avatar Philip Morris International Inc. Manufacturing

Pages

  • Page 1


  • Page 2


  • Page 3

    03 Table of Contents 05 Financial H ighlights 18 Audit Committee R eport 06 Sampoerna at a Glance 21 R egulatory & Fiscal E nvironment 08 Awards & Sampoerna’s H istory 22 Corporate Social R esponsibility 10 Corporate Structure 26 M anagement Discussion 11 Organiz ational Structure & Analysis 12 Good Corporate Governance 28 Financial R eport 2 0 1 2 14 Board of Commissioners’ & 98 Subsidiaries I nformation Board of Directors’ Biographies Stock L isting and T rading I nformation 16 Board of Commissioners’ M essage 17 Board of Directors’ M essage


  • Page 4

    “The working culture in Sampoerna makes us proud to be a part of this company. The company’s internal activities that I take part in are always exciting and fun. They allow me to increase knowledge, skills, and have more friends. I also have more spirit and readiness to change, to think ahead and to always be an even better person.” Anis – H androller, Rungkut 1 Plant, Surabaya


  • Page 5

    05 Annual Report 2012 Financial Highlights YEAR S ENDED 31 DECEM BER 2012 2011 2010 (in billion R upiah) KEY FINANCIAL POSIT ION FIGURES Current Assets 21,128 14,851 15,769 Property, Plant and Equipment 4,115 3,851 4,087 Investments 25 22 12 Land For Development 144 174 175 O ther Assets 835 432 482 Total Assets 26,247 19,330 20,525 Current Liabilities 11,898 8,368 9,779 Non-Current Liabilities 1,041 659 531 Total Liabilities 12,939 9,027 10,310 Non-Controlling Interest - - 1 Stakeholders’ Equity 13,308 10,303 10,214 OPERAT ING PERFORM ANCE - Consolidated Net Sales 66,626 52,857 43,382 Gross Profit 18,507 15,196 12,656 Net O perating Income 13,350 10,617 8,711 Profit Before Income Tax 13,383 10,911 8,748 Profit Attributable to O wners of the Parent 9,945 8,065 6,421 Total Comprehensive Income Attributable to O wners of the Parent 9,805 8,052 6,437 Basic Earnings per Share (in full Rupiah) 2,269 1,840 1,465 OPERAT ING PERFORM ANCE - Indonesia Cigarette Operations Net Sales 66,564 52,809 42,786 Gross Profit 18,379 15,042 12,439 Net O perating Income 13,345 10,572 8,607 Profit Before Income Tax 13,366 10,893 8,646 Profit Attributable to O wners of the Parent 9,945 8,065 6,421 LIQUIDIT Y RAT IOS Current Ratio 1.78 1.77 1.61 Debt to Equity Ratio 0.18 0.01 0.01 Total Liabilities to Total Assets Ratio 0.49 0.47 0.50 OPERAT ING RAT IOS Gross Profit to Net Sales 27.8% 28.7% 29.2% Gross Profit to Net Sales (Indonesia Cigarette O perations) 27.6% 28.5% 29.1% Net O perating Income to Net Sales 20.0% 20.1% 20.1% Net O perating Income to Net Sales (Indonesia Cigarette O perations) 20.0% 20.0% 20.1% Profit Attributable to O wners of the Parent to Net Sales 14.9% 15.3% 14.8% Profit Attributable to O wners of the Parent to Net Sales (Indonesia Cigarette O perations) 14.9% 15.3% 15.0% Return O n Assets 37.9% 41.7% 31.3% Return O n Equity 74.7% 78.3% 62.9% Net Working Capital 9,230 6,483 5,990 AUT HORIZED CAPITAL Number of Shares (billions) 6.3 6.3 6.3 Share Capital 630 630 630 Par Value per Share (in full Rupiah) 100 100 100 ISSUED AND FULLY PAID CAPITAL Number of Shares (billions) 4.383 4.383 4.383 Share Capital 438.3 438.3 438.3 Par Value per Share (in full Rupiah) 100 100 100


  • Page 6

    06 Sam p oerna Sampoerna at a Glance PT Hanjaya Mandala Sampoerna Tbk. (”Sampoerna”) is Sampoerna experienced a special year in 2012, where we one of the leading tobacco companies in Indonesia. We are celebrated our 99th anniversary – the number 9 being a the maker of some of the most well-known kretek (clove) distinctive number in the history of Sampoerna – with several cigarette brands such as A M ild, Sampoerna Kretek, and Dji Sam key milestones such as the opening of two new hand-rolled Soe, the legendary “King of Kretek.” We are an affiliate of PT kretek production facilities in East Java and the establishment Philip Morris Indonesia (“PMID”) and part of Philip Morris of a search and rescue training center in Pasuruan as part of International Inc. (“PMI”), the world’s leading international Sampoerna’s corporate social responsibility program. tobacco company. As we look forward to Sampoerna’s centenary in 2013, we O ur objective is to offer the best smoking experience to adult continue to be guided by our experienced Board of Directors smokers in Indonesia. We do this by continually seeking out and management team that combine the best talents of what adult consumers prefer and delivering the best products Sampoerna, leading approximately 28,500 employees to match their expectations. We are proud of our reputation of Sampoerna and its subsidiaries. We are committed to for high quality, innovation and corporate governance. leveraging best practices effectively while building on the wisdom of Sampoerna’s 100 years in Indonesia.


  • Page 7

    07 Annual Report 2012 Factory Locations Sampoerna operates eight manufacturing facilities in Indonesia: two machine-made kretek (“SKM”) production facilities in Pasuruan and Karawang and six hand- rolled kretek (“SKT”) production facilities in the following locations: three facilities in Surabaya and one facility each in Malang, Probolinggo and Lumajang. Sampoerna has partnerships with 38 third-party operators (“T PO ”). T hey collectively employ 61,000 employees to produce Sampoerna’s SKT products. = Sampoerna Factory = T PO Sales Office Locations Sampoerna sells and distributes cigarettes through a total of 73 sales offices located on the islands of Sumatra, Java, Bali and Kalimantan as well as in Eastern Indonesia. Vision & Goals T he vision of Sampoerna is characterized by the “T hree Hands Philosophy.” The Hands, which represent adult smokers, employees and business partners, and society at large, are the key stakeholder groups Sampoerna must embrace to reach its goal of being regarded as the most respected company in Indonesia. We address each group through: • Delivering affordable high quality products to adult smokers; • Providing competitive compensation and good working conditions to employees and building a good relationship with business partners; and • Giving back to society at large.


  • Page 8

    08 Sam p oerna Awards 2012 Sampoerna continued its tradition Sampoerna received the “Best in For the first time Sampoerna of excellence, recognized through Building and Managing Corporate received the 2012 “Asia Responsible several awards in 2012 such as being Image” award from Bloomberg Entrepreneurship Award” for our named one of Indonesia’s “Best Public BusinessWeek Indonesia. social empowerment programs. Companies - Best Wealth Creator” by SW A magazine and Stern & Co. Sampoerna’s H istory 1913 1930 1959 1978 Liem Seeng Tee, a With his business firmly Sampoerna passed to T he third generation Chinese immigrant, established, Liem Seeng the second generation of the family, Putera began his business by Tee formed a company of the family, Aga Sampoerna, took over producing and selling with the name of Sampoerna, who the helm of Sampoerna. hand-rolled kretek Sampoerna and moved focused on the Under his leadership, cigarettes at his home both his family and his production of premium Sampoerna’s growth in Surabaya, Indonesia. factory to a building hand-rolled kreteks. accelerated. His small business complex in Surabaya, was among the first which was named to manufacture and Taman Sampoerna. market kretek cigarettes, Sampoerna’s hand- as well as non-clove rolled kreteks are still cigarettes. produced at Taman Sampoerna.


  • Page 9

    09 Annual R ep ort 2012 Sampoerna for the first time received the “Business and Company Leaders Promote SMEs” award from the Ministry of Cooperatives and Small and Medium Enterprises (“SME”). Sampoerna’s leading brands, Dji Sam Soe and A M ild, were named “Top Brands” by M arketing magazine based on performance in 2012. In 2012, Corporate Forum for Sampoerna received the “Indonesia Community Development presented Trusted Companies” award from Sampoerna with 3 “Community SW A magazine and The Indonesian Empowerment Awards.” Institute for Corporate Governance. 1989 1990 2005 2008 2012 Sampoerna launched Sampoerna became With its business success, Sampoerna Sampoerna inaugurated the A M ild brand in a public company, Sampoerna drew the inaugurated an two hand-rolled kretek Indonesia. establishing a modern interest of PMI. T his SKM manufacturing production facilities in corporate structure and led to PMID, an affiliate facility in Karawang, Kraksaan, Probolinggo embarking on a period of PMI, acquiring West Java, with an and in Kunir, Lumajang. of investment and majority ownership investment of USD 250 expansion. of Sampoerna in May million. 2005.


  • Page 10

    10 Sam p oerna Corporate Structure Philip Morris International Inc. 100% Philip Morris Global Brand Inc. 100% Philip Morris Holland Philip Morris Holdings BV Brands Sarl 100% 100% Park Philip Morris Tobacco Inves tm ents BV Lim ited 99.99% 0.01% PT Philip Morris Indones ia Public 98.18% 1.82% PT Hanjaya Mandala Sam poerna Vietnam Tbk. 49% 51% National Tobacco Vinataba - Philip Corporation Morris Lim ited Cigarette M anufacturing, Trading & M arketing SAMPOERNA PT HANDAL PT TAMAN PT UNION PT WAHANA PT HARAPAN PT PERSADA PT PT INTERNATIONAL LOGISTIK DAYU SAMPOERNA SAMPOERNA** MAJU MAKMUR PERUSAHAAN SAMPOERNA PTE. LTD. NUSANTARA** Property DINAMIKA** Property, Trading SENTOSA INDONESIA DAGANG DAN PRINTPACK Equity Holdings Expedition & Development Cigarette & Services Cigarette Cigarette INDUSTRI Printing & 100% Warehousing M anufacturing M anufacturing M anufacturing PANAMAS** Packaging 99.7% 99.9% 99.9% & Trading & Trading & Trading Cigarette 80.02% 99.98% 99.9% 99.9% M anufacturing 98.9% PT GOLF PT ASIA PT AGASAM TAMAN DAYU TEMBAKAU Services Leisure & Golf Cigarette 99.9% Course Services M anufacturing 96.5% & Trading 99% SAMPOERNA SAMPOERNA STERLING SAMPOERNA PT SAMPOERNA TABACOS ASIA PTE. TOBACCO TAIWAN JOO LAN SDN. AMERICA LTD.* CORPORATION** CORPORATION* BHD.* LATINA Cigarette Cigarette Equity Holdings Cigarette LTDA** M anufacturing M anufacturing & 100% M anufacturing & Cigarette & Trading Trading Trading M anufacturing & 100% 100% 100% Trading 100% * In liquidation ** Dorm ant com pany


  • Page 11

    11 Annual R ep ort 2012 Organizational Structure General Meeting of Shareholders Board of Commissioners John Gledhill* President Commissioner Charles Bendotti** Vice President Commissioner Niken Rachmad Commissioner Phang Cheow H ock Goh Kok H o Independent Commissioners Board of Directors Paul Norman Janelle* Audit Nomination & President Director Commitee Remuneration Committee M ark Ingo Niehaus Nikolaos Papathanasiou** Phang Cheow H ock Phang Cheow H ock Peter Alfred Kurt H aase** Chairman Chairman Shea Lih Goh W ayan M ertasana Tantra Goh Kok H o Ervin Laurence Pakpahan Yos Adiguna Ginting** Dr. Ronny Kusuma M untoro Linda Setiawan *** Directors Members Member s Corporate Internal Audit Secretary M aharani Djody Voong Che Yee Subandhi H ead * Sampoerna’s Extraordinary General M eeting of Shareholders on 18 July 2012 approved the appointment of John Gledhill as President Commissioner of Sampoerna, replacing Paul Norman Janelle, and the appointment of Paul Norman Janelle as President Director of Sampoerna, replacing John Gledhill. ** Sampoerna’s Extraordinary General M eeting of Shareholders on 18 December 2012 approved the appointment of Charles Bendotti as Vice President Commissioner of Sampoerna to replace Eunice Carol Hamilton, and the appointment of Nikolaos Papathanasiou, Peter Alfred Kurt Haase and Yos Adiguna Ginting, each as Sampoerna Directors. *** T he Board of Commissioners on 13 M arch 2013 approved the appointment of Linda Setiawan as a member of the NRC to replace Indra Dammen Kanoena, effective as of 4 January 2013.


