dan melakukan collectively assesses them for impairment. The
evaluasi kolektif atas penurunan nilai. Karakteristik characteristics chosen are relevant to the
yang dipilih mempengaruhi estimasi arus kas masa estimation of future cash flows for groups of such
depan atas kelompok piutang usaha tersebut karena trade receivables by being indicative of the
merupakan indikasi bagi kemampuan pelanggan customers ability to pay all amounts due.
untuk melunasi jumlah terutang.
Arus kas masa depan pada kelompok piutang usaha Future cash flows in a group of trade receivables
yang dievaluasi secara kolektif untuk penurunan nilai that are collectively evaluated for impairment are
diestimasi berdasarkan pengalaman kerugian estimated on the basis of historical loss experience
historis bagi piutang usaha dengan karakteristik for the trade receivables with credit risk
risiko kredit yang serupa dengan piutang usaha characteristics similar to those in the group. Further
pada kelompok tersebut. Penjelasan lebih lanjut details are disclosed in Notes 7 and 8.
diungkapkan dalam Catatan 7 dan 8.
Penilaian instrumen keuangan Valuation of financial instruments
Seperti dijelaskan dalam Catatan 47, Grup As described in Note 47, the Group uses valuation
menggunakan teknik penilaian yang meliputi input techniques that include inputs that are not based
yang tidak didasarkan pada data pasar yang dapat on observable market data to estimate the fair
diobservasi untuk mengestimasi nilai wajar dari value of certain types of financial instruments.
beberapa jenis instrumen keuangan. Catatan 47 Note 47 provides detailed information about the
memberikan informasi yang rinci mengenai asumsi key assumptions used in the determination of the
utama yang digunakan dalam menentukan nilai fair value of financial instruments, as well as the
wajar instrumen keuangan, serta analisis sensitivitas detailed sensitivity analysis for these assumptions.
yang rinci untuk asumsi tersebut.
Direksi berpendapat bahwa teknik penilaian yang The directors believe that the chosen valuation
dipilih dan asumsi yang digunakan adalah tepat techniques and assumptions used are appropriate
dalam menentukan nilai wajar dari instrumen in determining the fair value of financial
keuangan. instruments.


Taksiran masa manfaat ekonomis aset tetap dan Estimated useful lives of fixed assets and
properti investasi investment property
Manajemen menentukan estimasi masa manfaat Management determines the estimated useful lives
dan beban penyusutan dari aset tetap dan properti and depreciation of fixed assets and investment
investasi. Depresiasi dihitung berdasarkan biaya property. Depreciation is calculated based on the
komponen-komponen aset tetap dikurangi dengan various components of the cost of fixed assets less
nilai sisa. Estimasi utama mencakup estimasi masa the residual value. The main estimate includes the
manfaat pabrik semen yang bisa berbeda dengan estimated useful life of the cement plant which
masa manfaat sesungguhnya. Masa manfaat could differ from the actual useful life. Actual useful
sesungguhnya akan bergantung pada berbagai life will depend on various factors such as
faktor seperti pemeliharaan, perkembangan maintenance, technology development, cement
teknologi, pasar semen, dan sebagainya. Nilai sisa market, etc. Residual value of the plant is also
pabrik juga sulit diestimasi karena lamanya masa difficult to estimate because of the length of the
manfaat pabrik dan ketidakpastian akan kondisi useful life of the plant and the uncertainty of
ekonomi. Nilai sisa diestimasi setiap tahun economic conditions. The residual value is
berdasarkan kondisi teknis peralatan tersebut. estimated annualy based on the technical condition
of the equipment.
Jika estimasi masa manfaat dan nilai sisa harus If the estimated useful lives and residual values
direvisi, tambahan beban depresiasi dapat terjadi di should be revised, additional depreciation expense
masa yang akan datang. Penjelasan lebih lanjut may occur in the future. Further details are
diungkapkan dalam Catatan 14 dan 15. disclosed in Notes 14 and 15.
Penurunan nilai aset non-keuangan Impairment of non-financial assets

Penurunan nilai muncul saat nilai tercatat aset atau An impairment exists when the carrying amount of
Unit Penghasil Kas (UPK) melebihi nilai an asset or a Cash Generating Unit (CGU)
terpulihkannya, yang lebih besar antara nilai wajar exceeds its recoverable amount, which is the
dikurangi biaya untuk menjual dan nilai pakainya. higher of its fair value less costs to sell and its
Nilai wajar dikurangi biaya untuk menjual didasarkan value in use. The fair value less costs to sell
pada ketersediaan data dari perjanjian penjualan calculation is based on available data from binding
yang mengikat yang dibuat dalam transaksi normal sales transactions in an arms length transaction of
atas aset serupa atau harga pasar yang dapat similar assets or observable market prices less
diamati dikurangi dengan biaya tambahan yang incremental costs for disposing the asset.
dapat diatribusikan dengan pelepasan aset.
Perhitungan nilai pakai didasarkan pada model arus The value in use calculation is based on a
kas yang didiskontokan. Perhitungan nilai pakai discounted cash flow model. The value in use
mengharuskan manajemen untuk mengestimasi calculation requires the management to estimate
arus kas masa mendatang yang diharapkan akan the future cash flows expected to arise from the
diperoleh dari unit penghasil kas menggunakan cash-generating unit using an appropriate growth
tingkat pertumbuhan dan diskonto yang wajar dalam rate and a suitable discount rate in order to
menghitung nilai kini. Proyeksi arus kas tidak calculate present value. The future cash flow
termasuk aktivitas restrukturisasi yang belum ada projection does not include restructuring activities
perikatannya atau investasi signifikan di masa that are not yet committed to or significant future
depan yang akan meningkatkan kinerja dari UPK investments that will enhance the assets
yang diuji. Nilai terpulihkan paling sensitif terhadap performance of the CGU being tested. The
tingkat diskonto yang digunakan untuk model arus recoverable amount is most sensitive to the
kas yang didiskontokan seperti halnya dengan arus discount rate used for the discounted cash flow
kas masuk masa depan yang diharapkan dan model as well as the expected future cash inflows
tingkat pertumbuhan yang digunakan untuk tujuan and the growth rate used for extrapolation
ekstrapolasi. Manajemen berkeyakinan bahwa tidak purposes. The management believes that no
diperlukan pencatatan kerugian penurunan nilai impairment loss is required as of December 31,
pada tanggal 31 Desember 2015 dan 2014. 2015 and 2014.

Imbalan pascakerja Post-employment benefits
Nilai kini liabilitas imbalan pascakerja tergantung The present value of post-employment liability
pada beberapa faktor yang ditentukan dengan dasar depends on several factors that are determined by
aktuarial berdasarkan beberapa asumsi. Asumsi actuarial basis based on several assumptions.
yang digunakan untuk menentukan biaya bersih Assumptions used to determine the net cost of
imbalan pascakerja mencakup tingkat diskonto, post-employment benefits include a discount rate,
tingkat kenaikan gaji, dan tingkat pengembalian salary increase rate, and expected return on plan
investasi. Perubahan asumsi-asumsi ini akan assets. Changes in these assumptions will affect
mempengaruhi jumlah tercatat liabilitas imbalan the carrying amounts of post-employment liabilities.
pascakerja.
Tingkat diskonto ditentukan pada akhir periode The appropriate discount rate at the end of the
pelaporan, yakni tingkat suku bunga untuk reporting period is the interest rate used in
menentukan nilai kini arus kas keluar masa depan determining the present value of estimated future
estimasian yang diharapkan untuk menyelesaikan cash outflows expected to settle the post-
liabilitas imbalan pascakerja. Dalam menentukan employment liabilities. In determining the
tingkat suku bunga yang sesuai, Grup appropriate level of interest rates, the Group
mempertimbangkan tingkat suku bunga obligasi considers the interest rates of government bonds
pemerintah yang didenominasikan dalam mata uang denominated in Rupiah, the currency in which the
Rupiah, mata uang yang mana imbalan akan benefits will be paid, and which has a similar time
dibayar, dan yang memiliki jangka waktu yang period with a period of related post-employment
serupa dengan jangka waktu liabilitas imbalan benefits liability.
pascakerja yang terkait.
Asumsi utama yang digunakan untuk penentuan The key assumption used for determining other
liabilitas imbalan pascakerja lainnya termasuk post-employment liabilities included current market
asumsi kondisi pasar saat ini. Informasi tambahan conditions. Additional information is disclosed in
diungkapkan pada Catatan 41. Note 41.
Provisi pajak Provision for tax
Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining the

menentukan provisi atas pajak penghasilan badan provision for corporate income tax and other taxes
maupun pajak lainnya atas transaksi tertentu. on certain transactions. Uncertainties exist with
Ketidakpastian timbul terkait dengan interpretasi dari respect to the interpretation of complex tax
peraturan perpajakan yang kompleks dan jumlah regulations and the amount and timing of future
dan waktu dari penghasilan kena pajak di masa taxable income. In determining the amount to be
depan. Dalam menentukan jumlah yang harus diakui recognized in respect of an uncertain tax liability,
terkait dengan liabilitas pajak yang tidak pasti, Grup the Group applies similar considerations as it would
menerapkan pertimbangan yang sama yang akan use in determining the amount of a provision to be
digunakan dalam menentukan jumlah cadangan recognized in accordance with PSAK No. 57
yang harus diakui sesuai dengan PSAK No. 57 (revised 2009), Provisions, Contingent Liabilities
(revisi 2009), Provisi, Liabilitas Kontinjensi, dan and Contingent Asset. The Group makes an
Aset Kontinjensi. Grup membuat analisa terhadap analysis of all tax positions related to income taxes
semua posisi pajak yang terkait dengan pajak to determine if a tax liability for unrecognized tax
penghasilan untuk menentukan jika liabilitas pajak benefit should be recognized.
untuk manfaat pajak yang belum diakui harus diakui.
Grup mengakui liabilitas atas pajak penghasilan The Group recognizes liabilities for expected
badan berdasarkan estimasi apakah akan terdapat corporate income tax issues based on estimates of
tambahan pajak penghasilan badan. Penjelasan whether additional corporate income tax will be
lebih rinci diungkapkan dalam Catatan 39. due. Further details are disclosed in Note 39.


Aset pajak tangguhan Deferred tax assets
Aset pajak tangguhan diakui atas seluruh perbedaan Deferred tax assets are recognized for all
temporer yang dapat dikurangkan, sepanjang besar deductible temporary differences, to the extent that
kemungkinannya bahwa penghasilan kena pajak it is probable that taxable profit will be available
akan tersedia sehingga perbedaan temporer against which the deductible temporary differences
tersebut dapat digunakan. Estimasi signifikan oleh can be utilized. Significant management estimates
manajemen disyaratkan dalam menentukan total are required to determine the amount of deferred
aset pajak tangguhan yang dapat diakui, tax assets that can be recognized, based upon the
berdasarkan saat penggunaan dan tingkat likely timing and the level of the future taxable
penghasilan kena pajak serta strategi perencanaan profits together with future tax planning strategies.
pajak masa depan. Penjelasan lebih rinci Further details are disclosed in Note 39.
diungkapkan dalam Catatan 39.
Penyisihan penurunan nilai persediaan usang dan Allowance for obsolete and slow moving
bergerak lambat inventories
Cadangan persediaan usang dan bergerak lambat Allowance for obsolete and slow moving
diestimasi berdasarkan fakta dan situasi yang inventories is estimated based on the best
tersedia, termasuk namun tidak terbatas kepada, available facts and circumstances, including but not
kondisi fisik persediaan yang dimiliki, harga jual limited to, the inventories own physical conditions,
pasar, estimasi biaya penyelesaian dan estimasi their market selling prices, estimated costs of
biaya yang timbul untuk penjualan. Cadangan completion and estimated costs to be incurred for
dievaluasi kembali dan disesuaikan jika terdapat their sales. The allowance is reevaluated and
tambahan informasi yang mempengaruhi jumlah adjusted as additional information received affects
yang diestimasi. Penjelasan lebih rinci diungkapkan the amount estimated. Further details are disclosed
dalam Catatan 9. in Note 9.
Provisi untuk biaya restorasi tanah tambang Provision for quarry restoration
Grup melakukan penelaahan atas provisi restorasi The Group asseses its quarry restoration provision
tanah tambang pada akhir periode laporan. Dalam at end of reporting period. Significant estimates and
penentuan jumlah provisi untuk restorasi tanah assumptions are made in determining the provision
tambang diperlukan estimasi dan asumsi yang for quarry restoration as there are numerous
signifikan karena terdapat banyak faktor yang factors that will affect the ultimate liability payable.
mempengaruhi jumlah terhutang pada akhirnya. These factors include estimates of the extent and
Faktor-faktor tersebut mencakup estimasi untuk costs of restoration activities, technological
waktu dan jumlah biaya untuk aktivitas restorasi, changes, regulatory changes, cost increases as
perubahan teknologi, perubahan peraturan, compared to the inflation rates and changes in
peningkatan biaya dibandingkan dengan tingkat discount rates. Those uncertainties may result in
inflasi dan perubahan tingkat bunga diskonto. future actual expenditure differing from the
Ketidakpastian tersebut dapat mengakibatkan amounts currently provided. The provision at end of
jumlah pengeluaran aktual di masa mendatang reporting period represents managements best
dapat berbeda dengan jumlah yang dicadangkan estimate of the present value of the future
saat ini. Jumlah provisi pada akhir periode pelaporan restoration costs required. Further details are
merupakan estimasi terbaik manajemen atas nilai disclosed in Note 27.
kini dari biaya restorasi masa mendatang yang
diperlukan. Penjelasan lebih rinci diungkapkan
dalam Catatan 27.

Kewajiban pembongkaran dan pemindahan aset Obligation for dismantling and removal of fixed
tetap assets
Kewajiban pembongkaran dan pemindahan aset Obligation for dismantling and removal of fixed
tetap diakui dalam tahun dimana terjadinya jika assets is recognized in the year in which it is
estimasi yang memadai terhadap nilai wajar incurred if reasonable estimates of fair value can
dapat dibuat. Pengakuan kewajiban tersebut be made. Recognition of liabilities requires
mensyaratkan estimasi terhadap biaya untuk estimation of the cost for restoration / dismantling
restorasi/membongkar untuk setiap lokasi dan for each location and based on the best estimate of
berdasarkan estimasi terbaik dari pengeluaran the expenditure required to settle the liabilities of
yang diperlukan untuk menyelesaikan liabilitas the restoration/dismantling in the future, discounted
dari restorasi/pembongkaran di masa depan, using a pre-tax rate that reflects current market rate
didiskontokan dengan menggunakan tarif sebelum for the time value of money and appropriate,
pajak yang mencerminkan harga pasar saat ini certain risks of liability. Further details are
untuk nilai waktu dari uang yang sesuai dengan disclosed in Note 27.
risiko tertentu dari kewajiban. Penjelasan lebih rinci
diungkapkan dalam Catatan 27.
Penurunan nilai goodwil Impairment of goodwill
Menentukan apakah suatu goodwill turun nilainya Determining whether goodwill is impaired requires
mengharuskan estimasi nilai pakai unit penghasil an estimation of the value in use of the cash-
kas dimana goodwill dialokasikan. Perhitungan generating units to which goodwill has been
nilai pakai mengharuskan manajemen untuk allocated. The value in use calculation requires the
mengestimasi arus kas masa depan yang management to estimate the future cash flows
diharapkan timbul dari unit penghasil kas yang expected to arise from the cash-generating unit
menggunakan tingkat pertumbuhan yang tepat dan using an appropriate growth rate and a suitable
tingkat diskonto yang sesuai untuk perhitungan nilai discount rate in order to calculate present value.
kini.
Manajemen berkeyakinan bahwa tidak diperlukan Management believes that there is no impairment
pencatatan kerugian penurunan nilai pada tanggal loss required as of December 31, 2015 and 2014.
31 Desember 2015 dan 2014.
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
2015 2014
Kas 2.782.678 2.993.872 Cash on hand
Bank 548.772.755 462.086.824 Cash in banks
Deposito berjangka dan call deposits 3.437.932.459 4.474.565.666 Time and call deposits
Jumlah 3.989.487.892 4.939.646.362 Subtotal
Dikurangi: Less:
Kas dan kas di bank Restricted cash and
yang dibatasi penggunaannya cash in banks
Rupiah: Rupiah:
Pihak berelasi: Related parties:
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 15.698.373 13.682.627 (Persero) Tbk
PT Bank Mandiri (Persero) Tbk 6.805.414 14.184 PT Bank Mandiri (Persero) Tbk
Jumlah 22.503.787 13.696.811 Subtotal
Dolar Amerika Serikat: United States Dollar:
PT Bank Mandiri (Persero) Tbk 2.965.925 - PT Bank Mandiri (Persero) Tbk
Jumlah 25.469.712 13.696.811 Subtotal
Jumlah 3.964.018.180 4.925.949.551 Total


Kas di bank yang dibatasi penggunaannya pada Restricted cash in bank PT Bank Negara Indonesia
PT Bank Negara Indonesia (Persero) Tbk terdiri (Persero) Tbk consist of:
atas:
a. Rekening bank entitas anak (SP) sebesar a. A subsidiary (SPs) cash in bank of
Rp15.490.360 (31 Desember 2014: Rp15,490,360 (December 31, 2014:
Rp13.647.627) merupakan jaminan atas fasilitas Rp13,647,627) represent collateral required in
pinjaman dari BNI milik Grup (Catatan 20). relation to Groups credit facility (Note 20).
b. Rekening bank entitas anak (UTSG) sebesar c. b. A subsidiary (UTSGs) cash in bank of
Rp208.013, (31 Desember 2014: Rp35.000) Rp208,013, (December 31, 2014: Rp35,000) is
merupakan dana yang ditempatkan sebagai the fund placed as a bank guarantee for
jaminan bank garansi Trase Toll Batang Trase Toll Batang Semarang and reclamation
Semarang dan reklamasi ESDM Rembang. ESDM Rembang.
Kas di bank yang dibatasi penggunaannya pada Restricted cash in bank PT Bank Mandiri (Persero)
PT Bank Mandiri (Persero) Tbk terdiri atas: Tbk consist of:
a. Rekening bank entitas anak (SP) sebesar b. a. A subsidiary (SPs) cash in bank of
Rp6.086.741 (31 Desember 2014: RpNihil) Rp6,086,741 (December 31, 2014: RpNil) is
merupakan dana yang ditempatkan dalam the fund placed related to the construction of
rangka pembangunan proyek Indarung VI. Indarung VI.
b. Rekening penampungan milik entitas anak ST b. The escrow accounts of subsidiary STs
sebesar Rp18.673 (31 Desember 2014: amounting Rp18,673 (December 31, 2014:
Rp14.184) sehubungan dengan pendanaan Rp14,184) in relation to financing of the
pembangunan fasilitas pendukung Tonasa V supporting facility of Tonasa V cement plant
dan pembangkit tenaga listrik berdasarkan and the power plant under the provision of the
perjanjian kredit sindikasi. syndicated loan agreement.
c. Rekening bank entitas anak (UTSG) sebesar c. A subsidiary (UTSGs) cash in bank of
Rp700.000 dan USD215.000 atau setara Rp700,000 and USD215,000 or equivalent to
dengan Rp2.965.925 (31 Desember 2014: Rp2,965,925 (December 31, 2014: RpNil and
RpNihil dan USDNihil) merupakan dana USDNil) is the fund placed as a bank
yang ditempatkan sebagai jaminan bank guarantee for Trase Toll Batang Semarang.
garansi Trase Toll Batang Semarang.
a. Kas a. Cash on hand
2015 2014
Rupiah 2.703.622 2.880.170 Rupiah
Dong Vietnam 69.265 104.943 Vietnamese Dong
Dolar Amerika Serikat 9.791 8.759 United States Dollars
Jumlah 2.782.678 2.993.872 Total

b. Bank ci. b. Cash in banks
2015 2014
Rupiah: Rupiah:
Pihak ketiga: Third parties:
PT Bank Panin 7.144.873 - PT Bank Panin
PT Bank Central Asia Tbk 5.279.578 7.184.537 PT Bank Central Asia Tbk
PT Bank Permata Tbk 5.277.267 6.986.412 PT Bank Permata Tbk
PT Bank Nagari 3.825.299 5.436.027 PT Bank Nagari
PT Bank CIMB Niaga Tbk 2.967.129 5.043.076 PT Bank CIMB Niaga Tbk
Standard Chartered Bank 1.553.584 - Standard Chartered Bank
PT Bank Sulselbar 885.124 529.413 PT Bank Sulselbar
PT BPD Jatim Tbk 482.051 468.804 PT BPD Jatim Tbk
PT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan
Nasional Tbk 251.713 207.592 Nasional Tbk
Deutsche Bank, Surabaya 124.103 124.365 Deutsche Bank, Surabaya
PT Bank UOB Indonesia 96.284 - PT Bank UOB Indonesia
PT Bank Muamalat Tbk 86.925 7.021.580 PT Bank Muamalat Tbk
PT Bank Danamon PT Bank Danamon
Indonesia Tbk 7.254 9.758.502 Indonesia Tbk
Citibank, Surabaya 7.221 7.293 Citibank, Surabaya
PT Bank Mega Tbk - 1.148.151 PT Bank Mega Tbk
PT Bank Internasional PT Bank Internasional
Indonesia Tbk - 145.961 Indonesia Tbk
PT Bank Pundi Indonesia, Tbk - 16.721 PT Bank Pundi Indonesia, Tbk
PT Bank OCBC NISP Tbk - 15.586 PT Bank OCBC NISP Tbk
Jumlah 27.988.405 44.094.020 Total
PT Bank Mandiri (Persero) Tbk 157.038.837 194.338.748 PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 15.035.800 3.079 (Persero) Tbk
PT Bank Bukopin Tbk 4.450.920 4.133.831 PT Bank Bukopin Tbk
PT Bank Syariah Mandiri 771.545 708.331 PT Bank Syariah Mandiri
Jumlah 319.039.246 250.175.126 Total
Jumlah 347.027.651 294.269.146 Total
(Dilanjutkan) (Forward)


2015 2014
Dolar Amerika Serikat: United States Dollars:
Standard Chartered Bank 52.039.164 14.340.980 Standard Chartered Bank
Citibank 653.791 589.640 Citibank
Vietnam Prosperity Joint Stock Vietnam Prosperity Joint Stock
Commercial Bank 631.842 9.809 Commercial Bank
Ho Chi Minh City Development Ho Chi Minh City Development
Joint-Stock Commercial Bank 205.154 4.182 Joint-Stock Commercial Bank
PT Bank CIMB Niaga Tbk 175.425 265.410 PT Bank CIMB Niaga Tbk
Bank for Investment and Bank for Investment and
Development of Vietnam 5.476 5.030 Development of Vietnam
An Binh Bank 5.437 123.964 An Binh Bank
Military Commercial Joint Stock Military Commercial Joint Stock
Bank - 39.487 Bank
Vietnam Maritime Commercial Vietnam Maritime Commercial
Joint Stock Bank - 33.234 Joint Stock Bank
HSBC - 10.010 HSBC
Development of Cambodia Plc - 4.932 Development of Cambodia Plc
Lain-lain 9.337 8.537 Others
Jumlah 53.725.626 15.435.215 Total
(Persero) Tbk 1.697.155 - (Persero) Tbk
PT Bank Bukopin Tbk 285.744 - PT Bank Bukopin Tbk
Jumlah 90.585.850 39.647.138 Total
Jumlah 144.311.476 55.082.353 Total
Euro: Euro:
Standart Chartered Bank 4.668.021 - Standard Chartered Bank
PT Bank CIMB Niaga Tbk 390.943 468.613 PT Bank CIMB Niaga Tbk
Vietnam Technological and Vietnam Technological and
Commercial Bank 194.413 85 Commercial Bank
Development of Vietnam 1.939 2.095 Development of Vietnam
Vietnam Prosperity Joint-Stock Vietnam Prosperity Joint-Stock
Commercial Bank 50 50 Commercial Bank
Jumlah 5.272.896 487.324 Total
Jumlah 40.131.975 97.072.319 Total
Jumlah 45.404.871 97.559.643 Total

2015 2014
Dolar Singapura: Singapore Dollars:
PT Bank Mandiri (Persero) Tbk 131.357 122.899 PT Bank Mandiri (Persero) Tbk
Dong Vietnam: Vietnamese Dong:
Standard Chartered Bank 4.035.536 4.428.139 Standard Chartered Bank
Vietnam Bank for Agriculture Vietnam Bank for Agriculture
and Rural Development 3.858.931 1.882.041 and Rural Development
Vietnam Prosperity Joint Stock Vietnam Prosperity Joint Stock
Commercial Bank 1.812.780 1.293.558 Commercial Bank
Chu - VND 1.205.284 157.163 Chu - VND
Ho Chi Minh City Development Ho Chi Minh City Development
Joint-Stock Commercial Bank 543.734 2.126 Joint-Stock Commercial Bank
JSC Bank for Foreign Trade JSC Bank for Foreign Trade
of Vietnam 116.514 25.692 of Vietnam
Development of Vietnam 51.752 5.279.027 Development of Vietnam
Technological and Commercial Technological and Commercial
Joint Stock Bank 36.038 34.060 Joint Stock Bank
Joint Stock Bank 30.266 15.243 Joint Stock Bank
Orient Commercial Joint Stock Orient Commercial Joint Stock
Bank 10.848 94.718 Bank
Vietnam Joint Stock Commercial Vietnam Joint Stock Commercial
Bank for Industry and Trade 8.562 80.543 Bank for Industry and Trade
Military Commercial Joint Stock Military Commercial Joint Stock
Bank - 356.266 Bank
Saigon Thuong Tin Commercial Saigon Thuong Tin Commercial
Viet Capital Bank - 102.296 Viet Capital Bank
Tien Phong Bank - 85.405 Tien Phong Bank
HSBC - 71.523 HSBC
Global Petro Commercial Joint Global Petro Commercial Joint
Stock Bank - 15.127 Stock Bank
Development of Cambodia Plc - 12.220 Development of Cambodia Plc
United Overseas Bank - 10.186 United Overseas Bank
Vietnam Development Bank - 6.190 Vietnam Development Bank
Ministery bank - 2.873 Ministery bank
Lien Viet Joint Stock Commercial Lien Viet Joint Stock Commercial
Bank - 1.021 Bank
Jumlah 11.897.400 15.052.783 Total
Jumlah 548.772.755 462.086.824 Total


c. Deposito berjangka dan call deposits c. Time and call deposits

2015 2014
Rupiah: Rupiah:
PT Bank Danamon Indonesia Tbk 342.000.000 40.000.000 PT Bank Danamon Indonesia Tbk
PT Bank Mega Tbk 269.000.000 186.000.000 PT Bank Mega Tbk
PT Bank Nagari 105.000.000 110.000.000 PT Bank Nagari
PT BPD Jaw a Barat PT BPD Jaw a Barat
dan Banten Tbk 75.000.000 - dan Banten Tbk
PT Bank Panin Syariah 72.000.000 - PT Bank Panin Syariah
PT Bank Muamalat Tbk 64.000.000 176.500.000 PT Bank Muamalat Tbk
PT Bank Permata Tbk 48.000.000 153.000.000 PT Bank Permata Tbk
Nasional Tbk 45.000.000 148.000.000 Nasional Tbk
Indonesia Tbk 40.000.000 110.000.000 Indonesia Tbk
PT Bank Central Asia Tbk 13.000.000 5.000.000 PT Bank Central Asia Tbk
PT Bank Himpunan PT Bank Himpunan
Saudara 1906 Tbk 9.000.000 19.000.000 Saudara 1906 Tbk
PT Bank Sulselbar 7.000.000 7.000.000 PT Bank Sulselbar
PT Bank Daerah Khusus Ibukota - 111.000.000 PT Bank Daerah Khusus Ibukota
PT BPD Jatim Tbk - 50.000.000 PT BPD Jatim Tbk
Jumlah 1.394.550.000 1.546.550.000 Total
(Persero) Tbk 212.250.000 1.167.149.999 (Persero) Tbk
PT Bank Syariah BRI - 20.000.000 PT Bank Syariah BRI
PT Bank Syariah Mandiri - 10.000.000 PT Bank Syariah Mandiri
Jumlah 1.960.588.912 2.753.498.421 Total
Jumlah 3.355.138.912 4.300.048.421 Total
Dolar Amerika Serikat: United States Dollars:
Indonesia Tbk - 37.320.000 Indonesia Tbk
Pihak berelasi : Related parties :
PT Bank Bukopin Tbk 28.727.218 - PT Bank Bukopin Tbk
PT Bank Mandiri (Persero) Tbk 2.965.924 - PT Bank Mandiri (Persero) Tbk
Jumlah 31.693.142 37.320.000 Total
Euro: Euro:
(Persero) Tbk - 105.932.890 (Persero) Tbk
Dong Vietnam: Vietnamese Dong:
Vietnam Prosperity Joint-Stock Vietnam Prosperity Joint-Stock
Commercial Bank (VP) - VND 51.100.405 21.200.937 Commercial Bank (VP) - VND
Standard Chartered Bank - VND - 10.063.418 Standard Chartered Bank - VND
Jumlah 51.100.405 31.264.355 Total
Jumlah 3.437.932.459 4.474.565.666 Total

Suku bunga tahunan atas deposito berjangka dan Annual interest rates on time and call deposits are
call deposits adalah sebagai berikut: as follows:
2015 2014
Rupiah 4,25% - 10,75% 4,00% - 11,00% Rupiah

Dolar Amerika Serikat 0,50% - 1,50% 1,00% - 2,95% United States Dollars
Euro - 1,50% Euro
Dong Vietnam 0,55% 0,55% Vietnamese Dong
Rincian transaksi dan saldo dengan pihak berelasi Details of related party transactions and balances
diungkapkan dalam Catatan 42. are disclosed in Note 42.
6. INVESTASI JANGKA PENDEK 6. SHORT-TERM INVESTMENTS
2015 2014
Kepemilikan saham dibawah 20% - Share ownership less than 20% -

PT Eternit Gresik 1.861.173 1.861.173 PT Eternit Gresik
PT Sumatera Utara Perkasa Semen 402.000 402.000 PT Sumatera Utara Perkasa Semen
Reksadana - 89.609.249 Mutual Fund
Jumlah 2.263.173 91.872.422 Total
Berikut ini rincian nilai wajar reksadana pada tanggal Below is details of fair value of mutual funds as at
31 Desember 2015 dan 2014: December 31, 2015 and 2014:
2015 2014
Reksadana Terproteksi CIMB-Principal Reksadana Terproteksi CIMB-Principal

CPF XII - 89.522.346 CPF XII
- 89.522.346
Untuk tujuan pengelompokkan instrumen keuangan, For the purpose of financial instrument
investasi di reksadana dan investasi saham kurang classification, investment in mutual fund, and
dari 20% dikelompokkan sebagai investasi AFS. investment in shares less than 20% are classified
as AFS investment.
Pada tanggal 31 Desember 2014, nilai wajar As of December 31, 2014, the fair value of mutual
reksadana ditetapkan berdasarkan nilai pasar yang fund is determined based on market prices
dikeluarkan oleh PT CIMB-Principal Asset published by PT CIMB-Principal Asset
Management. Management.


7. PIUTANG USAHA 7. TRADE RECEIVABLES
2015 2014
Rupiah 2.705.018.518 2.550.117.743 Rupiah
Dong Vietnam 38.583.431 28.273.053 Vietnamese Dong
Dolar Amerika Serikat 34.562.386 27.613.160 United States Dollars
2.778.164.335 2.606.003.956
Dikurangi: Less:
Cadangan penurunan nilai (61.893.997) (52.350.448) Allowance for impairment losses
2.716.270.338 2.553.653.508
Rupiah 835.736.154 755.859.388 Rupiah
848.669.315 767.784.107
Dikurangi: Less:
827.569.631 747.593.796
Jumlah 3.543.839.969 3.301.247.304 Total
Sebelum menerima pelanggan baru, Grup Before accepting new customer, the Group uses an
menggunakan sistem penilaian secara internal untuk internal assessment system to assess the potential
menilai potensi pelanggan. Untuk selanjutnya customer. In addition further restrictions attributable
batasan yang diatribusikan kepada pelanggan to the customer are evaluated at least 2 times a
ditinjau minimal 2 kali setahun. year.
Pada tanggal 31 Desember 2015, rincian pelanggan The details of the customer with the value of
dengan nilai piutang melebihi 5% dari jumlah saldo receivables exceeds 5% of the total trade
piutang usaha adalah sebagai berikut: receivable balance as of December 31, 2015 are
as follows:
Saldo piutang usaha/ Persentase dari total piutang usaha/

Trade receivable As a percentage of
Pelanggan/Customer balance trade receivable balance
PT Varia Usaha 281.776.575 7,95%

Koperasi Warga Semen Gresik 258.552.693 7,30%
Umur piutang usaha adalah sebagai berikut: The aging of trade receivables is as follows:
2015 2014
Lancar 2.898.661.338 2.932.746.406 Current
Lewat jatuh tempo: Overdue:
1 - 45 hari 310.057.398 263.307.194 1 - 45 days
46 - 135 hari 237.473.786 62.400.029 46 - 135 days
136 - 365 hari 79.769.602 19.796.913 136 - 365 days
Lebih dari 365 hari 17.877.845 22.996.762 Over 365 days
Jumlah 3.543.839.969 3.301.247.304 Total

Piutang usaha yang diungkapkan di atas termasuk Trade receivables disclosed above include
jumlah yang telah jatuh tempo pada akhir periode amounts that are past due at the end of the
pelaporan dimana Grup tidak mengakui cadangan reporting period for which the Group has not
kerugian penurunan nilai piutang karena belum ada recognized an allowance for impairment losses
perubahan yang signifikan dalam kualitas kredit dan because there has not been a significant change in
jumlah piutang masih dapat dipulihkan. credit quality and the amounts are still considered
recoverable.
Mutasi cadangan kerugian penurunan nilai piutang The movement in the provision for impairment
adalah sebagai berikut: losses of receivables is as follows:
2015 2014
Saldo awal 72.540.759 70.142.933 Beginning balance
Penambahan 10.452.922 2.397.826 Additions
Saldo akhir 82.993.681 72.540.759 Ending balance
Dalam menentukan pemulihan dari piutang usaha, In determining the recoverability of a trade
Grup mempertimbangkan setiap perubahan dalam receivable, the Group considers any change in the
kualitas kredit dari piutang usaha dari tanggal awal credit quality of the trade receivable from the date
kredit diberikan sampai dengan akhir periode credit was initially granted up to the end of the
pelaporan. Konsentrasi risiko kredit terbatas karena reporting period. The concentration of credit risk is
basis pelanggan adalah besar dan tidak saling limited as the customer base is large and
berhubungan. unrelated.
Berikut ini merupakan umur piutang usaha yang Age of impaired trade receivables are as follows:
diturunkan nilainya:
2015 2014
1 - 45 hari 3.855.907 2.130.921 1 - 45 days
46 - 135 hari 1.630.797 1.253.911 46 - 135 days
136 - 365 hari 1.030.234 1.572.322 136 - 365 days
Jumlah 82.993.681 72.540.759 Total
Berdasarkan hasil kajian keadaan piutang masing- Based on a review of the status of the individual
masing pelanggan pada akhir periode pelaporan, receivable accounts at end of reporting period, the
manajemen Grup berkeyakinan bahwa cadangan management of the Group believes that the
penurunan nilai telah memadai untuk menutup allowance for impairment losses is adequate to
kemungkinan kerugian atas tidak tertagihnya piutang cover possible losses from uncollectible
usaha. receivables.
Pada 31 Desember 2015 dan 2014, sebesar 92% As of December 31, 2015 and 2014, 92% and 93%
dan 93% piutang usaha dijamin dengan jaminan of trade receivables is collateralized by bank
berupa bank garansi, deposito berjangka, asuransi guarantees, time deposits, credit insurance, and
kredit, dan harta berwujud (tanah, bangunan dan tangible assets (land, buildings and vehicles) by the
kendaraan bermotor) oleh pelanggan dengan nilai customers with total fair value amounting to
wajar masing-masing sebesar Rp3.253.602.809 dan Rp3,253,602,809 and Rp3,085,178,927,
Rp3.085.178.927. respectively.
Manajemen berpendapat bahwa piutang usaha yang Management believes that trade receivables that
telah jatuh tempo tetapi belum diturunkan nilainya are neither past due and impaired have good credit
memiliki kualitas kredit yang baik. quality.
Piutang usaha tertentu digunakan sebagai jaminan Certain trade receivables are used as collateral for
atas fasilitas pinjaman non-cash dan fasilitas kredit non-cash loan facilities and credit investment
investasi (Catatan 20). facilities (Note 20).


8. PIUTANG LAIN-LAIN 8. OTHER RECEIVABLES
2015 2014
Pihak ketiga 60.329.377 114.771.309 Third parties
Dikurangi: Less:
56.818.134 103.802.566
Pihak berelasi 29.251.976 27.933.789 Related parties

Dikurangi: Less:
Cadangan penurunan nilai (1.269.578) (427.104) Allowance for impairment losses
27.982.398 27.506.685
Jumlah 84.800.532 131.309.251 Total
Mutasi cadangan penurunan nilai piutang lain-lain The movements in the allowance for impairment
adalah sebagai berikut: losses of other receivables is as follows:
2015 2014

Penambahan (Pengurangan) - neto (6.615.026) 6.063.603 Addition (Reversal) - net
Berdasarkan hasil kajian keadaan akun piutang lain- Based on a review of the status of the individual
lain setiap debitur pada akhir periode pelaporan, other receivable accounts at the end of reporting
manajemen Grup berkeyakinan bahwa cadangan period, management of the Group believes that the
penurunan nilai telah memadai untuk menutup allowance for impairment losses is adequate to
kemungkinan kerugian atas tidak tertagihnya piutang cover possible losses from uncollectible other
lain-lain. receivables.
9. PERSEDIAAN 9. INVENTORIES
2015 2014
Suku cadang 1.027.539.702 1.163.503.845 Spare parts
Bahan baku dan penolong 776.043.288 831.518.754 Raw and indirect materials
Barang dalam proses 400.894.282 537.981.100 Work in process
Barang jadi 274.749.045 242.247.369 Finished goods
Barang dalam perjalanan 36.308.556 131.958.926 Goods in transit
2.515.534.873 2.907.209.994
Dikurangi: Less:
Cadangan persediaan usang Allowance for obsolete
dan bergerak lambat (106.560.801) (95.505.589) and slow moving inventories
Jumlah 2.408.974.072 2.811.704.405 Total
Manajemen Grup berkeyakinan bahwa cadangan The management of the Group believes that the
persediaan usang dan bergerak lambat telah allowance for obsolete and slow moving inventories
mencukupi untuk menutup kemungkinan kerugian is adequate to cover possible losses from obsolete
yang timbul dari persediaan usang dan bergerak and slow moving inventories.
lambat.

