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ANNUAL REPORT
Establish the basis for
next growth in front of new era of
competition,
while keep challenging to further operational
excellence and CS improvement
01 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
TABLE OF CONTENTS
FINANCIAL HIGHLIGHTS
Operating Profit Per Share (in full Rupiah) 989 1,297 988
Nominal Value Per Share (in full Rupiah) 500 500 500
Net Sales (in billion Rupiah) Operating Profit (in billion Rupiah)
2,000 300
200
1,000
100
0 0
2013* 2014* 2015 2013* 2014* 2015
* As restated
03 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
FINANCIAL HIGHLIGHTS
Current Liabilities
Bank Loans - - -
Non-Current Liabilities
Total Assets (in billion Rupiah) Total Equity (in billion Rupiah)
2,500 2,000
2,000
1,500
1,500
1,000
1,000
0 0
2013* 2014* 2015 2013* 2014* 2015
* As restated
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 04
FINANCIAL HIGHLIGHTS
I 8,600
7.100 7,100
6.425 7,700
7.100 5,040,100
575.400 3,341,800
3.081.400.000.000
II 7,700
7.300 6,750
6.700 7,175
7.150 6,056,700
419.400 3,113,950
3.103.100.000.000
III 7,200
8.825 4,800
6.550 5,800
7.450 2,758,200
2.657.800 2,517,200
3.233.300.000.000
IV 7,450
8.175 5,400
6.250 6,550
8.050 2,515,500
17.987.500 2,842,700
3.493.700.000.000
* As restated
05 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
Dear Shareholders,
We are grateful to God Almighty and feel pleased to have accomplished our supervisory duties on the Board of Directors' performance
in carrying out the Company's management in 2015.
The economic slowdown in 2015 was a reasonably tough challenge for the industry players. National economic condition was strongly
influenced by the global economic condition that was still filled with uncertainties.
The protracted plan to increase interest rate by the Fed and China's deteriorating economic condition were also a concern for the
Indonesian economy. Those external factors directly affected on a decrease in non-oil exports and a significant depreciation of Rupiah,
which in turn adversely affected the Company's market share in the property and automotive sectors as demands in these two sectors
also decreased in 2015.
In order to improve the effectiveness of Committee's performance under the Board of Commissioners, in 2015, we exercised
restructuring of the Committees, i.e. Risk Management Committee position was changed from under the Board of Commissioners
to become under the Board of Directors; Compliance Committee under the Board of Commissioners was merged with Disciplinary
Committee under the Board of Directors to become Discipline and Compliance Committee under the Board of Directors; and Executive
Committee was dissolved.
The Board of Commissioners also made amendment to Nomination and Remuneration Committee in order to comply with Otoritas
Jasa Keuangan (OJK) Regulation No. 34/POJK.04/2014 by, among others, appointing an independent Commissioner as Chairman of
the Committee.
The Board of Commissioners has received and reviewed the Board of Directors' report and the Company's financial statements for
the year ended December 31, 2015 audited by Public Accountants Firm Siddharta Widjaja & Partners (a member firm of KPMG
International). The Board of Commissioners views that the financial statements are already in accordance with the Statements of
Financial Accounting Standards (SFAS) and capital market regulations.
In the 2015 financial year, the Board of Commissioners carried out its duties by performing the following:
i. supervising and advising the Board of Directors concerning their policies;
ii. restructuring the Committees under the Board of Commissioners including approving the Committees' Charter;
iii.giving approval on the Board of Directors' actions that should be approved by the Board of Commissioners,
iv. carrying out the mandates given by the General Meeting of Shareholders (GMS) for:
• determining the amount of remuneration for each member of the Board of Commissioners and Board of Directors by
considering the limits as has been set out in the Annual GMS;
• appointing Public Accountants Firm to audit the Company's books for the 2015 financial year and determining the honorarium
and other requirements.
v. approving the Annual Budget including the 2015 CSR budget.
vi. examining the recommendations made by the Audit Committee and the Nomination and Remuneration Committee.
Our appreciation goes to the Board of Directors for their effort in the construction of a new flat glass factory in Cikampek, West Java,
which has been implemented according to the planned schedule. The Board of Commissioners hopes the factory construction can
be completed on time and within the pre-determined budget.
Based on the macro data we collected, the economic growth in 2016 is projected at the level of 5.5% with inflation rate maintained
at the level of 4.7% and rupiah exchange rate assumption against US Dollar amounting to Rp13,400 per USD, while BI Rate is expected
to decline about 25 bps to 50 bps.
The above indicators are expected to have a positive influence on the property and automotive markets, two major markets of the
Company's products, and will certainly strengthen the Company's business performance in 2016.
Furthermore, in welcoming the ASEAN Economic Community (AEC) in early 2016, the Board of Commissioners requests the Board
of Directors to continually improve its efficiency and competitiveness as well as continously make innovations so that the Company's
products can be more competitive in domestic and international markets.
The Board of Commissioners has examined and approved the business projections prepared by the Board of Directors in the 2016
Annual Budget and views that the business projection is presented in a proper and reasonable manner and can be realized in
accordance with the planned targets.
The Company's Board of Commissioners is composed of six (6) members and this composition has complied with OJK Regulation No.
33/POJK.04/2014. Detailed composition and profile of the Board of Commissioners can be seen on the pages describing the Board
of Commissioners and Board of Directors' composition.
APPRECIATION TO STAKEHOLDERS
On this occasion, the Board of Commissioners would like to thank all stakeholders for their assistance and cooperation which have
enabled us to carry out our supervisory function and ensure a consistent implementation of Good Corporate Governance in the
Company.
Our deep appreciation also goes to the Board of Directors, Management and all employees who have worked hard and demonstrated
an exceptional dedication in realizing the mission and vision of the Company. Hopefully, the support given to the Company will sustain
in the coming years.
Closing our Report, we hope that all our measures and efforts are always blessed by God Almighty.
Board of Commissioners
MAMPEI CHIYODA, President Director E. DAVID SATRIA SOETEDJA, Vice President Director
Indonesian economic downturn in 2015 impacted on the weakening of the people's purchasing power, which in turn affected
the property and automotive sectors, the major markets for the Company's products. Nevertheless, despite the economic
downturn, we are grateful that the Company was still able to record a positive result in 2015.
COMPANY'S PERFORMANCE
The decreasing commodity and mining prices in the global market in 2015 and Indonesia's position as one of the exporting
countries contributed to the weakening of the people's purchasing power at home. This was shown by declining sales in the
property and automobile markets, the major markets of the Company's products. The Company recorded Rp3.67 trillion net sales
in 2015 or Rp6 billion lower than the net sales in 2014.
The Company's Flat Glass Business Unit in 2015 recorded Rp 2.67 trillion net sales, or grew 5%, while the Automotive Glass
Business Unit recorded Rp1 trillion net sales or decreased by 12% compared to 2014. This decrease was primarily due to the
declining car sales in the country that affected the demand for the Company's automotive glass.
In 2015, the Company's domestic sales amounted to Rp2.14 trillion or decreased by 10% compared to 2014, while the export
sales reached Rp1.52 trillion, a 18% increase compared to 2014. The Company, equipped with the right marketing strategy and
marketing network, managed to increase its export sales to compensate for the decline in the domestic sales. In addition, the
strengthening exchange rate of USD against the Rupiah also contributed positively to the Company's export sales.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 08
In 2015, there was a hike in several domestic cost components, i.e. an increase in provincial minimum wage (UMP), raw material
cost and transportation cost. The increase in these costs during the economic slowdown was one of the factors leading to a
decrease in the Company's performance. This can be observed from the breakdown of the Company's performance in 2015
compared to 2014 as follows:
1. Gross profit amounted Rp797 billion or declined by 13% compared to 2014 amounting to Rp 911 billion.
2. Gross profit margin was 22% or down 25% compared to 2014.
3. Operating profit amounted to Rp429 billion or declined by 24% compared to 2014 amounting to Rp 563 billion.
4. Operating profit margin was 12% or down 15% compared to 2014.
5. Income was to Rp341 billion or decreased by 26% compared to 2014 amounting to Rp 464 billion.
In 2014, the Company announced Information Disclosure to the public in connection with the Company's plan to build a new Flat
Glass Factory in Cikampek, West Java, with a total production capacity of 210,000 tons per year and USD154.9 million investment
value.
The factory construction commenced in late 2014 and was on +66% progress by end of 2015. The construction was targeted for
completion in the second half of 2016. The Company expects the factory construction can run well in accordance with the planned
schedule and budget.
CHALLENGES
In the course of realizing its business and operational targets in 2015, the Company encountered several challenges which were
mainly related to external conditions. The challenges were as follows:
1. Slowdown in the growth of the construction and automotive sectors resulted from the economic downturn at home &
overseas;
2. Increase in labor costs due to rising UMP (Regional Minimum Wage) & UMSK (City/Regency Minimum Wage);
3. Increase in the cost of imported raw materials;
4. Increase in the distribution and transportation cost;
5. Increase in glass imports resulted in a stringent competition in the domestic market.
BUSINESS STRATEGIES
In addressing the challenges faced in 2015, the Company made every effort to maintain its performance. The policies carried out
in 2015 were as follows:
1. Strategic Cost Reduction:
• Productivity enhancement;
• Cost production efficiency;
• Avoiding inefficiency.
2. Adjusted the selling price of the Company's products.
3. Increased export sales volume.
4. Continued to improve supply chain quality and became a supplier that was able to provide solutions to optimize the assets
of AGC Group.
5. Participated actively in Business Association activities to give input on the industry conditions and the associated various
policies.
BUSINESS PROSPECT
Entering 2016, the Company will continue to observe economic conditions both at home and abroad. Based on the macroeconomic
basic assumptions used as the basis to prepare the 2016 State Budget Plan, the Government has targeted a 5.5% economic growth
in 2016 and 4.7% inflation assumption. Bank Indonesia rate has also indicated a downward trend in early 2016. In addition, the
government's plan to accelerate infrastructure development in all parts of Indonesia is expected to run according to the plan.
The Company expects all these indicators can be positively correlated to the Company's performance.
Bank Indonesia's policy on BI rate reduction is also expected to stimulate the property and automotive sectors in 2016, which
in turn will encourage a stronger growth of the Company's business.
09 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
The Company must remain aware of the potential slowdown in the China's economy, which is projected to grow on a slower pace
in 2016 and likely to affect the global economy as well as bring a direct impact on the Company's export performance in 2016.
The Company will continue the efforts to improve its performance.
In order to ensure an effective GCG implementation, in 2015 the Company made adjustments to the Committees under the Board
of Directors. Disciplinary Committee under Board of Directors was developed into the Disciplinary and Compliance Committee.
The Board of Directors also added 1 (one) new Committee, i.e. Risk Management and Insurance Committee. The Company expects
the adjustments to the Committees will encourage a more proper and effective implementation of GCG in the Company. Detailed
information on this GCG implementation can be found in the Corporate Governance chapter.
The number and composition of the Board of Directors are already in accordance with the OJK regulation No. 33/POJK.04/2014.
Complete details on the composition and profile of the Board of Directors can be found in the chapter describing about the Board
of Commissioners and Board of Directors composition.
APPRECIATION TO STAKEHOLDERS
On behalf of the Board of Directors, we would like to express our sincere thanks and appreciation to all employees and partners
who have contributed to the Company's sustained development up to date. Our gratitude is also extended o for the support of
all Customers, Suppliers, Principals, Shareholders, Board of Commissioners, committees and all Stakeholders. The Board of
Directors expects this strong cooperation can be continuously enhanced in order to make changes and improvements for us all
on an ongoing basis.
Board of Directors
BOARD OF DIRECTORS
COMPANY PROFILE
COMPANY PROFILE
The expansion of the Company's business activity in the glass industry and export import, as set forth in Notarial
Deed No. 54 dated May 28, 2003 executed before Amrul Partomuan Pohan SH, LL.M, Notary in Jakarta, and was approved
by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. C-14423.HT.01.04.TH.2003
dated June 24, 2003 and was published in the State Gazette No. 7532 dated August 26, 2003 and its supplement No. 68/2003.
The Company's Articles of Association were already adjusted to Law No. 40/2007 regarding Limited Liability Companies as
set forth in Notarial Deed No. 1, dated July 1, 2008 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary in Jakarta
and approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. AHU 41881.AH.01.02
year 2008 dated July 17, 2008, published in the State Gazette No. 84 dated October 17, 2008 and its supplement No.
20228/2008.
The Company's Articles of Association were already adjusted to Bapepam & LK Regulation No. IX.J.1 concerning Main Substances
of Articles of Association of the Company Performing Public Offering of Equity Security and Publicly Listed Company as set
forth in the Notarial Deed No. 19, dated February 27, 2009 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary public
in Jakarta and approved by the Minister of Justice and Human Rights of the Republic of Indonesia by virtue of Decree No.
AHU-.AH.01.10.02127 Year 2009 dated March 19, 2009, published in the State Gazette No. 36/2009 and its supplement No.
317/2009.
The most recent amendment to the Company's Articles of Association was set forth in the Notarial Deed No. 45 dated June
5, 2015 by Dr. Irawan Soerodjo SH. MSi. regarding amendments to and representation of the Company's Articles of Association,
including to comply with Otoritas Jasa Keuangan, The Deed was already approved by the Minister of Law and Human Rights
No. AHU-AH.01.03-0946820 dated June 30, 2015, while the publication of the Deed in the State Gazette was still under
process.
COMPANY PROFILE
Board of Commissioners
Nomination &
Remuneration Committee Audit Committee Board of Directors
Purchase & Logistic Center Corporate Affairs Sales & Marketing Center
E. David Satria Soetedja Christoforus Andreas S. Wirawan
Jakarta Factory
Richard Andre S.
Sidoarjo Factory
Lilik Roesianto
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 14
COMPANY PROFILE
MISSION VISION
BOARD OF COMMISIONERS AND BOARD OF COMMISSIONERS AND
BOARD OF DIRECTORS BOARD OF DIRECTORS APPOINTMENT IN 2015
Composition of the Board of Commissioners and the Board of Masahiro Takeda, Vice President Commissioner
Directors based on Notarial deed No.44 dated June 5, 2015 Started his career at Asahi Glass Co., Ltd., Japan (AGC) in 1982
by Dr.Irawan Soerodjo SH, Msi is as follows: and was appointed as Vice President Commissioner based on
the Company's Annual GMS (AGMS) dated July 5, 2015 replacing
Kimikazu Ichikawa.
Board of Commissioners:
Tjahjana Setiadhi, Commissioner
President Commissioner : TAN PEI LING Started his career at the Company in 1976 and was appointed
Vice President Commissioner : MASAHIRO TAKEDA as Commissioner based on the Company's AGMS dated June
5, 2015 replacing Andi Purnomo.
Commissioner : TJAHJANA SETIADHI
Commissioner : TAKEO TAKEI E. David Satria Soetedja, Vice President director
Independent Commissioner : BENYAMIN SUBRATA Started his career at the Company in1982 and was appointed
Independent Commissioner : HIDEYA TANAKA as Vice President Commissioner based on the Company's AGMS
dated July 5, 2015 replacing Tjahjana Setiadi.
COMPANY PROFILE
His first appointment as President Commissioner was legally based on resolution of the AGMS
held on June 6, 2008 replacing Tan Siong Kie. He is affiliated with the Company's shareholder
by serving as Commissioner of PT Rodamas, one of the Company's majority shareholders.
His first appointment as President Commissioner was legally based on the Company's AGMS
dated June 5, 2015 replacing Kimikazu Ichikawa. He is affliated with the Company's shareholder
as employee of Asahi Glass Co Ltd, Japan, one of the Company's majority shareholders.
His first appointment as the Company's Commissioner was legally based on the AGMS dated
June 5, 2015 replacing Andi Purnomo. He is not affiliated with members of the Company's Board
of Directors, Board of Commissioners and shareholders.
His first appointment as President Commissioner was legally based on the Company's AGMS
dated June 22, 2012 replacing Masahiro Takeda. He is affliated with the Company's shareholder
as the employee of Asahi Glass Co. Ltd, Japan, one of the Company's majority shareholders.
His first appointment as the Company's Independent Commissioner was legally based on the
Company's EGMS dated November 9, 2001. He is not affiliated with members of the Company's
Board of Directors, Board of Commissioners and shareholders.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 16
COMPANY PROFILE
His first appointment as Independent Commissioner was legally based on the Company's AGMS
dated November 9, 2001. He is not affiliated with members of the Company's Board of Directors,
Board of Commissioners and shareholders.
His first appointment as President Director was legally based on the Company's AGMS dated
May 31, 2013 replacing Masato Oe. He is not affiliated with members of the Company's Board
of Directors, Board of Commissioners and shareholders.
As President Director, he is responsible for leading and coordinating activities and duties of the
Board of Directors members in general.
His first appointment as Vice President Director was legally based on the Company's AGMS
dated June 5, 2015 replacing Tjahjana Setiadi. He is not affiliated with members of the Company's
Board of Directors, Board of Commissioners and shareholders.
As Vice President Director, he is responsible for helping organize activities and duties of
the Company's Board of Directors members in general. He is also responsible for overseeing
Purchase & Logistic Center and Corporate Health Safety & Environment activities.
His first appointment as Vice President Director was legally based on the Company's AGMS
dated June 20, 2014 replacing Takashi Hirorutsu. He is affliated with the Company's shareholder
as the employee of Asahi Glass Co. Ltd, Japan, one of the majority shareholders.
As Director, he is responsible for managing and overseeing the activities of Automotive Glass
Business Unit that is located in Cikampek.
17 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
COMPANY PROFILE
His first appointment as Director was legally based on the Company's AGMS dated May 31, 2013
replacing Mampei Chiyoda. He is affliated with the Company's shareholder as the employee of
Asahi Glass Co., Ltd, Japan, one of the Company's majority shareholders.
His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015
replacing Yoshiki Inoue. He is affliated with the Company's Shareholder as the employee of Asahi
Glass Co. Ltd, Japan, one of the Company's majority shareholders.
As Director, he is responsible for overseeing and carrying out the activities of Flat Glass Factory
construction in Cikampek.
His first appointment as Director was based on the Company's EGMS dated June 3, 2005 replacing
Soleh Dagusthani. He is not affiliated with members of the Company's Board of Directors, Board
of Commissioners and shareholders.
As Director, he is responsible for managing and overseeing the activities of Automotive Glass
Business Unit which is located in Cikampek and helping in the Flat Glass Factory construction
project in Cikampek.
His first appointment as Director was legally based on the Company's AGMS dated June 24,
2011. He is not affiliated with members of the Company's Board of Directors, Board of
Commissioners and shareholders.
As Director, he is responsible for managing and overseeing the activities of Flat Glass Business
Unit located in Sidoarjo and Corporate HRD & Administration and Corporate MIS.
His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015.
He is affliated with the Company's Shareholder as the employee of Asahi Glass Co. Ltd, Japan,
one of the Company's majority shareholders.
As Director, he is responsible for managing and overseeing the Company's financial activities.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 18
COMPANY PROFILE
His first appointment as Director was based on the Company's AGMS dated June 5, 2015 replacing
David Satria Soetedja.
As Director, he is responsible for managing flat glass sales and marketing activities. He is also
responsible for Flat Glass and Automotive Glass quality assurance.
His first appointment as Director was legally based on the Company's AGMS dated June 20, 2014
replacing Hiroaki Aimu. He is affliated with the Company's shareholder as the employee of Asahi
Glass Co., Ltd., Japan, one of the Company's majority shareholders.
As Director, he for responsible in acting as a liaison of Asahi Glass Co Ltd., Japan, the Company's
majority shareholder, with the Company.
His first appointment as Director was based on the Company's AGMS dated June 24, 2011 and
was appointed a Independent Director based on the Company's AGMS dated June 20, 2014.
He is not affiliated with members of the Company's Board of Directors, Board of Commissioners
and shareholders.