  • Page 12

    12 Sam p oerna Good Corporate Governance O ne of the keys to the success of Sampoerna is its adherence Throughout Fiscal Year 2012, the Board of Directors held 12 to the principles of good corporate governance. As a publicly meetings attended by a majority of its members, as required listed company and an affiliate of PMI, implementing good by Sampoerna’s Articles of Association. corporate governance is an imperative for Sampoerna. Audit Com m ittee Sampoerna sets a very high standard of compliance and As set out in the Audit Committee Charter, the Audit integrity throughout its business operations. The Code Committee assists Sampoerna’s Board of Commissioners to of Conduct implemented by all PMI affiliates, including fulfill its statutory and fiduciary duties and responsibilities. Sampoerna, is communicated to Sampoerna’s employees The responsibilities of the Audit Committee include reviewing at all levels. Training is provided regularly and employees’ Sampoerna’s financial statements, the work of Internal Audit, participation and implementation are closely monitored. the implementation of risk management and the compliance with capital market and other statutory regulations relating The implementation of good corporate governance at to Sampoerna’s activities. The Chairman of the Committee Sampoerna is the responsibility of the Board of Commissioners is Phang Cheow Hock (see the biography on page 15) and its and the Board of Directors, with the help of a team consisting members are Dr. Ronny Kusuma Muntoro and Goh Kok of the Audit Committee, the Nomination and Remuneration Ho (see the biography on 15), appointed based on the Board Committee, Internal Audit and the Corporate Secretary. of Commissioners’ decision on 9 December 2010. Dr. Ronny The team regularly monitors the implementation of and Muntoro is an academic at Universitas Indonesia with vast compliance with the Company’s Principles and Practices. teaching and research experience in information systems, management control systems, and cost and management Board of Com m issioners accounting. The Board of Commissioners supervises the Board of Directors’ decisions in managing Sampoerna and provides The Audit Committee held nine meetings during the period counsel to the Board of Directors. In carrying out its between 1 April 2012 and the publication of this Annual supervisory responsibilities, the Board of Commissioners Report, all of which were attended by all its members. has the right to audit Sampoerna’s books through the Audit Committee. Nom ination and Rem uneration Com m ittee The Nomination and Remuneration Committee’s (NRC) In order to carry out its mandate, the Board of Commissioners activities are to provide advice and recommendations to the holds regularly scheduled meetings annually and additional Board of Commissioners with respect to matters related to meetings if required. During Fiscal Year 2012 up until the nomination and remuneration of the Board of Directors, the publication of this Annual Report, the Board of Board of Commissioners, and the Board of Commissioners’ Commissioners held five meetings which were attended by Committees. the majority of its members as required by Sampoerna’s Articles of Association. Based on the approval given during the Company’s Annual General Meeting of Shareholders on 27 April 2012, the Board of Directors Board of Commissioners gave the NRC authority, taking The Board of Directors is fully responsible for managing into account the recommendations of the NRC, to determine Sampoerna to achieve its corporate goals. The Board of (i) the salary and benefits of each member of the Board of Directors reserves the right to represent Sampoerna, whether Directors, and (ii) the fees, wages or benefits of each member in or outside of a legal court, regarding any matter and in any of the Board of Commissioners for Fiscal Year 2012 as well as circumstances. subsequent fiscal years until decided otherwise at a General Meeting of Shareholders. It also binds Sampoerna with other parties, and carries out any action regarding management or ownership, with full The current Chairman of the NRC is Phang Cheow Hock respect to Sampoerna’s Articles of Association, the Law on who was appointed on 9 March 2011 for a five-year term. Limited Liability Companies, the Law on the Capital Market Based on the appointment made on 1 March 2012, the NRC and any other applicable laws and regulations. membership comprises Ervin Laurence Pakpahan, a Law graduate from Universitas Indonesia who joined Sampoerna The Board of Directors receives regular training and as Senior Counsel in 2008. The Board of Commissioners development, the frequency and content of which are on 13 March 2013 approved the appointment of Linda dependent on each of the Director’s functions and Setiawan as a member of the NRC to replace Indra Dammen responsibilities. Kanoena, effective as of 4 January 2013. Linda Setiawan has an environmental engineering degree from Institut The Directors meet regularly, generally on a monthly basis, T eknologi Bandung and a Master of Science in Environmental and these meetings can also include certain division heads Engineering from the Technische Universitat Hamburg- and senior managers. The meetings review and discuss Harburg, Germany. She joined Sampoerna as a Graduate topics such as quarterly financial results and dividend Intake in 2005. recommendations, as well as economic conditions, market conditions, the competitive environment, sales information During Fiscal Year 2012 up until the publication of this and other matters related to Sampoerna’s operations and Annual Report, the NRC held two meetings which were business activities. attended by all its members.


  • Page 13

    13 Annual R ep ort 2012 Internal Audit Risk and Risk Managem ent Internal Audit helps the Board of Directors to manage During the course of Sampoerna’s business, there are risks Sampoerna’s internal processes. The Internal Audit Charter arising externally and internally. Those external factors was issued in 2009 by the Board of Directors after obtaining include: approval from the Board of Commissioners. Internal Audit Significant changes in the excise tax regime and monitors compliance with Sampoerna’s Principles and significant shifts in the regulatory environment for the Practices, and other matters requested by the Board of cigarette industry in Indonesia; Directors and the Board of Commissioners. Voong Che Yee Economic, social and political conditions; has served as Head of Internal Audit since 2010 following Competitive actions; a long career in finance and management at PMI affiliates Changes in adult smoker tastes and preferences; in Hong Kong, Malaysia and Singapore. Mr. Voong has a Counterfeit and/ or contraband products; Bachelor’s degree in Economics majoring in Accounting from Devaluation of the Indonesian Rupiah in relation to the University of Hull, United Kingdom. He is a member of Foreign currencies; and the Institute of Chartered Accountants in England and Wales. Increases in interest rates. As set out in the Internal Audit Charter, the main task of O ther risks include litigation, the potential failure of a new Internal Audit is to provide the Board of Directors an product launch, and fluctuations in the costs of tobacco leaf, independent objective assessment of the adequacy and cloves and other materials. effectiveness of the Internal Control Systems implemented by Sampoerna. Sampoerna attempts to mitigate its operating risks via a combination of a strong internal controls environment, Activities of the Internal Audit contingency plans and insurance coverage. During Fiscal For its successful, complete and timely performance, Internal Year 2012, there were no litigation actions that would Audit has the following authorization: significantly impact Sampoerna’s business results. Direct and full access to Sampoerna’s books, records and facilities as it may reasonably require to discharge Em ployee Com m unication its responsibilities; Communication with employees is an important part of good Have direct communications and hold meetings corporate governance. As such, Sampoerna uses a number periodically with the Board of Directors, the Board of communication platforms such as a quarterly internal of Commissioners and the Audit Committee or any magazine Lentera, Sampoerna T V , Sampoerna Radio, electronic member thereof; and mail, meetings with the President Director and other Coordinate its activities with the activities of Directors held at least twice yearly called Sersan, employee Sampoerna’s external auditor. activities, Sampoerna’s anniversary and other meetings. During Fiscal Year 2012, some of the activities of Internal Corporate Secretary and Investor Relations Internal Audit were as follows: The Corporate Secretary assists the Board of Directors Preparing and developing a risk-based audit plan, in ensuring Sampoerna’s compliance with capital market taking into account the existing controls environment regulations, and in ensuring that the Board of Directors is and the impact of significant changes to Sampoerna’s informed about changes to capital market regulations and business activities; their implications. In conducting its duties, the Corporate Implementing the audit plan, summarizing the Secretary works with the Law Department and the Investor audit findings and recommending improvements in Relations Division. The Corporate Secretary and the the areas audited and in reporting to the Board of Investor Relations Division ensure that the capital market Directors; authority, which is now known as the Financial Services Conducting special audits as requested by the Board Authority (O JK), stock exchange authority (Indonesian Stock of Directors. Exchange), the Indonesian Central Securities Depository, shareholders, investors, securities analysts and the capital In order to properly and successfully discharge the Internal market community are adequately informed in accordance Audit charter and responsibilities, qualified professional with applicable capital market regulations. audit/ finance personnel with adequate knowledge, skills and experience are employed. The Head of Internal Audit During Fiscal Year 2012, Sampoerna conducted a number and his management team met monthly to monitor and of activities including the yearly public expose and press evaluate the quality, timely completion and reporting of audit releases. activities and findings to the Board of Directors and the Audit Committee. The functions of Corporate Secretary are carried out by Maharani Djody Subandhi beginning on 3 March 2010. To maintain the independence of Internal Audit, personnel Ms. Subandhi has a bachelor of law degree from Universitas from Internal Audit are not directly involved in engaging and/ Indonesia and joined Sampoerna in 2008 as Counsel. or making decisions on Sampoerna’s operational activities. A dedicated email address for inquiries (investor.relations@ sampoerna.com) and a Website accessible through http:/ / www.sampoerna.com are provided by Sampoerna to further serve the investment community online.


  • Page 14

    14 Sam p oerna Board of Commissioners’ & Board of Directors’ Biographies Board of C ommissioners John Gledhill Charles Bendotti – President Commissioner – Vice President Commissioner John Gledhill joined PMI in 1983, serving Charles Bendotti began his career in PMI in marketing and management roles, and in 1999. Besides his current position as Vice progressed in various senior roles in sales, President Commissioner in Sampoerna, he is marketing and general management in serving as Vice President Human Resources PMI affiliates, including in Sampoerna Asia, based in the PMI affiliate in Hong as President Director from 2009 to 2012. Kong. The Extraordinary General Meeting The Extraordinary General Meeting of of Shareholders on December 18, 2012, Shareholders on July 18, 2012, approved approved Charles Bendotti’s appointment as John Gledhill’s appointment as President Vice President Commissioner of Sampoerna, Commissioner of Sampoerna, replacing Paul replacing Eunice Carol Hamilton. Norman Janelle. Board of Directors Paul Norman Janelle M ark Ingo Niehaus Nikolaos Papathanasiou – President Director – Director – Director Paul Norman Janelle joined Mark Ingo Niehaus joined PMI Nikolaos Papathanasiou joined PMI in 1991 and served in in 1993 and served in increasingly PMI in 2002 in Philip Morris increasingly senior roles in several senior roles in Finance in the PMI Hellas, Greece. His career PMI affiliates including Czech O perations Center, Lausanne, progressed as he assumed a Republic, Russia, Indonesia and and at PMI’s affiliates in Portugal number of senior positions in Hong Kong. His nomination and Germany. He is in charge of several PMI affiliates within as President Director of finance and information services the areas of Finance, Business Sampoerna was approved by at Sampoerna since 2011. He has Development and Corporate the Extraordinary Meeting of a Diploma from the University Affairs. He was appointed Shareholders on 18 July 2012. of Applied Science in Bremen, as Sampoerna’s Director at He has a Master’s degree in Germany, and a Bachelor of an Extraordinary General Business Administration and Business Administration from Meeting of Shareholders on Finance from Webster University, Leeds Metropolitan University, 18 December 2012 and is in and a Bachelor of Business UK. charge of Corporate Affairs. Administration and a Bachelor He has a Bachelor of Science in of Science from the University of Accounting and Finance and a O ttawa. Master of Business Administration in International Banking and Finance from the University of Birmingham, UK.


  • Page 15

    15 Annual R ep ort 2012 Niken Rachmad Phang Cheow H ock Goh Kok H o – Commissioner – Independent Commissioner – Independent Commissioner Niken Rachmad joined Sampoerna Phang Cheow Hock has been Goh Kok Ho served in several senior in 1998 as Head of Corporate associated with Sampoerna for positions in PMI affiliates until Communications and then served over 30 years. He served as the 2001. He has a Bachelor’s degree as Communications Director and Shareholders’ Representative and in Economics from the University Corporate Affairs Advisor. She Assistant to the CEO from 1978 to of Malaya. The Annual General joined the Board of Commissioners 1981, and as the Chief O perating Meeting of Shareholders on 27 April in 2011 following her retirement. O fficer from 1990 to 1999, before 2012 approved the appointment She has a Bachelor of Science from being elected Commissioner in of Goh Kok Ho as Commissioner, Universitas Gadjah M ada. 2000 following his retirement. replacing Ekadharmajanto Kasih. Peter Alfred Kurt H aase Shea Lih Goh Wayan M ertasana Tantra Yos Adiguna Ginting – Director - Director – Director – Director Peter Alfred Kurt Haase Shea Lih Goh joined Wayan Mertasana Tantra Yos Adiguna Ginting began joined PMI in 1997 in Godfrey Phillips (Malaysia) has been with Sampoerna for his career in Sampoerna Germany and became Factory Sdn Bhd, a Malaysian more than 20 years, starting in 2002 as O rganization Manager of PMI factories affiliate of PMI, in 1993. out as Supervisor Sales for Development Specialist. in Munich and Berlin before She progressed through one of Sampoerna’s affiliates He progressed through serving in senior management increasingly senior roles in and progressing through several important positions positions in PMI affiliates in marketing and management positions of increasing in Sampoerna and PMI Poland and the Netherlands. in Hong Kong and The responsibility in sales. He is affiliates. He was appointed He was appointed as People’s Republic of China. currently in charge of sales. as Sampoerna’s Director in Sampoerna’s Director at Prior to her current position He has a Master’s degree in charge of external affairs at an Extraordinary General of Director in charge of management from Universitas the Extraordinary General Meeting of Shareholders on marketing at Sampoerna, Airlangga, Surabaya. Meeting of Shareholders 18 December 2012 and is she was General Manager on 18 December 2012. He in charge of operations. He Philip Morris Taiwan, S.A. has a Bachelor of Science has a degree in Mechanical She has a Bachelor’s degree in Chemistry and a Ph.D in Engineering from the Hanover from Monash University, Theoretical Chemistry from University of Technology. Australia, and a Masters the University of Tasmania, of Business Administration Australia. from the University of Hull, United Kingdom.