Mutasi cadangan persediaan usang dan bergerak The movement in the allowance for obsolete and
lambat adalah sebagai berikut: slow moving inventories is as follows:
2015 2014
Penambahan 11.055.212 11.771.640 Additions
Pada tanggal 31 Desember 2015 dan 2014, As at December 31, 2015 and 2014, certain
persediaan tertentu dijadikan jaminan atas pinjaman inventories are pledged as collateral for
tertentu. borrowings.
Pada tanggal 31 Desember 2015 dan 2014, As at December 31, 2015 and 2014, inventories of
persediaan Grup telah diasuransikan terhadap the Group are covered by insurance against the
resiko kerugian yang disebabkan oleh bencana risk of loss due to natural disaster, fire, and other
alam, kebakaran, dan risiko kerugian lainnya risks with a total coverage of Rp1,468,943,965 and
dengan nilai pertanggungan masing-masing sebesar Rp1,777,158,954, respectively.
Rp1.468.943.965 dan Rp1.777.158.954.
Menurut pendapat manajemen Grup, nilai The management of the Group believes that the
pertanggungan asuransi tersebut telah memadai insurance coverage is adequate to cover possible
untuk menutupi kerugian yang mungkin timbul dari losses arising from such risks.
risiko-risiko tersebut.
10. UANG MUKA 10. ADVANCES
2015 2014
Pembelian: Purchases:
Lokal 35.305.921 103.312.231 Domestic
Import 26.079.698 20.081.198 Imports
Lainnya 27.361.519 25.323.497 Others
Jumlah 88.747.138 148.716.926 Total
11. BEBAN DIBAYAR DI MUKA 11. PREPAID EXPENSES
2015 2014
Asuransi 12.488.275 25.827.604 Insurance
Sewa 10.157.746 10.631.666 Rent
Lainnya 15.884.594 16.327.698 Others
Jumlah 38.530.615 52.786.968 Total
12. PAJAK DIBAYAR DI MUKA 12. PREPAID TAXES
2015 2014
Entitas anak Subsidiaries
Pajak Penghasilan Badan 55.429.890 46.133.855 Corporate Income Tax
Pajak Pertambahan Nilai 326.542.785 125.123.050 Value Added Tax
Lainnya 87.844 4.132 Others
Jumlah 382.060.519 171.261.037 Total


13. INVESTASI PADA ENTITAS ASOSIASI 13. INVESTMENTS IN ASSOCIATES
Persentase kepemilikan dan

hak suara yang dimiliki Grup/
Nama entitas Aktivitas Percentage of ownership
asosiasi/ utama/ Tempat interest and voting power Nilai Investasi/
Name of Principal kedudukan/ held by the Group Investment amount
Associates Acitvity Domicile 2015 2014 2015 2014
% % Rp Rp
PT Sw adaya Graha Kontraktor dan persew aan alat-alat berat/ Gresik 25,00% 25,00% 32.277.419 27.546.584
Contractor and lessor of heavy equipment
PT Varia Usaha Jasa distribusi dan pengangkutan/ Gresik 24,95% 24,95% 136.090.233 118.918.624
Distribution and transportation services
PT Varia Usaha Beton Produksi beton siap pakai/ Sidoarjo 36,67% 0,00% 55.000.000 -
Ready mix concrete production
PT Igasar Distribusi Semen/Cement distribution Padang 12,00% 12,00% 584.587 515.000
Jumlah / Total 223.952.239 146.980.208
Seluruh entitas asosiasi dicatat dengan All of the above associates are accounted for
menggunakan metode ekuitas dalam laporan using the equity method in these consolidated
keuangan konsolidasian ini. financial statements.
Persentase kepemilikan entitas anak (SP) pada The percentage ownership of the subsidiary (SP)
PT Igasar kurang dari 20% namun kepemilikan in PT Igasar is less than 20%, but such ownership
tersebut diklasifikasi sebagai investasi pada entitas is classified as investments in associate as the SP
asosiasi karena SP mempunyai pengaruh signifikan has a significant influence on PT Igasar through
pada PT Igasar melalui Koperasi Keluarga Besar Koperasi Keluarga Besar Semen Padang.
Semen Padang.
Ringkasan informasi keuangan entitas asosiasi The summarized financial information below
dibawah ini merupakan jumlah yang disajikan represents amounts shown in the associates
dalam laporan keuangan entitas asosiasi yang financial statements prepared in accordance
disusun sesuai dengan Standar Akuntansi Indonesian Financial Accounting Standards.
Keuangan Indonesia.
PT Swadaya Graha PT Varia Usaha PT Varia Usaha Beton PT Igasar
2015 2014*) 2015 2014*) 2015 2014*) 2015 2014*)
Rp Rp Rp Rp Rp Rp Rp Rp
Aset Lancar 527.568.391 461.542.722 1.088.653.036 966.358.362 350.565.773 250.733.960 94.093.926 84.170.161 Current assets
Aset tidak lancar 59.360.068 56.450.434 642.073.426 582.120.228 121.240.578 109.508.648 29.801.698 32.093.986 Non-current assets
Jumlah Aset 586.928.459 517.993.156 1.730.726.462 1.548.478.590 471.806.351 360.242.608 123.895.624 116.264.147 Total Assets
Liabilitas Jangka Pendek 405.541.844 367.695.396 992.606.820 914.629.034 335.528.270 263.731.761 99.259.691 87.291.822 Current liabilities
Liabilitas Jangka Panjang 69.952.124 57.786.422 179.219.537 147.311.080 57.465.083 27.008.761 23.396.717 28.313.001 Non-current liabilities
Ekuitas yang dapat diatribusikan kepada Equity attributable to owners
pemilik entitas induk 111.434.491 92.511.338 529.282.817 460.453.813 78.812.998 69.502.086 1.239.216 659.324 of the companies
Kepentingan nonpengendali - - 29.617.288 26.084.663 - - - - Non-controlling interests
Jumlah liabilitas dan ekuitas 586.928.459 517.993.156 1.730.726.462 1.548.478.590 471.806.351 360.242.608 123.895.624 116.264.147 Total Liaibities and Equity
Pendapatan 1.053.035.734 1.000.601.840 4.936.417.299 4.731.547.012 779.557.942 677.384.189 445.194.748 381.382.531 Revenue
Beban (1.024.898.088) (975.602.844) (4.817.776.701) (4.622.200.926) (765.969.047) (664.243.819) (444.614.856) (383.325.358) Expenses
Laba (rugi) tahun berjalan 28.137.646 24.998.996 118.640.598 109.346.086 13.588.895 13.140.370 579.892 (1.942.827) Profit (loss) for the year
Laba (rugi) yang dapat diatribusikan kepada: Profit (loss) attributable to:
Pemilik entitas Induk 28.137.646 24.998.996 113.474.740 104.367.219 13.588.895 13.140.370 579.892 (1.942.827) Owners of the companies
Kepentingan non-pengendali - - 5.165.858 4.978.867 - - - - Non-controlling interests
Laba (rugi) tahun berjalan 28.137.646 24.998.996 118.640.598 109.346.086 13.588.895 13.140.370 579.892 (1.942.827) Profit (loss) for the year
Penghasilan komprehensif lain yang dapat Other comprehensive income

diatribusikan kepada: attributable to:
Pemilik entitas Induk (1.335.574) (5.123.927) (3.051.591) (3.727.271) (350.096) (1.197.607) - - Owners of the companies
Kepentingan non-pengendali - - (130.689) (429.991) - - - - Non-controlling interests
Jumlah penghasilan komprehensif lain Total other comprehensive income
tahun berjalan (1.335.574) (5.123.927) (3.182.280) (4.157.262) (350.096) (1.197.607) - - for the year
Jumlah laba komprehensif yang dapat Total comprehensive income

diatribusikan kepada: attributable to:
Pemilik entitas Induk 26.802.072 19.875.069 110.423.149 100.639.948 13.238.799 11.942.763 579.892 (1.942.827) Owners of the companies
Kepentingan non-pengendali - - 5.035.169 4.548.876 - - - - Non-controlling interests
Total comprehensive income
Jumlah laba konmprehensif tahun berjalan 26.802.072 19.875.069 115.458.318 105.188.824 13.238.799 11.942.763 579.892 (1.942.827) for the year
*) Disajikan kembali (Catatan 50) *) As restated (Note 50)

Berikut ini merupakan rekonsiliasi dari ringkasan Reconciliation of the above summarized financial
informasi keuangan di atas terhadap jumlah tercatat information to the carrying amount of the interest in the
dari bagian entitas asosiasi yang diakui dalam associates recognized in the consolidated financial
laporan keuangan konsolidasian: statements are as follows:
PT Swadaya Graha PT Varia Usaha PT Varia Usaha Beton PT Igasar
2015 2014*) 2015 2014*) 2015 2014*) 2015 2014*)
Rp Rp Rp Rp Rp Rp Rp Rp
Aset bersih entitas asosiasi 111.434.491 92.511.338 529.282.817 460.453.813 78.812.998 - 1.239.216 659.324 Net assets of the associate
Proporsi bagian kepemilikan Grup 25,00% 25,00% 24,95% 24,95% 36,67% - 12,00% 12,00% Proportion of the Group's ownership interest
Ekuitas yang diatribusikan Equity attributable to
ke pemilik entitas induk 27.858.623 23.127.834 132.056.063 114.883.226 28.900.726 - 148.706 79.119 owners of the Company
Goodwill - - - - 1.328.371 - - - Goodwill
Penyesuaian nilai wajar Fair falue adjustments
aset tetap 24.770.903 of fixed assets
Penyesuaian 4.418.796 4.418.750 4.034.170 4.035.398 - - 435.881 435.881 Adjustments
Nilai tercatat bagian Grup 32.277.419 27.546.584 136.090.233 118.918.624 55.000.000 - 584.587 515.000 Carrying amount of the Group's interest
Saldo Saldo
1 Januari Bagian 31 Desember
2015/ laba (rugi) 2015/ Persentase
Balance at bersih/ Balance at kepemilikan/
January 1, Akuisisi/ Equity in net Dividen/ December 31, Percentage of
Nama entitas asosiasi 2015 Acquisition income (loss) Dividends 2015 ownership Name of associates
Perseroan The Company

PT Swadaya Graha 27.546.584 - 6.700.565 (1.969.730) 32.277.419 25,00% PT Swadaya Graha
PT Varia Usaha 118.918.624 - 27.550.575 (10.378.966) 136.090.233 24,95% PT Varia Usaha
PT Varia Usaha Beton - 55.000.000 - - 55.000.000 36,67% PT Varia Usaha Beton
Entitas anak (SP) Subsidiary (SP)
PT Igasar 515.000 - 69.587 - 584.587 12,00% PT Igasar
146.980.208 55.000.000 34.320.727 (12.348.696) 223.952.239
Saldo Saldo
1 Januari Bagian 31 Desember
2014/ laba (rugi) 2014/ Persentase
Balance at bersih/ Balance at kepemilikan/
January 1, Equity in net Dividen/ December 31, Percentage of
Nama entitas asosiasi 2014 income (loss) Dividends 2014 ownership Name of associates

PT Swadaya Graha 22.676.260 6.235.703 (1.365.379) 27.546.584 25,00% PT Swadaya Graha
PT Varia Usaha 104.085.101 25.944.348 (11.110.825) 118.918.624 24,95% PT Varia Usaha
Entitas anak (SP) Subsidiary (SP)
PT Igasar 748.139 (233.139) - 515.000 12,00% PT Igasar
127.509.500 31.946.912 (12.476.204) 146.980.208


14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES

1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2015 Additions Deductions Reclassifications 2015
Biaya perolehan Acquisition cost
Tanah 3.944.747 - (101.513) - 3.843.234 Land
Bangunan dan prasarana 223.035.511 1.497.500 (231.723) 6.070.000 230.371.288 Buildings and infrastructure
Jumlah 226.980.258 1.497.500 (333.236) 6.070.000 234.214.522 Total
Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 43.662.412 15.457.813 (28.966) - 59.091.259 Buildings and infrastructure
Nilai tercatat neto 183.317.846 175.123.263 Net carrying amount
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2014 Additions Deductions Reclassifications 2014
Biaya perolehan Acquisition cost
Tanah 3.335.667 - - 609.080 3.944.747 Land
Bangunan dan prasarana 79.931.296 - - 143.104.215 223.035.511 Buildings and infrastructure
Jumlah 83.266.963 - - 143.713.295 226.980.258 Total

Bangunan dan prasarana 34.612.032 9.050.380 - - 43.662.412 Buildings and infrastructure
Nilai tercatat neto 48.654.931 183.317.846 Net carrying amount
Berdasarkan penilaian internal, nilai wajar properti Based on internal valuation, The fair value of
investasi entitas anak (SP dan KIG) pada tanggal investment property as of December 31, 2015 of
31 Desember 2015, sebesar Rp456.594.206. the subsidiaries (SP and KIG) amounted to
Rp456,594,206.
Nilai wajar properti investasi entitas anak (SP dan The fair value of investment property as of
KIG) pada tanggal 31 Desember 2014, sebesar December 31, 2014 of the subsidiaries (SP and
Rp464.788.789 berdasarkan penilaian pada tanggal KIG) amounted to Rp464,788,789, based on the
tersebut oleh Briskindo Konsultan (SP) dan KJPP valuation carried out at that date by Briskindo
Guntur Eki Andri dan Rekan (KIG), penilai Konsultan (SP) and KJPP Guntur Eki Andri dan
independen. Rekan (KIG), independent valuers.
Beban penyusutan sebesar Rp15.457.813 dan Depreciation expense in 2015 and 2014 amounting
Rp9.050.380 masing-masing untuk tahun 2015 dan to Rp15,457,813 and Rp9,050,380 were recorded
2014 dicatat sebagai beban pokok pendapatan. under cost of revenue.
Penghasilan sewa properti investasi tahun 2015 dan Rental income on investment properties in 2015
2014 masing-masing sebesar Rp26.262.539 dan and 2014 amounted to Rp26,262,539 and
Rp26.218.150. Rp26,218,150, respectively.

15. ASET TETAP 15. FIXED ASSETS

1 Januari/ Selisih kurs/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ Foreign December 31,
2015 Additions Deductions Reclassifications exchange 2015
Biaya perolehan: Acquisition cost:
Pemilikan Langsung Direct Ownership

Tanah 228.355.778 - - - - 228.355.778 Land
Tanah pertambangan 189.538.925 1.637.645 - - - 191.176.570 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 6.780.274.518 100.745.105 (4.191.584) 580.619.529 77.568.105 7.535.015.673 and harbors
Mesin-mesin 18.135.300.237 428.478.762 (51.887.235) 1.026.329.274 146.493.605 19.684.714.643 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 978.626.174 20.152.041 (16.614.072) 38.040.428 847.356 1.021.051.927 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 553.301.847 23.104.867 - 57.967.172 177.191 634.551.077 equipment
Aset dalam penyelesaian: Construction in progress:

Tanah 551.417.768 160.645.150 - - - 712.062.918 Land
dan pelabuhan 625.507.823 829.689.829 - (481.682.062) 5.590.981 979.106.571 and harbors
Mesin-mesin 1.495.470.058 2.048.897.869 (2.554.815) (1.005.452.932) - 2.536.360.180 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 22.163.044 57.596.708 - (70.194.348) - 9.565.404 vehicles
Perlengkapan 158.317.592 54.062.288 - (123.808.570) - 88.571.310 Equipment
Pabrik semen 286.392.548 2.417.629.440 - (60.185.361) - 2.643.836.627 Cement plant
30.004.666.312 6.142.639.704 (75.247.706) (38.366.870) 230.677.238 36.264.368.678
Aset Sewa Pembiayaan Leased Assets

Bangunan 120.623.955 20.894.500 - (382.721) - 141.135.734 Buildings
kendaraan 172.721.939 63.023.337 (59.107.340) 32.679.591 - 209.317.527 vehicles
kantor 40.534.782 - (4.384.262) - - 36.150.520 equipment
333.880.676 83.917.837 (63.491.602) 32.296.870 - 386.603.781
30.338.546.988 6.226.557.541 (138.739.308) (6.070.000) 230.677.238 36.650.972.459

dan deplesi: and depletion:

dan pelabuhan 1.964.805.639 226.836.834 (3.435.309) - 16.193.601 2.204.400.765 and harbors
Mesin-mesin 6.731.434.671 1.010.034.316 (22.724.812) - 26.997.347 7.745.741.522 Machinery
kendaraan 742.501.608 71.583.376 (16.168.622) - 738.155 798.654.517 vehicles
kantor 421.575.533 56.362.489 - 348.043 211.330 478.497.395 equipment
9.955.761.784 1.368.111.672 (42.328.743) 348.043 44.140.433 11.326.033.189
Bangunan 65.247.353 16.480.785 - - - 81.728.138 Buildings
kendaraan 78.670.474 40.900.189 (59.107.340) - - 60.463.323 vehicles
kantor 17.800.727 1.599.401 (3.986.986) (348.043) - 15.065.099 equipment
161.718.554 58.980.375 (63.094.326) (348.043) - 157.256.560
10.117.480.338 1.427.092.047 (105.423.069) - 44.140.433 11.483.289.749
Nilai tercatat neto 20.221.066.650 25.167.682.710 Net carrying amount




Tanah 202.128.769 217.400 - 26.009.609 - 228.355.778 Land
dan pelabuhan 5.721.995.535 33.044.773 - 1.003.843.245 21.390.965 6.780.274.518 and harbors
Mesin-mesin 15.744.738.209 177.242.739 (26.553.884) 2.206.070.752 33.802.421 18.135.300.237 Machinery
kendaraan 946.093.397 22.207.143 (24.720.526) 34.812.174 233.986 978.626.174 vehicles
kantor 501.549.102 34.512.551 (146.726) 17.338.176 48.744 553.301.847 equipment
Aset dalam penyelesaian: Construction in progress:

Tanah 469.056.933 82.360.835 - - - 551.417.768 Land
dan pelabuhan 746.847.256 574.267.837 (14.126.969) (680.639.939) (840.362) 625.507.823 and harbors
Mesin-mesin 1.413.308.445 1.181.240.658 - (1.099.079.045) - 1.495.470.058 Machinery
kendaraan 4.660.096 50.614.957 - (33.112.009) - 22.163.044 vehicles
Perlengkapan 59.563.026 116.402.214 (7.528) (17.640.120) - 158.317.592 Equipment
Pabrik semen 87.734.088 198.658.460 - - - 286.392.548 Cement plant
Pembangkit tenaga listrik 1.469.265.582 132.050.556 - (1.601.316.138) - - Power plants
27.485.894.148 2.673.405.338 (65.555.633) (143.713.295) 54.635.754 30.004.666.312

Bangunan 120.623.955 - - - - 120.623.955 Buildings
kendaraan 92.869.415 79.852.524 - - - 172.721.939 vehicles
kantor 44.091.025 - (3.556.243) - - 40.534.782 equipment
257.584.395 79.852.524 (3.556.243) - - 333.880.676
27.743.478.543 2.753.257.862 (69.111.876) (143.713.295) 54.635.754 30.338.546.988

dan deplesi: and depletion:

dan pelabuhan 1.765.990.013 194.700.302 (32.559) (1.160.367) 5.308.250 1.964.805.639 and harbors
Mesin-mesin 5.846.913.630 888.340.125 (12.147.597) 1.191.760 7.136.753 6.731.434.671 Machinery
kendaraan 688.203.883 77.238.243 (23.273.637) 62.406 270.713 742.501.608 vehicles
kantor 374.662.768 47.082.470 (146.726) (93.799) 70.820 421.575.533 equipment
8.768.208.683 1.210.367.084 (35.600.519) - 12.786.536 9.955.761.784
Bangunan 48.766.568 16.480.785 - - - 65.247.353 Buildings
kendaraan 45.472.108 33.198.366 - - - 78.670.474 vehicles
kantor 18.513.027 2.521.698 (3.233.998) - - 17.800.727 equipment
112.751.703 52.200.849 (3.233.998) - - 161.718.554
8.880.960.386 1.262.567.933 (38.834.517) - 12.786.536 10.117.480.338

Beban penyusutan dan deplesi aset tetap Depreciation and depletion expense of fixed assets
dialokasikan sebagai berikut: were allocated as follows:
2015 2014
Beban pabrikasi 1.333.591.265 1.192.462.116 Manufacturing costs
Beban usaha 93.500.782 70.105.817 Operating expenses
Jumlah 1.427.092.047 1.262.567.933 Total
Hak atas tanah Grup berupa Sertifikat Hak Milik The Groups land represents freehold land (SHM)
(SHM) dan Sertifikat Hak Guna Bangunan and land-use rights (SHGB). The SHGB will
(SHGB). SHGB memiliki masa berlaku antara expire between 2016 until 2044. Management
tahun 2016 hingga 2044. Manajemen berpendapat believes that the SHGB are extendable.
bahwa SHGB tersebut dapat diperpanjang.
Pada tanggal 31 Desember 2015 tingkat The completion stage of construction in progress
penyelesaian atas aset dalam penyelesaian adalah as of December 31, 2015 is as follows:
sebagai berikut:
Estimasi
tahun
Persentase penyelesaian/
penyelesaian/ Estimated
Completion completion
percentage year
Tanah dan tanah pertambangan 16% - 98% 2016 Mining land
Bangunan, jalan, jembatan Building, roads, brodges
dan pelabuhan 1% - 98% 2016 and harbors
Mesin-mesin 1% - 98% 2016 Machineries
Perlengkapan 22% - 95% 2016 Equipment
Pabrik semen 78% - 81% 2016 Cement plants
Sampai dengan 31 Desember 2015 dan 2014, biaya For the year ended December 31, 2015 and 2014,
perolehan pembangunan pabrik semen dan the construction costs of cement and power
pembangkit listrik termasuk biaya pinjaman plants include capitalized borrowing costs of
yang dikapitalisasi masing-masing sebesar Rp314,453,660 and Rp475,329,066, respectively,
Rp314.453.660 dan Rp475.329.066, selisih kurs and foreign currency exchange differences arose
mata uang asing yang merupakan lindung nilai atas from hedging commitments for the procurement of
komitmen pengadaan peralatan utama masing- main equipment of Rp29,063,919 and RpNil,
masing sebesar Rp29.063.919 dan RpNihil. Biaya respectively. Borrowing costs consist of interest
pinjaman terdiri dari biaya bunga dan amortisasi expense and amortization of transaction costs on
biaya transaksi atas pinjaman bank. Tingkat bank loans. The average capitalization rates were
kapitalisasi rata-rata adalah 12,46% dan 11,06% 12.46% and 11.06% in 2015 and 2014.
pada tahun 2015 dan 2014.
Penambahan aset tetap yang berasal dari transaksi Addition of fixed assets from a non-cash
nonkas aktivitas investasi dan pendanaan untuk transactions in investing and financing activities for
tahun yang berakhir pada tanggal 31 Desember year ended December 31, 2015 and 2014, are as
2015 dan 2014 masing-masing adalah sebagai follows:
berikut:
Aset sewa pembiayaan masing-masing sebesar Assets under finance leases of Rp83,917,837
Rp83.917.837 dan Rp79.852.524. and Rp79,852,524, respectively.
Kapitalisasi beban pinjaman yang belum Capitalization of unpaid borrowing costs of
dibayar masing-masing sebesar Rp3.289.386 Rp3,289,386 and Rp48,708,665, respectively.
dan Rp48.708.665.
Reklasifikasi dari uang muka proyek masing- Reclassification of project advances of
masing sebesar Rp653.796.641 dan Rp653,796,641 and Rp41,408,540,
Rp41.408.540. respectively.


Kapitalisasi biaya pembongkaran masing- Capitalization of costs of dismantling of

masing sebesar Rp3.812.720 dan Rp2.226.615. Rp3,812,720 and Rp2,226,615, respectively.
Aset tetap tertentu digunakan sebagai jaminan atas Certain fixed assets are used as collateral for non-
fasilitas pinjaman non-cash dan fasilitas kredit cash loan facilities and credit investment facilities
investasi (Catatan 20). (Note 20).
Jumlah tercatat aset tetap yang telah disusutkan The carrying amount of fixed assets that are fully
penuh dan masih digunakan pada tanggal depreciated and still in used for production as of
31 Desember 2015 dan 2014 masing-masing December 31, 2015 and 2014, amounted to
sebesar Rp2.679.102.744 dan Rp3.051.175.714. Rp2,679,102,744 and Rp3,051,175,714,
respectively.
Berdasarkan penilaian internal, nilai wajar aset tetap Based on internal valuation, the fair value of fixed
pada tanggal 31 Desember 2015 dan 2014 masing- assets as of December 31, 2015 and 2014
masing sebesar Rp39.187.142.267 dan amounted to Rp39,187,142,267 and
Rp34.193.436.580. Rp34,193,436,580, respectively.
Rincian laba penjualan aset tetap adalah sebagai Details of gain on sale of fixed assets are as
berikut: follows:
2015 2014
Hasil penjualan neto 299.272 22.758.761 Net proceeds from sale
Alat berat 765.850 24.720.526 Heavy equipment
Mesin - 26.553.884 Machinery
Peralatan - 146.726 Equipment
765.850 51.421.136
Akumulasi penyusutan: Accumulated depreciation:
Alat berat (493.222) (23.273.637) Heavy equipment
Mesin - (12.180.156) Machinery
Peralatan - (146.726) Equipment
(493.222) (35.600.519)
Nilai tercatat neto 272.628 15.820.617 Net carrying amount
Laba penjualan aset tetap 26.644 6.938.144 Gain on sale of fixed assets
Pada tanggal 15 Januari 2009, Direktur Jenderal On January 15, 2009, the Director General of Agro
Industri Agro dan Kimia - Kementerian Perindustrian and Chemical Industry - Ministry of Industry of the
Republik Indonesia (DJIAK-Menperin) menanda- Republic of Indonesia ("DJIAK-Menperin") signed a
tangani nota kesepahaman mengenai Model Project memorandum of understanding regarding the
for Waste Heat Recovery Power Generation in the Model Project for Waste Heat Recovery Power
Cement Industry (WHRPG) dengan The New Generation in the Cement Industry ("WHRPG")
Energy and Industrial Technology Development with The New Energy and Industrial Technology
Organization, Jepang (NEDO). Pada proyek ini, Development Organization, Japan ("NEDO"). On
peralatan pihak NEDO dipasang pada fasilitas this project, NEDOs equipments are installed on
pabrik SP dan SP berkewajiban menyediakan SPs plant facilities and SP shall provide the
infrastruktur dan peralatan pendukung dari proyek infrastructure and support equipment of the project.
tersebut. Sampai dengan tanggal 31 Desember For the year ended December 31, 2015, SP has
2015 SP telah mengeluarkan dana sebesar incurred expenditure of Rp90,090,208 for the
Rp90.090.208 untuk infrastruktur dan peralatan infrastructure and support equipment that are
pendukung yang dicatat sebagai aset tetap recorded as fixed assets (Note 48).
(Catatan 48).
Proyek tersebut telah dapat beroperasi dan telah The project has been operating and was
diresmikan oleh Menteri Perindustrian Republik inaugurated by the Minister of Industry of the
Indonesia dan perwakilan dari NEDO pada tanggal Republic of Indonesia and a representative from
26 Oktober 2011. NEDO on October 26, 2011.
Pada tanggal 2 Januari 2013, Kementerian On January 2, 2013, Ministry of Industry of the
Perindustrian Republik Indonesia melalui Direktur Republic of Indonesia through the Director General
Jenderal Basis Industri Manufaktur menyerahkan of Basic Manufacturing Industry passes the
penggunaan dan pemanfaatan mesin dan peralatan operation and utilization of Waste Heat Recovery
Waste Heat Recovery Power Generation kepada Power Generation equipment to SP.
SP.

Pada tanggal 31 Desember 2015 dan 2014, seluruh On December 31, 2015 and 2014, all of fixed
aset tetap dan properti investasi, kecuali tanah, telah assets and investment properties, excluding land,
diasuransikan dengan jumlah pertanggungan were insured with total coverage of
masing-masing sebesar Rp42.476.724.923 dan Rp42,476,724,923 and Rp39,267,784,936,
Manajemen Grup berpendapat bahwa jumlah Management of the Group believes that the
pertanggungan asuransi tersebut memadai untuk insurance coverage is adequate to cover possible
menutup kemungkinan kerugian atas aset yang losses on the assets insured.
dipertanggungkan.
16. BEBAN TANGGUHAN 16. DEFERRED CHARGES
2015 2014
Sewa jangka panjang 100.012.930 82.809.678 Long-term prepaid rent
Instalasi listrik dan telepon 25.340.595 25.340.595 Telephone and electrical installation
Lain-lain 49.584.487 31.553.362 Others
174.938.012 139.703.635
Akumulasi amortisasi (40.244.036) (26.387.018) Accumulated amortization
Jumlah 134.693.976 113.316.617 Total
Sewa jangka panjang merupakan biaya sewa tanah Long-term prepaid rent represents land rental,
yang diamortisasi selama dua puluh hingga lima which are amortized over twenty to fifty years.
puluh tahun.
Biaya instalasi telepon dan listrik diamortisasi The cost of telephone and electrical installations
selama lima tahun. are amortized over five years.
17. ASET TAKBERWUJUD 17. INTANGIBLE ASSETS

Lisensi 749.377.632 - - - 67.476.324 816.853.956 Licenses

Merek dagang 170.765.236 - - - 28.801.533 199.566.769 Trademark
Piranti perangkat lunak 172.741.046 245.000 - - 42.843 173.028.889 Computer software
Pengurusan perpanjangan
hak atas tanah 10.170.105 825.207 - - - 10.995.312 Land rights renewal
Goodwill 155.881.265 - - - 9.950.994 165.832.259 Goodwill
1.258.935.284 1.070.207 - - 106.271.694 1.366.277.185
Akumulasi amortisasi Accumulated amortization

dan penurunan nilai: and impairment:
Lisensi 37.468.882 19.638.295 - - 2.391.901 59.499.078 Licenses

Merek dagang 34.153.047 17.900.391 - - 2.180.229 54.233.667 Trademark
Piranti perangkat lunak 80.814.073 33.262.270 - - 77.472 114.153.815 Computer software
hak atas tanah 2.802.027 1.282.362 - - - 4.084.389 Land rights renewal
155.238.029 72.083.318 - - 4.649.602 231.970.949



Lisensi 738.181.498 - - - 11.196.134 749.377.632 Licenses

Merek dagang 168.213.905 - - - 2.551.331 170.765.236 Trademark
Piranti perangkat lunak 173.158.616 984.886 (1.412.483) - 10.027 172.741.046 Computer software
hak atas tanah 10.170.105 - - - - 10.170.105 Land rights renewal
Goodwill 153.552.309 - - - 2.328.956 155.881.265 Goodwill
1.243.276.433 984.886 (1.412.483) - 16.086.448 1.258.935.284
Akumulasi amortisasi Accumulated amortization

dan penurunan nilai: and impairment:
Lisensi 18.454.537 17.741.526 - - 1.272.819 37.468.882 Licenses
Merek dagang 16.821.390 16.171.478 - - 1.160.179 34.153.047 Trademark
Piranti perangkat lunak 48.005.856 34.213.867 (1.412.483) - 6.833 80.814.073 Computer software
hak atas tanah 1.519.664 1.282.363 - - - 2.802.027 Land rights renewal
84.801.447 69.409.234 (1.412.483) - 2.439.831 155.238.029
Merk dan lisensi merupakan aset takberwujud yang Trademark and license represent intangible assets
diakui sehubungan dengan akusisi TLCC. recognized in connection with the acquisition of
TLCC.
Beban amortisasi aset takberwujud seluruhnya Amortization of intangible assets is recorded to

dicatat pada beban penjualan dan beban umum dan selling and general and administration expenses in
administrasi dalam laporan laba rugi dan the consolidated statements of profit or loss and
penghasilan komprehensif lain konsolidasian. other comprehensive income.
18. UANG MUKA INVESTASI 18. ADVANCES FOR INVESTMENT

2015 2014
Proyek Pabrik Rembang 203.710.456 245.409.252 Rembang Plant Project
Pabrik Semen Indarung VI 113.529.703 254.535.703 Indarung VI Cement Plant
Pembelian barang investasi 11.039.959 31.990.304 Purchase of investment goods
Jumlah 328.280.118 531.935.259 Total
Akun ini merupakan uang muka pembelian barang This account represents advances for capital
modal dan akan direklasifikasi ke dalam aset dalam expenditures and will be reclassified into
penyelesaian pada saat pengiriman peralatan construction in progress upon delivery of the
kepada Grup. related equipment to the Group.
19. ASET LAIN-LAIN 19. OTHER ASSETS

2015 2014
Uang muka pembelian tanah 224.143.602 217.525.964 Advance for purchase of land
Aset reklamasi tambang 59.943.061 62.438.523 Reclamation asset
Piutang jangka panjang 42.591.128 22.861.429 Long-term receivables
Jaminan 18.295.152 15.502.790 Security deposits
Lainnya 15.135.614 7.934.950 Others
Jumlah 360.108.557 326.263.656 Total

Uang muka pembelian tanah adalah pembelian Advance for purchase of land consists of purchase
tanah oleh entitas anak (KIG) seluas 2.723.316 of 2,723,316 square meter land by subsidiary (KIG)
meter persegi yang berlokasi di Tuban, Gresik dan located in Tuban, Gresik and Rembang which are
Rembang dengan tujuan untuk dijual di masa yang intended to be sold in the future.
akan datang.
20. PINJAMAN 20. BORROWINGS

a. Jangka pendek a. Short-term
2015 2014
Rupiah Rupiah
Indonesia Eximbank 134.704.585 75.432.045 Indonesia Eximbank
Pihak berelasi: Related party:
Jumlah 134.704.585 76.533.045 Subtotal
Dong Vietnam Vietnamese Dong

An Binh Bank - 1.277.377 An Binh Bank
Bui Thi The - 883.500 Bui Thi The
Jumlah - 2.160.877 Subtotal
Sapa Vietnam JSC 3.898.983 2.899.320 Sapa Vietnam JSC
Gelexim Trading and Gelexim Trading and
Investment JSC - 215.436 Investment JSC
Jumlah 3.898.983 3.114.756 Subtotal
Jumlah 138.603.568 81.808.678 Total
PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk
1. Perseroan 1. The Company
Pada 17 April 2012, Perseroan On April 17, 2012, the Company entered
menandatangani perjanjian pemberian into an agreement for supply and
fasilitas pembukaan Letter of Credit (LC) management for Letter of Credit (LC) with
dengan PT Bank Negara Indonesia PT Bank Negara Indonesia (Persero) Tbk
(Persero) Tbk dengan maksimum fasilitas for a maximum facility of USD25,000,000.
sebesar USD25.000.000. Berdasarkan On April 23, 2014, the facilities have been
surat persetujuan perubahan perjanjian extended up to April 16, 2016. The
tanggal 23 April 2014, fasilitas ini Company is charged an interest as
diperpanjang sampai dengan tanggal stipulated in the agreement.
16 April 2016. Perseroan dikenakan bunga
sebagaimana yang diatur di dalam
perjanjian.
Pada tanggal 31 Desember 2015 dan 2014, As at December 31, 2015 and 2014, the
nilai LC yang telah diterbitkan dan masih outstanding LC amounts under this facility
berjalan berdasarkan fasilitas ini adalah were EUR1,438,114, and EUR9,303,539,
masing-masing EUR1.438.114, dan JPY4,690,000, respectively. There are no
EUR9.303.539, JPY4.690.000. Tidak amounts under this facility which are due
terdapat fasilitas LC yang telah jatuh tempo and unpaid as of December 31, 2015 and
dan masih belum dibayar pada tanggal 2014.
31 Desember 2015 dan 2014.


Fasilitas ini mensyaratkan Perseroan untuk These facilities require the Company to
memelihara rasio keuangan tertentu dan maintain certain financial ratios and
kewajiban untuk melapor antara lain jika require the Company to report the
adanya perubahan modal dan susunan changes in share capital and management
pengurus, melakukan investasi saham structure, any new investment in shares,
baru, memperoleh fasilitas kredit dan/atau new loan facility and/or borrowing and
pinjaman dari pihak lain dan melakukan dividends payment. As of December 31,
pembayaran dividen. Pada tanggal 2015 and 2014, the Company is in
31 Desember 2015 dan 2014, Perseroan compliance with all of the financial
telah memenuhi semua rasio keuangan covenants.
yang dipersyaratkan.
Pada tanggal 17 April 2012, Perseroan On April 17, 2012, the Company entered
menandatangani perjanjian fasilitas into a forex line facility agreement
valuta asing dengan PT Bank Negara PT Bank Negara Indonesia (Persero) Tbk
Indonesia (Persero) Tbk dengan nilai for a maximum facility amount of
fasilitas maksimum sebesar setara USD10,000,000. The facility is due on
USD10.000.000. Fasilitas memiliki jangka April 16, 2013 and has been extended up
waktu sampai dengan 16 April 2013 dan to April 16, 2016. As of December 31,
telah diperpanjang sampai dengan tanggal 2015 and 2014, the Company did not use
16 April 2016. Pada tanggal 31 Desember this facility.
2015 dan 2014, fasilitas ini belum
digunakan.
2. PT Semen Padang (SP) 2. PT Semen Padang (SP)
Berdasarkan Surat Perjanjian Kredit Based on the Letter of Credit Agreement

No. 2012-130/KMK pada tanggal for working capital No. 2012-130/KMK on
28 Agustus 2012, entitas anak SP, August 28, 2012, a subsidiary of SP,
PT Sepatim Batamtama, memperoleh PT Sepatim Batamtama, obtained working
fasilitas kredit modal kerja dari PT Bank capital loan from PT Bank Negara
Negara Indonesia (Persero) Tbk (BNI) Indonesia (Persero) Tbk (BNI) with
dengan jumlah plafond maksimum sebesar maximum facility of Rp4,600,000 with an
Rp4.600.000 dengan tingkat bunga 14,25% interest rate of 14.25% p.a. This facility is
per tahun. Fasilitas tersebut diberikan granted for 12 months and was recently
selama jangka waktu 12 bulan. Fasilitas ini extended to August 26, 2015. These
terakhir kali diperpanjang kembali sampai securities are secured by the fiduciary of
dengan tanggal 26 Agustus 2015. Fasilitas cement and sparepart inventories,
perjanjian bank ini secara fidusia dijamin accounts receivable with age below 60
dengan persediaan semen dan suku days, deposit, land, building, vehicle,
cadang, piutang usaha dengan kriteria machine and bill for the working cooper
umur dibawah 60 hari, deposito, tanah, sludge. In 2015, all outstanding loan has
bangungan, kendaraan, mesin serta been settled.
tagihan atas pengerjaan cooper sludge.
Pada tahun 2015, seluruh pinjaman
tersebut telah dilunasi.
Pada 31 Desember 2015 dan 2014, As of December 31, 2015 and 2014, total
pinjaman jangka pendek dari fasilitas ini outstanding short-term borrowing from this
masing-masing sebesar RpNihil dan facility amounted to RpNil and
Rp1.101.000. Rp1,101,000, respectively.

Pada tahun 2007, SP menandatangani In 2007, SP entered into an agreement for

perjanjian fasilitas pembukaan LC dan LC and foreign exchange line facilities
fasilitas transaksi valuta asing dengan with PT Bank Negara Indonesia (Persero)
PT Bank Negara Indonesia (Persero) Tbk. Tbk. The facilities had been extended
Fasilitas ini telah beberapa kali diperpanjang several times and most recently have been
dengan perpanjangan terakhir sampai extended up to April 16, 2016 and currently
dengan tanggal 16 April 2016 dengan nilai has maximum facilities of USD30,000,000
maksimal fasilitas masing-masing sebesar and USD5,000,000, respectively. These
USD30.000.000 dan USD5.000.000. facilities are secured by the fiduciary
Fasilitas ini dijamin secara fidusia dengan transfer of goods, raw materials,
barang, bahan baku, bahan pembantu dan supporting materials and spare parts
suku cadang yang diimpor/dibeli dengan imported/purchased utilizing these
fasilitas ini. facilities.
Atas setiap pembukaan LC, SP diwajibkan SP is required to make margin deposits of

untuk menyetor margin deposit sebesar 10% of the nominal amounts of LCs issued
10% dari nilai nominal LC yang diterbitkan under such facilities (Note 5).
(Catatan 5).
Fasilitas ini mensyaratkan SP untuk These facilities require SP to maintain

memelihara rasio keuangan tertentu certain financial ratios and to report
dan kewajiban melapor apabila terjadi changes in the Boards of Directors and
perubahan susunan Direksi dan Komisaris, Commissioners, share capital and
dan modal dan susunan pemegang saham, shareholders, and payments of dividends,
dan melakukan pembayaran dividen, and credit facilities and/or loans obtained
fasilitas kredit dan/atau pinjaman dari pihak from other parties. As of December 31,
lain. Pada tanggal 31 Desember 2015 dan 2015 and 2014, SP is in compliance with
2014, SP telah memenuhi semua rasio all of the financial covenants.
keuangan yang dipersyaratkan.
nilai LC yang telah diterbitkan dan masih outstanding LC amounts under
berjalan berdasarkan fasilitas ini this facility were EUR2,571,626,
adalah masing-masing EUR2.571.626, USD5,641,880 and EUR2,468,713,
USD5.641.880 dan EUR2.468.713, GBP24,418, USD6,733,507. There are no
GBP24.418, USD6.733.507. Tidak terdapat amounts under this facility which are due
fasilitas LC yang telah jatuh tempo dan and unpaid as of December 31, 2015 and
belum dibayar pada tanggal 31 Desember 2014.
2015 dan 2014.
Pada tahun 2015, sesuai dengan akta 0 In 2015, based on notarial deed M.Kholid
notaris M.Kholid Artha S.H., No.56 tanggal Artha S.H., No.56 dated December 10,
10 Desember 2014 perihal perjanjian kredit 2014 regarding with local credit agreement
lokal dan akta notaris No.57 tanggal 10 and notarial deed No.57 dated December
Desember 2014 perihal perjanjian 10, 2014 regarding with bank guarantee
penerbitan Bank Garansi, BSA mengalihkan issuance agreement, BSA transferred
fasilitas kredit dan bank garansi dari BCA credit local facility and bank guarantee
kepada Bank Negara Indonesia Tbk. Jangka from BCA to Bank Negara Indonesia Tbk.
waktu fasilitas kredit lokal dan bank garansi Credit period for local credit facility and
adalah sampai dengan 16 April 2016. bank guarantee is until April 16, 2016.


Indonesia Eximbank Indonesia Eximbank
Pada tanggal 3 Desember 2014, SPB On December 3, 2014, SPB entered into
menandatangi perjanjian pembiayaan untuk financing agreement for export capital work
fasilitas Kredit Modal Kerja Ekspor I, Fasilitas facility I, export capital work facility II and
Kredit Modal Kerja II dan fasiltas jaminan guarantee facility with Indonesia Eximbank
dengan Indonesia Eximbank dengan maksimum with maximum facilities amounting to
fasilitas masing-masing sebesar Rp5.000.000, Rp5,000,000, Rp257,500,000 and
Rp257.500.000 dan Rp2.500.000. Fasilitas ini Rp2,500,000, respectively. These facilities
dijamin secara fidusia dengan persediaan, were secured by the fiduciary inventories,
piutang dagang dan aset tetap. Jangka waktu trade accounts receivable and fixed assets.
fasilitas 12 bulan. Tingkat bunga yang The term of these facilities are for 12 months.
dikenakan untuk fasilitas kredit modal kerja The interest rate for capital work facility I and
Ekspor I dan II adalah 10,25% p.a dan dapat export capital work facility II are 10.25% and
berubah sewaktu-waktu sesuai dengan can be changed any time based on information
ketentuan yang berlaku di Indonesia Eximbank, from Indonesia Eximbank, while for guarantee
sedangkan untuk fasilitas jaminan, imbal jasa facility, the guarantee fee is ranging 0.65%-
penjaminan adalah sebesar 0,65%-1,5%. 1.5%.
Fasilitas ini telah diperpanjang dengan The facilities had been extended up to
perpanjangan terakhir sampai dengan tanggal December 2, 2016, with an interest rate of
2 Desember 2016 dengan tingkat bunga 10.00% p.a. As of December 31, 2015 and
sebesar 10,00% p.a. Pada tanggal 31 2014 the total outstanding facility amounting to
Desember 2015 dan 2014, saldo fasilitas ini Rp134,704,585 and Rp75,432,045,
masing-masing sebesar Rp134.704.585 dan respectively.
Rp75.432.045.
Pada tanggal 4 Desember 2015 SPB On December 4, 2015, SPB obtained non-
memperoleh fasilitas pembiayaan non revolving revolving financing facility in the form of KIE
berupa fasilitas KIE yang tujuan facilities which are intended for acquisition of
penggunaannya untuk pembelian Batching Batching Plant, Truck Mixer and Loader with a
Plant, Truck Mixer dan Loader dengan limit credit limit of Rp84,800,000. The period of this
kredit sebesar Rp84.800.000. Jangka Waktu facility is 60 months from the signing of the
atas fasilitas tersebut 60 bulan dari loan agreement with an interest rate of
penandatanganan perjanjian kredit dengan 10.25%. This loan was secured by several
tingkat suku bunga 10,25%. Pinjaman tersebut fixed assets of SPB with total amount of
dijamin dengan aset tetap SPB dengan total Rp106,000,000. As of of December 31, 2015,
jaminan sebesar Rp106.000.000. Pada tanggal this facility has not been used.
31 Desember 2015, fasilitas ini belum
digunakan.
Fasilitas ini mensyaratkan SPB untuk These facilities require SPB to maintain certain
memelihara rasio keuangan tertentu financial ratios based on audited financial
berdasarkan laporan keuangan yang telah information and other terms as stipulated in the
diaudit dan persyaratan lain yang diatur di agreement. As of December 31, 2015 and
dalam perjanjian. Pada tanggal 31 Desember 2014, one of the financial ratio was not met
2015 dan 2014, salah satu rasio keuangan tidak and as indicated in loan agreement, SPB has
terpenuhi dan sesuai dengan perjanjian kredit notified the Bank.
SPB telah memberitahukan kepada Bank.