1 Mampei Chiyoda President Director Global Leadership Session, Japan, 1-2 December 2015 Asahi Glass Co.Ltd., Japan
To Level - Up Management Skill
2 Naomasa Taniguchi Director Protecting Your Brand with Cikampek, 7 April 2015 Asahi Glass Co.Ltd., Japan
Trademark
3 Naomasa Taniguchi Director Quality Management System Jakarta, 12 November 2015 Asahi Glass Co.Ltd., Japan
4 Rusli Pranadi Independent Corporate Governance Jakarta, 18-19 August 2015 Otoritas Jasa Keuangan
Director
5. Several BOD Director ISO 9001-2015 Jakarta, 12 November 2015 BSI Group
members
6. Several BOD Director Competition Law Training Jakarta, 12 October 2015 Asahi Glass Co.Ltd., Japan
members Seminar
19 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
COMPANY PROFILE
The Company believes that human resources are the main asset in supporting its business success, as reflected in the manual
business policy: "Employees are the Source of the Company's Strength".
As the Company's assets, employees must be able to uphold the values that have been fostered by the founders of the Company,
namely: The Pioneering Spirit, Honesty and Sincerity, The Spirit of Cooperation, Creative Thinking and Be Responsible. The
Company believes that implementation of the noble values will generate reliable human resources and produce high quality
products and services in realizing customer satisfaction.
Competency Development
In realizing those expectations, the Company through Training and Monozukuri Center (TMC) under the Corporate HR and
Administration has arranged and implemented an integrated and sustainable human resource development program through a
number of activities that have been arranged in the syllabus materials made by TMC, which consisting of continuous coaching,
training and development programs related to ability, knowledge and leadership. Such activities are expected to improve human
resource capabilities and prepare the Company's future leaders.
In 2015, the Company conducted several human resource development programs, among others:
1. Performing Group Improvement Activities (GIA) as a tool to achieve Key Performance Indicator (KPI) for the employees. This
event was attended by all employees. GIA is divided into three (3) activities, namely:
(i) Kaizen Theme Activity
(ii) Innovation Theme Activity
(iii) Asahimas Improvement System
Several groups were selected to represent the Company to participate in the Kaizen Convention activities in several automotive
companies in Indonesia. In addition, the Company also sent representatives to participate in the Kaizen competition in Japan,
which was attended by all representatives of the AGC Kaizen Group of several countries.
2. Conducting training to increase technical skills of employees guided by experienced staff both local and expatriate. To support
the training, the Company has in place Skill Simulator facilities related to the production and the supporting equipment, to
facilitate the employees in the learning process. In 2015, the training was focused to support the construction of the new
flat glass in Cikampek.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 20
COMPANY PROFILE
3. Continuous trainings starting from recruitment up to retirement preparation with a view to enhance knowledge, skills and
motivation of employees. The Basic Discipline Training was provided for new employees to strengthen disciplinary culture
in the Company.
4. Attended training, workshops and seminars at home and abroad on the basis of management, communication, finance,
quality, human resources, supply chain management, and others.
5. To increase awareness of Occupational Health and Safety (K3) for all employees, the Company provided trainings through
Safety Hazard Simulator, Safety Patrol Simulator for line managers. The Company periodically sent its line managers to Japan
to participate in the Safety Training of Key Persons organized by AGC Japan. This training was very valuable for the employees
because they could enjoy benefits not only at work but also in everyday life. The Company regularly provided training to deal
with emergencies such as fire, earthquake, tsunami, and others.
6. The Company continued to provide leadership training at every position level in the Company. This activity aims to prepare
a cadre of the Company's future leaders through activities such as Team Building, Outbound and Leadership training.
7. The Company also paid attention to the employees entering retirement by giving independent business training and retirement
preparation. The training aimed to give the Company's retiring employees adequate mental and skill preparation for their
retirement.
All activities were carried out at each factory of the Company in Jakarta, Sidoarjo and Cikampek. The Company believes that a
harmonious relationship between the Company and employees is one of the main factors to support its business progress.
As of December 31, 2015, the number of the Company's permanent employees was 2,789 persons.
Shareholdings by Members of the Board of Directors and Board of Commissioners As of December 31, 2015
As of December 31, 2015, there was no member of the Board of Commissioners who owned the Company's shares, while a
member of the Board of Directors namely Mitsuhiro Yoshikado, the Company's Director, owned 20,000 shares or 0.005% of the
total issued shares.
2. PT Rodamas
PT Rodamas, the owner of 40.96% shares in. the Company, is domiciled on Jalan Let. Jend. S. Parman Kav 32-34, Slipi, Jakarta
11480, Indonesia. Established in 1955, PT Rodamas engages in various lines of business in Indonesia with a focus on the
manufacturing industry and the distribution of industrial and consumer products. Rodamas Group controls a vast and important
marketing network spreading all over the country and covering various fields such as consumer products, building materials,
chemical products, packaging and glass cutter.
21 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
COMPANY PROFILE
Japan Trustee
Services Bank Ltd.
(Trust Account 9)
2.04%
4.68% 2.01%
4.05% 1.96%
Japan Trustee
Services Bank, Ltd. Mitsubishi Estate
(Trust Account) Co., Ltd.
3.95% 1.91%
The Bank of
Barclays Securities Tokyo-Mitsubishi
Japan Limited UFJ, Ltd.
2.53% 1.74%
2.39% 72.74%
Christopher Ishak
Tan Pei Ling
Tanuwidjaja Sumarno
99.95%
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 22
COMPANY PROFILE
SUBSIDIARY
PT Auto Glass Indonesia
Head Office: Jl. Danau Sunter Utara Blok J-12, No. 78 dan 79, Sunter Agung, Jakarta Utara
Phone: (62-21) 65 303 300, Fax: (62-21) 651 0018
E-mail: autoglass-jkt1@cbn.net.id, website:www.autoglass.co.id
Branch Office: Jl. Ciputat Raya No.9, Kebayoran Lama, Jakarta Selatan
Phone: (62-21) 750 0911, Fax: (62-21) 765 2134
Line of Business
Replacement and repair services for safety glass of
motor vehicles
Employee
14 persons (as of December 31, 2015)
Pursuant to the statement of the Chairman of the Capital Market Supervisory Agency ("Bapepam") No. S-1323 / PM / 1995 dated
October 18, 1995, the Company offered 86 million shares or 19.82% listed on the Jakarta Stock Exchange and Surabaya Stock.
Exchange. However, on November 1, 1999 the Company delisted its shares out of the Surabaya Stock Exchange. At present, the
Company's shares are only listed on the Indonesia Stock Exchange.
COMPANY PROFILE
Independent Accountants
Pursuant to the resolution of the AGMS held on June 5, 2015 and the Audit Committee's recommendation, the Company has
agreed to appoint Public Accountants Firm Siddharta Widjaja and Partners, a member firm of KPMG International, to audit the
Company's 2015 Financial Statements. The total costs incurred for the Audit of the Company's 2015 Financial Statements was
Rp1.9 billion.
The Public Accountants Firm (KAP) has completed its task independently according to professional standards of public accountants,
employment agreements and the predefined scope of audit. The KAP did not provide other consulting services to the Company.
The Accountant who signed the Independent Auditors' Report for the 2015 Financial Year is Dra. Tohana Widjaja, MBA, CPA.
2. In November 2015, received Certificate of Appreciation from Flat Glass Allliance of the Phlippines inc.
2. In December 2015 received “Award Day 2015” from Bank Indonesia as the Best Information Partner.
2. In December 2015, received the following awards from Kaizen Award Toyota Manufacturer Club:
• Gold Medal for Criteria Suggestion System (SS)
• Gold Medal for Criteria Quality Control Circle (QCC)
• The Most Improved Management Award 2015
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 24
COMPANY PROFILE
Net Sales were recorded at Rp 2.7 trilion or increased by Rp 130 billion or by 5% compared to 2014. The growth was attributable to
19% increase in the export sales while for domestic market the net sales decreased by 6% compared to 2014.
The global economic condition was still not recovered in 2015 and hit Indonesia's economy. This impacted on the decline in purchasing
power, leading to 15-20% decrease in growth of domestic property, in particular commercial building that is a major segment of flat
glass. A considerable number of property projects were slowing down or temporarily halted. The impact strongly affected the Company,
especially in the second and third quarters of 2015 where the Company's demand for flat glass in the country began to decline.
To cover the declining demand of flat glass in the domestic market, the Company put all efforts to improve its export sales,
among others by continuously making price adjustments and market penetration, especially in Asian countries. The efforts proved
to positively contribute to the increase in the demand of the Company's flat glass and automotive glass raw material compared to
the previous year.
In general, the Company's Flat Glass Business Unit recorded Rp 2.67 trillion net sales or grew by 5% or Rp 130 billion compared with
the Rp 2.54 trillion net sales in 2014. This reflects that the increase in export sales of flat glass can cover the decrease in domestic
demand.
The Company's flat glass factory is located in Ancol, Jakarta and Sidoarjo, East Java with production capacity totaling 570,000 tons
per year. The production capacity will be adjusted with the economic condition and consumption growth, particularly in the domestic
market.
Until the end of 2015, the realization of construction of flat glass factory in Cikampek, Karawang - West Java, with a total production
capacity of 210,000 tons per year was approximately 66% completed. The factory construction is expected to be completed on
schedule in the second semester of 2016.
The Company's Flat Glass Products are used in the glass application in buildings, interiors and as raw material for the manufacturing
of further processed glass and automotive glass. Throughout 2015, there were a number of construction projects using the Company's
flat glass, to name a few: Kirana Commercial Avenue, Cengkareng Business City, Cawang's The Hive 2 , Terminal 3 Ultimate Soekarno
Hatta Airport and others.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 26
Automotive Glass
In 2015, automotive glass sales volume decreased by
8,570 tons (17%) from the previous sales amounting
to 51,824 tons in 2014. The decrease was due to lower sales
volume in the domestic and export markets, respectively
by 8,077 tons and 493 tons or by 17 % and 11%. The decline was
mainly due to weaker car sales in domestic market. Throughout
2015, car sales in the country amounted to 1,013,291
units, 16% decrease compared to 2014 amounting to 1,208,020
units. The weakening economic condition in Indonesia
resulted in the decline and tightening of the people's
purchasing power. The Company's sales value reached Rp 1 trillion
or decreased by Rp 136 billion (12%) compared to 2014.
This decline was attributable to the weakeaning domestic
sales, declining by 15%. However, export market sales increased by 8% compared to 2014. The increase in export sales was in line
with the strengthening exchange rate of USD against Rupiah which contributed positively to the Company's export sales.
The decline in sales of automotive glass in 2015 was due to the weakening of people's purchasing power as a result of the slowdown
in the national and global economies. The Company continuously strived to make operational improvements with a view to enhance
competitive advantages of its products and maintain existing market share. The Company also continued to meet the availability of
Auto Replacement Glass (ARG) which was on high demand in the domestic and overseas markets.
In 2015, several car manufacturers released their new products, which certainly brought positive impact on the Company's
demand for automotive glass. Several new car models were launched in 2015, to name a few: Honda HRV, Toyota New Innova
and many more. In 2015, the Company continued to introduce high-end technology of automotive glass, such as UV Cut glass,
IR Cut, acoustic and water repellent. The Company provided demos and applications directly to the car customers to get their
feedbacks which were expected to be implemented in the automotive glass products to be produced.
For 2016, the Company will continue product innovation conducted in the previous year such as Melting Snow Windshield for ARG
export and Acoustic Windshield and IR-Cut Windshield for ARG and OEM export markets.
The Company's automotive glass factory is located in Cikampek, West Java, and produces tempered glass and laminated glass.
The current total capacity is 5,000,000 m2 per year or equivalent to the use of glass for 1.5 million car units. Up to now, the capacity
is sufficient to meet the demand in domestic automotive glass. The Company will continue to adjust its capacity in line with
the growth of car sales in the coming years in order to support the growth of the national automotive industry. In 2015, the automotive
glass factory expanded its machine capacity for tempered glass and laminated glass. The expansion was expected to support
the acceleration of production processes in automotive glass business unit.
In 2015, the Company recorded net sales of Rp 3.67 trillion or Rp 6 billion decrease compared to 2014. The decrease was
driven by the fall of the Company's domestic sales in 2015 by 10% or amounting to Rp 2.14 trillion compared with Rp 2.38
trillion domestic sales in 2014. The decrease in domestic market was mainly attributable to the slowdown in the national
economy resulting in a decrease in flat glass and automotive glass in the country by 6% and 15% respectively.
The Company's export sales increased to Rp 1.53 trillion or grew Rp 228 billion or 18% from Rp 1.30 trillion in 2014. The increase in
export sales was due to 19% increase in flat glass export sales. Stronger exchange rates of USD against Rupiah also contributed
positively to the selling price of the Company's export products.
In 2015, the Company recorded operating expenses at Rp 369 billion or grew Rp 20 billion compared to 2014 which amounted
to Rp 349 billion. Meanwhile, the Company's cost of sales in 2015 was recorded at Rp 2.87 trillion or rose Rp108 billion (4%)
compared with Rp 2.76 trillion in 2014. The increase in these expenses contributed to a decrease in the Company's gross profit
margin to 22% from 25% in 2014.
The 6% increase in the 2015 operating expenses was mainly caused by increasing of selling expense Rp18 billion or 5% increase
compared to 2014. The Company's total operating profit dropped by 24% from Rp563 billion in 2014 to Rp 429 billion in 2015. The
increase in the operating expenses which was not compensated by the increase in net sales, making the Company's operating profit
margin decreased to 12% or down 3% compared to 2014.
27 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
In overall, the Company's total profit in 2015 dropped by 26%. The Company recorded Rp 341 billion net income or decreased by
Rp 123 billion compared to 2014 which was recorded at Rp 464 billion.
As of December 31, 2015, total assets were recorded at Rp 4.27 trillion or up Rp 324 billion (8%) compared with Rp 3.95 trillion
total assets posted in 2014. The rise was mainly attributable to the increase in non-current assets by Rp 357 billion (21%)
while current assets dropped by Rp 33 billion (1%) compared to 2014.
The increase in non-current assets was derived from growth of fixed asset growth by Rp 292 billion (19%), other non-current
asset by Rp 35 billion and prepaid taxes by Rp 34 billion. While the decrease in current assets was mainly due to a Rp 176
billion (16%) decrease of cash and cash equivalents and trade receivables by Rp 863 million. The drop in cash and cash
equivalents was mainly due to the financing for flat glass factory construction investment in Cikampek, West Java.
The Company's total liabilities as of December 31, 2015 amounted to Rp 880 billion or increased by Rp 35 billion (4%)
compared to December 31, 2014. The increase was primarily caused by an increase in current liabilities by Rp 81 billion (20%)
and a decrease in non-current liabilities by Rp 46 billion. The hike of current liabilities by Rp 32 billion (13%), accrued
expenses by Rp37 billion (37%) and other current liabilities by Rp18 billion (69%). While the decrease in non-current liabilities
by Rp46 billion (10%) was derived from the decrease in employee benefits obligation.
The Company's total equity as of December 31, 2015 amounted to Rp3.39 trillion or increased by Rp289 billion (9%) compared to
the December 31, 2014 position. The increase was due to the hike of retained earnings as an accumulation of the profit attributale
to owner of the parent entity in the previous year.
The Company's Cash and Cash Equivalents by end 2015 dropped by Rp 176 billion or by 16% compared to 2014. This decrease was
primarily due to the increase in cash used for investment activity compared to cash used in operation activity.
SOLVENCY
As of December 31, 2015, the Company recorded total current assets of Rp 2.23 trillion, while the total current liabilities
amounted to Rp 479 billion. This shows that the Company's ability to pay its current liabilities was very good, reflected
from the 4.7x current ratio. Cash and cash equivalents were recorded at Rp 932 billion, exceeding the Company's
total liabilities amounting to Rp 880 billion. Since 2008 up to date, the Company has not had Bank loans, showing that
the Company's cash was quite adequate to finance operating expenses and investing activities conducted by the Company.
For Cikampek's flat glass factory construction, up to December 31, 2015, the Company still used its internal cash.
In 2015, the Company's liability ratio dan equity ratio was 21% and 79% respectively. Most of the Company's total liabilities
in 2015 consisted of trade payables and employee benefits obligation. In 2015, the Company's total liabilities grew Rp 35
billion compared to 2014. This increase was due to a increase in trade payables and accrued expenses and a decrease in
employee benefits obligation.
The Company has determined a capital structure policy by always maintaining Debt-to-Equity Ratio (DER) below 75%.
The Company's DER as of December 31, 2015 was 26%. This shows that the Company's capital structure was reasonably
strong.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 28
The fund used for the investment up to the end of 2015 was still sourced from the Company's internal cash and if needed, the
Company has planned to use external funding such as bank loans, etc.
MATERIAL INFORMATION AND FACT AFTER THE REPORTING DATE OF PUBLIC ACCOUNTANT
There was no material information and fact occurring after the reporting period of the 2015 financial year.
BUSINESS PROSPECT
The Company expects the year 2016 to offer a better business prospect. Despite the slowdown in the country's economy, several
policies launched by the Government in 2015 are expected to be immediately enforced by relevant institutions. Bank Indonesia
has also lowered BI rate to 6.75% in the first quarter of 2016. The lower rate is expected to be immediately followed by lower
rates on Bank loans distributed to people, which will drive the people's economy. In addition, the Government's plan to accelerate
infrastructure development in all parts of Indonesia is expected to run according to the plan. The Company expects all of these
indicators can be positively correlated to the Company's performance in 2016.
The Company expects a better growth of the property and automobile sectors in 2016. It is also expected that the Government
stimulus in several economic policy packages, such as the obviation of luxury tax (PPnBM) on the prices of below Rp20 billion
landed houses and below Rp10 billion apartments, will boost the property sales which is a major market of the Company's flat
glass products.
As for the automotive market, the Company predicts Indonesia's automotive market in 2016 tends to be flat or no different from
this year's accomplishment in line with the people's purchasing power that remains weak. It is expected that the Company can
absorb the GAIKINDO's target of 7% sales increase compared to 2015. The Company also expects to increase its export sales to
compensate the sluggish automotive sales in the domestic market.
Although the growth of the automotive industry in 2016 is not expected to return to normal, in the long term, it continues to
show a positive trend for growth. Some manufacturers have invested in the automotive industry by constructing plants in 2015.
It shows the automotive market in the domestic market will remain bright and is expected to be positively correlated to the
Company's growth.
MARKETING
The Company's products are quite well known by Indonesian people because the Company has marketed its products nationally
since 1973. The Company started to penetrate in export markets in 1984. Until now, the Company products have been used by
people in the domestic and overseas market.
29 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
Flat glass marketing in the domestic market is done by PT Rodamas, which has established a strong distribution network since the
1950s. Having distribution networking in major cities in Indonesia, the Company products can be distributed and used by public in
domestic markets. Meanwhile, the marketing for exports is conducted by an agent in Singapore, namely AGC Asia Pacific
Pte., Ltd., (AAP). By the agent's global market networking, the Company's products are marketed globally.
To support the marketing of its products, the Company continues its product innovation. At the end of 2015, the Company introduced
Sunergy Cool glass which was a further development of Sunergy Clear glass that had been previously marketed. Sunergy Cool glass
is launched to the market in a new color in accordance with the latest trend and also has a better performance than Sunergy Clear
glass. The Company also continues innovating more new products in particular for coated glass for brand development of Sunergy
and Stopsol brands to be introduced in 2016.
For flat glass products in 2015, the Company performed a number of marketing activities, such as introducing new products through
seminars and architecture glass exhibitions in some major cities in Indonesia. The Company in cooperation with other AGC Group
members such as AGC Asia Pacific Pte., Ltd (Singapore), AGC Flat Glass Thailand, AGC Flat Glass Phillipines, Inc participated in the
2015 Glasstech Asia Exhibition taking place on 19 - 21 November 2015 in JIExpo, Kemayoran, Jakarta. In this exhibition, the Company,
collaborating with other AGC Group members, introduced exterior and interior glass products, particularly glass products with added
values and energy saving glass.