  • Page 16

    16 Sam p oerna Board of Commissioners’ Message Indonesia continues to show its resilience during the global We are confident that the improving stability and economic economic and financial slowdown and the crisis in Europe. growth of Indonesia will be positive for enhancing Sampoerna’s Indonesia’s key economic indicators have been consistently performance going forward. Sampoerna consistently supports positive. Gross Domestic Product (GDP) grew to 6.2% 1) in balanced and effective tobacco regulation to address public 2012 with strong domestic demand, inflation was modest at concern over the health impact of tobacco products, while at 4.3% 1) year-on-year average in 2012 and consumer confidence the same time takes into account the stability and predictability remained positive. Political stability, foreign exchange rate, of the tobacco industry, which millions of people depend on for lower interest rates, coupled with Indonesia’s credit rating their livelihood. Sampoerna remains committed to supporting upgrade by credit rating agencies remained the major drivers realistic and practical solutions that protect public health and of the rising rate of investment. industry predictability for the long term. We are delighted to report that Sampoerna had another strong T his is the right thing to do and we are confident that year in 2012, with our breakthrough achievement of sales over regulation will create a level playing field where we can 100 billion units volume, along with our other achievements continue to compete effectively. Strong and enforceable on many fronts. O ur sales volume growth to 107.7 billion regulation will provide predictability for our business, protect units outperformed the 8.2% growth of the Indonesian the tobacco industry and address the serious issues relating to tobacco industry, which reached 302.5 billion units. O verall, tobacco use, especially regarding youth smoking. we expanded our presence in the Indonesian cigarette market and reached 35.6% market share2). These achievements reflect The Annual General Meeting of Shareholders on 27 April our sound financial management, agility to respond to market 2012 accepted the resignation of Ekadharmajanto Kasih from dynamics, and competitive product portfolio. O ur key brand his position as an Independent Commissioner of Sampoerna families across the company’s product portfolio recorded and appointed Goh Kok Ho as Sampoerna’s Independent strong volume growth, leading to sustainable positions within Commissioner. Afterward, during the Extraordinary General the Top 10 brand families in the Indonesian cigarette market 2). Meeting of Shareholders held on 18 July 2012, shareholders accepted the resignation of Paul Norman Janelle from Internally, we strive to improve our processes and efficiency by his position as Sampoerna’s President Commissioner continuously implementing improvement programs, resulting and appointed John Gledhill as Sampoerna’s President in productivity improvements across the organization, Commissioner. Furthermore, the Extraordinary General sustaining our capacity for continued growth for the long term. Meeting of Shareholders on 18 December 2012 accepted the resignation of Eunice Carol Hamilton from her position as People remain our focus as we believe that our employees are Vice President Commissioner and accepted the appointment the heart of Sampoerna, on whom our future growth depends, of Charles Bendotti as Vice President Commissioner of and we consistently invest in developing their potential and Sampoerna. supporting their career aspirations through training programs, projects, and international assignments. O n behalf of the Board of Commissioners, we thank Ekadharmajanto Kasih, Paul Norman Janelle and Eunice As we work to reach our long-term growth goals, it is Carol H amilton for their services and commitment to imperative that we fully commit to embrace our role as a Sampoerna. We congratulate and welcome John Gledhill on responsible corporate citizen and continue to share our views his appointment as President Commissioner as well as Charles on important issues such as tobacco regulation, corporate Bendotti as Vice President Commissioner of Sampoerna. governance and fiscal policies, to support both public health and governmental objectives. We demonstrate and maintain All in all, we would like to express our deepest gratitude to our strong commitment to the community, specifically in everyone in Sampoerna in its 99th year. We would like to the areas surrounding our manufacturing facilities and areas thank the Board of Directors for their continuing guidance, where we source tobacco and cloves, in order to provide a strong leadership and passion to excel; our employees for their direct and sustainable impact. hard work, dedication and commitment to Sampoerna; and last but not least our shareholders, business partners, adult Solid corporate governance forms the base of how we do consumers and the Indonesian government for their ongoing business and is the foundation to ensure sound and effective recognition and support of Sampoerna. protection of all company stakeholders. We operate with the highest level of legal compliance, responsible behavior and integrity across Sampoerna. The duties of the Board of Commissioners are further supported by the Audit Committee 1) Indonesia Central Bureau of Statistics and the NRC whose functions are elaborated in a dedicated 2) Based on Nielsen Retail Audit Results Full Year 2012 section of this Annual Report.


  • Page 17

    17 Annual R ep ort 2012 Board of Directors’ Message 2012 was characterized by a host of milestones, ranging from Compliance and integrity across the organization remain Sampoerna’s 99th anniversary to our strong achievements in fundamental to our success and sustainability and we have financial and operational results. We continued our strong achieved high standards throughout the year. A dedicated track record of success in organic sales and earnings growth, compliance team is in place to ensure the right communication and our consistent winning strategic focus enabled us to and to monitor and facilitate compliance initiatives in all areas further cement our market leadership. Annual sales volume including advertising and marketing, government relations, for the year increased by 17.5%, breaking the 100 billion units fiscal awareness, records management and charitable barrier, to reach full year 2012 sales of 107.7 billion cigarettes. contributions. O ur market share grew substantially, reaching 35.6%* for full year 2012. The Extraordinary General Meeting of Shareholders held on 18 July 2012 accepted the resignation of John Gledhill from Known as the leading brand in the Indonesian market, his position as Sampoerna’s President Director and appointed Sampoerna A brand family successfully contributed the highest Paul Norman Janelle as Sampoerna’s President Director. volume growth across our brand portfolio, with 6.4 billion units Afterward, during the Extraordinary General Meeting of or 18.1% growth from last year. We continued investing in the Shareholders on 18 December 2012, shareholders accepted heritage and premiumness of Dji Sam Soe, known as the “King the appointment of Yos Adiguna Ginting, Peter Alfred of Kretek” and the leading SKT in the market, which recorded Kurt Haase and Nikolaos Papathanasiou as Sampoerna’s 4.3% volume growth or an additional 0.9 billion cigarettes. We Directors. O n behalf of the Board of Directors, we thank continued to bring innovative products to our adult smokers, John Gledhill for his services and commitment to Sampoerna, and last year introduced Dji Sam Soe Plus, an SKT product and we warmly welcome Paul Norman Janelle who returns to with rolled tobacco plug (RL Plug). Dji Sam Soe M agnum, the Sampoerna’s Board of Directors as President Director. brand family’s line extension in machine made kretek full flavor (SKM FF), posted a record high volume growth, with Finally, we also thank the employees for their continued 80.7% volume expansion from the previous year. M arlboro, the commitment and outstanding achievements to surpass leading brand in the white cigarettes (SPM) segment, delivered 100 billion units in sales volume; our business partners and 15.2% volume growth, an increase of 1.9 billion units. M arlboro adult smokers for their commitment and loyalty; and our is distributed by Sampoerna in Indonesia. We continued to shareholders for their unwavering support and belief in our invest in strengthening M arlboro’s position as the leading SPM future. brand by introducing M arlboro Ice Blast in 2012. In the mid- price segment, our SKT offering Sampoerna Kretek 12 sticks grew 2.0 billion units or 19.2% while U M ild, an SKM Low Tar Low Nicotine brand, was the second highest volume contributor within our portfolio, growing 4.0 billion units, up 68.5% from last year. O ur regional brand portfolio, Vegas M ild, T rend M ild, Sampoerna Pas and Panamas Kuning together contributed a combined 5.2 billion units last year. Throughout 2012, we invested a great deal of time and effort to ensure our people are aligned behind our strategy map in order to drive sustainable performance improvement. We believe our employees are our future and our greatest strength, and were delighted to see the progress made through the PMI Employee O pinion Pulse Survey, which demonstrated solid improvements in the two key dimensions of Managerial Effectiveness and Growth & Development. * Based on Nielsen Retail Audit Results Full Year 2012


  • Page 18

    18 Sam p oerna Audit Comittee Report As set out in the Audit Committee Charter, the Audit Report. The discussions highlighted the fair presentation and Committee (“Committee”) assists the Company’s Board of reasonableness of the judgmental factors and appropriateness Commissioners (“Commissioners”) in fulfiling its statutory of significant accounting policies used in the preparation and fiduciary duties and responsibilities. The responsibilities of the financial statements. T he Committee is satisfied of the Committee include reviewing the Company’s financial with the assurance given by the external auditors that the statements, the work of internal audit, the implementation of financial statements have been prepared and fairly presented risk management and the compliance with capital market and in accordance with the Indonesian financial accounting other statutory regulations. standards. Activities of the Audit Com m ittee Internal Audit T he Committee undertakes its activities in accordance The Committee reviewed the Internal Audit programs and with the agreed annual work plan. In fulfilling its roles work plan for the year 2012 and monitored the progress and responsibilities during 2012, a number of reports regularly. The Committee is pleased with the progress made and documents were reviewed, and regular meetings and with the implementation of the risk management and internal discussions were conducted. Reports reviewed include controls vis-à- vis the implementation of the Sarbanes-O xley internal and external audit reports. Act. The Committee met on nine occasions for the period of April External Auditors 1, 2012 to March 31, 2013. Most of the meetings were also KAP T anudiredja, Wibisana & Rekan, a member firm attended, by invitation, by the Directors, Head of Internal of PricewaterhouseCoopers, was reappointed as external Audit, Corporate Secretary, Legal O fficers and Tax O fficers. auditors to audit the Company’s financial statements for Meetings with the Head of Internal Audit were held to the year ended December 31, 2012. In its meetings with the discuss the internal audit reports and findings, and to assess external auditors, the Committee reviewed and was satisfied the effectiveness of the internal controls. Meetings with the with the efficiency and effectiveness of its work and their Director in charge of finance and information services and review of the adequacy of the company internal controls. Legal O fficers were held in order to ensure the reliability of T he Committee was further assured that there were no financial information and the compliance with the prevailing scope limitations on the work of the auditors and that all the laws and regulations. significant risks were considered in the audit. T he Committee met on three occasions with the external Com pliance w ith Legal and Regulatory Requirem ents auditors. In these meetings, the Committee reviewed the work T he Committee has been updated by the Company of the external auditors and their independence, including the Legal O fficers on the changes, the developments and the non-audit services. Company’s compliance with the various rules, regulations and laws relating to the Company’s business operations. The During the year, the Committee visited the Regional/ Area Company’s Legal O fficers also assured the Committee that Sales O ffices, wholesalers, Key Accounts and retail outlets there were no significant lawsuit and litigation cases from in Surabaya, Bandung, Balikpapan and Denpasar; clove external or internal parties against the Company. farming, harvesting and related activities by third-party farmers at Jombang; and a manufacturing plant and PT Other Sampoerna Printpack. The Committee was updated by the Company Legal O fficers and Tax O fficers with the proposed and/ or implemented The following areas were addressed in the reviews, meetings conflict of interest transactions in 2012. and discussions. Jakarta, 27 March 2013 Financial Statem ents The Committee reviewed and discussed with the management members and the external auditors, the Company’s accounting policies and practices, the interim and the audited annual financial statements for the year ended December 31, 2012 submitted to the capital market authority, published Phang Cheow H ock Goh Kok H o Dr. R onny Kusuma in the national newspapers and included in the Annual M untoro Chairman Member Member


  • Page 19

    “I have joined the Sampoerna Entrepreneurship Training Center (SETC) and participated in a variety of trainings including on marketing strategy, packaging design and financial planning. After joining the SETC, my business has grown rapidly and now I produce eleven kinds of instant herbal drink products.” Karyani – SET C Beneficiary


  • Page 20

    “I have been in a partnership with Sampoerna for 17 years. Sampoerna has given much support to my store through programs such as touring together, a birthday surprise and others. I hope that on Sampoerna’s centenary it will remain as a leading tobacco company in Indonesia. “ Syafrudin T iti Urako – Sampoerna Retail Community, Surabaya


  • Page 21

    21 Annual R ep ort 2012 Regulatory & Fiscal Environment T he Government of Indonesia in December 2012 passed In 2012, Sampoerna paid Rp27.7 trillion in excise tax, into law the government regulation on tobacco control (GR making us one of the largest contributors of tobacco excise No. 109/ 2012), and we welcome the fact that the regulation tax in Indonesia. O ur contribution comprised 30.6% of the contains a ban on sales to minors. Sampoerna has consistently government’s total domestic revenue from tobacco excise tax, supported the formulation of comprehensive and balanced which amounted to Rp90.5 trillion in 2012*. regulation that is mindful of the reality, scale, and heritage of the tobacco sector in Indonesia. T he unique clove cigarette (kretek) industry of Indonesia provides employment for approximately six million people Sampoerna also signed a one-year agreement in September and is a significant contributor in excise tax and other taxes 2012 with a non-governmental organization called to the Government of Indonesia. Sampoerna continues to Modernisator, to sponsor Modernisator’s program to raise recommend that the government factor in the importance awareness about the health impact of smoking among high of protecting employment when considering future excise school students, educators and parents. T he program is tax policy. managed solely by Modernisator with two universities in Jakarta and Surabaya. We continue to communicate our support of tobacco excise system simplification, in line with the T obacco Industry Sampoerna had total workforce absorption amounting to Roadmap whose goals are state revenue, employment and approximately 89,500 people at the end of 2012. This figure health. includes about 61,000 workers in 38 T PO s located in 27 regencies on Java Island. In November 2012, the Indonesian Ministry of Finance issued a new policy for 2013 on tobacco products’ excise tax structure, which simplifies the structure by merging several layers within the SKM and SPM segments. T here was no change to the SKT segment. 2012 2011 2010 Realized Realized Realized National Revenue from Tobacco excise tax (Rp., Trillion)** 90.5* 73.3 63.3 Sam poerna Paid excise tax (excludes VAT & PMID) 27.7 19.7 16.0 % Sam poerna excise tax 30.6% 27% 25% contribution * Source: Directorate General of C ustoms & Excise during 2013 Excise Socialization on 17 January 2013 ** 2013 Financial Notes & State Budget, Law No. 19/ 2012: 2013 State Budget


  • Page 22

    22 Sam p oerna Corporate Social Responsibility For Sampoerna, investing in the welfare of society at large Empowering local communities is of equal importance to investing in the future of our Sampoerna supports programs to develop small businesses business. We support various social responsibility programs and grow existing businesses. T he support is provided by to improve living conditions in areas where our employees the SETC - established in 2007 in Pasuruan, East Java - in live and work, as well as tobacco farmers from whom we cooperation with related stakeholders including government source our tobacco. T his approach drives our Corporate agencies, academicians, business entities and communities. Social Responsibility (“CSR”) programs, which focus on O ver the past five years, Sampoerna through SET C has poverty alleviation, education, environmental conservation been acknowledged as one of the nation’s entrepreneurship and disaster relief. activators, especially in encouraging small business start-ups. Sampoerna’s CSR begins with the communities surrounding 2012 highlights our manufacturing facilities and in regions where we source Almost 35,000 visitors at the SET C since it was the tobacco and cloves for our products. Each CSR initiative established, and approximately 11,000 of whom is designed to have a direct and sustainable impact on the attended training at the facility. T raining programs beneficiaries. O ur employees also participate in many of our include animal husbandry, machinery, food processing initiatives through the Sampoerna Volunteers Club (SVC). and product packaging and labeling. In 2012, Sampoerna’s support of CSR programs amounted to over Rp19 billion. In 2012, Sampoerna also deployed entrepreneurship development programs in Pasuruan, Surabaya, Malang, Karawang, Banjarmasin, Bandung, Lumajang, Lampung and Probolinggo, to broaden the economic impact of our entrepreneurship programs to other areas. The programs benefited around 1,500 people, including the establishment of 47 new small businesses. Support continued for the System of R ice Intensification (“SRI”) program, which began in 2008 and has been implemented on more than 1,175 hectares of land in Sukorejo, Pasuruan, Jember, Probolinggo, Lumajang, Bandung, Tasikmalaya, and Karawang. T raining on the SRI method has been given to more than 2,600 farmers and 3,100 farm workers, in addition to training for 500 SRI agents and composting training for 1,700 farmers.