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

1. Perseroan 1. The Company
Fasilitas Non-Cash Loan Non-Cash Loan Facility

Pada tanggal 31 Oktober 2001, Perseroan On October 31, 2001, the Company
menandatangani perjanjian fasilitas non- entered into a non-cash loan (NCL)
cash loan (NCL) dalam bentuk letter of credit facilities agreement in the form of a letter
(LC) dengan PT Bank Mandiri (Persero) Tbk of credit (LC) facility with
dengan nilai fasilitas maksimum sebesar PT Bank Mandiri (Persero) Tbk for a
setara USD50.000.000 dan sub limit fasilitas maximum equivalent amount of
trust receipt (TR) sebesar setara USD50,000,000 and a sub limit trust
USD25.000.000. Fasilitas ini dijamin secara receipts (TR) facility of equivalent
fidusia dengan barang yang diimpor/dibeli USD25,000,000. These facilities were
dengan menggunakan fasilitas ini dan/atau secured by the fiduciary transfer of the
bank garansi yang dimiliki Perseroan. imported/purchased goods acquired using
Fasilitas ini telah beberapa kali diperpanjang these facilities and/or bank guarantees of
dengan perpanjangan terakhir sampai the Company. The facilities have been
dengan tanggal 27 Juni 2016. Tingkat bunga extended several times and most recently
yang dikenakan untuk fasilitas LC dan TR have been extended up to June 27, 2016.
adalah sesuai dengan ketentuan yang The interest rate for LC and TR facilities
berlaku di Bank. are in accordance with the rate applied in
the Bank.
berjalan berdasarkan fasilitas ini adalah were USD4,345,727, EUR4,805,248,
masing-masing sebesar USD4.345.727, JPY1,215,720,000 and USD1,408,310,
EUR4.805.248, JPY1.215.720.000 EUR1,560,299, JPY1,950,724,850,
dan USD1.408.310, EUR1.560.299, respectively. There are no amounts under
JPY1.950.724.850. Tidak terdapat fasilitas this facility which are due and unpaid as of
LC yang telah jatuh tempo dan belum December 31, 2015 and 2014.
dibayar pada tanggal 31 Desember 2015
dan 2014.
memelihara rasio keuangan tertentu dan maintain certain financial ratios and require
kewajiban untuk melapor antara lain jika the Company to report, among others,
Perseroan mengumumkan atau membayar when the Company declares or pays
dividen, memberikan pinjaman kepada dividends, provides loans to third parties,
ketiga, menggadaikan sahamnya, pledges its shares, grants guarantees or
mengikatkan diri sebagai penjamin utang pledges its assets to any other parties. As
atau menjaminkan harta kekayaannya of December 31, 2015 and 2014, the
kepada pihak lain. Pada tanggal Company is in compliance with all of the
31 Desember 2015 dan 2014, Perseroan financial covenants.
telah memenuhi semua rasio keuangan
yang dipersyaratkan.
Fasilitas Modal Kerja Working Capital Facility
Pada tanggal 2 Agustus 2012, Perseroan On August 2, 2012, the Company obtained
mendapat fasilitas Standby Loan dari Standby Loan facility from PT Bank
PT Bank Mandiri (Persero) Tbk sebesar Mandiri (Persero) Tbk of Rp1,000,000,000.
Rp1.000.000.000. Berdasarkan adendum Based on the fourth amendment dated
keempat tanggal 28 Juni 2015, tingkat June 28, 2015 the interest rate is 10.75%
bunga yang berlaku adalah sebesar per annum with reference rate method
10,75% per tahun dengan metode based on Published Rate Time Deposit
reference rate berdasarkan Published (PRTD) of Bank Mandiri for 3 months.
RateTime Deposit (PRTD) Bank Mandiri The interest rate will be reviewed every
untuk 3 bulan. Suku Bunga akan direviu 3 months. This facility has been extended
setiap 3 bulan. Fasilitas ini telah up to June 27, 2016.
diperpanjang sampai dengan tanggal
27 Juni 2016.


memelihara rasio keuangan tertentu. Pada maintain certain financial ratios. As of
tanggal 31 Desember 2015 dan 2014, December 31, 2015 and 2014, the
Perseroan telah memenuhi semua rasio Company is in compliance with all of the
keuangan yang dipersyaratkan. financial covenants.
Pada tanggal 31 Desember 2015 dan 2014, As of December 31, 2015 and 2014, the
Perseroan belum menggunakan fasilitas ini. Company did not use this facility.
Fasilitas Transaksi Treasury Treasury Line Facility
Pada tanggal 21 Juni 2010, Perseroan On June 21, 2010, the Company entered
menandatangani perjanjian jasa pelayanan into a treasury line agreement with
transaksi treasury dengan PT Bank Mandiri PT Bank Mandiri (Persero) Tbk. This
(Persero) Tbk. Perjanjian ini telah agreement has been amended most
diadendum terakhir pada tanggal 28 Juni recently on June 28, 2015. Based on fifth
2015. Berdasarkan adendum kelima, amendment, the facility is used for selling
fasilitas ini digunakan untuk melakukan and buying foreign currency for daily
penjualan dan pembelian valuta asing capital expenditure and operational
dalam rangka pembelanjaan modal rutin activities. The maximum facility is
dan kegiatan operasional lainnya. Nilai USD50,000,000 which is due to expire on
fasilitas sebesar USD50.000.000 yang June 27, 2016. This facility is secured by
akan jatuh tempo pada tanggal 27 Juni the collateral for Non Cash Loan, Working
2016. Fasilitas ini dijamin dengan agunan Capital facilities and cross collateral and
yang digunakan untuk fasilitas Non Cash cross default with other facilities. As of
Loan, Kredit Modal Kerja dan cross December 31, 2015 and 2014, the
collateral dan cross default dengan agunan Company did not use this facility.
fasilitas lainnya. Pada tanggal
31 Desember 2015 dan 2014, fasilitas ini
belum digunakan.
Pada tanggal 5 September 2012, SP On September 5, 2012, SP entered into
menandatangani perjanjian fasilitas non- non-cash loan facilities agreement with
cash loan dengan PT Bank Mandiri PT Bank Mandiri (Persero) Tbk for a letter
(Persero) Tbk dengan nilai letter of credit of credit facility of Rp150,000,000 with sub
maksimum sebesar Rp150.000.000 dengan limit trust receipts of Rp75,000,000,
sub limit trust receipt sebesar treasury line and bills purchase line
Rp75.000.000, fasilitas treasury line dan facilities with maximum credit
bills purchase line digunakan masing- USD10,000,000 and USD2,200,000
masing maksimum sebesar respectively. These facilities are secured
USD10.000.000 dan USD2.200.000 by fiduciary with accounts receivable, fixed
Fasilitas ini dijamin secara fidusia dengan assets such as land SHGB No. 24 on
piutang usaha, aset tetap berupa tanah behalf of SP and its buildings,
SHGB No. 24 atas nama SP beserta infrastructure, plant machinery and
bangunan, prasarana, mesin pabrik dan equipment thereon. These facilities were
peralatan diatasnya. Fasilitas ini terakhir most recently extended until June 27,
kali diperpanjang kembali hingga tanggal 2016.
27 Juni 2016.

Fasilitas ini mensyaratkan SP untuk These facilities require SP to maintain

memelihara rasio keuangan tertentu dan certain financial ratios and require the SP
kewajiban melapor apabila terjadi to report changes in the Boards of
perubahan susunan Direksi dan Dewan Directors and Commissioners, share
Komisaris, dan modal dan susunan capital and shareholders, and payments of
pemegang saham dan melakukan dividends and credit facilities and/or loans
pembayaran dividen, fasilitias kredit obtained from other parties. As of
dan/atau pinjaman dari pihak lain. Pada December 31, 2015 and 2014, SP has
tanggal 31 Desember 2015 dan 2014, SP fulfilled all the required ratios as stated in
telah memenuhi rasio keuangan yang the agreement.
disaratkan dalam perjanjian.
nilai LC yang telah diterbitkan dan masih outstanding LC amount under this facility
berjalan berdasarkan fasilitas ini sebesar was USDNil and USD935,000,
USDNihil dan USD935.000. Tidak terdapat respectively. There are no amounts under
fasilitas LC yang telah jatuh tempo dan this facility which are due and unpaid as of
belum dibayar pada tanggal 31 Desember December 31 2015 and 2014.
2015 dan 2014.
3. PT Semen Tonasa (ST) 3. PT Semen Tonasa (ST)

Pada tanggal 23 Juni 2015, ST On June 23, 2015, ST signed the
menandatangani adendum ketiga belas thirteenth addendum to the non-cash loan
dari perjanjian fasilitas non-cash loan facilities in the form of import letters of
dalam bentuk letter of credit (LC) impor, credit (LC), Domestic LC (SKBDN-
SKBDN (Sight/Usance/UPAS) dan Bank sight/usance/UPAS) and bank guarantee
Garansi dengan PT Bank Mandiri (Persero) agreement with PT Bank Mandiri
Tbk dengan nilai fasilitas maksimal sebesar (Persero) Tbk involving a maximum facility
USD15.000.000 dengan sub limit supply of USD15,000,000 with a sub limit supply
chain financial sebesar USD3.500.000. chain financial facility of USD3,500,000,
Fasilitas ini akan jatuh tempo pada tanggal respectively. The facilities are due to
27 Juni 2016 dan dijamin secara fidusia expire on June 27, 2016 and are secured
dengan barang-barang yang dibeli/diimpor by the fiduciary transfer of the
dan hipotik tanah di Pangkep. Tujuan dari purchased/imported goods and a
fasilitas ini adalah untuk pembiayaan dalam mortgage over land rights located in
rangka pembelian bahan baku, bahan Pangkep. The purpose of this facility is to
pembantu, bahan bakar dan suku cadang. finance for the purchase of raw materials,
supporting materials, fuel and spare parts.
Fasilitas yang masih belum digunakan As of December 31, 2015 and 2014, total
pada tanggal 31 Desember 2015 dan 2014 unused facility amounted to
sebesar USD10.096.000. USD10,096,000.

Pada tanggal 23 Juni 2015, ST On June 23, 2015, ST signed the fifth
menandatangani adendum ke lima addendum treasury line agreement with
perjanjian jasa pelayanan transaksi PT Bank Mandiri (Persero) Tbk for sell
treasury dengan PT Bank Mandiri (Persero) and purchase transaction of foreign
Tbk untuk melakukan transaksi penjualan exchange currency, involving a maximum
dan pembelian foreign exchange valuta facility of USD12,000,000. The facility is
dengan nilai fasilitas maksimal sebesar due to expire on June 27, 2016 and is
USD12.000.000. Fasilitas ini akan jatuh secured by cross collateral and cross
tempo pada tanggal 27 Juni 2016 dan default with other facilities (excluding
dijamin dengan cross collateral dan cross syndicated credit facility). The purpose of
default dengan fasilitas lainnya (kecuali this facility is to hedge the export/import
fasilitas kredit bank sindikasi). Tujuan dari transactions of ST.
fasilitas ini adalah untuk kepentingan
lindung nilai atas transaksi ekspor/impor
ST.


Sampai tanggal 31 Desember 2015 dan As of December 31, 2015 and 2014, this
2014, fasilitas ini belum digunakan. facility remains unused.
4. PT Semen Gresik (SG) 4. PT Semen Gresik (SG)
Pada tanggal 11 Maret 2014, SG On March 11, 2014, SG signed non-cash
menandatangani perjanjian fasilitas non- loan (NCL) facilities agreement in the form
cash loan (NCL) dalam bentuk letter of of a letter of credit (LC) facility with PT
credit (LC) dengan PT Bank Mandiri Bank Mandiri (Persero) Tbk until
(Persero) Tbk sampai dengan September 21, 2017 for a maximum
21 September 2017 dengan nilai fasilitas amount of Rp1,400,000,000. This facility
maksimum sebesar Rp1.400.000.000. was secured by the fiduciary transfer of
Fasilitas ini dijamin secara fidusia dengan the imported/purchased goods acquired
barang yang diimpor/dibeli dengan using these facilities and/or bank
menggunakan fasilitas ini dan/atau bank guarantees of SG. The interest rate for LC
garansi yang dimiliki SG. Tingkat bunga facilities is in accordance with the rate
yang dikenakan untuk fasilitas LC adalah applied in the bank.
sesuai dengan ketentuan yang berlaku di
Bank.
berjalan berdasarkan fasilitas ini masing- was Rp88,832,797 and Rp8,460,940,
masing sebesar Rp88.832.797 dan respectively. There are no amounts under
Rp8.460.940. Tidak terdapat fasilitas LC this facility which are due and unpaid as of
yang telah jatuh tempo dan belum dibayar December 31, 2015 and 2014.
pada tanggal 31 Desember 2015 dan 2014.
Selama fasilitas ini belum lunas, SG Before the settlement of this facility, SG
berkewajiban untuk memenuhi syarat- has obligation to comply with all conditions
syarat seperti yang diatur dalam perjanjian. as stipulated in the agreement. As of
Pada tanggal 31 Desember 2015 dan 2014, December 31, 2015 and 2014, SG has
SG telah memenuhi semua persyaratan complied with all conditions as stipulated
yang telah diatur di dalam perjanjian. in the agreement.
Pada tanggal 24 Pebruari 2015, SG On February 24, 2015, SG signed the first
menandatangani adendum pertama dari addendum of treasury line facility
perjanjian fasilitas jasa pelayanan transaksi agreement with PT Bank Mandiri
treasury dengan PT Bank Mandiri (Persero) (Persero) Tbk. The facility is used for
Tbk. Fasilitas ini digunakan dalam rangka selling and buying foreign currency for
melakukan pengadaan dan pembelian daily capital expenditure and operational
valuta asing untuk pembelanjaan modal activities. The maximum facility is
rutin dan kegiatan operasional lainnya. Nilai USD55,000,000 which is due to expire on
fasilitas sebesar USD55.000.000 yang February 24, 2016. This facility is secured
akan jatuh tempo pada tanggal 24 Pebruari by the collateral for Non Cash Loan, joint
2016. Fasilitas ini dijamin dengan agunan collateral and cross default with other
fasilitas non cash loan, joint collateral dan facilities. As of December 31, 2015 and
cross default dengan fasilitas lainnya. Pada 2014, no outstanding transaction under
tanggal 31 Desember 2015 and 2014, tidak this facility.
ada transaksi yang masih berjalan atas
fasilitas ini.

An Binh Commercial Joint Stock Bank (An An Binh Commercial Joint Stock Bank (An
Binh Bank) Binh Bank)
Pada tahun 2011, TLCC menandatangani In 2011, TLCC entered into a loan agreement
perjanjian pinjaman dengan An Binh Bank yang with An Binh Bank, which was amended in
diperbaharui pada tahun 2012, untuk pokok 2012, for original principal of the loan of
awal pinjaman sebesar VND322.991 ribu. VND322,991 thousand. The loan is repaid
Pinjaman ini dibayar setiap enam bulan setelah every six months after drawdown and subject
pencairan dan dikenakan pembayaran bunga to monthly interest payment which rate is
bulanan yang besarnya berubah setiap tiga changed every three months. Interest rate was
bulan. Tingkat suku bunga berkisar masing- ranging from 12% to 15% per annum in 2014
masing antara 12% sampai dengan 15% per and 2013. The loan is secured by the TLCCs
tahun pada tahun 2014 dan 2013. Pinjaman ini saving account in Geleximco.
dijaminkan dengan saldo tabungan TLCC pada
Bank Geleximco.
Pada tanggal 31 Desember 2014, jumlah As of December 31, 2014, total short term
pinjaman jangka pendek termasuk bunga adalah borrowing, including interest, amounted to
sebesar dan VND2.168.722 atau Rp1.277.377. VND2,168,722 or Rp1,277,377. In 2015, all
Pada tahun 2015, seluruh pinjaman tersebut outstanding loan has been settled.
telah dilunasi.
Bui Thi The Bui Thi The
Pada tanggal 30 Maret 2012, TLCC On March 30, 2012, TLCC entered into a loan
menandatangani perjanjian dengan Bui Thi The agreement with Bui Thi The amounting to
senilai VND24 miliar. Pokok dibayar setelah VND24 billion. Principal is repaid after one
satu bulan setelah tanggal pencairan masing- month from date of each drawdown.
masing pinjaman.
Pada tanggal 31 Desember 2014, jumlah As of December 31, 2014, total short-term
pinjaman adalah sebesar VND1.500.000 atau borrowing amounted to VND1,500,000 or
Rp883.500. Pada tahun 2015, seluruh pinjaman Rp883,500. In 2015, all outstanding loan has
tersebut telah dilunasi. been settled.
Sapa Vietnam JSC (dahulu Sapa Geleximco Sapa Vietnam JSC (formerly Sapa
JSC) Geleximco JSC)
TLCC menandatangani tiga perjanjian pinjaman TLCC entered into three loan agreements for
dengan Sapa Vietnam JSC, dengan pokok awal an original principal of VND21 billion with Sapa
pinjaman sebesar VND21 miliar, pada tanggal Vietnam JSC, on September 27, August 31,
27 September 2012 sebesar VND8 miliar, and December 29, 2012 amounting to
tanggal 31 Agustus 2012 sebesar VND5,5 miliar, VND8 billion, VND5.5 billion, and VND7.5
dan pada tanggal 29 Desember 2012 sebesar billion, respectively. TLCC has paid VND5
VND7,5 miliar. Pinjaman ini dibayar setiap tiga billion in 2013. The loans are repaid every
bulan sejak tanggal pencairan. Tingkat suku three months from drawdown date. Interest
bunga berkisar antara 12% sampai dengan 13% rate is ranging from 12% to 13% per annum. In
per tahun. Pada tahun 2014, seluruh pokok 2014, all of loan principal has been settled.
pinjaman telah dilunasi.
Pada tanggal 31 Desember 2015 dan 2014 As of December 31, 2015 and 2014, the total
jumlah pinjaman jangka pendek berupa bunga short-term borrowing consist of interests due
pinjaman masing-masing sebesar amounting to VND6,222,444 or Rp3,898,983
VND6.222.444 atau Rp3.898.983 dan and VND4,922,444 or Rp2,899,320,
VND4.922.444 atau Rp2.899.320. respectively.


Gelexim Trading and Investment JSC Gelexim Trading and Investment JSC
(dahulu Geleximco Trading and Investment (formerly Geleximco Trading and
JSC) Investment)
Pada tanggal 29 Oktober 2012, TLCC On October 29, 2012, TLCC entered into a
menandatangani perjanjian pinjaman jangka short-term borrowing agreement with Gelexim
pendek dengan Gelexim Trading and Trading and Investment JSC, amounting to
Investment JSC dengan pokok pinjaman VND3 billion with interest rate of 15% per
sebesar VND3 miliar dengan tingkat suku annum. In 2014, all of loan principal has been
bunga sebesar 15% per tahun. Pada tahun settled.
2014, seluruh pokok pinjaman telah dilunasi.
Pada tanggal 31 Desember 2014 jumlah As of December 31, 2014 the total short-term
pinjaman jangka pendek berupa bunga borrowing consist of interests due amounting
pinjaman VND365.765 atau Rp215.436. Pada to VND365,765 or Rp215,436. In 2015, all of
tahun 2015, seluruh bunga pinjaman telah interest due has been settled.
dilunasi.
PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk
PT Semen Padang (SP) PT Semen Padang (SP)
Pada tanggal 29 Mei 2013, SP menandatangani On May 29, 2013, SP entered into an
perjanjian berupa pemberian fasilitas Non Cash agreement for non cash loan facility such as
Loan berupa Penangguhan Jaminan Impor Penangguhan Jaminan Impor dan Kredit Modal
(LC/SKBDN) dan Kredit Modal Kerja Impor Kerja Impor with PT Bank Rakyat Indonesia
dengan PT Bank Rakyat Indonesia (Persero) (Persero) Tbk involving mximum of each
Tbk dengan nilai maksimum untuk masing- facilities amounting USD15,000,000. These
masing fasilitas sebesar USD15.000.000. facilities were most recently extended to
Fasilitas ini terakhir kali diperpanjang kembali May 29, 2016. These facilities are secured by
hingga tanggal 29 Mei 2016. Fasilitas ini dijamin the goods, raw materials, supporting materials
dengan barang atau bahan baku, bahan and spareparts purchased utilizing these
pendukung dan suku cadang yang dibeli facilities.
menggunakan fasilitas ini.
Fasilitas ini mensyaratkan SP untuk These facilities require SP to report the

memberitahukan ke Bank apabila terjadi changes in management structure, articles of
perubahan susunan pengurus, anggaran dasar, association, and share capital, and report any
dan modal saham, melakukan tindakan investment in shares or increase in value of
penyertaan saham atau peningkatan nilai investment, mergers, acquisition, going public,
penyertaan, merger, akuisisi, go public, dan and selling assets of more than
penjualan aset yang melebihi Rp200.000.000. Rp200,000,000.
Pada tanggal 31 Desember 2015 dan 2014, nilai As of December 31, 2015 and 2014
LC yang telah diterbitkan dan masih berjalan outstanding LC amounts under these facilities
berdasarkan fasilitas ini masing-masing were USDNil and USD5,517,875, respectively.
USDNihil dan USD5.517.875. Tidak terdapat There are no amounts under this facility which
fasilitas LC yang telah jatuh tempo dan belum are due and unpaid as of December 31, 2015
dibayar pada tanggal 31 Desember 2015 dan and 2014.
2014.

b. Jangka panjang b. Long-term

2015 2014
Pinjaman bank: Bank loans:
Bank Sindikasi Syndicated Bank
Standard Chartered Bank 1.185.340.608 1.237.391.603 Standard Chartered Bank
PT Bank Central Asia Tbk - 10.064.863 PT Bank Central Asia Tbk
Jumlah 1.187.874.786 1.255.868.924 Subtotal
Pihak berelasi Related parties:
Bank Sindikasi Syndicated Bank
PT Bank Mandiri PT Bank Mandiri
(Persero) Tbk 2.457.988.279 2.403.422.842 (Persero) Tbk
Jumlah 2.472.969.494 2.417.755.057 Subtotal
Jumlah 3.660.844.280 3.673.623.981 Total
Dikurangi bagian yang akan
jatuh tempo dalam satu tahun (630.043.935) (463.572.257) Less: current portion
Biaya transaksi yang Unamortized transaction cost
belum diamortisasi (34.119.446) (26.895.336)
Bank Sindikasi - Standard Chartered Bank Syndicated Banks - Standard Chartered
Bank
TLCC TLCC
Pada tanggal 28 April 2014, TLCC On April 28, 2014, TLCC entered into a
menandatangani perjanjian pinjaman sindikasi syndicated loan agreement with Standard
dengan Standard Chartered Bank, PT Bank Chartered Bank, PT Bank Mandiri (Persero)
Mandiri (Persero) Tbk dan Sumitomo Mitsui Tbk and Sumitomo Mitsui Bank Corporation
Bank Corporation sebesar USD99.000.000 dan amounting to USD99,000,000 and VND21
VND21 miliar. Kredit investasi ini dijamin billion. The investment credit is secured by: (i)
dengan: (i) sponsor undertaking and Off-take Sponsor Undertaking and Off-take Agreement
Agreement dengan PT Semen Indonesia with PT Semen Indonesia (Persero) Tbk; (ii) All
(Persero) Tbk; (ii) seluruh aktiva tetap TLCC; (iii) fixed assets of TLCC; (iii) all Onshore-
semua rekening dalam negeri, piutang ekspor Accounts, export receivables and up to 50% of
dan hingga 50% dari piutang dalam negeri; (iv) domestic receivables; (iv) Geleximcos shares
saham Geleximco di TLCC dengan nilai nominal at TLCC amounting to VND 500 billion. This
sebesar VND500 miliar. Pinjaman ini akan jatuh loan will mature in 2019 with the option to
tempo pada tahun 2019 dengan opsi extend for another 1 year. The interest rate is
perpanjangan selama 1 tahun. Tingkat bunga set at Libor-3 month plus 3.3% for
ditetapkan sebesar Libor-3 bulan ditambah 3,3% USD99,000,000 and cost of fund plus 3.3% for
untuk USD99.000.000 dan biaya bunga VND21 billion.
ditambah 3,3% untuk VND21 miliar.
Fasilitas ini mensyaratkan TLCC untuk This facility requires TLCC to maintain certain
mempertahankan rasio keuangan tertentu. Pada financial ratios. As of December 31, 2015 and
tanggal 31 Desember 2015 dan 2014 TLCC 2014, certain ratio were not met and TLCC has
tidak dapat memenuhi beberapa rasio keuangan received waiver on the related covenants from
dan TLCC telah menerima waiver dari Bank the Syndicated Bank.
Sindikasi untuk persyaratan rasio tersebut.


Sehubungan dengan perjanjian pinjaman In relation to the syndicated loan agreement

sindikasi diatas, pada tanggal 20 Juni 2014, above, on June 23, 2014, the Company signed
Perseroan menandatangani perjanjian sponsor a sponsor undertaking agreement with
undertaking agreement dengan Standard Standard Chartered Bank (Vietnam) Limited.
Chartered Bank (Vietnam) Limited. Perjanjian ini This agreement requires the Company to own
mensyaratkan Perseroan untuk memiliki paling at least 70% of TLCC issued shares and a
sedikit 70% saham TLCC dan hak suara majority of the voting rights attaching to all
mayoritas atas saham yang dikeluarkan TLCC, issued shares of TLCC, hold directly or
memiliki pengendalian secara langsung atau indirectly management control and right to
tidak langsung atas manajemen, hak untuk appoint majority of the members of the board of
menunjuk mayoritas dewan direksi, tidak directors, not dispose of any of its shares in
melepaskan kepemilikan di TLCC yang akan TLCC which cause the ownership to be below
menyebabkan kepemilikan Perseroan di TLCC 70%, exercise its rights and obligations under
kurang dari 70%, melaksanakan hak dan the off take agreement, demand payment or
kewajiban Perseroan sesuai dengan Off take repayment shareholder loan in accordance to
agreement, meminta pembayaran dari TLCC the requirements as stipulated in the loan
sehubungan dengan pinjaman dari pemegang agreement.
saham (shareholder loan) sesuai dengan
persyaratan dalam perjanjian.
Sampai dengan tanggal 31 Desember 2015 dan As of December 31, 2015 and 2014, total
2014, jumlah pinjaman bank sindikasi ini outstanding syndicated bank loan amounted to
masing-masing sebesar Rp1.185.340.608 dan Rp1,185,340,608 and Rp1,237,391,603,
PT Bank Central Asia Tbk PT Bank Central Asia Tbk
Fasilitas kredit lokal dan bank garansi Local credit facility and bank guarantee
Pada tanggal 30 Maret 2007, entitas anak SP, On March 30, 2007, a subsidiary of SP, BSA,
BSA, mendapat fasilitas kredit dari PT Bank obtained credit facilities from PT Bank Central
Central Asia Tbk (BCA) berupa fasilitas bank Asia Tbk (BCA) for bank guarantee and local
garansi dan fasilitas kredit lokal. Fasilitas credit facilities. Term of the facilities are 1 (one)
tersebut berjangka waktu 1 (satu) tahun dan year and has been extended every year. In
telah diperpanjang setiap tahunnya. Pada tahun 2012, local credit facility amounted to
2012 fasilitas kredit lokal adalah sebesar Rp5,000,000 and the bank guarantee facility
Rp5.000.000 dan fasilitas bank garansi dengan has a principal amount not exceeding
jumlah pokok tidak melebihi Rp27.500.000. Rp27,500,000.
Pada tahun 2013, BCA menyetujui pengurangan In 2013, BCA approved a reduction in the local
fasilitas kredit lokal sehingga menjadi sebesar credit facility to become Rp2,500,000 and add
Rp2.500.000 dan menambah fasilitas bank bank guarantee facility to become
garansi sehingga menjadi Rp42.500.000. Rp42,500,000. Provision level or commission is
Dengan tingkat provisi atau komisi masing- charged amounting to 0.5% per annum
masing sebesar 0,5% pertahun yang dihitung calculated from the amount of the credit facility
dari jumlah fasilitas kredit lokal yang digunakan used and 0.75% per annum calculated from the
dan 0,75% pertahun yang dihitung dari nilai value of the bank guarantee issued by the Bank
bank garansi yang dikeluarkan oleh BCA with the provision of at least Rp250.
dengan ketentuan sekurang-kurangnya Rp250.
Pada tahun 2014, BCA menyetujui penambahan In 2014, BCA approved an addition of local
fasilitas kredit lokal menjadi sebesar credit facility to become Rp15,000,000 with
Rp15.000.000 dengan tingkat bunga 11,25% interest rate of 11.25% per annum and
pertahun dan menambah fasilitas bank garansi additional bank guarantee facility to become
sehingga menjadi Rp67.500.000 dengan komisi Rp67,500,000 with bank guarantees
bank garansi 1% per tahun. commission of 1% per annum.

Sampai dengan tanggal 31 Desember 2015 dan As of December 31, 2015 and 2014, the
2014, saldo utang bank atas fasilitas ini masing- balance of loan from this facility amounted to
masing adalah RpNihil dan Rp10.064.863. RpNil and Rp10,064,863, respectively.
Pada tahun 2015, BSA mengalihkan fasilitas In 2015, BSA transferred local credit facility and
kredit lokal dan bank garansi ke PT Bank bank guarantee to PT Bank Negara Indonesia
Negara Indonesia (Persero) Tbk. (Persero) Tbk.
Fasilitas kredit lokal digunakan untuk membiayai Local credit facility is used for financing working
kebutuhan modal kerja dan fasilitas bank capital requirements and bank guarantee
garansi digunakan untuk menjamin pembayaran facility is used for guarantee on the purchase of
atas pembelian semen dan sebagai jaminan cement and as a guarantee for the customs of
untuk bea cukai yang merupakan sub limit dari a local credit facility sublimit. All facilities are
fasilitas kredit lokal. Seluruh fasilitas ini dijamin secured by a building of cement bagging plant,
dengan aset tetap berupa bangunan pabrik machinery, equipment for cement bagging, land
pengantongan semen, mesin dan peralatan and accounts receivable.
pengantongan semen, tanah dan piutang usaha.
Fasilitas kredit investasi Investment credit facility
Pada tahun 2014, entitas anak SP, BSA In 2014, a subsidiary of SP, BSA obtained
memperoleh fasilitas kredit investasi dari investment credit facility BCA for refinancing 15
BCA untuk membiayai 15 unit truk untuk truck units used for operational cement
kebutuhan operasional pengangkutan semen handling with maximum facility of
dengan fasilitas maksimum sebesar Rp11,000,000. Credit period is 60 months from
Rp11.000.000. Jangka waktu kredit selama 60 first withdrawal until April 2019 with interest rate
bulan sejak tanggal penarikan pertama sampai of 11.25% per annum.
dengan April 2019 dengan tingkat suku bunga
sebesar 11,25% per tahun.
Pada tahun 2015, BSA mengalihkan fasilitas In 2015, BSA transferred local credit
kredit investasi ke PT Bank Negara Indonesia investment facility to PT Bank Negara
(Persero) Tbk. Indonesia (Persero) Tbk.
Perjanjian pinjaman tersebut mensyaratkan The loan agreement relating to the above
BSA mempertahankan rasio keuangan tertentu facilities requires BSA to maintain certain
yang dihitung berdasarkan laporan keuangan. financial ratios computed based on the
Pada tanggal 31 Desember 2015 dan 2014, financial statements. As of December 31, 2015
BSA telah memenuhi semua persyaratan and 2014, BSA is in compliance with all the
pinjaman. loan covenants.
PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk
PT United Tractors Semen Gresik (UTSG) PT United Tractors Semen Gresik (UTSG)
Pada tanggal 19 Agustus 2010, UTSG On August 19, 2010, UTSG obtained the third
memperoleh tambahan fasilitas kredit investasi investment facility for a maximum amount of
ketiga dengan jumlah maksimum sebesar Rp94,150,000, which is divided into five
Rp94.150.000 dengan lima kali pencairan drawdowns.
pinjaman.
Penarikan pertama pada tanggal 24 Agustus The first withdrawal on August 24, 2010
2010 sebesar Rp15.314.077, diangsur amounting to Rp15,314,077, in 60 months
selama 60 bulan. Saldo pada 31 Desember installment. The balance as of December
2014 sebesar Rp 2.041.877 dan telah 31, 2014 amounted to Rp2,041,877, which
dilunasi pada tahun 2015. was paid in 2015.
Penarikan kedua pada tanggal 31 Agustus The second withdrawal on August 31, 2010
2010 sebesar Rp15.741.673, diangsur amounting to Rp15,741,673 in 36 months
selama 36 bulan dan telah dilunasi pada installment, which was paid in 2013.
tahun 2013.


Penarikan ketiga pada tanggal 28 Oktober The third withdrawal on October 28, 2010
2010 sebesar Rp5.644.788, diangsur selama amounting to Rp5,644,788, in 60 months
60 bulan. Saldo pada tanggal installment. The balance as of 31 December
31 Desember 2014 sebesar Rp940.798 dan 2014 amounted to Rp940,798, which was
telah dilunasi pada tahun 2015. paid in 2015.
Penarikan keempat pada tanggal The fourth withdrawal on December 23,

23 Desember 2010 sebesar Rp6.271.719 2010 amounting to Rp6,271,719, in 60
diangsur selama 60 bulan. Saldo pada months installment. The balance as of
tanggal 31 Desember 2015 dan 2014 December 31, 2015 and 2014 amounted to
masing-masing sebesar Rp209.057 dan Rp209,057 and Rp1,463,401, respectively.
Rp1.463.401.
Penarikan kelima pada tanggal 3 Pebruari The fifth withdrawal on February 3, 2012
2012 sebesar Rp8.206.308, diangsur selama amounted to Rp8,206,308, in 60 months
60 bulan. Saldo pada tanggal 31 Desember installment. The balance as of December
2015 dan 2014 masing-masing sebesar 31, 2015 and 2014 amounted to
Rp2.325.121 dan Rp3.966.382. Rp2,325,121 and Rp3,966,382,
respectively.
UTSG juga memiliki fasilitas kredit investasi UTSG also has investment credit facility
keempat sebesar Rp 36.000.000 yang sampai amounted Rp 36,000,000, which has not yet
dengan 31 Desember 2015 belum digunakan been used by UTSG until December 31, 2015.
oleh UTSG.
Sampai dengan tanggal 31 Desember 2015 dan As of December 31, 2015 and 2014, the
2014, saldo utang bank atas fasilitas ini masing- balance of loan from this facility amounted to
masing adalah Rp2.534.178 dan Rp8.412.458. Rp2,534,178 and Rp8,412,458, respectively.
Tingkat bunga utang bank dari PT Bank CIMB The loan interest rates per annum from
Niaga Tbk adalah 11,5% - 13% masing-masing PT Bank CIMB Niaga Tbk were 11.5% - 13%
pada tahun 2015 dan 2014. for 2015 and 2014, respectively.
Pinjaman di atas dijamin dengan mesin dan alat The loan above was secured by machinery and
berat yang dibeli menggunakan dana yang heavy equipments that were acquired using the
diperoleh dari fasilitas kredit tersebut. funds from such credit facilities.
Perjanjian kredit tersebut diatas mewajibkan The above credit agreements required UTSG to
UTSG, antara lain memberitahukan kepada comply with several covenants, among others
bank dalam hal terdapat perubahan susunan provide notification when UTSG changes its
pengurus dan pemegang saham, pembagian management and shareholders, distribute
dividen lebih dari 50% dari net profit. dividend for amount more than 50% of net
profit.
Pada tanggal 31 Desember 2015 dan 2014, As of December 31, 2015 and 2014, UTSG has
UTSG telah memenuhi semua persyaratan- complied with the required convenants stated in
persyaratan sehubungan dengan perjanjian the loan agreements.
pinjaman tersebut.

Bank Sindikasi - PT Bank Mandiri (Persero) Syndicated Banks - PT Bank Mandiri

Tbk (Persero) Tbk
PT Semen Tonasa (ST) PT Semen Tonasa (ST)
Sehubungan dengan pembangunan pabrik In relation to the construction of Tonasa V
semen Tonasa V (Tonasa V) dan pembangkit cement plant (Tonasa V) and 2x35 megawatt
listrik 2x35 megawatt (Pembangkit Listrik), power plants (Power Plant), on June 22,
pada tanggal 22 Juni 2009, ST menandatangani 2009, ST entered into a syndicated loan
perjanjian kredit sindikasi dengan PT Bank agreement with PT Bank Mandiri (Persero)
Mandiri (Persero) Tbk (selaku Pimpinan Tbk (as Lead Bank), PT Bank Rakyat
Sindikasi), PT Bank Rakyat Indonesia Indonesia (Persero) Tbk, PT Bank Central Asia
(Persero) Tbk, PT Bank Central Asia Tbk, Tbk, PT BPD Jatim Tbk and PT Bank Sulawesi
PT BPD Jatim Tbk, dan PT Bank Sulawesi Selatan (collectively called Syndicated
Selatan (selanjutnya disebut sebagai Bank Banks) for a maximum facility amount of
Sindikasi) dengan fasilitas kredit maksimum Rp3,547,000,000 or 68% of the Tonasa V and
sebesar Rp3.547.000.000 atau 68% dari jumlah Power Plant investment amount.
nilai investasi untuk Tonasa V dan Pembangkit
Listrik.
Fasilitas kredit tersebut terdiri dari: These facilities comprise of the following:
1. Fasilitas kredit investasi dengan jumlah 1. Investment credit facility with a maximum
maksimum Rp3.166.000.000. Fasilitas ini facility amount of Rp3,166,000,000. This
termasuk fasilitas NCL dalam bentuk fasilitas facility includes an NCL facility in the form of
LC dan/atau SKBDN. LC and/or SKBDN.
2. Fasilitas kredit investasi bunga masa 2. Credit facility for interest during the
konstruksi sebesar maksimum construction period with a maximum facility
Rp381.000.000. Fasilitas ini hanya dapat amount of Rp381,000,000. This facility is
digunakan untuk melunasi 68% dari beban only to be used for payment of 68% of
bunga selama masa tenggang sebagaimana interest charges during the grace period as
didefinisikan dalam perjanjian kredit defined in the syndicated credit agreement.
sindikasi tersebut.
Fasilitas kredit sindikasi tersebut dijamin The syndicated loan agreement is secured by
dengan aset tetap berupa tanah, bangunan, STs fixed assets comprising of land, buildings,
mesin-mesin, dan peralatan milik ST. Fasilitas machinery and equipment. This facility is also
tersebut juga mendapat jaminan berupa guaranteed by a corporate guarantee, a cash
corporate guarantee, cash deficit guarantee, deficit guarantee, and a cost overrun
dan cost overrun guarantee dari ST. guarantee from ST.
Bank Sindikasi mengenakan bunga The Syndicated Banks charge floating interest
mengambang berdasarkan prime lending rate at prime lending rate of each Syndicated
dari masing-masing Bank Sindikasi. Banks. The loan is repayable in quarterly
Pembayaran pokok kredit sindikasi akan installments starting from September 2013
dilakukan secara cicilan triwulanan mulai through June 2019.
September 2013 sampai dengan Juni 2019.
Sesuai dengan perjanjian pinjaman sindikasi, In accordance with the syndicated loan
ST dibatasi untuk tidak melunasi antara lain, agreement, ST is restricted not to settle,
utang yang timbul dari pengumuman dividen among others, payable arising from the
dan utang lain-lain kepada ST sehubungan declaration of dividends and other payable to
dengan pelaksanaan cash deficit guarantee, ST in connection with the implementation of
sebelum ST memenuhi ketentuan yang ada the cash deficit guarantee, before ST can fulfill
dalam perjanjian kredit sindikasi. clauses in the syndicated loan agreement.
Fasilitas ini mensyaratkan ST untuk memelihara This facility requires ST to maintain certain
rasio keuangan tertentu dan kewajiban melapor financial ratios and to report among others
antara lain perubahan susunan direksi dan/atau when there any changes in the composition of
komisaris serta susunan modal dan pemegang the boards of directors and/or commissioners,
saham ST. Pada tanggal 31 Desember 2015 and STs capital structure and shareholders.
dan 2014, ST telah memenuhi semua rasio As of December 31, 2015 and 2014, ST is in
keuangan yang dipersyaratkan. compliance with all of the financial covenants.


Saldo utang Bank Sindikasi pada tanggal The syndicated loan balance as of December
31 Desember 2015 dan 2014 masing-masing 31, 2015 and 2014 amounted to
sebesar Rp2.134.801.215 dan Rp2,134,801,215 and Rp2,376,527,506,
Rp2.376.527.506, dan disajikan secara neto respectively and is presented net of an
setelah dikurangi dengan biaya pinjaman yang unamortized cost of loan amounting to
belum diamortisasi masing-masing sebesar Rp18,437,689 and Rp26,895,336 respectively.
Rp18.437.689 dan Rp26.895.336.
Suku bunga efektif untuk pinjaman ini masing- The effective interest rate is 11.20% and
masing sebesar 11,20% dan 11,19% selama 11.19% per annum in December 31, 2015 and
periode 31 Desember 2015 dan 2014. 2014, respectively.
Pada tahun 2014, SP dengan Bank Mandiri In 2014, SP with Bank Mandiri entered into
melakukan perjanjian kredit sindikasi syndicated credit agreement based on Deed
berdasarkan Akta Perjanjian No. 12, tanggal 8 No. 12, dated May 8, 2014. Loan granted to SP
Mei 2014. Pinjaman diberikan kepada SP untuk to finance projects with total investment of
pembiayaan proyek Indarung VI dengan jangka Indarung VI projects with credit term of 42
waktu fasilitas kredit selama 42 bulan dan months and the loan maturity date is 8 years
tanggal jatuh tempo kredit adalah 8 tahun sejak from the signing date.
tanggal penandatanganan.
Fasilitas kredit yang tersedia maksimum 53% Credit facilities available are at a maximum at
dari total investasi proyek Indarung VI atau 53% of the total Indarung VI project or
sebesar Rp1.950.000.000 yang terdiri dari: amounting to Rp1,950,000,000 consist of:
Fasilitas kredit investasi pokok dengan Principal investment credit facility
jumlah maksimum Rp1.754.945.000 dengan amounting maximum to Rp1,754,945,000
sub limit fasilitas NCL adalah with sub-limit NCL facility of
Rp1.000.000.000 atau ekuivalennya dalam Rp1,000,000,000 or its equivalent in
mata uang selain Rupiah. currencies other than Rupiah.
Fasilitas kredit investasi bunga selama Investment credit facility interest during
konstruksi (Interest During Construction) construction with maximum amount of
dengan jumlah maksimum sebesar Rp233,618,000 which was placed in the
Rp233.618.000 yang ditampung dalam escrow account managed with Bank
rekening penampungan dan dikelola oleh Mandiri as escrow agent by maintaining a
Bank Mandiri selaku agen penampungan 53:47 composition of the loan.
dengan tetap mempertahankan komposisi
53:47 dari pinjaman.
Pada tanggal 31 Desember 2015, fasilitas ini i. As of December 31, 2015, the outstanding
telah digunakan sebesar Rp300.000.000. balance of this facility amounted to
Rp300,000,000.
Jumlah nilai agunan tidak kurang dari 142,8% The amount of collateral is not less than
dari total fasilitas kredit yang berupa jaminan 142.8% of the total credit facility consisting of
fidusia atas bangunan-bangunan, mesin-mesin, collateral in the form of buildings, machinery,
peralatan dan perlengkapan terkait kontrak equipment and related supplies contract
suplier Paket 1A, Paket 1B, Paket II, Paket III, Suppliler Package 1A, Package 1B, Package
Paket IV, Paket V Proyek Indarung VI, tagihan II, Package III, Package IV, Package V,
rekening penampungan, klaim asuransi, tagihan Indarung VI project, bill escrow account,
bank garansi dari Kontraktor atau Suplier serta insurance claim, bank guarantee on the bill of
jaminan fidusia atas bangunan-bangunan, the Contractor or Supplier and Fiduciary on
mesin-mesin, peralatan dan perlengkapan buildings, machinery, equipment and related
terkait kontrak suplier paket lainnya yang ada supplies contract leads other packages
dan yang akan ada di kemudian hari yang available and that there will be at a later date
nantinya akan berada di lokasi Proyek Indarung which will be located at the Project site
VI. Sampai dengan 31 Desember 2015 dan Indarung VI. As of December 31, 2015 and
2014, SP telah memenuhi persyaratan 2014, SP has compiled with those debt
pinjaman tersebut. covenants.

Saldo utang Bank Sindikasi pada tanggal The syndicated loan balance as of December
31 Desember 2015 dan 2014 masing-masing 31, 2015 and 2014 amounted to
sebesar Rp289.067.618 dan RpNihil, dan Rp289,067,618 and RpNil, respectively and is
disajikan secara neto setelah dikurangi dengan presented net of an unamortized cost of loan
biaya pinjaman yang belum diamortisasi amounted to Rp15,681,757 and RpNil
masing-masing sebesar Rp15.681.757 dan respectively.
RpNihil.
Suku bunga efektif untuk pinjaman ini The effective interest rate of the loan is based
berdasarkan tingkat suku bunga time deposit 3 on the 3 months time deposit interest rate of
bulan di Bank Mandiri. Bank Mandiri.
PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk
1. UTSG 1. UTSG
Pada tahun 2012, UTSG memperoleh In 2012, UTSG obtained investment credit
fasilitas kredit investasi dari PT Bank facility from PT Bank Negara Indonesia
Negara Indonesia (Persero) Tbk, Cabang (Persero) Tbk, Kedungdoro Surabaya
Kedungdoro Surabaya dengan jumlah Branch with maximum credit amount of
maksimum kredit sebesar Rp71.849.997 Rp71,849,997 which was used to acquire
untuk pembelian alat berat dengan realisasi heavy equipment with withdrawals
penarikan sebagai berikut: realization as follows:
a) Realisasi penarikan pertama pada a) The first withdrawal was on March 28,
tanggal 28 Maret 2012 sebesar 2012 amounting to Rp8,288,280. The
Rp8.288.280. Tingkat bunga pinjaman loan bears interest at 12.75% per
per tahun sebesar 12,75% untuk tahun annum in 2015 and 13.25% per
2015 dan 13,25% untuk tahun 2014. annum in 2014. It has a credit period
Jangka waktu pinjaman 5 tahun dan of 5 years until March 28, 2017. As of
akan jatuh tempo pada tanggal 28 December 31, 2015 and 2014, the
Maret 2017. Pada tanggal 31 Desember balance of loan from this facility
2015 dan 2014, saldo utang bank atas amounted to Rp2,177,280 and
fasilitas ini masing-masing sebesar Rp3,923,280, respectively.
Rp2.177.280 dan Rp3.923.280.
b) Realisasi penarikan kedua pada tanggal c) b) The second withdrawal was on
27 Desember 2012 sebesar December 27, 2012 amounting to
Rp12.838.935. Tingkat bunga pinjaman Rp12,838,935. The loan bears
per tahun adalah 12,75% untuk tahun interest at the rate of 12.75% per
2015 dan 13,25% untuk tahun 2014. annum in 2015 and 13.25% per
Jangka waktu pinjaman 5 tahun dan annum in 2014. It has a credit period
akan jatuh tempo pada tanggal 26 of 5 years until December 26, 2017.
Desember 2017. Pada tanggal 31 As of December 31, 2015 and 2014,
Desember 2015 dan 2014, saldo utang the balance of loan from this facility
bank atas fasilitas ini masing-masing amounted to Rp5,413,935 and
sebesar Rp5.413.935 dan Rp8.113.935. Rp8,113,935, respectively.
Pinjaman dari PT Bank Negara Indonesia d) The loan from PT Bank Negara Indonesia
(Persero) Tbk dijamin dengan aset UTSG (Persero) Tbk is secured by the UTSGs
yang dibeli menggunakan dana yang assets that were acquired using the funds
diperoleh dari fasilitas kredit tersebut. from such credit facility.
UTSG harus mempertahankan rasio e) UTSG is required to maintain certain

keuangan tertentu. Pada tanggal financial ratio. As of December 31, 2014,
31 Desember 2014, UTSG telah menerima UTSG has received waiver on the related
waiver dari Bank untuk persyaratan rasio covenants from the Bank. As of December
tersebut. Pada tanggal 31 Desember 2015, 31, 2015, UTSG has met all financial ratio.
UTSG telah memenuhi seluruh rasio
keuangan.