To support its products sales, particularly for the project segment, the Company regularly conducted seminars and
gatherings with architects, consultants and building developers in major cities in Indonesia such as Jakarta, Bandung,
Medan, Balikpapan and other cities. This activity was expected to raise awareness of the use of energy-saving glass to
support green building program.
While automotive glass marketing for the OEM market in the Country was aimed to the Sole Agent (ATPM) as car manufacturers in
Indonesia, such as Astra Daihatsu Motor, Toyota Motor Manufacturing Indonesia, Kramayudha Tiga Berlian, Honda Prospect Motor,
Hino Motors Manufacturing Indonesia, Nissan Motor Indonesia, Suzuki Indomobil Motor, Isuzu Astra Motor Indonesia, General Motors
Indonesia and others.
While the marketing for Auto Replacement Glass (ARG) was conducted through the networks of spare parts Division of each ATPM
holder as well as through dealers and sub-dealers networks spreading across Indonesia.
The Company also continued the marketing to ASEAN countries conducted in the previous year both for OEM and ARG markets and
glass for industrial use such as Exavator, Tractor and others in the Japanese market. The Company continued to improve its Low Cost
Green Car (LCGC) glass market of which the demand is expected to continue growing in the future both at domestic and overseas
market. LCGC that is at competitive price, fuel-efficient and with complete features will be enough to make the demand continuously
growing in the future.
Given a massive market in the country, the competition in the automotive glass has got more stringent. Some manufacturers have
been able to offer more competitive prices both for OEM and ARG markets. However, the Company is confident that its
product quality and innovation as well as the services provided will earn the trust of the Company's customers.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 30
DIVIDEND POLICY
The resolution of Annual GMS held on May 31, 2013 determined that the dividend payment policy effective from the 2013 financial
year was 35% of Net Profit after Tax at the maximum. The amount of dividends to be distributed also depends on the Company's
profits in the current financial year, by taking into account the Company's soundness and future plans and without prejudicing the
right of the Company's General Meeting of Shareholders to determine otherwise in accordance with the provisions of its Articles of
Association.
DIVIDEND PAYMENT
In the Company's Annual GMS dated June 5, 2015, the shareholders approved the payment of cash dividends amounting to
Rp34,720,000,000 or 7.48% of the Company's total net profit for the 2014 financial year. Each shareholder received Rp 80 cash
dividend per share. The cash dividend was paid to shareholders on July 3, 2015.
As for the 2014 financial year, based on the 20 June 2014 Annual GMS resolution, on July 24, 2014 the Company paid cash dividend
to shareholders amounting to Rp 34,720,000,000 or 10.26% of the total net income for the 2013 financial year. Each shareholder
obtained Rp 80 cash dividend per share.
In addition, when the benefits of a program are changed or a program is curtailed, the impact of changes in benefits with
regard to the past service costs or the curtailment profit or loss will be immediately recognized in the profit loss. Previously,
past service costs that are not yet vested were amortized to profit loss with a straight-line method over the average remaining
period of the expected term of service.
In accordance with the transition provision of the PSAK, the Company applied this change of accounting policy retrospectively
and restated comparative information in the financial statements (see Note 29 to Financial Statements).
31 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
The Company is fully committed to continuously improve and implement Good Corporate Governance (GCG) consisting of Transparency,
Accountability, Responsibility, Independency and Fairness, which have been the guidelines for the Company to run its business. GCG
principles implementation shall mean timely and accurate information disclosures, equal treatment for all stakeholders, clarity of
the functions and responsibilities of the Company's organs, responsibility to the community, the Company's professional management
without pressure from certain parties and compliance to the legislation in force.
With the issuance of GCG roadmap at the beginning of 2014 and the Guidelines for Corporate Governance for public companies by
Otoritas Jasa Keuangan (“OJK”) in 2015, the Company strives to continuously align its Governance Practices with the Roadmap and
Guidelines. One of the improvements made in 2015 was by making the 2014 Annual Report in English edition available in the Company's
website. Other improvements related to GMS implementation mechanism included, the GMS invitation delivery was adjusted from
to 14 days to become 21 days prior to GMS holding; hand-out of GMS rules, which previously was only distributed to participants, it
is now started to be read to the participants. In addition, in 2015 the Company also completed the Charters of the Board of
Commissioners, Board of Directors and the Nomination and Remuneration Committee. The Company's Wesbite as the main gateway
for Stakeholders in obtaining information has also been adjusted with OJK regulation.
Refer to new OJK Regulation No. 33 regarding the Board of Commissioners Meeting, the Board of Directors Meeting as well as the
Board of Commissioners and Board of Directors Joint Meeting as well as OJK Regulation No. 34 regarding membership of the Nomination
and Remuneration Committee, the Company has restructured the numbers of its Committees. The Board of Commissioners dissolved
its 3 (three) committees and currently only has 2 (two) Committees namely the Audit Committee and Nomination and Remuneration
Committee. While the Board of Directors has 2 (two) Committees namely the Disciplinary & Compliance Committee and Risk
Management and Insurance Committee. The Executive Committee, which previously reported to the Board of Commissioners, was
already dissolved. These changes were made because some Committees activities were already represented in the Board of
Commissioners and Board of Directors Joint Meeting.
The Company also continued to perform GCG Self Assessment by referring to the ASEAN Corporate Governance Scorecard
and continued to improve the weaknesses found out from the assessment. The Company expects that the efforts made in
laying the GCG value foundation will correlate in increasing its performance in the long term and increasing the Company's
values for the Stakeholders.
BOARD OF COMMISSIONERS
Pursuant to the Company's Articles of Association, the Board of Commissioners (“BOC”) oversees the Board of Directors'
policies in managing the Company and provides advices to the Board of Directors as well as performing other things specified
in the Articles of Association or determined from time to time by the GMS. Regulation on Public Company's Board of Directors
is stipulated further in OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public
Listed Companies or Public Companies.
While the Board of Commissioners's Code of Conduct is already provided in the Code of Conduct established by the Company
since 2002 and continuously enhanced in line with the development of the Company and the AGC Group. The Code of Conduct
applies to the Company's Board of Commissioners, Board of Directors and Employees. Charter for the Board of Commissioners
and Code of Conduct are already fully disclosed in the Company's website.
4. On August 24, 2015, pursuant to the authority delegated by the GMS, the Board of Commissioners appointed the Public Accountants
Firm "Siddharta Widjaja & Partners" to audit the Company's books for the financial year 2015 and approved the audit fees and
other terms and conditions.
5. On December 18, 2015, approved to receive an investment loan facility from banks amounting to USD 60 million.
6. On December 18, 2015, approved the Company's annual working plan and budget in 2016 including 2016 Corporate Social
Responsibility activities budget which was prepared and submitted by the Board of Directors.
BOARD OF DIRECTORS
The Board of Directors (“BOD”) is the Company's organ fully responsible for ensuring that the Company's management is to
run according to the interests of shareholders and other stakeholders. The Board of Directors reports its accountability for
the performance of its duties to the GMS. In performing its duties, the Board of Directors is given clear authority and
responsibility in accordance with the Company's Articles of Association as referred to prevailing rules and regulations.
33 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
The Company's Code of Conduct applies to the Company's Board of Commissioners, Board of Directors and Employees.
Periodically, the Board of Directors members sign a statement representing that they understand and adhere to the matters set
forth in the Company's Code of Conduct.
Procedures and Determination of Remuneration of Board of Directors Based on the Company's Performance
On June 5, 2015, AGMS delegated the authority to determine salaries and/or benefits received by the Board of Directors and Board
of Commissioners. Based on the Nomination and Remuneration Committee's recommendations, the Board of Commissioners
determined the salaries and/or allowances received by all members of the Board of Directors for 2015 amounting to Rp 26,197 million.
In determining salaries and/or allowances of all Members of the Company's Board of Directors, the Board of Commissioners always
takes into account of various factors, one of which is the realization of the Key Performance Indicator (KPI) achievement and the
Company's soundness. The Company's good performance will also provide added value to the performance assessment of the
Company's Board of Directors.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 34
During 2015, the Board of Directors held 12 (twelve) meetings, while the attendance of the Board of Directors members at the
meetings are as follows:
GMS Announcement and Invitation were done through national newspapers in Indonesian language as well as through the Company's
website in two languages and on the Indonesia Stock Exchange's website.
Whereas in votes counting, each share entitles its owner to cast 1 (one) vote. If a shareholder has more than one share, he/she is
only asked to give one vote and that vote represents all the shares he/she owns or represents.
35 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
for the term of office until the closing of the AGMS in 2016.
for the term of office until the closing of the AGMS in 2017.
5 a. Gave authority to the Board of Commissioners to determine the amount of salary and allowances for members of the Board
of Directors, and gave authority to the Board of Commissioner meeting to determine the amount of salary/allowances for
each member of Board of Commissioners for 2015.
b. To determine the amount of salary and/or allowances for all members of the Board of Commissioners, including Independent
Commissioner in USD not exceeding USD 750,000 (per annum).
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 36
All resolutions of the Annual GMS and Extraordinary GMS in 2015 are already realized by the Company.
AUDIT COMMITTEE
To support GCG implementation, in 2001 the Board of Commissioners established the Audit Committee, whose term of office shall
be no longer than the term of office of the Board of Commissioners as stipulated in the Company's Articles of Association and can
be reaapointed for only 1 (one) next period.
The Audit Committee consists of four (4) members, including Independent Commissioner who also acts as Chairman, and three (3)
members from independent outsiders. In accordance with the 2015 OJK Regulation No. 55, all members of the Audit Committee have
no affiliation with members of the Board of Commissioners, members of the Board of Directors, or the Company's shareholders.
The latest composition Audit Committee based on the Board of Commissioners Decision No.001/ AMFG.COM/V-2013 dated May 31,
2013 is as follows:
1. Benyamin Subrata (Chairman)
Benyamin Subrata serves concurrently as the Company's Independent Commissioner and Audit Committee Chairman. He completed
his education in Mechanical Engineering in Sussex University, the United Kingdom. For more than 30 years, he has been actively
handling and managing business in construction, property, insurance, retail, industry, mining and electrical power. He has been
serving as Audit Committee Chairman for 2 (two) periods: 2010-2013 and 2013-2016. At present he also serves as Commissioner
and Director of several companies that are not affiliated with the Company.
No. of Meetings
Name Position attended
Benyamin Subrata Chairman 9
Dr. A. Partomuan Pohan, SH, LL.M Member 14
Ir. Susanto Member 13
Drs. Hariawan Pribadi Member 15
In performing its supervisory duties, the Audit Committee coordinates with Corporate Internal Audit. The Audit Committee provides
monthly reports in the minutes of meetings to the Board of Commissioners containing information of matters of importance, among
others:
1. The Company's management in 2015 has adhered to the provisions of prevailing laws and regulations.
2. The Company's financial statements of the financial year ending December 31, 2015, are already made in accordance with
Statement of Financial Accounting Standards (SFAS) and Bapepam-LK Regulation No. VIII.G.7 regarding Financials Statement
Presentation and Decision No. KEP-347/BL/2012 regarding amendments to Regulation No. VIII.G.7.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 38
3. The Company's financial statements for the financial year ending December 31, 2015 are already audited by Public Accountants
Firm Siddharta & Widjaja, member of KPMG International, based on the Auditing Standards established by the Indonesian Public
Accountant Institute with unqualified opinion.
4. Internal control system has functioned effectively
Term of office of the Company's Nomination and Remuneration Committee will end at the 2016 Annual GMS or no longer than the
term of office of the Board of Commissioners as set out in the Articles of Association. Profiles of the members of the Nomination and
Remuneration Committee can be seen in the Profiles of the Board of Commissioners.
Nomination Function
Based on the NRC Charter, there are four categories related to the nomination function, namely:
1. Provide recommendations to the Board of Commissioners on:
a. Composition of the Board of Directors and/or the Board of Commissioners;
b. Policies and criteria required in the Nomination process;
c. Performance evaluation policy for members of the Board of Directors and/or the Board of Commissioners.
2. Assist the Board of Commissioners in assessing the performance of the Board of Directors and/or the Board of Commissioners
members based on the benchmarks developed as an evaluation.
3. Provide recommendations to the Board of Commissioners regarding capacity building programs for the Board of Directors and/or
the Board of Commissioners members.
4. Propose qualified candidates as the Board of Directors and/or the Board of Commissioners members to the Board of Commissioners
to be submitted to the GMS.
Remuneration Function
Based on the NRC Charter, there are two categories related to remuneration function, namely:
1. Provide recommendations to the Board of Commissioners on:
a. Remuneration structure;
b. Remuneration policy and remuneration amount.
2. Assist the Board of Commissioners in conducting performance appraisal in conformity with the remuneration received by each
member of the Board of Directors and/or the Board of Commissioners.
39 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
Chairman Member
Profiles of the members of Risk Management and Insurance Committee can be seen on the Profiles of the Board of Directors. During
2015, this Committee organized 3 (three) meetings on April 13, August 13 and November 5, 2015 with 100% attendance rate. The
Committee also provides advices and recommendations to the Board of Commissioners in respect to the risks on the Company's
assets and wealth that need to be insured.
Chairman Member
Profiles of the members of Discipline and Compliance Committee can be seen in the Profiles of the Company's Board of Directors.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 40
In 2015, this Committee held 2 (two) meetings, i.e on May 7, 2015 and December 4, 2015, to discuss various issues related to the
Company's compliance in carrying out the operations. Attendance rate of the two meetings was 100%. Important decisions produced
by this Committee are as follows:
1. Evaluation on the implementation of compliance regulatory policies both with capital market regulations and the Company's
internal regulations
2. Evaluation of reports on breaches conducted by employees in 2015 and suggestions to improve the procedure to impose sanctions
for breaches.
CORPORATE SECRETARY
Corporate Secretary plays an important role in creating good communication between the Company
and its shareholders and other stakeholders. The function of Corporate Secretary is to ensure
the dissemination of material information in a timely and accurate manner to all stakeholders.
The Board of Directors has appointed Christoforus as Corporate Secretary by virtue of the
Board of Directors Meeting Decision No. 002 / AMFG-BOD / 04-2014 dated April 30, 2014.
The appointment was already reported to OJK and BEI (IDX) and other capital market
supporting institutions on May 13, 2014, which became effective on May 20, 2014. Christoforus
graduated from Tarumanagara University majoring in Management in 1995, and joined the Company
in 1999. Prior to becoming Corporate Secretary, he has occupied various positions in the Company, most
recently as Assisstant Center Manager in the Purchasing and Logistics.
Corporate Secretary is responsible to the Board of Directors for the matters related to Good Corporate Governance and the Company's
compliance with the prevailing laws and regulations especially the capital market regulations. Several activities carried out by Corporate
Secretary in 2015 include the following:
a. To keep abreast of developments in the capital market and its regulations and give input to the BOD and the BOC to comply with
those regulations.
b. To attend Board of Directors Meetings regularly and prepare minutes of meetings.
c. To organize GMS and Dividends distribution in accordance with the procedures set out in OJKRegulation Number 32/POJK.04/2014.
d. To amend the Articles of Association to comply with OJK's new regulations.
e. To adjust the schedule of BOC Meeting and BOD Meeting as well as BOC-BOD Joint Meetings, help prepare BOC and BOD Charter
to comply with OJK Regulation No. 33/POJK.04/2014.
f. To assist the BOC in adjusting Nomination and Remuneration Committee composition and Charter in line with OJK Regulation
No. 34/POJK.04/2014.
g. To make changes to the contents of the Company's website in order to comply with OJK Regulation No.8 /POJK.04/2015.
h. To continue disseminating the Company's Code of Conduct and Whistleblowing System to all employees.
i. To organize the Company's Public Expose in conjunction with the Investor Summit and Capital Market Expo 2015 in the Indonesia
Stock Exchange Building.
j. To assist the Board of Directors and the Board of Commissioners in adjusting the Company's GCG implementation in line with
OJK Regulation and GCG Guidelines for Public Companies.
k. To welcome visit and teleconference from investors and analysts to know directly the Company's latest development.
l. To perform mandatory reporting to regulators in a timely manner, including annual reports, financial statements, GMS reports,
Advertisement Proof Report, Public Expose, Monthly Report of Securities Holders Registration, Report of Company Debts/Liabilities
in Foreign Exchange and others.
GMS
Board of
Commissioners
Board of
Directors
Audit Corporate
Committee Internal Audit
To improve competencies and capabilities of Corporate Internal Audit personnel, the Company registered all members of the
Corporate Internal Audit in the Qualified Internal Auditor (QIA) certification program held by “YPIA” Internal Audit Education
Foundation.
The Company has formed an effective SPI to assist the Company in obtaining reliable financial information, enhancing the Company's
compliance with the applicable laws and regulations, as well as mitigating the risks of financial and operational losses, fraud and
employee disciplinary violation.
The Company has undertaken operational risk management by performing the following actions:
• Rearrange the activities related to the Company's main activities.
• Make efficient use of energy and raw materials.
• Improve the quality of a harmonious relationship with the local community through community development programs.
• Conduct a comparative study to other companies with regard to operational activities.
2. Financial Risk
The Company classifies financial risk to include fluctuations in foreign currency exchange rates, changes in laws and regulations
related to finance, risk of a breach in taxation and commitment in implementing Capital Market regulations.
To minimize this risk, in 2015 the Company continued to increase export sales, so that the Company's revenues in foreign currency
can be protected naturally (Natural Hedging). For working capital purposes and investment, the Company has also secured credit
facility from Bank that can be used by the Company when required.
The Company also always keeps abreast of the development of the laws related to finance in order to overcome financial risks
that may emerge.
3. Legal Risks
To manage legal risk, the Company always ensures that all business activities are in compliance with applicable laws and regulations
both domestically and internationally.
The Company continues to conduct regular evaluation on the level of its compliance in running its business. The Company has
in place experienced personnel in the field of law and established cooperation with some legal counsels. The Company also
conducts education and training for management and employees regarding legal knowledge and disseminates new regulations
related to the Company's business activities.
4. Hazard Risk
Hazard Risk may occur at any time and the Company believes that special attention to this matter is necessary. Such risk includes
occupational health and safety, environmental and natural disasters.
To overcome the above risks, in 2015 the Company undertook several efforts, among others:
a. Carrying out dissemination and trainings on occupational health and safety intensively and sustainably. From time to time,
the Company checks the working condition in order to work safely.
b. Conducting health education and regular medical check-up and blood donors.
c. Establishing a standardized measurement system for analyzing waste and disposal proceeds.
d. Forming Emergency Responses Team (ERT) and simulating emergency trainings related to tsunami and earthquake.
SIGNIFICANT CASES
Throughout 2015, the Company did not confront any critical material case that involved members of the Board of Commissioners,
Directors and Employees which might affect the Company's condition.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 44
ADMINISTRATIVE SANCTION
During the 2015 financial year, there was no administrative sanction imposed to the Company, the Board of Commissioners and Board
of Directors, either by capital market authorities.
These values have become part of all employees and management in carrying out its activities.
Members of the Board of Commissioners, Directors and Employees who violate the Code of Conduct will be given sanctions
in accordance with the prevailing legislation and applicable company regulations.
WHISTLEBLOWING SYSTEM
In order to support its GCG implementation, the Company has provided Whistleblowing System or commonly known as
Helpline Service. This service is addressed to the employees and stakeholders of the Company in order to participate in
improving supervisory function on the breaches that may occur in the Company. For employees and stakeholders who
wish to report indications of corruption, collusion, fraud, bribery, conflict of interest, theft, breach of other material but feel hesitate
or fear his/her identity will be revealed as he/she knows the doer, the person can report it using the Helpline Service
provided by the Company.
For that reason, the Company conducts corporate social responsibility activities or CSR, which is now already known to the public.
The Company has conducted CSR activities for a long time in nearby locations and outside the Company's business locations. The
Company realizes the importance of giving and sharing, not merely to enhance its reputation, but also to help the Company continuously
grows, develops, and provides sustainable benefits for stakeholders.
The Company realizes that social responsibility is an integral part of its business operations. All of its business activities are
carried out in a responsible manner with a view to bring a positive impact on the community. The Company believes, when all
elements of the society including the business community seriously consider the positive impact of every activity, all parties
will get benefit from it.