  • Page 23

    23 Annual R ep ort 2012 Environmental conservation Education Sampoerna supports initiatives to reduce and mitigate the Sampoerna is committed to supporting programs that potential risk of environmental disaster which endangers the improve access to high quality education and raise the quality existence of the community as well as business, and to ensure of education professionals. the sustainability of its raw materials, notably tobacco leaf and cloves. 2012 highlights Educator Empowerment Program and O pen Class 2012 highlights Program given directly and indirectly to more than Donation of 5,000 trees in Kepuharjo Village, 200 principals of high schools and vocational high Cangkringan, Sleman, Jogjakarta Province, as part schools in three areas of East Java, namely Lumajang, of an effort to reforest the areas around the slopes of Probolinggo and Jember Mount Merapi. Leadership Development Program and T eaching Sampoerna and local community members worked Q uality Improvement T raining provided to 400 together to plant 7,000 trees in Batu Busuk and teachers of high schools and vocational high schools Malvinas, Padang, to help recover the areas that were in four areas of East Java, namely Lumajang, damaged by natural disasters. Probolinggo, Jember, and Pamekasan. Sampoerna undertook the planting of about 70,000 T eacher Learning Centers was handed over to the mangrove trees in Surabaya’s East Coast area as part O ffice of Education in Surabaya, Pasuruan and of the planting program of 99,000 trees in Surabaya, Kawarang to support the efforts to improve teaching T egal, Cirebon, Pekanbaru, T angerang, Lampung quality for more than 1,000 high school educators. and Makassar, in commemoration of Sampoerna’s 99th anniversary. 1,163 people gained information on child labor prevention and child rights to access education through Provided Good Agricultural Practices (“GAP”) the Agricultural Labor Practices and Education for All training and coaching to tobacco farmers from West seminar conducted in 9 locations (Jember, Jombang, Java and East Java. GAP is aimed at improving Pamekasan, Lumajang, Probolinggo, Nganjuk, tobacco farmers’ productivity and the quality of Banyuwangi, Ponorogo and Sumenep). tobacco in a sustainable manner.


  • Page 24

    24 Sam p oerna Disaster relief Situated atop two tectonic plates and the Pacific Ring of Fire, Indonesia is under frequent threat of natural disaster. In 2012, the Sampoerna Rescue team reached a milestone of 10 years’ experience in disaster relief in Indonesia and continued to play an active role in responding to disasters. 2012 highlights The Sampoerna Search & Rescue Training Center was inaugurated in Pasuruan, East Java, to share the expertise of the Sampoerna Rescue team in facilitating disaster emergency and mitigation training for tens of thousands of community members across Indonesia. In 2012, Sampoerna Rescue supported disaster preparedness training for around 4,000 people. Sampoerna Rescue held a Health Service Week in Bekasi and Karawang regencies, West Java. T he service was focused on providing free health checkups for the people of Karawang and Bekasi regencies with a service capacity of 1,200-1,800 people during the six-day event. In total, Sampoerna provided medical services to almost 12,000 people during 2012 in a total of 22 locations. Sampoerna undertook a risk mitigation and disaster preparedness program, as well as disaster awareness by providing training on an early warning system for communities living around Mount Semeru, East Java. Approximately 1,500 people and 190 disaster response teams from 34 villages in Kediri, Blitar and Malang regencies benefited. Sampoerna supported the construction of 45 earthquake-proof homes for the benefit of residents of Seraya Barat and Bukit villages, Karangasem Regency, and Sanggalangit and Gerogak villages, Buleleng Regency in Bali Province.


  • Page 25

    25 Annual R ep ort 2012 Environment, H ealth and Safety Product Liability and Quality Assurance Sampoerna is committed to providing a safe workplace, Sampoerna has a consumer-focused approach for its sales and health and safety, as well as adequate work areas, prevention marketing, which is also applied to the handling of consumer of injury and disease, environmental pollution and reducing complaints. Legitimate complaints from consumers regarding safety threats to its employees. possible product quality issues are handled by our Q uality Assurance team, tasked with documenting and analyzing The success of this commitment depends on the engagement the product in question, and engaging with the consumer of all employees who are willing to implement best practices with regard to the data required for further documentation of quality, environment, health, safety and security in processing as part of our internal quality assurance process. Sampoerna, including the following: Minimizing natural resources consumption and reducing the environmental impact of our business activities. Improving health and safety activities in our business, including fleet safety, manufacturing safety, safety at all Sampoerna events, and conducting occupational health programs. 2012 highlights Achieved the Blue PRO PER rating for the Sukorejo plant, reflecting compliance toward environmental provisions of the Ministry of Environment. Recertification of the ISO 14001:2004 Environmental Management System at manufacturing facilities in Sukorejo, Karawang, Surabaya, and Malang. Production waste footprint decreased by 6% from 393.7 kg/ million sticks to 369.2 kg/ million sticks in 2012, and we successfully reached a 87.8% recycling rate for production waste. Production waste includes plastic, paper, filter materials, and wood, which were sorted at the production areas prior to being sent to a third party for recyling.


  • Page 26

    26 Management Discussion Sam p oerna & Analysis Below are general explanations of trends, events and key sales volume was 23.7 billion units, up by 7.0% from 22.1 factors that are most relevant to Sampoerna’s operating billion units in 2011. The Sampoerna Kretek brand family’s sales performance and financial results in 2012. This discussion and volume increased by 15.9% to 13.7 billion units from 11.8 analysis should be read in conjunction with the Consolidated billion units in 2011. Financial Statements and its notes thereto. Cost of Goods Sold Operating Perform ance The consolidated cost of goods sold of Rp48.1 trillion in 2012 was up 27.8% versus the Rp37.7 trillion recorded during 2011. 2012 Net Sales and Volum e The increase in cost of goods sold is mainly due to higher Total consolidated net sales reached Rp66.6 trillion and were volumes, inflation-driven cost increases, and an increase in 26.1% above the Rp52.9 trillion achieved in 2011. excise tax. Consolidated gross margins rose to Rp18.5 trillion in 2012 from Rp15.2 trillion in 2011, driven by higher sales Net sales from the Indonesia cigarette business increased to volume. Rp66.6 trillion, up 26.0% from the Rp52.8 trillion achieved during 2011. Overall, Indonesia cigarette net sales contributed Selling and General & Adm inistrative Expenses 99.9% to Sampoerna’s total consolidated net sales. The solid Total consolidated Selling and General & Administrative performance in the Indonesia cigarette operation was mainly expenses amounted to Rp5.2 trillion, an increase of 12.6% driven by a combination of higher sales volumes during the from Rp4.6 trillion in 2011. The increase was mainly driven by year, which amounted to 107.7 billion units vs. 91.7 billion higher volume and inflation-driven cost increases as reflected units in 2011, and price increases taken during the year. In in the higher salaries, wages and employee benefits, advertising 2012, Sampoerna continued to be the market leader in terms and promotion and distribution expenses. O verall, operating of market position, achieving a 35.6%* share. expenses as a percentage of net sales decreased from 8.7% in 2011 to 7.7% in 2012. The M arlboro brand family contributed 13.5% and 12.6% of the total Indonesia cigarette sales volume and net sales Other Incom e and Expenses respectively including M arlboro Ice Blast which was launched Consolidated other income and other expenses was in O ctober 2012, versus a 13.8% and 12.6% contribution, significantly lower compared to 2011 when Sampoerna respectively, in 2011. received proceeds of the sale of trademarks for the Malaysian market in 2011. In 2012, consolidated other income and other The Sampoerna A brand family continued to be the largest expenses amounted to Rp52.5 billion (net other expenses). contributor to Sampoerna’s SKM portfolio, registering a total sales volume of 41.9 billion units, up by 18.1% versus the prior Financing Incom e and Expenses year. The Sampoerna A family contributed 38.9% and 41.2% Total financing income is mainly derived from interest received of Sampoerna’s total Indonesia sales volume and net sales, from the short-term loan to PMID and this remained relatively respectively, versus 38.7% and 40.1%, respectively, in 2011. U flat in 2012 at Rp 120.0 billion. The financing expenses were M ild was the second largest contributor to Sampoerna’s SKM up by Rp13.0 billion to Rp34.7 billion versus Rp21.7 billion portfolio, registering a significant increase in sales volume in 2011 mainly due to bank borrowing to finance Sampoerna’s and net sales of 68.5% and 72.0%, respectively, versus the working capital. prior year. In addition, Vegas M ild and T rend M ild in 2012 contributed 2.8% and 1.4% in sales volume and net sales, Profi t Attributable to Ow ner of the Parent respectively. Profit attributable to owner of the parent for 2012 was Rp9.9 trillion, up by 23.3% from the Rp8.1 trillion achieved in 2011. O verall, net sales from Sampoerna’s SKM brands increased by 30.7%, representing 48.8% of Sampoerna’s total Indonesia Liquidity and Capital Resources cigarette net sales. Sales volume in this category also increased Net cash flows provided from operating activities decreased by 24.0% to 54.8 billion units. from Rp11.1 trillion in 2011 to Rp4.1 trillion in 2012, driven primarily by higher excise tax payments and higher purchases Total sales volume achieved by Sampoerna’s SKT brands of raw materials, partially offset by higher net sales. was 38.4 billion units, an increase of 10.1% compared to 34.9 billion units in 2011, driven mainly by the Dji Sam Soe and Consolidated cash and cash equivalents decreased from Sampoerna Kretek brand families. The Dji Sam Soe brand family Rp2.1 trillion as at December 31, 2011, to Rp0.4 trillion as


  • Page 27

    27 Annual R ep ort 2012 at December 31, 2012, mainly due to higher amounts of cash used in operating activities in 2012 versus 2011, partially offset by lower dividend payments in 2012 versus 2011. Current assets were Rp21.1 trillion as at December 31, 2012, up from Rp14.9 trillion as of December 31, 2011, reflecting higher inventories and advances for the purchase of tobacco, partially offset by lower cash and cash equivalents. Non-current assets were slightly higher at Rp5.1 trillion as of December 31, 2012 compared with Rp4.5 trillion as at December 31, 2011. O verall, total assets increased from Rp19.3 trillion as at December 31, 2011 to Rp26.2 trillion as at December 31, 2012. Current liabilities as at December 31, 2012, were Rp11.9 trillion, up by Rp3.5 trillion versus December 31, 2011, mainly due to an increase in borrowings and excise tax payable. Non- current liabilities as at December 31, 2012, increased by Rp0.4 trillion versus December 31, 2011, mainly due to higher post- employment benefits. Total liabilities as at December 31, 2012, amounted to Rp12.9 trillion, up by Rp3.9 trillion versus December 31, 2011, mainly due to borrowings and excise tax payable. Capital expenditure increased by Rp243.6 billion to Rp687.1 billion in 2012 from Rp443.9 billion in 2011. The consolidated debt to equity ratio increased to 0.18:1.0 as at December 31, 2012, compared to 0.01:1.0 as at December 31, 2011. The total dividend declared in 2012 was Rp7.7 trillion (Rp1,750 per share) compared with Rp7.2 trillion (Rp1,640 per share) in 2011. Total dividend payments amounted to Rp6.8 trillion (Rp1,550 per share) in 2012 and Rp12.1 trillion (Rp2,750 per share) in 2011. Affi liated Transaction of the Related Party Information regarding transactions with related parties conducted by Sampoerna is as stated in Sampoerna’s Consolidated Financial Statements notes No. 25 - Related Party Information. * Based on Nielsen Retail Audit Results Full Year 2012


  • Page 28

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASI/ CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011/ DECEMBER 31, 2012 AND 2011


  • Page 29

    LK pwe LAPORAN AUDITOR INDEPENDEN INDEPENDENTAUDITOR'S REPORT KEPADA PARA PEMEGANG SAHAM TO THE SHAREHOLDERS OF PT HANJAYA MANDALA SAMPOERNATbk Kami telah mengaudit laporan posisi keuangan We have audited the accompanyingconsolidated konsolidasian PT Hanjaya Mandala Sampoerna statements of financial position PT Hanjaya Tbk (“Perusahaan”) dan entitas anak (bersama- Mandala Sampoerna Tbk (the “Company”) and samadisebut “Grup”) tanggal 31 Desember 2012 subsidiaries (together, the “Group”) as at 31 dan 2011, laporan laba rugi komprehensif, December 2012 and 2011, and the related laporan perubahan ekuitas dan laporan arus kas consolidated statements of comprehensive konsolidasian untuk tahun yang berakhir pada income, statements of changes in equity and cash tanggal-tanggal tersebut. Laporan keuangan flows for the years then ended. These konsolidasian adalah tanggung jawab manajemen consolidated financial statements are the Perusahaan. Tanggung jawab kamiterletak pada responsibility of the Company’s management. pernyataan pendapat atas laporan keuangan Our responsibility is to express an opinion on konsolidasian berdasarkan audit kami. these consolidated financial statements based on our audits. Kami melaksanakan audit berdasarkan standar We conducted our audits in accordance with auditing yang ditetapkan Institut Akuntan Publik auditing standardsestablished by the Indonesian Indonesia. Standar tersebut mengharuskan kami Institute of Certified Public Accountants. Those merencanakan dan melaksanakan audit agar standards require that we plan and perform the memperoleh keyakinan memadai bahwalaporan audit to obtain reasonable assurance about keuangan bebas dari salah saji material. Suatu whether the financial statements are free from audit meliputi pemeriksaan, atas dasar pengujian, material misstatement. An audit includes bukti-bukti yang mendukung jumlah-jumlah dan examining, on a test basis, evidence supporting pengungkapan dalam laporan keuangan. Audit theamounts and disclosures in the financial juga meliputi penilaian atas prinsip akuntansi statements. An audit also includes assessing the yang digunakan dan estimasi signifikan yang accounting principles used and significant dibuat oleh manajemen,serta penilaian terhadap estimates made by management, as well as penyajian laporan keuangan secara keseluruhan. evaluating the overall presentation of the Kami yakin bahwa audit kami memberikan dasar financial statements. We believe that our audits memadai untuk menyatakan pendapat. providea reasonablebasisfor our opinion. Plaza89, Jl. H.R. Rasuna Said Kav. X-7 No.6 Jakarta 12940 - INDONESIA, P.O. Box 2473 JKP 10001 T: +62 21 5212901, F:+ 62 21 52905555 / 52905050, www.pwe.com/id NomorIzin Usaha: KEP-151/KM.1/2010. A130314004/DC2/ANR/1II/2013