2. IKSG 2. IKSG
Pada tahun 2012 IKSG telah memperoleh 0 In 2012, IKSG obtained an investment
kredit investasi dari PT Bank Negara loan from PT Bank Negara Indonesia
Indonesia (Persero) Tbk sebesar (Persero) Tbk for Rp14,050,000 to
Rp14.050.000 untuk pembelian 1 set Tuber purchase a set of Tuber and Bottomer. In
dan Bottomer. Pada bulan Oktober 2013, October 2013, the loan agreement was
perjanjian ini diperbaharui sehingga amended whereas the maximum credit
maksimum kredit menjadi Rp5.585.000 became Rp5,585,000 with the term of
dengan jangka waktu 24 bulan hingga credit at 24 months up to October 27,
27 Oktober 2015. Pinjaman ini dijamin 2015. This loan is collateralized by certain
dengan mesin dan peralatan tertentu serta machineries and equipment and inventory.
persediaan. Pinjaman ini jatuh tempo pada The loan is due on March 27, 2017. The
bulan 27 Maret 2017. Tingkat suku bunga loan bears effective interest in 2015 and
efektif pinjaman untuk tahun 2015 dan 2014 at the rate of 13.5% - 14% and
2014 masing-masing adalah 13,5% - 14% 10.25% - 14.5% per annum, respectively.
dan 10,25% - 14,5% pertahun.
IKSG untuk memberitahukan ke Bank facilities requires IKSG to inform the Bank
dalam hal terdapat perubahan susunan regarding the changes in the composition
dewan direksi dan komisaris, menambah of the board of commissioners and
utang selain utang yang sudah ada dan directors, incur additional indebtedness,
melakukan pembayaran dividen kepada and payment of dividends to stockholders
pemegang saham serta mengharuskan and also require IKSG to maintain certain
IKSG mempertahankan rasio keuangan financial ratios computed based on the
tertentu yang dihitung berdasarkan laporan financial statements. As of December 31,
keuangan. Pada tanggal 31 Desember 2015 and 2014, IKSG is in compliance with
2015 dan 2014, IKSG telah memenuhi all the loan covenants and has
semua persyaratan pinjaman dengan outstanding balance amounting to RpNil
masing-masing saldo utang Bank sebesar and Rp2,295,000 respectively. This loan
RpNihil dan Rp2.295.000. Pinjaman ini was settled in 2015.
telah dilunasi pada tahun 2015.
Pada tahun 2015, sesuai dengan Akta In 2015, based on Notarial Deed M.Kholid
Notaris M.Kholid Artha S.H., No. 48 tanggal Artha S.H., No. 48 dated February 15,
15 Pebruari 2015, BSA mengalihkan 2015, BSA, transferred the investment
fasilitas kredit investasi dari BCA kepada credit facility from BCA to PT Bank Negara
PT Bank Negara Indonesia Tbk. Jangka Indonesia,Tbk. The credit period was 60
waktu kredit adalah selama 60 bulan sejak months from the signing of the agreement
ditandatanganinya perjanjian kredit tersebut or until February 10, 2020 with interest
atau sampai dengan tanggal 10 Pebruari rate of 11% per annum.
2020 dengan tingkat suku bunga sebesar
11% per tahun.
Pada tanggal 31 Desember 2015, saldo As of December 31, 2015, the balance of
utang bank atas fasilitas ini sebesar loan from this facility amounted to
Rp7.390.000. Rp7,390,000.
BSA mempertahankan rasio keuangan facilities requires BSA to maintain certain
tertentu yang dihitung berdasarkan laporan financial ratios computed based on its
keuangan. Pada tanggal 31 Desember financial statements. As of December 31,
2015 dan 2014, BSA telah memenuhi 2015 and 2014, BSA is in compliance with
semua persyaratan pinjaman. all the loan covenants.

21. LIABILITAS SEWA PEMBIAYAAN 21. FINANCE LEASE LIABILITIES

Pembayaran sewa minimum masa datang atas Future minimum lease payments under finance
liabilitas sewa pembiayaan dan nilai kini dari leases together with the present value of the net
pembayaran sewa minimum adalah sebagai berikut: minimum lease payments are as follows:
Nilai kini pembayaran
minimum sewa/
Pembayaran minimum sewa/ Present value of
Minimum lease payments minimum lease payments
2015 2014 2015 2014
a. Berdasarkan pembayaran minimum a. The minimum lease payments

sewa adalah sebagai berikut: are as follows:
Akan jatuh tempo dalam: Due within
1 tahun 99.842.458 70.420.378 77.037.601 52.497.495 1 year
1 - 5 tahun 140.523.954 102.979.731 122.641.173 81.121.060 1 - 5 years
Lebih dari 5 tahun 38.608.505 55.365.597 36.293.469 50.867.759 Over 5 years
Jumlah pembayaran sewa
masa depan 278.974.917 228.765.706 235.972.243 184.486.314 Total future lease payment
Dikurangi beban keuangan
di masa depan (43.002.674) (44.279.392) - - Less: future finance charges
Nilai kini pembayaran Present value of minimum lease
minimum sewa 235.972.243 184.486.314 235.972.243 184.486.314 payments
Bagian yang jatuh tempo
dalam satu tahun (77.037.601) (52.497.495) Current maturity
Kewajiban Sewa Jangka Long-term Lease

Panjang - Bersih 158.934.642 131.988.819 Liabilities - Net
Nilai kini pembayaran

minimum sewa/
Present value of
minimum lease payments
2015 2014
b. Berdasarkan Lessor b. By Lessor
Bangunan Buildings
Dana Pensiun Semen Gresik 18.651.767 24.225.896 Dana Pensiun Semen Gresik
PT PBM Biringkasi Raya 11.089.899 11.474.881 PT PBM Biringkasi Raya
Kendaraan Motor vehicles
Hino Finance Indonesia 42.670.970 - Hino Finance Indonesia
PT Indomobil Finance 14.758.031 - PT Indomobil Finance
PT Orix Indonesia Finance 14.739.904 - PT Orix Indonesia Finance
PT Bara Bentala Indonesia 6.255.838 7.610.699 PT Bara Bentala Indonesia
Koperasi Karyawan Semen Tonasa 4.022.529 5.211.381 Koperasi Karyawan Semen Tonasa
PT Serasi Auto Raya 2.156.810 855.967 PT Serasi Auto Raya
PT Intercom Mobilindo 1.978.256 3.416.829 PT Intercom Mobilindo
Yayasan Kesejahteraan Yayasan Kesejahteraan
Semen Tonasa 906.148 4.839.439 Semen Tonasa
PT Mandiri Finance 108.724 - PT Mandiri Finance
PT Adi Sarana Armada Tbk 50.085 89.625 PT Adi Sarana Armada Tbk
PT Jepari Mega Adidaya - 1.278.293 PT Jepari Mega Adidaya
PT Toyota Financial Service - 310.966 PT Toyota Financial Service
Kapal Vessels
PT Indobaruna Bulk Transport 66.885.483 70.685.664 PT Indobaruna Bulk Transport
PT Swadaya Lestari Lines 16.365.987 20.889.574 PT Swadaya Lestari Lines
PT Pelayaran Andalas PT Pelayaran Andalas
Bahtera Baruna - 929.245 Bahtera Baruna
PT Pelayaran Tonasa Lines - 355.545 PT Pelayaran Tonasa Lines
Peralatan kantor Office equipment
PT Projectindo Teknowindata 3.087.915 3.013.742 PT Projectindo Teknowindata
Alat berat Heavy equipment
PT Astra Sedayu Finance 18.179.885 - PT Astra Sedayu Finance
PT JA Mitsui Leasing Indonesia 14.064.012 29.298.568 PT JA Mitsui Leasing Indonesia
Total liabilitas sewa pembiayaan 235.972.243 184.486.314 Total finance lease liabilities
Dikurangi bagian yang jatuh tempo
dalam waktu satu tahun (77.037.601) (52.497.495) Less current portion
Bagian jangka panjang 158.934.642 131.988.819 Long-term liabilities


In 2015 and 2014, liabilitas sewa pembiayaan In 2015 and 2014, the financial leases are subject
dikenakan bunga yang masing-masing berkisar to interest at rates ranging from 6.91% - 26.36%
antara 6,91% - 26,36% dan 2,95% - 15,76% per and 2.95% - 15.76% per annum, respectively.
tahun.
Dana Pensiun Semen Gresik, Koperasi Karyawan Dana Pensiun Semen Gresik, Koperasi Karyawan
Semen Tonasa, Yayasan Kesejahteraan Semen Semen Tonasa, Yayasan Kesejahteraan Semen
Tonasa, PT Pelayaran Tonasa Lines, dan PT PBM Tonasa, PT Pelayaran Tonasa Lines, and PT PBM
Biringkasi Raya adalah pihak berelasi (Catatan 42). Biringkasi Raya are related parties (Note 42).
22. UTANG USAHA 22. TRADE PAYABLES
2015 2014
Rupiah 2.294.228.799 1.961.368.181 Rupiah
Euro 71.361.233 42.110.609 Euro
Mata uang asing lainnya 94.057 1.432.101 Other foreign currencies
Jumlah 2.709.634.659 2.160.613.721 Subtotal
Rupiah 1.062.839.368 857.696.193 Rupiah
Dong Vietnam 425.450 1.754.266 Vietnamese Dong
Mata uang asing lainnya 516.613 169.594 Other foreign currencies
Jumlah 1.073.611.340 870.893.891 Subtotal
Jumlah 3.783.245.999 3.031.507.612 Total
Umur utang usaha adalah sebagai berikut: The aging of trade payables is as follows:
2015 2014
Lancar 2.575.546.634 2.241.484.044 Current
1 - 45 hari 648.856.515 480.107.678 1 - 45 days
46 - 135 hari 259.862.216 128.622.548 46 - 135 days
136 - 365 hari 231.739.509 158.675.786 136 - 365 days
Jumlah 3.783.245.999 3.031.507.612 Total
Utang usaha berasal dari pembelian barang dan The trade payables involve purchases of goods
jasa. Untuk rincian transaksi dan saldo dengan pihak and services. For details of related party
berelasi lihat Catatan 42. transactions and balances refer to Note 42.

23. UTANG LAIN-LAIN 23. OTHER PAYABLES
a. Utang Lain-lain - Lancar a. Other Payables Current
2015 2014
Pembelian aset tetap 86.275.212 117.960.556 Acquisition of fixed assets
Uang titipan 23.328.519 9.020.053 Deposits received
Lainnya 41.686.949 55.724.327 Others
Jumlah 151.290.680 182.704.936 Subtotal
Pihak berelasi 43.009.298 32.295.840 Related parties
Jumlah 194.299.978 215.000.776 Total
Utang lain-lain kepada pihak berelasi terutama Other payables to related parties mainly
berkaitan dengan transaksi penyediaan jasa pertain to the services for the construction of
untuk proyek pembangunan pabrik baru dan new plants and other fixed assets.
pembelian aset tetap lainnya.
b. Liabilitas Jangka Panjang Lainnya b. Other Non-Current Liabilities
2015 2014
Sewa jangka panjang 5.434.993 8.706.024 Long-term prepaid rent
Pendapatan tangguhan 4.933.366 3.143.891 Deferred income
Retensi 105.142 105.142 Retention
Jumlah 10.473.501 11.955.057 Total
24. BEBAN YANG MASIH HARUS DIBAYAR 24. ACCRUED EXPENSES

2015 2014
Productivity allowances,
Promosi peningkatan penjualan 254.756.222 199.207.341 sales promotion
Pengangkutan 208.263.044 105.618.002 Transportation
Asuransi, sewa dan ekspedisi 27.679.397 9.587.481 Insurance, rent and expedition
Bina lingkungan 10.333.230 5.152.867 Partnership program
Jasa profesional 9.544.869 32.680.458 Professional fees
Retribusi pertambangan 8.045.475 7.411.840 Mining rights fees
Bunga 7.495.844 190.373 Interest
Listrik 3.292.261 4.377.619 Electricity
Tagihan dalam proses 1.326.557 - Bills in progress
Pemeliharaan 1.261.397 3.546.785 Maintenance
Beban pengantongan 294.766 213.103 Packer fees
Lain-lain 101.323.370 77.448.249 Others
Jumlah 633.616.432 445.434.118 Total


25. UTANG PAJAK 25. TAXES PAYABLE
2015 2014
PPh badan (Catatan 39) 21.289.540 92.175.407 Corporate Income tax (Note 39)
Utang pajak lain Other taxes payable
PPh Pasal 21 6.162.163 5.446.898 Income tax Article 21
PPh Pasal 22 431.619 3.099.382 Income tax Article 22
PPh Pasal 22 Rekanan 2.527.414 - Income tax Article 22 Counterparty
PPh Pasal 23 dan 26 4.462.394 2.654.319 Income tax Articles 23 and 26
Pajak penghasilan final 1.619.730 1.268.298 Final income tax
Pajak pertambahan nilai 84.126.333 91.520.164 Value added tax
Pajak pertambahan nilai
WAPU - 14.262.133 Value added tax - Tax Collector
Jumlah 120.619.193 210.426.601 Total
PPh badan 36.397.988 967.122 Corporate Income tax
Utang pajak lain Other taxes payable
PPh Pasal 23 dan 26 3.381.215 2.313.027 Income tax Articles 23 and 26
Pajak penghasilan final 4.009.974 4.419.166 Final income tax
Pajak bumi dan bangunan 5.349.640 6.578.857 Land and building tax
Pajak pertambahan nilai 80.048.402 27.764.822 Value added tax
Lainnya 9.371.412 4.971.767 Others
Jumlah 155.213.833 61.260.404 Total
Jumlah 275.833.026 271.687.005 Total
Perseroan ditunjuk sebagai Wajib Pajak Pungut The Company was appointed as an Income tax art
(WAPU) Pajak Penghasilan PPh 22 berdasarkan 22 collector ("WAPU") based on the Ministry of
Peraturan Menteri Keuangan (PMK) Nomor: Finance regulation (PMK) Number:
107/PMK.10/2015 tentang Penunjukan Badan 107/PMK.10/2015 concerning the appointment of
Usaha Milik Negara sebagai WAPU Pajak State Owned Enterprises as WAPU Income Tax
Penghasilan PPh 22 oleh Direktorat Jenderal Pajak art. 22 by Directorate General of Taxes (DGT) on
pada tanggal 9 Juni 2015, yang berlaku efektif per June 9, 2015, effective on August 8, 2015.
tanggal 8 Agustus 2015.
Perseroan ditunjuk sebagai Wajib Pajak Pungut The Company was appointed as a value added tax
(WAPU) Pajak Pertambahan Nilai berdasarkan collector ("WAPU") based on the Ministry of
Peraturan Menteri Keuangan (PMK) Nomor: Finance regulation (PMK) Number: 85/PMK.03/2012
85/PMK.03/2012 tentang Penunjukan Badan Usaha concerning the appointment of State Owned
Milik Negara sebagai WAPU Pajak Pertambahan Enterprises as WAPU VAT by Directorate General
Nilai oleh Direktorat Jenderal Pajak pada tanggal of Taxes (DGT) on June 20, 2012, effective on
20 Juni 2012, yang berlaku efektif per tanggal July 1, 2012.
1 Juli 2012.
26. UANG MUKA PENJUALAN 26. SALES ADVANCES
Uang muka penjualan merupakan uang muka yang Sales advances represent receipts from
diterima dari pelanggan entitas anak (ST, KIG, subsidiaries (ST, KIG, UTSG, KSI and SPB)
UTSG, KSI dan SPB) dalam rangka penjualan customers for sales of cement, industrial real estate
semen, tanah kawasan industri, pekerjaan land, reclamation service, and readymix concrete.
reklamasi, dan beton siap pakai.
Enforcing Direction In a Wave of Competition - 101 -

PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report 517

27. PROVISI JANGKA PANJANG 27. LONG-TERM PROVISIONS
2015
Jumlah Peningkatan
Nilai Provisi yang terjadi selama Nilai
tercatat awal/ tambahan/ dan dibebankan/ tahun berjalan/ tercatat akhir/
Beginning Additional Amount realized Increase during Ending
balance provision and expensed the year balance
Restorasi tanah tambang 99.823.896 3.156.152 (2.982.799) 5.886.940 105.884.189 Quarry restoration
Estimasi biaya pembongkaran Estimated cost of dismantling
aset tetap 75.241.057 656.568 (857.153) 4.602.179 79.642.651 of fixed assets
Jumlah 175.064.953 3.812.720 (3.839.952) 10.489.119 185.526.840 Total
2014
Jumlah Peningkatan
Nilai Provisi yang terjadi selama Nilai
tercatat awal/ tambahan/ dan dibebankan/ tahun berjalan/ tercatat akhir/
Beginning Additional Amount realized Increase during Ending
balance provision and expensed the year balance
Restorasi tanah tambang 89.430.428 15.968.722 (11.146.983) 5.571.729 99.823.896 Quarry restoration
Estimasi biaya pembongkaran Estimated cost of dismantling
aset tetap 68.191.667 2.226.615 - 4.822.775 75.241.057 of fixed assets
Jumlah 157.622.095 18.195.337 (11.146.983) 10.394.504 175.064.953 Total
Restorasi tanah tambang dilakukan setiap tahun Quarry restoration is carried out every year based
sesuai dengan rencana reklamasi yang disampaikan on restoration plan reported to the authority.
kepada otoritas terkait. Pembongkaran aset tetap Dismantling of fixed assets will be realized at the
akan dilakukan pada saat selesainya masa sewa end of land rent period of related fixed assets.
lahan terkait aset tetap tersebut.
28. MODAL SAHAM 28. SHARE CAPITAL
Sesuai dengan daftar pemegang saham yang Based on the list of shareholders issued by the
dikeluarkan oleh Biro Administrasi Efek, PT Datindo Securities Administration Bureau, PT Datindo
Entrycom, susunan pemegang saham Perseroan Entrycom, the Companys shareholders and their
pada tanggal 31 Desember 2015 dan 2014 adalah ownership interests as of December 31, 2015 and
sebagai berikut: 2014 are as follows:
2015 dan/and 2014

Saham
(ribuan lembar)/ Nilai Nominal
Shares Saham/
(thousand Par value of % Kepemilikan/
of shares) shares Ownership
Government of the Republic
Pemerintah Republik Indonesia 3.025.406 302.540.600 51,01% of Indonesia
Masyarakat (masing-masing
dibawah 5%) 2.906.114 290.611.400 48,99% Public (below 5% each)
Jumlah 5.931.520 593.152.000 100% Total


29. TAMBAHAN MODAL DISETOR 29. ADDITIONAL PAID-IN CAPITAL
Pada 31 December 2015 dan 2014, akun ini terdiri As of December 31, 2015 and 2014, this account
dari: represents:
2015 dan/and 2014

Agio saham 1.252.065.600 Share premium
Biaya emisi efek ekuitas (4.710.160) Share issuance costs
Selisih biaya perolehan dengan hasil Difference between the cost and the
penjualan saham yang diperoleh proceeds from the sale of treasury
kembali 210.902.460 stock
Jumlah 1.458.257.900 Total
Pada tahun 1990, Perseroan melakukan penjualan In 1990, the Company sold 40,000,000 shares with
40.000.000 saham bernilai Rp40.000.000 melalui a nominal value of Rp40,000,000 through a public
penawaran umum kepada masyarakat. Hasil offering. The proceeds were Rp280,000,000 of
penjualan adalah Rp280.000.000. Perseroan which Rp40,000,000 was recorded as paid-up
mencatat modal disetor Rp40.000.000 dan jumlah capital and Rp240,000,000 was recorded as
agio saham sebesar Rp240.000.000. additional paid-in capital.
Pada tahun 1995, Perseroan melakukan penjualan In 1995, the Company sold 444,864,000 shares
444.864.000 saham bernilai nominal Rp444.864.000 with a nominal value of Rp444,864,000 through a
melalui penawaran umum terbatas kepada public offering with pre-emptive rights. The
masyarakat dengan hak memesan efek terlebih proceeds were Rp1,456,929,600 of which
dahulu. Hasil penjualan adalah sebesar Rp444,864,000 was recorded as paid-up capital
Rp1.456.929.600. Perseroan mencatat modal and Rp1,012,065,600 was recorded as additional
disetor Rp444.864.000 dan Rp1.012.065.600 paid-in capital.
sebagai agio saham.
Pada tanggal 30 Januari 2009, Perseroan On January 30, 2009, the Company held an
mengadakan Rapat Umum Pemegang Saham Luar Extraordinary General Meeting of Shareholders
Biasa (RUPSLB) untuk mengukuhkan Pelaksanaan (EGMS) to ratify the Companys Share Buyback
Pembelian Kembali Saham Perseroan tanggal Program effective from October 13, 2008 up to and
13 Oktober 2008 sampai dengan tanggal 9 Januari including January 9, 2009 involving the acquisition
2009 sebanyak 68.032.000 lembar saham dengan of 68,032,000 shares at a total cost of
nilai transaksi Rp198.672.291. Harga perolehan per Rp198,672,291. The acquisition cost per share
lembar saham sudah termasuk biaya jasa perantara includes brokers commissions and custodian fees.
dan kustodian.
Pada tanggal 7 Oktober 2009 Perseroan menjual On October 7, 2009 the Company sold its treasury
saham yang dibeli kembali (68.032.000 lembar stock (68,032,000 shares at Rp6,075 (full amount)
saham dengan harga Rp6.075 (nilai penuh) per per share) for an amount of Rp413,294,400. The
lembar saham) senilai Rp413.294.400. Selisih difference of Rp210,902,460 between the costs
antara nilai perolehan dengan hasil penjualan and the proceeds from sales, net of intermediary
setelah dikurangi biaya jasa perantara dan kustodian and custodian fees, was recognized as additional
sebesar Rp210.902.460 diakui sebagai tambahan paid-in capital.
modal disetor.
30. DIVIDEN 30. DIVIDENDS

Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Meeting of
Tahunan (RUPST) tahun 2015 yang Shareholders (AGMS) in 2015 which was held on
diselenggarakan pada tanggal 16 April 2015 yang April 16, 2015 as stated in Notarial Deed of Leolin
tertuang dalam Akta Notaris Leolin Jayayanti, S.H., Jayayanti, S.H., No. 144/NOT/IV/2015 dated April
No. 144/NOT/IV/2015 tanggal 17 April 2015, 17, 2015, the shareholders approved, among
pemegang saham memutuskan, antara lain, untuk others, the distribution of dividend per share
membagi dividen per lembar saham sebesar amounting to Rp375.34 (full amount) for a total
Rp375,34 (angka penuh) dengan total pembayaran amount paid of Rp2,226,339,939.
Rp2.226.339.939.


Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Meeting of
Tahunan (RUPST) tahun 2014 yang Shareholders (AGMS) in 2014 which was held on
diselenggarakan pada tanggal 25 Maret 2014 yang March 25, 2014 as stated in Notarial Deed of Leolin
tertuang dalam Akta Notaris Leolin Jayayanti, S.H., Jayayanti, S.H., No. 89/NOT/III/2014 dated March
No. 89/NOT/III/2014 tanggal 26 Maret 2014, 26, 2014, the shareholders approved, among
pemegang saham memutuskan, antara lain, untuk others, the distribution of dividend per share
membagi dividen per lembar saham sebesar amounting to Rp407.42 (full amount) for a total
Rp407,42 (angka penuh) dengan total pembayaran amount paid of Rp2,416,611,132.
Rp2.416.611.132.
31. KEPENTINGAN NONPENGENDALI 31. NON-CONTROLLING INTERESTS

a. Kepentingan nonpengendali atas ekuitas a. Non-controlling interests in equity of
entitas anak subsidiaries
2015 2014*)
PT Semen Gresik 504.287 125.442 PT Semen Gresik
PT Industri Kemasan Semen Gresik 78.713.174 73.772.888 PT Industri Kemasan Semen Gresik
PT United Tractors Semen Gresik 51.093.893 38.072.677 PT United Tractors Semen Gresik
PT Kawasan Industri Gresik 92.862.990 95.284.764 PT Kawasan Industri Gresik
PT SGG Energi Prima 852.145 759.383 PT SGG Energi Prima
PT SGG Prima Beton 18.655 13.063 PT SGG Prima Beton
PT Krakatau Semen Indonesia 42.927.188 34.746.102 PT Krakatau Semen Indonesia
PT Bima Sepaja Abadi 12.836.178 12.849.620 PT Bima Sepaja Abadi
Thang Long Cement JSC 741.218.189 702.610.543 Thang Long Cement JSC
Thang Long Joint Stock Thang Long Joint Stock
Company 2 dan An Phu Company 2 and An Phu
Cement Joint Stock Company 229.912 230.847 Cement Joint Stock Company
Jumlah 1.021.256.611 958.465.329 Total
b. Bagian laba (rugi) yang diatribusikan kepada b. Income (loss) attributable to non-
kepentingan nonpengendali controlling interests
2015 2014 *)
PT Semen Gresik (21.155) (224.558) PT Semen Gresik
PT Industri Kemasan Semen Gresik 10.362.065 10.977.531 PT Industri Kemasan Semen Gresik
PT United Tractors Semen Gresik 14.588.892 2.794.564 PT United Tractors Semen Gresik
PT Kawasan Industri Gresik 635.215 8.647.245 PT Kawasan Industri Gresik
PT SGG Energi Prima 92.762 18.744 PT SGG Energi Prima
PT SGG Prima Beton 143 (977) PT SGG Prima Beton
PT Krakatau Semen Indonesia (1.818.914) (2.573.898) PT Krakatau Semen Indonesia
PT Bima Sepaja Abadi 846.535 2.578.215 PT Bima Sepaja Abadi
Thang Long Cement JSC (20.734.147) (14.459.498) Thang Long Cement JSC
Thang Long Joint Stock Thang Long Joint Stock
Company 2 dan An Phu Company 2 dan An Phu
Cement Joint Stock Company (936) 430 Cement Joint Stock Company
Jumlah 3.950.460 7.757.798 Total


Ringkasan informasi keuangan pada entitas anak Summarized financial information in respect of non-
Grup (TLCC) yang memiliki kepentingan wholly owned subsidiary (TLCC) that has material
nonpengendali yang material ditetapkan di bawah non-controlling interest to the Group are set out
ini. Ringkasan informasi keuangan di bawah ini below. The summarized financial information
merupakan jumlah sebelum eliminasi intra grup. below represents amounts before intragroup
eliminations.
2015 2014
Rp Rp
Aset Lancar 479.968.280 399.210.610 Current assets

Aset tidak lancar 2.702.941.829 2.685.997.431 Non-current assets
Jumlah Aset 3.182.910.109 3.085.208.041 Total Assets
Liabilitas Jangka Pendek 597.490.841 523.228.411 Current liabilities

Liabilitas Jangka Panjang 1.175.275.853 1.211.718.033 Non-current liabilities
Ekuitas yang dapat diatribusikan kepada Equity attributable to owners
pemilik entitas induk 1.409.831.488 1.349.967.496 of the company
Kepentingan nonpengendali 311.927 294.101 Non-controlling interest
Jumlah liabilitas dan ekuitas 3.182.910.109 3.085.208.041 Total Liaibities and Equity
Pendapatan 1.476.981.754 1.368.183.822 Revenue

Beban (1.502.910.936) (1.375.226.984) Expenses
Rugi tahun berjalan (25.929.182) (7.043.162) Loss for the year
Rugi yang dapat diatribusikan kepada: Loss attributable to

Pemilik entitas Induk (25.928.247) (7.043.593) owners of the company
Kepentingan non-pengendali (935) 431 Non-controlling interests
Rugi tahun berjalan (25.929.182) (7.043.162) Loss for the year
32. PENDAPATAN 32. REVENUE
2015 2014
Pihak berelasi Related parties
Penjualan semen 5.063.318.376 4.966.692.695 Sales of cement
Pihak ketiga Third parties
Penjualan semen 20.894.731.164 21.064.568.612 Sales of cement
Beton siap pakai 523.179.439 438.101.302 Ready mix concrete
Terak 180.445.605 273.401.500 Clinker
Penjualan kantong semen 80.573.611 38.321.164 Sales of cement bags
Jasa penambangan 70.874.447 81.791.058 Mining services
Persewaan tanah kawasan industri 21.179.206 25.468.150 Industrial estate land rental
Jasa peledakan 6.780.748 7.343.457 Blasting services
Penjualan tanah kawasan industri 1.100.000 17.671.690 Sales of industrial real estate
Lain-lain 105.821.875 73.675.507 Others
21.884.686.095 22.020.342.440
Jumlah 26.948.004.471 26.987.035.135 Total
Tidak ada penjualan kepada satu pelanggan yang There were no sales to any party representing
melebihi 10% dari jumlah pendapatan. more than 10% of total revenue.
Lihat Catatan 42 untuk rincian transaksi dan saldo Refer to Note 42 for details of related parties
dengan pihak berelasi. transactions and balances.


33. BEBAN POKOK PENDAPATAN 33. COST OF REVENUE
2015 2014*)
Beban pabrikasi 13.743.411.255 12.958.605.047 Manufacturing overhead
Tenaga kerja 1.402.507.878 1.370.413.059 Labor
Pemakaian bahan baku 873.464.911 873.555.873 Raw materials used
Jumlah beban produksi 16.019.384.044 15.202.573.979 Total manufacturing costs
Persediaan barang dalam proses Work-in-progress inventories
Pada awal tahun 537.981.100 401.604.818 At the beginning of the year
Pembelian 75.699.655 127.961.987 Purchases
Pada akhir tahun (400.894.282) (537.981.100) At the end of the year
Harga pokok produksi 16.232.170.517 15.194.159.684 Cost of goods manufactured
Persediaan barang jadi Finished goods inventories
Pada awal tahun 242.247.369 249.772.840 At the beginning of the year
Pembelian 102.034.987 200.609.918 Purchases
Pada akhir tahun (274.749.045) (242.247.369) At the end of the year
Beban pokok penjualan semen 16.301.703.828 15.402.295.073 Cost of goods sold - cement
Beban pokok penjualan tanah Cost of sales - industrial land
kawasan industri dan lain-lain 304.270 5.862.787 and others
Jumlah 16.302.008.098 15.408.157.860 Total
Tidak ada pembelian dari satu pemasok yang There were no purchases from any suppliers
melebihi 10% dari jumlah pendapatan. representing more than 10% of total revenue.
Lihat Catatan 42 untuk rincian transaksi dan saldo Refer to Note 42 for details of related party
dengan pihak berelasi. transactions and balances.
34. BEBAN PENJUALAN 34. SELLING EXPENSES
2015 2014*)
Ongkos angkut dan bongkar 2.077.573.947 2.097.602.298 Transportation and handling
Promosi 323.395.359 351.850.221 Promotion
Gaji, upah dan manfaat 186.502.763 172.929.283 Salaries, wages and benefits
Perjalanan dinas 17.179.537 18.864.412 Business trips
Penyusutan dan amortisasi 7.230.645 6.517.007 Depreciation and amortization
Penelitian, pengembangan Research, development and
jasa profesional 1.303.509 1.453.100 Professional fees
Lain-lain 36.790.443 36.450.047 Others
Jumlah 2.658.736.792 2.694.236.894 Total


35. BEBAN UMUM DAN ADMINISTRASI 35. GENERAL AND ADMINISTRATION EXPENSES
2015 2014*)
Salaries, wages, employee
Gaji, upah, kesejahteraan welfare and Director's
dan bonus Direksi 1.131.438.046 934.347.557 Commissioners'
Keperluan kantor 147.600.105 180.311.249 Office supplies
Program kemitraan Partnership program
bina lingkungan 136.395.321 180.170.914 community development
Penyusutan dan amortisasi 123.093.950 134.330.851 Depreciation and amortization
Pajak, asuransi, dan sewa 101.204.702 86.815.562 Taxes, insurance
Jasa profesional 75.932.076 52.454.481 Professional fees
Promosi dan jamuan 73.965.721 91.981.045 Promotion and entertainment
Perjalanan dinas 63.940.145 56.334.323 Business trips
Pendidikan, latihan dan Education, training and
pengembangan 45.274.426 53.461.040 development
Pemakaian bahan, listrik, air Supplies, electricity, water
dan telepon 43.850.433 40.872.812 and telephone
Penurunan nilai piutang 10.452.922 2.397.826 Impairment loss of receivables
Lain-lain 22.300.934 25.149.453 Others
Jumlah 2.087.885.344 1.937.522.487 Total
36. PENGHASILAN (BEBAN) OPERASI LAINNYA 36. OTHER OPERATING INCOME (EXPENSES)
2015 2014 *)
Sewa 41.218.784 46.886.361 Rental
Klaim dan denda 8.765.956 18.939.908 Claims and penalties
Penjualan barang usang 2.268.174 7.350.231 Sales of scrap materials
Laba penjualan aset tetap (Catatan 15) 26.644 6.938.144 Gain on sale of fixed assets (Note 15)
Pendapatan atas kasus Income from case of VAT
sentralisasi PPN - 41.452.329 centralization
Biaya dan denda pajak - (47.981) Tax expenses and penalties
Keuntungan (kerugian) selisih
kurs - neto (11.494.089) 75.130.741 Foreign exchange gain (loss) -net
Lainnya 5.372.024 (1.589.549) Others
Jumlah 46.157.493 195.060.184 Total
37. PENDAPATAN KEUANGAN DAN BEBAN 37. FINANCE INCOME AND FINANCE COSTS
KEUANGAN
a. Penghasilan keuangan a. Finance income
2015 2014
Deposito berjangka 213.418.812 256.391.973 Time deposits

Rekening giro 17.172.696 22.867.925 Current accounts
Reksadana 4.180.412 5.127.096 Mutual fund
Lainnya 6.303.837 1.683.146 Others
Jumlah 241.075.757 286.070.140 Total


b. Beban keuangan b. Finance costs

2015 2014
Kredit investasi 311.910.399 334.027.123 Investment loans
Sewa pembiayaan 20.227.034 18.530.437 Financial lease
Kredit modal kerja 15.407.639 2.845.127 Working capital loans
Biaya pembongkaran aset tetap 10.489.119 10.768.251 Dismantling costs of fixed assets
Lain-lain 11.970.526 16.748.184 Others
Jumlah 370.004.717 382.919.122 Total
38. KOMPONEN EKUITAS LAINNYA 38. OTHER COMPONENTS OF EQUITY

2015 2014
Net changes in fair value of
Perubahan neto nilai wajar surat available-for-sale marketable
berharga tersedia untuk dijual securities
Keuntungan periode berjalan 4.672.863 7.162.776 Gain arising during the period
Dikurangi: Less:
Penyesuaian reklasifikasi atas Reclassification adjustments on
keuntungan yang diakui gain recognised on
dalam laba rugi 4.180.412 5.125.577 profit and loss
492.451 2.037.199
Mutasi neto lindung nilai arus kas Net movement on cash flow hedges
Kerugian periode berjalan (1.101.102) (3.883) Loss arising during the period
Keuntungan (kerugian) aktuarial Unrealized gain (loss) on defined

program pensiun manfaat pasti (83.486.981) 80.088.812 benefit pension plans
Dikurangi: Less:
Pajak penghasilan terkait 22.485.951 (19.199.223) Income tax related
(61.001.030) 60.889.589
Selisih kurs penjabaran laporan Exchange difference due to translation
keuangan of financial statements
Translation of subsidiary's financial
Penjabaran laporan entitas anak 198.332.979 11.735.196 statements
Pendapatan komprehensif lain Other comprehensive income

tahun berjalan, setelah pajak 136.723.298 74.658.101 during the year, net of tax
Sepanjang tahun 2015, Entitas Anak (SG) During 2015, a Subsidiary (SG) entered into a
melakukan lindung nilai arus kas melalui instrumen forward contract cash flow hedge derivative
derivatif forward contract dengan tujuan mengurangi instruments with purpose to reduce the risk of spot
resiko pergerakan kurs spot atas komitmen pasti rate fluctuation on firm commitments for the
pembelian peralatan. Entitas Anak (SG dan SP) juga procurement of main equipment. The Subsidiaries
melakukan lindung nilai non-derivatif menggunakan (SG and SP) also entered into non-derivative
giro dalam mata uang EUR, dimana selisih kurs hedge using EUR current account, to which the
yang timbul dari translasi EUR diakui didalam difference resulting from translation of EUR
penghasilan komprehensif lain selama lindung nilai account, is recorded in other comprehensive
tersebut efektif. income only if the hedging effectiveness is met.
Sehubungan dengan pembayaran atas pembelian In connection with the payment for purchase of
peralatan dimana transaksi lindung nilai yang main equipment where the hedging transaction
dilakukan telah secara efektif saling hapus undertaken have effectively offsetting the change in
perubahan arus kas yang diatribusikan terhadap cash flow attributable to the risk being hedged, the
risiko yang dilindung nilai, perubahan nilai wajar changes in fair value recognized in other
yang diakui dalam penghasilan komprehensif lain comprehensive income are reclassified to the value
direklasifikasi ke nilai peralatan yang di lindung nilai of the hedged item (Note 15).
(Catatan 15).


Pada tanggal 31 Desember 2015, perubahan nilai As of December 31, 2015, unrealized change in fair
wajar lindung nilai arus kas yang masih belum value of cash flow hedge recognized in other
terealisasi, dicatat dalam penghasilan komprehensif comprehensive income amounting to Rp1,101,102.
lain sebesar Rp1.101.102.
39. PAJAK PENGHASILAN 39. INCOME TAX
Beban pajak Grup terdiri dari: Tax expense of the Group consists of the following:
2015 2014*)
Kini 836.669.379 924.482.747 Current
Tangguhan (12.097.068) 25.696.826 Deferred
824.572.311 950.179.573
Kini 462.185.073 490.019.703 Current
Tangguhan 38.725.075 69.416.893 Deferred
500.910.148 559.436.596
Konsolidasian Consolidated
Kini 1.298.854.452 1.414.502.450 Current
Tangguhan 26.628.007 95.113.719 Deferred
1.325.482.459 1.509.616.169
Perseroan telah memenuhi persyaratan memperoleh The Company met the requirements for reduction
penurunan tarif PPh Badan sebesar 5% masing- of income tax rate by 5% for fiscal years 2015 and
masing untuk tahun fiskal 2015 dan 2014 2014, respectively, in accordance with the
berdasarkan Peraturan Pemerintah Nomor 81 Tahun Government Regulation No. 81 Year 2007.
2007.
Rekonsiliasi antara laba sebelum pajak penghasilan The reconciliations between profit before income
yang ditunjukkan dalam laporan laba rugi dan tax as shown in the consolidated statements of
penghasilan komprehensif lain konsolidasian profit or loss and other comprehensive income and
dengan taksiran laba kena pajak dan beban pajak estimated taxable income and current tax expense
kini untuk tahun yang berakhir pada tanggal 31 for the years ended December 31, 2015 and 2014
Desember 2015 dan 2014 adalah sebagai berikut: are as follows:
2015 2014*)
Laba konsolidasian sebelum Consolidated profit before
beban pajak penghasilan 5.850.923.497 7.077.276.008 income tax
Laba entitas anak sebelum Subsidiaries income before
beban pajak penghasilan (1.728.819.862) (2.163.216.707) income tax
Bagian atas laba bersih entitas Share in net profits
asosiasi (34.320.727) (31.946.912) of associates
Disesuaikan dengan jurnal Adjusted for consolidation
eliminasi konsolidasi 107.246.321 7.979.902 eliminations
Laba sebelum pajak penghasilan Income before income tax -
Perseroan 4.195.029.229 4.890.092.291 the Company


2015 2014*)
Perbedaan permanen: Permanent differences:
Differences between
Perbedaan nilai buku fiskal dan fiscal and commercial
komersial atas aset tetap (24.084.224) (23.701.555) net carrying amount of fixed assets
Kesejahteraan karyawan 35.919.409 (97.348.207) Employee welfare
Penyisihan promosi Provision for sales promotion
peningkatan penjualan 3.962.981 1.007.537 expense
Denda pajak 53.420 47.981 Tax Penalties
Pendapatan yang telah dikenakan Income subject to final tax,
pajak penghasilan final (257.648.912) (191.549.823) recorded on a net of tax basis
Lain-lain 161.322.860 181.622.708 Others
(80.474.466) (129.921.359)
Perbedaan temporer: Temporary differences:

Perbedaan nilai buku fiskal dan Fiscal and commercial
komersial atas aset tetap net carrying amounts of fixed
dan beban tangguhan (135.498.195) (210.267.438) assets and deferred charges
Aset sewa pembiayaan 6.127.192 (1.121.297) Leased assets
Liabilitas imbalan kerja 50.121.869 159.354.231 Employee benefits liabilities
Cadangan persediaan usang Allowance for obsolete and
dan bergerak lambat 3.832.788 3.551.521 slow moving inventories
Allowance for impairment of
Cadangan penurunan nilai piutang 5.678.086 (10.000) receivable
Penyisihan untuk beban restorasi - (76.862.032) Provision for restoration expenses
Tunjangan produktivitas dan uang jasa 83.410.259 (34.477.155) Productivity allowances and incentives
Penyisihan lainnya 55.120.135 22.074.963 Other provisions
68.792.134 (137.757.207)
Laba kena pajak - Perseroan 4.183.346.897 4.622.413.725 Taxable income - the Company
Beban pajak penghasilan Income tax expense
Perseroan - kini 836.669.379 924.482.747 the Company - current
Beban pajak penghasilan Income tax expense
entitas anak - kini 462.185.073 490.019.703 subsidiaries - current
1.298.854.452 1.414.502.450
Perhitungan beban dan utang pajak kini Perseroan Current tax expense and payable of the Company
adalah sebagai berikut: are computed as follows:
2015 2014*)
Beban pajak kini 836.669.379 924.482.747 Current tax expense

Dikurangi pembayaran pajak dimuka 815.379.839 832.307.340 Less prepaid taxes
Utang pajak kini (Catatan 25) 21.289.540 92.175.407 Current tax payable (Note 25)
Laba fiskal dan beban pajak penghasilan kini Taxable income and current tax expense of the
Perseroan tahun 2014 sudah sesuai dengan Surat Company for 2014 are accordance with the
Pemberitahuan Pajak (SPT) yang disampaikan ke Corporate Tax Returns filled with the Tax Service
Kantor Pelayanan Pajak. Office.