In carrying out CSR activities, the Company has set forth CSR policies that become the guideline of CSR implementation activities
across its factories that are located in Jakarta, Sidoarjo and Cikampek, namely:
1. Support for the next generation
Supporting the development of the young generation as the next generation with future and help them pursue their aspirations.
2. Harmonious living with the surrounding communities
Establishing a harmonious relationship and cooperation with the surrounding communities and empower communities in a
sustainable manner.
3. Environment Conservation
Preserving the environment and contributing to overcoming environmental issues and producing products that are environmentally
friendly.
The year 2015 was one of the significant momentums in the Company's journey to continuously contribute to community, with
regard to the expansion of the Company's factory in Cikampek, West Java. The Company has a commitment to remaining consistent
and continuously improving the performance of its CSR activities, including in the the new factory in Cikampek.
ENVIRONMENTAL RESPONSIBILITY
In line with its mission "To build the world a better place for living", the Company is obliged to take part in preserving the environment.
To that end, the Company places its commitment to nature and social environment as priority and inseparable from its operating
activities. In a way to realize it, the Company complements its business operations with environmental management documents in
conformity with the governing regulations such as Environmental Impact Assessment (EIA/AMDAL/ANDAL) Document and Environmental
Management Efforts -Environmental Monitoring Efforts Document (UKL-UPL). The aim is to estimate the impact that may be resulted
from business operations, and evaluate and seek the right solutions to overcome. Thus, implementers of those activities have a
guideline to manage the environmental impact at the Company's factories.
Along with the construction of its new factory in Cikampek, the Company remains committed and consistent to adhering to all aspects
related to nature and required permits. It is very important for the Company to keep the construction work run smoothly in order
to meet the predetermined schedule.
As a responsible citizen in creating a better living environment, the Company has in place a policy connected to the environment
namely “Sustainable Contribution to the Earth through activities that are environmental friendly”.
The Company has five principals in running those environmental policies, namely:
Green Activities by the Company are translated with the term 3G: Green Factory, Green Operation and Green Product. Elaboration
of the 3G concept by the Company is as follows:
GREEN FACTORY
It has become the Company's commitment to applying the Green Factory concept in its factories environment. To support the creation
of environmental friendly factories, the embodiment of Green Factory is reflected directly in the surrounding environments of the
Company's factories, where many trees and ornamental plants are planted to give a beautiful scene. The trees were planted by
employees and their families in 2010; the growth of the trees has been continuosly monitored and maintained. In addition, in the
water channels within the Company's environment, there are also several species of fish that can be seen with naked eye as means
of water quality monitoring. Healthy and fresh condition of the fish in the water channels indicates that the water in the channels
do not contain harmful chemicals. Factories and offices also have quite good air and sunlight circulation. Some indoor and outdoor
lightings already use LED so that they will be more efficient and durable. In addition, the Company also implements 5-S or 5-R
consistently and continuously, so that all venues both indoors and outside look neat and clean.
In addition to tree planting in the factory environment, the Company's factory located in Jakarta with government agencies and
surrounding community also planted fruit trees, located not far from the Company's Jakarta factory. Currently, fruit trees produce
fruit that has been used by local people and became “Taman Hatinya” park, one of the PKK's model park in district level.
In the 2014-2015 PROPER assessment, the Company's factories in Jakarta, Cikampek, and Sidoarjo were awarded BLUE PROPER from
the Ministry of Environment and Forestry, indicating the compliance of the three factories with the applicable environmental regulations
and management.
GREEN OPERATION
To support Green Operation concept, the Company uses Natural Gas (NG) in the running of flat glass factory operation. By using NG,
the emission will be cleaner and friendlier to the environment compared to using fuel oil. The Company also seeks to reduce CO2
emission unit in several ways, among others by:
1. Reducing fuel consumption
2. Enlarging cullet ratio
3. Increasing efficiency in the delivery process
4. Increasing productivity, and
5. Reducing utility
6. Using environmental friendly materials
The Company's activities related to Green Operation, among others, are as follows:
Waste Management
Currently, waste is a fundamental problem for human life. For that reason, it is important for the Company to help to tackle this
problem. Application of 3R or Reuse, Reduce, and Recycle is still the best way to manage and handle waste both in industry and
society. In waste management, the Company also adopts the 3R program. Reuse means reusing waste that still can be used for the
same function or other functions. Reduce means reducing everything that will result in garbage, such as replacing wood box packing
material into iron pallets, which can be used again after the delivery. Recycle means recycling waste into new products that are useful,
such as reusing cullets from the production process into raw materials. Implementation of the 3R program in the Company's waste
management activities will provide benefits because the waste that has been sorted will be easier to be processed and distributed
to manufacture useful products.
In waste management, the Company has carried out several activities, among others:
1. Provide trash cans on each workspace and open space with three categories: Non-B3 (non-hazardous and nontoxic waste) bins,
Metal bins and B3 (hazardous and toxic waste) bins.
2. Provide Temporary Storage Place of B3 waste from production processes that had permission from BPLHD. Furthermore, this
waste is transported by a company that has a license (manifest) from the Ministry of Environment and Forestry to be transported,
processed and managed.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 48
3. The Company in cooperation with the communities around the factories to recycle paper water to be reprocessed into useful
products and recycle waste of dried leaves to be processed into compost.
Water Management
Water is the source of life for human and for the company as well, where water is used in the process of cooling equipment and glass-
washing. Water used by the company are from PAM and water Reverse Osmosis/RO. for that reason, the Company should manage
its use.
To reduce the use of PAM water in its operations, the Company's factory in Jakarta has made recycling process of waste water from
the equipment cooling process and glass washing by mixing the waste water with sea water used as raw material, to be reprocessed
into fresh water by using "Reverse Osmosis / RO" technology. The RO process produces clean water that can be reused as equipment
cooling water and glass washing in the course of production process.
As for wastewater treatment, the Company's flat glass factories in Jakarta and Sidoarjo are already equipped with Wastewater
Management Installation facilities (IPAL). At the IPAL, wastewater is processed through various processes to eliminate or reduce
contaminants (pollutants) contained in the waste so it does not exceed the quality standards. The Company also regularly conducts
laboratory testing and reporting of wastewater to the Environmental Management Agency (BPLHD) and the Ministry of Environment
and Forestry (KLH). For the Compay's automotive glass factory located in Cikampek, waste water management is done through the
IPAL owned by Bukit Indah Industrial Park, and the results are also reported regularly to the local BPLHD and KLH.
To indicate that the quality of waste water from the Company's operations does not exceed the quality standards, quality of the water
is checked on a regular basis in BPLHD. In addition, the Company's Health Safety & Environment (HSE) and QC laboratories routinely
check the water quality in the laboratories owned by the Company.
The Company realizes the importance of the environmental management system in the implementation of its business activities. To
enhance SML practices, the Company has determined ISO 14001: 2004 as mandatory training for all employees. To continuously
improve its SML, the Company requires all employees to pay attention to several issues in
the ISO 14001 policy, namely:
GREEN PRODUCT
Today the market and consumer demands for products that are environmentally friendly (“Green Product”) continues to increase.
In response to that, the Company continuously creates Green Products. Green Product is defined as a product that must conform
to the environmentally friendly requirements. Nowadays, consumers already have a heightened awareness in the use of Green
Products that are free of chemical elements that can harm health and the environment.
49 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
In line with such understanding, the Company has launched Green Products of flat glass under the brand “Sunergy”. Sunergy glass
has several advantages: environmentally friendly and energy efficient. This type of glass has a low light reflection and energy efficient
because of the double coating on the glass surface that makes hot air from the outside coming into the room can be minimized so
that the electrical energy for the air conditioner (AC) can be saved. In addition, the Company has also introduced “Lacobel” brand
for interior glass. Lacobel is an interior glass with a variety of color selection and high reflection. Paint colors used by Lacobel contain
no heavy metals nor chemicals that can damage the environment.
The Company has pioneered the first eco-friendly glass products in the domestic market, which are mirror glass products branded
“Miralux” and “Dantalux”, copperless interior glass products that are more resistant to corrosion. These products are different from
the existing products in the market, especially in the country. The Company expects that its environmentally friendly products can
cater the trend of consumer demand for Green Products in line with Government policy that has begun to introduce Green Building
and Green Architecture concepts in construction and property industry.
The Company in cooperation with the Green Building Council Indonesia (GBCI), an independent and non-profit institution fully
committed to community education in applying environmental best practices and facilitate the sustainable transformation of the
global building industry, conducts seminars and trainings for stakeholders including professional in the field of construction service,
building and property industry businesses as well as community who care about the environment, on the Company's products that
are environmentally friendly in terms of raw materials, production processes and production results.
EMPLOYMENT PRACTICES
The existence of strong industrial relations between the Company and all employees is one of the key of business sustainability of
the Company. For that reason, the Company is constantly working to ensure the rights and responsibilities of employees are in
accordance with the laws and Collective Labour Agreement (PKB) as a form of corporate policy in the field of employment.
It is undeniable that reliable Human Resources have become one of the main determinants of the Company's success to date. Managing
nearly 3,000 employees is certainly a challenge for the Company. However, with a high commitment from all levels of employees
with the philosophy of "We are in the same boat, we are AMG", the Company believes the quality of human resources can continue
to be improved and contributed positively to the Company's business activities.
The Company has addressed various employment challenges in terms of fair employment opportunities by conducting the recruitment
of employees regardless of ethnicity, religion, race, class, social level. The recruitment process is conducted by holding the principle
of equality, non- discriminatory, and transparent.
The Company integrates human resources strategy with business planning and organizational leadership that are backed with measures
to strengthen the Company in gaining the best employees/talents and performance-based culture
application, process of developing cadres of future leaders, in creating a strong engagement with employees and maintaining close
industrial relations, in which all are embraced by a strong corporate culture.
To maintain a harmony in the fast growing environmental and organizational changes in the face of competition at the global level,
the Company has strengthened its commitment to consistency and continuity of various programs implementation to improve the
quality of its human resources. Leadership competency development program, from the early stage, is designed with comprehensive
and tiered considerations, ranging from basic competence mastery, managerial capability mastery and leadership with a varied range
of development tools that include training programs, mentoring, rotation, career development, leadership coaching and feedback
sessions, and is reinforced with the Company's corporate culture content. The various processes of human resource capacity
development are intended to produce leaders who are groomed from within balanced personal character, in terms of knowledge,
experience and competency.
In carrying out Employment Practices, the Company always adheres to the Employment Law and its implementing regulations. The
rights and obligations of the Company's employees are stipulated in the PKB between the Company and its Labor Unions. The PKB
has a time limit and is always updated by the Labor Unions and the Company and approved by the Director General of Industrial
Relations and Labor Social Security. A harmonious relationship between the Company and the Labor Unions is also improved by
implanting the principle of partnership relationships, maturity and mutual trust.
The Company in conducting its business activities, continuously complies with the applicable rules and regulations related to
employment, which are provided in its Company Rules and PKB that among others contains the provisions for not employing under
age children, providing wages above the minimum wage in accordance with the minimum wage of province/city/county in every
region of the Company's business and treating all employees equally regardless of their ethnicity, race, religion, class or gender, and
physical condition.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 50
Every year, the Company always evaluates the level of increase in minimum wage to be adjusted to current economic conditions.In
addition to the evaluation, the Company also provides a form of recognition to employees by giving fair promotion to good achievers.
Each year, the Company routinely presents Employee Model awards to the selected employees and Monthly Incentive rewards to
the employees based on their best performance.
In addition to the monetary rewards in the form of salary, the Company's employees are also entitled to various facilities and services
that make their lives more prosperous and developing. All employees still get health facility for eye care, hospital inpatient and
outpatient. In addition, the Company provides pre-pension program and trainings for employees who are entering retirement age.
The Company ensures that pensioner can go through smooth transition period from employee to become an entrepreneur. Pre-
pension program among others are entrepreneur seminars, financial planning session and pre-pension conselling. These programs
can give life skills to ensure the well-being of employees after retirement.
High commitment is also applied by the Company in its new factory construction in Cikampek, by continuously analyzing the risk
of accidents which may occur during the project work in progress and continually carrying out "daily patrol" either a 5-R patrol or a
safety patrol. Therefore, throughout 2015, there was no significant occupational accident in the construction project.
To support the policy, in 2015, the Company conducted several activities, among others:
activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings
for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees
always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.
The simulations were carried out by making several scenarios such as a fire in the Company's building, how is the system evacuation
through emergency doors toward the meeting point, how much time taken to evacuate all employees in the work site to the meeting
point. This simulation is needed so that when disaster really strikes, it is expected that all employees already have enough knowledge
to protect themselves and their environment.
Safety Patrol
To ensure safe conditions in the work environment and that every employee carry out security and safety procedures, every day,
heads of all sections are required to conduct patrol. In addition, Safety & 5S Patrol must also be conducted by the management each
month at different locations. Furthermore, a report should be made and evaluation of the findings in the field should be followed
up and coordinated with HSE section and related sections.
To maintain health and fitness, once a week the Company's employees play sports, especially badminton, tennis courts, indoor soccer
and morning gymnastics guided by aerobic instructors. The Company also has registered its employees
in BPJS Ketenagakerjaan which provides among others accident insurance, death insurance and old age insurance and BPJS
Kesehatan.
Scholarship Program
One of the Company's active roles to improve quality and educational facilities for the community is by providing direct assistance
to the world of education. The assistance is given in the form of scholarships and school equipment for early childhood and elementary
school levels around the Company's factories. In addition, since 1985 to date,
every month the Company helps the distribution of scholarships granted by the
Yayasan Asahi Glass Indonesia (YAGI) for the senior high school level (SMKN 56
Jakarta) and 3 (three) universities in Indonesia, namely Universitas Indonesia,
Institut Teknologi Bandung and Institut Teknologi Surabaya.
activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings
for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees
always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.
Brick Making
Property development growth in most of Cikampek areas makes the need for building materials increase. The good opportunity is
captured by some of the residents in the Purwasari Village to develop a brick-making business. The Company provides assistance for
place renovation and electric machines for the brick-making. The Company also provides a simple bookkeeping training to facilitate
the administration of their business activities recording.
The Company expects this brick-making can continue to thrive in in the community so that it can absorb more labors and the result
can be further improved, which would certainly impact on the community's income.
Mushroom Cultivation
Along with increased insight and awareness of healthy food, the Company has been cooperating with a group of Oyster Mushroom
farmers in the Tamelang village, Cikampek. Oyster Mushroom is one of well-known fungus people like to eat and cultivated by farmers.
There is no doubt that prospect of mushroom cultivation is very good, even up to date, local markets still do not have enough stock
of oyster mushroom. Seeing the potential market and interest of the community surrounding its factory in Cikampek, the Company
helps local communities to undertake oyster mushroom cultivation. The assistance provided by the Company is in arranging a building
as a place for oyster mushroom cultivation. The Company also provides the materials used for oyster mushroom breeding process.
As a result, oyster mushroom harvest has been already underway and the Company also notices that the yields are quite good. The
Company expects that there will be new oyster mushroom nursery-breeding for the community, especially around the Company's
factory so as to assist government programs in terms of alleviation of unemployment as well as increase local community's incomes.
Duck Farming
At present, duck is one of the favorite foods enthused by the community, where its market share is expected to increase. Seeing this
business opportunity, the Company in cooperation with the community of Kalihurip Village, Cikampek, has built a duck breeding farm.
The Company contributes to this activity by making duck cages completed with the fittings, duck seed, food and harvest. It takes 90-
100 days in this duck enlargement process, from seed to harvest. The result already obtained from this duck farming has been quite
satisfactory, although there are still shortcomings and problems, these do not deter the duck breeders. The Company expects that
the duck breeding can continue to thrive in the community so that it can absorb more labors and the result can be further improved,
which would certainly impact on the community's income.
The Company's Sidoarjo factory in collaboration with members of Family Welfare Programme (PKK) around the factory organized a
cake making training program. The residents were taught how to make cakes with good quality, taste, appearance and cleanliness
as well as to calculate the basic price. This program was expected to increase local community's income.
53 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
This event was attended by the management of the Company, suppliers, community leaders, Village Chiefs and farmers community
in Jepara. In this CSR activities, training was given on the practice of good longan tree planting. No fewer than a hundred people
followed the event with great enthusiasm. People really appreciate the contribution of the Company to their village, this shows a
good relationship between the Company and the communities in the mining of raw materials.
Handover and longan tree-planting by the management of the Company to the community in Clering Village,
Donorojo District, Jepara - Central Java
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 54
To maintain consistency of quality standards of its products, the Company has obtained ISO 9001: 2008, an international standard
used to establish product and service quality policy and target in order to adjust the quality of these products with customer
requirements or other requirements, and with the quality standards established by the Company supported by a Laboratory equipped
with ISO 17025 certification. The Company provides product information to consumers appropriately which include information on
three matters, i.e:
1. Technical Support
Provide information about the technical data of the Company's glass and its applications on buildings.
2. Product Information
Provide information about the types of glass produced by the Company.
3. Product Availability
Provide information on product availability and recommend contacts of distributors/dealers.
With these facilities, the Company can obtain information from consumers about complaints, questions, suggestions/feedback and
their satisfaction level with the products and services provided by the Company.
55 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk
STATEMENT OF
THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS
ON THE RESPONSIBILITY FOR
THE 2015 ANNUAL REPORT
We, the undersigned, declare that all information in the 2015 Annual Report of
PT Asahimas Flat Glass Tbk has been presented in a complete and correct manner and we are fully responsible for
the accuracy of the content of this Annual Report.
BOARD OF COMMISSIONERS
BOARD OF DIRECTORS
ISI/CONTENTS
LAPORAN KEUANGAN TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
FINANCIAL STATEMENTS YEARS ENDED 31 DECEMBER 2015 AND 2014: ...... Halaman/Page
ASET ASSETS
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.
EKUITAS EQUITY
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.
JUMLAH PENGHASILAN
KOMPREHENSIF 323.503) 442.307) TOTAL COMPREHENSIVE INCOME
Laba per saham (dalam Rupiah penuh) 22 786) 1.069) Earnings per share (in whole Rupiah)
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.
Appropriation of retained
Pencadangan wajib atas earnings for statutory
saldo laba 24 - - 3.500 (3.500) -) reserves
Appropriation of retained
Pencadangan wajib atas earnings for statutory
saldo laba 24 - - 4.500 (4.500) -) reserves
Balance as of
217.000 165.083 79.000 2.929.140) 3.390.223)
Saldo 31 Desember 2015 31 December 2015
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.
ARUS KAS DARI AKTIVITAS OPERASI: CASH FLOWS FROM OPERATING ACTIVITIES:
Penerimaan kas dari pelanggan 3.666.690) 3.694.422) Cash received from customers
Pembayaran kas kepada pemasok (2.442.161) (2.373.919) Cash paid to suppliers
Pembayaran kas untuk kompensasi karyawan (446.251) (451.008) Cash paid for employees’ compensation
Pembayaran kas untuk aktivitas operasi lainnya (296.902) (184.581) Cash paid for other operating activities
481.376) 684.914)
ARUS KAS DARI AKTIVITAS INVESTASI: CASH FLOWS FROM INVESTING ACTIVITIES:
Perolehan aset tetap 10 (531.215) (312.259) Acquisition of fixed assets
Perolehan aset takberwujud (989) (5.092) Acquisition of intangible assets
Hasil penjualan aset tetap 165) 828) Proceeds from sale of fixed assets
Hasil penjualan tanah yang dimiliki untuk dijual 10 -) 29.110) Proceeds from sale of land held for sale
Kas neto yang digunakan untuk aktivitas
investasi (532.039) (287.413) Net cash used in investing activities
ARUS KAS DARI AKTIVITAS PENDANAAN: CASH FLOWS FROM FINANCING ACTIVITY:
Pembayaran dividen kepada pemegang saham/Kas
neto yang digunakan untuk aktivitas Dividends paid to shareholders/Net cash used in
pendanaan 23 (34.720) (34.720) financing activity
Pengaruh dari pergerakan nilai tukar atas kas Effect of currency exchange fluctuations on cash
dan setara kas yang ada 24.272) 3.675) and cash equivalents held
(Penurunan) kenaikan neto kas dan setara kas (175.650) 245.792) Net (decrease) increase in cash and cash equivalents
Kas dan setara kas, awal tahun 1.107.411) 861.619) Cash and cash equivalents, beginning of year
Kas dan setara kas, akhir tahun 931.761) 1.107.411) Cash and cash equivalents, end of year
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.