  • Page 30

    a pwe Menurut pendapat kami, laporan keuangan In our opinion, the consolidated financial konsolidasian yang kamisebutdi atas menyajikan statements referred to above presentfairly, in all secara wajar, dalam semua hal yang material, material respects, the consolidated financial posisi keuangan konsolidasian PT Hanjaya position ofPT Hanjaya Mandala Sampoerna Tbk Mandala Sampoerna Tbk dan entitas anak pada and subsidiaries as at 31 December 2012 and tanggal 31 Desember 2012 dan 2011, dan hasil 2011, and the consolidated results of their usaha serta arus kas konsolidasian untuk tahun operations and cash flows for the years then yang berakhir pada tanggal-tanggal tersebut ended, in conformity with Indonesian Financial sesuai dengan Standar Akuntansi Keuangan di Accounting Standards. Indonesia. JAKARTA 14 Maret/March 2013 > = Andry D Atmadja, SE. Ak., CPA Surat Izin Praktek Akuntan Publik/Licence ofPublicAccountant No.AP.0234 NOTICE TO READERS The accompanying consolidated financialstatements are notintendedto present the consolidatedfinancial position, consolidated results of operations and consolidated cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Indonesia. The standards, procedures and practices utilised to audit such consolidated financialstatements may differfrom those generally accepted in countries andjurisdictionsother than Indonesia. Accordingly, the accompanying consolidated financial statements and the auditor's report thereon are not intended for use by those who are not informed about Indonesian accounting principles and auditing standards, andtheirapplicationin practice. A130314004/DC2/ANR/1I1/2013


  • Page 31

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASI FINANCIAL POSITION 31 DESEMBER 2012 DAN 2011 AS AT DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) Catatan/ 2012 Notes 2011* ASET ASSETS Aset lancar Current assets Kas dan setara kas 783,505 4 2,070,123 Cash and cash equivalents Piutang usaha 5 Trade receivables - Pihak ketiga 983,865 823,248 Third parties - - Pihak-pihak berelasi 92,680 25 68,165 Related parties - Piutang lainnya Other receivables - Pihak ketiga 26,262 50,158 Third parties - - Pihak-pihak berelasi 269,947 25 151,335 Related parties - Persediaan 15,669,906 6 8,913,348 Inventories Pajak dibayar di muka 599,090 15a 511,105 Prepaid taxes Advance for purchase Uang muka pembelian tembakau 2,506,777 27c 2,058,317 of tobacco Biaya dibayar dimuka 160,797 7 176,097 Prepayments Aset tidak lancar yang dimiliki Non-current assets held untuk dijual 35,484 10 29,564 for sale Jumlah aset lancar 21,128,313 14,851,460 Total current assets Aset tidak lancar Non-current assets Investasi pada entitas asosiasi 24,783 8 22,177 Investment in associate Properti investasi 141,005 9 - Investment property Aset tetap 4,115,078 10 3,850,665 Fixed assets Tanah untuk pengembangan 144,139 173,519 Land for development Aset pajak tangguhan 164,862 15d 94,237 Deferred tax assets Goodwill 60,423 11,26,27b 60,423 Goodwill Aset tidak lancar lainnya 468,924 30 277,277 Other non-current assets Jumlah aset tidak lancar 5,119,214 4,478,298 Total non-current assets JUMLAH ASET 26,247,527 19,329,758 TOTAL ASSETS * Disajikan kembali (lihat Catatan 2a dan 30) * Restated (see Note 2a and 30) Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 1/1 Page


  • Page 32

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASI FINANCIAL POSITION 31 DESEMBER 2012 DAN 2011 AS AT DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) Catatan/ 2012 Notes 2011* LIABILITAS LIABILITIES Liabilitas jangka pendek Current liabilities Pinjaman 12 Borrowings - Pihak ketiga 493,319 - Third parties - - Pihak berelasi 1,812,884 25 - Related parties - Utang usaha dan lainnya 13 Trade and other payables - Pihak ketiga 1,374,131 1,273,856 Third parties - - Pihak-pihak berelasi 1,053,980 25 664,249 Related parties - Utang pajak 15b Taxes payable - Pajak penghasilan badan 476,447 580,496 Corporate income tax - - Pajak lain-lain 891,849 891,253 Other taxes - Utang cukai 5,295,906 16 4,464,140 Excise tax payable Akrual 443,485 14,30 438,276 Accruals Kewajiban imbalan pascakerja Post-employment benefit - jangka pendek 30,388 23 25,977 obligations - current Liabilitas sewa pembiayaan Finance lease liabilities - jangka pendek 25,588 17 30,161 - current Jumlah liabilitas jangka pendek 11,897,977 8,368,408 Total current liabilities Liabilitas jangka panjang Non-current liabilities Post-employment benefit Kewajiban imbalan pascakerja 854,970 23 556,869 obligations Liabilitas pajak tangguhan 5,091 15d 5,549 Deferred tax liabilities Liabilitas sewa pembiayaan Finance lease liabilities - jangka panjang 56,037 17 50,043 - long-term Pendapatan tangguhan 125,032 27a 46,219 Deferred revenue Jumlah liabilitas jangka panjang 1,041,130 658,680 Total non-current liabilities Jumlah liabilitas 12,939,107 9,027,088 Total liabilities EKUITAS EQUITY Ekuitas yang dapat diatribusikan Equity attributable to the kepada pemilik entitas induk owners of the parent Modal saham Share capital Modal dasar - 6.300.000.000 Authorised capital saham biasa dengan - 6,300,000,000 ordinary nilai nominal Rp100 shares with par value of (Rupiah penuh) per saham Rp100 (full Rupiah) per share Modal ditempatkan dan disetor Issued and fully paid - penuh - 4.383.000.000 4,383,000,000 saham biasa 438,300 18 438,300 ordinary shares Tambahan modal disetor 136,937 19,30 142,958 Additional paid-in capital Selisih kurs karena penjabaran Cumulative translation laporan keuangan 647,317 616,400 adjustments Ekuitas lainnya (29,721) (29,721) Other reserves Saldo laba Retained earnings - Dicadangkan 90,000 90,000 Appropriated - - Belum dicadangkan 12,025,587 9,044,733 Unappropriated - Jumlah ekuitas 13,308,420 10,302,670 Total equity JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND EKUITAS 26,247,527 19,329,758 EQUITY * Disajikan kembali (lihat Catatan 2a dan 30) * Restated (see Note 2a and 30) Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 1/2 Page


  • Page 33

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN LABA RUGI CONSOLIDATED STATEMENTS OF KOMPREHENSIF KONSOLIDASI COMPREHENSIVE INCOME UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali laba per saham dasar) except basic earnings per share) Catatan/ 2012 Notes 2011 Penjualan bersih 66,626,123 20,25b 52,856,708 Net revenues 10,20, Beban pokok penjualan (48,118,835) 21,25 (37,661,205) Cost of goods sold Laba kotor 18,507,288 15,195,503 Gross profit Beban penjualan (4,183,635) 10,21 (3,562,619) Selling expenses General and administrative Beban umum dan administrasi (973,203) 10,21 (1,015,497) expenses Penghasilan lain-lain 59,383 385,362 Other income Beban lain-lain (114,523) (203,805) Other expenses Penghasilan keuangan 120,025 25 123,794 Finance income Biaya keuangan (34,684) 22,25 (21,673) Finance costs Bagian atas hasil bersih entitas asosiasi 2,606 8 10,017 Share of results of associate Laba sebelum pajak penghasilan 13,383,257 10,911,082 Profit before income tax Beban pajak penghasilan (3,437,961) 15c (2,846,656) Income tax expense Laba tahun berjalan 9,945,296 8,064,426 Profit for the year Laba/(rugi) komprehensif Other comprehensive lain income/(loss) Selisih kurs karena penjabaran Cumulative translation laporan keuangan 30,917 (13,369) adjustment Kerugian aktuarial atas Actuarial loss from imbalan pascakerja (227,713) 23 - post-employment benefit Beban pajak penghasilan terkait 56,921 15 - Related income tax expense Rugi komprehensif lain, Other comprehensive setelah pajak (139,875) (13,369) loss, net of tax JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE TAHUN BERJALAN 9,805,421 8,051,057 INCOME FOR THE YEAR Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 2/1 Page


  • Page 34

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN LABA RUGI CONSOLIDATED STATEMENTS OF KOMPREHENSIF KONSOLIDASI COMPREHENSIVE INCOME UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali laba per saham dasar) except basic earnings per share) Catatan/ 2012 Notes 2011 Laba/(rugi) yang diatribusikan kepada: Profit/(loss) attributable to: Pemilik entitas induk 9,945,296 8,065,414 Owners of the parent Kepentingan nonpengendali - (988) Non-controlling interest 9,945,296 8,064,426 Jumlah laba/(rugi) Total comprehensive komprehensif yang income/(loss) diatribusikan kepada: attributable to: Pemilik entitas induk 9,805,421 8,052,045 Owners of the parent Kepentingan nonpengendali - (988) Non-controlling interest 9,805,421 8,051,057 Basic earnings per share Laba per saham dasar (full Rupiah) calculated (Rupiah penuh) dihitung based on outstanding berdasarkan jumlah rata-rata weighted average tertimbang saham yang beredar number of shares of sebesar 4.383.000.000 saham 2,269 1,840 4,383,000,000 shares Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 2/2 Page


  • Page 35

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN PERUBAHAN EKUITAS KONSOLIDASI CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2012 DAN 2011 FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah) (Expressed in millions of Rupiah) Dapat diatribusikan kepada pemilik entitas induk/Attributable to owners of the parent Selisih kurs karena Tambahan Saldo laba penjabaran Kepentingan modal belum Saldo laba laporan non- Modal disetor/ dicadangkan/ dicadangkan/ keuangan/ Ekuitas pengendali/ Jumlah saham/ Additional Retained Retained Cumulative lainnya/ Non- ekuitas/ Catatan/ Share paid-in earnings - earnings - translation Other Jumlah/ controlling Total Notes capital capital unappropriated appropriated adjustments reserves Total interest equity Balance as at Saldo 1 Januari 2011, January 1, 2011, dilaporkan sebelumnya 438,300 42,077 9,044,039 90,000 629,769 (29,721) 10,214,464 988 10,215,452 as previously reported Adjustment in relation to Penyesuaian sehubungan implementation of dengan penerapan SFAS No. 53 PSAK No. 53 (Revisi 2010) * 19 - 81,894 - - - - 81,894 - 81,894 (Revised 2010) * Balance as at Saldo 1 Januari 2011, January 1, 2011, setelah penyesuaian 438,300 123,971 9,044,039 90,000 629,769 (29,721) 10,296,358 988 10,297,346 after adjustment Laba tahun berjalan - - 8,065,414 - - - 8,065,414 (988) 8,064,426 Profit for the year Rugi komprehensif lain - - - - (13,369) - (13,369) - (13,369) Other comprehensive loss Jumlah laba komprehensif Total comprehensive tahun berjalan - - 8,065,414 - (13,369) - 8,052,045 (988) 8,051,057 income for the year Pembayaran berbasis saham * 19 - 18,987 - - - - 18,987 - 18,987 Share-based payment * Dividen 24 - - (8,064,720) - - - (8,064,720) - (8,064,720) Dividend Balance as at Saldo 31 Desember 2011 438,300 142,958 9,044,733 90,000 616,400 (29,721) 10,302,670 - 10,302,670 December 31, 2011 Laba tahun berjalan - - 9,945,296 - - - 9,945,296 - 9,945,296 Profit for the year Rugi komprehensif lain - - (170,792) - 30,917 - (139,875) - (139,875) Other comprehensive loss Jumlah laba komprehensif Total comprehensive tahun berjalan - - 9,774,504 - 30,917 - 9,805,421 - 9,805,421 income for the year Pembayaran berbasis saham * 19 - (6,021) - - - - (6,021) - (6,021) Share-based payment * Dividen 24 - - (6,793,650) - - - (6,793,650) - (6,793,650) Dividend Balance as at Saldo 31 Desember 2012 438,300 136,937 12,025,587 90,000 647,317 (29,721) 13,308,420 - 13,308,420 December 31, 2012 *) Penyesuaian sehubungan dengan penerapan PSAK No. 53 (Revisi 2010) *) Adjustment in relation to implementation of SFAS No. 53 (Revised 2010) (Catatan 2a dan 30) (Note 2a and 30) Catatan atas laporan keuangan konsolidasi merupakan bagian yang The accompanying notes form an integral part tidak terpisahkan dari laporan keuangan konsolidasi. of these consolidated financial statements. Halaman 3 Page