Pajak Tangguhan Deferred Tax
Dikreditkan Dikreditkan
(dibebankan) (dibebankan)
ke laporan ke penghasilan
laba rugi/ komprehensif lain/
Credited Credited
1 Januari/ (charged) to (charged) to other 31 Desember/
January 1, income comprehensive December 31,
2015*) for the year income 2015
Liabilitas pajak tangguhan - neto Deferred tax liabilities, net

Aset tetap (130.496.763) (32.614.950) - (163.111.713) Fixed assets
Aset sewa pembiayaan 1.529.805 1.225.438 - 2.755.243 Leased assets
Beban tangguhan dan Deferred charges and intangible
aset takberwujud (13.244.285) 5.515.309 - (7.728.976) assets
Liabilitas imbalan kerja 26.348.754 10.024.373 (6.456.821) 29.916.306 Employee benefits liabilities
Cadangan persediaan usang dan Allowance for obsolete and slow
bergerak lambat 13.133.094 766.558 - 13.899.652 moving inventories
Cadangan penurunan nilai piutang 1.557.020 1.135.618 - 2.692.638 Allowance for impairment of receivables
Tunjangan produktivitas - Productivity allowances and
dan uang jasa 57.924.361 16.682.053 - 74.606.414 and incentive compensation
Penyisihan lain-lain 33.127.010 9.362.669 - 42.489.679 Other provisions
Jumlah (10.121.004) 12.097.068 (6.456.821) (4.480.757) Subtotal

Aset sewa pembiayaan 976.556 115.668 - 1.092.224 Leased assets
Liabilitas imbalan kerja 39.004.457 6.111.302 8.193.176 53.308.935 Employee benefits liabilities
Cadangan penurunan nilai piutang 11.244.320 (1.725.625) - 9.518.695 Allowance for impairment of receivables
Tunjangan produktivitas Productivity allowances and
dan uang jasa 39.273.196 3.875.040 - 43.148.236 incentive compensation
Jumlah (59.924.318) (51.690.831) 8.193.176 (103.421.973) Total
Jumlah liabilitas pajak tangguhan - neto (70.045.322) (39.593.763) 1.736.355 (107.902.730) Total deferred tax liabilities - net
Aset pajak tangguhan - neto Deferred tax assets - net

Aset sewa pembiayaan 280.675 (692.812) - (412.137) Leased assets
Cadangan penurunan nilai piutang 3.685.099 557.785 - 4.242.884 Allowance for impairment of receivables
Liabilitas imbalan kerja 36.024.150 18.998.785 20.749.596 75.772.531 Employee benefits liabilities
bergerak lambat 4.923.013 1.547.138 - 6.470.151 moving inventories
Tunjangan produktivitas - Productivity allowances and
dan uang jasa 52.954.246 1.444.641 - 54.398.887 incentive compensation
Cadangan biaya bongkar 5.727.055 476.126 - 6.203.181 Allowance for dismantle cost
Akumulasi rugi fiskal 6.668.469 (185.416) - 6.483.053 Accumulated fiscal loss
Penyisihan lain-lain 8.988.394 (6.853.705) - 2.134.689 Other provisions
Jumlah aset pajak tangguhan - neto 56.552.571 12.965.756 20.749.596 90.267.923 Total deferred tax assets - net
Manfaat pajak tangguhan - neto (26.628.007) 22.485.951 Deferred tax expense - net


Dikreditkan Dikreditkan
(dibebankan) (dibebankan)
ke laporan ke penghasilan
laba rugi/ komprehensif lain/
Credited Credited
1 Januari/ (charged) to (charged) to other 31 Desember/
January 1, income comprehensive December 31,
2014*) for the year*) income*) 2014*)
Liabilitas pajak tangguhan - neto Deferred tax liabilities - net

Aset sewa pembiayaan 1.754.064 (224.259) - 1.529.805 Leased assets
Beban tangguhan dan Deferred charges and intangible
aset takberwujud (14.876.128) 1.631.843 - (13.244.285) assets
Liabilitas imbalan kerja (2.924.799) 32.565.474 (3.291.921) 26.348.754 Employee benefits liabilities
Cadangan persediaan usang dan - - Allowance for obsolete and slow
Cadangan penurunan nilai piutang 1.559.020 (2.000) - 1.557.020 Allowance
incentiveforcompensation
impairment of receivables
Penyisihan untuk beban reklamasi 4.446.703 (4.446.703) - - Reclamation expense
dan uang jasa 64.819.792 (6.895.431) - 57.924.361 and incentive compensation
Jumlah 18.867.743 (25.696.826) (3.291.921) (10.121.004) Subtotal

Aset sewa pembiayaan 887.630 88.926 - 976.556 Leased assets
Liabilitas imbalan kerja 31.195.915 7.586.360 222.182 39.004.457 Employee benefits liabilities
bergerak lambat 3.834.595 1.349.091 - 5.183.686 moving inventories
Cadangan penurunan nilai piutang 9.787.251 1.457.069 - 11.244.320 Allowance for impairment of receivables
dan uang jasa 40.138.181 (864.985) - 39.273.196 incentive compensation
Penyisihan lain-lain - 2.368.978 - 2.368.978 Other provisions
Jumlah (9.154.573) (50.991.927) 222.182 (59.924.318) Subtotal
Jumlah aset (liabilitas)

pajak tangguhan - neto 9.713.170 (76.688.753) (3.069.739) (70.045.322) Total deferred tax assets (liabilities) - net
Aset pajak tangguhan - neto Deferred tax assets - net

Aset sewa pembiayaan 1.476.275 (1.195.600) - 280.675 Leased assets
Cadangan penurunan nilai piutang 3.315.293 369.806 3.685.099 Allowance for impairment of receivables
Liabilitas imbalan kerja 56.762.862 (4.609.228) (16.129.484) 36.024.150 Employee benefits liabilities
dan uang jasa 58.309.149 (5.354.903) - 52.954.246 and incentive compensation
Cadangan biaya bongkar 4.869.305 857.750 - 5.727.055 Allowance for dismantle cost
Akumulasi rugi fiskal 7.035.684 (367.215) - 6.668.469 Accumulated fiscal loss
Penyisihan lain-lain 13.020.254 (4.031.860) - 8.988.394 Other provisions
Total deferred tax assets - net
Jumlah aset pajak tangguhan - neto 91.107.021 (18.424.966) (16.129.484) 56.552.571 Total deferred tax assets - net
Manfaat pajak tangguhan - neto (95.113.719) (19.199.223) Deferred tax expense - net


Rekonsiliasi antara beban pajak penghasilan seperti Reconciliations between income tax expense as
yang tercantum dalam laporan laba rugi dan shown in the consolidated statements profit or loss
penghasilan komprehensif lain konsolidasian and other comprehensive income and income tax
dengan hasil perkalian laba akuntansi sebelum expense calculated using prevailing tax rates is as
pajak penghasilan Perseroan dan tarif pajak yang follows:
berlaku adalah sebagai berikut:
2015 2014*)
Laba konsolidasian sebelum Consolidated profit before
beban pajak penghasilan 5.850.923.497 7.077.276.008 income tax
Penyesuaian terkait dengan konsolidasi: Adjustment related to consolidation:
Bagian atas laba bersih entitas
asosiasi (34.320.727) (31.946.912) Equity in net income of associates
Disesuaikan dengan jurnal Adjusted for consolidation
eliminasi konsolidasi 107.246.321 7.979.902 elimination
5.923.849.091 7.053.308.998
Beban pajak penghasilan sesuai
tarif pajak 1.184.769.818 1.410.661.800 Tax calculated at statutory rate
Perbedaan tarif perseroan Difference tax rate betw een
dan entitas anak 156.807.534 124.938.641 the Company and its subsidiaries
Pengaruh pajak atas perbedaan tetap (16.094.893) (25.984.272) Tax effect of permanent differences
Jum lah beban pajak 1.325.482.459 1.509.616.169 Total tax expense
*) Disajikan Kembali (Catatan 50) *) As restated (Note 50)
Berdasarkan peraturan perpajakan Indonesia, Grup Under the taxation laws of Indonesia, the Group
menghitung, menetapkan, dan membayar sendiri submits tax returns on the basis of self
jumlah pajak yang terutang. SPT konsolidasian tidak assessment. Consolidated tax returns are not
diperkenankan dalam peraturan perpajakan di permitted under Indonesian taxation laws. The
Indonesia. Direktorat Jenderal Pajak (DJP) dapat Directorate General of Taxes (DGT) may assess or
menetapkan dan mengubah kewajiban pajak dalam amend taxes within five years from the date the tax
batas waktu lima tahun sejak tanggal terutangnya becomes due.
pajak.
UTSG UTSG
Pajak Penghasilan Badan tahun 2012 2012 Corporate Income Tax
Pada tanggal 27 Maret 2014, UTSG menerima On March 27, 2014, UTSG received an SKPLB No.
SKPLB No. 00007/406/12/051/14, yang menyatakan 00007/406/12/051/14, which stated that UTSGs
bahwa lebih bayar pajak penghasilan tahun 2012 overpayment of 2012 Corporate Income Tax
sebesar Rp4.298.709. Lebih bayar tersebut telah amounted to Rp4,298,709. Such overpayment was
diterima UTSG pada tanggal 30 April 2014. Pada refunded by UTSG on April 30, 2014. On April 3,
tanggal 3 April 2014, UTSG mengajukan keberatan 2014, UTSG submitted the objection letter regarding
atas SKPLB tersebut dan menyatakan bahwa lebih the overpayment tax assessment letter amounting to
bayar sebesar Rp5.451.122. Rp5,451,122.
Pada tanggal 27 April 2015, UTSG menerima surat On April 27, 2015, UTSG received the decision letter
keputusan penolakan atas keberatan UTSG regarding the rejection of the said UTSGs objection
tersebut. Namun demikian pada tanggal 13 Januari letter. However on January 13, 2016, UTSG
2016, UTSG kembali mengirimkan surat kepada submitted a letter to tax office for clarification
kantor pajak untuk melakukan klarifikasi tanggapan regarding the response of tax office for the tax
atas surat keberatan yang telah diajukan oleh UTSG. objection letter that was submitted by UTSG. As of
Sampai dengan tanggal penerbitan laporan the issuance date of these consolidated financial
keuangan, belum terdapat tanggapan dari kantor statements, there was no response yet from the tax
pajak. office.


IKSG IKSG
Pada tanggal 22 April 2014, IKSG menerima SKPLB On April 22, 2014, IKSG received SKPLB
No. 00029/406/12/051/14 atas pajak penghasilan No.00029/406/12/051/14 of 2012 corporate income
badan tahun 2012 yang menyatakan IKSG tax which stated that IKSG has an overpayment
mempunyai lebih bayar sebesar Rp2.632.427. Lebih amounting to Rp2,632,427. Such overpayment was
bayar tersebut telah diterima IKSG pada tanggal refunded on May 26, 2014 and the difference
26 Mei 2014 dan selisih sebesar Rp115.299 amounting to Rp115,299 was charge to profit or loss
dibebankan pada tahun 2014. in 2014.
40. LABA PER SAHAM 40. EARNINGS PER SHARE

Perhitungan laba per saham dasar adalah sebagai The computation of basic earnings per share is as
berikut: follows:
2015 2014*)
Laba yang dapat diatribusikan Income attributable to the equity holders
kepada pemilik entitas induk untuk of parent entity for computation
perhitungan laba per saham dasar 4.521.490.578 5.559.902.041 of basic earnings per share
Total rata-rata tertimbang Weighted average number of

saham yang beredar (lembar) 5.931.520.000 5.931.520.000 shares outstanding (shares)
Laba per saham dasar, Basic earnings per share,
yang dapat diatribusikan attributable to the equity holders
kepada pemilik entitas induk of parent entity
(Rupiah penuh) 762 937 (full amount)
* Disajikan kembali (Catatan 50) * As restated (Note 50)
Perseroan tidak menghitung laba per saham dilusian The Company did not calculate diluted earnings per
karena Perseroan tidak mempunyai efek berpotensi share because there was no identified effect or
saham biasa yang bersifat dilutif. dilutive potential ordinary share.
41. LIABILITAS IMBALAN KERJA 41. EMPLOYEE BENEFITS LIABILITIES

Estimasi liabilitas imbalan kerja tanggal The estimated employee benefits liabilities as of
31 Desember 2015 dan 2014 adalah sebagai December 31, 2015 and 2014 are as follows:
berikut:
Imbalan kerja jangka pendek Short-term employee benefits

2015 2014*)
Productivity allowances,
Tunjangan produktivitas, uang jasa, incentives, and Directors'
tantiem Direktur dan Komisaris 795.534.083 651.451.404 and Commissioners' bonuses
Tunjangan pegawai lainnya 53.329.394 28.745.584 Other employee allowances
Jumlah 848.863.477 680.196.988 Total
Imbalan kerja jangka panjang Long-term employee benefits
2015 2014*)
Liabilitas imbalan pensiun 326.259.420 194.640.928 Pension benefits obligations
Liabilitas imbalan kerja lainnya 279.362.286 251.575.251 Other employee benefits obligations
Liabilitas TKHT 47.990.591 36.388.467 Old-age employee benefits obligations
Jumlah 653.612.297 482.604.646 Total

- 114 -

Program Imbalan Pasti Defined Benefits Plans
a. Dana Pensiun a. Pension Fund
Perseroan memperoleh persetujuan dari The Company received an approval from the
Menteri Keuangan Republik Indonesia dengan Minister of Finance of the Republic of
Surat Keputusan No. B7774/DJM/III.5/12/1976 Indonesia in Decision Letter
tanggal 18 Desember 1976 untuk mendirikan No. B7774/DJM/III.5/12/1976 dated
Dana Pensiun Semen Gresik yang merupakan December 18, 1976 to establish a separate
dana pensiun manfaat pasti yang dikelola oleh trustee-administered pension fund, Dana
pengurus yang terpisah, yang memberikan Pensiun Semen Gresik, from which all
manfaat pasti bagi seluruh karyawan yang telah employees, after serving a qualifying period,
memenuhi persyaratan tertentu apabila are entitled to defined benefits on retirement,
karyawan tersebut pensiun, cacat atau disability or death.
meninggal dunia.
Entitas anak (SP dan ST) masing-masing Subsidiaries (SP and ST) received approvals
memperoleh persetujuan dari Menteri from the Minister of Finance of the Republic of
Keuangan Republik Indonesia untuk mendirikan Indonesia to establish separate trustee-
dana pensiun manfaat pasti yang dikelola oleh administered pension funds in Decision Letter
pengurus yang terpisah berdasarkan Surat No. S065/MK-II/1979 dated April 3, 1979 for
Keputusan No. S065/MK-II/1979 tanggal 3 April Dana Pensiun Semen Padang and in Decision
1979 untuk Dana Pensiun Semen Padang dan Letter No. S-016/MK.13/1989 dated January 5,
No. S-016/MK.13/1989 tanggal 5 Januari 1989 1989 as amended by Decision Letter
yang telah diubah dengan Surat Keputusan No. Kep-405/KM.17/1999 dated November 5,
No. Kep-405/KM.17/1999 tanggal 5 Nopember 1999 for Dana Pensiun Semen Tonasa, from
1999 untuk Dana Pensiun Semen Tonasa yang which all employees, after serving a qualifying
memberikan manfaat pasti bagi seluruh period, are entitled to defined benefits on
karyawan yang telah memenuhi persyaratan retirement, disability or death.
tertentu apabila karyawan tersebut pensiun,
cacat atau meninggal dunia.
Asumsi aktuarial utama yang digunakan untuk The principal actuarial assumptions used to
menentukan estimasi liabilitas imbalan kerja estimate liabilities for employee benefits under
karyawan dalam program imbalan pasti pada defined benefits plans as at December 31,
tanggal 31 Desember 2015 dan 2014 adalah 2015 and 2014 are as follows:
sebagai berikut:
2015 2014
Tabel Mortalita Indonesia 2011 (TMI'II)/ Tabel Mortalita Indonesia 2011 (TMI'II)/
Tingkat mortalita Indonesia Mortality Table 2011 (TMI'II) Indonesia Mortality Table 2011 (TMI'II) Mortality rate
Usia pensiun normal 56 tahun/years 56 tahun/years Normal retirement age
Tingkat cacat 10% dari tingkat mortalita/of mortality rate 10% dari tingkat mortalita/of mortality rate Disability rate
Tingkat kenaikan gaji: Rate of salary increase:
Program pensiun 7,5% per tahun/per annum 7,5% per tahun/per annum Pension plan
Imbalan kerja lainnya 10% per tahun/per annum 10% per tahun/per annum Other employee benefits
Tingkat diskonto tahunan 9% per tahun/per annum 8,2% per tahun/per annum Annual discount rate
Tingkat pengembalian Expected return on plan
investasi 9% per tahun/per annum 9% per tahun/per annum assets
1% (ST: 0,5%) untuk umur di baw ah 1% (ST: 0,5%) untuk umur di baw ah
30 tahun dan menurun secara linear 30 tahun dan menurun secara linear
sampai 0% pada umur 44 tahun (SP: sampai 0% pada umur 53 tahun (SP:
Tingkat pengunduran diri 54 tahun)/ 1% (ST: 0,5%) at less than 52 tahun)/ 1% (ST: 0,5%) at less than Voluntary resignation rate
30 years of age and reducing linearly 30 years of age and reducing linearly
to 0% at 44 (SP: 54 years) years of to 0% at 53 (SP: 52 years) years of
age age
- 115 -

Aset dana pensiun terutama terdiri dari deposito Pension fund assets mainly consist of time
berjangka, surat-surat berharga dan investasi deposits, marketable securities, and long-term
jangka panjang dalam bentuk saham, investments in shares of stock, mutual funds,
reksadana, obligasi, tanah dan bangunan. bonds and land and buildings.
Tingkat pengembalian investasi yang The expected rate of return on plan assets is
diharapkan atas aset program ditentukan determined based on the market expectations
berdasarkan ekspektasi pasar pada tanggal prevailing on that date, applicable to the period
pelaporan, berlaku untuk periode saat over which the obligation is to be settled.
kewajiban diselesaikan.
Imbalan Pensiun Pension Benefits
Beban imbalan kerja yang dibebankan pada laporan Amounts recognized in the consolidated statement
laba rugi dan penghasilan komprehensif lain of profit or loss and other comprehensive income
konsolidasian merupakan jumlah neto dari: consists of the net total of the following amounts:
2015 2014*)
Biaya jasa kini 32.455.103 32.078.339 Current service cost

Beban bunga neto 12.249.045 760.153 Net interest expense
Bunga atas dampak atas aset 3.818.265 9.429.703 Interest on the effect of the asset ceiling
Biaya jasa lalu dan keuntungan Past service cost and gain (loss)
(kerugian) atas penyelesaian - 156.972.623 from settlements
Penyesuaian 1.557.901 - Adjustment
Komponen dari biaya imbalan pasti Components of defined benefit costs
yang diakui dalam laba rugi 50.080.314 199.240.818 recognized in profit or loss
Pengukuran kembali Remeasurement on the net:

liabilitas imbalan pasti - neto: defined benefit liability:
Perubahan dampak batas atas Change in the effect of the asset ceiling,
aset, tidak termasuk bunga neto (38.677.123) (67.639.976) excluding amount of net interest expense
Keuntungan dan kerugian aktuarial
yang timbul dari perubahan Actuarial gains and losses arising from
asumsi demografik - 715.887 changes in demographic assumptions
asumsi keuangan (48.463.015) 27.656.907 changes in financial assumptions
yang timbul dari penyesuaian Actuarial gains and losses arising from
atas pengalaman 74.729.758 (33.505.625) experience adjustment
Imbal hasil aset program (tidak termasuk
jumlah yang dimasukkan dalam beban Return on plan assets (excluding amounts
bunga neto) 132.926.933 (13.584.461) included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costs
yang diakui dalam penghasilan recognised in other comprehensive
komprehensif lain 120.516.553 (86.357.268) income
Jumlah 170.596.867 112.883.550 Total


Liabilitas neto imbalan kerja yang diakui di laporan The net liability for employee benefits recognized in
posisi keuangan konsolidasian adalah sebagai the consolidated statements of financial position is
berikut: as follows:
2015 2014*)
Nilai kini dari kewajiban 1.978.492.347 1.871.233.632 Present value of the obligations
Nilai wajar aset (1.663.938.275) (1.723.156.881) Fair value of plan assets
Defisit 314.554.072 148.076.751 Deficit
Batasan atas aset yang diakui 11.705.348 46.564.177 Restriction on asset recognized
Liabilitas bersih 326.259.420 194.640.928 Net liability
Mutasi nilai kini liabilitas imbalan adalah sebagai Movements of the present value of defined benefits
berikut: obligations is as follows:
2015 2014*)
Nilai kini kewajiban imbalan Present value of the benefits
pada 1 Januari 1.871.233.632 1.636.071.401 obligation January 1,
Biaya bunga 153.546.283 147.141.790 Interest cost
Biaya jasa lalu, termasuk kerugian Past service cost, including losses/(gains)
(keuntungan) dari kurtailmen - 156.972.623 on curtailments
Keuntungan aktuaria pada liabilitas Gains on actuarial liabilities
- Keuntungan (kerugian) aktuaria - Actuarial (gains) losses from
dari perubahan asumsi demografik - 715.887 changes in demographic assumptions
dari perubahan asumsi keuangan (48.463.015) 27.656.907 change in financial assumptions
dari penyesuaian 74.729.758 (33.505.625) experience adjustments
Imbalan dana pensiun yang dibayarkan (110.462.526) (101.249.863) Pension benefits paid
Iuran peserta 5.453.112 5.352.173 Participant contributions
Nilai kini kewajiban imbalan Present value of the defined benefit

pada 31 Desember 1.978.492.347 1.871.233.632 obligation at December 31
Perubahan dalam nilai wajar aset program adalah Changes in the fair value of plan assets are as
sebagai berikut: follows:
2015 2014*)
Nilai wajar aset program pada 1 Januari 1.723.156.881 1.627.161.607 Fair value of plan assets at January 1,
Pendapatan bunga 141.297.238 146.381.637 Interest income
Pengukuran kembali keuntungan (kerugian): Remeasurement gain (loss):
Keuntungan (kerugian) aktuaria Return on plan assets (excluding amounts
pada aset program (132.926.933) 13.584.461 included in net interest expense)
Kontribusi pemberi kerja 37.365.090 31.627.957 Employer contributions
Kontribusi peserta 5.453.112 5.352.173 Participant contributions
Pembayaran manfaat (110.407.113) (100.950.954) Benefits paid
Nilai wajar aset program Fair value of plan assets
pada 31 Desember 1.663.938.275 1.723.156.881 at December 31,


Kategori utama aset program sebagai persentase The major categories of plan assets as a
dari nilai wajar jumlah aset program adalah sebagai percentage of the fair value of the total plan assets
berikut: are as follows:
2015 2014
Surat Berharga Negara 5% 8% Government Bonds
Kas dan deposito 20% 18% Cash and time deposit
Saham 9% 19% Stocks
Obligasi 21% 35% Bonds
Reksadana 12% 15% Mutual funds
Tanah dan bangunan 12% 5% Land and buildings
Penempatan langsung 21% 0% Direct placement
Imbalan kerja lainnya Other employee benefits
Beban imbalan kerja lainnya yang dibebankan pada Other employee benefits expenses recognized in
laporan laba rugi dan penghasilan komprehensif lain the consolidated statements of profit or loss and
konsolidasian merupakan jumlah bersih dari: other comprehensive income consists of the net
total of the following amounts:
2015 2014*)
Biaya bunga 20.904.453 19.843.257 Net interest expense
Pengukuran kembali liabilitas (aset) Remeasurement of the net liabilities
imbalan jangka panjang lainnya (2.368.896) 6.670.643 (asset) of other long-term benefits
Past service cost and gain (loss)
Biaya jasa lalu yang belum diakui 36.002.161 1.376.086 from settlements
-
Komponen dari biaya imbalan pasti Components of defined benefit costs
yang diakui dalam laba rugi 97.424.796 67.296.334 recognised in profit or loss
Pengukuran kembali Remeasurement on the net

liabilitas imbalan pasti - neto: defined benefit liabiliy:
Komponen beban imbalan pasti Components of defined benefit costs

yang diakui dalam penghasilan recognised in other comprehensive
komprehensif lain (37.029.572) 6.268.456 income
Jumlah 60.395.224 73.564.790 Total


Mutasi nilai kini kewajiban imbalan adalah sebagai Movements of the present value of defined benefit
berikut: obligations is as follows:
2015 2014*)
Nilai kini kewajiban imbalan Present value of the benefit
pada 1 Januari 251.575.252 220.811.946 obligations January 1,
Biaya bunga 20.904.453 19.843.257 Interest cost
Keuntungan dan kerugian aktuarial Actuarial gains and losses arising from
yang timbul dari liabilitas lain-lain (2.368.896) 6.670.643 other long-term benefits
Biaya jasa lalu, termasuk kerugian Past service cost and losses (gains)
(keuntungan) dari kurtailmen 36.002.161 1.376.086 from settlements
Pengukuran kembali Remeasurement on the net
liabilitas imbalan pasti - neto: defined benefit liability:
Pembayaran manfaat (32.608.190) (42.801.485) Benefits payment
Nilai kini kewajiban imbalan Present value of the defined benefit
pada 31 Desember 279.362.286 251.575.251 obligation December 31,
Perubahan satu poin persentase asumsi tingkat A one percentage point change in the assumed
diskonto akan memiliki efek sebagai berikut: discount rate would have the following effects:
Kenaikan/ Penurunan/
Increase Decrease
Pengaruh keseluruhan biaya Effect on the aggregate current
jasa 33.331.903 39.005.567 service cost
Pengaruh kewajiban Effect on the employee
imbalan kerja 1.327.721.879 1.399.610.072 benefit liabilities
Riwayat penyesuaian adalah sebagai berikut: The history of experience adjustment is as follows:
2015 2014*) 2013*) 2012*) 2011*)
Dana Pensiun Pension benefits
Nilai kini kewajiban imbalan (1.978.492.347) (1.871.233.632) (1.634.731.827) (1.670.034.700) (1.504.118.573) Present value of the obligation
Aset program 1.663.938.275 1.723.156.881 1.737.531.225 1.376.813.999 1.235.416.127 Fair value of plan assets
Surplus / (Defisit) (314.554.072) (148.076.751) 102.799.398 (293.220.701) (268.702.446) Surplus / (Deficit)
Penyesuaian liabilitas Experience adjustments
program (74.729.758) (33.505.625) (11.426.610) (45.706.441) (2.624.237) on liabilities
Penyesuaian aset Experience adjustments
program (132.926.933) 13.584.461 (5.232.377) (20.929.509) (74.753) on plan liabilities
Manfaat Lainnya Other employee benefits
Nilai kini kewajiban imbalan (279.362.286) (251.575.251) (220.811.946) (240.134.500) (225.075.615) Present value of the obligation
Penyesuaian liabilitas Experience adjustments
program (11.747.325) 1.504.001 - (9.124.821) (5.347.514) on liabilities
*) Disaijikan kembali (Catatan 50) *) As restated (Note 50)


b. Program tunjangan kesejahteraan hari tua b. Old-age benefit program

Perseroan dan entitas anak (SP dan ST) The Company and its subsidiaries (SP and ST)
memberikan imbalan pascakerja dalam bentuk provide post-employment benefits under old-
Program Tunjangan Kesejahteraan Hari Tua age benefit programs. The Company and its
(TKHT) bekerja sama dengan Asuransi Jiwa subsidiaries (SP and ST) have entered into
Bersama Bumiputera 1912 (AJB BP). agreements with Asuransi Jiwa Bersama
Berdasarkan perjanjian kerja sama tersebut, Bumiputera 1912 (AJB BP) under which the
Perseroan dan entitas anak (SP dan ST) Company and its subsidiaries (SP and ST) pay
membayar premi asuransi kepada AJB BP insurance premiums to AJB BP at rates of 5%,
masing-masing sebesar 5%, 8% dan 10% dari 8% and 10%, respectively, of employees
gaji dasar asuransi karyawan, dimana tingkat insurable salaries, which salaries are subject
kenaikan tahunan gaji dibatasi maksimum to a maximum annual increase of 7.5% per
sebesar 7,5% per tahun (7% per tahun untuk annum (7% per annum for ST). AJB BP is
ST). AJB BP harus membayar manfaat program obligated to pay program benefits to eligible
tersebut kepada karyawan yang berhak atau employees or their dependants upon
kepada tanggungan mereka pada saat employees attaining 56 years of age, upon
karyawan mencapai usia 56 tahun, resignation, or in event of death or disability of
mengundurkan diri, atau meninggal atau cacat the employees, based on specified multiples of
berdasarkan perkalian tertentu dari gaji dasar employees insurable salaries at the time
asuransi pada saat manfaat program tersebut benefits are due to be paid.
terutang.
Jumlah beban sehubungan dengan program ini The total expense in relation to these
untuk tahun yang berakhir pada tanggal-tanggal programs during the years ended
31 Desember 2015 dan 2014 masing-masing December 31, 2015 and 2014 amounted to
sebesar Rp9.071.474 dan Rp12.976.714. Rp9,071,474 and Rp12,976,714 respectively.
Nilai kini kewajiban dan nilai wajar kekayaan The present value of the obligations and the
atas program tersebut pada tanggal fair value of the assets relating to these
31 Desember 2015 dan 2014, Rp263.790.569, programs as of December 31, 2015 and 2014
Rp131.700.274 dan Rp224.710.220, Rp263,790,569, Rp131,700,274 and
Rp126.834.877. Perseroan dan SP tidak Rp224,710,220, Rp126,834,877, respectively.
mengakui liabilitas atas selisih nilai kini The Company and SP do not recognize any
kewajiban dengan nilai wajar kekayaan karena liabilities corresponding to the amount of the
manajemen Perseroan dan SP berkeyakinan program assets, since management of the
AJB BP akan dapat memenuhi kewajiban Company and SP believe that AJB BP will be
tersebut pada saat jatuh tempo. able to fulfill its obligations under these
programs on the due dates.
saldo liabilitas TKHT (ST) masing-masing outstanding balance of old-age employee
sebesar R47.990.591 dan Rp36.388.467. benefits obligation (ST) amounted to
Rp47,990,591 and Rp36,388,467, respectively.
c. Program bantuan pemeliharaan kesehatan c. Pensioners health care assistance program
purnakarya
Perseroan dan entitas anak (SP) memberikan The Company and its subsidiary (SP) provide
imbalan pascakerja dalam bentuk Program post-employment benefits under a pensioners
Bantuan Pemeliharaan Kesehatan Purnakarya health care assistance program for its
(BPKP) untuk karyawan tetap bekerja sama permanent employees. The Company and SP
dengan AJB BP. Perseroan dan SP membayar entered into an agreement with AJB BP under
premi bulanan kepada AJB BP masing-masing which the Company and SP pays monthly
sebesar 4,5% dari gaji dasar asuransi insurance premiums to AJB BP at the rate of
karyawan, dimana tingkat kenaikan tahunan gaji 4.5% of employees insurable salaries, which
dasar asuransi tersebut dibatasi maksimum are subject to a maximum annual increase of
sebesar 7,5% pertahun. AJB BP harus 7.5% per annum. AJB BP is obligated to pay
membayar manfaat program tersebut setiap annual program benefits to eligible employees
tahun kepada karyawan yang berhak selama during their remaining lives upon employees
peserta masih hidup setelah karyawan attaining 56 years of age, upon resignation, or
mencapai usia 56 tahun, mengundurkan diri, in event of death or disability of the employees,
meninggal atau cacat berdasarkan perkalian based on specified multiplies of employees
tertentu dari gaji dasar asuransi pada saat insurable salaries at the time benefits are due
manfaat program tersebut terutang. to be paid.


Total beban sehubungan dengan program ini The total expense in relation to this program
untuk tahun yang berakhir pada tanggal for the period ended December 31, 2015 and
31 Desember 2015 dan 2014 masing-masing 2014 amounted to Rp1,445,946 and
sebesar Rp1.445.946 and Rp1.541.719. Rp1,541,719, respectively.
Perseroan dan SP tidak mengakui liabilitas atas The Company and SP has not recognized any
selisih nilai kini kewajiban dengan nilai wajar excess of the liabilities corresponding to the
kekayaan karena manajemen Perseroan dan amount of the fair value of program assets,
SP berkeyakinan AJB BP akan dapat since the management of the Company and SP
memenuhi kewajiban tersebut pada saat jatuh believes that AJB BP will be able to fulfill its
tempo. obligations under this program on the due dates.
d. Program kesejahteraan karyawan d. Employee welfare program
Entitas anak (SP) memberikan imbalan The Companys subsidiary (SP) provides post-
pascakerja dalam bentuk Program employment benefits under an employee
Kesejahteraan Karyawan untuk karyawan tetap welfare program for its permanent employees
bekerja sama dengan AJB BP. Berdasarkan which are covered under an agreement with
perjanjian kerja sama tersebut, SP membayar AJB BP. SP pays monthly insurance premiums
premi bulanan kepada AJB BP sebesar 3% dari to AJB BP at the rate of 3% of employees
gaji dasar asuransi karyawan, dimana kenaikan insurable salaries, which are subject to a
tingkat kenaikan gaji dasar asuransi tersebut maximum annual increase of 7.5% per annum.
dibatasi maksimum sebesar 7,5% pertahun. AJB BP is obligated to pay annual program
AJB BP harus membayar manfaat program benefits to eligible employees or their
tersebut kepada karyawan yang berhak atau dependants upon employees attaining 56
kepada tanggungan mereka pada saat years of age, upon resignation, or in event of
karyawan mencapai usia 56 tahun, death or disability of the employees, based on
mengundurkan diri, meninggal atau cacat specified multiples of employees insurable
berdasarkan perkalian tertentu dari gaji dasar salaries at the time benefits are due to be paid.
asuransi pada saat manfaat program tersebut SP management believes that AJB BP will be
terutang. Manajemen SP berkeyakinan AJB BP able to fulfill its obligations under this program
akan dapat memenuhi kewajiban tersebut pada on the due dates.
saat jatuh tempo.
Total beban sehubungan dengan program ini The total expense in relation to this program
untuk tahun yang berakhir pada tanggal during the years ended December 31, 2015
31 Desember 2015 dan 2014 masing-masing and 2014 amounted to Rp832,349 and
sebesar Rp832.349 dan Rp903.745. Rp903,745, respectively.
Nilai kini kewajiban dan nilai wajar kekayaan The present value of the obligation and the fair
atas program tersebut pada tanggal value of the asset relating to this program as of
31 Desember 2015 dan 2014 Rp10.028.228, December 31, 2015 and 2014 Rp10,028,228,
Rp12.118.642 dan Rp11.097.480, Rp12,118,642 and Rp11,097,480,
Rp12.026.860. SP tidak mengakui liabilitas atas Rp12,026,860, respectively. SP has not
selisih nilai kini kewajiban dengan nilai wajar recognized any liabilities corresponding to the
kekayaan karena manajemen berkeyakinan amount of the program assets, since
AJB BP akan dapat memenuhi kewajiban management believes that AJB BP will be able
tersebut pada saat jatuh tempo. to fulfill its obligations under this program on
the due dates.


Program Iuran Pasti Defined Contribution Plans
a. Dana Pensiun Lembaga Keuangan (DPLK) a. Dana Pensiun Lembaga Keuangan (DPLK)
Karyawan Perseroan mengikuti program The Companys employees joined a defined

pensiun iuran pasti yang meliputi semua contribution plan covering all permanent
karyawan tetap. Program ini dikelola oleh Dana employees. The plan is managed by Dana
Pensiun Lembaga Keuangan PT Bank Negara Pensiun Lembaga Keuangan PT Bank Negara
Indonesia (Persero) Tbk (DPLK BNI) dan DPLK Indonesia (Persero) Tbk (DPLK BNI) and
Allianz-Indonesia yang akta pendiriannya telah DPLK Allianz-Indonesia, for which the deed of
disahkan oleh Menteri Keuangan Republik establishments were approved by the Minister
Indonesia dengan Surat Keputusan masing- of Finance of the Republic of Indonesia in
masing No. KEP-1100/KM.17/1998 dan Decision Letters No. KEP-1100/KM.17/1998
No. KEP-129/KM.10/2007, tanggal and No. KEP-129/KM.10/2007, respectively,
23 Nopember 1998 dan 9 Juli 2007. Imbalan dated November 23, 1998 and July 9, 2007.
pensiun akan diberikan apabila karyawan Employees, after serving a qualifying period,
tersebut pensiun, cacat atau meninggal dunia. are entitled to benefits on retirement, disability
Iuran untuk program pensiun tersebut adalah or death. Pension fund contributions are 20%
sebesar 20% dari gaji bulanan karyawan dan of the employees monthly salaries, which are
menjadi beban Perseroan. borne by the Company.
Entitas anak (SP dan ST) memberikan imbalan The Companys subsidiaries (SP and ST)
iuran pasti untuk karyawan tetap yang provide defined contribution benefits for all of
diselenggarakan masing-masing oleh DPLK their permanent employees, which plans are
Avrist Assurance dan DPLK Jiwasraya. SP dan managed by DPLK Avrist Assurance and
ST memberikan kontribusi bulanan kepada DPLK Jiwasraya, respectively. SP and ST
DPLK masing-masing sebesar 15% dari gaji make monthly contributions to the DPLK
prestasi optimal dan 5% dari gaji dasar pensiun. amounting to 15% of employees take home
Entitas anak mengakui utang iuran pada DPLK pay salaries and 5% pensionable based
pada tahun dimana karyawan memberikan salaries, respectively. The subsidiaries
jasanya. Untuk SP terdapat tambahan recognize contributions payable to the DPLK
kontribusi sebesar 19,9% dari gaji dasar when an employee has rendered service
pensiun untuk karyawan tetap yang diangkat during the year. Additional contribution
setelah tanggal 1 Oktober 2007. amounting to 19.9% of the employees
pensionable base salaries for permanent
employees SP hired after October 1, 2007.
Entitas anak (UTSG dan IKSG) The subsidiaries (UTSG and IKSG)
menyelenggarakan program pensiun iuran pasti established a defined contribution plan
untuk semua karyawan tetapnya yang dikelola covering all its permanent employees, which
masing-masing oleh Dana Pensiun Astra Dua dan are managed by Dana Pensiun Astra Dua and
Dana Pensiun Lembaga Keuangan Tugu Mandiri. Dana Pensiun Lembaga Keuangan Tugu
Mandiri.
Iuran pensiun yang ditanggung karyawan UTSG Contribution paid by UTSG and IKSGs
dan IKSG masing-masing adalah 3,2% dan employees are 3.2% and 35%, respectively of
35% dari penghasilan dasar pensiun (PhDP), the pension base salaries, while UTSG and
sedangkan yang ditanggung UTSG dan IKSG IKSG paid 6.4% and 65%, respectively of the
masing-masing adalah 6,4% dan 65% dari pension base salaries.
PhDP.
Jumlah beban sehubungan dengan program ini The total expense in relation to these
untuk tahun yang berakhir pada tanggal-tanggal programs during the years ended December
31 Desember 2015 dan 2014 masing-masing 31, 2015 and 2014 amounted to Rp66,139,100
sebesar Rp66.139.100 dan Rp106.613.901. and Rp106,613,901 respectively.