1. UMUM 1. GENERAL
Perseroan didirikan dalam kerangka penanaman The Company was established within the foreign
modal asing berdasarkan Undang-Undang No. 1 tahun capital investment framework of Law No. 1 of 1967
1967 jo. Undang-Undang No. 11 tahun 1970, dengan and Law No. 11 of 1970, by deed of notary public
akta notaris Koerniatini Karim tanggal 7 Oktober Koerniatini Karim dated 7 October 1971 No. 4, as
1971 No.)4, diubah dengan akta notaris yang sama amended by deed of the same notary dated
tanggal 6)Januari 1972 No. 9; akta-akta ini disetujui 6 January 1972 No. 9; these deeds were approved
oleh Menteri Kehakiman dengan No. J.A.5/5/19 by the Minister of Justice under No. J.A.5/5/19
tanggal 17)Januari 1972. Perubahan nama Perseroan dated 17 January 1972. The Company’s name
dari PT)Asahimas Flat Glass Co., Ltd. menjadi changed from PT Asahimas Flat Glass Co., Ltd. to
PT)Asahimas Flat Glass Tbk dilakukan dengan akta PT Asahimas Flat Glass Tbk by deed of notary
notaris Amrul Partomuan Pohan, S.H., LL.M tanggal public Amrul Partomuan Pohan, S.H., LL.M dated
26 Juni 1998 No. 73; akta ini disetujui oleh Menteri 26 June 1998 No..73; this deed was approved by the
Kehakiman dengan No. C2-12065 HT.01.04.Th.1998 Minister of Justice under No. C2-12065
tanggal 25 Agustus 1998 dan diumumkan dalam HT.01.04.Th.1998, on 25.August 1998, as published
Tambahan No.)6509 (untuk menyesuaikan dengan in Supplement No. 6509 (to comply with the
Undang-Undang Perseroan Terbatas No. 1 tahun Corporate Law No. 1 of 1995) and Supplement
1995) dan Tambahan No. 6510 (untuk perubahan No..6510 (concerning the change of the Company’s
nama Perseroan) pada Berita Negara No. 94 tanggal name) to State Gazette No. 94 on 24 November
24)Nopember 1998. 1998.
Anggaran dasar Perseroan telah mengalami beberapa Several amendments have been made to the
kali perubahan. Perubahan terakhir dengan akta Company’s Articles of Association. The latest
notaris Dr. lrawan Soerodjo, SH, MSi tanggal 5 Juni amendment was effected by deed of notary public
2015 No. 45 mengenai perubahan dan pernyataan Dr. 1rawan Soerodjo, SH, MSi. dated 5 June 20I5
kembali Anggaran Dasar Perseroan, termasuk No. 45 regarding changes and restatement the
menyesuaikan dengan peraturan Otoritas Jasa Company’s Articles of Association, including to
Keuangan tentang Pokok-Pokok Anggaran Dasar comply with Financial Services Agency Regulation
Perseroan yang melakukan Penawaran Umum Efek pertaining to the Articles of Association of
Bersifat Ekuitas dan Perusahaan Publik; akta ini telah Companies conducting Public Offerings and Public
diberitahukan kepada Menteri Hukum dan Hak Asasi Companies; this deed has been filed with the
Manusia dengan No. AHU-AH.01.03-0946820, Minister of Law and Human Rights under No AHU-
tanggal 30 Juni 2015. Pengumuman pada Berita AH.01.03-0946820, on 30 June 2015. Publication
Negara sedang dalam proses. in the supplement to State Gazette is still on
process.
Perseroan bergerak dalam bidang industri kaca, ekspor The Company is engaged in the glass industry,
dan impor, dan jasa sertifikasi mutu berbagai jenis export and import, quality certification service for
produk kaca serta kegiatan lain yang berkaitan dengan glass products and other activities related to the
usaha tersebut. Operasi komersial Perseroan dimulai aforementioned businesses. The Company’s
pada bulan April 1973. commercial operations commenced in April 1973.
Perseroan berdomisili di Indonesia dengan Kantor The Company is domiciled in Indonesia and its
Pusat di Jl. Ancol IX/5, Ancol Barat, Jakarta Utara. Head Office is at Jl. Ancol IX/5, West Ancol, North
Pabrik Perseroan berlokasi di Kawasan Industri Jakarta. The Company’s factories are located at
Ancol, Jakarta Utara; di Bukit Indah Industrial Park, Kawasan Industri Ancol, North Jakarta; at Bukit
Cikampek; dan di Tanjung Sari, Sidoarjo, Jawa Indah Industrial Park, Cikampek; and at Tanjung
Timur. Sari, Sidoarjo, East Java.
c. Informasi mengenai karyawan, dewan komisaris, c.00, Information about employees, boards of
direksi dan komite audit commissioners, directors and the audit committee
Susunan dewan komisaris, direksi perseroan dan The members of the Company’s boards of
komite audit pada tanggal 31 Desember 2015 dan commissioners, directors and audit committee as of
2014 adalah sebagai berikut: 31 December 2015 and 2014 were as follows:
2015 2014
Dewan Komisaris Board of Commissioners
Presiden Komisaris Tn./Mr. Tan Pei Ling Tn./Mr. Tan Pei Ling President Commissioner
Wakil Presiden Vice President
Komisaris Tn./Mr. Masahiro Takeda Tn./Mr. Kimikazu Ichikawa Commissioner
Komisaris-komisaris Tn./Mr. Tjahjana Setiadhi Tn./Mr. Andi Purnomo Commissioners
Tn./Mr. Takeo Takei Tn./Mr. Takeo Takei
Komisaris Independen Tn./Mr. Benyamin Subrata Tn./Mr. Benyamin Subrata Independent Commissioners
Tn./Mr. Hideya Tanaka Tn./Mr. Hideya Tanaka
Direksi Directors
Presiden Direktur Tn./Mr. Mampei Chiyoda Tn./Mr. Mampei Chiyoda President Director
Wakil Presiden Direktur Tn./Mr. Emanuel David Satria Tn./Mr. Tjahjana Setiadhi Vice President Director
Soetedja
Direktur-direktur Tn./Mr. Naomasa Taniguchi Tn./Mr. Naomasa Taniguchi Directors
Tn./Mr. Mitsuhiro Yoshikado Tn./Mr. Mitsuhiro Yoshikado
Tn./Mr. Sadayoshi Shinotsuka Tn./Mr. Yoshiki Inoue
Tn./Mr. Prasetyo Aji Tn./Mr. Prasetyo Aji
Tn./Mr. Tjio Ferry Susanto Tn./Mr. Tjio Ferry Susanto
Tn./Mr. Mohamad Amien Tn./Mr. Emanuel David
Satria Soetedja
Tn./Mr. Michitaka Goto Tn./Mr. Yasushi Kawamoto
Tn./Mr. Tatsuo Sugiyama Tn./Mr. Tatsuo Sugiyama
Direktur Independen Tn./Mr. Rusli Pranadi Tn./Mr. Rusli Pranadi Independent Director
Ketua Komite Audit Tn./Mr. Benyamin Subrata Tn./Mr. Benyamin Subrata Audit Committee Chairman
Anggota Komite Audit Tn./Mr. Dr. H. A. Partomuan Tn./Mr. Dr. H. A. Partomuan Audit Committee members
Pohan, SH. LL.M Pohan, SH. LL.M
Tn./Mr. Ir. Susanto Tn./Mr. Ir. Susanto
Tn./Mr. Drs. Hariawan Pribadi Tn./Mr. Drs. Hariawan Pribadi
Per 31 Desember 2015 dan 2014, Perseroan As at 31 December 2015 and 2014, the Company had
mempekerjakan masing-masing 2.789 dan 2.805 2,789 and 2,805 employees (unaudited), respectively.
karyawan (tidak diaudit).
d. Perseroan merupakan bagian dari kelompok usaha d. The Company is part of Asahi Glass Co., Ltd., Japan
Asahi Glass Co., Ltd., Jepang (“AGC”) yang (“AGC”) that has subsidiaries and affiliates throughout
memiliki entitas anak dan afiliasi di seluruh dunia, the world, and PT Rodamas that has subsidiaries and
dan PT Rodamas yang memiliki entitas anak dan affiliates in certain countries.
afiliasi di beberapa negara.
e. Perseroan memiliki satu entitas anak, PT Auto Glass e. The Company has one subsidiary, PT Auto Glass
Indonesia (“AGI”), dengan persentase kepemilikan Indonesia (“AGI”), with the percentage of ownership of
sebesar 99,95%. AGI berdomisili di Indonesia, 99.95%. AGI is domiciled in Indonesia, engaged in
bergerak dalam bidang jasa perbaikan dan automotive glass repair and installation services. Its
pemasangan kaca otomotif. Operasi komersialnya commercial operations started in April 2001. As of
dimulai sejak April 2001. Per 31 Desember 2015, 31 December 2015, total assets (before elimination) AGI
jumlah aset (sebelum eliminasi) AGI adalah amounted to Rp 6,111 million (unaudited).
Rp 6.111 juta (tidak diaudit).
Jumlah aset, liabilitas, dan hasil operasi AGI AGI’s total assets, liabilities, and results of operations
dianggap tidak material terhadap laporan keuangan are considered not material to the Company’s financial
Perseroan. Karenanya, AGI diperlakukan sebagai statements. Therefore, AGI is accounted for as an
investasi dengan metode ekuitas dan tidak equity-accounted investment and is not consolidated.
dikonsolidasi.
f. Laporan keuangan telah disetujui untuk diterbitkan f. The financial statements were approved for issuance by
oleh Direksi pada tanggal 29 Maret 2016. the Directors on 29 March 2016.
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgments, estimates and assumptions
Penyusunan laporan keuangan Perseroan The preparation of the Company’s financial statements
mengharuskan manajemen untuk membuat requires management to make judgments, estimates and
pertimbangan, estimasi dan asumsi yang assumptions that affect the application of accounting
mempengaruhi penerapan kebijakan akuntansi policies and the reported amounts of assets, liabilities,
serta jumlah aset, liabilitas, pendapatan dan beban income and expenses. Actual results may differ from
yang dilaporkan. Hasil aktual dapat berbeda dari those estimated amounts.
nilai-nilai estimasi tersebut.
Estimasi dan asumsi dasarnya ditelaah secara Estimates and underlying assumptions are reviewed on
berkesinambungan. Revisi atas estimasi diakui an ongoing basis. Revisions to estimates are recognized
secara prospektif. prospectively.
Informasi mengenai ketidakpastian asumsi dan Information about assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material adjustment
material pada tahun berikutnya termasuk di within the following year is included in Note 14,
Catatan 14, pengukuran liabilitas imbalan kerja: measurement of employee benefits obligation: actuarial
asumsi aktuarial. assumptions.
Di tahun 2014, manajemen memperbaharui In 2014, management updated the estimated useful lives
taksiran masa manfaat atas beberapa aset tetap of certain production fixed assets having considered the
untuk produksi dengan mempertimbangkan saat timing of the economic benefits to be received from
manfaat ekonomi yang diterima dari aset tersebut. these assets. This change in estimate has been
Perubahan taksiran ini diterapkan secara accounted for on a prospective basis starting in 2014.
prospektif dimulai dari tahun 2014. Dampak dari The impact of the change to the 2014 results of
perubahan ini tidak material terhadap hasil operasi operations was immaterial.
Perseroan di tahun 2014.
Sejak 1 Januari 2015, Perseroan mengadopsi Since 1 January 2015, the Company adopts the
ketentuan Pernyataan Standar Akuntansi Keuangan provisions of Statement of Financial Accounting
(“PSAK”) No. 24 (Revisi 2013), lmbalan Kerja, Standard (“PSAK”) No. 24 (2013 Revision), Employee
dimana pengukuran kembali liabilitas neto imbalan Benefits, where remeasurements of the net defined
pasti (misalnya keuntungan dan kerugian aktuarial) benefit liability (for example, actuarial gains and losses)
diakui segera di penghasilan komprehensif lainnya. are recognized immediately in other comprehensive
Sebelumnya, Perseroan mengakuinya di laba rugi income. Previously, the Company recognized it in profit
menggunakan pendekatan koridor yang or loss using the corridor approach that allowed for
memperbolehkan penangguhan pengakuan atas deferred recognition of actuarial gain and losses.
keuntungan dan kerugian aktuarial.
Sebagai tambahan, ketika manfaat dari suatu In addition, when the benefits of a plan are changed or
program berubah atau suatu program mengalami when a plan is curtailed, the resulting change in benefit
kurtailmen, dampak perubahan manfaat that relates to past service or the gain or loss on
sehubungan dengan biaya jasa lalu atau keuntungan curtailment is recognized immediately in profit or loss.
atau kerugian kurtailmen diakui segera di laba rugi. Previously, non-vested past service cost was amortized
Sebelumnya, biaya jasa lalu yang belum menjadi to profit or loss on a straight line basis over the
hak karyawan diamortisasi ke laba rugi dengan estimated average remaining vesting period.
metode garis lurus selama periode rata-rata sisa
masa kerja ekspektasian.
Sesuai dengan ketentuan transisi dari PSAK In accordance with the transitional provision of the
tersebut, Perseroan menerapkan perubahan PSAK, the Company has applied the change in this
kebijakan akuntansi ini secara retrospektif dan telah accounting policy retrospectively and has restated the
menyajikan kembali informasi komparatif di dalam comparative information presented in these financial
laporan keuangan ini (lihat Catatan 29). statements (see Note 29).
Kebijakan akuntansi dibawah ini telah diterapkan secara The accounting policies set out below have been applied
konsisten terhadap seluruh periode yang disajikan di consistently to all periods presented in these financial
laporan keuangan ini. statements.
Deposito berjangka yang jatuh temponya tidak lebih Time deposits with original maturities of three months
dari tiga bulan sejak tanggal penempatannya or less are considered as cash equivalents.
dianggap sebagai setara kas.
Aset tetap selain tanah dinyatakan sebesar harga Fixed assets other than land are stated at cost less
perolehan dikurangi akumulasi penyusutan dan accumulated depreciation and accumulated impairment
akumulasi kerugian penurunan nilai. losses.
Penyusutan dihitung sejak bulan aset tersebut siap Depreciation is applied from the month such assets are
sesuai dengan tujuan penggunaannya, dengan ready for their intended uses, using the straight-line
metode garis lurus, berdasarkan taksiran masa method over the estimated useful lives of the assets as
manfaat atas aset sebagai berikut: follows:
Nilai tercatat aset non-keuangan Perseroan The carrying amounts of the Company’s non-financial
ditelaah pada setiap tanggal pelaporan untuk assets are reviewed at each reporting date to determine
menentukan apakah terdapat indikasi penurunan whether there is any indication of impairment. If any
nilai. Jika terdapat indikasi tersebut maka nilai such indication exists then the asset’s recoverable
terpulihkan aset tersebut diestimasi. amount is estimated.
Rugi penurunan nilai diakui jika nilai tercatat unit An impairment loss is recognized if the carrying amount
penghasil kas melebihi nilai terpulihkannya. Unit of a cash-generating unit exceeds its recoverable
penghasil kas adalah kelompok terkecil aset yang amount. A cash-generating unit is the smallest
dapat diidentifikasi dan menghasilkan arus kas identifiable asset group that generates cash flows that
yang sebagian besar independen dari aset lainnya. largely are independent from other assets. Impairment
Rugi penurunan nilai diakui dalam laba rugi. losses are recognized in profit or loss.
Nilai terpulihkan unit penghasil kas adalah nilai The recoverable amount of a cash-generating unit is the
yang lebih tinggi antara nilai pakai dan nilai wajar greater of its value in use and its fair value less costs of
dikurangi dengan biaya untuk melepas. Dalam disposal. In assessing value in use, the estimated future
menentukan nilai pakai, estimasi arus kas masa cash flows are discounted to their present value using a
depan didiskontokan ke nilai sekarang dengan pre-tax discount rate that reflects current market
menggunakan tingkat diskonto sebelum pajak assessments of the time value of money and the risks
yang mencerminkan penilaian pasar kini atas nilai specific to the cash-generating unit.
waktu uang dan risiko spesifik atas unit penghasil
kas tersebut.
g. .Aset tidak lancar yang dimiliki untuk dijual g. Non-current assets held for sale
Aset tidak lancar yang diklasifikasikan sebagai Non-current assets that are expected to be recovered
dimiliki untuk dijual jika jumlah tercatatnya akan primarily through sale rather than through continuing
dipulihkan terutama melalui transaksi penjualan use are classified as held for sale. Immediately before
daripada melalui pemakaian berlanjut. Sebelum classification as held for sale, the assets are remeasured
klasifikasi awal aset tidak lancar sebagai dimiliki in accordance with the Company’s accounting policies
untuk dijual, jumlah tercatat aset diukur sesuai for similar assets and subsequently the assets are
dengan kebijakan akuntansi Perseroan untuk aset measured at the lower of their carrying amount and fair
sejenis dan kemudian aset tersebut diukur pada value less costs to sell. The resulting impairment losses
nilai yang lebih rendah antara jumlah tercatat dan are immediately recognized in profit or loss.
nilai wajar setelah dikurangi biaya untuk menjual.
Penurunan nilai atas aset diakui dalam laba atau
rugi.
Sejak 1 Januari 2015, Perseroan mengadopsi Since 1 January 2015, the Company adopts the
ketentuan PSAK No. 24 (Revisi 2013), lmbalan provisions of PSAK No. 24 (2013 Revision), Employee
Kerja, dimana pengukuran kembali liabilitas Benefits, where remeasurements of the net defined
imbalan pasti (misalnya keuntungan dan kerugian benefit liability (for example, actuarial gains and losses)
aktuarial) diakui segera di penghasilan are recognized immediately in other comprehensive
komprehensif lainnya. Sebelumnya, Perseroan income. Previously, the Company recognized it in profit
mengakuinya di laba rugi menggunakan or loss using the corridor approach that allowed for
pendekatan koridor yang memperbolehkan deferred recognition of actuarial gains and losses.
penangguhan pengakuan atas keuntungan dan
kerugian aktuarial.
Sebagai tambahan, ketika manfaat dari suatu In addition, when the benefits of a plan are changed or
program berubah atau suatu program mengalami when a plan is curtailed, the resulting change in benefit
kurtailmen, dampak perubahan manfaat that relates to past service or the gain or loss on
sehubungan dengan biaya jasa lalu atau keuntungan curtailment is recognized immediately in profit or loss.
atau kerugian kurtailmen diakui segera di laba rugi. Previously, non-vested past service cost was amortized
Sebelumnya, biaya jasa lalu yang belum menjadi to profit or loss on a straight line basis over the
hak karyawan diamortisasi ke laba rugi dengan estimated average remaining vesting period.
metode garis lurus selama periode rata-rata sisa
masa kerja ekspektasian.
Sesuai dengan ketentuan transisi dari PSAK In accordance with the transitional provision of the
tersebut, Perseroan menerapkan perubahan PSAK, the Company has applied the change in this
kebijakan akuntansi ini secara retrospektif dan telah accounting policy retrospectively and has restated the
menyajikan kembali informasi komparatif di dalam comparative information presented in these financial
laporan keuangan ini (lihat Catatan 29). statements (see Note 29).