  • Page 36

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN ARUS KAS KONSOLIDASI CONSOLIDATED STATEMENTS OF CASH FLOWS UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED PADA TANGGAL 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah) (Expressed in millions of Rupiah) Catatan/ 2012 Notes 2011 Cash flows from operating Arus kas dari aktivitas operasi activities Penerimaan kas dari pelanggan 72,057,034 57,367,765 Cash receipts from customers Pembayaran kas kepada Cash payments to pemasok dan karyawan (31,126,541) (19,123,119) suppliers and employees Pembayaran pajak penghasilan Corporate income tax badan (3,473,951) (2,495,708) paid Pembayaran cukai (33,421,551) (24,766,686) Excise tax paid Biaya keuangan (34,684) (21,247) Finance costs Penghasilan keuangan 120,025 123,794 Finance income Kegiatan usaha lainnya (32,837) 3,471 Other operating activities Arus kas bersih yang diperoleh Net cash generated dari aktivitas operasi 4,087,495 11,088,270 from operating activities Cash flows from investing Arus kas dari aktivitas investasi activities Penerimaan dari penjualan: Proceeds from sale of: - Merek dagang - 27b 297,234 Trademark - - Aset tetap 59,204 10 50,136 Fixed assets - Pembayaran untuk: Payments for: Purchases of fixed assets - - Pembelian aset tetap dan tanah and land for untuk pengembangan (687,128) 29 (443,946) development Construction of an - - Pembangunan properti investasi (113,609) 9 - investment property Pemberian pinjaman kepada pihak Placement of loan to berelasi (150,689) (60,109) related party Penerimaan dari pinjaman pihak Repayment of loan from berelasi 32,078 23,363 related party Arus kas bersih yang digunakan Net cash used in untuk aktivitas investasi (860,144) (133,322) investing activities Cash flows from financing Arus kas dari aktivitas pendanaan activities Penerimaan dari utang bank Proceeds from short-term jangka pendek 115,000 12 - borrowings Penerimaan pinjaman dari pihak Proceeds from loan from berelasi 1,812,884 12 - a related party Pembayaran kembali sewa Repayments of finance pembiayaan (26,522) (38,734) leases Dividen yang dibayarkan kepada Dividends paid to pemegang saham (6,793,650) 24 (12,053,250) shareholders Pembayaran untuk penyertaan Payment for purchases of saham entitas anak - (2,400) shares of subsidiary Arus kas bersih yang digunakan Net cash used in untuk aktivitas pendanaan (4,892,288) (12,094,384) financing activities Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 4/1 Page


  • Page 37

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN ARUS KAS KONSOLIDASI CONSOLIDATED STATEMENTS OF CASH FLOWS UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED PADA TANGGAL 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah) (Expressed in millions of Rupiah) Catatan/ 2012 Notes 2011 Penurunan bersih kas dan Net decrease in cash setara kas (1,664,937) (1,139,436) and cash equivalents Cash and cash Kas dan setara kas equivalents at pada awal tahun 2,070,123 3,209,559 beginning of the year Cash and cash Kas dan setara kas equivalents at pada akhir tahun 405,186 2,070,123 end of the year Kas dan setara kas Cash and cash equivalents terdiri dari: comprise of the following: Kas dan setara kas 783,505 4 2,070,123 Cash and cash equivalents Cerukan (378,319) 12 - Bank overdraft 405,186 2,070,123 Catatan atas laporan keuangan konsolidasi The accompanying notes form an integral part merupakan bagian yang tidak terpisahkan dari laporan of these consolidated financial statements. keuangan konsolidasi. Halaman 4/2 Page


  • Page 38

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 1. INFORMASI UMUM 1. GENERAL INFORMATION PT Hanjaya Mandala Sampoerna Tbk. PT Hanjaya Mandala Sampoerna Tbk. (the (”Perusahaan”) didirikan di Indonesia pada tanggal “Company”) was established in Indonesia on 19 Oktober 1963 berdasarkan Akta Notaris Anwar October 19, 1963 based on Notarial Deed No. 69 Mahajudin, S.H., No. 69. Akta Pendirian of Anwar Mahajudin, S.H. The Company’s Deed of Perusahaan disahkan oleh Menteri Kehakiman Establishment was approved by the Minister of Republik Indonesia dalam Surat Keputusan No. Justice of the Republic of Indonesia by virtue of J.A.5/59/15 tanggal 30 April 1964 serta Decision Letter No. J.A.5/59/15 dated April 30, diumumkan dalam Lembaran Berita Negara 1964, and was published in the State Gazette of Republik Indonesia No. 94 tanggal the Republic of Indonesia No. 94 dated November 24 Nopember 1964, Tambahan No. 357. 24, 1964, Supplement No. 357. The Articles of Anggaran Dasar Perusahaan telah mengalami Association of the Company have been amended beberapa kali perubahan, terakhir dengan Akta several times, lastly by Notarial Deed No. 107 of Notaris Sutjipto, S.H., yang dibuat di hadapan Sutjipto, S.H., which made before the Substitute Notaris Pengganti Aulia Taufani, S.H., No. 107 Notary Aulia Taufani, S.H., dated December 15, tanggal 15 Desember 2009 dalam rangka 2009 in order to comply with Capital Market and menyesuaikan dengan peraturan Badan Pengawas Financial Institution Supervisory Agency regulations Pasar Modal dan Lembaga Keuangan (BAPEPAM- (BAPEPAM-LK). These amendments to the Articles LK). Perubahan Anggaran Dasar ini sudah of Association were approved by the Minister of memperoleh persetujuan dari Menteri Hukum dan Law and Human Rights of the Republic of Hak Asasi Manusia Republik Indonesia dengan Indonesia by virtue of Decision Letter No. AHU- Surat Keputusan No. AHU-04365.AH.01.02. 04365.AH.01.02. Year 2010 dated January 26, Tahun 2010 tanggal 26 Januari 2010. 2010. Ruang lingkup kegiatan Perusahaan meliputi The scope of activities of the Company comprises manufaktur dan perdagangan rokok serta investasi manufacturing and trading of cigarettes and saham pada perusahaan-perusahaan lain. investing in other companies. The Company Kegiatan produksi rokok secara komersial telah started its commercial operations in 1913 in dimulai pada tahun 1913 di Surabaya sebagai Surabaya, as a home industry. In 1930, this home industri rumah tangga. Pada tahun 1930, industri industry was officially organised under the name of rumah tangga ini diresmikan dengan dibentuknya NVBM Handel Maatschapij Sampoerna. NVBM Handel Maatschapij Sampoerna. Perusahaan berkedudukan di Surabaya, dengan The Company is domiciled in Surabaya, with its kantor pusat berlokasi di Jl. Rungkut Industri Raya head office located in Jl. Rungkut Industri Raya No. 18, Surabaya, serta memiliki pabrik yang No. 18, Surabaya, and its plants are located in berlokasi di Surabaya, Pasuruan, Malang, Surabaya, Pasuruan, Malang, Karawang, Karawang, Probolinggo dan Lumajang. Probolinggo and Lumajang. The Company also Perusahaan juga memiliki kantor perwakilan has a corporate office in Jakarta. korporasi di Jakarta. Pada tanggal 31 Desember 2012, Perusahaan As at December 31, 2012, the Company and dan entitas anak (bersama-sama disebut “Grup”) subsidiaries (together the “Group”) had memiliki kurang lebih 28.500 orang karyawan tetap approximately 28,500 permanent employees (31 Desember 2011: 27.000 orang) (tidak diaudit). (December 31, 2011: 27,000 employees) (unaudited). Pada tahun 1990, Perusahaan melakukan In 1990, the Company made a public offering of its penawaran umum saham sebanyak 27.000.000 27,000,000 shares with a par value of Rp1,000 (full lembar dengan nilai nominal sebesar Rp1.000 Rupiah) per share through the Indonesia Stock (Rupiah penuh) per saham melalui Bursa Efek Exchange at the offering price of Rp12,600 (full Indonesia dengan harga penawaran sebesar Rupiah) per share. Since then, the Company has Rp12.600 (Rupiah penuh) per saham. Sejak saat conducted the following capital transactions: itu, Perusahaan telah melaksanakan transaksi- transaksi yang berkaitan dengan modal saham sebagai berikut: Halaman 5/1 Page


  • Page 39

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued) Jumlah saham yang beredar setelah transaksi/ Total outstanding Tahun/ Keterangan/ shares after the Year Description transactions 1994 Penerbitan saham bonus, setiap pemegang dua saham lama menerima tiga saham baru/ Issue of bonus shares, whereby each shareholder holding two shares is entitled to receive three new shares 450,000,000 1996 Perubahan nilai nominal saham dari Rp1.000 (Rupiah penuh) per saham menjadi Rp500 (Rupiah penuh) per saham/ Change in par value per share from Rp1,000 (full Rupiah) per share to Rp500 (full Rupiah) per share 900,000,000 1999 Penerbitan 28.000.000 saham baru dengan nilai nominal Rp500 (Rupiah penuh) per saham/ Issue of 28,000,000 new shares with par value of Rp500 (full Rupiah) per share 928,000,000 2001 Perubahan nilai nominal saham dari Rp500 (Rupiah penuh) per saham menjadi Rp100 (Rupiah penuh) per saham/ Change in par value per share from Rp500 (full Rupiah) per share to Rp100 (full Rupiah) per share 4,640,000,000 Perolehan kembali 140.000.000 saham/ Repurchase of 140,000,000 shares 4,500,000,000 2002 Perolehan kembali 108.130.500 saham/ Repurchase of 108,130,500 shares 4,391,869,500 2004 Perolehan kembali 8.869.500 saham/ Repurchase of 8,869,500 shares 4,383,000,000 Pada tanggal 31 Desember 2012 dan 2011, As at December 31, 2012 and 2011, the susunan Komisaris dan Direksi Perusahaan Company’s Commissioners and Directors are as adalah sebagai berikut: follows: 2012 2011 Komisaris: Commissioners: Presiden Komisaris John Gledhill Paul Norman Janelle President Commissioner Vice President Wakil Presiden Komisaris Charles Herve Bendotti Eunice Carol Hamilton Commissioner Komisaris Niken Rachmad Niken Rachmad Commissioner Komisaris Independen Phang Cheow Hock Phang Cheow Hock Independent Commissioners Goh Kok Ho Ekadharmajanto Kasih Halaman 5/2 Page


  • Page 40

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued) 2012 2011 Direksi: Directors: Presiden Direktur Paul Norman Janelle John Gledhill President Director Direktur Mark Ingo Niehaus Mark Ingo Niehaus Directors Shea Lih Goh Shea Lih Goh Wayan Mertasana Tantra Wayan Mertasana Tantra Yos Adiguna Ginting Yos Adiguna Ginting Peter Alfred Kurt Haase Nikolaos Papathanasiou Susunan Komite Audit Perusahaan pada tanggal The composition of the Company’s Audit 31 Desember 2012 dan 2011 adalah sebagai Committee as at 31 December 2012 and 2011 is berikut: as follow: Ketua Phang Cheow Hock Chairman Anggota Ronny Kusumo Muntoro Members Goh Kok Ho Laporan keuangan konsolidasi mencakup akun- The consolidated financial statements include the akun Perusahaan dan entitas anak. Entitas anak accounts of the Company and its subsidiaries. The yang signifikan pada tanggal 31 Desember 2012 significant subsidiaries of the Company as at dan 2011 adalah sebagai berikut: December 31, 2012 and 2011 are listed below: Persentase Tahun kepemilikan beroperasi efektif/ komersial/ Percentage of Year of effective Jumlah aset/ Nama perusahaan/ Kegiatan usaha/ Domisili/ commercial ownership Total assets Company name Business activity Domicile operations 2012 2011 2012 2011 PT Perusahaan Dagang dan Distribusi rokok/ Indonesia 1989 100.0 100.0 114,641 155,082 Industri Panamas Cigarette distribution PT Sampoerna Printpack Percetakan dan industri Indonesia 1989 100.0 100.0 267,864 274,869 produk kemasan/ Printing and packaging PT Handal Logistik Nusantara Jasa ekspedisi Indonesia 1989 100.0 100.0 30,566 31,827 dan pergudangan/ Expedition and warehousing PT Asia Tembakau Manufaktur dan Indonesia 2002 100.0 100.0 878,020 572,015 perdagangan rokok/ Cigarette manufacturing and trading PT Union Sampoerna Investasi saham pada Indonesia 2005 100.0 100.0 45,512 45,362 Dinamika perusahaan-perusahaan lain/Equity holdings PT Taman Dayu Pengembangan properti/ Indonesia 1990 100.0 100.0 181,925 167,854 Property development PT Golf Taman Dayu Wisata dan jasa lapangan Indonesia 1996 100.0 100.0 62,329 68,211 golf/Leisure and golf course services Halaman 5/3 Page


  • Page 41

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued) Persentase Tahun kepemilikan beroperasi efektif/ komersial/ Percentage of Year of effective Jumlah aset/ Nama perusahaan/ Kegiatan usaha/ Domisili/ commercial ownership Total assets Company name Business activity Domicile operations 2012 2011 2012 2011 PT Sampoerna Joo Lan Manufaktur dan Malaysia 1998 100.0 100.0 9,387 174,964 Sdn. Bhd. perdagangan rokok/ Cigarette manufacturing and trading Sampoerna International Investasi saham pada Singapura/ 1995 100.0 100.0 248,837 137,165 Pte. Ltd. perusahaan-perusahaan Singapore lain/Equity holdings PT Harapan Maju Sentosa Manufaktur dan Indonesia 1989 100.0 100.0 36,167 42,388 perdagangan rokok/ Cigarette manufacturing and trading PT Persada Makmur Manufaktur dan Indonesia 2003 100.0 100.0 58,489 79,763 Indonesia perdagangan rokok/ Cigarette manufacturing and trading Entitas induk langsung Perusahaan adalah The Company’s immediate parent company is PT Philip Morris Indonesia, sedangkan entitas PT Philip Morris Indonesia and its ultimate parent induk utama Perusahaan adalah Philip Morris company is Philip Morris International, Inc. International, Inc. 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Laporan keuangan konsolidasi Grup diotorisasi The Group’s consolidated financial statements oleh Direksi pada tanggal 14 Maret 2013. were authorised by the Directors on March 14, 2013. Laporan keuangan konsolidasi disusun sesuai The consolidated financial statements have been dengan Standar Akuntansi Keuangan di Indonesia prepared in accordance with Indonesian Financial dan Peraturan BAPEPAM-LK tentang Penyajian Accounting Standards and BAPEPAM-LK Rules on dan Pengungkapan Laporan Keuangan Emiten Presentation and Disclosure of Financial atau Perusahaan Publik. Statements of a Public Company. a. Dasar penyusunan laporan keuangan a. Basis of preparation of consolidated konsolidasi financial statements Laporan keuangan konsolidasi disusun The consolidated financial statements are berdasarkan konsep harga perolehan, kecuali prepared on the historical cost basis of untuk aset dan liabilitas keuangan (termasuk accounting, except for financial assets and instrument derivatif) yang diukur pada nilai financial liabilities (including derivative wajar melalui laporan laba rugi. instruments) which are measured at fair value through profit or loss. Laporan keuangan konsolidasi disusun These consolidated financial statements are dengan menggunakan basis akrual, kecuali prepared using the accrual basis, except for untuk laporan arus kas konsolidasi. the consolidated statement of cash flows. Halaman 5/4 Page