42. SIFAT DAN TRANSAKSI PIHAK BERELASI 42. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES
Sifat Hubungan dengan Pihak Berelasi Nature of Relationships with Related Parties
Sifat Hubungan Pihak berelasi/Related parties Relationship

Pemegang saham - Pemerintah Republik Indonesia/ Shareholder
Government of Republic of Indonesia
Entitas sepengendali: - PT Semen Baturaja (Persero) Tbk Entities under common

Badan Usaha Milik Negara - PT Pertamina (Persero) control: State-owned
- PT Iglas Enterprise
- PT Dahana (Persero)
- PT Wijaya Karya (Persero) Tbk
- PT Pelabuhan Indonesia II (Persero)
- PT Pelabuhan Indonesia III (Persero)
- PT Pelabuhan Indonesia IV (Persero)
- PT Pindad (Persero)
- PT Pelni (Persero)
- PT Pertamina (Persero)
- PT Waskita Karya (Persero)
- PT Asuransi Kredit Indonesia (Persero)
- PT Petrokimia Kayaku
- PT Surveyor Indonesia (Persero)
- PT Sucofindo (Persero)
- PT Varuna Tirta Prakasya (Persero)
- PT Perusahaan Perdagangan Indonesia (Persero)
- PT Perusahaan Listrik Negara (Persero)
- PT Aneka Tambang (Persero) Tbk
- PT Telekomunikasi Indonesia (Persero) Tbk
- PT Prima Manunggal (Persero)
- PT Barata Indonesia (Persero)
- PT Hutama Karya (Persero)
- PT Nindya Karya (Persero)
- PT Pembangunan Perumahan (Persero) Tbk
- PT Perkebunan Nusantara X (Persero)
- PT Asuransi Jasa Indonesia (Persero)
- PT Jamsostek (Persero)
- PT Wijaya Karya dan Konstruksi
- PT Asuransi Jiwasraya (Persero)
- PT Petrokimia Gresik (Persero)
- PT Pos Indonesia (Persero)
- Perum Perhutani Unit II Jatim
- PT Adhi Karya (Persero) Tbk
- PT Boma Bisma Indra (Persero)
- PT Bima Sepaya Abadi
- PT Indosat (Persero) Tbk
- PT Bank Mandiri (Persero) Tbk
- PT Bank Rakyat Indonesia (Persero) Tbk
- PT Bank Negara Indonesia (Persero) Tbk
- PT Bank Tabungan Negara (Persero) Tbk
- PT Bank Bukopin Tbk
- PT Bank Syariah Mandiri
- PT Bank Syariah Bukopin
- PT Bank Syariah BRI
- PT Rekayasa Industri (Persero)
- PT Asuransi Ekspor Indonesia (Persero)
- PT Yasiga Sarana Utama (Persero)
- PU Bina Marga
- PT Pertamina Patra Niaga


Sifat Hubungan Pihak berelasi/Related parties Relationship
- BPJS Kesehatan
- PT Brantas Abipraya
- PT Krakatau Steel (Persero) Tbk
Entitas asosiasi - PT Swadaya Graha Associates

- PT Varia Usaha
- PT Varia Usaha Beton
- PT Igasar
Perusahaan yang - Hanoi General Export - Import Company Companies controlled

dikendalikan oleh suatu (Geleximco) by an entity which has
entitas yang memiliki - Thang Long Power JSC significant influence
pengaruh signifikan pada - Sapa Geleximco JSC over subsidiary
entitas anak - Geleximco Trading and Investment JSC
- Southern General Import dan Export JSC
Mempunyai anggota - PT Waru Abadi Entities which have the

manajemen kunci yang - PT Swabina Gatra same key
sama dengan Perseroan - PT Swabina Gatra Travel management
dan memiliki pengaruh - PT Varia Usaha Beton personnel as the
signifikan terhadap entitas - PT Varia Usaha Bahari Company and have
tersebut significant influence
- PT Varia Usaha Dharma Segara
over such entities
- PT Varia Usaha Lintas Segara
- Dana Pensiun Semen Gresik
- Koperasi Warga Semen Gresik
- PT Konsulta
- PT Cipta Nirmala
Mempunyai anggota - PT Prima Karya Manunggal

manajemen kunci yang Entities which have the
- PT Pelayaran Tonasa Lines
sama dengan entitas anak same key management
- PT PBM Biringkasi Raya
dan memiliki pengaruh personnel as the
- Koperasi Karyawan Semen Tonasa subsidiaries and have
signifikan terhadap entitas - Koperasi Keluarga Besar Semen Padang
anak significant influence
- PT EMKL Topabiring over consolidated
- PT United Tractors Tbk subsidiaries
- PT Pasoka Sumber Karya
- PT Yasiga Sarana Utama
- Dana Pensiun Semen Padang
- Dana Pensiun Semen Tonasa
- Yayasan Rumah Sakit Semen Padang
- Yayasan Igasar
- PT Pamapersada Nusantara
- PT Kabau Sirah Semen Padang
- PT Sumatera Utara Perkasa Semen
- Yayasan Kesehjateraan Semen Tonasa
- Tonasa Tour & Travel
- PT Kanitra Mitra Jaya
- PT Andalan Multi Kencana
- PT Selo Gili Makmur
- Koperasi Warga UTSG
- PT Eternit Gresik


a. Transaksi-Transaksi Pihak Berelasi a. Transactions with Related Parties

Rincian penjualan dan pembelian kepada pihak The details of sales to and purchases from
berelasi adalah sebagai berikut: related parties are as follows:
2015 2014
Penjualan produk Sales of goods
Entitas sepengendali - BUMN: Under common control - SOE:
Perusahaan Perdagangan Perusahaan Perdagangan
Indonesia (Persero) 65.252.597 62.787.598 Indonesia (Persero)
PT Semen Baturaja (Persero) Tbk 32.173.172 27.515.970 PT Semen Baturaja (Persero) Tbk
97.425.769 90.303.568
Entitas asosiasi: Associates:
PT Varia Usaha 1.994.907.717 2.004.418.886 PT Varia Usaha
PT Igasar 313.798.175 262.619.590 PT Igasar
2.308.705.892 2.267.038.476
Pihak berelasi lainnya: Other related parties:
Koperasi Warga Semen Gresik 1.756.232.766 1.669.685.991 Koperasi Warga Semen Gresik
PT Waru Abadi 698.862.771 781.895.478 PT Waru Abadi
PT Prima Karya Manunggal 95.299.392 123.386.362 PT Prima Karya Manunggal
Koperasi Karyawan Koperasi Karyawan
Semen Tonasa 47.733.465 217.932 Semen Tonasa
Semen Padang 30.012.055 6.271.121 Semen Padang
Pamapersada Nusantara 25.946.432 27.893.767 Pamapersada Nusantara
PU Bina Marga 3.099.834 - PU Bina Marga
2.657.186.715 2.609.350.651
5.063.318.376 4.966.692.695
Sebagai persentase terhadap As a percentage of
jumlah pendapatan 18.79% 18.40% total revenue
Penjualan produk/jasa lainnya Sales of other goods/services
PT Waskita Karya (Persero) 1.000.000 - PT Waskita Karya (Persero)
PT Asuransi Jasa PT Asuransi Jasa
Indonesia (Persero) 964.587 - Indonesia (Persero)
PT Indosat (Persero) Tbk 546.361 - PT Indosat (Persero) Tbk
PT Perkebunan Nusantara X PT Perkebunan Nusantara X
(Persero) 529.738 529.738 (Persero)
PT Pelabuhan Indonesia II 289.809 - PT Pelabuhan Indonesia II
PT Petrokimia Gresik (Persero) 260.989 - PT Petrokimia Gresik (Persero)
PT Bank Mandiri (Persero) Tbk 818.936 246.064 PT Bank Mandiri (Persero) Tbk
(Persero) Tbk 189.501 527.190 (Persero) Tbk
PT Telekomunikasi Indonesia PT Telekomunikasi Indonesia
(Persero) Tbk 31.749 16.629 (Persero) Tbk
Lain-lain 89.000 268.330 Others
4.720.670 1.587.951
PT Varia Usaha 11.321.481 12.612.070 PT Varia Usaha
PT Swadaya Graha 9.051.744 9.885.859 PT Swadaya Graha
20.373.225 22.497.929
Yayasan Rumah Sakit Yayasan Rumah Sakit
Semen Padang 6.423.694 - Semen Padang
PT Varia Usaha Beton 2.077.721 5.284.575 PT Varia Usaha Beton
PT Cipta Nirmala 1.755.782 2.068.924 PT Cipta Nirmala
Koperasi Warga Semen Gresik 1.308.323 3.878.797 Koperasi Warga Semen Gresik
PT Swabina Gatra 693.481 672.600 PT Swabina Gatra
PT Eternit Gresik 454.814 127.811 PT Eternit Gresik
Dana Pensiun Semen Gresik 66.966 151.584 Dana Pensiun Semen Gresik
Lain-lain 1.578.894 743.423 Others
14.359.675 12.927.714
39.453.570 37.013.594
jumlah penghasilan operasi lain 85,48% 18,98% total other operating income


2015 2014
Pembelian produk dan jasa Purchases of goods and services

PT Perusahaan Listrik Negara PT Perusahaan Listrik Negara
(Persero) 2.482.467.321 2.031.859.296 (Persero)
PT Varuna Tirta Prakasya 128.364.618 129.008.424 PT Varuna Tirta Prakasya
PT Pertamina (Persero) 124.453.942 177.568.558 PT Pertamina (Persero)
PT Waskita Karya (Persero) 117.776.315 26.264.364 PT Waskita Karya (Persero)
PT Petrokima Gresik (Persero) 95.036.338 115.095.110 PT Petrokima Gresik (Persero)
PT Rekayasa Industri (Persero) 65.076.525 2.145.854 PT Rekayasa Industri (Persero)
PT Dahana (Persero) 45.171.190 42.511.167 PT Dahana (Persero)
PT Pelabuhan Indonesia II PT Pelabuhan Indonesia II
(Persero) 47.837.190 36.643.429 (Persero)
PT Pertamina Patra Niaga 43.642.138 - PT Pertamina Patra Niaga
PT Kereta Api Indonesia PT Kereta Api Indonesia
(Persero) 34.313.498 30.289.185 (Persero)
PT Asuransi Jiwasraya (Persero) 30.855.884 29.148.683 PT Asuransi Jiwasraya (Persero)
PT Jamsostek (Persero) 33.192.408 25.884.486 PT Jamsostek (Persero)
PT Nindya Karya (Persero) 27.932.905 1.230.739 PT Nindya Karya (Persero)
PT Pelabuhan Indonesia IV PT Pelabuhan Indonesia IV
(Persero) 18.756.230 9.128.368 (Persero)
PT Pindad (Persero) 17.027.693 14.410.646 PT Pindad (Persero)
PT Hutama Karya (Persero) 10.974.375 34.630.250 PT Hutama Karya (Persero)
PT Telekomunikasi Indonesia PT Telekomunikasi Indonesia
PT Sucofindo (Persero) 10.200.776 11.333.391 PT Sucofindo (Persero)
PT Telekomunikasi Seluler 4.123.423 3.672.025 PT Telekomunikasi Seluler
PT Indosat (Persero) Tbk 3.105.719 2.748.682 PT Indosat (Persero) Tbk
BPJS Kesehatan 2.493.265 - BPJS Kesehatan
PT Aneka Tambang PT Aneka Tambang
PT Asuransi Kredit Indonesia PT Asuransi Kredit Indonesia
(Persero) 2.111.825 2.401.938 (Persero)
Perum Perhutani Unit II Jatim 805.970 - Perum Perhutani Unit II Jatim
PT Pos Indonesia (Persero) 736.001 424.050 PT Pos Indonesia (Persero)
PT Surveyor Indonesia (Persero) 578.256 731.581 PT Surveyor Indonesia (Persero)
PT Pembangunan Perumahan PT Pembangunan Perumahan
(Persero) 278.860 13.124.000 (Persero)
PT Barata Indonesia (Persero) 245.000 6.799.539 PT Barata Indonesia (Persero)
PT Pelabuhan Indonesia III PT Pelabuhan Indonesia III
(Persero) 105.000 105.000 (Persero)
PT Boma Bisma Indra (Persero) 94.500 1.795.500 PT Boma Bisma Indra (Persero)
PT Pelni (Persero) 7.447 - PT Pelni (Persero)
Indonesia (Persero) - 3.002.735 Indonesia (Persero)
3.414.284.679 2.843.335.998

788.287.033 709.377.880


2015 2014
Purchases of goods and

Pembelian produk dan jasa (lanjutan) services (continued)
PT Pelayaran Tonasa Lines 242.098.209 238.156.330 PT Pelayaran Tonasa Lines
PT Swabina Gatra 215.617.643 232.419.938 PT Swabina Gatra
PT Pasoka Sumber Karya 189.724.267 159.497.552 PT Pasoka Sumber Karya
Semen Tonasa 78.008.973 85.753.405 Semen Tonasa
PT EMKL Topabiring 74.265.542 59.223.093 PT EMKL Topabiring
PT Yasiga Sarana Utama 68.952.761 62.032.894 PT Yasiga Sarana Utama
Koperasi Keluarga Besar Koperasi Keluarga Besar
PT United Tractors Tbk 59.923.913 31.635.406 PT United Tractors Tbk
Yayasan Rumah Sakit Yayasan Rumah Sakit
PT Sumatera Utara PT Sumatera Utara
Perkasa Semen 30.929.444 23.797.747 Perkasa Semen
PT Swabina Gatra Travel 23.903.999 28.872.515 PT Swabina Gatra Travel
PT Varia Usaha Dharma Segara 22.489.394 38.749.356 PT Varia Usaha Dharma Segara
Dana Pensiun Semen Padang 18.668.882 20.523.843 Dana Pensiun Semen Padang
Dana Pensiun Semen Tonasa 17.225.813 12.921.090 Dana Pensiun Semen Tonasa
PT Konsulta 16.801.404 10.796.250 PT Konsulta
PT Kabau Sirah Semen Padang 15.092.419 17.000.000 PT Kabau Sirah Semen Padang
Yayasan Kesejahteraan Semen Yayasan Kesejahteraan Semen
Tonasa 14.425.902 14.198.222 Tonasa
Tonasa Tour & Travel 12.196.686 - Tonasa Tour & Travel
PT Karnitra Mitra Jayautama 11.086.199 - PT Karnitra Mitra Jayautama
PT Varia Usaha Lintas Segara 10.132.401 38.960.668 PT Varia Usaha Lintas Segara
PT Selo Giri Makmur 7.770.094 - PT Selo Giri Makmur
Yayasan Igasar 5.604.681 5.665.161 Yayasan Igasar
Koperasi Warga UTSG 5.351.754 - Koperasi Warga UTSG
PT Varia Usaha Bahari 3.406.348 2.005.847 PT Varia Usaha Bahari
PT Andalan Multi Kencana 1.470.179 - PT Andalan Multi Kencana
Lain-lain (masing-masing Others (each
di bawah Rp1.000.000) 5.058.267 2.806.039 below Rp1.000.000)
1.868.070.993 1.766.349.617
Jumlah 6.070.642.705 5.319.063.495 Total
Beban pokok penghasilan 16.302.008.098 15.408.157.860 Cost of revenue

Beban penjualan 2.658.736.792 2.694.236.894 Selling expense
Beban umum dan administrasi 2.087.885.344 1.937.522.487 General and administration expense
Jumlah beban 21.048.630.234 20.039.917.241 Total expense
Sebagai persentase terhadap As a percentage of total
jumlah beban pokok 28,84% 26,54% revenue
Kompensasi manajemen Compensation of key
kunci (Catatan 1) 91.632.377 81.328.921 management (Note 1)
Sebagai persentase terhadap As a percentage of total
jumlah pendapatan 1,93% 1,76% revenue
Enforcing Direction In a Wave of Competition PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report
- 127 - 543

2015 2014
Penghasilan keuangan Finance income

Entitas induk Parent entity
Pinjaman dari Pemerintah Loans from the Government of
Republik Indonesia - 5.127.096 the Republic of Indonesia
Nasional Tbk 7.781.762 - Nasional Tbk
PT Bank Syariah Mandiri 88.489 5.404.674 PT Bank Syariah Mandiri
134.241.139 137.288.782
PT Igasar 653.221 - PT Igasar
Jumlah 134.894.360 142.415.878 Total
Jumlah penghasilan keuangan 241.075.757 286.070.140 Total finance income

jumlah penghasilan keuangan 55,96% 49,78% total finance income
Beban keuangan Finance costs

Sew a pembiayaan Finance lease
Yayasan Kesejahteraan Yayasan Kesejahteraan
Semen Tonasa 906.148 4.839.439 Semen Tonasa
Koperasi karyaw an Koperasi karyaw an
Semen Tonasa - 5.211.381 Semen Tonasa
7.976.562 25.481.522
Jumlah beban keuangan 370.004.717 382.919.122 Total finance costs
jumlah beban keuangan 2,16% 6,65% total finance costs
Transaksi lainnya dengan pihak berelasi tidak All other transactions with related parties are not
material. material.


b. Saldo dengan pihak berelasi b. Balances with related parties
2015 2014
Aset Assets
Kas dan setara kas Cash and cash equivalents
(Persero) Tbk 299.865.359 1.292.669.333 (Persero) Tbk
PT Bank Syariah Mandiri 771.545 10.708.331 PT Bank Syariah Mandiri
PT Bank Syariah BRI - 20.000.000 PT Bank Syariah BRI
Jumlah 2.416.700.770 3.232.751.982 Total
Sebagai persentase terhadap jumlah aset 6,33% 9,42% As a percentage of total assets
Kas dan setara kas yang Restricted cash and cash

dibatasi penggunaannya equivalents
PT Bank Mandiri (Persero) Tbk 9.771.339 14.184 PT Bank Mandiri (Persero) Tbk
Jumlah 25.469.712 13.696.811 Total
Sebagai persentase terhadap
jumlah aset 0,07% 0,04% As a percentage of total assets
Investasi jangka pendek Short-term invesments

Pihak berelasi lainnya Other related party
PT Eternit Gresik 1.861.173 1.861.173 PT Eternit Gresik
Perkasa Semen 402.000 402.000 Perkasa Semen
Jumlah 2.263.173 2.263.173 Total



2015 2014
Aset (lanjutan) Assets (continued)
Piutang usaha - neto Trade receivables - net
PT Adhi Karya (Persero) Tbk 27.562.971 28.434.626 PT Adhi Karya (Persero) Tbk
(Persero) 17.734.730 45.149.145 (Persero)
PT Hutama Karya (Persero) 16.535.061 - PT Hutama Karya (Persero)
PT Semen Baturaja (Persero) Tbk 6.261.283 2.299.632 PT Semen Baturaja (Persero) Tbk
PT Wijaya Karya (Persero) 2.790.617 - PT Wijaya Karya (Persero)
PT Petrokimia Kayaku 675.791 1.630.653 PT Petrokimia Kayaku
PT Perusahaan Pelayaran PT Perusahaan Pelayaran
Jumlah 90.682.480 86.011.072 Subtotal
PT Swadaya Graha 4.036.291 - PT Swadaya Graha
342.139.706 302.476.189
Thang Long Power Joint Stock Thang Long Power Joint Stock
Company 12.933.161 11.924.719 Company
PT Pamapersada Nusanatara 6.964.456 7.498.729 PT Pamapersada Nusanatara
Semen Tonasa 6.523.306 - Semen Tonasa
Semen Padang 4.749.948 635.456 Semen Padang
PT Brantas Abipraya (Persero) 562.619 1.782.198 PT Brantas Abipraya (Persero)
PT Varia Usaha Beton 2.411 2.411 PT Varia Usaha Beton
Lain-lain (masing-masing Others
di bawah Rp1.000.000) 427.103 534.134 (below Rp1,000,000 each)
Jumlah 394.747.445 359.106.535 Subtotal
Jumlah 827.569.631 747.593.796 Total


2015 2014
Aset (lanjutan) Assets (continued)
Piutang lain-lain - neto Other receivables - net
di bawah Rp1.000.000) 730.395 805.202 (below Rp1,000,000)
Jumlah 1.694.982 805.202 Subtotal
PT Igasar - 33.875 PT Igasar
Jumlah 11.302.247 9.443.732 Subtotal
PT Varia Usaha Beton 2.750.185 3.687.405 PT Varia Usaha Beton
PT Prima Karya Manunggal - 3.599.488 PT Prima Karya Manunggal
di bawah Rp1.000.000) 10.964.652 8.297.072 (below Rp1,000,000 each)
Jumlah 14.985.169 17.257.751 Subtotal

Jumlah 27.982.398 27.506.685 Total
Enforcing Direction In a Wave of Competition PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report
- 131 -
547

2015 2014
Liabilitas Liabilities
Utang usaha Trade payables
PT Perusahaan Listrik Negara PT Perusahaan Listrik Negara
(Persero) 235.366.357 264.105.135 (Persero)
PT Varuna Tirta Prakasya 35.819.988 34.987.015 PT Varuna Tirta Prakasya
PT Petrokimia Gresik (Persero) 30.038.593 50.241.914 PT Petrokimia Gresik (Persero)
PT Nindya Karya 29.001.817 - PT Nindya Karya
PT Dahana (Persero) 26.416.005 14.369.427 PT Dahana (Persero)
PT Adhi Karya 14.509.081 - PT Adhi Karya
PT Hutama Karya (Persero) 12.959.200 8.516.115 PT Hutama Karya (Persero)
PT Wijaya Karya Industri PT Wijaya Karya Industri
dan Konstruksi 11.755.439 - dan Konstruksi
PT Pelabuhan Indonesia II PT Pelabuhan Indonesia II
(Persero) 6.347.981 3.656.863 (Persero)
PT Pertamina (Persero) 5.517.124 6.862.380 PT Pertamina (Persero)
PT Pindad (Persero) 5.408.950 8.195.896 PT Pindad (Persero)
PT Kereta Api Indonesia PT Kereta Api Indonesia
(Persero) 3.308.360 2.933.550 (Persero)
PT Pertamina Patra Niaga 1.937.608 4.616.047 PT Pertamina Patra Niaga
PT Sucofindo (Persero) 1.337.336 601.328 PT Sucofindo (Persero)
PT Telekomunikasi Indonesia 1.148.640 1.282.568 PT Telekomunikasi Indonesia
Indonesia (Persero) 3.245 3.245 Indonesia (Persero)
PT Pelabuhan Indonesia III PT Pelabuhan Indonesia III
(Persero) - 9.625 (Persero)
Jumlah 496.298.107 400.381.108 Subtotal
Jumlah 219.649.539 142.043.668
Entitas dengan pengaruh signifikan Entity with significant influence
atas entitas anak: over a subsidiary:
Geleximco - 977.370 Geleximco


2015 2014
Liabilitas (lanjutan) Liabilities (continued)
Utang usaha (lanjutan) Trade payables (continued)
PT Swabina Gatra 104.178.922 67.838.225 PT Swabina Gatra
PT Pasoka Sumber Karya 25.050.648 43.177.031 PT Pasoka Sumber Karya
PT Pelayaran Tonasa Lines 20.545.781 47.968.493 PT Pelayaran Tonasa Lines
PT Varia Usaha Lintas Segara 16.831.816 3.157.512 PT Varia Usaha Lintas Segara
Semen Tonasa 15.851.187 10.837.045 Semen Tonasa
PT Yasiga Sarana Utama 15.325.320 9.582.628 PT Yasiga Sarana Utama
PT United Tractors Tbk 13.457.571 5.656.032 PT United Tractors Tbk
PT EMKL Topabiring 10.962.727 8.349.137 PT EMKL Topabiring
PT Varia Usaha Dharma Segara 10.599.356 7.883.231 PT Varia Usaha Dharma Segara
PT Bima Sepaja Abadi 9.892.891 13.075.432 PT Bima Sepaja Abadi
PT Varia Usaha Beton 5.810.936 78.348 PT Varia Usaha Beton
PT Konsulta 5.233.811 5.084.398 PT Konsulta
PT Varia Usaha Bahari 3.804.740 4.134.653 PT Varia Usaha Bahari
PT Krakatau Posco 3.607.831 1.945.141 PT Krakatau Posco
Dana Pensiun Semen Padang 3.456.126 - Dana Pensiun Semen Padang
PT Kanitra Mitra Jayautama 2.865.219 - PT Kanitra Mitra Jayautama
Perkasa Semen 2.330.689 2.230.207 Perkasa Semen
PT Swabina Gatra Travel 2.236.862 6.528.890 PT Swabina Gatra Travel
PT Selo Giri Makmur 2.183.655 - PT Selo Giri Makmur
PT Cipta Nirmala 773.294 1.745.572 PT Cipta Nirmala
PT Prima Karya Manunggal 746.294 - PT Prima Karya Manunggal
Geleximco Trading and Geleximco Trading and
Investment JSC 425.450 2.463.998 Investment JSC
Sapa Geleximco JSC - 7.832.471 Sapa Geleximco JSC
PT Kabau Sirah Semen Padang - 5.080.000 PT Kabau Sirah Semen Padang
di bawah Rp1.000.000) 3.056.478 7.928.274 (below Rp1,000,000 each)
357.663.694 327.491.745
Jumlah utang usaha Total trade payables
dengan pihak berelasi 1.073.611.340 870.893.891 to related parties


2015 2014
Utang lain-lain Other payables
PT Petrokima Gresik (Persero) 16.178.730 13.417.959 PT Petrokima Gresik (Persero)
PT Sucofindo (Persero) 1.905.457 4.382.120 PT Sucofindo (Persero)
Indonesia (Persero) 1.244.659 - Indonesia (Persero)
PT Asuransi Jiw asraya (Persero) - 4.189.028 PT Asuransi Jiw asraya (Persero)
PT Jamsostek (Persero) - 1.526.166 PT Jamsostek (Persero)
PT Bank Mandiri (Persero) Tbk - 314.277 PT Bank Mandiri (Persero) Tbk
PT Pelabuhan Indonesia IV PT Pelabuhan Indonesia IV
(Persero) - 73.297 (Persero)
PT Nindya Karya (Persero) - 55.766 PT Nindya Karya (Persero)
19.328.846 23.958.613
PT Sw adaya Graha - 2.264.224 PT Sw adaya Graha

PT United Tractor 11.137.201 - PT United Tractor
PT Krakatau Steel 1.369.185 - PT Krakatau Steel
Koperasi Warga Semen UTSG 1.050.155 - Koperasi Warga Semen UTSG
PT Sw abina Gatra 396.485 265.465 PT Sw abina Gatra
Koperasi Warga Semen Gresik 395.239 - Koperasi Warga Semen Gresik
PT Cipta Nirmala 343.158 589.136 PT Cipta Nirmala
PT Varia Usaha Dharma Segara 91.030 36.816 PT Varia Usaha Dharma Segara
Dana Pensiun Semen Tonasa - 946.348 Dana Pensiun Semen Tonasa
di baw ah Rp100.000) 8.897.999 4.235.238 (below Rp100,000 each)
23.680.452 6.073.003
Jumlah utang lain-lain Total other payables
dengan pihak berelasi 43.009.298 32.295.840 to related parties
Jumlah utang dengan pihak berelasi 1.116.620.638 903.189.731 Total payables to related parties

jumlah liabilitas 10,42% 9,68% As a percentage of total liabilities


2015 2014
Pinjaman jangka pendek Short-term borrow ings
Entity under common control
Entitas sepengendali Geleximco of Geleximco
Sapa Geleximco 3.898.983 2.899.320 Sapa Geleximco
Geleximco Trade Joint Stock Geleximco Trade Joint Stock
Company - 215.436 Company
Jumlah 3.898.983 4.215.756 Total
Pinjaman bank jangka panjang Long-term bank loans

Sindikasi: Syndicated Bank:
PT Bank Mandiri (Persero) Tbk 1.331.491.051 1.160.458.381 PT Bank Mandiri (Persero) Tbk
Lembaga Pembiayaan Ekspor Lembaga Pembiayaan Ekspor
Indonesia 120.402.789 134.036.151 Indonesia
Jumlah 2.068.675.518 1.978.769.851 Subtotal
Liabilitas sew a pembiayaan Finance lease liabilities

Koperasi Karyaw an Semen Koperasi Karyaw an Semen
Tonasa 4.022.529 5.211.381 Tonasa
Yayasan Kesejahteraan Semen Yayasan Kesejahteraan Semen
Tonasa 906.148 4.839.439 Tonasa
Jumlah 34.670.343 46.107.142 Subtotal
Jumlah liabilitas jangka panjang 2.103.345.861 2.024.876.993 Total long-term liabilities

Dalam kegiatan normal usaha, Perseroan In the normal course of business, the Company
melakukan transaksi dengan pihak berelasi karena enters into certain transactions with parties which
hubungan kepemilikan oleh pemegang saham are related to the management and /or owned by
pengendali yang sama dan/atau kepengurusan. the same ultimate shareholder. All transactions with
Semua transaksi dengan pihak berelasi telah related parties have met the agreed terms and
dilakukan dengan kebijakan dan syarat yang telah conditions.
disepakati bersama.


43. INFORMASI SEGMEN 43. SEGMENT INFORMATION
Segmen Usaha Business Segments
Grup melaporkan segmen-segmen berdasarkan The Groups reportable segments under PSAK 5
PSAK 5 (revisi 2009) berdasarkan segmen usaha (revised 2009) are based on the following business
sebagai berikut: segments:
1. Manufaktur semen dan pendukungnya 1. Cement manufacturing and support (Cement

(Produksi semen); production);
2. Produksi non semen yang terdiri dari 2. Non cement productions consist of limestone
penambangan batu kapur dan tanah liat, and clay mining, cement bag manufacturing,
pembuatan kantong kemasan, pengembangan industrial real estate and readymix concrete.
kawasan industri dan beton siap pakai.
Berikut ini adalah informasi segmen berdasarkan Segment information based on business segments
segmen usaha: is presented below:
2015
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 25.958.049.540 1.051.147.119 27.009.196.659 (61.192.188) 26.948.004.471 and related parties
Penjualan antar segmen - 634.851.545 634.851.545 (634.851.545) - Inter-segment sales
Jumlah penghasilan 25.958.049.540 1.685.998.664 27.644.048.204 (696.043.733) 26.948.004.471 Total revenue
LABA USAHA OPERATING INCOME

Hasil segmen 5.843.870.015 101.662.280 5.945.532.295 (565) 5.945.531.730 Segment result
Penghasilan keuangan 387.207.236 8.726.680 395.933.916 (154.858.159) 241.075.757 Finance income
Beban keuangan (354.279.733) (29.602.305) (383.882.038) 13.877.321 (370.004.717) Finance cost
Bagian atas laba bersih Equity in net income of
entitas asosiasi 74.831.881 - 74.831.881 (40.511.154) 34.320.727 associates
Laba sebelum pajak penghasilan 5.951.629.399 80.786.655 6.032.416.054 (181.492.557) 5.850.923.497 Profit before income tax
Beban pajak penghasilan (1.310.245.048) (15.237.411) (1.325.482.459) - (1.325.482.459) Income tax expense
Laba tahun berjalan 4.641.384.351 65.549.244 4.706.933.595 (181.492.557) 4.525.441.038 Profit for the year
Laba yang dapat diatribusikan kepada: Profit attributable to:
Pemilik entitas induk 4.661.452.234 65.549.244 4.727.001.478 (205.510.900) 4.521.490.578 Equity holders of parent entity
Kepentingan non pengendali (20.067.883) - (20.067.883) 24.018.343 3.950.460 Non-controlling interest
Jumlah laba tahun berjalan 4.641.384.351 65.549.244 4.706.933.595 (181.492.557) 4.525.441.038 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 36.658.407.890 1.589.912.715 38.248.320.605 (319.153.912) 37.929.166.693 Segment assets
Investasi pada entitas asosiasi 802.035.719 55.000.000 857.035.719 (633.083.480) 223.952.239 Investments in associates
Jumlah aset 38.153.118.932 Total assets
Liabilitas segmen 10.145.501.125 744.992.195 10.890.493.320 (178.172.789) 10.712.320.531 Segment liabilities
INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 5.461.976.859 151.466.060 5.613.442.919 36.577.391 5.650.020.310 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 1.437.038.963 91.063.663 1.528.102.626 (92.797) 1.528.009.829 and amortization expense


2014*)
Jumlah sebelum
Produksi semen/ Produksi non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENGHASILAN REVENUE
Penjualan pada pihak ketiga Sales to third parties
dan pihak-pihak berelasi 26.031.261.307 955.773.828 26.987.035.135 - 26.987.035.135 and related parties
Penjualan antar segmen - 615.926.308 615.926.308 (615.926.308) - Inter-segment sales
Jumlah penghasilan 26.031.261.307 1.571.700.136 27.602.961.443 (615.926.308) 26.987.035.135 Total revenue
LABA USAHA OPERATING INCOME

Hasil segmen 7.070.706.514 71.472.130 7.142.178.644 (566) 7.142.178.078 Segment result
Penghasilan keuangan 299.069.890 7.578.315 306.648.205 (20.578.065) 286.070.140 Finance income
Beban keuangan (358.747.475) (25.991.446) (384.738.921) 1.819.799 (382.919.122) Finance cost
Bagian atas laba bersih Equity in net income of
entitas asosiasi 55.216.335 - 55.216.335 (23.269.423) 31.946.912 associates
Laba sebelum pajak

penghasilan 7.066.245.264 53.058.999 7.119.304.263 (42.028.255) 7.077.276.008 Profit before income tax
Beban pajak penghasilan (1.499.684.720) (9.931.449) (1.509.616.169) - (1.509.616.169) Income tax expense
Laba tahun berjalan 5.566.560.544 43.127.550 5.609.688.094 (42.028.255) 5.567.659.839 Profit for the year
Laba yang dapat diatribusikan kepada: Profit attributable to:
Pemilik entitas induk 5.578.622.376 43.127.527 5.621.749.903 (61.847.862) 5.559.902.041 Equity holders of parent entity
Kepentingan non pengendali (12.061.809) - (12.061.809) 19.819.607 7.757.798 Non-controlling interest
Jumlah laba tahun berjalan 5.566.560.567 43.127.527 5.609.688.094 (42.028.255) 5.567.659.839 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 32.968.995.220 1.339.489.631 34.308.484.851 (123.790.322) 34.184.694.529 Segment assets
Investasi pada entitas asosiasi 692.608.075 - 692.608.075 (545.627.867) 146.980.208 Investments in associates
Jumlah aset 34.331.674.737 Total assets
Liabilitas segmen 8.877.729.450 554.047.340 9.431.776.790 (105.032.057) 9.326.744.733 Segment liabilities
INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 2.354.418.438 148.345.732 2.502.764.170 (8.963.410) 2.493.800.760 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 1.266.578.292 83.120.949 1.349.699.241 - 1.349.699.241 and amortization expense


Segmen Geografis Geographical Segments
Tabel berikut menunjukkan distribusi dari aset The following table shows the distribution of the
konsolidasian, pengeluaran modal dan pendapatan Groups consolidated assets, capital expenditures
Grup berdasarkan segmen geografis: and revenue by geographical segment:
2015 2014*)
Aset Assets
Jawa 18.986.096.605 16.973.503.283 Java
Luar Jawa 15.760.159.979 14.125.983.205 Outside Java
Luar Negeri 3.182.910.109 3.085.208.041 Foreign
Jumlah 37.929.166.693 34.184.694.529 Subtotal
Investasi pada entitas asosiasi 223.952.239 146.980.208 Investments in associates
Jumlah 38.153.118.932 34.331.674.737 Total
2015 2014*)
Pengeluaran modal Capital expenditures
Jawa 3.330.024.434 1.654.152.492 Java
Luar Jawa 2.298.492.857 803.231.933 Outside Java
Luar Negeri 21.503.019 36.416.335 Foreign
Jumlah 5.650.020.310 2.493.800.760 Total
Pendapatan Revenue
Dalam Negeri Domestic
Jawa 12.630.246.456 12.971.848.820 Java
Luar Jawa 12.929.298.793 12.639.011.774 Outside Java
Jumlah 25.559.545.249 25.610.860.594 Subtotal
Luar Negeri International
Asia 1.388.459.222 1.351.419.710 Asia
Eropa - 24.754.831 Europe
Jumlah 1.388.459.222 1.376.174.541 Subtotal
Jumlah 26.948.004.471 26.987.035.135 Total
Grup berdomisili di Indonesia dan Vietnam. The Group is domiciled in Indonesia and Vietnam.


44. IKATAN DAN PERJANJIAN SIGNIFIKAN 44. COMMITMENTS AND SIGNIFICANT

AGREEMENTS
a. Pada tanggal 2 Agustus 2012, Perseroan a. On August 2, 2012, the Company and certain
bersama beberapa entitas anak menandatangani subsidiaries entered into a Notional Pooling
perjanjian fasilitas Notional Pooling (NP) dengan Facility Agreement (NP) with PT Bank Mandiri
PT Bank Mandiri (Persero) Tbk. Fasilitas ini (Persero) Tbk. This facility is a cash
merupakan layanan Cash Management yang management service that offers a pooling
menawarkan suatu mekanisme saldo konsolidasi consolidated balance mechanism to optimize
pooling untuk optimalisasi pengelolaan dana the pooling participants internal fund
internal peserta pooling dengan disertai management with interest to each pooling
pemberian bunga oleh Bank kepada masing- participant. Based on the first addendum
masing peserta pooling. Berdasarkan adendum signed on March 27, 2013, term of the
pertama yang ditandatangani tanggal 27 Maret agreement is for 1 year after the signing of the
2013, jangka waktu perjanjian adalah selama agreement by the parties and automatically
1 tahun terhitung sejak ditandatanganinya renewed every year with a maximum of 5
Perjanjian oleh para pihak dan otomatis years as long as not terminated by each
diperpanjang setiap tahun dengan maksimum parties.
selama 5 tahun secara terus menerus sepanjang
tidak dilakukan pengakhiran oleh salah satu pihak.
b. Pada tanggal 28 Agustus 2014, Perseroan dan b. On August 28, 2014, the Company and its
entitas anak melakukan perjanjian Cash Pooling subsidiaries enters Cash Pooling agreement
dengan PT Bank Mandiri (Persero) Tbk, PT Bank with PT Bank Mandiri (Persero) Tbk, PT Bank
Rakyat Indonesia (Persero) Tbk, PT Bank Negara Rakyat Indonesia (Persero) Tbk, PT Bank
Indonesia (Persero) Tbk dan PT Bank CIMB Negara Indonesia (Persero) Tbk and PT Bank
Niaga Tbk. Perjanjian ini mengoptimalkan dan CIMB Niaga Tbk. The agreement optimize and
mensinergikan dana Grup. Jangka waktu synergze the Groups funds. The period of this
perjanjian ini adalah 1 tahun terhitung sejak agreement is 1 year since the agreement were
tanggal ditandatanganinya perjanjian ini dan signed and it is total maximum extention of 5
otomatis diperpanjang setiap tahun secara terus years as long as there are no cancellation from
menerus dengan total maksimum jangka waktu last one of the third parties.
selama 5 tahun sepanjang tidak dilakukan
pengakhiran oleh salah satu pihak.
c. Pada tahun 2015 dan 2014, entitas anak, UTSG c. In 2015 and 2014, subsidiaries, UTSG and
dan SEP (pemasok) menandatangani SEP (supplier) entered into Supplier
perjanjian pendanaan pemasok (Supplier Financing Agreement with Deutsche Bank
Financing Agreement) dengan Deutsche Bank which provides them facility to sell their
yang menyediakan jasa layanan tertentu receivables to Deutsche Bank and Deutsche
sehubungan dengan pembelian piutang dan Bank agrees to purchase such receivables on
mengalihkan piutang kepada Deutsche Bank a non-recourse basis.
berdasarkan non-recourse.
d. Pada tahun 2015, SP menandatangani perjanjian d. In 2015, SP entered into an agreement for
berupa fasilitas Mandiri Supplier Financing Mandiri Supplier Financing facility for the
berupa fasilitas pembayaran atas pengadaan procurement of goods and or services
barang dan/atau jasa kebutuhan operasional SP operational requirements to the supplier of SP
kepada supplier dengan PT Bank Mandiri with PT Bank Mandiri (Persero) Tbk with
(Persero) Tbk dengan nilai maksimum fasilitas maximum facility of Rp 200,000,000. This
sebesar Rp 200.000.000. Fasilitas ini berlaku facility is valid until June 27, 2016. The facility
sampai dengan 27 Juni 2016. Jumlah fasilitas used amounted to Rp 36,351,514 as of
yang telah digunakan per 31 Desember 2015 December 31, 2015.
adalah sebesar Rp 36.351.514.


e. Pada tanggal 15 September 2014, Perseroan e. On September 15, 2014, the Company and
dan Deutsche Bank menandatangi perjanjian Deutsche Bank entered into Payment
Pembayaran (Payment Processing Agreement) Processing Agreement in which Deutsche
dimana Deutsche Bank setuju untuk Bank has agreed to provide certain payment
menyediakan jasa layanan pembayaran dalam services in its capacity as the paying agent to
kapasitasnya sebagai agen pembayar kepada the Company. Regarding payment amount by
Perseroan. Sehubungan dengan jumlah yang Deutsche Bank to supplier, the Company has
telah dibayarkan Deutsche Bank kepada an obligation to Deutsche Bank to pay such
pemasok Perseroan, Perseroan mempunyai payment amount at the latest on the
kewajiban kepada Deutsche Bank untuk transaction payment date. The outstanding
melunasi jumlah pembayaran tersebut paling amount of claims shall not exceed
lambat pada tanggal pembayaran transaksi. USD50,000,000. As at December 31, 2015,
Jumlah klaim yang belum dibayar tidak boleh the outstanding claims amounted to
melebihi USD50.000.000. Pada tanggal Rp107,407,355 and was presented as part of
31 Desember 2015, jumlah pembayaran yang trade payables to third party (Note 22).
terhutang sebesar Rp107.407.355 disajikan
sebagai bagian dari hutang usaha kepada pihak
ketiga (Catatan 22).
f. Pada tanggal 28 Agustus 2015, SPB melakukan f. On

d. August 28, 2015, SPB conducted
perjanjian kerjasama operasi dengan cooperative agreement with PT Totalindo Eka
PT Totalindo Eka Persada untuk perjanjian jual Persada for readymix concrete purchase
beli beton readymix sesuai dengan penjanjian agreement in accordance with penjanjian No.
No. 032/KK/TEB-MRT/SGG/7/2015 untuk proyek 032/KK/TEB-MRT/SGG/7/2015 for Midtown
Midtown Residence yang berlokasi dijalan project Residence located street Boulevard
Boulevard Raya Gading Serpong blok M 5 No. 3 Raya Gading Serpong block M 5 No. 3 with a
dengan jangka waktu kerjasama dua tahun sejak two-year period of co-operation since August
28 Agustus 2015 sampai dengan 28 Agustus 28, 2015 until August 28, 2017 with a contract
2017 dengan nilai kontrak sebesar value of Rp54,224,445.
Rp54,224,445.
g. Pada tanggal 22 Desember 2015, SPB g. On

e. December 22, 2015, SPB conducted a
melakukan perjanjian kerjasama operasi dengan cooperative agreement with PT Adhi Karya
PT Adhi Karya (Persero) Tbk untuk perjanjian (Persero) Tbk for the sale and purchase
jual beli beton readymix sesuai dengan agreement in accordance with the readymix
penjanjian No. LRTSPPB-CV-PO-002 untuk concrete in line with the agreement No. LRT-
proyek Prasarana Kereta Api Ringan (LRT) SPPB-CV-PO-002 for Railway Infrastructure
terintregasi di wilayah Jakarta, Bogor, Depok dan Project Light (LRT) integrated in Jakarta,
Bekasi dengan jangka waktu kerjasama sejak Bogor, Depok and Bekasi with a period of
1 Maret 2016 sampai dengan 30 September cooperation since March 1, 2016 until
2017 dengan nilai kontrak sebesar September 30, 2017 with a contract value of
Rp396,415,385. Rp396,415,385.
h. Pada tanggal 21 Agustus 2015, SPB melakukan h. On

f. August 21, 2015, SPB conducted at
perjanjian kerjasama operasi dengan PT Adhi cooperative agreement with PT Adhi Karya
Karya (Persero) Tbk untuk perjanjian jual beli (Persero) Plc for the sale and purchase in the
beton readymix sesuai dengan penjanjian No.01/ readymix concrete in line with agreement
SPPB/PAKUPATANPALIMA/DIV.KONSTI/VIII/20 No.01/SPPB/PAKUPATANPALIMA/DIV.KONS
15 untuk proyek Pembangunan Jalan Pakupatan TI /VIII/2015 to Pakupatan PALIMA Road
Palima dengan jangka waktu kerjasama sejak 26 Development project for a period of
Agustus 2015 sampai dengan 18 Oktober 2016 cooperation from August 26, 2015 to October
dengan nilai kontrak sebesar Rp68.699.120. 18, 2016, with a contract value of
Rp68,699,120.


i. Pada tanggal 16 Februari 2015, SPB melakukan i. On

g. February 16, 2015, SPB conducted
perjanjian kerjasama operasi dengan PT Hutama cooperative agreement with PT Hutama Karya
Karya (Persero) untuk perjanjian jual beli beton (Persero) for the sale and purchase in the
readymix sesuai dengan penjanjian No. readymix concrete in line with the agreement
008/20.15.1.5770/711.1/02/2015 untuk proyek No. 008/20.15.1.5770/711.1/02/2015 for the
Peningkatan Pergerakan Pesawat Bandara project Improved Aircraft Movement Soekarno
Soekarno Hatta dengan jangka waktu kerjasama Hatta Airport for a period of cooperation since
sejak 16 Februari 2016 sampai dengan February 16, 2015 until January 31, 2016 with
31 Januari 2015 dengan nilai kontrak sebesar a contract value of Rp65,205,013.
Rp65.205.013.
j. Pada tanggal 31 Desember 2015, Perseroan dan j. As at December 31, 2015, the Company and its
entitas anak (SP dan ST) memiliki beberapa ikatan subsidiaries (SP and ST) have various
untuk pembelian persediaan dari beberapa commitments to purchase inventories from
pemasok masing-masing sebesar various suppliers amounting to
Rp3.193.609.119, Rp431.634.126, dan Rp3,193,609,119, Rp431,634,126, and
Rp201.018.513. Komitmen pembelian tersebut Rp201,018,513, respectively. Such
termasuk komitmen pembelian menggunakan commitments include purchase commitments
fasilitas non-cash loan dari PT Bank Mandiri which will involve the use of non-cash loan
(Persero) Tbk dan PT Bank Negara Indonesia facilities from PT Bank Mandiri (Persero) Tbk
(Persero) Tbk sebesar USD80.036.188, and PT Bank Negara Indonesia (Persero) Tbk in
EUR180.617.700, dan Rp3.565.416.427 the amount of USD80,036,188,
sebagaimana dijelaskan dalam Catatan 20. EUR180,617,700, and Rp3,565,416,427 as
Penyerahan produk akan dilakukan secara berkala disclosed in Note 20. The products will be
selama jangka waktu tertentu. delivered within specified periods.
k. Perseroan dan entitas anak (ST) juga memiliki k. The Company and its subsidiaries (ST) have
ikatan penjualan kepada pelanggan masing- sales commitments to customers amounting to
masing sebesar Rp768.915.837 dan Rp768,915,837 and Rp130,310,994, as at
Rp130.310.994, pada tanggal 31 Desember December 31, 2015. The products will be
2015. Penyerahan produk akan dilakukan secara delivered within specified periods.
berkala selama jangka waktu tertentu.
l. Pada tanggal 31 Desember 2015, Perseroan dan l. As of December 31, 2015, the Company and
entitas anak (SP) memiliki beberapa ikatan its subsidiary (SP) have several commitments
pembelian batubara dari beberapa pemasok to purchase coal from several suppliers with
sebanyak 1.300.000 ton per tahun dengan total quantity of 1,300,000 tons per year with
kisaran harga antara Rp550 per ton hingga price range from Rp 550 to Rp730 per ton for
Rp730 per ton untuk periode 2013 sampai year 2013 to 2021. This price subject to
dengan 2021. Harga tersebut akan disesuaikan adjustments against caloritic value, ash
terhadap nilai kalori, kadar abu, sulfur dan air. content, sulfur and water.
Harga dasar tersebut akan ditinjau secara Such price will be renewed periodically before
periodik sebelum masa berlaku perjanjian the agreement expires and to adjust the price
berakhir dan untuk menyesuaikan harga dengan against the foreign exchange rate from Rupiah
nilai tukar Rupiah terhadap mata uang Dolar to United States Dollar and basic price of HSD
Amerika Serikat dan harga dasar galian bahan for Industries.
bakar minyak untuk industri.
Sehubungan dengan perjanjian jual beli batubara In relation to such coal sale agreement,
tersebut, pemasok diwajibkan untuk suppliers are obliged to submit their
menyerahkan jaminan pelaksanaan. performance guarantee.


m. Sesuai Akta Perjanjian No. 3 tanggal 5 Agustus m. Based on Deed of Agreement No. 3 dated
2004 yang dibuat antara Nagari Lubuk August 5, 2004 made between the Nagari
Kilangan dengan SP di hadapan Dasrizal, S.H., Lubuk Kilangan community and SP by
notaris di Padang, SP mengadakan perikatan Dasrizal, S.H., notary in Padang, SP entered
dengan masyarakat Lubuk Kilangan (Nagari into an agreement with the Nagari Lubuk
Lubuk Kilangan) untuk memperoleh hak Kilangan community (Nagari Lubuk Kilangan)
penambangan seluas 412,03 ha di tanah Bukit to obtain mining rights covering an area of
Karang Putih dengan termin pembayaran 30%, 412.03 ha in the area of Bukit Karang Putih
30% dan 40% masing-masing di bulan Juni with terms of payment of 30%, 30% and 40%
2004, 2005 dan 2006. to be paid in June 2004, 2005 and 2006,
respectively.
Perolehan hak tersebut sesuai dengan The acquisition of the rights was in accordance
Surat Keputusan Gubernur Sumatera with the Decision Letter of Governor of
Barat No. 503.545/9/EXPL/DTB-1997 tanggal 6 West Sumatera No. 503.545/9/EXPL/DTB-
Juni 1997 dan hasil Peta Bidang dari BPN. 1997 dated June 6, 1997 and results of
Setelah dilakukan pengukuran ulang oleh Badan mapping the area by the National Land Board.
Pertanahan Nasional (BPN) sesuai Peta Bidang Remeasurement of the area by the National
No. 183/2005 tanggal 12 Mei 2005 didapatkan Land Board based on the area mapping
luas sebenarnya 429 ha sehingga jumlah No. 183/2005 on May 12, 2005 resulted in
kompensasi diperkirakan Rp12.879.459, diluar the actual area involved being 429 ha. As a
kompensasi bentuk lain sebesar Rp2.100.000. result compensation is estimated to be
Rp12,879,459 excluding other compensation
of Rp2,100,000.
Pada tanggal 7 Juni 2006, Badan Pertanahan On June 7, 2006, the National Land Board of
Nasional Kota Padang mengirim surat kepada Padang sent a letter to SP stating that out of
SP yang menyatakan bahwa dari 429 ha di tanah 429 ha in the Bukit Karang Putih area, 256 ha
Bukit Karang Putih, 256 ha termasuk dalam were included in a forest conservation area.
kawasan hutan lindung. Dan hal ini sejalan This position was supported by a Decision
dengan Surat Keputusan Menteri Kehutanan Letter from the Minister of Forestry
No. 422/KPTS-II/1999 tentang Penunjukan No. 422/KPTS-II/1999 on determining of
Kawasan Hutan diwilayah Propinsi Daerah forestry area in Province of West Sumatera
Tingkat I Sumatera Barat seluas 2.600.268 ha. about 2,600,268 ha.
Pada tanggal 16 Juni 2006, SP mengirim surat On June 16, 2006, SP sent a letter to the
kepada Ketua Nagari Lubuk Kilangan yang Nagari Lubuk Kilangan Leader stating that SP
menyatakan bahwa SP akan menunda would delay the 40% payment which should
pembayaran sebesar 40% yang seharusnya have been paid in June 2006 until the forest
dibayar pada bulan Juni 2006 sampai masalah conservation issue is resolved by Nagari
ini diselesaikan oleh masyarakat Nagari Lubuk Lubuk Kilangan.
Kilangan.
Dalam usulan Rencana Tata Ruang Wilayah In the proposed Plan for Provincial Area
(RTRW) Propinsi Sumatera Barat tahun 2009 Management of the West Sumatera province
yang dibuat oleh Pemerintah Daerah, lahan for 2009 which was prepared by the Local
seluas 429 ha tersebut diusulkan untuk diubah Government, the status of the 429 ha of land is
statusnya dari hutan lindung menjadi Areal proposed to be changed from a forest
Penggunaan Lain (APL). conservation area to a forest concession right.
Berdasarkan hasil pengukuran terakhir yang Based on the recent measurement taken by
dilakukan oleh Dinas Kehutanan provinsi Forestry Section of West Sumatera province,
Sumatera Barat, lahan 429 ha tersebut menjadi the land of 429 ha became approximately 517
lebih kurang 517 ha yang terdiri dari Areal hectares, which consist of Area for other
Penggunaan Lain seluas lebih kurang 114 ha, purposes of approximately 114 ha, Forest
Hutan Lindung seluas lebih kurang 54 ha, Hutan Conservation of approximately 54 ha, Natural
Suaka Alam seluas lebih kurang 107 ha dan Forest Conservation of approximately 107
Hutan Produksi Terbatas seluas lebih kurang hectares and Limited Production Forest of
242 ha. approximately 242 ha.