Pendapatan dari penjualan produk diukur pada Revenue from sale of products is measured at the fair
nilai wajar imbalan yang diterima atau dapat value of the consideration received or receivable, net of
diterima, setelah dikurangi retur, penyisihan dan returns, allowances and trade discounts. Revenue is
diskon perdagangan. Pendapatan diakui pada saat recognized when persuasive evidence exists that
bukti persuasif ada bahwa risiko dan manfaat significant risks and reward of ownership have been
kepemilikan telah dialihkan secara signifikan transferred to the customer, recovery of the
kepada pelanggan, pemulihan imbalan kemungkinan consideration is probable, the associated costs and
besar akan terjadi, biaya yang terkait dan possible return of products can be measured reliably,
kemungkinan pengembalian produk dapat diukur and there is no continuing management involvement
dengan andal, dan manajemen tidak lagi ikut serta with the products. If it is probable that discounts will be
dalam pengelolaan produk tersebut. Jika besar granted and the amount can be measured reliably, the
kemungkinan bahwa diskon akan diberikan dan discount is recognized as a reduction of revenue when
jumlahnya dapat diukur dengan andal, diskon the sales are recognized.
tersebut diakui sebagai pengurang pendapatan
ketika penjualan diakui.
Pengalihan risiko dan manfaat bervariasi tergantung Transfers of risks and rewards vary depending on the
pada ketentuan-ketentuan dalam setiap kontrak individual terms of the contract of sale. For domestic
penjualan. Untuk penjualan domestik kaca sales of flat glass, the transfers of risks and rewards
lembaran, pengalihan risiko dan manfaat umumnya generally occur when the products exit from the
terjadi pada saat produk keluar dari gudang Company’s warehouse. For domestic sales of
Perseroan. Untuk penjualan domestik kaca otomotif, automotive glass, the transfer of risk and rewards
pengalihan risiko dan manfaat umumnya terjadi generally occurs when the products are received by the
pada saat produk diterima oleh pelanggan. Untuk customers. For export sales, the transfers of risks and
penjualan ekspor, pengalihan risiko dan manfaat rewards generally occurs upon loading the products
umumnya terjadi pada saat produk dimuat ke dalam onto the sea or air carrier.
angkutan laut atau udara.
Beban diakui pada saat terjadinya. Expenses are recognized when incurred.
Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated into
Rupiah dengan kurs tanggal transaksi. Aset dan Rupiah at the rates of exchange prevailing at
liabilitas moneter dalam mata uang asing dijabarkan transaction date. Monetary assets and liabilities
dalam Rupiah dengan menggunakan kurs yang denominated in foreign currencies are translated to
berlaku pada tanggal pelaporan. Rupiah at the exchange rates at the reporting date.
Laba dan rugi kurs atas aset dan liabilitas moneter The foreign exchange gain and loss on monetary items
merupakan selisih antara biaya perolehan diamortisasi is the difference between amortized cost in Rupiah at
dalam Rupiah pada awal periode, disesuaikan dengan the beginning of the period as adjusted for effective
suku bunga efektif dan pembayaran selama periode interest rate and payments during the period, and the
berjalan dan biaya perolehan diamortisasi dalam mata amortized cost in foreign currency translated into
uang asing yang dijabarkan ke Rupiah dengan Rupiah at the exchange rate at reporting date.
menggunakan kurs pada tanggal pelaporan.
Aset dan liabilitas nonmoneter dalam mata uang asing Non-monetary assets and liabilities denominated in a
yang diukur menggunakan biaya historis dijabarkan foreign currency that are measured at historical cost
menggunakan kurs yang berlaku pada tanggal are translated using the exchange rate at the date of
transaksi. transaction.
Keuntungan dan kerugian kurs atas penjabaran aset Foreign currency gains and losses on retranslation of
dan liabilitas keuangan yang dihasilkan dari aktivitas financial assets and liabilities that arise from
operasi diakui dalam laba rugi. operating activities are generally recognized in profit
or loss.
k. Pendapatan keuangan k. Finance income
Pendapatan yang berasal dari aktivitas pendanaan Income derived from financing activities that does not
yang tidak terkait dengan kegiatan utama Perseroan arise from the Company’s principal activities are
dicantumkan dalam laba rugi sebagai bagian dari reflected in profit or loss as part of “Finance income”.
“Pendapatan keuangan”.
Pendapatan keuangan terdiri dari pendapatan bunga Finance income comprises interest income on funds
atas dana yang diinvestasikan. invested.
Laba per saham dihitung dengan membagi laba tahun Earnings per share is computed by dividing profit for
berjalan dengan jumlah rata-rata tertimbang saham the year by the weighted average of total
beredar/ditempatkan dalam tahun yang bersangkutan. outstanding/issued shares during the year.
Segmen operasi diidentifikasikan berdasarkan jenis Operating segments are identified based on the nature
usaha (kaca lembaran dan kaca otomotif) dan segmen of their business (flat glass and automotive glass) and
geografis (pasar lokal dan ekspor). Beban yang timbul geographical segments (domestic and export market).
akan dibebankan pada setiap segmen dimana Expenses are charged to each segment wherein the
terjadinya beban. Kebijakan akuntansi diterapkan expenses are incurred. The accounting policies are
secara konsisten di setiap segmen. Seluruh transaksi consistently applied within each segment. Inter-
antar segmen dieliminasi. segment transactions are eliminated.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Kas: Cash on hand:
Rupiah 972 850 Rupiah
Valuta asing 87 135 Foreign currencies
Jumlah kas 1.059 985 Total cash on hand
Kas di bank: Cash in banks:
Akun rupiah: Rupiah accounts:
PT Bank Mandiri (Persero) Tbk 52 152 PT Bank Mandiri (Persero) Tbk
PT Bank Ganesha 676 583 PT Bank Ganesha
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 2.904 121 UFJ Ltd., Jakarta branch
PT Bank Negara Indonesia Tbk 212 204 PT Bank Negara Indonesia Tbk
Deutsche Bank AG, Deutsche Bank AG,
cabang Jakarta 16 21 Jakarta branch
PT Bank Mizuho Indonesia 6 12 PT Bank Mizuho Indonesia
3.866 1.093
Akun valuta asing: Foreign currency accounts:
Deutsche Bank AG, Deutsche Bank AG,
cabang Jakarta 11 13 Jakarta branch
PT Bank Mizuho Indonesia 13 5 PT Bank Mizuho Indonesia
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 103 105 UFJ Ltd., Jakarta branch
127 123
Jumlah deposito berjangka di bank 926.709 1.105.210 Total time deposits in banks
931.761 1.107.411
Manajemen telah mengevaluasi kolektibilitas dari Management has evaluated the collectability of each
masing-masing saldo piutang usaha dan menetapkan trade receivable balance and has determined that all
bahwa seluruhnya dapat tertagih, sehingga tidak balances remain collectible and therefore, provision for
diperlukan penyisihan penurunan nilai. impairment is not required.
Tidak ada saldo piutang usaha yang digunakan sebagai There are no balances of trade receivables pledged as
jaminan. collateral.
Lihat Catatan 26 untuk rincian saldo piutang usaha dalam See Note 26 for details of trade receivables that are
valuta asing. denominated in foreign currencies.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Manajemen telah mengevaluasi kolektibilitas dari semua Management has evaluated the collectability of all other
piutang lainnya dan menetapkan bahwa seluruhnya receivables and has determined that all balances remain
tertagih, sehingga tidak diperlukan penyisihan penurunan collectible and therefore, provision for impairment is not
nilai. required.
7. PERSEDIAAN 7. INVENTORIES
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Manajemen telah mengevaluasi penurunan nilai Management has evaluated inventory items for impairment
persediaan dan menetapkan bahwa nilai realisasi neto and has determined that the net realizable values of all
dari semua persediaan melebihi jumlah tercatat, sehingga inventory items exceed their carrying amounts and
tidak ada penurunan nilai persedian. therefore, there is no impairment.
Per 31 Desember 2015, persediaan telah diasuransikan As of 31 December 2015, inventories were insured against
terhadap berbagai risiko kerugian dengan jumlah various risks for a total coverage of USD 55,094,524 or
pertanggungan sebesar USD 55.094.524 atau setara equivalent to Rp 760,029 million (2014: USD 55,094,524
dengan Rp 760.029 juta (2014: USD 55.094.524 atau or equivalent to Rp 685,376 million), which in
setara dengan Rp 685.376 juta), yang menurut keyakinan management’s opinion is adequate to cover possible losses
manajemen cukup memadai untuk menutup kemungkinan arising from such risks.
kerugian yang timbul dari risiko-risiko tersebut.
Tidak ada persediaan yang digunakan sebagai jaminan. There are no inventories pledged as collateral.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Uang muka pembelian persediaan 3.592 2.933 Advances for inventory purchases
Lainnya 11.092 11.828 Other
14.684 14.761
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Uang muka pembelian aset tetap 62.305 29.711 Advances for fixed asset purchases
Piutang karyawan 20.259 20.255 Employee receivables
Lainnya 16.086 13.884 Other
98.650 63.850
2015
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2015 Additions Disposals Reclassifications 31/12/2015 In millions of Rupiah
Bangunan dan sarana (183.363) (11.411) 468 -))) (194.306) Buildings and structures
Tungku peleburan (298.221) (42.398) 244 -))) (340.375) Furnaces
Mesin dan peralatan (1.366.881) (102.772) 11.176 -))) (1.458.477) Machinery and equipment
Roller untuk kaca berpola (7.169) (1.524) - -))) (8.693) Figured glass rollers
Kendaraan bermotor (32.046) (1.915) 3.157 -))) (30.804) Motor vehicles
Perkakas, palet, Tools, pallets, furniture
perlengkapan dan perabot (302.392) (51.881) 1.446 -))) (352.827) and fixtures
(2.190.072) (211.901) 16.491 -))) (2.385.482)
Penyisihan penurunan nilai (3.196) (3.686) - -))) (6.882) Provision for impairment
** Di tahun 2015, Perseroan menemukan bahwa di dalam biaya ** In 2015, the Company found out that in the land development
pematangan tanah yang telah dikapitalisasi ke tanah di tahun cost that has been capitalized to land in 2014, there were
2014, terdapat biaya konstruksi pondasi bangunan, dimana costs to construct building foundation, in which up to
sampai dengan 31 Desember 2015 bangunan terkait masih 31 December 2015 the corresponding building is still under
dalam tahap konstruksi. Karenanya, Perseroan construction. Therefore, the Company reclassified the costs
mengklasifikasikan kembali biaya tersebut ke aset dalam back to assets under construction.
penyelesaian.
2014
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2014 Additions Disposals Reclassifications 31/12/2014 In millions of Rupiah
2014
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2014 Additions Disposals Reclassifications 31/12/2014 In millions of Rupiah
Selama tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014, the
Perseroan telah melakukan pelepasan aset tetap sebagai Company disposed of certain fixed assets as summarized
berikut: below:
Aset dalam penyelesaian/instalasi terdiri dari: Assets under construction/installation consist of:
Per 31 Desember 2015, tahap penyelesaian aset dalam At 31 December 2015, the stages of completion of assets
penyelesaian/instalasi berkisar antara 15% dan 97% under construction/installation were ranging between
(31 Desember 2014: antara 20% dan 95%), dan 15% and 97% (31 December 2014: between 20% and
diperkirakan akan selesai dan direklasifikasi ke masing- 95%), and are expected to be completed and reclassified
masing kelompok aset di tahun 2016. to the related group of assets in 2016.
Ditahun 2015, Perseroan mengukur kembali tanah di In 2015, the Company remeasured the land at Cikampek
Cikampek dengan hasil seluas 4.492 meter persegi dari that resulted in 4,492 square meters from previously
sebelumnya 4.602 meter persegi. Pada tanggal 4,602 square meters. As of 31 December 2015, the
31 Desember 2015, Perseroan memiliki hak atas tanah Company owns land area of 1,780,592 square meters
seluas 1.780.592 meter persegi, dengan perincian sebagai with the detail as follows:
berikut:
(i) 1.762.577 meter persegi dimiliki Perseroan (i) 1,762,577 square meters owned by the Company
berdasarkan sertifikat “Hak Guna Bangunan” (HGB) based on land title certificates of “Hak Guna
dan “HGB di atas Hak Pengelolaan Lahan” (HGB di Bangunan” (HGB) and “HGB on Hak Pengelolaan
atas HPL), yang akan berakhir antara tahun 2022 dan Lahan” (HGB on HPL), which will expire between
2044, dan umumnya dapat terus berlanjut, kecuali jika year 2022 and 2044, and are generally expected to
Pemerintah memutuskan untuk merubah peruntukan remain vested and extendable, barring a decision by
atas wilayah tersebut untuk tujuan lain; the Government to rezone the area for other
purpose;
(ii) 7.320 meter persegi sedang dalam proses penyelesaian (ii) 7,320 square meters are in the process of
akte Peralihan Hak; dan completing the deed to transfer the land’s title upon
side land; and
(iii) 10.695 meter persegi sedang dalam proses perolehan (iii)10,695 square meters are in the process of obtaining
sertifikat HGB atas tanah tersebut di Kantor HGB land title certificate at the Land Office.
Pertanahan.
Tanah seluas 790.834 meter persegi dan bangunan di 790,834 square meters of land and the buildings
atasnya digunakan sebagai jaminan kepada Asahi Glass thereon, are pledged to Asahi Glass Co., Ltd., Japan
Co., Ltd., Jepang (pemegang saham, Catatan 25c). (shareholder, Note 25c).
Per 31 Desember 2015, aset tetap kecuali tanah dan aset At 31 December 2015, fixed assets excluding land and
dalam penyelesaian/instalasi, telah diasuransikan terhadap assets under construction/installation, were insured
berbagai risiko kerugian dengan nilai pertanggungan against various risks for a total coverage of
sebesar USD 325.313.970 atau setara dengan Rp 4.487.706 USD 325,313,970 or equivalent to Rp 4,487,706 million
juta (2014: USD 325.313.970 atau setara dengan (2014: USD 325,313,970 or equivalent to Rp 4,046,906
Rp 4.046.906 juta), yang menurut pendapat manajemen million), which in management’s opinion is adequate to
cukup memadai untuk menutup kemungkinan kerugian cover possible losses arising from such risks.
yang timbul dari risiko-risiko tersebut.
Dalam tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014,
Perseroan melakukan pembelian aset tetap (termasuk aset the Company purchased certain fixed assets (including
dalam penyelesaian/instalasi) dari pihak berelasi, sebagai assets under construction/installation) from related
berikut: parties, as follows:
Asahi Glass Co., Ltd., Jepang 89.039 8.674 Asahi Glass Co., Ltd., Japan
AGC Technology Solutions (Thailand) Co., AGC Technology Solutions (Thailand) Co.,
Ltd. 13.742 - Ltd.
AGC Technology Solutions Co., Ltd., Jepang 4.997 12.138 AGC Technology Solutions Co., Ltd., Japan
AGC Automotive (Thailand) Co., Ltd. 1.292 690 AGC Automative (Thailand) Co., Ltd.
PT Rodamas, Indonesia - 69 PT Rodamas, Indonesia
109.070 21.571
Per 31 Desember 2015 dan 2014, saldo sebesar Rp 16.357 At 31 December 2015 and 2014, balances amounting to
juta dan Rp 4.937 juta untuk pembelian aset tetap tertentu Rp 16,357 million and Rp 4,937 million remained unpaid
belum dibayar. for purchases of certain fixed assets.
Per 31 Desember 2015, jumlah harga perolehan dari aset At 31 December 2015, total acquisition cost of fully
tetap yang telah disusutkan penuh tetapi masih digunakan depreciated fixed assets but still in use was Rp 1,214,121
adalah Rp 1.214.121 juta (2014: Rp 1.167.441 juta). million (2014: Rp 1,167,441 million).
Per 31 Desember 2015, nilai wajar tanah dan bangunan At 31 December 2015, the fair value of the Company’s
Perseroan diperkirakan sebesar Rp 7.032.773 juta, yang land and buildings was estimated to be Rp 7,032,773
mana ditentukan terutama berdasarkan nilai jual yang million, which was determined mainly based on the
tertera di pajak atas tanah dan bangunan. selling values as stated in the land and building taxes.
Pada tanggal 1 September 2014, Perseroan telah On 1 September 2014, the Company entered into an
menandatangani perjanjian dengan Asahi Glass Co., Ltd., agreement with Asahi Glass Co., Ltd., Japan
Jepang (pemegang saham) untuk pembangunan pabrik baru (shareholder) for construction of the Company’s new
Perseroan yang terletak di Cikampek, Jawa Barat, factory in Cikampek, West Java, Indonesia. The
Indonesia. Perseroan akan membayar kepada Asahi Glass Company will pay to Asahi Glass Co., Ltd., Japan, a
Co., Ltd., Jepang, biaya konsultasi sebesar 6% dari biaya consulting fee of 6% of the construction expenditure
pembangunan (Catatan 25). (Note 25).
Selama tahun 2015, Perseroan membentuk penyisihan During 2015, the Company made a provision for
penurunan nilai aset tetap sebesar Rp 3.686 juta (2014: impairment on fixed assets amounting to Rp 3,686
Rp 3.196 juta), untuk mesin dan peralatan yang nilai million (2014: Rp 3,196 million), for machinery and
tercatatnya melebihi estimasi jumlah terpulihkannya. equipment whose carrying amounts exceeded their
recoverable amounts.
Sesuai dengan keputusan rapat Dewan Komisaris Pursuant to resolution of the Company’s Board of
Perseroan tanggal 30 Oktober 2013, pada tanggal Commissioners on 30 October 2013, as of 31 December
31 Desember 2013, tanah seluas 120.786 meter persegi 2013, a parcel of land measuring 120,786 square meters
dengan nilai buku sebesar Rp 8.611 juta, yang terletak di and carrying amount of Rp 8,611 million, located at
Desa Tanjungsari, Kecamatan Taman, Sidoarjo, Propinsi Desa Tanjungsari, Kecamatan Taman, Sidoarjo, East
Jawa Timur, Indonesia, disajikan sebagai tanah yang Java Province, Indonesia, was designated as Land Held
dimiliki untuk dijual. Di Juni 2014, tanah seluas 110.091 for Sale. In June 2014, a total of 110,091 square meters
meter persegi telah dijual dan sisa seluas 10.695 meter was sold and the remaining 10,695 square meters was
persegi diklasifikasikan kembali sebagai aset tetap. reclassified to fixed assets. The Company recognized a
Perseroan mencatat laba atas penjualan tanah sebesar gain of Rp 20,499 million from this land sale.
Rp 20.499 juta.
277.988 245.546
Rincian utang usaha dalam mata uang: Trade payables by currency type:
Rupiah 132.670 128.736 Rupiah
Valuta asing 145.318 116.810 Foreign currencies
277.988 245.546
Lihat Catatan 26 untuk rincian saldo utang usaha dalam See Note 26 for details of trade payables that are
valuta asing. denominated in foreign currencies.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Lihat Catatan 26 untuk rincian saldo beban akrual yang See Note 26 for details of accrued expenses that are payable
terutang dalam valuta asing. in foreign currencies.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Utang pembelian aset tetap 16.357 4.937 Payables for fixed asset purchases
Pembayaran diterima dimuka dari
pelanggan 12.488 12.650 Advances received from customers
Lainnya 15.363 8.544 Other
44.208 26.131
Lihat Catatan 26 untuk imbalan saldo liabilitas jangka See Note 26 for details of other current liabilities that
pendek lainnya yang terutang dalam valuta asing. are payable in foreign currencies.
Sesuai dengan peraturan Ketenagakerjaan di Indonesia, In accordance with Indonesian labor regulations, the
Perseroan wajib memberikan imbalan pascakerja ke Company is required to provide post-employment
karyawannya pada saat pemutusan hubungan kerja atau benefits to its employees when their employment is
pada saat pensiun. Imbalan tersebut terutama didasarkan terminated or when they retire. These benefits are
pada masa kerja dan kompensasi karyawan pada saat primarily based on years of service and the employees’
pemutusan hubungan kerja atau pensiun. compensation at termination or retirement.
Mulai Februari 2015, Perseroan memiliki program iuran Starting in February 2015, the Company has a defined
pasti yang mencakup karyawan tetap yang memenuhi contribution pension plan covering its qualified
syarat, yang dikelola dan dijalankan oleh PT Asuransi permanent employees, which is managed and
Jiwa Manulife Indonesia. Selama tahun yang berakhir administered by PT Asuransi Jiwa Manulife Indonesia.