  • Page 42

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) a. Dasar penyusunan laporan keuangan a. Basis of preparation of consolidated konsolidasi (lanjutan) financial statements (continued) Laporan arus kas konsolidasi disusun The consolidated statement of cash flows is menggunakan metode langsung dan arus kas prepared based on the direct method by dikelompokkan atas dasar kegiatan operasi, classifying cash flows on the basis of investasi dan pendanaan. operating, investing and financing activities. Laporan keuangan konsolidasi disusun The consolidated financial statements have menggunakan asumsi kelangsungan usaha. been prepared using the going concern Asumsi ini digunakan berdasarkan assumption. This assumption is being used pengetahuan manajemen atas fakta-fakta dan based on management’s knowledge of current keadaan sekarang, asumsi-asumsi yang facts and circumstances, assumption based on timbul atas pengetahuan tersebut dan that knowledge and current expectations of ekspektasi saat ini atas kejadian dan tindakan future events and actions. di masa yang akan datang. Seluruh angka dalam laporan keuangan Figures in the consolidated financial konsolidasi ini dibulatkan menjadi dan statements are rounded to and stated in disajikan dalam jutaan Rupiah yang terdekat, millions of Rupiah, unless otherwise stated. kecuali bila dinyatakan lain. Penyusunan laporan keuangan sesuai dengan The preparation of financial statements in Standar Akuntansi Keuangan di Indonesia conformity with Indonesian Financial mengharuskan penggunaan estimasi dan Accounting Standards requires the use of asumsi. Hal tersebut juga mengharuskan certain critical accounting estimates. It also manajemen untuk membuat pertimbangan requires management to exercise its judgment dalam proses penerapan kebijakan akuntansi in the process of applying the Group’s Grup. Area yang kompleks atau memerlukan accounting policies. The areas involving a tingkat pertimbangan yang lebih tinggi atau higher degree of judgment or complexity, or area di mana asumsi dan estimasi dapat areas where assumptions and estimates are berdampak signifikan terhadap laporan significant to the consolidated financial keuangan konsolidasian diungkapkan di statements are disclosed in Note 26. Catatan 26. Perubahan pada Pernyataan Standar Changes to the Statements of Financial Akuntansi Keuangan dan Interpretasi Accounting Standards and Interpretation of Standar Akuntansi Keuangan Statement of Financial Accounting Standards Pada tanggal 1 Januari 2012, Grup On January 1, 2012, the Group adopted new menerapkan Pernyataan Standar Akuntansi and revised Statements of Financial Keuangan (PSAK) dan Interpretasi Standar Accounting Standards (SFAS) and Akuntansi Keuangan (ISAK) baru dan revisi Interpretations of Statement of Financial yang efektif pada tanggal tersebut. Accounting Standards (ISFAS) that are mandatory for application from that date. Perubahan kebijakan akuntansi Grup telah Changes to the Group’s accounting policies dibuat seperti yang disyaratkan, sesuai have been made as required, in accordance dengan ketentuan transisi dalam masing- with the transitional provisions in the masing standar dan interpretasi. respective standards and interpretations. Halaman 5/5 Page


  • Page 43

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) a. Dasar penyusunan laporan keuangan a. Basis of preparation of consolidated konsolidasi (lanjutan) financial statements (continued) Perubahan pada Pernyataan Standar Changes to the Statements of Financial Akuntansi Keuangan dan Interpretasi Accounting Standards and Interpretation of Standar Akuntansi Keuangan (lanjutan) Statement of Financial Accounting Standards (continued) Penerapan standar dan interpretasi baru/revisi The adoption of the following new/revised berikut, yang relevan dengan operasi Grup dan standards and interpretations, which are relevant menimbulkan efek ke laporan keuangan to the Group’s operations and affect the konsolidasi, terdiri dari: consolidated financial statements, as follows: PSAK No. 24 (Revisi 2010), “Imbalan Kerja” SFAS No. 24 (Revised 2010), “Employee Benefits” Beberapa revisi penting pada standar ini adalah Several notable revisions are as follows: sebagai berikut: (1) Pengakuan keuntungan/(kerugian) (1) Recognition of actuarial gains/(losses) aktuarial Standar yang direvisi ini memperkenalkan The revised standard introduces a new metode baru untuk mengakui seluruh method to recognise all actuarial keuntungan/(kerugian) aktuarial melalui gains/(losses) through other laba komprehensif lainnya. comprehensive income. (2) Item-item pengungkapan (2) Disclosure items Standar yang direvisi ini mengemukakan The revised standard introduces a number beberapa persyaratan pengungkapan, of disclosure requirements including antara lain: disclosure of: - Jumlah atas nilai kini kewajiban - The amounts for the current annual imbalan pasti untuk periode tahun period and the previous four annual berjalan dan empat periode tahunan periods of present value of the defined sebelumnya; dan benefit obligation; and - Jumlah penyesuaian pengalaman - The amounts for the current annual yang muncul atas liabilitas program period and the previous four annual untuk periode tahun berjalan dan periods of experience adjustments empat periode tahunan sebelumnya. arising on the plan liabilities. Sesuai dengan ketentuan transisi dari standar In accordance with the transitional provision of ini, saldo kerugian aktuarial yang belum diakui the standard, the unrecognised actuarial pada tanggal 1 Januari 2012 sejumlah Rp101 losses as of January 1, 2012 amounting to miliar diakui sebagai pendapatan Rp101 billion is recognised in other komprehensif lainnya pada tahun yang comprehensive income for the year ended berakhir 31 Desember 2012. December 31, 2012. Halaman 5/6 Page


  • Page 44

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) a. Dasar penyusunan laporan keuangan a. Basis of preparation of consolidated konsolidasi (lanjutan) financial statements (continued) Perubahan pada Pernyataan Standar Changes to the Statements of Financial Akuntansi Keuangan dan Interpretasi Accounting Standards and Interpretation of Standar Akuntansi Keuangan (lanjutan) Statement of Financial Accounting Standards (continued) PSAK No. 60, “Instrumen Keuangan: SFAS No. 60, “Financial Instrument: Pengungkapan” Disclosures” Standar yang baru menggabungkan dan The new standard consolidates and expands a memperluas sejumlah persyaratan number of existing disclosure requirements pengungkapan dan menambahkan beberapa and adds some new disclosures. pengungkapan baru yang telah ada. Prinsip utama dari standar ini adalah untuk The overriding principle of this standard is to mengungkapkan informasi yang memadai disclose sufficient information to enable users yang membuat pengguna laporan keuangan of financial statements to evaluate mampu mengevaluasi kinerja dan posisi performance and financial position of keuangan dari instrumen keuangan companies’ significant financial instruments. perusahaan yang signifikan. PSAK No. 60 SFAS No. 60 contains new disclosures on berisi pengungkapan-pengungkapan baru risks and risk management and requires atas risiko-risiko dan manajemen risiko dan reporting entities to report the sensitivity of mensyaratkan entitas pelapor untuk their financial instruments to movements in melaporkan sensitivitas atas instrumen risk. Some of the notable new requirements keuangannya terhadap pergerakan risiko- are: risiko tersebut. Beberapa persyaratan baru yang penting antara lain: (1) Pengungkapan kualitatif dan kuantitatif (1) Qualitative and quantitative disclosures of atas dampak dari risiko-risiko, antara lain the impact of risks, including market risk, risiko pasar, risiko kredit dan risiko credit risk and liquidity risk; likuiditas; (2) Penambahan pengungkapan untuk item- (2) Enhanced disclosures for items affecting item yang mempengaruhi jumlah laba total comprehensive income so that gains komprehensif, dimana keuntungan dan and losses are separated by each kerugian dipisahkan berdasarkan kategori category of financial instruments; and instrumen keuangan; dan (3) Pengungkapan nilai wajar untuk setiap (3) Disclosures of fair values of each class of kategori aset dan liabilitas keuangan, financial assets and liabilities and serta pengungkapan hirarki nilai wajar disclosure of fair value hierarchy for untuk instrumen keuangan yang diukur financial instruments measured at fair dengan nilai wajar pada tanggal value at the reporting date. pelaporan. Grup telah menyertakan pengungkapan yang The Group has incorporated disclosure dipersyaratkan PSAK No. 60 untuk periode requirements of SFAS No.60 for the financial keuangan yang berakhir 31 Desember 2012. period ending December 31, 2012. Lain-lain Others Penerapan dari standar dan interpretasi The adoption of the following new/revised baru/revisi berikut, yang relevan dengan standards and interpretations, which are operasi Grup, namun tidak menimbulkan relevant to the Group’s operations, but did not dampak material terhadap laporan keuangan result in a material effect on the consolidated konsolidasi adalah: financial statements are as follows: Halaman 5/7 Page


  • Page 45

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) a. Dasar penyusunan laporan keuangan a. Basis of preparation of consolidated konsolidasi (lanjutan) financial statements (continued) Perubahan pada Pernyataan Standar Changes to the Statements of Financial Akuntansi Keuangan dan Interpretasi Accounting Standards and Interpretation of Standar Akuntansi Keuangan (lanjutan) Statement of Financial Accounting Standards (continued) Lain-lain (lanjutan) Others (continued) - PSAK No. 10 (Revisi 2010) : Pengaruh Perubahan Kurs Valuta Asing/The Effects of Changes in Foreign Exchange Rates - PSAK No. 13 (Revisi 2011) : Properti Investasi/Investment Property - PSAK No. 16 (Revisi 2011) : Aset Tetap/Fixed Assets - PSAK No. 26 (Revisi 2011) : Biaya Pinjaman/Borrowing Costs - PSAK No. 30 (Revisi 2011) : Sewa/Leases - PSAK No. 46 (Revisi 2010) : Pajak Penghasilan/Income Taxes - PSAK No. 50 (Revisi 2010) : Instrumen Keuangan: Penyajian/Financial Instruments: Presentation - PSAK No. 53 (Revisi 2010) : Pembayaran Berbasis Saham/Share-based Payments - PSAK No. 55 (Revisi 2011) : Instrumen Keuangan: Pengakuan dan Pengukuran/Financial Instrument: Recognition and Measurement - PSAK No. 56 (Revisi 2011) : Laba per Saham/Earnings per Share - ISAK No. 23 : Sewa Operasi - Insentif/Operating Leases - Incentives - ISAK No. 24 : Evaluasi Substansi Beberapa Transaksi yang Melibatkan Suatu Bentuk Legal Sewa/Evaluating the Substance of Transactions Involving the Legal Form of a Lease - ISAK No. 25 : Hak atas Tanah/Land Use Rights. Pencabutan standar dan interpretasi ini tidak The withdrawal of these standards and menyebabkan perubahan signifikan terhadap interpretations did not result in significant kebijakan akuntansi Grup dan tidak changes to the Group’s accounting policies berdampak material atas jumlah yang and had no material effect on the amounts dilaporkan atas periode berjalan atau periode reported for the current or prior financial sebelumnya: period: - PSAK No. 11 : Penjabaran Laporan Keuangan dalam Mata Uang Asing/Translation of Financial Statements in Foreign Currencies - PSAK No. 47 : Akuntansi Tanah/Accounting for Land - PSAK No. 52 : Akuntansi Mata Uang Pelaporan/Accounting for Reporting Currency - ISAK No. 4 : Alternatif Perlakuan yang Diijinkan atas Selisih Kurs/Allowed Alternative Accounting Treatment on Exchange Difference Standar akuntansi baru yang berlaku New accounting standard effective in 2013 efektif di tahun 2013 Standar akuntansi revisi yang relevan terhadap The following revised accounting standard which kegiatan operasi Grup telah dipublikasikan dan is relevant to the Group’s operation, was akan efektif pada tahun 2013: published and will be effective in 2013: - PSAK 38 : Akuntansi Restrukturisasi Entitas Sepengendali/Accounting for Restructuring Under Common Control Entities Pada tanggal laporan keuangan konsolidasian As at the date of the consolidated financial ini, Grup masih menganalisis dampak standar statements, the Group is still assessing the revisi tersebut terhadap laporan keuangan impact of the revised standard on the konsolidasian. consolidated financial statements. Halaman 5/8 Page