Perda Tata Ruang Kota Padang telah disahkan The Regulation on the city layout has been
oleh walikota Padang melalui Peraturan Daerah approved by the Padang City Mayor through
Kota Padang No. 4 tahun 2012 tanggal 5 Juni the Mayoral Regulation of Padang City No. 4
2012 dengan menetapkan di area 429 ha year 2012 dated June 5, 2012, stipulating that
terdapat area hutan suaka alam wisata kurang the area of 429 ha are forest preserves tourist
lebih 69 ha, hutan produksi terbatas kurang lebih area of approximately 69 ha, approximately of
242 ha dan area penggunaan lain kurang lebih limited production forest area of 242 ha and
114 ha. the other uses approximately 114 hectares.
Dikarenakan adanya perubahan pada tata ruang Due to changes in the spatial Padang, the
Kota Padang, mengenai peruntukan kawasan forest areas in the area of 412 ha, an
hutan pada area 412 ha, maka pada tanggal addendum has been made October 31, 2012
31 Oktober 2012 telah dilakukan addendum to the agreement No. 03, dated August 5,
terhadap perjanjian No. 03 tanggal 2004 between SP with Nagari Kilangan Lubuk,
5 Agustus 2004 antara Nagari Lubuk Kilangan which include changes in:
dengan SP, yang meliputi perubahan:
Luas lahan yang semula 412 ha menjadi The area of land which was originally 412
356 ha. ha to 356 ha.
Nilai kompensasi lahan tahap III dari Phase III land compensation value from
semula Rp3.000 per m2 menjadi Rp3.990 Rp3,000 per m2 to Rp3,990 per m2 with
per m2 sehingga total nilai kompensasi the total value of compensation
menjadi kurang lebih Rp13.331.760. approximately Rp13,331,760.
Izin Pinjam Pakai atas areal hutan produksi Usage permissions over a limited production
terbatas seluas kurang lebih 242 ha telah forest area of approximately 242 ha have been
diperoleh oleh SP berdasarkan Keputusan acquired by SP based on the Ministry of
Menteri Kehutanan No.SK.467/Menhut-II/2013 Forestry No.SK.467/Menhut-II/2013 dated
tertangal 28 Juni 2013. Atas dasar telah June 28, 2013. On the basis of the
diperolehnya izin pinjam pakai dari Menteri presentation of the use permit from the
Kehutanan maka SP telah melakukan Minister of Forestry, hence SP has made
pembayaran tahap III kepada KAN Lubuk phase III payments to the KAN Lubuk Kilangan
Kilangan sesuai dengan Perjanjian antara KAN in accordance with the Agreement between
dan SP berikut perubahan-perubahannya. KAN and SP, following the amendments.
Sampai dengan tanggal 31 Desember 2015, SP As of December 31, 2015, SP has spent
telah mengeluarkan dana sebesar Rp23.230.005 amounting to Rp23,230,005 to obtain mining
untuk memperoleh hak penambangan dan rights and Rp54,328,914 for preparation of
Rp54.328.914 untuk penyiapan fasilitas lahan mining area facilities which was recorded as
penambangan yang dicatat sebagai aset dalam construction in progress - land.
penyelesaian tanah.
n. Entitas anak (TLCC) memiliki ikatan untuk n. A Subsidiary (TLCC) has an operating lease
sewa operasi berdasarkan kontrak. Jumlah commitment under the contractual
minimum pembayaran sewa dimasa mendatang arrangements. The future aggregate minimum
berdasarkan sewa operasi yang tidak dapat lease payments under non-cancellable operating
dibatalkan adalah sebagai berikut: leases are as follows:
Ekuivalen
31 Desember 2015/ Rp 000/
December 31 2015 Equivalent in
VND' 000 Rp 000
Dalam 1 tahun/Within 1 year 2.577.397 1.614.997
Antara 1 dan 5 tahun/Between 1 year and 5 years 7.669.442 4.805.672
Lebih dari 5 tahun/Over 5 years 37.758.073 23.659.209
Jumlah minimum pembayaran/Total minimum payments 48.004.912 30.079.878


Berikut ini adalah beberapa perjanjian signifikan The following are the significant agreements for
atas sewa operasi TLCC: operating lease TLCC:
Pada tanggal 27 Pebruari 2002, TLCC On February 27, 2002, TLCC enters
memiliki ikatan dengan Hiep Phuoc Joint commitment with Hiep Phuoc Joint Venture
Venture Company untuk menyewa tanah Company to rent land of 100,000 m2 for the
seluas 100.000 m2 untuk Grinding Plant Grinding Plant for 50 years at Hiep Phuoc
selama 50 tahun di Area Industrial Hiep Industrial Zone from September 18, 2002 to
Phuoc sejak tanggal 18 September 2002 September 16, 2052.
hingga 16 September 2052.
Porsi belum dibayar termasuk di dalam table A portion of unpaid rental fee is included in
di atas dari total sebesar USD20/m2 yang above table amounting to USD20/m2 which
dipecah dalam 15 kali cicilan tahunan, setiap is payable in 15 annual installments, each
cicilan ekuivalen dengan USD1,74/m2 yang equivalent to USD1.74/m2 representing the
terdiri atas biaya sewa dan bunga. Cicilan rental fee and interest. The first installment
pertama jatuh tempo pada tahun ketiga was due on 3rd year from the rental
sejak tanggal kontrak. contract date.
Pada tanggal 30 September 2006, TLCC On September 30, 2006, TLCC enters
memiliki ikatan dengan Quang Ninhs commitment with Quang Ninhs People
People Committee untuk menyewa tanah Committee to rent land with area of
seluas 1.680.239 m2 di Le Loi Commune, 1,680,239 m2 at Le Loi Commune, Hoanh
Distrik Hoanh Bo, Propinsi Quang Ninh Bo District, Quang Ninh province for main
untuk pabrik utama, jalan dan stasiun. Sewa plant, road and stations. The rent is for 50
selama 50 tahun dari 18 September 2002 years from September 18, 2002 to
sampai dengan 18 September 2052. September 18, 2052.
Biaya Sewa dibayarkan tahunan dan Rental fee is payable annually and is
dihitung mulai dari 22 Agustus 2006. Tarif calculated from August 22, 2006. The
biaya sewa 5 tahun pertama adalah sebesar rental fee rates for the first 5 years are
VND540/m2/tahun untuk pabrik utama dan VND540/m2/year for the main plant and
VND67,5/m2/tahun untuk jalan dan stasiun. VND67.5/m2/year for road and stations.
Pada tanggal 14 Mei 2010, TLCC memiliki On May 14, 2010, TLCC enters
ikatan dengan Quang Ninhs People commitment with Quang Ninhs People
Committee untuk menyewa tanah seluas Committee to rent land with area of
172.289,4 m2 di Le Loi dan Son Duong 172,289.4 m2 at Le Loi and Son Duong
Communes, Distrik Hoanh Bo, Propinsi Communes, Hoanh Bo District, Quang Ninh
Quang Ninh untuk jalan, pengolahan kapur, province for road, lime processing and clay
dan transportasi untuk tanah liat. Sewa transportation. The rent is for 50 years from
selama 50 tahun dari 18 September 2002 September 18, 2002 to September 18,
sampai dengan 18 September 2052. 2052.
Biaya sewa dibayarkan tahunan dan Rental fee is payable annually and is
dihitung mulai tahun 2008 dengan tarif tetap calculated from 2008 at the fixed rates for
untuk lima tahun pertamannya antara first 5 years of between VND363 -
VND363 - VND720/m2/tahun. VND720/m2/year.
ikatan dengan Quang Ninhs People commitment with Quang Ninhs People
Committee untuk menyewa tanah seluas Committee to rent land of 819,846.8 m2 of
819.846,8 m2 di Thong Nhat dan Son land at Thong Nhat and Son Duong
Duong Communes, Distrik Quang Ninh Communes, Hoanh Bo District, Quang Ninh
untuk jalan, pengolahan kapur, dan province for road, lime processing and clay
transportasi untuk tanah liat. Sewa selama transportation. The rent is for 30 years from
30 tahun dari 18 Desember 2009 sampai December 18, 2009 to December 18, 2039.
dengan 18 Desember 2039.


Biaya sewa dibayarkan tahunan dan Rental fee is payable annually and is
dihitung dari 28 Desember 2010 dengan tarif calculated from December 28, 2010 with
tetap 5 tahun pertama sebesar fixed rate for first 5 years at
VND160/m2/tahun. VND160/m2/year.
ikatan dengan Galeximco Hanoi untuk commitment with Galeximco Hanoi to rent
menyewa kantor seluas 335 m2 di lantai 7 335 m2 of office on the 7th floor of
gedung Geleximco di Jl. 36 Hoang Cau, Geleximco building at 36 Hoang Cau
Hanoi. Jangka waktu sewa adalah 4 tahun Street, Hanoi. The rent is for 4 years from
dari 15 Pebruari 2011 sampai dengan February 15, 2011 to February 15, 2015.
15 Pebruari 2015. Pada tanggal 16 Pebruari On February 2015, the rent period is
2015 sewa tersebut telah diperpanjang extended until February 15, 2017.
sampai dengan 15 Pebruari 2017.
Biaya sewa untuk 6 bulan pertama Rental fee for the first six months is paid
dibayarkan dalam lima hari setelah tanggal within five days from the contract effective
efektif kontrak. Pada bulan ke 7, biaya sewa date. From the 7th month, rental fee is
di bayarkan bulanan. Biaya sewa adalah payable on monthly basis. Rental fee is
USD23/m2/bulan. USD23/m2/month.
o. Pada tanggal 30 Juli 2010, UTSG mengadakan o. On July 30, 2010, UTSG entered into an
perjanjian kerjasama dengan PT Semen Baturaja agreement with PT Semen Baturaja (Persero)
(Persero) Tbk tentang Jasa Sewa Alat Muat dan Tbk for Unloading Equipment Rental Service
Jasa Angkutan Batu Kapur dan Tanah Liat di and Limestones and Clay Transportation
lokasi tambang milik PT Semen Baturaja Service at the mining area PT Semen Baturaja
(Persero) Tbk dimana UTSG akan (Persero) Tbk. UTSG will carry out excavation,
melaksanakan penggalian, pemuatan dan loading and transportation of limestone and
pengangkutan batu kapur dan tanah liat dari area clay from the mine to the crusher area. The
tambang ke crusher. Jangka waktu pengerjaan period for unloading equipment rental service
untuk jasa sewa alat muat dan jasa angkutan and clay transportation service are 36 months
tanah liat selama 36 bulan mulai starting from August 1, 2010 to July 31, 2013
1 Agustus 2010 sampai dengan 31 Juli 2013 dan while the period for limestones transportation
jasa angkutan batu kapur selama 32 bulan mulai service is 32 months starting from
1 Desember 2010 sampai dengan 31 Juli 2013. December 1, 2010 to July 31, 2013. This
Perjanjian ini diperpanjang selama 3 tahun mulai agreement is extended for 3 years starting
tanggal 1 Agustus 2013 sampai dengan 31 Juli from August 1, 2013 to July 31, 2016.
2016.
p. SG mengadakan ikatan untuk membangun p. SG entered into agreements to build cement

pabrik semen dan membeli serta plant and purchase machinery and equipment
perlengkapannya dengan beberapa pemasok from several foreign and local suppliers with
luar negeri dan dalam negeri dengan nilai total contract value and outstanding
kontrak sampai dengan 31 Desember 2015 dan commitments as of December 31, 2015 and
2014 masing-masing sebesar Rp2.160.330.921, 2014 amounting to Rp2,160,330,921,
EUR91.774.080, USD8.428.394 dan EUR91,774,080, USD8,428,394 and
Rp552.003.836, EUR88.084.069, Rp552,003,836, EUR88,084,069,
USD3.604.317. USD3,604,317, respectively.
Pada tanggal 31 Desember 2015 dan 2014 As of December 31, 2015 and 2014, the
jumlah ikatan yang belum direalisasi dari fasilitas outstanding commitments from the facility
tersebut masing-masing sebesar amounting to Rp1,202,171,339,
Rp1.202.171.891, EUR17.537.201, EUR17,537,201, USD3,217,339 and
USD3.217.339 dan Rp360.899.651, Rp360,899,651, EUR73,593,646,
EUR73.593.646, USD3.562.917. USD3,562,917, respectively.


q. Berdasarkan Perjanjiian No 40 tanggal 14 Maret q. Agreement No. 40 dated March 14, 2013
2013 dihadapan Evva Yerry Mahmudah, SH. before Evva Yerry Mahmudah, SH. Notary
Notaris dan Pejabat Pembuat Akta Tanah di and Land Deed Officer in Gresik, KIG has
Gresik, KIG telah melakukan perjanjian dengan entered into an agreement with Ir. Bagus
Ir. Bagus Narjatmo dan Moh. Khozin (selaku Narjatmo and Moh. Khozin (as selling power)
kuasa jual) sehubungan dengan rencana in connection with the plan to purchase 200
pembelian lahan kurang lebih 200 hektar yang hectares of land located in the village
berlokasi di desa Golokan, Desa Purwodadi, Golokan, Purwodadi, Village Srowo,
Desa Srowo, Desa Tanjungawan, di Kecamatan Tanjungawan village, in the district and sub-
Sidayu dan Kecamatan Ujung Pangkah dengan district Sidayu Edge Pangkah with price and
harga dan syarat seperti yang tertera dalam conditions as stipulated in the agreement.
perjanjian.
Per 31 Desember 2015, total pembelian yang As of December 31, 2015, total purchase paid
telah dibayarkan adalah sebesar Rp125.431.273. amounted to Rp125,431,273. Management
Manajemen berpendapat bahwa tidak terdapat believes that there will be no difficulties in
kesulitan dalam pengurusan hak atas tanah obtaining the landright certificate.
tersebut.
r. Pada tanggal 16 September 2015, IKSG r. On September 16, 2015, IKSG entered into an
menandatangani perjanjian dengan Newlong agreement with Newlong Industrial Co. Ltd., to
Industrial Co. Ltd., untuk membeli mesin dan acquire machinery and equipment of Cement
peralatan pembuatan kantong semen seharga Bag Making Line for amount of US$2,250,000.
US$ 2.250.000.
s. Pada tanggal 30 Oktober, 2015, KSI s. On October 30, 2015, KSI entered into
menandatangani perjanjian untuk membeli Slag agreement to purchase Slag Grinding
Grinding Machine dengan Losche GmbH dengan Machine with Losche GmbH with total value of
nilai total EUR 7.582.000. Sebagai bagian dari EUR 7,582,000. As part of the agreement, KSI
perjanjian, KSI telah membayar uang muka has paid the advance payment amounting
sebesar EUR 1.137.000 atau setara dengan EUR 1,137,000 or equivalent to
Rp17,093,619. Rp17,093,619.


45. ASET DAN LIABILITAS MONETER DALAM MATA 45. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES
Pada tanggal 31 Desember 2015 dan 2014, Grup As at December 31, 2015 and 2014, the Group had
mempunyai aset dan liabilitas moneter dalam mata monetary assets and liabilities denominated in
uang asing sebagai berikut: foreign currencies as follows:
2015 2014
Mata uang Mata uang
Asing Asing
(jumlah penuh)/ Ekuivalen (jumlah penuh)/ Ekuivalen
Foreign Rupiah/ Foreign Rupiah/
currencies Equivalent in currencies Equivalent in
(full amounts) Rupiah (full amounts) Rupiah
Aset: Assets:
Kas dan setara kas USD 12.544.290 173.048.484 7.428.546 92.411.112 Cash and cash equivalents
EUR 3.012.931 45.404.871 13.446.939 203.492.533
SGD 13.471 131.357 13.044 122.899
Kas dan setara kas yang dibatasi Restricted cash and cash
penggunaannya USD 215.000 2.965.925 - - equivalents
Piutang usaha USD 2.505.428 34.562.386 2.219.707 27.613.160 Trade receivables
Jumlah aset 256.113.023 323.639.704 Total assets
Liabilitas: Liabilities:
Utang usaha USD 5.777.245 79.697.097 12.190.318 151.647.558 Trade payables
EUR 4.735.317 71.361.233 2.782.701 42.110.609
SGD 7.853 76.571 68.370 644.188
JPY 46.839 5.364 7.557.918 787.913
GBP 593 12.122 - -
Utang lain-lain USD 82.041 1.131.749 493.201 6.135.421 Other liabilities
EUR 406.805 6.130.548 1.982.216 29.996.876
Jumlah liabilitas 158.414.684 231.322.565 Total liabilities
Aset neto 97.698.339 92.317.139 Net Assets
Pada tanggal 31 Desember 2015 dan 2014, kurs The conversion rates used by the Group on
konversi yang digunakan Grup serta kurs yang December 31, 2015 and 2014 the prevailing rates
berlaku pada tanggal 15 Pebruari 2016 sebagai on February 15, 2016 are as follows:
berikut:
15 Pebruari/ 31 Desember/ 31 Desember/

February 15, December 31, December 31,
2016 2015 2014
Mata Uang Foreign currency
1 USD 13.476 13.795 12.440 1 USD
1 SGD 9.622 9.751 9.422 1 SGD
100 JPY 11.857 11.452 10.425 100 JPY
1 EUR 15.120 15.070 15.133 1 EUR
GBP 19.553 20.451 19.370 GBP


46. KATEGORI DAN KELAS INSTRUMEN 46. CATEGORIES AND CLASSES OF FINANCIAL
KEUANGAN INSTRUMENTS
Liabilitas pada
Pinjaman yang biaya perolehan
diberikan dan Tersedia diamortisasi/
piutang/ untuk dijual/ Liabilities at
Loans and Available-for- amortized
receivables sale cost
31 Desember 2015 December 31, 2015
Aset Keuangan Lancar Current Financial Assets

Kas dan setara kas 3.964.018.180 - - Cash and cash equiv alents
Kas dan setara kas y ang Restricted cash and
dibatasi penggunaanny a 25.469.712 - - cash equiv alents
Inv estasi jangka pendek - 2.263.173 - Short term inv estments
Piutang usaha Trade receiv ables
Pihak ketiga 2.716.270.338 - - Third parties
Pihak berelasi 827.569.631 - - Related parties
Piutang lain-lain Other receiv ables
Pihak ketiga 56.818.134 - - Third parties
Liabilitas Keuangan Jangka Pendek Current Financial Liabilities

Pinjaman jangka pendek - - 138.603.568 Short term borrowings
Utang usaha Trade pay ables
Pihak ketiga - - 2.709.634.659 Third parties
Pihak berelasi - - 1.073.611.340 Related parties
Utang lain-lain Other pay able
Pihak ketiga - - 151.290.680 Third parties
Pihak berelasi - - 43.009.298 Related parties
Beban y ang masih harus dibay ar 633.616.432 Accrued expenses
Liabilitas jangka panjang y ang jatuh Current maturities of
tempo dalam satu tahun long term liabilities
Pinjaman bank - - 630.043.935 Bank loans
Liabilitas sewa pembiay aan - - 77.037.601 Finance lease liabilities
Liabilitas Keuangan Jangka Panjang Non-current Financial Liabilities

Liabilitas jangka panjang Long term liabilities
Pinjaman bank - - 2.996.680.899 Bank loans
Liabilitas sewa pembiay aan - - 158.934.642 Finance lease liabilities
Jumlah 7.618.128.393 2.263.173 8.612.463.054 Total


Liabilitas pada
Pinjaman yang biaya perolehan
diberikan dan Tersedia diamortisasi/
piutang/ untuk dijual/ Liabilities at
Loans and Available-for- amortized
receivables sale cost
31 Desember 2014 December 31, 2014
Aset Keuangan Lancar Current Financial Assets

Kas dan setara kas 4.925.949.551 - - Cash and cash equivalents
Kas dan setara kas yang Restricted cash and
dibatasi penggunaannya 13.696.811 - - cash equivalents
Investasi jangka pendek - 91.872.422 - Short term investment
Piutang usaha Trade receivables
Pihak ketiga 2.553.653.508 - - Third parties
Piutang lain-lain Other receivables
Pihak ketiga 103.802.566 - - Third parties
Liabilitas Keuangan Jangka Pendek Current Financial Liabilities

Pinjaman jangka pendek - - 81.808.678 Short term borrowing
Utang usaha Trade accounts payable
Pihak ketiga - - 2.160.613.721 Third parties
Utang lain-lain Other accounts payable
Pihak ketiga - - 182.704.936 Third parties
Beban yang masih harus dibayar - - 445.434.118 Accrued expenses
Liabilitas jangka panjang yang jatuh Current maturities of
tempo dalam satu tahun long term liabilities
Pinjaman bank - - 463.572.257 Bank loans
Liabilitas sewa pembiayaan - - 52.497.495 Finance lease liabilities
Liabilitas Keuangan Jangka Panjang Non-current Financial Liabilities

Liabilitas jangka panjang Long term liabilities
Pinjaman bank - - 3.183.156.388 Bank loans
Liabilitas sewa pembiayaan - - 131.988.819 Finance lease liabilities
Jumlah 8.372.202.917 91.872.422 7.604.966.143 Total
47. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKO 47. FINANCIAL RISK MANAGEMENT OBJECTIVE
KEUANGAN AND POLICIES
Grup terpengaruh terhadap risiko pasar, risiko kredit, The Group is exposed to market risk, credit risk
dan risiko likuiditas. Manajemen menerapkan and liquidity risk. Management applies risk
manajemen risiko atas risiko-risiko tersebut dengan management for such risks by evaluating the
melakukan evaluasi atas risiko keuangan dan financial risks and the appropriate financial risk
kerangka pengelolaan risiko keuangan yang tepat governance framework for the Group. Such risk
untuk Grup. Pengelolaan resiko tersebut management provides assurance to management
memberikan keyakinan kepada manajemen bahwa that prudent financial activities are managed
aktivitas keuangan dikelola secara pruden sesuai according to appropriate policies and procedures
kebijakan dan prosedur yang tepat dan risiko and financial risks are identified, measured and
keuangan diidentifikasi, diukur dan dikelola sesuai managed in accordance with policies and risk
dengan kebijakan dan risk appetite. appetite.
Manajemen menerapkan kebijakan pengelolaan The management applies policies for managing
risiko-risiko sebagaimana dirangkum di bawah ini. each of these risks which is summarized below.


Pengelolaan modal Capital management
Tujuan utama pengelolaan modal Grup adalah untuk The primary objective of the Groups capital
memastikan pemeliharaan rasio modal yang sehat management is to ensure that it maintains healthy
untuk mendukung usaha dan memaksimalkan capital ratios in order to support its business and
imbalan bagi pemegang saham. maximize shareholder value.
Grup disyaratkan untuk memelihara tingkat The Group is required under their respective loan
permodalan tertentu oleh perjanjian pinjaman. agreements to maintain the level of existing share
Persyaratan permodalan eksternal tersebut telah capital. This externally imposed capital requirement
dipenuhi oleh entitas terkait pada tanggal has been complied with by the relevant entities as
31 Desember 2015 dan 2014. Selain itu, Grup juga of December 31, 2015 and 2014. In addition, the
dipersyaratkan oleh Undang-undang No. 40 Tahun Group is also required by the Law No. 40 Year
2007 tentang Perseroan Terbatas, efektif sejak 2007 regarding Limited Liability Entities, effective
tanggal 16 Agustus 2007, untuk mengalokasikan August 16, 2007, to allocate and maintain a non-
sampai dengan 20% dari modal saham diterbitkan distributable reserve fund until the said reserve
dan dibayar penuh ke dalam dana cadangan yang reaches 20% of the issued and fully paid share
tidak boleh didistribusikan. Persyaratan permodalan capital. This externally imposed capital
eksternal tersebut telah dipertimbangkan oleh Grup requirements are considered by the Group and
serta telah diputuskan pada Rapat Umum decided at the Annual General Meeting of
Pemegang Saham (RUPS). Shareholders (AGMS).
Grup mengelola struktur permodalan dan melakukan The Group manages its capital structure and
penyesuaian, bila diperlukan, berdasarkan makes adjustments to it, if necessary, in light of
perubahan kondisi ekonomi. Untuk memelihara dan changes in economic conditions. To maintain or
menyesuaikan struktur permodalan, Grup dapat adjust the capital structure, the Group may adjust
menyesuaikan pembayaran dividen kepada the dividend payment to shareholders, issue new
pemegang saham, menerbitkan saham baru atau shares or raise debt financing. No changes were
mengusahakan pendanaan melalui pinjaman. Tidak made in the objectives, policies or processes
ada perubahan atas tujuan, kebijakan maupun during the years ended December 31, 2015 and
proses selama tahun yang berakhir pada tanggal- 2014.
tanggal 31 Desember 2015 dan 2014.
Grup mengawasi modal dengan menggunakan rasio The Group monitors its capital using gearing ratios,
pengungkit (gearing ratio), dengan membagi jumlah by dividing interest bearing loan by total equity
pinjaman berdampak bunga dengan jumlah ekuitas attributable to equity holders of the parent entity.
yang dapat diatribusikan kepada pemilik entitas The Groups policy is to maintain its gearing ratio
induk. Kebijakan Grup adalah menjaga rasio within the range of gearing ratios of the leading
pengungkit dalam kisaran dari perusahaan companies in Indonesia in order to secure access
terkemuka di Indonesia untuk mengamankan akses to finance at a reasonable cost. Included in interest
terhadap pendanaan pada biaya yang rasional. bearing loans are short-term bank loans and long-
Termasuk dalam total pinjaman berdampak bunga term bank loans, and finance lease liabilities.
adalah pinjaman bank jangka pendek, pinjaman
bank jangka panjang, dan liabilitas sewa
pembiayaan.
Rasio pengungkit pada tanggal 31 Desember 2015 The gearing ratios as of December 31, 2015 and
dan 2014 adalah sebagai berikut: 2014 are as follow:
2015 2014*)
Pinjaman bank 3.765.328.402 3.728.537.323 Bank loans
Liabilitas sewa pembiayaan 235.972.243 184.486.314 Finance lease liabilities
Jumlah pinjaman yang berdampak bunga 4.001.300.645 3.913.023.637 Total interest bearing loans
Jumlah ekuitas yang dapat diatribusikan Total equity attributable to owners
kepada pemilik entitas induk 26.419.541.790 24.046.464.675 of the parent entity
Rasio pengungkit (x) 0,15 0,16 Gearing ratio (x)
* Disajikan kembali (Catatan 50) * As restated (Note 50)


Risiko pasar Market risk
Risiko pasar adalah risiko nilai wajar arus kas masa Market risk is the risk that the fair value of future
depan suatu instrumen keuangan akan berfluktuasi cash flows of a financial instrument will fluctuate
karena perubahan harga pasar. Harga pasar because of changes in market prices. Market
mengandung tiga tipe risiko: risiko tingkat suku prices comprise three type of risk: interest rate risk,
bunga, risiko nilai tukar mata uang asing dan risiko foreign currency risk, and price risk. Financial
harga. Instrumen keuangan yang terpengaruh oleh instruments affected by market risk included cash
risiko pasar termasuk kas dan setara kas, piutang and cash equivalent, trade receivables, other
usaha, piutang lain-lain, utang usaha, utang lain- receivables, trade payable, other payables, long-
lain, utang jangka panjang, dan beban yang masih term payable, and accrued expenses.
harus dibayar.
Risiko nilai tukar mata uang asing Foreign currency risk
Risiko nilai tukar mata uang asing adalah risiko Foreign currency risk is a risk in the fair value of
perubahan nilai wajar arus kas di masa datang dari future cash flows of a financial instrument
suatu instrumen keuangan yang berfluktuasi sebagai fluctuates as a result of changes in foreign currency
akibat perubahan nilai tukar mata uang asing yang exchange rates used by the Group. Exposure of
digunakan oleh Grup. Eksposur Grup terhadap the Group against exchange rate fluctuations
fluktuasi nilai tukar terutama berasal dari utang mainly derived from debt arise from the
pengadaan barang dan jasa dalam mata uang USD procurement of goods and services denominated in
dan EUR, serta piutang dari penjualan ekspor dalam USD and EUR, as well as receivables from USD
mata uang USD. denominated export sales.
Dalam hal transaksi valuta asing yang terkait In case of foreign currency transactions related to
dengan pengadaan barang dan jasa untuk the procurement of goods and services for the new
pembangunan pabrik semen baru yang saat ini cement plant, which are currently under
sedang dalam proses penyelesaian, entitas anak constructions, its subsidiary (SP and SG) manage
(SP dan SG) mengelola risiko valuta USD dan EUR foreign currency exposure to USD and EUR by
dengan menetapkannya sebagai lindung nilai arus entering into cash flow hedging transaction using
kas menggunakan instrumen keuangan non derivatif non-derivative financial instruments through spot
melalui pembelian spot mata uang asing. Perubahan purchase of foreign currency. Changes in the fair
atas nilai wajar instrumen keuangan non derivatif value of non derivative financial instrument are
diakui dalam akun cadangan atas lindung nilai arus recognized in cash flow hedge reserve account
kas sebagai bagian dari ekuitas dan saat masa under the equity section and capitalized them into
lindung nilai berakhir dikapitalisasi dalam aset tetap cement plant assets at the end of hedging period.
pabrik semen.
Eksposur risiko nilai tukar mata uang asing yang The current exposure to the foreign currency risk is
ada saat ini diungkapkan pada Catatan 47. Oleh disclosed in Note 47. Due to the fluctuation on
karena perubahan nilai tukar Rupiah terhadap USD foreign exchange rate during 2015 of IDR against
selama 2015, manajemen merubah kemungkinan USD, management has changed the reasonably
perubahan yang wajar dari 2% menjadi 4% Berikut possible change from 2% to 4%. Sensitivity
ini adalah analisis sensitivitas efek 4% perubahan analysis of the 4% fluctuation in the foreign
kurs mata uang asing terhadap laba setelah pajak exchange rates to profit after tax with other
dengan semua variabel lain dianggap tetap: variance considered as constant is as follow:
Dampak USD/
USD impact
Laba rugi 5.189.918 Profit or loss


Risiko harga Price risk
Risiko harga adalah risiko fluktuasi nilai instrumen Price risk is the risk that the value of a financial
keuangan sebagai akibat perubahan harga pasar, instrument will fluctuate as a result of changes in
terlepas dari apakah perubahan tersebut market prices, whether those changes are caused
disebabkan oleh faktor-faktor spesifik dari instrumen by factors specific to the individual instrument or its
individual atau penerbitnya atau faktor-faktor yang issuer or factors affecting all instruments traded in
mempengaruhi seluruh instrumen yang the market.
diperdagangkan di pasar.
Grup terkena dampak risiko harga yang terutama The Group is exposed to price risk that is mainly
diakibatkan oleh pembelian batu bara yang due to the purchase of coal which is the main
merupakan komponen utama biaya produksi. Harga component of production costs. The price of coal is
batu bara tersebut dipengaruhi oleh beberapa faktor, influenced by several factors, including demand,
antara lain permintaan, pasokan, nilai tukar, dan supply, exchange rates, and weather. The impact
cuaca. Dampak risiko harga tersebut mengakibatkan of price risk of production costs will rise. The Group
kenaikan biaya produksi. Grup tidak serta merta does not necessarily able to pass on these price
dapat mengalihkan kenaikan harga tersebut kepada increases to its customers.
pelanggannya.
Kebijakan Grup untuk meminimalkan risiko yang The Groups policy to minimize risks arising from
berasal dari fluktuasi harga batu bara adalah antara fluctuations in the price of coal is among other
lain dengan mengadakan kontrak pembelian yang things entered into purchase contracts for a period
berjangka waktu 12 bulan atau kurang dan of 12 months or less and a joint purchase between
pembelian secara bersama antara Grup kepada the Group to suppliers in order to obtain favorable
pemasok agar mendapatkan harga yang prices.
menguntungkan.
Risiko suku bunga atas arus kas Cash flows interest rate risk
Risiko suku bunga atas arus kas merupakan suatu Cash flows interest rate risk is a risk that the future
risiko dimana arus kas masa datang suatu cash flows of a financial instrument will fluctuate
instrumen keuangan akan berfluktuasi akibat because of changes in market interest rates.
perubahan suku bunga pasar. Eksposur yang ada Current exposure related to this risk mainly arises
saat ini terutama berasal dari utang jangka panjang from the rupiah denominated long term syndicated
atas kredit sindikasi untuk proyek pembangunan loans for cement plant project in subsidiaries (ST
pabrik semen di entitas anak (ST dan SP) dalam and SP) which bear floating interest rate. Loans at
mata uang rupiah dengan suku bunga variable rates expose the subsidiary to cash flows
mengambang. Pinjaman dengan suku bunga risk.
mengambang menimbulkan risiko arus kas kepada
entitas anak.
Saat ini, Grup tidak mempunyai kebijakan formal Currently, the Group does not have a formal
untuk lindung nilai atas risiko suku bunga. Kebijakan hedging policy for interest rate exposures.
yang diambil oleh manajemen dalam mengantisipasi Measures taken by management in anticipation of
risiko suku bunga yaitu dengan mengevaluasi interest rate risk is to evaluate periodically,
secara periodik perbandingan suku bunga tetap comparing fixed rates to floating interest rates in
terhadap suku bunga mengambang sejalan dengan line with relevant changes in interest rates in the
perubahan suku bunga yang relevan di pasar. market. Management also conducted a survey of
Manajemen juga melakukan survey di perbankan banks to obtain an estimate of the relevant interest
untuk mendapatkan perkiraan mengenai suku bunga rate.
yang relevan.


Profil pinjaman bank dari Grup adalah sebagai The Groups bank loans profile is as follows:
berikut:
2015 2014
Pinjaman dengan suku bunga tetap 7.390.000 23.418.514 Loans with fixed interest rates
Pinjaman dengan suku bunga
mengambang 3.757.938.402 3.705.118.809 Loans with floating interest rate
3.765.328.402 3.728.537.323
Dampak fluktuasi suku bunga 100 basis poin Effect of interest rates fluctuation of 100 basis
terhadap laba setelah pajak dengan semua variabel points to income after tax with all other variables
lain tetap: constant:
2015 2014
Naik 100 bps (37.579.384) (37.051.188) Increase 100 bps
Turun 100 bps 37.579.384 37.051.188 Decrease 100 bps
Risiko kredit Credit risk
Risiko kredit adalah risiko kerugian yang dihadapi Credit risk is the risk that the Group will incur a loss
Grup sebagai akibat wanprestasi dari pihak ketiga. from defaulted third parties. Third parties refer to
Pihak ketiga yang dimaksud yaitu distributor dan the distributors and counter parties that fail to
pihak lawan yang gagal memenuhi kewajiban discharge their contractual obligations.
kontraktual mereka.
Kebijakan manajemen dalam mengantisipasi risiko Management policies in anticipation of this credit
kredit yang timbul dari distributor adalah sebagai risk from the distributors are as follows:
berikut:
1. Grup hanya akan melakukan hubungan usaha 1. The Group will only do business relationships
dengan pihak ketiga yang diakui, kredibel dan with third parties who are recognized, credible
bankable. and bankable.
2. Mempunyai kebijakan untuk penjualan kredit 2. Have a policy for credit sales and all third
dan semua pihak ketiga yang akan melakukan parties who will make credit trade have to go
perdagangan secara kredit harus melalui through credit verification procedures.
prosedur verifikasi kredit.
3. Meminta kepada pihak ketiga yang akan 3. Request third parties who will do credit trade
melakukan perdagangan kredit dengan Grup with the Group to provide collateral in the form
untuk memberikan jaminan berupa aset tetap, of fixed assets, time deposit or bank
deposito berjangka atau bank garansi. guarantee.
4. Memberikan batasan atau plafon kepada pihak 4. Provide limits or ceiling to a third party who will
ketiga yang akan melakukan perdagangan do credit trade with the Group equivalent to the
kredit dengan Grup sebesar jaminannya. amount of their guarantees.
5. Melakukan pemantauan atas jumlah piutang 5. Monitor the amount of receivables on an

secara terus menerus untuk mengurangi risiko ongoing basis to reduce the risk for doubtful
piutang tak tertagih. accounts.
Grup meminimalkan risiko kredit aset keuangan The Group minimizes credit risks on financial
seperti kas setara kas dengan mempertahankan assets such as cash and cash equivalent by
saldo kas minimum dan memilih bank yang maintaining minimum cash balance and select
berkualitas untuk penempatan dana. qualified bank for the placement of funds.