31 Desember 2015, Perseroan telah mengkontribusi During the year ended 31 December 2015, the
Rp 55.000 juta terhadap program tersebut. Company contributed Rp 55,000 million to the plan.
Tabel berikut mencerminkan saldo liabilitas imbalan kerja The following table reflects the balance of the
pada tanggal pelaporan, mutasi liabilitas, aset program, obligation for post-employment benefits as of the
dan beban yang diakui selama tahun 2015 dan 2014: reporting dates, as well as the movements in the
obligation, plan asset, and the expense recognized
during 2015 and 2014:
Dalam jutaan Rupiah 2015 2014* In millions of Rupiah
Movement in the defined benefit
Mutasi liabilitas imbalan kerja pasti obligation
Liabilitas imbalan pasti, Defined benefit obligation,
awal tahun 446.447) 393.871) beginning of year
Lainnya Other
Imbalan yang dibayar (42.056) (43.562) Benefits paid
Liabilitas imbalan pasti, akhir tahun 415.934) 446.447) Defined benefit obligation, end of year
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)
Lainnya Others
Iuran dari Perseroan (55.000) - Contributions paid by the Company
Imbalan yang dibayar 39.933) - Benefits paid
Nilai wajar aset program, akhir tahun (15.258) - Fair value of plan assets, end of year
Liabilitas imbalan pasti neto 400.676) 446.447 Net defined benefit obligation
Asumsi utama yang digunakan dalam perhitungan aktuaria Principal assumptions used in the actuarial calculations
adalah sebagai berikut: were as follows:
Per 31 Desember 2015, durasi rata-rata tertimbang dari At 31 December 2015, the weighted average duration of
liabilitas imbalan pasti berkisar antara 6,40 dan 20,76 tahun the defined benefit obligation was ranging between 6.40
(31 Desember 2014: antara 6,38 dan 16,23 tahun). and 20.76 years (31 December 2014: between 6.38 and
16.23 years).
Tingkat diskonto digunakan dalam menentukan nilai kini The discount rate is used in determining the present
liabilitas imbalan kerja pada tanggal penilaian. Secara value of the benefit obligation at valuation date. In
umum, tingkat diskonto berkorelasi dengan imbal hasil general, the discount rate correlates with the yield on
pasar atas bunga obligasi pemerintah yang diperdagangkan government bonds that are traded in active capital
di pasar modal aktif pada tanggal pelaporan. markets at reporting date.
Asumsi tingkat kenaikan gaji di masa depan The future salary increase assumption projects the
memproyeksikan liabilitas imbalan kerja dimulai dari benefit obligation starting from the valuation date up to
tanggal penilaian sampai dengan usia pensiun normal. the normal retirement age. The salary increase rate is
Tingkat kenaikan gaji pada umumnya ditentukan dengan generally determined by applying inflation adjustments
memperhitungkan penyesuaian inflasi terhadap tingkat to pay scales and taking account of the length of service.
upah dan bertambahnya masa kerja.
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)
Tingkat dikonto (pergerakan 1%) (31.306) 36.463) Discount rate (1% movement)
Skala gaji (pergerakan 1%) 35.469) (31.086) Salary scale (1% movement)
Walaupun analisa ini tidak memperhitungkan seluruh Although the analysis does not take account of the full
distribusi arus kas yang diharapkan dari program tersebut, distribution of cash flows expected under the plan, it
analisa ini menunjukkan prakiraan sensitivitas dari asumsi does provide an approximation of the sensitivity of the
yang ditampilkan. assumption shown.
Modal dasar Perseroan adalah sebesar Rp 300 milyar yang The Company's authorized capital amounting to Rp 300
terbagi atas 600.000.000 saham dengan nilai nominal billion consists of 600,000,000 shares at par value of
Rp 500 (dalam angka penuh) per saham dan telah Rp 500 (in full amount) per share, of which 434,000,000
ditempatkan dan disetor penuh sejumlah 434.000.000 shares have been issued and fully paid-up.
saham.
Susunan pemegang saham Perseroan adalah sebagai The composition of the Company’s shareholders was as
berikut: follows:
Jumlah/Amount
(dalam jutaan
Rupiah/
Jumlah saham/ % kepemilikan/ In millions of
Pemegang saham Number of shares % of ownership Rupiah) Shareholders
Asahi Glass Co., Ltd., Jepang 190.359.000 43,86% 95.180 Asahi Glass Co., Ltd., Japan
PT Rodamas, Indonesia 177.758.700 40,96% 88.879 PT Rodamas, Indonesia
Tn. Mitsuhiro Yoshikado (Direktur) 20.000 0.00% 10 Mr. Mitsuhiro Yoshikado (Director)
Lainnya (masing-masing dengan Other (each with ownership
kepemilikan kurang dari 5%) 65.862.300 15,18% 32.931 of less than 5%)
434.000.000 100,00% 217.000
31 Desember 2014 31 December 2014
Asahi Glass Co., Ltd., Jepang 190.359.000 43,86% 95.180 Asahi Glass Co., Ltd., Japan
PT Rodamas, Indonesia 177.358.500 40,87% 88.679 PT Rodamas, Indonesia
Tn. Mitsuhiro Yoshikado (Direktur) 20.000 0.00% 10 Mr. Mitsuhiro Yoshikado (Director)
Lainnya (masing-masing dengan Other (each with ownership
kepemilikan kurang dari 5%) 66.262.500 15,27% 33.131 of less than 5%)
434.000.000 100,00% 217.000
Akun ini merupakan agio saham dikurangi dengan biaya This account represents premium on share capital net of
emisi saham sebagai berikut: share issuance costs as follows:
Agio saham berasal dari selisih antara hasil penerimaan Premium on share capital resulted from the difference
dari penawaran umum perdana 86.000.000 saham kepada between proceeds from the initial public offering of
masyarakat pada tahun 1995 dengan harga Rp 2.450 per 86,000,000 shares in 1995 at a price of Rp 2,450 per
saham dengan nilai nominalnya Rp 500 per saham. share and the par value of the issued shares of Rp 500
per share.
3.665.989 3.672.186
Tidak terdapat penjualan ke pihak ketiga yang jumlahnya There were no sales to unrelated parties that the amount
melebihi 10% dari penjualan neto. exceeded 10% of net sales.
Persediaan awal barang jadi 329.266) 306.521) Beginning balance of finished goods
Pembelian barang jadi 57.306) 19.730) Purchase of finished goods
Persediaan akhir barang jadi (371.856) (329.266) Ending balance of finished goods
2.868.674) 2.760.739)
Dalam tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014,
Perseroan melakukan pembelian barang dari pihak the Company had purchases of inventories from the
berelasi, sebagai berikut: following related parties:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
AGC Soda Corporation, United States
AGC Soda Corporation, Amerika Serikat 246.229 188.380 of America
AGC Asia Pacific Pte., Ltd., Singapura 53.620 29.107 AGC Asia Pacific Pte., Ltd., Singapore
Asahi Glass Co., Ltd., Jepang 46.188 16.278 Asahi Glass Co., Ltd., Japan
AGC Technology Solutions Co., Ltd., AGC Technology Solutions Co., Ltd.,
Jepang 36.197 48.592 Japan
AGC Technology Solutions (Kunshan) Co., AGC Technology Solutions (Kunshan) Co.,
Ltd., Cina 30.990 1.457 Ltd., China
AGC Automotive (Thailand) Co., Ltd. 20.901 10.711 AGC Automotive (Thailand) Co., Ltd.
AGC Glass Europe, Belgia 12.342 17.508 AGC Glass Europe, Belgium
PT Saint Gobain Abrasives Diamas, PT Saint Gobain Abrasives Diamas,
Indonesia 9.139 13.776 Indonesia
AGC Technology Solutions (Thailand) Co. , AGC Technology Solutions (Thailand) Co. ,
Ltd. 3.352 - Ltd.
AGC Flat Glass (Thailand) Public Co., Ltd. - 4.644 AGC Flat Glass (Thailand) Public Co., Ltd.
Pemasok lainnya 2.214 1.061 Other suppliers
461.172 331.514
Tidak terdapat pembelian barang dari pihak ketiga yang There were no purchases of inventories to unrelated
jumlahnya melebihi 10% dari total pembelian barang. parties that the amount exceeded 10% of total
purchases of inventories.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
a. Pajak dibayar dimuka terdiri dari: (Lanjutan) a. Prepaid taxes consist of: (Continued)
Pada tahun 2008, kantor pajak mengeluarkan surat In 2008, the tax authority assessed additional taxes
kurang bayar atas pajak penghasilan badan Perseroan on the Company’s 2006 corporate income tax return
untuk tahun pajak 2006 sejumlah Rp 5,5 milyar. amounting to Rp 5.5 billion. The Company’s appeal
Perseroan mengajukan banding atas jumlah sebesar for the amount of Rp 1,695 million was denied by the
Rp 1.695 juta yang ditolak oleh pengadilan pajak tax court in 2009, and its request in 2010 for a
pada tahun 2009, dan pengajuan pada tahun 2010 judicial review by the Supreme Court continues to be
untuk peninjauan kembali ke Mahkamah Agung pending as of the reporting date. Payments made
belum selesai sampai dengan tanggal pelaporan. under protest towards this assessment are presented
Pembayaran yang dilakukan terhadap keberatan ini as prepaid taxes, as management believes the
dicatat sebagai pajak dibayar dimuka, karena Company’s tax position is sustainable.
manajemen berkeyakinan bahwa posisi pajak
Perseroan dapat dipertahankan.
b. Utang pajak penghasilan terdiri dari: b. Income tax payable consist of:
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Pajak Penghasilan pasal 25 9.022 11.032) Income tax-article 25
Pajak Penghasilan pasal 29 - 4.158) Income tax-article 29
9.022 15.190)
c. Utang pajak lainnya terdiri dari: c. Other tax payable consist of:
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Pajak Penghasilan pasal 21 7.064 6.414 Income tax-article 21
Pajak Penghasilan pasal 23, 26 dan 4(2) 2.573 3.851 Income tax-articles 23, 26 and 4(2)
9.637 10.265
d.... Komponen beban pajak penghasilan adalah sebagai d. The components of income tax expense are as follows:
berikut:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
f. . Rekonsiliasi antara laba sebelum pajak dengan laba f. The following reconciles profit before tax with taxable
kena pajak adalah sebagai berikut: profit:
Laba kena pajak Perseroan tahun 2014 telah sesuai The amount of 2014 taxable profit corresponds with the
dengan SPT Tahunan Pajak Penghasilan tahun yang amount reported in the related annual corporate tax
bersangkutan. return.
Rekonsiliasi utang pajak penghasilan dengan beban Income tax payable is reconciled with current tax
pajak kini, sebagai berikut: expense, as follows:
g. Saldo pajak tangguhan yang diakui, dan mutasi g. The recognized deferred tax balances, and the movement
sepanjang tahun berjalan adalah sebagai berikut: thereof during the year were as follows:
Aset pajak tangguhan 79.954) (10.524) 5.948 75.378) Deferred tax assets
Aset pajak tangguhan 72.445) 227) 7.282 79.954) Deferred tax assets
Realisasi dari aset pajak tangguhan tergantung pada Realization of the deferred tax assets is dependent upon
laba yang diperoleh Perseroan dalam operasinya. the Company’s profitable operations. Based on historical
Berdasarkan pengalaman masa lampau, manajemen experience, management believes that the Company’s
berpendapat bahwa laba kena pajak Perseroan di masa future taxable income will be sufficient to realize the
yang akan datang cukup untuk memulihkan manfaat benefit of deferred tax assets.
dari aset pajak tangguhan.
h.. Sesuai peraturan perpajakan di Indonesia, Perseroan h. Under the taxation laws of Indonesia, the Company
melaporkan/menyetorkan pajak-pajaknya berdasarkan submits tax returns on the basis of self-assessment. The tax
sistem self-assessment. Fiskus dapat menetapkan/ authorities may assess or amend taxes within the statute of
mengubah pajak-pajak tersebut dalam batas waktu limitations, under prevailing regulations.
yang ditentukan sesuai dengan ketentuan yang
berlaku.
Manajemen berkeyakinan bahwa akrual atas Management believes that the accruals for tax liabilities
liabilitas pajak cukup untuk semua tahun pajak yang are adequate for all open tax years based on its
masih belum diaudit pajak berdasarkan penelaahan assessment of various factors, including interpretations of
banyak faktor, termasuk interpretasi dari peraturan tax law and prior experience. The assessment relies on
pajak dan pengalaman sebelumnya. Penilaian estimates and assumptions and may involve judgement
dilakukan berdasarkan estimasi dan asumsi dan about future events. New information may become
melibatkan pertimbangan mengenai kejadian di available that causes management to change its judgment
masa mendatang. Informasi baru yang tersedia yang regarding the adequacy of existing tax liabilities. Such
menyebabkan manajemen mengubah pertimbangannya changes to tax liabilities will impact tax expense in the
berkaitan dengan kecukupan liabilitas pajak yang period in which such determination is made.
telah ada. Perubahan terhadap liabilitas pajak akan
berdampak pada beban pajak pada periode dimana
penentuan tersebut ditetapkan.
2015 2014
Laba tahun berjalan (dalam jutaan Rupiah) 341.346 464.152 Profit for the year (in millions of Rupiah)
Jumlah rata-rata tertimbang saham beredar/ Weighted average number of outstanding/
ditempatkan 434.000.000 434.000.000 issued shares
Laba tahun berjalan per saham Rp 786 Rp 1.069 Earnings per share
Rapat Umum pemegang saham tahunan Perseroan tanggal At the annual general meeting of shareholders of the
5 Juni 2015 (risalah dibuat oleh notaris Dr. Irawan Company on 5 June 2015 (minutes prepared by
Soerodjo, S.H., MSi, dengan akta No. 42) memutuskan Dr. Irawan Soerodjo, S.H., MSi, by deed No. 42) it was
untuk membagikan dividen tunai sejumlah Rp 34.720 juta resolved to declare cash dividends in the amount of
[Rp 80 per saham]. Rp 34,720 million [Rp 80 per share].
Rapat Umum pemegang saham tahunan Perseroan tanggal At the annual general meeting of shareholders of the
20 Juni 2014 (risalah dibuat oleh notaris Dr. Irawan Company on 20 June 2014 (minutes prepared by
Soerodjo, S.H., MSi, dengan akta No. 502) memutuskan Dr. Irawan Soerodjo, S.H., MSi, by deed No. 502) it was
untuk membagikan dividen tunai sejumlah Rp 34.720 juta resolved to declare cash dividends in the amount of
[Rp 80 per saham]. Rp 34,720 million [Rp 80 per share].
Sesuai ketentuan Undang-undang Perseroan Terbatas In accordance with the provisions of the Corporate Laws
No..1 tahun 1995 dan No. 40 tahun 2007, perseroan No. 1 of 1995 and No. 40 of 2007, a company is required
diwajibkan untuk menyisihkan secara bertahap jumlah to set aside, on a gradual basis, an amount from its net
tertentu dari laba neto sebagai cadangan wajib sampai profit as a statutory reserve until the reserve balance
cadangan tersebut mencapai paling sedikit 20% dari reaches the minimum 20% of its issued capital.
jumlah modal yang ditempatkan.
Pada tanggal 5 Juni 2015 (Catatan 23) pemegang saham On 5 June 2015 (Note 23) the shareholders resolved to
memutuskan untuk menambah dana cadangan wajib increase the statutory reserves appropriation by
sebesar Rp 4.500 juta. Rp 4,500 million.
Pada tanggal 20 Juni 2014 (Catatan 23) pemegang saham On 20 June 2014 (Note 23) the shareholders resolved to
memutuskan untuk menambah dana cadangan wajib increase the statutory reserves appropriation by
sebesar Rp 3.500 juta. Rp 3,500 million.
Jumlah cadangan wajib pada tanggal 31 Desember 2015 Total statutory reserves as of 31 December 2015 and
dan 2014 masing-masing sebesar Rp 79.000 juta dan 2014 amounted to Rp 79,000 million and Rp 74,500
Rp 74.500 juta atau 36% dan 34% dari jumlah modal million, respectively, or approximately 36% and 34% of
yang ditempatkan dan disetor penuh. the issued and fully paid-up capital.
a. Ikhtisar transaksi dan saldo yang signifikan dengan a. Summary of significant transactions and balances
pihak-pihak berelasi adalah sebagai berikut: with related parties is as follows:
2015
Entitas sepengendalian/
Pemegang saham/ Entities under common Entitas anak/
Shareholders control Subsidiary
Dalam jutaan Rupiah Jumlah/Amount %*** Jumlah/Amount %*** Jumlah/Amount %*** In millions of Rupiah
Penjualan neto (Catatan 17) 1.380.770 37,66 1.444.007 39,39 953 0,03 Net sales (Note 17)
Purchases of inventories
Pembelian persediaan (Catatan 18) 46.188 3,26 414.984 29,31 - - (Note 18)
Beban penjualan (Catatan 19) 27.497 7,71 7.367 2,07 - - Selling expenses (Note 19)
Saldo piutang usaha Balance of trade receivables
(Catatan 5) 104.945 29,69 153.092 43,31 408 0,12 (Note 5)
Saldo piutang lainnya Balance of other receivables
(Catatan 6) 581 1,13 620 1,20 - - (Note 6)
Purchases of fixed assets
Pembelian aset tetap (Catatan 10) 89.039 17,45 20.031 3,93 - - (Note 10)
Saldo utang usaha Balance of trade payables
(Catatan 11) 2.305 0,83 52.053 18,72 - - (Note 11)
Saldo beban akrual Balance of accrued expenses
(Catatan 12) 6.908 4,99 2.975 2,15 - - (Note 12)
Saldo liabilitas jangka pendek lainnya Balance of other current liabilities
(Catatan 13) 7.932 17,94 - 0,00 - - (Note 13)
*** Persentase terhadap jumlah aset/liabilitas/ .. *** Percentage to the respective total assets/
..penjualan/pembelian/beban yang bersangkutan. ..liabilities/sales/purchases/expenses.