  • Page 46

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) b. Prinsip - prinsip konsolidasi b. Principles of consolidation (1) Entitas anak (1) Subsidiaries Semua entitas anak dikonsolidasikan. All subsidiaries are consolidated. Entitas anak adalah entitas dimana Subsidiaries, are entities in which the Perusahaan dan entitas anak memiliki Company and subsidiaries have the pengendalian atas kebijakan keuangan power to govern the financial and dan operasional. operating policies. Entitas anak dikonsolidasikan sejak Subsidiaries are consolidated from the tanggal kendali atas entitas anak date on which control is transferred to the tersebut beralih kepada Grup dan tidak Group and are no longer consolidated lagi dikonsolidasikan sejak tanggal from the date that control ceases. The kendali tidak lagi dimiliki oleh Grup. purchase method is used to account for Dalam mencatat akuisisi entitas anak the acquisition of subsidiaries. The cost digunakan metode akuisisi. Biaya of an acquisition is measured as the fair akuisisi diukur sebesar nilai wajar aset value of the assets given, shares issued yang diserahkan, saham yang diterbitkan or liabilities incurred or assumed at the atau liabilitas yang diambil alih pada date of acquisition. The excess of the tanggal akuisisi. Kelebihan biaya akuisisi cost of acquisition over the proportion of atas proporsi nilai wajar aset bersih the fair value of the identifiable net assets entitas anak yang dapat diidentifikasi of the subsidiary acquired is recorded as dicatat sebagai goodwill (lihat Catatan 2n goodwill (see Note 2n for the accounting untuk kebijakan akuntansi atas goodwill). policy on goodwill). Transaksi antar perusahaan dalam Grup, Intercompany transactions, balances and saldo dan keuntungan/kerugian yang unrealised gains/losses on transactions belum direalisasi dari transaksi antar between Group companies are perusahaan dalam Grup, dieliminasi. eliminated. Kebijakan akuntansi yang digunakan The accounting policies adopted in dalam laporan keuangan konsolidasi preparing the consolidated financial telah diterapkan secara konsisten oleh statements have been consistently entitas anak. applied by the subsidiaries. (2) Entitas asosiasi (2) Associates Entitas asosiasi adalah seluruh entitas Associates are all entities over which the dimana Grup mempunyai pengaruh Group has significant influence but not signifikan namun bukan pengendalian, control, generally accompanying a biasanya melalui kepemilikan hak suara shareholding of between 20% and 50% antara 20% dan 50%. Investasi pada of the voting rights. Investments in entitas asosiasi dicatat dengan associates are accounted for using the menggunakan metode ekuitas dan diakui equity method of accounting and are awalnya sebesar harga perolehan. initially recognised at cost. The Group’s Investasi Grup atas entitas asosiasi investment in associates includes termasuk goodwill yang diidentifikasi goodwill identified on acquisition, net of ketika akuisisi, dikurangi akumulasi any accumulated impairment loss. penurunan nilai. Halaman 5/9 Page


  • Page 47

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) b. Prinsip - prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued) (2) Entitas asosiasi (lanjutan) (2) Associates (continued) Bagian Grup atas keuntungan atau The Group’s shares of its associates’ kerugian entitas asosiasi pasca akuisisi post-acquisition profits or losses are diakui dalam laporan laba rugi recognised in the consolidated komprehensif konsolidasi. Laba/rugi statement of comprehensive income. The pasca akuisisi disesuaikan terhadap nilai cumulative post-acquisition profit/losses tercatat investasinya. Jika bagian Grup is adjusted against the carrying amount atas kerugian entitas asosiasi sama of the investment. When the Group’s dengan atau melebihi kepentingannya share of losses in an associate equals or pada entitas asosiasi, Grup tidak exceeds its interest in the associate, the mengakui kerugian lebih lanjut, kecuali Group does not recognise further losses, Grup telah mengakui liabilitas atau unless it has incurred obligations or melakukan pembayaran atas nama made payments on behalf of the entitas asosiasi. associate. Keuntungan yang belum direalisasi atas Unrealised gains on transactions transaksi antara Grup dengan entitas between the Group and its associates asosiasi dieliminasi sebesar jumlah yang are eliminated to the extent of the mencerminkan proporsi kepemilikan Grup Group’s interest in the associates. dalam entitas asosiasi. Kerugian yang Unrealised losses are also eliminated belum direalisasi juga dieliminasi kecuali unless the transaction provides evidence transaksi tersebut memberikan bukti of an impairment of the asset being adanya penurunan nilai aset yang transferred. ditransfer. c. Penjabaran mata uang asing c. Foreign currency translation (1) Mata uang fungsional dan penyajian (1) Functional and presentation currency Item-item yang disertakan dalam laporan Items included in the financial statements keuangan setiap entitas anggota Grup of each of the Group’s entities are diukur menggunakan mata uang yang measured using the currency of the sesuai dengan lingkungan ekonomi primary economic environment in which utama di mana entitas beroperasi (“mata the entity operates (the “functional uang fungsional”). currency”). Laporan keuangan konsolidasi disajikan The consolidated financial statements dalam Rupiah yang merupakan mata are presented in Rupiah, which is the uang fungsional Perusahaan. functional currency of the Company. (2) Transaksi dan saldo (2) Transactions and balances Transaksi dalam mata uang asing Transactions denominated in a foreign dijabarkan ke mata uang Rupiah dengan currency are converted into Rupiah at the menggunakan kurs yang berlaku pada exchange rate prevailing at the date of tanggal transaksi. Aset dan liabilitas the transaction. Monetary assets and moneter dalam mata uang asing liabilities in foreign currencies are dijabarkan ke dalam mata uang Rupiah translated into Rupiah at the exchange dengan kurs yang berlaku pada akhir rates prevailing at the end of the periode pelaporan. reporting period. Halaman 5/10 Page


  • Page 48

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) c. Penjabaran mata uang asing (lanjutan) c. Foreign currency translation (continued) (2) Transaksi dan saldo (lanjutan) (2) Transactions and balances (continued) Keuntungan dan kerugian selisih kurs Exchange gains and losses arising on yang timbul dari transaksi dalam mata transactions in foreign currency and on uang asing dan dari penjabaran aset dan the translation of foreign currency of liabilitas moneter dalam mata uang monetary assets and liabilities are asing, diakui pada laporan laba rugi recognised in the consolidated komprehensif konsolidasi. statement of comprehensive income. Nilai tukar terhadap Rupiah pada tanggal The exchange rates used against the 31 Desember 2012 dan 2011 adalah Rupiah as at December 31, 2012 and sebagai berikut: 2011 are as follows: Rupiah penuh/ Full Rupiah 2012 2011 1 Euro 12,703 11,718 1 Euro 1 Franc Swiss 10,511 9,618 1 Swiss Franc 1 Dolar Amerika Serikat 9,643 9,080 1 United States Dollar 1 Ringgit Malaysia.... 3,147 2,855 1 Malaysian Ringgit (3) Kegiatan usaha Grup yang merupakan (3) Foreign entities within the Group entitas asing Laporan laba rugi komprehensif dan Statement of comprehensive income and laporan arus kas entitas asing dijabarkan cash flows of foreign entities are ke dalam mata uang pelaporan Grup translated into the Group’s reporting dengan menggunakan nilai tukar rata- currency at average exchange rates for rata sepanjang tahun sedangkan pada the year and their statements of financial laporan posisi keuangan dijabarkan position are translated at the exchange dengan menggunakan nilai tukar yang rates prevailing at the end of the berlaku pada akhir periode pelaporan reporting period and their equity accounts dan akun ekuitas dijabarkan berdasarkan are translated at the historical rate. The kurs historis. Selisih kurs karena resulting difference arising from the penjabaran laporan keuangan entitas translation of the financial statements of anak di luar negeri dilaporkan secara foreign subsidiaries is presented as terpisah dalam akun “Selisih kurs karena “Cumulative translation adjustments” penjabaran laporan keuangan” pada under the equity section in the komponen ekuitas dalam laporan posisi consolidated statements of financial keuangan konsolidasi. Ketika suatu position. When a foreign entity is sold, entitas asing dijual, selisih nilai tukar such exchange differences are tersebut diakui dalam laporan laba rugi recognised in the consolidated komprehensif konsolidasi sebagai statement of comprehensive income as bagian dari keuntungan atau kerugian part of the gain or loss on sale. atas penjualan. Halaman 5/11 Page


  • Page 49

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) c. Penjabaran mata uang asing (lanjutan) c. Foreign currency translation (continued) (3) Kegiatan usaha Grup yang merupakan (3) Foreign entities within the Group entitas asing (lanjutan) (continued) Penyesuaian atas goodwill dan nilai Goodwill and fair value adjustments wajar yang timbul dari akuisisi entitas arising on the acquisition of a foreign asing diperlakukan sebagai bagian dari entity are treated as assets and liabilities aset dan liabilitas entitas asing dan of the foreign entity and translated at the dijabarkan dengan menggunakan kurs rate prevailing at the end of the reporting pada akhir periode pelaporan. period. Akun-akun entitas anak di luar negeri The accounts of the foreign subsidiaries dikonversikan ke mata uang Rupiah are translated into Rupiah amounts using dengan menggunakan kurs sebagai the following rates: berikut: Rupiah penuh/Full Rupiah Aset dan liabilitas / Laba rugi/ Assets and liabilities Profit and loss 2012 2011 2012 2011 1 Dolar 1 Singapore Singapura 7,885 6,963 7,876 7,005 Dollar d. Kas dan setara kas d. Cash and cash equivalents Pada laporan arus kas konsolidasi, kas dan In the consolidated statement of cash flows, setara kas mencakup kas, simpanan yang cash and cash equivalents include cash on sewaktu-waktu bisa dicairkan, investasi likuid hand, deposits held at call with banks, other jangka pendek lainnya yang jatuh tempo short-term highly liquid investments with dalam waktu tiga bulan atau kurang dan original maturities of three months or less, and cerukan. Pada laporan posisi keuangan bank overdrafts. In the consolidated konsolidasi, cerukan disajikan bersama statement of financial position, bank overdrafts sebagai pinjaman dalam liabilitas jangka are shown within borrowings in current pendek. liabilities. e. Piutang usaha dan lainnya e. Trade and other receivables Pada saat pengakuan awal piutang usaha dan Trade and other receivables are initially lainnya diakui pada nilai wajarnya dan recognised at fair value and subsequently selanjutnya diukur pada biaya perolehan measured at amortised cost using the effective diamortisasi dengan menggunakan metode interest rate method except where the effect of suku bunga efektif kecuali jika dampak the discounting is not material, less provision diskontonya tidak material, dikurangi dengan for impairment. A provision for impairment of penyisihan penurunan nilai piutang. trade receivables is established based on a Penyisihan penurunan nilai piutang diukur review of the collectibility of outstanding berdasarkan penelaahan atas kolektibilitas amounts. Accounts are written-off as bad saldo piutang. Piutang dihapuskan pada saat debts during the period in which they are piutang tersebut dipastikan tidak akan determined to be non-collectible. tertagih. Halaman 5/12 Page


  • Page 50

    PT HANJAYA MANDALA SAMPOERNA Tbk. DAN ENTITAS ANAK/AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASI FINANCIAL STATEMENTS 31 DESEMBER 2012 DAN 2011 DECEMBER 31, 2012 AND 2011 (Dalam jutaan Rupiah, (Expressed in millions of Rupiah, kecuali dinyatakan lain) unless otherwise stated) 2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING (lanjutan) POLICIES (continued) f. Aset dan liabilitas keuangan f. Financial assets and liabilities Aset keuangan Financial assets Manajemen menentukan klasifikasi aset Management determines the classification of keuangan tersebut pada saat pengakuan its financial assets at initial recognition. awal. Aset keuangan diukur pada nilai wajar melalui A financial asset is measured at fair value laporan laba rugi jika diperoleh terutama through profit or loss category if acquired untuk dijual kembali dalam jangka pendek. principally for the purpose of selling in the Derivatif diklasifikasikan sebagai kategori short-term. Derivatives are categorised as held yang diperoleh untuk tujuan diperdagangkan for trading unless they are designated as kecuali yang merupakan instrumen lindung hedges. nilai. Pinjaman yang diberikan dan piutang adalah Loans and receivables are non-derivative aset keuangan non-derivatif dengan financial assets with fixed or determinable pembayaran tetap atau telah ditentukan dan payments and are not quoted in an active tidak mempunyai kuotasi di pasar aktif. Aset market. They are included in current assets, kategori ini diklasifikasikan sebagai aset except for maturities greater than 12 months lancar, kecuali untuk yang jatuh tempo lebih since the end of the reporting period. The dari 12 bulan sejak akhir periode pelaporan. Group’s loans and receivables comprise of Pinjaman yang diberikan dan piutang Grup trade receivables, other receivables and cash terdiri dari piutang usaha, piutang lainnya dan and cash equivalents in the consolidated kas dan setara kas pada laporan posisi statements of financial position. keuangan konsolidasi. Liabilitas keuangan Financial liabilities Pinjaman jangka pendek, utang usaha dan Short-term borrowings, trade and other lainnya, dan akrual merupakan liabilitas payables, and accruals are financial liabilities keuangan yang pada awalnya diakui sebesar initially measured at fair value and nilai wajar dan selanjutnya diukur pada biaya subsequently measured at amortised cost perolehan diamortisasi dengan menggunakan using the effective interest rate method except metode suku bunga efektif kecuali jika where the effect of the discounting is not dampak diskontonya tidak material. Liabilitas material. They are included in current kategori ini diklasifikasikan sebagai liabilitas liabilities, except for some part of obligations jangka pendek, kecuali untuk utang sewa under finance leases with maturities more than pembiayaan yang jatuh tempo lebih dari 12 12 months since the end of the reporting bulan sejak akhir periode pelaporan. Liabilitas period. These are classified as non-current keuangan ini diklasifikasikan sebagai liabilitas liabilities. jangka panjang. g. Instrumen derivatif keuangan g. Derivative financial instruments Derivatif pada awalnya diakui sebesar nilai Derivatives are initially recognised at fair value wajar pada saat kontrak tersebut dilakukan on the date a derivative contract is entered into dan selanjutnya diukur pada nilai and are subsequently remeasured at their fair wajarnya. Metode pengakuan keuntungan value. The method of recognising the resulting atau kerugian perubahan nilai wajar gain or loss on the changes in fair value depends tergantung apakah derivatif tersebut on whether the derivative is designated and dirancang dan memenuhi syarat sebagai qualified as a hedging instrument for accounting instrumen lindung nilai untuk tujuan akuntansi purposes and the nature of the risk being dan sifat dari risiko yang dilindung nilainya. hedged. Halaman 5/13 Page

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!