Eksposur maksimum risiko kredit adalah sebesar The maximum exposure to the credit risk is
nilai tercatat sebagaimana di ungkapkan pada represented by the carrying amount as shown in
Catatan 5, 6, 7 dan 8. Tidak ada risiko kredit yang Notes 5, 6, 7 and 8. There is no significant
terpusat secara signifikan. concentration of credit risk.
Risiko likuiditas Liquidity risk
Risiko likuiditas adalah suatu risiko yang dapat Liquidity risk is a risk that occurs when short-term
terjadi dimana pendapatan jangka pendek tidak revenue cannot cover short-term expenditure.
dapat menutupi pengeluaran jangka pendek.
Mengingat bahwa kebutuhan dana Grup saat ini Given that funding requirements of the Group is
cukup signifikan sebagai akibat dari meningkatnya currently significant as a result of increased activity
aktivitas pengembangan atau perluasan bisnis, of development or expansion of business, then in
maka dalam mengelola risiko likuiditas, Grup terus managing liquidity risk, the Group continue to
menerus memantau dan menjaga tingkat kas dan monitor and maintain levels of adequacy of cash
setara kas agar memadai untuk membiayai and cash equivalents to finance the operational
kebutuhan operasional Grup. needs of the Group.
Selain itu, Grup juga secara rutin mengevaluasi In addition, the Group also regularly evaluates cash
proyeksi arus kas untuk mengatasi dampak dari flow projections and actual cash to cope with the
fluktuasi arus kas, termasuk jadwal jatuh tempo impact of fluctuations in cash flow, including the
liabilitas jangka panjang dan terus menelaah kondisi maturity schedule of long-term liabilities and
pasar keuangan untuk inisiatif penempatan dan continue to examine the condition of financial
penggalangan dana yang meliputi pinjaman bank, markets to placement and fund-raising initiatives,
penerbitan ekuitas pasar modal dan ekuitas utang. including bank loans, issuance of equity and debt
securities.
Tabel berikut merinci sisa jatuh tempo kontrak untuk The tables below detail the remaining contractual
liabilitas keuangan non-derivatif dengan periode maturity for its non-derivative financial liabilities
pembayaran yang disepakati. Tabel telah disusun with agreed repayment periods. The tables have
berdasarkan arus kas yang didiskontokan dari been drawn up based on the undiscounted cash
liabilitas keuangan berdasarkan tanggal terawal di flows of financial liabilities based on the earliest
mana Grup dapat diminta untuk membayar. Tabel date on which the Group can be required to pay.
mencakup arus kas bunga dan pokok. Untuk arus The tables include both interest and principal cash
bunga tingkat mengambang, jumlah tidak flows. To the extent that interest flows are floating
didiskontokan berasal dari kurva suku bunga pada rate, the undiscounted amount is derived from
akhir periode pelaporan. Jatuh tempo kontrak interest rate curves at the end of the reporting
didasarkan pada tanggal terawal di mana Grup period. The contractual maturity is based on the
mungkin akan diminta untuk membayar. earliest date on which the Group may be required
to pay.
Tingkat bunga efektif Kurang dari

rata-rata tertimbang/ satu tahun/ Diatas
Weighted average Less than 1-5 tahun 5 tahun/ Jumlah/
2015 interest rate one year 1-5 years 5+ years Total 2015
Tanpa bunga Non-interest bearing

Utang usaha 3.783.245.999 - - 3.783.245.999 Trade pay ables
Beban y ang masih harus dibay ar 633.616.432 - - 633.616.432 Accrued expenses
Utang lain-lain 194.299.978 - - 194.299.978 Other pay ables
Instrumen tingkat bunga v ariabel Variable interest rate instruments
Liabilitas sewa pembiay aan 11,89% 14.849.406 - - 14.849.406 Finance lease liabilities
Pinjaman Bank 9,96% - 13,25% 850.802.700 3.314.718.826 200.386.295 4.365.907.821 Bank loans
Instrumen tingkat bunga tetap Fixed interest rate instruments
Liabilitas sewa pembiay aan 7,00% - 20,00% 84.993.052 140.523.954 38.608.505 264.125.511 Finance lease liabilities
Pinjaman Bank 11,00% 435.133 6.957.125 - 7.392.258 Bank loans
5.562.242.700 3.462.199.905 238.994.800 9.263.437.405


Tingkat bunga efektif Kurang dari

rata-rata tertimbang/ satu tahun/ Diatas
Weighted average Less than 1-5 tahun 5 tahun/ Jumlah/
2014 interest rate one year 1-5 years 5+ years Total 2014
Tanpa bunga Non-interest bearing

Utang usaha 3.031.507.612 - - 3.031.507.612 Trade pay ables
Beban y ang masih harus dibay ar 445.434.118 - - 445.434.118 Accrued expenses
Utang lain-lain 215.000.776 - - 215.000.776 Other pay ables
Instrumen tingkat bunga v ariabel Variable interest rate instruments
Pinjaman Bank 9,96% - 15,00% 662.536.354 3.423.141.239 - 4.085.677.593 Bank loans
Instrumen tingkat bunga tetap Fixed interest rate instruments
Liabilitas sewa pembiay aan 10,21% - 26,36% 70.420.378 158.345.328 - 228.765.706 Finance lease liabilities
Pinjaman Bank 10,25% - 15,00% 8.563.432 16.889.616 - 25.453.048 Bank loans
4.433.462.670 3.598.376.183 - 8.031.838.853
Jumlah yang dicakup di atas untuk instrumen suku The amounts included above for variable interest
bunga variabel untuk liabilitas keuangan non- rate instruments for non-derivative financial
derivatif harus berubah jika perubahan suku bunga liabilities is subject to change if changes in variable
variabel berbeda dengan estimasi suku bunga yang interest rates differ to those estimates of interest
ditentukan pada akhir periode pelaporan. rates determined at the end of the reporting period.
Pengukuran nilai wajar Fair value measurements
Nilai wajar instrumen keuangan yang dicatat pada Fair value of financial instruments carried at
biaya perolehan diamortisasi amortized cost
Kecuali sebagaimana tercantum dalam tabel berikut, Except as detailed in the following table, the
direksi menganggap bahwa nilai tercatat aset directors consider that the carrying amounts of
keuangan dan liabilitas keuangan diakui dalam financial assets and financial liabilities recognized
laporan keuangan konsolidasian mendekati nilai in the consolidated financial statements
wajarnya. approximate their fair values.
31 Desember 2015/ 31 Desember 2014/
December 31, 2015 December 31, 2014
Nilai Tercatat/ Nilai W ajar/ Nilai Tercatat/ Nilai W ajar/
Carrying Amount Fair Value Carrying Amount Fair Value
Liabilitas Keuangan Financial Liabilities

Liabilitas sewa pembiayaan 235.972.243 241.206.677 184.486.314 184.184.594 Finance lease liabilities
Pinjaman bank 3.626.724.834 3.587.751.896 3.646.728.645 3.619.506.616 Bank loans
Total Liabilitas Keuangan 3.862.697.077 3.828.958.573 3.831.214.959 3.803.691.210 Total Financial Liabilities
Teknik penilaian dan asumsi yang diterapkan untuk Valuation techniques and assumptions applied for
tujuan pengukuran nilai wajar the purposes of measuring fair value
Nilai wajar aset keuangan dan liabilitas keuangan The fair values of financial assets and financial
ditentukan sebagai berikut: liabilities are determined as follows:
Nilai wajar aset keuangan dan liabilitas The fair values of financial assets and financial
keuangan dengan syarat dan kondisi standar liabilities with standard terms and conditions
dan diperdagangkan di pasar aktif ditentukan and traded on active liquid markets are
dengan mengacu pada harga pasar. determined with reference to quoted market
prices.


Nilai wajar instrumen derivatif dihitung The fair values of derivative instruments are
menggunakan harga kuotasian. Bila harga calculated using quoted prices. Where such
tersebut tidak tersedia, analisis arus kas prices are not available, a discounted cash
diskonto dilakukan dengan menggunakan kurva flow analysis is performed using the
hasil yang berlaku selama instrumen untuk applicable yield curve for the duration of the
non-opsional derivatif, dan model harga opsi instruments for non-optional derivatives, and
untuk derivatif opsional. Kontrak valuta option pricing models for optional derivatives.
berjangka mata uang asing diukur dengan Foreign currency forward contracts are
menggunakan kurs kuotasi dan kurva yield yang measured using quoted forward exchange
berasal dari suku bunga kuotasi mencocokkan rates and yield curves derived from quoted
jatuh tempo kontrak. Swap suku bunga diukur interest rates matching maturities of the
pada nilai kini dari arus kas masa depan yang contracts. Interest rate swaps are measured
diestimasi dan didiskontokan berdasarkan kurva at the present value of future cash flows
imbal hasil yang berasal dari suku bunga estimated and discounted based on the
kuotasi. applicable yield curves derived from quoted
interest rates.
Nilai wajar aset keuangan dan liabilitas The fair values of other financial assets and
keuangan lainnya (tidak termasuk yang financial liabilities (excluding those described
dijelaskan di atas) ditentukan sesuai dengan above) are determined in accordance with
model penentuan harga yang berlaku umum generally accepted pricing models based on
berdasarkan analisis discounted cash flow discounted cash flow analysis using prices
menggunakan harga dari transaksi pasar yang from observable current market transactions
dapat diamati saat ini dan kutipan dealer untuk and dealer quotes for similar instruments.
instrumen sejenis.
Nilai wajar seluruh aset keuangan dan liabilitas The fair value of the Groups financial assets and
keuangan Grup, kecuali kas di bank, deposito liabilities, except cash in banks, time deposits and
berjangka dan call deposits diukur menggunakan call deposits are measured using input level 3
input level 3 yang mencakup input untuk aset dan which include inputs for the financial assets or
liabilitas keuangan yang bukan berdasarkan data liability that are not based on observable market
pasar yang dapat diobservasi. Kas di bank, deposito data. Cash in banks, time deposits and call deposits
berjangka dan call deposits diukur menggunakan are measured using input level 2 which include
other than quoted prices included within Level 1,
input level 2 yang mencakup input selain harga
that are observable for the financial asset or liability,
kuotasian dalam Level 1, yang dapat diobservasi either directly or indirectly.
untuk aset atau liabilitas keuangan, baik secara
langsung maupun tidak langsung.
48. INFORMASI PENTING LAINNYA 48. OTHER SIGNIFICANT INFORMATION
1) Penggantian Komisaris dan Direksi Perseroan 1). Changes in the Companys Commissioners
and Directors
Pada tanggal 16 April 2015 bertempat di On April 16, 2015, AGMS was convened in
Jakarta, telah diselenggarakan RUPS Tahunan Jakarta to decide among others:
yang antara lain memutuskan:
a. memberhentikan dengan hormat: a. to honorably dismiss:

Suharto sebagai Direktur. Suharto as Director.
b. mengangkat: b. to appoint:
Aunur Rosyidi sebagai Direktur. Aunur Rosyidi as Director.
Pada tanggal 23 Januari 2015 bertempat di On January 23, 2015, AGMS was convened
Jakarta, telah diselenggarakan RUPS Tahunan in Jakarta to decide among others:
yang antara lain memutuskan:
a. memberhentikan dengan hormat: a. to honorably dismiss:
Dwi Soetjipto sebagai Direktur Utama. Dwi Soetjipto as President Director.


b. mengangkat: b. to appoint:
Suparni sebagai Direktur Utama; Suparni as President Director;
Rizkan Chandra sebagai Direktur. Rizkan Chandra as Director.
c. memberhentikan dengan hormat: c. to honorably dismiss:
Farid Prawiranegara (Alm) sebagai Farid Prawiranegara (Alm) as
Komisaris Independen. Independent Commissioner.
d. mengangkat: d. to appoint:
Sonny Subrata sebagai Komisaris Sonny Subrata as Independent
Independen. Commissioner.
Penggantian Audit Internal Perseroan Changes in the Companys Internal Audit

Pada tanggal 1 Januari 2015, Direksi Perseroan On January 1, 2015, the Companys Board of
mengangkat Ginarko Isnubroto sebagai Kepala Directors appointed Ginarko Isnubroto as the
Audit Internal menggantikan Satriyo yang telah Head of Internal Audit to replace Satriyo has
memasuki masa pensiun tanggal 1 Desember retired as of December 1, 2014.
2014.
2) Proyek WHRPG 2). The WHRPG Project

Pada tanggal 15 Januari 2009, Direktur On January 15, 2009, the Director General of
Jenderal Industri Agro dan Kimia - Kementerian Agro and Chemical Industry - Ministry of
Perindustrian Republik Indonesia (DJIAK- Industry of the Republic of Indonesia ("DJIAK-
Menperin) menandatangani nota kesepahaman Menperin") signed a memorandum of
mengenai The Model Project for Waste Heat understanding regarding the Model Project for
Recovery Power Generation in the Cement Waste Heat Recovery Power Generation in
Industry (WHRPG) dengan The New Energy the Cement Industry ("WHRPG") with The
and Industrial Technology Development New Energy and Industrial Technology
Organization, Jepang (NEDO). Pada tanggal Development Organization, Japan ("NEDO").
17 Mei 2010, SP mengadakan perjanjian On May 17, 2010, SP entered into cooperation
kerjasama dengan DJIAK-Menperin agreements with DJIAK-Menperin with respect
sehubungan dengan pelaksanaan nota to the implementation of the memorandum of
kesepahaman WHRPG tersebut. understanding of the WHRPG.
WHRPG adalah model proyek percontohan WHRPG is a model demonstration project by
dengan menambahkan peralatan yang adding equipment that convert hot exhaust
mengkonversikan panas gas buang menjadi gases into electrical energy so that the use of
energi listrik sehingga penggunaan batubara coal and CO2 emissions can be reduced. This
dan emisi gas CO2 menjadi berkurang. Proyek project aims to improve the quality of
ini bertujuan untuk memperbaiki kualitas environment and also to enhance the
lingkungan dan juga meningkatkan daya saing competitiveness and productivity of the
dan produktifitas industri semen. Pada proyek cement industry. On this project, NEDOs
ini, peralatan pihak NEDO dipasang pada equipment are installed on SPs plant facilities
fasilitas pabrik SP dan SP berkewajiban and SP shall provide the infrastructure and
menyediakan infrastruktur dan peralatan support equipment of the project. For the year
pendukung dari proyek tersebut. Untuk tahun ended December 31, 2015, SP has incurred
yang berakhir tanggal 31 Desember 2015, SP expenditure of Rp90,090,208 for the
telah mengeluarkan dana sebesar infrastructure and support equipment which
Rp90.090.208 untuk infrastruktur dan peralatan are recorded as fixed assets (Note 15).
pendukung yang dicatat sebagai aset tetap
(Catatan 15).
Perjanjian kerjasama ini berlangsung untuk This cooperation agreement is for a period of
jangka waktu 10 (sepuluh) tahun dan mulai 10 (ten) years and shall be effective since the
berlaku sejak perjanjian kerjasama agreement was signed. During the term of this
ditandatangani. Selama jangka waktu perjanjian agreement SP has the following obligations:
ini SP memiliki kewajiban sebagai berikut:
Melakukan diseminasi dan demonstrasi To conduct dissemination and
teknologi WHRPG yang akan difasilitasi demonstration of the WHRPG technology
oleh kementerian Perindustrian RI. that will be facilitated by the Ministry of
Industry of the Republic of Indonesia.


Mengoperasikan dan melakukan perawatan To operate and perform maintenance of

peralatan WHRPG dengan biaya sendiri. the WHRPG equipment at its own
expense.
Bertanggung jawab atas kerusakan dan To be responsible for the damage and
kehilangan peralatan WHRPG. loss of the WHRPG equipment.
Melaporkan kinerja peralatan WHRPG To be reporting the performance of the

setiap bulan April dan Oktober dalam setiap WHRPG equipment every April and
tahunnya kepada pihak NEDO. Sesuai October in each year to NEDO. In
dengan perjanjian kerjasama, peralatan accordance with the cooperation
WHRPG tersebut diharapkan dapat agreement, the WHRPG equipment is
menghasilkan energi listrik sebesar 8,5MW. expected to generate electrical energy up
to 8.5MW.
Proyek tersebut telah dapat beroperasi dan The Project has been operating and was
telah diresmikan oleh Menteri Perindustrian RI inaugurated by the Minister of Industry of RI
dan perwakilan dari NEDO pada tanggal and a representative from NEDO on
26 Oktober 2011. October 26, 2011.
Pada tanggal 2 Januari 2013, Kementerian On January 2, 2013, Ministry of Industry of the
Perindustrian Republik Indonesia melalui Republic of Indonesia through the Director
Direktur Jenderal Basis Industri Manufaktur General of Basic Manufacturing Industry
menyerahkan penggunaan dan pemanfaatkan granted the operation and utilization of Waste
mesin dan peralatan Waste Heat Recovery Heat Recovery Power Generation equipment
Power Generation kepada SP. Per to SP. As of December 31, 2015, the program
31 Desember 2015, program masih berjalan still continues and there are no changes in the
dan tidak terdapat perubahan ketentuan. terms of agreement.
3) Grup menghadapi tuntutan-tuntutan hukum 3). The Group is involved in the following legal
sebagai berikut: cases:
a. Pada tanggal 24 Oktober 2008, a. On October 24, 2008, SP filed a lawsuit

SP mengajukan gugatan No. 99/Pdt.G/2008 PN.PDG against
No. 99/Pdt.G/2008PN.PDG terhadap PT Berkala International (PT BI) in the
PT Berkala International (PT BI) di Padang District Court (Pengadilan Negeri
Pengadilan Negeri Padang (PN Padang) Padang - the Court) for the failure of PT BI
akibat kegagalan PT BI untuk memenuhi to deliver coal in 2008 as agreed in a
kewajibannya menyerahkan batubara pada sales and purchase agreement between
tahun 2008 sesuai dengan perjanjian jual beli SP and PT BI. In its lawsuit, SP also
antara SP dan PT BI. Dalam gugatannya, SP appealed for the cancellation of the
juga menyampaikan permohononan untuk aforementioned sales and purchase
membatalkan perjanjian jual beli batubara agreement to PN Padang.
tersebut kepada PN Padang.
Berkenaan dengan Surat Kredit In relation to the domestic Letter of Credit

Berdokumen Dalam Negeri (SKBDN) yang (SKBDN) issued and accepted by Bank
telah diterbitkan dan diakseptasi oleh Bank Mandiri (Issuing Bank) for the purpose of
Mandiri (Bank Penerbit) sehubungan the sales and purchase agreement, SP
dengan perjanjian jual beli, SP telah has requested PN Padang to issue an
mengajukan permohonan kepada PN injunction to prevent Bank Mandiri, PT BI,
Padang untuk melarang Bank Mandiri, PT Eksplorasi Mantap Indonesia (as
PT BI, PT Eksplorasi Mantap Indonesia beneficiary), PT Maybank Indocorp (as
(selaku beneficiary), PT Maybank Indocorp correspondent bank) (Maybank) or any
(selaku bank koresponden) (Maybank) parties or their representatives to
untuk mencairkan/ mengklaim/ liquidate/claim/accept/ debit SPs account
mengakseptasi/ mendebit rekening milik SP at Bank Mandiri until a final decision on
pada Bank Mandiri hingga keputusan this case has been issued.
dalam perkara ini mempunyai kekuatan
hukum tetap.

- 158 -

Pada tanggal 17 April 2009, PN Padang On April 17, 2009, PN Padang issued its
mengeluarkan Putusan yang mengabulkan decision in favor of SP as follows:
permohonan Provisi dan gugatan SP
sebagai berikut:
Melarang kepada PT BI, Bank Mandiri, - Forbids PT BI, Bank Mandiri,

PT Eksplorasi Mantap Indonesia, PT Eksplorasi Mantap Indonesia,
Maybank Indocorp atau pihak Maybank Indocorp on any other
manapun juga maupun kuasa parties as well as their attorneys to
kuasanya untuk mencairkan/ withdraw/claim/ accept/deduct the SP
mengklaim/ mengakseptasi/ mendebit account or other accounts of the SP
rekening milik SP ataupun rekening in Bank Mandiri based on the
lainnya yang ada pada Bank Mandiri, presentation of a SKBDN until a final
atas dasar adanya pengajuan SKBDN decision on this case is issued.
sampai dengan putusan dalam perkara
ini mempunyai kekuatan hukum yang
tetap.
Membatalkan Perjanjian Jual Beli - States that PT BI and PT Eksplorasi

batubara antara SP dengan PT BI, Mantap Indonesia have breached the
berikut segala akibat hukumnya. contract agreement betwen them and
SP.
Menyatakan batal SKBDN yang - Terminated the sales purchasing

diterbitkan dalam rangka Perjanjian contract betwen PT BI and SP and all
Jual Beli batubara antara SP dengan of its legal consequences.
PT BI, berikut segala akibat hukumnya.
Selanjutnya atas putusan PN Padang Bank Mandiri and Maybank filed an

tersebut, Bank Mandiri dan Maybank appeal to the High Court of West
mengajukan banding ke Pengadilan Tinggi Sumatera in relation to PN Padangs
Sumatera Barat. Pada tanggal 27 Januari decision. On January 27, 2010, the High
2010 telah dikeluarkan Putusan Pengadilan Court of West Sumatera issued a decision
Tinggi Sumatera Barat yang menguatkan confirming PN Padangs decision.
putusan PN Padang.
Pada tanggal 8 Juli 2010, SP telah On July 8, 2010, SP has filed a counter
mengajukan kontra memori kasasi dan against the appeal. Based on the decision
telah dikeluarkan putusan kasasi dari of the Supreme Court No. 217
Mahkamah Agung No. 217 K/PDT/2011 K/PDT/2011 on May 20, 2011, SP has
pada tanggal 20 Mei 2011 yang won and the appeal from PT Bank
memenangkan SP dan menolak Maybank Indocorp and PT Bank Mandiri
permohonan kasasi dari PT Bank Maybank (Persero) Tbk were rejected. Notification
Indocorp dan PT Bank Mandiri (Persero) of the court (relass) for the decision of the
Tbk. Relass atas putusan kasasi tersebut appeal was received on November 10,
diterima pada tanggal 10 Nopember 2011. 2011.
Terhadap putusan Kasasi Mahkamah In response to the decision of Supreme

Agung, Bank Mandiri telah mengajukan Court on the appeal, Bank Mandiri has
Peninjauan Kembali (PK) kepada submitted its Judicial Review (PK) to the
Mahkamah Agung dimana relaas Supreme Court and the notification of the
pemberitahuan Peninjauan Kembali yang Judicial Review (PK) requested by Bank
diajukan oleh Bank Mandiri diterima oleh Mandiri has been received by SP on
SP pada tanggal 23 Mei 2012. Atas May 23, 2012. To counter the Judicial
Peninjauan Kembali tersebut, pada tanggal Review from Bank Mandiri, on June 20,
20 Juni 2012 SP mengajukan Kontra 2012, SP filed its contra memory to the
Memori yang selajutnya telah dilimpahkan Supreme Court by District Court of
oleh Pengadilan Negeri Padang kepada Padang through its letter
Mahkamah Agung berdasarkan surat No.W3.P1/4100/HK.02/VI/2012 dated
No.W3.P1/4100/HK.02/VI/2012, pada June 27, 2012.
tanggal 27 Juni 2012.
- 159 -

Pada tanggal 14 Maret 2013, Mahkamah On March 14, 2013, the Supreme Court,
Agung, ditingkat Peninjauan Kembali, at the level of judicial review, with its letter
mengeluarkan putusan No.527/PK/Pdt/2012 No.527/PK/Pdt/2012, cancelled all
yang membatalkan semua putusan previous decision and judged by granting
sebelumnya dan mengadili sendiri dengan some requests of SP, among other things:
mengabulkan sebagian permohonan SP, declare BI and PT Eksplorasi Mantap
yaitu antara lain: menyatakan BI dan Indonesia has defaulted and cancelled
PT Eksplorasi Mantap Indonesia telah wan coal purchase agreement between BI and
prestasi, dan menyatakan batal perjanjian SP and enforced SKBDN issued for coal
jual beli batu bara antara BI dengan SP dan purchase Agreement between SP and BI.
memberlakukan SKBDN yang diterbitkan
dalam rangka Perjanjian Jual Beli batubara
antara SP dengan BI.
SP telah mencadangkan di dalam laporan SP has made a provision as of
keuangan konsolidasian 31 Desember 2008 December 31, 2008, for possible losses
potensi kerugian yang mungkin timbul dari which may arise from the acceptance of
akseptasi SKBDN oleh Bank Mandiri the domestic letter of credit (SKBDN) by
sejumlah Rp23.760.000. Pada tahun 2009 Bank Mandiri in the amount of
SP dengan niat baik sudah menempatkan Rp23,760,000. In 2009, SP placed funds
dana pada PT Bank Mandiri (Persero) Tbk in good faith in Bank Mandiri amounting to
senilai Rp30.000.000 yang diperlukan untuk Rp30,000,000 to provide funds required
menyelesaikan liabilitas sampai ada for settlement of amounts involving this
putusan yang berkekuatan hukum tetap. matter, if any, depending on the final
Pada tanggal 30 Januari 2014, SP telah resolution of the court result on this case.
melakukan pembayaran sebesar On January 30, 2014, SP made a
Rp25.903.089. payment of Rp25,903,089.
Pada tanggal 4 Nopember 2014 PN Jakarta On November 4, 2014, PN Jakarta Pusat
Pusat mengeluarkan putusan yang issued its decision in favor of SP as
mengabulkan gugatan SP sebagai berikut: follows:
a. Menyatakan PT Berkala Internasional a. States that PT Berkala Internasional
dan PT Eksplorasi Mantap and PT Eksplorasi Mantap
International telah melakukan International has commited an
perbuatan melawan hukum unlawful act as stipulated
(onrechtmatigdaad) sebagaimana (onrechtmatigdaad) in Article 1365 of
diatur dalam pasal 1365 KUH Perdata. the Civil Code.
b. Memutuskan bahwa PT Berkala b. Order PT Berkala Internasional and

Internasional dan PT Eksplorasi PT Eksplorasi Mantap International to
Mantap International mengganti indemnify jointly to SP amounting to
kerugian kepada SP secara tanggung Rp26,050,404 in cash and at the
renteng sebesar Rp26.050.404 secara same time.
tunai dan sekaligus.
Selanjutnya atas putusan PN Jakarta Pusat Furthermore, related to PN Jakarta
tersebut, PT Berkala Internasional dan Pusats decision, PT Berkala Internasional
PT Eksplorasi Mantap International and PT Eksplorasi Mantap International
mengajukan banding ke Pengadilan Tinggi filed an appeal to the High Court of Jakarta
Jakarta sebagaimana tertuang dalam Akta as Stated in the Deed of Appeal number
Permohonan Banding nomor 172/SRT.PDT.BDG/2014/PN.JKT.PST jo
172/SRT.PDT.BDG/2014/PN.JKT.PST jo number 49/PDT.G/2014/PN.JKT.PST
nomor 49/PDT.G/2014/PN.JKT.PST dated November 17, 2014.
tanggal 17 Nopember 2014.
Pada April 2015, SP mengajukan kontra In April 2015, SP filed an appeal to the
memori banding ke Pengadilan Tinggi High Court of Jakarta. As of the issuance
Jakarta. Sampai dengan laporan keuangan date of these consolidated financial
ini diterbitkan belum ada putusan terhadap statements, there has been no decision
perkara tersebut dan masih menunggu yet and still pending appeal in the High
proses banding di Pengadilan Tinggi Court of Jakarta.
Jakarta.


b. Pada tanggal 1 September 2014, Joko c. b. On September 1, 2014, Joko Priyanto and
Priyanto dan 6 (enam) orang warga 6 (six) people from Rembang and Wahana
Rembang dan WALHI mengajukan gugatan Lingkungan Hidup Indonesia (The
tata usaha negara kepada Gubernur Jawa Indonesian Forum for the Environment,
Tengah selaku Tergugat, atas Izin WALHI) filed a state administration lawsuit
Lingkungan Pendirian Pabrik Semen di to the Semarang State Administration Court
Rembang milik Perseroan No. 660/177 (PTUN Semarang) against the Governor Of
tanggal 7 Juni 2012 yang dikeluarkan oleh Middle Java as Defendant in relation to
Gubernur Jawa Tengah pada Pengadilan Environmental License on The
Tata Usaha Negara Semarang (PTUN Establishment of Cement Factory in
Semarang), dengan nomor registrasi Rembang owned by the Company
perkara 064/G/2014/PTUN Semarang. No. 660/177 dated June 7, 2012, which
was issued by the Governor Of Middle Java,
with case registration number of
064/G/2014/PTUN Semarang.
d.
Berkenaan dengan gugatan tata usaha In regards of the above matters, the
negara tersebut, Perseroan selaku pihak Company as the interest party, has
yang berkepentingan telah secara resmi officialy become the Intervenor Second
masuk ke dalam para pihak sebagai Defendant.
Tergugat II Intervensi.
Pada tanggal 16 April 2015, PTUN On April 16, 2015, PTUN Semarang
Semarang menolak gugatan WALHI dan rejected Claims of WALHI and declared
memutuskan bahwa Izin Lingkungan that the Environmental License on the
pendirian Pabrik Semen milik Perseroan di Establishment of Cement Factory in
Rembang tetap berlaku dan sah. Rembang owned by the Company was
valid.
Berdasarkan Putusan PTUN Semarang, Based on the Decision on PTUN

WALHI mengajukan banding ke Pengadilan Semarang, WALHI filed an appeal to the
Tinggi Tata Usaha Negara Surabaya (PT State Administrative High Court of
TUN Surabaya) dan pada tanggal 3 Surabaya ( PT TUN Surabaya ) and on
November 2015 PT TUN Surabaya November 3, 2015, PT TUN Surabaya
menerbitkan Putusan atas Perkara No. 135 issued Decision on Case No. 135 which
yang pada intinya menguatkan Putusan di essentially strengthen the administrative
PTUN Semarang. court ruling in Semarang.
Sampai dengan tanggal penyelesaian Until the issuance date of these

laporan keuangan konsolidasian ini, Para consolidated financial statements, the
Penggugat tidak mengajukan upaya hukum Plaintiff did not file an Appeal to the
Kasasi di Mahkamah Agung sehingga atas Supreme Court so the Lawsuit on
Gugatan Izin Lingkungan dari Perseroan Environmental Permit from the Company
telah memiliki kekuatan hukum tetap have a permanent legal force (inkracht
(Inkracht van Gewijsde). van gewijsde).
Grup tidak membentuk penyisihan atas The Group has not recognized any liability
tuntutan-tuntutan hukum di atas, karena in relation to the above mentioned
Grup berkeyakinan bahwa hasil akhir dari lawsuits, as the Group believes that the
tuntutan-tuntutan hukum tersebut tidak final outcome of the other lawsuits will not
akan berdampak signifikan terhadap have a significant impact on the Groups
laporan keuangan konsolidasian Grup. consolidated financial statements.


4) Berdasarkan Keputusan No.1488/QD-TTg yang 4). According to Decision No.1488/QD-TTg

dikeluarkan oleh Perdana Menteri Vietnam pada issued by the Prime Minister of Vietnam dated
tanggal 29 Agustus 2011 yang meratifikasi atas on August 29, 2011 ratifying the cement
rencana pengembangan industri semen di industry development plan in Vietnam for the
Vietnam untuk periode 2011 - 2020 dengan visi period 2011 - 2020 with vision to 2030, the
sampai 2030, proyek pabrik semen TLCC2 cement plant project of TLCC2 was included
telah termasuk dalam daftar proyek yang in the approved list of projects. However,
disetujui. Namun, berdasarkan Keputusan No. according to Decision No. 1588/QD-UBND
1588/QD-UBND yang dikeluarkan oleh Komite issued by Peoples Committee of Quang Ninh
Rakyat Provinsi Quang Ninh pada tanggal 28 Province dated on July 28, 2014 for approval
Juli 2014 untuk persetujuan rencana konstruksi of regional construction plan of Quang Ninh
regional Provinsi Quang Ninh untuk visi 2030 Province to 2030 vision toward 2050 and
hingga 2050 dan setelah 2050, lokasi proyek beyond 2050, the site of TLCC2 cement plant
pabrik semen TLCC2 kemungkinan akan project may be re-allocated to another area.
direlokasi ke area lain. Sampai dengan tanggal As of the issuance date of the consolidated
penerbitan laporan keuangan konsolidasian, financial statements, TLCC2 had sent a
TLCC2 telah mengirimkan dokumen kepada document to relevant authorities requesting
otoritas terkait untuk memohon perijinan for permission to continue the project
melanjutkan proyek konstruksi namun hingga construction but not yet received any
saat ini belum mendapatkan tanggapan. feedback. The management believes that the
Manajemen yakin bahwa pabrik semen TLCC2 Companys cement plant would not be subject
tidak akan direlokasi sesuai dengan Keputusan to reallocation as per Decision No.1488/QD-
No.1488/QD-TTg. TTg.
49. TRANSAKSI NONKAS 49. NON-CASH TRANSACTIONS
Transaksi investasi dan pendanaan nonkas Grup Non-cash investing and financing transactions of
adalah sebagai berikut: the Group are as follow:
2015 2014
Biaya pinjaman dikapitalisasi Unpaid borrow ing costs
yang belum dibayar 3.289.386 48.708.665 capitalized
Perolehan aset tetap melalui Acquisition of fixed assets
sew a pembiayaan 83.917.837 79.852.524 through finance lease
Kapitalisasi estimasi biaya Capitalization of the estimated
pembongkaran aset tetap 3.812.720 2.226.615 cost of dismantling of fixed assets
Reklasifikasi uang muka Reclassification of advances
pabrik baru 653.796.641 41.408.540 for construction of new plant
Jumlah 744.816.584 172.196.344 Total
50. PENYAJIAN KEMBALI LAPORAN KEUANGAN 50. RESTATEMENT OF THE FINANCIAL

STATEMENTS
Seperti yang dijelaskan dalam Catatan 2 atas As described in Note 2 to the consolidated
laporan keuangan konsolidasi, Grup menyajikan financial statements, the Group restated and
kembali dan mereklasifikasi laporan posisi reclassified the consolidated financial position as
keuangan konsolidasian tanggal 31 Desember of December 31, 2014 and January 1,
2014 dan 1 Januari 2014/31 Desember 2013 dan 2014/December 31, 2013 and consolidated
laporan laba rugi dan penghasilan komprehensif statement of profit or loss and other
lain konsolidasian konsolidasian untuk tahun yang comprehensive income for the year ended
berakhir 31 Desember 2014 karena penerapan December 31, 2014 due to adoption of PSAK 24
PSAK 24 (revisi 2013) Imbalan Kerja dan PSAK 46 (revised 2013) Employee Benefits and PSAK 46
(revisi 2014) Pajak Penghasilan. Selain itu, (revised 2014) Income Taxes. In addition, certain
beberapa akun di laporan laba rugi dan accounts in 2014 consolidated statement of profit
penghasilan komprehensif lain konsolidasian tahun or loss and other comprehensive income have
2014 telah direklasifikasi untuk disesuaikan dengan been reclassified to conform to the presentation of
presentasi laporan laba rugi dan penghasilan the 2015 consolidated statement of profit or loss
komprehensif lain konsolidasian tahun 2015. and other comprehensive income.


Ikhtisar dari laporan posisi keuangan The following is the summary of the accounts in
konsolidasian tanggal 31 Desember 2014 dan the consolidated statements of financial position
1 Januari 2014/31 Desember 2013 sebelum dan as of December 31, 2014 and January 1,
sesudah penyajian kembali dan reklasifikasi adalah 2014/December 31, 2013 before and after
sebagai berikut: restatements and reclassification:
31 Desember 2014/
December 31, 2014
Dilaporkan Penerapan
sebelumnya/ PSAK 24 (revisi 2013)/ Disajikan
As previously Implementation of kembali/
reported PSAK 24 (revised 2013) As restated
AKUN-AKUN LAPORAN POSISI CONSOLIDATED STATEMENT OF
KEUANGAN KONSOLIDASIAN FINANCIAL POSITION ACCOUNTS
Aset pajak tangguhan 39.543.861 17.008.710 56.552.571 Deferred tax assets
Jumlah Aset Tidak Lancar 22.666.121.352 17.008.710 22.683.130.062 Total Non-Current Assets
JUMLAH ASET 34.314.666.027 17.008.710 34.331.674.737 TOTAL ASSETS

Liabilitas imbalan kerja jangka pendek 681.536.562 (1.339.574) 680.196.988 Short-term employee benefits
Jumlah Liabilitas Jangka Pendek 5.273.269.122 (1.339.574) 5.271.929.548 Total Current Liabilities

Liabilitas pajak tangguhan 58.201.897 11.843.425 70.045.322 Deferred tax liabilities
Long-term employee benefits
Liabilitas imbalan kerja jangka panjang 478.577.855 4.026.791 482.604.646 liabilities
Jumlah Liabilitas Jangka Panjang 4.038.944.969 15.870.216 4.054.815.185 Total Non-Current Liabilities
Jumlah Liabilitas 9.312.214.091 14.530.642 9.326.744.733 Total Liabilities
EKUITAS EQUITY
- Belum ditentukan penggunaannya 21.376.819.442 (110.331.457) 21.266.487.985 - Unappropriated
diatribusikan kepada Total equity attributable to the
pemilik entitas induk 24.042.037.753 4.426.922 24.046.464.675 Owners of the parent entity
Kepentingan nonpengendali 960.414.183 (1.948.854) 958.465.329 Non-controlling interests
Jumlah Ekuitas 25.002.451.936 2.478.068 25.004.930.004 Total Equity
JUMLAH LIABILITAS DAN EKUITAS 34.314.666.027 17.008.710 34.331.674.737 TOTAL LIABILITIES AND EQUITY


1 Januari 2014/31 Desember 2013/

January 1, 2014/December 31, 2013
Dilaporkan Penerapan
sebelumnya/ PSAK 24 (revisi 2013)/ Disajikan
As previously Implementation of kembali/
reported PSAK 24 (revised 2013) As restated
AKUN-AKUN LAPORAN POSISI CONSOLIDATED STATEMENT OF
KEUANGAN KONSOLIDASIAN FINANCIAL POSITION ACCOUNTS
Aset pajak tangguhan 84.380.078 25.594.686 109.974.764 Deferred tax assets
Aset lain-lain 224.135.954 14.623.999 238.759.953 Other assets
Jumlah Aset Tidak Lancar 20.820.773.722 40.218.685 20.860.992.407 Total Non-Current Assets
JUMLAH ASET 30.792.884.092 40.218.685 30.833.102.777 TOTAL ASSETS

Short-term employee benefits
Liabilitas imbalan kerja jangka pendek 774.818.374 (38.709) 774.779.665 liabilities
Jumlah Liabilitas Jangka Pendek 5.297.630.537 (38.709) 5.297.591.828 Total Current Liabilities
Liabilitas pajak tangguhan Deferred tax liabilities

7.219.730 1.934.843 9.154.573 Long-term employee benefits
Liabilitas imbalan kerja jangka panjang 271.599.689 90.816.632 362.416.321 liabilities
Jumlah Liabilitas Jangka Panjang 3.691.277.680 92.751.475 3.784.029.155 Total Non-Current Liabilities
Jumlah Liabilitas 8.988.908.217 92.712.766 9.081.620.983 Total Liabilities
EKUITAS EQUITY
- Belum ditentukan penggunaannya 18.227.572.979 (104.375.903) 18.123.197.076 - Unappropriated
diatribusikan kepada Total equity attributable to the Owners
pemilik entitas induk 20.882.543.328 (50.638.906) 20.831.904.422 of the parent entity
Kepentingan nonpengendali 921.432.547 (1.855.175) 919.577.372 Non-controlling interests
Jumlah Ekuitas 21.803.975.875 (52.494.081) 21.751.481.794 Total Equity
JUMLAH LIABILITAS DAN EKUITAS 30.792.884.092 40.218.685 30.833.102.777 TOTAL LIABILITIES AND EQUITY


Ikhtisar dari laporan laba rugi dan penghasilan The following are the summary of the classes of
komprehensif lain konsolidasian untuk tahun yang transactions in the consolidated statements of
berakhir 31 Desember 2014 sebelum dan sesudah profit or loss and other comprehensive income for
penyajian kembali dan reklasifikasi adalah sebagai the year ended December 31, 2014 before and
berikut: after restatements and reclassification:
31 Desember 2014/
December 31, 2014
Dilaporkan Penerapan Penerapan Reklasifikasi
sebelumnya/ PSAK 24 (revisi 2013)/ PSAK 46 (revisi 2013)/ Entitas Anak - SPB/ Disajikan
As previously Implementation of Implementation of Reclassification on kembali/
PENGARUH ATAS LABA RUGI TAHUN BERJALAN reported PSAK 24 (revised 2013) PSAK 46 (revised 2013) Subsidiary - SPB As restated IMPACT ON PROFIT (LOSS) FOR THE YEAR
BEBAN POKOK PENDAPATAN (15.388.431.050) 1.959.819 - (21.686.629) (15.408.157.860) COST OF REVENUE
Beban penjualan (2.692.902.707) 186.313 - (1.520.500) (2.694.236.894) Selling expenses
Beban umum dan administrasi (1.951.961.379) (8.768.237) - 23.207.129 (1.937.522.487) General and administration expenses
Penghasilan operasi lainnya 201.928.038 - (6.867.854) - 195.060.184 Other operating income
LABA SEBELUM PAJAK

PENGHASILAN 7.090.765.967 (6.622.105) (6.867.854) - 7.077.276.008 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan (1.517.188.688) 704.665 6.867.854 - (1.509.616.169) Income tax expense
LABA BERSIH TAHUN BERJALAN 5.573.577.279 (5.917.440) - - 5.567.659.839 NET PROFIT FOR THE YEAR
PENGARUH ATAS PENGHASILAN IMPACT ON OTHER COMPREHENSIVE INCOME

KOMPREHENSIF LAIN TAHUN BERJALAN FOR THE YEAR
Pengukuran kembali atas Remeasurements of defined benefit

program imbalan pasti - 80.088.812 - - 80.088.812 pension plans
Pajak penghasilan terkait - (19.199.223) - - (19.199.223) Related income tax
Jumlah pendapatan komprehensif lain Total other comprehensive income

tahun berjalan - setelah pajak - 60.889.589 - - 60.889.589 for the year - net of tax
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE

TAHUN BERJALAN 5.587.345.791 54.972.149 - - 5.642.317.940 INCOME FOR THE YEAR
LABA YANG DAPAT

DIATRIBUSIKAN KEPADA: PROFIT ATTRIBUTABLE TO:
Pemilik entitas induk 5.565.857.595 (5.955.554) - - 5.559.902.041 Owners of parent entity

Kepentingan nonpengendali 7.719.684 38.114 - - 7.757.798 Non-controlling interests
LABA BERSIH TAHUN BERJALAN 5.573.577.279 (5.917.440) - - 5.567.659.839 NET PROFIT FOR THE YEAR
JUMLAH LABA KOMPREHENSIF YANG DAPAT TOTAL COMPREHENSIVE INCOME

DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 5.576.105.557 55.065.828 5.631.171.385 Owners of parent entity
Kepentingan nonpengendali 11.240.234 (93.679) - - 11.146.555 Non-controlling interests
JUMLAH LABA KOMREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 5.587.345.791 54.972.149 - - 5.642.317.940 FOR THE YEAR
Laba per saham dasar dan dilusian Basic and diluted earnings per share
(dinyatakan dalam angka penuh (expressed in Rupiah full
Rupiah per saham) 938 (1) - - 937 amount per share)
51. TANGGUNG JAWAB MANAJEMEN DAN 51. MANAGEMENT RESPONSIBILITY AND

PERSETUJUAN ATAS LAPORAN KEUANGAN APPROVAL OF CONSOLIDATED FINANCIAL
KONSOLIDASIAN STATEMENTS
Penyusunan dan penyajian wajar laporan The preparation and fair presentation of the
keuangan konsolidasian dari halaman 3 sampai consolidated financial statements on pages 3 to
166 merupakan tanggung jawab manajemen, dan 166 were the responsibilities of the management,
telah disetujui oleh Direktur untuk diterbitkan pada and were approved by the Directors and
tanggal 15 Pebruari 2016. authorized for issue on February 15, 2016.
********


ENTITAS INDUK SAJA PARENT COMPANY ONLY
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR I: INFORMASI INVESTASI DALAM ENTITAS ANAK SCHEDULE I: INFORMATION ON INVESTMENT IN SUBSIDIARIES
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014
Dimulainya
West Sumatera
owned by SP
owned by SP
South Sulawesi
East Java
East Java
East Java estate
transportations
East Java
West Java
owned by TLCC
99,90% saham
owned by TLCC
- 166 -
2015
Annual Report
Head Office
Semen Gresik Main Building
Jl. Veteran
Gresik 61122
East Java, Indonesia
P. + 62-31-398-1732
F. + 62-31-398-3209
E. info@semenindonesia.com
Jakarta Office
The East Tower 18th Fl.
Jl. DR Ide Anak Agung Gde Agung
Kav.E.3.2 No.1 Jakarta-12950
P. + 62-21-5261174-5
F. + 62-21-5261176

Annual Report 2015

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Annual Report 2015

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2015

The year 2015 confirmed that the landscape of Indonesias

For a while, we have been observing the unfolding of new

We addressed 2015 by strengthening our internal foundation,

2 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

Transformed into Strategic Holding

We implement production cost management,

COGS-to Sales Ratio SGA-Sales

2013 2014 2015 2013 2014 2015

Cost to Operating Cost

With revenue management as the focus of

Total Sales Volume

As part of our actions in anticipating

In addition, to strengthen financial

We allocate a portion of 2015 net income

We commence to expand our business in

Revenue contribution from non-cement business

In terms of environmental improvement, we

067 Production Facility and Distribution

078 Corporate Information 150 Company Innovation

081 Company Identity 156 Information and Communication Technology

14 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

232 Materials Information

239 Related Parties Transactions 351 Law Enforcement Commitment

254 GCG Assessment 375 Corporate Responsibility on Consumers

Management System 384 Board of Directors Profiles

265 General Meeting of Shareholders 388 Audit Committee

274 Board of Commissioners 389 Nomination & Remuneration Committee

286 Board of Directors 390 Strategy, Risk Management and

321 Internal Control and Monitoring System 391 Corporate Secretary

325 Internal Audit 391 Head of Internal Audit

333 Companys Accountant 392 Address of Subsidiaries and Affiliated

16 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

REAL ESTATE INDUSTRIAL

PRODUCTION CAPACITY UTILITY LEVEL

31.8 million tons/

2013 2014 2015 2013 2014 2015

PRODUCTION VOLUME SALES VOLUME

28.3 28.5 28.5 28.7

28.5 million tons/

2013 2014 2015 2013 2014 2015

2013 2014 2015

18 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

NET INCOME (ATTRIBUTABLE RETURN ON ASSETS /

2013 2014 2015 2013 2014 2015

RETURN ON EQUITY / EBITDA MARGIN RATIO

2013 2014 2015 2013 2014 2015

2013 2014 2015

Launch of Semen Extraordinary General

20 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

MOU signing for Cement Inauguration of Waste

As a follow-up of the MOU, Semen

Awards & Certification

22 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

Awards & Certification

Awards & Certification

24 PT Semen Indonesia (Persero) Tbk. | 2015 Annual Report

Awards & Certification

ISO 9001: 2008

ISO 14001 : 2004

OHSAS - 18001 : 2007

ISO/IEC - 17025 : 2008

Packing Plant Banyuwangi, East Java,

026 Report from the Management