Penjualan neto (Catatan 17) 1.447.654 39,42 1.236.489 33,67 1.114 0,03 Net sales (Note 17)
Purchases of inventories
Pembelian persediaan (Catatan 18) 16.278 1,15 315.236 22,29 - - (Note 18)
Beban penjualan (Catatan 19) 27.950 8,26 14.374 4,25 - - Selling expenses (Note 19)
Saldo piutang usaha Balance of trade receivables
(Catatan 5) 116.301 32,83 146.772 41,43 351 0,10 (Note 5)
Saldo piutang lainnya Balance of other receivables
(Catatan 6) 282 0,96 1.872 6,34 - - (Note 6)
Purchases of fixed assets
Pembelian aset tetap (Catatan 10) 8.743 3,40 12.828 4,99 - - (Note 10)
Saldo utang usaha Balance of trade payables
(Catatan 11) 2.843 1,16 23.244 9,47 - - (Note 11)
Saldo beban akrual Balance of accrued expenses
(Catatan 12) 5.766 5,70 6.830 6,76 - - (Note 12)
Saldo liabilitas jangka pendek lainnya Balance of other current liabilities
(Catatan 13) - - 2.071 7,93 - - (Note 13)
*** Persentase terhadap jumlah aset/liabilitas/ .. *** Percentage to the respective total assets/
..penjualan/pembelian/beban yang bersangkutan. .liabilities/sales/purchases/expenses.
b. Kompensasi personil manajemen kunci b. Key management employees compensation
Personil manajemen kunci termasuk anggota Dewan Key management includes members of the Boards of
Komisaris dan Direksi. Berikut ini mencerminkan Commissioners and Directors. The following reflects
kompensasi yang dibayarkan atau terutang kepada compensation paid or payable to key management
personil manajemen kunci: personnel:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Direksi: Directors:
Gaji dan imbalan kerja lainnya 26.197 25.115 Salary and other benefits
c. Pada tanggal 31 Desember 2015 dan 2014, Perseroan c. At 31 December 2015 and 2014, the Company had the
memiliki perjanjian kontraktual dengan pihak following contractual arrangements with related
berelasi sebagai berikut: parties:
Perseroan memperoleh fasilitas kredit modal kerja The Company has obtained working capital loan
dari The Bank of Tokyo – Mitsubishi UFJ Ltd., facilities from The Bank of Tokyo – Mitsubishi UFJ
Jakarta dan Mizuho Corporate Bank Ltd., Singapura Ltd., Jakarta and Mizuho Corporate Bank Ltd.,
(tidak ada saldo pinjaman bank pada tanggal Singapore (no outstanding bank loan as of
31 Desember 2015 dan 2014). Fasilitas pinjaman ini 31 December 2015 and 2014). This facility is partially
sebagian dijamin oleh AGC. Sebagai jaminan untuk guaranteed by AGC. As collateral for AGC, the
AGC, Perseroan menjaminkan hak atas tanah (HGB) Company pledged its HGB land rights located in
yang terletak di Jakarta Utara seluas 154.436 meter North Jakarta of 154,436 square meters, in Cikampek
persegi, di Cikampek seluas 189.285 meter persegi of 189,285 square meters and in Sidoarjo of 447,113
dan di Sidoarjo seluas 447.113 meter persegi, berikut square meters, including buildings thereon. The
bangunan di atasnya. Perseroan membayar biaya Company pays a guarantee fees to AGC at the rates of
penjaminan kepada AGC sebesar 0,5% per tahun dari 0.5% annually of total outstanding bank loans secured
jumlah saldo pinjaman bank yang dijamin oleh AGC. by AGC. No guarantee fees incurred for the years
Tidak terdapat biaya penjaminan untuk tahun yang ended 31 December 2015 and 2014.
berakhir 31 Desember 2015 dan 2014.
c. Pada tanggal 31 Desember 2015 dan 2014, Perseroan c. At 31 December 2015 and 2014, the Company had the
memiliki perjanjian kontraktual dengan pihak berelasi following contractual arrangements with related
sebagai berikut: (Lanjutan) parties: (Continued)
Perseroan memiliki perjanjian lisensi dengan Asahi The Company has licensing agreements with Asahi
Glass Co., Ltd., Jepang masing-masing untuk Glass Co., Ltd., Japan each to produce flat glass,
produksi kaca lembaran, kaca tempered, modular tempered glass, modular assembly window and
assembly window dan kaca laminated, dan Perseroan laminated glass, under which the Company pays
membayar royalti sebesar 0,5% sampai dengan 2,5% royalties of 0.5% to 2.5% of total net sales. These
dari jumlah penjualan neto. Perjanjian-perjanjian ini agreements expire in periods between May 2015 until
berakhir di periode antara Mei 2015 sampai dengan March 2019, and one of which will be automatically
Maret 2019, dan salah satu perjanjian akan extended for additional consecutive period of one year
diperpanjang secara otomatis untuk periode setiap each. Total royalties incurred for the year ended
satu tahun selanjutnya. Jumlah royalti untuk tahun 31 December 2015 amounted to Rp 27,497 million
yang berakhir 31 Desember 2015 sebesar Rp.27.497 (2014: Rp 27,950 million).
juta (2014: Rp 27.950 juta).
Perseroan memiliki perjanjian lisensi dengan AGC The Company has a licensing agreement with AGC
Glass Europe, Belgia dimana Perseroan memproduksi Glass Europe, Belgium under which the Company
dan menjual produk cermin yang disebut Mirror New manufactures and sells a mirror product called Mirror
Generation (“MNG”). Sesuai dengan perjanjian ini, New Generation (“MNG”). Under this agreement, the
Perseroan membayar royalti sebesar USD 0,075 per Company pays royalties of USD 0.075 per square
meter persegi untuk semua penjualan produk MNG meter for all MNG products sold by the Company.
oleh Perseroan. Jumlah royalti untuk tahun yang Total royalties incurred for the year ended
berakhir 31 Desember 2015 sebesar Rp 604 juta 31 December 2015 amounted to Rp 604 million (2014:
(2014: Rp 1.557 juta). Perjanjian ini telah berakhir Rp 1,557 million). This agreement has expired on
pada tanggal 11 Mei 2015. Dan juga, Perseroan 11 May 2015. In addition, the Company also obtain a
mendapatkan lisensi guna memproduksi dan menjual license to manufacture and sell CVD Coated Glass
produk-produk CVD Coated Glass (CVD CGP). Atas Products (CVD CGP). Under this agreement, the
perjanjian lisensi ini, Perseroan membayar royalti Company pays royalties at 4% of net sales of
sebesar 4% dari jumlah penjualan neto CVD CGP. CVD CGP. This agreement will expire twelve years
Perjanjian ini akan berakhir dua belas tahun sejak from when the first CVD CGP was sold (August
pertama kali CVD CGP dijual (Agustus 2009). Jumlah 2009). Total royalties incurred for the year ended
royalti untuk tahun yang berakhir 31 Desember 2015 31.December 2015 amounted to Rp 6,763 million
sebesar Rp 6.763 juta (2014: Rp 8.278 juta). (2014: Rp 8,278 million).
Perseroan memiliki perjanjian pemasaran dengan The Company has a marketing agreement with
Rodamas Marketing Pte., Ltd., Singapura (“RDM-S”, Rodamas Marketing Pte., Ltd., Singapore (“RDM-S”,
pihak berelasi), dan membayar komisi agen penjualan a related party), under which it pays agency
kepada RDM-S sebesar 5% dari harga FOB dari commission to RDM-S at 5% of the FOB price of
produk yang dijual ke pelanggan. Jumlah komisi product sold to customers. Total commission fees
penjualan untuk tahun yang berakhir 31 Desember incurred for the year ended 31 December 2014
2014 sebesar Rp 4.539 juta. Perjanjian ini telah amounted to Rp 4,539 million. This agreement expired
berakhir pada tanggal 1 Oktober 2014. on 1 October 2014
Pada tanggal 1 September 2014, Perseroan telah On 1 September 2014, the Company entered into an
menandatangani perjanjian dengan Asahi Glass Co., agreement with Asahi Glass Co., Ltd., Japan for
Ltd., Jepang untuk pembangunan pabrik baru construction of the Company’s new factory in
Perseroan yang terletak di Cikampek, Jawa Barat, Cikampek, West Java, Indonesia, that started in late
Indonesia, yang dimulai pada akhir 2014, dan 2014, and is expected to finish in mid of 2016. The
diperkirakan akan selesai pada pertengahan 2016. investment is estimated to be USD 154,936,370, which
Jumlah investasi diperkirakan sebesar was declared in the Disclosure of Information to OJK
USD 154.936.370, sebagaimana dinyatakan di Surat and BEI on 3 September 2014. The Company will pay
Keterbukaan Informasi kepada OJK dan BEI pada to Asahi Glass Co., Ltd., Japan, a consulting fee of 6%
tanggal 3 September 2014. Perseroan akan membayar of the construction expenditure.
kepada Asahi Glass Co., Ltd., Jepang, biaya konsultasi
sebesar 6% dari biaya pembangunan.
25. SALDO DAN TRANSAKSI DENGAN PIHAK 25. BALANCES AND TRANSACTIONS
YANG BERELASI (Lanjutan) WITH RELATED PARTIES (Continued)
d. Sifat hubungan dan jenis transaksi dengan pihak- d. The nature of the relationship and transactions with
pihak berelasi adalah sebagai berikut: related parties is as follows:
Asahi Glass Co., Ltd., Jepang/Japan Pemegang saham/Shareholder Penjualan, pembelian persediaan, aset
tetap dan royalti/Sales, purchase of
inventories, fixed assets and royalty
PT Rodamas, Indonesia Pemegang saham/Shareholder Pembelian aset tetap dan penjualan/
Purchase of fixed assets and sales
AGC Glass Europe, Belgia/Belgium Entitas sepengendalian/ Pembelian persediaan dan royalti/
Entity under common control Purchase of inventories and royalty
AGC Flat Glass (Thailand) Public Co., Entitas sepengendalian/ Pembelian persediaan/Purchase of
Ltd. Entity under common control inventories
AGC Technology Solutions Co., Ltd., Entitas sepengendalian/ Pembelian persediaan dan aset tetap/
Jepang/Japan Entity under common control Purchase of inventories and fixed
assets
AGC Soda Corporation, Amerika Entitas sepengendalian/ Pembelian persediaan/Purchase of
Serikat/United States of America Entity under common control inventories
AGC Automotive (Thailand) Co., Ltd. Entitas sepengendalian/ Penjualan, pembelian persediaan dan
Entity under common control aset tetap/Sales, purchase of
inventories and fixed assets
AGC Asia Pacific Pte., Ltd., Entitas sepengendalian/ Penjualan dan pembelian persediaan/
Singapura/Singapore Entity under common control Sales and purchase of inventories
PT Saint Gobain Abrasives Diamas, Entitas sepengendalian/ Pembelian persediaan/Purchase of
Indonesia Entity under common control inventories
Rodamas Marketing Pte., Ltd., Entitas sepengendalian/ Penjualan dan komisi penjualan/Sales
Singapura/Singapore Entity under common control and sales commission
Auto Glass Co., Ltd., Jepang/Japan Entitas sepengendalian/ Penjualan /Sales
Entity under common control
Asahi India Glass Ltd. Entitas sepengendalian/ Penjualan dan pembelian persediaan/
Entity under common control Sales and purchase of inventories
AGC Automotive China Co., Ltd. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Automotive Phillipines Inc. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Vidros Do Brasil Ltd. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Technology Solutions (Kunshan) Entitas sepengendalian/ Pembelian persediaan/Purchase of
Co., Ltd., Cina/China Entity under common control inventories
AGC Technology Solutions (Thailand) Entitas sepengendalian/ Pembelian persediaan dan aset
Co., Ltd. Entity under common control tetap/Purchase of inventories and
fixed assets
PT Auto Glass Indonesia Entitas anak/Subsidiary Penjualan/Sales
2015
Valuta Setara
asing/ dengan/
Foreign currencies Equivalent in
ASET Rp juta/million ASSETS
Kas dan setara kas USD 39.033.227 538.463 Cash and cash equivalents
JPY 23.066.057 2.641
Lainnya/Other 9
LIABILITAS LIABILITIES
Liabilitas jangka pendek lainnya USD 10.228 141 Other current liabilities
JPY 74.077.087 8.483
Jumlah liabilitas 158.093 Total liabilities
2014
Valuta Setara
asing/ dengan/
Foreign currencies Equivalent in
ASET Rp juta/million ASSETS
Kas dan setara kas USD 32.402.266 403.084 Cash and cash equivalents
JPY 3.624.959 378
Lainnya/Other 6
LIABILITAS LIABILITIES
Liabilitas jangka pendek lainnya USD 34.630 431 Other current liabilities
JPY 12.004.936 1.252
Lainnya/Other 61
Jumlah liabilitas 134.812 Total liabilities
Penjabaran ke dalam rupiah dilakukan dengan The amounts were translated into rupiah at the middle
menggunakan kurs tengah Bank Indonesia yang berlaku rates of exchange quoted by Bank Indonesia at the
pada tanggal pelaporan (Catatan 28). reporting date (Note 28).
Perseroan menjalankan dua segmen kegiatan usaha, yaitu The Company has two business segments, namely flat
segmen usaha kaca lembaran dan segmen usaha kaca glass segment and automotive glass segment. Each
otomotif. Masing-masing segmen dipimpin oleh seorang segment is headed by a Director.
Direktur.
Segmen kaca lembaran memproduksi berbagai jenis kaca The flat glass segment produces a broad range of clear
polos, kaca berpola, kaca reflektif dan kaca cermin, yang and tinted glass, figured glass, reflective glass and
terutama digunakan sebagai partisi pembatas, kaca mirror glass, which are used primarily for glass curtain
jendela, kaca untuk konstruksi bangunan dan sebagai walls, window glass, suspended glass in building
bahan baku untuk industri hilir. construction and as raw materials for downstream
industry.
Segmen kaca otomotif memproduksi dua jenis utama The automotive glass segment produces two main types
kaca otomotif, yaitu kaca tempered dan kaca laminated, of automotive glass, tempered glass and laminated
yang terutama digunakan dalam industri otomotif. glass, which are primarily used in the automotive
industry.
Hasil dari operasi tiap segmen usaha adalah sebagai The results of operations of each segment are disclosed
berikut (dalam jutaan Rupiah): below (in millions of Rupiah):
Kaca Otomotif/
Kaca Lembaran/Flat Glass Automotive Glass Eliminasi/Elimination Jumlah/Total
2015 2014 2015 2014 2015 2014 2015 2014*
Jumlah penjualan
neto 2.865.084 2.755.433) 1.000.641 1.136.670) (199.736) (219.917) 3.665.989) 3.672.186) Total net sales
Beban pokok
penjualan (2.868.674) (2.760.739) Cost of sales
464.263) 605.163)
Laba sebelum pajak Profit before tax
Kaca Otomotif/
Kaca Lembaran/Flat Glass Automotive Glass Eliminasi/Elimination Jumlah/Total
2015 2014* 2015 2014* 2015 2014 2015 2014*
Informasi lainnya Other information
Aset segmen 3.305.477 3.113.046 836.399 740.434 - - 4.141.876 3.853.480 Segment assets
Liabilitas segmen 665.817 648.851 195.576 170.379 - - 861.393 819.230 Segment liabilities
Aset dan liabilitas segmen tidak mencakup aset dan Segment assets and liabilities do not include tax assets
liabilitas pajak. and liabilities.
a. Perseroan menjual barangnya pada pasar domestik a. The Company sells its goods in the domestic and
dan global. Di Indonesia, operasi Perseroan dilakukan global markets. In Indonesia, the Company
di tiga wilayah geografis utama: Jakarta, Cikampek operates in three principal geographical areas:
dan Sidoarjo. Jakarta, Cikampek and Sidoarjo.
Di Jakarta, tempat kantor pusat berada, Perseroan In Jakarta, where the head office is located, the
memproduksi dan menjual berbagai jenis produk Company produces and sells a broad range of flat
kaca lembaran. glass products.
Operasi di Sidoarjo pada dasarnya sama dengan yang Operations in Sidoarjo are essentially similar to
di Jakarta, yaitu memproduksi dan menjual berbagai those in Jakarta, which consist of manufacturing
jenis produk kaca lembaran, terutama produk kaca and selling a broad range of flat glass products,
lembaran berkualitas tinggi. especially high quality ones.
Aktivitas operasi dan produksi segmen kaca otomotif The operations and production activities of the
dijalankan di Bukit Indah Industrial Park, Cikampek. automotive glass segment are carried out in Bukit
Indah Industrial Park, Cikampek.
b. Informasi berikut menunjukkan distribusi dari b. The following information shows the distribution of
penjualan Perseroan tanpa memperhatikan tempat sales of the Company regardless of where the goods
diproduksinya barang: were produced:
Nilai tercatat dari aset keuangan yang diakui sebesar The carrying amounts of financial assets that are
biaya perolehan diamortisasi dalam laporan keuangan recognized at amortized cost in the financial statements
lebih kurang sama dengan nilai wajarnya karena approximate their fair value because substantially all of
instrumen keuangan tersebut berjangka waktu pendek. the instruments are short-term in nature.
Risiko utama yang timbul dari instrumen keuangan The main risks arising from the Company’s financial
Perseroan adalah risiko kredit dan risiko mata uang yang instruments are credit and currency risks that arises in the
timbul dari kegiatan normal. normal course of business.
Manajemen berpendapat bahwa risiko likuiditas Management in view that liquidity risk is minimal,
minimal, dengan mempertimbangkan bahwa Perseroan considering that the Company has sufficient cash and cash
memiliki kas dan setara kas yang cukup untuk membayar equivalents to cover the Company’s current liabilities as of
liabilitas jangka pendek Perseroan pada tanggal 31 December 2015.
31 Desember 2015.
Manajemen memiliki kebijakan kredit yang ditetapkan Management sets credit limits for each customer and the
untuk setiap pelanggan dan risiko kredit dipantau secara exposure to credit risk is monitored on an ongoing basis by
berkelanjutan dengan mengevaluasi kolektibilitas dari evaluating the collectability of each trade receivables
masing-masing saldo piutang usaha. balance.
Nilai tercatat aset keuangan mencerminkan eksposur The carrying amount of financial assets represents the
kredit akhir. ultimate credit exposure.
Umur piutang usaha pada tanggal pelaporan adalah The aging of trade receivables at reporting dates was as
sebagai berikut: follows:
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Perseroan memiliki risiko mata uang sehubungan dengan The Company has exposure to currency risk through
transaksi (pembelian aset tetap dan persediaan dari transactions (purchases of fixed assets and inventories
pemasok luar negeri dan penjualan ekspor) dalam mata from overseas suppliers, and export sales) in currencies
uang selain rupiah. Mata uang yang mempengaruhi other than rupiah. The currencies giving risk to this risk
resiko ini terutama USD, EUR, JPY dan AUD. Lihat are primarily USD, EUR, JPY and AUD. See Note 26 for
Catatan 26 untuk eksposur neto Perseroan terhadap the Company’s net exposure to currency risk.
risiko mata uang.
Manajemen tidak melakukan lindung nilai karena aset The Company does not enter into hedging transactions
dalam valuta asing yang tersedia cukup untuk melunasi since the foreign currency assets are sufficient to settle the
liabilitas dalam valuta asing. foreign currency liabilities.
Pada tanggal pelaporan, saldo aset dan liabilitas moneter At reporting date, balances of monetary assets and
dalam valuta asing dijabarkan dalam rupiah dengan kurs liabilities in foreign currencies are translated into rupiah
yang berlaku pada tanggal tersebut. Kurs utama yang at the exchange rates prevailing at that date. As of
digunakan pada tanggal 31 Desember 2015 dan 2014, 31 December 2015 and 2014, the relevant key exchange
berdasarkan kurs tengah Bank Indonesia adalah sebagai rates used, based on Bank Indonesia middle rates, are as
berikut: follows:
2015 2014
Rp Rp
Kebijakan pengelolaan modal Perseroan adalah untuk The Company’s policy is to maintain a strong capital
menjaga struktur modal yang kuat sehingga menjaga structure as to maintain investor, creditor and market
kepercayaan investor, kreditur dan pasar dan juga untuk confidence and to sustain future development of the
mempertahankan perkembangan masa depan dari bisnis Company’s business, including to address the need for
Perseroan, termasuk untuk menanggapi kebutuhan substantial capital expenditure inherently required with
belanja modal yang besar terkait dengan fasilitas respect to refurbishment of production facilities. To
produksi. Dalam usaha untuk menjaga struktur modal maintain optimal structure of capital, management
yang optimal, manajemen dapat menyesuaikan jumlah determine the level of dividends paid to shareholders.
dividen yang dibayarkan kepada pemegang saham.
Tidak ada perubahan yang dilakukan terhadap kebijakan There were no changes made in the Company’s capital
pengelolaan modal Perseroan selama tahun berjalan. management policies during the year.
Sebagai hasil dari perubahan kebijakan akuntansi seperti As a result of the change in accounting policy as explained
dijelaskan di Catatan 2f, informasi komparatif yang in Note 2f, the comparative information presented in these
disajikan dalam laporan keuangan ini telah disajikan financial statements have been restated. The following
kembali. Tabel berikut merangkum dampaknya ke table summarize the impacts on the Company’s financial
laporan keuangan Perseroan. statements.
Laporan posisi keuangan pada tanggal 1 Januari 2014 The statement of financial position as of 1 January 2014
(yang berasal dari laporan posisi keuangan pada tanggal (which was derived from the statement of financial position
31 Desember 2013) juga mencerminkan saldo yang as of 31 December 2013) also reflects restated balances.
dinyatakan kembali.
Penyajian kembali ini tidak mempengaruhi klasifikasi The restatement does not impact the classification of
jumlah arus kas dari aktivitas operasi, investasi, dan previously reported total cash flow from operating,
pendanaan yang sebelumnya dilaporkan. investing, and financing activities.
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